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January 27, 2021 3:57 PM EST

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      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
      2020-11-30
      N
    
    
      4912828249.29
      17956048.53
      4894872200.76
      0.00000000
      0.00000000
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      N
      
        
          
          
          
          
          
          
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        RH
        5493008MTS3OGGMHGK69
        RH
        74967X103
        
          
          
        
        35104.00000000
        NS
        USD
        15907728.64000000
        0.324987619442
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Summit Materials Inc
        N/A
        Summit Materials Inc
        86614U100
        
          
          
        
        953871.00000000
        NS
        USD
        18123549.00000000
        0.370255815814
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First Financial Bankshares Inc
        549300XN3GTGOENGNV49
        First Financial Bankshares Inc
        32020R109
        
          
          
        
        847900.00000000
        NS
        USD
        28336818.00000000
        0.578908229628
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SJW Group
        N/A
        SJW Group
        784305104
        
          
          
        
        264754.00000000
        NS
        USD
        17367862.40000000
        0.354817484250
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Zumiez Inc
        549300J0PDF58P6HZD25
        Zumiez Inc
        989817101
        
          
          
        
        378855.00000000
        NS
        USD
        14051731.95000000
        0.287070456054
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cloudera Inc
        549300PGONC4JOI0RG62
        Cloudera Inc
        18914U100
        
          
          
        
        1459493.00000000
        NS
        USD
        17046878.24000000
        0.348259924689
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NetScout Systems Inc
        5493005HZXZ3SPNVCV76
        NetScout Systems Inc
        64115T104
        
          
          
        
        751401.00000000
        NS
        USD
        17597811.42000000
        0.359515237543
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Two Harbors Investment Corp
        549300ZUIBT6KH4HU823
        Two Harbors Investment Corp
        90187B408
        
          
          
        
        4935624.00000000
        NS
        USD
        30798293.76000000
        0.629195053452
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Burlington Stores Inc
        5299003Z37DVGKKC1W09
        Burlington Stores Inc
        122017106
        
          
          
        
        11159.00000000
        NS
        USD
        2438687.86000000
        0.049821277450
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Brinker International Inc
        52990067JY6PBGJNTG76
        Brinker International Inc
        109641100
        
          
          
        
        578717.00000000
        NS
        USD
        28999508.87000000
        0.592446700967
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Brady Corp
        549300G2LEQOFQC8GY34
        Brady Corp
        104674106
        
          
          
        
        322654.00000000
        NS
        USD
        14254853.72000000
        0.291220140901
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Penn National Gaming Inc
        N/A
        Penn National Gaming Inc
        707569109
        
          
          
        
        271326.00000000
        NS
        USD
        18992820.00000000
        0.388014624713
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Darling Ingredients Inc
        L1N0SPPKS7EXZYUMZ898
        Darling Ingredients Inc
        237266101
        
          
          
        
        1298434.00000000
        NS
        USD
        62688393.52000000
        1.280695204060
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Walker & Dunlop Inc
        N/A
        Walker & Dunlop Inc
        93148P102
        
          
          
        
        381811.00000000
        NS
        USD
        30548698.11000000
        0.624095928495
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Allegro MicroSystems Inc
        N/A
        Allegro MicroSystems Inc
        01749D105
        
          
          
        
        556153.00000000
        NS
        USD
        13319864.35000000
        0.272118735764
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Virtu Financial Inc
        5493001OPW2K42CH3884
        Virtu Financial Inc
        928254101
        
          
          
        
        231819.00000000
        NS
        USD
        5283155.01000000
        0.107932440180
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kraton Corp
        N/A
        Kraton Corp
        50077C106
        
          
          
        
        365706.00000000
        NS
        USD
        9874062.00000000
        0.201722569967
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Prestige Consumer Healthcare I
        N/A
        Prestige Consumer Healthcare Inc
        74112D101
        
          
          
        
        368554.00000000
        NS
        USD
        13109465.78000000
        0.267820389222
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        IDACORP Inc
        N134NUJDWN8UEFA8B673
        IDACORP Inc
        451107106
        
          
          
        
        127512.00000000
        NS
        USD
        11550036.96000000
        0.235961971759
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Viavi Solutions Inc
        5493006K3E3N1QOBF092
        Viavi Solutions Inc
        925550105
        
          
          
        
        1462122.00000000
        NS
        USD
        19804442.49000000
        0.404595700924
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Safehold Inc
        549300MHMP6BIE0XV355
        Safehold Inc
        78645L100
        
          
          
        
        254228.00000000
        NS
        USD
        17305299.96000000
        0.353539362218
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AAR Corp
        MP76T5YQX3YK5VVAQ802
        AAR Corp
        000361105
        
          
          
        
        660570.00000000
        NS
        USD
        18740370.90000000
        0.382857205078
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ASGN Inc
        LZBNYYCBUKY537072438
        ASGN Inc
        00191U102
        
          
          
        
        414181.00000000
        NS
        USD
        32380670.58000000
        0.661522288058
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FirstCash Inc
        549300V2X3UU7K0DG350
        FirstCash Inc
        33767D105
        
          
          
        
        174964.00000000
        NS
        USD
        11239687.36000000
        0.229621671394
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EMCOR Group Inc
        529900X0SQJB2J7YDU43
        EMCOR Group Inc
        29084Q100
        
          
          
        
        322547.00000000
        NS
        USD
        27797100.46000000
        0.567882047169
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SeaWorld Entertainment Inc
        529900G0H4NV3IIK3269
        SeaWorld Entertainment Inc
        81282V100
        
          
          
        
        836556.00000000
        NS
        USD
        23339912.40000000
        0.476823733955
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AZEK Co Inc/The
        N/A
        AZEK Co Inc/The
        05478C105
        
          
          
        
        250115.00000000
        NS
        USD
        8934107.80000000
        0.182519735624
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ONE Gas Inc
        549300HXDWI0LATTX840
        ONE Gas Inc
        68235P108
        
          
          
        
        534551.00000000
        NS
        USD
        42325748.18000000
        0.864695674249
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Helen of Troy Ltd
        N/A
        Helen of Troy Ltd
        000000000
        
          
          
        
        32099.00000000
        NS
        USD
        6483677.01000000
        0.132458555485
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ArcBest Corp
        5493006S3KBNE8ZS3J23
        ArcBest Corp
        03937C105
        
          
          
        
        422899.00000000
        NS
        USD
        17723697.09000000
        0.362087024197
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Watts Water Technologies Inc
        549300REJOO94ERQN318
        Watts Water Technologies Inc
        942749102
        
          
          
        
        158733.00000000
        NS
        USD
        18595570.95000000
        0.379899008335
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Workhorse Group Inc
        5493006JUAG258V8X854
        Workhorse Group Inc
        98138J206
        
          
          
        
        286989.00000000
        NS
        USD
        7280910.93000000
        0.148745679792
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Marriott Vacations Worldwide C
        549300WA6BT5H4F7IO94
        Marriott Vacations Worldwide Corp
        57164Y107
        
          
          
        
        327295.00000000
        NS
        USD
        41674472.35000000
        0.851390406955
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        South State Corp
        549300JZUANXM0YQ4W53
        South State Corp
        840441109
        
          
          
        
        639728.00000000
        NS
        USD
        42522720.16000000
        0.868719721699
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Onto Innovation Inc
        254900RXZVN73CHOO062
        Onto Innovation Inc
        683344105
        
          
          
        
        573301.00000000
        NS
        USD
        25345637.21000000
        0.517799774344
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Knowles Corp
        5493003EO323TDZQU148
        Knowles Corp
        49926D109
        
          
          
        
        742931.00000000
        NS
        USD
        12614968.38000000
        0.257718033538
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Adient PLC
        5493002QLDY8O75RTR78
        Adient PLC
        000000000
        
          
          
        
        1257434.00000000
        NS
        USD
        39345109.86000000
        0.803802596805
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Terreno Realty Corp
        N/A
        Terreno Realty Corp
        88146M101
        
          
          
        
        691665.00000000
        NS
        USD
        40075070.10000000
        0.818715350602
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Live Nation Entertainment Inc
        5493007B9BM9ZXJINO78
        Live Nation Entertainment Inc
        538034109
        
          
          
        
        39833.00000000
        NS
        USD
        2615036.45000000
        0.053423998477
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PRA Health Sciences Inc
        549300R1HR1VWWHIAK47
        PRA Health Sciences Inc
        69354M108
        
          
          
        
        132916.00000000
        NS
        USD
        14913175.20000000
        0.304669347601
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Columbia Property Trust Inc
        549300J5GYF2C9BGCC39
        Columbia Property Trust Inc
        198287203
        
          
          
        
        1446481.00000000
        NS
        USD
        20221804.38000000
        0.413122213422
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ConnectOne Bancorp Inc
        549300E2M5ZYAZKUK134
        ConnectOne Bancorp Inc
        20786W107
        
          
          
        
        886605.00000000
        NS
        USD
        15719506.65000000
        0.321142330285
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CIRCOR International Inc
        5493007701O01N3FQM69
        CIRCOR International Inc
        17273K109
        
          
          
        
        344847.00000000
        NS
        USD
        11404090.29000000
        0.232980348051
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Stifel Financial Corp
        549300E5F07FE5GHJX84
        Stifel Financial Corp
        860630102
        
          
          
        
        696276.00000000
        NS
        USD
        48251926.80000000
        0.985764792643
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Viper Energy Partners LP
        5299009LINL232255G03
        Viper Energy Partners LP
        92763M105
        
          
          
        
        2029978.00000000
        NS
        USD
        22735753.60000000
        0.464481046031
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CyrusOne Inc
        5493006S177ZK2ZNBU43
        CyrusOne Inc
        23283R100
        
          
          
        
        319825.00000000
        NS
        USD
        22358965.75000000
        0.456783442610
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kemper Corp
        549300FNI1JKTRY2PV09
        Kemper Corp
        488401100
        
          
          
        
        173601.00000000
        NS
        USD
        13011394.95000000
        0.265816847025
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SPX FLOW Inc
        5493003YXEKRBINIEM78
        SPX FLOW Inc
        78469X107
        
          
          
        
        553303.00000000
        NS
        USD
        29645974.74000000
        0.605653702979
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Portland General Electric Co
        GJOUP9M7C39GLSK9R870
        Portland General Electric Co
        736508847
        
          
          
        
        822841.00000000
        NS
        USD
        34049160.58000000
        0.695608775540
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sandstorm Gold Ltd
        549300QWJPV45VQF1B33
        Sandstorm Gold Ltd
        80013R206
        
          
          
        
        860428.00000000
        NS
        USD
        6272520.12000000
        0.128144716812
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Simply Good Foods Co/The
        N/A
        Simply Good Foods Co/The
        82900L102
        
          
          
        
        707720.00000000
        NS
        USD
        15385832.80000000
        0.314325526162
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Stepan Co
        IZU1EW9GB3WC7CYCSR17
        Stepan Co
        858586100
        
          
          
        
        19979.00000000
        NS
        USD
        2320760.64000000
        0.047412078289
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Timken Co/The
        B0I35MLPFXZSE70ASS73
        Timken Co/The
        887389104
        
          
          
        
        339566.00000000
        NS
        USD
        24937727.04000000
        0.509466356162
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Gibraltar Industries Inc
        N/A
        Gibraltar Industries Inc
        374689107
        
          
          
        
        332114.00000000
        NS
        USD
        21740182.44000000
        0.444141982636
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Commercial Metals Co
        549300OQS2LO07ZJ7N73
        Commercial Metals Co
        201723103
        
          
          
        
        909604.00000000
        NS
        USD
        18110215.64000000
        0.369983421368
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Federal Signal Corp
        549300RTXZRPTNP6G884
        Federal Signal Corp
        313855108
        
          
          
        
        545479.00000000
        NS
        USD
        16926213.37000000
        0.345794796590
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First Midwest Bancorp Inc/IL
        7XRS7ORI584PF41IVU88
        First Midwest Bancorp Inc/IL
        320867104
        
          
          
        
        659503.00000000
        NS
        USD
        9226446.97000000
        0.188492091143
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Wolverine World Wide Inc
        549300OVC7PK14LQ8D87
        Wolverine World Wide Inc
        978097103
        
          
          
        
        730382.00000000
        NS
        USD
        21078824.52000000
        0.430630742856
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Syneos Health Inc
        549300F1ZGKDS8P6GU13
        Syneos Health Inc
        87166B102
        
          
          
        
        242807.00000000
        NS
        USD
        15986412.88000000
        0.326595102473
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        IMAX Corp
        5493002KS2T1Q0X7VZ21
        IMAX Corp
        45245E109
        
          
          
        
        773141.00000000
        NS
        USD
        11465681.03000000
        0.234238618696
        Long
        EC
        CORP
        CA
        
        N
        
        1
        
          N
          N
          N
        
      
      
        OceanFirst Financial Corp
        N/A
        OceanFirst Financial Corp
        675234108
        
          
          
        
        1125240.00000000
        NS
        USD
        17745034.80000000
        0.362522943852
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BMC Stock Holdings Inc
        549300GHSZDJ1FJEJG18
        BMC Stock Holdings Inc
        05591B109
        
          
          
        
        651417.00000000
        NS
        USD
        31880347.98000000
        0.651300926202
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cleveland-Cliffs Inc
        549300TM2WLI2BJMDD86
        Cleveland-Cliffs Inc
        185899101
        
          
          
        
        3058495.00000000
        NS
        USD
        33674029.95000000
        0.687945028366
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Washington Federal Inc
        N/A
        Washington Federal Inc
        938824109
        
          
          
        
        1039569.00000000
        NS
        USD
        24294727.53000000
        0.496330170300
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Globus Medical Inc
        5299003M2P4CIK0RF205
        Globus Medical Inc
        379577208
        
          
          
        
        149844.00000000
        NS
        USD
        9002627.52000000
        0.183919562161
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kennedy-Wilson Holdings Inc
        549300MOI1T78144X610
        Kennedy-Wilson Holdings Inc
        489398107
        
          
          
        
        919847.00000000
        NS
        USD
        14699155.06000000
        0.300297014040
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mesa Laboratories Inc
        549300ZCG738WLX8ZW79
        Mesa Laboratories Inc
        59064R109
        
          
          
        
        19285.00000000
        NS
        USD
        5240891.60000000
        0.107069018046
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SkyWest Inc
        529900UYS2KGS6Z42P09
        SkyWest Inc
        830879102
        
          
          
        
        420989.00000000
        NS
        USD
        18073057.77000000
        0.369224303081
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First of Long Island Corp/The
        N/A
        First of Long Island Corp/The
        320734106
        
          
          
