Form NPORT-P GOLDMAN SACHS TRUST For: May 28

  
    NPORT-P
    false
    
      
      
        
          0000822977
          XXXXXXXX
        
      
      
      
      
        S000009323
        C000025502
        C000025503
        C000055758
        C000025505
        C000025501
        C000159658
        C000055757
        C000201807
      
      
    
  
  
    
      Goldman Sachs Trust
      811-05349
      0000822977
      S2FHCT8U6D2VORP0J605
      71 South Wacker Drive
      Chicago
      
      60606
      312-655-4400
      Goldman Sachs Small Cap Value Fund
      S000009323
      2P82JJBJOY87BYVGWD47
      2021-08-31
      2021-05-28
      N
    
    
      5637539299.22
      49723823.27
      5587815475.95
      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
      
        
        
      
      N
      
        
          
          
          
          
          
          
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        PJT Partners Inc
        549300W3WBEQUBKYTN87
        
        69343T107
        
          
          
        
        237589.00000000
        NS
        USD
        17301230.98000000
        0.309624236062
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ConnectOne Bancorp Inc
        549300E2M5ZYAZKUK134
        
        20786W107
        
          
          
        
        865430.00000000
        NS
        USD
        23963756.70000000
        0.428857337955
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LivaNova PLC
        2138001K2FX6SHK2B339
        
        000000000
        
          
          
        
        227519.00000000
        NS
        USD
        19006937.26000000
        0.340149694309
        Long
        EC
        CORP
        GB
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Kraton Corp
        N/A
        
        50077C106
        
          
          
        
        335616.00000000
        NS
        USD
        11394163.20000000
        0.203910870876
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Commercial Metals Co
        549300OQS2LO07ZJ7N73
        
        201723103
        
          
          
        
        574867.00000000
        NS
        USD
        18091064.49000000
        0.323759160764
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PacWest Bancorp
        549300YI8VMFO7G36V04
        
        695263103
        
          
          
        
        519500.00000000
        NS
        USD
        23465815.00000000
        0.419946132813
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        South State Corp
        549300JZUANXM0YQ4W53
        
        840441109
        
          
          
        
        546955.00000000
        NS
        USD
        48575073.55000000
        0.869303464995
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AMERISAFE Inc
        N/A
        
        03071H100
        
          
          
        
        205725.00000000
        NS
        USD
        13481159.25000000
        0.241259921842
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Columbus McKinnon Corp/NY
        549300W3HQB0HO1F3G69
        
        199333105
        
          
          
        
        702452.00000000
        NS
        USD
        35614316.40000000
        0.637356701438
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Darling Ingredients Inc
        L1N0SPPKS7EXZYUMZ898
        
        237266101
        
          
          
        
        598076.00000000
        NS
        USD
        40944282.96000000
        0.732742216277
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Intra-Cellular Therapies Inc
        5299002U2KGF193IJA20
        
        46116X101
        
          
          
        
        346553.00000000
        NS
        USD
        13657653.73000000
        0.244418481404
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Brigham Minerals Inc
        549300IQ6JCXW59RO175
        
        10918L103
        
          
          
        
        1027236.00000000
        NS
        USD
        18634061.04000000
        0.333476671164
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ManTech International Corp/VA
        5299007N03CAU4SWNR02
        
        564563104
        
          
          
        
        178406.00000000
        NS
        USD
        15523106.06000000
        0.277802767947
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        United States Steel Corp
        JNLUVFYJT1OZSIQ24U47
        
        912909108
        
          
          
        
        426277.00000000
        NS
        USD
        11053362.61000000
        0.197811875813
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Knowles Corp
        5493003EO323TDZQU148
        
        49926D109
        
          
          
        
        564738.00000000
        NS
        USD
        11599718.52000000
        0.207589505593
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Life Storage Inc
        W9EE01AFDDF9DQCQZC68
        
        53223X107
        
          
          
        
        115295.00000000
        NS
        USD
        11464934.80000000
        0.205177405183
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Performance Food Group Co
        549300EUK8GR9IT1YK57
        
        71377A103
        
          
          
        
        1073887.00000000
        NS
        USD
        53833955.31000000
        0.963416840475
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ICF International Inc
        5493003KYFDDC5B3WY64
        
        44925C103
        
          
          
        
        194510.00000000
        NS
        USD
        17097429.00000000
        0.305976979261
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        iShares Russell 2000 Value ETF
        549300WJAJCAZZLTQD63
        
        464287630
        
          
          
        
        133807.00000000
        NS
        USD
        22416686.71000000
        0.401170847650
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CTS Corp
        549300YV1HQLBVHOI649
        
        126501105
        
          
          
        
        514920.00000000
        NS
        USD
        19695690.00000000
        0.352475669333
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Community Bank System Inc
        5299008N6YHE6GCP1E80
        
        203607106
        
          
          
        
        489132.00000000
        NS
        USD
        39678387.84000000
        0.710087654303
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        STAG Industrial Inc
        549300QWYX2W6FASVQ07
        
        85254J102
        
          
          
        
        941196.00000000
        NS
        USD
        33610109.16000000
        0.601489245746
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Banner Corp
        N/A
        
        06652V208
        
          
          
        
        615107.00000000
        NS
        USD
        36002212.71000000
        0.644298525335
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Primo Water Corp
        5493005TMUI9D3MY9I37
        
        74167P108
        
          
          
        
        1365049.00000000
        NS
        USD
        23628998.19000000
        0.422866472447
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Wolverine World Wide Inc
        549300OVC7PK14LQ8D87
        
        978097103
        
          
          
        
        215638.00000000
        NS
        USD
        7862161.48000000
        0.140701880973
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FB Financial Corp
        5493000B2LD2C2A6C435
        
        30257X104
        
          
          
