Form NPORT-P GOLDMAN SACHS TRUST For: Jan 29

  
    NPORT-P
    false
    
      
      
        
          0000822977
          XXXXXXXX
        
      
      
      
      
        S000009327
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        C000025527
        C000025524
        C000058965
      
      
    
  
  
    
      Goldman Sachs Trust
      811-05349
      0000822977
      S2FHCT8U6D2VORP0J605
      71 South Wacker Drive
      Chicago
      
      60606
      312-655-4400
      Goldman Sachs U.S. Equity Insights Fund
      S000009327
      549300DJFHIQE562KL45
      2021-10-31
      2021-01-29
      N
    
    
      1039500523.65
      993665.39
      1038506858.26
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      9213644.76000000
      N
      
        
          
          
          
          
          
          
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Accenture PLC
        N/A
        
        000000000
        
          
          
        
        34757.00000000
        NS
        USD
        8408413.44000000
        0.809663737232
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Schlumberger NV
        213800ZUA17OK3QLGM62
        
        806857108
        
          
          
        
        34388.00000000
        NS
        USD
        763757.48000000
        0.073543807046
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        JPMorgan Chase & Co
        8I5DZWZKVSZI1NUHU748
        
        46625H100
        
          
          
        
        19182.00000000
        NS
        USD
        2468147.94000000
        0.237663133408
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        United Parcel Service Inc
        D01LMJZU09ULLNCY6Z23
        
        911312106
        
          
          
        
        22202.00000000
        NS
        USD
        3441310.00000000
        0.331370945952
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Walmart Inc
        Y87794H0US1R65VBXU25
        
        931142103
        
          
          
        
        118847.00000000
        NS
        USD
        16696815.03000000
        1.607771282124
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FedEx Corp
        549300E707U7WNPZN687
        
        31428X106
        
          
          
        
        7049.00000000
        NS
        USD
        1658911.66000000
        0.159740077478
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Synchrony Financial
        549300RS7EWPM9MA6C78
        
        87165B103
        
          
          
        
        301250.00000000
        NS
        USD
        10137062.50000000
        0.976118974985
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sherwin-Williams Co/The
        Z15BMIOX8DDH0X2OBP21
        
        824348106
        
          
          
        
        17575.00000000
        NS
        USD
        12158385.00000000
        1.170756351130
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NIKE Inc
        787RXPR0UX0O0XUXPZ81
        
        654106103
        
          
          
        
        110789.00000000
        NS
        USD
        14800302.51000000
        1.425152120304
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Arrow Electronics Inc
        549300YNNLBXT8N8R512
        
        042735100
        
          
          
        
        7187.00000000
        NS
        USD
        701666.81000000
        0.067564966414
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        General Electric Co
        3C7474T6CDKPR9K6YT90
        
        369604103
        
          
          
        
        24851.00000000
        NS
        USD
        265408.68000000
        0.025556757559
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        VeriSign Inc
        LMPL4N8ZOJRMF0KOF759
        
        92343E102
        
          
          
        
        1297.00000000
        NS
        USD
        251708.79000000
        0.024237566463
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kansas City Southern
        5493008C12PZMWP3WY03
        
        485170302
        
          
          
        
        6172.00000000
        NS
        USD
        1250879.24000000
        0.120449781342
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Align Technology Inc
        549300N5YSE0U3LCP840
        
        016255101
        
          
          
        
        1985.00000000
        NS
        USD
        1042879.30000000
        0.100421031570
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Invitation Homes Inc
        N/A
        
        46187W107
        
          
          
        
        162140.00000000
        NS
        USD
        4779887.20000000
        0.460265347501
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Jefferies Financial Group Inc
        549300HOF34RGOJ5YL07
        
        47233W109
        
          
          
        
        173397.00000000
        NS
        USD
        4048819.95000000
        0.389869351155
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TJX Cos Inc/The
        V167QI9I69W364E2DY52
        
        872540109
        
          
          
        
        198865.00000000
        NS
        USD
        12735314.60000000
        1.226310110396
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Oracle Corp
        1Z4GXXU7ZHVWFCD8TV52
        
        68389X105
        
          
          
        
        107432.00000000
        NS
        USD
        6492115.76000000
        0.625139420925
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Global Payments Inc
        549300NOMHGVQBX6S778
        
        37940X102
        
          
          
        
        32024.00000000
        NS
        USD
        5652876.48000000
        0.544327313299
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dell Technologies Inc
        549300TJB5YBRUPOG437
        
        24703L202
        
          
          
        
        38564.00000000
        NS
        USD
        2810929.96000000
        0.270670331894
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sun Communities Inc
        549300H5GEOJYN41ZG57
        
        866674104
        
          
          
        
        14247.00000000
        NS
        USD
        2039173.11000000
        0.196356248760
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AMETEK Inc
        549300WZDEF9KKE40E98
        
        031100100
        
          
          
