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March 30, 2021 2:57 PM EDT

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      Goldman Sachs Trust
      811-05349
      0000822977
      S2FHCT8U6D2VORP0J605
      71 South Wacker Drive
      Chicago
      
      60606
      312-655-4400
      Goldman Sachs Small Cap Equity Insights Fund
      S000009329
      UBB2S4ORVV98300HEK13
      2021-10-31
      2021-01-29
      N
    
    
      526940499.89
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      N
      
        
          
          
          
          
          
          
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        CytomX Therapeutics Inc
        5493004VW2FW0QLL3345
        CytomX Therapeutics Inc
        23284F105
        
          
          
        
        11466.00000000
        NS
        USD
        79230.06000000
        0.015268853786
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CTS Corp
        549300YV1HQLBVHOI649
        CTS Corp
        126501105
        
          
          
        
        40542.00000000
        NS
        USD
        1236531.00000000
        0.238298583158
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Inspire Medical Systems Inc
        549300XQQCQ7HCJKTW25
        Inspire Medical Systems Inc
        457730109
        
          
          
        
        1903.00000000
        NS
        USD
        383473.53000000
        0.073901259958
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chart Industries Inc
        EM7QGKC1GYOF3LSZSL80
        Chart Industries Inc
        16115Q308
        
          
          
        
        5685.00000000
        NS
        USD
        682825.35000000
        0.131590969777
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HNI Corp
        549300SKRADLC4O5HV93
        HNI Corp
        404251100
        
          
          
        
        46033.00000000
        NS
        USD
        1485024.58000000
        0.286187126218
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Appian Corp
        529900NIARIFW7HGU386
        Appian Corp
        03782L101
        
          
          
        
        1180.00000000
        NS
        USD
        257782.80000000
        0.049678718934
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Prestige Consumer Healthcare I
        N/A
        Prestige Consumer Healthcare Inc
        74112D101
        
          
          
        
        84644.00000000
        NS
        USD
        3385760.00000000
        0.652488138927
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Columbus McKinnon Corp/NY
        549300W3HQB0HO1F3G69
        Columbus McKinnon Corp/NY
        199333105
        
          
          
        
        35326.00000000
        NS
        USD
        1525729.94000000
        0.294031676508
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SiTime Corp
        N/A
        SiTime Corp
        82982T106
        
          
          
        
        3243.00000000
        NS
        USD
        395808.15000000
        0.076278331354
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EastGroup Properties Inc
        31TIGQQZC4P6JMHKSW85
        EastGroup Properties Inc
        277276101
        
          
          
        
        12709.00000000
        NS
        USD
        1717494.26000000
        0.330987616761
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PennyMac Mortgage Investment T
        549300BSSOQO1ZWDUJ97
        PennyMac Mortgage Investment Trust
        70931T103
        
          
          
        
        116218.00000000
        NS
        USD
        2004760.50000000
        0.386348249031
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Y-mAbs Therapeutics Inc
        N/A
        Y-mAbs Therapeutics Inc
        984241109
        
          
          
        
        9111.00000000
        NS
        USD
        382753.11000000
        0.073762423920
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Stewart Information Services C
        529900TV1XI0PLKENU10
        Stewart Information Services Corp
        860372101
        
          
          
        
        61344.00000000
        NS
        USD
        2845134.72000000
        0.548301314461
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Perspecta Inc
        549300XIT2GJKMZC0O65
        Perspecta Inc
        715347100
        
          
          
        
        70613.00000000
        NS
        USD
        2044246.35000000
        0.393957780947
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Industrial Logistics Propertie
        5493004XH9PJW009HR47
        Industrial Logistics Properties Trust
        456237106
        
          
          
        
        69845.00000000
        NS
        USD
        1481412.45000000
        0.285491013091
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EverQuote Inc
        N/A
        EverQuote Inc
        30041R108
        
          
          
        
        17301.00000000
        NS
        USD
        779583.06000000
        0.150237671884
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        James River Group Holdings Ltd
        N/A
        James River Group Holdings Ltd
        000000000
        
          
          
        
        18444.00000000
        NS
        USD
        820389.12000000
        0.158101628616
        Long
        EC
        CORP
        BM
        
        N
        
        1
        
          N
          N
          N
        
      
      
        HCI Group Inc
        549300CZF7EZJH0MPH74
        HCI Group Inc
        40416E103
        
          
          
        
        4152.00000000
        NS
        USD
        230975.76000000
        0.044512589132
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Calix Inc
        5299002RQRZ4SXSCSJ58
        Calix Inc
        13100M509
        
          
          
        
        32867.00000000
        NS
        USD
        992583.40000000
        0.191286120515
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FuelCell Energy Inc
        549300SRU8020X1X9J22
        FuelCell Energy Inc
        35952H601
        
          
          
        
        28659.00000000
        NS
        USD
        594960.84000000
        0.114658124387
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chuy's Holdings Inc
        N/A
        Chuy's Holdings Inc
        171604101
        
          
          
        
        8953.00000000
        NS
        USD
        314071.24000000
        0.060526368932
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vector Group Ltd
        549300TUIF4WWN6NDN50
        Vector Group Ltd
        92240M108
        
          
          
        
        65458.00000000
        NS
        USD
        768476.92000000
        0.148097347520
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Proto Labs Inc
        529900QHG5MGWT2WQQ09
        Proto Labs Inc
        743713109
        
          
          
        
        3999.00000000
        NS
        USD
        846988.20000000
        0.163227681321
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        GameStop Corp
        549300505KLOET039L77
        GameStop Corp
        36467W109
        
          
          
        
        900.00000000
        NS
        USD
        292500.00000000
        0.056369258493
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Retail Properties of America I
        549300OVTYLM7DH6CM14
        Retail Properties of America Inc
        76131V202
        
          
          
        
        16389.00000000
        NS
        USD
        150942.69000000
        0.029088982941
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Viavi Solutions Inc
        5493006K3E3N1QOBF092
        Viavi Solutions Inc
        925550105
        
          
          
        
        131895.00000000
        NS
        USD
        2037777.75000000
        0.392711182022
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Eagle Pharmaceuticals Inc/DE
        549300TN20OLYTJVP152
        Eagle Pharmaceuticals Inc/DE
        269796108
        
          
          
        
        3890.00000000
        NS
        USD
        181546.30000000
        0.034986770301
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Haynes International Inc
        549300I9MS5UZLRFDO40
        Haynes International Inc
        420877201
        
          
          
        
        38497.00000000
        NS
        USD
        892745.43000000
        0.172045804828
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        International Bancshares Corp
        549300Y16R531AU8TX77
        International Bancshares Corp
        459044103
        
          
          
        
        96062.00000000
        NS
        USD
        3632104.22000000
        0.699962467185
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NextCure Inc
        549300Y5PR6RJR1STI24
        NextCure Inc
        65343E108
        
          
          
        
        8309.00000000
        NS
        USD
        96301.31000000
        0.018558746791
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vonage Holdings Corp
        529900W7N0N4WLN1JY21
        Vonage Holdings Corp
        92886T201
        
          
          
        
        17828.00000000
        NS
        USD
        222493.44000000
        0.042877915324
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First Foundation Inc
        549300MLBB1IY0K7IR56
        First Foundation Inc
        32026V104
        
          
          
        
        138632.00000000
        NS
        USD
        2808684.32000000
        0.541276760547
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        National HealthCare Corp
        N/A
        National HealthCare Corp
        635906100
        
          
          
        
        7589.00000000
        NS
        USD
        486075.45000000
        0.093674231412
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cowen Inc
        5493008QI0EFC5WBED75
        Cowen Inc
        223622606
        
          
          
        
        80637.00000000
        NS
        USD
        2028020.55000000
        0.390830819188
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Shake Shack Inc
        529900J74GJAHYP80N79
        Shake Shack Inc
        819047101
        
          
          
        
        4874.00000000
        NS
        USD
        552809.08000000
        0.106534830522
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Immunovant Inc
        N/A
        Immunovant Inc
        45258J102
        
          
          
        
        38171.00000000
        NS
        USD
        1489814.13000000
        0.287110146327
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EMCOR Group Inc
        529900X0SQJB2J7YDU43
        EMCOR Group Inc
        29084Q100
        
          
          
        
        11953.00000000
        NS
        USD
        1055449.90000000
        0.203401464067
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Box Inc
        549300KQUCPD8687YS68
        Box Inc
        10316T104
        
          
          
        
        123900.00000000
        NS
        USD
        2148426.00000000
        0.414034805291
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        nLight Inc
        N/A
        nLight Inc
        65487K100
        
          
          
        
        21761.00000000
        NS
        USD
        689388.48000000
        0.132855786090
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        G1 Therapeutics Inc
        529900TC35UPZQYRKW13
        G1 Therapeutics Inc
        3621LQ109
        
          
          
        
        34214.00000000
        NS
        USD
        825583.82000000
        0.159102727375
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Owens & Minor Inc
        549300LMT5KQQXCEZ733
        Owens & Minor Inc
        690732102
        
          
          
        
        13346.00000000
        NS
        USD
        388101.68000000
        0.074793175800
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Caesars Entertainment Inc
        549300FA4CTCW903Y781
        Caesars Entertainment Inc
        12769G100
        
          
          
        
        2780.00000000
        NS
        USD
        195684.20000000
        0.037711361548
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Amneal Pharmaceuticals Inc
        549300VV176ZO5WQHZ61
        Amneal Pharmaceuticals Inc
        03168L105
        
          
          
        
        100016.00000000
        NS
        USD
        481076.96000000
        0.092710945344
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Plexus Corp
        549300W7HCBI5YT25I79
        Plexus Corp
        729132100
        
          
          
        
        22409.00000000
        NS
        USD
        1723700.28000000
        0.332183612472
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Workhorse Group Inc
        5493006JUAG258V8X854
        Workhorse Group Inc
        98138J206
        
          
          
        
        11191.00000000
        NS
        USD
        384075.12000000
        0.074017195624
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ORBCOMM Inc
        529900PSC8WVCY267I23
        ORBCOMM Inc
        68555P100
        
          
          
        
        189667.00000000
        NS
        USD
        1420605.83000000
        0.273772640165
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Conduent Inc
        549300SFJ2D2CYY6CQ11
        Conduent Inc
        206787103
        
          
          
        
        99588.00000000
        NS
        USD
        480014.16000000
        0.092506127403
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Universal Health Realty Income
        549300L4MWZL4IH6H172
        Universal Health Realty Income Trust
        91359E105
        
          
          
        
        3485.00000000
        NS
        USD
        207984.80000000
        0.040081876765
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Standard Motor Products Inc
        THGK1EO5B5HK0JHQVZ90
        Standard Motor Products Inc
        853666105
        
          
          
        
        53009.00000000
        NS
        USD
        2079543.07000000
        0.400760002942
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Wabash National Corp
        5299004ZAWHQZI5XO485
        Wabash National Corp
        929566107
        
          
          
        
        43794.00000000
        NS
        USD
        698514.30000000
        0.134614472266
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Buckle Inc/The
        5299007IU0461T3GDL34
        Buckle Inc/The
        118440106
        
          
          
        
        64209.00000000
        NS
        USD
        2524697.88000000
        0.486548196291
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Penn National Gaming Inc
        N/A
        Penn National Gaming Inc
        707569109
        
          
          
        
        22379.00000000
        NS
        USD
        2321149.88000000
        0.447321359273
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LeMaitre Vascular Inc
        549300FZUBUB7MHY8R17
        LeMaitre Vascular Inc
        525558201
        
          
          
        
        3635.00000000
        NS
        USD
        174698.10000000
        0.033667016605
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Haverty Furniture Cos Inc
        529900CVFMMIRXZVPD70
        Haverty Furniture Cos Inc
        419596101
        
          
          
        
        77078.00000000
        NS
        USD
        2519679.82000000
        0.485581138782
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Maxar Technologies Inc
        549300OEN2G821MIJ922
        Maxar Technologies Inc
        57778K105
        
          
          
        
        18553.00000000
        NS
        USD
        776814.11000000
        0.149704052539
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Darling Ingredients Inc
        L1N0SPPKS7EXZYUMZ898
        Darling Ingredients Inc
        237266101
        
          
          
        
        74490.00000000
        NS
        USD
        4619124.90000000
        0.890176565814
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Caleres Inc
        JFU6RQQJ8Z1CPOLBXQ18
        Caleres Inc
        129500104
        
          
          
        
        10032.00000000
        NS
        USD
        151583.52000000
        0.029212480759
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Quanex Building Products Corp
        5493000TL30VL5WOAW87
        Quanex Building Products Corp
        747619104
        
          
          
        
        53579.00000000
        NS
        USD
        1178202.21000000
        0.227057726266
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        eXp World Holdings Inc
        549300TWVVZC283VEC32
        eXp World Holdings Inc
        30212W100
        
          
          
        
        4259.00000000
        NS
        USD
        453966.81000000
        0.087486401573
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Xperi Holding Corp
        N/A
        Xperi Holding Corp
        98390M103
        
          
          
        
        35231.00000000
        NS
        USD
        678549.06000000
        0.130766862781
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Physicians Realty Trust
        549300ITOVH0OY7PZC34
        Physicians Realty Trust
        71943U104
        
          
          
        
        104614.00000000
        NS
        USD
        1844344.82000000
        0.355433674903
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ambarella Inc
        254900XN7F4DG0CEKC02
        Ambarella Inc
        000000000
        
          
          
        
        24111.00000000
        NS
        USD
        2275113.96000000
        0.438449527907
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Marriott Vacations Worldwide C
        549300WA6BT5H4F7IO94
        Marriott Vacations Worldwide Corp
        57164Y107
        
          
          
        
        2204.00000000
        NS
        USD
        270563.04000000
        0.052141668172
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Camping World Holdings Inc
        549300E828QQI7MWI432
        Camping World Holdings Inc
        13462K109
        
          
          
        
        68948.00000000
        NS
        USD
        2355263.68000000
        0.453895614351
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lithia Motors Inc
        SE8N1EZEHPZQBCBVKD53
        Lithia Motors Inc
        536797103
        
          
          
        
        776.00000000
        NS
        USD
        247295.68000000
        0.047657689265
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Selecta Biosciences Inc
        529900NMN0LACZOL7C43
        Selecta Biosciences Inc
        816212104
        
          
          
        
        223535.00000000
        NS
        USD
        894140.00000000
        0.172314559963
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Clearwater Paper Corp
        549300HCVV19GXN4P292
        Clearwater Paper Corp
        18538R103
        
          
          
        
        15488.00000000
        NS
        USD
        589783.04000000
        0.113660282518
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cloudera Inc
        549300PGONC4JOI0RG62
        Cloudera Inc
        18914U100
        
          
          
        
        128318.00000000
        NS
        USD
        1959415.86000000
        0.377609637976
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lumber Liquidators Holdings In
        N/A
        Lumber Liquidators Holdings Inc
        55003T107
        
          
          
        
        16898.00000000
        NS
        USD
        472468.08000000
        0.091051881474
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Merit Medical Systems Inc
        549300OYTY138SP2CE83
        Merit Medical Systems Inc
        589889104
        
          
          
        
        33265.00000000
        NS
        USD
        1801299.75000000
        0.347138226432
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Xencor Inc
        549300V5IF65437JKG30
        Xencor Inc
        98401F105
        
          
          
        
        70826.00000000
        NS
        USD
        3240289.50000000
        0.624453731345
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fabrinet
        5493004TETZ6IYF7CV44
        Fabrinet
        000000000
        
          
          
        
        39814.00000000
        NS
        USD
        3142917.16000000
        0.605688580564
        Long
        EC
        CORP
        TH
        N
        
        1
        
          N
          N
          N
        
      
      
        Washington Federal Inc
        N/A
        Washington Federal Inc
        938824109
        
          
          
        
        88532.00000000
        NS
        USD
        2317767.76000000
        0.446669572618
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        B&G Foods Inc
        549300TRW1LZMDJZAQ78
        B&G Foods Inc
        05508R106
        
          
          
        
        6283.00000000
        NS
        USD
        239256.64000000
        0.046108442346
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ardelyx Inc
        549300F542QR4SXHCY32
        Ardelyx Inc
        039697107
        
          
          
        
        40273.00000000
        NS
        USD
        273453.67000000
        0.052698737128
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Community Health Systems Inc
        N/A
        Community Health Systems Inc
        203668108
        
          
          
        
        167650.00000000
        NS
        USD
        1562498.00000000
        0.301117448400
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PotlatchDeltic Corp
        54930084YA8UJOTXDM59
        PotlatchDeltic Corp
        737630103
        
          
          
        
        44377.00000000
        NS
        USD
        2119445.52000000
        0.408449820100
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Gray Television Inc
        529900TM5726KDN7UU35
        Gray Television Inc
        389375106
        
          
          
        
        62954.00000000
        NS
        USD
        1073365.70000000
        0.206854114875
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Neogen Corp
        549300HJT9FC36N4UW43
        Neogen Corp
        640491106
        
          
          
        
        15508.00000000
        NS
        USD
        1254131.96000000
        0.241690559445
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Magnite Inc
        54930018FR2YX1HHSB02
        Magnite Inc
        55955D100
        
          
          
        
        30043.00000000
        NS
        USD
        1040689.52000000
        0.200556911330
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Domo Inc
        549300X57AGT5JULJ761
        Domo Inc
        257554105
        
          
          
        
        36515.00000000
        NS
        USD
        2314685.85000000
        0.446075641057
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Loral Space & Communications I
        5299008CJ8NPI54F8D37
        Loral Space & Communications Inc
        543881106
        
          
          
        
        3617.00000000
        NS
        USD
        91871.80000000
        0.017705111939
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AMC Entertainment Holdings Inc
        549300ZO77UNR6NRBR11
        AMC Entertainment Holdings Inc
        00165C104
        
          
          
        
        12305.00000000
        NS
        USD
        163164.30000000
        0.031444275567
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Four Corners Property Trust In
        549300SVTPZPBDVNER42
        Four Corners Property Trust Inc
        35086T109
        
          
          
        
        42676.00000000
        NS
        USD
        1124939.36000000
        0.216793154096
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sangamo Therapeutics Inc
        2549006WMRKRC4G32Z67
        Sangamo Therapeutics Inc
        800677106
        
          
          
        
        41677.00000000
        NS
        USD
        569307.82000000
        0.109714392026
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mimecast Ltd
        254900ELSYFSTT9X2740
        Mimecast Ltd
        000000000
        
          
          
        
        16444.00000000
        NS
        USD
        708078.64000000
        0.136457668005
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Rambus Inc
        2549000211GDCQSLV833
        Rambus Inc
        750917106
        
          
          
        
        25192.00000000
        NS
        USD
        478522.04000000
        0.092218572880
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Belden Inc
        68BKYO1JC791TTJHUE82
        Belden Inc
        077454106
        
          
          
        
        25384.00000000
        NS
        USD
        1199140.16000000
        0.231092791961
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Huron Consulting Group Inc
        549300NGVB9H6TKTLE36
        Huron Consulting Group Inc
        447462102
        
          
          
        
        10888.00000000
        NS
        USD
        576628.48000000
        0.111125196046
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Arcturus Therapeutics Holdings
        N/A
        Arcturus Therapeutics Holdings Inc
        03969T109
        
          
          
        
        2519.00000000
        NS
        USD
        182526.74000000
        0.035175716201
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Benchmark Electronics Inc
        549300W18RHYZOZKOP53
        Benchmark Electronics Inc
        08160H101
        
          
          
        
        31316.00000000
        NS
        USD
        793234.28000000
        0.152868472393
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Washington Trust Bancorp Inc
        J66MZFCNJPP3PERHZW54
        Washington Trust Bancorp Inc
        940610108
        
          
          
        
        5823.00000000
        NS
        USD
        253766.34000000
        0.048904685184
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vishay Intertechnology Inc
        5493009O8F3QQJTCQR75
        Vishay Intertechnology Inc
        928298108
        
          
          
        
        116283.00000000
        NS
        USD
        2505898.65000000
        0.482925294905
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bed Bath & Beyond Inc
        529900ZBUWWUV7BKGX39
        Bed Bath & Beyond Inc
        075896100
        
          
          
        
        21568.00000000
        NS
        USD
        761997.44000000
        0.146848651851
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Container Store Group Inc/The
        529900L7KB2N9KXCDI76
        Container Store Group Inc/The
        210751103
        
          
          
        
        11214.00000000
        NS
        USD
        152846.82000000
        0.029455938141
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ChemoCentryx Inc
        529900YTTXUSFQTAKY40
        ChemoCentryx Inc
        16383L106
        
          
          
        
        5460.00000000
        NS
        USD
        311274.60000000
        0.059987413298
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lattice Semiconductor Corp
        549300LRBBPZDQ2II567
        Lattice Semiconductor Corp
        518415104
        
          
          
        
        6746.00000000
        NS
        USD
        270582.06000000
        0.052145333619
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ovintiv Inc
        N/A
        Ovintiv Inc
        69047Q102
        
          
          
        
        44712.00000000
        NS
        USD
        704661.12000000
        0.135799059225
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        GoPro Inc
        549300CQJMLT21SZFL16
        GoPro Inc
        38268T103
        
          
          
        
        43195.00000000
        NS
        USD
        386595.25000000
        0.074502863519
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Insmed Inc
        529900Q55QAG41CCAC11
        Insmed Inc
        457669307
        
          
          
        
        4646.00000000
        NS
        USD
        174643.14000000
        0.033656424966
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Visteon Corp
        549300MOVLYHRW4GGW78
        Visteon Corp
        92839U206
        
          
          
        
        26380.00000000
        NS
        USD
        3362922.40000000
        0.648086981396
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Myriad Genetics Inc
        52990044IHUOUMETT163
        Myriad Genetics Inc
        62855J104
        
          
          
        
        81540.00000000
        NS
        USD
        2246427.00000000
        0.432921108544
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Oil States International Inc
        5493004TF4KQJGMYL777
        Oil States International Inc
        678026105
        
          
          
        
        42506.00000000
        NS
        USD
        238033.60000000
        0.045872743687
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kadmon Holdings Inc
        549300BBVICD23L50606
        Kadmon Holdings Inc
        48283N106
        
          
          
        
        241497.00000000
        NS
        USD
        1159185.60000000
        0.223392932403
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Redfin Corp
        549300HXWD3JEMZU3O57
        Redfin Corp
        75737F108
        
          
          
        
        55835.00000000
        NS
        USD
        3976010.35000000
        0.766238479285
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Flagstar Bancorp Inc
        549300Q22V2Y3J4R2715
        Flagstar Bancorp Inc
        337930705
        
          
          
        
        54877.00000000
        NS
        USD
        2351479.45000000
        0.453166334901
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Enova International Inc
        549300O8XOCQSB49UO63
        Enova International Inc
        29357K103
        
          
          
        
        84758.00000000
        NS
        USD
        1915530.80000000
        0.369152310485
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ultra Clean Holdings Inc
        5493007L6LS7QX18PE75
        Ultra Clean Holdings Inc
        90385V107
        
          
          
        
        45703.00000000
        NS
        USD
        1764135.80000000
        0.339976160435
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NorthWestern Corp
        3BPWMBHR1R9SHUN7J795
        NorthWestern Corp
        668074305
        
          
          
        
        51763.00000000
        NS
        USD
        2819530.61000000
        0.543367007811
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cohen & Steers Inc
        549300XXIA338A0X2K65
        Cohen & Steers Inc
        19247A100
        
          
          
        
        36227.00000000
        NS
        USD
        2372868.50000000
        0.457288334519
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TriState Capital Holdings Inc
        5493003JKSPN0881WX29
        TriState Capital Holdings Inc
        89678F100
        
          
          
        
        59090.00000000
        NS
        USD
        1084301.50000000
        0.208961612096
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Amicus Therapeutics Inc
        549300MRD1SMUTNBPQ53
        Amicus Therapeutics Inc
        03152W109
        
          
          
        
        101004.00000000
        NS
        USD
        1909985.64000000
        0.368083672682
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vectrus Inc
        N/A
        Vectrus Inc
        92242T101
        
          
          
        
        10949.00000000
        NS
        USD
        562778.60000000
        0.108456110693
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        KBR Inc
        254900OFQDXZRKRCV808
        KBR Inc
        48242W106
        
          
          
        
        1841.00000000
        NS
        USD
        53481.05000000
        0.010306622673
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kraton Corp
        N/A
        Kraton Corp
        50077C106
        
          
          
        
        26686.00000000
        NS
        USD
        749342.88000000
        0.144409923086
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Arconic Corp
        549300B4YFWH3U74B152
        Arconic Corp
        03966V107
        
          
          
        
        17674.00000000
        NS
        USD
        445384.80000000
        0.085832515966
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Advanced Energy Industries Inc
        549300756XI3QLFT2U27
        Advanced Energy Industries Inc
        007973100
        
          
          
        
        3975.00000000
        NS
        USD
        407755.50000000
        0.078580769851
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Artisan Partners Asset Managem
        549300T1FUI6JF63XU51
        Artisan Partners Asset Management Inc
        04316A108
        
          
          
        
        20520.00000000
        NS
        USD
        993168.00000000
        0.191398781946
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kforce Inc
        5493003RDQQDVXY2SK46
        Kforce Inc
        493732101
        
          
          
        
        16084.00000000
        NS
        USD
        685982.60000000
        0.132199420517
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Great Lakes Dredge & Dock Corp
        549300H65E3MZ1CX0P05
        Great Lakes Dredge & Dock Corp
        390607109
        
          
          
        
        112001.00000000
        NS
        USD
        1526573.63000000
        0.294194268576
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vishay Precision Group Inc
        N/A
        Vishay Precision Group Inc
        92835K103
        
          
          
        
        43659.00000000
        NS
        USD
        1396651.41000000
        0.269156254206
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vista Outdoor Inc
        549300QI2D33ESTJLN81
        Vista Outdoor Inc
        928377100
        
          
          
        
        103776.00000000
        NS
        USD
        3027145.92000000
        0.583377678158
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Taylor Morrison Home Corp
        5299009UDLLGLKOOJE30
        Taylor Morrison Home Corp
        87724P106
        
          
          
