NPORT-EX 2 Muni_Fixed_FormF.htm 12.31 FORM F HTML

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – 97.3%

Alabama – 0.8%

Alabama State Port Authority RB for Docks Facilities Series 2010 (A-/NR)(a)

$

     2,500,000       5.750 %   10/01/2020   $       2,586,100

Health Care Authority RB for Baptist Health Series 2006 D (BBB+/A3)

    100,000       5.000   11/15/2021   100,346

Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (AMT) (B/B3)

    6,750,000       5.750   10/01/2049   7,398,000

Houston County Health Care Authority RB for Southeast Alabama Medical Center Series 2016 A (BBB+/NR)

    150,000       5.000   10/01/2024   171,452
    150,000       5.000   10/01/2025   175,023
    725,000       5.000   10/01/2030   835,584

Jefferson County Senior Lien Sewer RB Warrants Series 2013 A (AGM) (AA/A2)

    725,000       5.000   10/01/2044   812,043

Jefferson County Senior Lien Sewer RB Warrants Series 2013 C (AGM) (AA/A2)(b)

    1,500,000       0.000   10/01/2046   1,457,850

Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (BBB/NR)

    1,000,000       5.000   10/01/2021   1,059,280
    13,500,000       6.000   10/01/2042   15,923,115
    7,465,000       6.500   10/01/2053   8,904,999

Prattville Industrial Development Board RB Refunding for International Paper Company Series 2019 B (BBB/Baa2)(c)(d)

    225,000       2.000   10/01/2024   226,971

Prattville Industrial Development Board Recovery Zone Facility RB Refunding for International Paper Company Series 2019 C (BBB/Baa2)(c)(d)

    225,000       2.000   10/01/2024   226,971

Selma Industrial Development Board Gulf Opportunity Zone RB Refunding for International Paper Company Series 2019 A (BBB/Baa2)(c)(d)

    1,750,000       2.000   10/01/2024   1,765,330

The Southeast Alabama Gas Supply District RB for Project No. 2
Series 2018 A (A/A3)

    3,820,000       4.000   06/01/2024   4,186,032

The Southeast Alabama Gas Supply District RB for Project No. 2
Series 2018 B (A/A3)(c)

   

(1 Mo. LIBOR + 0.85%),

  
    10,000,000       1.990   06/01/2024   10,016,200

UAB Medicine Finance Authority RB Series 2019 B (AA-/Aa3)

    1,350,000       4.000   09/01/2036   1,535,031
    2,030,000       4.000   09/01/2037   2,298,914
    1,350,000       4.000   09/01/2038   1,523,651
       

 

        61,202,892

 

Alaska – 0.1%

Northern Tobacco Securitization Corp. RB Refunding Asset-Backed Bonds Series 2006 A (NR/B3)

    1,100,000       5.000   06/01/2046   1,102,750

Northern Tobacco Securitization Corp. RB Refunding Capital Appreciation Asset-Backed Bonds 1st Subordinate Series 2006 B (NR/NR)(e)

    37,350,000       0.000   06/01/2046   4,254,165

State of Alaska GO Unlimited Bonds Series 2016 A (AA/Aa3)

    5,450,000       5.000   08/01/2027   6,514,494
       

 

        11,871,409

 

Arizona – 1.5%

Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (AA-/NR)(c)

   

(3 Mo. LIBOR + 0.81%),

  
    19,150,000       2.216   01/01/2037   19,087,188

Arizona Industrial Development Authority RB for Equitable School Revolving Fund LLC Obligated Group Series 2019 A (A/NR)

    1,400,000       5.000   11/01/2044   1,669,388

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Arizona – (continued)

Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (BBB+/NR)

$

     570,000       5.000 %    01/01/2043   $          643,644
    3,250,000       4.500   01/01/2049   3,416,757
    2,095,000       5.000   01/01/2054   2,328,739

Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project Second Tier Series 2019 B (BBB/NR)

    1,565,000       5.000   01/01/2037   1,752,675
    1,105,000       5.000   01/01/2038   1,233,180
    300,000       5.000   01/01/2043   329,307
    2,125,000       5.000   01/01/2049   2,310,810
    600,000       5.125   01/01/2054   653,280

Arizona Industrial Development Authority RB for Provident Group - EMU Properties LLC Series 2018 (NR/Baa1)

    365,000       5.000   05/01/2024   406,354
    300,000       5.000   05/01/2029   353,238
    650,000       5.000   05/01/2031   762,951

Chandler Industrial Development Authority RB for Intel Corp. Series 2007 (AMT) (A+/A1)(c)(d)

    10,000,000       2.700   08/14/2023   10,399,300

Chandler Industrial Development Authority RB for Intel Corp. Series 2019 (AMT) (A+/A1)(c)(d)

    7,300,000       5.000   06/03/2024   8,360,909

City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 A (A+/A1)

    1,375,000       3.000   07/01/2049   1,365,444

City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 B (AMT) (A+/A1)

    1,110,000       5.000   07/01/2023   1,247,196
    1,115,000       5.000   07/01/2024   1,287,580
    1,215,000       5.000   07/01/2025   1,437,503
    915,000       4.000   07/01/2044   1,008,019
    2,980,000       5.000   07/01/2044   3,590,900
    2,290,000       3.250   07/01/2049   2,315,075
    1,375,000       5.000   07/01/2049   1,646,480

City of Phoenix Civic Improvement Corporation RB Taxable Refunding for Rental Car Facility Charge Series 2019 B (A/A2)

    3,005,000       2.163   07/01/2022   3,013,594
    1,950,000       2.226   07/01/2023   1,956,201

City of Phoenix Civic Improvement Corporation Water System RB Refunding Junior Lien Series 2016 (AAA/Aa2)

    7,000,000       5.000   07/01/2030   8,486,800

Entertainment Center Community Facilities District RB Series 2017 (AA+/NR)

    5,206,000       4.000   07/01/2037   5,388,835

Estrella Mountain Ranch Community Facilities District Lucero Assessment District No. 1 Special Assessment RB Series 2019 (NR/NR)

    400,000       3.500   07/01/2029   412,432
    385,000       4.100   07/01/2034   399,553
    1,150,000       4.750   07/01/2043   1,193,125

Glendale City Subordinate RB Refunding Series 2017 (AA/A1)

    2,500,000       5.000   07/01/2028   3,099,000

Glendale Industrial Development Authority RB Refunding for Sun Health Services Obligated Group Series 2019 A (A-/NR)

    5,000,000       5.000   11/15/2042   5,665,950

Maricopa County IDA RB for Banner Health Series 2017 A (AA-/NR)

    4,360,000       4.000   01/01/2041   4,819,849

Maricopa County Industrial Development Authority RB Refunding for Legacy Traditional School Obligated Group Series 2019 A (SD CRED PROG) (AA-/Ba2)

    200,000       4.000   07/01/2025   223,768
    200,000       4.000   07/01/2026   226,480
    200,000       4.000   07/01/2027   228,804
    325,000       4.000   07/01/2028   374,579
    250,000       4.000   07/01/2029   289,845
    500,000       4.000   07/01/2034   551,970
    700,000       5.000   07/01/2039   839,097

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Arizona – (continued)

Salt Verde Financial Corp. RB Gas Senior Series 2007-1 (BBB+/A3)

$

     8,905,000       5.000 %    12/01/2037   $     11,895,744

Yavapai County IDA Solid Waste Disposal RB for Waste Management, Inc. Project Series 2002 (AMT) (A-/NR)(c)(d)

    4,000,000       2.800   06/01/2021   4,071,760
       

 

        120,743,303

 

Arkansas – 0.3%

Arkansas Development Finance Authority RB for Baptist Health Obligated Group Series 2019 (A/NR)

    2,790,000       5.000   12/01/2047   3,335,222
    4,630,000       3.200   12/01/2049   4,541,428

Arkansas State Development Finance Authority RB for Single Family Mortgage-Backed Securities Series 2008 B (AMT) (GNMA) (FNMA) (FHLMC) (AA+/NR)

    195,000       5.500   07/01/2023   195,000

Conway Health Facilities Board RB Refunding for Conway Regional Medical Center, Inc. Series 2019 (BBB+/NR)

    550,000       5.000   08/01/2026   645,497
    500,000       5.000   08/01/2028   584,920

Pulaski County Little Rock School District Construction GO Bonds Series 2017 (ST AID WITHHLDG) (NR/Aa2)

    5,395,000       3.000   02/01/2023   5,620,565
    5,185,000       3.000   02/01/2024   5,398,103

Pulaski County Little Rock School District GO Refunding Bonds Series 2015 (ST AID WITHHLDG) (NR/Aa2)

    3,335,000       3.000   02/01/2023   3,396,397
       

 

        23,717,132

 

California – 10.8%

Alhambra California Unified School District Election of 2008 GO Bonds Capital Appreciation for Elementary Schools Improvement District Series 2011 B (AGM) (AA/Aa2)(e)

    1,000,000       0.000   08/01/2037   639,810

Anaheim Community Facilities District No. 08-1 Special Tax Refunding Bonds for Platinum Triangle Series 2016 (NR/NR)

    875,000       4.000   09/01/2024   956,191
    745,000       4.000   09/01/2025   819,798
    535,000       4.000   09/01/2026   587,906
    590,000       4.000   09/01/2027   647,236
    575,000       4.000   09/01/2028   629,706
    465,000       4.000   09/01/2029   507,947

Atwater Wastewater RB Refunding Series 2017 A (AGM) (AA/NR)

    1,000,000       5.000   05/01/2040   1,192,160

Beaumont Community Facilities District No. 2016-2 Special Tax
Series 2019 (NR/NR)

    150,000       4.000   09/01/2020   152,875
    190,000       4.000   09/01/2021   198,464
    195,000       4.000   09/01/2022   208,096
    205,000       4.000   09/01/2023   222,595
    210,000       4.000   09/01/2024   231,011
    220,000       4.000   09/01/2025   245,502
    230,000       4.000   09/01/2026   259,562
    235,000       4.000   09/01/2027   264,098
    255,000       4.000   09/01/2029   283,229
    275,000       4.000   09/01/2031   303,113
    290,000       4.000   09/01/2032   318,672
    300,000       5.000   09/01/2033   347,490
    215,000       5.000   09/01/2034   248,630
    330,000       5.000   09/01/2035   381,087
    345,000       3.000   09/01/2036   349,730
    360,000       3.000   09/01/2037   363,190
    370,000       3.000   09/01/2038   371,854
    380,000       3.000   09/01/2039   380,559
    1,160,000       5.000   09/01/2044   1,323,038
    1,475,000       5.000   09/01/2049   1,675,674

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

California – (continued)

California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (BB+/NR)(e)

$

     31,220,000       0.000 %    06/01/2055   $       2,541,932

California Educational Facilities Authority RB for Stanford University Series 2010 U-1 (AAA/Aaa)

    5,000,000       5.250   04/01/2040   7,482,400

California Educational Facilities Authority RB for Stanford University Series 2014 U-6 (AAA/Aaa)

    3,500,000       5.000   05/01/2045   5,226,410

California Health Facilities Financing Authority RB for El Camino Hospital Series 2017 (AA/A1)

    500,000       5.000   02/01/2042   589,420

California Health Facilities Financing Authority RB for Lucile Salter Packard Children’s Hospital Series 2017 A (A+/A1)

    375,000       5.000   11/15/2028   471,994
    350,000       5.000   11/15/2029   438,112
    565,000       5.000   11/15/2030   702,329
    1,000,000       5.000   11/15/2042   1,207,380
    12,000,000       5.000   11/15/2056   14,346,840

California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A-/A3)

    1,300,000       5.000   02/01/2034   1,540,695
    1,150,000       5.000   02/01/2035   1,358,357
    450,000       5.000   02/01/2042   522,491
    1,450,000       5.000   02/01/2047   1,671,458

California Municipal Finance Authority RB for LAX Integrated Express Solutions LLC Senior Lien Series 2018 A (AMT) (BBB/NR)

    2,000,000       5.000   06/30/2028   2,476,080
    1,600,000       5.000   12/31/2028   1,975,952
    2,695,000       5.000   12/31/2043   3,145,954
    3,500,000       5.000   12/31/2047   4,065,215

California Municipal Finance Authority RB for United Airlines, Inc. Project Series 2019 (AMT) (BB/NR)

    13,050,000       4.000   07/15/2029   14,832,499

California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (NR/Baa1)