        
        672604.00000000
        NS
        USD
        28148477.40000000
        0.503747439784
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bloomin' Brands Inc
        E1UJ2GO305B5FXGV7N04
        
        094235108
        
          
          
        
        496638.00000000
        NS
        USD
        14675652.90000000
        0.262636677305
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Terreno Realty Corp
        N/A
        
        88146M101
        
          
          
        
        461817.00000000
        NS
        USD
        29380797.54000000
        0.525801141187
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cloudera Inc
        549300PGONC4JOI0RG62
        
        18914U100
        
          
          
        
        1325554.00000000
        NS
        USD
        17046624.44000000
        0.305067776725
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cohu Inc
        529900FJPORJ3JJ2XS33
        
        192576106
        
          
          
        
        783227.00000000
        NS
        USD
        29151708.94000000
        0.521701352978
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MGIC Investment Corp
        254900S8483WM4M98R28
        
        552848103
        
          
          
        
        2403557.00000000
        NS
        USD
        35380359.04000000
        0.633169781505
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MACOM Technology Solutions Hol
        N/A
        
        55405Y100
        
          
          
        
        463597.00000000
        NS
        USD
        27444942.40000000
        0.491156920233
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Resideo Technologies Inc
        5493006TKFPYISY2DS54
        
        76118Y104
        
          
          
        
        1564025.00000000
        NS
        USD
        46764347.50000000
        0.836898564408
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ChampionX Corp
        549300EP2909K6DYYP38
        
        15872M104
        
          
          
        
        2537691.00000000
        NS
        USD
        67248811.50000000
        1.203490197366
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hancock Whitney Corp
        549300GRNBWY8HIICT41
        
        410120109
        
          
          
        
        561109.00000000
        NS
        USD
        27780506.59000000
        0.497162204256
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        RLJ Lodging Trust
        N/A
        
        74965L101
        
          
          
        
        2216362.00000000
        NS
        USD
        34065483.94000000
        0.609638669827
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Air Transport Services Group I
        5493000F3MSFGIXTQE27
        
        00922R105
        
          
          
        
        468752.00000000
        NS
        USD
        11643799.68000000
        0.208378385616
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pinnacle Financial Partners In
        54930098EZ8JMSAZGS24
        
        72346Q104
        
          
          
        
        430652.00000000
        NS
        USD
        39154879.84000000
        0.700718912579
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BRP Group Inc
        N/A
        
        05589G102
        
          
          
        
        537261.00000000
        NS
        USD
        13205875.38000000
        0.236333419327
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Acadia Healthcare Co Inc
        5493005CW985Y9D0NC11
        
        00404A109
        
          
          
        
        402664.00000000
        NS
        USD
        25915455.04000000
        0.463785090104
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WESCO International Inc
        529900TXOGREY3WNJ434
        
        95082P105
        
          
          
        
        438272.00000000
        NS
        USD
        46706647.04000000
        0.835865952285
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Park Hotels & Resorts Inc
        5493005UZ5TQN0H6HS73
        
        700517105
        
          
          
        
        1235546.00000000
        NS
        USD
        25687001.34000000
        0.459696664117
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Brinker International Inc
        52990067JY6PBGJNTG76
        
        109641100
        
          
          
        
        248981.00000000
        NS
        USD
        15299882.45000000
        0.273807940076
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Two Harbors Investment Corp
        549300ZUIBT6KH4HU823
        
        90187B408
        
          
          
        
        5591192.00000000
        NS
        USD
        40200670.48000000
        0.719434466886
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alcoa Corp
        549300T12EZ1F6PWWU29
        
        013872106
        
          
          
        
        1037140.00000000
        NS
        USD
        41143343.80000000
        0.736304625252
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ducommun Inc
        549300Z71HMWF90S2214
        
        264147109
        
          
          
        
        251981.00000000
        NS
        USD
        13549018.37000000
        0.242474334170
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Arcosa Inc
        549300WFHLTCZV7D6V29
        
        039653100
        
          
          
        
        464553.00000000
        NS
        USD
        29499115.50000000
        0.527918569017
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Avient Corp
        SM8L9RZYIB34LNTWO040
        
        05368V106
        
          
          
        
        1369382.00000000
        NS
        USD
        71180476.36000000
        1.273851591312
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Gibraltar Industries Inc
        N/A
        
        374689107
        
          
          
        
        267764.00000000
        NS
        USD
        21273849.80000000
        0.380718545405
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TriMas Corp
        75G1WUQ8QK4P5MZOYD78
        
        896215209
        
          
          
        
        718226.00000000
        NS
        USD
        23284886.92000000
        0.416708229185
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pacific Premier Bancorp Inc
        549300Q1KIC3KLI0XG98
        
        69478X105
        
          
          
        
        828587.00000000
        NS
        USD
        38090144.39000000
        0.681664320411
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Glacier Bancorp Inc
        549300SMJAUKZB5D7V74
        
        37637Q105
        
          
          
        
        750503.00000000
        NS
        USD
        43716799.75000000
        0.782359402134
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Griffon Corp
        5493000C2SGNC7ZN3242
        
        398433102
        
          
          
        
        233603.00000000
        NS
        USD
        6141422.87000000
        0.109907402927
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Coeur Mining Inc
        5493003AVK173D48DR70
        
        192108504
        
          
          
        
        2204961.00000000
        NS
        USD
        22931594.40000000
        0.410385677528
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Clearway Energy Inc
        549300LHAZ9HA9G3XC48
        
        18539C105
        
          
          
        
        656769.00000000
        NS
        USD
        16504604.97000000
        0.295367752228
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cleveland-Cliffs Inc
        549300TM2WLI2BJMDD86
        
        185899101
        
          
          
        
        2828585.00000000
        NS
        USD
        56911130.20000000
        1.018486212455
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        RH
        5493008MTS3OGGMHGK69
        
        74967X103
        
          
          