        
        10325.00000000
        NS
        USD
        1169409.50000000
        0.112604889481
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ford Motor Co
        20S05OYHG0MQM4VUIC57
        
        345370860
        
          
          
        
        1058531.00000000
        NS
        USD
        11146331.43000000
        1.073303593649
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fair Isaac Corp
        RI6HET5SJUEY30V1PS26
        
        303250104
        
          
          
        
        610.00000000
        NS
        USD
        274567.10000000
        0.026438640998
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Boston Beer Co Inc/The
        529900Q02MQ0DCQNRM58
        
        100557107
        
          
          
        
        1837.00000000
        NS
        USD
        1684326.93000000
        0.162187367045
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NVIDIA Corp
        549300S4KLFTLO7GSQ80
        
        67066G104
        
          
          
        
        480.00000000
        NS
        USD
        249403.20000000
        0.024015556374
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cooper Cos Inc/The
        QJKMVPIGLH7530PCUE20
        
        216648402
        
          
          
        
        13796.00000000
        NS
        USD
        5022295.84000000
        0.483607383047
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Herbalife Nutrition Ltd
        549300BA7TYPBSZZIA41
        
        000000000
        
          
          
        
        39794.00000000
        NS
        USD
        2027902.24000000
        0.195270953087
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Gentex Corp
        549300S3UD8XV1MN0287
        
        371901109
        
          
          
        
        199278.00000000
        NS
        USD
        6586137.90000000
        0.634193009667
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kohl's Corp
        549300JF6LPRTRJ0FH50
        
        500255104
        
          
          
        
        83342.00000000
        NS
        USD
        3672048.52000000
        0.353589241206
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        L Brands Inc
        GR3KVMWVCR54YWQNXU90
        
        501797104
        
          
          
        
        87803.00000000
        NS
        USD
        3578850.28000000
        0.344614987521
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ross Stores Inc
        549300ENZFLPGRDFZQ60
        
        778296103
        
          
          
        
        3973.00000000
        NS
        USD
        442155.17000000
        0.042576047185
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alphabet Inc
        5493006MHB84DD0ZWV18
        
        02079K305
        
          
          
        
        3044.00000000
        NS
        USD
        5562483.84000000
        0.535623216713
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Visa Inc
        549300JZ4OKEHW3DPJ59
        
        92826C839
        
          
          
        
        64903.00000000
        NS
        USD
        12542504.75000000
        1.207744046198
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        S&P Global Inc
        Y6X4K52KMJMZE7I7MY94
        
        78409V104
        
          
          
        
        37928.00000000
        NS
        USD
        12023176.00000000
        1.157736793394
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chipotle Mexican Grill Inc
        N/A
        
        169656105
        
          
          
        
        7879.00000000
        NS
        USD
        11660920.00000000
        1.122854404595
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Take-Two Interactive Software
        BOMSTHHJK882EWYX3334
        
        874054109
        
          
          
        
        1680.00000000
        NS
        USD
        336756.00000000
        0.032426940402
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cardinal Health Inc
        CCU46N3GJMF4OK4N7U60
        
        14149Y108
        
          
          
        
        16575.00000000
        NS
        USD
        890574.75000000
        0.085755307527
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Amazon.com Inc
        ZXTILKJKG63JELOEG630
        
        023135106
        
          
          
        
        13383.00000000
        NS
        USD
        42908574.60000000
        4.131756498160
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Aon PLC
        635400FALWQYX5E6QC64
        
        000000000
        
          
          
          
        
        37303.00000000
        NS
        USD
        7576239.30000000
        0.729531946731
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Wayfair Inc
        54930027N9ZAVYFDHK53
        
        94419L101
        
          
          
        
        9267.00000000
        NS
        USD
        2523589.44000000
        0.243001711536
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Globe Life Inc
        5493001JFHKQOPP6XA71
        
        37959E102
        
          
          
        
        36893.00000000
        NS
        USD
        3334758.27000000
        0.321110856753
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        KLA Corp
        549300H0BF5JCG96TJ81
        
        482480100
        
          
          
        
        15111.00000000
        NS
        USD
        4232137.77000000
        0.407521407907
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Zoom Video Communications Inc
        549300T9GCHU0ODOM055
        
        98980L101
        
          
          
        
        8428.00000000
        NS
        USD
        3135805.96000000
        0.301953322220
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Boeing Co/The
        RVHJWBXLJ1RFUBSY1F30
        
        097023105
        
          
          
        
        3317.00000000
        NS
        USD
        644128.23000000
        0.062024456061
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        VEREIT Inc
        5493002H54FNIBW75H44
        
        92339V308
        
          
          
        
        53253.00000000
        NS
        USD
        1876103.19000000
        0.180653904697
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Masco Corp
        5GCSNMQXHEYA1JO8QN11
        
        574599106
        
          
          
        
        16310.00000000
        NS
        USD
        885796.10000000
        0.085295161313
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chevron Corp
        N/A
        
        166764100
        
          
          