    200,000       5.000   10/01/2026   241,796
    200,000       5.000   10/01/2027   246,170
    150,000       5.000   10/01/2028   188,358
    225,000       5.000   10/01/2029   280,649
    125,000       5.000   10/01/2030   154,626
    225,000       5.000   10/01/2031   277,362
    225,000       5.000   10/01/2032   275,866

California Municipal Finance Authority Senior Lien RB for LAX Integrated Express Solutions LLC Project Series 2018 A (AMT) (BBB/NR)

    900,000       5.000   12/31/2037   1,065,897

California Municipal Finance Authority Student Housing RB for Bowles Hall Foundation Series 2015 A (NR/Baa3)

    400,000       5.000   06/01/2035   451,976

California Pollution Control Financing Authority RB Refunding for Waste Management, Inc. Series 2015 B-1 (AMT) (A-/NR)

    4,130,000       3.000   11/01/2025   4,411,583

California Pollution Control Financing Authority Solid Waste Disposal RB for Rialto Bioenergy Facility LLC Project Series 2019 (AMT) (NR/NR)(f)

    2,000,000       6.750   12/01/2028   2,040,400
    10,325,000       7.500   12/01/2040   10,752,248

California Pollution Control Financing Authority Solid Waste Disposal RB for Waste Management, Inc. Project Series 2001 A (AMT)
(A-/NR)(c)(d)

    1,250,000       2.500   05/01/2024   1,292,288

California Pollution Control Financing Authority Solid Waste Disposal RB for Waste Management, Inc. Project Series 2003 A (A-/NR)(c)(d)

    3,500,000       2.500   05/01/2024   3,616,445

California Pollution Control Financing Authority Solid Waste Disposal RB Refunding for Waste Management, Inc. Project Series 2015 A-1 (AMT) (A-/NR)

    10,000,000       3.375   07/01/2025   10,845,700

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

California – (continued)

California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (BBB/Baa3)(f)

$

     13,845,000       5.000 %    07/01/2030   $     15,069,729

California Pollution Control Financing Authority Water Furnishing RB Refunding for San Diego County Water Desalination Project Series 2019 (BBB/Baa3)(f)

    280,000       5.000   07/01/2022   306,650
    360,000       5.000   07/01/2023   406,415
    445,000       5.000   07/01/2024   516,654
    1,330,000       5.000   07/01/2029   1,669,549

California State Various Purpose GO Bonds Series 2010 (AA-/Aa2)

    1,250,000       6.000   03/01/2033   1,260,300
    1,500,000       5.500   03/01/2040   1,510,515

California State Various Purpose GO Bonds Series 2017 (AA-/Aa2)

    1,250,000       5.000   08/01/2046   1,479,125

California Statewide Communities Development Authority Community Facilities District No. 2007-01 Special Tax Refunding for Orinda Wilder Project Series 2015 (NR/NR)

    465,000       4.250   09/01/2022   495,909
    290,000       5.000   09/01/2030   334,486
    320,000       5.000   09/01/2037   362,842

California Statewide Communities Development Authority Infrastructure Program RB for Pacific Highlands Ranch Series 2019 (NR/NR)

    875,000       5.000   09/02/2034   1,073,144
    595,000       5.000   09/02/2039   718,575

California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2018 B (NR/NR)

    1,055,000       5.000   09/02/2033   1,257,655
    950,000       5.000   09/02/2038   1,113,390
    375,000       5.000   09/02/2043   436,245
    1,130,000       5.000   09/02/2048   1,309,162

California Statewide Communities Development Authority Infrastructure Programme Special Assessment Bonds Series 2019 A (NR/NR)

    4,475,000       5.000   09/02/2029   5,244,297

California Statewide Communities Development Authority Infrastructure Programme Special Assessment Bonds Series 2019 B (NR/NR)

    645,000       4.000   09/02/2023   689,873
    670,000       4.000   09/02/2024   725,328
    1,500,000       5.000   09/02/2034   1,798,740

California Statewide Communities Development Authority RB for Lancer Educational Housing LLC Project Series 2019 A (NR/NR)(f)

    750,000       3.000   06/01/2029   776,032

California Statewide Communities Development Authority RB for Marin General Hospital Obligated Group Series 2018 A (A-/NR)

    250,000       5.000   08/01/2028   315,220
    300,000       5.000   08/01/2029   376,422
    315,000       5.000   08/01/2030   393,262

California Statewide Communities Development Authority RB for NCCD-Hooper Street LLC Project Series 2019 (BB+/NR)(f)

    500,000       5.000   07/01/2024   542,450
    900,000       5.000   07/01/2029   1,041,966

California Statewide Communities Development Authority RB for Sutter Health Series 2011 A (AA-/Aa3)(a)

    2,000,000       6.000   08/15/2020   2,062,680

California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2017 A (A-/NR)

    150,000       5.000   04/01/2030   181,544
    70,000       5.000   04/01/2031   84,324
    385,000       4.000   04/01/2032   429,879
    455,000       4.000   04/01/2034   503,448

California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2016 A (BB-/NR)(f)

    1,725,000       5.000   12/01/2031   1,973,227

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

California – (continued)

California Statewide Communities Development Authority Special Assessment Bonds Series 2018 C (NR/NR)

$

     1,300,000       5.000 %    09/02/2038   $       1,523,587
    1,500,000       5.000   09/02/2048   1,737,825

California Statewide Communities Development Authority Special Assessment for Statewide Community Infrastructure Program Series 2019 C (NR/NR)

    115,000       4.000   09/02/2021   118,877
    180,000       4.000   09/02/2022   189,099
    345,000       4.000   09/02/2023   367,239
    355,000       4.000   09/02/2024   381,373
    1,015,000       4.000   09/02/2029   1,121,270

California Statewide Communities Development Authority Student Housing RB for University of California Irvine East Campus Apartments, Phase IV-A CHF-Irvine, LLC Series 2017 (NR/Baa1)

    975,000       5.000   05/15/2042   1,135,914
    1,000,000       5.000   05/15/2047   1,159,000
    800,000       5.000   05/15/2050   925,864

California Statewide Communities Development Authority Student Housing RB for University of California Irvine East Campus Apartments, Phase IV-A CHF-Irvine, LLC Series 2017 (NR/Baa1)

    1,750,000       5.000   05/15/2022   1,896,475

California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation for Turbo Pooled Program Series 2006 B (CCC/NR)(e)

    22,510,000       0.000   06/01/2046   2,569,291

Chino Public Financing Authority Tax Exempt RB Series 2019 A (NR/NR)

    230,000       4.000   09/01/2026   257,786
    245,000       4.000   09/01/2027   276,852
    250,000       4.000   09/01/2028   284,883
    165,000       3.000   09/01/2037   163,876
    170,000       3.000   09/01/2038   168,315
    175,000       3.000   09/01/2039   172,435
    180,000       3.000   09/01/2040   176,589
    620,000       3.125   09/01/2044   612,095

Citrus Community College District GO Bonds Capital Appreciation for Election of 2004 Series 2009 C (AA/Aa2)(e)

    3,500,000       0.000   06/01/2034   2,451,575

City of Azusa Community Facilities District No. 2005-1 Special Tax Series 2019 (AGM) (AA/NR)

    595,000       5.000   09/01/2044   707,729
    890,000       5.000   09/01/2049   1,052,549

City of Oroville RB for Oroville Hospital Series 2019 (BB+/NR)

    1,140,000       5.000   04/01/2024   1,278,191
    1,325,000       5.000   04/01/2027   1,564,335
    1,000,000       5.000   04/01/2029   1,206,240
    1,250,000       5.000   04/01/2030   1,501,787
    1,500,000       5.000   04/01/2031   1,793,235

City of Rocklin Community Facilities District No. 10 Special Tax Bonds Series 2019 (NR/NR)

    100,000       5.000   09/01/2026   116,953
    100,000       5.000   09/01/2027   116,461
    100,000       5.000   09/01/2028   116,153
    100,000       5.000   09/01/2029   115,747
    140,000       5.000   09/01/2031   160,996
    250,000       5.000   09/01/2032   286,917
    230,000       5.000   09/01/2033   263,306
    150,000       5.000   09/01/2034   171,359
    150,000       5.000   09/01/2035   170,861
    700,000       5.000   09/01/2036   796,005
    275,000       5.000   09/01/2037   312,015
    250,000       5.000   09/01/2038   283,155
    500,000       5.000   09/01/2039   565,385

City of Roseville Special Tax for SVSP Westpark-Federico Community Facilities District No. 1 Series 2019 (NR/NR)

    325,000       3.000   09/01/2029   325,907
    405,000       5.000   09/01/2034   462,729
    445,000       5.000   09/01/2039   504,941

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

California – (continued)

City of Sacramento Natomas Meadows Community Facilities District No. 2007-01 Special Tax Bonds for Improvement Area No. 1
Series 2017 (NR/NR)(f)

$

     595,000       4.000 %    09/01/2028   $          649,294

City of Santee Community Facilities District No. 2017-1 Special Tax Bonds Series 2019 (NR/NR)

    1,420,000       4.000   09/01/2044   1,549,121

City of Stockton Community Facilities District No. 2005-1 Special Tax Bonds Series 2019 (NR/NR)

    320,000       2.000   09/01/2024   322,704
    330,000       2.250   09/01/2026   333,831
    350,000       2.375   09/01/2028   351,603
    380,000       2.750   09/01/2031   382,565
    405,000       3.000   09/01/2033   413,529
    415,000       3.000   09/01/2034   422,325
    270,000       3.000   09/01/2035   273,850
    900,000       3.125   09/01/2037   916,173
    740,000       3.125   09/01/2039   748,932
    810,000       3.250   09/01/2041   821,413

City of Tracy Community Facilities District No. 2016-2 ECFD Special Tax Bonds Series 2019 (NR/NR)

    345,000       5.000   09/01/2044   402,884
    465,000       5.000   09/01/2049   541,455

City of Upland Community Facilities District No. 2015-1 Special Tax Improvement Area No.1 Series 2019 B (NR/NR)

    95,000       3.125   09/01/2037   96,788
    700,000       3.250   09/01/2041   711,620
    600,000       3.500   09/01/2049   611,334
    940,000       4.000   09/01/2049   1,010,133

Commerce Community Development Commission Successor Agency Tax Allocation Refunding Series 2016 A (AGM) (AA/NR)

    275,000       3.125   08/01/2035   287,067

County of El Dorado CA Community Facilities District No. 2018-1 Bass Lake Hills Special Tax Bonds Series 2019 (NR/NR)

    450,000       5.000   09/01/2034   520,497
    725,000       5.000   09/01/2039   830,654

County of Sacramento RB Refunding for Airport System Series 2018 C (AMT) (A+/A2)

    1,225,000       5.000   07/01/2039   1,475,525

East Garrison Public Finance Authority Special Tax for East Garrison Project Series 2019 (NR/NR)

    400,000       3.125   09/01/2044   391,552
    1,655,000       3.125   09/01/2049   1,600,435

Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding RMKT 08/24/17 Series 2013 B Subseries B-1 (A-/Baa2)

    1,300,000       3.950   01/15/2053   1,398,839

Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Series 2013 A (AGM) (AA/A2)(b)

    3,000,000       0.000   01/15/2032   3,298,590

Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Series 2014 Subseries B-3 (A-/Baa2)(c)(d)

    1,175,000       5.500   01/15/2023   1,294,721

Fullerton Community Facilities District No. 1 Special Tax Refunding Bonds for Amerige Heights Series 2012 (A+/NR)

    500,000       5.000   09/01/2032   545,395

Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 B (CCC-/NR)(e)

    43,000,000       0.000   06/01/2047   7,242,920

Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 C (CCC-/NR)(e)

    9,375,000       0.000   06/01/2047   1,579,031

Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2015 A (ST APPROP) (A+/Aa3)

    11,000,000       5.000   06/01/2045   12,621,180

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

California – (continued)

Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-1 (BB-/NR)

$

     17,115,000       3.500 %    06/01/2036   $     17,499,403

Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-1 (BBB-/NR)

    22,180,000       5.000   06/01/2034   26,184,155

Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-1 (NR/NR)

    2,440,000       5.000   06/01/2047   2,522,643
    10,080,000       5.250   06/01/2047   10,484,107

Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-2 (NR/NR)

    14,450,000       5.000   06/01/2047   14,939,422

Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Senior Asset-Backed Bonds Series 2007 A-2 (B-/B3)

    3,915,000       5.300   06/01/2037   4,091,488

Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds Series 2019 (A-/NR)

    1,420,000       3.678   06/01/2038   1,448,656

Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 A (NR/NR)