        
        6214.00000000
        NS
        USD
        3983484.70000000
        0.071288766015
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Goodyear Tire & Rubber Co/The
        5493002BI0S2ZQUY3437
        
        382550101
        
          
          
        
        544258.00000000
        NS
        USD
        10792636.14000000
        0.193145893711
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Herc Holdings Inc
        549300TP80QLITMSBP82
        
        42704L104
        
          
          
        
        426078.00000000
        NS
        USD
        49007491.56000000
        0.877042052854
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        KBR Inc
        254900OFQDXZRKRCV808
        
        48242W106
        
          
          
        
        1562998.00000000
        NS
        USD
        63676538.52000000
        1.139560509720
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First Midwest Bancorp Inc/IL
        7XRS7ORI584PF41IVU88
        
        320867104
        
          
          
        
        365837.00000000
        NS
        USD
        7656968.41000000
        0.137029729112
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kennedy-Wilson Holdings Inc
        549300MOI1T78144X610
        
        489398107
        
          
          
        
        844168.00000000
        NS
        USD
        16748293.12000000
        0.299728815170
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Amalgamated Financial Corp
        N/A
        
        022671101
        
          
          
        
        326366.00000000
        NS
        USD
        5309974.82000000
        0.095027741035
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Simply Good Foods Co/The
        N/A
        
        82900L102
        
          
          
        
        511274.00000000
        NS
        USD
        17654291.22000000
        0.315942630818
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Big Lots Inc
        N/A
        
        089302103
        
          
          
        
        54561.00000000
        NS
        USD
        3324947.34000000
        0.059503527886
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Marriott Vacations Worldwide C
        549300WA6BT5H4F7IO94
        
        57164Y107
        
          
          
        
        175704.00000000
        NS
        USD
        30272042.16000000
        0.541750927357
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Citi Trends Inc
        529900D06Q0FPHV34S87
        
        17306X102
        
          
          
        
        219530.00000000
        NS
        USD
        18295630.20000000
        0.327420085340
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Portland General Electric Co
        GJOUP9M7C39GLSK9R870
        
        736508847
        
          
          
        
        561477.00000000
        NS
        USD
        26917207.38000000
        0.481712531415
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Viper Energy Partners LP
        5299009LINL232255G03
        
        92763M105
        
          
          
        
        1862933.00000000
        NS
        USD
        33588681.99000000
        0.601105783370
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First Merchants Corp
        TZTBT0OTGQ2FEK6XMX94
        
        320817109
        
          
          
        
        778810.00000000
        NS
        USD
        36090055.40000000
        0.645870565256
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Walker & Dunlop Inc
        N/A
        
        93148P102
        
          
          
        
        350374.00000000
        NS
        USD
        35576975.96000000
        0.636688453889
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sonic Automotive Inc
        549300NTLRGJ2JCBZU03
        
        83545G102
        
          
          
        
        55727.00000000
        NS
        USD
        2687713.21000000
        0.048099534094
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Utz Brands Inc
        N/A
        
        918090101
        
          
          
        
        946019.00000000
        NS
        USD
        21853038.90000000
        0.391083760622
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Silicon Laboratories Inc
        4PRDF8Q9TDHRVZKZSZ47
        
        826919102
        
          
          
        
        82475.00000000
        NS
        USD
        11262786.00000000
        0.201559733825
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Turning Point Therapeutics Inc
        N/A
        
        90041T108
        
          
          
        
        94296.00000000
        NS
        USD
        6240509.28000000
        0.111680661375
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CNO Financial Group Inc
        11XPYHB76MPM4Y4P2897
        
        12621E103
        
          
          
        
        1126417.00000000
        NS
        USD
        29917635.52000000
        0.535408437318
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lakeland Financial Corp
        N/A
        
        511656100
        
          
          
        
        509818.00000000
        NS
        USD
        31460868.78000000
        0.563026265190
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MGE Energy Inc
        N/A
        
        55277P104
        
          
          
        
        379880.00000000
        NS
        USD
        28498597.60000000
        0.510013219345
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vonage Holdings Corp
        529900W7N0N4WLN1JY21
        
        92886T201
        
          
          
        
        1974541.00000000
        NS
        USD
        27209174.98000000
        0.486937607319
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NMI Holdings Inc
        529900KNNGFXJX1C3Z08
        
        629209305
        
          
          
        
        893560.00000000
        NS
        USD
        21615216.40000000
        0.386827669829
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Healthcare Realty Trust Inc
        549300CB86LH2IOKHH22
        
        421946104
        
          
          
        
        1362486.00000000
        NS
        USD
        41337825.24000000
        0.739785080912
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ALLETE Inc
        549300NNLSIMY6Z8OT86
        
        018522300
        
          
          
        
        390327.00000000
        NS
        USD
        26889627.03000000
        0.481218951229
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TEGNA Inc
        549300YC5EDBGX85AO10
        
        87901J105
        
          
          
        
        1086558.00000000
        NS
        USD
        21068359.62000000
        0.377041076439
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kennametal Inc
        549300GZDSG25XUV0Y08
        
        489170100
        
          
          
        
        907574.00000000
        NS
        USD
        34043100.74000000
        0.609238098260
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        RLI Corp
        529900AMTJE5ECN9PS55
        
        749607107
        
          
          
        
        174844.00000000
        NS
        USD
        18442545.12000000
        0.330049286691
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Oportun Financial Corp
        549300351Y4J4FKIOR78
        
        68376D104
        
          
          
        
        246210.00000000
        NS
        USD
        4697686.80000000
        0.084070184855
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cooper Tire & Rubber Co
        DE46ECQ8KH195MRIQN56
        
        216831107
        
          
          
        
        93812.00000000
        NS
        USD
        5570556.56000000
        0.099691133037
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        KKR Real Estate Finance Trust
        549300K23AYZDZ2REL62
        
