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Form NPORT-P GOLDMAN SACHS TRUST For: Jul 31

September 25, 2020 1:25 PM EDT

  
    NPORT-P
    false
    
      
      
        
          0000822977
          XXXXXXXX
        
      
      
      
      
        S000014929
        C000158459
        C000201745
        C000040529
        C000040531
        C000040532
        C000058988
        C000058989
      
      
    
  
  
    
      Goldman Sachs Trust
      811-05349
      0000822977
      00000000000000000000
      71 South Wacker Drive
      Chicago
      
      60606
      312-655-4400
      Goldman Sachs Small Cap Value Insights Fund
      S000014929
      HQFNPXYV81RRMB9KMK12
      2020-10-31
      2020-07-31
      N
    
    
      765500514.97
      982026.02
      764518488.95
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      6604240.77000000
      
        
        
        
        
        
        
      
      N
      
        
          
          
          
          
          
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Caesarstone Ltd
        254900MJ7IXAH75VFC61
        Caesarstone Ltd
        000000000
        
          
          
        
        25862.00000000
        NS
        USD
        296637.14000000
        0.038800518795
        Long
        EC
        CORP
        IL
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Avista Corp
        Q0IK63NITJD6RJ47SW96
        Avista Corp
        05379B107
        
          
          
        
        138640.00000000
        NS
        USD
        5147703.20000000
        0.673326188235
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Haverty Furniture Cos Inc
        529900CVFMMIRXZVPD70
        Haverty Furniture Cos Inc
        419596101
        
          
          
        
        26834.00000000
        NS
        USD
        381579.48000000
        0.049911085933
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Herc Holdings Inc
        549300TP80QLITMSBP82
        Herc Holdings Inc
        42704L104
        
          
          
        
        13221.00000000
        NS
        USD
        443432.34000000
        0.058001519441
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kronos Worldwide Inc
        549300OBZ34C65APL277
        Kronos Worldwide Inc
        50105F105
        
          
          
        
        39080.00000000
        NS
        USD
        439259.20000000
        0.057455667370
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Essent Group Ltd
        254900QUO860OUT6ZF83
        Essent Group Ltd
        000000000
        
          
          
        
        11648.00000000
        NS
        USD
        417347.84000000
        0.054589633348
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Movado Group Inc
        549300WCGCGPWGHVXM59
        Movado Group Inc
        624580106
        
          
          
        
        11989.00000000
        NS
        USD
        115573.96000000
        0.015117222365
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cadence BanCorp
        54930022CKKXKBR5CK30
        Cadence BanCorp
        12739A100
        
          
          
        
        571488.00000000
        NS
        USD
        4463321.28000000
        0.583808154349
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Financial Institutions Inc
        N/A
        Financial Institutions Inc
        317585404
        
          
          
        
        27578.00000000
        NS
        USD
        407327.06000000
        0.053278902457
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        National Western Life Group In
        549300HPXNVHFT1BJ192
        National Western Life Group Inc
        638517102
        
          
          
        
        5948.00000000
        NS
        USD
        1158610.92000000
        0.151547795997
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Telenav Inc
        529900IWKA0QZA533R93
        Telenav Inc
        879455103
        
          
          
        
        74943.00000000
        NS
        USD
        388579.46000000
        0.050826692305
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Argo Group International Holdi
        549300M4T8Y5TTWI6O03
        Argo Group International Holdings Ltd
        000000000
        
          
          
        
        76329.00000000
        NS
        USD
        2557784.79000000
        0.334561534739
        Long
        EC
        CORP
        BM
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Physicians Realty Trust
        549300ITOVH0OY7PZC34
        Physicians Realty Trust
        71943U104
        
          
          
        
        27551.00000000
        NS
        USD
        497020.04000000
        0.065010859408
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Costamare Inc
        5299003L6NPTZ25LN818
        Costamare Inc
        000000000
        
          
          
        
        173279.00000000
        NS
        USD
        788419.45000000
        0.103126276394
        Long
        EC
        CORP
        MC
        N
        
        1
        
          N
          N
          N
        
      
      
        Geron Corp
        549300T282D7Z2YESL90
        Geron Corp
        374163103
        
          
          
        
        70516.00000000
        NS
        USD
        112120.44000000
        0.014665497515
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Commercial Metals Co
        549300OQS2LO07ZJ7N73
        Commercial Metals Co
        201723103
        
          
          
        
        35125.00000000
        NS
        USD
        726385.00000000
        0.095012090681
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chart Industries Inc
        EM7QGKC1GYOF3LSZSL80
        Chart Industries Inc
        16115Q308
        
          
          
        
        25893.00000000
        NS
        USD
        1774447.29000000
        0.232099983930
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Curo Group Holdings Corp
        54930007KH8KCGJ4YE72
        Curo Group Holdings Corp
        23131L107
        
          
          
        
        31523.00000000
        NS
        USD
        220345.77000000
        0.028821509641
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Strategic Education Inc
        0PYXF82EO1UCNGL5I740
        Strategic Education Inc
        86272C103
        
          
          
        
        21613.00000000
        NS
        USD
        2727776.73000000
        0.356796698762
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ingevity Corp
        5493009UTFC4B5IMGF87
        Ingevity Corp
        45688C107
        
          
          
        
        71317.00000000
        NS
        USD
        4170618.16000000
        0.545522210421
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Minerva Neurosciences Inc
        54930017PANCHC5LYH79
        Minerva Neurosciences Inc
        603380106
        
          
          
        
        55620.00000000
        NS
        USD
        193835.70000000
        0.025353958445
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Matrix Service Co
        529900VYBKSX6HD2YW58
        Matrix Service Co
        576853105
        
          
          
        
        90954.00000000
        NS
        USD
        796302.27000000
        0.104157359371
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Plexus Corp
        549300W7HCBI5YT25I79
        Plexus Corp
        729132100
        
          
          
        
        16257.00000000
        NS
        USD
        1207732.53000000
        0.157972965658
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Conn's Inc
        529900K9HOACKOJJT953
        Conn's Inc
        208242107
        
          
          
        
        33853.00000000
        NS
        USD
        337175.88000000
        0.044103038039
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Walker & Dunlop Inc
        N/A
        Walker & Dunlop Inc
        93148P102
        
          
          
        
        61646.00000000
        NS
        USD
        3107574.86000000
        0.406474781828
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Orion Engineered Carbons SA
        N/A
        Orion Engineered Carbons SA
        000000000
        
          
          
        
        146524.00000000
        NS
        USD
        1494544.80000000
        0.195488378842
        Long
        EC
        CORP
        LU
        N
        
        1
        
          N
          N
          N
        
      
      
        1st Source Corp
        N/A
        1st Source Corp
        336901103
        
          
          
        
        82127.00000000
        NS
        USD
        2720046.24000000
        0.355785540744
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vericel Corp
        54930076YM3PLTDR4B91
        Vericel Corp
        92346J108
        
          
          
        
        6342.00000000
        NS
        USD
        104579.58000000
        0.013679143344
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Capital City Bank Group Inc
        254900NVLVUJQZKTQE82
        Capital City Bank Group Inc
        139674105
        
          
          
        
        25543.00000000
        NS
        USD
        480974.69000000
        0.062912107025
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hope Bancorp Inc
        549300UTF4QGMBHIZ219
        Hope Bancorp Inc
        43940T109
        
          
          
        
        331869.00000000
        NS
        USD
        2797655.67000000
        0.365936953839
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ennis Inc
        N/A
        Ennis Inc
        293389102
        
          
          
        
        7398.00000000
        NS
        USD
        127985.40000000
        0.016740654653
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Big Lots Inc
        N/A
        Big Lots Inc
        089302103
        
          
          
        
        85199.00000000
        NS
        USD
        3351728.66000000
        0.438410412363
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Inogen Inc
        549300J8WJIVTOJ8IH97
        Inogen Inc
        45780L104
        
          
          
        
        10006.00000000
        NS
        USD
        307184.20000000
        0.040180087785
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Capstead Mortgage Corp
        549300W6CQE2GR8QBV24
        Capstead Mortgage Corp
        14067E506
        
          
          
        
        312025.00000000
        NS
        USD
        1918953.75000000
        0.251001614445
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BankUnited Inc
        96OVUWEW5D4YX6PFXD91
        BankUnited Inc
        06652K103
        
          
          
        
        85359.00000000
        NS
        USD
        1719130.26000000
        0.224864445379
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Brigham Minerals Inc
        549300IQ6JCXW59RO175
        Brigham Minerals Inc
        10918L103
        
          
          
        
        106458.00000000
        NS
        USD
        1179554.64000000
        0.154287261465
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BioDelivery Sciences Internati
        529900YQ5QSV2ZNM2W45
        BioDelivery Sciences International Inc
        09060J106
        
          
          
        
        40296.00000000
        NS
        USD
        168840.24000000
        0.022084520183
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LTC Properties Inc
        549300NRZP8IJG2KY677
        LTC Properties Inc
        502175102
        
          
          
        
        11651.00000000
        NS
        USD
        432834.65000000
        0.056615327981
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Eiger BioPharmaceuticals Inc
        549300GO4VMIHDKJNU46
        Eiger BioPharmaceuticals Inc
        28249U105
        
          
          
        
        8237.00000000
        NS
        USD
        82781.85000000
        0.010827972272
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lexington Realty Trust
        549300S4MH2ICXDBFV43
        Lexington Realty Trust
        529043101
        
          
          
        
        300769.00000000
        NS
        USD
        3488920.40000000
        0.456355268110
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Diamond S Shipping Inc
        254900BCR8UHAF3UO420
        Diamond S Shipping Inc
        000000000
        
          
          
        
        78060.00000000
        NS
        USD
        685366.80000000
        0.089646857454
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AMERISAFE Inc
        N/A
        AMERISAFE Inc
        03071H100
        
          
          
        
        23682.00000000
        NS
        USD
        1502859.72000000
        0.196575981054
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Portland General Electric Co
        GJOUP9M7C39GLSK9R870
        Portland General Electric Co
        736508847
        
          
          
        
        167916.00000000
        NS
        USD
        7410133.08000000
        0.969254921509
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Taylor Morrison Home Corp
        5299009UDLLGLKOOJE30
        Taylor Morrison Home Corp
        87724P106
        
          
          
        
        142227.00000000
        NS
        USD
        3335223.15000000
        0.436251470462
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Natera Inc
        N/A
        Natera Inc
        632307104
        
          
          
        
        29160.00000000
        NS
        USD
        1400263.20000000
        0.183156224504
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Visteon Corp
        549300MOVLYHRW4GGW78
        Visteon Corp
        92839U206
        
          
          
        
        21589.00000000
        NS
        USD
        1567577.29000000
        0.205041122308
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NorthWestern Corp
        3BPWMBHR1R9SHUN7J795
        NorthWestern Corp
        668074305
        
          
          
        
        114470.00000000
        NS
        USD
        6440082.20000000
        0.842371020855
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NeoPhotonics Corp
        5493001EHDO3GEGZ6930
        NeoPhotonics Corp
        64051T100
        
          
          
        
        236340.00000000
        NS
        USD
        2153057.40000000
        0.281622672455
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fresh Del Monte Produce Inc
        529900I72V9F0FEZR228
        Fresh Del Monte Produce Inc
        000000000
        
          
          
        
        84214.00000000
        NS
        USD
        1901552.12000000
        0.248725458897
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Atlantic Union Bankshares Corp
        N/A
        Atlantic Union Bankshares Corp
        04911A107
        
          
          
        
        4619.00000000
        NS
        USD
        104250.83000000
        0.013636142422
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NexPoint Residential Trust Inc
        549300U2J6XVYBF87166
        NexPoint Residential Trust Inc
        65341D102
        
          
          
        
        126132.00000000
        NS
        USD
        4822026.36000000
        0.630727239392
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Investors Title Co
        N/A
        Investors Title Co
        461804106
        
          
          
        
        1019.00000000
        NS
        USD
        117266.52000000
        0.015338611386
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Computer Programs and Systems
        5493005Q6CJC78TGL805
        Computer Programs and Systems Inc
        205306103
        
          
          
        
        14899.00000000
        NS
        USD
        367707.32000000
        0.048096589593
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Rambus Inc
        2549000211GDCQSLV833
        Rambus Inc
        750917106
        
          
          
        
        91483.00000000
        NS
        USD
        1350289.08000000
        0.176619545441
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tutor Perini Corp
        549300FHXYVPW8LJ6D98
        Tutor Perini Corp
        901109108
        
          
          
        
        126042.00000000
        NS
        USD
        1483514.34000000
        0.194045580511
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Navient Corp
        54930067J0ZNOEBRW338
        Navient Corp
        63938C108
        
          
          
        
        435711.00000000
        NS
        USD
        3468259.56000000
        0.453652803709
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Methode Electronics Inc
        529900VM413LGLUS3F07
        Methode Electronics Inc
        591520200
        
          
          
        
        14967.00000000
        NS
        USD
        422069.40000000
        0.055207219459
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Everi Holdings Inc
        5299006DK5S7BG10K532
        Everi Holdings Inc
        30034T103
        
          
          
        
        150168.00000000
        NS
        USD
        852954.24000000
        0.111567509789
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Balchem Corp
        549300VR70OPMHUI3557
        Balchem Corp
        057665200
        
          
          
        
        3215.00000000
        NS
        USD
        322335.90000000
        0.042161949600
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Banner Corp
        N/A
        Banner Corp
        06652V208
        
          
          
        
        15300.00000000
        NS
        USD
        542079.00000000
        0.070904629231
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PS Business Parks Inc
        N/A
        PS Business Parks Inc
        69360J107
        
          
          
        
        1455.00000000
        NS
        USD
        200717.25000000
        0.026254074021
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TrueCar Inc
        549300KK16488YXWVE52
        TrueCar Inc
        89785L107
        
          
          
        
        63896.00000000
        NS
        USD
        240248.96000000
        0.031424872448
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TTM Technologies Inc
        549300SC4BDOIS008048
        TTM Technologies Inc
        87305R109
        
          
          
        
        224538.00000000
        NS
        USD
        2764062.78000000
        0.361542960693
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Albany International Corp
        L73WCPNCZIRSQGZTW097
        Albany International Corp
        012348108
        
          
          
        
        5969.00000000
        NS
        USD
        286989.52000000
        0.037538597711
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        O-I Glass Inc
        N/A
        O-I Glass Inc
        67098H104
        
          
          
        
        46797.00000000
        NS
        USD
        488560.68000000
        0.063904364258
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cogent Communications Holdings
        N/A
        Cogent Communications Holdings Inc
        19239V302
        
          
          
        
        36761.00000000
        NS
        USD
        3312533.71000000
        0.433283662576
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Myriad Genetics Inc
        52990044IHUOUMETT163
        Myriad Genetics Inc
        62855J104
        
          
          
        
        55301.00000000
        NS
        USD
        667483.07000000
        0.087307642607
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        John B Sanfilippo & Son Inc
        5299007IBEYVXKYDUX28
        John B Sanfilippo & Son Inc
        800422107
        
          
          
        
        4991.00000000
        NS
        USD
        440056.47000000
        0.057559951310
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dana Inc
        KVWHW7YLZPFJM8QYNJ51
        Dana Inc
        235825205
        
          
          
        
        85408.00000000
        NS
        USD
        976213.44000000
        0.127689971414
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ellington Residential Mortgage
        549300KA3MR2ZCRGA787
        Ellington Residential Mortgage REIT
        288578107
        
          
          
        
        21763.00000000
        NS
        USD
        240481.15000000
        0.031455243198
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Eagle Bancorp Inc
        549300B47NZODRMG3D47
        Eagle Bancorp Inc
        268948106
        
          
          
        
        26694.00000000
        NS
        USD
        802955.52000000
        0.105027613014
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Northwest Natural Holding Co
        N/A
        Northwest Natural Holding Co
        66765N105
        
          
          
        
        28892.00000000
        NS
        USD
        1545433.08000000
        0.202144631207
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Great Ajax Corp
        5493004ID2QQWNGDYC18
        Great Ajax Corp
        38983D300
        
          
          
        
        86152.00000000
        NS
        USD
        742630.24000000
        0.097136988932
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Quotient Technology Inc
        5493005ZZT58VQ9RKP56
        Quotient Technology Inc
        749119103
        
          
          
        
        44610.00000000
        NS
        USD
        357326.10000000
        0.046738712688
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Meritor Inc
        5LTG829X630QFHTFBO82
        Meritor Inc
        59001K100
        
          
          
        
        99395.00000000
        NS
        USD
        2261236.25000000
        0.295772604937
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Atlantic Power Corp
        2U3V7WI7HVCB625AQQ40
        Atlantic Power Corp
        04878Q863
        
          
          
        
        266741.00000000
        NS
        USD
        522812.36000000
        0.068384527981
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Belden Inc
        68BKYO1JC791TTJHUE82
        Belden Inc
        077454106
        
          
          
        
        116533.00000000
        NS
        USD
        3682442.80000000
        0.481668246513
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BJ's Wholesale Club Holdings I
        549300UCIWH1C93V0J03
        BJ's Wholesale Club Holdings Inc
        05550J101
        
          
          
        
        30194.00000000
        NS
        USD
        1209269.70000000
        0.158174029467
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Forestar Group Inc
        549300BC2UB0GHV60V70
        Forestar Group Inc
        346232101
        
          
          
        
        5845.00000000
        NS
        USD
        101176.95000000
        0.013234074971
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Republic Bancorp Inc/KY
        N/A
        Republic Bancorp Inc/KY
        760281204
        
          
          
        
        7938.00000000
        NS
        USD
        239886.36000000
        0.031377443903
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Loral Space & Communications I
        5299008CJ8NPI54F8D37
        Loral Space & Communications Inc
        543881106
        
          
          
        
        17308.00000000
        NS
        USD
        314486.36000000
        0.041135219689
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        H&E Equipment Services Inc
        N/A
        H&E Equipment Services Inc
        404030108
        
          
          
        
        161726.00000000
        NS
        USD
        2844760.34000000
        0.372098305157
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Invacare Corp
        549300NNUTG7HCZICS76
        Invacare Corp
        461203101
        
          
          
        
        31005.00000000
        NS
        USD
        218275.20000000
        0.028550676426
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Asbury Automotive Group Inc
        549300JH4DTA7U42GL91
        Asbury Automotive Group Inc
        043436104
        
          
          
        
        51018.00000000
        NS
        USD
        5109452.70000000
        0.668322973721
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TimkenSteel Corp
        549300QZTZWHDE9HJL14
        TimkenSteel Corp
        887399103
        
          
          
        
        34214.00000000
        NS
        USD
        125565.38000000
        0.016424112930
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Central Garden & Pet Co
        5493004DVZLD37DJ0H83
        Central Garden & Pet Co
        153527205
        
          
          
        
        35575.00000000
        NS
        USD
        1232673.75000000
        0.161235309258
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ARMOUR Residential REIT Inc
        549300K0WA0EJUX74V72
        ARMOUR Residential REIT Inc
        042315507
        
          
          
        
        132262.00000000
        NS
        USD
        1235327.08000000
        0.161582368229
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        G1 Therapeutics Inc
        529900TC35UPZQYRKW13
        G1 Therapeutics Inc
        3621LQ109
        
          
          
        
        36506.00000000
        NS
        USD
        535543.02000000
        0.070049714655
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Malibu Boats Inc
        N/A
        Malibu Boats Inc
        56117J100
        
          
          
        
        2998.00000000
        NS
        USD
        176222.44000000
        0.023050121422
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EverQuote Inc
        N/A
        EverQuote Inc
        30041R108
        
          
          
        
        4507.00000000
        NS
        USD
        245406.15000000
        0.032099439522
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Global Net Lease Inc
        549300NUYANCT5SU8Z65
        Global Net Lease Inc
        379378201
        
          
          
        
        67858.00000000
        NS
        USD
        1129835.70000000
        0.147783960274
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UFP Technologies Inc
        549300RJ8LY41HS70C91
        UFP Technologies Inc
        902673102
        
          
          
        
        8110.00000000
        NS
        USD
        349865.40000000
        0.045762843548
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hackett Group Inc/The
        5K016KLIRB6156644289
        Hackett Group Inc/The
        404609109
        
          
          
        
        60361.00000000
        NS
        USD
        832378.19000000
        0.108876136029
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Miller Industries Inc/TN
        549300F1O74SPUJ7UU94
        Miller Industries Inc/TN
        600551204
        
          
          
        
        63543.00000000
        NS
        USD
        1801444.05000000
        0.235631194802
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        World Fuel Services Corp
        D3W7PCXCBRQLL17DZ313
        World Fuel Services Corp
        981475106
        
          
          
        
        117002.00000000
        NS
        USD
        2753057.06000000
        0.360103398386
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SM Energy Co
        84BUTVXV5ODI6BXNMH43
        SM Energy Co
        78454L100
        
          
          
        
        234578.00000000
        NS
        USD
        692005.10000000
        0.090515155617
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        World Acceptance Corp
        N/A
        World Acceptance Corp
        981419104
        
          
          
        
        1472.00000000
        NS
        USD
        109369.60000000
        0.014305684111
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Flushing Financial Corp
        N/A
        Flushing Financial Corp
        343873105
        
          
          
        
        13140.00000000
        NS
        USD
        145591.20000000
        0.019043515899
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Amkor Technology Inc
        529900VHLRTKPWZJBM84
        Amkor Technology Inc
        031652100
        
          
          
        
        187149.00000000
        NS
        USD
        2544290.66000000
        0.332796485209
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Harmonic Inc
        549300LRGRD8XC9BTL66
        Harmonic Inc
        413160102
        
          
          
        
        316621.00000000
        NS
        USD
        1766745.18000000
        0.231092538053
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PJT Partners Inc
        549300W3WBEQUBKYTN87
        PJT Partners Inc
        69343T107
        
          
          
        
        7415.00000000
        NS
        USD
        396924.95000000
        0.051918293113
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Baycom Corp
        549300UOLS54Q5ONIG33
        Baycom Corp
        07272M107
        
          
          
        
        9857.00000000
        NS
        USD
        101329.96000000
        0.013254088876
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UMB Financial Corp
        549300MGEH3N3CUCV828
        UMB Financial Corp
        902788108
        
          
          
        
        25477.00000000
        NS
        USD
        1268754.60000000
        0.165954730766
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Prestige Consumer Healthcare I
        N/A
        Prestige Consumer Healthcare Inc
        74112D101
        
          
          
        
        18749.00000000
        NS
        USD
        697275.31000000
        0.091204505852
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Xencor Inc
        549300V5IF65437JKG30
        Xencor Inc
        98401F105
        
          
          
        
        116846.00000000
        NS
        USD
        3515896.14000000
        0.459883729539
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MSG Networks Inc
        529900CN57TJSXQ5NM69
        MSG Networks Inc
        553573106
        
          
          
        
        149738.00000000
        NS
        USD
        1427003.14000000
        0.186653842990
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Powell Industries Inc
        549300V08RO7MX2UBN26
        Powell Industries Inc
        739128106
        
          
          
        
        43235.00000000
        NS
        USD
        1147889.25000000
        0.150145387795
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Columbus McKinnon Corp/NY
        549300W3HQB0HO1F3G69
        Columbus McKinnon Corp/NY
        199333105
        
          
          
        
        36094.00000000
        NS
        USD
        1195794.22000000
        0.156411419381
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Heartland Financial USA Inc
        549300QF7B0DFZT32C73
        Heartland Financial USA Inc
        42234Q102
        
          
          
        
        110178.00000000
        NS
        USD
        3441960.72000000
        0.450212881669
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NETGEAR Inc
        54930067KX3UNRHDWA78
        NETGEAR Inc
        64111Q104
        
          
          
        
        128153.00000000
        NS
        USD
        3940704.75000000
        0.515449241183
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Haynes International Inc
        549300I9MS5UZLRFDO40
        Haynes International Inc
        420877201
        
          
          
        
        65505.00000000
        NS
        USD
        1202671.80000000
        0.157311015676
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Wingstop Inc
        549300SSH3F8HPIM3Q47
        Wingstop Inc
        974155103
        
          
          
        
        34420.00000000
        NS
        USD
        5378125.00000000
        0.703465655537
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        City Office REIT Inc
        5493003J7157VP25NL57
        City Office REIT Inc
        178587101
        
          
          
        
        248610.00000000
        NS
        USD
        2150476.50000000
        0.281285087421
        Long
        EC
        CORP
        CA
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Franklin Electric Co Inc
        RR6AURIKMXUE4Q24G284
        Franklin Electric Co Inc
        353514102
        
          
          
        
        9723.00000000
        NS
        USD
        525528.15000000
        0.068739756800
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Navistar International Corp
        WNDD3CRVXJGC8I7GX671
        Navistar International Corp
        63934E108
        
          
          
        
        95180.00000000
        NS
        USD
        3048615.40000000
        0.398762808756
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ORBCOMM Inc
        529900PSC8WVCY267I23
        ORBCOMM Inc
        68555P100
        
          
          
        
        419770.00000000
        NS
        USD
        1767231.70000000
        0.231156175493
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kosmos Energy Ltd
        213800YDFJ3OT9B5P157
        Kosmos Energy Ltd
        500688106
        
          
          
        
        207604.00000000
        NS
        USD
        334242.44000000
        0.043719340320
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        W&T Offshore Inc
        549300Q7EOY2YIO3YK85
        W&T Offshore Inc
        92922P106
        
          
          
        
        184659.00000000
        NS
        USD
        417329.34000000
        0.054587213524
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        International Bancshares Corp
        549300Y16R531AU8TX77
        International Bancshares Corp
        459044103
        
          
          
        
        176951.00000000
        NS
        USD
        5382849.42000000
        0.704083615740
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Summit Hotel Properties Inc
        N/A
        Summit Hotel Properties Inc
        866082100
        
          
          
        
        66904.00000000
        NS
        USD
        346562.72000000
        0.045330848764
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Encore Capital Group Inc
        5493000UVC6H49CIH830
        Encore Capital Group Inc
        292554102
        
          
          
        
        34608.00000000
        NS
        USD
        1264230.24000000
        0.165362938669
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Stewart Information Services C
        529900TV1XI0PLKENU10
        Stewart Information Services Corp
        860372101
        
          
          
        
        126789.00000000
        NS
        USD
        5318798.55000000
        0.695705679702
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WideOpenWest Inc
        549300RM6J2BWWOFU889
        WideOpenWest Inc
        96758W101
        
          
          
        
        124726.00000000
        NS
        USD
        681003.96000000
        0.089076192380
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fabrinet
        5493004TETZ6IYF7CV44
        Fabrinet
        000000000
        
          
          
        
        33220.00000000
        NS
        USD
        2412768.60000000
        0.315593230886
        Long
        EC
        CORP
        TH
        N
        
        1
        
          N
          N
          N
        
      
      
        Helix Energy Solutions Group I
        416AP2JOUTCWEGSOZW41
        Helix Energy Solutions Group Inc
        42330P107
        
          
          
        
        46450.00000000
        NS
        USD
        194625.50000000
        0.025457265300
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Catalyst Pharmaceuticals Inc
        5299004O0R5XXLA5H544
        Catalyst Pharmaceuticals Inc
        14888U101
        
          
          
        
        104038.00000000
        NS
        USD
        447363.40000000
        0.058515707136
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First Interstate BancSystem In
        549300WRWYTYX0RCNJ43
        First Interstate BancSystem Inc
        32055Y201
        
          
          
        
        24982.00000000
        NS
        USD
        727226.02000000
        0.095122097177
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First Commonwealth Financial C
        549300ZHLQ42NXDETL24
        First Commonwealth Financial Corp
        319829107
        
          
          
        
        259521.00000000
        NS
        USD
        2042430.27000000
        0.267152501806
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Retail Opportunity Investments
        N/A
        Retail Opportunity Investments Corp
        76131N101
        
          
          
        
        341093.00000000
        NS
        USD
        3707680.91000000
        0.484969423707
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alcoa Corp
        549300T12EZ1F6PWWU29
        Alcoa Corp
        013872106
        
          
          
        
        346184.00000000
        NS
        USD
        4500392.00000000
        0.588657052124
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FRP Holdings Inc
        N/A
        FRP Holdings Inc
        30292L107
        
          
          
        
        3089.00000000
        NS
        USD
        120841.68000000
        0.015806246905
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mercantile Bank Corp
        P16VZZCKTJ5IONL6XE37
        Mercantile Bank Corp
        587376104
        
          
          
        
        14805.00000000
        NS
        USD
        315198.45000000
        0.041228361976
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        QTS Realty Trust Inc
        5493006PA4CJK4OG2J54
        QTS Realty Trust Inc
        74736A103
        
          
          
        
        23069.00000000
        NS
        USD
        1659814.55000000
        0.217105874349
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Moog Inc
        549300WM2I4U7OBAHG07
        Moog Inc
        615394202
        
          
          
        
        41399.00000000
        NS
        USD
        2223954.28000000
        0.290896075391
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Boise Cascade Co
        549300Z8B8LSRHC7XA55
        Boise Cascade Co
        09739D100
        
          
          
        
        125391.00000000
        NS
        USD
        5841966.69000000
        0.764136744164
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hancock Whitney Corp
        549300GRNBWY8HIICT41
        Hancock Whitney Corp
        410120109
        
          
          
        
        125485.00000000
        NS
        USD
        2391744.10000000
        0.312843199290
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Trupanion Inc
        549300J86GFKIDGMQP18
        Trupanion Inc
        898202106
        
          
          
        
        55113.00000000
        NS
        USD
        2787064.41000000
        0.364551603431
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        First BanCorp/Puerto Rico
        N/A
        First BanCorp/Puerto Rico
        318672706
        
          
          
        
        837831.00000000
        NS
        USD
        4557800.64000000
        0.596166175949
        Long
        EC
        CORP
        PR
        N
        
        1
        
          N
          N
          N
        
      
      
        Southern National Bancorp of V
        549300JNX3M2EENG1F11
        Southern National Bancorp of Virginia Inc
        843395104
        
          
          
        
        74535.00000000
        NS
        USD
        627584.70000000
        0.082088884581
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Del Taco Restaurants Inc
        5299004IBCSPGYGOI790
        Del Taco Restaurants Inc
        245496104
        
          
          
        
        45330.00000000
        NS
        USD
        346774.50000000
        0.045358549860
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Black Hills Corp
        3MGELCRSTNSAMJ962671
        Black Hills Corp
        092113109
        
          
          
        
        18886.00000000
        NS
        USD
        1092743.96000000
        0.142932313056
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Veritiv Corp
        529900VQARHWQROHAS58
        Veritiv Corp
        923454102
        
          
          
        
        21038.00000000
        NS
        USD
        322091.78000000
        0.042130018391
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        G-III Apparel Group Ltd
        529900O5KABM3R3SFM87
        G-III Apparel Group Ltd
        36237H101
        
          
          