        
        197168.00000000
        NS
        USD
        3314394.08000000
        0.067711554951
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Taylor Morrison Home Corp
        5299009UDLLGLKOOJE30
        Taylor Morrison Home Corp
        87724P106
        
          
          
        
        1030194.00000000
        NS
        USD
        26043304.32000000
        0.532052794268
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Abercrombie & Fitch Co
        5493000J7LL72TOGT983
        Abercrombie & Fitch Co
        002896207
        
          
          
        
        219938.00000000
        NS
        USD
        4561514.12000000
        0.093189646898
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Luminex Corp
        5299004PD7MBYRVKM104
        Luminex Corp
        55027E102
        
          
          
        
        443459.00000000
        NS
        USD
        10523282.07000000
        0.214985839024
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Park Hotels & Resorts Inc
        5493005UZ5TQN0H6HS73
        Park Hotels & Resorts Inc
        700517105
        
          
          
        
        1346315.00000000
        NS
        USD
        21971860.80000000
        0.448875065555
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Enstar Group Ltd
        213800AMAL5QFXVUCN04
        Enstar Group Ltd
        000000000
        
          
          
        
        128583.00000000
        NS
        USD
        24338190.24000000
        0.497218093584
        Long
        EC
        CORP
        BM
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Astec Industries Inc
        5493002DO2QKHLKB2A48
        Astec Industries Inc
        046224101
        
          
          
        
        437296.00000000
        NS
        USD
        25363168.00000000
        0.518157920365
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Provident Financial Services I
        529900JOSO3SXEDVE477
        Provident Financial Services Inc
        74386T105
        
          
          
        
        301985.00000000
        NS
        USD
        4732104.95000000
        0.096674739521
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Green Dot Corp
        N/A
        Green Dot Corp
        39304D102
        
          
          
        
        316551.00000000
        NS
        USD
        16954471.56000000
        0.346372098486
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ManTech International Corp/VA
        5299007N03CAU4SWNR02
        ManTech International Corp/VA
        564563104
        
          
          
        
        218436.00000000
        NS
        USD
        16813018.92000000
        0.343482285755
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pebblebrook Hotel Trust
        5493004Q1NNH6JXCSI52
        Pebblebrook Hotel Trust
        70509V100
        
          
          
        
        2404299.00000000
        NS
        USD
        44479531.50000000
        0.908696482271
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Healthcare Realty Trust Inc
        549300CB86LH2IOKHH22
        Healthcare Realty Trust Inc
        421946104
        
          
          
        
        1202930.00000000
        NS
        USD
        35486435.00000000
        0.724971634489
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Saia Inc
        549300WNPG4N9GBOYB29
        Saia Inc
        78709Y105
        
          
          
        
        172751.00000000
        NS
        USD
        30151959.54000000
        0.615990740990
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Great Western Bancorp Inc
        5493004X4OTHDTFBHI90
        Great Western Bancorp Inc
        391416104
        
          
          
        
        605427.00000000
        NS
        USD
        9947165.61000000
        0.203216043280
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Glacier Bancorp Inc
        549300SMJAUKZB5D7V74
        Glacier Bancorp Inc
        37637Q105
        
          
          
        
        968266.00000000
        NS
        USD
        39476204.82000000
        0.806480806871
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AMERISAFE Inc
        N/A
        AMERISAFE Inc
        03071H100
        
          
          
        
        224172.00000000
        NS
        USD
        12268933.56000000
        0.250648700452
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FB Financial Corp
        5493000B2LD2C2A6C435
        FB Financial Corp
        30257X104
        
          
          
        
        730580.00000000
        NS
        USD
        23320113.60000000
        0.476419253527
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Jack in the Box Inc
        5493002OJW26P0SUUP68
        Jack in the Box Inc
        466367109
        
          
          
        
        181308.00000000
        NS
        USD
        16678522.92000000
        0.340734593998
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Magellan Health Inc
        N/A
        Magellan Health Inc
        559079207
        
          
          
        
        232534.00000000
        NS
        USD
        18381812.70000000
        0.375532025067
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PennyMac Mortgage Investment T
        549300BSSOQO1ZWDUJ97
        PennyMac Mortgage Investment Trust
        70931T103
        
          
          
        
        1431336.00000000
        NS
        USD
        24475845.60000000
        0.500030329621
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alcoa Corp
        549300T12EZ1F6PWWU29
        Alcoa Corp
        013872106
        
          
          
        
        833409.00000000
        NS
        USD
        16584839.10000000
        0.338820676409
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hudson Pacific Properties Inc
        N/A
        Hudson Pacific Properties Inc
        444097109
        
          
          
        
        735415.00000000
        NS
        USD
        19120790.00000000
        0.390628993276
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Rogers Corp
        PW0CN80KNFR7RUOOKJ84
        Rogers Corp
        775133101
        
          
          
        
        158243.00000000
        NS
        USD
        23247479.13000000
        0.474935364530
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chesapeake Utilities Corp
        254900WW0FDCKAOCKE74
        Chesapeake Utilities Corp
        165303108
        
          
          
        
        188707.00000000
        NS
        USD
        19627415.07000000
        0.400979111711
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bottomline Technologies DE Inc
        OJ3Q4KYIXDSSGURLMT36
        Bottomline Technologies DE Inc
        101388106
        
          
          
        
        341779.00000000
        NS
        USD
        15598793.56000000
        0.318676217074
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Avanos Medical Inc
        549300YCXWOM7NEWMQ58
        Avanos Medical Inc
        05350V106
        
          
          
        
        678483.00000000
        NS
        USD
        28760894.37000000
        0.587571915882
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Aerojet Rocketdyne Holdings In
        549300VULNLWHE8QWI76
        Aerojet Rocketdyne Holdings Inc
        007800105
        
          
          
        
        312067.00000000
        NS
        USD
        11680667.81000000
        0.238630700270
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cubic Corp
        6HHLXIOGCDNZ4IRAIW26
        Cubic Corp
        229669106
        
          
          
        
        102406.00000000
        NS
        USD
        5996895.36000000
        0.122513829044
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Laureate Education Inc
        5JL7TMOH5TY3IUYSUP91
        Laureate Education Inc
        518613203
        
          
          
        
        728899.00000000
        NS
        USD
        10350365.80000000
        0.211453238725
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kennametal Inc
        549300GZDSG25XUV0Y08
        Kennametal Inc
        489170100
        
          
          
        
        887327.00000000
        NS
        USD
        31047571.73000000
        0.634287688352
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Amalgamated Bank
        254900FMBXF85WQYV433
        Amalgamated Bank
        022663108
        
          
          
        
        354515.00000000
        NS
        USD
        4509430.80000000
        0.092125608494
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Griffon Corp
        5493000C2SGNC7ZN3242
        Griffon Corp
        398433102
        
          
          
        
        727648.00000000
        NS
        USD
        15171460.80000000
        0.309946004262
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        STAG Industrial Inc
        549300QWYX2W6FASVQ07
        STAG Industrial Inc
        85254J102
        
          
          
        
        1290766.00000000
        NS
        USD
        38439011.48000000
        0.785291421378
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Owens & Minor Inc
        549300LMT5KQQXCEZ733
        Owens & Minor Inc
        690732102
        
          
          
        
        463217.00000000
        NS
        USD
        11932469.92000000
        0.243774902195
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Quaker Chemical Corp
        549300PJQ1R3WCWCPS54
        Quaker Chemical Corp
        747316107
        
          
          
        
        34513.00000000
        NS
        USD
        8524711.00000000
        0.174155946271
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ABM Industries Inc
        QF02R89VEIOROM77J447
        ABM Industries Inc
        000957100
        
          
          
        
        584023.00000000
        NS
        USD
        22484885.50000000
        0.459355925503
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Beacon Roofing Supply Inc
        549300HDXQWWCBOYXP31
        Beacon Roofing Supply Inc
        073685109
        
          
          
        
        664197.00000000
        NS
        USD
        24170128.83000000
        0.493784675854
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        KB Home
        549300LGUCWQURMWLG09
        KB Home
        48666K109
        
          
          
        
        270545.00000000
        NS
        USD
        9523184.00000000
        0.194554292929
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WPX Energy Inc
        ZXZE9GCS2BB547GJW219
        WPX Energy Inc
        98212B103
        
          
          
        
        3365445.00000000
        NS
        USD
        23961968.40000000
        0.489532053488
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pacific Premier Bancorp Inc
        549300Q1KIC3KLI0XG98
        Pacific Premier Bancorp Inc
        69478X105
        
          
          
        
        875568.00000000
        NS
        USD
        25233869.76000000
        0.515516416467
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Boyd Gaming Corp
        254900787YGRYS2A1Z35
        Boyd Gaming Corp
        103304101
        
          
          
        
        1077936.00000000
        NS
        USD
        41489756.64000000
        0.847616749494
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FARO Technologies Inc
        529900MFEFNOFP3YR823
        FARO Technologies Inc
        311642102
        
          
          
        
        276627.00000000
        NS
        USD
        18290577.24000000
        0.373668126353
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pinnacle Financial Partners In
        54930098EZ8JMSAZGS24
        Pinnacle Financial Partners Inc
        72346Q104
        
          
          
        
        403611.00000000
        NS
        USD
        21859571.76000000
        0.446581051832
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Golar LNG Ltd
        213800C2VSFZG3EZLO34
        Golar LNG Ltd
        000000000
        
          
          
        
        1457501.00000000
        NS
        USD
        13263259.10000000
        0.270962316400
        Long
        EC
        CORP
        BM
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Resideo Technologies Inc
        5493006TKFPYISY2DS54
        Resideo Technologies Inc
        76118Y104
        
          
          
        
        1631808.00000000
        NS
        USD
        30172129.92000000
        0.616402812627
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Avient Corp
        SM8L9RZYIB34LNTWO040
        Avient Corp
        05368V106
        
          
          
        
        1509685.00000000
        NS
        USD
        55178986.75000000
        1.127281458777
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EQT Corp
        4NT01YGM4X7ZX86ISY52
        EQT Corp
        26884L109
        
          
          
        
        1562270.00000000
        NS
        USD
        23246577.60000000
        0.474916946685
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Columbus McKinnon Corp/NY
        549300W3HQB0HO1F3G69
        Columbus McKinnon Corp/NY
        199333105
        
          
          
        
        510788.00000000
        NS
        USD
        19302678.52000000
        0.394344892538
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hostess Brands Inc
        N/A
        Hostess Brands Inc
        44109J106
        
          
          
        
        1287055.00000000
        NS
        USD
        17439595.25000000
        0.356282953562
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Casella Waste Systems Inc
        8EU0XUFVJ48U37IIDH51
        Casella Waste Systems Inc
        147448104
        
          
          
        
        280202.00000000
        NS
        USD
        16862556.36000000
        0.344494312995
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chart Industries Inc
        EM7QGKC1GYOF3LSZSL80
        Chart Industries Inc
        16115Q308
        
          
          
        
        341643.00000000
        NS
        USD
        35312220.48000000
        0.721412511536
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Independent Bank Corp
        549300C5K3W8THR3GE10
        Independent Bank Corp
        453836108
        
          
          
        
        490770.00000000
        NS
        USD
        33195682.80000000
        0.678172614901
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BRP Group Inc
        N/A
        BRP Group Inc
        05589G102
        
          
          
        
        527687.00000000
        NS
        USD
        15540382.15000000
        0.317482898687
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Acadia Healthcare Co Inc
        5493005CW985Y9D0NC11
        Acadia Healthcare Co Inc
        00404A109
        
          
          
        
        507669.00000000
        NS
        USD
        21550549.05000000
        0.440267859223
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ChampionX Corp
        549300EP2909K6DYYP38
        ChampionX Corp
        15872M104
        
          
          
        
        2865423.00000000
        NS
        USD
        34041225.24000000
        0.695446660174
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Columbia Banking System Inc
        N/A
        Columbia Banking System Inc
        197236102
        
          
          
        
        1029594.00000000
        NS
        USD
        32545466.34000000
        0.664888990052
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Rexnord Corp
        549300AM3633XDFU1Q85
        Rexnord Corp
        76169B102
        
          
          
        
        1335218.00000000
        NS
        USD
        50084027.18000000
        1.023193765349
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Meritage Homes Corp
        52990044W9UMFJO2FB97
        Meritage Homes Corp
        59001A102
        
          
          
        
        357027.00000000
        NS
        USD
        32185984.05000000
        0.657544931305
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bryn Mawr Bank Corp
        4NOIGQXI7NPP6IUQF087
        Bryn Mawr Bank Corp
        117665109
        
          
          
        
        99336.00000000
        NS
        USD
        2962199.52000000
        0.060516381194
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HB Fuller Co
        JSMX3Z5FOYM8V0Q52357
        HB Fuller Co
        359694106
        
          
          
        
        363256.00000000
        NS
        USD
        19009186.48000000
        0.388348984413
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Brigham Minerals Inc
        549300IQ6JCXW59RO175
        Brigham Minerals Inc
        10918L103
        
          
          
        
        1005585.00000000
        NS
        USD
        10478195.70000000
        0.214064745109
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kinsale Capital Group Inc
        529900QTUQHNZ6HOA508
        Kinsale Capital Group Inc
        49714P108
        
          
          
        
        101296.00000000
        NS
        USD
        24327247.36000000
        0.496994535551
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sally Beauty Holdings Inc
        529900VXW6E8ONDIQ271
        Sally Beauty Holdings Inc
        79546E104
        
          
          
        
        396695.00000000
        NS
        USD
        4561992.50000000
        0.093199419982
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Houlihan Lokey Inc
        549300S3CNGTQ1QZVY46
        Houlihan Lokey Inc
        441593100
        
          
          
        
        266270.00000000
        NS
        USD
        17248970.60000000
        0.352388579160
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Air Transport Services Group I
        5493000F3MSFGIXTQE27
        Air Transport Services Group Inc
        00922R105
        
          
          
        
        376284.00000000
        NS
        USD
        11566970.16000000
        0.236307909289
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Eagle Outfitters Inc
        5299001Z9HXK01DHW793
        American Eagle Outfitters Inc
        02553E106
        
          
          
        
        1558831.00000000
        NS
        USD
        28043369.69000000
        0.572913214887
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lakeland Financial Corp
        N/A
        Lakeland Financial Corp
        511656100
        
          
          
        
        602883.00000000
        NS
        USD
        30620427.57000000
        0.625561328552
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vonage Holdings Corp
        529900W7N0N4WLN1JY21
        Vonage Holdings Corp
        92886T201
        
          
          
        
        1307195.00000000
        NS
        USD
        16810527.70000000
        0.343431391270
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        KBR Inc
        254900OFQDXZRKRCV808
        KBR Inc
        48242W106
        
          
          