        48251K100
        
          
          
        
        1253236.00000000
        NS
        USD
        26794185.68000000
        0.479510925071
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Acadia Realty Trust
        N/A
        
        004239109
        
          
          
        
        1512410.00000000
        NS
        USD
        32819297.00000000
        0.587336807044
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FARO Technologies Inc
        529900MFEFNOFP3YR823
        
        311642102
        
          
          
        
        278790.00000000
        NS
        USD
        21090463.50000000
        0.377436649273
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        IDACORP Inc
        N134NUJDWN8UEFA8B673
        
        451107106
        
          
          
        
        301085.00000000
        NS
        USD
        29491275.75000000
        0.527778268214
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Colony Capital Inc
        549300XG87L902AGBO89
        
        19626G108
        
          
          
        
        3532041.00000000
        NS
        USD
        24265121.67000000
        0.434250589956
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Allscripts Healthcare Solution
        Y68YJHVB1GU4TAU3C223
        
        01988P108
        
          
          
        
        1260403.00000000
        NS
        USD
        21918408.17000000
        0.392253614392
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WillScot Mobile Mini Holdings
        549300HJ4VIXF476Q166
        
        971378104
        
          
          
        
        1081561.00000000
        NS
        USD
        31365269.00000000
        0.561315403756
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Preferred Apartment Communitie
        549300KTZLVOW5TLLN89
        
        74039L103
        
          
          
        
        113077.00000000
        NS
        USD
        1109285.37000000
        0.019851861157
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Constellium SE
        724500KRJEMC79KAAU28
        
        000000000
        
          
          
        
        853781.00000000
        NS
        USD
        15248528.66000000
        0.272888908476
        Long
        EC
        CORP
        FR
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Primerica Inc
        254900621R686KJR7022
        
        74164M108
        
          
          
        
        130545.00000000
        NS
        USD
        21175704.45000000
        0.378962128243
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EastGroup Properties Inc
        31TIGQQZC4P6JMHKSW85
        
        277276101
        
          
          
        
        143478.00000000
        NS
        USD
        22681002.24000000
        0.405901059861
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Arena Pharmaceuticals Inc
        529900CVGQMPJ3A3NI85
        
        040047607
        
          
          
        
        289689.00000000
        NS
        USD
        17702894.79000000
        0.316812444258
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Capri Holdings Ltd
        549300LPG8W0H1OX3A26
        
        000000000
        
          
          
        
        325303.00000000
        NS
        USD
        18447933.13000000
        0.330145710956
        Long
        EC
        CORP
        GB
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Zumiez Inc
        549300J0PDF58P6HZD25
        
        989817101
        
          
          
        
        137627.00000000
        NS
        USD
        6030815.14000000
        0.107927957999
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CVB Financial Corp
        N/A
        
        126600105
        
          
          
        
        1566257.00000000
        NS
        USD
        34739580.26000000
        0.621702352368
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Crocs Inc
        549300B0J6YCXD63OG72
        
        227046109
        
          
          
        
        306277.00000000
        NS
        USD
        31007483.48000000
        0.554912445005
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Selective Insurance Group Inc
        549300R3WGJWLE40R258
        
        816300107
        
          
          
        
        444010.00000000
        NS
        USD
        33420632.70000000
        0.598098359615
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Goldman Sachs Financial Square Government Fund
        N/A
        
        38141W273
        
          
          
        
        35545715.41000000
        NS
        USD
        35545715.41000000
        0.636129012545
        Long
        STIV
        RF
        US
        N
        
        1
        
          
          N
          N
        
      
      
        Great Western Bancorp Inc
        5493004X4OTHDTFBHI90
        
        391416104
        
          
          
        
        555626.00000000
        NS
        USD
        18591245.96000000
        0.332710449012
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        InterDigital Inc
        N/A
        
        45867G101
        
          
          
        
        222677.00000000
        NS
        USD
        17987848.06000000
        0.321911991142
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Enstar Group Ltd
        213800AMAL5QFXVUCN04
        
        000000000
        
          
          
        
        116859.00000000
        NS
        USD
        29669331.51000000
        0.530964768570
        Long
        EC
        CORP
        BM
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Summit Materials Inc
        N/A
        
        86614U100
        
          
          
        
        803681.00000000
        NS
        USD
        27984172.42000000
        0.500807024506
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tenet Healthcare Corp
        0W9AIBT6U6ADJ2I8HK17
        
        88033G407
        
          
          
        
        656559.00000000
        NS
        USD
        43930362.69000000
        0.786181341869
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AMN Healthcare Services Inc
        529900W3ARRTCNFH2I39
        
        001744101
        
          
          
        
        229031.00000000
        NS
        USD
        20315049.70000000
        0.363559780873
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tupperware Brands Corp
        G8NWFN4YP7CR6FOP4886
        
        899896104
        
          
          
        
        208869.00000000
        NS
        USD
        5355401.16000000
        0.095840694508
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PennyMac Mortgage Investment T
        549300BSSOQO1ZWDUJ97
        
        70931T103
        
          
          
        
        1772482.00000000
        NS
        USD
        34740647.20000000
        0.621721446413
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        iHeartMedia Inc
        N/A
        
        45174J509
        
          
          
        
        1184915.00000000
        NS
        USD
        27501877.15000000
        0.492175829147
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CONMED Corp
        Z6C0YCECH9DCU5ZIQW84
        
        207410101
        
          
          
        
        174055.00000000
        NS
        USD
        23965632.95000000
        0.428890915477
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ONE Gas Inc
        549300HXDWI0LATTX840
        
        68235P108
        
          
          
        
        429811.00000000
        NS
        USD
        31943553.52000000
        0.571664430536
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MasTec Inc
        549300TMDIT8WREDOF45
        
        576323109
        
          
          
