FOR VALIDATION PURPOSES ONLY



Shares		Description	Value

	Common Stocks – 99.2%
	Automobiles & Components – 2.1%
	49,100	Autoliv, Inc.	$ 4,208,852
	58,819	Gentex Corp.	1,939,851
	6,000	Lear Corp.	938,880
	12,300	QuantumScape Corp.*	301,842
	68,840	Tesla, Inc.*	53,384,043

			60,773,468

	Banks – 4.7%
	114,200	Bank of America Corp.	4,847,790
	16,600	Credicorp Ltd.	1,841,604
	240,200	First Horizon Corp.	3,912,858
	177,300	FNB Corp.	2,060,226
	1,012,100	Huntington Bancshares, Inc.	15,647,066
	269,929	JPMorgan Chase & Co.^(a)(b)	44,184,678
	31,699	New York Community Bancorp, Inc.^(b)	407,966
	148,700	PacWest Bancorp	6,739,084
	939,299	People’s United Financial, Inc.^(b)	16,409,554
	37,300	PNC Financial Services Group, Inc. (The)	7,297,372
	222,600	Truist Financial Corp.	13,055,490
	416,600	Umpqua Holdings Corp.	8,436,150
	96,800	US Bancorp	5,753,792
	145,000	Wells Fargo & Co.	6,729,450

			137,323,080

	Capital Goods – 5.9%
	126,668	3M Co.	22,220,101
	73,387	Caterpillar, Inc.	14,088,102
	865	Crane Co.	82,011
	38,462	Cummins, Inc.	8,637,027
	83,662	Eaton Corp. plc	12,491,573
	82,661	Emerson Electric Co.	7,786,666
	126,498	Fastenal Co.	6,528,562
	71,124	Honeywell International, Inc.	15,098,203
	14,822	Hubbell, Inc.	2,677,891
	72,450	Illinois Tool Works, Inc.	14,970,343
	82,734	Lockheed Martin Corp.	28,551,503
	84,100	MSC Industrial Direct Co., Inc. Class A	6,743,979
	7,943	nVent Electric plc	256,797
	23,800	Plug Power, Inc.*	607,852
	272,430	Raytheon Technologies Corp.	23,418,083
	30,300	Sunrun, Inc.*	1,333,200
	9,652	Timken Co. (The)	631,434
	4,900	Virgin Galactic Holdings, Inc.*	123,970
	27,699	Watsco, Inc.	7,329,709

			173,577,006

	Commercial & Professional Services – 0.1%
	16,200	ManpowerGroup, Inc.	1,754,136

	Consumer Durables & Apparel – 1.0%
	2,433	Capri Holdings Ltd.*	117,781
	2,600	Deckers Outdoor Corp.*	936,520
	41,103	Garmin Ltd.	6,389,556
	6,827	Lennar Corp. Class B	529,707
	1,037	Lululemon Athletica, Inc.*	419,674
	124,000	NIKE, Inc. Class B	18,008,520
	5,200	Peloton Interactive, Inc. Class A*	452,660
	2,000	Skechers USA, Inc. Class A*	84,240
	21,676	Tempur Sealy International, Inc.	1,005,983



Shares		Description	Value

	Common Stocks – (continued)
	Consumer Durables & Apparel – (continued)
	45,420	Toll Brothers, Inc.	$ 2,511,272
	1,700	TopBuild Corp.*	348,177

			30,804,090

	Consumer Services – 0.9%
	11,871	Aramark	390,081
	7,800	Bright Horizons Family Solutions, Inc.*	1,087,476
	7,900	Chegg, Inc.*	537,358
	3,627	Choice Hotels International, Inc.	458,344
	181,100	H&R Block, Inc.	4,527,500
	11,719	Hyatt Hotels Corp. Class A*	903,535
	46,000	Mister Car Wash, Inc.*	839,500
	15,465	Planet Fitness, Inc. Class A*	1,214,776
	30,800	Six Flags Entertainment Corp.*	1,309,000
	93,400	Starbucks Corp.	10,302,954
	68,700	Travel + Leisure Co.	3,746,211
	14,277	Wendy’s Co. (The)	309,525
	14,043	Wyndham Hotels & Resorts, Inc.	1,083,979

			26,710,239

	Diversified Financials – 3.9%
	65,098	Ally Financial, Inc.	3,323,253
	61,260	American Express Co.	10,262,888
	113,900	Apollo Global Management, Inc.	7,015,101
	107,300	Ares Management Corp.	7,921,959
	66,126	Berkshire Hathaway, Inc. Class B*	18,048,430
	13,500	BlackRock, Inc.	11,321,910
	28,900	Carlyle Group, Inc. (The)	1,366,392
	138,200	Equitable Holdings, Inc.	4,096,248
	227,800	Franklin Resources, Inc.	6,770,216
	79,100	Janus Henderson Group plc	3,269,203
	5,800	Jefferies Financial Group, Inc.	215,354
	222,164	Morgan Stanley	21,618,779
	18,800	OneMain Holdings, Inc.	1,040,204
	23,300	Santander Consumer USA Holdings, Inc.	971,610
	65,200	T. Rowe Price Group, Inc.	12,824,840
	1,300	Upstart Holdings, Inc.*	411,372
	120,000	Virtu Financial, Inc. Class A	2,931,600

			113,409,359

	Energy – 1.9%
	237,098	Chevron Corp.	24,053,592
	111,000	ConocoPhillips	7,522,470
	395,119	Exxon Mobil Corp.^(b)	23,240,900

			54,816,962

	Food & Staples Retailing – 0.5%
	222,000	Walgreens Boots Alliance, Inc.	10,445,100
	38,141	Walmart, Inc.	5,316,092

			15,761,192

	Food, Beverage & Tobacco – 3.4%
	572,400	Coca-Cola Co. (The)^(a)	30,033,828
	86,800	Coca-Cola Europacific Partners plc	4,799,172
	93,600	Flowers Foods, Inc.	2,211,768
	144,834	General Mills, Inc.	8,663,970
	6,100	Keurig Dr Pepper, Inc.	208,376



Shares		Description	Value

	Common Stocks – (continued)
	Food, Beverage & Tobacco – (continued)
	282,100	Kraft Heinz Co. (The)	$ 10,386,922
	151,782	PepsiCo, Inc.	22,829,530
	223,154	Philip Morris International, Inc.	21,152,768

			100,286,334

	Health Care Equipment & Services – 5.4%
	154,142	Abbott Laboratories	18,208,794
	8,000	Align Technology, Inc.*	5,323,440
	18,679	Anthem, Inc.	6,963,531
	162,600	Cardinal Health, Inc.	8,042,196
	43,300	Cigna Corp.	8,666,928
	125,878	CVS Health Corp.	10,682,007
	15,600	Danaher Corp.	4,749,264
	8,800	DexCom, Inc.*	4,812,368
	8,500	Insulet Corp.*	2,415,955
	5,800	Intuitive Surgical, Inc.*	5,766,070
	273,653	Medtronic plc	34,302,404
	3,000	Novocure Ltd.*	348,510
	3,241	Penumbra, Inc.*	863,726
	56,740	Stryker Corp.	14,963,473
	700	Tandem Diabetes Care, Inc.*	83,566
	78,177	UnitedHealth Group, Inc.^(a)	30,546,881

			156,739,113

	Household & Personal Products – 1.4%
	97,998	Kimberly-Clark Corp.	12,978,855
	195,798	Procter & Gamble Co. (The)^(a)	27,372,560
	11,000	Reynolds Consumer Products, Inc.	300,740

			40,652,155

	Insurance – 2.6%
	13,100	Axis Capital Holdings Ltd.	603,124
	21,400	CNA Financial Corp.	897,944
	1,800	Erie Indemnity Co. Class A	321,156
	144,400	Fidelity National Financial, Inc.	6,547,096
	42,800	First American Financial Corp.	2,869,740
	221,899	Mercury General Corp.	12,353,117
	570,806	Old Republic International Corp.	13,202,743
	152,399	Principal Financial Group, Inc.	9,814,496
	245,100	Prudential Financial, Inc.	25,784,520
	164,400	Unum Group	4,119,864

			76,513,800

	Materials – 3.2%
	55,126	Air Products and Chemicals, Inc.	14,118,320
	875,000	Amcor plc	10,141,250
	2,203	Ashland Global Holdings, Inc.	196,237
	258,000	Huntsman Corp.	7,634,220
	49,700	International Flavors & Fragrances, Inc.	6,645,884
	204,999	International Paper Co.	11,463,544
	58,119	Linde plc	17,050,952
	63,280	Newmont Corp.	3,436,104
	35,000	Packaging Corp. of America	4,810,400
	1,599	Reliance Steel & Aluminum Co.	227,730
	24,900	Sonoco Products Co.	1,483,542
	243,100	Southern Copper Corp.	13,647,634
	36,303	Steel Dynamics, Inc.	2,122,999

			92,978,816



Shares		Description	Value

	Common Stocks – (continued)
	Media & Entertainment – 9.1%
	29,168	Alphabet, Inc. Class A*^(a)	$ 77,981,231
	12,466	Alphabet, Inc. Class C*^(a)	33,225,754
	344,619	Comcast Corp. Class A	19,274,541
	191,894	Facebook, Inc. Class A*	65,126,905
	277,202	Interpublic Group of Cos., Inc. (The)	10,165,118
	29,923	Netflix, Inc.*	18,263,204
	176,900	Omnicom Group, Inc.	12,818,174
	30,800	Pinterest, Inc. Class A*	1,569,260
	928	Roku, Inc.*	290,789
	64,900	Skillz, Inc.*	637,318
	27,300	Snap, Inc. Class A*	2,016,651
	125,050	Walt Disney Co. (The)*	21,154,709
	21,775	Zillow Group, Inc. Class A*	1,928,829
	21,502	Zillow Group, Inc. Class C*	1,895,186

			266,347,669

	Pharmaceuticals, Biotechnology & Life Sciences – 7.7%
	8,500	10X Genomics, Inc. Class A*	1,237,430
	279,286	AbbVie, Inc.^(a)	30,126,581
	21,300	Adaptive Biotechnologies Corp.*	723,987
	845	Alnylam Pharmaceuticals, Inc.*	159,544
	49,202	Amgen, Inc.	10,462,805
	355,801	Bristol-Myers Squibb Co.^(a)	21,052,745
	56,878	Eli Lilly & Co.	13,141,662
	2,608	Exact Sciences Corp.*	248,934
	209,994	Gilead Sciences, Inc.	14,668,081
	5,100	Iovance Biotherapeutics, Inc.*	125,766
	212,934	Johnson & Johnson	34,388,841
	2,200	Maravai LifeSciences Holdings, Inc. Class A*	107,976
	414,453	Merck & Co., Inc.	31,129,565
	29,085	Moderna, Inc.*	11,193,653
	900	Natera, Inc.*	100,296
	1,300	Novavax, Inc.*	269,503
	944,406	Pfizer, Inc.	40,618,831
	10,500	Repligen Corp.*	3,034,395
	487	Seagen, Inc.*	82,693
	23,701	Thermo Fisher Scientific, Inc.	13,538,303

