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Shares		Description	Value

	Common Stocks – 97.6%
	Australia – 0.0%
	18,376	AngloGold Ashanti Ltd. ADR (Materials)	$ 386,264

	Brazil – 5.8%
	915,500	Ambev SA ADR (Food, Beverage & Tobacco)	2,435,230
	260,000	Banco Bradesco SA (Banks)	646,376
	405,400	Banco BTG Pactual S.A (Diversified Financials)	1,726,602
	3,063,700	Banco do Brasil SA (Banks)	24,563,676
	1,888,800	BB Seguridade Participacoes SA (Insurance)	14,057,259
	141,000	Caixa Seguridade Participacoes SA (Insurance)	241,375
	6,092,770	Cia Energetica de Minas Gerais ADR (Utilities)	13,647,805
	13,039	Cia Energetica de Minas Gerais (Utilities)	42,742
	6,400	Cia Paranaense de Energia (Utilities)	47,417
	3,343,400	Cielo SA (Software & Services)	3,299,733
	8,600	Cosan SA ADR (Energy)	113,262
	58,200	Hapvida Participacoes e Investimentos SA (Health Care Equipment & Services)*^(a)	59,045
	703,800	Kepler Weber SA (Capital Goods)	3,206,842
	1,759,750	Petroleo Brasileiro SA ADR (Energy)	20,413,100
	656,200	Santos Brasil Participacoes SA (Transportation)	1,138,846
	208,400	Telefonica Brasil SA (Telecommunication Services)	1,716,858
	950,100	Vale SA, Class B ADR (Materials)	17,747,868
	150,800	Zamp SA (Consumer Services)*	161,901

			105,265,937

	Chile – 0.1%
	10,073,505	Cia Sud Americana de Vapores SA (Transportation)	874,301
	177,984	Quinenco SA (Capital Goods)	619,246

			1,493,547

	China – 33.0%
	2,039,500	3SBio, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)^(a)	2,221,472
	369,000	Agricultural Bank of China Ltd., Class H (Banks)	132,815



Shares		Description	Value

	Common Stocks – (continued)
	China – (continued)
	1,093,157	Aier Eye Hospital Group Co. Ltd., Class A (Health Care Equipment & Services)	$ 5,340,721
	4,453,700	Alibaba Group Holding Ltd. (Retailing)*	61,232,447
	257,500	A-Living Smart City Services Co. Ltd. (Real Estate)^(a)	325,871
	199,000	ANTA Sports Products Ltd. (Consumer Durables & Apparel)	3,018,555
	47,700	Autohome, Inc. ADR (Media & Entertainment)	1,662,822
	500,850	Avary Holding Shenzhen Co. Ltd., Class A (Technology Hardware & Equipment)	2,145,968
	264,000	Baidu, Inc., Class A (Media & Entertainment)*	4,437,851
	2,258,700	Baoshan Iron & Steel Co. Ltd., Class A (Materials)	2,070,981
	6,754	Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)	134,426
	1,680,000	Bosideng International Holdings Ltd. (Consumer Durables & Apparel)	936,226
	280,500	BYD Co. Ltd., Class H (Automobiles & Components)	8,882,748
	4,204,000	China BlueChemical Ltd., Class H (Materials)	1,155,689
	3,562,000	China CITIC Bank Corp. Ltd., Class H (Banks)	1,718,487
	39,204,000	China Construction Bank Corp., Class H (Banks)	25,376,392
	2,751,000	China Education Group Holdings Ltd. (Consumer Services)	4,368,308
	2,894,000	China Galaxy Securities Co. Ltd., Class H (Diversified Financials)	1,560,022
	604,550	China International Marine Containers Group Co. Ltd., Class H (Capital Goods)	464,311
	1,276,000	China Jinmao Holdings Group Ltd. (Real Estate)	293,091
	1,019,000	China Medical System Holdings Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	1,759,016
	2,027,304	China Pacific Insurance Group Co. Ltd., Class A (Insurance)	7,775,251



Shares		Description	Value

	Common Stocks – (continued)
	China – (continued)
	4,322,800	China Pacific Insurance Group Co. Ltd., Class H (Insurance)	$ 11,885,394
	550,000	China Resources Land Ltd. (Real Estate)	2,635,906
	130,800	China Resources Mixc Lifestyle Services Ltd. (Real Estate)^(a)	753,625
	4,700,000	China Resources Pharmaceutical Group Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)^(a)	3,540,256
	3,356,500	China Zheshang Bank Co. Ltd., Class A (Banks)*	1,473,126
	306,000	CIMC Enric Holdings Ltd. (Capital Goods)	343,440
	4,328,000	CITIC Ltd. (Capital Goods)	5,064,508
	1,373,000	Country Garden Services Holdings Co. Ltd. (Real Estate)	3,711,855
	1,176,000	CRRC Corp. Ltd., Class H (Capital Goods)	533,041
	3,208,000	CSPC Pharmaceutical Group Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	3,657,771
	93,200	DaShenLin Pharmaceutical Group Co. Ltd., Class A (Food & Staples Retailing)	526,059
	2,105,574	Gree Electric Appliances Inc of Zhuhai, Class A (Consumer Durables & Apparel)	10,824,234
	1,140,000	Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H (Health Care Equipment & Services)	3,329,665
	189,000	Hello Group, Inc. ADR (Media & Entertainment)	1,937,250
	1,311,300	Henan Shenhuo Coal & Power Co. Ltd., Class A (Materials)	3,421,100
	84,000	Hengan International Group Co. Ltd. (Household & Personal Products)	413,226
	6,798,845	Huaibei Mining Holdings Co. Ltd., Class A (Materials)	13,554,467
	20,160	Imeik Technology Development Co. Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)	1,783,233
	1,696,419	Inner Mongolia ERDOS Resources Co. Ltd., Class A (Materials)	4,223,479
	96,500	JD Health International, Inc. (Retailing)*^(a)	801,369
	968,171	JD.com, Inc., Class A (Retailing)	28,748,265
	175,100	KE Holdings, Inc. ADR (Real Estate)*	3,211,334
	1,095,500	Kingboard Holdings Ltd. (Technology Hardware & Equipment)	4,474,940



Shares		Description	Value

	Common Stocks – (continued)
	China – (continued)
	123,900	Kuaishou Technology (Media & Entertainment)*^(a)	$ 1,090,173
	13,566,000	Kunlun Energy Co. Ltd. (Utilities)	10,698,895
	90,257	Lepu Medical Technology Beijing Co. Ltd., Class A (Health Care Equipment & Services)	298,764
	496,000	Li Ning Co. Ltd. (Consumer Durables & Apparel)	4,903,290
	354,727	LONGi Green Energy Technology Co. Ltd., Class A (Semiconductors & Semiconductor Equipment)	2,543,554
	1,490,760	Meituan, Class B (Retailing)*^(a)	33,327,250
	1,415,000	NetEase, Inc. (Media & Entertainment)	25,105,097
	639,000	New Oriental Education & Technology Group, Inc. (Consumer Services)*	2,712,440
	140,000	Nongfu Spring Co. Ltd., Class H (Food, Beverage & Tobacco)^(a)	792,513
	10,191,500	People’s Insurance Co. Group of China Ltd. (The), Class A (Insurance)	7,788,196
	13,204,000	People’s Insurance Co. Group of China Ltd. (The), Class H (Insurance)	4,451,399
	10,710,000	PetroChina Co. Ltd., Class H (Energy)	5,729,317
	27,436,000	PICC Property & Casualty Co. Ltd., Class H (Insurance)	25,794,021
	181,500	Pinduoduo, Inc. ADR (Retailing)*	17,783,370
	252,800	Ping An Bank Co. Ltd., Class A (Banks)	563,643
	1,039,500	Ping An Insurance Group Co. of China Ltd., Class H (Insurance)	8,074,526
	212,000	Seazen Group Ltd. (Real Estate)*	82,602
	2,009,548	Shanghai International Port Group Co. Ltd., Class A (Transportation)	1,590,255
	9,990,000	Shougang Fushan Resources Group Ltd. (Materials)	3,618,599
	2,473,249	Sichuan Kelun Pharmaceutical Co. Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)	9,969,143
	1,654,000	Sinofert Holdings Ltd. (Materials)*	228,226
	189,914	Sinomine Resource Group Co. Ltd., Class A (Materials)	2,534,397
	446,000	Sinopec Engineering Group Co. Ltd., Class H (Capital Goods)	224,814
	62,000	SITC International Holdings Co. Ltd. (Transportation)	135,445



Shares		Description	Value

	Common Stocks – (continued)
	China – (continued)
	91,700	TAL Education Group ADR (Consumer Services)*	$ 670,327
	1,821,600	Tencent Holdings Ltd. (Media & Entertainment)	88,764,600
	791,200	Tencent Music Entertainment Group ADR (Media & Entertainment)*	6,638,168
	1,196,000	Topsports International Holdings Ltd. (Retailing)^(a)	1,126,947
	394,500	Trip.com Group Ltd. ADR (Consumer Services)*	14,501,820
	1,360,000	Tsingtao Brewery Co. Ltd., Class H (Food, Beverage & Tobacco)	13,130,579
	1,376,500	Vipshop Holdings Ltd. ADR (Retailing)*	21,294,455
	733,400	Western Mining Co. Ltd., Class A (Materials)	1,260,100
	1,215,600	Wuchan Zhongda Group Co. Ltd., Class A (Retailing)	884,084
	1,143,500	Wuxi Biologics Cayman, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*^(a)	9,548,692
	1,245,000	Yintai Gold Co. Ltd., Class A (Materials)	2,307,566
	287,533	Yum China Holdings, Inc. (Consumer Services)	17,714,908
	407,838	Yunnan Tin Co. Ltd., Class A (Materials)	922,193
	113,600	Zangge Mining Co. Ltd., Class A (Materials)	471,279
	644,668	Zhejiang Juhua Co. Ltd., Class A (Materials)	1,584,724
	131,600	ZTO Express Cayman, Inc. ADR (Transportation)	3,751,916

			602,473,300

	Colombia – 0.0%
	9,770	Bancolombia SA ADR (Banks)	295,543

	Greece – 0.4%
	485,785	OPAP SA (Consumer Services)	7,294,375

	Hong Kong – 0.9%
	19,000	Orient Overseas International Ltd. (Transportation)	315,834



Shares		Description	Value

	Common Stocks – (continued)
	Hong Kong – (continued)
	27,262,000	Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	$ 15,863,424
	352,000	Truly International Holdings Ltd. (Technology Hardware & Equipment)	61,321