        
        42346.00000000
        NS
        USD
        1100149.08000000
        0.212015685031
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Wingstop Inc
        549300SSH3F8HPIM3Q47
        Wingstop Inc
        974155103
        
          
          
        
        25687.00000000
        NS
        USD
        3854334.35000000
        0.742789638614
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Varonis Systems Inc
        549300SHIVNRRH7STS26
        Varonis Systems Inc
        922280102
        
          
          
        
        22304.00000000
        NS
        USD
        3942678.08000000
        0.759814837084
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Koppers Holdings Inc
        N/A
        Koppers Holdings Inc
        50060P106
        
          
          
        
        38278.00000000
        NS
        USD
        1273891.84000000
        0.245498592893
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cooper Tire & Rubber Co
        DE46ECQ8KH195MRIQN56
        Cooper Tire & Rubber Co
        216831107
        
          
          
        
        10913.00000000
        NS
        USD
        401052.75000000
        0.077289046612
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Resideo Technologies Inc
        5493006TKFPYISY2DS54
        Resideo Technologies Inc
        76118Y104
        
          
          
        
        8779.00000000
        NS
        USD
        202794.90000000
        0.039081703040
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Triton International Ltd/Bermu
        N/A
        Triton International Ltd/Bermuda
        000000000
        
          
          
          
        
        2727.00000000
        NS
        USD
        126369.18000000
        0.024353288796
        Long
        EC
        CORP
        BM
        N
        
        1
        
          N
          N
          N
        
      
      
        Kura Oncology Inc
        5493005QORQTZCZYOP39
        Kura Oncology Inc
        50127T109
        
          
          
        
        68172.00000000
        NS
        USD
        2041751.40000000
        0.393476965626
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Oppenheimer Holdings Inc
        N/A
        Oppenheimer Holdings Inc
        683797104
        
          
          
        
        33432.00000000
        NS
        USD
        1159087.44000000
        0.223374015458
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MicroStrategy Inc
        549300WQTWEJUEHXQX21
        MicroStrategy Inc
        594972408
        
          
          
        
        768.00000000
        NS
        USD
        474094.08000000
        0.091365236737
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Matthews International Corp
        549300ZVC5O0ATML6U61
        Matthews International Corp
        577128101
        
          
          
        
        18615.00000000
        NS
        USD
        568315.95000000
        0.109523243389
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        H&E Equipment Services Inc
        N/A
        H&E Equipment Services Inc
        404030108
        
          
          
        
        93415.00000000
        NS
        USD
        2567044.20000000
        0.494708984866
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Trustmark Corp
        5493000HPQ4D2RZ79739
        Trustmark Corp
        898402102
        
          
          
        
        41148.00000000
        NS
        USD
        1130335.56000000
        0.217833085011
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tenable Holdings Inc
        5493004S5OMPESF0EF83
        Tenable Holdings Inc
        88025T102
        
          
          
        
        17680.00000000
        NS
        USD
        874983.20000000
        0.168622749326
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Matrix Service Co
        529900VYBKSX6HD2YW58
        Matrix Service Co
        576853105
        
          
          
        
        37474.00000000
        NS
        USD
        441818.46000000
        0.085145227278
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Consolidated Communications Ho
        529900F6S64KOO8CXH48
        Consolidated Communications Holdings Inc
        209034107
        
          
          
        
        100295.00000000
        NS
        USD
        612300.98000000
        0.117999836640
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Boot Barn Holdings Inc
        529900QE1BFMYA3N4E71
        Boot Barn Holdings Inc
        099406100
        
          
          
        
        38790.00000000
        NS
        USD
        2220339.60000000
        0.427893664462
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cerus Corp
        254900BIEY9XIDA04Q21
        Cerus Corp
        157085101
        
          
          
        
        20085.00000000
        NS
        USD
        132360.15000000
        0.025507841058
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Assets Trust Inc
        N/A
        American Assets Trust Inc
        024013104
        
          
          
        
        88210.00000000
        NS
        USD
        2437242.30000000
        0.469694158015
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kinsale Capital Group Inc
        529900QTUQHNZ6HOA508
        Kinsale Capital Group Inc
        49714P108
        
          
          
        
        16646.00000000
        NS
        USD
        3122123.76000000
        0.601681371881
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Equity Investment Lif
        549300RK5RZQ740FPL83
        American Equity Investment Life Holding Co
        025676206
        
          
          
        
        112404.00000000
        NS
        USD
        3281072.76000000
        0.632313294166
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sturm Ruger & Co Inc
        529900DV1BWFJSHFO847
        Sturm Ruger & Co Inc
        864159108
        
          
          
        
        9841.00000000
        NS
        USD
        623525.76000000
        0.120163024761
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Novavax Inc
        529900J4GJHPEPQ23205
        Novavax Inc
        670002401
        
          
          
        
        8735.00000000
        NS
        USD
        1929910.90000000
        0.371923577405
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Aegion Corp
        549300AG3DVJURRIT691
        Aegion Corp
        00770F104
        
          
          
        
        44373.00000000
        NS
        USD
        815132.01000000
        0.157088502488
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TechTarget Inc
        529900YQA5JL2H2VMB84
        TechTarget Inc
        87874R100
        
          
          
        
        48707.00000000
        NS
        USD
        3638412.90000000
        0.701178247061
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Navient Corp
        54930067J0ZNOEBRW338
        Navient Corp
        63938C108
        
          
          
        
        144006.00000000
        NS
        USD
        1620787.53000000
        0.312350739286
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Radiant Logistics Inc
        549300HWCW2HBOG4GN20
        Radiant Logistics Inc
        75025X100
        
          
          
        
        33708.00000000
        NS
        USD
        195506.40000000
        0.037677096747
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tenet Healthcare Corp
        0W9AIBT6U6ADJ2I8HK17
        Tenet Healthcare Corp
        88033G407
        
          
          
        
        86548.00000000
        NS
        USD
        4091123.96000000
        0.788422646254
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Matador Resources Co
        549300CI3Q2UUK5R4G79
        Matador Resources Co
        576485205
        
          
          
        
        16242.00000000
        NS
        USD
        248177.76000000
        0.047827679677
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NOW Inc
        549300AVH5SOCFVVDW91
        NOW Inc
        67011P100
        
          
          
        
        51142.00000000
        NS
        USD
        423967.18000000
        0.081705010468
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Novanta Inc
        N/A
        Novanta Inc
        67000B104
        
          
          
        
        21477.00000000
        NS
        USD
        2682906.84000000
        0.517037501461
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ingles Markets Inc
        549300XH5RYBMYP8TF26
        Ingles Markets Inc
        457030104
        
          
          
        
        51993.00000000
        NS
        USD
        2472787.08000000
        0.476544184996
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tri Pointe Homes Inc
        N/A
        Tri Pointe Homes Inc
        87265H109
        
          
          
        
        21030.00000000
        NS
        USD
        424806.00000000
        0.081866664011
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sapiens International Corp NV
        N/A
        Sapiens International Corp NV
        000000000
        
          
          
        
        43300.00000000
        NS
        USD
        1414178.00000000
        0.272533898247
        Long
        EC
        CORP
        IL
        N
        
        1
        
          N
          N
          N
        
      
      
        Meridian Bioscience Inc
        549300ELSRZEFFFRX195
        Meridian Bioscience Inc
        589584101
        
          
          
        
        40062.00000000
        NS
        USD
        885370.20000000
        0.170624484328
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Arcus Biosciences Inc
        N/A
        Arcus Biosciences Inc
        03969F109
        
          
          
        
        4372.00000000
        NS
        USD
        151839.56000000
        0.029261823614
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ardmore Shipping Corp
        549300J8HD7K6BHD8O28
        Ardmore Shipping Corp
        000000000
        
          
          
        
        110737.00000000
        NS
        USD
        354358.40000000
        0.068290325637
        Long
        EC
        CORP
        IE
        N
        
        1
        
          N
          N
          N
        
      
      
        1st Source Corp
        N/A
        1st Source Corp
        336901103
        
          
          
        
        54271.00000000
        NS
        USD
        2135563.85000000
        0.411556070733
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AMERISAFE Inc
        N/A
        AMERISAFE Inc
        03071H100
        
          
          
        
        28378.00000000
        NS
        USD
        1574979.00000000
        0.303522729478
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        RBC Bearings Inc
        N/A
        RBC Bearings Inc
        75524B104
        
          
          
        
        17621.00000000
        NS
        USD
        2948521.93000000
        0.568225623402
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cerence Inc
        5493002WL2W5WMS89568
        Cerence Inc
        156727109
        
          
          
        
        10034.00000000
        NS
        USD
        1122904.94000000
        0.216401090004
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SVMK Inc
        N/A
        SVMK Inc
        78489X103
        
          
          
        
        30621.00000000
        NS
        USD
        771955.41000000
        0.148767706159
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Blackline Inc
        529900P9N7PK9LV5EK56
        Blackline Inc
        09239B109
        
          
          
        
        2175.00000000
        NS
        USD
        281923.50000000
        0.054331003920
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Barnes Group Inc
        G1MSYD2DQZX30V5DMX12
        Barnes Group Inc
        067806109
        
          
          
        
        1754.00000000
        NS
        USD
        84314.78000000
        0.016248757704
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Wolverine World Wide Inc
        549300OVC7PK14LQ8D87
        Wolverine World Wide Inc
        978097103
        
          
          
        
        38151.00000000
        NS
        USD
        1092644.64000000
        0.210569463772
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Del Taco Restaurants Inc
        5299004IBCSPGYGOI790
        Del Taco Restaurants Inc
        245496104
        
          
          
        
        10466.00000000
        NS
        USD
        100682.92000000
        0.019403150575
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Preferred Bank/Los Angeles CA
        5493007K6HGI9G0ECX16
        Preferred Bank/Los Angeles CA
        740367404
        
          
          
        
        23862.00000000
        NS
        USD
        1152295.98000000
        0.222065196435
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Metropolitan Bank Holding Corp
        N/A
        Metropolitan Bank Holding Corp
        591774104
        
          
          
        
        12469.00000000
        NS
        USD
        494520.54000000
        0.095301730425
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Trupanion Inc
        549300J86GFKIDGMQP18
        Trupanion Inc
        898202106
        
          
          
        
        29129.00000000
        NS
        USD
        3268273.80000000
        0.629846737295
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Argan Inc
        529900E4KZWBV9KGBS83
        Argan Inc
        04010E109
        
          
          
        
        3867.00000000
        NS
        USD
        167170.41000000
        0.032216314713
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Axcelis Technologies Inc
        529900HF9B6NL1QG9F05
        Axcelis Technologies Inc
        054540208
        
          
          
        
        66268.00000000
        NS
        USD
        2269016.32000000
        0.437274418692
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ultragenyx Pharmaceutical Inc
        529900EV44GVDN1DCX77
        Ultragenyx Pharmaceutical Inc
        90400D108
        
          
          
        
        15189.00000000
        NS
        USD
        2105043.51000000
        0.405674330785
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Louisiana-Pacific Corp
        549300C7E2UAO5BVRR75
        Louisiana-Pacific Corp
        546347105
        
          
          
        
        92484.00000000
        NS
        USD
        3515316.84000000
        0.677455738939
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TriCo Bancshares
        N/A
        TriCo Bancshares
        896095106
        
          
          
        
        58670.00000000
        NS
        USD
        2188391.00000000
        0.421736676797
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Arrowhead Pharmaceuticals Inc
        549300O3CSB8T7OZ3D66
        Arrowhead Pharmaceuticals Inc
        04280A100
        
          
          
        
        11205.00000000
        NS
        USD
        864689.85000000
        0.166639062123
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EVERTEC Inc
        N/A
        EVERTEC Inc
        30040P103
        
          
          
        
        48221.00000000
        NS
        USD
        1673268.70000000
        0.322464669671
        Long
        EC
        CORP
        PR
        N
        
        1
        
          N
          N
          N
        
      
      
        Clean Energy Fuels Corp
        549300MTQB4VUAOPMF71
        Clean Energy Fuels Corp
        184499101
        
          
          
        
        77824.00000000
        NS
        USD
        796139.52000000
        0.153428356921
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sierra Bancorp
        N/A
        Sierra Bancorp
        82620P102
        
          
          
        
        20768.00000000
        NS
        USD
        454196.16000000
        0.087530600853
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Herc Holdings Inc
        549300TP80QLITMSBP82
        Herc Holdings Inc
        42704L104
        
          
          
        
        7262.00000000
        NS
        USD
        464622.76000000
        0.089539967385
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Veeco Instruments Inc
        5493004201F72ADDZW04
        Veeco Instruments Inc
        922417100
        
          
          
        
        8995.00000000
        NS
        USD
        166047.70000000
        0.031999951191
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NexPoint Residential Trust Inc
        549300U2J6XVYBF87166
        NexPoint Residential Trust Inc
        65341D102
        
          
          
        
        70118.00000000
        NS
        USD
        2767557.46000000
        0.533350980710
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Argo Group International Holdi
        549300M4T8Y5TTWI6O03
        Argo Group International Holdings Ltd
        000000000
        
          
          
        
        35071.00000000
        NS
        USD
        1415114.85000000
        0.272714443683
        Long
        EC
        CORP
        BM
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Fiesta Restaurant Group Inc
        N/A
        Fiesta Restaurant Group Inc
        31660B101
        
          
          
        
        40793.00000000
        NS
        USD
        614342.58000000
        0.118393284428
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Celsius Holdings Inc
        N/A
        Celsius Holdings Inc
        15118V207
        
          
          
        
        13032.00000000
        NS
        USD
        695908.80000000
        0.134112352256
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PJT Partners Inc
        549300W3WBEQUBKYTN87
        PJT Partners Inc
        69343T107
        
          
          
        
        39213.00000000
        NS
        USD
        2705304.87000000
        0.521353947077
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Powell Industries Inc
        549300V08RO7MX2UBN26
        Powell Industries Inc
        739128106
        
          
          
        
        21632.00000000
        NS
        USD
        620189.44000000
        0.119520064472
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Investors Bancorp Inc
        N/A
        Investors Bancorp Inc
        46146L101
        
          
          
        
        272993.00000000
        NS
        USD
        3142149.43000000
        0.605540627159
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Federated Hermes Inc
        R05X5UQ874RGFF7HHD84
        Federated Hermes Inc
        314211103
        
          
          
        
        93144.00000000
        NS
        USD
        2514888.00000000
        0.484657681209
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TEGNA Inc
        549300YC5EDBGX85AO10
        TEGNA Inc
        87901J105
        
          
          
        
        100518.00000000
        NS
        USD
        1611303.54000000
        0.310523028230
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Emergent BioSolutions Inc
        549300YW6TUOX8BE5103
        Emergent BioSolutions Inc
        29089Q105
        
          
          
        
        25567.00000000
        NS
        USD
        2731833.95000000
        0.526466509703
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Twist Bioscience Corp
        549300T23BL59LCOH584
        Twist Bioscience Corp
        90184D100
        
          
          
        
        12825.00000000
        NS
        USD
        2110225.50000000
        0.406672980132
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Covetrus Inc
        5493009S30DUFCF75V87
        Covetrus Inc
        22304C100
        
          
          
        
        6822.00000000
        NS
        USD
        232425.54000000
        0.044791984084
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Monarch Casino & Resort Inc
        549300AK5FF7KY11V997
        Monarch Casino & Resort Inc
        609027107
        
          
          
        
        8367.00000000
        NS
        USD
        442195.95000000
        0.085217975419
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Super Micro Computer Inc
        54930022CZO1N2UGVW07
        Super Micro Computer Inc
        86800U104
        
          
          
        
        40474.00000000
        NS
        USD
        1254694.00000000
        0.241798873217
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First Internet Bancorp
        549300T25MP2M92XU194
        First Internet Bancorp
        320557101
        
          
          
        
        48787.00000000
        NS
        USD
        1493857.94000000
        0.287889450844
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bladex
        549300CN3134K4LC0651
        Banco Latinoamericano de Comercio Exterior SA
        000000000
        
          
          
        
        116065.00000000
        NS
        USD
        1768830.60000000
        0.340880920759
        Long
        EC
        NUSS
        PA
        N
        
        1
        
          N
          N
          N
        
      
      
        SPS Commerce Inc
        2549006XVF9GCCETDQ72
        SPS Commerce Inc
        78463M107
        
          
          
        
        15414.00000000
        NS
        USD
        1524290.46000000
        0.293754266525
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cargurus Inc
        54930027BKQN6B7X7G78
        Cargurus Inc
        141788109
        
          
          
        
        30693.00000000
        NS
        USD
        897770.25000000
        0.173014165093
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sonos Inc
        549300WEPU6075I77M08
        Sonos Inc
        83570H108
        
          
          
        
        94010.00000000
        NS
        USD
        2458361.50000000
        0.473764153379
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pitney Bowes Inc
        549300N2O26NW4ST6W55
        Pitney Bowes Inc
        724479100
        
          
          
        
        17104.00000000
        NS
        USD
        159751.36000000
        0.030786549423
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Federal Signal Corp
        549300RTXZRPTNP6G884
        Federal Signal Corp
        313855108
        
          
          
        
        3692.00000000
        NS
        USD
        120691.48000000
        0.023259108492
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        John B Sanfilippo & Son Inc
        5299007IBEYVXKYDUX28
        John B Sanfilippo & Son Inc
        800422107
        
          
          
        
        14637.00000000
        NS
        USD
        1177253.91000000
        0.226874974239
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        McGrath RentCorp
        N/A
        McGrath RentCorp
        580589109
        
          
          
        
        44437.00000000
        NS
        USD
        3101258.23000000
        0.597660262636
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Glu Mobile Inc
        5299006L6Z4VS4PBXT12
        Glu Mobile Inc
        379890106
        
          
          
        
        334733.00000000
        NS
        USD
        2948997.73000000
        0.568317317396
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Astronics Corp
        549300NNXCF8H4MSMK17
        Astronics Corp
        046433108
        
          
          
        
        19619.00000000
        NS
        USD
        244452.74000000
        0.047109810907
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Joint Corp/The
        N/A
        Joint Corp/The
        47973J102
        
          
          
        
        22048.00000000
        NS
        USD
        717221.44000000
        0.138219626489
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Terreno Realty Corp
        N/A
        Terreno Realty Corp
        88146M101
        
          
          
        
        62001.00000000
        NS
        USD
        3508016.58000000
        0.676048866313
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SpartanNash Co
        549300TV3QCCSQLF5X16
        SpartanNash Co
        847215100
        
          
          
        
        6585.00000000
        NS
        USD
        121954.20000000
        0.023502454099
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AeroVironment Inc
        529900PGHVI29YLZ6221
        AeroVironment Inc
        008073108
        
          
          
        
        8255.00000000
        NS
        USD
        947426.35000000
        0.182583660945
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Limelight Networks Inc
        529900BNCMDQGEKW5M59
        Limelight Networks Inc
        53261M104
        
          
          
        
        23609.00000000
        NS
        USD
        107539.00000000
        0.020724422868
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Retail Opportunity Investments
        N/A
        Retail Opportunity Investments Corp
        76131N101
        
          
          
        
        157556.00000000
        NS
        USD
        2219964.04000000
        0.427821288261
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fate Therapeutics Inc
        549300L14Q4UHOODLA90
        Fate Therapeutics Inc
        31189P102
        
          
          
        
        25550.00000000
        NS
        USD
        2315596.50000000
        0.446251137349
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Knowles Corp
        5493003EO323TDZQU148
        Knowles Corp
        49926D109
        
          
          
        
        158763.00000000
        NS
        USD
        3062538.27000000
        0.590198329528
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Century Communities Inc
        5299002QMB2O7ZL1CA26
        Century Communities Inc
        156504300
        
          
          
        
        28469.00000000
        NS
        USD
        1336334.86000000
        0.257532325322
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EW Scripps Co/The
        549300U1OW41QPKYW028
        EW Scripps Co/The
        811054402
        
          
          
        
        59746.00000000
        NS
        USD
        884838.26000000
        0.170521971291
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Adient PLC
        5493002QLDY8O75RTR78
        Adient PLC
        000000000
        
          
          
        
        38106.00000000
        NS
        USD
        1230442.74000000
        0.237125281614
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CHICAGO MERCANTILE EXCHANGE INC.
        SNZ2OJLFK8MNNCLQOF39
        RUSSELL 2000 INDEX
        000000000
        
          
          
        
        2.00000000
        NC
        USD
        1928.03000000
        0.000371561098
        N/A
        DE
        CORP
        US
        N
        
        1
        
          
            
              CHICAGO MERCANTILE EXCHANGE INC.
              SNZ2OJLFK8MNNCLQOF39
            
            Long
            
              
                FINANCIAL TIMES STOCK EXCHANGE
                RUSSELL 2000 INDEX
                
                  
                  
                  
                
              
            
            2021-03-19
            204891.97000000
            USD
            1928.03000000
          
        
        
          N
          N
          N
        
      
      
        Glacier Bancorp Inc
        549300SMJAUKZB5D7V74
        Glacier Bancorp Inc
        37637Q105
        
          
          
        
        25346.00000000
        NS
        USD
        1182390.90000000
        0.227864951392
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Shockwave Medical Inc
        549300LDXO56IC5Y1538
        Shockwave Medical Inc
        82489T104
        
          
          
        
        5389.00000000
        NS
        USD
        625339.56000000
        0.120512571978
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        USANA Health Sciences Inc
        549300YTURXE814MAH96
        USANA Health Sciences Inc
        90328M107
        
          
          
        
        12642.00000000
        NS
        USD
        1046251.92000000
        0.201628871547
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TTEC Holdings Inc
        GTJS1N8S8I28A7L4WG97
        TTEC Holdings Inc
        89854H102
        
          
          
        
        17657.00000000
        NS
        USD
        1334516.06000000
        0.257181814528
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Surmodics Inc
        549300H76KXCAAGUS878
        Surmodics Inc
        868873100
        
          
          
        
        30832.00000000
        NS
        USD
        1402856.00000000
        0.270351974334
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hanger Inc
        254900ZJJJYVLHJXSZ60
        Hanger Inc
        41043F208
        
          
          
        
        23463.00000000
        NS
        USD
        480756.87000000
        0.092649259068
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fulton Financial Corp
        5493005QLZ6O1BNC0C11
        Fulton Financial Corp
        360271100
        
          
          
        
        27927.00000000
        NS
        USD
        374221.80000000
        0.072118308984
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        United Bankshares Inc/WV
        5299005O3BAMJ9Z92V62
        United Bankshares Inc/WV
        909907107
        
          
          
        
        4928.00000000
        NS
        USD
        156020.48000000
        0.030067551341
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        City Office REIT Inc
        5493003J7157VP25NL57
        City Office REIT Inc
        178587101
        
          
          
        
        141250.00000000
        NS
        USD
        1330575.00000000
        0.256422311520
        Long
        EC
        CORP
        CA
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Black Hills Corp
        3MGELCRSTNSAMJ962671
        Black Hills Corp
        092113109
        
          
          
        
        16779.00000000
        NS
        USD
        991974.48000000
        0.191168772245
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Virtus Investment Partners Inc
        549300HWF93HB8BDM648
        Virtus Investment Partners Inc
        92828Q109
        
          
          
        
        3628.00000000
        NS
        USD
        761880.00000000
        0.146826019353
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NeoPhotonics Corp
        5493001EHDO3GEGZ6930
        NeoPhotonics Corp
        64051T100
        
          
          
        
        135831.00000000
        NS
        USD
        1513157.34000000
        0.291608742699
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Amphastar Pharmaceuticals Inc
        54930055TH0ZLSAQMJ38
        Amphastar Pharmaceuticals Inc
        03209R103
        
          
          
        
        84915.00000000
        NS
        USD
        1543754.70000000
        0.297505325588
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NETGEAR Inc
        54930067KX3UNRHDWA78
        NETGEAR Inc
        64111Q104
        
          
          
        
        15179.00000000
        NS
        USD
        628258.81000000
        0.121075156449
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bloom Energy Corp
        549300XB5J9BFW5JXV97
        Bloom Energy Corp
        093712107
        
          
          
        
        8112.00000000
        NS
        USD
        283189.92000000
        0.054575062574
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Franklin Electric Co Inc
        RR6AURIKMXUE4Q24G284
        Franklin Electric Co Inc
        353514102
        
          
          
        
        46962.00000000
        NS
        USD
        3260102.04000000
        0.628271913187
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Glatfelter Corp
        549300LDQLQBT38QDY28
        Glatfelter Corp
        377320106
        
          
          
        
        82808.00000000
        NS
        USD
        1295945.20000000
        0.249748615288
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Crocs Inc
        549300B0J6YCXD63OG72
        Crocs Inc
        227046109
        
          
          
        
        45701.00000000
        NS
        USD
        3199984.02000000
        0.616686244094
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Southwest Gas Holdings Inc
        N/A
        Southwest Gas Holdings Inc
        844895102
        
          
          
        
        7241.00000000
        NS
        USD
        434170.36000000
        0.083671320522
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Masonite International Corp
        549300H0H07ZFT4JYM32
        Masonite International Corp
        575385109
        
          
          
        
        16469.00000000
        NS
        USD
        1638665.50000000
        0.315796099670
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Axle & Manufacturing
        N/A
        American Axle & Manufacturing Holdings Inc
        024061103
        
          
          
        
        98816.00000000
        NS
        USD
        870568.96000000
        0.167772057239
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tenneco Inc
        549300U0EXXFAQFAD785
        Tenneco Inc
        880349105
        
          
          
        
        14531.00000000
        NS
        USD
        146763.10000000
        0.028283511525
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Upland Software Inc
        549300NS277POYJ63W89
        Upland Software Inc
        91544A109
        
          
          
        
        30639.00000000
        NS
        USD
        1461173.91000000
        0.281590734483
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dycom Industries Inc
        549300F56EKTHQI3WT60
        Dycom Industries Inc
        267475101
        
          
          
        
        2156.00000000
        NS
        USD
        174937.84000000
        0.033713218199
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Translate Bio Inc
        N/A
        Translate Bio Inc
        89374L104
        
          
          
        
        81325.00000000
        NS
        USD
        1942041.00000000
        0.374261234644
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Nautilus Inc
        549300LLLHX2HF71YE90
        Nautilus Inc
        63910B102
        