        
        21508.00000000
        NS
        USD
        1832481.60000000
        0.176453490453
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Intel Corp
        KNX4USFCNGPY45LOCE31
        
        458140100
        
          
          
        
        121646.00000000
        NS
        USD
        6752569.46000000
        0.650219053084
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AES Corp/The
        2NUNNB7D43COUIRE5295
        
        00130H105
        
          
          
        
        133927.00000000
        NS
        USD
        3266479.53000000
        0.314536153903
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Jazz Pharmaceuticals PLC
        635400GAUMJCLEZRRV50
        
        000000000
        
          
          
        
        30198.00000000
        NS
        USD
        4695789.00000000
        0.452167355723
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        IQVIA Holdings Inc
        549300W3R20NM4KQPH86
        
        46266C105
        
          
          
        
        5047.00000000
        NS
        USD
        897356.60000000
        0.086408346065
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HP Inc
        WHKXQACZ14C5XRO8LW03
        
        40434L105
        
          
          
        
        28372.00000000
        NS
        USD
        690574.48000000
        0.066496862732
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Square Inc
        549300OHIIUWSTIZME52
        
        852234103
        
          
          
        
        9089.00000000
        NS
        USD
        1962860.44000000
        0.189007941968
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Corteva Inc
        549300WZN9I2QKLS0O94
        
        22052L104
        
          
          
        
        17321.00000000
        NS
        USD
        690415.06000000
        0.066481511846
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        H&R Block Inc
        549300CE3KUCWLZBG404
        
        093671105
        
          
          
        
        18155.00000000
        NS
        USD
        312810.65000000
        0.030121192509
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SBA Communications Corp
        5299001HX8ZN8Y8QIT49
        
        78410G104
        
          
          
        
        31508.00000000
        NS
        USD
        8465254.36000000
        0.815137068442
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Voya Financial Inc
        549300T065Z4KJ686G75
        
        929089100
        
          
          
        
        106412.00000000
        NS
        USD
        5901609.52000000
        0.568278338564
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Athene Holding Ltd
        549300H316CT32FQXI76
        
        000000000
        
          
          
        
        11197.00000000
        NS
        USD
        457845.33000000
        0.044086885547
        Long
        EC
        CORP
        BM
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Primerica Inc
        254900621R686KJR7022
        
        74164M108
        
          
          
        
        3783.00000000
        NS
        USD
        527009.73000000
        0.050746870452
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Palo Alto Networks Inc
        549300QXR2YVZV231H43
        
        697435105
        
          
          
        
        3695.00000000
        NS
        USD
        1296021.25000000
        0.124796600012
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chemed Corp
        54930020031IDJT2IM79
        
        16359R103
        
          
          
        
        1481.00000000
        NS
        USD
        767009.90000000
        0.073856989378
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Procter & Gamble Co/The
        2572IBTT8CCZW6AU4141
        
        742718109
        
          
          
        
        1280.00000000
        NS
        USD
        164108.80000000
        0.015802379993
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alleghany Corp
        549300DCJE6AYX159479
        
        017175100
        
          
          
        
        577.00000000
        NS
        USD
        327072.45000000
        0.031494491095
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        IBM
        VGRQXHF3J8VDLUA7XE92
        
        459200101
        
          
          
        
        55720.00000000
        NS
        USD
        6636809.20000000
        0.639072255249
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ingredion Inc
        PKSTQ48QDN0XSVS7YK88
        
        457187102
        
          
          
        
        11821.00000000
        NS
        USD
        892130.87000000
        0.085905149581
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hologic Inc
        549300DYP6F5ZJL0LB74
        
        436440101
        
          
          
        
        102739.00000000
        NS
        USD
        8191380.47000000
        0.788765178086
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Western Digital Corp
        549300QQXOOYEF89IC56
        
        958102105
        
          
          
        
        26889.00000000
        NS
        USD
        1517346.27000000
        0.146108449639
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cadence Design Systems Inc
        GCT7RXJOGLXPV0NXZY22
        
        127387108
        
          
          
        
        7076.00000000
        NS
        USD
        922639.64000000
        0.088842902929
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Arch Capital Group Ltd
        549300AYR4P8AFKDCE43
        
        000000000
        
          
          
        
        257801.00000000
        NS
        USD
        8097529.41000000
        0.779728062996
        Long
        EC
        CORP
        BM
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Wells Fargo & Co
        PBLD0EJDB5FWOLXP3B76
        
        949746101
        
          
          
        
        210008.00000000
        NS
        USD
        6275039.04000000
        0.604236649001
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fiserv Inc
        GI7UBEJLXYLGR2C7GV83
        
        337738108
        
          
          
        
        19006.00000000
        NS
        USD
        1951726.14000000
        0.187935796906
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Merck & Co Inc
        4YV9Y5M8S0BRK1RP0397
        
        58933Y105
        
          
          
        
        48783.00000000
        NS
        USD
        3759705.81000000
        0.362029945213
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Netflix Inc
        549300Y7VHGU0I7CE873
        