    650,000       5.000   09/01/2025   764,140
    650,000       5.000   09/01/2026   781,814

Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 B (NR/NR)

    480,000       5.000   09/01/2025   564,288

Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 C (NR/NR)

    430,000       5.000   09/01/2026   517,200

Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 D (NR/NR)

    180,000       4.000   09/01/2025   199,281
    175,000       4.000   09/01/2026   195,862

Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2019 A (NR/NR)

    350,000       5.000   09/01/2030   437,857
    310,000       5.000   09/01/2032   384,890
    360,000       5.000   09/01/2034   444,345
    460,000       5.000   09/01/2036   563,771

Lammersville Joint Unified School District Improvement Community Facilities District No. 2014-1 Special Tax Bonds Series 2019 (NR/NR)

    775,000       5.000   09/01/2043   890,607
    2,500,000       5.000   09/01/2048   2,862,900

Lammersville Joint Unified School District No. 2002 Special Tax Refunding for Community Facilities Series 2017 (AGM) (AA/NR)

    3,000,000       3.500   09/01/2035   3,218,070

Los Angeles Community College District GO Bonds for 2008 Election Series 2010 C (AA+/Aaa)(a)

    5,000,000       5.250   08/01/2020   5,127,100

Los Angeles Department of Airports RB Senior Refunding Series 2018 B (AMT) (AA/Aa2)

    2,275,000       5.000   05/15/2034   2,795,520

Los Angeles Department of Airports Subordinated RB Series 2016 B (AMT) (AA-/Aa3)

    1,000,000       5.000   05/15/2029   1,201,170

Los Angeles Department of Airports Subordinated RB Series 2018 A (AMT) (AA-/Aa3)

    7,000,000       5.250   05/15/2048   8,509,270

Los Angeles Department of Airports Subordinated RB Series 2018 C (AMT) (AA-/Aa3)

    5,000,000       5.000   05/15/2030   6,156,200
    1,000,000       5.000   05/15/2035   1,213,190

Los Angeles Department of Airports Subordinated RB Series 2018 D (AMT) (AA-/Aa3)

    6,000,000       5.000   05/15/2030   7,618,320

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

California – (continued)

Los Angeles Unified School District GO Bonds for Qualified School Construction Series 2010 J-2 (A+/Aa3)

$

     44,275,000       5.720 %    05/01/2027   $     52,914,381

Menifee Union School District Riverside County GO Bonds Capital Appreciation for Election of 2008 Series 2009 C (ASSURED GTY) (AA/Aa3)(e)

    2,000,000       0.000   08/01/2037   1,244,600
    4,500,000       0.000   08/01/2038   2,699,190
    4,500,000       0.000   08/01/2039   2,598,345

Merced City School District GO Bonds Capital Appreciation for Election of 2003 Series 2005 (NATL-RE) (AA-/NR)(e)

    1,205,000       0.000   08/01/2026   1,078,415

Merced-Union High School District Election of 2008 GO Bonds Series 2011 C (NR/Aa3)(e)

    2,510,000       0.000   08/01/2035   1,696,710

Mizuho Floater & Residual Trust Special Tax Series 2019-MIZ9003 (NR/A1)(c)(d)(f)

    23,540,000       1.810   01/09/2020   23,540,000

M-S-R Energy Authority Gas RB Series 2009 A (BBB+/NR)

    1,750,000       6.500   11/01/2039   2,735,793

M-S-R Energy Authority Gas RB Series 2009 C (BBB+/NR)

    3,455,000       6.125   11/01/2029   4,406,611
    2,000,000       6.500   11/01/2039   3,126,620

Mt. Diablo Unified School District GO Bonds Capital Appreciation for Election of 2010 Series 2010 A (AGM) (AA/Aa3)(b)

    5,000,000       0.000   08/01/2035   5,277,450

Northern California Gas Authority No. 1 RB for Gas Project Series 2007 B (BBB+/A3)(g)

   

(3 Mo. LIBOR + 0.72%),

  
    5,595,000       2.126   07/01/2027   5,537,372

Palomar Health RB Refunding for Palomar Health Series 2017 (AGM) (AA/A2)

    11,335,000       5.000   11/01/2047   13,289,607

Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (ASSURED GTY) (AA/A2)

    6,450,000       7.000   08/01/2038   8,921,511

Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (ASSURED GTY) (AA/A2)(e)

    2,150,000       0.000   08/01/2031   1,605,340
    4,150,000       0.000   08/01/2032   2,997,919
    3,500,000       0.000   08/01/2033   2,448,495

Port of Oakland RB Refunding Senior Lien Series 2012 P (AMT) (A+/A1)

    4,000,000       5.000   05/01/2031   4,326,520

Rancho Cordova Community Facilities District No. 2003-1 Special Tax Refunding for Sunridge Anatolia Series 2016 (NR/NR)

    650,000       4.000   09/01/2020   659,386
    590,000       4.000   09/01/2023   630,368
    320,000       4.000   09/01/2024   346,413
    400,000       4.000   09/01/2025   439,908
    1,490,000       4.000   09/01/2026   1,654,317
    305,000       4.000   09/01/2027   337,241
    500,000       4.000   09/01/2028   548,815
    1,280,000       4.000   09/01/2029   1,398,746

River Islands Public Financing Authority Community Facilities District No. 2003-1 Special Tax Refunding Bonds Series 2015 A-1 (NR/NR)

    4,585,000       5.000   09/01/2027   4,963,996
    1,000,000       5.375   09/01/2031   1,091,130
    485,000       5.250   09/01/2034   525,929

Roseville California Community Facilities District No. 1 Special Tax Refunding for Fiddyment Ranch Project Series 2017 (NR/NR)

    750,000       5.000   09/01/2025   877,755
    1,075,000       5.000   09/01/2026   1,285,915
    1,000,000       5.000   09/01/2027   1,219,190

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

California – (continued)

Roseville California Community Facilities District No. 5 Special Tax for Fiddyment Ranch Project Series 2019 (NR/NR)

$

     35,000       4.000 %    09/01/2021   $            36,465
    50,000       4.000   09/01/2022   53,114
    85,000       4.000   09/01/2023   91,690
    80,000       4.000   09/01/2024   87,534
    150,000       4.000   09/01/2025   165,725
    275,000       5.000   09/01/2026   324,137
    210,000       5.000   09/01/2027   251,569
    160,000       5.000   09/01/2028   191,318
    170,000       5.000   09/01/2029   202,689
    110,000       5.000   09/01/2030   130,849
    100,000       5.000   09/01/2031   118,679
    185,000       5.000   09/01/2032   219,049
    165,000       5.000   09/01/2033   194,918
    175,000       4.000   09/01/2034   193,170
    150,000       4.000   09/01/2035   165,186
    125,000       3.000   09/01/2036   125,101
    470,000       5.000   09/01/2039   548,857
    250,000       3.250   09/01/2041   251,855
    400,000       5.000   09/01/2045   463,096
    1,000,000       5.000   09/01/2049   1,155,080

Sacramento City Unified School District GO RB Refunding Series 2012 (BBB/A2)

    125,000       5.000   07/01/2020   127,248

Sacramento City Unified School District GO RB Refunding Series 2015 (AGM) (AA/NR)

    500,000       5.000   07/01/2020   509,665
    1,000,000       5.000   07/01/2029   1,151,490

Sacramento County Sanitation District Financing Authority RB Refunding for Sacramento County Regional Series 2007 B (NATL-RE)
(AA/Aa3)(g)

   

(3 Mo. LIBOR + 0.53%),

  
    13,150,000       1.808   12/01/2035   12,579,290

Sacramento County Water Financing Authority RB for Water Agency Zones 40 & 41 2007 Water System Project Series 2007 B (NATL-RE) (A+/Aa3)(g)

   

(3 Mo. LIBOR + 0.55%),

  
    2,375,000       1.828   06/01/2034   2,284,679

San Diego Unified School District GO Bonds for Election of 2008 Series 2010 C (AA-/Aa2)(e)

    5,000,000       0.000   07/01/2039   3,008,950

San Diego Unified School District GO Bonds for Election of 2012 Series 2013 C (AA-/Aa2)

    3,500,000       4.000   07/01/2042   3,727,395

San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Second Series 2011 C (AMT) (A+/A1)

    3,800,000       5.000   05/01/2021   3,988,556

San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Second Series 2012 A (AMT) (A+/A1)

    4,750,000       5.000   05/01/2026   5,178,925

San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Second Series 2013 A (AMT) (A+/A1)

    2,000,000       5.500   05/01/2028   2,282,440

San Francisco City & County Airport Commission RB Unrefunded for San Francisco International Airport Second Series 2018 A (AMT) (A+/NR)

    10,000,000       5.000   05/01/2023   11,211,100

San Francisco City & County Airport Commission RB Unrefunded for San Francisco International Airport Second Series 2018 D (AMT) (A+/A1)

    20,000,000       5.000   05/01/2048   23,720,200

San Francisco City & County Airport Commission San Francisco International Airport RB Series 2019 A (AMT) (A+/A1)

    9,380,000       5.000   05/01/2044   11,327,476
    21,500,000       5.000   05/01/2049   25,800,430

San Francisco City & County Redevelopment Financing Authority Tax Allocation for Mission Bay South Redevelopment Series 2016 C (A-/NR)

    1,000,000       5.000   08/01/2033   1,195,680

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

California – (continued)

San Jacinto Unified School District Financing Authority Special Tax RB Series 2019 (NR/NR)

$

     500,000       5.000 %    09/01/2036   $          592,710
    1,550,000       5.000   09/01/2044   1,813,205
    2,275,000       5.000   09/01/2049   2,649,238

San Joaquin Hills Transportation Corridor Agency RB Refunding for Capital Appreciation Series 1997 A (NATL-RE) (NR/Baa2)(e)

    1,605,000       0.000   01/15/2026   1,392,626

San Joaquin Hills Transportation Corridor Agency RB Refunding for Toll Road Senior Lien Series 2014 A (A-/NR)

    1,000,000       5.000   01/15/2029   1,162,040

State of California GO Bonds Series 2004 A-5 (AA+/Aa1)(c)(d)

    13,560,000       1.360   01/02/2020   13,560,000

State of California Various Purpose GO Bonds for Bid Group B Series 2019 (AA-/Aa2)

    48,905,000       3.050   04/01/2029   50,912,550

State of California Various Purpose GO Refunding Bonds for Bid Group B Series 2019 (AA-/Aa2)

    6,255,000       5.000   04/01/2024   7,276,316
    8,400,000       5.000   04/01/2025   10,065,384
    12,650,000       5.000   04/01/2026   15,541,157
    12,650,000       5.000   04/01/2027   15,915,345

State of California Various Purpose GO Refunding Bonds Series 2019 (AA-/Aa2)

    30,000,000       5.000   04/01/2036   38,065,200

Stockton Public Financing Authority Wastewater RB Series 2019 (A/NR)

    8,550,000       1.400   06/01/2022   8,541,536

Stockton Unified School District GO Refunding Bonds Series 2016 (A+/A1)

    2,735,000       5.000   08/01/2025   3,277,952

Tobacco Securitization Authority Northern California Tobacco Settlement RB Asset-Backed Bonds Series 2005 A-1 (B-/B3)

    1,650,000       5.375   06/01/2038   1,656,864

Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 A-1 (A/NR)

    885,000       5.000   06/01/2026   1,064,107
    1,180,000       5.000   06/01/2027   1,446,456
    870,000       5.000   06/01/2028   1,083,402
    1,745,000       5.000   06/01/2029   2,200,375

Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 A-1 (A-/NR)

    1,745,000       5.000   06/01/2032   2,165,527
    870,000       5.000   06/01/2034   1,072,771
    435,000       5.000   06/01/2035   534,654
    870,000       5.000   06/01/2036   1,065,863
    870,000       5.000   06/01/2039   1,057,320

Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-1 (BBB-/NR)

    3,100,000       5.000   06/01/2048   3,602,076

Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-2 (NR/NR)(e)

    7,975,000       0.000   06/01/2054   1,226,396

University of California RB Series 2019 BD (AA/Aa2)

    25,320,000       3.349   07/01/2029   26,943,772

University of California Regents Medical Center Pooled RB Refunding Series 2007 C-2 (NATL-RE) (AA-/Aa3)(g)

    (3 Mo. LIBOR + 0.74%),  
    7,880,000       2.020   05/15/2043   7,537,062

West Contra Costa Unified School District GO Bonds Capital Appreciation for Election of 2002 Series 2004 C (NATL-RE) (AA-/Baa2)(e)