        
        2027617.00000000
        NS
        USD
        56306924.09000000
        1.150324702680
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Arena Pharmaceuticals Inc
        529900CVGQMPJ3A3NI85
        Arena Pharmaceuticals Inc
        040047607
        
          
          
        
        214810.00000000
        NS
        USD
        14149534.70000000
        0.289068521498
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ALLETE Inc
        549300NNLSIMY6Z8OT86
        ALLETE Inc
        018522300
        
          
          
        
        464427.00000000
        NS
        USD
        26119374.48000000
        0.533606872840
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TriMas Corp
        75G1WUQ8QK4P5MZOYD78
        TriMas Corp
        896215209
        
          
          
        
        805229.00000000
        NS
        USD
        21523771.17000000
        0.439720799383
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Performance Food Group Co
        549300EUK8GR9IT1YK57
        Performance Food Group Co
        71377A103
        
          
          
        
        1010076.00000000
        NS
        USD
        43817096.88000000
        0.895163246002
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MGIC Investment Corp
        254900S8483WM4M98R28
        MGIC Investment Corp
        552848103
        
          
          
        
        2619058.00000000
        NS
        USD
        31323933.68000000
        0.639933636574
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        II-VI Inc
        549300O5C25A0MMHHU33
        II-VI Inc
        902104108
        
          
          
        
        231029.00000000
        NS
        USD
        15629111.85000000
        0.319295605870
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ameris Bancorp
        PBJHNT51T5V6G5UQFV42
        Ameris Bancorp
        03076K108
        
          
          
        
        1061077.00000000
        NS
        USD
        36087228.77000000
        0.737245576389
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TriCo Bancshares
        N/A
        TriCo Bancshares
        896095106
        
          
          
        
        553444.00000000
        NS
        USD
        18130825.44000000
        0.370404470155
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Constellium SE
        724500KRJEMC79KAAU28
        Constellium SE
        000000000
        
          
          
        
        1769886.00000000
        NS
        USD
        22371359.04000000
        0.457036631855
        Long
        EC
        CORP
        FR
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Capri Holdings Ltd
        549300LPG8W0H1OX3A26
        Capri Holdings Ltd
        000000000
        
          
          
        
        646770.00000000
        NS
        USD
        22882722.60000000
        0.467483555473
        Long
        EC
        CORP
        GB
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Acadia Realty Trust
        N/A
        Acadia Realty Trust
        004239109
        
          
          
        
        1772056.00000000
        NS
        USD
        25163195.20000000
        0.514072567534
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Preferred Apartment Communitie
        549300KTZLVOW5TLLN89
        Preferred Apartment Communities Inc
        74039L103
        
          
          
        
        800500.00000000
        NS
        USD
        6251905.00000000
        0.127723559340
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Renasant Corp
        549300OVE6OZHW2UUH81
        Renasant Corp
        75970E107
        
          
          
        
        1141102.00000000
        NS
        USD
        35225818.74000000
        0.719647363510
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CVB Financial Corp
        N/A
        CVB Financial Corp
        126600105
        
          
          
        
        1598621.00000000
        NS
        USD
        30357812.79000000
        0.620196228724
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PJT Partners Inc
        549300W3WBEQUBKYTN87
        PJT Partners Inc
        69343T107
        
          
          
        
        250619.00000000
        NS
        USD
        17362884.32000000
        0.354715784352
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FTI Consulting Inc
        549300K17GM8EQD0FQ48
        FTI Consulting Inc
        302941109
        
          
          
        
        75305.00000000
        NS
        USD
        7908531.10000000
        0.161567672773
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Merit Medical Systems Inc
        549300OYTY138SP2CE83
        Merit Medical Systems Inc
        589889104
        
          
          
        
        312849.00000000
        NS
        USD
        17228594.43000000
        0.351972303328
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        KKR Real Estate Finance Trust
        549300K23AYZDZ2REL62
        KKR Real Estate Finance Trust Inc
        48251K100
        
          
          
        
        1329371.00000000
        NS
        USD
        24234433.33000000
        0.495098387374
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BancorpSouth Bank
        Q7C315HKI8VX0SSKBS64
        BancorpSouth Bank
        05971J102
        
          
          
        
        1219599.00000000
        NS
        USD
        30916834.65000000
        0.631616789610
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alerus Financial Corp
        5493008BXLBPPELQ3G57
        Alerus Financial Corp
        01446U103
        
          
          
        
        178298.00000000
        NS
        USD
        4284500.94000000
        0.087530394344
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PS Business Parks Inc
        N/A
        PS Business Parks Inc
        69360J107
        
          
          
        
        188173.00000000
        NS
        USD
        24801201.40000000
        0.506677199787
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Allscripts Healthcare Solution
        Y68YJHVB1GU4TAU3C223
        Allscripts Healthcare Solutions Inc
        01988P108
        
          
          
        
        1276069.00000000
        NS
        USD
        17456623.92000000
        0.356630841501
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        At Home Group Inc
        549300LGPR0P05O30I24
        At Home Group Inc
        04650Y100
        
          
          
        
        159674.00000000
        NS
        USD
        3024225.56000000
        0.061783544819
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Life Storage Inc
        W9EE01AFDDF9DQCQZC68
        Life Storage Inc
        53223X107
        
          
          
        
        204463.00000000
        NS
        USD
        22433680.36000000
        0.458309827915
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CTS Corp
        549300YV1HQLBVHOI649
        CTS Corp
        126501105
        
          
          
        
        625393.00000000
        NS
        USD
        19049470.78000000
        0.389171974235
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bank of Hawaii Corp
        5493006Q8BQ8AD8M2U33
        Bank of Hawaii Corp
        062540109
        
          
          
        
        119676.00000000
        NS
        USD
        8961338.88000000
        0.183076054132
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cohu Inc
        529900FJPORJ3JJ2XS33
        Cohu Inc
        192576106
        
          
          
        
        870144.00000000
        NS
        USD
        24703388.16000000
        0.504678920037
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        National Health Investors Inc
        549300ZPKZIG6DKDEC02
        National Health Investors Inc
        63633D104
        
          
          
        
        544986.00000000
        NS
        USD
        35238794.76000000
        0.719912457663
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Big Lots Inc
        N/A
        Big Lots Inc
        089302103
        
          
          
        
        59460.00000000
        NS
        USD
        3072298.20000000
        0.062765646864
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Caesars Entertainment Inc
        549300FA4CTCW903Y781
        Caesars Entertainment Inc
        12769G100
        
          
          
        
        401483.00000000
        NS
        USD
        27349021.96000000
        0.558728008378
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cactus Inc
        549300J3T8C9F8QFKV08
        Cactus Inc
        127203107
        
          
          
        
        733138.00000000
        NS
        USD
        17008801.60000000
        0.347482036351
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Atlantic Union Bankshares Corp
        N/A
        Atlantic Union Bankshares Corp
        04911A107
        
          
          
        
        970238.00000000
        NS
        USD
        29019818.58000000
        0.592861619052
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Rattler Midstream LP
        549300I45NRVEEN9M219
        Rattler Midstream LP
        75419T103
        
          
          
        
        878851.00000000
        NS
        USD
        7285674.79000000
        0.148843003273
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Utz Brands Inc
        N/A
        Utz Brands Inc
        918090101
        
          
          
        
        797955.00000000
        NS
        USD
        16102731.90000000
        0.328971446843
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          
        
      
      
        Five Below Inc
        529900AAXP5Z6BGI7418
        Five Below Inc
        33829M101
        
          
          
        
        33011.00000000
        NS
        USD
        5162920.40000000
        0.105476102097
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Home BancShares Inc/AR
        N/A
        Home BancShares Inc/AR
        436893200
        
          
          
        
        1211877.00000000
        NS
        USD
        22431843.27000000
        0.458272297007
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Towne Bank/Portsmouth VA
        54930039UO39UJGI7078
        Towne Bank/Portsmouth VA
        89214P109
        
          
          
        
        615850.00000000
        NS
        USD
        13394737.50000000
        0.273648359969
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Crocs Inc
        549300B0J6YCXD63OG72
        Crocs Inc
        227046109
        
          
          
        
        367873.00000000
        NS
        USD
        21664040.97000000
        0.442586447234
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sleep Number Corp
        529900W0TZQLBT2DSS66
        Sleep Number Corp
        83125X103
        
          
          
        
        88805.00000000
        NS
        USD
        6162178.95000000
        0.125890497182
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Curtiss-Wright Corp
        TEL51ETZWP7D0ZM4X325
        Curtiss-Wright Corp
        231561101
        
          
          
        
        118889.00000000
        NS
        USD
        13703146.14000000
        0.279949007409
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Deckers Outdoor Corp
        5493008LG4W3I6K8J118
        Deckers Outdoor Corp
        243537107
        
          
          
        
        8708.00000000
        NS
        USD
        2216969.72000000
        0.045291677271
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HMS Holdings Corp
        5299008569C65X81JE73
        HMS Holdings Corp
        40425J101
        
          
          
        
        427269.00000000
        NS
        USD
        13424791.98000000
        0.274262359248
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WillScot Mobile Mini Holdings
        549300HJ4VIXF476Q166
        WillScot Mobile Mini Holdings Corp
        971378104
        
          
          
        
        1044302.00000000
        NS
        USD
        22462936.02000000
        0.458907507667
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AECOM
        0EEB8GF0W0NPCIHZX097
        AECOM
        00766T100
        
          
          
        
        262277.00000000
        NS
        USD
        13609553.53000000
        0.278036953199
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TEGNA Inc
        549300YC5EDBGX85AO10
        TEGNA Inc
        87901J105
        
          
          
        
        1183976.00000000
        NS
        USD
        17061094.16000000
        0.348550349432
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Wyndham Destinations Inc
        T4VNTWMFQ7JQB65L7T35
        Wyndham Destinations Inc
        98310W108
        
          
          
        
        283117.00000000
        NS
        USD
        11907901.02000000
        0.243272970807
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Banner Corp
        N/A
        Banner Corp
        06652V208
        
          
          
        
        677031.00000000
        NS
        USD
        27981691.23000000
        0.571653152163
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Primerica Inc
        254900621R686KJR7022
        Primerica Inc
        74164M108
        
          
          
        
        231670.00000000
        NS
        USD
        30179650.90000000
        0.616556462808
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Callaway Golf Co
        5493005UB0KFRKBPCU72
        Callaway Golf Co
        131193104
        
          
          
        
        520669.00000000
        NS
        USD
        11064216.25000000
        0.226036876882
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Verint Systems Inc
        549300KEQJS5FRVUCO94
        Verint Systems Inc
        92343X100
        
          
          
        
        264764.00000000
        NS
        USD
        15080957.44000000
        0.308097062016
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Visteon Corp
        549300MOVLYHRW4GGW78
        Visteon Corp
        92839U206
        
          
          
        
        115579.00000000
        NS
        USD
        13967722.15000000
        0.285354174268
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Arconic Corp
        549300B4YFWH3U74B152
        Arconic Corp
        03966V107
        
          
          
        
        1515405.00000000
        NS
        USD
        41688791.55000000
        0.851682941661
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Domtar Corp
        XYSIJOU3HNVROZWNA008
        Domtar Corp
        257559203
        
          
          
        
        122287.00000000
        NS
        USD
        3680838.70000000
        0.075197850914
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TTM Technologies Inc
        549300SC4BDOIS008048
        TTM Technologies Inc
        87305R109
        
          
          
        
        1549403.00000000
        NS
        USD
        20235203.18000000
        0.413395944777
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Rent-A-Center Inc/TX
        529900QUHE15UQNCCJ63
        Rent-A-Center Inc/TX
        76009N100
        
          
          
        
        464110.00000000
        NS
        USD
        15696200.20000000
        0.320666190172
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BJ's Wholesale Club Holdings I
        549300UCIWH1C93V0J03
        BJ's Wholesale Club Holdings Inc
        05550J101
        
          
          
        
        174323.00000000
        NS
        USD
        7145499.77000000
        0.145979291734
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AMN Healthcare Services Inc
        529900W3ARRTCNFH2I39
        AMN Healthcare Services Inc
        001744101
        
          
          
        
        249569.00000000
        NS
        USD
        16261916.04000000
        0.332223506008
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Oportun Financial Corp
        549300351Y4J4FKIOR78
        Oportun Financial Corp
        68376D104
        
          
          
        
        268309.00000000
        NS
        USD
        4537105.19000000
        0.092690983623
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ICF International Inc
        5493003KYFDDC5B3WY64
        ICF International Inc
        44925C103
        
          
          
        
        170585.00000000
        NS
        USD
        12355471.55000000
        0.252416632002
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TopBuild Corp
        5493007YSKHOL4RWII46
        TopBuild Corp
        89055F103
        
          
          
        
        106090.00000000
        NS
        USD
        18484060.70000000
        0.377620904936
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Semtech Corp
        549300J7WUY317SW6O61
        Semtech Corp
        816850101
        
          
          
        
        198203.00000000
        NS
        USD
        13372756.41000000
        0.273199296355
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Coeur Mining Inc
        5493003AVK173D48DR70
        Coeur Mining Inc
        192108504
        
          
          
        
        1943096.00000000
        NS
        USD
        13776550.64000000
        0.281448627767
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Aaron's Holdings Co Inc
        549300DHYTLBOVRXIG52
        Aaron's Holdings Co Inc
        00258R109
        
          
          
        
        383160.00000000
        NS
        USD
        24112258.80000000
        0.492602417612
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Renewable Energy Group Inc
        549300HPU3BD8ZI0X358
        Renewable Energy Group Inc
        75972A301
        
          
          
        
        194781.00000000
        NS
        USD
        11312880.48000000
        0.231116973355
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LivaNova PLC
        2138001K2FX6SHK2B339
        LivaNova PLC
        000000000
        
          
          
        
        190681.00000000
        NS
        USD
        10077490.85000000
        0.205878528318
        Long
        EC
        CORP
        GB
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Brookline Bancorp Inc
        N/A
        Brookline Bancorp Inc
        11373M107
        
          
          
        
        1402847.00000000
        NS
        USD
        15950370.39000000
        0.325858770889
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Marten Transport Ltd
        N/A
        Marten Transport Ltd
        573075108
        
          
          
        
        254924.00000000
        NS
        USD
        4494310.12000000
        0.091816699919
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Heritage Financial Corp/WA
        N/A
        Heritage Financial Corp/WA
        42722X106
        
          
          
        
        643945.00000000
        NS
        USD
        14984600.15000000
        0.306128526658
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cooper Tire & Rubber Co
        DE46ECQ8KH195MRIQN56
        Cooper Tire & Rubber Co
        216831107
        
          
          