        64110L106
        
          
          
        
        22199.00000000
        NS
        USD
        11818525.61000000
        1.138030578806
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Nexstar Media Group Inc
        52990083ZRR5UT591988
        
        65336K103
        
          
          
        
        1420.00000000
        NS
        USD
        161411.40000000
        0.015542641699
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Activision Blizzard Inc
        549300TPQQDBP9GNOF40
        
        00507V109
        
          
          
        
        44055.00000000
        NS
        USD
        4009005.00000000
        0.386035486247
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Financial Group Inc/O
        549300AFOM7IVKIU1G39
        
        025932104
        
          
          
        
        28162.00000000
        NS
        USD
        2651170.68000000
        0.255286776289
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Gaming and Leisure Properties
        5493006GWRDBCZYWTM57
        
        36467J108
        
          
          
        
        20544.00000000
        NS
        USD
        844974.72000000
        0.081364385153
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sempra Energy
        PBBKGKLRK5S5C0Y4T545
        
        816851109
        
          
          
        
        34460.00000000
        NS
        USD
        4264769.60000000
        0.410663595149
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Biogen Inc
        W8J5WZB5IY3K0NDQT671
        
        09062X103
        
          
          
        
        6361.00000000
        NS
        USD
        1797682.21000000
        0.173102584321
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Martin Marietta Materials Inc
        5299005MZ4WZECVATV08
        
        573284106
        
          
          
        
        2203.00000000
        NS
        USD
        633164.23000000
        0.060968709543
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lam Research Corp
        549300I4GMO6D34U1T02
        
        512807108
        
          
          
        
        16629.00000000
        NS
        USD
        8047604.55000000
        0.774920693685
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tapestry Inc
        549300LJNVY5SW3VTN33
        
        876030107
        
          
          
        
        95444.00000000
        NS
        USD
        3017939.28000000
        0.290603692791
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        United Rentals Inc
        5323X5O7RN0NKFCDRY08
        
        911363109
        
          
          
        
        1174.00000000
        NS
        USD
        285293.74000000
        0.027471531625
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Eagle Materials Inc
        529900KRXRGXL61SG039
        
        26969P108
        
          
          
        
        4117.00000000
        NS
        USD
        452993.51000000
        0.043619693639
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Illinois Tool Works Inc
        76NA4I14SZCFAYMNSV04
        
        452308109
        
          
          
        
        9097.00000000
        NS
        USD
        1766728.37000000
        0.170121974250
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ally Financial Inc
        549300JBN1OSM8YNAI90
        
        02005N100
        
          
          
        
        270819.00000000
        NS
        USD
        10247790.96000000
        0.986781250262
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        W R Berkley Corp
        SQOAGCLKBDWNVYV1OV80
        
        084423102
        
          
          
        
        8915.00000000
        NS
        USD
        553978.10000000
        0.053343711271
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AvalonBay Communities Inc
        K9G90K85RBWD2LAGQX17
        
        053484101
        
          
          
        
        26068.00000000
        NS
        USD
        4266549.56000000
        0.410834991224
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chemours Co/The
        549300M1BOLNXL8DOV14
        
        163851108
        
          
          
        
        17946.00000000
        NS
        USD
        472697.64000000
        0.045517045577
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Teleflex Inc
        UUL85LWXB4NGSWWXIQ25
        
        879369106
        
          
          
        
        1013.00000000
        NS
        USD
        382539.19000000
        0.036835499636
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hess Corp
        UASVRYNXNK17ULIGK870
        
        42809H107
        
          
          
        
        23975.00000000
        NS
        USD
        1294170.50000000
        0.124618387419
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pinterest Inc
        N/A
        
        72352L106
        
          
          
        
        26787.00000000
        NS
        USD
        1835177.37000000
        0.176713071791
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Element Solutions Inc
        549300FLGN6P5CU20J91
        
        28618M106
        
          
          
        
        33334.00000000
        NS
        USD
        567678.02000000
        0.054662905255
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CME Group Inc
        LCZ7XYGSLJUHFXXNXD88
        
        12572Q105
        
          
          
        
        31350.00000000
        NS
        USD
        5697549.00000000
        0.548628923794
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vertex Pharmaceuticals Inc
        54930015RAQRRZ5ZGJ91
        
        92532F100
        
          
          
        
        53976.00000000
        NS
        USD
        12364822.08000000
        1.190634609839
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Danaher Corp
        S4BKK9OTCEWQ3YHPFM11
        
        235851102
        
          
          
        
        26489.00000000
        NS
        USD
        6300143.76000000
        0.606654035059
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Roku Inc
        549300KR6ITU0YIR1T71
        
        77543R102
        
          
          
        
        8548.00000000
        NS
        USD
        3325428.44000000
        0.320212467886
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Walt Disney Co/The
        549300GZKULIZ0WOW665
        
        254687106
        
          
          