        
        435267.00000000
        NS
        USD
        50634610.11000000
        0.906161098696
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        German American Bancorp Inc
        N/A
        
        373865104
        
          
          
        
        389304.00000000
        NS
        USD
        16272907.20000000
        0.291221270101
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Penn National Gaming Inc
        N/A
        
        707569109
        
          
          
        
        140542.00000000
        NS
        USD
        11520227.74000000
        0.206166932132
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Highwoods Properties Inc
        ZIIGTYKL9T0X3HLTDX53
        
        431284108
        
          
          
        
        848094.00000000
        NS
        USD
        38740933.92000000
        0.693310902744
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CNX Resources Corp
        549300JK3KH8PWM3B226
        
        12653C108
        
          
          
        
        2173988.00000000
        NS
        USD
        29609716.56000000
        0.529897894578
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Avanos Medical Inc
        549300YCXWOM7NEWMQ58
        
        05350V106
        
          
          
        
        744661.00000000
        NS
        USD
        29860906.10000000
        0.534393203006
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Maxar Technologies Inc
        549300OEN2G821MIJ922
        
        57778K105
        
          
          
        
        516890.00000000
        NS
        USD
        16075279.00000000
        0.287684499768
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        United Community Banks Inc/GA
        549300GVW0FV66X3U703
        
        90984P303
        
          
          
        
        1276989.00000000
        NS
        USD
        44158279.62000000
        0.790260161776
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sanderson Farms Inc
        529900KZGVFTWHUO2759
        
        800013104
        
          
          
        
        93332.00000000
        NS
        USD
        15189783.00000000
        0.271837591369
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Arconic Corp
        549300B4YFWH3U74B152
        
        03966V107
        
          
          
        
        701705.00000000
        NS
        USD
        25380669.85000000
        0.454214530870
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alerus Financial Corp
        5493008BXLBPPELQ3G57
        
        01446U103
        
          
          
        
        164142.00000000
        NS
        USD
        5408478.90000000
        0.096790578058
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BancorpSouth Bank
        Q7C315HKI8VX0SSKBS64
        
        05971J102
        
          
          
        
        1119251.00000000
        NS
        USD
        34226695.58000000
        0.612523726442
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cactus Inc
        549300J3T8C9F8QFKV08
        
        127203107
        
          
          
        
        718148.00000000
        NS
        USD
        25163905.92000000
        0.450335305958
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pebblebrook Hotel Trust
        5493004Q1NNH6JXCSI52
        
        70509V100
        
          
          
        
        1963628.00000000
        NS
        USD
        43887085.80000000
        0.785406855127
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        National Health Investors Inc
        549300ZPKZIG6DKDEC02
        
        63633D104
        
          
          
        
        500140.00000000
        NS
        USD
        32964227.40000000
        0.589930493264
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First of Long Island Corp/The
        N/A
        
        320734106
        
          
          
        
        180967.00000000
        NS
        USD
        4071757.50000000
        0.072868503219
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Taylor Morrison Home Corp
        5299009UDLLGLKOOJE30
        
        87724P106
        
          
          
        
        945428.00000000
        NS
        USD
        28003577.36000000
        0.501154296889
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SeaWorld Entertainment Inc
        529900G0H4NV3IIK3269
        
        81282V100
        
          
          
        
        765792.00000000
        NS
        USD
        41682058.56000000
        0.745945508390
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Houlihan Lokey Inc
        549300S3CNGTQ1QZVY46
        
        441593100
        
          
          
        
        229056.00000000
        NS
        USD
        17154003.84000000
        0.306989447196
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Novavax Inc
        529900J4GJHPEPQ23205
        
        670002401
        
          
          
        
        96412.00000000
        NS
        USD
        14232339.44000000
        0.254703103587
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Brookline Bancorp Inc
        N/A
        
        11373M107
        
          
          
        
        1344956.00000000
        NS
        USD
        22675958.16000000
        0.405810790596
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AZEK Co Inc/The
        N/A
        
        05478C105
        
          
          
        
        93630.00000000
        NS
        USD
        4075713.90000000
        0.072939307275
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Deckers Outdoor Corp
        5493008LG4W3I6K8J118
        
        243537107
        
          
          
        
        7968.00000000
        NS
        USD
        2672785.92000000
        0.047832394099
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Onto Innovation Inc
        254900RXZVN73CHOO062
        
        683344105
        
          
          
        
        474157.00000000
        NS
        USD
        34030247.89000000
        0.609008082612
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tapestry Inc
        549300LJNVY5SW3VTN33
        
        876030107
        
          
          
        
        646395.00000000
        NS
        USD
        29016671.55000000
        0.519284712870
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HB Fuller Co
        JSMX3Z5FOYM8V0Q52357
        
        359694106
        
          
          
        
        158314.00000000
        NS
        USD
        10942663.68000000
        0.195830798763
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Matador Resources Co
        549300CI3Q2UUK5R4G79
        
        576485205
        
          
          
        
        900850.00000000
        NS
        USD
        27602044.00000000
        0.493968423238
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ASGN Inc
        LZBNYYCBUKY537072438
        
        00191U102
        
          
          
        
        378133.00000000
        NS
        USD
        38981730.97000000
        0.697620226325
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Signet Jewelers Ltd
        549300N3XPGE91WV7M22
        
        000000000
        
          
          
        
        145461.00000000
        NS
        USD
        8812027.38000000
        0.157700758336
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Travel + Leisure Co
        T4VNTWMFQ7JQB65L7T35
        
        894164102
        
          
          
        
        417944.00000000
        NS
        USD
        27229051.60000000
        0.487293320926
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chesapeake Energy Corp
        X2MT1W32SPAZ9WSKLE78
        
        165167735
        
          
          