        
        170727.00000000
        NS
        USD
        1688490.03000000
        0.220856663953
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Perdoceo Education Corp
        529900X5PCA184O9LY90
        Perdoceo Education Corp
        71363P106
        
          
          
        
        75726.00000000
        NS
        USD
        1090454.40000000
        0.142632835668
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Rush Enterprises Inc
        529900V3XHTN7A6DFT17
        Rush Enterprises Inc
        781846209
        
          
          
        
        79332.00000000
        NS
        USD
        3774616.56000000
        0.493724692673
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Camping World Holdings Inc
        549300E828QQI7MWI432
        Camping World Holdings Inc
        13462K109
        
          
          
        
        5281.00000000
        NS
        USD
        193390.22000000
        0.025295689089
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ladder Capital Corp
        549300Q6LLV2QCV67C06
        Ladder Capital Corp
        505743104
        
          
          
        
        295893.00000000
        NS
        USD
        2299088.61000000
        0.300723742228
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BioCryst Pharmaceuticals Inc
        549300Z0INP1Z5NP6J59
        BioCryst Pharmaceuticals Inc
        09058V103
        
          
          
        
        21108.00000000
        NS
        USD
        85909.56000000
        0.011237080756
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Home BancShares Inc/AR
        N/A
        Home BancShares Inc/AR
        436893200
        
          
          
        
        55405.00000000
        NS
        USD
        904763.65000000
        0.118344247140
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Conduent Inc
        549300SFJ2D2CYY6CQ11
        Conduent Inc
        206787103
        
          
          
        
        229685.00000000
        NS
        USD
        438698.35000000
        0.057382307470
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TRI Pointe Group Inc
        N/A
        TRI Pointe Group Inc
        87265H109
        
          
          
        
        356962.00000000
        NS
        USD
        5968404.64000000
        0.780674990371
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Perspecta Inc
        549300XIT2GJKMZC0O65
        Perspecta Inc
        715347100
        
          
          
        
        228996.00000000
        NS
        USD
        4900514.40000000
        0.640993575803
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        P H Glatfelter Co
        549300LDQLQBT38QDY28
        P H Glatfelter Co
        377316104
        
          
          
        
        148079.00000000
        NS
        USD
        2358898.47000000
        0.308546948712
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Franklin Street Properties Cor
        549300STLK2T6QY5WO82
        Franklin Street Properties Corp
        35471R106
        
          
          
        
        57884.00000000
        NS
        USD
        303891.00000000
        0.039749332997
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Twist Bioscience Corp
        549300T23BL59LCOH584
        Twist Bioscience Corp
        90184D100
        
          
          
        
        27633.00000000
        NS
        USD
        1548553.32000000
        0.202552762605
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BancFirst Corp
        549300EJEHGBP4IO2J30
        BancFirst Corp
        05945F103
        
          
          
        
        21350.00000000
        NS
        USD
        930006.00000000
        0.121645978932
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Universal Health Realty Income
        549300L4MWZL4IH6H172
        Universal Health Realty Income Trust
        91359E105
        
          
          
        
        15451.00000000
        NS
        USD
        1075080.58000000
        0.140621920272
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Armada Hoffler Properties Inc
        549300WQRSIV6XZT9313
        Armada Hoffler Properties Inc
        04208T108
        
          
          
        
        12452.00000000
        NS
        USD
        120037.28000000
        0.015701030352
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vector Group Ltd
        549300TUIF4WWN6NDN50
        Vector Group Ltd
        92240M108
        
          
          
        
        184624.00000000
        NS
        USD
        1628383.68000000
        0.212994676196
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Antero Resources Corp
        APVBKPOULHUX7YZLKU17
        Antero Resources Corp
        03674X106
        
          
          
        
        1000880.00000000
        NS
        USD
        2962604.80000000
        0.387512511838
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Summit Materials Inc
        N/A
        Summit Materials Inc
        86614U100
        
          
          
        
        257575.00000000
        NS
        USD
        3791504.00000000
        0.495933591508
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        National HealthCare Corp
        N/A
        National HealthCare Corp
        635906100
        
          
          
        
        7791.00000000
        NS
        USD
        462162.12000000
        0.060451398714
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hecla Mining Co
        5493009Y6HOBZD1QD537
        Hecla Mining Co
        422704106
        
          
          
        
        553386.00000000
        NS
        USD
        3054690.72000000
        0.399557468413
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Scholastic Corp
        N/A
        Scholastic Corp
        807066105
        
          
          
        
        151410.00000000
        NS
        USD
        3623241.30000000
        0.473924614298
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HomeStreet Inc
        N/A
        HomeStreet Inc
        43785V102
        
          
          
        
        14463.00000000
        NS
        USD
        382401.72000000
        0.050018635981
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Universal Insurance Holdings I
        529900GGAZ6WVUCWQM46
        Universal Insurance Holdings Inc
        91359V107
        
          
          
        
        22676.00000000
        NS
        USD
        397056.76000000
        0.051935534030
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lithia Motors Inc
        SE8N1EZEHPZQBCBVKD53
        Lithia Motors Inc
        536797103
        
          
          
        
        15624.00000000
        NS
        USD
        3580239.60000000
        0.468299936724
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First Foundation Inc
        549300MLBB1IY0K7IR56
        First Foundation Inc
        32026V104
        
          
          
        
        203322.00000000
        NS
        USD
        3125059.14000000
        0.408761748102
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TEGNA Inc
        549300YC5EDBGX85AO10
        TEGNA Inc
        87901J105
        
          
          
        
        87880.00000000
        NS
        USD
        1035226.40000000
        0.135408942355
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Marten Transport Ltd
        N/A
        Marten Transport Ltd
        573075108
        
          
          
        
        96667.00000000
        NS
        USD
        2573275.54000000
        0.336587744729
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SP Plus Corp
        0IDE18EMH1CUKQCUYE69
        SP Plus Corp
        78469C103
        
          
          
        
        6219.00000000
        NS
        USD
        98819.91000000
        0.012925771113
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ferro Corp
        1YTO5R7OHOPE81ZNYD08
        Ferro Corp
        315405100
        
          
          
        
        194974.00000000
        NS
        USD
        2279246.06000000
        0.298128311210
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MidWestOne Financial Group Inc
        N/A
        MidWestOne Financial Group Inc
        598511103
        
          
          
        
        8672.00000000
        NS
        USD
        156789.76000000
        0.020508301926
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Nautilus Inc
        549300LLLHX2HF71YE90
        Nautilus Inc
        63910B102
        
          
          
        
        16885.00000000
        NS
        USD
        176110.55000000
        0.023035486066
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WesBanco Inc
        N/A
        WesBanco Inc
        950810101
        
          
          
        
        11435.00000000
        NS
        USD
        226756.05000000
        0.029659982495
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Red Rock Resorts Inc
        N/A
        Red Rock Resorts Inc
        75700L108
        
          
          
        
        369881.00000000
        NS
        USD
        4053895.76000000
        0.530254770629
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Office Properties Income Trust
        N/A
        Office Properties Income Trust
        67623C109
        
          
          
        
        78012.00000000
        NS
        USD
        1962001.80000000
        0.256632354659
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Liberty Latin America Ltd
        213800YWQHEAX7CAVO83
        Liberty Latin America Ltd
        000000000
        
          
          
        
        221021.00000000
        NS
        USD
        2261044.83000000
        0.295747566956
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Rexnord Corp
        549300AM3633XDFU1Q85
        Rexnord Corp
        76169B102
        
          
          
        
        212244.00000000
        NS
        USD
        6148708.68000000
        0.804258990314
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Huron Consulting Group Inc
        549300NGVB9H6TKTLE36
        Huron Consulting Group Inc
        447462102
        
          
          
        
        43474.00000000
        NS
        USD
        2074579.28000000
        0.271357633593
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kite Realty Group Trust
        N/A
        Kite Realty Group Trust
        49803T300
        
          
          
        
        88023.00000000
        NS
        USD
        868787.01000000
        0.113638456434
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Smith & Wesson Brands Inc
        5493004PFHUPOR1PWN79
        Smith & Wesson Brands Inc
        831754106
        
          
          
        
        86797.00000000
        NS
        USD
        2073580.33000000
        0.271226969650
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Innoviva Inc
        549300ACOX4QTBES6535
        Innoviva Inc
        45781M101
        
          
          
        
        98446.00000000
        NS
        USD
        1333451.07000000
        0.174417112113
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Box Inc
        549300KQUCPD8687YS68
        Box Inc
        10316T104
        
          
          
        
        217298.00000000
        NS
        USD
        3900499.10000000
        0.510190290539
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Quanex Building Products Corp
        5493000TL30VL5WOAW87
        Quanex Building Products Corp
        747619104
        
          
          
        
        148329.00000000
        NS
        USD
        2084022.45000000
        0.272592812354
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kimball International Inc
        549300RYF7HKL9SKYG25
        Kimball International Inc
        494274103
        
          
          
        
        54582.00000000
        NS
        USD
        597127.08000000
        0.078104988777
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Liberty Latin America Ltd
        213800YWQHEAX7CAVO83
        Liberty Latin America Ltd
        000000000
        
          
          
        
        14567.00000000
        NS
        USD
        149748.76000000
        0.019587330086
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Magellan Health Inc
        N/A
        Magellan Health Inc
        559079207
        
          
          
        
        15719.00000000
        NS
        USD
        1165878.23000000
        0.152498369477
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        KAR Auction Services Inc
        5493004HKD20LBSG7D03
        KAR Auction Services Inc
        48238T109
        
          
          
        
        330062.00000000
        NS
        USD
        4993838.06000000
        0.653200430359
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Consolidated Communications Ho
        529900F6S64KOO8CXH48
        Consolidated Communications Holdings Inc
        209034107
        
          
          
        
        193861.00000000
        NS
        USD
        1415185.30000000
        0.185108054344
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Viavi Solutions Inc
        5493006K3E3N1QOBF092
        Viavi Solutions Inc
        925550105
        
          
          
        
        72630.00000000
        NS
        USD
        1004472.90000000
        0.131386345067
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        J & J Snack Foods Corp
        N/A
        J & J Snack Foods Corp
        466032109
        
          
          
        
        24124.00000000
        NS
        USD
        2970388.12000000
        0.388530580088
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bancorp Inc/The
        N/A
        Bancorp Inc/The
        05969A105
        
          
          
        
        283915.00000000
        NS
        USD
        2677318.45000000
        0.350196690949
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mueller Industries Inc
        5493005IZFE4VJLLYG84
        Mueller Industries Inc
        624756102
        
          
          
        
        38211.00000000
        NS
        USD
        1068379.56000000
        0.139745418252
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kraton Corp
        N/A
        Kraton Corp
        50077C106
        
          
          
        
        91371.00000000
        NS
        USD
        1201528.65000000
        0.157161490188
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First Mid Bancshares Inc
        N/A
        First Mid Bancshares Inc
        320866106
        
          
          
        
        4352.00000000
        NS
        USD
        106232.32000000
        0.013895323858
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Retail Value Inc
        549300VO5RB7323N1Z31
        Retail Value Inc
        76133Q102
        
          
          
        
        127470.00000000
        NS
        USD
        1613770.20000000
        0.211083214248
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Equity Bancshares Inc
        549300BPQ2EJNU4WF694
        Equity Bancshares Inc
        29460X109
        
          
          
        
        7396.00000000
        NS
        USD
        104579.44000000
        0.013679125032
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Regional Management Corp
        549300S5O87W87JW4146
        Regional Management Corp
        75902K106
        
          
          
        
        22249.00000000
        NS
        USD
        337962.31000000
        0.044205904093
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Endo International PLC
        5493007TBMWZWGZIB256
        Endo International PLC
        000000000
        
          
          
        
        57233.00000000
        NS
        USD
        199170.84000000
        0.026051801608
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Carpenter Technology Corp
        DX6I6ZD3X5WNNCDJKP85
        Carpenter Technology Corp
        144285103
        
          
          
        
        84175.00000000
        NS
        USD
        1882153.00000000
        0.246188029093
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Photronics Inc
        549300OK5JVNIBNY6F63
        Photronics Inc
        719405102
        
          
          
        
        8234.00000000
        NS
        USD
        97819.92000000
        0.012794971137
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Retail Properties of America I
        549300OVTYLM7DH6CM14
        Retail Properties of America Inc
        76131V202
        
          
          
        
        187006.00000000
        NS
        USD
        1189358.16000000
        0.155569574469
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Gibraltar Industries Inc
        N/A
        Gibraltar Industries Inc
        374689107
        
          
          
        
        46592.00000000
        NS
        USD
        2409738.24000000
        0.315196855907
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Horizon Bancorp Inc/IN
        549300U2OQ2EIT5MXG39
        Horizon Bancorp Inc/IN
        440407104
        
          
          
        
        71158.00000000
        NS
        USD
        719407.38000000
        0.094099409026
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Scientific Games Corp
        529900JXALYBOHXKFM62
        Scientific Games Corp
        80874P109
        
          
          
        
        118003.00000000
        NS
        USD
        2073312.71000000
        0.271191964611
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Penn Virginia Corp
        5493003S4AVU6OSXB118
        Penn Virginia Corp
        70788V102
        
          
          
        
        38652.00000000
        NS
        USD
        383041.32000000
        0.050102296482
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Dorian LPG Ltd
        549300WP1W2WGMC7F395
        Dorian LPG Ltd
        000000000
        
          
          
        
        80767.00000000
        NS
        USD
        689750.18000000
        0.090220209186
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First Financial Corp/IN
        N/A
        First Financial Corp/IN
        320218100
        
          
          
        
        27509.00000000
        NS
        USD
        919625.87000000
        0.120288244599
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First Community Bankshares Inc
        N/A
        First Community Bankshares Inc
        31983A103
        
          
          
        
        6567.00000000
        NS
        USD
        128450.52000000
        0.016801492947
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Goldman Sachs Financial Square Government Fund
        N/A
        Goldman Sachs Financial Square Government Fund
        38141W273
        
          
          
        
        15328131.00000000
        NS
        USD
        15328131.00000000
        2.004939216192
        Long
        STIV
        RF
        US
        N
        
        1
        
          
          N
          N
        
      
      
        Boston Private Financial Holdi
        9LC5YYBM83TLRL460X73
        Boston Private Financial Holdings Inc
        101119105
        
          
          
        
        296054.00000000
        NS
        USD
        1742277.79000000
        0.227892172024
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Valley National Bancorp
        549300ET52S1UBIB9762
        Valley National Bancorp
        919794107
        
          
          
        
        40798.00000000
        NS
        USD
        304761.06000000
        0.039863137962
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SkyWest Inc
        529900UYS2KGS6Z42P09
        SkyWest Inc
        830879102
        
          
          
        
        99532.00000000
        NS
        USD
        2618686.92000000
        0.342527611542
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CTS Corp
        549300YV1HQLBVHOI649
        CTS Corp
        126501105
        
          
          
        
        32930.00000000
        NS
        USD
        653989.80000000
        0.085542705565
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Matador Resources Co
        549300CI3Q2UUK5R4G79
        Matador Resources Co
        576485205
        
          
          
        
        205423.00000000
        NS
        USD
        1783071.64000000
        0.233228059984
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Entercom Communications Corp
        N/A
        Entercom Communications Corp
        293639100
        
          
          
        
        56186.00000000
        NS
        USD
        78660.40000000
        0.010288881320
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Rent-A-Center Inc/TX
        529900QUHE15UQNCCJ63
        Rent-A-Center Inc/TX
        76009N100
        
          
          
        
        9607.00000000
        NS
        USD
        277834.44000000
        0.036341101492
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Yelp Inc
        5299007OU2DOSXPQBO35
        Yelp Inc
        985817105
        
          
          
        
        66934.00000000
        NS
        USD
        1672011.32000000
        0.218701227526
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        QCR Holdings Inc
        549300MWKWM7KWJVQO33
        QCR Holdings Inc
        74727A104
        
          
          
        
        14140.00000000
        NS
        USD
        422503.20000000
        0.055263961056
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Goosehead Insurance Inc
        549300WH5MBIWHJ9XY95
        Goosehead Insurance Inc
        38267D109
        
          
          
        
        39652.00000000
        NS
        USD
        4097241.16000000
        0.535924404604
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Blackstone Mortgage Trust Inc
        549300OLDJ20R2Y2UW20
        Blackstone Mortgage Trust Inc
        09257W100
        
          
          
        
        185472.00000000
        NS
        USD
        4464311.04000000
        0.583937616228
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CVB Financial Corp
        N/A
        CVB Financial Corp
        126600105
        
          
          
        
        323706.00000000
        NS
        USD
        5849367.42000000
        0.765104769151
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Allegheny Technologies Inc
        ZW1LRE7C3H17O2ZN9B45
        Allegheny Technologies Inc
        01741R102
        
          
          
        
        64044.00000000
        NS
        USD
        556542.36000000
        0.072796455291
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vishay Intertechnology Inc
        5493009O8F3QQJTCQR75
        Vishay Intertechnology Inc
        928298108
        
          
          
        
        206669.00000000
        NS
        USD
        3242636.61000000
        0.424141032148
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Barnes Group Inc
        G1MSYD2DQZX30V5DMX12
        Barnes Group Inc
        067806109
        
          
          
        
        72247.00000000
        NS
        USD
        2663746.89000000
        0.348421513475
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Glacier Bancorp Inc
        549300SMJAUKZB5D7V74
        Glacier Bancorp Inc
        37637Q105
        
          
          
        
        43338.00000000
        NS
        USD
        1530264.78000000
        0.200160598091
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        RPT Realty
        N/A
        RPT Realty
        74971D101
        
          
          
        
        164732.00000000
        NS
        USD
        1024633.04000000
        0.134023317265
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        GMS Inc
        52990057RENOQO4U0D72
        GMS Inc
        36251C103
        
          
          
        
        75059.00000000
        NS
        USD
        1758632.37000000
        0.230031372088
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ODP Corp/The
        N/A
        ODP Corp/The
        88337F105
        
          
          
        
        87618.00000000
        NS
        USD
        1933729.26000000
        0.252934270125
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dynavax Technologies Corp
        549300T5URIXWDILX594
        Dynavax Technologies Corp
        268158201
        
          
          
        
        76925.00000000
        NS
        USD
        623861.75000000
        0.081601917941
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MRC Global Inc
        529900TSBPOLCLI2L582
        MRC Global Inc
        55345K103
        
          
          
        
        401091.00000000
        NS
        USD
        2386491.45000000
        0.312156145926
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BrightView Holdings Inc
        549300F8QN8YHVI7L866
        BrightView Holdings Inc
        10948C107
        
          
          
        
        57450.00000000
        NS
        USD
        696294.00000000
        0.091076149244
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Jack in the Box Inc
        5493002OJW26P0SUUP68
        Jack in the Box Inc
        466367109
        
          
          
        
        16208.00000000
        NS
        USD
        1330838.88000000
        0.174075434307
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Brady Corp
        549300G2LEQOFQC8GY34
        Brady Corp
        104674106
        
          
          
        
        24379.00000000
        NS
        USD
        1120702.63000000
        0.146589342991
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Old Second Bancorp Inc
        549300XVJC1MPUT81C04
        Old Second Bancorp Inc
        680277100
        
          
          
        
        49023.00000000
        NS
        USD
        407871.36000000
        0.053350097596
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MasTec Inc
        549300TMDIT8WREDOF45
        MasTec Inc
        576323109
        
          
          
        
        116197.00000000
        NS
        USD
        4622316.66000000
        0.604604954204
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        United Natural Foods Inc
        549300GKGW6WPZ282D40
        United Natural Foods Inc
        911163103
        
          
          
        
        26790.00000000
        NS
        USD
        531781.50000000
        0.069557703009
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Apogee Enterprises Inc
        549300579S7QW8V4IJ60
        Apogee Enterprises Inc
        037598109
        
          
          
        
        30514.00000000
        NS
        USD
        658797.26000000
        0.086171527506
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Berkshire Hills Bancorp Inc
        549300AS2OC6UMMBNO37
        Berkshire Hills Bancorp Inc
        084680107
        
          
          
        
        64851.00000000
        NS
        USD
        645915.96000000
        0.084486636927
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kiniksa Pharmaceuticals Ltd
        N/A
        Kiniksa Pharmaceuticals Ltd
        000000000
        
          
          
        
        9007.00000000
        NS
        USD
        175816.64000000
        0.022997042261
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Universal Technical Institute
        N/A
        Universal Technical Institute Inc
        913915104
        
          
          
        
        12676.00000000
        NS
        USD
        94182.68000000
        0.012319215475
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hub Group Inc
        N/A
        Hub Group Inc
        443320106
        
          
          
        
        24884.00000000
        NS
        USD
        1316363.60000000
        0.172182049097
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kadmon Holdings Inc
        549300BBVICD23L50606
        Kadmon Holdings Inc
        48283N106
        
          
          
        
        101022.00000000
        NS
        USD
        369740.52000000
        0.048362534764
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Denny's Corp
        54930037V56XOULXM917
        Denny's Corp
        24869P104
        
          
          
        
        219833.00000000
        NS
        USD
        1953216.21000000
        0.255483188206
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Resources Connection Inc
        N/A
        Resources Connection Inc
        76122Q105
        
          
          
        
        48557.00000000
        NS
        USD
        548694.10000000
        0.071769892805
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Genworth Financial Inc
        549300EMCG286BDNKJ33
        Genworth Financial Inc
        37247D106
        
          
          
        
        697156.00000000
        NS
        USD
        1422198.24000000
        0.186025355901
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AAON Inc
        N/A
        AAON Inc
        000360206
        
          
          
        
        18234.00000000
        NS
        USD
        1080364.50000000
        0.141313063793
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Heartland Express Inc
        5299005V45FZIQGLOG39
        Heartland Express Inc
        422347104
        
          
          
        
        109711.00000000
        NS
        USD
        2225487.64000000
        0.291096640848
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Enterprise Financial Services
        5493001XTU5DLD632129
        Enterprise Financial Services Corp
        293712105
        
          
          
        
        4328.00000000
        NS
        USD
        125771.68000000
        0.016451097235
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Axcelis Technologies Inc
        529900HF9B6NL1QG9F05
        Axcelis Technologies Inc
        054540208
        
          
          
        
        41624.00000000
        NS
        USD
        1224578.08000000
        0.160176385228
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PlayAGS Inc
        N/A
        PlayAGS Inc
        72814N104
        
          
          
        
        24968.00000000
        NS
        USD
        84391.84000000
        0.011038561031
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hilltop Holdings Inc
        54930010TA543US0PM65
        Hilltop Holdings Inc
        432748101
        
          
          
        
        225526.00000000
        NS
        USD
        4390991.22000000
        0.574347289629
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PNM Resources Inc
        5493003JOBJGLZSDDQ28
        PNM Resources Inc
        69349H107
        
          
          
        
        22146.00000000
        NS
        USD
        935225.58000000
        0.122328706698
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tronox Holdings PLC
        549300NRVC84SGJSXV06
        Tronox Holdings PLC
        000000000
        
          
          
        
        31990.00000000
        NS
        USD
        243763.80000000
        0.031884618033
        Long
        EC
        CORP
        GB
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Koppers Holdings Inc
        N/A
        Koppers Holdings Inc
        50060P106
        
          
          
        
        48910.00000000
        NS
        USD
        1231064.70000000
        0.161024843452
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Monmouth Real Estate Investmen
        549300DFIUDCN3KVN260
        Monmouth Real Estate Investment Corp
        609720107
        
          
          
        
        36816.00000000
        NS
        USD
        531254.88000000
        0.069488820437
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cannae Holdings Inc
        549300OGRF1ICI7D2V77
        Cannae Holdings Inc
        13765N107
        
          
          
        
        168830.00000000
        NS
        USD
        6361514.40000000
        0.832094251734
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NexTier Oilfield Solutions Inc
        529900L27H2D4QT0IT24
        NexTier Oilfield Solutions Inc
        65290C105
        
          
          
        
        62557.00000000
        NS
        USD
        157643.64000000
        0.020619990527
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Natus Medical Inc
        549300ZW3JLSJGT2D838
        Natus Medical Inc
        639050103
        
          
          
        
        130363.00000000
        NS
        USD
        2422144.54000000
        0.316819615876
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Meridian Bancorp Inc
        N/A
        Meridian Bancorp Inc
        58958U103
        
          
          
        
        148622.00000000
        NS
        USD
        1695033.91000000
        0.221712611859
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vicor Corp
        5299005KMQOTR6B51F09
        Vicor Corp
        925815102
        
          
          
        
        4236.00000000
        NS
        USD
        345106.92000000
        0.045140428254
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hanmi Financial Corp
        549300MSZ7RCG7EA6587
        Hanmi Financial Corp
        410495204
        
          
          
        
        213855.00000000
        NS
        USD
        1973881.65000000
        0.258186254293
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cinemark Holdings Inc
        N/A
        Cinemark Holdings Inc
        17243V102
        
          
          
        
        32823.00000000
        NS
        USD
        388296.09000000
        0.050789627146
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ProAssurance Corp
        54930015E5J57R675E89
        ProAssurance Corp
        74267C106
        
          
          
        
        66410.00000000
        NS
        USD
        976227.00000000
        0.127691745080
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Terex Corp
        YAWJZJYEQ7M1SYMOS462
        Terex Corp
        880779103
        
          
          
        
        11473.00000000
        NS
        USD
        216266.05000000
        0.028287877026
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Independence Realty Trust Inc
        549300Z3L8NU44NQEB29
        Independence Realty Trust Inc
        45378A106
        
          
          
        
        329616.00000000
        NS
        USD
        3790584.00000000
        0.495813254327
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Solaris Oilfield Infrastructur
        529900MTK3C8Y8TIIC10
        Solaris Oilfield Infrastructure Inc
        83418M103
        
          
          
        
        97014.00000000
        NS
        USD
        704321.64000000
        0.092126174864
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        National Bank Holdings Corp
        N/A
        National Bank Holdings Corp
        633707104
        
          
          
        
        135789.00000000
        NS
        USD
        3772218.42000000
        0.493411012882
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Xperi Holding Corp
        N/A
        Xperi Holding Corp
        98390M103
        
          
          
        
        69286.00000000
        NS
        USD
        1277633.84000000
        0.167116146759
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Gladstone Commercial Corp
        529900EVVV534W8R0T32
        Gladstone Commercial Corp
        376536108
        
          
          
        
        119030.00000000
        NS
        USD
        2166346.00000000
        0.283360838398
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First Internet Bancorp
        549300T25MP2M92XU194
        First Internet Bancorp
        320557101
        
          
          
        
        25551.00000000
        NS
        USD
        374322.15000000
        0.048961817851
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Atara Biotherapeutics Inc
        549300WBXUXZRE03MS38
        Atara Biotherapeutics Inc
        046513107
        
          
          
        
        8426.00000000
        NS
        USD
        104398.14000000
        0.013655410759
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UFP Industries Inc
        5493007KB485C9OV5572
        UFP Industries Inc
        90278Q108
        
          
          
        
        41760.00000000
        NS
        USD
        2431267.20000000
        0.318012871518
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Aegion Corp
        549300AG3DVJURRIT691
        Aegion Corp
        00770F104
        
          
          
        
        35994.00000000
        NS
        USD
        555027.48000000
        0.072598307041
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sportsman's Warehouse Holdings
        549300JVV8YLQSRSF462
        Sportsman's Warehouse Holdings Inc
        84920Y106
        
          
          
        
        250269.00000000
        NS
        USD
        4026828.21000000
        0.526714300334
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Essential Properties Realty Tr
        N/A
        Essential Properties Realty Trust Inc
        29670E107
        
          
          
        
        317335.00000000
        NS
        USD
        5109093.50000000
        0.668275989900
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Triumph Group Inc
        5493007L6S47Q14SL582
        Triumph Group Inc
        896818101
        
          
          
        
        31472.00000000
        NS
        USD
        213380.16000000
        0.027910398909
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        GenMark Diagnostics Inc
        N/A
        GenMark Diagnostics Inc
        372309104
        
          
          
        
        42693.00000000
        NS
        USD
        762496.98000000
        0.099735584033
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EastGroup Properties Inc
        31TIGQQZC4P6JMHKSW85
        EastGroup Properties Inc
        277276101
        
          
          
        
        14966.00000000
        NS
        USD
        1985389.56000000
        0.259691503697
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Team Inc
        549300DEKHQ3OEQJWU96
        Team Inc
        878155100
        
          
          
        
        77407.00000000
        NS
        USD
        305757.65000000
        0.039993493214
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Viking Therapeutics Inc
        529900IVC72YPFA25M37
        Viking Therapeutics Inc
        92686J106
        
          
          
        
        47450.00000000
        NS
        USD
        333099.00000000
        0.043569776900
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Franklin Covey Co
        N/A
        Franklin Covey Co
        353469109
        
          
          
        
        17780.00000000
        NS
        USD
        321640.20000000
        0.042070951147
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bladex
        549300CN3134K4LC0651
        Banco Latinoamericano de Comercio Exterior SA
        000000000
        
          
          
        
        170202.00000000
        NS
        USD
        1986257.34000000
        0.259805010435
        Long
        EC
        NUSS
        PA
        N
        
        1
        
          N
          N
          N
        
      
      
        Atlantic Capital Bancshares In
        5493005URKIOUNJO6097
        Atlantic Capital Bancshares Inc
        048269203
        
          
          
        
        89633.00000000
        NS
        USD
        896330.00000000
        0.117241114891
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Domtar Corp
        XYSIJOU3HNVROZWNA008
        Domtar Corp
        257559203
        
          
          
        
        60014.00000000
        NS
        USD
        1259693.86000000
        0.164769574340
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BellRing Brands Inc
        N/A
        BellRing Brands Inc
        079823100
        
          
          
        
        30674.00000000
        NS
        USD
        609492.38000000
        0.079722385895
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        RLJ Lodging Trust
        N/A
        RLJ Lodging Trust
        74965L101
        
          
          
        
        92150.00000000
        NS
        USD
        738121.50000000
        0.096547239951
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Collectors Universe Inc
        N/A
        Collectors Universe Inc
        19421R200
        
          
          
        
        68765.00000000
        NS
        USD
        2617195.90000000
        0.342332584211
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bridge Bancorp Inc
        N/A
        Bridge Bancorp Inc
        108035106
        
          
          
        
        15644.00000000
        NS
        USD
        282999.96000000
        0.037016758141
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cloudera Inc
        549300PGONC4JOI0RG62
        Cloudera Inc
        18914U100
        
          
          
        
        320054.00000000
        NS
        USD
        3607008.58000000
        0.471801353680
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alexander & Baldwin Inc
        N/A
        Alexander & Baldwin Inc
        014491104
        
          
          
        
        31416.00000000
        NS
        USD
        371337.12000000
        0.048571372094
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First Bancshares Inc/The
        5493006DL5RXJODMAF36
        First Bancshares Inc/The
        318916103
        