          
          
        
        17398.00000000
        NS
        USD
        426424.98000000
        0.082178666412
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Agilysys Inc
        5299001XWB5V3B5IPN93
        Agilysys Inc
        00847J105
        
          
          
        
        3023.00000000
        NS
        USD
        111216.17000000
        0.021433070206
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ChampionX Corp
        549300EP2909K6DYYP38
        ChampionX Corp
        15872M104
        
          
          
        
        38041.00000000
        NS
        USD
        581646.89000000
        0.112092321005
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CVB Financial Corp
        N/A
        CVB Financial Corp
        126600105
        
          
          
        
        139348.00000000
        NS
        USD
        2707531.64000000
        0.521783079979
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Genworth Financial Inc
        549300EMCG286BDNKJ33
        Genworth Financial Inc
        37247D106
        
          
          
        
        284723.00000000
        NS
        USD
        808613.32000000
        0.155832250448
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TG Therapeutics Inc
        529900X21UKABN9NJ529
        TG Therapeutics Inc
        88322Q108
        
          
          
        
        22863.00000000
        NS
        USD
        1103597.01000000
        0.212680154287
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Brightcove Inc
        5493006VI8OCN44T4W47
        Brightcove Inc
        10921T101
        
          
          
        
        89803.00000000
        NS
        USD
        1477259.35000000
        0.284690646706
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Integer Holdings Corp
        549300SUD2ED5XG6X569
        Integer Holdings Corp
        45826H109
        
          
          
        
        38669.00000000
        NS
        USD
        2853772.20000000
        0.549965889992
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ooma Inc
        N/A
        Ooma Inc
        683416101
        
          
          
        
        24568.00000000
        NS
        USD
        330930.96000000
        0.063775496846
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ingevity Corp
        5493009UTFC4B5IMGF87
        Ingevity Corp
        45688C107
        
          
          
        
        26077.00000000
        NS
        USD
        1712998.13000000
        0.330121143208
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Seneca Foods Corp
        N/A
        Seneca Foods Corp
        817070501
        
          
          
        
        18433.00000000
        NS
        USD
        668196.25000000
        0.128771716719
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Texas Roadhouse Inc
        5299002Y1CNRPDGXTQ75
        Texas Roadhouse Inc
        882681109
        
          
          
        
        48177.00000000
        NS
        USD
        3671569.17000000
        0.707567971349
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Gladstone Commercial Corp
        529900EVVV534W8R0T32
        Gladstone Commercial Corp
        376536108
        
          
          
        
        28805.00000000
        NS
        USD
        510136.55000000
        0.098311176252
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LHC Group Inc
        5299009NPLWAMRQYZX73
        LHC Group Inc
        50187A107
        
          
          
        
        294.00000000
        NS
        USD
        58570.68000000
        0.011287472824
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Invacare Corp
        549300NNUTG7HCZICS76
        Invacare Corp
        461203101
        
          
          
        
        45838.00000000
        NS
        USD
        429043.68000000
        0.082683330266
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        National Bank Holdings Corp
        N/A
        National Bank Holdings Corp
        633707104
        
          
          
        
        37364.00000000
        NS
        USD
        1243100.28000000
        0.239564584671
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Costamare Inc
        5299003L6NPTZ25LN818
        Costamare Inc
        000000000
        
          
          
        
        32132.00000000
        NS
        USD
        257056.00000000
        0.049538653371
        Long
        EC
        CORP
        MC
        N
        
        1
        
          N
          N
          N
        
      
      
        Mirati Therapeutics Inc
        529900GYRW59IDQV6N54
        Mirati Therapeutics Inc
        60468T105
        
          
          
        
        12484.00000000
        NS
        USD
        2563339.72000000
        0.493995074471
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        World Fuel Services Corp
        D3W7PCXCBRQLL17DZ313
        World Fuel Services Corp
        981475106
        
          
          
        
        55597.00000000
        NS
        USD
        1700712.23000000
        0.327753460907
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TTM Technologies Inc
        549300SC4BDOIS008048
        TTM Technologies Inc
        87305R109
        
          
          
        
        208270.00000000
        NS
        USD
        2792900.70000000
        0.538235013690
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cactus Inc
        549300J3T8C9F8QFKV08
        Cactus Inc
        127203107
        
          
          
        
        17468.00000000
        NS
        USD
        457661.60000000
        0.088198444556
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Stamps.com Inc
        5299008VAXLEGU4Y4038
        Stamps.com Inc
        852857200
        
          
          
        
        14004.00000000
        NS
        USD
        3197253.24000000
        0.616159980697
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hibbett Sports Inc
        529900RD6P643J1CZM55
        Hibbett Sports Inc
        428567101
        
          
          
        
        5361.00000000
        NS
        USD
        302628.45000000
        0.058321166924
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vericel Corp
        54930076YM3PLTDR4B91
        Vericel Corp
        92346J108
        
          
          
        
        4295.00000000
        NS
        USD
        177254.65000000
        0.034159703196
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Green Plains Inc
        VJ5WLTHARBSDR14KIZ98
        Green Plains Inc
        393222104
        
          
          
        
        97860.00000000
        NS
        USD
        1879890.60000000
        0.362283894599
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Rush Enterprises Inc
        529900V3XHTN7A6DFT17
        Rush Enterprises Inc
        781846209
        
          
          
        
        86499.00000000
        NS
        USD
        3632093.01000000
        0.699960306845
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Plug Power Inc
        549300JPDKRSJ8JSM954
        Plug Power Inc
        72919P202
        
          
          
        
        59831.00000000
        NS
        USD
        3779524.27000000
        0.728372583101
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        O-I Glass Inc
        N/A
        O-I Glass Inc
        67098H104
        
          
          
        
        81609.00000000
        NS
        USD
        1031537.76000000
        0.198793226116
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Marten Transport Ltd
        N/A
        Marten Transport Ltd
        573075108
        
          
          
        
        178758.00000000
        NS
        USD
        2833314.30000000
        0.546023337331
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Team Inc
        549300DEKHQ3OEQJWU96
        Team Inc
        878155100
        
          
          
        
        19141.00000000
        NS
        USD
        189113.08000000
        0.036445005439
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Century Aluminum Co
        549300U5ODNGEYWKSW73
        Century Aluminum Co
        156431108
        
          
          
        
        10165.00000000
        NS
        USD
        99108.75000000
        0.019099783752
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cleveland-Cliffs Inc
        549300TM2WLI2BJMDD86
        Cleveland-Cliffs Inc
        185899101
        
          
          
        
        32820.00000000
        NS
        USD
        503458.80000000
        0.097024270898
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        National Western Life Group In
        549300HPXNVHFT1BJ192
        National Western Life Group Inc
        638517102
        
          
          
        
        1889.00000000
        NS
        USD
        340020.00000000
        0.065527094950
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Central Pacific Financial Corp
        549300W3YEAOZ4KGG849
        Central Pacific Financial Corp
        154760409
        
          
          
        
        23966.00000000
        NS
        USD
        476444.08000000
        0.091818117959
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Natural Grocers by Vitamin Cot
        529900P4OTXDGBUS3O87
        Natural Grocers by Vitamin Cottage Inc
        63888U108
        
          
          
        
        25913.00000000
        NS
        USD
        431451.45000000
        0.083147344657
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alcoa Corp
        549300T12EZ1F6PWWU29
        Alcoa Corp
        013872106
        
          
          
        
        109688.00000000
        NS
        USD
        1974384.00000000
        0.380494229268
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cars.com Inc
        5493002G6J07LNGX4M98
        Cars.com Inc
        14575E105
        
          
          
        
        133413.00000000
        NS
        USD
        1548924.93000000
        0.298501708601
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ferro Corp
        1YTO5R7OHOPE81ZNYD08
        Ferro Corp
        315405100
        
          
          
        
        194410.00000000
        NS
        USD
        2680913.90000000
        0.516653431204
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AMC Networks Inc
        549300VGG9K75226LR46
        AMC Networks Inc
        00164V103
        
          
          
        
        4448.00000000
        NS
        USD
        219820.16000000
        0.042362733063
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Atara Biotherapeutics Inc
        549300WBXUXZRE03MS38
        Atara Biotherapeutics Inc
        046513107
        
          
          
        
        62650.00000000
        NS
        USD
        1156519.00000000
        0.222879037481
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Signet Jewelers Ltd
        549300N3XPGE91WV7M22
        Signet Jewelers Ltd
        000000000
        
          
          
        
        8532.00000000
        NS
        USD
        346569.84000000
        0.066789350074
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bancorp Inc/The
        N/A
        Bancorp Inc/The
        05969A105
        
          
          
        
        159511.00000000
        NS
        USD
        2674999.47000000
        0.515513629380
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        OPKO Health Inc
        529900A4S2D4OGOJLL02
        OPKO Health Inc
        68375N103
        
          
          
        
        279222.00000000
        NS
        USD
        1510591.02000000
        0.291114173278
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Werner Enterprises Inc
        549300P6XRGOCHHJST37
        Werner Enterprises Inc
        950755108
        
          
          
        
        71114.00000000
        NS
        USD
        2790513.36000000
        0.537774936474
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Heartland Financial USA Inc
        549300QF7B0DFZT32C73
        Heartland Financial USA Inc
        42234Q102
        
          
          
        
        63442.00000000
        NS
        USD
        2706435.72000000
        0.521571879303
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sunrun Inc
        54930007SJ77CI66U531
        Sunrun Inc
        86771W105
        
          
          
        
        47490.00000000
        NS
        USD
        3289632.30000000
        0.633962849458
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vicor Corp
        5299005KMQOTR6B51F09
        Vicor Corp
        925815102
        
          
          
        
        23275.00000000
        NS
        USD
        2014218.50000000
        0.388170951413
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Banner Corp
        N/A
        Banner Corp
        06652V208
        
          
          
        
        4789.00000000
        NS
        USD
        211817.47000000
        0.040820491349
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        QuinStreet Inc
        549300TP8MFBFPOS4Y78
        QuinStreet Inc
        74874Q100
        
          
          
        
        43350.00000000
        NS
        USD
        917719.50000000
        0.176858693059
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Forterra Inc
        549300M8CB93DI1JD480
        Forterra Inc
        34960W106
        
          
          
        
        45955.00000000
        NS
        USD
        840976.50000000
        0.162069134069
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Phibro Animal Health Corp
        549300U24SP4AF2JUX52
        Phibro Animal Health Corp
        71742Q106
        
          
          
        
        63308.00000000
        NS
        USD
        1313007.92000000
        0.253036864431
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Transocean Ltd
        529900QO4W5DQGBGEF32
        Transocean Ltd
        000000000
        
          
          
        
        45834.00000000
        NS
        USD
        154002.24000000
        0.029678605384
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Clearway Energy Inc
        549300LHAZ9HA9G3XC48
        Clearway Energy Inc
        18539C204
        
          
          
        
        22985.00000000
        NS
        USD
        712075.30000000
        0.137227885991
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        iRobot Corp
        5493009PRNKOUKBAT390
        iRobot Corp
        462726100
        
          
          
        
        3856.00000000
        NS
        USD
        463105.60000000
        0.089247587268
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sykes Enterprises Inc
        549300JJ24XHULP7Q562
        Sykes Enterprises Inc
        871237103
        
          
          
        
        71835.00000000
        NS
        USD
        2772112.65000000
        0.534228836035
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pacira BioSciences Inc
        N/A
        Pacira BioSciences Inc
        695127100
        
          
          
        
        3855.00000000
        NS
        USD
        254738.40000000
        0.049092016129
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Donnelley Financial Solutions
        549300O1NPY4J56QCU04
        Donnelley Financial Solutions Inc
        25787G100
        
          
          
        
        20050.00000000
        NS
        USD
        358694.50000000
        0.069125958942
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Avaya Holdings Corp
        549300NZS2OZN6Q63A60
        Avaya Holdings Corp
        05351X101
        
          
          
        
        20606.00000000
        NS
        USD
        458277.44000000
        0.088317126417
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CEVA Inc
        529900G9T7CVU2J2VU73
        CEVA Inc
        157210105
        
          
          
        
        2792.00000000
        NS
        USD
        164141.68000000
        0.031632631758
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Zentalis Pharmaceuticals Inc
        N/A
        Zentalis Pharmaceuticals Inc
        98943L107
        
          
          
        
        3428.00000000
        NS
        USD
        131532.36000000
        0.025348313166
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Avid Bioservices Inc
        N/A
        Avid Bioservices Inc
        05368M106
        
          
          
        
        49376.00000000
        NS
        USD
        720395.84000000
        0.138831382298
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        3D Systems Corp
        5493003HHDOCCW4OP744
        3D Systems Corp
        88554D205
        
          
          
        
        17915.00000000
        NS
        USD
        636699.10000000
        0.122701730428
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        MACOM Technology Solutions Hol
        N/A
        MACOM Technology Solutions Holdings Inc
        55405Y100
        
          
          
        
        38926.00000000
        NS
        USD
        2213332.36000000
        0.426543261307
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        KAR Auction Services Inc
        5493004HKD20LBSG7D03
        KAR Auction Services Inc
        48238T109
        
          
          
        
        60576.00000000
        NS
        USD
        1118232.96000000
        0.215500727445
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Innoviva Inc
        549300ACOX4QTBES6535
        Innoviva Inc
        45781M101
        
          
          
        
        144356.00000000
        NS
        USD
        1733715.56000000
        0.334113711300
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Primoris Services Corp
        549300UF3OLBJ8D5K349
        Primoris Services Corp
        74164F103
        
          
          
        
        64378.00000000
        NS
        USD
        1873721.69000000
        0.361095050557
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Catalyst Pharmaceuticals Inc
        5299004O0R5XXLA5H544
        Catalyst Pharmaceuticals Inc
        14888U101
        
          
          
        
        169837.00000000
        NS
        USD
        618206.68000000
        0.119137956058
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        M/I Homes Inc
        5299005M71FH9CCSFB69
        M/I Homes Inc
        55305B101
        
          
          
        
        20549.00000000
        NS
        USD
        1014504.13000000
        0.195510583064
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Northwest Natural Holding Co
        N/A
        Northwest Natural Holding Co
        66765N105
        
          
          
        
        13548.00000000
        NS
        USD
        632827.08000000
        0.121955532492
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BioDelivery Sciences Internati
        529900YQ5QSV2ZNM2W45
        BioDelivery Sciences International Inc
        09060J106
        
          
          
        
        262622.00000000
        NS
        USD
        1011094.70000000
        0.194853533352
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Churchill Downs Inc
        529900FODTBQC8MIS994
        Churchill Downs Inc
        171484108
        
          
          
        
        3739.00000000
        NS
        USD
        700875.55000000
        0.135069521537
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        G-III Apparel Group Ltd
        529900O5KABM3R3SFM87
        G-III Apparel Group Ltd
        36237H101
        
          
          
        
        37257.00000000
        NS
        USD
        1007429.28000000
        0.194147150420
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bonanza Creek Energy Inc
        IIVIHPH28S64K95M2381
        Bonanza Creek Energy Inc
        097793400
        
          
          
        
        27974.00000000
        NS
        USD
        577942.84000000
        0.111378493477
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Urstadt Biddle Properties Inc
        549300XXD0YL0AER3Z82
        Urstadt Biddle Properties Inc
        917286205
        
          
          
        
        8956.00000000
        NS
        USD
        123861.48000000
        0.023870016353
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Innospec Inc
        213800SQBACNY5IWJO68
        Innospec Inc
        45768S105
        
          
          
        
        2623.00000000
        NS
        USD
        230273.17000000
        0.044377189209
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Affimed NV
        5493004V4FSXT1D04610
        Affimed NV
        000000000
        
          
          
        
        41999.00000000
        NS
        USD
        240654.27000000
        0.046377787190
        Long
        EC
        CORP
        DE
        N
        
        1
        
          N
          N
          N
        
      
      
        Independence Realty Trust Inc
        549300Z3L8NU44NQEB29
        Independence Realty Trust Inc
        45378A106
        
          
          
        
        136341.00000000
        NS
        USD
        1810608.48000000
        0.348932162185
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MarineMax Inc
        254900TIXTN8WY3FNN63
        MarineMax Inc
        567908108
        
          
          
        
        43954.00000000
        NS
        USD
        1838595.82000000
        0.354325753990
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sabra Health Care REIT Inc
        549300E3BC7GU7TAZ621
        Sabra Health Care REIT Inc
        78573L106
        
          
          
        
        191706.00000000
        NS
        USD
        3218743.74000000
        0.620301531294
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Digital Turbine Inc
        549300D0WZR1VI2QGB24
        Digital Turbine Inc
        25400W102
        
          
          
        
        28197.00000000
        NS
        USD
        1613150.37000000
        0.310878940837
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Stride Inc
        254900BRWS3AFONWU277
        Stride Inc
        86333M108
        
          
          
        
        10981.00000000
        NS
        USD
        282760.75000000
        0.054492354900
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        STAAR Surgical Co
        5299006LRHI7OJ8BY308
        STAAR Surgical Co
        852312305
        
          
          
        
        6113.00000000
        NS
        USD
        627071.54000000
        0.120846351220
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Meritor Inc
        5LTG829X630QFHTFBO82
        Meritor Inc
        59001K100
        
          
          
        
        47197.00000000
        NS
        USD
        1218154.57000000
        0.234757161849
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        RH
        5493008MTS3OGGMHGK69
        RH
        74967X103
        
          
          
        
        1346.00000000
        NS
        USD
        639834.56000000
        0.123305981899
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Titan Machinery Inc
        549300835ZM8G0BT5C94
        Titan Machinery Inc
        88830R101
        
          
          
        
        33042.00000000
        NS
        USD
        703794.60000000
        0.135632067465
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ontrak Inc
        549300OQ36UO20X0DB40
        Ontrak Inc
        683373104
        
          
          
        
        3638.00000000
        NS
        USD
        288457.02000000
        0.055590113930
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Invitae Corp
        549300MYI59DZW1WIX92
        Invitae Corp
        46185L103
        
          
          
        
        32447.00000000
        NS
        USD
        1606775.44000000
        0.309650393565
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Minerals Technologies Inc
        549300D3I1QU67GP6403
        Minerals Technologies Inc
        603158106
        
          
          
        
        54033.00000000
        NS
        USD
        3330053.79000000
        0.641752693624
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Gold Resource Corp
        5299006MQBYLDAOI2D32
        Gold Resource Corp
        38068T105
        
          
          
        
        25694.00000000
        NS
        USD
        72457.08000000
        0.013963596144
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Prothena Corp PLC
        5299009ZXQ8NIIJ8OL30
        Prothena Corp PLC
        000000000
        
          
          
        
        86332.00000000
        NS
        USD
        967781.72000000
        0.186506454494
        Long
        EC
        CORP
        IE
        N
        
        1
        
          N
          N
          N
        
      
      
        First Commonwealth Financial C
        549300ZHLQ42NXDETL24
        First Commonwealth Financial Corp
        319829107
        
          
          
        
        41089.00000000
        NS
        USD
        481973.97000000
        0.092883812998
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Avis Budget Group Inc
        529900E95812SYWMCE44
        Avis Budget Group Inc
        053774105
        
          
          
        
        17062.00000000
        NS
        USD
        705343.08000000
        0.135930483428
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Goodyear Tire & Rubber Co/The
        5493002BI0S2ZQUY3437
        Goodyear Tire & Rubber Co/The
        382550101
        
          
          
        
        285212.00000000
        NS
        USD
        3008986.60000000
        0.579878097293
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Iridium Communications Inc
        549300U620NVQ4J1CT96
        Iridium Communications Inc
        46269C102
        
          
          
        
        58465.00000000
        NS
        USD
        2880570.55000000
        0.555130345097
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CONMED Corp
        Z6C0YCECH9DCU5ZIQW84
        CONMED Corp
        207410101
        
          
          
        
        18938.00000000
        NS
        USD
        2119162.20000000
        0.408395219969
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cadence BanCorp
        54930022CKKXKBR5CK30
        Cadence BanCorp
        12739A100
        
          
          
        
        25732.00000000
        NS
        USD
        461117.44000000
        0.088864438191
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chimera Investment Corp
        2JBBQFJOL123LOUBE657
        Chimera Investment Corp
        16934Q208
        
          
          
        
        13158.00000000
        NS
        USD
        132895.80000000
        0.025611069069
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Utah Medical Products Inc
        5493002R27BBGV8DID60
        Utah Medical Products Inc
        917488108
        
          
          
        
        3644.00000000
        NS
        USD
        315825.48000000
        0.060864438020
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Abercrombie & Fitch Co
        5493000J7LL72TOGT983
        Abercrombie & Fitch Co
        002896207
        
          
          
        
        139990.00000000
        NS
        USD
        3229569.30000000
        0.622387783568
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Zumiez Inc
        549300J0PDF58P6HZD25
        Zumiez Inc
        989817101
        
          
          
        
        27346.00000000
        NS
        USD
        1178065.68000000
        0.227031414830
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CareDx Inc
        549300NQOFKL9NON0U06
        CareDx Inc
        14167L103
        
          
          
        
        16592.00000000
        NS
        USD
        1268126.56000000
        0.244387534573
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        REGENXBIO Inc
        549300EOES47LATSET33
        REGENXBIO Inc
        75901B107
        
          
          
        
        8099.00000000
        NS
        USD
        334731.67000000
        0.064507952246
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        II-VI Inc
        549300O5C25A0MMHHU33
        II-VI Inc
        902104108
        
          
          
        
        14633.00000000
        NS
        USD
        1230196.31000000
        0.237077790755
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        National Storage Affiliates Tr
        N/A
        National Storage Affiliates Trust
        637870106
        
          
          
        
        54281.00000000
        NS
        USD
        1983427.74000000
        0.382237097363
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Summit Materials Inc
        N/A
        Summit Materials Inc
        86614U100
        
          
          
        
        91436.00000000
        NS
        USD
        1877181.08000000
        0.361761728332
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hope Bancorp Inc
        549300UTF4QGMBHIZ219
        Hope Bancorp Inc
        43940T109
        
          
          
        
        50628.00000000
        NS
        USD
        566021.04000000
        0.109080978859
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Goosehead Insurance Inc
        549300WH5MBIWHJ9XY95
        Goosehead Insurance Inc
        38267D109
        
          
          
        
        8638.00000000
        NS
        USD
        1154036.80000000
        0.222400679281
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Helix Energy Solutions Group I
        416AP2JOUTCWEGSOZW41
        Helix Energy Solutions Group Inc
        42330P107
        
          
          
        
        90964.00000000
        NS
        USD
        374771.68000000
        0.072224279336
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Turtle Beach Corp
        549300SZRV8U8PXSYI20
        Turtle Beach Corp
        900450206
        
          
          
        
        22897.00000000
        NS
        USD
        684620.30000000
        0.131936884309
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Moog Inc
        549300WM2I4U7OBAHG07
        Moog Inc
        615394202
        
          
          
        
        12656.00000000
        NS
        USD
        934898.72000000
        0.180169393547
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Red Rock Resorts Inc
        N/A
        Red Rock Resorts Inc
        75700L108
        
          
          
        
        121590.00000000
        NS
        USD
        2854933.20000000
        0.550189632587
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ennis Inc
        N/A
        Ennis Inc
        293389102
        
          
          
        
        32516.00000000
        NS
        USD
        591791.20000000
        0.114047285903
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Atlantic Capital Bancshares In
        5493005URKIOUNJO6097
        Atlantic Capital Bancshares Inc
        048269203
        
          
          
        
        68229.00000000
        NS
        USD
        1220616.81000000
        0.235231673450
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cardlytics Inc
        549300JETJBH94EIPC66
        Cardlytics Inc
        14161W105
        
          
          
        
        8266.00000000
        NS
        USD
        1010683.82000000
        0.194774350442
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sorrento Therapeutics Inc
        549300RH23PRR3M13410
        Sorrento Therapeutics Inc
        83587F202
        
          
          
        
        42228.00000000
        NS
        USD
        534606.48000000
        0.103026908934
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ANI Pharmaceuticals Inc
        5493000T6CXTND40YH31
        ANI Pharmaceuticals Inc
        00182C103
        
          
          
        
        51738.00000000
        NS
        USD
        1476602.52000000
        0.284564065441
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fortitude Gold Corp
        N/A
        Fortitude Gold Corp
        34962K100
        
          
          
        
        11013.00000000
        NS
        USD
        11563.65000000
        0.002228493593
        Long
        EC
        CORP
        US
        N
        
        3
        
          N
          N
          N
        
      
      
        Editas Medicine Inc
        5299000AON4Q9NT2JE42
        Editas Medicine Inc
        28106W103
        
          
          
        
        30177.00000000
        NS
        USD
        1851358.95000000
        0.356785405868
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Renewable Energy Group Inc
        549300HPU3BD8ZI0X358
        Renewable Energy Group Inc
        75972A301
        
          
          
        
        1896.00000000
        NS
        USD
        169881.60000000
        0.032738802815
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vir Biotechnology Inc
        N/A
        Vir Biotechnology Inc
        92764N102
        
          
          
        
        7134.00000000
        NS
        USD
        460428.36000000
        0.088731641854
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Inovalon Holdings Inc
        5493007H9QSF4NHIHL56
        Inovalon Holdings Inc
        45781D101
        
          
          
        
        48810.00000000
        NS
        USD
        1190964.00000000
        0.229517119904
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Amalgamated Bank
        254900FMBXF85WQYV433
        Amalgamated Bank
        022663108
        
          
          
        
        47786.00000000
        NS
        USD
        700542.76000000
        0.135005387774
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Retail Value Inc
        549300VO5RB7323N1Z31
        Retail Value Inc
        76133Q102
        
          
          
        
        69082.00000000
        NS
        USD
        1078370.02000000
        0.207818524474
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ocular Therapeutix Inc
        529900ABAWFXOHSIHG03
        Ocular Therapeutix Inc
        67576A100
        
          
          
        
        15969.00000000
        NS
        USD
        289837.35000000
        0.055856124797
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Select Medical Holdings Corp
        N/A
        Select Medical Holdings Corp
        81619Q105
        
          
          