        
        164662.00000000
        NS
        USD
        8694153.60000000
        0.155591279587
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cadence BanCorp
        54930022CKKXKBR5CK30
        
        12739A100
        
          
          
        
        501987.00000000
        NS
        USD
        11234469.06000000
        0.201052971565
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SJW Group
        N/A
        
        784305104
        
          
          
        
        242966.00000000
        NS
        USD
        15659158.70000000
        0.280237577053
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Towne Bank/Portsmouth VA
        54930039UO39UJGI7078
        
        89214P109
        
          
          
        
        586990.00000000
        NS
        USD
        18801289.70000000
        0.336469408857
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cinemark Holdings Inc
        549300LL2QMPTYIE0K55
        
        17243V102
        
          
          
        
        712343.00000000
        NS
        USD
        16141692.38000000
        0.288873039016
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        OceanFirst Financial Corp
        N/A
        
        675234108
        
          
          
        
        1117900.00000000
        NS
        USD
        24716769.00000000
        0.442333307289
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Installed Building Products In
        549300I95Y9P9YM5FI86
        
        45780R101
        
          
          
        
        141536.00000000
        NS
        USD
        16786169.60000000
        0.300406655735
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ironwood Pharmaceuticals Inc
        549300PC8MR6QHH6P296
        
        46333X108
        
          
          
        
        499645.00000000
        NS
        USD
        5780892.65000000
        0.103455324802
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cimarex Energy Co
        11KYOFXPU1C4CQL1CL44
        
        171798101
        
          
          
        
        246454.00000000
        NS
        USD
        16697258.50000000
        0.298815495462
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Green Dot Corp
        N/A
        
        39304D102
        
          
          
        
        311944.00000000
        NS
        USD
        12661806.96000000
        0.226596726654
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cerence Inc
        5493002WL2W5WMS89568
        
        156727109
        
          
          
        
        238226.00000000
        NS
        USD
        22662439.38000000
        0.405568857410
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FirstCash Inc
        549300V2X3UU7K0DG350
        
        33767D105
        
          
          
        
        174801.00000000
        NS
        USD
        13935135.72000000
        0.249384321654
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Allegiant Travel Co
        549300JM9OZXOHWL2K18
        
        01748X102
        
          
          
        
        74140.00000000
        NS
        USD
        16419044.40000000
        0.293836553312
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TTM Technologies Inc
        549300SC4BDOIS008048
        
        87305R109
        
          
          
        
        1436840.00000000
        NS
        USD
        21768126.00000000
        0.389564152461
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Abercrombie & Fitch Co
        5493000J7LL72TOGT983
        
        002896207
        
          
          
        
        631252.00000000
        NS
        USD
        26954460.40000000
        0.482379214489
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chesapeake Utilities Corp
        254900WW0FDCKAOCKE74
        
        165303108
        
          
          
        
        147369.00000000
        NS
        USD
        16882592.64000000
        0.302132250298
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hudson Pacific Properties Inc
        N/A
        
        444097109
        
          
          
        
        1413282.00000000
        NS
        USD
        40971045.18000000
        0.733221155142
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hamilton Lane Inc
        5493006OKN3V1NORM833
        
        407497106
        
          
          
        
        154974.00000000
        NS
        USD
        14005000.38000000
        0.250634625289
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PDC Energy Inc
        5493008W8H2T511J5Y59
        
        69327R101
        
          
          
        
        531282.00000000
        NS
        USD
        22430726.04000000
        0.401422096641
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PS Business Parks Inc
        N/A
        
        69360J107
        
          
          
        
        122342.00000000
        NS
        USD
        18958116.32000000
        0.339275990798
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Stifel Financial Corp
        549300E5F07FE5GHJX84
        
        860630102
        
          
          
        
        727267.00000000
        NS
        USD
        50385057.76000000
        0.901695089554
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Astec Industries Inc
        5493002DO2QKHLKB2A48
        
        046224101
        
          
          
        
        418510.00000000
        NS
        USD
        28680490.30000000
        0.513268385891
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Caesars Entertainment Inc
        549300FA4CTCW903Y781
        
        12769G100
        
          
          
        
        391982.00000000
        NS
        USD
        42118465.90000000
        0.753755489623
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Columbia Banking System Inc
        N/A
        
        197236102
        
          
          
        
        979833.00000000
        NS
        USD
        42289592.28000000
        0.756817981231
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Meritage Homes Corp
        52990044W9UMFJO2FB97
        
        59001A102
        
          
          
        
        430930.00000000
        NS
        USD
        46398233.10000000
        0.830346551343
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Colfax Corp
        635400OP2DYYYMOIYL17
        
        194014106
        
          
          
        
        843422.00000000
        NS
        USD
        37279252.40000000
        0.667152531440
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EQT Corp
        4NT01YGM4X7ZX86ISY52
        
        26884L109
        
          
          
        
        1186045.00000000
        NS
        USD
        24764619.60000000
        0.443189645516
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Home BancShares Inc/AR
        N/A
        
        436893200
        
          
          
        
        1112147.00000000
        NS
        USD
        30428341.92000000
        0.544548080568
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Heritage Financial Corp/WA
        N/A
        
        42722X106
        
          
          
        
        618776.00000000
        NS
        USD
        17950691.76000000
        0.321247038977
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Renasant Corp
        549300OVE6OZHW2UUH81
        
        75970E107
        
          
          
        
        905467.00000000
        NS
        USD
        40039750.74000000
        0.716554634137
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Figs Inc
        N/A
        
        30260D103
        
          
          
        
        149296.00000000
        NS
        USD
        5098458.40000000
        0.091242425988
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alkermes PLC
        N/A
        
        000000000
        
          
          
        
        300679.00000000
        NS
        USD
        6816392.93000000
        0.121986721990
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        TriCo Bancshares
        N/A
        
        896095106
        
          
          