			226,411,591

	Real Estate Investment Trusts – 2.4%
	80,291	American Homes 4 Rent Class A	3,060,693
	44,401	American Tower Corp.	11,784,470
	3,320	Brixmor Property Group, Inc.	73,405
	14,887	Camden Property Trust	2,195,386
	3,658	Cousins Properties, Inc.	136,407
	39,200	Crown Castle International Corp.	6,794,144
	7,800	CubeSmart	377,910
	1,403	EPR Properties	69,280
	11,600	Equinix, Inc.	9,165,508
	23,100	Equity LifeStyle Properties, Inc.	1,804,110
	7,366	Gaming and Leisure Properties, Inc.	341,193
	1,826	Healthcare Trust of America, Inc. Class A	54,159
	90,500	Invitation Homes, Inc.	3,468,865
	5,566	National Retail Properties, Inc.	240,329
	8,383	Park Hotels & Resorts, Inc.*	160,451
	90,627	Prologis, Inc.	11,367,345
	31,100	SBA Communications Corp.	10,280,727
	1,781	Spirit Realty Capital, Inc.	81,997



Shares		Description	Value

	Common Stocks – (continued)
	Real Estate Investment Trusts – (continued)
	12,591	STORE Capital Corp.	$ 403,290
	29,993	Sun Communities, Inc.	5,551,704
	27,532	VEREIT, Inc.	1,245,272
	10,400	VICI Properties, Inc.	295,464

			68,952,109

	Retailing – 7.2%
	35,286	Amazon.com, Inc.*^(a)	115,915,921
	68,600	Best Buy Co., Inc.	7,251,706
	3,907	Burlington Stores, Inc.*	1,107,908
	3,275	Carvana Co.*	987,543
	300	Chewy, Inc. Class A*	20,433
	31,700	Dick’s Sporting Goods, Inc.	3,796,709
	2,400	DoorDash, Inc. Class A*	494,352
	4,100	Farfetch Ltd. Class A*	153,668
	1,981	Five Below, Inc.*	350,261
	1,700	Floor & Decor Holdings, Inc. Class A*	205,343
	118,176	Home Depot, Inc. (The)	38,792,454
	300	Lithia Motors, Inc.	95,112
	86,599	Lowe’s Cos., Inc.	17,567,473
	918	MercadoLibre, Inc.*	1,541,689
	10,700	Penske Automotive Group, Inc.	1,076,420
	237,400	Qurate Retail, Inc. Series A	2,419,106
	56,615	Target Corp.	12,951,814
	10,900	Vroom, Inc.*	240,563
	6,162	Wayfair, Inc. Class A*^(c)	1,574,453
	16,500	Williams-Sonoma, Inc.	2,925,945

			209,468,873

	Semiconductors & Semiconductor Equipment – 6.3%
	107,917	Advanced Micro Devices, Inc.*	11,104,659
	72,000	Analog Devices, Inc.	12,058,560
	78,600	Applied Materials, Inc.	10,118,178
	56,690	Broadcom, Inc.	27,490,682
	1,100	Cree, Inc.*	88,803
	356,609	Intel Corp.	19,000,128
	24,453	Lam Research Corp.	13,917,425
	46,701	Marvell Technology, Inc.	2,816,537
	210,800	NVIDIA Corp.	43,669,328
	116,997	QUALCOMM, Inc.	15,090,273
	1,600	SolarEdge Technologies, Inc.*	424,352
	144,350	Texas Instruments, Inc.^(a)	27,745,513

			183,524,438

	Software & Services – 14.4%
	52,800	Accenture plc Class A	16,891,776
	30,591	Adobe, Inc.*	17,611,851
	9,000	Alteryx, Inc. Class A*	657,900
	4,300	Anaplan, Inc.*	261,827
	27,608	Automatic Data Processing, Inc.	5,519,391
	4,000	Avalara, Inc.*	699,080
	2,200	Bill.com Holdings, Inc.*	587,290
	13,500	Cloudflare, Inc. Class A*	1,520,775
	12,300	Coupa Software, Inc.*	2,695,914
	18,100	Crowdstrike Holdings, Inc. Class A*	4,448,618
	14,700	Datadog, Inc. Class A*	2,077,845
	13,268	DocuSign, Inc.*	3,415,581
	24,900	Dynatrace, Inc.*	1,767,153
	5,500	Everbridge, Inc.*	830,720
	5,400	Fastly, Inc. Class A*	218,376



Shares		Description	Value

	Common Stocks – (continued)
	Software & Services – (continued)
	2,500	Five9, Inc.*	$ 399,350
	9,500	HubSpot, Inc.*	6,422,855
	234,201	International Business Machines Corp.	32,537,545
	16,900	Intuit, Inc.	9,117,719
	62,200	Mastercard, Inc. Class A	21,625,696
	600	Medallia, Inc.*	20,322
	586,733	Microsoft Corp.^(a)(b)	165,411,767
	2,722	MongoDB, Inc.*	1,283,450
	6,827	Okta, Inc.*	1,620,320
	72,500	Palantir Technologies, Inc. Class A*	1,742,900
	140,700	Paychex, Inc.	15,821,715
	94,300	PayPal Holdings, Inc.*	24,537,803
	1,800	RingCentral, Inc. Class A*	391,500
	75,135	salesforce.com, Inc.*	20,378,115
	16,762	ServiceNow, Inc.*	10,430,490
	8,200	Smartsheet, Inc. Class A*	564,324
	7,800	Snowflake, Inc. Class A*	2,358,954
	29,900	SolarWinds Corp.	500,227
	8,910	Square, Inc. Class A*	2,136,975
	34,000	Trade Desk, Inc. (The) Class A*	2,390,200
	9,500	Twilio, Inc. Class A*	3,030,975
	7,400	Unity Software, Inc.*	934,250
	117,555	Visa, Inc. Class A	26,185,376
	511,299	Western Union Co. (The)	10,338,466
	1,200	Zendesk, Inc.*	139,668
	1,800	Zoom Video Communications, Inc. Class A*	470,700
	11,000	Zscaler, Inc.*	2,884,420

			422,880,179

	Technology Hardware & Equipment – 7.6%
	1,284,856	Apple, Inc.^(a)(b)	181,807,124
	41,800	Avnet, Inc.	1,545,346
	517,448	Cisco Systems, Inc.^(a)	28,164,694
	82,730	National Instruments Corp.	3,245,498
	60,500	TE Connectivity Ltd.	8,301,810

			223,064,472

	Telecommunication Services – 2.5%
	1,340,528	AT&T, Inc.^(a)	36,207,661
	674,302	Verizon Communications, Inc.^(b)	36,419,051

			72,626,712

	Transportation – 1.7%
	17,224	Lyft, Inc. Class A*	923,034
	29,646	Norfolk Southern Corp.	7,092,805
	55,000	Ryder System, Inc.	4,549,050
	18,882	Uber Technologies, Inc.*	845,914
	100,462	Union Pacific Corp.	19,691,557
	88,698	United Parcel Service, Inc. Class B	16,151,906

			49,254,266

	Utilities – 3.3%
	182,200	Consolidated Edison, Inc.	13,225,898
	111,097	Dominion Energy, Inc.	8,112,303
	199,700	Duke Energy Corp.	19,488,723
	210,300	OGE Energy Corp.	6,931,488
	847,601	PPL Corp.	23,631,116
	37,000	Sempra Energy	4,680,500



Shares		Description	Value

	Common Stocks – (continued)
	Utilities – (continued)
	316,501	Southern Co. (The)	$ 19,613,567

			95,683,595

	TOTAL COMMON STOCKS (Cost $2,039,621,234)		$2,900,313,654


Shares		Dividend Rate	Value

	Investment Company^(d) – 1.1%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	33,137,656	0.026%	$ 33,137,656
	(Cost $33,137,656)

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $2,072,758,890)		$2,933,451,310



	Securities Lending Reinvestment Vehicle^(d) – 0.0%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	1,327,200	0.026%	$ 1,327,200
	(Cost $1,327,200)

	TOTAL INVESTMENTS – 100.3% (Cost $2,074,086,090)		$2,934,778,510

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.3)%		(8,939,229)

	NET ASSETS – 100.0%		$2,925,839,281



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

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

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

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

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

(d)		Represents an Affiliated Issuer.



Currency Abbreviation:
USD		— United States Dollar


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

FUTURES CONTRACTS — At September 30, 2021, the Fund had the following futures contracts:

WRITTEN OPTIONS CONTRACTS — At September 30, 2021, the Fund had the following written options contracts:



Shares		Description	Value

	Common Stocks – 98.9%
	Australia – 8.6%
	1,244	Afterpay Ltd. (Software & Services)*	$ 108,073
	52,943	AGL Energy Ltd. (Utilities)	218,638
	51,152	APA Group (Utilities)	318,616
	2,405	ASX Ltd. (Diversified Financials)	138,855
	462,911	Aurizon Holdings Ltd. (Transportation)	1,253,304
	58,793	AusNet Services Ltd. (Utilities)	106,419
	26,727	BHP Group Ltd. (Materials)	713,821
	5,805	BHP Group plc (Materials)	146,253
	10,024	CIMIC Group Ltd. (Capital Goods)	140,017
	23,965	Coles Group Ltd. (Food & Staples Retailing)	291,103
	27,180	Commonwealth Bank of Australia (Banks)	2,017,037
	809	CSL Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	169,025
	80,273	Fortescue Metals Group Ltd. (Materials)	855,069
	24,786	Magellan Financial Group Ltd. (Diversified Financials)	622,147
	181,654	Medibank Pvt Ltd. (Insurance)	463,802
	121,850	National Australia Bank Ltd. (Banks)	2,403,008
	14,680	Rio Tinto Ltd. (Materials)	1,045,084
	11,619	Rio Tinto plc (Materials)	761,650
	37,882	Rio Tinto plc ADR (Materials)^(a)(b)(c)	2,531,276
	9,879	Sonic Healthcare Ltd. (Health Care Equipment & Services)	285,495
	24,555	Wesfarmers Ltd. (Retailing)	976,636

			15,565,328

	Belgium – 1.4%
	27,782	Ageas SA/NV (Insurance)^(b)	1,375,777
	1,987	Anheuser-Busch InBev SA/NV (Food, Beverage & Tobacco)	112,697
	57,166	Proximus SADP (Telecommunication Services)^(b)	1,134,430

			2,622,904

	Brazil – 0.2%
	6,050	Yara International ASA (Materials)	299,694

	China – 0.2%
	4,910	Prosus NV (Retailing)*	393,002

	Denmark – 2.2%
	1,065	Ambu A/S Class B (Health Care Equipment & Services)	31,494
	6,158	Coloplast A/S Class B (Health Care Equipment & Services)	962,741
	25,296	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)	2,438,270
	7,861	Tryg A/S (Insurance)	178,200
	7,445	Vestas Wind Systems A/S (Capital Goods)	298,612

			3,909,317



Shares		Description	Value

	Common Stocks – (continued)
	Finland – 3.8%
	7,106	Kone OYJ Class B (Capital Goods)	$ 498,964
	50,367	Neles OYJ (Capital Goods)	691,360
	7,263	Neste OYJ (Energy)	409,723
	298,364	Nordea Bank Abp (Banks)	3,844,803
	4,735	Orion OYJ Class B (Pharmaceuticals, Biotechnology & Life Sciences)	187,462
	26,278	Sampo OYJ Class A (Insurance)^(b)	1,299,206