        
        116131.00000000
        NS
        USD
        2984566.70000000
        0.575172006163
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BrightView Holdings Inc
        549300F8QN8YHVI7L866
        BrightView Holdings Inc
        10948C107
        
          
          
        
        11428.00000000
        NS
        USD
        162049.04000000
        0.031229347775
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Rexnord Corp
        549300AM3633XDFU1Q85
        Rexnord Corp
        76169B102
        
          
          
        
        49487.00000000
        NS
        USD
        1873577.82000000
        0.361067324591
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Boise Cascade Co
        549300Z8B8LSRHC7XA55
        Boise Cascade Co
        09739D100
        
          
          
        
        62245.00000000
        NS
        USD
        2964729.35000000
        0.571349043052
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Perficient Inc
        549300HTBXKL2755T650
        Perficient Inc
        71375U101
        
          
          
        
        57006.00000000
        NS
        USD
        3113097.66000000
        0.599941903286
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CareTrust REIT Inc
        5493001NVXE2B9GPLU96
        CareTrust REIT Inc
        14174T107
        
          
          
        
        140944.00000000
        NS
        USD
        3165602.24000000
        0.610060345140
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Natus Medical Inc
        549300ZW3JLSJGT2D838
        Natus Medical Inc
        639050103
        
          
          
        
        61318.00000000
        NS
        USD
        1494319.66000000
        0.287978431405
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Deckers Outdoor Corp
        5493008LG4W3I6K8J118
        Deckers Outdoor Corp
        243537107
        
          
          
        
        3247.00000000
        NS
        USD
        948059.06000000
        0.182705593914
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        US Physical Therapy Inc
        529900KL1UXQYFIOMY96
        US Physical Therapy Inc
        90337L108
        
          
          
        
        1560.00000000
        NS
        USD
        187730.40000000
        0.036178541691
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        At Home Group Inc
        549300LGPR0P05O30I24
        At Home Group Inc
        04650Y100
        
          
          
        
        65915.00000000
        NS
        USD
        1606348.55000000
        0.309568125282
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Echo Global Logistics Inc
        549300WRZ9Y84GWVYR04
        Echo Global Logistics Inc
        27875T101
        
          
          
        
        55637.00000000
        NS
        USD
        1464922.21000000
        0.282313089668
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Intellia Therapeutics Inc
        5493002T5BCPE5DZC723
        Intellia Therapeutics Inc
        45826J105
        
          
          
        
        31818.00000000
        NS
        USD
        1992443.16000000
        0.383974507758
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Healthcare Realty Trust Inc
        549300CB86LH2IOKHH22
        Healthcare Realty Trust Inc
        421946104
        
          
          
        
        60698.00000000
        NS
        USD
        1821546.98000000
        0.351040179737
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        El Pollo Loco Holdings Inc
        549300EZCBNF4G707K90
        El Pollo Loco Holdings Inc
        268603107
        
          
          
        
        54613.00000000
        NS
        USD
        1111374.55000000
        0.214179006125
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Verint Systems Inc
        549300KEQJS5FRVUCO94
        Verint Systems Inc
        92343X100
        
          
          
        
        16304.00000000
        NS
        USD
        1203724.32000000
        0.231976230252
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Community Healthcare Trust Inc
        549300FATSRCMKOV9536
        Community Healthcare Trust Inc
        20369C106
        
          
          
        
        45710.00000000
        NS
        USD
        2044151.20000000
        0.393939444075
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Goldman Sachs Financial Square Government Fund
        N/A
        Goldman Sachs Financial Square Government Fund
        38141W273
        
          
          
        
        3710403.00000000
        NS
        USD
        3710403.00000000
        0.715051848961
        Long
        STIV
        RF
        US
        N
        
        1
        
          
          N
          N
        
      
      
        Hanmi Financial Corp
        549300MSZ7RCG7EA6587
        Hanmi Financial Corp
        410495204
        
          
          
        
        46224.00000000
        NS
        USD
        638815.68000000
        0.123109628018
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Natera Inc
        N/A
        Natera Inc
        632307104
        
          
          
        
        41242.00000000
        NS
        USD
        4398046.88000000
        0.847571423741
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Minerva Neurosciences Inc
        54930017PANCHC5LYH79
        Minerva Neurosciences Inc
        603380106
        
          
          
        
        178129.00000000
        NS
        USD
        568231.51000000
        0.109506970499
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Enstar Group Ltd
        213800AMAL5QFXVUCN04
        Enstar Group Ltd
        000000000
        
          
          
        
        6388.00000000
        NS
        USD
        1278941.48000000
        0.246471736355
        Long
        EC
        CORP
        BM
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Capstead Mortgage Corp
        549300W6CQE2GR8QBV24
        Capstead Mortgage Corp
        14067E506
        
          
          
        
        103356.00000000
        NS
        USD
        551921.04000000
        0.106363691526
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Veracyte Inc
        529900ESWZRHXOW27Z37
        Veracyte Inc
        92337F107
        
          
          
        
        63551.00000000
        NS
        USD
        3603341.70000000
        0.694419486245
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lexington Realty Trust
        549300S4MH2ICXDBFV43
        Lexington Realty Trust
        529043101
        
          
          
        
        274855.00000000
        NS
        USD
        2817263.75000000
        0.542930148948
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Eiger BioPharmaceuticals Inc
        549300GO4VMIHDKJNU46
        Eiger BioPharmaceuticals Inc
        28249U105
        
          
          
        
        95168.00000000
        NS
        USD
        914564.48000000
        0.176250672074
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ChannelAdvisor Corp
        549300KE5CWXBSGWXT83
        ChannelAdvisor Corp
        159179100
        
          
          
        
        86716.00000000
        NS
        USD
        1777678.00000000
        0.342585951110
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MRC Global Inc
        529900TSBPOLCLI2L582
        MRC Global Inc
        55345K103
        
          
          
        
        234121.00000000
        NS
        USD
        1617776.11000000
        0.311770392235
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Daseke Inc
        549300CUSFIOX5Q3VA53
        Daseke Inc
        23753F107
        
          
          
        
        71777.00000000
        NS
        USD
        377547.02000000
        0.072759130132
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        GenMark Diagnostics Inc
        N/A
        GenMark Diagnostics Inc
        372309104
        
          
          
        
        25687.00000000
        NS
        USD
        354737.47000000
        0.068363378269
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Harpoon Therapeutics Inc
        549300VFZL0TEVXILA36
        Harpoon Therapeutics Inc
        41358P106
        
          
          
        
        7439.00000000
        NS
        USD
        143423.92000000
        0.027640000070
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Macerich Co/The
        529900PSWCB5KI0JYU46
        Macerich Co/The
        554382101
        
          
          
        
        18056.00000000
        NS
        USD
        283479.20000000
        0.054630811289
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fulgent Genetics Inc
        549300CL6P01M68QJ404
        Fulgent Genetics Inc
        359664109
        
          
          
        
        1938.00000000
        NS
        USD
        214129.62000000
        0.041266078293
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        National Beverage Corp
        549300O9MZIQJI8TGV17
        National Beverage Corp
        635017106
        
          
          
        
        903.00000000
        NS
        USD
        136840.62000000
        0.026371296687
        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)



Shares		Description	Value

	Common Stocks – 99.3%
	Aerospace & Defense – 0.2%
	11,170	Teledyne Technologies, Inc.*	$ 3,987,802

	Auto Components – 0.4%
	213,538	Gentex Corp.	7,057,431

	Automobiles – 2.7%
	65,796	Tesla, Inc.*	52,211,100

	Beverages – 1.8%
	14,185	Boston Beer Co., Inc. (The), Class A *	13,006,085
	255,762	Monster Beverage Corp.*	22,207,814

			35,213,899

	Biotechnology – 2.5%
	6,025	Biogen, Inc.*	1,702,725
	95,800	Exelixis, Inc.*	2,127,718
	105,954	Seagen, Inc.*	17,405,063
	113,883	Vertex Pharmaceuticals, Inc.*	26,088,318

			47,323,824

	Building Products – 0.1%
	14,919	Allegion PLC	1,596,482

	Chemicals – 1.5%
	102,857	Axalta Coating Systems Ltd.*	2,776,110
	36,582	Sherwin-Williams Co. (The)	25,307,428

			28,083,538

	Communications Equipment – 0.7%
	142,879	Lumentum Holdings, Inc.*	13,402,050

	Consumer Finance – 0.9%
	375,054	Ally Financial, Inc.	14,192,043
	105,032	Synchrony Financial	3,534,327

			17,726,370

	Diversified Consumer Services – 0.6%
	96,897	Chegg, Inc.*	9,230,408
	28,215	frontdoor, Inc.*	1,552,954

			10,783,362

	Diversified Financial Services – 0.6%
	95,629	Jefferies Financial Group, Inc.	2,232,937



Shares		Description	Value

	Common Stocks – (continued)
	Diversified Financial Services – (continued)
	160,603	Voya Financial, Inc.	$ 8,907,042

			11,139,979

	Electronic Equipment, Instruments & Components – 0.1%
	25,633	Dolby Laboratories, Inc., Class A	2,256,473

	Entertainment – 3.0%
	120,713	Activision Blizzard, Inc.	10,984,883
	52,970	Netflix, Inc.*	28,200,698
	32,434	Roku, Inc.*	12,617,799
	28,596	Take-Two Interactive Software, Inc.*	5,732,068

			57,535,448

	Equity Real Estate Investment Trusts (REITs) – 3.4%
	6,055	AvalonBay Communities, Inc. REIT	991,022
	16,455	CoreSite Realty Corp. REIT	2,212,210
	322,634	Equity LifeStyle Properties, Inc. REIT	19,629,053
	11,377	Extra Space Storage, Inc. REIT	1,294,589
	21,686	Gaming and Leisure Properties, Inc. REIT	891,945
	77,306	Healthcare Trust of America, Inc., Class A REIT	2,183,894
	13,436	Lamar Advertising Co., Class A REIT	1,085,360
	165,729	Prologis, Inc. REIT	17,103,233
	75,179	SBA Communications Corp. REIT	20,198,342

			65,589,648

	Food & Staples Retailing – 0.7%
	39,899	Costco Wholesale Corp.	14,061,605

	Health Care Equipment & Supplies – 4.1%
	10,761	ABIOMED, Inc.*	3,747,518
	5,865	Align Technology, Inc.*	3,081,354
	20,969	Cooper Cos., Inc. (The)	7,633,555
	4,205	Edwards Lifesciences Corp.*	347,249
	265,751	Hologic, Inc.*	21,188,327
	73,283	Quidel Corp.*	18,391,835
	6,451	Teleflex, Inc.	2,436,091
	75,588	West Pharmaceutical Services, Inc.	22,637,850

			79,463,779

	Health Care Providers & Services – 3.6%
	48,474	Anthem, Inc.	14,395,808
	18,032	Chemed Corp.	9,338,773

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2021 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Health Care Providers & Services – (continued)
	33,909	Encompass Health Corp.	$ 2,726,284
	138,954	HCA Healthcare, Inc.	22,577,246
	25,894	UnitedHealth Group, Inc.	8,637,720
	88,526	Universal Health Services, Inc., Class B	11,037,422

			68,713,253

	Hotels, Restaurants & Leisure – 1.3%
	16,487	Chipotle Mexican Grill, Inc.*	24,400,760

	Insurance – 1.6%
	2,020	Alleghany Corp.	1,145,037
	84,050	Aon PLC, Class A	17,070,555
	148,019	Arch Capital Group Ltd.*	4,649,277
	4,365	Everest Re Group Ltd.	921,364
	37,288	Old Republic International Corp.	674,913
	38,894	Primerica, Inc.	5,418,323
	19,222	W R Berkley Corp.	1,194,455

			31,073,924

	Interactive Media & Services – 8.9%
	40,796	Alphabet, Inc., Class C*	74,890,849
	325,167	Facebook, Inc., Class A*	84,000,391
	93,554	Pinterest, Inc., Class A*	6,409,385
	48,622	Zillow Group, Inc., Class C*	6,343,226

			171,643,851

	Internet & Direct Marketing Retail – 8.5%
	45,424	Amazon.com, Inc.*	145,638,429
	50,604	Etsy, Inc.*	10,074,750
	32,045	Wayfair, Inc., Class A*	8,726,495

			164,439,674

	IT Services – 8.6%
	47,038	Accenture PLC, Class A	11,379,433
	5,661	Black Knight, Inc.*	462,447
	135,748	Booz Allen Hamilton Holding Corp.	11,561,657
	37,995	EPAM Systems, Inc.*	13,086,618
	3,388	Gartner, Inc.*	514,671
	4,039	Global Payments, Inc.	712,964
	31,244	Mastercard, Inc., Class A	9,882,165
	33,989	Okta, Inc.*	8,803,491
	202,551	PayPal Holdings, Inc.*	47,459,725
	66,954	Square, Inc., Class A*	14,459,386



Shares		Description	Value

	Common Stocks – (continued)
	IT Services – (continued)
	21,182	Twilio, Inc., Class A*	$ 7,613,446
	30,791	VeriSign, Inc.*	5,975,609
	78,094	Visa, Inc., Class A	15,091,666
	839,504	Western Union Co. (The)	18,695,754

			165,699,032

	Life Sciences Tools & Services – 1.9%
	29,243	IQVIA Holdings, Inc.*	5,199,405
	18,749	Mettler-Toledo International, Inc.*	21,900,707
	26,815	PerkinElmer, Inc.	3,943,682
	2,597	Repligen Corp.*	519,400
	9,743	Thermo Fisher Scientific, Inc.	4,966,007

			36,529,201

	Machinery – 0.2%
	13,713	Donaldson Co., Inc.	815,101
	12,156	Parker-Hannifin Corp.	3,216,599

			4,031,700

	Media – 0.2%
	27,954	Nexstar Media Group, Inc., Class A	3,177,531

	Multiline Retail – 0.9%
	99,833	Target Corp.	18,086,745

	Personal Products – 1.6%
	88,459	Estee Lauder Cos., Inc. (The), Class A	20,933,822
	186,791	Herbalife Nutrition Ltd.*	9,518,870

			30,452,692

	Pharmaceuticals – 2.6%
	44,830	Horizon Therapeutics PLC*	3,249,278
	58,807	Jazz Pharmaceuticals PLC*	9,144,489
	69,971	Johnson & Johnson	11,414,369
	172,843	Zoetis, Inc.	26,661,033

			50,469,169

	Professional Services – 0.3%
	7,189	CoStar Group, Inc.*	6,468,015

	Road & Rail – 0.8%
	58,701	Old Dominion Freight Line, Inc.	11,387,994

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2021 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Road & Rail – (continued)
	90,338	Uber Technologies, Inc.*	$ 4,600,914

			15,988,908

	Semiconductors & Semiconductor Equipment – 4.7%
	130,007	Advanced Micro Devices, Inc.*	11,133,800
	215,180	Applied Materials, Inc.	20,803,602
	5,912	Enphase Energy, Inc.*	1,078,053
	8,384	First Solar, Inc.*	831,274
	73,201	KLA Corp.	20,501,404
	32,102	Lam Research Corp.	15,535,763
	7,419	Monolithic Power Systems, Inc.	2,635,897
	25,699	NVIDIA Corp.	13,352,943
	34,337	NXP Semiconductors NV (Netherlands)	5,510,058

			91,382,794

	Software – 16.9%
	8,484	Adobe, Inc.*	3,892,205
	16,316	Autodesk, Inc.*	4,526,548
	163,500	Cadence Design Systems, Inc.*	21,318,765
	11,805	Cloudflare, Inc., Class A*	904,971
	22,760	Crowdstrike Holdings, Inc., Class A*	4,911,608
	29,187	DocuSign, Inc.*	6,797,360
	487,119	Dropbox, Inc., Class A*	11,023,503
	32,220	Fair Isaac Corp.*	14,502,544
	22,000	Fortinet, Inc.*	3,184,500
	15,660	HubSpot, Inc.*	5,828,652
	874,183	Microsoft Corp.	202,775,489
	52,210	Palo Alto Networks, Inc.*	18,312,658
	3,902	salesforce.com, Inc.*	880,135
	5,762	ServiceNow, Inc.*	3,129,688
	12,759	Trade Desk, Inc. (The), Class A*	9,773,266
	35,068	Zoom Video Communications, Inc., Class A*	13,047,751

			324,809,643

	Specialty Retail – 0.8%
	94,094	Dick’s Sporting Goods, Inc.	6,305,239
	77,395	L Brands, Inc.	3,154,620
	84,446	TJX Cos., Inc. (The)	5,407,922
	8,191	Williams-Sonoma, Inc.	1,055,984

			15,923,765

	Technology Hardware, Storage & Peripherals – 10.8%
	1,580,603	Apple, Inc.	208,576,372



Shares		Description	Value

	Common Stocks – (continued)
	Technology Hardware, Storage & Peripherals – (continued)
	4,879	Dell Technologies, Inc., Class C*	$ 355,630

			208,932,002

	Textiles, Apparel & Luxury Goods – 1.1%
	1,974	Lululemon Athletica, Inc.*	648,814
	149,586	NIKE, Inc., Class B	19,983,194

			20,632,008

	Tobacco – 0.7%
	162,565	Philip Morris International, Inc.	12,948,302

	TOTAL INVESTMENTS – 99.3%
	(Cost $1,226,778,108)		$1,913,235,759

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.7%		14,367,508

	NET ASSETS – 100.0%		$1,927,603,267



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

*		Non-income producing security.



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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Schedule of Investments

January 31, 2021 (Unaudited)



Shares		Description	Value

	Common Stocks – 99.1%
	Aerospace & Defense – 0.9%
	3,728	Boeing Co. (The)	$ 723,940
	7,511	Teledyne Technologies, Inc.*	2,681,502

			3,405,442

	Air Freight & Logistics – 0.7%
	5,652	FedEx Corp.	1,330,142
	6,764	United Parcel Service, Inc., Class B	1,048,420

			2,378,562

	Auto Components – 0.9%
	96,844	Gentex Corp.	3,200,694

	Automobiles – 1.7%
	414,321	Ford Motor Co.*	4,362,800
	32,020	General Motors Co.	1,622,774

			5,985,574

	Banks – 5.1%
	43,339	Bank of America Corp.	1,285,001
	5,042	BOK Financial Corp.	372,402
	34,799	Citigroup, Inc.	2,017,994
	10,482	First Republic Bank	1,519,785
	36,842	JPMorgan Chase & Co.	4,740,460
	2,415	Prosperity Bancshares, Inc.	162,868
	10,982	Signature Bank	1,814,117
	29,492	Umpqua Holdings Corp.	427,929
	131,958	Wells Fargo & Co.	3,942,905
	20,043	Western Alliance Bancorp	1,366,532
	13,886	Zions Bancorp NA	612,928

			18,262,921

	Beverages – 1.8%
	13,563	Constellation Brands, Inc., Class A	2,860,843
	39,814	Monster Beverage Corp.*	3,457,050

			6,317,893

	Biotechnology – 1.4%
	4,778	AbbVie, Inc.	489,649
	2,890	Biogen, Inc.*	816,743
	15,924	Vertex Pharmaceuticals, Inc.*	3,647,870

			4,954,262



Shares		Description	Value

	Common Stocks – (continued)
	Building Products – 1.2%
	10,045	Allegion PLC	$ 1,074,915
	10,138	Lennox International, Inc.	2,792,918
	9,303	Masco Corp.	505,246

			4,373,079

	Capital Markets – 2.7%
	23,522	CME Group, Inc.	4,274,888
	3,257	Evercore, Inc., Class A	355,338
	7,146	Interactive Brokers Group, Inc., Class A	437,264
	7,690	Raymond James Financial, Inc.	768,462
	11,914	S&P Global, Inc.	3,776,738

			9,612,690

	Chemicals – 3.6%
	131,453	Axalta Coating Systems Ltd.*	3,547,916
	22,537	Celanese Corp.	2,752,894
	19,610	Chemours Co. (The)	516,527
	16,793	Corteva, Inc.	669,369
	27,328	Element Solutions, Inc.	465,396
	5,872	Linde PLC (United Kingdom)	1,440,989
	2,810	RPM International, Inc.	231,741
	4,827	Sherwin-Williams Co. (The)	3,339,319

			12,964,151

	Commercial Services & Supplies – 0.2%
	7,837	Clean Harbors, Inc.*	607,054

	Communications Equipment – 0.4%
	7,119	Cisco Systems, Inc.	317,365
	12,133	Lumentum Holdings, Inc.*	1,138,075

			1,455,440

	Construction Materials – 0.6%
	3,362	Eagle Materials, Inc.	369,921
	3,278	Martin Marietta Materials, Inc.	942,130
	4,566	Vulcan Materials Co.	680,973

			1,993,024

	Consumer Finance – 3.4%
	100,520	Ally Financial, Inc.	3,803,677
	37,770	Capital One Financial Corp.	3,937,900
	39,905	Santander Consumer USA Holdings, Inc.	881,901

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2021 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Consumer Finance – (continued)
	107,380	Synchrony Financial	$ 3,613,337

			12,236,815

	Diversified Consumer Services – 0.2%
	5,171	frontdoor, Inc.*	284,612
	25,399	H&R Block, Inc.	437,625

			722,237

	Diversified Financial Services – 2.9%
	24,118	Berkshire Hathaway, Inc., Class B*	5,495,768
	90,054	Jefferies Financial Group, Inc.	2,102,761
	51,467	Voya Financial, Inc.	2,854,360

			10,452,889

	Diversified Telecommunication Services – 0.5%
	22,478	AT&T, Inc.	643,545
	23,260	Verizon Communications, Inc.	1,273,485

			1,917,030

	Electric Utilities – 0.9%
	30,171	Entergy Corp.	2,876,201
	4,912	Evergy, Inc.	263,922

			3,140,123

	Electrical Equipment – 0.5%
	15,983	AMETEK, Inc.	1,810,235

	Electronic Equipment, Instruments & Components – 0.7%
	15,232	Arrow Electronics, Inc.*	1,487,100
	1,681	Dolby Laboratories, Inc., Class A	147,978
	25,661	Jabil, Inc.	1,061,596

			2,696,674

	Energy Equipment & Services – 0.8%
	29,284	Baker Hughes Co.	588,316
	15,519	Halliburton Co.	273,600
	67,426	NOV, Inc.	834,734
	56,482	Schlumberger NV	1,254,465

			2,951,115

	Entertainment – 2.3%
	15,194	Activision Blizzard, Inc.	1,382,654
	12,430	Lions Gate Entertainment Corp., Class B*	153,635



Shares		Description	Value

	Common Stocks – (continued)
	Entertainment – (continued)
	1,861	Netflix, Inc.*	$ 990,778
	3,627	Roku, Inc.*	1,411,012
	3,975	Take-Two Interactive Software, Inc.*	796,788
	20,248	Walt Disney Co. (The)*	3,405,106

			8,139,973

	Equity Real Estate Investment Trusts (REITs) – 7.5%
	24,948	Apartment Investment and Management Co., Class A REIT	114,511
	13,658	AvalonBay Communities, Inc. REIT	2,235,405
	26,527	Brandywine Realty Trust REIT	291,797
	14,321	Camden Property Trust REIT	1,462,890
	29,308	Equity LifeStyle Properties, Inc. REIT	1,783,099
	2,304	Extra Space Storage, Inc. REIT	262,172
	71,954	First Industrial Realty Trust, Inc. REIT	2,924,211
	13,810	Gaming and Leisure Properties, Inc. REIT	568,005
	8,043	Healthcare Trust of America, Inc., Class A REIT	227,215
	120,250	Invitation Homes, Inc. REIT	3,544,970
	5,239	Lamar Advertising Co., Class A REIT	423,206
	13,959	Mid-America Apartment Communities, Inc. REIT	1,853,057
	50,940	Prologis, Inc. REIT	5,257,008
	7,518	SBA Communications Corp. REIT	2,019,861
	13,543	Sun Communities, Inc. REIT	1,938,410
	10,151	UDR, Inc. REIT	390,306
	45,957	VEREIT, Inc. REIT	1,619,065

			26,915,188

	Food & Staples Retailing – 3.2%
	10,811	Costco Wholesale Corp.	3,810,121
	53,590	Walmart, Inc.	7,528,859

			11,338,980

	Food Products – 0.2%
	9,649	Ingredion, Inc.	728,210

	Health Care Equipment & Supplies – 2.9%
	9,163	Cooper Cos., Inc. (The)	3,335,698
	1,932	Danaher Corp.	459,507
	40,024	Hologic, Inc.*	3,191,114
	4,035	Quidel Corp.*	1,012,664
	1,638	Teleflex, Inc.	618,558

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2021 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Health Care Equipment & Supplies – (continued)
	6,333	West Pharmaceutical Services, Inc.	$ 1,896,670

			10,514,211

	Health Care Providers & Services – 3.7%
	16,081	Anthem, Inc.	4,775,735
	6,843	Encompass Health Corp.	550,177
	25,288	HCA Healthcare, Inc.	4,108,794
	616	Laboratory Corp. of America Holdings*	141,009
	28,882	Universal Health Services, Inc., Class B	3,601,008

			13,176,723

	Hotels, Restaurants & Leisure – 1.0%
	2,469	Chipotle Mexican Grill, Inc.*	3,654,120

	Independent Power and Renewable Electricity Producers – 0.4%
	65,410	AES Corp. (The)	1,595,350

	Industrial Conglomerates – 0.4%
	122,014	General Electric Co.	1,303,110

	Insurance – 5.7%
	13,987	American Financial Group, Inc.	1,316,736
	105,010	Arch Capital Group Ltd.*	3,298,364
	10,611	Athene Holding Ltd., Class A*	433,884
	9,007	Brighthouse Financial, Inc.*	318,488
	30,688	Chubb Ltd.	4,470,321
	5,652	Everest Re Group Ltd.	1,193,024
	39,848	First American Financial Corp.	2,083,652
	34,072	Globe Life, Inc.	3,079,768
	71,664	Old Republic International Corp.	1,297,118
	3,693	Primerica, Inc.	514,472
	37,828	Unum Group	878,745
	25,044	W. R. Berkley Corp.	1,556,234