        
        542861.00000000
        NS
        USD
        26030184.95000000
        0.465838305900
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NuVasive Inc
        549300C5ZB4NZ6TWM881
        
        670704105
        
          
          
        
        332610.00000000
        NS
        USD
        22684002.00000000
        0.405954743810
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Rogers Corp
        PW0CN80KNFR7RUOOKJ84
        
        775133101
        
          
          
        
        185175.00000000
        NS
        USD
        34692536.25000000
        0.620860448941
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Callaway Golf Co
        5493005UB0KFRKBPCU72
        
        131193104
        
          
          
        
        691013.00000000
        NS
        USD
        25512199.96000000
        0.456568404411
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dycom Industries Inc
        549300F56EKTHQI3WT60
        
        267475101
        
          
          
        
        188499.00000000
        NS
        USD
        14122345.08000000
        0.252734635579
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Boyd Gaming Corp
        254900787YGRYS2A1Z35
        
        103304101
        
          
          
        
        887018.00000000
        NS
        USD
        57115089.02000000
        1.022136276078
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Group 1 Automotive Inc
        549300US8QAZJLWYAF63
        
        398905109
        
          
          
        
        218991.00000000
        NS
        USD
        34924684.68000000
        0.625014996116
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chart Industries Inc
        EM7QGKC1GYOF3LSZSL80
        
        16115Q308
        
          
          
        
        328710.00000000
        NS
        USD
        47971937.40000000
        0.858509691425
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Rent-A-Center Inc/TX
        529900QUHE15UQNCCJ63
        
        76009N100
        
          
          
        
        492743.00000000
        NS
        USD
        30456444.83000000
        0.545051012530
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ameris Bancorp
        PBJHNT51T5V6G5UQFV42
        
        03076K108
        
          
          
        
        841866.00000000
        NS
        USD
        46252118.04000000
        0.827731664352
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Beacon Roofing Supply Inc
        549300HDXQWWCBOYXP31
        
        073685109
        
          
          
        
        585137.00000000
        NS
        USD
        33142159.68000000
        0.593114783812
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Nexstar Media Group Inc
        52990083ZRR5UT591988
        
        65336K103
        
          
          
        
        207563.00000000
        NS
        USD
        31530895.33000000
        0.564279466022
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Eagle Outfitters Inc
        5299001Z9HXK01DHW793
        
        02553E106
        
          
          
        
        1396293.00000000
        NS
        USD
        49470660.99000000
        0.885330970625
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kaman Corp
        5493003YK076OLTEQF95
        
        483548103
        
          
          
        
        464715.00000000
        NS
        USD
        25010961.30000000
        0.447598196605
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Malibu Boats Inc
        N/A
        
        56117J100
        
          
          
        
        142776.00000000
        NS
        USD
        11196493.92000000
        0.200373365373
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Macy's Inc
        529900NZQ81TIOW3CW52
        
        55616P104
        
          
          
        
        570613.00000000
        NS
        USD
        10430805.64000000
        0.186670545670
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Federal Signal Corp
        549300RTXZRPTNP6G884
        
        313855108
        
          
          
        
        814542.00000000
        NS
        USD
        34601744.16000000
        0.619235626318
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Atlantic Union Bankshares Corp
        N/A
        
        04911A107
        
          
          
        
        899177.00000000
        NS
        USD
        36884240.54000000
        0.660083367082
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ABM Industries Inc
        QF02R89VEIOROM77J447
        
        000957100
        
          
          
        
        243798.00000000
        NS
        USD
        12163082.22000000
        0.217671508165
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AAR Corp
        MP76T5YQX3YK5VVAQ802
        
        000361105
        
          
          
        
        708195.00000000
        NS
        USD
        29567141.25000000
        0.529135963369
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Allegheny Technologies Inc
        ZW1LRE7C3H17O2ZN9B45
        
        01741R102
        
          
          
        
        942036.00000000
        NS
        USD
        23070461.64000000
        0.412870856943
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Viavi Solutions Inc
        5493006K3E3N1QOBF092
        
        925550105
        
          
          
        
        1555367.00000000
        NS
        USD
        27265583.51000000
        0.487947098957
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First Financial Bankshares Inc
        549300XN3GTGOENGNV49
        
        32020R109
        
          
          
        
        444615.00000000
        NS
        USD
        22386365.25000000
        0.400628212337
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hostess Brands Inc
        N/A
        
        44109J106
        
          
          
        
        651755.00000000
        NS
        USD
        10219518.40000000
        0.182889332047
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Rexnord Corp
        549300AM3633XDFU1Q85
        
        76169B102
        
          
          
        
        1408976.00000000
        NS
        USD
        70406530.72000000
        1.260000997223
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SPX FLOW Inc
        5493003YXEKRBINIEM78
        
        78469X107
        
          
          
        
        445887.00000000
        NS
        USD
        30601224.81000000
        0.547642006821
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Rattler Midstream LP
        549300I45NRVEEN9M219
        
        75419T103
        
          
          
        
        733810.00000000
        NS
        USD
        7734357.40000000
        0.138414688768
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Domtar Corp
        XYSIJOU3HNVROZWNA008
        
        257559203
        
          
          
        
        212845.00000000
        NS
        USD
        11542584.35000000
        0.206567027842
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ArcBest Corp
        5493006S3KBNE8ZS3J23
        
        03937C105
        
          
          
        
        456401.00000000
        NS
        USD
        35526253.84000000
        0.635780726706
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bluebird Bio Inc
        N/A
        
        09609G100
        
          
          
        
        214227.00000000
        NS
        USD
        6666744.24000000
        0.119308596869
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Brady Corp
        549300G2LEQOFQC8GY34
        
        104674106
        
          
          
        
        318992.00000000
        NS
        USD
        18255912.16000000
        0.326709288067
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lithia Motors Inc
        SE8N1EZEHPZQBCBVKD53
        