          
          
        
        19042.00000000
        NS
        USD
        379126.22000000
        0.049590196375
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HBT Financial Inc
        549300NTXD4Q6UK5BY66
        HBT Financial Inc
        404111106
        
          
          
        
        22100.00000000
        NS
        USD
        265642.00000000
        0.034746314685
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Foundation Building Materials
        549300ZVE6MONHB01I28
        Foundation Building Materials Inc
        350392106
        
          
          
        
        103567.00000000
        NS
        USD
        1421974.91000000
        0.185996144050
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Terreno Realty Corp
        N/A
        Terreno Realty Corp
        88146M101
        
          
          
        
        8813.00000000
        NS
        USD
        535477.88000000
        0.070041194260
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sally Beauty Holdings Inc
        529900VXW6E8ONDIQ271
        Sally Beauty Holdings Inc
        79546E104
        
          
          
        
        56794.00000000
        NS
        USD
        659378.34000000
        0.086247533516
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        International Game Technology
        549300UQ6KHRCZDRGZ76
        International Game Technology PLC
        000000000
        
          
          
        
        308743.00000000
        NS
        USD
        3044205.98000000
        0.398186050958
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FBL Financial Group Inc
        N/A
        FBL Financial Group Inc
        30239F106
        
          
          
        
        22196.00000000
        NS
        USD
        771976.88000000
        0.100975567125
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MacroGenics Inc
        5493001KJQUA83L8MH79
        MacroGenics Inc
        556099109
        
          
          
        
        29322.00000000
        NS
        USD
        744778.80000000
        0.097418023339
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Standard Motor Products Inc
        THGK1EO5B5HK0JHQVZ90
        Standard Motor Products Inc
        853666105
        
          
          
        
        30704.00000000
        NS
        USD
        1396417.92000000
        0.182653256943
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Artisan Partners Asset Managem
        549300T1FUI6JF63XU51
        Artisan Partners Asset Management Inc
        04316A108
        
          
          
        
        11254.00000000
        NS
        USD
        407732.42000000
        0.053331924066
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Magnolia Oil & Gas Corp
        N/A
        Magnolia Oil & Gas Corp
        559663109
        
          
          
        
        214086.00000000
        NS
        USD
        1280234.28000000
        0.167456287650
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Donnelley Financial Solutions
        549300O1NPY4J56QCU04
        Donnelley Financial Solutions Inc
        25787G100
        
          
          
        
        131593.00000000
        NS
        USD
        1138279.45000000
        0.148888413616
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Central Pacific Financial Corp
        549300W3YEAOZ4KGG849
        Central Pacific Financial Corp
        154760409
        
          
          
        
        143600.00000000
        NS
        USD
        2234416.00000000
        0.292264481800
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Phibro Animal Health Corp
        549300U24SP4AF2JUX52
        Phibro Animal Health Corp
        71742Q106
        
          
          
        
        29392.00000000
        NS
        USD
        681747.44000000
        0.089173440518
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CNB Financial Corp/PA
        254900RUYUOKD91VNX69
        CNB Financial Corp/PA
        126128107
        
          
          
        
        8146.00000000
        NS
        USD
        133024.18000000
        0.017399733547
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Core-Mark Holding Co Inc
        529900CI5YANWVE54N57
        Core-Mark Holding Co Inc
        218681104
        
          
          
        
        7140.00000000
        NS
        USD
        189352.80000000
        0.024767589369
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Newmark Group Inc
        N/A
        Newmark Group Inc
        65158N102
        
          
          
        
        70876.00000000
        NS
        USD
        288465.32000000
        0.037731634246
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Enanta Pharmaceuticals Inc
        529900SSN4DODDQSN594
        Enanta Pharmaceuticals Inc
        29251M106
        
          
          
        
        24274.00000000
        NS
        USD
        1112962.90000000
        0.145576976369
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Novavax Inc
        529900J4GJHPEPQ23205
        Novavax Inc
        670002401
        
          
          
        
        42953.00000000
        NS
        USD
        6146574.30000000
        0.803979810670
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Mueller Water Products Inc
        549300F7ZU4P1F8V8L60
        Mueller Water Products Inc
        624758108
        
          
          
        
        11809.00000000
        NS
        USD
        119507.08000000
        0.015631679511
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PotlatchDeltic Corp
        54930084YA8UJOTXDM59
        PotlatchDeltic Corp
        737630103
        
          
          
        
        147712.00000000
        NS
        USD
        6323550.72000000
        0.827128553644
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ambarella Inc
        254900XN7F4DG0CEKC02
        Ambarella Inc
        000000000
        
          
          
        
        49616.00000000
        NS
        USD
        2246612.48000000
        0.293859797045
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Meritage Homes Corp
        52990044W9UMFJO2FB97
        Meritage Homes Corp
        59001A102
        
          
          
        
        19645.00000000
        NS
        USD
        1948391.10000000
        0.254852057623
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        US Silica Holdings Inc
        529900HOXGPM9F75C193
        US Silica Holdings Inc
        90346E103
        
          
          
        
        78812.00000000
        NS
        USD
        278206.36000000
        0.036389749106
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Nelnet Inc
        549300T6B0Q52I6OM558
        Nelnet Inc
        64031N108
        
          
          
        
        9183.00000000
        NS
        USD
        532614.00000000
        0.069666595078
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MBIA Inc
        54F1KGFE2KNP3VAL3P42
        MBIA Inc
        55262C100
        
          
          
        
        74901.00000000
        NS
        USD
        599957.01000000
        0.078475147255
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Steven Madden Ltd
        549300Z9GZ7GYJWSGF43
        Steven Madden Ltd
        556269108
        
          
          
        
        27818.00000000
        NS
        USD
        589185.24000000
        0.077066185908
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Winmark Corp
        N/A
        Winmark Corp
        974250102
        
          
          
        
        2169.00000000
        NS
        USD
        344827.62000000
        0.045103895456
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ovintiv Inc
        N/A
        Ovintiv Inc
        69047Q102
        
          
          
        
        171495.00000000
        NS
        USD
        1661786.55000000
        0.217363814481
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        First Bancorp/Southern Pines N
        N/A
        First Bancorp/Southern Pines NC
        318910106
        
          
          
        
        90484.00000000
        NS
        USD
        1869399.44000000
        0.244519847069
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Patrick Industries Inc
        549300FZ5ZTCCJ3Z5W14
        Patrick Industries Inc
        703343103
        
          
          
        
        14601.00000000
        NS
        USD
        933733.95000000
        0.122133599578
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Adtalem Global Education Inc
        549300Z467EZLMODV621
        Adtalem Global Education Inc
        00737L103
        
          
          
        
        17387.00000000
        NS
        USD
        597069.58000000
        0.078097467704
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NextGen Healthcare Inc
        N/A
        NextGen Healthcare Inc
        65343C102
        
          
          
        
        32860.00000000
        NS
        USD
        480413.20000000
        0.062838663412
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Group 1 Automotive Inc
        549300US8QAZJLWYAF63
        Group 1 Automotive Inc
        398905109
        
          
          
        
        20721.00000000
        NS
        USD
        1740978.42000000
        0.227722212760
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WW International Inc
        SGT8R1MU6ESIC7UJC518
        WW International Inc
        98262P101
        
          
          
        
        74770.00000000
        NS
        USD
        1927570.60000000
        0.252128709489
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Magnite Inc
        54930018FR2YX1HHSB02
        Magnite Inc
        55955D100
        
          
          
        
        229068.00000000
        NS
        USD
        1375553.34000000
        0.179924143088
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kaiser Aluminum Corp
        N/A
        Kaiser Aluminum Corp
        483007704
        
          
          
        
        34063.00000000
        NS
        USD
        2110202.85000000
        0.276017242290
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HomeTrust Bancshares Inc
        N/A
        HomeTrust Bancshares Inc
        437872104
        
          
          
        
        5636.00000000
        NS
        USD
        81271.12000000
        0.010630366848
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EMCOR Group Inc
        529900X0SQJB2J7YDU43
        EMCOR Group Inc
        29084Q100
        
          
          
        
        26513.00000000
        NS
        USD
        1816140.50000000
        0.237553509332
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Darling Ingredients Inc
        L1N0SPPKS7EXZYUMZ898
        Darling Ingredients Inc
        237266101
        
          
          
        
        241742.00000000
        NS
        USD
        6751854.06000000
        0.883151180460
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PRA Group Inc
        549300Q5HW3JSSB86K27
        PRA Group Inc
        69354N106
        
          
          
        
        76426.00000000
        NS
        USD
        3023412.56000000
        0.395466244923
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Colony Credit Real Estate Inc
        549300BOIFLLMVU37752
        Colony Credit Real Estate Inc
        19625T101
        
          
          
        
        32243.00000000
        NS
        USD
        203130.90000000
        0.026569782541
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Independent Bank Corp/MI
        N/A
        Independent Bank Corp/MI
        453838609
        
          
          
        
        48468.00000000
        NS
        USD
        676855.62000000
        0.088533584181
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TriCo Bancshares
        N/A
        TriCo Bancshares
        896095106
        
          
          
        
        153637.00000000
        NS
        USD
        4301836.00000000
        0.562685672377
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Virtusa Corp
        C77OMXDER63WLJCSKT03
        Virtusa Corp
        92827P102
        
          
          
        
        28522.00000000
        NS
        USD
        1157993.20000000
        0.151466997428
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cars.com Inc
        5493002G6J07LNGX4M98
        Cars.com Inc
        14575E105
        
          
          
        
        176897.00000000
        NS
        USD
        1436403.64000000
        0.187883440461
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Materion Corp
        549300CJ5RI351SUYT02
        Materion Corp
        576690101
        
          
          
        
        51731.00000000
        NS
        USD
        2970394.02000000
        0.388531351815
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Louisiana-Pacific Corp
        549300C7E2UAO5BVRR75
        Louisiana-Pacific Corp
        546347105
        
          
          
        
        158190.00000000
        NS
        USD
        5009877.30000000
        0.655298383546
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Extreme Networks Inc
        549300WRECW11X94UB57
        Extreme Networks Inc
        30226D106
        
          
          
        
        150446.00000000
        NS
        USD
        684529.30000000
        0.089537311378
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dynex Capital Inc
        5CIJ4S9HAEBWILA19B65
        Dynex Capital Inc
        26817Q886
        
          
          
        
        39609.00000000
        NS
        USD
        611959.05000000
        0.080045029498
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        New Senior Investment Group In
        549300H8A719CGNNEW69
        New Senior Investment Group Inc
        648691103
        
          
          
        
        66175.00000000
        NS
        USD
        224995.00000000
        0.029429634894
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        KB Home
        549300LGUCWQURMWLG09
        KB Home
        48666K109
        
          
          
        
        49345.00000000
        NS
        USD
        1659965.80000000
        0.217125658043
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Green Plains Inc
        VJ5WLTHARBSDR14KIZ98
        Green Plains Inc
        393222104
        
          
          
        
        67216.00000000
        NS
        USD
        869102.88000000
        0.113679772636
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cortexyme Inc
        N/A
        Cortexyme Inc
        22053A107
        
          
          
        
        2666.00000000
        NS
        USD
        106240.10000000
        0.013896341492
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Vonage Holdings Corp
        529900W7N0N4WLN1JY21
        Vonage Holdings Corp
        92886T201
        
          
          
        
        186351.00000000
        NS
        USD
        2226894.45000000
        0.291280653402
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ChampionX Corp
        549300EP2909K6DYYP38
        ChampionX Corp
        15872M104
        
          
          
        
        123656.00000000
        NS
        USD
        1175968.56000000
        0.153818197597
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Simpson Manufacturing Co Inc
        529900EJUNNL15LZ8056
        Simpson Manufacturing Co Inc
        829073105
        
          
          
        
        45585.00000000
        NS
        USD
        4401687.60000000
        0.575746389867
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NOW Inc
        549300AVH5SOCFVVDW91
        NOW Inc
        67011P100
        
          
          
        
        142702.00000000
        NS
        USD
        1124491.76000000
        0.147084966060
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Seneca Foods Corp
        N/A
        Seneca Foods Corp
        817070501
        
          
          
        
        7667.00000000
        NS
        USD
        300393.06000000
        0.039291797954
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Saul Centers Inc
        N/A
        Saul Centers Inc
        804395101
        
          
          
        
        4283.00000000
        NS
        USD
        131530.93000000
        0.017204414530
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Assets Trust Inc
        N/A
        American Assets Trust Inc
        024013104
        
          
          
        
        113820.00000000
        NS
        USD
        3073140.00000000
        0.401970657926
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SpartanNash Co
        549300TV3QCCSQLF5X16
        SpartanNash Co
        847215100
        
          
          
        
        96121.00000000
        NS
        USD
        2020944.03000000
        0.264342074025
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Clearwater Paper Corp
        549300HCVV19GXN4P292
        Clearwater Paper Corp
        18538R103
        
          
          
        
        26314.00000000
        NS
        USD
        971512.88000000
        0.127075132131
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HCI Group Inc
        549300CZF7EZJH0MPH74
        HCI Group Inc
        40416E103
        
          
          
        
        27091.00000000
        NS
        USD
        1208800.42000000
        0.158112647041
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cathay General Bancorp
        549300K1SLJ8C97H5L68
        Cathay General Bancorp
        149150104
        
          
          
        
        218111.00000000
        NS
        USD
        5273923.98000000
        0.689836028327
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Turning Point Therapeutics Inc
        N/A
        Turning Point Therapeutics Inc
        90041T108
        
          
          
        
        7670.00000000
        NS
        USD
        454294.10000000
        0.059422251595
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sonic Automotive Inc
        549300NTLRGJ2JCBZU03
        Sonic Automotive Inc
        83545G102
        
          
          
        
        119070.00000000
        NS
        USD
        4538948.40000000
        0.593700278751
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ingles Markets Inc
        549300XH5RYBMYP8TF26
        Ingles Markets Inc
        457030104
        
          
          
        
        92744.00000000
        NS
        USD
        3732946.00000000
        0.488274129920
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Zumiez Inc
        549300J0PDF58P6HZD25
        Zumiez Inc
        989817101
        
          
          
        
        34603.00000000
        NS
        USD
        799329.30000000
        0.104553298782
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MFA Financial Inc
        YW72IMH2RRC8Z1TGLG58
        MFA Financial Inc
        55272X102
        
          
          
        
        377608.00000000
        NS
        USD
        993109.04000000
        0.129899937588
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ChannelAdvisor Corp
        549300KE5CWXBSGWXT83
        ChannelAdvisor Corp
        159179100
        
          
          
        
        74038.00000000
        NS
        USD
        1508154.06000000
        0.197268487524
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ESCO Technologies Inc
        5493007JJLP5MEWVDH10
        ESCO Technologies Inc
        296315104
        
          
          
        
        10003.00000000
        NS
        USD
        859657.82000000
        0.112444346660
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Beazer Homes USA Inc
        549300DUPYT2T0F60I45
        Beazer Homes USA Inc
        07556Q881
        
          
          
        
        46347.00000000
        NS
        USD
        518622.93000000
        0.067836545158
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Investors Bancorp Inc
        N/A
        Investors Bancorp Inc
        46146L101
        
          
          
        
        142353.00000000
        NS
        USD
        1155906.36000000
        0.151194036077
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Amalgamated Bank
        254900FMBXF85WQYV433
        Amalgamated Bank
        022663108
        
          
          
        
        93716.00000000
        NS
        USD
        1082419.80000000
        0.141581899672
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Gaia Inc
        529900QUX8SBA2D93M92
        Gaia Inc
        36269P104
        
          
          
        
        37388.00000000
        NS
        USD
        343221.84000000
        0.044893857370
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TriState Capital Holdings Inc
        5493003JKSPN0881WX29
        TriState Capital Holdings Inc
        89678F100
        
          
          
        
        147169.00000000
        NS
        USD
        1949989.25000000
        0.255061097695
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Weis Markets Inc
        N/A
        Weis Markets Inc
        948849104
        
          
          
        
        60218.00000000
        NS
        USD
        3000060.76000000
        0.392411799500
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BancorpSouth Bank
        Q7C315HKI8VX0SSKBS64
        BancorpSouth Bank
        05971J102
        
          
          
        
        18562.00000000
        NS
        USD
        388502.66000000
        0.050816646767
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ANI Pharmaceuticals Inc
        5493000T6CXTND40YH31
        ANI Pharmaceuticals Inc
        00182C103
        
          
          
        
        49222.00000000
        NS
        USD
        1457463.42000000
        0.190638086725
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dine Brands Global Inc
        529900HKM8OWSHLKJY75
        Dine Brands Global Inc
        254423106
        
          
          
        
        54864.00000000
        NS
        USD
        2492471.52000000
        0.326018475161
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TPG RE Finance Trust Inc
        N/A
        TPG RE Finance Trust Inc
        87266M107
        
          
          
        
        133295.00000000
        NS
        USD
        1157000.60000000
        0.151337164074
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Anworth Mortgage Asset Corp
        N2KM5OGWVS7HLNUACF84
        Anworth Mortgage Asset Corp
        037347101
        
          
          
        
        663048.00000000
        NS
        USD
        1200116.88000000
        0.156976828859
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Four Corners Property Trust In
        549300SVTPZPBDVNER42
        Four Corners Property Trust Inc
        35086T109
        
          
          
        
        73960.00000000
        NS
        USD
        1863792.00000000
        0.243786386717
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sturm Ruger & Co Inc
        529900DV1BWFJSHFO847
        Sturm Ruger & Co Inc
        864159108
        
          
          
        
        30767.00000000
        NS
        USD
        2503510.79000000
        0.327462425851
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Texas Capital Bancshares Inc
        549300466Q2SXRX0YM48
        Texas Capital Bancshares Inc
        88224Q107
        
          
          
        
        69784.00000000
        NS
        USD
        2318224.48000000
        0.303226738595
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Griffon Corp
        5493000C2SGNC7ZN3242
        Griffon Corp
        398433102
        
          
          
        
        44021.00000000
        NS
        USD
        1006760.27000000
        0.131685536000
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Community Bank System Inc
        5299008N6YHE6GCP1E80
        Community Bank System Inc
        203607106
        
          
          
        
        24367.00000000
        NS
        USD
        1370156.41000000
        0.179218217715
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Equity Investment Lif
        549300RK5RZQ740FPL83
        American Equity Investment Life Holding Co
        025676206
        
          
          
        
        200578.00000000
        NS
        USD
        5104710.10000000
        0.667702635551
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Maxar Technologies Inc
        549300OEN2G821MIJ922
        Maxar Technologies Inc
        57778K105
        
          
          
        
        30070.00000000
        NS
        USD
        534945.30000000
        0.069971532112
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Minerals Technologies Inc
        549300D3I1QU67GP6403
        Minerals Technologies Inc
        603158106
        
          
          
        
        75811.00000000
        NS
        USD
        3554019.68000000
        0.464870337522
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Goodyear Tire & Rubber Co/The
        5493002BI0S2ZQUY3437
        Goodyear Tire & Rubber Co/The
        382550101
        
          
          
        
        109374.00000000
        NS
        USD
        985459.74000000
        0.128899399326
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Gladstone Land Corp
        54930002B3Q17H38FG74
        Gladstone Land Corp
        376549101
        
          
          
        
        47544.00000000
        NS
        USD
        764507.52000000
        0.099998565247
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CEL-SCI Corp
        549300FIWOFSETIVMI17
        CEL-SCI Corp
        150837607
        
          
          
        
        7272.00000000
        NS
        USD
        90972.72000000
        0.011899348585
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Laureate Education Inc
        5JL7TMOH5TY3IUYSUP91
        Laureate Education Inc
        518613203
        
          
          
        
        371351.00000000
        NS
        USD
        4708730.68000000
        0.615908018976
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Federal Signal Corp
        549300RTXZRPTNP6G884
        Federal Signal Corp
        313855108
        
          
          
        
        51700.00000000
        NS
        USD
        1598047.00000000
        0.209026599499
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Adient PLC
        5493002QLDY8O75RTR78
        Adient PLC
        000000000
        
          
          
        
        35649.00000000
        NS
        USD
        593199.36000000
        0.077591237958
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        M/I Homes Inc
        5299005M71FH9CCSFB69
        M/I Homes Inc
        55305B101
        
          
          
        
        87571.00000000
        NS
        USD
        3645580.73000000
        0.476846640426
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Axos Financial Inc
        529900D8M56422GK9O25
        Axos Financial Inc
        05465C100
        
          
          
        
        123953.00000000
        NS
        USD
        2777786.73000000
        0.363338070975
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        National CineMedia Inc
        N/A
        National CineMedia Inc
        635309107
        
          
          
        
        110474.00000000
        NS
        USD
        272870.78000000
        0.035691848391
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Simmons First National Corp
        549300IVR5AJKUVOGN05
        Simmons First National Corp
        828730200
        
          
          
        
        276770.00000000
        NS
        USD
        4591614.30000000
        0.600589046094
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        DMC Global Inc
        549300CBDXD1Z5MRNG02
        DMC Global Inc
        23291C103
        
          
          
        
        11627.00000000
        NS
        USD
        341601.26000000
        0.044681883425
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Werner Enterprises Inc
        549300P6XRGOCHHJST37
        Werner Enterprises Inc
        950755108
        
          
          
        
        95554.00000000
        NS
        USD
        4202942.69000000
        0.549750300450
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Enova International Inc
        549300O8XOCQSB49UO63
        Enova International Inc
        29357K103
        
          
          
        
        97983.00000000
        NS
        USD
        1576546.47000000
        0.206214302569
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TechTarget Inc
        529900YQA5JL2H2VMB84
        TechTarget Inc
        87874R100
        
          
          
        
        33752.00000000
        NS
        USD
        1224860.08000000
        0.160213271190
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Greif Inc
        54930070FVGKR0Z1FI24
        Greif Inc
        397624107
        
          
          
        
        27469.00000000
        NS
        USD
        955646.51000000
        0.124999790562
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Protagonist Therapeutics Inc
        N/A
        Protagonist Therapeutics Inc
        74366E102
        
          
          
        
        55966.00000000
        NS
        USD
        880345.18000000
        0.115150279911
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Coeur Mining Inc
        5493003AVK173D48DR70
        Coeur Mining Inc
        192108504
        
          
          
        
        125511.00000000
        NS
        USD
        995302.23000000
        0.130186809656
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        OPKO Health Inc
        529900A4S2D4OGOJLL02
        OPKO Health Inc
        68375N103
        
          
          
        
        292419.00000000
        NS
        USD
        1505957.85000000
        0.196981220436
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        RBC Bearings Inc
        N/A
        RBC Bearings Inc
        75524B104
        
          
          
        
        7083.00000000
        NS
        USD
        867100.86000000
        0.113417905849
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ONE Gas Inc
        549300HXDWI0LATTX840
        ONE Gas Inc
        68235P108
        
          
          
        
        3034.00000000
        NS
        USD
        229673.80000000
        0.030041627942
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Northeast Bank
        549300F0LV9TSW34E306
        Northeast Bank
        66405S100
        
          
          
        
        12115.00000000
        NS
        USD
        230669.60000000
        0.030171879860
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        UniFirst Corp/MA
        5493003XBTNWBC8UK019
        UniFirst Corp/MA
        904708104
        
          
          
        
        7670.00000000
        NS
        USD
        1430301.60000000
        0.187085285793
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Columbia Banking System Inc
        N/A
        Columbia Banking System Inc
        197236102
        
          
          
        
        79326.00000000
        NS
        USD
        2294901.18000000
        0.300176021007
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Avient Corp
        SM8L9RZYIB34LNTWO040
        Avient Corp
        05368V106
        
          
          
        
        226733.00000000
        NS
        USD
        5418918.70000000
        0.708801523877
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sabra Health Care REIT Inc
        549300E3BC7GU7TAZ621
        Sabra Health Care REIT Inc
        78573L106
        
          
          
        
        447851.00000000
        NS
        USD
        6601323.74000000
        0.863461621322
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Community Healthcare Trust Inc
        549300FATSRCMKOV9536
        Community Healthcare Trust Inc
        20369C106
        
          
          
        
        47853.00000000
        NS
        USD
        2188317.69000000
        0.286234763662
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Public Education Inc
        N/A
        American Public Education Inc
        02913V103
        
          
          
        
        58001.00000000
        NS
        USD
        1688409.11000000
        0.220846079513
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        KBR Inc
        254900OFQDXZRKRCV808
        KBR Inc
        48242W106
        
          
          
        
        28639.00000000
        NS
        USD
        636931.36000000
        0.083311439710
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vishay Precision Group Inc
        N/A
        Vishay Precision Group Inc
        92835K103
        
          
          
        
        44179.00000000
        NS
        USD
        1124355.55000000
        0.147067149617
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Green Brick Partners Inc
        549300R7SCIV7FQI6T56
        Green Brick Partners Inc
        392709101
        
          
          
        
        15641.00000000
        NS
        USD
        215845.80000000
        0.028232907787
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Wolverine World Wide Inc
        549300OVC7PK14LQ8D87
        Wolverine World Wide Inc
        978097103
        
          
          
        
        161975.00000000
        NS
        USD
        3893879.00000000
        0.509324372958
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Johnson Outdoors Inc
        N/A
        Johnson Outdoors Inc
        479167108
        
          
          
        
        1581.00000000
        NS
        USD
        138432.36000000
        0.018107130435
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Matthews International Corp
        549300ZVC5O0ATML6U61
        Matthews International Corp
        577128101
        
          
          
        
        19234.00000000
        NS
        USD
        415454.40000000
        0.054341968965
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Axle & Manufacturing
        N/A
        American Axle & Manufacturing Holdings Inc
        024061103
        
          
          
        
        323769.00000000
        NS
        USD
        2285809.14000000
        0.298986770501
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Y-mAbs Therapeutics Inc
        N/A
        Y-mAbs Therapeutics Inc
        984241109
        
          
          
        
        7128.00000000
        NS
        USD
        250406.64000000
        0.032753510035
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Urban Edge Properties
        N/A
        Urban Edge Properties
        91704F104
        
          
          
        
        147412.00000000
        NS
        USD
        1544877.76000000
        0.202071994638
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Federated Hermes Inc
        R05X5UQ874RGFF7HHD84
        Federated Hermes Inc
        314211103
        
          
          
        
        50805.00000000
        NS
        USD
        1339219.80000000
        0.175171669404
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Whitestone REIT
        N/A
        Whitestone REIT
        966084204
        
          
          
        
        85183.00000000
        NS
        USD
        562207.80000000
        0.073537502117
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Oportun Financial Corp
        549300351Y4J4FKIOR78
        Oportun Financial Corp
        68376D104
        
          
          
        
        18614.00000000
        NS
        USD
        266180.20000000
        0.034816711936
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CorEnergy Infrastructure Trust
        549300RWMFYIPNXWXM78
        CorEnergy Infrastructure Trust Inc
        21870U502
        
          
          
        
        80277.00000000
        NS
        USD
        703226.52000000
        0.091982931762
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Universal Electronics Inc
        549300ZW9EULAR7T6F89
        Universal Electronics Inc
        913483103
        
          
          
        
        38960.00000000
        NS
        USD
        1794887.20000000
        0.234773550403
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ryerson Holding Corp
        549300JMA41B3ZHOVE45
        Ryerson Holding Corp
        783754104
        
          
          
        
        26846.00000000
        NS
        USD
        151142.98000000
        0.019769695852
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Owens & Minor Inc
        549300LMT5KQQXCEZ733
        Owens & Minor Inc
        690732102
        
          
          
        
        35151.00000000
        NS
        USD
        565228.08000000
        0.073932558619
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cactus Inc
        549300J3T8C9F8QFKV08
        Cactus Inc
        127203107
        
          
          
        
        82211.00000000
        NS
        USD
        1859612.82000000
        0.243239744607
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sierra Bancorp
        N/A
        Sierra Bancorp
        82620P102
        
          
          
        
        51531.00000000
        NS
        USD
        905914.98000000
        0.118494842583
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HNI Corp
        549300SKRADLC4O5HV93
        HNI Corp
        404251100
        
          
          
        
        79546.00000000
        NS
        USD
        2362516.20000000
        0.309020152441
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Meta Financial Group Inc
        5493004X52BH1NBLW813
        Meta Financial Group Inc
        59100U108
        
          
          
        
        5742.00000000
        NS
        USD
        107145.72000000
        0.014014797751
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Great Lakes Dredge & Dock Corp
        549300H65E3MZ1CX0P05
        Great Lakes Dredge & Dock Corp
        390607109
        
          
          
        
        122956.00000000
        NS
        USD
        1027912.16000000
        0.134452230372
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Virtus Investment Partners Inc
        549300HWF93HB8BDM648
        Virtus Investment Partners Inc
        92828Q109
        
          
          
        
        798.00000000
        NS
        USD
        108464.16000000
        0.014187251396
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Gray Television Inc
        529900TM5726KDN7UU35
        Gray Television Inc
        389375106
        
          
          
        
        22786.00000000
        NS
        USD
        326751.24000000
        0.042739481742
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vista Outdoor Inc
        549300QI2D33ESTJLN81
        Vista Outdoor Inc
        928377100
        
          
          
        
        112981.00000000
        NS
        USD
        1937624.15000000
        0.253443726738
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Oil States International Inc
        5493004TF4KQJGMYL777
        Oil States International Inc
        678026105
        
          
          
        
        214555.00000000
        NS
        USD
        961206.40000000
        0.125727031313
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kennedy-Wilson Holdings Inc
        549300MOI1T78144X610
        Kennedy-Wilson Holdings Inc
        489398107
        
          
          
        
        141364.00000000
        NS
        USD
        2097841.76000000
        0.274400395846
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Washington Federal Inc
        N/A
        Washington Federal Inc
        938824109
        
          
          
        
        165820.00000000
        NS
        USD
        3870238.80000000
        0.506232204444
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Knowles Corp
        5493003EO323TDZQU148
        Knowles Corp
        49926D109
        
          
          
        
        187517.00000000
        NS
        USD
        2861509.42000000
        0.374289106327
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Westamerica BanCorp
        N/A
        Westamerica BanCorp
        957090103
        
          
          
        
        86159.00000000
        NS
        USD
        5200557.24000000
        0.680239564531
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CareTrust REIT Inc
        5493001NVXE2B9GPLU96
        CareTrust REIT Inc
        14174T107
        
          
          
        
        222420.00000000
        NS
        USD
        4008008.40000000
        0.524252645021
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Oppenheimer Holdings Inc
        N/A
        Oppenheimer Holdings Inc
        683797104
        
          
          
        
        59173.00000000
        NS
        USD
        1253875.87000000
        0.164008573778
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cohu Inc
        529900FJPORJ3JJ2XS33
        Cohu Inc
        192576106
        
          
          
        
        12772.00000000
        NS
        USD
        240496.76000000
        0.031457285006
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Echo Global Logistics Inc
        549300WRZ9Y84GWVYR04
        Echo Global Logistics Inc
        27875T101
        