    1,175,000       0.000   08/01/2025   1,073,351

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

California – (continued)

William S Hart Union High School District Community Facilities Dist No. 2015-1 Special Tax Bonds Series 2017 (NR/NR)

$

     800,000       5.000 %    09/01/2047   $          913,552
       

 

        853,026,347

 

Colorado – 3.6%

Adams County School District No. 1 GO Taxable Refunding Bonds Series 2017 B (ST AID WITHHLDG) (NR/Aa2)

    6,910,000       5.250   12/01/2040   8,347,073

Adams County School District No. 1 GO Taxable Refunding Bonds Series 2017 B (ST AID WITHHLDG) (NR/NR)(a)

    325,000       5.250   12/01/2026   403,517

Belleview Station Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2017 (NR/NR)

    2,078,000       4.500   12/01/2029   2,154,803

Board of Governors of Colorado State University System RB Refunding Series 2017 C (AA/NR)

    14,280,000       5.000   03/01/2043   17,285,797

Board of Governors of Colorado State University System RB Refunding Series 2017 C (NR/NR)(a)

    9,555,000       5.000   03/01/2028   12,114,593

Brighton Crossing Metropolitan District No. 4 Limited Tax GO Bonds Series 2017 A (NR/NR)

    525,000       5.000   12/01/2037   556,458

Broadway Station Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)

    735,000       5.000   12/01/2035   788,412
    500,000       5.125   12/01/2048   534,905

Buffalo Highlands Metropolitan District GO Bonds Series 2018 A (NR/NR)

    1,000,000       5.250   12/01/2038   1,046,020

Centerra Metropolitan District No. 1 Special RB Refunding & Improvement Bonds Series 2017 (NR/NR)(f)

    4,000,000       5.000   12/01/2029   4,307,920
    500,000       5.000   12/01/2047   525,535

Cherry Creek Colorado School District No. 5 GO Bonds Series 2017 C (ST AID WITHHLDG) (AA+/Aa1)

    3,510,000       6.000   12/15/2029   4,692,835
    10,805,000       6.000   12/15/2030   14,413,654

City Center West Residential Metropolitan District No. 2 GO Bonds Senior Series 2019 A (NR/NR)

    1,035,000       5.000   12/01/2049   1,085,943

Colorado Educational & Cultural Facilities Authority RB Refunding for Rocky Mountain Classical Academy Project Series 2019 (NR/Ba1)(f)

    1,500,000       5.000   10/01/2029   1,698,360
    2,500,000       5.000   10/01/2039   2,763,050

Colorado Educational & Cultural Facilities Authority RB Refunding for STEM School & Academy Project Series 2019 (NR/Baa3)

    415,000       4.000   11/01/2029   440,601
    400,000       5.000   11/01/2039   433,748
    700,000       5.000   11/01/2049   752,353

Colorado Educational & Cultural Facilities Authority RB Refunding for West Ridge Academy Charter School Project Series 2019 A (NR/Aa3)

    325,000       5.000   06/01/2049   353,977
    350,000       5.000   06/01/2054   379,823

Colorado Health Facilities Authority RB for CommonSpirit Health Obligated Group Catholic Health Initiatives Project Series 2019 B-1 (BBB+/Baa1)(c)(d)

    2,000,000       5.000   08/01/2025   2,310,600

Colorado Health Facilities Authority RB for CommonSpirit Health Obligated Group Series 2019 B-2 (BBB+/Baa1)(c)(d)

    4,285,000       5.000   08/01/2026   5,055,614

Colorado Health Facilities Authority RB Refunding for Adventist Health System/Sunbelt Obligated Group Series 2019 B (AA/Aa2)(c)(d)

    6,000,000       5.000   11/19/2026   7,382,520

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Colorado – (continued)

Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (BBB+/Baa1)

$

     855,000       5.000 %    08/01/2035   $       1,032,831

Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (BBB+/Baa1)

    855,000       5.000   08/01/2035   1,032,832
    2,140,000       5.000   08/01/2036   2,575,233
    855,000       5.000   08/01/2037   1,024,213
    1,285,000       5.000   08/01/2038   1,534,097
    2,570,000       5.000   08/01/2039   3,057,529

Colorado Health Facilities Authority RB Refunding for Evangelical Lutheran Good Samaritan Society Project Series 2017 (A-/NR)(a)

    1,150,000       5.000   06/01/2027   1,445,987

Colorado Health Facilities Authority RB Refunding for Sanford Obligated Group Series 2019 A (A+/NR)

    1,730,000       4.000   11/01/2039   1,927,116
    7,435,000       5.000   11/01/2039   9,079,102
    8,285,000       5.000   11/01/2044   9,966,441
    1,950,000       5.000   11/01/2049   2,327,383

Colorado Health Facilities Authority RB Refunding for Sisters of Charity of Leavenworth Health System, Inc. Obligated Group Series 2019 A (AA-/Aa3)

    1,200,000       4.000   01/01/2036   1,370,100

Colorado Health Facilities Authority Taxable RB Refunding for Sanford Obligated Group Series 2019 B (A+/NR)

    1,250,000       2.496   11/01/2024   1,253,463
    2,730,000       2.678   11/01/2025   2,749,847

Copper Ridge Metropolitan District RB Series 2019 (NR/NR)

    3,210,000       4.000   12/01/2029   3,273,815

Cornerstar Metropolitan District GO Refunding Bonds Series 2017 A (NR/NR)

    460,000       3.500   12/01/2021   467,866
    500,000       4.500   12/01/2027   528,705

Cottonwood Highlands Metropolitan District No. 1 GO Bonds Series 2019 A (NR/NR)

    900,000       5.000   12/01/2049   956,610

Creekside Village Metropolitan District GO Bonds Series 2019 A (NR/NR)

    1,255,000       5.000   12/01/2039   1,287,919

Creekwalk Marketplace Business Improvement District RB Series 2019 A (NR/NR)(f)

    2,730,000       5.000   12/01/2029   2,765,299
    3,105,000       5.500   12/01/2039   3,164,243

Denver City & County Airport RB Refunding for Department of Aviation Series 2019 D (A+/A1)(c)(d)

    7,960,000       5.000   11/15/2022   8,806,944

Denver City & County Airport RB Refunding Series 2018 A (AMT) (A/A2)

    17,000,000       5.000   12/01/2030   21,575,040
    11,500,000       5.250   12/01/2048   13,880,845

Denver City & County Airport RB Series 2013 A (AMT) (A/A2)

    5,000,000       5.500   11/15/2029   5,722,950

Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (AMT) (BB/NR)

    1,750,000       5.000   10/01/2032   1,908,025

Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (BBB/NR)(f)

    4,995,000       5.000   12/01/2025   5,897,097
    5,145,000       5.000   12/01/2026   6,196,329
    5,285,000       5.000   12/01/2027   6,480,996

Denver Health & Hospital Authority COPS Series 2018 (BBB/NR)

    765,000       5.000   12/01/2024   883,376
    205,000       5.000   12/01/2025   242,023

Denver Health & Hospital Authority RB Series 2019 A (BBB/NR)

    880,000       5.000   12/01/2030   1,100,959
    1,230,000       5.000   12/01/2031   1,534,893
    3,500,000       5.000   12/01/2032   4,351,620

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Colorado – (continued)

Denver Urban Renewal Authority 9th & Colorado Urban Redevelopment Area RB Series 2018 A (NR/NR)(f)

$

     5,655,000       5.250 %    12/01/2039   $       6,040,841

E-470 Public Highway Authority RB Series 2010 A (A/A2)(e)

    6,000,000       0.000   09/01/2040   3,228,180

E-470 Public Highway Authority Senior RB Series 2017 B (A/A2)(c)

    (1 Mo. LIBOR + 1.05%),  
    2,000,000       2.251   09/01/2021   2,016,740

First Creek Village Metropolitan District GO Bonds Series 2019 A (NR/Ba1)

    522,000       3.000   12/01/2029   524,010

Hunters Overlook Metropolitan District No. 5 GO Bonds Series 2019 A (NR/NR)

    900,000       5.000   12/01/2039   965,133

Lanterns Metropolitan District No. 1 GO Bonds Series 2019 A (NR/NR)

    1,375,000       5.000   12/01/2039   1,457,445
    1,000,000       5.000   12/01/2049   1,042,570

North Holly Metropolitan District Limited Tax GO Bonds Series 2018 A (NR/NR)

    500,000       5.500   12/01/2048   517,385

Northglenn Urban Renewal Authority Tax Allocation for Urban Renewal Plan 2 Series 2019 (BBB-/NR)

    100,000       4.000   12/01/2020   101,960
    215,000       4.000   12/01/2022   226,713
    160,000       4.000   12/01/2023   170,751
    175,000       4.000   12/01/2024   188,552
    100,000       4.000   12/01/2025   108,431
    215,000       4.000   12/01/2026   234,240
    290,000       4.000   12/01/2029   315,311
    205,000       4.000   12/01/2030   221,355
    225,000       4.000   12/01/2031   242,516

Palisade Metropolitan District No. 2 GO Refunding Limited Tax Bonds Series 2016 (NR/NR)

    490,000       4.375   12/01/2031   499,403
    500,000       5.000   12/01/2046   517,625

Pomponio Terrace Metropolitan District GO Bonds Series 2019 A (NR/NR)

    650,000       5.000   12/01/2049   669,025

Powhaton Road Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)

    1,000,000       5.625   12/01/2048   1,047,090

Public Authority Colorado Energy RB for Natural Gas Purchase Series 2008 (A-/A2)

    2,000,000       6.250   11/15/2028   2,554,360

Raindance Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)

    5,000,000       5.000   12/01/2039   5,161,300

Reata Ridge Village Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)

    900,000       5.000   12/01/2049   944,298

Ritoro Metropolitan District GO Bonds Series 2019 A (NR/NR)

    850,000       5.000   12/01/2049   867,366

Second Creek Farm Metropolitan District No. 3 GO Bonds Series 2019 A (NR/NR)

    2,875,000       5.000   12/01/2039   2,998,855

Serenity Ridge Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2018 A (NR/NR)

    524,000       4.500   12/01/2028   541,444

Sky Ranch Community Authority Board District No. 1 RB Senior Lien Series 2019 A (NR/NR)

    1,240,000       5.000   12/01/2049   1,278,651

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Colorado – (continued)

South Sloan’s Lake Metropolitan District No. 2 GO Improvement Bonds Series 2019 (AGM) (AA/Baa3)

$

     75,000       5.000 %    12/01/2025   $            88,177
    125,000       5.000   12/01/2026   149,467
    150,000       5.000   12/01/2027   181,860
    235,000       5.000   12/01/2028   288,310
    175,000       5.000   12/01/2029   217,423
    300,000       4.000   12/01/2030   342,381
    300,000       4.000   12/01/2031   340,632
    375,000       4.000   12/01/2032   424,193
    220,000       4.000   12/01/2034   247,509
    325,000       4.000   12/01/2039   359,538

South Timnath Metropolitan District No. 1 GO Limited Taxable Bonds Series 2019 A (NR/NR)

    500,000       5.500   12/01/2048   520,640

Southlands Metropolitan District No. 1 GO Refunding Bonds Series 2017 A-1 (NR/Ba1)

    165,000       3.000   12/01/2022   167,163
    1,000,000       5.000   12/01/2037   1,133,870

Southlands Metropolitan District No. 1 GO Refunding Bonds Series 2017 A-2 (NR/Ba1)

    40,000       3.000   12/01/2022   40,521
    100,000       3.500   12/01/2027   104,749
    115,000       5.000   12/01/2037   130,395
    325,000       5.000   12/01/2047   363,665

St. Vrain Lakes Metropolitan District No. 2 Limited Tax GO Bonds Series 2017 A (NR/NR)

    1,000,000       5.000   12/01/2037   1,050,530

Sterling Hills West Metropolitan District GO Refunding Bonds Series 2017 (NR/Baa1)

    350,000       5.000   12/01/2032   410,049

Sterling Ranch Community Authority Board Limited Tax Special Senior RB Series 2017 A (MUN GOVT GTD) (NR/NR)

    1,000,000       5.000   12/01/2030   1,051,520
    6,920,000       5.000   12/01/2047   7,144,485

University of Colorado Enterprise System RB Refunding Series 2019 A-2 (AA+/Aa1)

    4,830,000       1.780   06/01/2024   4,778,947

Vauxmont Metropolitan District GO Refunding Bonds Series 2020 (AGM) (AA/NR)(h)