        
        24777.00000000
        NS
        USD
        4166748.09000000
        0.401224898695
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Apple Inc
        HWUPKR0MPOU8FGXBT394
        
        037833100
        
          
          
        
        454117.00000000
        NS
        USD
        59925279.32000000
        5.770330628379
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Target Corp
        8WDDFXB5T1Z6J0XC1L66
        
        87612E106
        
          
          
        
        73903.00000000
        NS
        USD
        13389006.51000000
        1.289255473231
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NOV Inc
        549300EHF3IW1AR6U008
        
        62955J103
        
          
          
        
        101326.00000000
        NS
        USD
        1254415.88000000
        0.120790331813
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mid-America Apartment Communit
        549300FQZKFR5YNSHZ21
        
        59522J103
        
          
          
        
        21212.00000000
        NS
        USD
        2815893.00000000
        0.271148233408
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        General Motors Co
        54930070NSV60J38I987
        
        37045V100
        
          
          
        
        75768.00000000
        NS
        USD
        3839922.24000000
        0.369754153230
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Celanese Corp
        549300FHJQTDPPN41627
        
        150870103
        
          
          
        
        9394.00000000
        NS
        USD
        1147477.10000000
        0.110492972759
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Capital One Financial Corp
        ZUE8T73ROZOF6FLBAR73
        
        14040H105
        
          
          
        
        92758.00000000
        NS
        USD
        9670949.08000000
        0.931235937738
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Microsoft Corp
        INR2EJN1ERAN0W5ZP974
        
        594918104
        
          
          
        
        296690.00000000
        NS
        USD
        68820212.40000000
        6.626842360512
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Teledyne Technologies Inc
        549300VSMO9KYQWDND94
        
        879360105
        
          
          
        
        13944.00000000
        NS
        USD
        4978147.44000000
        0.479356241165
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Berkshire Hathaway Inc
        5493000C01ZX7D35SD85
        
        084670702
        
          
          
        
        17990.00000000
        NS
        USD
        4099381.30000000
        0.394738009421
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Clean Harbors Inc
        5493000SJVZVZJKHJF48
        
        184496107
        
          
          
        
        2537.00000000
        NS
        USD
        196516.02000000
        0.018922939067
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Encompass Health Corp
        549300FVRPM9DRQZRG64
        
        29261A100
        
          
          
        
        3763.00000000
        NS
        USD
        302545.20000000
        0.029132710833
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First American Financial Corp
        549300B6VEZK3N0A1P55
        
        31847R102
        
          
          
        
        56691.00000000
        NS
        USD
        2964372.39000000
        0.285445624785
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alphabet Inc
        5493006MHB84DD0ZWV18
        
        02079K107
        
          
          
        
        16103.00000000
        NS
        USD
        29560921.22000000
        2.846483004409
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Zillow Group Inc
        2549002XEELQDIR6FU05
        
        98954M200
        
          
          
        
        4007.00000000
        NS
        USD
        522753.22000000
        0.050337002191
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vulcan Materials Co
        549300Q8LSNHAVWBNI21
        
        929160109
        
          
          
        
        2039.00000000
        NS
        USD
        304096.46000000
        0.029282084906
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Evercore Inc
        529900P6KLPT95DW3W58
        
        29977A105
        
          
          
        
        2489.00000000
        NS
        USD
        271549.90000000
        0.026148108492
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Micron Technology Inc
        B3DXGBC8GAIYWI2Z0172
        
        595112103
        
          
          
        
        3988.00000000
        NS
        USD
        312140.76000000
        0.030056687398
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Applied Materials Inc
        41BNNE1AFPNAZELZ6K07
        
        038222105
        
          
          
        
        130561.00000000
        NS
        USD
        12622637.48000000
        1.215460194567
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HCA Healthcare Inc
        529900PH4ZGUH2MNEU89
        
        40412C101
        
          
          
        
        74291.00000000
        NS
        USD
        12070801.68000000
        1.162322769849
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CoStar Group Inc
        N/A
        
        22160N109
        
          
          
        
        216.00000000
        NS
        USD
        194337.36000000
        0.018713151333
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Parker-Hannifin Corp
        5493002CONDB4N2HKI23
        
        701094104
        
          
          
        
        42358.00000000
        NS
        USD
        11208350.38000000
        1.079275528211
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PACCAR Inc
        KDTEY8BWE486IKZ3CC07
        
        693718108
        
          
          
        
        17895.00000000
        NS
        USD
        1632381.90000000
        0.157185471334
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Axalta Coating Systems Ltd
        529900AGLPA40GV6H619
        
        000000000
        
          
          
        
        247611.00000000
        NS
        USD
        6683020.89000000
        0.643522075645
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Universal Health Services Inc
        549300YGMGQDO0NMJD09
        
        913903100
        
          
          
        
        86791.00000000
        NS
        USD
        10821101.88000000
        1.041986559253
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lennox International Inc
        S7DWAC87RDMPBF77GJ92
        