          
          
        
        93775.00000000
        NS
        USD
        2350470.38000000
        0.307444543719
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EnPro Industries Inc
        549300Y5CFT2LKCFDN54
        EnPro Industries Inc
        29355X107
        
          
          
        
        3051.00000000
        NS
        USD
        145624.23000000
        0.019047836266
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Steelcase Inc
        GIE4CCPBJDI8SMV1OX95
        Steelcase Inc
        858155203
        
          
          
        
        118576.00000000
        NS
        USD
        1272320.48000000
        0.166421152449
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MicroStrategy Inc
        549300WQTWEJUEHXQX21
        MicroStrategy Inc
        594972408
        
          
          
        
        17314.00000000
        NS
        USD
        2145550.88000000
        0.280640810001
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chefs' Warehouse Inc/The
        549300JYEDC8C547E980
        Chefs' Warehouse Inc/The
        163086101
        
          
          
        
        14445.00000000
        NS
        USD
        166550.85000000
        0.021785065032
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ardmore Shipping Corp
        549300J8HD7K6BHD8O28
        Ardmore Shipping Corp
        000000000
        
          
          
        
        159244.00000000
        NS
        USD
        654492.84000000
        0.085608503843
        Long
        EC
        CORP
        IE
        N
        
        1
        
          N
          N
          N
        
      
      
        PennyMac Financial Services In
        549300W1D516HBDEU871
        PennyMac Financial Services Inc
        70932M107
        
          
          
        
        123957.00000000
        NS
        USD
        5982164.82000000
        0.782474839583
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SEACOR Holdings Inc
        549300IQTYSR1SC4II14
        SEACOR Holdings Inc
        811904101
        
          
          
        
        57211.00000000
        NS
        USD
        1663695.88000000
        0.217613557297
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sanmina Corp
        X5K24XLM8QYRXF00EB42
        Sanmina Corp
        801056102
        
          
          
        
        37621.00000000
        NS
        USD
        1116591.28000000
        0.146051573132
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Astronics Corp
        549300NNXCF8H4MSMK17
        Astronics Corp
        046433108
        
          
          
        
        34200.00000000
        NS
        USD
        297540.00000000
        0.038918614042
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bank of Marin Bancorp
        N/A
        Bank of Marin Bancorp
        063425102
        
          
          
        
        32138.00000000
        NS
        USD
        1009454.58000000
        0.132037955208
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Patterson-UTI Energy Inc
        254900XGFBKIXD6G0697
        Patterson-UTI Energy Inc
        703481101
        
          
          
        
        237416.00000000
        NS
        USD
        919987.00000000
        0.120335480867
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Atkore International Group Inc
        52990002TI38AM4RPV48
        Atkore International Group Inc
        047649108
        
          
          
        
        3292.00000000
        NS
        USD
        87797.64000000
        0.011484044044
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Manitowoc Co Inc/The
        2RTSLGQ89VMY18RHX631
        Manitowoc Co Inc/The
        563571405
        
          
          
        
        56490.00000000
        NS
        USD
        602183.40000000
        0.078766361926
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        K12 Inc
        N/A
        K12 Inc
        48273U102
        
          
          
        
        37385.00000000
        NS
        USD
        1711859.15000000
        0.223913374855
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Clean Energy Fuels Corp
        549300MTQB4VUAOPMF71
        Clean Energy Fuels Corp
        184499101
        
          
          
        
        237074.00000000
        NS
        USD
        564236.12000000
        0.073802808977
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Welbilt Inc
        549300UR3W71YLZWI068
        Welbilt Inc
        949090104
        
          
          
        
        84812.00000000
        NS
        USD
        515656.96000000
        0.067448592473
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Brookdale Senior Living Inc
        LH7MQB13NWY7CJ9VC445
        Brookdale Senior Living Inc
        112463104
        
          
          
        
        151716.00000000
        NS
        USD
        420253.32000000
        0.054969673863
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Neenah Inc
        8SR38IKUT3O1F1I6VH65
        Neenah Inc
        640079109
        
          
          
        
        35544.00000000
        NS
        USD
        1585617.84000000
        0.207400849412
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Trustmark Corp
        5493000HPQ4D2RZ79739
        Trustmark Corp
        898402102
        
          
          
        
        50058.00000000
        NS
        USD
        1127306.16000000
        0.147453093194
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Axsome Therapeutics Inc
        549300EXGR0XLRJEIB95
        Axsome Therapeutics Inc
        05464T104
        
          
          
        
        13774.00000000
        NS
        USD
        982499.42000000
        0.128512185669
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MarineMax Inc
        N/A
        MarineMax Inc
        567908108
        
          
          
        
        46664.00000000
        NS
        USD
        1294459.36000000
        0.169316946379
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Radian Group Inc
        54930005OUP720S5U385
        Radian Group Inc
        750236101
        
          
          
        
        172461.00000000
        NS
        USD
        2573118.12000000
        0.336567153991
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tilly's Inc
        N/A
        Tilly's Inc
        886885102
        
          
          
        
        83684.00000000
        NS
        USD
        502940.84000000
        0.065785307650
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Apollo Commercial Real Estate
        549300E0AN7M2AQHSY29
        Apollo Commercial Real Estate Finance Inc
        03762U105
        
          
          
        
        83600.00000000
        NS
        USD
        777480.00000000
        0.101695382287
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Washington Trust Bancorp Inc
        J66MZFCNJPP3PERHZW54
        Washington Trust Bancorp Inc
        940610108
        
          
          
        
        23549.00000000
        NS
        USD
        785123.66000000
        0.102695182830
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        REVOLUTION Medicines Inc
        549300JU3X0LBCQ65892
        REVOLUTION Medicines Inc
        76155X100
        
          
          
        
        9264.00000000
        NS
        USD
        223447.68000000
        0.029227243451
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Domo Inc
        549300X57AGT5JULJ761
        Domo Inc
        257554105
        
          
          
        
        13934.00000000
        NS
        USD
        448396.12000000
        0.058650788238
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Prothena Corp PLC
        5299009ZXQ8NIIJ8OL30
        Prothena Corp PLC
        000000000
        
          
          
        
        52887.00000000
        NS
        USD
        647336.88000000
        0.084672495087
        Long
        EC
        CORP
        IE
        N
        
        1
        
          N
          N
          N
        
      
      
        Tenet Healthcare Corp
        0W9AIBT6U6ADJ2I8HK17
        Tenet Healthcare Corp
        88033G407
        
          
          
        
        102565.00000000
        NS
        USD
        2711818.60000000
        0.354709354867
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sykes Enterprises Inc
        549300JJ24XHULP7Q562
        Sykes Enterprises Inc
        871237103
        
          
          
        
        5401.00000000
        NS
        USD
        148311.46000000
        0.019399329400
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hawkins Inc
        549300VL3IJ23OWX1Y34
        Hawkins Inc
        420261109
        
          
          
        
        3178.00000000
        NS
        USD
        163762.34000000
        0.021420324343
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SITE Centers Corp
        W2AVA6SODOQ1LCYJQR54
        SITE Centers Corp
        82981J109
        
          
          
        
        51366.00000000
        NS
        USD
        376512.78000000
        0.049248355068
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        McGrath RentCorp
        N/A
        McGrath RentCorp
        580589109
        
          
          
        
        32943.00000000
        NS
        USD
        1911352.86000000
        0.250007408274
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        REV Group Inc
        549300SRD0SIG5ZZ3X20
        REV Group Inc
        749527107
        
          
          
        
        42091.00000000
        NS
        USD
        273591.50000000
        0.035786119492
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Renewable Energy Group Inc
        549300HPU3BD8ZI0X358
        Renewable Energy Group Inc
        75972A301
        
          
          
        
        135686.00000000
        NS
        USD
        3742219.88000000
        0.489487165331
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Houghton Mifflin Harcourt Co
        N/A
        Houghton Mifflin Harcourt Co
        44157R109
        
          
          
        
        141490.00000000
        NS
        USD
        418810.40000000
        0.054780938074
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chuy's Holdings Inc
        N/A
        Chuy's Holdings Inc
        171604101
        
          
          
        
        17094.00000000
        NS
        USD
        271965.54000000
        0.035573441837
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Southwest Gas Holdings Inc
        N/A
        Southwest Gas Holdings Inc
        844895102
        
          
          
        
        62515.00000000
        NS
        USD
        4353544.60000000
        0.569449223651
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Metropolitan Bank Holding Corp
        N/A
        Metropolitan Bank Holding Corp
        591774104
        
          
          
        
        14616.00000000
        NS
        USD
        432341.28000000
        0.056550794552
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Natural Grocers by Vitamin Cot
        529900P4OTXDGBUS3O87
        Natural Grocers by Vitamin Cottage Inc
        63888U108
        
          
          
        
        40999.00000000
        NS
        USD
        649014.17000000
        0.084891886773
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Benchmark Electronics Inc
        549300W18RHYZOZKOP53
        Benchmark Electronics Inc
        08160H101
        
          
          
        
        77700.00000000
        NS
        USD
        1581972.00000000
        0.206923968859
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Northrim BanCorp Inc
        5493006X7RLLTZ3SG075
        Northrim BanCorp Inc
        666762109
        
          
          
        
        9943.00000000
        NS
        USD
        228887.86000000
        0.029938825981
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ultra Clean Holdings Inc
        5493007L6LS7QX18PE75
        Ultra Clean Holdings Inc
        90385V107
        
          
          
        
        5305.00000000
        NS
        USD
        159627.45000000
        0.020879475422
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Watts Water Technologies Inc
        549300REJOO94ERQN318
        Watts Water Technologies Inc
        942749102
        
          
          
        
        5115.00000000
        NS
        USD
        429097.35000000
        0.056126484343
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Argan Inc
        529900E4KZWBV9KGBS83
        Argan Inc
        04010E109
        
          
          
        
        6933.00000000
        NS
        USD
        297425.70000000
        0.038903663455
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Radiant Logistics Inc
        549300HWCW2HBOG4GN20
        Radiant Logistics Inc
        75025X100
        
          
          
        
        44769.00000000
        NS
        USD
        190268.25000000
        0.024887331405
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mr Cooper Group Inc
        549300KD8C6DPXYC2M26
        Mr Cooper Group Inc
        62482R107
        
          
          
        
        77994.00000000
        NS
        USD
        1273642.02000000
        0.166594011578
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Civista Bancshares Inc
        5493001LX61Z2UVYSC48
        Civista Bancshares Inc
        178867107
        
          
          
        
        8791.00000000
        NS
        USD
        115425.83000000
        0.015097846771
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Gentherm Inc
        HKM6YX1U5JS60TCUB219
        Gentherm Inc
        37253A103
        
          
          
        
        4250.00000000
        NS
        USD
        164772.50000000
        0.021552454568
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Preferred Bank/Los Angeles CA
        5493007K6HGI9G0ECX16
        Preferred Bank/Los Angeles CA
        740367404
        
          
          
        
        58234.00000000
        NS
        USD
        2169216.50000000
        0.283736303484
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Arlington Asset Investment Cor
        549300LA9ZT7L8G7IT53
        Arlington Asset Investment Corp
        041356205
        
          
          
        
        90881.00000000
        NS
        USD
        247196.32000000
        0.032333596057
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lakeland Bancorp Inc
        549300NF90LR9ETZDR73
        Lakeland Bancorp Inc
        511637100
        
          
          
        
        94856.00000000
        NS
        USD
        965634.08000000
        0.126306177542
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      
    
    
      2020-09-24
      Goldman Sachs Trust
      Peter Fortner
      Peter Fortner
      Vice President Assistant Treasurer
    
  
  XXXX



GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

 

Schedule of Investments

July 31, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – 99.2%
 

Air Freight & Logistics – 0.1%

  20,846      XPO Logistics, Inc.*   $       1,563,867

 

 

 

Automobiles – 0.8%

  90,779      General Motors Co.   2,259,489
  9,623      Tesla, Inc.*   13,768,204
    

 

  16,027,693

 

 

 

Banks – 0.0%

  29,668      Western Alliance Bancorp   1,066,565

 

 

 

Beverages – 1.2%

  296,938      Monster Beverage Corp.*   23,303,694

 

 

 

Biotechnology – 5.8%

  396,774      AbbVie, Inc.   37,657,820
  31,715      ACADIA Pharmaceuticals, Inc.*   1,318,393
  41,441      Acceleron Pharma, Inc.*   4,109,704
  79,484      Alexion Pharmaceuticals, Inc.*   8,146,315
  62,467      Biogen, Inc.*   17,159,060
  127,316      Exelixis, Inc.*   2,939,726
  103,959      Gilead Sciences, Inc.   7,228,269
  26,276      Sarepta Therapeutics, Inc.*   4,033,892
  47,091      Seattle Genetics, Inc.*   7,829,821
  81,754      Vertex Pharmaceuticals, Inc.*   22,237,088
    

 

  112,660,088

 

 

 

Building Products – 0.7%

  36,301      Allegion PLC   3,610,497
  162,405      Masco Corp.   9,283,070
    

 

  12,893,567

 

 

 

Capital Markets – 2.2%

  87,582      CME Group, Inc.   14,554,377
  9,960      LPL Financial Holdings, Inc.   787,039
  5,181      MarketAxess Holdings, Inc.   2,677,023
  72,089      S&P Global, Inc.   25,249,172
    

 

  43,267,611

 

 

 

Chemicals – 2.0%

  468,401      Axalta Coating Systems Ltd.*   10,398,502
  4,096      NewMarket Corp.   1,535,222

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Chemicals – (continued)

  40,630      Sherwin-Williams Co. (The)   $     26,324,990
    

 

  38,258,714

 

 

 

Commercial Services & Supplies – 0.2%

  53,286      Copart, Inc.*   4,968,919

 

 

 

Communications Equipment – 0.9%

  42,726      Arista Networks, Inc.*   11,098,933
  68,632      Lumentum Holdings, Inc.*   6,371,109
    

 

  17,470,042

 

 

 

Diversified Consumer Services – 0.1%

  5,624      Bright Horizons Family Solutions, Inc.*   603,118
  27,455      ServiceMaster Global Holdings, Inc.*   1,122,635
    

 

  1,725,753

 

 

 

Diversified Financial Services – 1.0%

  381,445      Voya Financial, Inc.   18,843,383

 

 

 

Diversified Telecommunication Services – 0.2%

  186,172      Liberty Global PLC, Class C (United Kingdom)*   4,237,275

 

 

 

Electronic Equipment, Instruments & Components – 0.2%

  11,160      Arrow Electronics, Inc.*   799,279
  71,769      Jabil, Inc.   2,501,867
    

 

  3,301,146

 

 

 

Entertainment – 3.6%

  44,859      Netflix, Inc.*   21,930,668
  62,781      Spotify Technology SA*   16,186,198
  74,254      Take-Two Interactive Software, Inc.*   12,179,141
  2,096,022      Zynga, Inc., Class A*   20,603,896
    

 

  70,899,903

 

 

 

Equity Real Estate Investment Trusts (REITs) – 4.1%

  55,327      American Tower Corp. REIT   14,461,924
  5,361      Camden Property Trust REIT   486,832
  138,552      CoreSite Realty Corp. REIT   17,880,136
  163,990      Equity LifeStyle Properties, Inc. REIT   11,203,797
  22,108      First Industrial Realty Trust, Inc. REIT   970,983
  534,979      Invitation Homes, Inc. REIT   15,953,074
  5,782      Lamar Advertising Co., Class A REIT   380,051

 

 

 


GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Equity Real Estate Investment Trusts (REITs) – (continued)

  62,066      SBA Communications Corp. REIT   $       19,336,042
    

 

  80,672,839

 

 

 

Food & Staples Retailing – 1.8%

  107,137      Costco Wholesale Corp.   34,876,308

 

 

 

Health Care Equipment & Supplies – 2.9%

  32,921      Cooper Cos., Inc. (The)   9,314,339
  8,993      DexCom, Inc.*   3,916,811
  185,377      Edwards Lifesciences Corp.*   14,535,411
  13,621      Haemonetics Corp.*   1,194,017
  78,210      Hologic, Inc.*   5,457,494
  4,726      Insulet Corp.*   961,079
  28,287      Quidel Corp.*   7,990,229
  13,688      STERIS PLC   2,185,015
  41,998      West Pharmaceutical Services, Inc.   11,292,002
    

 

  56,846,397

 

 

 

Health Care Providers & Services – 2.4%

  26,222      Anthem, Inc.   7,179,584
  35,832      HCA Healthcare, Inc.   4,537,764
  27,014      Humana, Inc.   10,601,644
  76,712      McKesson Corp.   11,519,074
  34,871      UnitedHealth Group, Inc.   10,558,241
  14,093      Universal Health Services, Inc., Class B   1,548,821
    

 

  45,945,128

 

 

 

Hotels, Restaurants & Leisure – 1.8%

  11,874      Chipotle Mexican Grill, Inc.*   13,716,370
  54,202      Domino’s Pizza, Inc.   20,955,035
  9,442      Dunkin’ Brands Group, Inc.   648,949
    

 

  35,320,354

 

 

 

Insurance – 0.4%

  22,943      Aon PLC, Class A   4,708,362
  28,886      Brighthouse Financial, Inc.*   818,629
  16,783      Primerica, Inc.   2,008,254
    

 

  7,535,245

 

 

 

Interactive Media & Services – 10.0%

  25,980      Alphabet, Inc., Class A*   38,656,941
  44,008      Alphabet, Inc., Class C*   65,262,104
  327,575      Facebook, Inc., Class A*   83,095,950

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Interactive Media & Services – (continued)

  250,977      Pinterest, Inc., Class A*   $       8,606,001
    

 

  195,620,996

 

 

 

Internet & Direct Marketing Retail – 9.3%

  46,078      Amazon.com, Inc.*   145,822,125
  408,963      eBay, Inc.   22,607,475
  106,274      Etsy, Inc.*   12,580,716
    

 

  181,010,316

 

 

 

IT Services – 7.9%

  64,748      Alliance Data Systems Corp.   2,872,221
  142,356      Black Knight, Inc.*   10,665,312
  111,177      Cognizant Technology Solutions Corp., Class A   7,595,613
  46,985      FleetCor Technologies, Inc.*   12,148,911
  24,831      Gartner, Inc.*   3,094,936
  75,854      GoDaddy, Inc., Class A*   5,331,019
  47,202      Mastercard, Inc., Class A   14,563,233
  251,658      PayPal Holdings, Inc.*   49,342,584
  44,319      Square, Inc., Class A*   5,754,822
  96,828      VeriSign, Inc.*   20,496,551
  110,454      Visa, Inc., Class A   21,030,442
  14,928      Western Union Co. (The)   362,452
    

 

  153,258,096

 

 

 

Life Sciences Tools & Services – 1.1%

  46,203      Illumina, Inc.*   17,656,939
  27,885      PerkinElmer, Inc.   3,315,805
    

 

  20,972,744

 

 

 

Machinery – 0.0%

  15,867      Allison Transmission Holdings, Inc.   592,791

 

 

 

Media – 0.2%

  1,698      Cable One, Inc.   3,094,707

 

 

 

Mortgage Real Estate Investment Trusts (REITs) – 0.1%

  83,230      Starwood Property Trust, Inc. REIT   1,244,288

 

 

 

Multiline Retail – 0.9%

  133,816      Target Corp.   16,844,758

 

 

 


GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Multi-Utilities – 0.3%

  94,938      Public Service Enterprise Group, Inc.   $       5,310,832

 

 

 

Personal Products – 0.1%

  52,498      Herbalife Nutrition Ltd.*   2,689,997

 

 

 

Pharmaceuticals – 0.3%

  44,932      Bristol-Myers Squibb Co.   2,635,711
  34,533      Merck & Co., Inc.   2,770,928
    

 

  5,406,639

 

 

 

Professional Services – 0.4%

  9,512      CoreLogic, Inc.   648,338
  74,491      TransUnion   6,672,159
    

 

  7,320,497

 

 

 

Road & Rail – 1.0%

  103,775      Old Dominion Freight Line, Inc.   18,972,145

 

 

 

Semiconductors & Semiconductor Equipment – 4.5%

  15,662      Advanced Micro Devices, Inc.*   1,212,709
  64,793      Analog Devices, Inc.   7,441,476
  124,295      Applied Materials, Inc.   7,995,897
  61,433      Inphi Corp.*   8,026,836
  43,228      Lam Research Corp.   16,303,872
  57,619      Microchip Technology, Inc.   5,861,581
  59,583      NVIDIA Corp.   25,298,346
  52,374      QUALCOMM, Inc.   5,531,218
  62,373      Texas Instruments, Inc.   7,955,676
  11,799      Universal Display Corp.   2,058,336
    

 

  87,685,947

 

 

 

Software – 15.0%

  102,046      Adobe, Inc.*   45,341,079
  117,830      Anaplan, Inc.*   5,350,660
  68,140      DocuSign, Inc.*   14,774,796
  12,906      Fortinet, Inc.*   1,784,900
  863,413      Microsoft Corp.   177,008,299
  36,844      RingCentral, Inc., Class A*   10,694,708
  46,652      ServiceNow, Inc.*   20,489,558
  68,086      Workday, Inc., Class A*   12,318,119
  21,106      Zoom Video Communications, Inc.,
Class A*
  5,359,025
    

 

  293,121,144

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Specialty Retail – 3.3%

  11,573      AutoZone, Inc.*   $       13,973,472
  79,679      Home Depot, Inc. (The)   21,153,978
  192,004      Lowe’s Cos., Inc.   28,591,315
    

 

  63,718,765

 

 

 

Technology Hardware, Storage & Peripherals – 12.4%

  555,464      Apple, Inc.   236,094,419
  143,931      NetApp, Inc.   6,376,143
    

 

  242,470,562

 

 

 
TOTAL INVESTMENTS – 99.2%
(Cost $1,256,240,867)
  $1,931,019,715

 

 

 

OTHER ASSETS IN EXCESS OF

    LIABILITIES – 0.8%

  15,813,522

 

 

  NET ASSETS – 100.0%   $1,946,833,237

 

 

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

July 31, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – 98.9%
 

Aerospace & Defense – 1.4%

  4,439      Curtiss-Wright Corp.   $     395,604
  1,309      Mercury Systems, Inc.*   101,356
  32,803      Raytheon Technologies Corp.   1,859,274
  7,810      Teledyne Technologies, Inc.*   2,395,327
    

 

     4,751,561

 

 

 

Air Freight & Logistics – 0.6%

  9,110      United Parcel Service, Inc., Class B   1,300,544
  8,754      XPO Logistics, Inc.*   656,725
    

 

     1,957,269

 

 

 

Automobiles – 1.1%

  149,259      General Motors Co.   3,715,057

 

 

 

Banks – 7.4%

  245,310      Bank of America Corp.   6,103,313
  103,749      Citigroup, Inc.   5,188,487
  7,886      Citizens Financial Group, Inc.   195,652
  7,459      Comerica, Inc.   287,321
  36,899      First Hawaiian, Inc.   641,304
  35,095      JPMorgan Chase & Co.   3,391,581
  10,019      KeyCorp   120,328
  10,752      PNC Financial Services Group, Inc. (The)   1,146,916
  8,485      Popular, Inc. (Puerto Rico)   314,878
  12,751      Signature Bank   1,307,360
  21,200      Truist Financial Corp.   794,152
  43,939      US Bancorp   1,618,713
  108,436      Wells Fargo & Co.   2,630,657
  46,526      Western Alliance Bancorp   1,672,610
    

 

     25,413,272

 

 

 

Beverages – 1.8%

  15,282      Constellation Brands, Inc., Class A   2,723,252
  43,921      Monster Beverage Corp.*   3,446,920
    

 

     6,170,172

 

 

 

Biotechnology – 3.2%

  33,452      AbbVie, Inc.   3,174,929
  15,004      Alexion Pharmaceuticals, Inc.*   1,537,760
  10,335      Biogen, Inc.*   2,838,921
  44,515      Gilead Sciences, Inc.   3,095,128

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Biotechnology – (continued)

  494      Vertex Pharmaceuticals, Inc.*   $     134,368
    

 

     10,781,106

 

 

 

Building Products – 2.8%

  9,709      Allegion PLC   965,657
  108,240      Johnson Controls International PLC   4,165,075
  2,298      Lennox International, Inc.   616,186
  67,271      Masco Corp.   3,845,210
    

 

     9,592,128

 

 

 

Capital Markets – 3.0%

  28,676      CME Group, Inc.   4,765,378
  27,816      Interactive Brokers Group, Inc., Class A   1,379,673
  11,872      S&P Global, Inc.   4,158,168
    

 

     10,303,219

 

 

 

Chemicals – 4.2%

  147,387      Axalta Coating Systems Ltd.*   3,271,991
  24,284      CF Industries Holdings, Inc.   760,818
  4,859      Corteva, Inc.   138,773
  22,147      Dow, Inc.   909,356
  5,933      DuPont de Nemours, Inc.   317,297
  20,579      Linde PLC (United Kingdom)   5,044,119
  23,437      Mosaic Co. (The)   315,696
  227      NewMarket Corp.   85,082
  5,278      Sherwin-Williams Co. (The)   3,419,722
    

 

     14,262,854

 

 

 

Commercial Services & Supplies – 0.1%

  4,398      IAA, Inc.*   190,653

 

 

 

Communications Equipment – 1.6%

  89,535      Cisco Systems, Inc.   4,217,099
  12,392      Lumentum Holdings, Inc.*   1,150,349
    

 

     5,367,448

 

 

 

Consumer Finance – 1.0%

  76,039      Ally Financial, Inc.   1,528,384
  82,759      Synchrony Financial   1,831,457
    

 

     3,359,841

 

 

 


GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Containers & Packaging – 0.1%

  23,143      Graphic Packaging Holding Co.   $      322,613

 

 

 

Diversified Consumer Services – 1.0%

  1,882      Bright Horizons Family Solutions, Inc.*   201,826
  5,064      frontdoor, Inc.*   212,663
  354      Graham Holdings Co., Class B   141,023
  10,585      Grand Canyon Education, Inc.*   939,313
  43,479      ServiceMaster Global Holdings, Inc.*   1,777,856
    

 

     3,272,681

 

 

 

Diversified Financial Services – 2.6%

  27,406      Berkshire Hathaway, Inc., Class B*   5,365,547
  8,473      Equitable Holdings, Inc.   173,357
  68,962      Voya Financial, Inc.   3,406,723
    

 

     8,945,627

 

 

 

Diversified Telecommunication Services – 1.5%

  48,956      AT&T, Inc.   1,448,119
  78,795      Liberty Global PLC, Class C (United Kingdom)*   1,793,374
  35,838      Verizon Communications, Inc.   2,059,968
    

 

     5,301,461

 

 

 

Electric Utilities – 0.9%

  13,937      Entergy Corp.   1,465,197
  18,357      Exelon Corp.   708,763
  17,113      FirstEnergy Corp.   496,277
  12,162      OGE Energy Corp.   400,130
    

 

     3,070,367

 

 

 

Electrical Equipment – 0.4%

  13,783      AMETEK, Inc.   1,285,265

 

 

 

Electronic Equipment, Instruments & Components – 0.6%

  18,089      Arrow Electronics, Inc.*   1,295,534
  18,830      Jabil, Inc.   656,414
  1,464      SYNNEX Corp.   182,619
    

 

     2,134,567

 

 

 

Energy Equipment & Services – 0.6%

  67,979      Schlumberger Ltd.   1,233,139
  115,772      TechnipFMC PLC (United Kingdom)   929,649
    

 

     2,162,788

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Entertainment – 2.6%

  16,560      Activision Blizzard, Inc.   $    1,368,353
  6,307      Spotify Technology SA*   1,626,071
  5,732      Take-Two Interactive Software, Inc.*   940,163
  13,300      Walt Disney Co. (The)   1,555,302
  353,227      Zynga, Inc., Class A*   3,472,221
    

 

     8,962,110

 

 

 

Equity Real Estate Investment Trusts (REITs) – 7.6%

  38,790      Apartment Investment and Management Co., Class A REIT   1,505,828
  5,915      AvalonBay Communities, Inc. REIT   905,705
  25,064      Camden Property Trust REIT   2,276,062
  12,925      CoreSite Realty Corp. REIT   1,667,971
  2,393      CubeSmart REIT   71,000
  24,849      CyrusOne, Inc. REIT   2,072,904
  25,536      Equity LifeStyle Properties, Inc. REIT   1,744,620
  9,711      Equity Residential REIT   520,801
  1,475      Extra Space Storage, Inc. REIT   152,427
  57,957      First Industrial Realty Trust, Inc. REIT   2,545,471
  127,244      Invitation Homes, Inc. REIT   3,794,416
  24,918      Lamar Advertising Co., Class A REIT   1,637,860
  11,219      Life Storage, Inc. REIT   1,100,920
  20,956      Outfront Media, Inc. REIT   301,976
  6,622      Prologis, Inc. REIT   698,091
  13,448      SBA Communications Corp. REIT   4,189,590
  3,708      Sun Communities, Inc. REIT   555,940
  6,497      Ventas, Inc. REIT   249,225
    

 

     25,990,807

 

 

 

Food & Staples Retailing – 2.5%

  11,533      Costco Wholesale Corp.   3,754,337
  14,487      Kroger Co. (The)   504,003
  33,943      Walmart, Inc.   4,392,224
    

 

     8,650,564

 

 

 

Food Products – 0.2%

  13,678      TreeHouse Foods, Inc.*   599,370

 

 

 


GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Health Care Equipment & Supplies – 3.6%

  11,219      Cooper Cos., Inc. (The)   $    3,174,192
  21,786      Edwards Lifesciences Corp.*   1,708,240
  23,742      Hologic, Inc.*   1,656,717
  34,630      Medtronic PLC   3,341,102
  5,616      STERIS PLC   896,482
  5,736      West Pharmaceutical Services, Inc.   1,542,238
    

 

     12,318,971

 

 

 

Health Care Providers & Services – 5.0%

  16,687      Anthem, Inc.   4,568,901
  24,392      HCA Healthcare, Inc.   3,089,003
  3,078      Henry Schein, Inc.*   211,551
  10,601      Humana, Inc.   4,160,362
  15,603      McKesson Corp.   2,342,946
  25,434      Universal Health Services, Inc., Class B   2,795,197
    

 

     17,167,960

 

 

 

Hotels, Restaurants & Leisure – 0.9%

  118      Chipotle Mexican Grill, Inc.*   136,309
  7,349      Domino’s Pizza, Inc.   2,841,197
    

 

     2,977,506

 

 

 

Household Durables – 1.4%

  42,631      D.R. Horton, Inc.   2,820,467
  8,588      Lennar Corp., Class A   621,342
  2,893      Mohawk Industries, Inc.*   231,006
  21,969      PulteGroup, Inc.   957,848
    