        536797103
        
          
          
        
        49586.00000000
        NS
        USD
        17453776.14000000
        0.312354196646
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Saia Inc
        549300WNPG4N9GBOYB29
        
        78709Y105
        
          
          
        
        145322.00000000
        NS
        USD
        33447311.52000000
        0.598575805947
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Owens & Minor Inc
        549300LMT5KQQXCEZ733
        
        690732102
        
          
          
        
        668999.00000000
        NS
        USD
        29910945.29000000
        0.535288708418
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NetScout Systems Inc
        5493005HZXZ3SPNVCV76
        
        64115T104
        
          
          
        
        475802.00000000
        NS
        USD
        13988578.80000000
        0.250340743358
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SkyWest Inc
        529900UYS2KGS6Z42P09
        
        830879102
        
          
          
        
        386350.00000000
        NS
        USD
        18942740.50000000
        0.339000823873
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Merit Medical Systems Inc
        549300OYTY138SP2CE83
        
        589889104
        
          
          
        
        173482.00000000
        NS
        USD
        10467903.88000000
        0.187334458789
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tronox Holdings PLC
        549300NRVC84SGJSXV06
        
        000000000
        
          
          
        
        1702276.00000000
        NS
        USD
        39969440.48000000
        0.715296356009
        Long
        EC
        CORP
        GB
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Independent Bank Corp
        549300C5K3W8THR3GE10
        
        453836108
        
          
          
        
        393822.00000000
        NS
        USD
        32139813.42000000
        0.575176713660
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Terex Corp
        YAWJZJYEQ7M1SYMOS462
        
        880779103
        
          
          
        
        513598.00000000
        NS
        USD
        26897127.26000000
        0.481353175955
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Adient PLC
        5493002QLDY8O75RTR78
        
        000000000
        
          
          
        
        964616.00000000
        NS
        USD
        48288676.96000000
        0.864178088339
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CIRCOR International Inc
        5493007701O01N3FQM69
        
        17273K109
        
          
          
        
        329135.00000000
        NS
        USD
        12385350.05000000
        0.221649231319
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Washington Federal Inc
        N/A
        
        938824109
        
          
          
        
        1174020.00000000
        NS
        USD
        39141826.80000000
        0.700485314314
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      
    
    
      2021-07-27
      Goldman Sachs Trust
      Peter Fortner
      Peter Fortner
      Vice President Assistant Treasurer
    
  
  XXXX

GOLDMAN SACHS EQUITY INCOME FUND

 

Schedule of Investments

May 31, 2021 (Unaudited)

 

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GOLDMAN SACHS EQUITY INCOME FUND

 

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

 

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GOLDMAN SACHS EQUITY INCOME FUND

 

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS FOCUSED VALUE FUND

 

Schedule of Investments

May 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS FOCUSED VALUE FUND

 

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS LARGE CAP VALUE FUND

 

Schedule of Investments

May 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS LARGE CAP VALUE FUND

 

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

 

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GOLDMAN SACHS LARGE CAP VALUE FUND

 

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS MID CAP VALUE FUND

 

Schedule of Investments

May 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS MID CAP VALUE FUND

 

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

 

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GOLDMAN SACHS MID CAP VALUE FUND

 

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS SMALL CAP VALUE FUND

 

Schedule of Investments

May 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS SMALL CAP VALUE FUND

 

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS SMALL CAP VALUE FUND

 

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS SMALL CAP VALUE FUND

 

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS SMALL CAP VALUE FUND

 

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

 

Schedule of Investments

May 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

 

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

 

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

 

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

 

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

 

---

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

 

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS

 

 

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

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

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

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

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

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

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

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

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under 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.

Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. 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. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

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

---

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

 

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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

 

EQUITY INCOME FUND
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia		$	4,662,794			$	—			$	—
Europe			18,436,698				—				—
North America			377,025,530				—				—
Oceania			7,157,370				—				—
Investment Company			8,656,628				—				—
Total		$	415,939,020			$	—			$	—
FOCUSED VALUE FUND
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe		$	1,176,248			$	—			$	—
North America			34,022,541				—				—
Investment Company			458,095				—				—
Total		$	35,656,884			$	—			$	—
LARGE CAP VALUE FUND
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia		$	3,011,678			$	—			$	—
Europe			9,846,119				—				—
North America			479,059,779				—				—
Investment Company			3,777,722				—				—
Total		$	495,695,298			$	—			$	—

---

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

 

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

MID CAP VALUE FUND
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Europe		$	25,363,697			$	—			$	—
North America			1,202,836,914				—				—
Investment Company			7,998,083				—				—
Total		$	1,236,198,694			$	—			$	—
SMALL CAP VALUE FUND
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
North America		$	5,568,394,918			$	—			$	—
Investment Company			26,616,680				—				—
Securities Lending Reinvestment Vehicle			7,396,836				—				—
Total		$	5,602,408,434			$	—			$	—
SMALL/MID CAP VALUE FUND
Investment Type		Level 1				Level 2				Level 3
Assets
Common Stock and/or Other Equity Investments(a)
North America		$	207,997,080			$	—			$	—
Investment Company			2,307,033				—				—
Securities Lending Reinvestment Vehicle			953,546				—				—
Total		$	211,257,659			$	—			$	—

 

(a)

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

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

---

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

 

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

Securities Lending — The Funds may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. 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 Small Cap Value and Small/Mid Cap Value Funds invest the cash collateral received in connection with securities lending transactions in the 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, BNYM may 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 BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of May 31, 2021, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

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

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

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

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which a Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or problems with registration, settlement or custody, may result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.

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 emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

---

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

 

Schedule of Investments (continued)

May 31, 2021 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an exchange-traded fund (“ETF”), 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. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

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

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

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

Non-Diversification Risk — The Focused Value 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.