    195,000       5.000   12/01/2026   226,233
    205,000       5.000   12/01/2027   240,928
    210,000       5.000   12/01/2028   249,339
    210,000       5.000   12/01/2029   252,206
    215,000       5.000   12/01/2030   255,792
    230,000       5.000   12/01/2031   272,771
    250,000       5.000   12/01/2032   295,700
    255,000       5.000   12/01/2033   300,671
    285,000       5.000   12/01/2034   335,171
    100,000       5.000   12/01/2035   117,248
    695,000       5.000   12/01/2050   804,595

Vauxmont Metropolitan District Limited Tax Convertible to Unlimited Tax GO Refunding Bonds Series 2019 (AGM) (AA/NR)

    100,000       5.000   12/15/2021   106,235
    105,000       5.000   12/15/2022   114,658
    115,000       5.000   12/15/2023   128,495
    130,000       5.000   12/15/2024   148,448
    125,000       5.000   12/15/2025   145,296
    135,000       5.000   12/15/2026   156,592
    125,000       5.000   12/15/2027   144,563
    125,000       5.000   12/15/2028   144,114
    125,000       5.000   12/15/2029   143,654
    125,000       5.000   12/15/2030   143,183
    135,000       5.000   12/15/2031   154,360
    160,000       5.000   12/15/2032   182,576
    1,045,000       3.250   12/15/2050   1,077,217

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Colorado – (continued)

Wild Plum Metropolitan District GO Bonds Series 2019 A (NR/NR)

$

     595,000       5.000 %    12/01/2049   $          618,169

Wildwing Metropolitan District No. 5 GO Refunding & Improvement Bonds Series 2018 A (NR/NR)

    1,250,000       5.375   12/01/2048   1,307,500

Willow Bend Metropolitan District GO Bonds Series 2019 A (NR/NR)

    600,000       5.000   12/01/2039   642,618
       

 

        284,155,745

 

Connecticut – 2.6%

City of New Haven GO Bonds Series 2018 A (BBB+/NR)

    450,000       5.000   08/01/2026   532,678
    965,000       5.000   08/01/2027   1,152,442
    1,165,000       5.000   08/01/2028   1,410,489
    750,000       5.500   08/01/2029   931,733
    350,000       5.500   08/01/2030   431,953
    525,000       5.500   08/01/2031   644,579
    500,000       5.500   08/01/2032   611,165
    405,000       5.500   08/01/2033   493,075

City of New Haven GO Refunding Bonds Series 2019 B (AGM) (AA/A2)

    1,350,000       5.000   02/01/2024   1,537,259
    1,400,000       5.000   02/01/2026   1,666,630
    600,000       5.000   02/01/2027   728,862
    1,050,000       5.000   02/01/2028   1,292,130

Connecticut State GO Bonds Series 2018 C (A/A1)

    680,000       5.000   06/15/2028   852,740

Connecticut State GO Refunding Bonds Series 2017 B (A/A1)

    5,000,000       5.000   04/15/2028   6,251,900

Connecticut State Health & Educational Facilities Authority RB for Yale New Haven Health System Series 2014 B (AA-/Aa3)(c)(d)

    2,290,000       1.800   07/01/2024   2,328,174

Connecticut State Health & Educational Facilities Authority RB for Yale University Series 2001 V-1 (AAA/Aaa)(c)(d)

    15,000,000       1.330   01/02/2020   15,000,000

Connecticut State Health & Educational Facilities Authority RB Refunding for The University of Hartford Series 2019 (BBB-/NR)

    390,000       5.000   07/01/2025   457,602
    575,000       5.000   07/01/2026   686,579
    440,000       5.000   07/01/2027   533,935
    530,000       5.000   07/01/2028   651,539
    485,000       5.000   07/01/2029   601,895
    875,000       5.000   07/01/2030   1,075,515
    645,000       5.000   07/01/2031   783,817
    575,000       5.000   07/01/2032   693,755
    475,000       5.000   07/01/2033   569,644
    450,000       5.000   07/01/2034   538,308
    870,000       4.000   07/01/2039   941,262

Connecticut State Health & Educational Facilities Authority RB Refunding for Yale University Series 2017 C-1 (AAA/Aaa)(c)(d)

    22,650,000       5.000   02/01/2028   28,764,368

Connecticut State Health & Educational Facilities Authority RB Refunding for Yale University Series 2017 C-2 (AAA/Aaa)(c)(d)

    23,330,000       5.000   02/01/2023   25,990,087

Great Pond Improvement District RB for Great Pond Phase 1 Project Series 2019 (NR/NR)(f)

    3,675,000       4.750   10/01/2048   3,815,973

Hartford County Metropolitan District GO Bonds Series 2016 C (AGM) (AA/Aa3)

    5,540,000       5.000   11/01/2026   6,874,198

Mohegan Tribal Finance Authority Tribal RB Economic Development Bonds Series 2015 (B-/NR)(f)

    3,755,000       7.000   02/01/2045   3,839,863

State of Connecticut GO Bonds Series 2018 (A/A1)

    1,770,000       5.000   06/15/2027   2,184,870
    755,000       5.000   06/15/2029   942,029
    165,000       5.000   06/15/2032   203,069

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Connecticut – (continued)

State of Connecticut GO Unlimited Bonds Series 2019 A (A/A1)

$

     1,500,000       5.000 %    04/15/2025   $       1,773,930
    6,395,000       5.000   04/15/2026   7,722,026
    1,350,000       5.000   04/15/2028   1,688,013
    1,000,000       5.000   04/15/2035   1,236,960
    1,000,000       5.000   04/15/2036   1,233,200
    1,000,000       5.000   04/15/2039   1,220,310

State of Connecticut Special Tax Obligation RB for Transportation Infrastructure Purpose Build America Bonds Series 2010 B (A+/A1)

    3,220,000       4.576   11/01/2022   3,428,881

State of Connecticut Special Tax Obligation RB Refunding for Transportation Infrastructure Purposes Series 2013 A (A+/A1)

    1,000,000       5.000   10/01/2029   1,125,620

State of Connecticut State Revolving Fund RB Series 2017 A (AAA/Aaa)

    9,655,000       5.000   05/01/2036   11,834,423

State of Connecticut State Revolving Fund RB Series 2019 A (AAA/Aaa)

    6,910,000       5.000   02/01/2032   8,847,841
    4,000,000       5.000   02/01/2033   5,100,680
    14,215,000       5.000   02/01/2036   17,954,682
    8,640,000       5.000   02/01/2037   10,880,784
    6,295,000       5.000   02/01/2039   7,874,667

University of Connecticut RB Refunding Series 2010 A (A+/A1)

    2,775,000       5.000   02/15/2021   2,787,654

West Haven GO Bonds Series 2017 A (BBB/Baa3)

    325,000       5.000   11/01/2025   364,237
    325,000       5.000   11/01/2026   369,102
    325,000       5.000   11/01/2027   372,743

West Haven GO Bonds Series 2017 B (BBB/Baa3)

    645,000       5.000   11/01/2024   712,016
    240,000       5.000   11/01/2026   272,568
       

 

        202,814,454

 

Delaware – 0.1%

Delaware Health Facilities Authority RB for Beebee Medical Center Project Series 2018 (BBB/NR)

    700,000       5.000   06/01/2025   812,686
    760,000       5.000   06/01/2026   898,411
    685,000       5.000   06/01/2027   823,199
    600,000       5.000   06/01/2029   735,240

Delaware State Economic Development Authority RB for First State Montessori Academy, Inc. Series 2019 A (BBB-/NR)

    460,000       4.000   08/01/2029   512,210
    615,000       5.000   08/01/2039   712,004

Delaware State GO Bonds Series 2018 A (AAA/Aaa)

    2,455,000       5.000   02/01/2025   2,926,679

University of Delaware RB Series 2015 (AA+/Aa1)(a)

    1,805,000       5.000   05/01/2025   2,156,903
       

 

        9,577,332

 

District of Columbia – 1.1%

District of Columbia GO Refunding Bonds Series 2017 A (AA+/Aaa)

    10,000,000       5.000   06/01/2035   12,162,000
    1,300,000       4.000   06/01/2037   1,463,215

District of Columbia RB for International School Series 2019 (BBB/NR)

    860,000       5.000   07/01/2039   1,032,490

District of Columbia RB for KIPP DC Obligated Group Series 2019 (BBB+/NR)

    1,275,000       4.000   07/01/2039   1,393,766
    550,000       4.000   07/01/2044   593,984

District of Columbia RB Refunding Series 2019 C (AAA/Aa1)

    7,000,000       5.000   10/01/2028   9,045,260

District of Columbia Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2001 (A-/Baa1)

    615,000       6.500   05/15/2033   700,872

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

District of Columbia – (continued)

District of Columbia Water & Sewer Authority RB Refunding Subordinate Lien Series 2012 C (AA+/Aa2)

$

     5,000,000       5.000 %    10/01/2030   $       5,498,250

District of Columbia Water & Sewer Authority RB Refunding Subordinate Lien Series 2019 C (AA+/Aa2)(c)(d)

    6,390,000       1.750   10/01/2024   6,508,982

Metropolitan Washington Airports Authority Dulles Toll Road RB Refunding First Senior Lien for Dulles Metrorail and Capital Improvement Project Series 2019 A (A/A2)

    850,000       5.000   10/01/2031   1,065,568
    850,000       5.000   10/01/2033   1,057,179
    850,000       5.000   10/01/2034   1,054,586
    850,000       5.000   10/01/2035   1,051,586
    1,375,000       5.000   10/01/2036   1,696,338
    850,000       5.000   10/01/2037   1,044,727
    850,000       5.000   10/01/2038   1,040,927
    1,275,000       5.000   10/01/2039   1,556,316

Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (A-/Baa2)

    695,000       4.000   10/01/2044   764,444
    925,000       5.000   10/01/2047   1,114,579
    1,390,000       4.000   10/01/2049   1,519,062
    1,160,000       4.000   10/01/2053   1,263,530

Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (AGM) (AA/A2)

    2,130,000       3.000   10/01/2050   2,079,838
    3,260,000       4.000   10/01/2053   3,577,035

Metropolitan Washington Airports Authority RB Refunding Series 2010 B (AMT) (AA-/Aa3)

    3,000,000       5.000   10/01/2022   3,083,280

Metropolitan Washington Airports Authority RB Refunding Series 2012 A (AMT) (AA-/Aa3)

    3,400,000       5.000   10/01/2029   3,718,546

Metropolitan Washington Airports Authority RB Refunding Series 2015 B (AMT) (AA-/Aa3)

    3,620,000       5.000   10/01/2020   3,720,202

Metropolitan Washington Airports Authority RB Refunding Series 2017 A (AMT) (AA-/Aa3)

    9,155,000       5.000   10/01/2024   10,649,828

Metropolitan Washington Airports Authority RB Refunding Series 2018 A (AMT) (AA-/Aa3)

    6,375,000       5.000   10/01/2034   7,783,493
       

 

        87,239,883

 

Florida – 8.6%

Aberdeen Community Development District Special Assessment Series 2018 (NR/NR)

    175,000       4.000   05/01/2024   178,096
    220,000       4.500   05/01/2029   231,647

Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (A-/NR)

    360,000       2.500   05/01/2024   366,556
    370,000       3.000   05/01/2025   384,915
    380,000       3.000   05/01/2026   394,964
    395,000       3.125   05/01/2027   410,867

Anthem Park Community Development District Special Assessment RB Refunding Subordinate Series 2016 A-2 (NR/NR)

    310,000       4.250   05/01/2027   310,915
    390,000       4.750   05/01/2036   393,584

Arborwood Community Development District RB Capital Improvement Refunding Subordinate Lien Series 2018 A-2 (NR/NR)

    815,000       4.125   05/01/2023   823,720

Arlington Ridge Community Development District Special Assessment RB Series 2019 (NR/NR)

    565,000       3.600   05/01/2029   570,786
    550,000       4.000   05/01/2036   560,714

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Florida – (continued)

Armstrong Community Development District Special Assessment for Assessment Area Two Project Series 2019 A (NR/NR)

$

     290,000       3.125 %    11/01/2024   $          289,090
    500,000       3.500   11/01/2030   495,530
    440,000       4.000   11/01/2040   437,518

Artisan Lakes East Community Development District RB for Capital Improvement Series 2018 (NR/NR)(f)

    505,000       4.200   05/01/2024   513,666
    630,000       4.550   05/01/2029   663,635