 

     4,630,663

 

 

 

Household Products – 0.6%

  16,128      Procter & Gamble Co. (The)   2,114,703

 

 

 

Independent Power and Renewable Electricity Producers – 0.2%

  45,167      Vistra Corp.   842,816

 

 

 

Industrial Conglomerates – 0.7%

  398,043      General Electric Co.   2,416,121

 

 

 

Insurance – 3.4%

  18,771      Allstate Corp. (The)   1,771,795
  13,525      American Financial Group, Inc.   821,914
  27,464      Athene Holding Ltd., Class A*   885,714
  30,422      Brighthouse Financial, Inc.*   862,159

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Insurance – (continued)

  99,689      Fidelity National Financial, Inc.   $  3,225,936
  12,868      First American Financial Corp.   656,397
  31,713      Lincoln National Corp.   1,181,944
  14,281      MetLife, Inc.   540,536
  8,090      Old Republic International Corp.   130,006
  3,693      Primerica, Inc.   441,904
  8,206      Reinsurance Group of America, Inc.   699,561
  25,033      Unum Group   431,319
    

 

     11,649,185

 

 

 

Interactive Media & Services – 2.6%

  5,320      Alphabet, Inc., Class A*   7,915,894
  26,450      Pinterest, Inc., Class A*   906,971
    

 

     8,822,865

 

 

 

Internet & Direct Marketing Retail – 1.1%

  57,957      eBay, Inc.   3,203,863
  4,954      Etsy, Inc.*   586,454
    

 

     3,790,317

 

 

 

IT Services – 4.4%

  23,255      Alliance Data Systems Corp.   1,031,592
  29,140      Fidelity National Information Services, Inc.   4,263,473
  9,786      Global Payments, Inc.   1,742,104
  22,683      International Business Machines Corp.   2,788,648
  8,543      PayPal Holdings, Inc.*   1,675,026
  16,766      VeriSign, Inc.*   3,549,027
    

 

     15,049,870

 

 

 

Life Sciences Tools & Services – 1.5%

  4,366      Illumina, Inc.*   1,668,511
  10,674      IQVIA Holdings, Inc.*   1,690,655
  14,041      PerkinElmer, Inc.   1,669,615
    

 

     5,028,781

 

 

 

Machinery – 1.4%

  37,020      Caterpillar, Inc.   4,919,218

 

 

 

Media – 1.5%

  26,797      Comcast Corp., Class A   1,146,912
  28,777      Liberty Broadband Corp., Class C*   3,950,219

 

 

 


GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Media – (continued)

  787      Omnicom Group, Inc.   $         42,285
    

 

     5,139,416

 

 

 

Metals & Mining – 0.1%

  31,044      Freeport-McMoRan, Inc.   401,088
  1,166      Southern Copper Corp. (Peru)   50,966
    

 

     452,054

 

 

 

Mortgage Real Estate Investment Trusts (REITs) – 0.5%

  104,539      Starwood Property Trust, Inc. REIT   1,562,858

 

 

 

Multiline Retail – 1.5%

  39,478      Target Corp.   4,969,491

 

 

 

Multi-Utilities – 3.4%

  41,923      Consolidated Edison, Inc.   3,220,944
  34,446      DTE Energy Co.   3,982,991
  76,964      Public Service Enterprise Group, Inc.   4,305,366
    

 

     11,509,301

 

 

 

Oil, Gas & Consumable Fuels – 4.1%

  75,385      Chevron Corp.   6,327,817
  11,756      ConocoPhillips   439,557
  74,719      EOG Resources, Inc.   3,500,585
  20,705      Exxon Mobil Corp.   871,266
  84,780      Kinder Morgan, Inc.   1,195,398
  24,322      Phillips 66   1,508,451
    

 

     13,843,074

 

 

 

Personal Products – 0.2%

  11,675      Herbalife Nutrition Ltd.*   598,227

 

 

 

Pharmaceuticals – 3.7%

  71,676      Bristol-Myers Squibb Co.   4,204,514
  20,319      Elanco Animal Health, Inc.*   480,138
  10,509      Jazz Pharmaceuticals PLC*   1,137,599
  30,980      Johnson & Johnson   4,515,645
  7,868      Merck & Co., Inc.   631,328
  39,853      Pfizer, Inc.   1,533,544
    

 

     12,502,768

 

 

 

Professional Services – 1.2%

  516      CoreLogic, Inc.   35,171

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Professional Services – (continued)

  38,721      IHS Markit Ltd.   $    3,125,946
  11,914      TransUnion   1,067,137
    

 

     4,228,254

 

 

 

Road & Rail – 1.5%

  15,962      Lyft, Inc., Class A*   466,569
  18,679      Old Dominion Freight Line, Inc.   3,414,895
  5,877      Ryder System, Inc.   215,275
  6,878      Union Pacific Corp.   1,192,301
    

 

     5,289,040

 

 

 

Semiconductors & Semiconductor Equipment – 2.6%

  24,416      Analog Devices, Inc.   2,804,178
  90,241      Intel Corp.   4,307,203
  1,081      Lam Research Corp.   407,710
  9,726      Microchip Technology, Inc.   989,426
  6,791      Micron Technology, Inc.*   339,923
    

 

     8,848,440

 

 

 

Specialty Retail – 2.5%

  7,367      AutoNation, Inc.*   378,222
  2,056      AutoZone, Inc.*   2,482,455
  21,120      Home Depot, Inc. (The)   5,607,149
    

 

     8,467,826

 

 

 

Technology Hardware, Storage & Peripherals – 0.3%

  2,377      Apple, Inc.   1,010,320
  2,380      NetApp, Inc.   105,434
    

 

     1,115,754

 

 

 

Textiles, Apparel & Luxury Goods – 0.0%

  4,288      Skechers USA, Inc., Class A*   125,553

 

 

 


GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Trading Companies & Distributors – 0.2%

  4,086      United Rentals, Inc.*   $       634,842

 

 

 
TOTAL INVESTMENTS – 98.9%
(Cost $319,650,784)
  $337,578,674

 

 

 

OTHER ASSETS IN EXCESS OF

    LIABILITIES – 1.1%

  3,682,000

 

 

  NET ASSETS – 100.0%   $341,260,674

 

 

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

July 31, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – 99.3%
 

Aerospace & Defense – 0.6%

  64,566      Aerojet Rocketdyne Holdings, Inc.*   $    2,663,348
  28,950      Astronics Corp.*   251,865
  8,467      Maxar Technologies, Inc.   150,628
  7,403      Moog, Inc., Class A   397,689
    

 

     3,463,530

 

 

 

Air Freight & Logistics – 0.5%

  98,308      Echo Global Logistics, Inc.*   2,464,090
  3,508      Hub Group, Inc., Class A*   185,573
  47,374      Radiant Logistics, Inc.*   201,340
    

 

     2,851,003

 

 

 

Airlines – 0.2%

  51,975      SkyWest, Inc.   1,367,462

 

 

 

Auto Components – 0.5%

  155,992      American Axle & Manufacturing Holdings, Inc.*   1,101,304
  14,410      Gentherm, Inc.*   558,676
  48,390      Goodyear Tire & Rubber Co. (The)   435,994
  11,042      Standard Motor Products, Inc.   502,190
  8,922      Visteon Corp.*   647,826
    

 

     3,245,990

 

 

 

Banks – 7.5%

  76,378      1st Source Corp.   2,529,639
  47,786      Amalgamated Bank, Class A   551,928
  68,229      Atlantic Capital Bancshares, Inc.*   682,290
  123,682      Bancorp, Inc. (The)*   1,166,321
  4,789      Banner Corp.   169,674
  99,849      Boston Private Financial Holdings, Inc.   587,611
  280,887      Cadence BanCorp   2,193,728
  76,212      Cathay General Bancorp   1,842,806
  131,099      Central Pacific Financial Corp.   2,039,900
  1,302      Century Bancorp, Inc., Class A   90,671
  32,233      Columbia Banking System, Inc.   932,501
  216,179      CVB Financial Corp.   3,906,355
  4,893      Equity Bancshares, Inc., Class A*   69,187
  438,562      First BanCorp (Puerto Rico)   2,385,777
  82,028      First Bancorp/Southern Pines NC   1,694,699
  219,984      First Commonwealth Financial Corp.   1,731,274
  148,243      First Foundation, Inc.   2,278,495
  48,787      First Internet Bancorp   714,730
  46,224      Hanmi Financial Corp.   426,648

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Banks – (continued)

  87,526      Heartland Financial USA, Inc.   $    2,734,312
  122,084      Hilltop Holdings, Inc.   2,376,976
  50,628      Hope Bancorp, Inc.   426,794
  115,132      International Bancshares Corp.   3,502,315
  12,469      Metropolitan Bank Holding Corp.*   368,833
  43,756      National Bank Holdings Corp., Class A   1,215,542
  23,862      Preferred Bank   888,860
  20,768      Sierra Bancorp   365,101
  105,274      Simmons First National Corp., Class A   1,746,496
  24,159      Southern National Bancorp of Virginia, Inc.   203,419
  3,683      Texas Capital Bancshares, Inc.*   122,349
  87,811      TriCo Bancshares   2,458,708
  48,555      TriState Capital Holdings, Inc.*   643,354
  46,254      Westamerica Bancorporation   2,791,891
    

 

     45,839,184

 

 

 

Beverages – 0.0%

  799      Coca-Cola Consolidated, Inc.   183,418

 

 

 

Biotechnology – 10.7%

  31,997      Akebia Therapeutics, Inc.*   357,406
  2,196      Allakos, Inc.*   164,854
  94,183      Amicus Therapeutics, Inc.*   1,360,944
  7,708      Arcturus Therapeutics Holdings, Inc.*   402,589
  152,009      Ardelyx, Inc.*   858,851
  26,304      Arrowhead Pharmaceuticals, Inc.*   1,132,913
  63,340      Atara Biotherapeutics, Inc.*   784,783
  9,673      Beam Therapeutics, Inc.*(a)   187,076
  140,748      BioCryst Pharmaceuticals, Inc.*   572,844
  6,440      BioSpecifics Technologies Corp.*   403,530
  9,100      Bioxcel Therapeutics, Inc.*   412,776
  23,765      Blueprint Medicines Corp.*   1,739,123
  5,635      CareDx, Inc.*   187,927
  12,784      Catalyst Biosciences, Inc.*   65,326
  301,276      Catalyst Pharmaceuticals, Inc.*   1,295,487
  27,083      CEL-SCI Corp.*(a)   338,808
  28,048      ChemoCentryx, Inc.*   1,478,410
  3,166      Cortexyme, Inc.*(a)   126,165
  11,466      CytomX Therapeutics, Inc.*   80,377
  4,758      Denali Therapeutics, Inc.*   111,432
  69,241      Dicerna Pharmaceuticals, Inc.*   1,488,682
  119,139      Dynavax Technologies Corp.*   966,217
  34,946      Editas Medicine, Inc.*   1,026,015
  74,035      Eiger BioPharmaceuticals, Inc.*   744,052

 

 

 


GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Biotechnology – (continued)

  43,839      Emergent BioSolutions, Inc.*   $    4,876,650
  48,099      Enanta Pharmaceuticals, Inc.*   2,205,339
  15,808      Fate Therapeutics, Inc.*   494,316
  46,472      FibroGen, Inc.*   1,880,722
  44,748      G1 Therapeutics, Inc.*   656,453
  219,013      Geron Corp.*   348,231
  39,143      Halozyme Therapeutics, Inc.*   1,064,298
  23,467      Heron Therapeutics, Inc.*   382,277
  44,228      Inovio Pharmaceuticals, Inc.*(a)   859,792
  20,739      Insmed, Inc.*   541,703
  11,688      Intercept Pharmaceuticals, Inc.*   533,440
  65,699      Ironwood Pharmaceuticals, Inc.*   602,460
  329,027      Kadmon Holdings, Inc.*   1,204,239
  34,234      Karyopharm Therapeutics, Inc.*   549,456
  5,609      Kiniksa Pharmaceuticals Ltd., Class A*   109,488
  14,551      Krystal Biotech, Inc.*   600,811
  39,092      Kura Oncology, Inc.*   642,672
  23,518      MacroGenics, Inc.*   597,357
  4,887      Mersana Therapeutics, Inc.*   97,154
  178,129      Minerva Neurosciences, Inc.*(a)   620,780
  11,986      Mirati Therapeutics, Inc.*   1,454,022
  29,105      Momenta Pharmaceuticals, Inc.*   858,306
  48,655      Myriad Genetics, Inc.*   587,266
  60,146      Natera, Inc.*   2,888,211
  25,010      Novavax, Inc.*(a)   3,578,931
  193,526      OPKO Health, Inc.*(a)   996,659
  10,182      Precision BioSciences, Inc.*   64,758
  6,023      Principia Biopharma, Inc.*   503,523
  60,660      Protagonist Therapeutics, Inc.*   954,182
  86,332      Prothena Corp. PLC (Ireland)*   1,056,704
  14,266      PTC Therapeutics, Inc.*   660,944
  61,348      Puma Biotechnology, Inc.*   632,498
  73,267      Radius Health, Inc.*   919,501
  37,043      REGENXBIO, Inc.*   1,226,123
  16,427      REVOLUTION Medicines, Inc.*   396,219
  58,023      Sangamo Therapeutics, Inc.*   628,389
  45,202      Sorrento Therapeutics, Inc.*(a)   403,202
  49,138      Syndax Pharmaceuticals, Inc.*   693,337
  29,083      Turning Point Therapeutics, Inc.*   1,722,586
  50,796      Twist Bioscience Corp.*   2,846,608
  7,901      Ultragenyx Pharmaceutical, Inc.*   617,542
  15,570      Veracyte, Inc.*   555,382
  9,352      Vericel Corp.*   154,214
  5,252      Viela Bio, Inc.*   192,276

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Biotechnology – (continued)

  119,514      Viking Therapeutics, Inc.*   $       838,988
  11,571      Voyager Therapeutics, Inc.*   128,091
  110,701      Xencor, Inc.*   3,330,993
  31,594      Y-mAbs Therapeutics, Inc.*   1,109,897
    

 

     65,153,577

 

 

 

Building Products – 2.5%

  34,618      AAON, Inc.   2,051,117
  8,388      Apogee Enterprises, Inc.   181,097
  11,670      Builders FirstSource, Inc.*   276,462
  17,751      CSW Industrials, Inc.   1,185,589
  34,682      Gibraltar Industries, Inc.*   1,793,753
  30,572      Griffon Corp.   699,182
  8,823      Masonite International Corp.*   744,220
  6,175      Patrick Industries, Inc.   394,891
  72,748      Quanex Building Products Corp.   1,022,109
  51,401      Simpson Manufacturing Co., Inc.   4,963,281
  34,373      UFP Industries, Inc.   2,001,196
    

 

     15,312,897

 

 

 

Capital Markets – 0.5%

  11,244      Artisan Partners Asset Management, Inc., Class A   407,370
  30,267      Donnelley Financial Solutions, Inc.*   261,810
  17,522      Federated Hermes, Inc.   461,880
  49,273      Oppenheimer Holdings, Inc., Class A   1,044,095
  13,512      PJT Partners, Inc., Class A   723,297
    

 

     2,898,452

 

 

 

Chemicals – 2.8%

  148,581      Avient Corp.   3,551,086
  6,622      Balchem Corp.   663,922
  12,801      Chase Corp.   1,287,269
  208,351      Ferro Corp.*   2,435,623
  72,904      Ingevity Corp.*   4,263,426
  21,720      Koppers Holdings, Inc.*   546,692
  26,686      Kraton Corp.*   350,921
  74,390      Minerals Technologies, Inc.   3,487,403
  24,520      Orion Engineered Carbons SA (Luxembourg)   250,104
    

 

     16,836,446

 

 

 

Commercial Services & Supplies – 1.5%

  24,893      Brady Corp., Class A   1,144,331

 

 

 


GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Commercial Services & Supplies – (continued)

  11,428      BrightView Holdings, Inc.*   $       138,507
  13,447      Brink’s Co. (The)   596,374
  80,040      HNI Corp.   2,377,188
  132,597      KAR Auction Services, Inc.   2,006,193
  34,118      Kimball International, Inc., Class B   373,251
  40,629      McGrath RentCorp   2,357,295
  23,938      Steelcase, Inc., Class A   256,855
  860      UniFirst Corp.   160,373
    

 

     9,410,367

 

 

 

Communications Equipment – 1.6%

  15,169      Calix, Inc.*   311,116
  89,194      Extreme Networks, Inc.*   405,833
  231,968      Harmonic, Inc.*   1,294,381
  61,151      Inseego Corp.*(a)   824,315
  80,269      NETGEAR, Inc.*   2,468,272
  315,565      Viavi Solutions, Inc.*   4,364,264
    

 

     9,668,181

 

 

 

Construction & Engineering – 0.8%

  44,373      Aegion Corp.*   684,232
  123,840      Great Lakes Dredge & Dock Corp.*   1,035,302
  72,228      MasTec, Inc.*   2,873,230
  22,894      Tutor Perini Corp.*   269,462
    

 

     4,862,226

 

 

 

Construction Materials – 0.5%

  189,690      Summit Materials, Inc., Class A*   2,792,237

 

 

 

Consumer Finance – 1.0%

  15,299      Curo Group Holdings Corp.   106,940
  8,635      Encore Capital Group, Inc.*   315,436
  116,623      Enova International, Inc.*   1,876,464
  9,145      FirstCash, Inc.   527,118
  146,848      Navient Corp.   1,168,910
  8,590      Nelnet, Inc., Class A   498,220
  37,535      PRA Group, Inc.*   1,484,885
    

 

     5,977,973

 

 

 

Containers & Packaging – 0.1%

  6,440      Greif, Inc., Class A   224,048
  27,373      Myers Industries, Inc.   412,237

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Containers & Packaging – (continued)

  27,044      O-I Glass, Inc.   $       282,339
    

 

     918,624

 

 

 

Diversified Consumer Services – 2.1%

  37,552      American Public Education, Inc.*   1,093,139
  41,292      Collectors Universe, Inc.   1,571,574
  17,893      K12, Inc.*   819,320
  241,988      Laureate Education, Inc., Class A*   3,068,408
  121,301      Perdoceo Education Corp.*   1,746,734
  25,777      Strategic Education, Inc.   3,253,315
  47,715      WW International, Inc.*   1,230,093
    

 

     12,782,583

 

 

 

Diversified Financial Services – 0.9%

  117,573      Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)   1,372,077
  107,952      Cannae Holdings, Inc.*   4,067,631
    

 

     5,439,708

 

 

 

Diversified Telecommunication Services – 1.8%

  2,441      Bandwidth, Inc., Class A*   353,408
  51,427      Cogent Communications Holdings, Inc.   4,634,087
  129,649      Consolidated Communications Holdings, Inc.*   946,438
  83,158      Liberty Latin America Ltd., Class C (Chile)*   850,706
  24,568      Ooma, Inc.*   371,960
  400,966      ORBCOMM, Inc.*   1,688,067
  164,314      Vonage Holdings Corp.*   1,963,552
    

 

     10,808,218

 

 

 

Electric Utilities – 0.7%

  101,408      Portland General Electric Co.   4,475,135

 

 

 

Electrical Equipment – 0.6%

  58,682      Atkore International Group, Inc.*   1,565,049
  21,632      Powell Industries, Inc.   574,330
  20,464      Vicor Corp.*   1,667,202
    

 

     3,806,581

 

 

 

Electronic Equipment, Instruments & Components – 3.3%

  61,758      Belden, Inc.   1,951,553
  57,476      Benchmark Electronics, Inc.   1,170,211
  41,548      CTS Corp.   825,143
  47,075      Fabrinet (Thailand)*   3,419,057

 

 

 


GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Electronic Equipment, Instruments & Components – (continued)

  22,043      Itron, Inc.*   $    1,533,311
  148,631      Knowles Corp.*   2,268,109
  17,282      Methode Electronics, Inc.   487,352
  12,142      Novanta, Inc.*   1,258,883
  27,838      Plexus Corp.*   2,068,085
  4,023      Sanmina Corp.*   119,403
  115,039      TTM Technologies, Inc.*   1,416,130
  135,250      Vishay Intertechnology, Inc.   2,122,073
  54,898      Vishay Precision Group, Inc.*   1,397,154
    

 

     20,036,464

 

 

 

Energy Equipment & Services – 0.8%

  41,984      Cactus, Inc., Class A   949,678
  8,002      DMC Global, Inc.   235,099
  85,991      Matrix Service Co.*   752,851
  57,859      Oil States International, Inc.*   259,208
  42,278      Patterson-UTI Energy, Inc.   163,827
  70,918      SEACOR Holdings, Inc.*   2,062,296
  26,229      Solaris Oilfield Infrastructure, Inc., Class A   190,423
    

 

     4,613,382

 

 

 

Entertainment – 0.3%

  177,575      Glu Mobile, Inc.*   1,676,308

 

 

 

Equity Real Estate Investment Trusts (REITs) – 7.1%

  86,322      American Assets Trust, Inc. REIT   2,330,694
  92,792      CareTrust REIT, Inc. REIT   1,672,112
  122,423      City Office REIT, Inc. REIT   1,058,959
  31,743      Community Healthcare Trust, Inc. REIT   1,451,607
  9,740      EastGroup Properties, Inc.   1,292,108
  175,169      Essential Properties Realty Trust, Inc. REIT   2,820,221
  74,617      Four Corners Property Trust, Inc. REIT   1,880,348
  37,355      Gladstone Commercial Corp. REIT   679,861
  14,065      Gladstone Land Corp. REIT   226,165
  149,979      Independence Realty Trust, Inc. REIT   1,724,758
  174,045      Lexington Realty Trust REIT   2,018,922
  13,946      Monmouth Real Estate Investment Corp. REIT   201,241
  16,551      National Storage Affiliates Trust REIT   510,102
  95,395      NexPoint Residential Trust, Inc. REIT   3,646,951
  3,072      Office Properties Income Trust REIT   77,261
  93,898      PotlatchDeltic Corp. REIT   4,019,773
  24,462      PS Business Parks, Inc. REIT   3,374,533
  64,031      QTS Realty Trust, Inc., Class A   4,607,030

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Equity Real Estate Investment Trusts (REITs) – (continued)

  110,317      Retail Opportunity Investments Corp. REIT   $    1,199,146
  53,669      Retail Properties of America, Inc., Class A REIT   341,335
  65,018      Retail Value, Inc. REIT   823,128
  287,900      Sabra Health Care REIT, Inc. REIT   4,243,646
  34,961      Terreno Realty Corp. REIT   2,124,230
  39,525      Uniti Group, Inc. REIT   391,298
  2,982      Universal Health Realty Income Trust REIT   207,488
  23,599      Urban Edge Properties REIT   247,318
    

 

     43,170,235

 

 

 

Food & Staples Retailing – 1.3%

  106,883      BJ’s Wholesale Club Holdings, Inc.*   4,280,664
  7,723      Chefs’ Warehouse, Inc. (The)*   89,046
  43,415      Ingles Markets, Inc., Class A   1,747,454
  15,401      Natural Grocers by Vitamin Cottage, Inc.   243,798
  21,294      SpartanNash Co.   447,706
  19,343      Weis Markets, Inc.   963,668
    

 

     7,772,336

 

 

 

Food Products – 1.4%

  107,371      Darling Ingredients, Inc.*   2,998,872
  21,874      Fresh Del Monte Produce, Inc.   493,915
  24,072      J & J Snack Foods Corp.   2,963,985
  21,650      John B. Sanfilippo & Son, Inc.   1,908,881
  5,258      Seneca Foods Corp., Class A*   206,008
    

 

     8,571,661

 

 

 

Gas Utilities – 0.3%

  8,427      Northwest Natural Holding Co.   450,760
  15,623      Southwest Gas Holdings, Inc.   1,087,986
    

 

     1,538,746

 

 

 

Health Care Equipment & Supplies – 1.6%

  57,050      Antares Pharma, Inc.*   148,901
  1,445      Cantel Medical Corp.   68,276
  103,308      GenMark Diagnostics, Inc.*   1,845,081
  16,651      Inogen, Inc.*   511,186
  2,120      Integer Holdings Corp.*   139,432
  45,838      Invacare Corp.   322,700
  122,317      Natus Medical, Inc.*   2,272,650
  1,244      NuVasive, Inc.*   71,082
  19,979      OraSure Technologies, Inc.*   362,619
  36,454      Shockwave Medical, Inc.*   1,797,911

 

 

 


GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Health Care Equipment & Supplies – (continued)

  30,832      Surmodics, Inc.*   $    1,458,045
  3,644      Utah Medical Products, Inc.   296,986
  12,764      Vapotherm, Inc.*   666,791
    

 

     9,961,660

 

 

 

Health Care Providers & Services – 0.8%

  68,521      Brookdale Senior Living, Inc.*   189,803
  32,314      Cross Country Healthcare, Inc.*   209,556
  14,080      Magellan Health, Inc.*   1,044,314
  72,772      Select Medical Holdings Corp.*   1,385,579
  67,888      Tenet Healthcare Corp.*   1,794,959
    

 

     4,624,211

 

 

 

Health Care Technology – 1.5%

  17,820      Allscripts Healthcare Solutions, Inc.*   160,380
  2,873      Computer Programs and Systems, Inc.   70,906
  58,809      Inovalon Holdings, Inc., Class A*   1,383,776
  10,916      NextGen Healthcare, Inc.*   159,592
  33,547      Omnicell, Inc.*   2,358,018
  25,468      Phreesia, Inc.*   765,568
  13,726      Schrodinger, Inc.*(a)   993,488
  32,349      Simulations Plus, Inc.   2,277,369
  33,923      Vocera Communications, Inc.*   1,043,811
    

 

     9,212,908

 

 

 

Hotels, Restaurants & Leisure – 3.1%

  71,854      Bloomin’ Brands, Inc.   827,758
  8,393      Chuy’s Holdings, Inc.*   133,533
  17,373      Del Taco Restaurants, Inc.*   132,903
  179,833      Denny’s Corp.*   1,597,816
  28,388      Dine Brands Global, Inc.   1,289,667
  173,972      Everi Holdings, Inc.*   988,161
  208,442      International Game Technology PLC   2,055,238
  4,180      Jack in the Box, Inc.   343,220
  315,853      Red Rock Resorts, Inc., Class A   3,461,749
  106,674      Scientific Games Corp.*   1,874,262
  11,719      Texas Roadhouse, Inc.   658,491
  35,028      Wingstop, Inc.   5,473,125
    

 

     18,835,923

 

 

 

Household Durables – 2.1%

  10,161      Beazer Homes USA, Inc.*   113,701
  17,307      KB Home   582,207
  12,288      LGI Homes, Inc.*   1,402,184

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Household Durables – (continued)

  65,664      M/I Homes, Inc.*   $    2,733,592
  10,648      Meritage Homes Corp.*   1,056,069
  53,846      Taylor Morrison Home Corp.*   1,262,689
  7,004      TopBuild Corp.*   923,968
  230,902      TRI Pointe Group, Inc.*   3,860,681
  22,500      Universal Electronics, Inc.*   1,036,575
    

 

     12,971,666

 

 

 

Household Products – 0.1%

  22,092      Central Garden & Pet Co., Class A*   765,488

 

 

 

Independent Power and Renewable Electricity Producers – 0.0%

  3,880      Ormat Technologies, Inc.   230,860

 

 

 

Insurance – 3.9%

  132,890      American Equity Investment Life Holding Co.   3,382,051
  32,071      AMERISAFE, Inc.   2,035,226
  38,581      Argo Group International Holdings Ltd.   1,292,849
  4,325      BRP Group, Inc., Class A*   75,471
  18,908      FBL Financial Group, Inc., Class A   657,620
  438,636      Genworth Financial, Inc., Class A*   894,818
  45,832      Goosehead Insurance, Inc., Class A*   4,735,821
  4,152      HCI Group, Inc.   185,262
  11,862      Kinsale Capital Group, Inc.   2,311,904
  1,889      National Western Life Group, Inc., Class A   367,958
  4,753      Palomar Holdings, Inc.*   434,139
  19,560      ProAssurance Corp.   287,532
  93,697      Stewart Information Services Corp.   3,930,589
  57,720      Trupanion, Inc.*(a)   2,918,900
    

 

     23,510,140

 

 

 

Interactive Media & Services – 0.6%

  135,613      Cars.com, Inc.*   1,101,177
  20,988      EverQuote, Inc., Class A*   1,142,797
  19,942      Meet Group, Inc. (The)*   124,239
  41,155      Yelp, Inc.*   1,028,052
    

 

     3,396,265

 

 

 

Internet & Direct Marketing Retail – 0.4%

  211,334      Magnite, Inc.*   1,269,061
  5,291      Stamps.com, Inc.*   1,377,141
    

 

     2,646,202

 

 

 


GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

IT Services – 1.6%

  8,588      Brightcove, Inc.*   $         90,861
  17,469      Cass Information Systems, Inc.   625,914
  76,954      Conduent, Inc.*   146,982
  12,579      Hackett Group, Inc. (The)   173,464
  23,527      KBR, Inc.   523,240
  26,692      Limelight Networks, Inc.*   167,359
  19,609      LiveRamp Holdings, Inc.*   893,582
  3,615      NIC, Inc.   79,241
  33,927      Perficient, Inc.*   1,330,278
  208,257      Perspecta, Inc.   4,456,700
  27,013      Virtusa Corp.*   1,096,728
    

 

     9,584,349

 

 

 

Leisure Products – 1.3%

  2,929      Johnson Outdoors, Inc., Class A   256,463
  22,442      Malibu Boats, Inc., Class A*   1,319,141
  38,326      Smith & Wesson Brands, Inc.*   915,608
  24,548      Sturm Ruger & Co., Inc.   1,997,471
  67,614      Vista Outdoor, Inc.*   1,159,580
  45,782      YETI Holdings, Inc.*   2,238,282
    

 

     7,886,545

 

 

 

Life Sciences Tools & Services – 0.1%

  4,081      Medpace Holdings, Inc.*   487,067

 

 

 

Machinery – 2.8%

  38,596      Albany International Corp., Class A   1,855,696
  24,758      Barnes Group, Inc.   912,828
  13,317      Chart Industries, Inc.*   912,614
  40,788      Columbus McKinnon Corp.   1,351,306
  770      ESCO Technologies, Inc.   66,174
  26,532      Federal Signal Corp.   820,104
  25,025      Franklin Electric Co., Inc.   1,352,601
  15,183      Meritor, Inc.*   345,413
  27,146      Miller Industries, Inc.   769,589
  44,272      Mueller Industries, Inc.   1,237,845
  45,423      Navistar International Corp.*   1,454,899
  17,621      RBC Bearings, Inc.*   2,157,163
  129,232      Rexnord Corp.   3,743,851
  15,398      Welbilt, Inc.*   93,620
    