        
        406417.00000000
        NS
        USD
        16146947.41000000
        0.329874749487
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Nexstar Media Group Inc
        52990083ZRR5UT591988
        Nexstar Media Group Inc
        65336K103
        
          
          
        
        254888.00000000
        NS
        USD
        26826962.00000000
        0.548062562202
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        InterDigital Inc
        N/A
        InterDigital Inc
        45867G101
        
          
          
        
        242648.00000000
        NS
        USD
        14537041.68000000
        0.296985111843
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hamilton Lane Inc
        5493006OKN3V1NORM833
        Hamilton Lane Inc
        407497106
        
          
          
        
        273113.00000000
        NS
        USD
        19085136.44000000
        0.389900607354
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NMI Holdings Inc
        529900KNNGFXJX1C3Z08
        NMI Holdings Inc
        629209305
        
          
          
        
        973672.00000000
        NS
        USD
        21333153.52000000
        0.435826567988
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Palomar Holdings Inc
        549300DOI1MUW11BLX74
        Palomar Holdings Inc
        69753M105
        
          
          
        
        220631.00000000
        NS
        USD
        14583709.10000000
        0.297938505886
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Herc Holdings Inc
        549300TP80QLITMSBP82
        Herc Holdings Inc
        42704L104
        
          
          
        
        432958.00000000
        NS
        USD
        24799834.24000000
        0.506649269334
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MasTec Inc
        549300TMDIT8WREDOF45
        MasTec Inc
        576323109
        
          
          
        
        683508.00000000
        NS
        USD
        38761738.68000000
        0.791884590449
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sandy Spring Bancorp Inc
        N/A
        Sandy Spring Bancorp Inc
        800363103
        
          
          
        
        172140.00000000
        NS
        USD
        5071244.40000000
        0.103603203352
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MGE Energy Inc
        N/A
        MGE Energy Inc
        55277P104
        
          
          
        
        333295.00000000
        NS
        USD
        22887367.65000000
        0.467578451720
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CNO Financial Group Inc
        11XPYHB76MPM4Y4P2897
        CNO Financial Group Inc
        12621E103
        
          
          
        
        392324.00000000
        NS
        USD
        8348654.72000000
        0.170559197004
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Colfax Corp
        635400OP2DYYYMOIYL17
        Colfax Corp
        194014106
        
          
          
        
        816962.00000000
        NS
        USD
        29475988.96000000
        0.602180971250
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        RLJ Lodging Trust
        N/A
        RLJ Lodging Trust
        74965L101
        
          
          
        
        2415087.00000000
        NS
        USD
        29778022.71000000
        0.608351382603
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vertex Inc
        549300QMYW171MP1PL50
        Vertex Inc
        92538J106
        
          
          
        
        261037.00000000
        NS
        USD
        6588573.88000000
        0.134601550556
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Community Bank System Inc
        5299008N6YHE6GCP1E80
        Community Bank System Inc
        203607106
        
          
          
        
        565332.00000000
        NS
        USD
        35191917.00000000
        0.718954766470
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First Merchants Corp
        TZTBT0OTGQ2FEK6XMX94
        First Merchants Corp
        320817109
        
          
          
        
        943610.00000000
        NS
        USD
        31441085.20000000
        0.642326988539
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Allegiant Travel Co
        549300JM9OZXOHWL2K18
        Allegiant Travel Co
        01748X102
        
          
          
        
        80810.00000000
        NS
        USD
        13753053.90000000
        0.280968600117
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Selective Insurance Group Inc
        549300R3WGJWLE40R258
        Selective Insurance Group Inc
        816300107
        
          
          
        
        526982.00000000
        NS
        USD
        32578027.24000000
        0.665554194345
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Physicians Realty Trust
        549300ITOVH0OY7PZC34
        Physicians Realty Trust
        71943U104
        
          
          
        
        1665460.00000000
        NS
        USD
        28895731.00000000
        0.590326566554
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sonic Automotive Inc
        549300NTLRGJ2JCBZU03
        Sonic Automotive Inc
        83545G102
        
          
          
        
        335940.00000000
        NS
        USD
        13565257.20000000
        0.277131999440
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ducommun Inc
        549300Z71HMWF90S2214
        Ducommun Inc
        264147109
        
          
          
        
        274578.00000000
        NS
        USD
        13652018.16000000
        0.278904486165
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PNM Resources Inc
        5493003JOBJGLZSDDQ28
        PNM Resources Inc
        69349H107
        
          
          
        
        570993.00000000
        NS
        USD
        28041466.23000000
        0.572874328070
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Warrior Met Coal Inc
        549300152B1S9YKBYV79
        Warrior Met Coal Inc
        93627C101
        
          
          
        
        386857.00000000
        NS
        USD
        6739048.94000000
        0.137675687200
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Falcon Minerals Corp
        549300OILIONON7XK623
        Falcon Minerals Corp
        30607B109
        
          
          
        
        410909.00000000
        NS
        USD
        945090.70000000
        0.019307770688
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Goldman Sachs Financial Square Government Fund
        N/A
        Goldman Sachs Financial Square Government Fund
        38141W273
        
          
          
        
        78043490.68000000
        NS
        USD
        78043490.68000000
        1.594392815156
        Long
        STIV
        RF
        US
        N
        
        1
        
          
          N
          N
        
      
      
        United Community Banks Inc/GA
        549300GVW0FV66X3U703
        United Community Banks Inc/GA
        90984P303
        
          
          
        
        1431033.00000000
        NS
        USD
        34215999.03000000
        0.699017208757
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CONMED Corp
        Z6C0YCECH9DCU5ZIQW84
        CONMED Corp
        207410101
        
          
          
        
        240565.00000000
        NS
        USD
        24511167.85000000
        0.500751947031
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sanderson Farms Inc
        529900KZGVFTWHUO2759
        Sanderson Farms Inc
        800013104
        
          
          
        
        53208.00000000
        NS
        USD
        7275129.84000000
        0.148627574768
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Emergent BioSolutions Inc
        549300YW6TUOX8BE5103
        Emergent BioSolutions Inc
        29089Q105
        
          
          
        
        66813.00000000
        NS
        USD
        5473989.09000000
        0.111831093141
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Malibu Boats Inc
        N/A
        Malibu Boats Inc
        56117J100
        
          
          
        
        155583.00000000
        NS
        USD
        8866675.17000000
        0.181142117839
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tapestry Inc
        549300LJNVY5SW3VTN33
        Tapestry Inc
        876030107
        
          
          
        
        1055524.00000000
        NS
        USD
        29892439.68000000
        0.610688868962
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PacWest Bancorp
        549300YI8VMFO7G36V04
        PacWest Bancorp
        695263103
        
          
          
        
        494711.00000000
        NS
        USD
        11506977.86000000
        0.235082294042
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        RLI Corp
        529900AMTJE5ECN9PS55
        RLI Corp
        749607107
        
          
          
        
        250643.00000000
        NS
        USD
        23994054.39000000
        0.490187555586
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Navistar International Corp
        WNDD3CRVXJGC8I7GX671
        Navistar International Corp
        63934E108
        
          
          
        
        197038.00000000
        NS
        USD
        8720901.88000000
        0.178164036206
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        German American Bancorp Inc
        N/A
        German American Bancorp Inc
        373865104
        
          
          
        
        422861.00000000
        NS
        USD
        13506180.34000000
        0.275925086213
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Tenet Healthcare Corp
        0W9AIBT6U6ADJ2I8HK17
        Tenet Healthcare Corp
        88033G407
        
          
          
        
        675473.00000000
        NS
        USD
        21230116.39000000
        0.433721566554
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lithia Motors Inc
        SE8N1EZEHPZQBCBVKD53
        Lithia Motors Inc
        536797103
        
          
          
        
        103322.00000000
        NS
        USD
        29891054.60000000
        0.610660572412
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kaman Corp
        5493003YK076OLTEQF95
        Kaman Corp
        483548103
        
          
          
        
        485694.00000000
        NS
        USD
        25396939.26000000
        0.518847851759
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      
    
    
      2021-01-26
      Goldman Sachs Trust
      Peter Fortner
      Peter Fortner
      Vice President Assistant Treasurer
    
  
  XXXX

GOLDMAN SACHS EQUITY INCOME FUND

Schedule of Investments

November 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – 99.7%
	Aerospace & Defense – 1.5%
	17,608	Northrop Grumman Corp.	$ 5,322,194

	Banks – 6.5%
	111,451	JPMorgan Chase & Co.	13,137,844
	45,116	M&T Bank Corp.	5,255,563
	115,853	Truist Financial Corp.	5,377,896

			23,771,303

	Beverages – 1.7%
	122,524	Coca-Cola Co. (The)	6,322,239

	Biotechnology – 1.0%
	15,806	Amgen, Inc.	3,509,564

	Capital Markets – 3.6%
	6,946	BlackRock, Inc.	4,850,740
	23,702	CME Group, Inc.	4,148,561
	39,698	Singapore Exchange Ltd. ADR (Singapore)^(a)	3,967,815

			12,967,116

	Chemicals – 3.5%
	17,001	Ecolab, Inc.	3,776,772
	34,381	Linde PLC (United Kingdom)	8,815,976

			12,592,748

	Commercial Services & Supplies – 1.4%
	54,390	Republic Services, Inc.	5,260,601

	Communications Equipment – 2.0%
	131,494	Cisco Systems, Inc.	5,656,872
	73,501	Juniper Networks, Inc.	1,600,117

			7,256,989

	Construction & Engineering – 0.6%
	92,381	Vinci SA ADR (France)	2,346,477

	Consumer Finance – 1.5%
	46,855	American Express Co.	5,556,535

	Containers & Packaging – 1.2%
	89,292	International Paper Co.	4,418,168



Shares		Description	Value

	Common Stocks – (continued)
	Diversified Telecommunication Services – 3.1%
	188,382	Verizon Communications, Inc.	$ 11,380,157

	Electric Utilities – 1.9%
	46,052	NextEra Energy, Inc.	3,388,966
	50,502	Xcel Energy, Inc.	3,401,815

			6,790,781

	Electrical Equipment – 1.8%
	55,385	Eaton Corp. PLC	6,707,677

	Electronic Equipment, Instruments & Components – 1.0%
	30,639	TE Connectivity Ltd.	3,491,927

	Entertainment – 2.3%
	55,332	Walt Disney Co. (The)	8,189,689

	Equity Real Estate Investment Trusts (REITs) – 6.0%
	8,967	Alexandria Real Estate Equities, Inc. REIT	1,468,167
	10,433	American Tower Corp. REIT	2,412,109
	26,908	AvalonBay Communities, Inc. REIT	4,482,604
	71,380	Duke Realty Corp. REIT	2,716,723
	106,177	Hudson Pacific Properties, Inc. REIT	2,760,602
	42,503	Prologis, Inc. REIT	4,252,425
	80,799	Ventas, Inc. REIT	3,871,080

			21,963,710

	Food & Staples Retailing – 3.2%
	69,164	Kroger Co. (The)	2,282,412
	62,118	Walmart, Inc.	9,491,009

			11,773,421

	Food Products – 0.9%
	56,980	Mondelez International, Inc., Class A	3,273,501

	Health Care Equipment & Supplies – 3.9%
	85,218	Medtronic PLC	9,689,287
	30,518	Zimmer Biomet Holdings, Inc.	4,550,844

			14,240,131

	Health Care Providers & Services – 2.6%
	82,982	CVS Health Corp.	5,625,350

GOLDMAN SACHS EQUITY INCOME FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Health Care Providers & Services – (continued)
	9,878	Humana, Inc.	$ 3,956,336

			9,581,686

	Hotels, Restaurants & Leisure – 3.7%
	179,682	Aramark	6,288,870
	32,453	McDonald’s Corp.	7,056,580

			13,345,450

	Household Products – 3.4%
	34,142	Kimberly-Clark Corp.	4,756,322
	55,245	Procter & Gamble Co. (The)	7,671,873

			12,428,195

	Industrial Conglomerates – 1.7%
	31,002	Honeywell International, Inc.	6,321,928

	Insurance – 2.1%
	23,897	Chubb Ltd.	3,532,693
	32,812	Travelers Cos., Inc. (The)	4,254,076

			7,786,769

	IT Services – 3.6%
	23,914	Accenture PLC, Class A	5,956,738
	26,020	Fidelity National Information Services, Inc.	3,861,628
	26,255	International Business Machines Corp.	3,243,018

			13,061,384

	Machinery – 3.2%
	21,336	Deere & Co.	5,581,925
	28,503	Illinois Tool Works, Inc.	6,016,698

			11,598,623

	Media – 2.5%
	177,638	Comcast Corp., Class A	8,924,533

	Metals & Mining – 1.5%
	82,443	Rio Tinto PLC ADR (Australia)	5,356,322

	Multi-Utilities – 4.3%
	59,792	Ameren Corp.	4,650,622
	36,229	CMS Energy Corp.	2,229,533
	56,980	National Grid PLC ADR (United Kingdom)	3,229,626



Shares		Description	Value

	Common Stocks – (continued)
	Multi-Utilities – (continued)
	42,965	Sempra Energy	$ 5,477,178

			15,586,959

	Oil, Gas & Consumable Fuels – 3.6%
	102,697	Chevron Corp.	8,953,124
	126,204	Royal Dutch Shell PLC, Class B ADR (Netherlands)	4,095,320

			13,048,444

	Pharmaceuticals – 6.7%
	129,996	Bristol-Myers Squibb Co.	8,111,750
	44,670	Eli Lilly and Co.	6,506,186
	68,908	Johnson & Johnson	9,969,609

			24,587,545

	Road & Rail – 1.1%
	18,928	Union Pacific Corp.	3,862,826

	Semiconductors & Semiconductor Equipment – 4.6%
	26,365	Analog Devices, Inc.	3,666,844
	54,244	Intel Corp.	2,622,698
	74,463	Marvell Technology Group Ltd.	3,446,892
	23,872	QUALCOMM, Inc.	3,513,242
	22,850	Texas Instruments, Inc.	3,684,563

			16,934,239

	Software – 1.5%
	26,223	Microsoft Corp.	5,613,558

	Specialty Retail – 2.3%
	30,486	Home Depot, Inc. (The)	8,457,121

	Technology Hardware, Storage & Peripherals – 0.7%
	21,610	Apple, Inc.	2,572,671

	Water Utilities – 2.0%
	47,581	American Water Works Co., Inc.	7,297,974

	TOTAL COMMON STOCKS (Cost $296,131,250)		$363,501,155

GOLDMAN SACHS EQUITY INCOME FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)



Shares	Dividend Rate	Value

Investment Company – 0.0%^(b)
Goldman Sachs Financial Square Government Fund – Institutional Shares
177,732	0.016%	$ 177,732
(Cost $177,732)

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $296,308,982)		$363,678,887



Securities Lending Reinvestment Vehicle – 0.0%^(b)
Goldman Sachs Financial Square Government Fund – Institutional Shares
10,665	0.016%	$ 10,665
(Cost $10,665)

TOTAL INVESTMENTS – 99.7% (Cost $296,319,647)		$363,689,552

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.3%		1,002,203

NET ASSETS – 100.0%		$364,691,755



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

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

(b)		Represents an affiliated issuer.