Avalon Groves Community Development District Special Assessment for Assessment Area One Phase 1 Project 1 & 2 Series 2019 (NR/NR)

    170,000       3.350   11/01/2024   170,744
    200,000       3.700   11/01/2029   203,008
    590,000       4.125   11/01/2039   598,797

Avalon Groves Community Development District Special Assessment for Assessment Area One Project Series 2017 (NR/NR)

    190,000       5.000   05/01/2028   196,259

Avalon Groves Community Development District Special Assessment for Assessment Area Two Project Series 2017 A-1 (NR/NR)

    555,000       5.375   05/01/2028   575,940

Avelar Creek Community Development District Special Assessment Refunding Series 2016 (A-/NR)

    175,000       2.250   05/01/2022   178,145
    175,000       2.500   05/01/2023   180,077
    180,000       2.500   05/01/2024   185,693
    185,000       3.000   05/01/2025   195,129
    190,000       3.000   05/01/2026   201,041

Aviary at Rutland Ranch Community Development District Special Assessment Refunding for Area 1 Project Series 2019 (NR/NR)(f)

    155,000       3.625   06/01/2024   156,431
    450,000       4.000   06/01/2030   464,337

Babcock Ranch Community Independent Special District Special Assessment RB Series 2015 (NR/NR)

    215,000       5.000   11/01/2031   227,902
    100,000       5.250   11/01/2046   106,382

Babcock Ranch Community Independent Special District Special Assessment RB Series 2018 (NR/NR)(f)

    305,000       4.000   11/01/2024   309,551
    370,000       4.500   11/01/2029   388,146

Bannon Lakes Community Development District Special Assessment RB Series 2016 (NR/NR)

    85,000       4.500   11/01/2025   89,050
    185,000       5.000   11/01/2036   204,135
    320,000       5.000   11/01/2048   349,558

Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015 A-1 (A-/NR)

    510,000       4.250   05/01/2029   562,428
    465,000       4.500   05/01/2035   507,478

Bay Laurel Center Community Development District Special Assessment RB Refunding Series 2016 Candler (BBB+/NR)

    135,000       2.500   05/01/2023   139,004
    140,000       2.750   05/01/2024   145,704
    90,000       3.000   05/01/2025   94,740

Baywinds Community Development District Senior Special Assessment Refunding Bonds Series 2017 A-1 (BBB-/NR)

    315,000       3.500   05/01/2023   333,673
    325,000       3.500   05/01/2024   348,631
    340,000       3.500   05/01/2025   367,543
    350,000       3.500   05/01/2026   380,033
    365,000       3.500   05/01/2027   397,051

Bellagio Community Development District Special Assessment Bonds Series 2016 (BBB/NR)

    155,000       2.500   11/01/2022   157,711
    160,000       2.750   11/01/2023   164,190
    170,000       3.000   11/01/2025   177,744

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Florida – (continued)

Blue Lake Community Development District Special Assessment Bonds Series 2019 (NR/NR)

$

     385,000       3.500 %    06/15/2024   $          388,049
    1,000,000       4.000   06/15/2032   1,031,740

Campo Bello Community Development District Special Assessment Bonds Series 2019 (NR/NR)

    250,000       3.250   12/15/2024   249,317
    750,000       3.500   12/15/2030   746,610

Capital Trust Agency Student Housing RB for American Eagle Obligated Group Series 2018 A-1 (BBB-/NR)

    19,365,000       5.875   07/01/2054   21,048,012

Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (NR/Ba2)(f)

    24,360,000       5.250   12/01/2058   25,397,249

Caribe Palm Community Development District Special Assessment Refunding Series 2017 (A-/NR)

    558,000       4.250   05/01/2031   610,804

Central Florida Expressway Authority RB Senior Lien Series 2019 A (A+/A1)

    1,100,000       5.000   07/01/2024   1,279,124
    1,250,000       5.000   07/01/2025   1,491,287

Central Florida Expressway Authority RB Senior Lien Series 2019 B (A+/A1)

    5,000,000       5.000   07/01/2024   5,814,200
    1,850,000       5.000   07/01/2025   2,207,105

Century Gardens at Tamiami Community Development District Special Assessment Bonds Series 2018 (BBB/NR)

    110,000       3.500   11/01/2025   117,570
    115,000       3.500   11/01/2026   124,337

Century Gardens at Tamiami Community Development District Special Assessment Refunding Series 2016 (BBB/NR)

    235,000       2.500   05/01/2023   239,897
    245,000       2.500   05/01/2024   250,177
    250,000       3.000   05/01/2025   260,717
    255,000       3.000   05/01/2026   266,419
    535,000       4.250   05/01/2037   577,335

Century Gardens Community Development District Special Assessment Bonds Series 2019 (NR/NR)(f)

    127,000       3.875   11/01/2024   129,825
    189,000       4.200   11/01/2029   199,134
    750,000       5.000   11/01/2049   802,230

Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2015 (AMT) (NR/NR)(f)

    1,350,000       5.500   10/01/2036   1,453,302

Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2019 (NR/NR)(f)

    1,000,000       5.000   10/01/2029   1,100,300
    1,000,000       5.000   10/01/2034   1,103,260

City of Cape Coral Water & Sewer RB Refunding Series 2015 (A+/A1)

    1,000,000       4.000   10/01/2034   1,092,800

City of Venice RB for Southwest Florida Retirement Center, Inc. Obligated Group Project Series 2019 (BBB-/NR)

    415,000       5.000   01/01/2037   467,942
    1,485,000       5.000   01/01/2047   1,650,993
    1,395,000       5.000   01/01/2052   1,542,870

City of West Palm Beach Utility System RB Series 2017 A (AA+/Aa2)

    15,000,000       5.000   10/01/2042   18,022,650

CityPlace Community Development District Special Assessment Convertible Capital Appreciation RB Series 2018 (AGM) (AA/A2)(b)

    5,000,000       0.000   05/01/2038   4,726,000

Coco Palms Community Development District Special Assessment Bonds Expansion Area Project Series 2019 (NR/NR)(f)

    200,000       3.625   06/15/2024   203,686
    295,000       4.000   06/15/2029   308,263

Coconut Cay Community Development District Special Assessment Series 2006 (NR/NR)

    745,000       5.375   05/01/2036   745,670

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Florida – (continued)

Concord Station Community Development District Capital Improvement RB Refunding Senior Lien Series 2016 A-1 (A/NR)

$

     880,000       2.375 %    05/01/2023   $          895,664
    900,000       2.500   05/01/2024   923,544
    925,000       2.750   05/01/2025   960,649
    915,000       3.000   05/01/2026   964,273
    980,000       3.200   05/01/2027   1,038,418
    1,015,000       3.250   05/01/2028   1,070,013
    1,500,000       3.750   05/01/2046   1,567,470

Copperspring Community Development District Special Assessment Bonds Series 2019 (NR/NR)

    215,000       3.200   12/15/2024   215,985
    250,000       3.500   12/15/2029   252,615
    325,000       4.000   12/15/2039   330,609

Corkscrew Farms Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR)(f)

    345,000       3.750   11/01/2023   348,671
    595,000       4.500   11/01/2028   619,728

Coronado Community Development District Special Assessment Refunding & Improvement Bonds Series 2017 (BBB/NR)

    129,000       3.000   05/01/2023   134,057
    133,000       3.250   05/01/2024   139,982
    138,000       3.500   05/01/2025   147,156
    143,000       3.625   05/01/2026   154,473

Country Walk Community Development District Special Assessment RB Refunding Senior Lien Series 2015 A-1 (A-/NR)

    190,000       2.875   05/01/2021   193,849
    195,000       3.000   05/01/2022   201,521
    205,000       3.250   05/01/2023   215,432
    210,000       3.375   05/01/2024   223,188
    220,000       3.500   05/01/2025   237,127
    215,000       4.125   05/01/2035   232,996

County of Broward RB for Airport System Series 2012 Q-1 (A+/A1)(a)

    855,000       5.000   10/01/2022   943,663

County of Broward RB for Port Facilities Senior Bonds Series 2019 B (AMT) (A/A1)

    2,810,000       5.000   09/01/2033   3,463,465
    2,955,000       5.000   09/01/2034   3,632,641
    3,005,000       5.000   09/01/2035   3,682,868
    1,610,000       4.000   09/01/2036   1,811,443
    3,520,000       4.000   09/01/2038   3,931,136

County of Escambia PCRB for Gulf Power Co. Project Series 2003 (A/A2)

    7,500,000       2.600   06/01/2023   7,774,950

County of Escambia RB Refunding for International Paper Company, Series 2019 B (BBB/Baa2)(c)(d)

    400,000       2.000   10/01/2024   403,504

County of Miami-Dade Aviation RB Series 2019 A (AMT) (A/NR)

    4,500,000       4.000   10/01/2044   4,937,580
    12,720,000       5.000   10/01/2044   15,406,082

County of Miami-Dade Florida Transit System RB Refunding Series 2019 (AA/NR)

    18,060,000       4.000   07/01/2039   20,513,270

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Florida – (continued)

County of Osceola Transportation RB Refunding Series 2019 A-1 (BBB+/NR)(h)

$

     375,000       5.000 %    10/01/2026   $          451,073
    475,000       5.000   10/01/2027   582,132
    500,000       5.000   10/01/2028   623,065
    450,000       5.000   10/01/2029   569,043
    570,000       5.000   10/01/2030   716,558
    365,000       5.000   10/01/2031   457,108
    415,000       5.000   10/01/2032   517,903
    350,000       5.000   10/01/2033   435,603
    265,000       5.000   10/01/2034   328,934
    425,000       5.000   10/01/2035   525,899
    600,000       5.000   10/01/2036   740,184
    525,000       5.000   10/01/2037   645,020
    800,000       5.000   10/01/2038   979,768
    1,000,000       5.000   10/01/2039   1,221,350
    925,000       5.000   10/01/2044   1,117,372
    1,160,000       5.000   10/01/2049   1,392,476
    1,390,000       4.000   10/01/2054   1,502,868

County of Osceola Transportation RB Refunding Series 2019 A-2 (BBB+/NR)(e)(h)

    155,000       0.000   10/01/2025   137,766
    275,000       0.000   10/01/2026   236,945
    360,000       0.000   10/01/2027   299,992
    500,000       0.000   10/01/2028   401,740
    700,000       0.000   10/01/2029   540,582

Creek Preserve Community Development District Special Assessment RB Series 2019 (NR/NR)(f)

    550,000       3.875   11/01/2024   554,955
    740,000       4.250   11/01/2030   761,157

Crossings at Fleming Island Community Development District Special Assessment RB Refunding Senior Lien Series 2014 A-1 (BBB/NR)

    1,995,000       4.000   05/01/2024   2,094,331

Davenport Road South Community Development District Special Assessment Bonds Series 2018 (NR/NR)(f)

    245,000       3.750   11/01/2023   248,565
    730,000       4.500   11/01/2028   768,033

Deer Run Community Development District Special Assessment RB Refunding Series 2018 (NR/NR)

    3,125,000       5.400   05/01/2039   3,331,469

Del Webb Bexley Community Development District Special Assessment Series 2018 (NR/NR)

    1,675,000       5.300   05/01/2039   1,802,434

Downtown Doral South Community Development District Special Assessment Bonds Series 2018 (NR/NR)(f)

    745,000       4.250   12/15/2028   771,090

Durbin Crossing Community Development District Special Assessment Refunding Senior Series 2017 A-1 (AGM) (AA/NR)

    690,000       3.750   05/01/2034   737,244
    960,000       4.000   05/01/2037   1,034,967

East Homestead Community Development District Special Assessment Bonds Expansion Area Project Series 2019 (NR/NR)

    200,000       3.750   11/01/2024   204,514

East Homestead Community Development District Special Assessment Expansion Bonds Area Project Series 2019 (NR/NR)

    280,000       4.125   11/01/2029   295,257

Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-1 (NR/NR)

    250,000       3.250   11/01/2025   250,178
    375,000       3.625   11/01/2030   375,416

Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-2 (NR/NR)

    250,000       3.250   11/01/2025   250,177
    250,000       3.625   11/01/2030   250,278

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Florida – (continued)

Evergreen Community Development District Special Assessment RB Series 2019 (NR/NR)(f)

$

     335,000       4.125 %    11/01/2024   $          339,020
    445,000       4.250   11/01/2029   460,094

Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR)