 

     17,073,703

 

 

 

Marine – 0.0%

  69,358      Costamare, Inc. (Monaco)   315,579

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Media – 1.1%

  15,345      Cardlytics, Inc.*   $    1,019,215
  21,849      Gray Television, Inc.*   313,315
  3,617      Loral Space & Communications, Inc.   65,721
  95,371      MSG Networks, Inc., Class A*   908,886
  69,416      Scholastic Corp.   1,661,125
  60,798      TechTarget, Inc.*   2,206,359
  45,129      WideOpenWest, Inc.*   246,404
    

 

     6,421,025

 

 

 

Metals & Mining – 1.2%

  141,373      Alcoa Corp.*   1,837,849
  20,984      Carpenter Technology Corp.   469,202
  43,177      Coeur Mining, Inc.*   342,394
  38,497      Haynes International, Inc.   706,805
  207,156      Hecla Mining Co.   1,143,501
  15,252      Kaiser Aluminum Corp.   944,862
  32,677      Materion Corp.   1,876,313
    

 

     7,320,926

 

 

 

Mortgage Real Estate Investment Trusts (REITs) – 0.9%

  370,175      Anworth Mortgage Asset Corp. REIT   670,017
  45,120      ARMOUR Residential REIT, Inc. REIT   421,421
  83,246      Blackstone Mortgage Trust, Inc., Class A REIT   2,003,731
  103,356      Capstead Mortgage Corp. REIT   635,639
  7,683      Ellington Residential Mortgage REIT   84,897
  131,465      Ladder Capital Corp. REIT   1,021,483
  27,715      MFA Financial, Inc. REIT   72,890
  36,317      TPG RE Finance Trust, Inc. REIT   315,232
    

 

     5,225,310

 

 

 

Multiline Retail – 0.4%

  57,882      Big Lots, Inc.   2,277,078

 

 

 

Multi-Utilities – 0.9%

  44,108      Avista Corp.   1,637,730
  6,566      Black Hills Corp.   379,909
  63,531      NorthWestern Corp.   3,574,254
    

 

     5,591,893

 

 

 

Oil, Gas & Consumable Fuels – 1.3%

  458,669      Antero Resources Corp.*   1,357,660
  84,231      Ardmore Shipping Corp. (Ireland)   346,190
  43,341      Brigham Minerals, Inc., Class A   480,218

 

 

 


GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Oil, Gas & Consumable Fuels – (continued)

  104,574      Clean Energy Fuels Corp.*   $       248,886
  20,279      Diamond S Shipping, Inc.*   178,050
  24,952      Green Plains, Inc.*   322,629
  36,220      Magnolia Oil & Gas Corp., Class A*   216,596
  40,390      Matador Resources Co.*(a)   350,585
  38,604      Ovintiv, Inc.(a)   374,073
  7,299      Penn Virginia Corp.*   72,333
  81,190      Renewable Energy Group, Inc.*   2,239,220
  79,979      World Fuel Services Corp.   1,881,906
    

 

     8,068,346

 

 

 

Paper & Forest Products – 1.8%

  77,118      Boise Cascade Co.   3,592,928
  3,179      Clearwater Paper Corp.*   117,369
  4,931      Domtar Corp.   103,502
  156,808      Louisiana-Pacific Corp.   4,966,109
  6,991      Neenah, Inc.   311,868
  112,908      P H Glatfelter Co.   1,798,624
    

 

     10,890,400

 

 

 

Personal Products – 0.1%

  11,655      BellRing Brands, Inc., Class A*   231,585
  4,666      USANA Health Sciences, Inc.*   378,786
    

 

     610,371

 

 

 

Pharmaceuticals – 2.3%

  69,089      Amphastar Pharmaceuticals, Inc.*   1,383,162
  48,662      ANI Pharmaceuticals, Inc.*   1,440,882
  36,485      Axsome Therapeutics, Inc.*   2,602,475
  182,768      BioDelivery Sciences International, Inc.*   765,798
  104,857      Corcept Therapeutics, Inc.*   1,567,612
  76,453      Endo International PLC*   266,056
  188,613      Innoviva, Inc.*   2,554,763
  5,194      Intra-Cellular Therapies, Inc.*   102,971
  14,101      MyoKardia, Inc.*   1,270,923
  4,885      Pacira BioSciences, Inc.*   257,000
  57,352      Phibro Animal Health Corp., Class A   1,330,280
  19,177      Prestige Consumer Healthcare, Inc.*   713,193
    

 

     14,255,115

 

 

 

Professional Services – 0.8%

  7,191      Barrett Business Services, Inc.   378,822
  14,897      Exponent, Inc.   1,252,242
  19,903      Huron Consulting Group, Inc.*   949,771

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Professional Services – (continued)

  52,219      Kforce, Inc.   $    1,505,996
  59,226      Upwork, Inc.*   889,574
    

 

     4,976,405

 

 

 

Real Estate Management & Development – 0.2%

  37,271      Kennedy-Wilson Holdings, Inc.   553,102
  49,442      Newmark Group, Inc., Class A   201,229
  5,531      Redfin Corp.*   229,979
    

 

     984,310

 

 

 

Road & Rail – 1.3%

  36,963      Heartland Express, Inc.   749,795
  109,041      Marten Transport Ltd.   2,902,671
  90,276      Werner Enterprises, Inc.   3,970,790
    

 

     7,623,256

 

 

 

Semiconductors & Semiconductor Equipment – 3.0%

  49,523      Ambarella, Inc.*   2,242,401
  151,468      Amkor Technology, Inc.*   2,059,208
  60,264      Axcelis Technologies, Inc.*   1,772,967
  79,596      FormFactor, Inc.*   2,295,549
  66,205      Lattice Semiconductor Corp.*   2,058,313
  17,754      MACOM Technology Solutions Holdings, Inc.*   750,284
  8,635      MaxLinear, Inc.*   218,897
  188,538      NeoPhotonics Corp.*   1,717,581
  7,392      Photronics, Inc.*   87,817
  16,828      Power Integrations, Inc.   2,053,521
  153,242      Rambus, Inc.*   2,261,852
  14,535      Ultra Clean Holdings, Inc.*   437,358
    

 

     17,955,748

 

 

 

Software – 5.1%

  25,502      Blackline, Inc.*   2,267,383
  223,027      Box, Inc., Class A*   4,003,335
  67,405      ChannelAdvisor Corp.*   1,373,040
  274,228      Cloudera, Inc.*   3,090,549
  68,974      Cornerstone OnDemand, Inc.*   2,449,267
  51,432      Domo, Inc., Class B*   1,655,082
  10,572      J2 Global, Inc.*   599,644
  18,192      MicroStrategy, Inc., Class A*   2,254,352
  34,891      Qualys, Inc.*   4,308,341
  42,141      SPS Commerce, Inc.*   3,167,739
  126,146      SVMK, Inc.*   3,024,981

 

 

 


GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Software – (continued)

  76,072      Telenav, Inc.*   $       394,433
  34,594      Tenable Holdings, Inc.*   1,173,774
  7,727      Xperi Holding Corp.   142,486
  121,197      Zuora, Inc., Class A*   1,410,733
    

 

     31,315,139

 

 

 

Specialty Retail – 3.5%

  15,783      America’s Car-Mart, Inc.*   1,501,910
  35,628      Asbury Automotive Group, Inc.*   3,568,144
  34,244      Camping World Holdings, Inc., Class A   1,254,015
  15,240      Lithia Motors, Inc., Class A   3,492,246
  18,739      MarineMax, Inc.*   519,820
  13,258      Murphy USA, Inc.*   1,755,492
  23,781      ODP Corp. (The)   524,847
  3,186      RH*   915,752
  101,123      Sonic Automotive, Inc., Class A   3,854,809
  203,074      Sportsman’s Warehouse Holdings, Inc.*   3,267,460
  18,789      Zumiez, Inc.*   434,026
    

 

     21,088,521

 

 

 

Textiles, Apparel & Luxury Goods – 0.7%

  6,339      Deckers Outdoor Corp.*   1,326,436
  65,939      G-III Apparel Group Ltd.*   652,136
  100,498      Wolverine World Wide, Inc.   2,415,972
    

 

     4,394,544

 

 

 

Thrifts & Mortgage Finance – 1.5%

  41,022      Axos Financial, Inc.*   919,303
  34,029      Meridian Bancorp, Inc.   388,101
  13,287      Mr. Cooper Group, Inc.*   216,977
  84,310      PennyMac Financial Services, Inc.   4,068,800
  8,181      Radian Group, Inc.   122,060
  50,836      Walker & Dunlop, Inc.   2,562,643
  26,276      Washington Federal, Inc.   613,282
    

 

     8,891,166

 

 

 

Tobacco – 0.1%

  81,614      Vector Group Ltd.   719,835

 

 

 

Trading Companies & Distributors – 1.3%

  104,426      Foundation Building Materials, Inc.*   1,433,769
  40,557      GMS, Inc.*   950,250
  75,881      H&E Equipment Services, Inc.   1,334,747
  270,653      MRC Global, Inc.*   1,610,385

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Trading Companies & Distributors – (continued)

  50,403      Rush Enterprises, Inc., Class A   $    2,398,175
  11,693      Triton International Ltd. (Bermuda)   367,186
    

 

     8,094,512

 

 

 

TOTAL INVESTMENTS BEFORE SECURITIES LENDING
REINVESTMENT VEHICLE

(Cost $613,895,521)

  $603,679,390

 

 

Shares      Dividend
Rate
  Value
  Securities Lending Reinvestment Vehicle – 1.4%(b)
 

Goldman Sachs Financial Square Government Fund – Institutional
Shares

  8,660,810      0.130%   $    8,660,810
  (Cost $8,660,810)  

 

 

 

TOTAL INVESTMENTS – 100.7%

(Cost $622,556,331)

  $612,340,200

 

 

 

LIABILITIES IN EXCESS OF

    OTHER ASSETS – (0.7)%

  (4,139,741)

 

 

  NET ASSETS – 100.0%   $608,200,459

 

 

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 EQUITY INSIGHTS FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION

 

 

FUTURES CONTRACTS — At July 31, 2020, the Fund had the following futures contracts:

 

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

 

 

E-mini Russell 2000 Index

     6      09/18/20      $ 413,906        $ 29,434  

 

 


GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

 

Schedule of Investments

July 31, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – 99.3%
 

Aerospace & Defense – 0.6%

  116,929      Aerojet Rocketdyne Holdings, Inc.*   $       4,823,321
  10,578      AeroVironment, Inc.*   809,746
  97,317      Astronics Corp.*   846,658
    

 

  6,479,725

 

 

 

Air Freight & Logistics – 0.3%

  138,010      Echo Global Logistics, Inc.*   3,459,221
  71,472      Radiant Logistics, Inc.*   303,756
    

 

  3,762,977

 

 

 

Airlines – 0.0%

  4,741      SkyWest, Inc.   124,736

 

 

 

Auto Components – 0.4%

  49,988      American Axle & Manufacturing Holdings, Inc.*   352,915
  14,059      Fox Factory Holding Corp.*   1,251,251
  51,714      Gentherm, Inc.*   2,004,952
  13,161      Standard Motor Products, Inc.   598,562
  6,635      Visteon Corp.*   481,768
    

 

  4,689,448

 

 

 

Banks – 2.0%

  61,171      Amalgamated Bank, Class A   706,525
  45,994      Atlantic Capital Bancshares, Inc.*   459,940
  178,206      Central Pacific Financial Corp.   2,772,885
  303,718      CVB Financial Corp.   5,488,184
  134,736      First Foundation, Inc.   2,070,892
  36,150      Hilltop Holdings, Inc.   703,841
  131,579      International Bancshares Corp.   4,002,633
  29,965      National Bank Holdings Corp., Class A   832,428
  60,003      TriCo Bancshares   1,680,084
  62,578      Westamerica Bancorporation   3,777,208
    

 

  22,494,620

 

 

 

Beverages – 0.1%

  4,020      Coca-Cola Consolidated, Inc.   922,831

 

 

 

Biotechnology – 18.5%

  46,614      Adverum Biotechnologies, Inc.*   781,717
  95,218      Akebia Therapeutics, Inc.*   1,063,585
  21,430      Allakos, Inc.*   1,608,750
  21,554      Allogene Therapeutics, Inc.*(a)   790,385
  358,043      Amicus Therapeutics, Inc.*   5,173,721

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Biotechnology – (continued)

  32,264      Arcturus Therapeutics Holdings, Inc.*   $       1,685,149
  149,319      Ardelyx, Inc.*   843,652
  105,191      Arrowhead Pharmaceuticals, Inc.*   4,530,576
  143,838      Atara Biotherapeutics, Inc.*   1,782,153
  9,191      Atreca, Inc., Class A*   119,023
  21,280      Avrobio, Inc.*   360,696
  9,820      Beam Therapeutics, Inc.*(a)   189,919
  17,066      Beyondspring, Inc.*   188,238
  359,770      BioCryst Pharmaceuticals, Inc.*   1,464,264
  13,522      BioSpecifics Technologies Corp.*   847,288
  31,266      Bioxcel Therapeutics, Inc.*   1,418,226
  4,684      Black Diamond Therapeutics, Inc.*   130,309
  82,920      Blueprint Medicines Corp.*   6,068,086
  25,690      Bridgebio Pharma, Inc.*(a)   722,917
  48,874      CareDx, Inc.*   1,629,948
  564,259      Catalyst Pharmaceuticals, Inc.*   2,426,314
  75,841      CEL-SCI Corp.*(a)   948,771
  85,155      ChemoCentryx, Inc.*   4,488,520
  27,121      Constellation Pharmaceuticals, Inc.*   729,284
  22,744      Cortexyme, Inc.*(a)   906,348
  39,482      Cue Biopharma, Inc.*   746,605
  49,154      CytomX Therapeutics, Inc.*   344,570
  65,764      Denali Therapeutics, Inc.*   1,540,193
  180,186      Dicerna Pharmaceuticals, Inc.*   3,873,999
  266,884      Dynavax Technologies Corp.*   2,164,429
  8,254      Eagle Pharmaceuticals, Inc.*   382,903
  140,044      Editas Medicine, Inc.*   4,111,692
  129,320      Eiger BioPharmaceuticals, Inc.*   1,299,666
  112,033      Emergent BioSolutions, Inc.*   12,462,551
  104,176      Enanta Pharmaceuticals, Inc.*   4,776,470
  93,604      Fate Therapeutics, Inc.*   2,926,997
  122,370      FibroGen, Inc.*   4,952,314
  69,479      G1 Therapeutics, Inc.*   1,019,257
  161,731      Geron Corp.*   257,152
  317,008      Halozyme Therapeutics, Inc.*   8,619,447
  24,592      Harpoon Therapeutics, Inc.*   270,758
  84,231      Heron Therapeutics, Inc.*   1,372,123
  3,096      IGM Biosciences, Inc.*   155,605
  27,844      ImmunoGen, Inc.*   114,439
  165,929      Inovio Pharmaceuticals, Inc.*(a)   3,225,660
  132,829      Insmed, Inc.*   3,469,493
  51,244      Intercept Pharmaceuticals, Inc.*   2,338,776
  42,914      Invitae Corp.*   1,253,089
  268,941      Ironwood Pharmaceuticals, Inc.*   2,466,189

 

 

 


GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Biotechnology – (continued)

  756,664      Kadmon Holdings, Inc.*   $       2,769,390
  10,238      Karuna Therapeutics, Inc.*   837,468
  120,286      Karyopharm Therapeutics, Inc.*   1,930,590
  29,355      Kiniksa Pharmaceuticals Ltd., Class A*   573,010
  23,366      Kodiak Sciences, Inc.*   1,082,547
  37,318      Krystal Biotech, Inc.*   1,540,860
  120,064      Kura Oncology, Inc.*   1,973,852
  36,536      MacroGenics, Inc.*   928,014
  48,010      Mersana Therapeutics, Inc.*   954,439
  357,699      Minerva Neurosciences, Inc.*   1,246,581
  46,851      Mirati Therapeutics, Inc.*   5,683,495
  116,296      Momenta Pharmaceuticals, Inc.*   3,429,569
  68,035      Mustang Bio, Inc.*   209,548
  191,426      Natera, Inc.*   9,192,277
  29,390      Novavax, Inc.*(a)   4,205,709
  76,385      OPKO Health, Inc.*   393,383
  226,195      Pieris Pharmaceuticals, Inc.*   581,321
  46,647      Precision BioSciences, Inc.*   296,675
  33,768      Principia Biopharma, Inc.*   2,823,005
  140,707      Protagonist Therapeutics, Inc.*   2,213,321
  67,401      Prothena Corp. PLC (Ireland)*   824,988
  69,425      PTC Therapeutics, Inc.*   3,216,460
  81,246      Puma Biotechnology, Inc.*   837,646
  207,357      Radius Health, Inc.*   2,602,330
  85,171      REGENXBIO, Inc.*   2,819,160
  16,145      Replimune Group, Inc.*   322,416
  8,109      Retrophin, Inc.*   161,207
  43,104      REVOLUTION Medicines, Inc.*   1,039,668
  103,868      Rigel Pharmaceuticals, Inc.*   238,896
  12,594      Rocket Pharmaceuticals, Inc.*   296,337
  185,265      Sangamo Therapeutics, Inc.*   2,006,420
  262,107      Sorrento Therapeutics, Inc.*(a)   2,337,994
  5,387      SpringWorks Therapeutics, Inc.*   229,648
  10,783      Stoke Therapeutics, Inc.*   271,624
  187,001      Syndax Pharmaceuticals, Inc.*   2,638,584
  44,074      TG Therapeutics, Inc.*   862,969
  11,207      Translate Bio, Inc.*   170,234
  70,156      Turning Point Therapeutics, Inc.*   4,155,340
  132,135      Twist Bioscience Corp.*   7,404,845
  67,358      Ultragenyx Pharmaceutical, Inc.*   5,264,701
  101,089      Veracyte, Inc.*   3,605,845
  54,963      Vericel Corp.*   906,340
  18,536      Viela Bio, Inc.*   678,603
  239,185      Viking Therapeutics, Inc.*   1,679,079

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Biotechnology – (continued)

  23,988      Vir Biotechnology, Inc.*   $       1,145,667
  104,722      Voyager Therapeutics, Inc.*   1,159,273
  227,481      Xencor, Inc.*   6,844,903
  88,613      Y-mAbs Therapeutics, Inc.*   3,112,975
    

 

  204,741,422

 

 

 

Building Products – 2.7%

  96,058      AAON, Inc.   5,691,437
  90,789      Builders FirstSource, Inc.*   2,150,791
  43,550      CSW Industrials, Inc.   2,908,705
  27,802      Gibraltar Industries, Inc.*   1,437,919
  9,828      Masonite International Corp.*   828,992
  4,935      Patrick Industries, Inc.   315,593
  117,743      Simpson Manufacturing Co., Inc.   11,369,264
  97,714      UFP Industries, Inc.   5,688,909
    

 

  30,391,610

 

 

 

Capital Markets – 0.4%

  91,969      Federated Hermes, Inc.   2,424,303
  37,472      PJT Partners, Inc., Class A   2,005,876
    

 

  4,430,179

 

 

 

Chemicals – 2.7%

  206,863      Avient Corp.   4,944,026
  49,521      Balchem Corp.   4,964,975
  30,097      Chase Corp.   3,026,554
  361,546      Ferro Corp.*   4,226,473
  149,796      Ingevity Corp.*   8,760,070
  49,393      Koppers Holdings, Inc.*   1,243,222
  62,139      Kraton Corp.*   817,128
  43,664      Minerals Technologies, Inc.   2,046,968
    

 

  30,029,416

 

 

 

Commercial Services & Supplies – 1.2%

  72,974      Brady Corp., Class A   3,354,615
  14,796      Brink’s Co. (The)   656,203
  118,749      HNI Corp.   3,526,845
  101,768      Kimball International, Inc., Class B   1,113,342
  78,154      McGrath RentCorp   4,534,495
    

 

  13,185,500

 

 

 

Communications Equipment – 1.6%

  111,925      Calix, Inc.*   2,295,582
  218,397      Extreme Networks, Inc.*   993,706

 

 

 


GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Communications Equipment – (continued)

  123,853      Harmonic, Inc.*   $          691,100
  134,680      Inseego Corp.*(a)   1,815,486
  83,292      NETGEAR, Inc.*   2,561,229
  676,074      Viavi Solutions, Inc.*   9,350,104
    

 

  17,707,207

 

 

 

Construction & Engineering – 0.4%

  193,223      Great Lakes Dredge & Dock Corp.*   1,615,344
  82,080      MasTec, Inc.*   3,265,143
    

 

  4,880,487

 

 

 

Construction Materials – 0.3%

  220,708      Summit Materials, Inc., Class A*   3,248,822

 

 

 

Consumer Finance – 0.6%

  178,367      Enova International, Inc.*   2,869,925
  56,685      FirstCash, Inc.   3,267,323
    

 

  6,137,248

 

 

 

Containers & Packaging – 0.1%

  69,245      Myers Industries, Inc.   1,042,830

 

 

 

Diversified Consumer Services – 1.7%

  30,062      American Public Education, Inc.*   875,105
  71,513      Collectors Universe, Inc.   2,721,785
  8,113      K12, Inc.*   371,494
  159,377      Laureate Education, Inc., Class A*   2,020,900
  259,498      Perdoceo Education Corp.*   3,736,771
  56,162      Strategic Education, Inc.   7,088,206
  57,693      WW International, Inc.*   1,487,326
    

 

  18,301,587

 

 

 

Diversified Financial Services – 0.5%

  137,658      Cannae Holdings, Inc.*   5,186,953

 

 

 

Diversified Telecommunication Services – 2.0%

  32,565      Bandwidth, Inc., Class A*   4,714,761
  118,308      Cogent Communications Holdings, Inc.   10,660,734
  25,136      Iridium Communications, Inc.*   688,475
  51,361      Ooma, Inc.*   777,606
  538,564      ORBCOMM, Inc.*   2,267,354
  288,694      Vonage Holdings Corp.*   3,449,893
    

 

  22,558,823

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Electric Utilities – 0.1%

  30,572      Portland General Electric Co.   $       1,349,142

 

 

 

Electrical Equipment – 1.1%

  130,697      Atkore International Group, Inc.*   3,485,689
  12,035      Powell Industries, Inc.   319,529
  46,611      Sunrun, Inc.*   1,710,158
  77,111      Vicor Corp.*   6,282,233
    

 

  11,797,609

 

 

 

Electronic Equipment, Instruments & Components – 3.0%

  39,648      Belden, Inc.   1,252,877
  50,891      Benchmark Electronics, Inc.   1,036,141
  127,742      Fabrinet (Thailand)*   9,277,901
  92,544      Itron, Inc.*   6,437,361
  154,713      Knowles Corp.*   2,360,920
  41,981      Novanta, Inc.*   4,352,590
  60,178      Plexus Corp.*   4,470,623
  57,674      TTM Technologies, Inc.*   709,967
  46,275      Vishay Intertechnology, Inc.   726,055
  88,995      Vishay Precision Group, Inc.*   2,264,923
    

 

  32,889,358

 

 

 

Energy Equipment & Services – 0.4%

  37,308      Cactus, Inc., Class A   843,907
  82,277      Matrix Service Co.*   720,335
  93,213      SEACOR Holdings, Inc.*   2,710,634
    

 

  4,274,876

 

 

 

Entertainment – 0.5%

  557,610      Glu Mobile, Inc.*   5,263,838

 

 

 

Equity Real Estate Investment Trusts (REITs) – 4.6%

  148,474      American Assets Trust, Inc. REIT   4,008,798
  59,741      CareTrust REIT, Inc. REIT   1,076,533
  49,643      Community Healthcare Trust, Inc. REIT   2,270,174
  43,082      EastGroup Properties, Inc.   5,715,258
  205,166      Essential Properties Realty Trust, Inc. REIT   3,303,173
  79,117      Four Corners Property Trust, Inc. REIT   1,993,748
  35,540      Gladstone Land Corp. REIT   571,483
  47,486      National Storage Affiliates Trust REIT   1,463,519
  168,338      NexPoint Residential Trust, Inc. REIT   6,435,562
  81,623      PotlatchDeltic Corp. REIT   3,494,281
  27,511      PS Business Parks, Inc. REIT   3,795,142
  133,873      QTS Realty Trust, Inc., Class A   9,632,162

 

 

 


GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Equity Real Estate Investment Trusts (REITs) – (continued)

  263,262      Sabra Health Care REIT, Inc. REIT   $       3,880,482
  39,836      Terreno Realty Corp. REIT   2,420,435
  97,905      Uniti Group, Inc. REIT   969,260
    

 

  51,030,010

 

 

 

Food & Staples Retailing – 1.1%

  275,732      BJ’s Wholesale Club Holdings, Inc.*   11,043,067
  13,677      Ingles Markets, Inc., Class A   550,499
  9,220      Natural Grocers by Vitamin Cottage, Inc.   145,953
  11,299      Weis Markets, Inc.   562,916
    

 

  12,302,435

 

 

 

Food Products – 0.8%

  54,803      Darling Ingredients, Inc.*   1,530,647
  27,422      J & J Snack Foods Corp.   3,376,471
  50,452      John B. Sanfilippo & Son, Inc.   4,448,353
    

 

  9,355,471

 

 

 

Gas Utilities – 0.0%

  5,132      Northwest Natural Holding Co.   274,511

 

 

 

Health Care Equipment & Supplies – 3.7%

  367,715      Antares Pharma, Inc.*   959,736
  2,990      AtriCure, Inc.*   122,022
  30,658      Cantel Medical Corp.   1,448,590
  43,471      Cardiovascular Systems, Inc.*   1,324,996
  14,279      CONMED Corp.   1,178,589
  101,027      CytoSorbents Corp.*   967,334
  275,527      GenMark Diagnostics, Inc.*   4,920,912
  51,961      Inogen, Inc.*   1,595,203
  35,283      Integer Holdings Corp.*   2,320,563
  39,918      Invacare Corp.   281,023
  8,959      Merit Medical Systems, Inc.*   400,646
  233,899      Natus Medical, Inc.*   4,345,843
  31,998      Neogen Corp.*   2,456,486
  45,141      NuVasive, Inc.*   2,579,357
  123,312      OraSure Technologies, Inc.*   2,238,113
  91,166      Shockwave Medical, Inc.*   4,496,307
  32,077      STAAR Surgical Co.*   1,866,561
  95,300      Surmodics, Inc.*   4,506,737
  9,724      Utah Medical Products, Inc.   792,506
  48,545      Vapotherm, Inc.*   2,535,991
    

 

  41,337,515

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Health Care Providers & Services – 1.0%

  13,948      BioTelemetry, Inc.*   $          593,627
  4,911      LHC Group, Inc.*   958,185
  26,441      Magellan Health, Inc.*   1,961,129
  16,350      National Research Corp.   935,057
  13,753      Option Care Health, Inc.*   162,010
  180,850      Select Medical Holdings Corp.*   3,443,384
  112,653      Tenet Healthcare Corp.*   2,978,545
    

 

  11,031,937

 

 

 

Health Care Technology – 2.6%

  15,001      HMS Holdings Corp.*   487,533
  130,944      Inovalon Holdings, Inc., Class A*   3,081,112
  125,230      NextGen Healthcare, Inc.*   1,830,863
  117,093      Omnicell, Inc.*   8,230,467
  77,378      Phreesia, Inc.*   2,325,983
  39,496      Schrodinger, Inc.*(a)   2,858,720
  81,745      Simulations Plus, Inc.   5,754,848
  28,137      Tabula Rasa HealthCare, Inc.*(a)   1,581,299
  85,862      Vocera Communications, Inc.*   2,641,974
    

 

  28,792,799

 

 

 

Hotels, Restaurants & Leisure – 3.0%

  52,230      Bloomin’ Brands, Inc.   601,690
  339,492      Denny’s Corp.*   3,016,386
  24,489      Dine Brands Global, Inc.   1,112,535
  391,719      Everi Holdings, Inc.*   2,224,964
  133,559      International Game Technology PLC   1,316,892
  546,552      Red Rock Resorts, Inc., Class A   5,990,210
  203,002      Scientific Games Corp.*   3,566,745
  53,767      Texas Roadhouse, Inc.   3,021,168
  78,266      Wingstop, Inc.   12,229,062
    

 

  33,079,652

 

 

 

Household Durables – 1.9%

  9,558      Installed Building Products, Inc.*   756,133
  11,940      KB Home   401,662
  44,473      LGI Homes, Inc.*   5,074,814
  57,856      M/I Homes, Inc.*   2,408,545
  11,538      Meritage Homes Corp.*   1,144,339
  35,850      Taylor Morrison Home Corp.*   840,683
  37,005      TopBuild Corp.*   4,881,700
  236,346      TRI Pointe Group, Inc.*   3,951,705

 

 

 


GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Household Durables – (continued)

  37,134      Universal Electronics, Inc.*   $       1,710,763
    

 

  21,170,344

 

 

 

Household Products – 0.0%

  4,450      Central Garden & Pet Co., Class A*   154,192

 

 

 

Independent Power and Renewable Electricity Producers – 0.2%

  45,397      Ormat Technologies, Inc.   2,701,121

 

 

 

Insurance – 2.7%

  63,416      American Equity Investment Life Holding Co.   1,613,937
  13,739      BRP Group, Inc., Class A*   239,746
  84,459      Goosehead Insurance, Inc., Class A*   8,727,148
  48,342      Kinsale Capital Group, Inc.   9,421,856
  29,468      Palomar Holdings, Inc.*   2,691,607
  27,822      Stewart Information Services Corp.   1,167,133
  128,189      Trupanion, Inc.*(a)   6,482,518
    

 

  30,343,945

 

 

 

Interactive Media & Services – 0.7%

  197,850      Cars.com, Inc.*   1,606,542
  52,448      EverQuote, Inc., Class A*   2,855,794
  112,621      Yelp, Inc.*   2,813,272
    

 

  7,275,608

 

 

 

Internet & Direct Marketing Retail – 0.7%

  389,782      Magnite, Inc.*   2,340,641
  19,871      Stamps.com, Inc.*   5,172,024
    

 

  7,512,665

 

 

 

IT Services – 1.9%

  52,988      Brightcove, Inc.*   560,613
  16,993      Hackett Group, Inc. (The)   234,334
  18,803      I3 Verticals, Inc., Class A*   454,657
  168,695      Limelight Networks, Inc.*   1,057,718
  57,324      LiveRamp Holdings, Inc.*   2,612,255
  76,009      NIC, Inc.   1,666,117
  88,178      Perficient, Inc.*   3,457,459
  386,208      Perspecta, Inc.   8,264,851
  8,644      Sykes Enterprises, Inc.*   237,364
  4,357      TTEC Holdings, Inc.   206,783
  65,602      Virtusa Corp.*   2,663,441
    