			16,240,579

	India – 14.6%
	43,406	ABB India Ltd. (Capital Goods)	1,510,574
	571,960	Adani Enterprises Ltd. (Capital Goods)	20,859,174
	2,339,766	Adani Ports & Special Economic Zone Ltd. (Transportation)	17,574,898
	3,980,639	Adani Power Ltd. (Utilities)*	10,929,837
	8,234	Adani Total Gas Ltd. (Utilities)	212,717
	15,243	Angel One Ltd. (Diversified Financials)	230,040
	40,673	APL Apollo Tubes Ltd. (Materials)	570,053
	24,220	Apollo Hospitals Enterprise Ltd. (Health Care Equipment & Services)	1,263,918
	1,671,637	Axis Bank Ltd. (Banks)	17,866,002
	126,018	Bank of Baroda (Banks)	259,841
	12,451,875	Bharat Electronics Ltd. (Capital Goods)	14,488,268
	137,363	City Union Bank Ltd. (Banks)	267,018
	131,062	Cochin Shipyard Ltd. (Capital Goods)^(a)	821,299
	380,339	Coromandel International Ltd. (Materials)	4,170,295
	133,352	Cummins India Ltd. (Capital Goods)	2,347,278
	1,129,838	Federal Bank Ltd. (Banks)	1,864,375
	6,831	Garden Reach Shipbuilders & Engineers Ltd. (Capital Goods)	42,029
	132,650	Great Eastern Shipping Co. Ltd. (The) (Energy)	1,041,440
	306,632	Hindustan Copper Ltd. (Materials)	465,026
	1,010,391	Hindustan Zinc Ltd. (Materials)	4,122,853
	264,907	Housing Development Finance Corp. Ltd. (Diversified Financials)	8,528,002
	1,256,269	ICICI Bank Ltd. ADR (Banks)	26,168,083
	187,533	Infosys Ltd. ADR (Software & Services)	3,525,620
	7,405,544	ITC Ltd. (Food, Beverage & Tobacco)	31,959,514
	304,015	Jindal Steel & Power Ltd. (Materials)	2,180,765
	516,941	JK Paper Ltd. (Materials)	2,613,880
	346,160	JSW Steel Ltd. (Materials)	3,043,070
	515,929	Kotak Mahindra Bank Ltd. (Banks)	10,953,838
	15,745	Larsen & Toubro Ltd. (Capital Goods)	409,880
	3,600	Linde India Ltd. (Materials)	146,452



Shares		Description	Value

	Common Stocks – (continued)
	India – (continued)
	17,103	Narayana Hrudayalaya Ltd. (Health Care Equipment & Services)	$ 152,043
	6,018,670	Power Finance Corp. Ltd. (Diversified Financials)	10,432,010
	3,394,632	Power Grid Corp. of India Ltd. (Utilities)	9,008,490
	6,981,545	REC Ltd. (Diversified Financials)	10,418,059
	9,464	Reliance Industries Ltd. (Energy)	273,012
	235,323	SBI Life Insurance Co. Ltd. (Insurance)^(a)	3,513,041
	3,921	Schaeffler India Ltd. (Capital Goods)	129,420
	1,987,438	State Bank of India (Banks)	13,496,760
	549,823	Tata Consultancy Services Ltd. (Software & Services)	22,693,215
	1,161,909	Vedanta Ltd. (Materials)	4,747,501
	24,886	West Coast Paper Mills Ltd. (Materials)	164,358

			265,463,948

	Indonesia – 1.9%
	4,892,100	Aneka Tambang Tbk (Materials)	758,027
	19,763,400	Bank Mandiri Persero Tbk PT (Banks)	13,169,067
	378,200	Bank Negara Indonesia Persero Tbk PT (Banks)	231,833
	8,246,200	Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT (Banks)	750,905
	39,513,600	Bank Pembangunan Daerah Jawa Timur Tbk PT (Banks)	1,938,435
	38,035,600	Bank Rakyat Indonesia Persero Tbk PT (Banks)	11,664,299
	10,216,700	Merdeka Copper Gold Tbk PT (Materials)*	3,235,635
	2,828,200	Mitra Adiperkasa Tbk PT (Retailing)*	245,627
	9,382,700	Perusahaan Gas Negara Tbk PT (Utilities)	971,214
	12,212,400	Surya Esa Perkasa Tbk PT (Materials)	808,484
	2,960,800	Timah Tbk PT (Materials)	247,713
	226,900	United Tractors Tbk PT (Energy)	372,515

			34,393,754

	Kuwait – 0.1%
	22,335	Humansoft Holding Co. KSC (Consumer Services)	248,585
	281,803	National Bank of Kuwait SAKP (Banks)	1,014,428

			1,263,013



Shares		Description	Value

	Common Stocks – (continued)
	Mexico – 3.2%
	2,090,521	Arca Continental SAB de CV (Food, Beverage & Tobacco)	$ 18,466,704
	189,893	Coca-Cola Femsa SAB de CV ADR (Food, Beverage & Tobacco)	14,466,049
	13,614	El Puerto de Liverpool SAB de CV (Retailing)	85,853
	242,200	Grupo Aeroportuario del Pacifico SAB de CV, Class B (Transportation)	4,181,344
	2,570,900	Grupo Financiero Banorte SAB de CV, Class O (Banks)	21,324,387
	106,200	Grupo Mexico SAB de CV, Series B (Materials)	472,276
	133,000	Kimberly-Clark de Mexico SAB de CV, Class A (Household & Personal Products)	253,844

			59,250,457

	Peru – 0.3%
	38,400	Credicorp Ltd. (Banks)	5,157,120

	Philippines – 0.1%
	82,200	DMCI Holdings, Inc. (Capital Goods)	16,596
	204,080	International Container Terminal Services, Inc. (Transportation)	775,818
	23,000	Jollibee Foods Corp. (Consumer Services)	100,353
	172,580	Security Bank Corp. (Banks)	291,249

			1,184,016

	Poland – 0.4%
	88,475	Jastrzebska Spolka Weglowa SA (Materials)*	1,381,477
	80	LPP SA (Consumer Durables & Apparel)	187,391
	632,231	Powszechny Zaklad Ubezpieczen SA (Insurance)	5,373,953
	10,314	Santander Bank Polska SA (Banks)	685,697

			7,628,518

	Qatar – 0.0%
	28,841	Qatar Islamic Bank (Banks)	155,778

	Russia – 0.0%
	2,397	Novatek PJSC GDR (Energy)*^(b)	—
	216,156	Novolipetsk Steel PJSC GDR (Materials)*^(b)	—



Shares		Description	Value

	Common Stocks – (continued)
	Russia – (continued)
	106,118	PhosAgro PJSC GDR (Materials)*^(b)	$ —
	683	PhosAgro PJSC NPV GDR (Materials)*^(b)	—
	18,426	Polyus PJSC GDR (Materials)*^(b)	—
	2,789,380	Sberbank of Russia PJSC (Banks)*^(b)	—
	274,080,000	VTB Bank PJSC (Banks)*^(b)	—

			—

	Saudi Arabia – 2.0%
	480,995	Alinma Bank (Banks)	4,237,585
	59,181	Arab National Bank (Banks)	437,525
	123,356	Banque Saudi Fransi (Banks)	1,348,880
	3,141	Dr Sulaiman Al Habib Medical Services Group Co. (Health Care Equipment & Services)	196,322
	824,485	Riyad Bank (Banks)	6,800,678
	630,704	Sahara International Petrochemical Co. (Materials)	6,275,065
	472,735	Saudi Arabian Mining Co. (Materials)*	9,354,169
	841,804	Saudi Arabian Oil Co. (Energy)^(a)	7,426,811
	52,956	Saudi Investment Bank (The) (Banks)	254,408

			36,331,443

	South Africa – 2.5%
	157,371	Absa Group Ltd. (Banks)	1,808,557
	18,024	African Rainbow Minerals Ltd. (Materials)	293,926
	70,492	Anglo American Platinum Ltd. (Materials)	5,242,569
	6,473,168	FirstRand Ltd. (Diversified Financials)	24,051,693
	626,176	Impala Platinum Holdings Ltd. (Materials)	7,261,034
	22,467	Nedbank Group Ltd. (Banks)	290,741
	53,708	Northam Platinum Holdings Ltd. (Materials)*	526,801
	236,497	OUTsurance Group Ltd. (Insurance)	489,032
	497,503	Sibanye Stillwater Ltd. (Materials)	1,315,026
	965,325	Truworths International Ltd. (Retailing)	3,678,773

			44,958,152

	South Korea – 13.2%
	49,100	Coupang, Inc. (Retailing)*	829,299
	139,868	Daeduck Electronics Co. Ltd. / New (Technology Hardware & Equipment)	2,456,206
	86,192	Daewon Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)*	1,184,998



Shares		Description	Value

	Common Stocks – (continued)
	South Korea – (continued)
	121,743	DB HiTek Co. Ltd. (Semiconductors & Semiconductor Equipment)*	$ 4,516,038
	110,965	DB Insurance Co. Ltd. (Insurance)	5,913,472
	26,615	Dongkuk Steel Mill Co. Ltd. (Materials)*	296,887
	64,538	Doosan Bobcat, Inc. (Capital Goods)	1,831,473
	155,284	GS Holdings Corp. (Capital Goods)	5,579,794
	46,042	HAESUNG DS Co. Ltd. (Semiconductors & Semiconductor Equipment)*	1,499,147
	103,687	Hana Financial Group, Inc. (Banks)	4,119,198
	15,511	Hansae Co. Ltd. (Consumer Durables & Apparel)	205,884
	166,810	Hanwha Aerospace Co. Ltd. (Capital Goods)*	10,940,753
	6,226	Hotel Shilla Co. Ltd. (Retailing)	402,344
	2,375	Hugel, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*	274,279
	91,734	Hyundai Construction Equipment Co. Ltd. (Capital Goods)	4,417,298
	45,265	Hyundai Engineering & Construction Co. Ltd. (Capital Goods)*	1,407,261
	16,887	Hyundai Heavy Industries Co. Ltd. (Capital Goods)	1,532,883
	8,299	ISC Co. Ltd. (Semiconductors & Semiconductor Equipment)	242,452
	584,981	JB Financial Group Co. Ltd. (Banks)	4,833,251
	77,217	Kangwon Land, Inc. (Consumer Services)*	1,479,624
	608,108	KB Financial Group, Inc. (Banks)	27,712,947
	164,688	Kia Corp. (Automobiles & Components)	8,972,524
	379,328	Korea Aerospace Industries Ltd. (Capital Goods)*	14,884,646
	10,513	Korea Shipbuilding & Offshore Engineering Co. Ltd. (Capital Goods)	682,795
	391,235	KT&G Corp. (Food, Beverage & Tobacco)	29,347,130
	6,209	LEENO Industrial, Inc. (Semiconductors & Semiconductor Equipment)	866,784
	38,610	LF Corp. (Consumer Durables & Apparel)	540,299
	123,675	LIG Nex1 Co. Ltd. (Capital Goods)*	8,143,823
	20,599	Lotte Chilsung Beverage Co. Ltd. (Food, Beverage & Tobacco)	2,679,654
	5,277	Lotte Corp. (Capital Goods)*	139,092
	68,741	LOTTE Fine Chemical Co. Ltd. (Materials)	3,210,977
	150,880	LX INTERNATIONAL Corp. (Capital Goods)	4,319,171