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

GOLDMAN SACHS FOCUSED VALUE FUND

Schedule of Investments

November 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – 97.0%
	Aerospace & Defense – 1.7%
	1,077	L3Harris Technologies, Inc.	$ 206,773

	Auto Components – 3.2%
	3,274	Aptiv PLC	388,624

	Banks – 8.1%
	3,418	JPMorgan Chase & Co.	402,914
	4,975	Truist Financial Corp.	230,939
	12,679	Wells Fargo & Co.	346,771

			980,624

	Beverages – 2.7%
	6,360	Coca-Cola Co. (The)	328,176

	Capital Markets – 2.3%
	2,683	Intercontinental Exchange, Inc.	283,083

	Chemicals – 5.4%
	1,679	Ecolab, Inc.	372,990
	1,109	Linde PLC (United Kingdom)	284,370

			657,360

	Commercial Services & Supplies – 2.0%
	2,362	Waste Connections, Inc.	245,601

	Construction Materials – 2.0%
	935	Martin Marietta Materials, Inc.	248,364

	Consumer Finance – 3.0%
	3,053	American Express Co.	362,055

	Electric Utilities – 2.9%
	4,820	NextEra Energy, Inc.	354,704

	Entertainment – 4.0%
	3,291	Walt Disney Co. (The)	487,101

	Equity Real Estate Investment Trusts (REITs) – 4.6%
	2,095	Alexandria Real Estate Equities, Inc. REIT	343,014
	1,278	AvalonBay Communities, Inc. REIT	212,902

			555,916



Shares		Description	Value

	Common Stocks – (continued)
	Food & Staples Retailing – 2.5%
	1,998	Walmart, Inc.	$ 305,274

	Food Products – 2.3%
	4,900	Mondelez International, Inc., Class A	281,505

	Health Care Equipment & Supplies – 3.5%
	2,884	Zimmer Biomet Holdings, Inc.	430,062

	Health Care Providers & Services – 2.4%
	739	Humana, Inc.	295,984

	Hotels, Restaurants & Leisure – 1.6%
	3,533	Las Vegas Sands Corp.	196,823
	Industrial Conglomerates – 7.3%
	43,663	General Electric Co.	444,489
	2,160	Honeywell International, Inc.	440,467

			884,956

	Interactive Media & Services – 3.9%
	269	Alphabet, Inc., Class A*	471,934

	IT Services – 1.5%
	1,248	Fidelity National Information Services, Inc.	185,216

	Machinery – 4.9%
	1,165	Deere & Co.	304,787
	1,361	Illinois Tool Works, Inc.	287,294

			592,081

	Media – 3.1%
	7,437	Comcast Corp., Class A	373,635

	Multi-Utilities – 3.3%
	5,161	Ameren Corp.	401,423

	Oil, Gas & Consumable Fuels – 2.8%
	3,860	Chevron Corp.	336,515

	Pharmaceuticals – 4.8%
	4,905	Bristol-Myers Squibb Co.	306,072
	1,891	Eli Lilly and Co.	275,424

			581,496

GOLDMAN SACHS FOCUSED VALUE FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Road & Rail – 3.5%
	2,059	Union Pacific Corp.	$ 420,201

	Semiconductors & Semiconductor Equipment – 3.7%
	2,821	NXP Semiconductors NV (Netherlands)	446,903

	Software – 4.0%
	551	Intuit, Inc.	193,963
	1,372	Microsoft Corp.	293,704

			487,667

	TOTAL COMMON STOCKS (Cost $9,875,614)		$11,790,056



Shares	Dividend Rate	Value



Investment Company – 2.5%^(a)
Goldman Sachs Financial Square Government Fund – Institutional Shares
301,338	0.016%	$ 301,338
(Cost $301,338)

TOTAL INVESTMENTS – 99.5% (Cost $10,176,952)		$12,091,394

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.5%		61,559

NET ASSETS – 100.0%		$12,152,953



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

*		Non-income producing security.

(a)		Represents an affiliated issuer.



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

GOLDMAN SACHS LARGE CAP VALUE FUND

Schedule of Investments

November 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – 97.5%
	Aerospace & Defense – 1.0%
	22,538	L3Harris Technologies, Inc.	$ 4,327,071

	Airlines – 0.8%
	79,981	United Airlines Holdings, Inc.*	3,603,144

	Auto Components – 1.3%
	47,645	Aptiv PLC	5,655,462

	Automobiles – 0.9%
	82,557	General Motors Co.	3,619,299

	Banks – 8.0%
	116,718	JPMorgan Chase & Co.	13,758,718
	47,805	M&T Bank Corp.	5,568,804
	140,433	Truist Financial Corp.	6,518,900
	295,923	Wells Fargo & Co.	8,093,494

			33,939,916

	Beverages – 2.7%
	128,403	Coca-Cola Co. (The)	6,625,595
	22,975	Constellation Brands, Inc., Class A	4,729,174

			11,354,769

	Biotechnology – 1.0%
	21,244	Agios Pharmaceuticals, Inc.*	984,022
	2,785	Biogen, Inc.*	668,873
	10,151	BioMarin Pharmaceutical, Inc.*	798,884
	23,388	Genmab A/S ADR (Denmark)*	903,011
	5,497	Sarepta Therapeutics, Inc.*	774,307

			4,129,097

	Capital Markets – 2.6%
	10,750	BlackRock, Inc.	7,507,263
	34,857	Intercontinental Exchange, Inc.	3,677,762

			11,185,025

	Chemicals – 3.0%
	25,264	Ecolab, Inc.	5,612,398
	28,158	Linde PLC (United Kingdom)	7,220,274

			12,832,672

	Commercial Services & Supplies – 0.7%
	30,686	Waste Connections, Inc.	3,190,730



Shares		Description	Value

	Common Stocks – (continued)
	Communications Equipment – 1.3%
	79,548	Cisco Systems, Inc.	$ 3,422,155
	92,058	Juniper Networks, Inc.	2,004,103

			5,426,258

	Construction Materials – 0.9%
	14,399	Martin Marietta Materials, Inc.	3,824,806

	Consumer Finance – 1.6%
	56,572	American Express Co.	6,708,874

	Containers & Packaging – 1.0%
	34,070	Packaging Corp. of America	4,429,100

	Diversified Financial Services – 1.4%
	25,728	Berkshire Hathaway, Inc., Class B*	5,889,396

	Diversified Telecommunication Services – 2.5%
	179,079	Verizon Communications, Inc.	10,818,162

	Electric Utilities – 3.4%
	127,776	NextEra Energy, Inc.	9,403,036
	75,456	Xcel Energy, Inc.	5,082,716

			14,485,752

	Entertainment – 3.6%
	20,615	Electronic Arts, Inc.*	2,633,566
	86,943	Walt Disney Co. (The)	12,868,434

			15,502,000

	Equity Real Estate Investment Trusts (REITs) – 4.6%
	23,208	Alexandria Real Estate Equities, Inc. REIT	3,799,846
	25,493	AvalonBay Communities, Inc. REIT	4,246,879
	40,128	Extra Space Storage, Inc. REIT	4,523,629
	39,342	Prologis, Inc. REIT	3,936,167
	51,196	Welltower, Inc. REIT	3,224,324

			19,730,845

	Food & Staples Retailing – 1.9%
	54,212	Walmart, Inc.	8,283,051

	Food Products – 1.0%
	77,817	Mondelez International, Inc., Class A	4,470,587

	Gas Utilities – 0.6%
	26,673	Atmos Energy Corp.	2,557,674

GOLDMAN SACHS LARGE CAP VALUE FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Health Care Equipment & Supplies – 4.2%
	130,860	Boston Scientific Corp.*	$ 4,338,009
	62,996	Medtronic PLC	7,162,645
	41,859	Zimmer Biomet Holdings, Inc.	6,242,014

			17,742,668

	Health Care Providers & Services – 1.9%
	59,712	CVS Health Corp.	4,047,876
	9,730	Humana, Inc.	3,897,060

			7,944,936

	Hotels, Restaurants & Leisure – 3.7%
	49,569	Hilton Worldwide Holdings, Inc.	5,136,835
	48,469	Las Vegas Sands Corp.	2,700,208
	36,036	McDonald’s Corp.	7,835,668

			15,672,711

	Household Products – 1.5%
	45,794	Procter & Gamble Co. (The)	6,359,413

	Industrial Conglomerates – 3.6%
	813,386	General Electric Co.	8,280,269
	33,975	Honeywell International, Inc.	6,928,182

			15,208,451

	Insurance – 3.3%
	42,961	Allstate Corp. (The)	4,397,058
	52,481	American Financial Group, Inc.	4,692,326
	34,778	Chubb Ltd.	5,141,232

			14,230,616

	Interactive Media & Services – 1.9%
	4,572	Alphabet, Inc., Class A*	8,021,117

	IT Services – 4.1%
	61,844	Cognizant Technology Solutions Corp., Class A	4,831,872
	36,194	Fidelity National Information Services, Inc.	5,371,551
	36,809	International Business Machines Corp.	4,546,648
	12,826	Visa, Inc., Class A	2,697,949

			17,448,020

	Leisure Products – 0.8%
	47,701	Brunswick Corp.	3,560,403



Shares		Description	Value

	Common Stocks – (continued)
	Machinery – 3.3%
	22,728	Deere & Co.	$ 5,946,099
	26,350	Illinois Tool Works, Inc.	5,562,222
	14,786	Stanley Black & Decker, Inc.	2,725,208

			14,233,529

	Media – 2.0%
	169,717	Comcast Corp., Class A	8,526,582

	Multi-Utilities – 1.8%
	52,245	Ameren Corp.	4,063,616
	60,900	CMS Energy Corp.	3,747,786

			7,811,402

	Oil, Gas & Consumable Fuels – 3.6%
	47,446	Cheniere Energy, Inc.*	2,689,714
	97,410	Chevron Corp.	8,492,204
	107,572	ConocoPhillips	4,255,548

			15,437,466

	Pharmaceuticals – 4.1%
	101,269	Bristol-Myers Squibb Co.	6,319,186
	23,287	Eli Lilly and Co.	3,391,751
	52,621	Johnson & Johnson	7,613,206

			17,324,143

	Road & Rail – 3.0%
	22,109	Norfolk Southern Corp.	5,240,275
	36,568	Union Pacific Corp.	7,462,798

			12,703,073

	Semiconductors & Semiconductor Equipment – 4.5%
	45,479	Intel Corp.	2,198,910
	64,033	Marvell Technology Group Ltd.	2,964,087
	32,584	NXP Semiconductors NV (Netherlands)	5,161,957
	27,463	QUALCOMM, Inc.	4,041,730
	28,831	Texas Instruments, Inc.	4,648,999

			19,015,683

	Software – 1.3%
	7,317	Intuit, Inc.	2,575,730
	12,982	Microsoft Corp.	2,779,057

			5,354,787

GOLDMAN SACHS LARGE CAP VALUE FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Specialty Retail – 2.1%
	27,303	Lowe’s Cos., Inc.	$ 4,254,354
	5,035	O’Reilly Automotive, Inc.*	2,227,685
	21,008	Ross Stores, Inc.	2,258,780

			8,740,819

	Water Utilities – 1.0%
	28,640	American Water Works Co., Inc.	4,392,803

	TOTAL COMMON STOCKS (Cost $336,644,446)		$415,692,312



Shares	Dividend Rate	Value

Investment Company – 2.2%^(a)
Goldman Sachs Financial Square Government Fund – Institutional Shares
9,430,898	0.016%	$ 9,430,898
(Cost $9,430,898)

TOTAL INVESTMENTS – 99.7% (Cost $346,075,344)		$425,123,210

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.3%		1,393,356

NET ASSETS – 100.0%		$426,516,566



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

*		Non-income producing security.

(a)		Represents an affiliated issuer.



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

GOLDMAN SACHS MID CAP VALUE FUND

Schedule of Investments

November 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – 99.9%
	Aerospace & Defense – 1.3%
	31,593	L3Harris Technologies, Inc.	$ 6,065,540
	12,782	TransDigm Group, Inc.	7,403,207

			13,468,747

	Airlines – 1.6%
	370,688	United Airlines Holdings, Inc.*	16,699,494

	Auto Components – 1.5%
	131,141	Aptiv PLC	15,566,437

	Banks – 5.5%
	154,355	Citizens Financial Group, Inc.	5,041,234
	181,521	East West Bancorp, Inc.	7,754,577
	44,448	First Republic Bank	5,758,683
	100,934	M&T Bank Corp.	11,757,802
	195,918	Pinnacle Financial Partners, Inc.	10,610,919
	45,652	SVB Financial Group*	15,743,549

			56,666,764

	Beverages – 2.2%
	255,635	Coca-Cola European Partners PLC (United Kingdom)	11,421,772
	57,190	Constellation Brands, Inc., Class A	11,771,989

			23,193,761

	Biotechnology – 0.6%
	77,536	Agios Pharmaceuticals, Inc.*	3,591,467
	19,231	Sarepta Therapeutics, Inc.*	2,708,879

			6,300,346

	Building Products – 0.8%
	58,085	Trane Technologies PLC	8,494,350

	Capital Markets – 2.4%
	199,787	Bank of New York Mellon Corp. (The)	7,815,667
	56,182	Evercore, Inc., Class A	5,108,629
	84,371	Raymond James Financial, Inc.	7,673,543
	31,804	T. Rowe Price Group, Inc.	4,561,012

			25,158,851

	Chemicals – 2.5%
	113,244	Ashland Global Holdings, Inc.	8,512,551



Shares		Description	Value

	Common Stocks – (continued)
	Chemicals – (continued)
	463,646	Corteva, Inc.	$ 17,766,915

			26,279,466

	Communications Equipment – 2.4%
	280,857	Juniper Networks, Inc.	6,114,257
	49,785	Motorola Solutions, Inc.	8,539,621
	788,788	Viavi Solutions, Inc.*	10,684,133

			25,338,011

	Construction Materials – 0.9%
	35,181	Martin Marietta Materials, Inc.	9,345,129

	Consumer Finance – 2.4%
	262,006	Ally Financial, Inc.	7,768,478
	227,624	Discover Financial Services	17,338,120