 

  21,415,592

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Leisure Products – 1.5%

  2,416      Johnson Outdoors, Inc., Class A   $          211,545
  49,675      Malibu Boats, Inc., Class A*   2,919,897
  20,570      MasterCraft Boat Holdings, Inc.*   425,799
  8,801      Smith & Wesson Brands, Inc.*   210,256
  68,060      Sturm Ruger & Co., Inc.   5,538,042
  48,473      Vista Outdoor, Inc.*   831,312
  121,863      YETI Holdings, Inc.*   5,957,882
    

 

  16,094,733

 

 

 

Life Sciences Tools & Services – 0.6%

  45,880      Fluidigm Corp.*   322,995
  52,588      Medpace Holdings, Inc.*   6,276,378
    

 

  6,599,373

 

 

 

Machinery – 2.7%

  78,401      Albany International Corp., Class A   3,769,520
  4,047      Barnes Group, Inc.   149,213
  68,377      Columbus McKinnon Corp.   2,265,330
  27,767      ESCO Technologies, Inc.   2,386,296
  89,621      Federal Signal Corp.   2,770,185
  73,432      Franklin Electric Co., Inc.   3,969,000
  23,076      Meritor, Inc.*   524,979
  18,862      Miller Industries, Inc.   534,738
  79,346      Mueller Industries, Inc.   2,218,514
  43,351      RBC Bearings, Inc.*   5,307,029
  190,691      Rexnord Corp.   5,524,318
    

 

  29,419,122

 

 

 

Media – 0.8%

  41,074      Cardlytics, Inc.*   2,728,135
  17,863      Loral Space & Communications, Inc.   324,571
  24,528      Scholastic Corp.   586,955
  144,390      TechTarget, Inc.*   5,239,913
    

 

  8,879,574

 

 

 

Metals & Mining – 0.5%

  37,991      Kaiser Aluminum Corp.   2,353,542
  40,618      Materion Corp.   2,332,286
  47,728      Novagold Resources, Inc. (Canada)*   435,279
    

 

  5,121,107

 

 

 

Multiline Retail – 0.4%

  111,955      Big Lots, Inc.   4,404,310

 

 

 


GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Multi-Utilities – 0.2%

  20,549      Avista Corp.   $          762,984
  21,646      NorthWestern Corp.   1,217,804
    

 

  1,980,788

 

 

 

Oil, Gas & Consumable Fuels – 0.3%

  69,777      Antero Resources Corp.*   206,540
  72,062      Ardmore Shipping Corp. (Ireland)   296,175
  59,324      Renewable Energy Group, Inc.*   1,636,156
  64,182      World Fuel Services Corp.   1,510,202
    

 

  3,649,073

 

 

 

Paper & Forest Products – 1.5%

  138,960      Boise Cascade Co.   6,474,146
  321,877      Louisiana-Pacific Corp.   10,193,845
    

 

  16,667,991

 

 

 

Personal Products – 0.2%

  16,784      Lifevantage Corp.*   215,507
  20,623      USANA Health Sciences, Inc.*   1,674,175
    

 

  1,889,682

 

 

 

Pharmaceuticals – 3.3%

  148,971      Amphastar Pharmaceuticals, Inc.*   2,982,400
  86,471      ANI Pharmaceuticals, Inc.*   2,560,406
  96,315      Axsome Therapeutics, Inc.*   6,870,149
  371,556      BioDelivery Sciences International, Inc.*   1,556,820
  267,320      Corcept Therapeutics, Inc.*   3,996,434
  388,886      Innoviva, Inc.*   5,267,461
  10,510      Intra-Cellular Therapies, Inc.*   208,361
  58,363      Kala Pharmaceuticals, Inc.*(a)   510,676
  64,017      MyoKardia, Inc.*   5,769,852
  29,423      Ocular Therapeutix, Inc.*   230,676
  45,202      Pacira BioSciences, Inc.*   2,378,077
  146,135      Phibro Animal Health Corp., Class A   3,389,602
  26,370      Prestige Consumer Healthcare, Inc.*   980,700
    

 

  36,701,614

 

 

 

Professional Services – 1.3%

  79,303      Exponent, Inc.   6,666,210
  35,324      Huron Consulting Group, Inc.*   1,685,661
  104,789      Kforce, Inc.   3,022,115
  200,999      Upwork, Inc.*   3,019,005
    

 

  14,392,991

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Real Estate Management & Development – 0.2%

  64,095      Redfin Corp.*   $       2,665,070

 

 

 

Road & Rail – 1.5%

  63,787      Heartland Express, Inc.   1,293,919
  157,695      Marten Transport Ltd.   4,197,841
  21,699      Saia, Inc.*   2,591,946
  191,984      Werner Enterprises, Inc.   8,444,416
    

 

  16,528,122

 

 

 

Semiconductors & Semiconductor Equipment – 3.6%

  99,022      Ambarella, Inc.*   4,483,716
  155,771      Amkor Technology, Inc.*   2,117,707
  139,030      Axcelis Technologies, Inc.*   4,090,263
  17,475      Cohu, Inc.   329,054
  12,351      DSP Group, Inc.*   183,412
  150,004      FormFactor, Inc.*   4,326,115
  214,699      Lattice Semiconductor Corp.*   6,674,992
  71,809      MACOM Technology Solutions Holdings, Inc.*   3,034,648
  41,116      MaxLinear, Inc.*   1,042,291
  370,908      NeoPhotonics Corp.*   3,378,972
  64,493      Power Integrations, Inc.   7,870,081
  4,767      SiTime Corp.*   253,366
  70,212      Ultra Clean Holdings, Inc.*   2,112,679
    

 

  39,897,296

 

 

 

Software – 9.5%

  11,273      Avaya Holdings Corp.*   142,716
  106,498      Blackline, Inc.*   9,468,737
  19,981      Bottomline Technologies DE, Inc.*   964,283
  490,852      Box, Inc., Class A*   8,810,793
  214,762      ChannelAdvisor Corp.*   4,374,702
  598,723      Cloudera, Inc.*   6,747,608
  209,968      Cornerstone OnDemand, Inc.*   7,455,964
  139,714      Domo, Inc., Class B*   4,495,997
  85,688      J2 Global, Inc.*   4,860,223
  47,525      MicroStrategy, Inc., Class A*   5,889,298
  280,618      MobileIron, Inc.*   1,748,250
  29,108      Progress Software Corp.   1,014,705
  92,588      Qualys, Inc.*   11,432,766
  41,830      Sailpoint Technologies Holdings, Inc.*   1,317,645
  133,460      SPS Commerce, Inc.*   10,032,188
  368,270      SVMK, Inc.*   8,831,115
  139,034      Telenav, Inc.*   720,891

 

 

 


GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Software – (continued)

  175,558      Tenable Holdings, Inc.*   $       5,956,683
  32,354      Varonis Systems, Inc.*   3,505,556
  34,010      VirnetX Holding Corp.   175,832
  18,438      Workiva, Inc.*   1,030,684
  76,790      Xperi Holding Corp.   1,416,008
  392,382      Zuora, Inc., Class A*   4,567,327
    

 

  104,959,971

 

 

 

Specialty Retail – 3.2%

  29,495      America’s Car-Mart, Inc.*   2,806,744
  69,744      Asbury Automotive Group, Inc.*   6,984,862
  79,750      Camping World Holdings, Inc., Class A   2,920,445
  25,255      Lithia Motors, Inc., Class A   5,787,183
  12,021      MarineMax, Inc.*   333,463
  28,910      Murphy USA, Inc.*   3,827,973
  15,022      RH*   4,317,773
  58,623      Sonic Automotive, Inc., Class A   2,234,709
  388,490      Sportsman’s Warehouse Holdings, Inc.*   6,250,804
    

 

  35,463,956

 

 

 

Textiles, Apparel & Luxury Goods – 0.5%

  21,230      Deckers Outdoor Corp.*   4,442,378
  65,135      Wolverine World Wide, Inc.   1,565,845
    

 

  6,008,223

 

 

 

Thrifts & Mortgage Finance – 0.6%

  98,014      PennyMac Financial Services, Inc.   4,730,156
  31,777      Walker & Dunlop, Inc.   1,601,878
    

 

  6,332,034

 

 

 

Tobacco – 0.1%

  152,075      Vector Group Ltd.   1,341,302

 

 

 

Trading Companies & Distributors – 0.7%

  165,915      Foundation Building Materials, Inc.*   2,278,013
  40,767      GMS, Inc.*   955,171
  94,491      H&E Equipment Services, Inc.   1,662,097
  275,311      MRC Global, Inc.*   1,638,100

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Trading Companies & Distributors – (continued)

  26,876      Rush Enterprises, Inc., Class A   $       1,278,760
    

 

     7,812,141

 

 

 

TOTAL INVESTMENTS BEFORE SECURITIES
LENDING REINVESTMENT VEHICLE
(Cost $1,040,115,415)
  $1,100,477,514

 

 

Shares      Dividend
Rate
  Value
  Securities Lending Reinvestment Vehicle – 1.9%(b)
 

Goldman Sachs Financial Square Government Fund – Institutional
Shares

  20,518,657      0.130%   $     20,518,657
  (Cost $20,518,657)

 

 

 
TOTAL INVESTMENTS – 101.1%
(Cost $1,060,634,072)
  $1,120,996,171

 

 

 
LIABILITIES IN EXCESS OF
    OTHER ASSETS – (1.1)%
  (12,491,544)

 

 

  NET ASSETS – 100.0%   $1,108,504,627

 

 

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

July 31, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – 99.2%
 

Aerospace & Defense – 0.4%

  34,200      Astronics Corp.*   $       297,540
  30,070      Maxar Technologies, Inc.   534,946
  41,399      Moog, Inc., Class A   2,223,954
  31,472      Triumph Group, Inc.   213,380
    

 

     3,269,820

 

 

 

Air Freight & Logistics – 0.5%

  93,775      Echo Global Logistics, Inc.*   2,350,470
  24,884      Hub Group, Inc., Class A*   1,316,364
  44,769      Radiant Logistics, Inc.*   190,268
    

 

     3,857,102

 

 

 

Airlines – 0.3%

  99,532      SkyWest, Inc.   2,618,687

 

 

 

Auto Components – 1.0%

  35,649      Adient PLC*   593,199
  323,769      American Axle & Manufacturing Holdings, Inc.*   2,285,809
  85,408      Dana, Inc.   976,213
  4,250      Gentherm, Inc.*   164,773
  109,374      Goodyear Tire & Rubber Co. (The)   985,460
  30,704      Standard Motor Products, Inc.   1,396,418
  21,589      Visteon Corp.*   1,567,577
    

 

     7,969,449

 

 

 

Banks – 14.6%

  82,127      1st Source Corp.   2,720,046
  93,716      Amalgamated Bank, Class A   1,082,420
  89,633      Atlantic Capital Bancshares, Inc.*   896,330
  4,619      Atlantic Union Bankshares Corp.   104,251
  21,350      BancFirst Corp.   930,006
  283,915      Bancorp, Inc. (The)*   2,677,319
  18,562      BancorpSouth Bank   388,503
  32,138      Bank of Marin Bancorp   1,009,455
  85,359      BankUnited, Inc.   1,719,130
  15,300      Banner Corp.   542,079
  9,857      Baycom Corp.*   101,330
  64,851      Berkshire Hills Bancorp, Inc.   645,916
  296,054      Boston Private Financial Holdings, Inc.   1,742,278
  15,644      Bridge Bancorp, Inc.   283,000
  571,488      Cadence BanCorp   4,463,321
  25,543      Capital City Bank Group, Inc.   480,975

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Banks – (continued)

  218,111      Cathay General Bancorp   $    5,273,924
  143,600      Central Pacific Financial Corp.   2,234,416
  8,791      Civista Bancshares, Inc.   115,426
  8,146      CNB Financial Corp.   133,024
  79,326      Columbia Banking System, Inc.   2,294,901
  24,367      Community Bank System, Inc.   1,370,156
  323,706      CVB Financial Corp.   5,849,367
  26,694      Eagle Bancorp, Inc.   802,956
  4,328      Enterprise Financial Services Corp.   125,772
  7,396      Equity Bancshares, Inc., Class A*   104,579
  27,578      Financial Institutions, Inc.   407,327
  837,831      First BanCorp (Puerto Rico)   4,557,801
  90,484      First Bancorp/Southern Pines NC   1,869,399
  19,042      First Bancshares, Inc. (The)   379,126
  259,521      First Commonwealth Financial Corp.   2,042,430
  6,567      First Community Bankshares, Inc.   128,451
  27,509      First Financial Corp.   919,626
  203,322      First Foundation, Inc.   3,125,059
  25,551      First Internet Bancorp   374,322
  24,982      First Interstate BancSystem, Inc., Class A   727,226
  4,352      First Mid Bancshares, Inc.   106,232
  13,140      Flushing Financial Corp.   145,591
  43,338      Glacier Bancorp, Inc.   1,530,265
  125,485      Hancock Whitney Corp.   2,391,744
  213,855      Hanmi Financial Corp.   1,973,882
  22,100      HBT Financial, Inc.   265,642
  110,178      Heartland Financial USA, Inc.   3,441,961
  225,526      Hilltop Holdings, Inc.   4,390,991
  55,405      Home BancShares, Inc.   904,764
  5,636      HomeTrust Bancshares, Inc.   81,271
  331,869      Hope Bancorp, Inc.   2,797,656
  71,158      Horizon Bancorp, Inc.   719,407
  48,468      Independent Bank Corp.   676,856
  176,951      International Bancshares Corp.   5,382,849
  142,353      Investors Bancorp, Inc.   1,155,906
  94,856      Lakeland Bancorp, Inc.   965,634
  14,805      Mercantile Bank Corp.   315,198
  14,616      Metropolitan Bank Holding Corp.*   432,341
  8,672      MidWestOne Financial Group, Inc.   156,790
  135,789      National Bank Holdings Corp., Class A   3,772,218
  12,115      Northeast Bank   230,670
  9,943      Northrim BanCorp, Inc.   228,888
  49,023      Old Second Bancorp, Inc.   407,871

 

 

 


GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Banks – (continued)

  58,234      Preferred Bank   $    2,169,217
  14,140      QCR Holdings, Inc.   422,503
  7,938      Republic Bancorp, Inc., Class A   239,886
  51,531      Sierra Bancorp   905,915
  276,770      Simmons First National Corp., Class A   4,591,614
  74,535      Southern National Bancorp of Virginia, Inc.   627,585
  69,784      Texas Capital Bancshares, Inc.*   2,318,225
  153,637      TriCo Bancshares   4,301,836
  147,169      TriState Capital Holdings, Inc.*   1,949,989
  50,058      Trustmark Corp.   1,127,306
  25,477      UMB Financial Corp.   1,268,755
  40,798      Valley National Bancorp   304,761
  23,549      Washington Trust Bancorp, Inc.   785,124
  11,435      WesBanco, Inc.   226,756
  86,159      Westamerica Bancorporation   5,200,557
    

 

     111,536,303

 

 

 

Biotechnology – 2.9%

  8,426      Atara Biotherapeutics, Inc.*   104,398
  21,108      BioCryst Pharmaceuticals, Inc.*   85,909
  104,038      Catalyst Pharmaceuticals, Inc.*   447,363
  7,272      CEL-SCI Corp.*(a)   90,973
  2,666      Cortexyme, Inc.*(a)   106,240
  76,925      Dynavax Technologies Corp.*   623,862
  8,237      Eiger BioPharmaceuticals, Inc.*   82,782
  24,274      Enanta Pharmaceuticals, Inc.*   1,112,963
  36,506      G1 Therapeutics, Inc.*   535,543
  70,516      Geron Corp.*   112,120
  101,022      Kadmon Holdings, Inc.*   369,740
  9,007      Kiniksa Pharmaceuticals Ltd., Class A*   175,817
  29,322      MacroGenics, Inc.*   744,779
  55,620      Minerva Neurosciences, Inc.*(a)   193,836
  55,301      Myriad Genetics, Inc.*   667,483
  29,160      Natera, Inc.*   1,400,263
  42,953      Novavax, Inc.*(a)   6,146,574
  292,419      OPKO Health, Inc.*(a)   1,505,958
  55,966      Protagonist Therapeutics, Inc.*   880,345
  52,887      Prothena Corp. PLC (Ireland)*   647,337
  9,264      REVOLUTION Medicines, Inc.*   223,448
  7,670      Turning Point Therapeutics, Inc.*   454,294
  27,633      Twist Bioscience Corp.*   1,548,553
  6,342      Vericel Corp.*   104,580
  47,450      Viking Therapeutics, Inc.*   333,099

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Biotechnology – (continued)

  116,846      Xencor, Inc.*   $    3,515,896
  7,128      Y-mAbs Therapeutics, Inc.*   250,407
    

 

     22,464,562

 

 

 

Building Products – 2.0%

  18,234      AAON, Inc.   1,080,365
  30,514      Apogee Enterprises, Inc.   658,797
  25,862      Caesarstone Ltd.   296,637
  46,592      Gibraltar Industries, Inc.*   2,409,738
  44,021      Griffon Corp.   1,006,760
  14,601      Patrick Industries, Inc.   933,734
  148,329      Quanex Building Products Corp.   2,084,023
  45,585      Simpson Manufacturing Co., Inc.   4,401,688
  41,760      UFP Industries, Inc.   2,431,267
    

 

     15,303,009

 

 

 

Capital Markets – 0.6%

  11,254      Artisan Partners Asset Management, Inc., Class A   407,732
  131,593      Donnelley Financial Solutions, Inc.*   1,138,280
  50,805      Federated Hermes, Inc.   1,339,220
  59,173      Oppenheimer Holdings, Inc., Class A   1,253,876
  7,415      PJT Partners, Inc., Class A   396,925
  798      Virtus Investment Partners, Inc.   108,464
    

 

     4,644,497

 

 

 

Chemicals – 2.7%

  226,733      Avient Corp.   5,418,919
  3,215      Balchem Corp.   322,336
  194,974      Ferro Corp.*   2,279,246
  3,178      Hawkins, Inc.   163,762
  71,317      Ingevity Corp.*   4,170,618
  48,910      Koppers Holdings, Inc.*   1,231,065
  91,371      Kraton Corp.*   1,201,528
  39,080      Kronos Worldwide, Inc.   439,259
  75,811      Minerals Technologies, Inc.   3,554,020
  146,524      Orion Engineered Carbons SA (Luxembourg)   1,494,545
  31,990      Tronox Holdings PLC, Class A   243,764
    

 

     20,519,062

 

 

 

Commercial Services & Supplies – 2.0%

  24,379      Brady Corp., Class A   1,120,703

 

 

 


GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Commercial Services & Supplies – (continued)

  57,450      BrightView Holdings, Inc.*   $       696,294
  7,398      Ennis, Inc.   127,985
  79,546      HNI Corp.   2,362,516
  330,062      KAR Auction Services, Inc.   4,993,838
  54,582      Kimball International, Inc., Class B   597,127
  19,234      Matthews International Corp., Class A   415,454
  32,943      McGrath RentCorp   1,911,353
  6,219      SP Plus Corp.*   98,820
  118,576      Steelcase, Inc., Class A   1,272,320
  77,407      Team, Inc.*   305,758
  7,670      UniFirst Corp.   1,430,302
    

 

     15,332,470

 

 

 

Communications Equipment – 1.0%

  150,446      Extreme Networks, Inc.*   684,529
  316,621      Harmonic, Inc.*   1,766,745
  128,153      NETGEAR, Inc.*   3,940,705
  72,630      Viavi Solutions, Inc.*   1,004,473
    

 

     7,396,452

 

 

 

Construction & Engineering – 1.3%

  35,994      Aegion Corp.*   555,027
  6,933      Argan, Inc.   297,426
  26,513      EMCOR Group, Inc.   1,816,141
  122,956      Great Lakes Dredge & Dock Corp.*   1,027,912
  116,197      MasTec, Inc.*   4,622,317
  126,042      Tutor Perini Corp.*   1,483,514
    

 

     9,802,337

 

 

 

Construction Materials – 0.5%

  257,575      Summit Materials, Inc., Class A*   3,791,504

 

 

 

Consumer Finance – 1.4%

  31,523      Curo Group Holdings Corp.   220,346
  34,608      Encore Capital Group, Inc.*   1,264,230
  97,983      Enova International, Inc.*   1,576,546
  435,711      Navient Corp.   3,468,260
  9,183      Nelnet, Inc., Class A   532,614
  18,614      Oportun Financial Corp.*   266,180
  76,426      PRA Group, Inc.*   3,023,413
  22,249      Regional Management Corp.*   337,962

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Consumer Finance – (continued)

  1,472      World Acceptance Corp.*   $       109,370
    

 

     10,798,921

 

 

 

Containers & Packaging – 0.2%

  27,469      Greif, Inc., Class A   955,647
  46,797      O-I Glass, Inc.   488,561
  8,110      UFP Technologies, Inc.*   349,865
    

 

     1,794,073

 

 

 

Distributors – 0.0%

  7,140      Core-Mark Holding Co., Inc.   189,353

 

 

 

Diversified Consumer Services – 2.3%

  17,387      Adtalem Global Education, Inc.*   597,069
  58,001      American Public Education, Inc.*   1,688,409
  68,765      Collectors Universe, Inc.   2,617,196
  141,490      Houghton Mifflin Harcourt Co.*   418,810
  37,385      K12, Inc.*   1,711,859
  371,351      Laureate Education, Inc., Class A*   4,708,731
  75,726      Perdoceo Education Corp.*   1,090,454
  21,613      Strategic Education, Inc.   2,727,777
  12,676      Universal Technical Institute, Inc.*   94,183
  74,770      WW International, Inc.*   1,927,571
    

 

     17,582,059

 

 

 

Diversified Financial Services – 1.1%

  170,202      Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)   1,986,257
  168,830      Cannae Holdings, Inc.*   6,361,515
    

 

     8,347,772

 

 

 

Diversified Telecommunication Services – 1.5%

  36,761      Cogent Communications Holdings, Inc.   3,312,534
  193,861      Consolidated Communications Holdings, Inc.*   1,415,185
  14,567      Liberty Latin America Ltd., Class A (Chile)*   149,749
  221,021      Liberty Latin America Ltd., Class C (Chile)*   2,261,045
  419,770      ORBCOMM, Inc.*   1,767,232
  186,351      Vonage Holdings Corp.*   2,226,894
    

 

     11,132,639

 

 

 

Electric Utilities – 1.1%

  22,146      PNM Resources, Inc.   935,226

 

 

 


GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Electric Utilities – (continued)

  167,916      Portland General Electric Co.   $    7,410,133
    

 

     8,345,359

 

 

 

Electrical Equipment – 0.2%

  3,292      Atkore International Group, Inc.*   87,798
  43,235      Powell Industries, Inc.   1,147,889
  4,236      Vicor Corp.*   345,107
    

 

     1,580,794

 

 

 

Electronic Equipment, Instruments & Components – 2.8%

  116,533      Belden, Inc.   3,682,443
  77,700      Benchmark Electronics, Inc.   1,581,972
  32,930      CTS Corp.   653,990
  33,220      Fabrinet (Thailand)*   2,412,769
  187,517      Knowles Corp.*   2,861,509
  14,967      Methode Electronics, Inc.   422,069
  16,257      Plexus Corp.*   1,207,732
  37,621      Sanmina Corp.*   1,116,591
  224,538      TTM Technologies, Inc.*   2,764,063
  206,669      Vishay Intertechnology, Inc.   3,242,637
  44,179      Vishay Precision Group, Inc.*   1,124,356
    

 

     21,070,131

 

 

 

Energy Equipment & Services – 1.2%

  82,211      Cactus, Inc., Class A   1,859,613
  123,656      ChampionX Corp.*   1,175,969
  11,627      DMC Global, Inc.   341,601
  46,450      Helix Energy Solutions Group, Inc.*   194,625
  90,954      Matrix Service Co.*   796,302
  62,557      NexTier Oilfield Solutions, Inc.*   157,644
  214,555      Oil States International, Inc.*   961,206
  237,416      Patterson-UTI Energy, Inc.   919,987
  57,211      SEACOR Holdings, Inc.*   1,663,696
  97,014      Solaris Oilfield Infrastructure, Inc., Class A   704,322
  78,812      US Silica Holdings, Inc.   278,206
    

 

     9,053,171

 

 

 

Entertainment – 0.1%

  32,823      Cinemark Holdings, Inc.   388,296
  37,388      Gaia, Inc.*   343,222
    

 

     731,518

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Equity Real Estate Investment Trusts (REITs) – 9.2%

  31,416      Alexander & Baldwin, Inc. REIT   $       371,337
  113,820      American Assets Trust, Inc. REIT   3,073,140
  12,452      Armada Hoffler Properties, Inc. REIT   120,037
  222,420      CareTrust REIT, Inc. REIT   4,008,008
  248,610      City Office REIT, Inc. REIT   2,150,476
  47,853      Community Healthcare Trust, Inc. REIT   2,188,318
  80,277      CorEnergy Infrastructure Trust, Inc. REIT   703,226
  14,966      EastGroup Properties, Inc.   1,985,390
  317,335      Essential Properties Realty Trust, Inc. REIT   5,109,093
  73,960      Four Corners Property Trust, Inc. REIT   1,863,792
  57,884      Franklin Street Properties Corp. REIT   303,891
  119,030      Gladstone Commercial Corp. REIT   2,166,346
  47,544      Gladstone Land Corp. REIT   764,507
  67,858      Global Net Lease, Inc. REIT   1,129,836
  329,616      Independence Realty Trust, Inc. REIT   3,790,584
  88,023      Kite Realty Group Trust REIT   868,787
  300,769      Lexington Realty Trust REIT   3,488,920
  11,651      LTC Properties, Inc. REIT   432,835
  36,816      Monmouth Real Estate Investment Corp. REIT   531,255
  66,175      New Senior Investment Group, Inc. REIT   224,995
  126,132      NexPoint Residential Trust, Inc. REIT   4,822,026
  78,012      Office Properties Income Trust REIT   1,962,002
  27,551      Physicians Realty Trust REIT   497,020
  147,712      PotlatchDeltic Corp. REIT   6,323,551
  1,455      PS Business Parks, Inc. REIT   200,717
  23,069      QTS Realty Trust, Inc., Class A   1,659,815
  341,093      Retail Opportunity Investments Corp. REIT   3,707,681
  187,006      Retail Properties of America, Inc., Class A REIT   1,189,358
  127,470      Retail Value, Inc. REIT   1,613,770
  92,150      RLJ Lodging Trust REIT   738,121
  164,732      RPT Realty REIT   1,024,633
  447,851      Sabra Health Care REIT, Inc. REIT   6,601,324
  4,283      Saul Centers, Inc. REIT   131,531
  51,366      SITE Centers Corp. REIT   376,513
  66,904      Summit Hotel Properties, Inc. REIT   346,563
  8,813      Terreno Realty Corp. REIT   535,478
  15,451      Universal Health Realty Income Trust REIT   1,075,081
  147,412      Urban Edge Properties REIT   1,544,878
  85,183      Whitestone REIT   562,208
    

 

     70,187,043

 

 

 


GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Food & Staples Retailing – 1.5%

  30,194      BJ’s Wholesale Club Holdings, Inc.*   $    1,209,270
  14,445      Chefs’ Warehouse, Inc. (The)*   166,551
  92,744      Ingles Markets, Inc., Class A   3,732,946
  40,999      Natural Grocers by Vitamin Cottage, Inc.   649,014
  96,121      SpartanNash Co.   2,020,944
  26,790      United Natural Foods, Inc.*   531,781
  60,218      Weis Markets, Inc.   3,000,061
    

 

     11,310,567

 

 

 

Food Products – 1.6%

  241,742      Darling Ingredients, Inc.*   6,751,854
  84,214      Fresh Del Monte Produce, Inc.   1,901,552
  24,124      J & J Snack Foods Corp.   2,970,388
  4,991      John B. Sanfilippo & Son, Inc.   440,057
  7,667      Seneca Foods Corp., Class A*   300,393
    

 

     12,364,244

 

 

 

Gas Utilities – 0.8%

  28,892      Northwest Natural Holding Co.   1,545,433
  3,034      ONE Gas, Inc.   229,674
  62,515      Southwest Gas Holdings, Inc.   4,353,544
    

 

     6,128,651

 

 

 

Health Care Equipment & Supplies – 0.5%

  42,693      GenMark Diagnostics, Inc.*   762,497
  10,006      Inogen, Inc.*   307,184
  31,005      Invacare Corp.   218,275
  130,363      Natus Medical, Inc.*   2,422,145
    

 

     3,710,101

 

 

 

Health Care Providers & Services – 0.7%

  151,716      Brookdale Senior Living, Inc.*   420,253
  15,719      Magellan Health, Inc.*   1,165,878
  7,791      National HealthCare Corp.   462,162
  35,151      Owens & Minor, Inc.   565,228
  102,565      Tenet Healthcare Corp.*   2,711,819
    

 

     5,325,340

 

 

 

Health Care Technology – 0.1%

  14,899      Computer Programs and Systems, Inc.   367,708
  32,860      NextGen Healthcare, Inc.*   480,413
    

 

     848,121

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Hotels, Restaurants & Leisure – 2.9%

  17,094      Chuy’s Holdings, Inc.*   $       271,966
  45,330      Del Taco Restaurants, Inc.*   346,774
  219,833      Denny’s Corp.*   1,953,216
  54,864      Dine Brands Global, Inc.   2,492,471
  150,168      Everi Holdings, Inc.*   852,954
  308,743      International Game Technology PLC   3,044,206
  16,208      Jack in the Box, Inc.   1,330,839
  24,968      PlayAGS, Inc.*   84,392
  369,881      Red Rock Resorts, Inc., Class A   4,053,896
  118,003      Scientific Games Corp.*   2,073,313
  34,420      Wingstop, Inc.   5,378,125
    

 

     21,882,152

 

 

 

Household Durables – 2.5%

  46,347      Beazer Homes USA, Inc.*   518,623
  15,641      Green Brick Partners, Inc.*   215,846
  49,345      KB Home   1,659,966
  87,571      M/I Homes, Inc.*   3,645,581
  19,645      Meritage Homes Corp.*   1,948,391
  142,227      Taylor Morrison Home Corp.*   3,335,223
  356,962      TRI Pointe Group, Inc.*   5,968,404
  38,960      Universal Electronics, Inc.*   1,794,887
    

 

     19,086,921

 

 

 

Household Products – 0.2%

  35,575      Central Garden & Pet Co., Class A*   1,232,674

 

 

 

Independent Power and Renewable Electricity Producers – 0.1%

  266,741      Atlantic Power Corp.*   522,812

 

 

 