Shares		Description	Value

	Common Stocks – (continued)
	South Korea – (continued)
	57,033	MegaStudyEdu Co. Ltd. (Consumer Services)	$ 3,460,389
	57,668	Meritz Financial Group, Inc. (Diversified Financials)	2,019,375
	696,218	Meritz Securities Co. Ltd. (Diversified Financials)	3,634,414
	32,153	Paradise Co. Ltd. (Consumer Services)*	472,485
	25,492	POSCO Holdings, Inc. (Materials)	6,264,070
	76,262	Posco International Corp. (Capital Goods)	1,460,230
	1,346	Samsung Biologics Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)*^(a)	869,086
	688,194	Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)	34,279,118
	5,696	Samsung SDI Co. Ltd. (Technology Hardware & Equipment)	3,192,051
	3,197	SeAH Steel Holdings Corp. (Materials)*	425,680
	834,752	Shinhan Financial Group Co. Ltd. (Banks)	28,226,639
	1,310	Shinsegae, Inc. (Retailing)	247,265
	8,382	SNT Motiv Co. Ltd. (Automobiles & Components)	312,085

			240,325,270

	Taiwan – 14.8%
	333,000	Advanced International Multitech Co. Ltd. (Consumer Durables & Apparel)	1,104,507
	1,878,000	ASE Technology Holding Co. Ltd. (Semiconductors & Semiconductor Equipment)	6,336,454
	1,612,000	Brighton-Best International Taiwan, Inc. (Capital Goods)	2,053,294
	2,808,000	Catcher Technology Co. Ltd. (Technology Hardware & Equipment)	16,698,163
	172,000	Chicony Electronics Co. Ltd. (Technology Hardware & Equipment)	498,811
	379,000	Chipbond Technology Corp. (Semiconductors & Semiconductor Equipment)	767,807
	5,370,000	Compeq Manufacturing Co. Ltd. (Technology Hardware & Equipment)	8,217,449
	1,025,000	Continental Holdings Corp. (Capital Goods)	1,007,786



Shares		Description	Value

	Common Stocks – (continued)
	Taiwan – (continued)
	406,000	Delta Electronics, Inc. (Technology Hardware & Equipment)	$ 3,937,172
	523,000	E Ink Holdings, Inc. (Technology Hardware & Equipment)	3,034,852
	16,000	eMemory Technology, Inc. (Semiconductors & Semiconductor Equipment)	877,255
	1,068,000	FLEXium Interconnect, Inc. (Technology Hardware & Equipment)*	3,578,149
	202,000	Formosa Sumco Technology Corp. (Semiconductors & Semiconductor Equipment)	1,058,304
	80,000	Froch Enterprise Co. Ltd. (Materials)	64,044
	288,000	Fulgent Sun International Holding Co. Ltd. (Consumer Durables & Apparel)	1,278,221
	92,000	Gamania Digital Entertainment Co. Ltd. (Media & Entertainment)	247,382
	262,000	Globalwafers Co. Ltd. (Semiconductors & Semiconductor Equipment)	4,596,806
	3,478,000	Gloria Material Technology Corp. (Materials)	4,412,577
	1,702,000	Goldsun Building Materials Co. Ltd. (Materials)	1,461,754
	5,870,000	Hon Hai Precision Industry Co. Ltd. (Technology Hardware & Equipment)	19,574,891
	221,000	International Games System Co. Ltd. (Media & Entertainment)	3,656,208
	13,000	King Slide Works Co. Ltd. (Technology Hardware & Equipment)	175,770
	2,800,000	King Yuan Electronics Co. Ltd. (Semiconductors & Semiconductor Equipment)	3,592,419
	486,000	Kinik Co. (Capital Goods)	1,947,506
	187,000	Largan Precision Co. Ltd. (Technology Hardware & Equipment)	13,344,574
	914,000	Lite-On Technology Corp. (Technology Hardware & Equipment)	2,030,998
	56,000	M31 Technology Corp. (Semiconductors & Semiconductor Equipment)	1,000,512
	255,000	Makalot Industrial Co. Ltd. (Consumer Durables & Apparel)	1,861,661
	348,000	Pou Chen Corp. (Consumer Durables & Apparel)	399,275



Shares		Description	Value

	Common Stocks – (continued)
	Taiwan – (continued)
	28,000	Poya International Co. Ltd. (Retailing)	$ 486,327
	3,902,000	Primax Electronics Ltd. (Technology Hardware & Equipment)	7,511,480
	285,000	Radiant Opto-Electronics Corp. (Semiconductors & Semiconductor Equipment)	976,981
	597,000	Sanyang Motor Co. Ltd. (Automobiles & Components)	698,874
	599,000	Sesoda Corp. (Materials)	852,827
	456,000	Sino-American Silicon Products, Inc. (Semiconductors & Semiconductor Equipment)	2,490,046
	5,837,000	SinoPac Financial Holdings Co. Ltd. (Banks)	3,372,172
	35,000	Stark Technology, Inc. (Technology Hardware & Equipment)	99,298
	154,000	TaiDoc Technology Corp. (Health Care Equipment & Services)	923,752
	1,622,300	Taiwan Fertilizer Co. Ltd. (Materials)	3,024,646
	164,000	Taiwan Hon Chuan Enterprise Co. Ltd. (Materials)	490,484
	7,342,000	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)	129,562,785
	1,883,000	Ton Yi Industrial Corp. (Materials)	1,115,650
	35,000	Topco Scientific Co. Ltd. (Semiconductors & Semiconductor Equipment)	197,999
	32,000	United Integrated Services Co. Ltd. (Capital Goods)	220,920
	4,475,000	United Microelectronics Corp. (Semiconductors & Semiconductor Equipment)*	7,323,093
	28,000	Wiwynn Corp. (Technology Hardware & Equipment)	703,294
	59,000	XinTec, Inc. (Semiconductors & Semiconductor Equipment)	212,260
	121,000	Zhen Ding Technology Holding Ltd. (Technology Hardware & Equipment)	446,809

			269,524,298



Shares		Description	Value

	Common Stocks – (continued)
	Thailand – 3.4%
	442,600	Bangkok Dusit Medical Services PCL, Class F (Health Care Equipment & Services)	$ 400,180
	4,025,600	Bumrungrad Hospital PCL (Health Care Equipment & Services)	26,530,647
	1,515,100	Kiatnakin Phatra Bank PCL (Banks)	3,143,705
	14,218,900	Krung Thai Bank PCL (Banks)	7,564,824
	908,700	Land & Houses PCL (Real Estate)	273,072
	2,038,800	PTT Exploration & Production PCL (Energy)	10,642,689
	2,993,600	SCB X PCL (Banks)	9,481,879
	2,346,100	SPCG PCL (Utilities)	1,045,982
	1,829,800	Thonburi Healthcare Group PCL (Health Care Equipment & Services)	3,829,978

			62,912,956

	Turkey – 0.9%
	521,135	Anadolu Efes Biracilik Ve Malt Sanayii AS (Food, Beverage & Tobacco)	1,448,258
	109,825	KOC Holding AS (Capital Goods)	447,765
	294,125	Koza Altin Isletmeleri AS (Materials)	8,707,774
	563,179	Koza Anadolu Metal Madencilik Isletmeleri AS (Materials)*	1,593,716
	216,831	Mavi Giyim Sanayi Ve Ticaret AS, Class B (Consumer Durables & Apparel)^(a)	1,340,174
	1,505,095	Turkiye Garanti Bankasi AS (Banks)	1,930,317
	2,112,556	Yapi ve Kredi Bankasi AS (Banks)	1,024,432

			16,492,436

	United Arab Emirates – 0.0%
	102,731	Air Arabia PJSC (Transportation)	61,684
	507,366	Dubai Islamic Bank PJSC (Banks)	769,137

			830,821

	TOTAL COMMON STOCKS (Cost $1,631,766,429)		$1,779,321,525



Shares		Description	Rate	Value

	Preferred Stocks – 2.0%
	Brazil – 1.5%
	765,500	Bradespar SA (Materials)	10.97%	$ 4,810,482
	20,300	Cia Ferro Ligas da Bahia - FERBASA (Materials)	9.74	226,822



Shares		Description	Rate	Value

	Preferred Stocks – (continued)
	Brazil – (continued)
	1,046,200	Gerdau SA (Materials)	11.66%	$ 6,747,550
	2,762,900	Metalurgica Gerdau SA (Materials)	9.14	7,886,536
	542,500	Petroleo Brasileiro SA (Energy)	40.87	2,786,079
	238,896	Unipar Carbocloro SA, Class B (Materials)	16.67	4,016,190

				26,473,659

	South Korea – 0.5%
	284,543	Mirae Asset Securities Co. Ltd. (Diversified Financials)*	7.72	853,952
	200,928	Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)	2.60	9,016,462

				9,870,414

	TOTAL PREFERRED STOCKS (Cost $29,973,637)			$ 36,344,073

	TOTAL INVESTMENTS – 99.6% (Cost $1,661,740,066)			$1,815,665,598

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.4%			7,296,313

	NET ASSETS – 100.0%			$1,822,961,911



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

*		Non-income producing security.

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

(b)		Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.



Investment Abbreviations:
ADR		— American Depositary Receipt
GDR		— Global Depositary Receipt


Sector Name	% of Market Value
Financials		24.7	%
Information Technology		18.4
Consumer Discretionary		14.9
Materials		9.4
Industrials		7.8
Communication Services		7.4
Consumer Staples		6.4
Health Care		5.1
Energy		2.7
Utilities		2.6
Real Estate		0.6
TOTAL INVESTMENTS		100.0	%



Shares		Description	Value

	Common Stocks – 99.9%
	Australia – 10.0%
	257,018	Allkem Ltd. (Materials)*	$ 2,386,143
	940,972	ANZ Group Holdings Ltd. (Banks)	16,745,930
	195,265	ASX Ltd. (Diversified Financials)	9,555,323
	4,747,207	Aurizon Holdings Ltd. (Transportation)	12,408,074
	752,625	BHP Group Ltd. (Materials)	26,358,561
	12,878	Cochlear Ltd. (Health Care Equipment & Services)	1,945,567
	338,316	Commonwealth Bank of Australia (Banks)	26,409,676
	84,651	Fortescue Metals Group Ltd. (Materials)	1,337,110
	218,142	Glencore PLC (Materials)	1,460,873
	60,576	Goodman Group REIT (Real Estate)	864,031
	73,845	IDP Education Ltd. (Consumer Services)	1,643,307
	2,536,438	Incitec Pivot Ltd. (Materials)	6,202,131
	75,543	Macquarie Group Ltd. (Diversified Financials)	10,078,125
	440,523	National Australia Bank Ltd. (Banks)	9,940,027
	203,657	Northern Star Resources Ltd. (Materials)	1,814,693
	64,158	Orica Ltd. (Materials)	673,246
	417,522	Perseus Mining Ltd. (Materials)	634,333
	236,804	Pilbara Minerals Ltd. (Materials)*	805,589
	1,088,842	Qantas Airways Ltd. (Transportation)*	4,914,852
	149,123	Rio Tinto PLC ADR (Materials)	11,832,910
	307,276	Suncorp Group Ltd. (Insurance)	2,731,484
	791,664	Telstra Group Ltd. (Telecommunication Services)	2,288,057
	620,326	Westpac Banking Corp. (Banks)	10,437,539
	27,693	WiseTech Global Ltd. (Software & Services)	1,200,758
	58,394	Woolworths Group Ltd. (Food & Staples Retailing)	1,492,404

			166,160,743

	Austria – 0.4%
	68,110	BAWAG Group AG (Banks)*^(a)	4,219,066
	127,521	Raiffeisen Bank International AG (Banks)*	2,294,378