			20,440,806

	Interactive Media & Services – 2.9%
	3,281	Alphabet, Inc., Class A*	5,995,568
	11,176	Facebook, Inc., Class A*	2,887,096
	9,428	Pinterest, Inc., Class A*	645,912
	6,164	Zillow Group, Inc., Class C*	804,156

			10,332,732



Shares		Description	Value

	Common Stocks – (continued)
	Internet & Direct Marketing Retail – 0.3%
	3,897	Wayfair, Inc., Class A*	$ 1,061,231

	IT Services – 5.6%
	40,142	Fidelity National Information Services, Inc.	4,955,931
	2,832	Fiserv, Inc.*	290,818
	16,807	Global Payments, Inc.	2,966,772
	49,262	International Business Machines Corp.	5,867,597
	1,958	PayPal Holdings, Inc.*	458,779
	10,685	VeriSign, Inc.*	2,073,638
	164,518	Western Union Co. (The)	3,663,816

			20,277,351

	Life Sciences Tools & Services – 2.2%
	3,059	Mettler-Toledo International, Inc.*	3,573,218
	535	PerkinElmer, Inc.	78,682
	8,211	Thermo Fisher Scientific, Inc.	4,185,147

			7,837,047

	Machinery – 3.8%
	2,626	AGCO Corp.	291,223
	3,414	Allison Transmission Holdings, Inc.	138,950
	30,794	Caterpillar, Inc.	5,630,375
	2,516	Donaldson Co., Inc.	149,551
	3,250	Illinois Tool Works, Inc.	631,183
	28,374	PACCAR, Inc.	2,588,276
	15,636	Parker-Hannifin Corp.	4,137,442

			13,567,000

	Media – 1.3%
	25,179	Comcast Corp., Class A	1,248,123
	4,976	Nexstar Media Group, Inc., Class A	565,622
	46,681	Omnicom Group, Inc.	2,911,961

			4,725,706

	Metals & Mining – 0.0%
	1,552	Southern Copper Corp. (Peru)	103,068

	Mortgage Real Estate Investment Trusts (REITs) – 0.4%
	78,642	Starwood Property Trust, Inc. REIT	1,475,324

	Multiline Retail – 2.2%
	46,922	Kohl’s Corp.	2,067,383
	6,486	Nordstrom, Inc.	229,929

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2021 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Multiline Retail – (continued)
	29,973	Target Corp.	$ 5,430,208

			7,727,520

	Multi-Utilities – 1.2%
	25,397	MDU Resources Group, Inc.	667,687
	28,439	Sempra Energy	3,519,611

			4,187,298

	Oil, Gas & Consumable Fuels – 2.4%
	44,701	Chevron Corp.	3,808,525
	47,098	EOG Resources, Inc.	2,400,114
	32,700	Exxon Mobil Corp.	1,466,268
	19,131	Hess Corp.	1,032,692

			8,707,599

	Personal Products – 1.5%
	14,701	Estee Lauder Cos., Inc. (The), Class A	3,478,992
	40,616	Herbalife Nutrition Ltd.*	2,069,791

			5,548,783

	Pharmaceuticals – 5.2%
	16,370	Jazz Pharmaceuticals PLC*	2,545,535
	68,386	Johnson & Johnson	11,155,808
	2,518	Merck & Co., Inc.	194,062
	28,425	Pfizer, Inc.	1,020,457
	18,948	Viatris, Inc.*	321,927
	23,058	Zoetis, Inc.	3,556,697

			18,794,486

	Real Estate Management & Development – 0.0%
	488	Jones Lang LaSalle, Inc.*	71,350

	Road & Rail – 2.2%
	2,122	AMERCO	981,298
	2,460	CSX Corp.	210,957
	6,800	Kansas City Southern	1,378,156
	1,069	Landstar System, Inc.	149,019
	17,526	Old Dominion Freight Line, Inc.	3,400,044
	32,196	Uber Technologies, Inc.*	1,639,742

			7,759,216

	Semiconductors & Semiconductor Equipment – 3.7%
	16,789	Applied Materials, Inc.	1,623,160



Shares		Description	Value

	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – (continued)
	9,564	First Solar, Inc.*	$ 948,271
	76,227	Intel Corp.	4,231,361
	12,607	Micron Technology, Inc.*	986,750
	14,957	NXP Semiconductors NV (Netherlands)	2,400,150
	19,732	Texas Instruments, Inc.	3,269,395

			13,459,087

	Software – 0.1%
	2,207	Oracle Corp.	133,369
	494	Zoom Video Communications, Inc., Class A*	183,803

			317,172

	Specialty Retail – 2.4%
	37,960	Dick’s Sporting Goods, Inc.	2,543,699
	44,514	L Brands, Inc.	1,814,391
	59,408	TJX Cos., Inc. (The)	3,804,488
	2,492	Williams-Sonoma, Inc.	321,269

			8,483,847

	Technology Hardware, Storage & Peripherals – 0.9%
	14,859	Dell Technologies, Inc., Class C*	1,083,073
	36,408	Western Digital Corp.	2,054,503

			3,137,576

	Textiles, Apparel & Luxury Goods – 0.4%
	12,631	Skechers USA, Inc., Class A*	435,517
	31,044	Tapestry, Inc.	981,611

			1,417,128

	Tobacco – 1.7%
	77,937	Philip Morris International, Inc.	6,207,682

	Trading Companies & Distributors – 0.3%
	6,523	Air Lease Corp.	258,506
	2,472	United Rentals, Inc.*	600,721

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2021 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Trading Companies & Distributors – (continued)
	1,482	Watsco, Inc.	$ 353,442

			1,212,669

	TOTAL INVESTMENTS – 99.1% (Cost $323,661,858)		$355,655,447

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.9%		3,273,193

	NET ASSETS – 100.0%		$358,928,640



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

*		Non-income producing security.



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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments

January 31, 2021 (Unaudited)



Shares		Description	Value

	Common Stocks – 98.1%
	Aerospace & Defense – 0.7%
	8,255	AeroVironment, Inc. *	$ 947,426
	19,619	Astronics Corp. *	244,453
	18,553	Maxar Technologies, Inc.	776,814
	12,656	Moog, Inc., Class A	934,899
	10,949	Vectrus, Inc.*	562,778

			3,466,370

	Air Freight & Logistics – 0.3%
	55,637	Echo Global Logistics, Inc.*	1,464,922
	33,708	Radiant Logistics, Inc.*	195,507

			1,660,429

	Auto Components – 2.2%
	38,106	Adient PLC*	1,230,443
	98,816	American Axle & Manufacturing Holdings, Inc.*	870,569
	10,913	Cooper Tire & Rubber Co.	401,053
	285,212	Goodyear Tire & Rubber Co. (The)*	3,008,987
	53,009	Standard Motor Products, Inc.	2,079,543
	14,531	Tenneco, Inc., Class A*	146,763
	26,380	Visteon Corp.*	3,362,922
	11,191	Workhorse Group, Inc.*	384,075

			11,484,355

	Banks – 6.9%
	54,271	1st Source Corp.	2,135,564
	47,786	Amalgamated Bank, Class A	700,543
	68,229	Atlantic Capital Bancshares, Inc.*	1,220,617
	159,511	Bancorp, Inc. (The)*	2,674,999
	4,789	Banner Corp.	211,817
	25,732	Cadence BanCorp	461,117
	23,966	Central Pacific Financial Corp.	476,444
	139,348	CVB Financial Corp.	2,707,532
	41,089	First Commonwealth Financial Corp.	481,974
	138,632	First Foundation, Inc.	2,808,684
	48,787	First Internet Bancorp	1,493,858
	27,927	Fulton Financial Corp.	374,222
	25,346	Glacier Bancorp, Inc.	1,182,391
	46,224	Hanmi Financial Corp.	638,816
	63,442	Heartland Financial USA, Inc.	2,706,436
	50,628	Hope Bancorp, Inc.	566,021
	96,062	International Bancshares Corp.	3,632,104
	272,993	Investors Bancorp, Inc.	3,142,149
	12,469	Metropolitan Bank Holding Corp.*	494,521



Shares		Description	Value

	Common Stocks – (continued)
	Banks – (continued)
	37,364	National Bank Holdings Corp., Class A	$ 1,243,100
	23,862	Preferred Bank	1,152,296
	20,768	Sierra Bancorp	454,196
	58,670	TriCo Bancshares	2,188,391
	59,090	TriState Capital Holdings, Inc.*	1,084,302
	41,148	Trustmark Corp.	1,130,336
	4,928	United Bankshares, Inc.	156,020
	5,823	Washington Trust Bancorp, Inc.	253,766

			35,772,216

	Beverages – 0.2%
	13,032	Celsius Holdings, Inc.*	695,909
	903	National Beverage Corp.	136,840

			832,749

	Biotechnology – 11.0%
	41,999	Affimed NV (Germany)*	240,654
	101,004	Amicus Therapeutics, Inc.*	1,909,986
	2,519	Arcturus Therapeutics Holdings, Inc.*	182,527
	4,372	Arcus Biosciences, Inc.*	151,840
	40,273	Ardelyx, Inc.*	273,454
	11,205	Arrowhead Pharmaceuticals, Inc.*	864,690
	62,650	Atara Biotherapeutics, Inc.*	1,156,519
	49,376	Avid Bioservices, Inc.*	720,396
	16,592	CareDx, Inc.*	1,268,127
	169,837	Catalyst Pharmaceuticals, Inc.*	618,207
	5,460	ChemoCentryx, Inc.*	311,275
	11,466	CytomX Therapeutics, Inc.*	79,230
	3,890	Eagle Pharmaceuticals, Inc.*	181,546
	30,177	Editas Medicine, Inc.*	1,851,359
	95,168	Eiger BioPharmaceuticals, Inc.*	914,564
	25,567	Emergent BioSolutions, Inc.*	2,731,834
	25,550	Fate Therapeutics, Inc.*	2,315,596
	34,214	G1 Therapeutics, Inc.*	825,584
	7,439	Harpoon Therapeutics, Inc.*	143,424
	38,171	Immunovant, Inc.*	1,489,814
	4,646	Insmed, Inc.*	174,643
	31,818	Intellia Therapeutics, Inc.*	1,992,443
	32,447	Invitae Corp.*	1,606,775
	241,497	Kadmon Holdings, Inc.*	1,159,186
	68,172	Kura Oncology, Inc.*	2,041,751
	178,129	Minerva Neurosciences, Inc.*	568,231
	12,484	Mirati Therapeutics, Inc.*	2,563,340
	81,540	Myriad Genetics, Inc.*	2,246,427

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2021 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Biotechnology – (continued)
	41,242	Natera, Inc.*	$ 4,398,047
	8,309	NextCure, Inc.*	96,301
	8,735	Novavax, Inc.*	1,929,911
	279,222	OPKO Health, Inc.*	1,510,591
	86,332	Prothena Corp. PLC (Ireland)*	967,782
	8,099	REGENXBIO, Inc.*	334,732
	41,677	Sangamo Therapeutics, Inc.*	569,308
	223,535	Selecta Biosciences, Inc.*	894,140
	42,228	Sorrento Therapeutics, Inc.*	534,606
	22,863	TG Therapeutics, Inc.*	1,103,597
	81,325	Translate Bio, Inc.*	1,942,041
	12,825	Twist Bioscience Corp.*	2,110,225
	15,189	Ultragenyx Pharmaceutical, Inc.*	2,105,044
	63,551	Veracyte, Inc.*	3,603,342
	4,295	Vericel Corp.*	177,255
	7,134	Vir Biotechnology, Inc.*	460,428
	70,826	Xencor, Inc.*	3,240,289
	9,111	Y-mAbs Therapeutics, Inc.*	382,753
	3,428	Zentalis Pharmaceuticals, Inc.*	131,532

			57,075,346

	Building Products – 0.6%
	16,469	Masonite International Corp.*	1,638,666
	53,579	Quanex Building Products Corp.	1,178,202
	8,779	Resideo Technologies, Inc.*	202,795

			3,019,663

	Capital Markets – 2.5%
	20,520	Artisan Partners Asset Management, Inc., Class A	993,168
	36,227	Cohen & Steers, Inc.	2,372,868
	80,637	Cowen, Inc., Class A	2,028,021
	20,050	Donnelley Financial Solutions, Inc.*	358,695
	93,144	Federated Hermes, Inc.	2,514,888
	33,432	Oppenheimer Holdings, Inc., Class A	1,159,087
	39,213	PJT Partners, Inc., Class A	2,705,305
	3,628	Virtus Investment Partners, Inc.	761,880

			12,893,912

	Chemicals – 1.9%
	194,410	Ferro Corp.*	2,680,914
	26,077	Ingevity Corp.*	1,712,998
	2,623	Innospec, Inc.	230,273
	38,278	Koppers Holdings, Inc.*	1,273,892



Shares		Description	Value

	Common Stocks – (continued)
	Chemicals – (continued)
	26,686	Kraton Corp.*	$ 749,343
	54,033	Minerals Technologies, Inc.	3,330,054

			9,977,474

	Commercial Services & Supplies – 1.4%
	11,428	BrightView Holdings, Inc.*	162,049
	32,516	Ennis, Inc.	591,791
	46,033	HNI Corp.	1,485,025
	60,576	KAR Auction Services, Inc.	1,118,233
	18,615	Matthews International Corp., Class A	568,316
	44,437	McGrath RentCorp	3,101,258
	17,104	Pitney Bowes, Inc.	159,751
	19,141	Team, Inc.*	189,113

			7,375,536

	Communications Equipment – 0.7%
	32,867	Calix, Inc.*	992,583
	15,179	NETGEAR, Inc.*	628,259
	131,895	Viavi Solutions, Inc.*	2,037,778

			3,658,620

	Construction & Engineering – 1.2%
	44,373	Aegion Corp.*	815,132
	3,867	Argan, Inc.	167,170
	2,156	Dycom Industries, Inc.*	174,938
	11,953	EMCOR Group, Inc.	1,055,450
	112,001	Great Lakes Dredge & Dock Corp.*	1,526,574
	37,474	Matrix Service Co.*	441,818
	64,378	Primoris Services Corp.	1,873,722

			6,054,804

	Construction Materials – 0.5%
	45,955	Forterra, Inc.*	840,977
	91,436	Summit Materials, Inc., Class A*	1,877,181

			2,718,158

	Consumer Finance – 0.7%
	84,758	Enova International, Inc.*	1,915,531
	144,006	Navient Corp.	1,620,787

			3,536,318

	Containers & Packaging – 0.2%
	81,609	O-I Glass, Inc.	1,031,538

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2021 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Diversified Consumer Services – 0.1%
	10,981	Stride, Inc.*	$ 282,761

	Diversified Financial Services – 0.3%
	116,065	Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)	1,768,831

	Diversified Telecommunication Services – 1.1%
	100,295	Consolidated Communications Holdings, Inc.*	612,301
	58,465	Iridium Communications, Inc.*	2,880,571
	24,568	Ooma, Inc.*	330,931
	189,667	ORBCOMM, Inc.*	1,420,606
	17,828	Vonage Holdings Corp.*	222,493

			5,466,902

	Electrical Equipment – 2.0%
	8,112	Bloom Energy Corp., Class A*	283,190
	28,659	FuelCell Energy, Inc.*	594,961
	59,831	Plug Power, Inc.*	3,779,524
	21,632	Powell Industries, Inc.	620,189
	47,490	Sunrun, Inc.*	3,289,632
	23,275	Vicor Corp.*	2,014,219

			10,581,715

	Electronic Equipment, Instruments & Components – 4.3%
	25,384	Belden, Inc.	1,199,140
	31,316	Benchmark Electronics, Inc.	793,234
	40,542	CTS Corp.	1,236,531
	39,814	Fabrinet (Thailand)*	3,142,917
	14,633	II-VI, Inc.*	1,230,196
	158,763	Knowles Corp.*	3,062,538
	21,761	nLight, Inc.*	689,389
	21,477	Novanta, Inc.*	2,682,907
	22,409	Plexus Corp.*	1,723,700
	208,270	TTM Technologies, Inc.*	2,792,901
	116,283	Vishay Intertechnology, Inc.	2,505,899
	43,659	Vishay Precision Group, Inc.*	1,396,652

			22,456,004

	Energy Equipment & Services – 0.4%
	17,468	Cactus, Inc., Class A	457,661
	38,041	ChampionX Corp.*	581,647
	90,964	Helix Energy Solutions Group, Inc.*	374,772
	42,506	Oil States International, Inc.*	238,034



Shares		Description	Value

	Common Stocks – (continued)
	Energy Equipment & Services – (continued)
	45,834	Transocean Ltd.*	$ 154,002

			1,806,116

	Entertainment – 0.6%
	12,305	AMC Entertainment Holdings, Inc., Class A	163,164
	334,733	Glu Mobile, Inc.*	2,948,998

			3,112,162

	Equity Real Estate Investment Trusts (REITs) – 7.7%
	88,210	American Assets Trust, Inc. REIT	2,437,242
	140,944	CareTrust REIT, Inc. REIT	3,165,602
	141,250	City Office REIT, Inc. REIT	1,330,575
	45,710	Community Healthcare Trust, Inc. REIT	2,044,151
	12,709	EastGroup Properties, Inc. REIT	1,717,494
	42,676	Four Corners Property Trust, Inc. REIT	1,124,939
	28,805	Gladstone Commercial Corp. REIT	510,137
	60,698	Healthcare Realty Trust, Inc. REIT	1,821,547
	136,341	Independence Realty Trust, Inc. REIT	1,810,609
	69,845	Industrial Logistics Properties Trust REIT	1,481,412
	274,855	Lexington Realty Trust REIT	2,817,264
	18,056	Macerich Co. (The) REIT	283,479
	54,281	National Storage Affiliates Trust REIT	1,983,428
	70,118	NexPoint Residential Trust, Inc. REIT	2,767,557
	104,614	Physicians Realty Trust REIT	1,844,345
	44,377	PotlatchDeltic Corp. REIT	2,119,446
	157,556	Retail Opportunity Investments Corp. REIT	2,219,964
	16,389	Retail Properties of America, Inc., Class A REIT	150,943
	69,082	Retail Value, Inc. REIT	1,078,370
	191,706	Sabra Health Care REIT, Inc. REIT	3,218,744
	62,001	Terreno Realty Corp. REIT	3,508,017
	3,485	Universal Health Realty Income Trust REIT	207,985
	8,956	Urstadt Biddle Properties, Inc., Class A REIT	123,861

			39,767,111

	Food & Staples Retailing – 0.6%
	51,993	Ingles Markets, Inc., Class A	2,472,787
	25,913	Natural Grocers by Vitamin Cottage, Inc.	431,452
	6,585	SpartanNash Co.	121,954

			3,026,193

	Food Products – 1.3%
	6,283	B&G Foods, Inc.	239,257
	74,490	Darling Ingredients, Inc.*	4,619,125

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2021 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Food Products – (continued)
	14,637	John B. Sanfilippo & Son, Inc.	$ 1,177,254
	18,433	Seneca Foods Corp., Class A*	668,196

			6,703,832

	Gas Utilities – 0.2%
	13,548	Northwest Natural Holding Co.	632,827
	7,241	Southwest Gas Holdings, Inc.	434,170

			1,066,997

	Health Care Equipment & Supplies – 2.8%
	20,085	Cerus Corp.*	132,360
	18,938	CONMED Corp.	2,119,162
	25,687	GenMark Diagnostics, Inc.*	354,737
	38,669	Integer Holdings Corp.*	2,853,772
	45,838	Invacare Corp.	429,044
	3,635	LeMaitre Vascular, Inc.	174,698
	40,062	Meridian Bioscience, Inc.*	885,370
	33,265	Merit Medical Systems, Inc.*	1,801,300
	61,318	Natus Medical, Inc.*	1,494,320
	15,508	Neogen Corp.*	1,254,132
	5,389	Shockwave Medical, Inc.*	625,340
	6,113	STAAR Surgical Co.*	627,072
	30,832	Surmodics, Inc.*	1,402,856
	3,644	Utah Medical Products, Inc.	315,825

			14,469,988

	Health Care Providers & Services – 2.3%
	167,650	Community Health Systems, Inc.*	1,562,498
	6,822	Covetrus, Inc.*	232,425
	1,938	Fulgent Genetics, Inc.*	214,130
	23,463	Hanger, Inc.*	480,757
	22,048	Joint Corp. (The)*	717,221
	294	LHC Group, Inc.*	58,571
	7,589	National HealthCare Corp.	486,075
	3,638	Ontrak, Inc.*	288,457
	13,346	Owens & Minor, Inc.	388,102
	116,131	Select Medical Holdings Corp.*	2,984,567
	86,548	Tenet Healthcare Corp.*	4,091,124
	1,560	US Physical Therapy, Inc.	187,730

			11,691,657

	Health Care Technology – 0.3%
	48,810	Inovalon Holdings, Inc., Class A*	1,190,964



Shares		Description	Value

	Common Stocks – (continued)
	Health Care Technology – (continued)
	1,903	Inspire Medical Systems, Inc.*	$ 383,473

			1,574,437

	Hotels, Restaurants & Leisure – 3.3%
	2,780	Caesars Entertainment, Inc.*	195,684
	3,739	Churchill Downs, Inc.	700,876
	8,953	Chuy’s Holdings, Inc.*	314,071
	10,466	Del Taco Restaurants, Inc.*	100,683
	54,613	El Pollo Loco Holdings, Inc.*	1,111,375
	40,793	Fiesta Restaurant Group, Inc.*	614,343
	2,204	Marriott Vacations Worldwide Corp.	270,563
	8,367	Monarch Casino & Resort, Inc.*	442,196
	22,379	Penn National Gaming, Inc.*	2,321,150
	121,590	Red Rock Resorts, Inc., Class A	2,854,933
	4,874	Shake Shack, Inc., Class A*	552,809
	48,177	Texas Roadhouse, Inc.	3,671,569
	25,687	Wingstop, Inc.	3,854,334

			17,004,586

	Household Durables – 1.5%
	28,469	Century Communities, Inc.*	1,336,335
	43,195	GoPro, Inc., Class A*	386,595
	3,856	iRobot Corp.*	463,106
	20,549	M/I Homes, Inc.*	1,014,504
	94,010	Sonos, Inc.*	2,458,362
	42,346	Taylor Morrison Home Corp.*	1,100,149
	21,030	Tri Pointe Homes, Inc.*	424,806
	22,897	Turtle Beach Corp.*	684,620

			7,868,477

	Independent Power and Renewable Electricity Producers – 0.1%
	22,985	Clearway Energy, Inc., Class C	712,075

	Insurance – 3.9%
	112,404	American Equity Investment Life Holding Co.	3,281,073
	28,378	AMERISAFE, Inc.	1,574,979
	35,071	Argo Group International Holdings Ltd.	1,415,115
	6,388	Enstar Group Ltd.*	1,278,941
	284,723	Genworth Financial, Inc., Class A*	808,613
	8,638	Goosehead Insurance, Inc., Class A	1,154,037
	4,152	HCI Group, Inc.	230,976
	18,444	James River Group Holdings Ltd.	820,389
	16,646	Kinsale Capital Group, Inc.	3,122,124
	1,889	National Western Life Group, Inc., Class A	340,020

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2021 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Insurance – (continued)
	61,344	Stewart Information Services Corp.	$ 2,845,134
	29,129	Trupanion, Inc.*	3,268,274

			20,139,675

	Interactive Media & Services – 0.8%
	30,693	Cargurus, Inc.*	897,770
	133,413	Cars.com, Inc.*	1,548,925
	17,301	EverQuote, Inc., Class A*	779,583
	43,350	QuinStreet, Inc.*	917,720

			4,143,998

	Internet & Direct Marketing Retail – 0.8%
	30,043	Magnite, Inc.*	1,040,690
	14,004	Stamps.com, Inc.*	3,197,253

			4,237,943

	IT Services – 2.5%
	89,803	Brightcove, Inc.*	1,477,259
	99,588	Conduent, Inc.*	480,014
	48,221	EVERTEC, Inc. (Puerto Rico)	1,673,269
	1,841	KBR, Inc.	53,481
	23,609	Limelight Networks, Inc.*	107,539
	57,006	Perficient, Inc.*	3,113,098
	70,613	Perspecta, Inc.	2,044,246
	71,835	Sykes Enterprises, Inc.*	2,772,113
	17,657	TTEC Holdings, Inc.	1,334,516

			13,055,535

	Leisure Products – 0.8%
	17,398	Nautilus, Inc.*	426,425
	9,841	Sturm Ruger & Co., Inc.	623,526
	103,776	Vista Outdoor, Inc.*	3,027,146

			4,077,097

	Machinery – 2.6%
	1,754	Barnes Group, Inc.	84,315
	5,685	Chart Industries, Inc.*	682,825
	35,326	Columbus McKinnon Corp.	1,525,730
	3,692	Federal Signal Corp.	120,691
	46,962	Franklin Electric Co., Inc.	3,260,102
	47,197	Meritor, Inc.*	1,218,155
	3,999	Proto Labs, Inc.*	846,988
	17,621	RBC Bearings, Inc.*	2,948,522
	49,487	Rexnord Corp.	1,873,578



Shares		Description	Value

	Common Stocks – (continued)
	Machinery – (continued)
	43,794	Wabash National Corp.	$ 698,514

			13,259,420

	Marine – 0.1%
	32,132	Costamare, Inc. (Monaco)	257,056

	Media – 1.6%
	4,448	AMC Networks, Inc., Class A*	219,820
	8,266	Cardlytics, Inc.*	1,010,684
	59,746	EW Scripps Co. (The), Class A	884,838
	62,954	Gray Television, Inc.*	1,073,366
	3,617	Loral Space & Communications, Inc.	91,872
	48,707	TechTarget, Inc.*	3,638,413
	100,518	TEGNA, Inc.	1,611,303

			8,530,296

	Metals & Mining – 0.8%
	109,688	Alcoa Corp.*	1,974,384
	17,674	Arconic Corp.*	445,385
	10,165	Century Aluminum Co.*	99,109
	32,820	Cleveland-Cliffs, Inc.	503,459
	11,013	Fortitude Gold Corp.*^(a)	11,564
	25,694	Gold Resource Corp.	72,457
	38,497	Haynes International, Inc.	892,745