			6,931,518

	France – 9.9%
	11,263	Airbus SE (Capital Goods)*	1,493,203
	2,983	BNP Paribas SA (Banks)	190,854
	12,106	Bouygues SA (Capital Goods)	500,794
	2,794	Capgemini SE (Software & Services)^(b)	579,411
	131,614	Credit Agricole SA (Banks)^(b)	1,809,093
	21,499	Danone SA (Food, Beverage & Tobacco)^(b)	1,465,758
	3,705	Dassault Systemes SE (Software & Services)	194,978
	8,725	Edenred (Software & Services)	469,688
	1,617	Kering SA (Consumer Durables & Apparel)^(b)	1,148,492
	2,385	L’Oreal SA (Household & Personal Products)^(b)	986,923
	4,118	LVMH Moet Hennessy Louis Vuitton SE (Consumer Durables & Apparel)^(b)	2,949,576
	4,048	Orange SA (Telecommunication Services)	43,779
	2,445	Pernod Ricard SA (Food, Beverage & Tobacco)	539,032
	3,677	Publicis Groupe SA (Media & Entertainment)	247,013
	3,760	Safran SA (Capital Goods)	475,567
	22,801	Sanofi (Pharmaceuticals, Biotechnology & Life Sciences)	2,194,917
	40,614	TotalEnergies SE (Energy)^(b)	1,941,266
	1,533	Unibail-Rodamco-Westfield (REIT)*	112,830
	2,233	Valeo (Automobiles & Components)	62,318
	2,177	Vinci SA (Capital Goods)	226,427
	21,606	Vivendi SE (Media & Entertainment)^(b)	272,018
	2,168	Worldline SA (Software & Services)*^(d)	165,258

			18,069,195

	Germany – 9.3%
	1,494	adidas AG (Consumer Durables & Apparel)	469,499
	1,868	Allianz SE (Registered) (Insurance)	418,517
	10,462	BASF SE (Materials)^(b)	793,127
	17,239	Bayer AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)^(b)	935,655



Shares		Description	Value

	Common Stocks – (continued)
	Germany – (continued)
	3,522	Bayerische Motoren Werke AG (Automobiles & Components)^(b)	$ 334,516
	12,857	Bayerische Motoren Werke AG (Preference) (Automobiles & Components)^(e)	975,283
	1,259	Deutsche Boerse AG (Diversified Financials)	204,294
	22,030	Deutsche Post AG (Registered) (Transportation)^(b)	1,381,497
	53,273	Evonik Industries AG (Materials)^(b)	1,670,494
	808	GEA Group AG (Capital Goods)	36,901
	5,331	HelloFresh SE (Retailing)*	491,343
	14,460	Hochtief AG (Capital Goods)^(b)	1,152,847
	8,731	Infineon Technologies AG (Semiconductors & Semiconductor Equipment)	357,082
	3,097	LEG Immobilien SE (Real Estate)	437,726
	1,692	Porsche Automobil Holding SE (Preference) (Automobiles & Components)^(e)	167,323
	2,633	Puma SE (Consumer Durables & Apparel)	292,698
	13,192	SAP SE (Software & Services)^(b)	1,783,944
	689	Sartorius AG (Preference) (Health Care Equipment & Services)^(e)	438,624
	14,147	Siemens AG (Registered) (Capital Goods)	2,313,757
	2,182	Siemens Healthineers AG (Health Care Equipment & Services)^(d)	141,515
	211,846	Telefonica Deutschland Holding AG (Telecommunication Services)	603,173
	2,051	Volkswagen AG (Preference) (Automobiles & Components)^(e)	457,173
	17,336	Vonovia SE (Real Estate)^(b)	1,042,212

			16,899,200

	Hong Kong – 2.5%
	104,400	AIA Group Ltd. (Insurance)	1,201,060
	16,700	ASM Pacific Technology Ltd. (Semiconductors & Semiconductor Equipment)	182,302
	28,000	Hang Lung Properties Ltd. (Real Estate)	63,813
	98	Hong Kong & China Gas Co. Ltd. (Utilities)	148
	14,596	Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)	896,932
	1,100	Jardine Matheson Holdings Ltd. (Capital Goods)	58,144
	181,487	Link REIT (REIT)	1,554,137
	23,910	Sino Land Co. Ltd. (Real Estate)	32,166
	500	Sun Hung Kai Properties Ltd. (Real Estate)	6,243
	400	Swire Properties Ltd. (Real Estate)	1,003



Shares		Description	Value

	Common Stocks – (continued)
	Hong Kong – (continued)
	24,000	Techtronic Industries Co. Ltd. (Capital Goods)	$ 474,278

			4,470,226

	Ireland – 0.6%
	24,567	CRH plc (Materials)^(b)	1,159,437

	Israel – 0.1%
	12,983	ICL Group Ltd. (Materials)	94,612
	710	Wix.com Ltd. (Software & Services)*^(a)	139,139

			233,751

	Italy – 0.6%
	9,895	Enel SpA (Utilities)	75,946
	4,925	Eni SpA (Energy)^(b)	65,676
	1,974	Ferrari NV (Automobiles & Components)	411,974
	2,098	Moncler SpA (Consumer Durables & Apparel)	127,958
	60,423	Snam SpA (Utilities)	334,254

			1,015,808

	Japan – 23.7%
	2,400	ABC-Mart, Inc. (Retailing)	134,815
	2,400	Advantest Corp. (Semiconductors & Semiconductor Equipment)	213,863
	11,300	AGC, Inc. (Capital Goods)	582,314
	10,500	Alfresa Holdings Corp. (Health Care Equipment & Services)	156,853
	13,000	Asahi Kasei Corp. (Materials)	139,309
	7,100	Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)	116,859
	1,600	Bandai Namco Holdings, Inc. (Consumer Durables & Apparel)	120,284
	28,200	Bridgestone Corp. (Automobiles & Components)	1,334,176
	22,100	Canon, Inc. (Technology Hardware & Equipment)	540,744
	7,900	Casio Computer Co. Ltd. (Consumer Durables & Apparel)	130,793
	12,800	Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	468,402
	31,100	Chugoku Electric Power Co., Inc. (The) (Utilities)	283,688
	1,500	Dai-ichi Life Holdings, Inc. (Insurance)	32,807
	27,400	Daiichi Sankyo Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	728,324
	1,200	Daikin Industries Ltd. (Capital Goods)	261,646
	3,200	Daito Trust Construction Co. Ltd. (Real Estate)	375,385
	132,700	Daiwa Securities Group, Inc. (Diversified Financials)	773,474
	2,900	Denso Corp. (Automobiles & Components)	189,362



Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	1,500	Disco Corp. (Semiconductors & Semiconductor Equipment)	$ 420,132
	6,400	Eisai Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	479,408
	2,000	FANUC Corp. (Capital Goods)	438,524
	200	Fast Retailing Co. Ltd. (Retailing)	147,503
	2,600	Fuji Electric Co. Ltd. (Capital Goods)	118,315
	1,300	Hikari Tsushin, Inc. (Retailing)	219,725
	28,600	Hino Motors Ltd. (Capital Goods)	265,575
	1,916	Hirose Electric Co. Ltd. (Technology Hardware & Equipment)	318,413
	1,400	Hitachi Ltd. (Capital Goods)	82,825
	1,200	Honda Motor Co. Ltd. (Automobiles & Components)	36,893
	3,500	Hoya Corp. (Health Care Equipment & Services)	546,066
	3,100	Isuzu Motors Ltd. (Automobiles & Components)	40,332
	54,000	ITOCHU Corp. (Capital Goods)	1,572,803
	14,200	Japan Exchange Group, Inc. (Diversified Financials)	352,160
	16,700	Japan Post Insurance Co. Ltd. (Insurance)	302,907
	11,500	Japan Tobacco, Inc. (Food, Beverage & Tobacco)	225,334
	6,400	JSR Corp. (Materials)	230,054
	12,400	Kajima Corp. (Capital Goods)	158,901
	9,300	Kakaku.com, Inc. (Media & Entertainment)	300,325
	33,100	Kansai Electric Power Co., Inc. (The) (Utilities)	320,745
	1,700	Kao Corp. (Household & Personal Products)	101,173
	300	Keyence Corp. (Technology Hardware & Equipment)	179,061
	3,600	Kikkoman Corp. (Food, Beverage & Tobacco)	292,942
	3,000	Kintetsu Group Holdings Co. Ltd. (Transportation)*	100,888
	38,100	Kirin Holdings Co. Ltd. (Food, Beverage & Tobacco)	707,132
	12,500	Komatsu Ltd. (Capital Goods)	299,355
	1,700	Kose Corp. (Household & Personal Products)	203,312
	4,100	Lawson, Inc. (Food & Staples Retailing)	201,402
	27,300	Lixil Corp. (Capital Goods)	791,247
	6,100	M3, Inc. (Health Care Equipment & Services)	434,737
	2,100	Makita Corp. (Capital Goods)	115,464
	3,800	Mercari, Inc. (Retailing)*	209,980
	33,700	Mitsubishi Corp. (Capital Goods)	1,058,262
	23,400	Mitsubishi Electric Corp. (Capital Goods)	325,204
	49,600	Mitsubishi HC Capital, Inc. (Diversified Financials)	259,353



Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	162,300	Mitsubishi UFJ Financial Group, Inc. (Banks)	$ 959,409
	4,800	Mitsui & Co. Ltd. (Capital Goods)	104,962
	2,030	Mizuho Financial Group, Inc. (Banks)	28,719
	13,700	MS&AD Insurance Group Holdings, Inc. (Insurance)	458,220
	8,800	Murata Manufacturing Co. Ltd. (Technology Hardware & Equipment)	778,382
	8,200	Nabtesco Corp. (Capital Goods)	310,041
	10,200	NGK Spark Plug Co. Ltd. (Automobiles & Components)	158,700
	400	Nidec Corp. (Capital Goods)	44,096
	1,600	Nintendo Co. Ltd. (Media & Entertainment)	764,613
	3,700	Nippon Express Co. Ltd. (Transportation)	254,820
	1,000	Nippon Paint Holdings Co. Ltd. (Materials)	10,890
	35	Nippon Prologis REIT, Inc. (REIT)	113,648
	5,200	Nippon Yusen KK (Transportation)	389,628
	11,600	Nisshin Seifun Group, Inc. (Food, Beverage & Tobacco)	192,220
	4,200	Nitto Denko Corp. (Materials)	298,984
	51,900	Nomura Holdings, Inc. (Diversified Financials)	255,862
	14,700	Nomura Research Institute Ltd. (Software & Services)	540,324
	48,300	NSK Ltd. (Capital Goods)	327,295
	2,200	Obic Co. Ltd. (Software & Services)	418,348
	300	Odakyu Electric Railway Co. Ltd. (Transportation)	6,943
	7,400	Olympus Corp. (Health Care Equipment & Services)	161,971
	1,700	Omron Corp. (Technology Hardware & Equipment)	168,219
	5,400	Otsuka Corp. (Software & Services)	277,683
	45,300	Panasonic Corp. (Consumer Durables & Apparel)	561,512
	13,200	Pola Orbis Holdings, Inc. (Household & Personal Products)	303,835
	19,700	Recruit Holdings Co. Ltd. (Commercial & Professional Services)	1,204,179
	66,300	Resona Holdings, Inc. (Banks)	265,201
	1,000	Ryohin Keikaku Co. Ltd. (Retailing)	22,243
	17,100	Seiko Epson Corp. (Technology Hardware & Equipment)	345,249
	5,000	Shimadzu Corp. (Technology Hardware & Equipment)	219,581
	3,900	Shin-Etsu Chemical Co. Ltd. (Materials)	658,199
	2,300	Shiseido Co. Ltd. (Household & Personal Products)	154,582



Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	94,500	SoftBank Corp. (Telecommunication Services)	$ 1,281,873
	11,000	SoftBank Group Corp. (Telecommunication Services)	635,638
	3,800	Sompo Holdings, Inc. (Insurance)	164,863
	7,500	Sony Group Corp. (Consumer Durables & Apparel)	832,641
	28,300	Subaru Corp. (Automobiles & Components)	522,976
	6,400	Sumitomo Corp. (Capital Goods)	90,156
	1,100	Sumitomo Metal Mining Co. Ltd. (Materials)	39,777
	46,600	Sumitomo Mitsui Financial Group, Inc. (Banks)	1,639,358
	300	Sumitomo Mitsui Trust Holdings, Inc. (Banks)	10,332
	2,200	Sysmex Corp. (Health Care Equipment & Services)	273,259
	38,200	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	1,259,942
	3,000	TDK Corp. (Technology Hardware & Equipment)	108,188
	6,300	Tohoku Electric Power Co., Inc. (Utilities)	46,312
	10,900	Tokio Marine Holdings, Inc. (Insurance)	584,295
	3,600	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)	1,590,403
	300	Tokyo Gas Co. Ltd. (Utilities)	5,582
	3,900	TOTO Ltd. (Capital Goods)	185,705
	3,800	Toyoda Gosei Co. Ltd. (Automobiles & Components)	76,004
	185,100	Toyota Motor Corp. (Automobiles & Components)	3,297,998
	57,500	USS Co. Ltd. (Retailing)	978,785
	3,000	Yamaha Corp. (Consumer Durables & Apparel)	188,706
	200	Yamato Holdings Co. Ltd. (Transportation)	5,062
	900	Yaskawa Electric Corp. (Capital Goods)	43,217
	3,900	ZOZO, Inc. (Retailing)	146,113

			43,205,293

	Luxembourg – 0.0%
	4,775	SES SA Receipts (Media & Entertainment)	42,575

	Macau – 0.3%
	37,000	Galaxy Entertainment Group Ltd. (Consumer Services)*	189,848
	77,600	Sands China Ltd. (Consumer Services)*	158,809
	108,800	Wynn Macau Ltd. (Consumer Services)*	91,555

			440,212

	Netherlands – 5.1%
	148	Adyen NV (Software & Services)*^(d)	413,714



Shares		Description	Value

	Common Stocks – (continued)
	Netherlands – (continued)
	555	Argenx SE (Pharmaceuticals, Biotechnology & Life Sciences)*	$ 167,712
	6,132	ASML Holding NV (Semiconductors & Semiconductor Equipment)^(b)	4,580,962
	5,000	Heineken NV (Food, Beverage & Tobacco)	521,879
	6,596	Koninklijke Ahold Delhaize NV (Food & Staples Retailing)	219,634
	44,137	Koninklijke KPN NV (Telecommunication Services)	138,889
	4,249	NN Group NV (Insurance)	222,572
	24,710	Royal Dutch Shell plc Class A (Energy)^(b)	550,007
	86,152	Royal Dutch Shell plc Class B (Energy)^(b)	1,908,837
	21,606	Universal Music Group NV (Media & Entertainment)*^(b)	578,506

			9,302,712

	New Zealand – 0.8%
	9,788	Fisher & Paykel Healthcare Corp. Ltd. (Health Care Equipment & Services)	215,293
	26,020	Meridian Energy Ltd. (Utilities)	87,994
	356,327	Spark New Zealand Ltd. (Telecommunication Services)	1,172,272

			1,475,559

	Norway – 0.4%
	14,865	DNB Bank ASA (Banks)	337,951
	58	Gjensidige Forsikring ASA (Insurance)	1,285
	9,166	Orkla ASA (Food, Beverage & Tobacco)	84,127
	17,663	Telenor ASA (Telecommunication Services)	297,304

			720,667

	Portugal – 0.1%
	14,664	Galp Energia SGPS SA (Energy)	166,554

	Russia – 1.0%
	31,477	Coca-Cola HBC AG (Food, Beverage & Tobacco)*	1,014,320
	104,181	Evraz plc (Materials)	826,572

			1,840,892

	Saudi Arabia – 0.2%
	2,137	Delivery Hero SE (Retailing)*^(d)	272,585

	Singapore – 1.0%
	2,800	City Developments Ltd. (Real Estate)	14,171
	39,446	DBS Group Holdings Ltd. (Banks)	874,069
	5,200	Keppel Corp. Ltd. (Capital Goods)	19,857
	17,600	Singapore Exchange Ltd. (Diversified Financials)	128,847
	210,700	Singapore Technologies Engineering Ltd. (Capital Goods)	588,158



Shares		Description	Value

	Common Stocks – (continued)
	Singapore – (continued)
	121,600	Singapore Telecommunications Ltd. (Telecommunication Services)	$ 218,913

			1,844,015

	South Africa – 0.0%
	2	Anglo American plc (Materials)	70

	Spain – 2.9%
	205	ACS Actividades de Construccion y Servicios SA (Capital Goods)	5,553
	169	Amadeus IT Group SA (Software & Services)*	11,115
	34,534	Enagas SA (Utilities)	767,489
	98,111	Endesa SA (Utilities)^(b)	1,978,655
	30,922	Ferrovial SA (Capital Goods)	902,573
	29,118	Naturgy Energy Group SA (Utilities)	732,928
	45,811	Red Electrica Corp. SA (Utilities)^(b)	919,073

			5,317,386

	Sweden – 1.7%
	4,320	Atlas Copco AB Class A (Capital Goods)	260,866
	11,277	Atlas Copco AB Class B (Capital Goods)	573,172
	2,920	Boliden AB (Materials)*	93,500
	8,614	Electrolux ABSeries B (Consumer Durables & Apparel)	199,015
	6,276	H & M Hennes & Mauritz AB Class B (Retailing)*	127,036
	2,714	Lundin Energy AB (Energy)	100,747
	11,114	Skandinaviska Enskilda Banken AB Class A (Banks)	156,642
	22,569	Svenska Handelsbanken AB Class A (Banks)	252,759
	239,872	Telia Co. AB (Telecommunication Services)	986,769
	16,408	Volvo AB Class B (Capital Goods)	366,333

			3,116,839

	Switzerland – 10.5%
	17,824	Adecco Group AG (Registered) (Commercial & Professional Services)	893,084
	1,868	Banque Cantonale Vaudoise (Registered) (Banks)	142,029
	90,877	Clariant AG (Registered) (Materials)*	1,705,789
	313	Geberit AG (Registered) (Capital Goods)	229,805
	5,805	Holcim Ltd. (Materials)*	279,714
	39,000	Nestle SA (Registered) (Food, Beverage & Tobacco)	4,699,113
	28,173	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)	2,310,164
	1,102	Partners Group Holding AG (Diversified Financials)	1,719,825



Shares		Description	Value

	Common Stocks – (continued)
	Switzerland – (continued)
	8,225	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)	$ 3,001,878
	164	SGS SA (Registered) (Commercial & Professional Services)	477,377
	18,359	STMicroelectronics NV (Semiconductors & Semiconductor Equipment)	801,586
	103	Straumann Holding AG (Registered) (Health Care Equipment & Services)	184,727
	6,693	Zurich Insurance Group AG (Insurance)	2,736,904

			19,181,995

	United Kingdom – 10.4%
	255,575	Aviva plc (Insurance)	1,354,516
	246,432	BAE Systems plc (Capital Goods)	1,866,490
	82,982	Barclays plc (Banks)	210,856
	15,961	BP plc ADR (Energy)^(b)	436,214
	20,812	British American Tobacco plc (Food, Beverage & Tobacco)	727,474
	5,890	Coca-Cola Europacific Partners plc (Food, Beverage & Tobacco)	325,658
	3,981	Compass Group plc (Consumer Services)*	81,416
	13,945	Diageo plc (Food, Beverage & Tobacco)	675,147
	73,976	Direct Line Insurance Group plc (Insurance)	288,660
	67,079	GlaxoSmithKline plc ADR (Pharmaceuticals, Biotechnology & Life Sciences)^(b)	2,563,089
	240,798	HSBC Holdings plc (Banks)^(b)	1,259,055
	27,552	Imperial Brands plc (Food, Beverage & Tobacco)	576,295
	2,547	Just Eat Takeaway.com NV (Retailing)*^(d)	186,094
	133,695	M&G plc (Diversified Financials)	365,283
	43,018	National Grid plc (Utilities)	512,590
	30,216	Persimmon plc (Consumer Durables & Apparel)	1,080,674
	1,916	Reckitt Benckiser Group plc (Household & Personal Products)^(b)	150,521
	17,073	RELX plc (Commercial & Professional Services)	491,468
	104,340	Rolls-Royce Holdings plc (Capital Goods)*	194,878
	22,477	Segro plc (REIT)	361,067
	44,462	SSE plc (Utilities)	936,153
	9,344	St James’s Place plc (Diversified Financials)	188,490
	28,191	Unilever plc (Household & Personal Products)^(b)	1,523,195
	20,386	Unilever plc ADR (Household & Personal Products)^(b)	1,105,329



Shares		Description	Value

	Common Stocks – (continued)
	United Kingdom – (continued)
	91,841	Vodafone Group plc ADR (Telecommunication Services)^(b)	$ 1,418,943
	7,359	Wm Morrison Supermarkets plc (Food & Staples Retailing)	29,201

			18,908,756

	United States – 1.4%
	7,531	Schneider Electric SE (Capital Goods)^(b)	1,254,318
	65,321	Stellantis NV (Automobiles & Components)^(b)	1,243,133

			2,497,451

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $142,722,254)		$179,902,941


Shares		Dividend Rate	Value

	Securities Lending Reinvestment Vehicle^(f) – 0.5%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	975,125	0.026%	$ 975,125
	(Cost $975,125)

	TOTAL INVESTMENTS – 99.4% (Cost $143,697,379)		$180,878,066

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.6%		1,160,159

	NET ASSETS – 100.0%		$182,038,225



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

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

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

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

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

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

(e)		Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.

(f)		Represents an Affiliated Issuer.



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

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


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

FUTURES CONTRACTS — At September 30, 2021, the Fund had the following futures contracts:

WRITTEN OPTIONS CONTRACTS — At September 30, 2021, the Fund had the following written options contracts:



Shares		Description	Value

	Common Stocks – 97.5%
	Automobiles & Components – 1.9%
	436,408	Ford Motor Co.*	$ 6,179,537
	488,818	General Motors Co.*	25,765,597
	21,887	Gentex Corp.	721,833
	16,231	Tesla, Inc.*	12,586,816

			45,253,783

	Banks – 3.6%
	55,895	Bancorp, Inc. (The)*	1,422,528
	144,004	Cadence BanCorp	3,162,328
	13,311	Cathay General Bancorp	550,942
	3,676	Citigroup, Inc.	257,982
	592,460	Citizens Financial Group, Inc.	27,833,771
	11,346	East West Bancorp, Inc.	879,769
	23,131	Essent Group Ltd.	1,017,995
	40,192	First BanCorp	528,525
	56,420	First Hawaiian, Inc.	1,655,927
	49,865	First Horizon Corp.	812,301
	32,891	Independent Bank Group, Inc.	2,336,577
	19,845	International Bancshares Corp.	826,346
	40,827	JPMorgan Chase & Co.	6,682,972
	584,028	KeyCorp	12,626,685
	80,240	MGIC Investment Corp.	1,200,390
	10,646	National Bank Holdings Corp. Class A	430,950
	5,054	PNC Financial Services Group, Inc. (The)	988,764
	25,107	Popular, Inc.	1,950,061
	28,824	Radian Group, Inc.	654,881
	12,072	SVB Financial Group*	7,809,135
	13,919	TriState Capital Holdings, Inc.*	294,387
	39,488	Umpqua Holdings Corp.	799,632
	20,899	Walker & Dunlop, Inc.	2,372,036
	71,005	Western Alliance Bancorp	7,726,764