			6,513,444

	Belgium – 0.8%
	56,314	D’ieteren Group (Retailing)	10,762,475
	37,899	UCB SA (Pharmaceuticals, Biotechnology & Life Sciences)	3,111,682

			13,874,157



Shares		Description	Value

	Common Stocks – (continued)
	Canada – 0.3%
	538,926	International Petroleum Corp. (Energy)*	$ 5,798,631

	China – 0.1%
	250,000	BOC Hong Kong Holdings Ltd. (Banks)	873,722

	Denmark – 4.1%
	2,255	AP Moller – Maersk A/S, Class A (Transportation)	4,805,291
	19,301	D/S Norden A/S (Transportation)	1,040,428
	127,952	Danske Bank A/S (Banks)	2,665,699
	39,099	Genmab A/S (Pharmaceuticals, Biotechnology & Life Sciences)*	15,322,772
	118,942	Jyske Bank A/S (Banks)*	8,578,503
	253,315	Novo Nordisk A/S, Class B (Pharmaceuticals, Biotechnology & Life Sciences)	35,056,232
	8,683	Pandora A/S (Consumer Durables & Apparel)	723,041

			68,191,966

	Finland – 2.1%
	140,211	Kesko OYJ, Class B (Food & Staples Retailing)	3,266,005
	12,981	Kone OYJ, Class B (Capital Goods)	707,933
	926,898	Nokia OYJ (Technology Hardware & Equipment)	4,394,903
	1,395,717	Nordea Bank Abp (Banks)	16,316,472
	92,818	Sampo OYJ, Class A (Insurance)	4,872,900
	356,904	Stora Enso OYJ, Class R (Materials)	5,102,079

			34,660,292

	France – 13.8%
	156,792	Airbus SE (Capital Goods)	19,656,372
	4,899	Alten SA (Software & Services)	752,762
	41,694	Capgemini SE (Software & Services)	7,912,921
	72,269	Carrefour SA (Food & Staples Retailing)	1,374,627
	39,614	Covivio REIT (Real Estate)	2,719,278
	41,103	Dassault Aviation SA (Capital Goods)	7,018,889
	337,119	Dassault Systemes (Software & Services)	12,537,760
	203,950	Edenred (Software & Services)	11,109,051
	89,063	Eiffage SA (Capital Goods)	9,512,872
	481,537	Engie SA (Utilities)	6,837,766



Shares		Description	Value

	Common Stocks – (continued)
	France – (continued)
	32,444	Gecina SA REIT (Real Estate)	$ 3,842,983
	11,619	Hermes International (Consumer Durables & Apparel)	21,745,066
	59,376	Ipsen SA (Pharmaceuticals, Biotechnology & Life Sciences)	6,236,562
	13,519	Kering (Consumer Durables & Apparel)	8,435,276
	54,187	Klepierre SA REIT (Real Estate)*	1,375,285
	20,789	LVMH Moet Hennessy Louis Vuitton SE (Consumer Durables & Apparel)	18,148,292
	193,570	Publicis Groupe SA (Media & Entertainment)	13,654,361
	138,092	Rexel SA (Capital Goods)*	3,054,927
	72,035	Safran SA (Capital Goods)	10,358,309
	261,903	Sanofi (Pharmaceuticals, Biotechnology & Life Sciences)	25,646,721
	134,234	SCOR SE (Insurance)	3,313,193
	533,681	Societe Generale SA (Banks)	15,885,866
	77,829	Thales SA (Capital Goods)	10,293,612
	58,411	Vinci SA (Capital Goods)	6,599,836

			228,022,587

	Germany – 5.7%
	72,025	AIXTRON SE (Semiconductors & Semiconductor Equipment)	2,146,024
	74,869	Bayer AG (Pharmaceuticals, Biotechnology & Life Sciences)	4,660,217
	71,399	Beiersdorf AG (Household & Personal Products)	8,680,526
	1,159,322	E.ON SE (Utilities)	12,639,985
	69,344	GEA Group AG (Capital Goods)	3,128,796
	10,877	Hapag-Lloyd AG (Transportation)^(a)(b)	2,385,422
	170,953	HUGO BOSS AG (Consumer Durables & Apparel)	11,609,449
	467,556	Infineon Technologies AG (Semiconductors & Semiconductor Equipment)	16,836,905
	304,754	K+S AG (Materials)	7,294,726
	34,924	Knorr-Bremse AG (Capital Goods)	2,295,487
	5,834	Krones AG (Capital Goods)	681,199
	56,880	MTU Aero Engines AG (Capital Goods)	14,215,029
	17,620	Rheinmetall AG (Capital Goods)	4,117,048



Shares		Description	Value

	Common Stocks – (continued)
	Germany – (continued)
	20,862	Wacker Chemie AG (Materials)	$ 3,153,075

			93,843,888

	Hong Kong – 0.6%
	240,000	AIA Group Ltd. (Insurance)	2,713,835
	65,000	Jardine Matheson Holdings Ltd. (Capital Goods)	3,435,250
	242,000	Sun Hung Kai Properties Ltd. (Real Estate)	3,431,955
	124,500	Swire Pacific Ltd., Class A (Real Estate)	1,140,905

			10,721,945

	Italy – 2.8%
	98,757	Azimut Holding SpA (Diversified Financials)	2,465,538
	29,576	Banca Mediolanum SpA (Diversified Financials)	282,966
	2,665,843	Banco BPM SpA (Banks)	11,998,415
	968,592	Leonardo SpA (Capital Goods)	9,974,697
	100,316	Mediobanca Banca di Credito Finanziario SpA (Banks)	1,078,392
	29,259	Reply SpA (Software & Services)	3,798,030
	877,465	UniCredit SpA (Banks)	17,137,890

			46,735,928

	Japan – 20.5%
	228,400	Acom Co. Ltd. (Diversified Financials)	569,364
	258,100	ANA Holdings, Inc. (Transportation)*	5,712,465
	758,800	Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)	11,169,637
	52,600	Central Japan Railway Co. (Transportation)	6,415,872
	108,700	Chubu Electric Power Co., Inc. (Utilities)	1,170,816
	356,500	Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	9,242,294
	50,300	Coca-Cola Bottlers Japan Holdings, Inc. (Food, Beverage & Tobacco)	529,602
	2,921,400	ENEOS Holdings, Inc. (Energy)	10,459,187
	179,300	Fujikura Ltd. (Capital Goods)	1,362,924
	6,100	Hisamitsu Pharmaceutical Co., Inc. (Pharmaceuticals, Biotechnology & Life Sciences)	189,954
	235,800	Honda Motor Co. Ltd. (Automobiles & Components)	5,832,869



Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	31,700	Idemitsu Kosan Co. Ltd. (Energy)	$ 792,524
	327,700	Inpex Corp. (Energy)	3,600,980
	182,300	Inui Global Logistics Co. Ltd. (Commercial & Professional Services)^(b)	2,809,010
	75,400	Isetan Mitsukoshi Holdings Ltd. (Retailing)	820,407
	16,500	Ito En Ltd. (Food, Beverage & Tobacco)	588,716
	499,500	ITOCHU Corp. (Capital Goods)	16,144,757
	259,700	J Front Retailing Co. Ltd. (Retailing)	2,418,712
	458,600	Japan Tobacco, Inc. (Food, Beverage & Tobacco)	9,351,735
	458,500	JGC Holdings Corp. (Capital Goods)	5,988,956
	103,200	Kao Corp. (Household & Personal Products)	4,171,534
	315,600	KDDI Corp. (Telecommunication Services)	9,860,434
	411,800	Komatsu Ltd. (Capital Goods)	10,119,763
	1,339,400	Marubeni Corp. (Capital Goods)	16,432,543
	30,900	Maruha Nichiro Corp. (Food, Beverage & Tobacco)	586,730
	513,000	Mitsubishi Corp. (Capital Goods)	17,178,295
	286,600	Mitsubishi Estate Co. Ltd. (Real Estate)	3,683,705
	3,067,800	Mitsubishi HC Capital, Inc. (Diversified Financials)	15,658,510
	200,800	Mitsubishi Heavy Industries Ltd. (Capital Goods)	7,873,364
	154,200	Mitsui & Co. Ltd. (Capital Goods)	4,549,323
	423,200	NGK Spark Plug Co. Ltd. (Automobiles & Components)	8,269,806
	113,700	NIPPON EXPRESS HOLDINGS, Inc. (Transportation)	6,598,323
	213,000	Nippon Steel Corp. (Materials)	4,433,540
	283,700	Nippon Telegraph & Telephone Corp. (Telecommunication Services)	8,506,893
	467,000	Obayashi Corp. (Capital Goods)	3,622,391
	833,000	ORIX Corp. (Diversified Financials)	14,646,630
	746,200	Ricoh Co. Ltd. (Technology Hardware & Equipment)	5,792,465
	112,200	Round One Corp. (Consumer Services)	413,412
	15,000	Sankyo Co. Ltd. (Consumer Durables & Apparel)	605,874
	1,399,100	Santen Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	10,907,042
	511,600	SBI Holdings, Inc. (Diversified Financials)	10,845,567



Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	106,800	SCREEN Holdings Co. Ltd. (Semiconductors & Semiconductor Equipment)	$ 7,958,408
	40,600	Shimamura Co. Ltd. (Retailing)	3,808,443
	48,500	SoftBank Group Corp. (Telecommunication Services)	2,296,091
	29,400	Sojitz Corp. (Capital Goods)	582,894
	737,700	SUMCO Corp. (Semiconductors & Semiconductor Equipment)	10,930,332
	769,300	Sumitomo Corp. (Capital Goods)	13,808,880
	523,100	Sumitomo Pharma Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	3,677,847
	24,300	Suzuken Co. Ltd. (Health Care Equipment & Services)	640,016
	37,500	Taisho Pharmaceutical Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	1,577,464
	267,400	Takashimaya Co. Ltd. (Retailing)	3,735,926
	17,900	Toho Gas Co. Ltd. (Utilities)	351,050
	21,300	Tokyo Century Corp. (Diversified Financials)	748,933
	785,000	Tokyo Gas Co. Ltd. (Utilities)	16,437,668
	580,800	Tokyu Fudosan Holdings Corp. (Real Estate)	2,947,115
	306,600	TOPPAN, Inc. (Commercial & Professional Services)	4,939,993
	18,200	Toyota Motor Corp. (Automobiles & Components)	267,280
	22,800	Toyota Tsusho Corp. (Capital Goods)	965,401
	149,200	Yamaha Motor Co. Ltd. (Automobiles & Components)	3,674,899

			339,275,565

	Netherlands – 6.2%
	68,428	ASML Holding NV (Semiconductors & Semiconductor Equipment)	45,275,229
	59,697	Heineken Holding NV (Food, Beverage & Tobacco)	4,928,938
	134,040	Heineken NV (Food, Beverage & Tobacco)	13,395,811
	1,232,334	ING Groep NV (Banks)	17,844,524
	79,689	OCI NV (Materials)	2,712,651
	585,422	Shell PLC (Energy)	17,169,363



Shares		Description	Value

	Common Stocks – (continued)
	Netherlands – (continued)
	5,924	Wolters Kluwer NV (Commercial & Professional Services)	$ 645,852