        526107107
        
          
          
        
        17533.00000000
        NS
        USD
        4830166.17000000
        0.465106814806
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lumentum Holdings Inc
        549300JLWRRC38DWEF52
        
        55024U109
        
          
          
        
        34752.00000000
        NS
        USD
        3259737.60000000
        0.313886959346
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Edwards Lifesciences Corp
        YA13X31F3V31L8TMPR58
        
        28176E108
        
          
          
        
        9024.00000000
        NS
        USD
        745201.92000000
        0.071757053318
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Caterpillar Inc
        WRJR7GS4GTRECRRTVX92
        
        149123101
        
          
          
        
        74365.00000000
        NS
        USD
        13596896.60000000
        1.309273645316
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tesla Inc
        54930043XZGB27CTOV49
        
        88160R101
        
          
          
        
        19547.00000000
        NS
        USD
        15511130.91000000
        1.493599275404
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Anthem Inc
        8MYN82XMYQH89CTMTH67
        
        036752103
        
          
          
        
        33039.00000000
        NS
        USD
        9811922.22000000
        0.944810536585
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Quidel Corp
        549300X2FQ6S98OQLQ46
        
        74838J101
        
          
          
        
        23415.00000000
        NS
        USD
        5876462.55000000
        0.565856884165
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Starwood Property Trust Inc
        BUGSFQZERKRBFWIG5267
        
        85571B105
        
          
          
        
        30197.00000000
        NS
        USD
        566495.72000000
        0.054549059112
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AMERCO
        5493003WIDMLDHYC6Y24
        
        023586100
        
          
          
        
        2924.00000000
        NS
        USD
        1352174.56000000
        0.130203719816
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Johnson & Johnson
        549300G0CFPGEF6X2043
        
        478160104
        
          
          
        
        150291.00000000
        NS
        USD
        24516970.83000000
        2.360790459398
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Omnicom Group Inc
        HKUPACFHSSASQK8HLS17
        
        681919106
        
          
          
        
        99154.00000000
        NS
        USD
        6185226.52000000
        0.595588413384
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Costco Wholesale Corp
        29DX7H14B9S6O3FD6V18
        
        22160K105
        
          
          
        
        44090.00000000
        NS
        USD
        15538638.70000000
        1.496248058104
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Santander Consumer USA Holding
        5493004SHNXEHHZ58X76
        
        80283M101
        
          
          
        
        23470.00000000
        NS
        USD
        518687.00000000
        0.049945457352
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Camden Property Trust
        5493002MYX22OHYJBD89
        
        133131102
        
          
          
        
        16672.00000000
        NS
        USD
        1703044.80000000
        0.163989749942
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Equity LifeStyle Properties In
        529900PEQG66LENB6798
        
        29472R108
        
          
          
        
        107179.00000000
        NS
        USD
        6520770.36000000
        0.627898632361
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Thermo Fisher Scientific Inc
        HCHV7422L5HDJZCRFL38
        
        883556102
        
          
          
        
        25865.00000000
        NS
        USD
        13183390.50000000
        1.269456277071
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NXP Semiconductors NV
        724500M9BY5293JDF951
        
        000000000
        
          
          
        
        35480.00000000
        NS
        USD
        5693475.60000000
        0.548236687578
        Long
        EC
        CORP
        NL
        N
        
        1
        
          N
          N
          N
        
      
      
        Western Union Co/The
        28ID94QU1140NC23S047
        
        959802109
        
          
          
        
        351648.00000000
        NS
        USD
        7831200.96000000
        0.754082738858
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dick's Sporting Goods Inc
        529900SSBV5I4LWSK313
        
        253393102
        
          
          
        
        139183.00000000
        NS
        USD
        9326652.83000000
        0.898082930875
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Texas Instruments Inc
        WDJNR2L6D8RWOEB8T652
        
        882508104
        
          
          
        
        8180.00000000
        NS
        USD
        1355344.20000000
        0.130508931088
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Interactive Brokers Group Inc
        5493004DT6DCDUZNDM53
        
        45841N107
        
          
          
        
        2827.00000000
        NS
        USD
        172984.13000000
        0.016657004103
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Old Republic International Cor
        N/A
        
        680223104
        
          
          
        
        54782.00000000
        NS
        USD
        991554.20000000
        0.095478830217
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Estee Lauder Cos Inc/The
        549300VFZ8XJ9NUPU221
        
        518439104
        
          
          
        
        49909.00000000
        NS
        USD
        11810964.85000000
        1.137302537393
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Otis Worldwide Corp
        549300ZLBKR8VSU25153
        
        68902V107
        
          
          
        
        32321.00000000
        NS
        USD
        2089552.65000000
        0.201207400161
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Monster Beverage Corp
        52990090AP0E7HCB6F33
        
        61174X109
        
          
          
        
        132058.00000000
        NS
        USD
        11466596.14000000
        1.104142553204
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Zoetis Inc
        549300HD9Q1LOC9KLJ48
        