Insurance – 3.7%

  200,578      American Equity Investment Life Holding Co.   5,104,710
  23,682      AMERISAFE, Inc.   1,502,860
  76,329      Argo Group International Holdings Ltd.   2,557,785
  22,196      FBL Financial Group, Inc., Class A   771,977
  697,156      Genworth Financial, Inc., Class A*   1,422,198
  39,652      Goosehead Insurance, Inc., Class A*   4,097,241
  27,091      HCI Group, Inc.   1,208,800
  1,019      Investors Title Co.   117,266
  74,901      MBIA, Inc.*   599,957
  5,948      National Western Life Group, Inc., Class A   1,158,611
  66,410      ProAssurance Corp.   976,227
  126,789      Stewart Information Services Corp.   5,318,799

 

 

 


GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Insurance – (continued)

  55,113      Trupanion, Inc.*(a)   $    2,787,064
  22,676      Universal Insurance Holdings, Inc.   397,057
    

 

     28,020,552

 

 

 

Interactive Media & Services – 0.5%

  176,897      Cars.com, Inc.*   1,436,404
  4,507      EverQuote, Inc., Class A*   245,406
  63,896      TrueCar, Inc.*   240,249
  66,934      Yelp, Inc.*   1,672,011
    

 

     3,594,070

 

 

 

Internet & Direct Marketing Retail – 0.2%

  229,068      Magnite, Inc.*   1,375,553
  44,610      Quotient Technology, Inc.*   357,326
    

 

     1,732,879

 

 

 

IT Services – 1.1%

  229,685      Conduent, Inc.*   438,698
  60,361      Hackett Group, Inc. (The)   832,378
  28,639      KBR, Inc.   636,931
  228,996      Perspecta, Inc.   4,900,515
  5,401      Sykes Enterprises, Inc.*   148,312
  28,522      Virtusa Corp.*   1,157,993
    

 

     8,114,827

 

 

 

Leisure Products – 0.9%

  1,581      Johnson Outdoors, Inc., Class A   138,432
  2,998      Malibu Boats, Inc., Class A*   176,223
  16,885      Nautilus, Inc.*   176,111
  86,797      Smith & Wesson Brands, Inc.*   2,073,580
  30,767      Sturm Ruger & Co., Inc.   2,503,511
  112,981      Vista Outdoor, Inc.*   1,937,624
    

 

     7,005,481

 

 

 

Machinery – 3.4%

  5,969      Albany International Corp., Class A   286,990
  72,247      Barnes Group, Inc.   2,663,747
  25,893      Chart Industries, Inc.*   1,774,447
  36,094      Columbus McKinnon Corp.   1,195,794
  3,051      EnPro Industries, Inc.   145,624
  10,003      ESCO Technologies, Inc.   859,658
  51,700      Federal Signal Corp.   1,598,047
  9,723      Franklin Electric Co., Inc.   525,528

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Machinery – (continued)

  56,490      Manitowoc Co., Inc. (The)*   $       602,183
  99,395      Meritor, Inc.*   2,261,236
  63,543      Miller Industries, Inc.   1,801,444
  38,211      Mueller Industries, Inc.   1,068,380
  11,809      Mueller Water Products, Inc., Class A   119,507
  95,180      Navistar International Corp.*   3,048,615
  7,083      RBC Bearings, Inc.*   867,101
  42,091      REV Group, Inc.   273,592
  212,244      Rexnord Corp.   6,148,709
  11,473      Terex Corp.   216,266
  5,115      Watts Water Technologies, Inc., Class A   429,097
  84,812      Welbilt, Inc.*   515,657
    

 

     26,401,622

 

 

 

Marine – 0.1%

  173,279      Costamare, Inc. (Monaco)   788,419

 

 

 

Media – 1.2%

  56,186      Entercom Communications Corp., Class A   78,661
  22,786      Gray Television, Inc.*   326,751
  17,308      Loral Space & Communications, Inc.   314,486
  149,738      MSG Networks, Inc., Class A*   1,427,003
  110,474      National CineMedia, Inc.   272,871
  151,410      Scholastic Corp.   3,623,241
  33,752      TechTarget, Inc.*   1,224,860
  87,880      TEGNA, Inc.   1,035,227
  124,726      WideOpenWest, Inc.*   681,004
    

 

     8,984,104

 

 

 

Metals & Mining – 2.4%

  346,184      Alcoa Corp.*   4,500,392
  64,044      Allegheny Technologies, Inc.*   556,542
  84,175      Carpenter Technology Corp.   1,882,153
  125,511      Coeur Mining, Inc.*   995,302
  35,125      Commercial Metals Co.   726,385
  65,505      Haynes International, Inc.   1,202,672
  553,386      Hecla Mining Co.   3,054,691
  34,063      Kaiser Aluminum Corp.   2,110,203
  51,731      Materion Corp.   2,970,394
  26,846      Ryerson Holding Corp.*   151,143
  34,214      TimkenSteel Corp.*   125,565
    

 

     18,275,442

 

 

 


GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Mortgage Real Estate Investment Trusts (REITs) – 2.1%

  663,048      Anworth Mortgage Asset Corp. REIT   $    1,200,117
  83,600      Apollo Commercial Real Estate Finance, Inc. REIT   777,480
  90,881      Arlington Asset Investment Corp., Class A REIT   247,196
  132,262      ARMOUR Residential REIT, Inc. REIT   1,235,327
  185,472      Blackstone Mortgage Trust, Inc., Class A REIT   4,464,311
  312,025      Capstead Mortgage Corp. REIT   1,918,954
  32,243      Colony Credit Real Estate, Inc. REIT   203,131
  39,609      Dynex Capital, Inc. REIT   611,959
  21,763      Ellington Residential Mortgage REIT   240,481
  86,152      Great Ajax Corp. REIT   742,630
  295,893      Ladder Capital Corp. REIT   2,299,089
  377,608      MFA Financial, Inc. REIT   993,109
  133,295      TPG RE Finance Trust, Inc. REIT   1,157,001
    

 

     16,090,785

 

 

 

Multiline Retail – 0.4%

  85,199      Big Lots, Inc.   3,351,729

 

 

 

Multi-Utilities – 1.7%

  138,640      Avista Corp.   5,147,703
  18,886      Black Hills Corp.   1,092,744
  114,470      NorthWestern Corp.   6,440,082
    

 

     12,680,529

 

 

 

Oil, Gas & Consumable Fuels – 2.7%

  1,000,880      Antero Resources Corp.*   2,962,605
  159,244      Ardmore Shipping Corp. (Ireland)   654,493
  106,458      Brigham Minerals, Inc., Class A   1,179,555
  237,074      Clean Energy Fuels Corp.*   564,236
  78,060      Diamond S Shipping, Inc.*   685,367
  80,767      Dorian LPG Ltd.*   689,750
  67,216      Green Plains, Inc.*   869,103
  207,604      Kosmos Energy Ltd. (Ghana)   334,242
  214,086      Magnolia Oil & Gas Corp., Class A*   1,280,234
  205,423      Matador Resources Co.*(a)   1,783,072
  171,495      Ovintiv, Inc.(a)   1,661,787
  38,652      Penn Virginia Corp.*(a)   383,041
  135,686      Renewable Energy Group, Inc.*   3,742,220
  234,578      SM Energy Co.   692,005
  184,659      W&T Offshore, Inc.*(a)   417,329

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Oil, Gas & Consumable Fuels – (continued)

  117,002      World Fuel Services Corp.   $    2,753,057
    

 

     20,652,096

 

 

 

Paper & Forest Products – 2.2%

  125,391      Boise Cascade Co.   5,841,967
  26,314      Clearwater Paper Corp.*   971,513
  60,014      Domtar Corp.   1,259,694
  158,190      Louisiana-Pacific Corp.   5,009,877
  35,544      Neenah, Inc.   1,585,618
  148,079      P H Glatfelter Co.   2,358,898
    

 

     17,027,567

 

 

 

Personal Products – 0.1%

  30,674      BellRing Brands, Inc., Class A*   609,492

 

 

 

Pharmaceuticals – 0.7%

  49,222      ANI Pharmaceuticals, Inc.*   1,457,464
  13,774      Axsome Therapeutics, Inc.*   982,499
  40,296      BioDelivery Sciences International, Inc.*   168,840
  57,233      Endo International PLC*   199,171
  98,446      Innoviva, Inc.*   1,333,451
  29,392      Phibro Animal Health Corp., Class A   681,748
  18,749      Prestige Consumer Healthcare, Inc.*   697,275
    

 

     5,520,448

 

 

 

Professional Services – 0.4%

  17,780      Franklin Covey Co.*   321,640
  43,474      Huron Consulting Group, Inc.*   2,074,580
  48,557      Resources Connection, Inc.   548,694
    

 

     2,944,914

 

 

 

Real Estate Management & Development – 0.3%

  5,845      Forestar Group, Inc.*   101,177
  3,089      FRP Holdings, Inc.*   120,842
  141,364      Kennedy-Wilson Holdings, Inc.   2,097,842
  70,876      Newmark Group, Inc., Class A   288,465
    

 

     2,608,326

 

 

 

Road & Rail – 1.2%

  109,711      Heartland Express, Inc.   2,225,488
  96,667      Marten Transport Ltd.   2,573,275

 

 

 


GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Road & Rail – (continued)

  95,554      Werner Enterprises, Inc.   $    4,202,943
    

 

     9,001,706

 

 

 

Semiconductors & Semiconductor Equipment – 1.3%

  49,616      Ambarella, Inc.*   2,246,613
  187,149      Amkor Technology, Inc.*   2,544,291
  41,624      Axcelis Technologies, Inc.*   1,224,578
  12,772      Cohu, Inc.   240,497
  236,340      NeoPhotonics Corp.*   2,153,057
  8,234      Photronics, Inc.*   97,820
  91,483      Rambus, Inc.*   1,350,289
  5,305      Ultra Clean Holdings, Inc.*   159,627
    

 

     10,016,772

 

 

 

Software – 1.7%

  217,298      Box, Inc., Class A*   3,900,499
  74,038      ChannelAdvisor Corp.*   1,508,154
  320,054      Cloudera, Inc.*   3,607,009
  13,934      Domo, Inc., Class B*   448,396
  17,314      MicroStrategy, Inc., Class A*   2,145,551
  74,943      Telenav, Inc.*   388,579
  69,286      Xperi Holding Corp.   1,277,634
    

 

     13,275,822

 

 

 

Specialty Retail – 3.4%

  51,018      Asbury Automotive Group, Inc.*   5,109,453
  5,281      Camping World Holdings, Inc., Class A   193,390
  33,853      Conn’s, Inc.*(a)   337,176
  20,721      Group 1 Automotive, Inc.   1,740,978
  26,834      Haverty Furniture Cos., Inc.   381,580
  15,624      Lithia Motors, Inc., Class A   3,580,240
  46,664      MarineMax, Inc.*   1,294,459
  87,618      ODP Corp. (The)   1,933,729
  9,607      Rent-A-Center, Inc.   277,835
  56,794      Sally Beauty Holdings, Inc.*   659,378
  119,070      Sonic Automotive, Inc., Class A   4,538,948
  250,269      Sportsman’s Warehouse Holdings, Inc.*   4,026,828
  83,684      Tilly’s, Inc., Class A   502,941
  2,169      Winmark Corp.   344,828
  34,603      Zumiez, Inc.*   799,329
    

 

     25,721,092

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Textiles, Apparel & Luxury Goods – 0.8%

  170,727      G-III Apparel Group Ltd.*   $    1,688,490
  11,989      Movado Group, Inc.   115,574
  27,818      Steven Madden Ltd.   589,185
  161,975      Wolverine World Wide, Inc.   3,893,879
    

 

     6,287,128

 

 

 

Thrifts & Mortgage Finance – 2.9%

  123,953      Axos Financial, Inc.*   2,777,787
  11,648      Essent Group Ltd.   417,348
  14,463      HomeStreet, Inc.   382,401
  148,622      Meridian Bancorp, Inc.   1,695,034
  5,742      Meta Financial Group, Inc.   107,146
  77,994      Mr Cooper Group, Inc.*   1,273,642
  123,957      PennyMac Financial Services, Inc.   5,982,165
  172,461      Radian Group, Inc.   2,573,118
  61,646      Walker & Dunlop, Inc.   3,107,575
  165,820      Washington Federal, Inc.   3,870,239
    

 

     22,186,455

 

 

 

Tobacco – 0.2%

  184,624      Vector Group Ltd.   1,628,384

 

 

 

Trading Companies & Distributors – 1.8%

  103,567      Foundation Building Materials, Inc.*   1,421,975
  75,059      GMS, Inc.*   1,758,632
  161,726      H&E Equipment Services, Inc.   2,844,760
  13,221      Herc Holdings, Inc.*   443,432
  401,091      MRC Global, Inc.*   2,386,491
  142,702      NOW, Inc.*   1,124,492
  79,332      Rush Enterprises, Inc., Class A   3,774,617
  21,038      Veritiv Corp.*   322,092
    

 

     14,076,491

 

 

 

TOTAL INVESTMENTS BEFORE SECURITIES LENDING
REINVESTMENT VEHICLE
(Cost $775,563,890)
  $758,326,802

 

 

 


GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

Shares      Dividend
Rate
  Value
  Securities Lending Reinvestment Vehicle – 2.0%(b)
 

Goldman Sachs Financial Square Government Fund – Institutional
Shares

      15,328,131      0.130%   $  15,328,131
  (Cost $15,328,131)  

 

 

 
TOTAL INVESTMENTS – 101.2%
(Cost $790,892,021)
  $773,654,933

 

 

 

LIABILITIES IN EXCESS OF

    OTHER ASSETS – (1.2)%

  (9,136,444)

 

 

  NET ASSETS – 100.0%   $764,518,489

 

 

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

July 31, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – 99.0%
 

Aerospace & Defense – 1.1%

  19,288      Lockheed Martin Corp.   $    7,309,573
  13,220      Raytheon Technologies Corp.   749,310
  7,658      Teledyne Technologies, Inc.*   2,348,709
    

 

     10,407,592

 

 

 

Air Freight & Logistics – 0.0%

  978      United Parcel Service, Inc., Class B   139,619

 

 

 

Automobiles – 0.7%

  255,949      General Motors Co.   6,370,571

 

 

 

Banks – 2.9%

  377,588      Bank of America Corp.   9,394,390
  178,400      Citigroup, Inc.   8,921,784
  5,618      Citizens Financial Group, Inc.   139,383
  17,987      First Hawaiian, Inc.   312,614
  12,073      JPMorgan Chase & Co.   1,166,735
  3,235      PNC Financial Services Group, Inc. (The)   345,078
  16,157      Popular, Inc. (Puerto Rico)   599,586
  7,380      Signature Bank   756,671
  4,635      Truist Financial Corp.   173,627
  33,468      US Bancorp   1,232,961
  176,013      Wells Fargo & Co.   4,270,075
  33,015      Western Alliance Bancorp   1,186,889
    

 

     28,499,793

 

 

 

Beverages – 1.3%

  8,196      Constellation Brands, Inc., Class A   1,460,527
  138,318      Monster Beverage Corp.*   10,855,197
    

 

     12,315,724

 

 

 

Biotechnology – 4.2%

  131,611      AbbVie, Inc.   12,491,200
  21,740      Alexion Pharmaceuticals, Inc.*   2,228,132
  31,720      Biogen, Inc.*   8,713,167
  149,924      Gilead Sciences, Inc.   10,424,216
  1,714      Sarepta Therapeutics, Inc.*   263,133
  24,706      Vertex Pharmaceuticals, Inc.*   6,720,032
    

 

     40,839,880

 

 

 

Building Products – 1.7%

  2,299      Allegion PLC   228,659
  175,607      Johnson Controls International PLC   6,757,357

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Building Products – (continued)

  4,165      Lennox International, Inc.   $    1,116,803
  152,904      Masco Corp.   8,739,993
    

 

     16,842,812

 

 

 

Capital Markets – 2.8%

  69,738      CME Group, Inc.   11,589,061
  14,064      Interactive Brokers Group, Inc., Class A   697,574
  3,333      MarketAxess Holdings, Inc.   1,722,161
  35,470      S&P Global, Inc.   12,423,368
  6,575      SEI Investments Co.   344,070
    

 

     26,776,234

 

 

 

Chemicals – 2.4%

  179,231      Axalta Coating Systems Ltd.*   3,978,928
  14,335      CF Industries Holdings, Inc.   449,116
  50,035      Dow, Inc.   2,054,437
  23,551      Linde PLC (United Kingdom)   5,772,586
  17,808      Sherwin-Williams Co. (The)   11,538,159
    

 

     23,793,226

 

 

 

Communications Equipment – 0.6%

  6,899      Arista Networks, Inc.*   1,792,153
  52,916      Cisco Systems, Inc.   2,492,344
  13,695      Lumentum Holdings, Inc.*   1,271,307
    

 

     5,555,804

 

 

 

Consumer Finance – 0.6%

  139,669      Ally Financial, Inc.   2,807,347
  134,164      Synchrony Financial   2,969,049
    

 

     5,776,396

 

 

 

Diversified Consumer Services – 0.1%

  833      Graham Holdings Co., Class B   331,842
  2,992      Service Corp. International   129,733
  19,630      ServiceMaster Global Holdings, Inc.*   802,671
    

 

     1,264,246

 

 

 

Diversified Financial Services – 1.4%

  20,769      Berkshire Hathaway, Inc., Class B*   4,066,155
  16,846      Equitable Holdings, Inc.   344,669
  181,648      Voya Financial, Inc.   8,973,411
    

 

     13,384,235

 

 

 


GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Diversified Telecommunication Services – 0.7%

  294,302      Liberty Global PLC, Class C (United Kingdom)*   $    6,698,314

 

 

 

Electric Utilities – 0.5%

  2,481      Entergy Corp.   260,827
  103,998      Exelon Corp.   4,015,363
  18,694      FirstEnergy Corp.   542,126
    

 

     4,818,316

 

 

 

Electrical Equipment – 0.2%

  23,537      AMETEK, Inc.   2,194,825

 

 

 

Electronic Equipment, Instruments & Components – 0.1%

  10,883      Arrow Electronics, Inc.*   779,441
  11,765      Jabil, Inc.   410,128
  1,449      SYNNEX Corp.   180,748
    

 

     1,370,317

 

 

 

Energy Equipment & Services – 0.2%

  19,261      Schlumberger Ltd.   349,395
  198,613      TechnipFMC PLC (United Kingdom)   1,594,862
    

 

     1,944,257

 

 

 

Entertainment – 3.7%

  34,741      Activision Blizzard, Inc.   2,870,649
  20,359      Netflix, Inc.*   9,953,108
  21,198      Spotify Technology SA*   5,465,268
  48,588      Take-Two Interactive Software, Inc.*   7,969,404
  989,180      Zynga, Inc., Class A*   9,723,639
    

 

     35,982,068

 

 

 

Equity Real Estate Investment Trusts (REITs) – 4.5%

  30,513      American Tower Corp. REIT   7,975,793
  42,223      Apartment Investment and Management Co., Class A REIT   1,639,097
  16,220      Camden Property Trust REIT   1,472,938
  8,675      CoreSite Realty Corp. REIT   1,119,509
  36,301      CyrusOne, Inc. REIT   3,028,229
  44,790      Duke Realty Corp. REIT   1,800,110
  81,371      Equity LifeStyle Properties, Inc. REIT   5,559,267
  39,416      First Industrial Realty Trust, Inc. REIT   1,731,151
  305,850      Invitation Homes, Inc. REIT   9,120,447
  20,215      Lamar Advertising Co., Class A REIT   1,328,732

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Equity Real Estate Investment Trusts (REITs) – (continued)

  3,790      Life Storage, Inc. REIT   $       371,913
  27,842      SBA Communications Corp. REIT   8,673,896
    

 

     43,821,082

 

 

 

Food & Staples Retailing – 2.1%

  45,435      Costco Wholesale Corp.   14,790,456
  46,791      Walmart, Inc.   6,054,755
    

 

     20,845,211

 

 

 

Health Care Equipment & Supplies – 3.1%

  18,518      Cooper Cos., Inc. (The)   5,239,298
  2,896      DexCom, Inc.*   1,261,324
  123,630      Edwards Lifesciences Corp.*   9,693,828
  30,688      Hologic, Inc.*   2,141,408
  59,831      Medtronic PLC   5,772,495
  1,044      Quidel Corp.*   294,899
  3,072      STERIS PLC   490,383
  17,716      West Pharmaceutical Services, Inc.   4,763,301
    

 

     29,656,936

 

 

 

Health Care Providers & Services – 3.9%

  36,248      Anthem, Inc.   9,924,702
  40,471      HCA Healthcare, Inc.   5,125,247
  26,347      Humana, Inc.   10,339,880
  37,380      McKesson Corp.   5,612,981
  2,346      UnitedHealth Group, Inc.   710,322
  57,714      Universal Health Services, Inc., Class B   6,342,769
    

 

     38,055,901

 

 

 

Hotels, Restaurants & Leisure – 1.6%

  5,050      Chipotle Mexican Grill, Inc.*   5,833,558
  25,987      Domino’s Pizza, Inc.   10,046,834
    

 

     15,880,392

 

 

 

Household Durables – 0.5%

  65,335      D.R. Horton, Inc.   4,322,564
  20,810      PulteGroup, Inc.   907,316
    

 

     5,229,880

 

 

 

Household Products – 1.0%

  75,795      Procter & Gamble Co. (The)   9,938,240

 

 

 


GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Independent Power and Renewable Electricity Producers – 0.1%

  68,895      Vistra Corp.   $    1,285,581

 

 

 

Industrial Conglomerates – 0.5%

  753,830      General Electric Co.   4,575,748

 

 

 

Insurance – 1.9%

  22,730      Allstate Corp. (The)   2,145,485
  25,892      American Financial Group, Inc.   1,573,457
  29,932      Aon PLC, Class A   6,142,645
  22,787      Athene Holding Ltd., Class A*   734,881
  11,787      Brighthouse Financial, Inc.*   334,043
  78,436      Fidelity National Financial, Inc.   2,538,189
  4,463      First American Financial Corp.   227,658
  30,272      Lincoln National Corp.   1,128,237
  57,654      MetLife, Inc.   2,182,204
  1,787      Primerica, Inc.   213,832
  13,329      Reinsurance Group of America, Inc.   1,136,297
    

 

     18,356,928

 

 

 

Interactive Media & Services – 7.2%

  11,283      Alphabet, Inc., Class A*   16,788,540
  16,103      Alphabet, Inc., Class C*   23,880,105
  109,527      Facebook, Inc., Class A*   27,783,714
  48,425      Pinterest, Inc., Class A*   1,660,493
    

 

     70,112,852

 

 

 

Internet & Direct Marketing Retail – 6.1%

  14,655      Amazon.com, Inc.*   46,378,386
  189,762      eBay, Inc.   10,490,043
  23,800      Etsy, Inc.*   2,817,444
    

 

     59,685,873

 

 

 

IT Services – 5.6%

  15,764      Alliance Data Systems Corp.   699,291
  11,043      Black Knight, Inc.*   827,342
  88,379      Cognizant Technology Solutions Corp., Class A   6,038,053
  25,955      Fidelity National Information Services, Inc.   3,797,476
  17,855      FleetCor Technologies, Inc.*   4,616,767
  6,271      Gartner, Inc.*   781,618
  72,066      International Business Machines Corp.   8,859,794
  451      Mastercard, Inc., Class A   139,147
  94,396      PayPal Holdings, Inc.*   18,508,224

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

IT Services – (continued)

  35,543      VeriSign, Inc.*   $    7,523,742
  11,611      Visa, Inc., Class A   2,210,734
    

 

     54,002,188

 

 

 

Life Sciences Tools & Services – 1.6%

  21,704      Illumina, Inc.*   8,294,400
  31,328      IQVIA Holdings, Inc.*   4,962,042
  21,069      PerkinElmer, Inc.   2,505,315
    

 

     15,761,757

 

 

 

Machinery – 0.6%

  46,509      Caterpillar, Inc.   6,180,116

 

 

 

Media – 0.8%

  38,903      Liberty Broadband Corp., Class C*   5,340,215
  51,978      Omnicom Group, Inc.   2,792,778
    

 

     8,132,993

 

 

 

Metals & Mining – 0.0%

  9,781      Freeport-McMoRan, Inc.   126,370

 

 

 

Mortgage Real Estate Investment Trusts (REITs) – 0.1%

  90,787      Starwood Property Trust, Inc. REIT   1,357,266

 

 

 

Multiline Retail – 1.2%

  94,787      Target Corp.   11,931,788

 

 

 

Multi-Utilities – 2.7%

  82,586      Consolidated Edison, Inc.   6,345,082
  75,382      DTE Energy Co.   8,716,421
  199,415      Public Service Enterprise Group, Inc.   11,155,275
    

 

     26,216,778

 

 

 

Oil, Gas & Consumable Fuels – 1.7%

  102,969      Chevron Corp.   8,643,218
  128,657      EOG Resources, Inc.   6,027,581
  17,973      Kinder Morgan, Inc.   253,419
  21,771      Phillips 66   1,350,237
    

 

     16,274,455

 

 

 

Personal Products – 0.0%

  5,455      Herbalife Nutrition Ltd.*   279,514

 

 

 


GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Pharmaceuticals – 2.5%

  98,778      Bristol-Myers Squibb Co.   $    5,794,317
  17,001      Elanco Animal Health, Inc.*   401,734
  36,581      Johnson & Johnson   5,332,047
  161,498      Merck & Co., Inc.   12,958,599
    

 

     24,486,697

 

 

 

Professional Services – 0.8%

  49,313      IHS Markit Ltd.   3,981,038
  36,903      TransUnion   3,305,402
    

 

     7,286,440

 

 

 

Road & Rail – 1.4%

  32,043      Old Dominion Freight Line, Inc.   5,858,101
  43,699      Union Pacific Corp.   7,575,222
    

 

     13,433,323

 

 

 

Semiconductors & Semiconductor Equipment – 3.1%

  2,493      Advanced Micro Devices, Inc.*   193,033
  50,189      Analog Devices, Inc.   5,764,207
  24,161      Applied Materials, Inc.   1,554,277
  114,708      Intel Corp.   5,475,013
  12,579      Lam Research Corp.   4,744,295
  6,237      Microchip Technology, Inc.   634,490
  19,537      NVIDIA Corp.   8,295,215
  7,220      QUALCOMM, Inc.   762,504
  23,514      Texas Instruments, Inc.   2,999,211
    

 

     30,422,245

 

 

 

Software – 7.8%

  38,920      Adobe, Inc.*   17,292,934
  1,640      DocuSign, Inc.*   355,601
  234,208      Microsoft Corp.   48,014,982
  4,648      RingCentral, Inc., Class A*   1,349,175
  15,260      ServiceNow, Inc.*   6,702,192
  6,402      Workday, Inc., Class A*   1,158,250
  2,415      Zoom Video Communications, Inc.,
Class A*
  613,193
    

 

     75,486,327

 

 

 

Specialty Retail – 3.8%

  2,860      AutoNation, Inc.*   146,832
  4,107      AutoZone, Inc.*   4,958,874
  69,054      Home Depot, Inc. (The)   18,333,147

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Specialty Retail – (continued)

  91,713      Lowe’s Cos., Inc.   $  13,656,983
    

 

     37,095,836

 

 

 

Technology Hardware, Storage & Peripherals – 7.6%

  171,441      Apple, Inc.   72,869,283
  15,774      NetApp, Inc.   698,788
    

 

     73,568,071

 

 

 

TOTAL INVESTMENTS – 99.0%

(Cost $741,029,551)

  $964,461,017

 

 

 

OTHER ASSETS IN EXCESS OF

    LIABILITIES – 1.0%

  9,891,642

 

 

  NET ASSETS – 100.0%   $974,352,659

 

 

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)

July 31, 2020 (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 Fund’s 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 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 Fund, 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 Fund’s 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 closing bid price for long positions and at the closing ask price for short positions. 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 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 the 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)

July 31, 2020 (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 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 July 31, 2020, 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 and U.S. Equity Insights Funds did not have securities on loan as of July 31, 2020.


GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUND

 

Schedule of Investments (continued)

July 31, 2020 (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 the Funds’ 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 the 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 investment are classified as Level 3 investments. GSAM did not develop the unobservable inputs for the valuation of Level 3 Assets and Liabilities.

D. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of July 31, 2020:

 

                                                                    
LARGE CAP GROWTH INSIGHTS FUND               
Investment Type      Level 1        Level 2        Level 3  
Assets

 

Common Stock and/or Other Equity Investments(a)

              

Europe

     $ 4,237,275        $  —        $  

North America

       1,926,782,440                    
Total      $ 1,931,019,715        $        $  
LARGE CAP VALUE INSIGHTS FUND               
Investment Type      Level 1        Level 2        Level 3  
Assets

 

Common Stock and/or Other Equity Investments(a)

              

Europe

     $ 7,767,142        $  —        $  —  

North America

       329,760,566                    

South America

       50,966                    
Total      $ 337,578,674        $        $  
SMALL CAP EQUITY INSIGHTS FUND               
Investment Type      Level 1        Level 2        Level 3  
Assets

 

Common Stock and/or Other Equity Investments(a)

              

Asia

     $ 3,419,057        $  —        $  —  

Europe

       1,968,577                    

North America

       597,441,050                    

South America

       850,706                    

Securities Lending Reinvestment Vehicle

       8,660,810                    
Total      $ 612,340,200        $        $  
Derivative Type                              
Liabilities(b)               

Futures Contracts

     $ 29,434        $        $  


GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUND

 

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

                                                                    
SMALL CAP GROWTH INSIGHTS FUND               
Investment Type      Level 1        Level 2        Level 3  
Assets

 

Common Stock and/or Other Equity Investments(a)

              

Asia

     $ 9,277,901        $        $  

Europe

       1,121,163                    

North America

       1,090,078,450                    

Securities Lending Reinvestment Vehicle

       20,518,657                    
Total      $ 1,120,996,171        $        $  
SMALL CAP VALUE INSIGHTS FUND               
Investment Type      Level 1        Level 2        Level 3  
Assets

 

Common Stock and/or Other Equity Investments(a)

              

Africa

     $ 334,242        $  —        $  —  

Asia

       2,412,769                    

Europe

       3,584,794                    

North America

       749,584,203                    

South America

       2,410,794                    

Securities Lending Reinvestment Vehicle

       15,328,131                    
Total      $ 773,654,933        $        $  
U.S. EQUITY INSIGHTS FUND               
Investment Type      Level 1        Level 2        Level 3  
Assets

 

Common Stock and/or Other Equity Investments(a)

              

Europe

     $ 14,065,762        $  —        $  —  

North America

       950,395,255                    
Total      $ 964,461,017        $        $  

 

(a)   Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. 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 gain at fiscal year end.

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


GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUND

 

Schedule of Investments (continued)

July 31, 2020 (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.

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.

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

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

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

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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