			101,972,368

	Norway – 1.3%
	465,005	Aker Solutions ASA (Energy)	1,838,293
	144,957	DNB Bank ASA (Banks)	2,710,633
	408,778	Equinor ASA (Energy)	12,458,190
	13,390	Kongsberg Gruppen ASA (Capital Goods)	533,079
	1,738,509	MPC Container Ships ASA (Transportation)	2,767,277
	1,049,463	PGS ASA (Energy)*	904,501

			21,211,973

	Portugal – 0.1%
	40,298	Jeronimo Martins SGPS SA (Food & Staples Retailing)	874,899

	Singapore – 1.4%
	518,400	Keppel Corp. Ltd. (Capital Goods)	2,993,064
	519,100	Oversea-Chinese Banking Corp. Ltd. (Banks)	5,128,893
	612,200	Singapore Exchange Ltd. (Diversified Financials)	4,312,044
	243,494	STMicroelectronics NV (Semiconductors & Semiconductor Equipment)	11,465,730

			23,899,731

	South Africa – 1.0%
	386,196	Anglo American PLC (Materials)	16,656,796

	Spain – 1.6%
	5,405,750	Banco de Sabadell SA (Banks)	7,067,292
	991,245	Bankinter SA (Banks)	7,151,840
	376,309	Industria de Diseno Textil SA (Retailing)	11,748,678
	97,711	Merlin Properties Socimi SA REIT (Real Estate)	954,898

			26,922,708

	Sweden – 6.6%
	99,523	Atlas Copco AB, Class B (Capital Goods)	1,049,730
	107,324	Boliden AB (Materials)	4,816,381



Shares		Description	Value

	Common Stocks – (continued)
	Sweden – (continued)
	127,924	Evolution AB (Consumer Services)^(a)	$ 14,377,526
	230,553	Investor AB, Class A (Diversified Financials)	4,601,512
	521,510	Investor AB, Class B (Diversified Financials)	10,133,977
	53,584	Saab AB, Class B (Capital Goods)	2,193,648
	123,766	Sandvik AB (Capital Goods)	2,557,953
	1,025,902	Skandinaviska Enskilda Banken AB, Class A (Banks)	12,419,375
	95,672	SSAB AB, Class A (Materials)	683,829
	1,460,940	SSAB AB, Class B (Materials)	9,955,824
	521,636	Svenska Handelsbanken AB, Class A (Banks)	5,439,632
	935,149	Swedbank AB, Class A (Banks)	17,988,926
	86,191	Swedish Orphan Biovitrum AB (Pharmaceuticals, Biotechnology & Life Sciences)*	1,922,109
	919,666	Telefonaktiebolaget LM Ericsson, Class B (Technology Hardware & Equipment)	5,334,490
	767,731	Volvo AB, Class B (Capital Goods)	15,234,486

			108,709,398

	Switzerland – 5.2%
	41,863	Baloise Holding AG (Insurance)	6,885,331
	1,148	Chocoladefabriken Lindt & Spruengli AG (Food, Beverage & Tobacco)	12,608,165
	8	Chocoladefabriken Lindt & Spruengli AG (Food, Beverage & Tobacco)	900,475
	148,866	Cie Financiere Richemont SA (Consumer Durables & Apparel)	22,948,785
	11,236	DKSH Holding AG (Commercial & Professional Services)	957,253
	298,131	Novartis AG (Pharmaceuticals, Biotechnology & Life Sciences)	26,953,750
	15,239	Sonova Holding AG (Health Care Equipment & Services)	3,810,844
	8,217	Swatch Group AG (The) – Bearer (Consumer Durables & Apparel)	2,975,118
	413,786	UBS Group AG (Diversified Financials)	8,832,424

			86,872,145



Shares		Description	Value

	Common Stocks – (continued)
	United Kingdom – 8.7%
	57,186	AstraZeneca PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences)	$ 3,738,249
	46,334	Auto Trader Group PLC (Media & Entertainment)^(a)	359,482
	2,466,341	Aviva PLC (Insurance)	13,909,805
	103,787	BP PLC ADR (Energy)	3,760,203
	605,283	British American Tobacco PLC (Food, Beverage & Tobacco)	23,202,817
	1,984,303	Centrica PLC (Utilities)	2,472,052
	665,322	Compass Group PLC (Consumer Services)	15,893,230
	58,959	DCC PLC (Capital Goods)	3,358,186
	295,058	Diageo PLC (Food, Beverage & Tobacco)	12,901,742
	80,015	DS Smith PLC (Materials)	350,299
	678,633	Imperial Brands PLC (Food, Beverage & Tobacco)	17,024,361
	61,817	InterContinental Hotels Group PLC (Consumer Services)	4,291,561
	217,544	Man Group PLC (Diversified Financials)	669,265
	1,151,007	NatWest Group PLC (Banks)	4,391,161
	144,969	Next PLC (Retailing)	11,869,227
	268,389	Pearson PLC (Consumer Services)	3,060,759
	248,089	Smiths Group PLC (Capital Goods)	5,295,963
	344,411	SSE PLC (Utilities)	7,351,344
	58,363	Subsea 7 SA (Energy)	727,324
	794,464	Vodafone Group PLC ADR (Telecommunication Services)	9,199,893

			143,826,923

	United States – 6.6%
	667,658	Computershare Ltd. (Software & Services)	11,244,611
	73,623	CSL Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	15,545,546
	585,973	GSK PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences)	20,661,408
	118,946	Nestle SA (Food, Beverage & Tobacco)	14,512,489
	111,545	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)	34,821,048
	1,218,300	Samsonite International SA (Consumer Durables & Apparel)*^(a)	3,629,299
	425,522	Stellantis NV (Automobiles & Components)*	6,689,627



Shares		Description		Value

	Common Stocks – (continued)
	United States – (continued)
	88,012	Tenaris SA (Energy)		$ 1,559,639

				108,663,667

	TOTAL COMMON STOCKS (Cost $1,496,013,800)			$1,654,283,476



Shares		Description	Rate	Value

	Preferred Stock – 0.1%
	Germany – 0.1%
	13,254	Bayerische Motoren Werke AG (Automobiles & Components)
	(Cost $941,311)		6.47%	$ 1,255,669

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $1,496,955,111)			$1,655,539,145


Shares		Dividend Rate		Value

	Securities Lending Reinvestment Vehicle – 0.2%^(c)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	3,189,269	4.237%		$ 3,189,269
	(Cost $3,189,269)

	TOTAL INVESTMENTS – 100.2% (Cost $1,500,144,380)			$1,658,728,414

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.2)%			(3,337,728)

	NET ASSETS – 100.0%			$1,655,390,686



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

*		Non-income producing security.

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

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

(c)		Represents an affiliated issuer.



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


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



Shares		Description	Value

	Common Stocks – 97.2%
	Australia – 9.6%
	2,679,558	Allkem Ltd. (Materials)*	$ 24,876,894
	681,756	Altium Ltd. (Software & Services)	18,875,831
	432,117	Alumina Ltd. (Materials)	480,713
	6,856,685	AMP Ltd. (Diversified Financials)*	6,504,300
	4,711,356	Beach Energy Ltd. (Energy)	5,062,769
	585,067	BWP Trust REIT (Real Estate)	1,627,497
	2,331,203	Capricorn Metals Ltd. (Materials)*	7,515,466
	3,694,444	Charter Hall Group REIT (Real Estate)	36,377,677
	6,642,892	Charter Hall Retail REIT (Real Estate)	18,864,514
	240,305	Data#3 Ltd. (Software & Services)	1,248,646
	93,650	Deterra Royalties Ltd. (Materials)	324,921
	17,430	EVT Ltd. (Media & Entertainment)	174,185
	50,408	Flight Centre Travel Group Ltd. (Consumer Services)*	567,014
	1,369,598	Gold Road Resources Ltd. (Materials)	1,602,165
	1,699,392	GrainCorp Ltd., Class A (Food & Staples Retailing)	9,124,734
	697,651	Grange Resources Ltd. (Materials)	503,419
	1,563,529	Helia Group Ltd. (Banks)	3,099,846
	60,173	HMC Capital Ltd. REIT (Real Estate)	196,974
	3,578,888	Iluka Resources Ltd. (Materials)	27,538,404
	8,515,254	Incitec Pivot Ltd. (Materials)	20,821,609
	164,727	IRESS Ltd. (Software & Services)	1,162,467
	37,906	Jumbo Interactive Ltd. (Consumer Services)	419,868
	5,850,878	Karoon Energy Ltd. (Energy)*	9,678,570
	391,070	Leo Lithium Ltd. (Materials)*	170,593
	73,248	Lovisa Holdings Ltd. (Retailing)	1,375,866
	172,278	Neometals Ltd. (Materials)*^(a)	104,042
	1,249,351	NRW Holdings Ltd. (Capital Goods)	2,696,989
	2,799,802	Nufarm Ltd. (Materials)	11,781,081
	1,300,237	Perenti Ltd. (Materials)*	1,155,281
	50,823	Perpetual Ltd. (Diversified Financials)	920,752
	6,199,206	Perseus Mining Ltd. (Materials)	9,418,334
	1,249,210	Premier Investments Ltd. (Retailing)	24,702,227
	64,782	Pro Medicus Ltd. (Health Care Equipment & Services)	3,093,908
	4,341,779	Regis Resources Ltd. (Materials)	6,600,135
	2,468,535	Sandfire Resources Ltd. (Materials)	11,001,239
	1,381,752	Silver Lake Resources Ltd. (Materials)*	1,277,584
	20,232,572	Tabcorp Holdings Ltd. (Consumer Services)	15,048,894
	890,583	Technology One Ltd. (Software & Services)	9,208,106
	734,876	Waypoint REIT Ltd. REIT (Real Estate)	1,451,051
	1,022,062	Webjet Ltd. (Consumer Services)*	4,981,314
	1,358,228	West African Resources Ltd. (Materials)*	1,076,311



Shares		Description	Value

	Common Stocks – (continued)
	Australia – (continued)
	1,659,591	Whitehaven Coal Ltd. (Energy)	$ 9,868,170

			312,580,360

	Austria – 1.9%
	871,621	ams-OSRAM AG (Semiconductors & Semiconductor Equipment)*	8,142,739
	168,432	ANDRITZ AG (Capital Goods)	10,072,492
	250,619	BAWAG Group AG (Banks)*^(b)	15,524,564
	817,748	Raiffeisen Bank International AG (Banks)*	14,713,056
	442,153	Wienerberger AG (Materials)	13,295,986

			61,748,837

	Belgium – 0.0%
	14,718	Melexis NV (Semiconductors & Semiconductor Equipment)	1,567,826

	China – 0.9%
	21,722,600	Yangzijiang Shipbuilding Holdings Ltd. (Capital Goods)	21,415,263
	9,587,210	Yanlord Land Group Ltd. (Real Estate)	8,119,552

			29,534,815

	Cyprus – 0.1%
	390,912	Atalaya Mining PLC (Materials)	1,681,956

	Denmark – 3.2%
	344,394	D/S Norden A/S (Transportation)	18,564,694
	62,869	ISS A/S (Commercial & Professional Services)*	1,374,550
	456,180	Jyske Bank A/S (Banks)*	32,901,260
	243,175	NKT A/S (Capital Goods)*	15,174,578
	131,979	Scandinavian Tobacco Group A/S (Food, Beverage & Tobacco)^(b)	2,293,825
	98,767	Spar Nord Bank A/S (Banks)	1,573,246
	685,268	Sydbank AS (Banks)	31,247,049