			25,106,598

	Containers & Packaging – 2.7%
	161,892	Ball Corp.	15,543,251
	99,009	Packaging Corp. of America	12,871,170

			28,414,421

	Diversified Financial Services – 0.5%
	95,611	Voya Financial, Inc.	5,510,062

	Electric Utilities – 1.9%
	102,327	Eversource Energy	8,954,636
	163,240	Xcel Energy, Inc.	10,995,846

			19,950,482

	Electrical Equipment – 3.2%
	175,497	AMETEK, Inc.	20,801,659
	50,184	Rockwell Automation, Inc.	12,825,023

			33,626,682

	Electronic Equipment, Instruments & Components – 1.3%
	153,608	National Instruments Corp.	5,749,547
	222,941	Vontier Corp.*	7,394,953

			13,144,500

	Entertainment – 1.8%
	249,043	Liberty Media Corp.-Liberty Formula One, Class C*	10,405,017

GOLDMAN SACHS MID CAP VALUE FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Entertainment – (continued)
	126,277	Live Nation Entertainment, Inc.*	$ 8,290,085

			18,695,102

	Equity Real Estate Investment Trusts (REITs) – 9.3%
	58,192	Alexandria Real Estate Equities, Inc. REIT	9,527,776
	56,787	AvalonBay Communities, Inc. REIT	9,460,146
	71,252	Camden Property Trust REIT	7,041,835
	64,748	CyrusOne, Inc. REIT	4,526,533
	116,654	Duke Realty Corp. REIT	4,439,851
	125,189	Equity LifeStyle Properties, Inc. REIT	7,334,824
	28,419	Essex Property Trust, Inc. REIT	6,987,664
	325,885	Healthpeak Properties, Inc. REIT	9,405,041
	169,275	Hudson Pacific Properties, Inc. REIT	4,401,150
	244,587	Invitation Homes, Inc. REIT	6,990,297
	233,607	MGM Growth Properties LLC, Class A REIT	7,141,366
	63,448	Prologis, Inc. REIT	6,347,972
	203,477	Welltower, Inc. REIT	12,814,981

			96,419,436

	Food & Staples Retailing – 0.6%
	136,821	Performance Food Group Co.*	5,935,295

	Food Products – 2.2%
	38,964	McCormick & Co., Inc.	7,285,489
	418,781	Nomad Foods Ltd. (United Kingdom)*	10,113,561
	268,889	Utz Brands, Inc. ^(a)	5,426,180

			22,825,230

	Gas Utilities – 0.9%
	94,126	Atmos Energy Corp.	9,025,742

	Health Care Equipment & Supplies – 3.7%
	29,347	Cooper Cos., Inc. (The)	9,837,701
	97,305	Hologic, Inc.*	6,726,695
	144,959	Zimmer Biomet Holdings, Inc.	21,616,286

			38,180,682

	Health Care Providers & Services – 1.2%
	83,289	Centene Corp.*	5,134,767
	61,860	Quest Diagnostics, Inc.	7,669,403

			12,804,170

	Health Care Technology – 1.0%
	573,650	Change Healthcare, Inc.*	9,826,625



Shares		Description	Value

	Common Stocks – (continued)
	Hotels, Restaurants & Leisure – 3.8%
	262,852	Aramark	$ 9,199,820
	177,493	Wyndham Hotels & Resorts, Inc.	10,205,847
	110,139	Wynn Resorts Ltd.	11,068,970
	88,828	Yum! Brands, Inc.	9,398,002

			39,872,639

	Household Durables – 1.0%
	129,138	Lennar Corp., Class A	9,796,409

	Independent Power and Renewable Electricity Producers – 1.2%
	243,400	AES Corp. (The)	4,975,096
	119,251	NextEra Energy Partners LP	7,568,861

			12,543,957

	Insurance – 5.3%
	9,513	Alleghany Corp.	5,471,878
	104,720	American Financial Group, Inc.	9,363,015
	71,436	Arthur J Gallagher & Co.	8,244,429
	139,814	Brown & Brown, Inc.	6,295,824
	73,198	Globe Life, Inc.	6,814,734
	11,960	Markel Corp.*	11,647,007
	57,875	Reinsurance Group of America, Inc.	6,671,830

			54,508,717

	Interactive Media & Services – 1.0%
	72,481	Match Group, Inc.*	10,090,080

	Internet & Direct Marketing Retail – 1.3%
	105,103	Expedia Group, Inc.	13,084,272

	IT Services – 1.8%
	48,058	Akamai Technologies, Inc.*	4,974,484
	69,758	Cognizant Technology Solutions Corp., Class A	5,450,193
	44,377	WEX, Inc.*	7,687,871

			18,112,548

	Leisure Products – 1.0%
	144,771	Brunswick Corp.	10,805,707

	Machinery – 7.0%
	61,341	Cummins, Inc.	14,180,199
	206,510	Fortive Corp.	14,482,546
	185,926	Graco, Inc.	12,594,627

GOLDMAN SACHS MID CAP VALUE FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Machinery – (continued)
	42,972	IDEX Corp.	$ 8,300,042
	240,435	ITT, Inc.	17,462,794
	28,040	Stanley Black & Decker, Inc.	5,168,053

			72,188,261

	Media – 1.7%
	55,159	Liberty Broadband Corp., Class C*	8,679,269
	224,961	Liberty Media Corp.-Liberty SiriusXM, Class A*	9,209,903

			17,889,172

	Metals & Mining – 1.3%
	576,486	Freeport-McMoRan, Inc.	13,484,008

	Multi-Utilities – 3.8%
	159,071	Ameren Corp.	12,372,542
	176,043	CMS Energy Corp.	10,833,686
	154,555	Public Service Enterprise Group, Inc.	9,007,466
	55,371	Sempra Energy	7,058,695

			39,272,389

	Oil, Gas & Consumable Fuels – 2.9%
	247,679	Cheniere Energy, Inc.*	14,040,923
	156,268	Hess Corp.	7,372,724
	671,600	Parsley Energy, Inc., Class A	8,415,148

			29,828,795

	Pharmaceuticals – 1.3%
	139,989	Catalent, Inc.*	13,458,542

	Road & Rail – 1.4%
	71,942	Old Dominion Freight Line, Inc.	14,630,125

	Semiconductors & Semiconductor Equipment – 4.8%
	66,626	Cree, Inc.*	6,022,324
	423,340	Marvell Technology Group Ltd.	19,596,409
	65,890	Microchip Technology, Inc.	8,854,957
	41,540	MKS Instruments, Inc.	5,731,689
	63,002	NXP Semiconductors NV (Netherlands)	9,980,777

			50,186,156

	Specialty Retail – 2.9%
	65,057	Advance Auto Parts, Inc.	9,608,919
	30,443	Burlington Stores, Inc.*	6,653,013



Shares		Description	Value

	Common Stocks – (continued)
	Specialty Retail – (continued)
	112,287	National Vision Holdings, Inc.*	$ 4,807,006
	20,705	RH*	9,382,678

			30,451,616

	Trading Companies & Distributors – 0.9%
	195,816	Fastenal Co.	9,683,101

	Water Utilities – 1.1%
	73,062	American Water Works Co., Inc.	11,206,250

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $814,713,394)		$1,037,069,127



Shares	Dividend Rate	Value

Securities Lending Reinvestment Vehicle – 0.1%^(b)
Goldman Sachs Financial Square Government Fund – Institutional Shares
1,440,050	0.016%	$ 1,440,050
(Cost $1,440,050)

TOTAL INVESTMENTS – 100.0% (Cost $816,153,444)		$1,038,509,177

LIABILITIES IN EXCESS OF OTHER ASSETS – (0.0)%		(607,602)

NET ASSETS – 100.0%		$1,037,901,575



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

*		Non-income producing security.

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

(b)		Represents an affiliated issuer.



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

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments

November 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – 98.8%
	Aerospace & Defense – 1.8%
	660,570	AAR Corp.	$ 18,740,371
	312,067	Aerojet Rocketdyne Holdings, Inc.*	11,680,668
	102,406	Cubic Corp.	5,996,896
	118,889	Curtiss-Wright Corp.	13,703,146
	274,578	Ducommun, Inc.*	13,652,018
	485,694	Kaman Corp.	25,396,939

			89,170,038

	Air Freight & Logistics – 0.2%
	376,284	Air Transport Services Group, Inc.*	11,566,970

	Airlines – 0.6%
	80,810	Allegiant Travel Co.	13,753,054
	420,989	SkyWest, Inc.	18,073,058

			31,826,112

	Auto Components – 1.6%
	1,257,434	Adient PLC*	39,345,110
	406,417	Cooper Tire & Rubber Co.	16,146,947
	115,579	Visteon Corp.*	13,967,722
	286,989	Workhorse Group, Inc.^*(a)	7,280,911

			76,740,690

	Banks – 15.4%
	354,515	Amalgamated Bank, Class A	4,509,431
	1,061,077	Ameris Bancorp	36,087,229
	970,238	Atlantic Union Bankshares Corp.	29,019,819
	1,219,599	BancorpSouth Bank	30,916,835
	119,676	Bank of Hawaii Corp.	8,961,339
	677,031	Banner Corp.	27,981,691
	1,402,847	Brookline Bancorp, Inc.	15,950,370
	99,336	Bryn Mawr Bank Corp.	2,962,199
	1,029,594	Columbia Banking System, Inc.	32,545,466
	565,332	Community Bank System, Inc.	35,191,917
	886,605	ConnectOne Bancorp, Inc.	15,719,507
	1,598,621	CVB Financial Corp.	30,357,813
	730,580	FB Financial Corp.	23,320,114



Shares		Description	Value

	Common Stocks – (continued)
	Banks – (continued)
	847,900	First Financial Bankshares, Inc.	$ 28,336,818
	943,610	First Merchants Corp.	31,441,085
	659,503	First Midwest Bancorp, Inc.	9,226,447
	197,168	First of Long Island Corp. (The)	3,314,394
	422,861	German American Bancorp, Inc.	13,506,180
	968,266	Glacier Bancorp, Inc.	39,476,205
	605,427	Great Western Bancorp, Inc.	9,947,166
	643,945	Heritage Financial Corp.	14,984,600
	1,211,877	Home BancShares, Inc.	22,431,843
	490,770	Independent Bank Corp.	33,195,683
	602,883	Lakeland Financial Corp.	30,620,427
	1,125,240	OceanFirst Financial Corp.	17,745,035
	875,568	Pacific Premier Bancorp, Inc.	25,233,870
	494,711	PacWest Bancorp	11,506,978
	403,611	Pinnacle Financial Partners, Inc.	21,859,572
	1,141,102	Renasant Corp.	35,225,819
	172,140	Sandy Spring Bancorp, Inc.	5,071,244
	639,728	South State Corp.	42,522,720
	615,850	Towne Bank	13,394,737
	553,444	TriCo Bancshares	18,130,825
	1,431,033	United Community Banks, Inc.	34,215,999

			754,911,377

	Biotechnology – 0.4%
	214,810	Arena Pharmaceuticals, Inc.*	14,149,535
	66,813	Emergent BioSolutions, Inc.*	5,473,989

			19,623,524

	Building Products – 1.6%
	250,115	AZEK Co., Inc. (The)*	8,934,108
	332,114	Gibraltar Industries, Inc.*	21,740,182
	727,648	Griffon Corp.	15,171,461
	1,646,064	Resideo Technologies, Inc.*	30,435,723

			76,281,474

	Capital Markets – 2.2%
	273,113	Hamilton Lane, Inc., Class A	19,085,136

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Capital Markets – (continued)
	266,270	Houlihan Lokey, Inc.	$ 17,248,971
	250,619	PJT Partners, Inc., Class A	17,362,884
	696,276	Stifel Financial Corp.	48,251,927
	231,819	Virtu Financial, Inc., Class A	5,283,155

			107,232,073

	Chemicals – 1.9%
	1,509,685	Avient Corp.	55,178,987
	363,256	HB Fuller Co.	19,009,186
	365,706	Kraton Corp.*	9,874,062
	34,513	Quaker Chemical Corp.	8,524,711
	19,979	Stepan Co.	2,320,761

			94,907,707

	Commercial Services & Supplies – 1.1%
	584,023	ABM Industries, Inc.	22,484,886
	322,654	Brady Corp., Class A	14,254,854
	280,202	Casella Waste Systems, Inc., Class A*	16,862,556

			53,602,296

	Communications Equipment – 1.1%
	242,648	InterDigital, Inc.	14,537,042
	751,401	NetScout Systems, Inc.*	17,597,811
	1,462,122	Viavi Solutions, Inc.*	19,804,442

			51,939,295

	Construction & Engineering – 2.1%
	262,277	AECOM*	13,609,554
	322,547	EMCOR Group, Inc.	27,797,100
	683,508	MasTec, Inc.*	38,761,739
	1,044,302	WillScot Mobile Mini Holdings Corp.*	22,462,936

			102,631,329

	Construction Materials – 0.4%
	953,871	Summit Materials, Inc., Class A*	18,123,549



Shares		Description	Value

	Common Stocks – (continued)
	Consumer Finance – 0.7%
	174,964	FirstCash, Inc.	$ 11,239,687
	316,551	Green Dot Corp., Class A*	16,954,472
	268,309	Oportun Financial Corp.*	4,537,105

			32,731,264

	Diversified Consumer Services – 0.2%
	728,899	Laureate Education, Inc., Class A*	10,350,366

	Diversified Financial Services – 0.1%
	178,298	Alerus Financial Corp.	4,284,501

	Diversified Telecommunication Services – 0.3%
	1,307,195	Vonage Holdings Corp.*	16,810,528

	Electric Utilities – 2.5%
	464,427	ALLETE, Inc.	26,119,374
	127,512	IDACORP, Inc.	11,550,037
	333,295	MGE Energy, Inc.	22,887,368
	570,993	PNM Resources, Inc.	28,041,466
	822,841	Portland General Electric Co.	34,049,161

			122,647,406

	Electronic Equipment, Instruments & Components – 2.2%
	625,393	CTS Corp.	19,049,471
	276,627	FARO Technologies, Inc.*	18,290,577
	231,029	II-VI, Inc.*	15,629,112
	742,931	Knowles Corp.*	12,614,969
	158,243	Rogers Corp.*	23,247,479
	1,549,403	TTM Technologies, Inc.*	20,235,203

			109,066,811

	Energy Equipment & Services – 1.0%
	733,138	Cactus, Inc., Class A	17,008,802
	2,865,423	ChampionX Corp.*	34,041,225

			51,050,027

	Entertainment – 0.3%
	773,141	IMAX Corp.*	11,465,681

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Entertainment – (continued)
	39,833	Live Nation Entertainment, Inc.*	$ 2,615,036