			3,999,103

	Mortgage Real Estate Investment Trusts (REITs) – 0.5%
	103,356	Capstead Mortgage Corp. REIT	551,921
	13,158	Chimera Investment Corp. REIT	132,896
	116,218	PennyMac Mortgage Investment Trust REIT	2,004,760

			2,689,577

	Multi-Utilities – 0.7%
	16,779	Black Hills Corp.	991,974
	51,763	NorthWestern Corp.	2,819,531

			3,811,505

	Oil, Gas & Consumable Fuels – 1.2%
	110,737	Ardmore Shipping Corp. (Ireland)	354,358
	27,974	Bonanza Creek Energy, Inc.*	577,943
	77,824	Clean Energy Fuels Corp.*	796,139
	97,860	Green Plains, Inc.*	1,879,891
	16,242	Matador Resources Co.*	248,178
	44,712	Ovintiv, Inc.	704,661

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2021 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Oil, Gas & Consumable Fuels – (continued)
	1,896	Renewable Energy Group, Inc.*	$ 169,882
	55,597	World Fuel Services Corp.	1,700,712

			6,431,764

	Paper & Forest Products – 1.0%
	15,488	Clearwater Paper Corp.*	589,783
	82,808	Glatfelter Corp.	1,295,945
	92,484	Louisiana-Pacific Corp.	3,515,317

			5,401,045

	Personal Products – 0.2%
	12,642	USANA Health Sciences, Inc.*	1,046,252

	Pharmaceuticals – 2.2%
	100,016	Amneal Pharmaceuticals, Inc.*	481,077
	84,915	Amphastar Pharmaceuticals, Inc.*	1,543,755
	51,738	ANI Pharmaceuticals, Inc.*	1,476,602
	262,622	BioDelivery Sciences International, Inc.*	1,011,095
	144,356	Innoviva, Inc.*	1,733,716
	15,969	Ocular Therapeutix, Inc.*	289,837
	3,855	Pacira BioSciences, Inc.*	254,738
	63,308	Phibro Animal Health Corp., Class A	1,313,008
	84,644	Prestige Consumer Healthcare, Inc.*	3,385,760

			11,489,588

	Professional Services – 0.2%
	10,888	Huron Consulting Group, Inc.*	576,628
	16,084	Kforce, Inc.	685,983

			1,262,611

	Real Estate Management & Development – 0.9%
	4,259	eXp World Holdings, Inc.*	453,967
	55,835	Redfin Corp.*	3,976,010

			4,429,977

	Road & Rail – 1.3%
	17,062	Avis Budget Group, Inc.*	705,343
	71,777	Daseke, Inc.*	377,547
	178,758	Marten Transport Ltd.	2,833,314
	71,114	Werner Enterprises, Inc.	2,790,514

			6,706,718

	Semiconductors & Semiconductor Equipment – 2.3%
	3,975	Advanced Energy Industries, Inc.*	407,756



Shares		Description	Value

	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – (continued)
	24,111	Ambarella, Inc.*	$ 2,275,114
	66,268	Axcelis Technologies, Inc.*	2,269,016
	2,792	CEVA, Inc.*	164,142
	6,746	Lattice Semiconductor Corp.*	270,582
	38,926	MACOM Technology Solutions Holdings, Inc.*	2,213,332
	135,831	NeoPhotonics Corp.*	1,513,157
	25,192	Rambus, Inc.*	478,522
	3,243	SiTime Corp.*	395,808
	45,703	Ultra Clean Holdings, Inc.*	1,764,136
	8,995	Veeco Instruments, Inc.*	166,048

			11,917,613

	Software – 4.8%
	3,023	Agilysys, Inc.*	111,216
	1,180	Appian Corp.*	257,783
	20,606	Avaya Holdings Corp.*	458,277
	2,175	Blackline, Inc.*	281,924
	123,900	Box, Inc., Class A*	2,148,426
	10,034	Cerence, Inc.*	1,122,905
	86,716	ChannelAdvisor Corp.*	1,777,678
	128,318	Cloudera, Inc.*	1,959,416
	28,197	Digital Turbine, Inc.*	1,613,150
	36,515	Domo, Inc., Class B*	2,314,686
	768	MicroStrategy, Inc., Class A*	474,094
	16,444	Mimecast Ltd.*	708,079
	43,300	Sapiens International Corp. NV (Israel)	1,414,178
	15,414	SPS Commerce, Inc.*	1,524,291
	30,621	SVMK, Inc.*	771,955
	17,680	Tenable Holdings, Inc.*	874,983
	30,639	Upland Software, Inc.*	1,461,174
	22,304	Varonis Systems, Inc.*	3,942,678
	16,304	Verint Systems, Inc.*	1,203,724
	35,231	Xperi Holding Corp.	678,549

			25,099,166

	Specialty Retail – 4.0%
	139,990	Abercrombie & Fitch Co., Class A	3,229,569
	65,915	At Home Group, Inc.*	1,606,348
	21,568	Bed Bath & Beyond, Inc.	761,997
	38,790	Boot Barn Holdings, Inc.*	2,220,340
	64,209	Buckle, Inc. (The)	2,524,698
	10,032	Caleres, Inc.	151,583
	68,948	Camping World Holdings, Inc., Class A	2,355,264

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2021 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Specialty Retail – (continued)
	11,214	Container Store Group, Inc. (The)*	$ 152,847
	900	GameStop Corp., Class A*	292,500
	77,078	Haverty Furniture Cos., Inc.	2,519,680
	5,361	Hibbett Sports, Inc.*	302,628
	776	Lithia Motors, Inc., Class A	247,296
	16,898	Lumber Liquidators Holdings, Inc.*	472,468
	43,954	MarineMax, Inc.*	1,838,596
	1,346	RH*	639,835
	8,532	Signet Jewelers Ltd.*	346,570
	27,346	Zumiez, Inc.*	1,178,066

			20,840,285

	Technology Hardware, Storage & Peripherals – 0.4%
	17,915	3D Systems Corp.*	636,699
	40,474	Super Micro Computer, Inc.*	1,254,694

			1,891,393

	Textiles, Apparel & Luxury Goods – 1.2%
	45,701	Crocs, Inc.*	3,199,984
	3,247	Deckers Outdoor Corp.*	948,059
	37,257	G-III Apparel Group Ltd.*	1,007,429
	38,151	Wolverine World Wide, Inc.	1,092,645

			6,248,117

	Thrifts & Mortgage Finance – 0.9%
	54,877	Flagstar Bancorp, Inc.	2,351,479
	88,532	Washington Federal, Inc.	2,317,768

			4,669,247

	Tobacco – 0.1%
	65,458	Vector Group Ltd.	768,477

	Trading Companies & Distributors – 2.4%
	62,245	Boise Cascade Co.	2,964,729
	93,415	H&E Equipment Services, Inc.	2,567,044
	7,262	Herc Holdings, Inc.*	464,623
	234,121	MRC Global, Inc.*	1,617,776
	51,142	NOW, Inc.*	423,967
	86,499	Rush Enterprises, Inc., Class A	3,632,093
	33,042	Titan Machinery, Inc.*	703,795



Shares		Description	Value

	Common Stocks – (continued)
	Trading Companies & Distributors – (continued)
	2,727	Triton International Ltd. (Bermuda)	$ 126,369

			12,500,396

	TOTAL COMMON STOCKS (Cost $423,796,262)		$508,821,186


Shares		Dividend Rate	Value

	Investment Company – 0.1%^(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares,
	485,711	0.026%	$ 485,711
	(Cost $485,711)

	TOTAL INVESTMENTS – 98.2% (Cost $424,281,973)		$509,306,897

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.8%		9,485,535

	NET ASSETS – 100.0%		$518,792,432



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

*		Non-income producing security.

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

(b)		Represents an affiliated issuer.



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

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)



Shares		Description	Value

	Common Stocks – 99.1%
	Aerospace & Defense – 0.5%
	33,759	AeroVironment, Inc.*	$ 3,874,520
	97,317	Astronics Corp.*	1,212,570
	15,537	Vectrus, Inc.*	798,602

			5,885,692

	Air Freight & Logistics – 0.3%
	114,646	Echo Global Logistics, Inc.*	3,018,629

	Auto Components – 1.4%
	15,778	Fox Factory Holding Corp.*	1,887,680
	120,065	Standard Motor Products, Inc.	4,710,150
	80,863	Visteon Corp.*	10,308,415

			16,906,245

	Banks – 1.3%
	61,171	Amalgamated Bank, Class A	896,767
	45,994	Atlantic Capital Bancshares, Inc.*	822,833
	24,750	Central Pacific Financial Corp.	492,030
	142,970	CVB Financial Corp.	2,777,907
	112,569	First Foundation, Inc.	2,280,648
	136,213	International Bancshares Corp.	5,150,213
	135,062	Investors Bancorp, Inc.	1,554,564
	38,450	TriCo Bancshares	1,434,185

			15,409,147

	Beverages – 0.4%
	58,591	Celsius Holdings, Inc.*	3,128,759
	6,992	National Beverage Corp.	1,059,568

			4,188,327

	Biotechnology – 18.4%
	72,113	Affimed NV (Germany)*	413,208
	2,372	Allakos, Inc.*	316,259
	3,057	ALX Oncology Holdings, Inc.*	242,267
	358,043	Amicus Therapeutics, Inc.*	6,770,593
	44,226	Apellis Pharmaceuticals, Inc.*	1,957,885
	16,542	Arcturus Therapeutics Holdings, Inc.*	1,198,633
	43,366	Arcus Biosciences, Inc.*	1,506,101
	112,362	Ardelyx, Inc.*	762,938
	71,270	Arrowhead Pharmaceuticals, Inc.*	5,499,906
	141,702	Atara Biotherapeutics, Inc.*	2,615,819
	157,493	Avid Bioservices, Inc.*	2,297,823
	4,255	Beam Therapeutics, Inc.*	410,310
	47,248	Blueprint Medicines Corp.*	4,571,244



Shares		Description	Value

	Common Stocks – (continued)
	Biotechnology – (continued)
	30,433	Bridgebio Pharma, Inc.*	$ 1,727,377
	63,774	CareDx, Inc.*	4,874,247
	535,035	Catalyst Pharmaceuticals, Inc.*	1,947,527
	38,566	CEL-SCI Corp.*^(a)	962,222
	51,728	ChemoCentryx, Inc.*	2,949,013
	32,138	Constellation Pharmaceuticals, Inc.*	1,059,590
	49,154	CytomX Therapeutics, Inc.*	339,654
	37,737	Denali Therapeutics, Inc.*	2,584,985
	41,927	Eagle Pharmaceuticals, Inc.*	1,956,733
	104,972	Editas Medicine, Inc.*	6,440,032
	156,821	Eiger BioPharmaceuticals, Inc.*	1,507,050
	96,544	Emergent BioSolutions, Inc.*	10,315,726
	94,399	Fate Therapeutics, Inc.*	8,555,381
	93,019	G1 Therapeutics, Inc.*	2,244,549
	19,247	Harpoon Therapeutics, Inc.*	371,082
	11,256	IGM Biosciences, Inc.*^(a)	1,073,147
	111,902	Immunovant, Inc.*	4,367,535
	90,151	Inovio Pharmaceuticals, Inc.*	1,149,425
	62,990	Insmed, Inc.*	2,367,794
	101,471	Intellia Therapeutics, Inc.*	6,354,114
	38,700	Intercept Pharmaceuticals, Inc.*	1,363,788
	121,044	Invitae Corp.*^(a)	5,994,099
	756,664	Kadmon Holdings, Inc.*	3,631,987
	45,538	Karyopharm Therapeutics, Inc.*	693,544
	11,138	Kodiak Sciences, Inc.*	1,406,841
	18,403	Krystal Biotech, Inc.*	1,282,689
	180,413	Kura Oncology, Inc.*	5,403,369
	4,571	Kymera Therapeutics, Inc.*^(a)	283,173
	21,164	Mersana Therapeutics, Inc.*	403,386
	357,699	Minerva Neurosciences, Inc.*	1,141,060
	51,483	Mirati Therapeutics, Inc.*	10,571,004
	121,838	Mustang Bio, Inc.*	508,065
	97,641	Myriad Genetics, Inc.*	2,690,010
	123,906	Natera, Inc.*	13,213,336
	40,585	NextCure, Inc.*	470,380
	6,025	Novavax, Inc.*	1,331,164
	405,551	OPKO Health, Inc.*^(a)	2,194,031
	226,195	Pieris Pharmaceuticals, Inc.*	574,535
	27,487	Precision BioSciences, Inc.*	333,142
	34,585	Protagonist Therapeutics, Inc.*	716,255
	67,401	Prothena Corp. PLC (Ireland)*	755,565
	16,707	PTC Therapeutics, Inc.*	965,999
	51,123	Puma Biotechnology, Inc.*	600,184
	65,534	REGENXBIO, Inc.*	2,708,520

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2021 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Biotechnology – (continued)
	19,074	Rocket Pharmaceuticals, Inc.*	$ 1,050,596
	163,641	Sangamo Therapeutics, Inc.*	2,235,336
	7,802	Scholar Rock Holding Corp.*	465,467
	620,099	Selecta Biosciences, Inc.*	2,480,396
	253,030	Sorrento Therapeutics, Inc.*^(a)	3,203,360
	26,407	Syros Pharmaceuticals, Inc.*	289,025
	92,302	TG Therapeutics, Inc.*	4,455,418
	232,540	Translate Bio, Inc.*	5,553,055
	12,189	Turning Point Therapeutics, Inc.*	1,529,598
	40,436	Twist Bioscience Corp.*	6,653,339
	71,365	Ultragenyx Pharmaceutical, Inc.*	9,890,475
	176,486	Veracyte, Inc.*	10,006,756
	55,136	Vericel Corp.*	2,275,463
	39,402	Vir Biotechnology, Inc.*	2,543,005
	210,913	Xencor, Inc.*	9,649,270
	68,947	Y-mAbs Therapeutics, Inc.*	2,896,464

			216,123,318

	Building Products – 0.4%
	2,769	Gibraltar Industries, Inc.*	248,185
	44,153	Masonite International Corp.*	4,393,224

			4,641,409

	Capital Markets – 2.1%
	30,615	Artisan Partners Asset Management, Inc., Class A	1,481,766
	62,562	Cohen & Steers, Inc.	4,097,811
	89,077	Cowen, Inc., Class A	2,240,286
	138,007	Federated Hermes, Inc.	3,726,189
	3,606	Hamilton Lane, Inc., Class A	271,784
	69,802	Houlihan Lokey, Inc.	4,526,660
	13,128	Oppenheimer Holdings, Inc., Class A	455,148
	105,411	PJT Partners, Inc., Class A	7,272,305
	2,562	Virtus Investment Partners, Inc.	538,020

			24,609,969

	Chemicals – 1.6%
	39,263	Balchem Corp.	4,202,319
	361,546	Ferro Corp.*	4,985,719
	80,645	Ingevity Corp.*	5,297,570
	13,341	Innospec, Inc.	1,171,207
	11,962	Koppers Holdings, Inc.*	398,095
	31,087	Minerals Technologies, Inc.	1,915,892



Shares		Description	Value

	Common Stocks – (continued)
	Chemicals – (continued)
	1,468	Quaker Chemical Corp.	$ 384,807

			18,355,609

	Commercial Services & Supplies – 1.0%
	94,452	HNI Corp.	3,047,021
	100,129	McGrath RentCorp	6,988,003
	14,712	Tetra Tech, Inc.	1,788,538

			11,823,562

	Communications Equipment – 0.9%
	118,661	Calix, Inc.*	3,583,562
	10,732	NETGEAR, Inc.*	444,198
	417,965	Viavi Solutions, Inc.*	6,457,559

			10,485,319

	Construction & Engineering – 0.4%
	18,979	EMCOR Group, Inc.	1,675,846
	29,207	Great Lakes Dredge & Dock Corp.*	398,091
	98,316	Primoris Services Corp.	2,861,487

			4,935,424

	Construction Materials – 0.1%
	47,820	Forterra, Inc.*	875,106

	Consumer Finance – 0.5%
	133,572	Enova International, Inc.*	3,018,727
	48,105	FirstCash, Inc.	2,832,423

			5,851,150

	Diversified Consumer Services – 0.1%
	82,490	Perdoceo Education Corp.*	975,857

	Diversified Financial Services – 0.0%
	11,788	Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)	179,649

	Diversified Telecommunication Services – 1.6%
	17,757	Bandwidth, Inc., Class A*	3,163,232
	14,257	Cogent Communications Holdings, Inc.	811,936
	162,804	Iridium Communications, Inc.*	8,021,353
	51,361	Ooma, Inc.*	691,833
	538,564	ORBCOMM, Inc.*	4,033,844
	133,973	Vonage Holdings Corp.*	1,671,983

			18,394,181

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2021 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Electrical Equipment – 3.5%
	59,952	Bloom Energy Corp., Class A*	$ 2,092,924
	88,043	FuelCell Energy, Inc.*^(a)	1,827,773
	300,873	Plug Power, Inc.*	19,006,147
	170,014	Sunrun, Inc.*	11,776,870
	78,461	Vicor Corp.*	6,790,015
			41,493,729

	Electronic Equipment, Instruments & Components – 4.1%
	26,205	CTS Corp.	799,252
	116,332	Fabrinet (Thailand)*	9,183,248
	63,982	II-VI, Inc.*	5,378,967
	208,916	Knowles Corp.*	4,029,990
	36,204	nLight, Inc.*	1,146,943
	80,142	Novanta, Inc.*	10,011,339
	65,456	Plexus Corp.*	5,034,875
	386,671	TTM Technologies, Inc.*	5,185,258
	178,267	Vishay Intertechnology, Inc.	3,841,654
	88,995	Vishay Precision Group, Inc.*	2,846,950
			47,458,476

	Entertainment – 0.6%
	853,588	Glu Mobile, Inc.*	7,520,110

	Equity Real Estate Investment Trusts (REITs) – 4.1%
	115,588	American Assets Trust, Inc. REIT	3,193,697
	295,535	CareTrust REIT, Inc. REIT	6,637,716
	14,553	City Office REIT, Inc. REIT	137,089
	99,997	Community Healthcare Trust, Inc. REIT	4,471,866
	36,973	EastGroup Properties, Inc. REIT	4,996,531
	29,764	Four Corners Property Trust, Inc. REIT	784,579
	21,335	Healthcare Realty Trust, Inc. REIT	640,263
	15,018	Industrial Logistics Properties Trust REIT	318,532
	126,233	Lexington Realty Trust REIT	1,293,888
	216,615	National Storage Affiliates Trust REIT	7,915,112
	151,134	NexPoint Residential Trust, Inc. REIT	5,965,259
	49,241	PotlatchDeltic Corp. REIT	2,351,750
	44,475	Retail Opportunity Investments Corp. REIT	626,653
	63,270	Sabra Health Care REIT, Inc. REIT	1,062,303
	137,220	Terreno Realty Corp. REIT	7,763,908
			48,159,146

	Food & Staples Retailing – 0.2%
	36,112	BJ’s Wholesale Club Holdings, Inc.*	1,519,232
	16,061	Ingles Markets, Inc., Class A	763,861



Shares		Description	Value

	Common Stocks – (continued)
	Food & Staples Retailing – (continued)
	18,018	Natural Grocers by Vitamin Cottage, Inc.	$ 300,000

			2,583,093

	Food Products – 0.7%
	34,173	B&G Foods, Inc.	1,301,308
	12,162	Darling Ingredients, Inc.*	754,166
	10,241	Freshpet, Inc.*	1,426,674
	50,452	John B. Sanfilippo & Son, Inc.	4,057,854
	6,556	Seneca Foods Corp., Class A*	237,655
			7,777,657

	Health Care Equipment & Supplies – 5.7%
	94,484	Antares Pharma, Inc.*	413,840
	30,658	Cantel Medical Corp.*	2,421,062
	8,144	Cardiovascular Systems, Inc.*	366,399
	57,579	Cerus Corp.*	379,446
	63,127	CONMED Corp.	7,063,911
	46,501	CytoSorbents Corp.*	487,795
	275,527	GenMark Diagnostics, Inc.*	3,805,028
	7,486	Inogen, Inc.*	366,290
	111,808	Integer Holdings Corp.*	8,251,430
	12,642	Intersect ENT, Inc.*	284,066
	18,368	iRhythm Technologies, Inc.*	3,093,539
	33,619	LeMaitre Vascular, Inc.	1,615,729
	144,709	Meridian Bioscience, Inc.*	3,198,069
	157,329	Merit Medical Systems, Inc.*	8,519,365
	196,058	Natus Medical, Inc.*	4,777,933
	102,477	Neogen Corp.*	8,287,315
	43,094	Shockwave Medical, Inc.*	5,000,628
	36,034	STAAR Surgical Co.*	3,696,368
	95,300	Surmodics, Inc.*	4,336,150
	9,724	Utah Medical Products, Inc.	842,779
			67,207,142

	Health Care Providers & Services – 2.6%
	16,712	Addus HomeCare Corp.*	1,880,935
	40,532	Community Health Systems, Inc.*	377,758
	7,121	Ensign Group, Inc. (The)	557,432
	13,638	Fulgent Genetics, Inc.*^(a)	1,506,863
	18,973	Hanger, Inc.*	388,757
	17,819	HealthEquity, Inc.*	1,488,777
	19,701	Joint Corp. (The)*	640,873
	37,018	LHC Group, Inc.*	7,374,726
	5,966	ModivCare, Inc.*	946,029

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2021 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Health Care Providers & Services – (continued)
	16,350	National Research Corp.	$ 740,655
	6,840	Ontrak, Inc.*	542,344
	30,062	Option Care Health, Inc.*	555,546
	4,609	Pennant Group, Inc. (The)*	247,826
	15,208	RadNet, Inc.*	272,375
	367,751	Select Medical Holdings Corp.*	9,451,201
	51,525	Tenet Healthcare Corp.*	2,435,587
	8,378	US Physical Therapy, Inc.	1,008,208
			30,415,892

	Health Care Technology – 1.4%
	162,193	Inovalon Holdings, Inc., Class A*	3,957,509
	18,894	Inspire Medical Systems, Inc.*	3,807,330
	107,505	NextGen Healthcare, Inc.*	2,126,449
	28,559	Omnicell, Inc.*	3,364,250
	32,498	Simulations Plus, Inc.	2,571,892
	14,314	Vocera Communications, Inc.*	629,100
			16,456,530

	Hotels, Restaurants & Leisure – 3.7%
	2,762	Caesars Entertainment, Inc.*	194,417
	24,181	Churchill Downs, Inc.	4,532,729
	57,243	El Pollo Loco Holdings, Inc.*	1,164,895
	33,401	Fiesta Restaurant Group, Inc.*	503,019
	2,657	Marriott Vacations Worldwide Corp.	326,173
	22,888	Monarch Casino & Resort, Inc.*	1,209,631
	28,431	Penn National Gaming, Inc.*	2,948,863
	301,641	Red Rock Resorts, Inc., Class A	7,082,531
	25,736	Shake Shack, Inc., Class A*	2,918,977
	137,989	Texas Roadhouse, Inc.	10,516,142
	75,746	Wingstop, Inc.	11,365,687
			42,763,064

	Household Durables – 1.7%
	45,440	Century Communities, Inc.*	2,132,953
	41,026	GoPro, Inc., Class A*	367,183
	20,288	iRobot Corp.*	2,436,589
	12,069	LGI Homes, Inc.*	1,287,883
	35,686	M/I Homes, Inc.*	1,761,818
	279,031	Sonos, Inc.*	7,296,661
	72,442	Taylor Morrison Home Corp.*	1,882,043
	22,916	Turtle Beach Corp.*	685,188



Shares		Description	Value

	Common Stocks – (continued)
	Household Durables – (continued)
	37,134	Universal Electronics, Inc.*	$ 2,014,148

			19,864,466

	Household Products – 0.2%
	5,991	WD-40 Co.	1,823,720

	Independent Power and Renewable Electricity Producers – 0.2%
	21,219	Clearway Energy, Inc., Class C	657,365
	18,994	Ormat Technologies, Inc.	2,168,355

			2,825,720

	Insurance – 2.7%
	202,774	American Equity Investment Life Holding Co.	5,918,973
	2,254	Enstar Group Ltd.*	451,273
	78,382	Genworth Financial, Inc., Class A*	222,605
	12,031	Goosehead Insurance, Inc., Class A	1,607,342
	55,967	James River Group Holdings Ltd.	2,489,412
	49,335	Kinsale Capital Group, Inc.	9,253,273
	60,719	Stewart Information Services Corp.	2,816,147
	79,850	Trupanion, Inc.*	8,959,170

			31,718,195

	Interactive Media & Services – 1.0%
	174,031	Cargurus, Inc.*	5,090,407
	179,418	Cars.com, Inc.*	2,083,043
	60,877	EverQuote, Inc., Class A*	2,743,117
	96,495	QuinStreet, Inc.*	2,042,799

			11,959,366

	Internet & Direct Marketing Retail – 1.1%
	81,855	Magnite, Inc.*	2,835,457
	13,441	PetMed Express, Inc.	513,446
	39,437	Stamps.com, Inc.*	9,003,862

			12,352,765

	IT Services – 3.6%
	204,813	Brightcove, Inc.*	3,369,174
	202,420	EVERTEC, Inc. (Puerto Rico)	7,023,974
	8,602	Hackett Group, Inc. (The)	117,159
	27,492	I3 Verticals, Inc., Class A*	797,818
	25,855	KBR, Inc.	751,088
	231,487	Limelight Networks, Inc.*	1,054,423
	38,708	LiveRamp Holdings, Inc.*	2,930,583
	155,540	Perficient, Inc.*	8,494,039

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2021 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	IT Services – (continued)
	232,123	Perspecta, Inc.	$ 6,719,961
	146,570	Sykes Enterprises, Inc.*	5,656,136
	71,482	TTEC Holdings, Inc.	5,402,610

			42,316,965

	Leisure Products – 0.8%
	1,911	Johnson Outdoors, Inc., Class A	208,356
	77,068	Sturm Ruger & Co., Inc.	4,883,029
	162,922	Vista Outdoor, Inc.*	4,752,435