			103,129,202

	Finland – 1.4%
	155,032	Cargotec OYJ, Class B (Capital Goods)	7,893,108
	146,233	Konecranes OYJ (Capital Goods)	4,758,644
	828,123	Metsa Board OYJ, Class B (Materials)	7,392,287
	334,122	Metso Outotec OYJ (Capital Goods)	3,840,023
	2,253,473	Outokumpu OYJ (Materials)	12,904,660



Shares		Description	Value

	Common Stocks – (continued)
	Finland – (continued)
	691,445	Tokmanni Group Corp. (Retailing)	$ 8,915,224

			45,703,946

	France – 5.4%
	116,040	Alten SA (Software & Services)	17,830,261
	1,229,957	Coface SA (Insurance)	17,198,357
	376,165	Derichebourg SA (Commercial & Professional Services)	2,581,716
	61,959	Eramet SA (Materials)	6,192,375
	137,137	IPSOS (Media & Entertainment)	8,887,521
	157,054	Nexans SA (Capital Goods)	16,654,579
	1,580,587	Rexel SA (Capital Goods)*	34,966,388
	579,564	Rubis SCA (Utilities)	16,219,276
	1,172,625	SCOR SE (Insurance)	28,942,990
	98,809	SOITEC (Semiconductors & Semiconductor Equipment)*	14,986,005
	57,129	Sopra Steria Group SACA (Software & Services)	9,501,874
	205,665	Technip Energies NV (Energy)	3,987,291

			177,948,633

	Germany – 5.0%
	913,227	AIXTRON SE (Semiconductors & Semiconductor Equipment)	27,210,100
	168,009	Bilfinger SE (Commercial & Professional Services)	5,784,573
	130,506	CTS Eventim AG & Co. KGaA (Media & Entertainment)*	9,161,099
	78,289	Dermapharm Holding SE (Pharmaceuticals, Biotechnology & Life Sciences)	3,249,708
	199,442	Deutsche Pfandbriefbank AG (Banks)^(b)	1,819,186
	92,870	GFT Technologies SE (Software & Services)	3,877,651
	138,061	Hensoldt AG (Capital Goods)	4,002,831
	570,538	HUGO BOSS AG (Consumer Durables & Apparel)	38,745,339
	525,470	K+S AG (Materials)	12,577,882
	151,252	Kloeckner & Co SE (Capital Goods)	1,598,350
	134,105	Krones AG (Capital Goods)	15,658,574
	9,941	PVA TePla AG (Semiconductors & Semiconductor Equipment)*	237,130
	126,446	Siltronic AG (Semiconductors & Semiconductor Equipment)	10,541,240
	1,941,705	TeamViewer AG (Software & Services)*^(b)	27,352,649



Shares		Description	Value

	Common Stocks – (continued)
	Germany – (continued)
	742,029	TUI AG (Consumer Services)*^(a)	$ 1,553,882

			163,370,194

	Guernsey – 0.1%
	4,308,548	Balanced Commercial Property Trust Ltd. REIT (Real Estate)	4,217,565

	Hong Kong – 1.0%
	254,500	ASMPT Ltd. (Semiconductors & Semiconductor Equipment)	2,102,075
	698,000	Fortune Real Estate Investment Trust REIT (Real Estate)	604,074
	619,000	Hang Lung Group Ltd. (Real Estate)	1,142,313
	4,566,000	Kerry Properties Ltd. (Real Estate)	11,576,668
	1,395,000	Luk Fook Holdings International Ltd. (Retailing)	4,837,824
	12,294,000	Pacific Basin Shipping Ltd. (Transportation)	4,338,423
	365,000	Sun Hung Kai & Co. Ltd. (Diversified Financials)	155,987
	10,066,000	United Laboratories International Holdings Ltd. (The) (Pharmaceuticals, Biotechnology & Life Sciences)	6,664,132

			31,421,496

	Indonesia – 0.3%
	8,203,800	First Resources Ltd. (Food, Beverage & Tobacco)	9,614,756

	Israel – 2.5%
	88,576	Airport City Ltd. (Real Estate)*	1,403,020
	126,203	Alony Hetz Properties & Investments Ltd. (Real Estate)	1,354,062
	60,277	Amot Investments Ltd. (Real Estate)	353,787
	8,122	Big Shopping Centers Ltd. (Real Estate)*	816,579
	46,799	Camtek Ltd./Israel (Semiconductors & Semiconductor Equipment)*	1,234,517
	42,734	Cellcom Israel Ltd. (Telecommunication Services)*	220,996
	145,516	Clal Insurance Enterprises Holdings Ltd. (Insurance)*	2,498,570
	3,991	Delta Galil Ltd. (Consumer Durables & Apparel)	157,323
	12,632	Elco Ltd. (Capital Goods)	587,975
	500	Electra Ltd. (Capital Goods)	256,242



Shares		Description	Value

	Common Stocks – (continued)
	Israel – (continued)
	125,228	Energix-Renewable Energies Ltd. (Utilities)	$ 414,574
	19,008	Fattal Holdings 1998 Ltd. (Consumer Services)*	1,838,691
	458,029	First International Bank Of Israel Ltd. (The) (Banks)	18,501,547
	22,497	Fox Wizel Ltd. (Retailing)	2,034,714
	211,479	G City Ltd. (Real Estate)^(a)	826,637
	528,286	Harel Insurance Investments & Financial Services Ltd. (Insurance)	5,110,499
	197,154	Israel Canada T.R Ltd. (Real Estate)	520,319
	13,116	Israel Corp. Ltd. (Materials)	4,866,647
	7,778	Melisron Ltd. (Real Estate)	543,862
	700,681	Mivne Real Estate KD Ltd. (Real Estate)	2,248,228
	46,273	Nova Ltd. (Semiconductors & Semiconductor Equipment)*	4,206,218
	33,612	Perion Network Ltd. (Media & Entertainment)*	1,130,550
	879,258	Phoenix Holdings Ltd. (The) (Insurance)	9,456,100
	623,380	Plus500 Ltd. (Diversified Financials)	14,287,051
	130,032	Shapir Engineering and Industry Ltd. (Capital Goods)	986,428
	596,362	Shufersal Ltd. (Food & Staples Retailing)	3,346,361
	31,232	Strauss Group Ltd. (Food, Beverage & Tobacco)	799,131

			80,000,628

	Italy – 4.9%
	259,366	Autogrill SpA (Consumer Services)*	1,892,613
	797,348	Azimut Holding SpA (Diversified Financials)	19,906,349
	319,154	Banca IFIS SpA (Diversified Financials)	5,344,951
	504,135	Banca Mediolanum SpA (Diversified Financials)	4,823,269
	249,185	Banca Popolare di Sondrio SPA (Banks)	1,223,866
	8,638,047	Banco BPM SpA (Banks)	38,878,085
	1,457,886	BFF Bank SpA (Diversified Financials)^(b)	13,482,734
	87,891	Brunello Cucinelli SpA (Consumer Durables & Apparel)	7,320,492
	3,459,778	Leonardo SpA (Capital Goods)	35,629,282
	2,926,777	OVS SpA (Consumer Durables & Apparel)^(b)	7,046,597
	160,610	Reply SpA (Software & Services)	20,848,342
	79,578	Salvatore Ferragamo SpA (Consumer Durables & Apparel)	1,579,260
	45,772	Tod’s SpA (Consumer Durables & Apparel)*	1,789,790



Shares		Description	Value

	Common Stocks – (continued)
	Italy – (continued)
	251,063	Unipol Gruppo SpA (Insurance)	$ 1,314,908

			161,080,538

	Japan – 31.6%
	169,100	Adastria Co. Ltd. (Retailing)	2,853,819
	66,600	Adventure, Inc. (Consumer Services)^(a)	5,343,016
	1,367	AEON REIT Investment Corp. REIT (Real Estate)	1,510,851
	853,000	Air Water, Inc. (Materials)	10,436,513
	352,800	Airtrip Corp. (Consumer Services)	7,238,133
	11,700	Alfresa Holdings Corp. (Health Care Equipment & Services)	146,449
	129,300	Appier Group, Inc. (Software & Services)*	1,653,165
	131,400	Bell System24 Holdings, Inc. (Software & Services)	1,512,581
	253,100	Canon Marketing Japan, Inc. (Technology Hardware & Equipment)	6,007,443
	314,500	Chugin Financial Group, Inc. (Banks)	2,288,507
	3,631,100	Citizen Watch Co. Ltd. (Technology Hardware & Equipment)	17,275,245
	2,236,900	Coca-Cola Bottlers Japan Holdings, Inc. (Food, Beverage & Tobacco)	23,552,038
	42,000	Daio Paper Corp. (Materials)	324,079
	17,100	Daiwabo Holdings Co. Ltd. (Technology Hardware & Equipment)	258,824
	136,300	DCM Holdings Co. Ltd. (Retailing)	1,240,402
	141,200	Descente Ltd. (Consumer Durables & Apparel)	3,911,442
	18,600	Dowa Holdings Co. Ltd. (Materials)	649,385
	22,700	DTS Corp. (Software & Services)	556,742
	16,300	Earth Corp. (Household & Personal Products)	636,386
	85,800	Ebara Corp. (Capital Goods)	3,643,033
	82,800	Electric Power Development Co. Ltd. (Utilities)	1,336,270
	689,400	Ferrotec Holdings Corp. (Semiconductors & Semiconductor Equipment)	17,267,170
	3,366,600	Fujikura Ltd. (Capital Goods)	25,590,735
	164,200	Fukuyama Transporting Co. Ltd. (Transportation)	4,248,841
	60,800	Future Corp. (Software & Services)	791,727
	118,200	Fuyo General Lease Co. Ltd. (Diversified Financials)	8,123,609



Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	2,147	Global One Real Estate Investment Corp. REIT (Real Estate)	$ 1,772,896
	1,494,200	Gree, Inc. (Media & Entertainment)^(a)	8,130,493
	2,142,600	H2O Retailing Corp. (Retailing)	20,910,056
	425,500	Hanwa Co. Ltd. (Capital Goods)	13,548,400
	253,600	Heiwa Corp. (Consumer Services)	4,601,320
	29,700	HIS Co. Ltd. (Consumer Services)*	486,683
	495,200	Hisamitsu Pharmaceutical Co., Inc. (Pharmaceuticals, Biotechnology & Life Sciences)	15,420,496
	954,100	Hitachi Zosen Corp. (Capital Goods)	6,317,801
	114,300	Horiba Ltd. (Technology Hardware & Equipment)	5,263,824
	854,400	Iino Kaiun Kaisha Ltd. (Transportation)	6,049,245
	15,318	Industrial & Infrastructure Fund Investment Corp. REIT (Real Estate)	16,976,016
	274,700	Isetan Mitsukoshi Holdings Ltd. (Retailing)	2,988,937
	103,500	Izumi Co. Ltd. (Retailing)	2,343,422
	2,883,800	J Front Retailing Co. Ltd. (Retailing)	26,858,230
	173,000	JAFCO Group Co. Ltd. (Diversified Financials)	3,087,206
	2,406,000	JGC Holdings Corp. (Capital Goods)	31,427,323
	168,900	Kaga Electronics Co. Ltd. (Technology Hardware & Equipment)	5,626,055
	436,000	Kamigumi Co. Ltd. (Transportation)	8,919,039
	63,300	Kaneka Corp. (Materials)	1,661,903
	901,400	Kanematsu Corp. (Capital Goods)	11,022,527
	64,100	Kansai Paint Co. Ltd. (Materials)	902,728
	5,303	Kenedix Office Investment Corp. REIT (Real Estate)	12,597,611
	3,252	Kenedix Retail REIT Corp. REIT (Real Estate)	6,097,092
	65,900	Kissei Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	1,298,275
	260,400	Kobe Steel Ltd. (Materials)	1,402,913
	6,500	Kureha Corp. (Materials)	424,531
	41,500	Kyoritsu Maintenance Co. Ltd. (Consumer Services)	1,895,470
	223	LaSalle Logiport REIT (Real Estate)	270,188
	88,200	Lawson, Inc. (Food & Staples Retailing)	3,526,789
	196,400	Lion Corp. (Household & Personal Products)	2,174,094



Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	136,200	Macnica Holdings, Inc. (Technology Hardware & Equipment)	$ 3,619,741
	67,000	Makino Milling Machine Co. Ltd. (Capital Goods)	2,405,166
	120,500	Mandom Corp. (Household & Personal Products)	1,366,152
	614,700	Maruha Nichiro Corp. (Food, Beverage & Tobacco)	11,671,934
	16,600	Maruichi Steel Tube Ltd. (Materials)	357,435
	75,900	MatsukiyoCocokara & Co. (Food & Staples Retailing)	3,786,224
	391,400	Meitec Corp. (Commercial & Professional Services)	7,362,900
	397,400	Menicon Co. Ltd. (Health Care Equipment & Services)	8,781,317
	49,500	METAWATER Co. Ltd. (Capital Goods)	653,360
	19,000	Milbon Co. Ltd. (Household & Personal Products)	835,579
	76,000	Mimasu Semiconductor Industry Co. Ltd. (Semiconductors & Semiconductor Equipment)	1,507,451
	1,074,700	Mitsubishi Logistics Corp. (Transportation)	25,095,731
	113,400	Mitsubishi Research Institute, Inc. (Software & Services)	4,412,200
	198,700	MIXI, Inc. (Media & Entertainment)	3,812,214
	17,000	Monogatari Corp. (The) (Consumer Services)	851,790
	1,855	Mori Trust Sogo REIT, Inc. REIT (Real Estate)	2,093,338
	1,090,200	NGK Spark Plug Co. Ltd. (Automobiles & Components)	21,303,740
	704,600	NHK Spring Co. Ltd. (Automobiles & Components)	4,980,509
	246,200	Nippon Kayaku Co. Ltd. (Materials)	2,286,252
	227,300	Nippon Parking Development Co. Ltd. (Commercial & Professional Services)	452,359
	6,551	NIPPON REIT Investment Corp. REIT (Real Estate)	16,682,101
	9,000	Nippon Shokubai Co. Ltd. (Materials)	381,016
	199,900	Nippon Soda Co. Ltd. (Materials)	6,533,831
	37,000	Nisshin Oillio Group Ltd. (The) (Food, Beverage & Tobacco)	908,852
	5,582,100	Nissui Corp. (Food, Beverage & Tobacco)	23,194,899



Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	661,800	NS United Kaiun Kaisha Ltd. (Transportation)	$ 19,931,138
	21,600	NSD Co. Ltd. (Software & Services)	388,063
	10,971	NTT UD REIT Investment Corp. REIT (Real Estate)	11,189,145
	197,800	OKUMA Corp. (Capital Goods)	8,017,437
	122,700	Open Door, Inc. (Consumer Services)*^(a)	1,733,644
	378,400	Open Up Group, Inc. (Commercial & Professional Services)	5,581,605
	24,900	Optorun Co. Ltd. (Semiconductors & Semiconductor Equipment)	491,365
	805,080	Orient Corp. (Diversified Financials)	7,355,954
	1,529	Orix JREIT, Inc. REIT (Real Estate)	2,103,695
	45,400	PAL GROUP Holdings Co. Ltd. (Retailing)	973,653
	97,700	PHC Holdings Corp. (Health Care Equipment & Services)	1,159,134
	726,300	Resorttrust, Inc. (Consumer Services)	13,271,462
	6,184,800	Round One Corp. (Consumer Services)	22,788,493
	212,200	Royal Holdings Co. Ltd. (Consumer Services)	3,965,809
	97,900	RS Technologies Co. Ltd. (Semiconductors & Semiconductor Equipment)	2,975,100
	130,300	Saizeriya Co. Ltd. (Consumer Services)	3,230,006
	234,200	Sangetsu Corp. (Consumer Durables & Apparel)	4,115,627
	725,400	Sankyo Co. Ltd. (Consumer Durables & Apparel)	29,300,086
	439,100	Sankyu, Inc. (Transportation)	17,253,014
	3,767,200	Santen Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	29,368,172
	15,000	Sato Holdings Corp. (Commercial & Professional Services)	244,507
	96,700	Sawai Group Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	2,991,876
	258,900	SCREEN Holdings Co. Ltd. (Semiconductors & Semiconductor Equipment)	19,292,432
	28,881	Sekisui House REIT, Inc. REIT (Real Estate)	15,788,203
	1,571,000	Shikoku Electric Power Co., Inc. (Utilities)	9,083,061
	219,800	Shimamura Co. Ltd. (Retailing)	20,618,123
	55,800	Shinmaywa Industries Ltd. (Capital Goods)	464,104



Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	4,069,400	SKY Perfect JSAT Holdings, Inc. (Media & Entertainment)	$ 15,709,175
	1,635,600	Sojitz Corp. (Capital Goods)	32,427,937
	282	Star Asia Investment Corp. REIT (Real Estate)	114,402
	59,800	Starts Corp., Inc. (Real Estate)	1,189,154
	1,318,100	Sumitomo Heavy Industries Ltd. (Capital Goods)	29,310,940
	2,112,900	Sumitomo Pharma Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	14,855,519
	13,800	Sundrug Co. Ltd. (Food & Staples Retailing)	390,448
	252,000	Suzuken Co. Ltd. (Health Care Equipment & Services)	6,637,204
	481,500	Taisho Pharmaceutical Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	20,254,637
	3,014	Takara Leben Real Estate Investment Corp. REIT (Real Estate)	2,259,520
	1,329,600	Takashimaya Co. Ltd. (Retailing)	18,576,244
	240,400	Takuma Co. Ltd. (Capital Goods)	2,381,305
	111,800	Tama Home Co. Ltd. (Consumer Durables & Apparel)	2,744,348
	1,039,500	Toho Gas Co. Ltd. (Utilities)	20,386,398
	225,300	Tokyo Century Corp. (Diversified Financials)	7,921,808
	201,800	Tokyo Steel Manufacturing Co. Ltd. (Materials)	2,195,651
	313,100	Tokyotokeiba Co. Ltd. (Consumer Services)	9,333,738
	5,320,700	Tokyu Fudosan Holdings Corp. (Real Estate)	26,998,478
	231,500	Toyo Suisan Kaisha Ltd. (Food, Beverage & Tobacco)	9,565,769
	247,500	Transcosmos, Inc. (Software & Services)	6,461,205
	42,800	TV Asahi Holdings Corp. (Media & Entertainment)	442,938
	189,900	Ulvac, Inc. (Semiconductors & Semiconductor Equipment)	8,883,901
	257,400	United Arrows Ltd. (Retailing)	3,475,959
	21,300	Ushio, Inc. (Capital Goods)	285,517
	38,500	UT Group Co. Ltd. (Commercial & Professional Services)	784,237
	28,800	ValueCommerce Co. Ltd. (Media & Entertainment)	395,145



Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	404,000	YA-MAN Ltd. (Household & Personal Products)	$ 4,248,646
	13,700	Yamato Kogyo Co. Ltd. (Materials)	519,253
	161,400	Yellow Hat Ltd. (Retailing)	2,212,799

			1,032,371,242

	Malta – 0.0%
	81,757	Kambi Group PLC (Consumer Services)*	1,470,230

	Netherlands – 1.8%
	479,579	Aalberts NV (Capital Goods)	22,675,729
	156,445	AMG Advanced Metallurgical Group NV (Materials)	6,111,153
	249,314	Arcadis NV (Commercial & Professional Services)	10,825,345
	14,494	Basic-Fit NV (Consumer Services)*^(a)(b)	476,263
	199,146	BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment)	14,244,188
	343,050	Fugro NV (Capital Goods)*	4,567,994
	8,185	Van Lanschot Kempen NV (Diversified Financials)	235,514

			59,136,186

	New Zealand – 0.1%
	999,135	Fletcher Building Ltd. (Capital Goods)	3,290,102

	Norway – 2.9%
	5,661,872	Aker Solutions ASA (Energy)	22,382,938
	5,885,551	DNO ASA (Energy)	7,261,042
	2,104,744	Elkem ASA (Materials)*^(b)	7,455,413
	1,952,777	Europris ASA (Retailing)^(b)	12,580,962
	192,740	FLEX LNG Ltd. (Energy)^(a)	5,956,030
	46,268	Frontline PLC (Energy)	637,543
	92,788	Grieg Seafood ASA (Food, Beverage & Tobacco)	831,177
	52,303	Hoegh Autoliners ASA (Transportation)	324,876
	60,927	Leroy Seafood Group ASA (Food, Beverage & Tobacco)	358,795
	9,324,228	MPC Container Ships ASA (Transportation)	14,841,868
	948,403	NEL ASA (Capital Goods)*^(a)	1,625,408
	4,473,826	Norwegian Air Shuttle ASA (Transportation)*	4,262,016
	792,797	TGS ASA (Energy)	13,126,436



Shares		Description	Value

	Common Stocks – (continued)
	Norway – (continued)
	269,079	Veidekke ASA (Capital Goods)	$ 2,778,372

			94,422,876

	Portugal – 0.3%
	69,388	REN - Redes Energeticas Nacionais SGPS SA (Utilities)	190,711
	8,872,903	Sonae SGPS SA (Food & Staples Retailing)	9,043,959

			9,234,670

	Singapore – 0.1%
	198,500	AEM Holdings Ltd. (Semiconductors & Semiconductor Equipment)	526,927
	151,734	BW LPG Ltd. (Energy)^(b)	1,255,791
	41,733	Kenon Holdings Ltd. (Utilities)	1,300,554
	312,400	Sembcorp Industries Ltd. (Utilities)	861,497

			3,944,769

	Spain – 2.1%
	14,744,624	Banco de Sabadell SA (Banks)	19,276,615
	626,888	Bankinter SA (Banks)	4,523,001
	1,688,175	Ence Energia y Celulosa SA (Materials)	5,563,110
	3,344,504	Merlin Properties Socimi SA REIT (Real Estate)	32,684,761
	31,393	Pharma Mar SA (Pharmaceuticals, Biotechnology & Life Sciences)	2,070,175
	2,636,385	Unicaja Banco SA (Banks)^(b)	3,240,520