			84,821,648

	Capital Goods – 3.6%
	6,660	AECOM*	420,579
	5,761	AGCO Corp.	705,895
	29,484	AMETEK, Inc.	3,656,311
	59,314	Atkore, Inc.*	5,155,573
	32,308	Emerson Electric Co.	3,043,414
	13,565	Fortive Corp.	957,282
	28,728	H&E Equipment Services, Inc.	997,149
	50,186	Hexcel Corp.*	2,980,546
	6,443	Honeywell International, Inc.	1,367,720
	97,597	Illinois Tool Works, Inc.	20,166,468
	96,928	Johnson Controls International plc	6,598,858
	28,381	Kennametal, Inc.	971,482
	26,377	L3Harris Technologies, Inc.	5,809,270
	12,408	Lockheed Martin Corp.	4,282,001
	30,476	nVent Electric plc	985,289
	51,181	Otis Worldwide Corp.	4,211,173
	149,820	Raytheon Technologies Corp.	12,878,527
	1,213	RBC Bearings, Inc.*	257,399
	25,076	Rush Enterprises, Inc. Class A	1,132,432
	30,166	Snap-on, Inc.	6,303,186
	10,411	Stanley Black & Decker, Inc.	1,825,152

			84,705,706

	Commercial & Professional Services – 1.3%
	11,341	Cimpress plc*	984,739
	29,156	Cintas Corp.	11,098,523



Shares		Description	Value

	Common Stocks – (continued)
	Commercial & Professional Services – (continued)
	8,842	Clean Harbors, Inc.*	$ 918,418
	71,280	CoStar Group, Inc.*	6,134,357
	5,709	Forrester Research, Inc.*	281,225
	6,609	Heidrick & Struggles International, Inc.	294,960
	10,024	IAA, Inc.*	547,010
	77,823	Korn Ferry	5,631,272
	32,995	ManpowerGroup, Inc.	3,572,699

			29,463,203

	Consumer Durables & Apparel – 0.4%
	17,960	G-III Apparel Group Ltd.*	508,268
	68,452	Levi Strauss & Co. Class A	1,677,758
	29,150	Skechers USA, Inc. Class A*	1,227,798
	9,087	TRI Pointe Group, Inc.*	191,009
	12,109	Whirlpool Corp.	2,468,541
	39,938	YETI Holdings, Inc.*	3,422,287

			9,495,661

	Consumer Services – 2.9%
	18,628	Chipotle Mexican Grill, Inc.*	33,856,763
	7,996	Choice Hotels International, Inc.	1,010,454
	33,403	Frontdoor, Inc.*	1,399,586
	2,086	Graham Holdings Co. Class B	1,228,988
	129,460	H&R Block, Inc.	3,236,500
	142,560	International Game Technology plc*	3,752,179
	182,224	Red Rock Resorts, Inc. Class A*	9,333,513
	24,060	Terminix Global Holdings, Inc.*	1,002,580
	53,280	Texas Roadhouse, Inc.	4,866,062
	22,656	Travel + Leisure Co.	1,235,432
	49,027	Yum China Holdings, Inc.	2,848,959
	25,926	Yum! Brands, Inc.	3,171,009

			66,942,025

	Diversified Financials – 7.2%
	367,713	Ally Financial, Inc.	18,771,749
	38,603	Berkshire Hathaway, Inc. Class B*	10,536,303
	59,113	Capital One Financial Corp.	9,574,533
	113,657	CME Group, Inc.	21,978,991
	96,351	Discover Financial Services	11,836,720
	19,961	Interactive Brokers Group, Inc. Class A	1,244,369
	241,521	Jefferies Financial Group, Inc.	8,967,675
	23,105	LPL Financial Holdings, Inc.	3,621,940
	112,434	Morgan Stanley	10,940,952
	70,228	Navient Corp.	1,385,598
	57,466	S&P Global, Inc.	24,416,729
	132,885	Santander Consumer USA Holdings, Inc.	5,541,304
	130,364	Starwood Property Trust, Inc. (REIT)	3,182,185
	316,003	Synchrony Financial	15,446,227
	56,882	TPG RE Finance Trust, Inc. (REIT)	704,199
	327,211	Voya Financial, Inc.	20,087,483

			168,236,957

	Energy – 1.6%
	8,224	Cactus, Inc. Class A	310,209
	7,426	Core Laboratories NV	206,072
	99,446	EOG Resources, Inc.	7,982,530



Shares		Description	Value

	Common Stocks – (continued)
	Energy – (continued)
	11,147	Exxon Mobil Corp.	$ 655,667
	12,264	Hess Corp.	957,941
	77,386	Matador Resources Co.	2,943,763
	8,760	ONEOK, Inc.	507,992
	134,863	Ovintiv, Inc.	4,434,296
	33,190	Pioneer Natural Resources Co.	5,526,467
	11,296	Renewable Energy Group, Inc.*	567,059
	94,650	Schlumberger NV	2,805,426
	103,628	Targa Resources Corp.	5,099,534
	156,754	Williams Cos., Inc. (The)	4,066,199

			36,063,155

	Food & Staples Retailing – 0.2%
	3,528	Costco Wholesale Corp.	1,585,307
	63,319	Walgreens Boots Alliance, Inc.	2,979,159

			4,564,466

	Food, Beverage & Tobacco – 2.1%
	2,422	Coca-Cola Consolidated, Inc.	954,704
	7,580	Constellation Brands, Inc. Class A	1,597,030
	51,135	Darling Ingredients, Inc.*	3,676,606
	35,242	Lamb Weston Holdings, Inc.	2,162,802
	9,833	Lancaster Colony Corp.	1,659,909
	213,411	Monster Beverage Corp.*	18,957,299
	159,106	Philip Morris International, Inc.	15,081,658
	22,962	Sanderson Farms, Inc.	4,321,448

			48,411,456

	Health Care Equipment & Services – 6.8%
	3,020	Abbott Laboratories	356,753
	730	Align Technology, Inc.*	485,764
	5,526	AMN Healthcare Services, Inc.*	634,108
	12,603	AngioDynamics, Inc.*	326,922
	71,276	Anthem, Inc.	26,571,693
	21,748	Cigna Corp.	4,353,080
	44,402	Dentsply Sirona, Inc.	2,577,536
	72,981	Edwards Lifesciences Corp.*	8,262,179
	11,564	Encompass Health Corp.	867,762
	137,014	HCA Healthcare, Inc.	33,256,038
	49,786	Hologic, Inc.*	3,674,705
	34,579	Humana, Inc.	13,456,418
	14,459	IDEXX Laboratories, Inc.*	8,992,052
	6,269	Molina Healthcare, Inc.*	1,700,842
	117,334	Patterson Cos., Inc.	3,536,447
	106,437	Select Medical Holdings Corp.	3,849,826
	1,283	STERIS plc	262,091
	47,957	UnitedHealth Group, Inc.	18,738,718
	39,905	Universal Health Services, Inc. Class B	5,521,655
	30,591	Varex Imaging Corp.*	862,666
	46,257	West Pharmaceutical Services, Inc.	19,637,947

			157,925,202

	Household & Personal Products – 0.1%
	8,185	Procter & Gamble Co. (The)	1,144,263

	Insurance – 3.2%
	231,807	American Equity Investment Life Holding Co.	6,854,533
	35,396	American Financial Group, Inc.	4,453,879
	123,320	Arch Capital Group Ltd.*	4,708,358



Shares		Description	Value

	Common Stocks – (continued)
	Insurance – (continued)
	80,386	Athene Holding Ltd. Class A*	$ 5,536,184
	59,191	Brighthouse Financial, Inc.*	2,677,209
	24,119	BRP Group, Inc. Class A*	802,921
	18,632	Fidelity National Financial, Inc.	844,775
	24,666	First American Financial Corp.	1,653,855
	77,477	Globe Life, Inc.	6,897,777
	9,425	Goosehead Insurance, Inc. Class A	1,435,333
	86,943	Marsh & McLennan Cos., Inc.	13,165,778
	209,677	Old Republic International Corp.	4,849,829
	18,092	Primerica, Inc.	2,779,474
	17,273	Reinsurance Group of America, Inc.	1,921,794
	155,902	Stewart Information Services Corp.	9,862,361
	69,160	Trupanion, Inc.*	5,371,657

			73,815,717

	Materials – 3.0%
	4,937	Air Products and Chemicals, Inc.	1,264,415
	14,386	Alcoa Corp.*	704,051
	37,395	Amcor plc	433,408
	78,720	Avient Corp.	3,648,672
	328,568	Axalta Coating Systems Ltd.*	9,590,900
	47,477	CF Industries Holdings, Inc.	2,650,166
	28,500	Corteva, Inc.	1,199,280
	2,903	Crown Holdings, Inc.	292,564
	8,601	Dow, Inc.	495,074
	8,525	Eagle Materials, Inc.	1,118,139
	71,308	Element Solutions, Inc.	1,545,957
	4,681	Ingevity Corp.*	334,083
	4,026	International Flavors & Fragrances, Inc.	538,357
	133,281	Louisiana-Pacific Corp.	8,179,455
	26,262	Mosaic Co. (The)	938,079
	56,853	Olin Corp.	2,743,157
	116,961	Sherwin-Williams Co. (The)	32,717,501
	6,280	Southern Copper Corp.	352,559
	34,799	Summit Materials, Inc. Class A*	1,112,524
	44,490	SunCoke Energy, Inc.	279,397
	28,984	Warrior Met Coal, Inc.	674,458

			70,812,196

	Media & Entertainment – 8.5%
	16,330	Alphabet, Inc. Class A*	43,658,582
	15,750	Alphabet, Inc. Class C*	41,978,632
	12,147	Cardlytics, Inc.*	1,019,619
	47,665	Cinemark Holdings, Inc.*	915,645
	94,443	Comcast Corp. Class A	5,282,197
	119,060	Facebook, Inc. Class A*	40,407,773
	16,983	IMAX Corp.*	322,337
	17,336	Netflix, Inc.*	10,580,854
	17,691	News Corp. Class A	416,269
	40,540	Nexstar Media Group, Inc. Class A	6,160,458
	344,173	Omnicom Group, Inc.	24,938,776
	220,286	Pinterest, Inc. Class A*	11,223,572
	77,266	PubMatic, Inc. Class A*^(a)	2,035,959
	15,013	Roku, Inc.*	4,704,324
	10,295	Spotify Technology SA*	2,319,875
	9,617	Thryv Holdings, Inc.*	288,895
	38,420	Yelp, Inc.*	1,430,761

			197,684,528



Shares		Description	Value

	Common Stocks – (continued)
	Pharmaceuticals, Biotechnology & Life Sciences – 8.3%
	295,411	AbbVie, Inc.	$ 31,865,985
	26,810	Apellis Pharmaceuticals, Inc.*	883,658
	3,703	Arvinas, Inc.*	304,313
	33,463	Biogen, Inc.*	9,469,694
	27,949	Bruker Corp.	2,182,817
	42,255	Editas Medicine, Inc.*	1,735,835
	259,726	Horizon Therapeutics plc*	28,450,386
	78,973	IQVIA Holdings, Inc.*	18,917,192
	88,523	Johnson & Johnson	14,296,464
	26,154	Merck & Co., Inc.	1,964,427
	8,389	Mettler-Toledo International, Inc.*	11,554,673
	14,150	Moderna, Inc.*	5,445,769
	74,997	PerkinElmer, Inc.	12,996,230
	128,361	Pfizer, Inc.	5,520,807
	54,628	Prestige Consumer Healthcare, Inc.*	3,065,177
	22,821	Regeneron Pharmaceuticals, Inc.*	13,810,813
	8,738	Sage Therapeutics, Inc.*	387,181
	3,494	Thermo Fisher Scientific, Inc.	1,996,227
	6,486	Twist Bioscience Corp.*	693,807
	29,286	uniQure NV*	937,445
	1,149	Vertex Pharmaceuticals, Inc.*	208,417
	15,927	Viatris, Inc.	215,811
	133,313	Zoetis, Inc.	25,881,386
	46,176	Zymeworks, Inc.*	1,340,951