			14,080,717

	Equity Real Estate Investment Trusts (REITs) – 8.9%
	2,023,809	Acadia Realty Trust REIT	28,738,088
	1,446,481	Columbia Property Trust, Inc. REIT	20,221,804
	319,825	CyrusOne, Inc. REIT	22,358,966
	1,202,930	Healthcare Realty Trust, Inc. REIT	35,486,435
	735,415	Hudson Pacific Properties, Inc. REIT	19,120,790
	204,463	Life Storage, Inc. REIT	22,433,680
	544,986	National Health Investors, Inc. REIT	35,238,795
	1,346,315	Park Hotels & Resorts, Inc. REIT	21,971,861
	2,404,299	Pebblebrook Hotel Trust REIT	44,479,532
	1,665,460	Physicians Realty Trust REIT	28,895,731
	800,500	Preferred Apartment Communities, Inc., Class A REIT	6,251,905
	188,173	PS Business Parks, Inc. REIT	24,801,201
	2,415,087	RLJ Lodging Trust REIT	29,778,023
	254,228	Safehold, Inc. REIT	17,305,300
	1,290,766	STAG Industrial, Inc. REIT	38,439,011
	691,665	Terreno Realty Corp. REIT	40,075,070

			435,596,192

	Food & Staples Retailing – 1.0%
	174,323	BJ’s Wholesale Club Holdings, Inc.*	7,145,500
	1,010,076	Performance Food Group Co.*	43,817,097

			50,962,597

	Food Products – 2.4%
	1,298,434	Darling Ingredients, Inc.*	62,688,393
	1,287,055	Hostess Brands, Inc.*	17,439,595
	53,208	Sanderson Farms, Inc.	7,275,130
	707,720	Simply Good Foods Co. (The)*	15,385,833
	797,955	Utz Brands, Inc. ^(a)	16,102,732

			118,891,683



Shares		Description	Value

	Common Stocks – (continued)
	Gas Utilities – 1.3%
	188,707	Chesapeake Utilities Corp.	$ 19,627,415
	534,551	ONE Gas, Inc.	42,325,748

			61,953,163

	Health Care Equipment & Supplies – 1.9%
	678,483	Avanos Medical, Inc.*	28,760,894
	240,565	CONMED Corp.	24,511,168
	149,844	Globus Medical, Inc., Class A*	9,002,628
	190,681	LivaNova PLC*	10,077,491
	312,849	Merit Medical Systems, Inc.*	17,228,594
	19,285	Mesa Laboratories, Inc.	5,240,892

			94,821,667
	Health Care Providers & Services – 1.8%

	507,669	Acadia Healthcare Co., Inc.*	21,550,549
	249,569	AMN Healthcare Services, Inc.*	16,261,916
	232,534	Magellan Health, Inc.*	18,381,813
	463,217	Owens & Minor, Inc.	11,932,470
	675,473	Tenet Healthcare Corp.*	21,230,116

			89,356,864

	Health Care Technology – 0.6%
	1,276,069	Allscripts Healthcare Solutions, Inc.*	17,456,624
	427,269	HMS Holdings Corp.*	13,424,792

			30,881,416

	Hotels, Restaurants & Leisure – 4.3%
	1,077,936	Boyd Gaming Corp.	41,489,757
	578,717	Brinker International, Inc.	28,999,509
	401,483	Caesars Entertainment, Inc.*	27,349,022
	181,308	Jack in the Box, Inc.	16,678,523
	327,295	Marriott Vacations Worldwide Corp.	41,674,472
	271,326	Penn National Gaming, Inc.*	18,992,820
	836,556	SeaWorld Entertainment, Inc.*	23,339,912
	292,145	Wyndham Destinations, Inc.	12,287,619

			210,811,634

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Household Durables – 1.9%
	32,099	Helen of Troy Ltd.*	$ 6,483,677
	270,545	KB Home	9,523,184
	357,027	Meritage Homes Corp.*	32,185,984
	1,030,194	Taylor Morrison Home Corp.*	26,043,304
	106,090	TopBuild Corp.*	18,484,061

			92,720,210

	Insurance – 4.1%
	224,172	AMERISAFE, Inc.	12,268,934
	527,687	BRP Group, Inc., Class A*	15,540,382
	392,324	CNO Financial Group, Inc.	8,348,655
	128,583	Enstar Group Ltd.*	24,338,190
	173,601	Kemper Corp.	13,011,395
	101,296	Kinsale Capital Group, Inc.	24,327,247
	220,631	Palomar Holdings, Inc.*	14,583,709
	231,670	Primerica, Inc.	30,179,651
	250,643	RLI Corp.	23,994,055
	526,982	Selective Insurance Group, Inc.	32,578,027

			199,170,245

	IT Services – 1.5%
	2,027,617	KBR, Inc.	56,306,924
	218,436	ManTech International Corp., Class A	16,813,019

			73,119,943

	Leisure Products – 0.4%
	520,669	Callaway Golf Co.	11,064,216
	155,583	Malibu Boats, Inc., Class A*	8,866,675

			19,930,891

	Life Sciences Tools & Services – 0.8%
	443,459	Luminex Corp.	10,523,282
	132,916	PRA Health Sciences, Inc.*	14,913,175
	242,807	Syneos Health, Inc.*	15,986,413

			41,422,870



Shares		Description	Value

	Common Stocks – (continued)
	Machinery – 6.6%
	437,296	Astec Industries, Inc.	$ 25,363,168
	341,643	Chart Industries, Inc.*	35,312,220
	344,847	CIRCOR International, Inc.*	11,404,090
	816,962	Colfax Corp.*	29,475,989
	510,788	Columbus McKinnon Corp.	19,302,679
	545,479	Federal Signal Corp.	16,926,213
	887,327	Kennametal, Inc.	31,047,572
	197,038	Navistar International Corp.*	8,720,902
	1,335,218	Rexnord Corp.	50,084,027
	553,303	SPX FLOW, Inc.*	29,645,975
	339,566	Timken Co. (The)	24,937,727
	805,229	TriMas Corp.*	21,523,771
	158,733	Watts Water Technologies, Inc., Class A	18,595,571

			322,339,904

	Media – 0.9%
	254,888	Nexstar Media Group, Inc., Class A	26,826,962
	1,183,976	TEGNA, Inc.	17,061,094

			43,888,056

	Metals & Mining – 3.3%
	833,409	Alcoa Corp.*	16,584,839
	1,515,405	Arconic Corp.*	41,688,791
	3,058,495	Cleveland-Cliffs, Inc. ^(a)	33,674,030
	1,943,096	Coeur Mining, Inc.*	13,776,551
	909,604	Commercial Metals Co.	18,110,216
	1,769,886	Constellium SE*	22,371,359
	860,428	Sandstorm Gold Ltd. (Canada)*	6,272,520
	386,857	Warrior Met Coal, Inc.	6,739,049

			159,217,355

	Mortgage Real Estate Investment Trusts (REITs) – 1.6%
	1,329,371	KKR Real Estate Finance Trust, Inc. REIT	24,234,433
	1,431,336	PennyMac Mortgage Investment Trust REIT	24,475,846
	4,935,624	Two Harbors Investment Corp. REIT	30,798,294

			79,508,573

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Multiline Retail – 0.1%
	59,460	Big Lots, Inc.	$ 3,072,298

	Oil, Gas & Consumable Fuels – 2.3%
	1,005,585	Brigham Minerals, Inc., Class A	10,478,196
	1,562,270	EQT Corp.	23,246,578
	349,943	Falcon Minerals Corp.	804,869
	1,457,501	Golar LNG Ltd. (Cameroon)*	13,263,259
	878,851	Rattler Midstream LP	7,285,675
	194,781	Renewable Energy Group, Inc.*	11,312,880
	2,029,978	Viper Energy Partners LP	22,735,754
	3,365,445	WPX Energy, Inc.*	23,961,968

			113,089,179

	Paper & Forest Products – 0.1%
	122,287	Domtar Corp.	3,680,839

	Pharmaceuticals – 0.3%
	368,554	Prestige Consumer Healthcare, Inc.*	13,109,466

	Professional Services – 1.1%
	414,181	ASGN, Inc.*	32,380,671
	75,305	FTI Consulting, Inc.*	7,908,531
	170,585	ICF International, Inc.	12,355,471

			52,644,673

	Real Estate Management & Development – 0.3%
	919,847	Kennedy-Wilson Holdings, Inc.	14,699,155

	Road & Rail – 1.1%
	422,899	ArcBest Corp.	17,723,697
	254,924	Marten Transport Ltd.	4,494,310
	172,751	Saia, Inc.*	30,151,960

			52,369,967

	Semiconductors & Semiconductor Equipment – 1.7%
	556,153	Allegro MicroSystems, Inc. (Japan)*	13,319,864
	870,144	Cohu, Inc.	24,703,388
	573,301	Onto Innovation, Inc.*	25,345,637



Shares		Description	Value

	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – (continued)
	198,203	Semtech Corp.*	$ 13,372,757
	34,691	Silicon Laboratories, Inc.*	4,066,132

			80,807,778

	Software – 1.1%
	341,779	Bottomline Technologies DE, Inc.*	15,598,794
	1,459,493	Cloudera, Inc.*	17,046,878
	264,764	Verint Systems, Inc.*	15,080,957
	261,037	Vertex, Inc., Class A*	6,588,574

			54,315,203

	Specialty Retail – 3.3%
	329,347	Aaron’s Holdings Co., Inc.	20,725,807
	219,938	Abercrombie & Fitch Co., Class A	4,561,514
	1,558,831	American Eagle Outfitters, Inc.	28,043,370
	159,674	At Home Group, Inc.*	3,024,225
	11,159	Burlington Stores, Inc.*	2,438,688
	33,011	Five Below, Inc.*	5,162,920
	103,322	Lithia Motors, Inc., Class A	29,891,055
	464,110	Rent-A-Center, Inc.	15,696,200
	35,104	RH*	15,907,729
	396,695	Sally Beauty Holdings, Inc.*	4,561,992
	88,805	Sleep Number Corp.*	6,162,179
	335,940	Sonic Automotive, Inc., Class A	13,565,257
	378,855	Zumiez, Inc.*	14,051,732

			163,792,668

	Textiles, Apparel & Luxury Goods – 2.0%
	646,770	Capri Holdings Ltd.*	22,882,722
	367,873	Crocs, Inc.*	21,664,041
	8,708	Deckers Outdoor Corp.*	2,216,970
	1,055,524	Tapestry, Inc.	29,892,440
	730,382	Wolverine World Wide, Inc.	21,078,824

			97,734,997

	Thrifts & Mortgage Finance – 2.3%
	2,619,058	MGIC Investment Corp.	31,323,934

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Thrifts & Mortgage Finance – (continued)
	973,672	NMI Holdings, Inc., Class A*	$ 21,333,153
	301,985	Provident Financial Services, Inc.	4,732,105
	381,811	Walker & Dunlop, Inc.	30,548,698
	1,039,569	Washington Federal, Inc.	24,294,728

			112,232,618

	Trading Companies & Distributors – 1.7%
	664,197	Beacon Roofing Supply, Inc.*	24,170,129
	651,417	BMC Stock Holdings, Inc.*	31,880,348
	432,958	Herc Holdings, Inc.*	24,799,834

			80,850,311

	Water Utilities – 0.4%
	264,754	SJW Group	17,367,862

	TOTAL COMMON STOCKS (Cost $3,781,289,460)		$4,833,938,331



Shares	Dividend Rate	Value

Investment Company – 1.3%^(b)
Goldman Sachs Financial Square Government Fund – Institutional Shares
62,709,158	0.016%	$ 62,709,158
(Cost $62,709,158)

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $3,843,998,618)		$4,896,647,489



Shares	Dividend Rate	Value

Securities Lending Reinvestment Vehicle – 0.2%^(b)
Goldman Sachs Financial Square Government Fund – Institutional Shares
10,457,564	0.016%	$ 10,457,564
(Cost $10,457,564)

TOTAL INVESTMENTS – 100.3% (Cost $3,854,456,182)		$4,907,105,053

LIABILITIES IN EXCESS OF OTHER ASSETS – (0.3)%		(12,237,665)

NET ASSETS – 100.0%		$4,894,867,388



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

*		Non-income producing security.

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

(b)		Represents an affiliated issuer.



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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Schedule of Investments

November 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – 98.6%
	Aerospace & Defense – 1.6%
	10,191	Aerojet Rocketdyne Holdings, Inc.*	$ 381,449
	6,994	Curtiss-Wright Corp.	806,128
	12,486	Hexcel Corp.	618,307

			1,805,884

	Air Freight & Logistics – 0.9%
	10,227	XPO Logistics, Inc.*	1,091,016

	Airlines – 1.0%
	3,573	Allegiant Travel Co.	608,089
	13,261	SkyWest, Inc.	569,295

			1,177,384

	Auto Components – 1.3%
	24,993	Adient PLC*	782,031
	4,669	Lear Corp.	667,434

			1,449,465

	Banks – 9.0%
	6,698	Bank of Hawaii Corp.	501,546
	6,278	BOK Financial Corp.	420,312
	18,240	Columbia Banking System, Inc.	576,566
	12,277	Commerce Bancshares, Inc.	809,791
	9,744	Community Bank System, Inc.	606,564
	7,580	Cullen/Frost Bankers, Inc.	636,038
	18,499	East West Bancorp, Inc.	790,277
	19,588	First Financial Bankshares, Inc.	654,631
	16,389	Glacier Bancorp, Inc.	668,179
	7,992	Independent Bank Corp.	540,579
	15,491	PacWest Bancorp	360,321
	15,479	Pinnacle Financial Partners, Inc.	838,343
	10,691	Prosperity Bancshares, Inc.	671,715
	5,530	Signature Bank	620,411
	8,411	South State Corp.	559,079
	19,970	Synovus Financial Corp.	630,453
	19,146	TCF Financial Corp.	643,306

			10,528,111

	Beverages – 0.3%
	342	Boston Beer Co., Inc. (The), Class A*	318,347

	Biotechnology – 0.2%
	3,360	Emergent BioSolutions, Inc.*	275,285



Shares		Description	Value

	Common Stocks – (continued)
	Building Products – 1.4%
	12,148	AZEK Co., Inc. (The)*	$ 433,926
	6,435	Gibraltar Industries, Inc.*	421,235
	42,422	Resideo Technologies, Inc.*	784,383

			1,639,544

	Capital Markets – 2.0%
	5,889	Hamilton Lane, Inc., Class A	411,523
	6,216	Houlihan Lokey, Inc.	402,673
	7,545	LPL Financial Holdings, Inc.	684,860
	10,641	Stifel Financial Corp.	737,421
	5,598	Virtu Financial, Inc., Class A	127,578