			67,358,182

	Sweden – 7.0%
	270,412	AddLife AB, Class B (Pharmaceuticals, Biotechnology & Life Sciences)	2,853,861
	1,104,230	Alleima AB (Materials)*	5,521,844
	2,253,627	Arjo AB, Class B (Health Care Equipment & Services)	8,745,198
	40,386	Axfood AB (Food & Staples Retailing)	1,040,172
	1,835,933	Betsson AB, Class B (Consumer Services)*	15,218,517
	83,820	Bilia AB, Class A (Retailing)	968,489
	101,824	BioArctic AB (Pharmaceuticals, Biotechnology & Life Sciences)*^(b)	3,036,769
	645,453	Biotage AB (Pharmaceuticals, Biotechnology & Life Sciences)	9,975,448
	641,912	Bravida Holding AB (Commercial & Professional Services)^(b)	7,095,944
	33,260	Castellum AB (Real Estate)	456,363



Shares		Description	Value

	Common Stocks – (continued)
	Sweden – (continued)
	198,081	Cloetta AB, Class B (Food, Beverage & Tobacco)	$ 412,557
	759,022	Elekta AB, Class B (Health Care Equipment & Services)	5,524,761
	28,706	HMS Networks AB (Technology Hardware & Equipment)	1,070,170
	490,391	Intrum AB (Commercial & Professional Services)	6,346,438
	844,596	Inwido AB (Capital Goods)	9,204,592
	366,023	Loomis AB (Commercial & Professional Services)	10,884,583
	68,715	MEKO AB (Retailing)	761,593
	418,093	Modern Times Group MTG AB, Class B (Media & Entertainment)*	3,701,452
	59,546	Munters Group AB (Capital Goods)^(b)	570,934
	40,045	Neobo Fastigheter AB (Real Estate)*^(c)	74,862
	485,956	New Wave Group AB, Class B (Consumer Durables & Apparel)	10,934,598
	299,948	Orron Energy ab (Utilities)	556,066
	197,390	Pandox AB (Real Estate)*	2,717,651
	144,999	Peab AB, Class B (Capital Goods)	904,859
	764,814	Saab AB, Class B (Capital Goods)	31,310,335
	455,897	Samhallsbyggnadsbolaget i Norden AB (Real Estate)^(a)	832,875
	505,844	Scandic Hotels Group AB (Consumer Services)*^(a)(b)	1,864,793
	875,551	SSAB AB, Class A (Materials)	6,258,120
	5,134,560	SSAB AB, Class B (Materials)	34,990,330
	536,840	Stillfront Group AB (Media & Entertainment)*	936,955
	1,537,508	Trelleborg AB, Class B (Capital Goods)	38,444,584
	510,291	Wihlborgs Fastigheter AB (Real Estate)	4,201,287

			227,417,000

	Switzerland – 3.1%
	1,397	Belimo Holding AG (Capital Goods)	736,840
	31,978	Bucher Industries AG (Capital Goods)	14,571,312
	22,503	Burckhardt Compression Holding AG (Capital Goods)	13,932,622
	200,125	DKSH Holding AG (Commercial & Professional Services)	17,049,677
	161,385	Huber + Suhner AG (Capital Goods)	15,477,361
	54,912	Idorsia Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)*^(a)	923,660



Shares		Description	Value

	Common Stocks – (continued)
	Switzerland – (continued)
	107,603	Implenia AG (Capital Goods)*	$ 4,520,033
	1,061	Inficon Holding AG (Technology Hardware & Equipment)	1,110,871
	207,019	OC Oerlikon Corp AG (Capital Goods)	1,421,342
	145,004	PSP Swiss Property AG (Real Estate)	18,076,747
	30,880	Swissquote Group Holding SA (Diversified Financials)	5,577,128
	3,562	Tecan Group AG (Pharmaceuticals, Biotechnology & Life Sciences)	1,494,879
	25,702	u-blox Holding AG (Semiconductors & Semiconductor Equipment)*	3,074,243
	3,051	Valiant Holding AG (Banks)	348,616
	58,304	Zehnder Group AG (Capital Goods)	4,339,479

			102,654,810

	United Arab Emirates – 0.0%
	180,596	Network International Holdings PLC (Software & Services)*^(b)	587,345

	United Kingdom – 11.9%
	2,879,303	Babcock International Group PLC (Capital Goods)*	10,878,197
	3,330,107	Balfour Beatty PLC (Capital Goods)	15,042,638
	1,039,798	Beazley PLC (Insurance)	8,556,920
	183,963	Big Yellow Group PLC REIT (Real Estate)	2,743,847
	1,051,372	Britvic PLC (Food, Beverage & Tobacco)	10,071,352
	543,312	Central Asia Metals PLC (Materials)	1,892,414
	17,292,775	Centrica PLC (Utilities)	21,543,405
	25,014	Clarkson PLC (Transportation)	948,284
	357,526	Computacenter PLC (Software & Services)	9,825,699
	542,649	Crest Nicholson Holdings PLC (Consumer Durables & Apparel)	1,632,879
	5,136	Dechra Pharmaceuticals PLC (Pharmaceuticals, Biotechnology & Life Sciences)	182,154
	2,480,830	Drax Group PLC (Utilities)	19,813,104
	3,672,605	DS Smith PLC (Materials)	16,078,345
	119,618	easyJet PLC (Transportation)*	728,664
	148,535	Fevertree Drinks PLC (Food, Beverage & Tobacco)	2,002,701
	1,024,202	Firstgroup PLC (Transportation)	1,368,753
	162,487	Greggs PLC (Consumer Services)	5,425,766
	1,726,791	Hays PLC (Commercial & Professional Services)	2,634,651



Shares		Description	Value

	Common Stocks – (continued)
	United Kingdom – (continued)
	1,061,009	Howden Joinery Group PLC (Capital Goods)	$ 9,053,362
	2,902,173	IG Group Holdings PLC (Diversified Financials)	28,534,994
	2,861,160	Inchcape PLC (Retailing)	32,258,800
	211,798	Indivior PLC (Pharmaceuticals, Biotechnology & Life Sciences)*	5,085,569
	839,910	Intermediate Capital Group PLC (Diversified Financials)	14,452,694
	1,497,271	Investec PLC (Diversified Financials)	9,554,435
	51,777	JET2 PLC (Transportation)	780,517
	188,953	Lancashire Holdings Ltd. (Insurance)	1,458,552
	21,742	Liontrust Asset Management PLC (Diversified Financials)	311,516
	5,067,050	Man Group PLC (Diversified Financials)	15,588,568
	808,947	Moneysupermarket.com Group PLC (Media & Entertainment)	2,381,578
	223,204	Morgan Sindall Group PLC (Capital Goods)	4,518,408
	1,344,342	OSB Group PLC (Banks)	9,063,414
	1,345,496	Pagegroup PLC (Commercial & Professional Services)	7,574,641
	1,852,808	Paragon Banking Group PLC (Banks)	13,728,252
	432,829	Playtech PLC (Consumer Services)*	3,014,915
	2,536,842	QinetiQ Group PLC (Capital Goods)	11,379,243
	459,757	Quilter PLC (Diversified Financials)^(b)	545,726
	984,333	Reach PLC (Media & Entertainment)	1,104,924
	369,155	Redde Northgate PLC (Transportation)	1,975,190
	660,700	Redrow PLC (Consumer Durables & Apparel)	4,237,901
	1,602,706	Rightmove PLC (Media & Entertainment)	11,645,094
	441,588	Rotork PLC (Capital Goods)	1,739,519
	861,400	Safestore Holdings PLC REIT (Real Estate)	10,725,901
	603,194	Serica Energy PLC (Energy)	1,887,539
	148,197	Softcat PLC (Software & Services)	2,217,607
	545,175	Spectris PLC (Technology Hardware & Equipment)	21,613,459
	1,096,403	Spirent Communications PLC (Technology Hardware & Equipment)	2,971,356
	2,497,635	SSP Group PLC (Consumer Services)*	7,996,342
	193,669	SThree PLC (Commercial & Professional Services)	1,012,363
	1,067,037	Subsea 7 SA (Energy)	13,297,502
	1,082,364	Tritax Big Box REIT PLC REIT (Real Estate)	2,085,466



Shares		Description	Value

	Common Stocks – (continued)
	United Kingdom – (continued)
	5,588,229	UK Commercial Property REIT Ltd. REIT (Real Estate)	$ 3,994,455
	46,952	Vistry Group PLC (Consumer Durables & Apparel)	430,952

			389,590,527

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $2,878,418,550)		$3,175,078,691


Shares		Dividend Rate	Value

	Securities Lending Reinvestment Vehicle – 0.4%^(d)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	14,355,208	4.237%	$ 14,355,208
	(Cost $14,355,208)

	TOTAL INVESTMENTS – 97.6% (Cost $2,892,773,758)		$3,189,433,899

	OTHER ASSETS IN EXCESS OF LIABILITIES – 2.4%		77,549,228

	NET ASSETS – 100.0%		$3,266,983,127



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

*		Non-income producing security.

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

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

(c)		Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

(d)		Represents an affiliated issuer.



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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

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

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

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

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

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

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

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

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

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

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

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


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

Long position contracts:
EURO STOXX 50 Index	369		03/17/23	$	16,732,320	$	475,122
FTSE 100 Index	78		03/17/23		7,452,099		60,354
Hang Seng Index	6		02/27/23		837,964		(24,268	)
MSCI Singapore Index	35		02/27/23		811,197		(5,030	)
SPI 200 Index	31		03/16/23		4,061,727		75,827
TOPIX Index	86		03/09/23		13,052,126		420,102

Total Futures Contracts						$	1,002,107


EMERGING MARKETS EQUITY INSIGHTS FUND

Investment Type	Level 1			Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments^(a)
Africa	$	1,600,500		$	43,357,652	$	—
Asia		120,596,055			1,436,865,971		—	^(c)
Europe		—			14,922,893		—
North America		59,250,457			—		—
Oceania		386,264			—		—
South America		112,212,147			26,473,659		—

Total	$	294,045,423		$	1,521,620,175	$	—

INTERNATIONAL EQUITY INSIGHTS FUND

Investment Type	Level 1			Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments^(a)
Africa	$	—		$	16,656,796	$	—
Asia		7,243,693			367,527,270		—
Europe		16,698,345			966,790,000		—
North America		20,661,408			93,800,890		—
Oceania		11,832,910			154,327,833		—
Securities Lending Reinvestment Vehicle		3,189,269			—		—

Total	$	59,625,625		$	1,599,102,789	$	—

INTERNATIONAL SMALL CAP INSIGHTS FUND

Investment Type	Level 1			Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments^(a)
Asia	$	35,492,519		$	1,151,982,532	$	—
Europe		72,559,710			1,599,098,606		74,862
Oceania		—			315,870,462		—
Securities Lending Reinvestment Vehicle		14,355,208			—		—

Total	$	122,407,437		$	3,066,951,600	$	74,862

Derivative Type

Assets^(b)
Futures Contracts	$	1,031,405		$	—	$	—

Derivative Type

Liabilities^(b)
Futures Contracts	$	(29,298	)	$	—	$	—