			194,125,465

	Real Estate – 5.2%
	149,487	American Homes 4 Rent Class A (REIT)	5,698,611
	21,275	Brixmor Property Group, Inc. (REIT)	470,390
	66,497	Camden Property Trust (REIT)	9,806,313
	18,849	CoreSite Realty Corp. (REIT)	2,611,341
	5,732	CubeSmart (REIT)	277,715
	257,053	Duke Realty Corp. (REIT)	12,305,127
	345,029	Equity LifeStyle Properties, Inc. (REIT)	26,946,765
	36,707	Extra Space Storage, Inc. (REIT)	6,166,409
	181,466	First Industrial Realty Trust, Inc. (REIT)	9,450,749
	241,694	Invitation Homes, Inc. (REIT)	9,264,131
	2,070	Jones Lang LaSalle, Inc.*	513,546
	12,030	Lamar Advertising Co. Class A (REIT)	1,364,804
	29,850	Mid-America Apartment Communities, Inc. (REIT)	5,574,488
	295,072	National Storage Affiliates Trust (REIT)	15,576,851
	43,014	NexPoint Residential Trust, Inc. (REIT)	2,661,706
	9,166	Prologis, Inc. (REIT)	1,149,691
	1,888	PS Business Parks, Inc. (REIT)	295,925
	21,458	Retail Opportunity Investments Corp. (REIT)	373,798
	93,086	Rexford Industrial Realty, Inc. (REIT)	5,282,631
	84,429	SITE Centers Corp. (REIT)	1,303,584
	17,864	STORE Capital Corp. (REIT)	572,184
	14,722	Terreno Realty Corp. (REIT)	930,872



Shares		Description	Value

	Common Stocks – (continued)
	Real Estate – (continued)
	45,708	Ventas, Inc. (REIT)	$ 2,523,539

			121,121,170

	Retailing – 8.5%
	86,339	Academy Sports & Outdoors, Inc.*	3,455,287
	21,205	Amazon.com, Inc.*	69,659,273
	1,486	Asbury Automotive Group, Inc.*	292,356
	2,286	AutoZone, Inc.*	3,881,605
	166,465	Bath & Body Works, Inc.	10,492,289
	17,163	Buckle, Inc. (The)	679,483
	61,470	Dick’s Sporting Goods, Inc.	7,362,262
	363,386	eBay, Inc.	25,317,103
	78,084	Groupon, Inc.*^(a)	1,781,096
	4,651	Home Depot, Inc. (The)	1,526,737
	168,078	Kohl’s Corp.	7,914,793
	91,859	Lowe’s Cos., Inc.	18,634,517
	1,541	MercadoLibre, Inc.*	2,587,955
	20,014	Murphy USA, Inc.	3,347,542
	1,394	O’Reilly Automotive, Inc.*	851,818
	8,426	Penske Automotive Group, Inc.	847,655
	4,359	Signet Jewelers Ltd.	344,187
	12,704	Stitch Fix, Inc. Class A*	507,525
	149,794	Target Corp.	34,268,373
	55,488	Victoria’s Secret & Co.*	3,066,267
	7,731	Williams-Sonoma, Inc.	1,370,938

			198,189,061

	Semiconductors & Semiconductor Equipment – 4.7%
	218,165	Applied Materials, Inc.	28,084,380
	14,174	Cohu, Inc.*	452,717
	31,784	Intel Corp.	1,693,451
	3,264	KLA Corp.	1,091,841
	246,592	NVIDIA Corp.	51,083,999
	46,974	NXP Semiconductors NV	9,200,797
	73,788	ON Semiconductor Corp.*	3,377,277
	13,204	Power Integrations, Inc.	1,307,064
	11,970	QUALCOMM, Inc.	1,543,891
	63,128	Texas Instruments, Inc.	12,133,833

			109,969,250

	Software & Services – 16.4%
	44,829	Adobe, Inc.*	25,808,952
	20,528	Anaplan, Inc.*	1,249,950
	18,021	Black Knight, Inc.*	1,297,512
	17,268	Citrix Systems, Inc.	1,854,065
	350,383	Cognizant Technology Solutions Corp. Class A	26,001,922
	1,531	Concentrix Corp.*	270,987
	5,091	Dolby Laboratories, Inc. Class A	448,008
	6,134	EPAM Systems, Inc.*	3,499,324
	69,797	ExlService Holdings, Inc.*	8,593,407
	16,958	Fastly, Inc. Class A*	685,782
	20,345	FireEye, Inc.*	362,141
	87,481	Fortinet, Inc.*	25,547,951
	84,121	Gartner, Inc.*	25,562,689
	9,159	International Business Machines Corp.	1,272,460
	55,527	Intuit, Inc.	29,957,372
	457,815	Microsoft Corp.	129,067,205
	14,153	MongoDB, Inc.*	6,673,281



Shares		Description	Value

	Common Stocks – (continued)
	Software & Services – (continued)
	37,008	Okta, Inc.*	$ 8,783,479
	75,324	Oracle Corp.	6,562,980
	6,494	Palo Alto Networks, Inc.*	3,110,626
	166,869	PayPal Holdings, Inc.*	43,420,982
	5,663	Perficient, Inc.*	655,209
	11,453	Ping Identity Holding Corp.*	281,400
	5,399	ServiceNow, Inc.*	3,359,636
	10,855	SPS Commerce, Inc.*	1,751,020
	1,609	Square, Inc. Class A*	385,903
	14,865	Twilio, Inc. Class A*	4,742,678
	4,947	VeriSign, Inc.*	1,014,184
	9,615	Visa, Inc. Class A	2,141,741
	27,322	Workday, Inc. Class A*	6,827,495
	43,289	Zscaler, Inc.*	11,351,242

			382,541,583

	Technology Hardware & Equipment – 5.9%
	724,768	Apple, Inc.	102,554,672
	1,620	Arista Networks, Inc.*	556,697
	18,686	Jabil, Inc.	1,090,702
	94,239	Keysight Technologies, Inc.*	15,482,525
	6,866	Knowles Corp.*	128,669
	48,330	NetApp, Inc.	4,338,101
	14,927	NetScout Systems, Inc.*	402,283
	31,194	Super Micro Computer, Inc.*	1,140,764
	3,898	Teledyne Technologies, Inc.*	1,674,503
	25,865	Vishay Intertechnology, Inc.	519,628
	5,426	Vontier Corp.	182,313
	177,915	Western Digital Corp.*	10,041,523

			138,112,380

	Telecommunication Services – 0.0%
	2,595	Cogent Communications Holdings, Inc.	183,830

	Transportation – 1.6%
	6,795	AMERCO	4,389,774
	94,059	CSX Corp.	2,797,315
	30,228	Genco Shipping & Trading Ltd.	608,489
	3,209	GXO Logistics, Inc.*	251,714
	18,420	Norfolk Southern Corp.	4,406,985
	7,053	Old Dominion Freight Line, Inc.	2,017,017
	36,542	Ryder System, Inc.	3,022,389
	367,407	Safe Bulkers, Inc.*	1,899,494
	61,767	Union Pacific Corp.	12,106,950
	65,643	XPO Logistics, Inc.*	5,223,870

			36,723,997

	Utilities – 0.5%
	25,070	AES Corp. (The)	572,348
	3,186	DTE Energy Co.	355,908
	48,989	MDU Resources Group, Inc.	1,453,504
	161,005	NRG Energy, Inc.	6,573,834
	43,279	Public Service Enterprise Group, Inc.	2,635,691

			11,591,285

	TOTAL COMMON STOCKS (Cost $1,185,180,003)		$2,271,897,987


Shares		Dividend Rate	Value

	Investment Company^(b) – 0.2%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	5,379,367	0.026%	$ 5,379,367
	(Cost $5,379,367)

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $1,190,559,370)		$2,277,277,354



	Securities Lending Reinvestment Vehicle^(b) – 0.0%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	479,375	0.026%	$ 479,375
	(Cost $479,375)

	TOTAL INVESTMENTS – 97.7% (Cost $1,191,038,745)		$2,277,756,729

	OTHER ASSETS IN EXCESS OF LIABILITIES – 2.3%		53,697,263

	NET ASSETS – 100.0%		$2,331,453,992



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

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

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

(b)		Represents an Affiliated Issuer.



Investment Abbreviation:
REIT		— Real Estate Investment Trust


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

FUTURES CONTRACTS — At September 30, 2021, the Fund had the following futures contracts:



Shares		Description	Value

	Common Stocks – 97.2%
	Australia – 10.7%
	64,696	ASX Ltd. (Diversified Financials)	$ 3,735,272
	366,793	Australia & New Zealand Banking Group Ltd. (Banks)	7,366,140
	317,850	BHP Group plc (Materials)	8,008,021
	16,188	Brambles Ltd. (Commercial & Professional Services)	124,477
	167,225	Commonwealth Bank of Australia (Banks)	12,409,826
	44,652	Domino’s Pizza Enterprises Ltd. (Consumer Services)	5,107,222
	429,493	Fortescue Metals Group Ltd. (Materials)	4,574,967
	269,613	Glencore plc (Materials)^*	1,268,288
	358,204	Goodman Group (REIT)	5,511,715
	297,507	Harvey Norman Holdings Ltd. (Retailing)	1,066,854
	114,614	Mineral Resources Ltd. (Materials)	3,637,404
	122,506	Rio Tinto plc ADR (Materials)^(a)(b)	8,185,851
	10,703	Sonic Healthcare Ltd. (Health Care Equipment & Services)	309,308
	1,896,064	Telstra Corp. Ltd. (Telecommunication Services)	5,312,961
	383,399	Treasury Wine Estates Ltd. (Food, Beverage & Tobacco)	3,380,807
	126,387	Washington H Soul Pattinson & Co. Ltd. (Energy)	3,512,426
	177,028	Wesfarmers Ltd. (Retailing)	7,041,009
	101,365	Woolworths Group Ltd. (Food & Staples Retailing)	2,847,168

			83,399,716

	Belgium – 0.5%
	10,088	Bekaert SA (Materials)	419,680
	14,673	D’ieteren Group (Retailing)	2,153,093
	3,213	Gimv NV (Diversified Financials)	205,066
	25,294	Warehouses De Pauw CVA (REIT)	1,024,874

			3,802,713

	China – 0.8%
	942,600	Chow Tai Fook Jewellery Group Ltd. (Retailing)	1,792,627
	168,100	ENN Energy Holdings Ltd. (Utilities)	2,772,555
	251,000	SITC International Holdings Co. Ltd. (Transportation)	893,155
	486,000	Tingyi Cayman Islands Holding Corp. (Food, Beverage & Tobacco)	903,626

			6,361,963

	Denmark – 2.8%
	1,175	AP Moller - Maersk A/S Class A (Transportation)	3,028,021
	287	AP Moller - Maersk A/S Class B (Transportation)	776,935



Shares		Description	Value

	Common Stocks – (continued)
	Denmark – (continued)
	153,680	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)	$ 14,813,150
	10,594	Scandinavian Tobacco Group A/S Class A (Food, Beverage & Tobacco)^(c)	209,083
	69,020	Vestas Wind Systems A/S (Capital Goods)	2,768,325