    1,200,000       3.250   05/01/2023   1,200,396

Florida Development Finance Corp. RB for Imagine School at Broward Series 2019 A (NR/Baa3)(f)

    425,000       4.000   12/15/2029   466,251
    425,000       5.000   12/15/2034   496,668
    490,000       5.000   12/15/2039   563,387

Florida Development Finance Corp. RB Refunding for Virgin Trains USA Florida LLC Series 2019 A (AMT) (NR/NR)(c)(d)(f)

    1,825,000       6.250   01/01/2024   1,753,624
    9,090,000       6.375   01/01/2026   8,669,770
    25,550,000       6.500   01/01/2029   24,310,314

Florida Development Finance Corp. RB Refunding for Virgin Trains USA Florida LLC Series 2019 B (AMT) (NR/Aaa)(c)(d)

    47,000,000       1.900   03/17/2020   47,051,230

Florida Higher Educational Facilities Financial Authority RB for Florida Institute of Technology, Inc. Series 2019 (BBB-/NR)

    450,000       5.000   10/01/2020   461,434
    250,000       5.000   10/01/2022   271,942
    250,000       5.000   10/01/2023   279,003
    350,000       5.000   10/01/2024   399,543

Florida Higher Educational Facilities Financial Authority RB for Jacksonville University Project Series 2018 A-1 (NR/NR)(f)

    2,000,000       4.500   06/01/2033   2,198,040
    250,000       4.750   06/01/2038   275,850
    4,500,000       5.000   06/01/2048   5,015,745

Florida Higher Educational Facilities Financial Authority RB for Ringling College of Art & Design, Inc. Series 2019 (BBB+/NR)

    2,000,000       5.000   03/01/2044   2,353,640

Florida Higher Educational Facilities Financial Authority RB Refunding for St. Leo University, Inc. Obligated Group Series 2019 (BBB-/NR)

    1,700,000       5.000   03/01/2039   1,928,157

Florida State Full Faith and Credit State Board of Education Public Education Capital Outlay Tax-Exempt Refunding Bonds Series 2015 E (AAA/Aaa)

    2,990,000       5.000   06/01/2022   3,270,312

Flow Way Community Development District Special Assessment Bonds for Phase 6 Project Series 2017 (NR/NR)

    200,000       4.000   11/01/2028   205,346
    500,000       5.000   11/01/2038   542,665

Flow Way Community Development District Special Assessment Bonds for Phase 7 & 8 Project Series 2019 (NR/NR)

    505,000       3.350   11/01/2024   507,202
    500,000       3.700   11/01/2029   507,530

Forest Brooke Community Development District Special Assessment Subordinated Bonds Series 2019 A-2 (NR/NR)

    465,000       3.750   11/01/2039   460,485

Grand Bay at Doral Community Development District Special Assessment for South Parcel Assessment Area Project Series 2016 (NR/NR)

    840,000       4.250   05/01/2026   869,366

Grand Oaks Community Development District Special Assessment RB Series 2019 A (NR/NR)

    355,000       3.750   11/01/2024   360,066
    600,000       4.125   11/01/2029   620,874
    1,305,000       4.750   11/01/2039   1,356,900
    2,100,000       5.000   11/01/2050   2,182,530

Greater Orlando Aviation Authority Airport Facilities RB Refunding for Jetblue Airways Corp. Project Series 2013 (NR/NR)

    920,000       5.000   11/15/2036   979,092

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Florida – (continued)

Greater Orlando Aviation Authority Airport Facilities RB Series 2019 A (AMT) (AA-/Aa3)

$

     4,605,000       5.000 %   10/01/2022   $       5,062,599
    14,000,000       5.000   10/01/2023   15,852,480

Greater Orlando Aviation Authority Priority Subordinated Airport Facilities RB Series 2017 A (AMT) (A+/A1)

    1,290,000       5.000     10/01/2047   1,505,404

Greater Orlando Aviation Authority RB Refunding Series 2012 A (AMT) (AA-/Aa3)

    2,375,000       5.000   10/01/2021   2,536,263

Gulfstream Polo Community Development District Special Assessment Phase#2 Project Series 2019 (NR/NR)

    290,000       3.000   11/01/2024   290,232
    695,000       3.500   11/01/2030   699,538
    1,000,000       4.375   11/01/2049   1,035,120

Hacienda Lakes Community Development District Special Assessment Refunding Series 2016 (NR/NR)

    190,000       3.375   05/01/2021   190,408
    550,000       3.875   05/01/2026   558,206

Harbor Bay Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR)

    780,000       3.100   05/01/2024   775,601
    950,000       3.300   05/01/2029   938,685
    370,000       3.700   05/01/2033   368,058

Harbor Bay Community Development District Special Assessment RB Series 2019 A-1 (NR/NR)

    500,000       3.100   05/01/2024   497,180
    600,000       3.300   05/01/2029   592,854

Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (A-/NR)(f)

    265,000       4.000   05/01/2024   289,883
    265,000       4.000   05/01/2025   293,578
    140,000       4.000   05/01/2026   156,766

Hawkstone Community Development District Special Assessment Area 1 RB Series 2019 (NR/NR)

    100,000       3.250   11/01/2024   99,510
    400,000       3.500   11/01/2030   397,136

Hawkstone Community Development District Special Assessment Area 2 RB Series 2019 (NR/NR)

    125,000       3.625   11/01/2030   124,110

Heritage Isle at Viera Community Development District Special Assessment Refunding Series 2017 (AGM) (AA/NR)

    215,000       4.000   05/01/2024   231,370
    225,000       4.000   05/01/2025   245,205
    235,000       4.000   05/01/2026   258,441
    240,000       4.000   05/01/2027   266,580
    250,000       4.000   05/01/2028   276,838

Heritage Landing Community Development District Special Assessment Refunding Bonds Series 2015 (BBB/NR)

    585,000       3.375   05/01/2023   615,379
    605,000       3.500   05/01/2024   643,787
    630,000       3.625   05/01/2025   676,727
    650,000       3.750   05/01/2026   695,747
    1,015,000       4.200   05/01/2031   1,105,335
    1,000,000       4.350   05/01/2036   1,075,210

Highlands Community Development District Special Assessment Bonds for Assessment Areas 3B and 5 Project Series 2018 (NR/NR)(f)

    280,000       4.000   12/15/2024   285,345
    550,000       4.250   12/15/2029   574,734

Highlands Community Development District Special Assessment Refunding Series 2016 (BBB/NR)

    1,225,000       4.250   05/01/2031   1,363,400

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Florida – (continued)

Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area 7/7A Project Series 2019 (NR/NR)

$

     100,000       3.375 %   11/01/2025   $          100,179
    375,000       3.875   11/01/2031   376,762
    500,000       4.200   11/01/2039   502,380

Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area Five Project Series 2017 (NR/NR)

    150,000       4.250     11/01/2022   152,500
    370,000       4.875   11/01/2027   391,297
    865,000       5.375   11/01/2037   934,555
    790,000       5.500   11/01/2047   850,222

Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area Six Project Series 2017 (NR/NR)

    75,000       4.875   11/01/2027   79,317
    335,000       5.500   11/01/2047   361,227

Hillcrest Community Development District Special Assessment Bonds for Capital Improvement Program Series 2018 (NR/NR)

    790,000       4.000   11/01/2028   823,828
    700,000       4.500   11/01/2038   730,464

Hunters Ridge Community Development District No. 1 Assessment Area Special Assessment Bonds Series 2019 (NR/NR)(f)

    210,000       4.000   11/01/2024   214,087
    250,000       5.000   11/01/2039   267,617

K-Bar Ranch II Community Development District Special Assessment Bonds Series 2017 A (NR/NR)(f)

    1,175,000       4.500   05/01/2038   1,226,817
    1,855,000       4.625   05/01/2048   1,937,084

Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2019 (NR/NR)

    315,000       3.125   05/01/2025   315,145
    370,000       3.400   05/01/2030   368,712

Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Phase 2A Project Series 2019 (NR/NR)

    155,000       3.000   05/01/2024   154,933
    225,000       3.250   05/01/2029   224,276
    200,000       3.850   05/01/2039   200,772

Lakewood Ranch Stewardship District Special Assessment RB for Cresswind Project Series 2019 (NR/NR)

    230,000       3.600   05/01/2024   232,693
    285,000       3.800   05/01/2029   294,163

Lakewood Ranch Stewardship District Special Assessment RB for Del Webb Project Series 2017 (NR/NR)(f)

    385,000       3.650   05/01/2022   388,877
    520,000       4.300   05/01/2027   543,223

Lakewood Ranch Stewardship District Special Assessment RB for Indigo Expansion Area Project Series 2019 (NR/NR)(f)

    245,000       2.900   05/01/2024   243,613
    285,000       3.200   05/01/2029   283,504

Lakewood Ranch Stewardship District Special Assessment RB for Lake Club Phase 4 Project Series 2019 (NR/NR)

    425,000       3.600   05/01/2024   429,968
    515,000       3.800   05/01/2029   531,588

Lakewood Ranch Stewardship District Special Assessment RB for Lakewood Centre North Project Series 2015 (NR/NR)

    1,440,000       4.250   05/01/2025   1,486,368
    1,675,000       4.875   05/01/2035   1,772,552
    960,000       4.875   05/01/2045   1,004,112

Lakewood Ranch Stewardship District Special Assessment RB for Lakewood National & Polo Run Projects Series 2017 (NR/NR)

    310,000       4.000   05/01/2022   314,780
    940,000       4.625   05/01/2027   1,001,833
    1,000,000       5.250   05/01/2037   1,096,620

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Florida – (continued)

Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project - Phase 1A Series 2018 (NR/NR)

$

     350,000       3.900 %   05/01/2023   $          355,425
    535,000       4.250   05/01/2028   557,871

Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project - Phase 1B Series 2018 (NR/NR)

    1,570,000       4.350   05/01/2024   1,607,915
    1,970,000       4.750   05/01/2029   2,119,070
    2,250,000       5.300   05/01/2039   2,457,405

Lakewood Ranch Stewardship District Special Assessment RB for Villages of Lakewood Ranch South Project Series 2016 (NR/NR)

    190,000       4.000     05/01/2021   191,887
    230,000       4.250   05/01/2026   239,800
    4,860,000       5.000   05/01/2036   5,162,243
    4,830,000       5.125   05/01/2046   5,134,918

Lakewood Ranch Stewardship District The Isles at Lakewood Ranch Project Phase 1 Special Assessment Bonds Series 2019 (NR/NR)

    230,000       3.500   05/01/2024   232,479
    275,000       3.875   05/01/2029   285,703

Landings at Miami Community Development District Special Assessment Bonds Series 2018 (NR/NR)(f)

    205,000       3.625   11/01/2023   206,808
    560,000       4.125   11/01/2028   575,417

Landmark at Doral Community Development District Senior Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-1 (BBB/NR)

    100,000       3.000   05/01/2020   100,437
    200,000       3.000   05/01/2021   203,052
    445,000       3.000   05/01/2022   455,168
    460,000       3.000   05/01/2023   473,381
    375,000       3.000   05/01/2024   387,469
    490,000       3.000   05/01/2025   507,346
    500,000       3.000   05/01/2026   517,805
    520,000       3.000   05/01/2027   537,654
    535,000       3.000   05/01/2028   552,543
    550,000       3.000   05/01/2029   566,263
    1,605,000       3.000   05/01/2035   1,597,136

Landmark at Doral Community Development District Subordinate Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-2 (NR/NR)

    670,000       3.125   05/01/2024   667,561
    535,000       3.375   05/01/2030   531,753

Lee County Moody River Estates Community Development District Special Assessment Refunding Senior Series 2017 A-1 (A-/NR)

    330,000       3.500   05/01/2025   358,479
    340,000       3.500   05/01/2026   370,865
    500,000       4.000   05/01/2036   549,250

Lee Memorial Health System Hospital RB Refunding Series 2019 A-2 (A+/A2)(c)(d)

    11,700,000       5.000   04/01/2026   13,812,084

Long Lake Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR)

    1,480,000       5.000   05/01/2038   1,565,588

Longleaf Community Development District Special Assessment Refunding Series 2006 (NR/NR)

    825,000       5.375   05/01/2030   825,635

LT Ranch Community Development District Special Assessment Series 2019 (NR/NR)

    840,000       3.000   05/01/2025   835,884
    980,000       3.400   05/01/2030   976,589
    1,420,000       4.000   05/01/2040   1,436,742

Lucerne Park Community Development District Special Assessment Bonds Series 2019 (NR/NR)