			9,843,820

	Life Sciences Tools & Services – 0.6%
	16,191	Medpace Holdings, Inc.*	2,150,003
	45,996	NanoString Technologies, Inc.*	3,221,100
	35,984	Personalis, Inc.*	1,384,304
	7,127	Quanterix Corp.*	461,402

			7,216,809

	Machinery – 2.7%
	4,298	Albany International Corp., Class A	298,797
	52,743	Columbus McKinnon Corp.	2,277,970
	89,534	Federal Signal Corp.	2,926,867
	129,884	Franklin Electric Co., Inc.	9,016,547
	78,110	Meritor, Inc.*	2,016,019
	18,928	Proto Labs, Inc.*	4,008,950
	48,232	RBC Bearings, Inc.*	8,070,661
	89,900	Rexnord Corp.	3,403,614

			32,019,425

	Media – 1.3%
	29,523	Cardlytics, Inc.*	3,609,777
	28,324	EW Scripps Co. (The), Class A	419,478
	118,831	Gray Television, Inc.*	2,026,069
	14,045	Loral Space & Communications, Inc.	356,743
	120,467	TechTarget, Inc.*	8,998,885
	10,823	TEGNA, Inc.	173,493

			15,584,445

	Mortgage Real Estate Investment Trusts (REITs) – 0.0%
	29,903	PennyMac Mortgage Investment Trust REIT	515,827

	Paper & Forest Products – 0.4%
	114,814	Louisiana-Pacific Corp.	4,364,080



Shares		Description	Value

	Common Stocks – (continued)
	Personal Products – 0.2%
	16,784	Lifevantage Corp.*	$ 150,049
	4,714	Medifast, Inc.	1,106,234
	17,754	USANA Health Sciences, Inc.*	1,469,321

			2,725,604

	Pharmaceuticals – 3.0%
	160,636	Amneal Pharmaceuticals, Inc.*	772,659
	225,664	Amphastar Pharmaceuticals, Inc.*	4,102,572
	92,204	ANI Pharmaceuticals, Inc.*	2,631,502
	22,187	Arvinas, Inc.*	1,673,787
	471,004	BioDelivery Sciences International, Inc.*	1,813,365
	13,051	Collegium Pharmaceutical, Inc.*	315,051
	77,264	Corcept Therapeutics, Inc.*	2,183,481
	421,223	Innoviva, Inc.*	5,058,888
	66,907	Ocular Therapeutix, Inc.*	1,214,362
	14,919	Odonate Therapeutics, Inc.*	344,778
	61,650	Pacira BioSciences, Inc.*	4,073,832
	175,455	Phibro Animal Health Corp., Class A	3,638,937
	169,832	Prestige Consumer Healthcare, Inc.*	6,793,280

			34,616,494

	Professional Services – 0.6%
	35,324	Huron Consulting Group, Inc.*	1,870,759
	61,273	Kforce, Inc.	2,613,294
	50,654	Upwork, Inc.*	2,099,608

			6,583,661

	Real Estate Management & Development – 1.4%
	35,947	eXp World Holdings, Inc.*	3,831,591
	170,627	Redfin Corp.*	12,150,348

			15,981,939

	Road & Rail – 1.1%
	352,005	Marten Transport Ltd.	5,579,279
	198,592	Werner Enterprises, Inc.	7,792,750

			13,372,029

	Semiconductors & Semiconductor Equipment – 3.6%
	11,202	Advanced Energy Industries, Inc.*	1,149,101
	57,619	Ambarella, Inc.*	5,436,929
	171,522	Axcelis Technologies, Inc.*	5,872,913
	2,949	Brooks Automation, Inc.	223,416
	17,869	CEVA, Inc.*	1,050,519
	20,735	FormFactor, Inc.*	847,439

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2021 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – (continued)
	127,444	Lattice Semiconductor Corp.*	$ 5,111,779
	128,162	MACOM Technology Solutions Holdings, Inc.*	7,287,291
	370,908	NeoPhotonics Corp.*	4,131,915
	71,199	Power Integrations, Inc.	5,735,079
	7,793	SiTime Corp.*	951,136
	110,191	Ultra Clean Holdings, Inc.*	4,253,373

			42,050,890

	Software – 9.5%
	77,148	8x8, Inc.*	2,719,467
	23,883	A10 Networks, Inc.*	237,158
	23,636	ACI Worldwide, Inc.*	907,386
	28,633	Agilysys, Inc.*	1,053,408
	20,944	Alarm.com Holdings, Inc.*	1,946,117
	17,934	Appian Corp.*^(a)	3,917,862
	86,617	Avaya Holdings Corp.*	1,926,362
	50,200	Blackline, Inc.*	6,506,924
	458,159	Box, Inc., Class A*	7,944,477
	224,097	ChannelAdvisor Corp.*	4,593,989
	399,366	Cloudera, Inc.*	6,098,319
	37,147	CommVault Systems, Inc.*	2,332,089
	5,391	Digimarc Corp.*	209,494
	99,613	Digital Turbine, Inc.*	5,698,860
	95,912	Domo, Inc., Class B*	6,079,862
	13,165	LivePerson, Inc.*	834,134
	2,585	MicroStrategy, Inc., Class A*^(a)	1,595,746
	65,343	Mimecast Ltd.*	2,813,670
	58,062	Model N, Inc.*	1,972,947
	7,507	QAD, Inc., Class A	486,379
	134,534	Sapiens International Corp. NV (Israel)	4,393,880
	83,308	SPS Commerce, Inc.*	8,238,328
	239,625	SVMK, Inc.*	6,040,946
	86,351	Tenable Holdings, Inc.*	4,273,511
	124,793	Upland Software, Inc.*	5,951,378
	72,320	Varonis Systems, Inc.*	12,784,006
	80,998	Verint Systems, Inc.*	5,980,082
	20,624	Workiva, Inc.*	2,010,221
	87,508	Xperi Holding Corp.	1,685,404
	30,668	Zuora, Inc., Class A*	452,353

			111,684,759

	Specialty Retail – 2.7%
	329,815	Abercrombie & Fitch Co., Class A	7,608,832



Shares		Description	Value

	Common Stocks – (continued)
	Specialty Retail – (continued)
	40,187	At Home Group, Inc.*	$ 979,357
	91,206	Boot Barn Holdings, Inc.*	5,220,632
	79,098	Buckle, Inc. (The)	3,110,133
	152,795	Camping World Holdings, Inc., Class A	5,219,477
	94,511	Haverty Furniture Cos., Inc.	3,089,565
	37,997	Lumber Liquidators Holdings, Inc.*	1,062,396
	52,486	MarineMax, Inc.*	2,195,490
	6,887	RH*	3,273,804
	9,924	Zumiez, Inc.*	427,526

			32,187,212

	Technology Hardware, Storage & Peripherals – 0.2%
	11,015	Avid Technology, Inc.*	187,696
	61,744	Super Micro Computer, Inc.*	1,914,064

			2,101,760

	Textiles, Apparel & Luxury Goods – 1.1%
	114,668	Crocs, Inc.*	8,029,054
	17,786	Deckers Outdoor Corp.*	5,193,156

			13,222,210

	Tobacco – 0.2%
	215,930	Vector Group Ltd.	2,535,018

	Trading Companies & Distributors – 1.6%
	138,960	Boise Cascade Co.	6,618,665
	101,086	H&E Equipment Services, Inc.	2,777,843
	6,793	Herc Holdings, Inc.*	434,616
	275,311	MRC Global, Inc.*	1,902,399
	76,671	Rush Enterprises, Inc., Class A	3,219,416
	16,309	SiteOne Landscape Supply, Inc.*	2,571,603
	60,720	Titan Machinery, Inc.*	1,293,336

			18,817,878

	TOTAL COMMON STOCKS
	(Cost $914,421,235)		$1,162,778,489

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $914,421,235)		$1,162,778,489

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2021 (Unaudited)



Shares		Dividend Rate	Value

	Securities Lending Reinvestment Vehicle – 1.5%^(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	17,394,520	0.026%	$ 17,394,520
	(Cost $17,394,520)

	TOTAL INVESTMENTS – 100.6%
	(Cost $931,815,755)		$1,180,173,009

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.6)%		(7,299,621)

	NET ASSETS – 100.0%		$1,172,873,388

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



*		Non-income producing security.

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

(b)		Represents an affiliated issuer.



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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments

January 31, 2021 (Unaudited)



Shares		Description	Value

	Common Stocks – 98.4%
	Aerospace & Defense – 0.8%
	99,478	Astronics Corp. *	$ 1,239,496
	35,491	Maxar Technologies, Inc.	1,486,008
	49,096	Moog, Inc., Class A	3,626,722
	37,208	Vectrus, Inc.*	1,912,491

			8,264,717

	Air Freight & Logistics – 0.3%
	93,775	Echo Global Logistics, Inc.*	2,469,096
	34,604	Radiant Logistics, Inc.*	200,703

			2,669,799

	Airlines – 0.2%
	41,477	SkyWest, Inc.	1,617,188

	Auto Components – 2.9%
	128,496	Adient PLC*	4,149,136
	399,013	American Axle & Manufacturing Holdings, Inc.*	3,515,304
	42,870	Cooper Tire & Rubber Co.	1,575,472
	630,455	Goodyear Tire & Rubber Co. (The)*	6,651,300
	37,167	Modine Manufacturing Co.*	466,446
	105,573	Standard Motor Products, Inc.	4,141,629
	112,169	Tenneco, Inc., Class A*	1,132,907
	37,545	Visteon Corp.*	4,786,237
	59,515	Workhorse Group, Inc.*	2,042,555

			28,460,986

	Banks – 13.9%
	82,127	1st Source Corp.	3,231,697
	93,716	Amalgamated Bank, Class A	1,373,877
	53,080	Ameris Bancorp	2,075,959
	89,633	Atlantic Capital Bancshares, Inc.*	1,603,534
	13,942	Atlantic Union Bankshares Corp.	457,855
	345,566	Bancorp, Inc. (The)*	5,795,142
	20,592	BancorpSouth Bank	569,369
	32,138	Bank of Marin Bancorp	1,193,605
	15,300	Banner Corp.	676,719
	9,857	BayCom Corp.*	144,898
	252,551	Cadence BanCorp	4,525,714
	25,543	Capital City Bank Group, Inc.	570,375
	176,043	Cathay General Bancorp	5,953,774
	139,870	Central Pacific Financial Corp.	2,780,616
	8,791	Civista Bancshares, Inc.	149,887



Shares		Description	Value

	Common Stocks – (continued)
	Banks – (continued)
	3,117	Columbia Banking System, Inc.	$ 120,067
	354,864	CVB Financial Corp.	6,895,008
	15,691	Eagle Bancorp, Inc.	666,711
	27,578	Financial Institutions, Inc.	631,260
	360,831	First BanCorp. (Puerto Rico)	3,283,562
	400,110	First Commonwealth Financial Corp.	4,693,290
	203,322	First Foundation, Inc.	4,119,304
	25,551	First Internet Bancorp	782,372
	4,352	First Mid Bancshares, Inc.	147,402
	184,806	Fulton Financial Corp.	2,476,400
	137,251	Glacier Bancorp, Inc.	6,402,759
	73,352	Hancock Whitney Corp.	2,504,237
	224,398	Hanmi Financial Corp.	3,101,180
	110,178	Heartland Financial USA, Inc.	4,700,193
	537,110	Hope Bancorp, Inc.	6,004,890
	48,468	Independent Bank Corp.	889,872
	188,838	International Bancshares Corp.	7,139,965
	595,263	Investors Bancorp, Inc.	6,851,477
	94,856	Lakeland Bancorp, Inc.	1,243,562
	10,922	Mercantile Bank Corp.	296,532
	14,616	Metropolitan Bank Holding Corp.*	579,671
	150,781	National Bank Holdings Corp., Class A	5,016,484
	12,115	Northeast Bank	315,717
	49,023	Old Second Bancorp, Inc.	481,406
	61,063	Preferred Bank	2,948,732
	14,140	QCR Holdings, Inc.	548,349
	7,938	Republic Bancorp, Inc., Class A	286,482
	51,531	Sierra Bancorp	1,126,983
	40,381	South State Corp.	2,816,171
	38,269	Southside Bancshares, Inc.	1,200,499
	153,637	TriCo Bancshares	5,730,660
	159,770	TriState Capital Holdings, Inc.*	2,931,780
	14,278	Triumph Bancorp, Inc.*	818,701
	178,949	Trustmark Corp.	4,915,729
	32,973	UMB Financial Corp.	2,340,094
	135,730	United Bankshares, Inc.	4,297,212
	44,127	United Community Banks, Inc.	1,316,308
	51,134	Washington Trust Bancorp, Inc.	2,228,420
	41,624	Westamerica BanCorp	2,323,452

			136,275,914

	Biotechnology – 3.2%
	12,976	Atara Biotherapeutics, Inc.*	239,537

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2021 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Biotechnology – (continued)
	34,930	Avid Bioservices, Inc.*	$ 509,629
	15,328	Editas Medicine, Inc.*	940,373
	1,770	Fate Therapeutics, Inc.*	160,415
	34,183	G1 Therapeutics, Inc.*	824,836
	10,605	Gritstone Oncology, Inc.*	191,950
	5,963	Immunovant, Inc.*	232,736
	6,025	Intellia Therapeutics, Inc.*	377,286
	28,409	Kura Oncology, Inc.*	850,850
	158,767	Myriad Genetics, Inc.*	4,374,031
	43,219	Natera, Inc.*	4,608,874
	12,594	NextCure, Inc.*	145,964
	23,405	Novavax, Inc.*	5,171,101
	427,168	OPKO Health, Inc.*^(a)	2,310,979
	52,887	Prothena Corp. PLC (Ireland)*	592,863
	333,400	Selecta Biosciences, Inc.*	1,333,600
	50,875	Translate Bio, Inc.*	1,214,895
	1,595	Twist Bioscience Corp.*	262,441
	50,693	Veracyte, Inc.*	2,874,293
	89,368	Xencor, Inc.*	4,088,586

			31,305,239

	Building Products – 0.7%
	45,863	Apogee Enterprises, Inc.	1,609,791
	23,282	JELD-WEN Holding, Inc.*	605,099
	148,329	Quanex Building Products Corp.	3,261,755
	60,324	Resideo Technologies, Inc.*	1,393,485

			6,870,130

	Capital Markets – 2.4%
	24,999	Artisan Partners Asset Management, Inc., Class A	1,209,951
	38,760	Cohen & Steers, Inc.	2,538,780
	109,458	Cowen, Inc., Class A	2,752,869
	142,401	Donnelley Financial Solutions, Inc.*	2,547,554
	188,764	Federated Hermes, Inc.	5,096,628
	77,728	Oppenheimer Holdings, Inc., Class A	2,694,830
	66,399	PJT Partners, Inc., Class A	4,580,867
	9,587	Virtus Investment Partners, Inc.	2,013,270

			23,434,749

	Chemicals – 2.0%
	2,529	Balchem Corp.	270,679
	194,974	Ferro Corp.*	2,688,691



Shares		Description	Value

	Common Stocks – (continued)
	Chemicals – (continued)
	15,396	Ingevity Corp.*	$ 1,011,363
	22,112	Innospec, Inc.	1,941,213
	93,606	Koppers Holdings, Inc.*	3,115,208
	91,371	Kraton Corp.*	2,565,698
	75,811	Minerals Technologies, Inc.	4,672,232
	98,479	Orion Engineered Carbons SA (Germany)	1,499,835
	22,821	Tredegar Corp.	332,958
	25,857	Trinseo SA	1,314,311

			19,412,188

	Commercial Services & Supplies – 2.3%
	9,475	Brady Corp., Class A	434,997
	109,826	BrightView Holdings, Inc.*	1,557,333
	88,357	Ennis, Inc.	1,608,097
	93,694	HNI Corp.	3,022,568
	240,415	KAR Auction Services, Inc.	4,438,061
	22,856	Kimball International, Inc., Class B	276,329
	101,159	Matthews International Corp., Class A	3,088,384
	84,231	McGrath RentCorp	5,878,482
	43,709	Pitney Bowes, Inc.	408,242
	73,697	Steelcase, Inc., Class A	952,902
	109,544	Team, Inc.*	1,082,295

			22,747,690

	Communications Equipment – 0.2%
	15,991	Calix, Inc.*	482,928
	41,069	NETGEAR, Inc.*	1,699,846

			2,182,774

	Construction & Engineering – 1.7%
	42,364	Aegion Corp.*	778,227
	9,971	Argan, Inc.	431,046
	64,293	EMCOR Group, Inc.	5,677,072
	122,956	Great Lakes Dredge & Dock Corp.*	1,675,890
	90,954	Matrix Service Co.*	1,072,348
	202,306	Primoris Services Corp.	5,888,116
	84,632	Tutor Perini Corp.*	1,261,017

			16,783,716

	Construction Materials – 0.7%
	54,850	Forterra, Inc.*	1,003,755

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2021 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Construction Materials – (continued)
	277,614	Summit Materials, Inc., Class A*	$ 5,699,415

			6,703,170

	Consumer Finance – 1.1%
	23,305	Encore Capital Group, Inc.*	692,158
	126,996	Enova International, Inc.*	2,870,110
	531,702	Navient Corp.	5,984,306
	18,614	Oportun Financial Corp.*	298,010
	26,885	Regional Management Corp.	760,846

			10,605,430

	Containers & Packaging – 0.4%
	293,809	O-I Glass, Inc.	3,713,746
	6,460	UFP Technologies, Inc.*	297,224

			4,010,970

	Distributors – 0.0%
	12,793	Funko, Inc., Class A*	152,876

	Diversified Consumer Services – 0.2%
	58,001	American Public Education, Inc.*	1,669,269
	18,573	Stride, Inc.*	478,255

			2,147,524

	Diversified Financial Services – 0.3%
	176,134	Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)	2,684,282

	Diversified Telecommunication Services – 1.0%
	193,861	Consolidated Communications Holdings, Inc.*	1,183,521
	93,605	Iridium Communications, Inc.*	4,611,918
	9,532	Ooma, Inc.*	128,396
	465,254	ORBCOMM, Inc.*	3,484,753

			9,408,588

	Electrical Equipment – 0.4%
	16,445	EnerSys	1,352,272
	43,235	Powell Industries, Inc.	1,239,548
	2,769	Sunrun, Inc.*	191,809
	16,528	Vicor Corp.*	1,430,333

			4,213,962



Shares		Description	Value

	Common Stocks – (continued)
	Electronic Equipment, Instruments & Components – 3.4%
	99,710	Belden, Inc.	$ 4,710,300
	77,700	Benchmark Electronics, Inc.	1,968,141
	68,980	CTS Corp.	2,103,890
	22,210	Fabrinet (Thailand)*	1,753,257
	3,295	II-VI, Inc.*	277,011
	328,427	Knowles Corp.*	6,335,357
	17,264	nLight, Inc.*	546,924
	19,380	Plexus Corp.*	1,490,710
	446,095	TTM Technologies, Inc.*	5,982,134
	334,289	Vishay Intertechnology, Inc.	7,203,928
	44,179	Vishay Precision Group, Inc.*	1,413,286

			33,784,938

	Energy Equipment & Services – 1.6%
	72,961	Cactus, Inc., Class A	1,911,578
	255,727	ChampionX Corp.*	3,910,066
	8,875	DMC Global, Inc.	507,384
	19,073	Dril-Quip, Inc.*	574,479
	284,714	Helix Energy Solutions Group, Inc.*	1,173,022
	6,353	Nabors Industries Ltd.	453,731
	122,563	Oceaneering International, Inc.*	1,035,657
	323,657	Oil States International, Inc.*	1,812,479
	290,384	Patterson-UTI Energy, Inc.	1,785,862
	97,014	Solaris Oilfield Infrastructure, Inc., Class A	882,827
	449,969	Transocean Ltd.*^(a)	1,511,896

			15,558,981

	Entertainment – 0.3%
	42,754	Gaia, Inc.*	390,771
	310,890	Glu Mobile, Inc.*	2,738,941

			3,129,712

	Equity Real Estate Investment Trusts (REITs) – 10.2%
	181,892	American Assets Trust, Inc. REIT	5,025,676
	299,752	CareTrust REIT, Inc. REIT	6,732,430
	49,137	Chatham Lodging Trust REIT	526,257
	339,906	City Office REIT, Inc. REIT	3,201,915
	59,542	Community Healthcare Trust, Inc. REIT	2,662,718
	12,937	EastGroup Properties, Inc. REIT	1,748,306
	119,030	Gladstone Commercial Corp. REIT	2,108,021
	32,299	Gladstone Land Corp. REIT	508,386
	192,454	Healthcare Realty Trust, Inc. REIT	5,775,545
	369,112	Independence Realty Trust, Inc. REIT	4,901,807

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2021 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Equity Real Estate Investment Trusts (REITs) – (continued)
	212,873	Industrial Logistics Properties Trust REIT	$ 4,515,036
	69,043	iStar, Inc. REIT	1,048,073
	105,662	Kite Realty Group Trust REIT	1,684,252
	726,443	Lexington Realty Trust REIT	7,446,041
	95,120	Macerich Co. (The) REIT	1,493,384
	57,269	National Storage Affiliates Trust REIT	2,092,609
	66,175	New Senior Investment Group, Inc. REIT	350,728
	139,043	NexPoint Residential Trust, Inc. REIT	5,488,027
	243,537	Physicians Realty Trust REIT	4,293,557
	90,542	PotlatchDeltic Corp. REIT	4,324,286
	456,144	Retail Opportunity Investments Corp. REIT	6,427,069
	369,081	Retail Properties of America, Inc., Class A REIT	3,399,236
	135,439	Retail Value, Inc. REIT	2,114,203
	96,916	RPT Realty REIT	896,473
	447,851	Sabra Health Care REIT, Inc. REIT	7,519,418
	60,248	Service Properties Trust REIT	639,231
	43,057	Tanger Factory Outlet Centers, Inc. REIT	664,370
	122,575	Terreno Realty Corp. REIT	6,935,294
	27,147	Universal Health Realty Income Trust REIT	1,620,133
	148,675	Urban Edge Properties REIT	2,050,228
	48,575	Urstadt Biddle Properties, Inc., Class A REIT	671,792
	117,561	Whitestone REIT	916,976

			99,781,477

	Food & Staples Retailing – 1.0%
	110,203	Ingles Markets, Inc., Class A	5,241,255
	47,638	Natural Grocers by Vitamin Cottage, Inc.	793,173
	58,428	Performance Food Group Co.*	2,739,104
	64,202	SpartanNash Co.	1,189,021
	7,742	Weis Markets, Inc.	381,526

			10,344,079

	Food Products – 1.0%
	140,452	Darling Ingredients, Inc.*	8,709,429
	28,073	Seneca Foods Corp., Class A*	1,017,646

			9,727,075

	Gas Utilities – 0.7%
	45,635	Northwest Natural Holding Co.	2,131,611
	48,278	Southwest Gas Holdings, Inc.	2,894,749



Shares		Description	Value

	Common Stocks – (continued)
	Gas Utilities – (continued)
	36,598	Spire, Inc.	$ 2,239,431

			7,265,791

	Health Care Equipment & Supplies – 0.7%
	49,863	Integer Holdings Corp.*	3,679,889
	22,776	LeMaitre Vascular, Inc.	1,094,615
	4,765	Meridian Bioscience, Inc.*	105,307
	77,454	Natus Medical, Inc.*	1,887,554
	3,405	Utah Medical Products, Inc.	295,111

			7,062,476

	Health Care Providers & Services – 1.9%
	328,002	Community Health Systems, Inc.*	3,056,978
	44,728	Covetrus, Inc.*	1,523,883
	29,698	Hanger, Inc.*	608,512
	5,444	Joint Corp. (The)*	177,093
	19,194	National HealthCare Corp.	1,229,376
	20,202	Owens & Minor, Inc.	587,474
	126,117	Select Medical Holdings Corp.*	3,241,207
	168,162	Tenet Healthcare Corp.*	7,949,018

			18,373,541

	Health Care Technology – 0.0%
	7,832	Computer Programs and Systems, Inc.	241,069
	8,098	NextGen Healthcare, Inc.*	160,178

			401,247

	Hotels, Restaurants & Leisure – 3.0%
	3,053	Caesars Entertainment, Inc.*	214,901
	33,859	Carrols Restaurant Group, Inc.*	207,894
	17,118	Century Casinos, Inc.*	118,970
	20,939	Chuy’s Holdings, Inc.*	734,540
	92,764	Del Taco Restaurants, Inc.*	892,390
	9,824	Dine Brands Global, Inc.	675,498
	41,752	El Pollo Loco Holdings, Inc.*	849,653
	51,563	Everi Holdings, Inc.*	674,444
	100,686	Fiesta Restaurant Group, Inc.*	1,516,331
	36,695	International Game Technology PLC	591,157
	25,122	Marriott Vacations Worldwide Corp.	3,083,977
	30,204	Monarch Casino & Resort, Inc.*	1,596,281
	48,328	Penn National Gaming, Inc.*	5,012,580
	11,002	Red Robin Gourmet Burgers, Inc.*	288,142
	225,103	Red Rock Resorts, Inc., Class A	5,285,419

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2021 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Hotels, Restaurants & Leisure – (continued)
	25,584	Texas Roadhouse, Inc.	$ 1,949,757
	35,820	Wingstop, Inc.	5,374,791

			29,066,725

	Household Durables – 1.8%
	68,230	Century Communities, Inc.*	3,202,716
	25,189	GoPro, Inc., Class A*	225,441
	71,478	M/I Homes, Inc.*	3,528,869
	82,472	Sonos, Inc.*	2,156,643
	94,544	Taylor Morrison Home Corp.*	2,456,253
	163,548	Tri Pointe Homes, Inc.*	3,303,670
	35,812	Turtle Beach Corp.*	1,070,779
	33,894	Universal Electronics, Inc.*	1,838,411