			21,595,514

	Finland – 1.8%
	151,573	Kesko OYJ Class B (Food & Staples Retailing)	5,228,269
	110,809	Neste OYJ (Energy)	6,250,996
	178,161	Nokia OYJ (Technology Hardware & Equipment)^*	982,612
	56,671	Tokmanni Group Corp. (Retailing)	1,382,481

			13,844,358

	France – 8.6%
	24,993	Arkema SA (Materials)	3,295,750
	269,789	AXA SA (Insurance)	7,476,730
	35,442	BNP Paribas SA (Banks)	2,267,604
	29,031	Bouygues SA (Capital Goods)	1,200,937
	4,992	Christian Dior SE (Consumer Durables & Apparel)	3,589,047
	90,862	Cie de Saint-Gobain (Capital Goods)	6,114,744
	29,254	Cie Generale des Etablissements Michelin SCA (Automobiles & Components)	4,485,822
	219,937	Credit Agricole SA (Banks)	3,023,132
	301,723	Electricite de France SA (Utilities)	3,791,497
	10,691	Gecina SA (REIT)	1,438,328
	127	Hermes International (Consumer Durables & Apparel)	175,226
	52,292	Legrand SA (Capital Goods)	5,603,071
	15,986	L’Oreal SA (Household & Personal Products)	6,615,071
	1,916	LVMH Moet Hennessy Louis Vuitton SE (Consumer Durables & Apparel)	1,372,362
	4,822	Nexity SA (Real Estate)	229,296
	39,778	Publicis Groupe SA (Media & Entertainment)	2,672,199
	38,375	Rexel SA (Capital Goods)^*	739,414
	14,043	Sartorius Stedim Biotech (Pharmaceuticals, Biotechnology & Life Sciences)	7,847,297
	52,765	Societe Generale SA (Banks)	1,652,329
	7,145	Teleperformance (Commercial & Professional Services)	2,810,378
	2,686	Trigano SA (Automobiles & Components)	503,598

			66,903,832

	Germany – 6.0%
	24,189	BASF SE (Materials)	1,833,775



Shares		Description	Value

	Common Stocks – (continued)
	Germany – (continued)
	43,176	Brenntag SE (Capital Goods)	$ 4,010,821
	20,925	Daimler AG (Registered) (Automobiles & Components)	1,846,248
	154,330	Deutsche Post AG (Registered) (Transportation)	9,678,006
	11,188	Deutsche Telekom AG (Registered) (Telecommunication Services)	224,366
	33,480	DWS Group GmbH & Co. KGaA (Diversified Financials)^(c)	1,406,294
	325,030	E.ON SE (Utilities)	3,967,220
	1,171	Gerresheimer AG (Pharmaceuticals, Biotechnology & Life Sciences)	114,579
	24,549	Henkel AG & Co. KGaA (Preference) (Household & Personal Products)^(d)	2,270,993
	32,072	Merck KGaA (Pharmaceuticals, Biotechnology & Life Sciences)	6,941,656
	46,652	Siemens AG (Registered) (Capital Goods)	7,629,983
	30,859	Volkswagen AG (Preference) (Automobiles & Components)^(d)	6,878,551

			46,802,492

	Hong Kong – 0.3%
	215,500	Sun Hung Kai Properties Ltd. (Real Estate)	2,690,807

	Ireland – 0.1%
	15,867	Smurfit Kappa Group plc (Materials)	824,087

	Israel – 0.5%
	190,911	Plus500 Ltd. (Diversified Financials)	3,575,545

	Italy – 2.0%
	128,752	Azimut Holding SpA (Diversified Financials)	3,526,972
	34,834	Banca Generali SpA (Diversified Financials)^*	1,522,435
	93,386	Banca Mediolanum SpA (Diversified Financials)	1,005,589
	58,892	Enel SpA (Utilities)	452,009
	539,535	Intesa Sanpaolo SpA (Banks)	1,527,416
	83,698	Poste Italiane SpA (Insurance)^(c)	1,149,333
	182,792	Prysmian SpA (Capital Goods)	6,384,654

			15,568,408

	Japan – 26.3%
	21,700	Aeon Co. Ltd. (Food & Staples Retailing)	570,493
	6,500	AGC, Inc. (Capital Goods)	334,960
	475,600	Amada Co. Ltd. (Capital Goods)	4,905,851
	18,100	Aozora Bank Ltd. (Banks)	442,610



Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	20,500	Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)	$ 337,411
	31,600	Autobacs Seven Co. Ltd. (Retailing)	419,732
	11,100	Casio Computer Co. Ltd. (Consumer Durables & Apparel)	183,773
	42,800	Citizen Watch Co. Ltd. (Technology Hardware & Equipment)	196,098
	177,300	Concordia Financial Group Ltd. (Banks)	697,945
	177,700	Daiwa House Industry Co. Ltd. (Real Estate)	5,923,631
	542,800	Daiwa Securities Group, Inc. (Diversified Financials)	3,163,841
	136,900	Dentsu Group, Inc. (Media & Entertainment)	5,267,192
	2,800	Disco Corp. (Semiconductors & Semiconductor Equipment)	784,246
	5,800	Doutor Nichires Holdings Co. Ltd. (Consumer Services)	91,639
	16,200	DTS Corp. (Software & Services)	372,320
	8,600	Eagle Industry Co. Ltd. (Automobiles & Components)	95,060
	38,000	Ebara Corp. (Capital Goods)	1,868,959
	49,100	Fujitsu Ltd. (Software & Services)	8,872,893
	55,500	Hitachi Ltd. (Capital Goods)	3,283,419
	40,000	Hoya Corp. (Health Care Equipment & Services)	6,240,753
	27,300	Iida Group Holdings Co. Ltd. (Consumer Durables & Apparel)	702,203
	96,200	Isuzu Motors Ltd. (Automobiles & Components)	1,251,583
	15,700	Izumi Co. Ltd. (Retailing)	522,341
	67,500	JFE Holdings, Inc. (Materials)	1,012,248
	342,400	JVCKenwood Corp. (Consumer Durables & Apparel)	641,499
	12,000	Kaneka Corp. (Materials)	501,218
	11,500	Kansai Electric Power Co., Inc. (The) (Utilities)	111,437
	102,300	Kao Corp. (Household & Personal Products)	6,088,242
	17,700	Kawasaki Kisen Kaisha Ltd. (Transportation)^*	955,466
	14,700	KDDI Corp. (Telecommunication Services)	483,970
	7,000	Koei Tecmo Holdings Co. Ltd. (Media & Entertainment)	332,271
	67,200	Konami Holdings Corp. (Media & Entertainment)	4,212,044
	10,300	Lintec Corp. (Materials)	235,251
	50,300	Lixil Corp. (Capital Goods)	1,457,865
	441,400	Marubeni Corp. (Capital Goods)	3,651,801
	86,100	Marui Group Co. Ltd. (Retailing)	1,662,034



Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	65,600	Mazda Motor Corp. (Automobiles & Components)^*	$ 567,698
	89,500	Mitsubishi Gas Chemical Co., Inc. (Materials)	1,764,906
	268,000	Mitsubishi HC Capital, Inc. (Diversified Financials)	1,401,343
	13,300	Mitsubishi Shokuhin Co. Ltd. (Food & Staples Retailing)	346,837
	294,300	Mitsui & Co. Ltd. (Capital Goods)	6,435,455
	19,700	Mitsui Chemicals, Inc. (Materials)	658,157
	96,200	Mitsui OSK Lines Ltd. (Transportation)	6,455,735
	28,700	Mizuno Corp. (Consumer Durables & Apparel)	682,691
	101,300	MS&AD Insurance Group Holdings, Inc. (Insurance)	3,388,155
	93,700	NEC Corp. (Software & Services)	5,077,698
	59,400	NGK Insulators Ltd. (Capital Goods)	1,006,898
	147,200	NGK Spark Plug Co. Ltd. (Automobiles & Components)	2,290,253
	21,200	Nippon Shokubai Co. Ltd. (Materials)	1,090,324
	141,000	Nippon Telegraph & Telephone Corp. (Telecommunication Services)	3,906,993
	95,000	Nippon Yusen KK (Transportation)	7,118,197
	75,100	Nitto Denko Corp. (Materials)	5,346,112
	71,400	NOK Corp. (Automobiles & Components)	836,397
	1,139,000	Nomura Holdings, Inc. (Diversified Financials)	5,615,162
	194,200	Nomura Research Institute Ltd. (Software & Services)	7,138,154
	3,400	NS United Kaiun Kaisha Ltd. (Transportation)	124,257
	260,800	NTT Data Corp. (Software & Services)	5,042,369
	76,400	Oji Holdings Corp. (Materials)	384,959
	10,700	OKUMA Corp. (Capital Goods)	515,477
	68,400	Olympus Corp. (Health Care Equipment & Services)	1,497,138
	25,200	Paramount Bed Holdings Co. Ltd. (Health Care Equipment & Services)	502,471
	1,600	Qol Holdings Co. Ltd. (Food & Staples Retailing)	21,647
	43,500	Rohm Co. Ltd. (Semiconductors & Semiconductor Equipment)	4,102,165
	4,500	San-A Co. Ltd. (Food & Staples Retailing)	160,512
	14,700	Santen Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	206,742
	265,400	Sekisui House Ltd. (Consumer Durables & Apparel)	5,557,731



Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	61,600	Shikoku Electric Power Co., Inc. (Utilities)	$ 426,939
	14,800	Shin-Etsu Polymer Co. Ltd. (Materials)	138,274
	4,700	Shinko Electric Industries Co. Ltd. (Semiconductors & Semiconductor Equipment)	155,678
	87,900	SoftBank Group Corp. (Telecommunication Services)	5,079,327
	5,700	Starts Corp., Inc. (Real Estate)	135,632
	7,900	Subaru Corp. (Automobiles & Components)	145,990
	313,900	Sumitomo Corp. (Capital Goods)	4,421,888
	57,700	Sumitomo Dainippon Pharma Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	1,031,332
	244,600	Sumitomo Forestry Co. Ltd. (Consumer Durables & Apparel)	4,645,803
	43,600	Sumitomo Mitsui Financial Group, Inc. (Banks)	1,533,820
	36,300	Sumitomo Realty & Development Co. Ltd. (Real Estate)	1,326,807
	10,800	Sun Frontier Fudousan Co. Ltd. (Real Estate)	107,753
	85,300	Suntory Beverage & Food Ltd. (Food, Beverage & Tobacco)	3,536,142
	174,600	TIS, Inc. (Software & Services)	4,765,549
	127,900	Tokio Marine Holdings, Inc. (Insurance)	6,856,080
	20,600	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)	9,100,642
	19,700	Tokyo Seimitsu Co. Ltd. (Semiconductors & Semiconductor Equipment)	808,524
	269,200	Tosoh Corp. (Materials)	4,878,371
	27,000	Ulvac, Inc. (Semiconductors & Semiconductor Equipment)	1,537,452
	31,300	USS Co. Ltd. (Retailing)	532,799
	21,800	Wacoal Holdings Corp. (Consumer Durables & Apparel)	462,033
	197,300	Yamaha Motor Co. Ltd. (Automobiles & Components)	5,492,802
	57,200	Yellow Hat Ltd. (Retailing)	997,782

			205,234,351

	Luxembourg – 0.8%
	51,680	Eurofins Scientific SE (Pharmaceuticals, Biotechnology & Life Sciences)	6,635,273

	Netherlands – 8.6%
	20,640	ASM International NV (Semiconductors & Semiconductor Equipment)	8,083,004