        98978V103
        
          
          
        
        81202.00000000
        NS
        USD
        12525408.50000000
        1.206097812486
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Signature Bank/New York NY
        VLP5AP0XK2GM6GKD1007
        
        82669G104
        
          
          
        
        11761.00000000
        NS
        USD
        1942799.59000000
        0.187076240714
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Jabil Inc
        5493000CGCQY2OQU7669
        
        466313103
        
          
          
        
        16282.00000000
        NS
        USD
        673586.34000000
        0.064861039158
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First Solar Inc
        549300NPYMLM4NHTOF27
        
        336433107
        
          
          
        
        19527.00000000
        NS
        USD
        1936102.05000000
        0.186431320563
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Advanced Micro Devices Inc
        R2I72C950HOYXII45366
        
        007903107
        
          
          
        
        19781.00000000
        NS
        USD
        1694044.84000000
        0.163123124948
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Old Dominion Freight Line Inc
        5299009TWK32WE417T96
        
        679580100
        
          
          
        
        35763.00000000
        NS
        USD
        6938022.00000000
        0.668076666496
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Everest Re Group Ltd
        549300N24XF2VV0B3570
        
        000000000
        
          
          
        
        2218.00000000
        NS
        USD
        468175.44000000
        0.045081593470
        Long
        EC
        CORP
        BM
        
        N
        
        1
        
          N
          N
          N
        
      
      
        PerkinElmer Inc
        549300IKL1SDPFI7N655
        
        714046109
        
          
          
        
        1610.00000000
        NS
        USD
        236782.70000000
        0.022800302002
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Booz Allen Hamilton Holding Co
        529900JPV47PIUWMA015
        
        099502106
        
          
          
        
        9444.00000000
        NS
        USD
        804345.48000000
        0.077452110556
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Watsco Inc
        549300F1Y3LN5BX5WN75
        
        942622200
        
          
          
        
        1241.00000000
        NS
        USD
        295966.09000000
        0.028499194554
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity National Information
        6WQI0GK1PRFVBA061U48
        
        31620M106
        
          
          
        
        102149.00000000
        NS
        USD
        12611315.54000000
        1.214369981256
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Donaldson Co Inc
        OZE6KXY9QQPR8EJ8WL20
        
        257651109
        
          
          
        
        14523.00000000
        NS
        USD
        863247.12000000
        0.083123872811
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mettler-Toledo International I
        5493000BD5GJNUDIUG10
        
        592688105
        
          
          
        
        9481.00000000
        NS
        USD
        11074756.10000000
        1.066411455246
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chubb Ltd
        E0JAN6VLUDI1HITHT809
        
        000000000
        
          
          
        
        72620.00000000
        NS
        USD
        10578555.40000000
        1.018631250806
        Long
        EC
        CORP
        CH
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Uber Technologies Inc
        549300B2FTG34FILDR98
        
        90353T100
        
          
          
        
        73115.00000000
        NS
        USD
        3723746.95000000
        0.358567391287
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EOG Resources Inc
        XWTZDRYZPBUHIQBKDB46
        
        26875P101
        
          
          
        
        93197.00000000
        NS
        USD
        4749319.12000000
        0.457321883069
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Seagen Inc
        N/A
        
        81181C104
        
          
          
        
        8973.00000000
        NS
        USD
        1473994.71000000
        0.141934037149
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First Republic Bank/CA
        YWC0TIKBQM2JV8L4IV08
        
        33616C100
        
          
          
        
        24258.00000000
        NS
        USD
        3517167.42000000
        0.338675415768
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PayPal Holdings Inc
        5493005X2GO78EFZ3E94
        
        70450Y103
        
          
          
        
        82479.00000000
        NS
        USD
        19325654.49000000
        1.860907738479
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Philip Morris International In
        HL3H1H2BGXWVG3BSWR90
        
        718172109
        
          
          
        
        182794.00000000
        NS
        USD
        14559542.10000000
        1.401968796276
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Etsy Inc
        54930089Q7XT501AEA40
        
        29786A106
        
          
          
        
        13435.00000000
        NS
        USD
        2674774.15000000
        0.257559603841
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Exxon Mobil Corp
        J3WHBG0MTS7O8ZVMDC91
        
        30231G102
        
          
          
        
        2920.00000000
        NS
        USD
        130932.80000000
        0.012607793483
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Facebook Inc
        BQ4BKCS1HXDV9HN80Z93
        
        30303M102
        
          
          
        
        117757.00000000
        NS
        USD
        30420165.81000000
        2.929221465226
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        West Pharmaceutical Services I
        5493007NKRGM1RJQ1P16
        
        955306105
        
          
          
        
        38349.00000000
        NS
        USD
        11485142.01000000
        1.105928373861
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Prologis Inc
        529900DFH19P073LZ636
        
        74340W103
        
          
          
        
        125930.00000000
        NS
        USD
        12995976.00000000
        1.251409742423
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      
    