			17,782,782

	Household Products – 0.0%
	3,007	Central Garden & Pet Co., Class A*	117,273

	Independent Power and Renewable Electricity Producers – 0.3%
	266,741	Atlantic Power Corp.*	789,553
	20,032	Brookfield Renewable Corp., Class A	1,120,791
	44,287	Clearway Energy, Inc., Class C	1,372,011

			3,282,355

	Insurance – 4.0%
	250,968	American Equity Investment Life Holding Co.	7,325,756
	39,060	AMERISAFE, Inc.	2,167,830
	79,252	Argo Group International Holdings Ltd.	3,197,818
	22,248	Enstar Group Ltd.*	4,454,272
	839,777	Genworth Financial, Inc., Class A*	2,384,967
	10,818	Goosehead Insurance, Inc., Class A	1,445,285
	27,091	HCI Group, Inc.	1,507,072
	1,728	Investors Title Co.	247,104
	41,785	James River Group Holdings Ltd.	1,858,597
	11,548	Kinsale Capital Group, Inc.	2,165,943
	7,001	National Western Life Group, Inc., Class A	1,260,180
	128,637	Stewart Information Services Corp.	5,966,184
	44,778	Trupanion, Inc.*	5,024,091

			39,005,099

	Interactive Media & Services – 0.5%
	233,760	Cars.com, Inc.*	2,713,954
	8,258	EverQuote, Inc., Class A*	372,105



Shares		Description	Value

	Common Stocks – (continued)
	Interactive Media & Services – (continued)
	71,134	QuinStreet, Inc.*	$ 1,505,907

			4,591,966

	Internet & Direct Marketing Retail – 0.5%
	60,050	Magnite, Inc.*	2,080,132
	11,461	Stamps.com, Inc.*	2,616,661

			4,696,793

	IT Services – 1.1%
	28,187	Brightcove, Inc.*	463,676
	381,687	Conduent, Inc.*	1,839,731
	60,361	Hackett Group, Inc. (The)	822,117
	23,071	KBR, Inc.	670,213
	8,282	LiveRamp Holdings, Inc.*	627,030
	49,601	Perspecta, Inc.	1,435,949
	112,410	Sykes Enterprises, Inc.*	4,337,902
	2,524	TTEC Holdings, Inc.	190,764

			10,387,382

	Leisure Products – 0.7%
	1,693	Johnson Outdoors, Inc., Class A	184,588
	52,906	Nautilus, Inc.*	1,296,726
	2,358	Sturm Ruger & Co., Inc.	149,403
	181,307	Vista Outdoor, Inc.*	5,288,725

			6,919,442

	Machinery – 3.0%
	53,592	Barnes Group, Inc.	2,576,167
	9,399	Chart Industries, Inc.*	1,128,914
	5,333	CIRCOR International, Inc.*	170,496
	36,094	Columbus McKinnon Corp.	1,558,900
	52,591	Federal Signal Corp.	1,719,200
	67,099	Franklin Electric Co., Inc.	4,658,012
	5,816	Lydall, Inc.*	175,061
	19,891	Manitowoc Co., Inc. (The)*	261,368
	155,770	Meritor, Inc.*	4,020,424
	63,543	Miller Industries, Inc.	2,534,095
	9,573	RBC Bearings, Inc.*	1,601,850
	176,858	Rexnord Corp.	6,695,844
	145,242	Wabash National Corp.	2,316,610

			29,416,941

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2021 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Marine – 0.1%
	173,279	Costamare, Inc. (Monaco)	$ 1,386,232

	Media – 1.5%
	5,950	Cardlytics, Inc.*	727,507
	119,021	EW Scripps Co. (The), Class A	1,762,701
	206,883	Gray Television, Inc.*	3,527,355
	17,308	Loral Space & Communications, Inc.	439,623
	41,486	TechTarget, Inc.*	3,099,004
	325,561	TEGNA, Inc.	5,218,743

			14,774,933

	Metals & Mining – 2.4%
	396,141	Alcoa Corp.*	7,130,538
	88,742	Allegheny Technologies, Inc.*	1,509,501
	90,225	Arconic Corp.*	2,273,670
	56,574	Carpenter Technology Corp.	1,767,372
	40,078	Century Aluminum Co.*	390,760
	245,479	Cleveland-Cliffs, Inc.	3,765,648
	162,474	Coeur Mining, Inc.*	1,470,390
	7,148	Commercial Metals Co.	140,744
	65,505	Haynes International, Inc.	1,519,061
	345,931	Hecla Mining Co.	1,968,347
	26,846	Ryerson Holding Corp.*	331,280
	87,645	SunCoke Energy, Inc.	432,090
	34,214	TimkenSteel Corp.*	172,096
	19,246	Worthington Industries, Inc.	1,007,336

			23,878,833

	Mortgage Real Estate Investment Trusts (REITs) – 1.7%
	90,881	Arlington Asset Investment Corp., Class A REIT*	328,989
	131,727	ARMOUR Residential REIT, Inc. REIT	1,471,391
	429,520	Capstead Mortgage Corp. REIT	2,293,637
	68,989	Cherry Hill Mortgage Investment Corp. REIT	607,103
	121,942	Chimera Investment Corp. REIT	1,231,614
	86,152	Great Ajax Corp. REIT	848,597
	339,560	PennyMac Mortgage Investment Trust REIT	5,857,410
	143,158	Redwood Trust, Inc. REIT	1,228,296
	133,295	TPG RE Finance Trust, Inc. REIT	1,302,292
	298,947	Two Harbors Investment Corp. REIT	1,814,608

			16,983,937



Shares		Description	Value

	Common Stocks – (continued)
	Multiline Retail – 0.1%
	99,024	Macy’s, Inc.	$ 1,489,321

	Multi-Utilities – 0.8%
	22,692	Black Hills Corp.	1,341,551
	114,356	NorthWestern Corp.	6,228,971

			7,570,522

	Oil, Gas & Consumable Fuels – 2.9%
	266,972	Ardmore Shipping Corp. (Ireland)	854,310
	69,875	Bonanza Creek Energy, Inc.*	1,443,618
	31,685	Brigham Minerals, Inc., Class A	424,262
	237,074	Clean Energy Fuels Corp.*	2,425,267
	78,060	Diamond S Shipping, Inc.*	498,803
	172,942	Green Plains, Inc.*	3,322,216
	57,937	International Seaways, Inc.	927,571
	214,086	Magnolia Oil & Gas Corp., Class A*	1,813,308
	132,397	Matador Resources Co.*	2,023,026
	225,097	Ovintiv, Inc.	3,547,529
	30,497	PBF Energy, Inc., Class A	258,310
	97,148	PDC Energy, Inc.*	2,109,083
	36,864	Range Resources Corp.*	339,518
	6,304	Renewable Energy Group, Inc.*	564,838
	108,365	Scorpio Tankers, Inc. (Monaco)	1,348,061
	185,257	SM Energy Co.	1,554,306
	159,083	World Fuel Services Corp.	4,866,349

			28,320,375

	Paper & Forest Products – 1.1%
	32,124	Clearwater Paper Corp.*	1,223,282
	9,053	Domtar Corp.	271,319
	148,079	Glatfelter Corp.	2,317,436
	158,190	Louisiana-Pacific Corp.	6,012,802
	12,683	Neenah, Inc.	645,818

			10,470,657

	Pharmaceuticals – 0.8%
	61,134	ANI Pharmaceuticals, Inc.*	1,744,765
	77,661	BioDelivery Sciences International, Inc.*	298,995
	55,895	Phibro Animal Health Corp., Class A	1,159,262
	111,365	Prestige Consumer Healthcare, Inc.*	4,454,600

			7,657,622

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2021 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Professional Services – 0.2%
	46,773	Huron Consulting Group, Inc.*	$ 2,477,098

	Real Estate Management & Development – 0.7%
	95,114	Kennedy-Wilson Holdings, Inc.	1,635,010
	10,071	RE/MAX Holdings, Inc., Class A	364,771
	32,015	Realogy Holdings Corp.*	454,613
	56,991	Redfin Corp.*	4,058,329

			6,512,723

	Road & Rail – 0.6%
	5,667	Avis Budget Group, Inc.*	234,274
	289,281	Marten Transport Ltd.	4,585,104
	6,639	Universal Logistics Holdings, Inc.	140,747
	36,207	Werner Enterprises, Inc.	1,420,762

			6,380,887

	Semiconductors & Semiconductor Equipment – 1.3%
	38,871	Ambarella, Inc.*	3,667,867
	96,915	Axcelis Technologies, Inc.*	3,318,370
	22,093	MACOM Technology Solutions Holdings, Inc.*	1,256,208
	236,340	NeoPhotonics Corp.*	2,632,828
	31,858	Rambus, Inc.*	605,143
	18,613	Ultra Clean Holdings, Inc.*	718,462
	10,627	Veeco Instruments, Inc.*	196,174

			12,395,052

	Software – 1.5%
	16,571	Box, Inc., Class A*	287,341
	30,527	Cerence, Inc.*	3,416,277
	103,683	ChannelAdvisor Corp.*	2,125,502
	147,722	Cloudera, Inc.*	2,255,715
	14,082	Domo, Inc., Class B*	892,658
	7,031	Upland Software, Inc.*	335,308
	24,860	Varonis Systems, Inc.*	4,394,502
	41,516	Xperi Holding Corp.	799,598

			14,506,901

	Specialty Retail – 5.4%
	317,701	Abercrombie & Fitch Co., Class A	7,329,362
	163,113	At Home Group, Inc.*	3,975,064
	89,909	Bed Bath & Beyond, Inc. ^(a)	3,176,485
	53,902	Boot Barn Holdings, Inc.*	3,085,350



Shares		Description	Value

	Common Stocks – (continued)
	Specialty Retail – (continued)
	146,358	Buckle, Inc. (The)	$ 5,754,797
	127,722	Caleres, Inc.	1,929,879
	80,723	Camping World Holdings, Inc., Class A	2,757,498
	11,156	Conn’s, Inc.*	175,484
	61,723	Container Store Group, Inc. (The)*	841,284
	13,648	GameStop Corp., Class A*^(a)	4,435,600
	120,225	Haverty Furniture Cos., Inc.	3,930,155
	16,582	Hibbett Sports, Inc.*	936,054
	9,144	Lithia Motors, Inc., Class A	2,914,010
	60,860	Lumber Liquidators Holdings, Inc.*	1,701,646
	108,816	MarineMax, Inc.*	4,551,773
	54,255	Signet Jewelers Ltd.*	2,203,838
	2,521	Sleep Number Corp.*	271,613
	29,261	Tilly’s, Inc., Class A	286,758
	69,661	Zumiez, Inc.*	3,000,996

			53,257,646

	Technology Hardware, Storage & Peripherals – 0.7%
	91,763	3D Systems Corp.*^(a)	3,261,257
	31,685	Immersion Corp.*	400,815
	94,588	Super Micro Computer, Inc.*	2,932,228

			6,594,300

	Textiles, Apparel & Luxury Goods – 1.0%
	40,825	Crocs, Inc.*	2,858,566
	15,696	Fossil Group, Inc.*	227,592
	122,324	G-III Apparel Group Ltd.*	3,307,641
	7,910	Movado Group, Inc.	163,421
	115,310	Wolverine World Wide, Inc.	3,302,478

			9,859,698

	Thrifts & Mortgage Finance – 1.7%
	27,395	Essent Group Ltd.	1,145,933
	159,432	Flagstar Bancorp, Inc.	6,831,661
	119,233	Meridian Bancorp, Inc.	1,806,380
	255,605	Washington Federal, Inc.	6,691,739

			16,475,713

	Tobacco – 0.2%
	204,493	Vector Group Ltd.	2,400,748

	Trading Companies & Distributors – 3.3%
	136,145	Boise Cascade Co.	6,484,586

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2021 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Trading Companies & Distributors – (continued)
	6,360	DXP Enterprises, Inc.*	$ 147,488
	206,941	H&E Equipment Services, Inc.	5,686,739
	44,468	Herc Holdings, Inc.*	2,845,063
	401,091	MRC Global, Inc.*	2,771,539
	358,607	NOW, Inc.*	2,972,852
	159,861	Rush Enterprises, Inc., Class A	6,712,563
	79,715	Titan Machinery, Inc.*	1,697,930
	75,827	Triton International Ltd. (Bermuda)	3,513,823

			32,832,583

	TOTAL COMMON STOCKS (Cost $818,933,329)		$966,873,748

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $818,933,329)		$966,873,748


Shares		Dividend Rate	Value

	Securities Lending Reinvestment Vehicle – 1.0%^(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	9,291,940	0.026%	$ 9,291,940
	(Cost $9,291,940)

	TOTAL INVESTMENTS – 99.4% (Cost $828,225,269)		$976,165,688

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.6%		5,990,594

	NET ASSETS – 100.0%		$982,156,282



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

*		Non-income producing security.

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

(b)		Represents an affiliated issuer.



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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Schedule of Investments

January 31, 2021 (Unaudited)



Shares		Description	Value

	Common Stocks – 99.1%
	Aerospace & Defense – 0.5%
	3,317	Boeing Co. (The)	$ 644,128
	13,944	Teledyne Technologies, Inc.*	4,978,148

			5,622,276

	Air Freight & Logistics – 0.5%
	7,049	FedEx Corp.	1,658,912
	22,202	United Parcel Service, Inc., Class B	3,441,310

			5,100,222

	Auto Components – 0.6%
	199,278	Gentex Corp.	6,586,138

	Automobiles – 2.9%
	1,058,531	Ford Motor Co.*	11,146,331
	75,768	General Motors Co.	3,839,922
	19,547	Tesla, Inc.*	15,511,131

			30,497,384

	Banks – 1.4%
	24,258	First Republic Bank	3,517,167
	19,182	JPMorgan Chase & Co.	2,468,148
	11,761	Signature Bank	1,942,800
	210,008	Wells Fargo & Co.	6,275,039

			14,203,154

	Beverages – 1.3%
	1,837	Boston Beer Co., Inc. (The), Class A*	1,684,327
	132,058	Monster Beverage Corp.*	11,466,596

			13,150,923

	Biotechnology – 1.5%
	6,361	Biogen, Inc.*	1,797,682
	8,973	Seagen, Inc.*	1,473,995
	53,976	Vertex Pharmaceuticals, Inc.*	12,364,822

			15,636,499

	Building Products – 0.6%
	17,533	Lennox International, Inc.	4,830,166
	16,310	Masco Corp.	885,796

			5,715,962



Shares		Description	Value

	Common Stocks – (continued)
	Capital Markets – 1.8%
	31,350	CME Group, Inc.	$ 5,697,549
	2,489	Evercore, Inc., Class A	271,550
	2,827	Interactive Brokers Group, Inc., Class A	172,984
	37,928	S&P Global, Inc.	12,023,176

			18,165,259

	Chemicals – 2.1%
	247,611	Axalta Coating Systems Ltd.*	6,683,021
	9,394	Celanese Corp.	1,147,477
	17,946	Chemours Co. (The)	472,698
	17,321	Corteva, Inc.	690,415
	33,334	Element Solutions, Inc.	567,678
	17,575	Sherwin-Williams Co. (The)	12,158,385

			21,719,674

	Commercial Services & Supplies – 0.0%
	2,537	Clean Harbors, Inc.*	196,516

	Communications Equipment – 0.3%
	34,752	Lumentum Holdings, Inc.*	3,259,738

	Construction Materials – 0.1%
	4,117	Eagle Materials, Inc.	452,994
	2,203	Martin Marietta Materials, Inc.	633,164
	2,039	Vulcan Materials Co.	304,096

			1,390,254

	Consumer Finance – 3.0%
	270,819	Ally Financial, Inc.	10,247,791
	92,758	Capital One Financial Corp.	9,670,949
	23,470	Santander Consumer USA Holdings, Inc.	518,687
	301,250	Synchrony Financial	10,137,062

			30,574,489

	Diversified Consumer Services – 0.0%
	18,155	H&R Block, Inc.	312,811

	Diversified Financial Services – 1.4%
	17,990	Berkshire Hathaway, Inc., Class B*	4,099,381
	173,397	Jefferies Financial Group, Inc.	4,048,820
	106,412	Voya Financial, Inc.	5,901,610

			14,049,811

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2021 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Electrical Equipment – 0.1%
	10,325	AMETEK, Inc.	$ 1,169,409

	Electronic Equipment, Instruments & Components – 0.1%
	7,187	Arrow Electronics, Inc.*	701,667
	16,282	Jabil, Inc.	673,586

			1,375,253

	Energy Equipment & Services – 0.2%
	101,326	NOV, Inc.	1,254,416
	34,388	Schlumberger NV	763,757

			2,018,173

	Entertainment – 2.3%
	44,055	Activision Blizzard, Inc.	4,009,005
	22,199	Netflix, Inc.*	11,818,526
	8,548	Roku, Inc.*	3,325,428
	1,680	Take-Two Interactive Software, Inc.*	336,756
	24,777	Walt Disney Co. (The)*	4,166,748

			23,656,463

	Equity Real Estate Investment Trusts (REITs) – 4.5%
	26,068	AvalonBay Communities, Inc. REIT	4,266,550
	16,672	Camden Property Trust REIT	1,703,045
	107,179	Equity LifeStyle Properties, Inc. REIT	6,520,770
	20,544	Gaming and Leisure Properties, Inc. REIT	844,975
	162,140	Invitation Homes, Inc. REIT	4,779,887
	21,212	Mid-America Apartment Communities, Inc. REIT	2,815,893
	125,930	Prologis, Inc. REIT	12,995,976
	31,508	SBA Communications Corp. REIT	8,465,254
	14,247	Sun Communities, Inc. REIT	2,039,173
	53,253	VEREIT, Inc. REIT	1,876,103

			46,307,626

	Food & Staples Retailing – 3.1%
	44,090	Costco Wholesale Corp.	15,538,639
	118,847	Walmart, Inc.	16,696,815

			32,235,454

	Food Products – 0.1%
	11,821	Ingredion, Inc.	892,131



Shares		Description	Value

	Common Stocks – (continued)
	Health Care Equipment & Supplies – 3.8%
	1,985	Align Technology, Inc.*	$ 1,042,879
	13,796	Cooper Cos., Inc. (The)	5,022,296
	26,489	Danaher Corp.	6,300,144
	9,024	Edwards Lifesciences Corp.*	745,202
	102,739	Hologic, Inc.*	8,191,380
	23,415	Quidel Corp.*	5,876,463
	1,013	Teleflex, Inc.	382,539
	38,349	West Pharmaceutical Services, Inc.	11,485,142

			39,046,045

	Health Care Providers & Services – 3.3%
	33,039	Anthem, Inc.	9,811,922
	16,575	Cardinal Health, Inc.	890,575
	1,481	Chemed Corp.	767,010
	3,763	Encompass Health Corp.	302,545
	74,291	HCA Healthcare, Inc.	12,070,802
	86,791	Universal Health Services, Inc., Class B	10,821,102

			34,663,956

	Hotels, Restaurants & Leisure – 1.1%
	7,879	Chipotle Mexican Grill, Inc.*	11,660,920

	Household Products – 0.0%
	1,280	Procter & Gamble Co. (The)	164,109

	Independent Power and Renewable Electricity Producers – 0.3%
	133,927	AES Corp. (The)	3,266,479

	Industrial Conglomerates – 0.0%
	24,851	General Electric Co.	265,409

	Insurance – 3.7%
	577	Alleghany Corp.	327,073
	28,162	American Financial Group, Inc.	2,651,171
	37,303	Aon PLC, Class A	7,576,239
	257,801	Arch Capital Group Ltd.*	8,097,530
	11,197	Athene Holding Ltd., Class A*	457,845
	72,620	Chubb Ltd.	10,578,555
	2,218	Everest Re Group Ltd.	468,176
	56,691	First American Financial Corp.	2,964,372
	36,893	Globe Life, Inc.	3,334,758
	54,782	Old Republic International Corp.	991,554
	3,783	Primerica, Inc.	527,010

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2021 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Insurance – (continued)
	8,915	W. R. Berkley Corp.	$ 553,978

			38,528,261

	Interactive Media & Services – 6.5%
	3,044	Alphabet, Inc., Class A*	5,562,484
	16,103	Alphabet, Inc., Class C*	29,560,921
	117,757	Facebook, Inc., Class A*	30,420,166
	26,787	Pinterest, Inc., Class A*	1,835,177
	4,007	Zillow Group, Inc., Class C*	522,753

			67,901,501

	Internet & Direct Marketing Retail – 4.6%
	13,383	Amazon.com, Inc.*	42,908,575
	13,435	Etsy, Inc.*	2,674,774
	9,267	Wayfair, Inc., Class A*	2,523,589

			48,106,938

	IT Services – 7.5%
	34,757	Accenture PLC, Class A	8,408,413
	9,444	Booz Allen Hamilton Holding Corp.	804,346
	102,149	Fidelity National Information Services, Inc.	12,611,316
	19,006	Fiserv, Inc.*	1,951,726
	32,024	Global Payments, Inc.	5,652,876
	55,720	International Business Machines Corp.	6,636,809
	82,479	PayPal Holdings, Inc.*	19,325,655
	9,089	Square, Inc., Class A*	1,962,860
	1,297	VeriSign, Inc.*	251,709
	64,903	Visa, Inc., Class A	12,542,505
	351,648	Western Union Co. (The)	7,831,201

			77,979,416

	Life Sciences Tools & Services – 2.5%
	5,047	IQVIA Holdings, Inc.*	897,357
	9,481	Mettler-Toledo International, Inc.*	11,074,756
	1,610	PerkinElmer, Inc.	236,783
	25,865	Thermo Fisher Scientific, Inc.	13,183,390

			25,392,286

	Machinery – 3.0%
	74,365	Caterpillar, Inc.	13,596,897
	14,523	Donaldson Co., Inc.	863,247
	9,097	Illinois Tool Works, Inc.	1,766,728
	32,321	Otis Worldwide Corp.	2,089,553



Shares		Description	Value

	Common Stocks – (continued)
	Machinery – (continued)
	17,895	PACCAR, Inc.	$ 1,632,382
	42,358	Parker-Hannifin Corp.	11,208,350

			31,157,157

	Media – 0.6%
	1,420	Nexstar Media Group, Inc., Class A	161,411
	99,154	Omnicom Group, Inc.	6,185,227

			6,346,638

	Mortgage Real Estate Investment Trusts (REITs) – 0.1%
	30,197	Starwood Property Trust, Inc. REIT	566,496

	Multiline Retail – 1.6%
	83,342	Kohl’s Corp.	3,672,049
	73,903	Target Corp.	13,389,006

			17,061,055

	Multi-Utilities – 0.4%
	34,460	Sempra Energy	4,264,770

	Oil, Gas & Consumable Fuels – 0.8%
	21,508	Chevron Corp.	1,832,482
	93,197	EOG Resources, Inc.	4,749,319
	2,920	Exxon Mobil Corp.	130,933
	23,975	Hess Corp.	1,294,170

			8,006,904

	Personal Products – 1.3%
	49,909	Estee Lauder Cos., Inc. (The), Class A	11,810,965
	39,794	Herbalife Nutrition Ltd.*	2,027,902

			13,838,867

	Pharmaceuticals – 4.4%
	30,198	Jazz Pharmaceuticals PLC*	4,695,789
	150,291	Johnson & Johnson	24,516,971
	48,783	Merck & Co., Inc.	3,759,706
	81,202	Zoetis, Inc.	12,525,408

			45,497,874

	Professional Services – 0.0%
	216	CoStar Group, Inc.*	194,337

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Schedule of Investments (continued)

January 31, 2021 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Road & Rail – 1.3%
	2,924	AMERCO	$ 1,352,175
	6,172	Kansas City Southern	1,250,879
	35,763	Old Dominion Freight Line, Inc.	6,938,022
	73,115	Uber Technologies, Inc.*	3,723,747

			13,264,823

	Semiconductors & Semiconductor Equipment – 4.1%
	19,781	Advanced Micro Devices, Inc.*	1,694,045
	130,561	Applied Materials, Inc.	12,622,637
	19,527	First Solar, Inc.*	1,936,102
	121,646	Intel Corp.	6,752,569
	15,111	KLA Corp.	4,232,138
	16,629	Lam Research Corp.	8,047,605
	3,988	Micron Technology, Inc.*	312,141
	480	NVIDIA Corp.	249,403
	35,480	NXP Semiconductors NV (Netherlands)	5,693,476
	8,180	Texas Instruments, Inc.	1,355,344

			42,895,460

	Software – 7.8%
	7,076	Cadence Design Systems, Inc.*	922,640
	610	Fair Isaac Corp.*	274,567
	296,690	Microsoft Corp.	68,820,212
	107,432	Oracle Corp.	6,492,116
	3,695	Palo Alto Networks, Inc.*	1,296,021
	8,428	Zoom Video Communications, Inc., Class A*	3,135,806

			80,941,362

	Specialty Retail – 2.5%
	139,183	Dick’s Sporting Goods, Inc.	9,326,653
	87,803	L Brands, Inc.	3,578,850
	3,973	Ross Stores, Inc.	442,155
	198,865	TJX Cos., Inc. (The)	12,735,315

			26,082,973

	Technology Hardware, Storage & Peripherals – 6.3%
	454,117	Apple, Inc.	59,925,279
	38,564	Dell Technologies, Inc., Class C*	2,810,930
	28,372	HP, Inc.	690,575
	26,889	Western Digital Corp.	1,517,346

			64,944,130



Shares		Description	Value

	Common Stocks – (continued)
	Textiles, Apparel & Luxury Goods – 1.7%
	110,789	NIKE, Inc., Class B	$ 14,800,303
	95,444	Tapestry, Inc.	3,017,939

			17,818,242

	Tobacco – 1.4%
	182,794	Philip Morris International, Inc.	14,559,542

	Trading Companies & Distributors – 0.1%
	1,174	United Rentals, Inc.*	285,294
	1,241	Watsco, Inc.	295,966

			581,260

	TOTAL INVESTMENTS – 99.1% (Cost $797,082,827)		$1,028,832,829

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.9%		9,674,029

	NET ASSETS – 100.0%		$1,038,506,858



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

*		Non-income producing security.



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

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.

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.

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	)	$	—	$	—

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.

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.

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