Shares		Description	Value

	Common Stocks – (continued)
	Netherlands – (continued)
	17,088	ASML Holding NV (Semiconductors & Semiconductor Equipment)	$ 12,765,735
	80,092	BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment)	6,371,764
	91,568	ING Groep NV (Banks)	1,331,262
	174,588	Koninklijke Ahold Delhaize NV (Food & Staples Retailing)	5,813,455
	35,830	Koninklijke DSM NV (Materials)	7,165,143
	3,876	OCI NV (Materials)*	114,511
	12,965	Randstad NV (Commercial & Professional Services)	872,896
	372,640	Royal Dutch Shell plc Class A (Energy)	8,326,894
	96,518	Royal Dutch Shell plc Class B ADR (Energy)	4,272,852
	33,249	Signify NV (Capital Goods)^(c)	1,664,333
	69,348	Universal Music Group NV (Media & Entertainment)*	1,856,811
	81,939	Wolters Kluwer NV (Commercial & Professional Services)	8,685,248

			67,323,908

	New Zealand – 0.4%
	27,359	Fisher & Paykel Healthcare Corp. Ltd. (Health Care Equipment & Services)	601,780
	25,463	Xero Ltd. (Software & Services)*	2,498,647

			3,100,427

	Norway – 2.1%
	87,240	Aker BP ASA (Energy)	2,827,732
	194,177	DNB Bank ASA (Banks)	4,414,554
	14,300	Equinor ASA (Energy)	363,661
	229,326	Europris ASA (Retailing)^(c)	1,518,533
	14,503	Kid ASA (Retailing)^(c)	188,136
	698,010	Norsk Hydro ASA (Materials)	5,209,942
	54,860	Orkla ASA (Food, Beverage & Tobacco)	503,516
	55,750	SpareBank 1 SMN (Banks)	827,792
	41,416	SpareBank 1 SR-Bank ASA (Banks)	574,045

			16,427,911

	Singapore – 1.0%
	350,733	DBS Group Holdings Ltd. (Banks)	7,771,760

	South Africa – 0.9%
	191,469	Anglo American plc (Materials)	6,710,731

	Spain – 1.4%
	565,109	Banco Bilbao Vizcaya Argentaria SA (Banks)	3,730,065
	844,515	Banco Santander SA (Banks)	3,059,143
	315,636	Bankinter SA (Banks)	1,846,830
	39,305	EDP Renovaveis SA (Utilities)	975,230
	40,630	Linea Directa Aseguradora SA Cia de Seguros y Reaseguros (Insurance)	80,150



Shares		Description	Value

	Common Stocks – (continued)
	Spain – (continued)
	14,643	Viscofan SA (Food, Beverage & Tobacco)	$ 959,185

			10,650,603

	Sweden – 2.8%
	148,381	Boliden AB (Materials)*	4,751,225
	11,225	Evolution AB (Consumer Services)^(c)	1,699,907
	92,828	Getinge AB Class B (Health Care Equipment & Services)	3,700,864
	119,326	Kinnevik AB Class B (Diversified Financials)*	4,194,816
	27,702	Lundin Energy AB (Energy)	1,028,331
	712,340	Swedish Match AB (Food, Beverage & Tobacco)	6,237,776

			21,612,919

	Switzerland – 10.2%
	10	Chocoladefabriken Lindt & Spruengli AG (Registered) (Food, Beverage & Tobacco)	1,179,248
	8,701	Kuehne + Nagel International AG (Registered) (Transportation)	2,970,532
	11,268	Lonza Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)	8,452,237
	63,607	Nestle SA (Registered) (Food, Beverage & Tobacco)	7,664,012
	11,894	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)	975,299
	49,106	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)	17,922,216
	20,488	Sonova Holding AG (Registered) (Health Care Equipment & Services)	7,742,584
	185,782	STMicroelectronics NV (Semiconductors & Semiconductor Equipment)	8,103,755
	13,378	Swatch Group AG (The) (Consumer Durables & Apparel)	3,490,076
	9,401	Tecan Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)	5,324,574
	503,453	UBS Group AG (Registered) (Diversified Financials)	8,035,923
	18,651	Zurich Insurance Group AG (Insurance)	7,626,774

			79,487,230

	United Kingdom – 5.6%
	1,722	AstraZeneca plc ADR (Pharmaceuticals, Biotechnology & Life Sciences)	103,423
	1,309,916	Aviva plc (Insurance)	6,942,392



Shares		Description	Value

	Common Stocks – (continued)
	United Kingdom – (continued)
	152,511	Barratt Developments plc (Consumer Durables & Apparel)	$ 1,348,165
	21,205	BP plc ADR (Energy)	579,533
	233,392	British American Tobacco plc (Food, Beverage & Tobacco)	8,158,108
	7,821	Clarkson plc (Transportation)	400,445
	95,501	CNH Industrial NV (Capital Goods)	1,605,282
	194,685	Experian plc (Commercial & Professional Services)	8,155,382
	1,793	Games Workshop Group plc (Consumer Durables & Apparel)	248,112
	62,399	Halma plc (Technology Hardware & Equipment)	2,380,118
	60,061	IG Group Holdings plc (Diversified Financials)	649,033
	1,450,060	ITV plc (Media & Entertainment)*	2,073,835
	270,098	JD Sports Fashion plc (Retailing)	3,795,820
	761,626	Man Group plc (Diversified Financials)	2,096,557
	5,852	Morgan Sindall Group plc (Capital Goods)	188,057
	22,740	National Grid plc (Utilities)	270,963
	73,739	Paragon Banking Group plc (Banks)	541,987
	65,890	Persimmon plc (Consumer Durables & Apparel)	2,356,552
	71,708	Phoenix Group Holdings plc (Insurance)	619,931
	42,300	Segro plc (REIT)	679,500
	12,016	Unilever plc (Household & Personal Products)	650,527
	293	Vistry Group plc (Consumer Durables & Apparel)	4,824

			43,848,546

	United States – 3.0%
	35,211	Ferguson plc (Capital Goods)	4,888,057
	8,544	QIAGEN NV (Pharmaceuticals, Biotechnology & Life Sciences)*	443,284
	68,853	Schneider Electric SE (Capital Goods)	11,467,745
	340,594	Stellantis NV (Automobiles & Components)	6,481,891

			23,280,977

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $541,577,293)		$757,454,071



Shares		Dividend Rate	Value

	Securities Lending Reinvestment Vehicle^(e) – 0.9%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	7,054,525	0.026%	$ 7,054,525
	(Cost $7,054,525)

	TOTAL INVESTMENTS – 98.1% (Cost $548,631,818)		$764,508,596

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.9%		15,083,559

	NET ASSETS – 100.0%		$779,592,155



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

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

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

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

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

(d)		Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.

(e)		Represents an Affiliated Issuer.



Investment Abbreviations:
ADR		— American Depositary Receipt
CVA		— Dutch Certification
REIT		— Real Estate Investment Trust


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

FUTURES CONTRACTS — At September 30, 2021, the Fund had the following futures contracts:

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

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

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

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

Level 3 — Prices or valuations that require significant unobservable inputs (including Goldman Sachs Asset Management, L.P. (“GSAM”)’s assumptions in determining fair value measurement).

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

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

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

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Money Market Fund”) are valued at the net asset value (“NAV”) per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying 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 receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

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

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

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

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

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

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of September 30, 2021:

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

Securities Lending — Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

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

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

Derivatives Risk — The Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

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

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections, less stringent accounting, corporate governance, financial reporting and disclosure standards, and less economic, political and social stability in the countries in which a Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or problems with registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

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

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

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

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. These risks may be more pronounced in connection with a Fund’s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

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


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

Long position contracts:
S&P 500 E-Mini Index		88		12/17/2021	$	18,910,100	$	(594,615	)


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

Written options contracts:
Calls
S&P 500 Index		4,390	USD		12/31/2021	811	$	(349,341,494	)	$	(10,332,140	)	$	(9,089,242	)	$	(1,242,898	)
		4,440	USD		10/29/2021	886		(381,648,044	)		(2,321,320	)		(9,349,208	)		7,027,888
		4,560	USD		11/30/2021	890		(383,371,060	)		(1,477,400	)		(9,116,929	)		7,639,529

Total written options contracts						2,587				$	(14,130,860	)	$	(27,555,379	)	$	13,424,519


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

Long position contracts:
EURO STOXX 50 Index		1		12/17/2021	$	46,890	$	(1,531	)


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

Written options contracts:
Calls
EURO STOXX 50 Index		4,200	EUR		12/17/2021		833	$	(33,720,506	)	$	(577,014	)	$	(1,063,216	)	$	486,202
FTSE 100 Index		7,100	GBP		12/17/2021		119		(8,432,840	)		(313,466	)		(274,561	)		(38,905	)
Nikkei 225 Index		30,250	JPY		12/10/2021		69		(2,032,233,540	)		(393,683	)		(605,854	)		212,171

Total written options contracts							1,021				$	(1,284,163	)	$	(1,943,631	)	$	659,468


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

Long position contracts:
Russell 2000 E-Mini Index		31		12/17/2021	$	3,411,240	$	(2,322	)
S&P 500 E-Mini Index		162		12/17/2021		34,811,775		(36,550	)

Total Futures Contracts							$	(38,872	)


U.S. EQUITY DIVIDEND AND PREMIUM

Investment Type	Level 1			Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments^(a)
Europe	$	26,212,644		$	—	$	—
North America		2,857,070,083			—		—
South America		17,030,927			—		—
Investment Company		33,137,656			—		—
Securities Lending Reinvestment Vehicle		1,327,200			—		—

Total	$	2,934,778,510		$	—	$	—

Derivative Type	Level 1			Level 2		Level 3

Liabilities
Futures Contracts^(b)	$	(594,615	)	$	—	$	—
Written Options Contracts		(14,130,860	)		—		—

Total	$	(14,725,475	)	$	—	$	—

INTERNATIONAL EQUITY DIVIDEND AND PREMIUM

Investment Type	Level 1			Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments^(a)
Africa	$	—		$	70	$	—
Asia		140,142			52,559,834		—
Australia and Oceania		2,531,276			14,509,611		—
Europe		10,935,646			96,429,217		—
North America		—			2,497,451		—
South America		—			299,694		—
Securities Lending Reinvestment Vehicle		975,125			—		—

Total	$	14,582,189		$	166,295,877	$	—

Derivative Type	Level 1			Level 2		Level 3

Liabilities
Futures Contracts^(b)	$	(1,531	)	$	—	$	—
Written Options Contracts		(1,284,163	)		—		—

Total	$	(1,285,694	)	$	—	$	—


U.S. TAX-MANAGED EQUITY

Investment Type	Level 1			Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments^(a)
Asia	$	12,049,756		$	—	$	—
Europe		3,821,678			—		—
North America		2,253,086,039			—		—
South America		2,940,514			—		—
Investment Company		5,379,367			—		—
Securities Lending Reinvestment Vehicle		479,375			—		—

Total	$	2,277,756,729		$	—	$	—

Derivative Type	Level 1			Level 2		Level 3

Liabilities^(b)
Futures Contracts	$	(38,872	)	$	—	$	—

INTERNATIONAL TAX-MANAGED EQUITY

Investment Type	Level 1			Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments^(a)
Africa	$	—		$	6,710,731	$	—
Asia		3,575,545			222,058,881		—
Australia and Oceania		8,185,851			78,314,292		—
Europe		31,526,197			383,801,597		—
North America		443,284			22,837,693		—
Securities Lending Reinvestment Vehicle		7,054,525			—		—

Total	$	50,785,402		$	713,723,194	$	—

Derivative Type	Level 1			Level 2		Level 3

Assets^(b)
Futures Contracts	$	5,885		$	—	$	—

Liabilities^(b)
Futures Contracts	$	(153,379	)	$	—	$	—