    
      2021-03-30
      Goldman Sachs Trust
      Peter Fortner
      Peter Fortner
      Vice President Assistant Treasurer
    
  
  XXXX

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

 

Schedule of Investments

January 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

 

Schedule of Investments (continued)

January 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

 

Schedule of Investments (continued)

January 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

 

Schedule of Investments

January 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

 

Schedule of Investments (continued)

January 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

 

Schedule of Investments (continued)

January 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

 

Schedule of Investments (continued)

January 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

 

Schedule of Investments (continued)

January 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

 

Schedule of Investments

January 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

 

Schedule of Investments (continued)

January 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

 

Schedule of Investments (continued)

January 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

 

Schedule of Investments (continued)

January 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

 

Schedule of Investments (continued)

January 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

 

Schedule of Investments (continued)

January 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

 

Schedule of Investments (continued)

January 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

 

Schedule of Investments (continued)

January 31, 2021 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION

 

 

FUTURES CONTRACTS — At January 31, 2021, the Fund had the following futures contracts:

 

Description		Number of Contracts		Expiration Date		Notional Amount				Unrealized Appreciation/ (Depreciation)
E-mini Russell 2000 Index		54		03/19/21		$	5,689,633			$	(105,493	)

---

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

 

Schedule of Investments

January 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

 

Schedule of Investments (continued)

January 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

 

Schedule of Investments (continued)

January 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

 

Schedule of Investments (continued)

January 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

 

Schedule of Investments (continued)

January 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

 

Schedule of Investments (continued)

January 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

 

Schedule of Investments (continued)

January 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

 

Schedule of Investments

January 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

 

Schedule of Investments (continued)

January 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

 

Schedule of Investments (continued)

January 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

 

Schedule of Investments (continued)

January 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

 

Schedule of Investments (continued)

January 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

 

Schedule of Investments (continued)

January 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

 

Schedule of Investments (continued)

January 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

 

Schedule of Investments (continued)

January 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

 

Schedule of Investments

January 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

 

Schedule of Investments (continued)

January 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

 

Schedule of Investments (continued)

January 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

 

Schedule of Investments (continued)

January 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUND

 

Schedule of Investments (continued)

January 31, 2021 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS

 

 

A. 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. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

B. 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 may be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

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

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying 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 an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUND

 

Schedule of Investments (continued)

January 31, 2021 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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

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

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

Securities Lending — Pursuant to exemptive relief granted by the 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 Fund by paying an amount equal to the market value of the securities loaned minus the value of the cash collateral received from the borrower for the loan, subject to the exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds may enter into master netting agreement with borrowers, which 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 t 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 is at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of January 31, 2021, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities where applicable. The Large Cap Growth Insights, Large Cap Value Insights Small Cap Equity Insights and U.S. Equity Insights Funds did not have securities on loan as of January 31, 2021.

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUND

 

Schedule of Investments (continued)

January 31, 2021 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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

D. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of January 31, 2021:

 

LARGE CAP GROWTH INSIGHTS FUND
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe		$	5,510,058			$	—			$	—
North America			1,907,725,701				—				—
Total		$	1,913,235,759			$	—			$	—
LARGE CAP VALUE INSIGHTS FUND
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe		$	3,841,139			$	—			$	—
North America			351,711,240				—				—
South America			103,068				—				—
Total		$	355,655,447			$	—			$	—
SMALL CAP EQUITY INSIGHTS FUND
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia		$	4,557,095			$	—			$	—
Europe			1,819,850				—				—
North America			502,432,677				—				11,564
Investment Company			485,711				—				—
Total		$	509,295,333			$	—			$	11,564
Derivative Type
Liabilities(b)
Futures Contracts		$	(105,493	)		$	—			$	—

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUND

 

Schedule of Investments (continued)

January 31, 2021 (Unaudited)

 

SMALL CAP GROWTH INSIGHTS FUND
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia		$	13,577,128			$	—			$	—
Europe			1,168,773				—				—
North America			1,148,032,588				—				—
Securities Lending Reinvestment Vehicle			17,394,520				—				—
Total		$	1,180,173,009			$	—			$	—
SMALL CAP VALUE INSIGHTS FUND
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia		$	1,753,257			$	—			$	—
Europe			5,681,301				—				—
North America			959,439,190				—				—
Securities Lending Reinvestment Vehicle			9,291,940				—				—
Total		$	976,165,688			$	—			$	—
U.S. EQUITY INSIGHTS FUND
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe		$	5,693,476			$	—			$	—
North America			1,023,139,353				—				—
Total		$	1,028,832,829			$	—			$	—

 

(a)

Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table.

 

(b)

Amount shown represents unrealized loss at period end.

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

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GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUND

 

Schedule of Investments (continued)

January 31, 2021 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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

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

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

Foreign Custody Risk — If a Fund invests in foreign securities, 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.

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. 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 Large Cap Growth Insights Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets 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.