			2,364,055

	Chemicals – 3.3%
	12,246	Ashland Global Holdings, Inc.	920,532
	33,107	Avient Corp.	1,210,061
	11,967	Axalta Coating Systems Ltd.*	342,376
	12,837	Huntsman Corp.	317,972
	7,646	RPM International, Inc.	672,924
	5,259	Westlake Chemical Corp.	395,214

			3,859,079

	Communications Equipment – 1.0%
	13,356	Ciena Corp.*	598,349
	40,798	Viavi Solutions, Inc.*	552,609

			1,150,958

	Construction & Engineering – 3.1%
	24,414	AECOM*	1,266,842
	6,512	Jacobs Engineering Group, Inc.	702,254
	13,174	MasTec, Inc.*	747,098
	13,074	Quanta Services, Inc.	893,477

			3,609,671

	Construction Materials – 0.2%
	1,692	Vulcan Materials Co.	236,288

	Consumer Finance – 1.2%
	20,235	Ally Financial, Inc.	599,968
	6,933	FirstCash, Inc.	445,376
	10,197	OneMain Holdings, Inc.	397,581

			1,442,925

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Containers & Packaging – 2.4%
	5,107	Avery Dennison Corp.	$ 762,679
	11,327	Crown Holdings, Inc.*	1,067,570
	7,262	Packaging Corp. of America	944,060

			2,774,309

	Diversified Consumer Services – 0.4%
	2,264	Chegg, Inc.*	176,433
	6,979	frontdoor, Inc.*	330,386

			506,819

	Diversified Financial Services – 0.7%
	14,668	Voya Financial, Inc.	845,317

	Diversified Telecommunication Services – 0.3%
	3,739	GCI Liberty, Inc., Class A*	340,698

	Electric Utilities – 2.3%
	8,827	ALLETE, Inc.	496,431
	9,754	Alliant Energy Corp.	513,060
	8,403	IDACORP, Inc.	761,144
	7,840	PNM Resources, Inc.	385,022
	13,398	Portland General Electric Co.	554,409

			2,710,066

	Electrical Equipment – 0.5%
	3,660	Hubbell, Inc.	591,419

	Electronic Equipment, Instruments & Components – 3.7%
	41,878	Flex Ltd.*	679,680
	5,817	II-VI, Inc.*	393,520
	2,572	Littelfuse, Inc.	618,643
	19,308	National Instruments Corp.	722,699
	3,803	SYNNEX Corp.	609,659
	12,982	Trimble, Inc.*	777,232
	14,396	Vontier Corp.*	477,515

			4,278,948

	Energy Equipment & Services – 0.5%
	48,579	ChampionX Corp.*	577,119

	Entertainment – 1.2%
	21,858	Liberty Media Corp.-Liberty Formula One, Class C*	913,227



Shares		Description	Value

	Common Stocks – (continued)
	Entertainment – (continued)
	7,028	Live Nation Entertainment, Inc.*	$ 461,388

			1,374,615

	Equity Real Estate Investment Trusts (REITs) – 10.6%
	18,955	Americold Realty Trust REIT	646,934
	9,093	Camden Property Trust REIT	898,661
	35,472	Columbia Property Trust, Inc. REIT	495,899
	16,706	CubeSmart REIT	543,446
	11,228	CyrusOne, Inc. REIT	784,949
	18,458	Duke Realty Corp. REIT	702,511
	6,532	EastGroup Properties, Inc. REIT	890,508
	52,908	Empire State Realty Trust, Inc., Class A REIT	478,817
	15,512	Equity LifeStyle Properties, Inc. REIT	908,848
	22,641	Healthcare Realty Trust, Inc. REIT	667,910
	14,894	Highwoods Properties, Inc. REIT	570,440
	20,797	Hudson Pacific Properties, Inc. REIT	540,722
	4,544	Life Storage, Inc. REIT	498,568
	4,276	Mid-America Apartment Communities, Inc. REIT	539,460
	8,869	National Health Investors, Inc. REIT	573,470
	36,970	Pebblebrook Hotel Trust REIT	683,945
	2,351	PS Business Parks, Inc. REIT	309,862
	52,408	RLJ Lodging Trust REIT	646,191
	3,577	Sun Communities, Inc. REIT	497,203
	9,047	Terreno Realty Corp. REIT	524,183

			12,402,527

	Food & Staples Retailing – 0.7%
	19,295	Performance Food Group Co.*	837,017

	Food Products – 2.1%
	19,324	Darling Ingredients, Inc.*	932,963
	27,226	Hostess Brands, Inc.*	368,912
	10,246	Lamb Weston Holdings, Inc.	741,606
	4,688	Post Holdings, Inc.*	442,828

			2,486,309

	Gas Utilities – 1.2%
	6,653	Atmos Energy Corp.	637,956
	9,802	ONE Gas, Inc.	776,123

			1,414,079

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Health Care Equipment & Supplies – 2.2%
	6,845	Avanos Medical, Inc.*	$ 290,160
	6,308	DENTSPLY SIRONA, Inc.	321,014
	9,727	Globus Medical, Inc., Class A*	584,398
	8,077	Hill-Rom Holdings, Inc.	766,184
	10,907	Integra LifeSciences Holdings Corp.*	596,940

			2,558,696

	Health Care Providers & Services – 0.5%
	14,192	Acadia Healthcare Co., Inc.*	602,450

	Hotels, Restaurants & Leisure – 3.9%
	18,223	Boyd Gaming Corp.	701,403
	13,300	Brinker International, Inc.	666,463
	10,919	Caesars Entertainment, Inc.*	743,802
	21,985	Extended Stay America, Inc.	301,415
	5,295	Marriott Vacations Worldwide Corp.	674,212
	16,818	Norwegian Cruise Line Holdings Ltd.*	384,628
	1,721	Penn National Gaming, Inc.*	120,470
	16,597	SeaWorld Entertainment, Inc.*	463,056
	768	Texas Roadhouse, Inc.	58,215
	9,901	Wyndham Destinations, Inc.	416,436

			4,530,100

	Household Durables – 1.6%
	866	Helen of Troy Ltd.*	174,923
	6,610	Meritage Homes Corp.*	595,892
	21,447	Taylor Morrison Home Corp.*	542,180
	2,933	TopBuild Corp.*	511,017

			1,824,012

	Industrial Conglomerates – 0.8%
	6,139	Carlisle Cos., Inc.	889,111

	Insurance – 5.0%
	8,483	American Financial Group, Inc.	758,465
	17,709	Brown & Brown, Inc.	797,436
	10,150	Globe Life, Inc.	944,965
	4,003	Hanover Insurance Group, Inc. (The)	449,737
	7,934	Kemper Corp.	594,654
	4,975	Primerica, Inc.	648,093
	2,659	RenaissanceRe Holdings Ltd. (Bermuda)	437,778
	7,223	Selective Insurance Group, Inc.	446,526
	11,925	W R Berkley Corp.	776,675

			5,854,329



Shares		Description	Value

	Common Stocks – (continued)
	IT Services – 2.0%
	3,301	CACI International, Inc., Class A*	$ 783,294
	12,604	Genpact Ltd.	512,353
	6,175	Science Applications International Corp.	571,434
	2,719	WEX, Inc.*	471,040

			2,338,121

	Leisure Products – 0.9%
	10,347	Brunswick Corp.	772,300
	13,284	Callaway Golf Co.	282,285

			1,054,585

	Life Sciences Tools & Services – 1.9%
	6,024	PerkinElmer, Inc.	801,192
	5,237	PRA Health Sciences, Inc.*	587,591
	5,469	QIAGEN NV*	263,934
	9,094	Syneos Health, Inc.*	598,749

			2,251,466

	Machinery – 5.7%
	23,183	Colfax Corp.*	836,442
	10,549	Donaldson Co., Inc.	561,629
	42,542	Gates Industrial Corp. PLC*	547,941
	12,486	Graco, Inc.	845,802
	12,724	ITT, Inc.	924,144
	1,701	Nordson Corp.	346,681
	23,596	Rexnord Corp.	885,086
	18,535	Timken Co. (The)	1,361,210
	2,946	Watts Water Technologies, Inc., Class A	345,124

			6,654,059

	Media – 0.4%
	4,752	Nexstar Media Group, Inc., Class A	500,148

	Metals & Mining – 1.9%
	24,432	Arconic Corp.*	672,124
	22,340	Commercial Metals Co.	444,790
	45,899	Constellium SE*	580,163
	31,059	Sandstorm Gold Ltd. (Canada)*	226,420
	9,432	Steel Dynamics, Inc.	341,533

			2,265,030

	Mortgage Real Estate Investment Trusts (REITs) – 1.2%
	23,220	KKR Real Estate Finance Trust, Inc. REIT	423,301
	24,997	PennyMac Mortgage Investment Trust REIT	427,449

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Mortgage Real Estate Investment Trusts (REITs) – (continued)
	91,697	Two Harbors Investment Corp. REIT	$ 572,189

			1,422,939

	Oil, Gas & Consumable Fuels – 2.3%
	15,294	Cheniere Energy, Inc.*	867,017
	28,722	EQT Corp.	427,383
	39,630	Parsley Energy, Inc., Class A	496,564
	27,167	Viper Energy Partners LP	304,271
	89,852	WPX Energy, Inc.*	639,746

			2,734,981

	Personal Products – 0.3%
	15,524	BellRing Brands, Inc., Class A*	316,690

	Pharmaceuticals – 1.0%
	12,400	Catalent, Inc.*	1,192,136

	Professional Services – 1.5%
	12,565	ASGN, Inc.*	982,332
	11,060	Robert Half International, Inc.	709,831

			1,692,163

	Real Estate Management & Development – 0.7%
	36,837	Cushman & Wakefield PLC*	548,871
	15,241	Kennedy-Wilson Holdings, Inc.	243,551

			792,422

	Road & Rail – 1.2%
	10,346	ArcBest Corp.	433,601
	3,784	Old Dominion Freight Line, Inc.	769,514
	1,177	Saia, Inc.*	205,434

			1,408,549

	Semiconductors & Semiconductor Equipment – 2.6%
	12,625	Allegro MicroSystems, Inc. (Japan)*^(a)	302,369
	7,371	Cree, Inc.*	666,265
	5,856	Entegris, Inc.	542,383
	3,393	First Solar, Inc.*	317,008
	4,081	MKS Instruments, Inc.	563,096
	21,187	ON Semiconductor Corp.*	609,126

			3,000,247

	Software – 0.7%
	19,522	Nuance Communications, Inc.*	841,984



Shares		Description	Value

	Common Stocks – (continued)
	Specialty Retail – 2.6%
	33,515	American Eagle Outfitters, Inc.	$ 602,935
	2,121	Burlington Stores, Inc.*	463,523
	2,157	Dick’s Sporting Goods, Inc.	122,539
	3,099	Five Below, Inc.*	484,684
	1,698	Lithia Motors, Inc., Class A	491,232
	1,390	RH*	629,892
	1,038	Ulta Beauty, Inc.*	285,865

			3,080,670

	Textiles, Apparel & Luxury Goods – 2.6%
	22,900	Capri Holdings Ltd.*	810,202
	9,641	Crocs, Inc.*	567,758
	615	Deckers Outdoor Corp.*	156,573
	37,395	Tapestry, Inc.	1,059,026
	14,445	Wolverine World Wide, Inc.	416,883

			3,010,442

	Thrifts & Mortgage Finance – 1.3%
	61,212	MGIC Investment Corp.	732,095
	14,392	NMI Holdings, Inc., Class A*	315,329
	20,143	Washington Federal, Inc.	470,742

			1,518,166

	Trading Companies & Distributors – 0.7%
	11,503	Beacon Roofing Supply, Inc.*	418,594
	1,916	Watsco, Inc.	435,622

			854,216

	TOTAL COMMON STOCKS (Cost $95,637,561)		$115,274,966


Shares		Dividend Rate	Value

	Investment Company – 0.9%^(b)
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,080,567	0.016%	$ 1,080,567
	(Cost $1,080,567)

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $96,718,128)		$116,355,533

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Schedule of Investments (continued)

November 30, 2020 (Unaudited)



Shares	Dividend Rate	Value

Securities Lending Reinvestment Vehicle – 0.1%^(b)
Goldman Sachs Financial Square Government Fund – Institutional Shares
69,706	0.016%	$ 69,706
(Cost $69,706)

TOTAL INVESTMENTS – 99.6% (Cost $96,787,834)		$116,425,239

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.4%		465,414

NET ASSETS – 100.0%		$116,890,653



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

*		Non-income producing security.

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

(b)		Represents an affiliated issuer.



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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Schedule of Investments (continued)

November 30, 2020 (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)

November 30, 2020 (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 November 30, 2020:


EQUITY INCOME FUND

Investment Type	Level 1		Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments^(a)
Asia	$	3,967,815	$	—	$	—
Europe		18,487,399		—		—
North America		335,689,619		—		—
Oceania		5,356,322		—		—
Investment Company		177,732		—		—
Securities Lending Reinvestment Vehicle		10,665		—		—

Total	$	363,689,552	$	—	$	—

FOCUSED VALUE FUND

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Europe	$	731,273	$	—	$	—
North America		11,058,783		—		—
Investment Company		301,338		—		—

Total	$	12,091,394	$	—	$	—

LARGE CAP VALUE FUND

Investment Type	Level 1		Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments^(a)
Europe	$	13,285,242	$	—	$	—
North America		402,407,070		—		—
Investment Company		9,430,898		—		—

Total	$	425,123,210	$	—	$	—

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Schedule of Investments (continued)

November 30, 2020 (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	$	31,516,110	$	—	$	—
North America		1,005,553,017		—		—
Securities Lending Reinvestment Vehicle		1,440,050		—		—

Total	$	1,038,509,177	$	—	$	—

SMALL CAP VALUE FUND

Investment Type	Level 1		Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments^(a)
Africa	$	13,263,259	$	—	$	—
Asia		13,319,864		—		—
North America		4,807,355,208		—		—
Investment Company		62,709,158		—		—
Securities Lending Reinvestment Vehicle		10,457,564		—		—

Total	$	4,907,105,053	$	—	$	—

SMALL/MID CAP VALUE FUND

Investment Type	Level 1		Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments^(a)
Asia	$	302,369	$	—	$	—
North America		114,972,597		—		—
Investment Company		1,080,567		—		—
Securities Lending Reinvestment Vehicle		69,706		—		—

Total	$	116,425,239	$	—	$	—

(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)

November 30, 2020 (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 Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, 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.

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 from problems in share registration, settlement or custody, may also 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)

November 30, 2020 (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.

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