    245,000       3.800   05/01/2024   246,789
    300,000       4.000   05/01/2029   305,394

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Florida – (continued)

Lynwood Community Development District Special Assessment Bonds Series 2019 (NR/NR)

$

     605,000       3.250 %    06/15/2024   $          608,055
    885,000       3.625   06/15/2030   902,346

McJunkin Parkland Community Development District Special Assessment Bonds Series 2018 (NR/NR)(f)

    1,000,000       4.750   11/01/2029   1,054,590

Meadow Pines Community Development District Special Assessment Refunding Bonds Senior Lien Series 2014 1 (A/NR)

    750,000       4.450   05/01/2030   819,698

Mediterranea Community Development District Special Assessment Refunding & Improvement Bonds for Area Two Project Series 2017 (NR/NR)

    200,000       3.500     05/01/2023   202,632

Miami Special Obligation Non-Ad Valorem RB Refunding Series 2011 A (AGM) (AA/Aa3)(a)

    2,700,000       6.000   02/01/2021   2,842,533

Miami Special Obligation RB Refunding for Port of Miami Tunnel Project Series 2012 (AA-/Aa3)(f)

    9,500,000       5.000   03/01/2030   10,521,155

Miami World Center Community Development District Special Assessment Bonds Series 2017 (NR/NR)

    250,000       4.000   11/01/2023   256,965
    250,000       4.750   11/01/2027   270,563
    850,000       5.125   11/01/2039   929,781
    2,350,000       5.250   11/01/2049   2,573,720

Miami-Dade County Industrial Development Authority Solid Waste Disposal RB Refunding for Waste Management, Inc. Project Series 2018 A (AMT) (A-/NR)(c)

(SIFMA Municipal Swap Index Yield + 0.80%),

    7,935,000       2.410   11/01/2021   7,945,712

Miromar Lakes Community Development District Capital Improvement RB Refunding Series 2015 (NR/NR)

    155,000       3.500   05/01/2020   155,431

Mitchell Ranch Community Development District Special Assessment Bonds Series 2019 (NR/NR)

    300,000       3.125   12/15/2024   300,468
    675,000       3.375   12/15/2030   672,725
    1,500,000       4.000   12/15/2039   1,530,435

New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (BBB/NR)(f)(h)

    125,000       3.500   05/01/2026   132,126
    130,000       3.500   05/01/2027   137,956
    135,000       3.500   05/01/2028   143,573
    140,000       3.500   05/01/2029   149,111
    700,000       3.500   05/01/2038   720,097

New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/NR)(f)(h)

    85,000       3.125   05/01/2025   84,998
    45,000       3.500   05/01/2031   44,998

North Sumter County Utility Dependent District RB for Central Sumter Utility Series 2019 (BAM) (AA/NR)

    655,000       5.000   10/01/2030   833,625
    575,000       5.000   10/01/2031   727,271
    1,025,000       5.000   10/01/2033   1,288,364
    1,205,000       5.000   10/01/2034   1,509,359
    1,000,000       5.000   10/01/2036   1,241,890
    1,975,000       5.000   10/01/2037   2,438,829
    2,075,000       5.000   10/01/2038   2,550,092
    2,180,000       5.000   10/01/2039   2,671,764
    2,630,000       5.000   10/01/2044   3,185,377

North Sumter County Utility Dependent District RB Series 2010 (AGM) (AA/A2)

    1,250,000       5.375   10/01/2040   1,287,963

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Florida – (continued)

Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2016 (NR/NR)

$

     3,285,000       5.875 %   11/01/2037   $       3,766,417
    3,500,000       6.000   11/01/2047   4,032,280

Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2018 (NR/NR)(f)

    370,000       4.375   11/01/2023   380,212
    640,000       4.875   11/01/2028   690,234

Palm Beach County Health Facilities Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 B (BBB/NR)

    2,300,000       4.000   05/15/2053   2,330,705
    1,825,000       5.000   05/15/2053   2,037,959

Palm Coast Park Community Development District Special Assessment for Assessment Area One Series 2019 (NR/NR)

    205,000       3.400     05/01/2025   204,498
    245,000       3.750   05/01/2030   244,160
    965,000       4.150   05/01/2040   963,639

Palm Glades Community Development District Senior Special Assessment Bonds Series 2018 A-1 (A/NR)

    215,000       3.500   11/01/2025   234,092
    225,000       3.500   11/01/2026   246,105
    230,000       3.500   11/01/2027   252,444
    240,000       3.500   11/01/2028   264,931
    585,000       4.000   11/01/2033   655,276

Palm Glades Community Development District Special Assessment Refunding Bonds Series 2016 (A/NR)

    520,000       2.500   05/01/2022   530,504
    530,000       2.750   05/01/2023   549,128
    350,000       3.750   05/01/2031   376,310
    1,045,000       4.000   05/01/2036   1,128,610

Palm Glades Community Development District Special Assessment Refunding Bonds Series 2017 (BBB-/NR)

    280,000       3.500   05/01/2021   282,064
    300,000       4.000   05/01/2027   313,554

Parkland Preserve Community Development District Special Assessment RB Series 2019 A (NR/NR)

    250,000       4.500   05/01/2024   251,673
    500,000       4.750   05/01/2030   509,275

Parkway Center Community Development District Special Assessment for Amenity Projects Series 2018-2 (A-/NR)

    350,000       4.250   05/01/2031   394,166
    1,030,000       4.500   05/01/2038   1,158,287

Parkway Center Community Development District Special Assessment Refunding Series 2018-1 (BBB/NR)

    265,000       4.000   05/01/2026   286,078
    275,000       4.000   05/01/2027   298,694
    285,000       4.125   05/01/2028   313,455

Paseo Community Development District Capital Improvement RB Refunding Series 2018 (A-/NR)

    450,000       4.000   05/01/2024   481,756
    490,000       4.000   05/01/2026   533,752
    530,000       4.000   05/01/2028   584,240
    1,350,000       4.500   05/01/2031   1,546,817

Pentathlon Community Development District Special Assessment Revenue Refunding Series 2012 (A-/NR)

    1,330,000       4.500   11/01/2033   1,376,111

Pinellas County Industrial Development Authority RB for Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc. Project Series 2019 (NR/NR)

    2,700,000       5.000   07/01/2029   3,208,842

Preserve at South Branch Community Development District Special Assessment Phase 1 Series 2018 (NR/NR)

    275,000       4.750   11/01/2029   290,752

Preserve at South Branch Community Development District Special Assessment Phase 2 RB Series 2019 (NR/NR)

    100,000       3.250   11/01/2024   99,953
    250,000       3.500   11/01/2030   250,178

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Florida – (continued)

Randal Park Community Development District Randal Walk Special Assessment RB Series 2018 (NR/NR)(f)

$

     150,000       4.100 %   05/01/2024   $          152,493
    185,000       4.500   05/01/2029   194,879

Randal Park Community Development District Special Assessment RB Series 2015 (NR/NR)

    535,000       4.250   11/01/2025   548,616

Reunion West Community Development District Special Assessment Bonds for Assessment Area 5 Project Series 2019 (NR/NR)

    250,000       3.750   05/01/2024   252,578
    425,000       4.000   05/01/2030   435,170

Rhodine Road North Community Development District Special Assessment Bonds Series 2019 (NR/NR)

    200,000       3.500     05/01/2024   201,084
    500,000       4.000   05/01/2030   509,200
    750,000       4.500   05/01/2040   767,175
    750,000       4.750   05/01/2050   766,980

River Bend Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (A-/NR)

    890,000       4.000   05/01/2035   955,807

San Simeon Community Development District Special Assessment Bonds Series 2019 (NR/NR)(f)

    685,000       3.375   06/15/2024   688,295
    1,000,000       3.750   06/15/2031   1,020,660

Shell Point Community Development District Special Assessment Bonds Series 2019 (NR/NR)(f)

    305,000       4.000   11/01/2024   309,758
    740,000       4.500   11/01/2029   773,056

Sherwood Manor Community Development District Special Assessment Bonds Series 2018 (NR/NR)(f)

    250,000       4.000   11/01/2023   253,570

Shingle Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR)

    1,485,000       3.625   05/01/2024   1,507,067
    1,895,000       4.000   05/01/2029   1,979,005
    2,500,000       4.750   05/01/2039   2,660,675

South Fork East Community Development District Capital Improvement RB Refunding Series 2017 (BBB/NR)

    420,000       3.000   05/01/2023   433,709
    435,000       3.250   05/01/2024   456,915
    450,000       3.450   05/01/2025   478,732
    465,000       3.625   05/01/2026   500,884
    990,000       4.125   05/01/2036   1,066,181

South Fork III Community Development District Parcels V and W Special Assessment Bonds Series 2019 (NR/NR)(f)

    585,000       4.250   11/01/2024   596,132
    730,000       4.500   11/01/2029   763,595

South Fork III Community Development District Special Assessment RB Refunding Series 2018 (NR/NR)

    475,000       4.000   05/01/2024   481,745
    590,000       4.625   05/01/2029   618,108

South Kendall Community Development District Special Assessment Refunding Series 2016 (BBB/NR)

    350,000       2.500   11/01/2023   357,129
    355,000       2.750   11/01/2024   366,527
    370,000       3.000   11/01/2025   386,232
    585,000       4.250   11/01/2037   634,684

Southern Groves Community Development District No. 5 Special Assessment Refunding Series 2019 (NR/NR)

    255,000       2.875   05/01/2024   254,222
    300,000       3.250   05/01/2029   299,511

Stonebrier Community Development District Special Assessment Refunding Series 2016 (A-/NR)

    265,000       2.500   05/01/2023   270,867
    270,000       2.500   05/01/2024   277,404
    280,000       3.000   05/01/2025   295,912
    290,000       3.000   05/01/2026   307,916

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Florida – (continued)

Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2019 (NR/NR)

$

     400,000       3.500 %   06/15/2024   $          404,328
    500,000       4.000   06/15/2030   518,145

Storey Creek Community Development District Special Assessment Bonds for Assessment Area One Project Series 2019 (NR/NR)

    300,000       3.125   12/15/2025   300,048
    500,000       3.625   12/15/2030   502,295

Sweetwater Creek Community Development District Capital Improvement Special Assessment RB Refunding Series 2019 A-1 (AGM) (AA/NR)

    400,000       2.500     05/01/2029   400,512
    725,000       2.875   05/01/2033   731,721
    1,455,000       3.000   05/01/2038   1,460,674

Sweetwater Creek Community Development District Capital Improvement Special Assessment RB Refunding Series 2019 A-2 (NR/NR)

    1,300,000       3.500   05/01/2029   1,303,926

Talis Park Community Development District Capital Improvement RB Refunding Senior Series 2016 A-1 (BBB+/NR)

    190,000       2.500   05/01/2023   195,387
    190,000       2.500   05/01/2024   195,770
    200,000       3.000   05/01/2025   210,430
    205,000       3.000   05/01/2026   216,164
    1,135,000       3.500   05/01/2031   1,212,033
    1,370,000       4.000   05/01/2036   1,481,285

Tampa Bay Water Utility System RB Refunding Series 2015 A (AA+/Aa1)

    10,160,000       4.000   10/01/2028   11,581,181
    4,225,000       4.000   10/01/2029   4,798,121

Tapestry Community Development District Special Assessment RB Series 2016 (NR/NR)

    115,000       3.625   05/01/2021   116,218

Tison’s Landing Community Development District Special Assessment RB Refunding & Improvement Bonds Senior Series 2016 A-1 (A+/NR)

    205,000       3.000   05/01/2027   216,052
    210,000       3.125   05/01/2028   222,130
    230,000       3.375   05/01/2032   241,419

Tolomato Community Development District Special Assessment GO Refunding Bonds Senior Lien Series 2018 A-1 (AGM) (AA/NR)

    345,000       3.500   05/01/2032   369,157

Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 A-2 (NR/NR)(f)

    565,000       5.200   05/01/2028   592,561

Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 B-2 (NR/NR)

    300,000       4.625   05/01/2028   309,387

Tolomato Community Development District Special Assessment RB Refunding Series 2019 A-1 (AGM) (AA/NR)

    4,705,000       3.000   05/01/2033   4,796,700
    5,300,000       3.000   05/01/2037   5,363,335

Tolomato Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR)

    670,000       3.500   05/01/2024   673,162
    765,000       3.850   05/01/2029   778,028

Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 B (AGM) (AA/NR)

    2,025,000       3.000   05/01/2033   2,072,851
    3,425,000       3.000   05/01/2040   3,455,243

Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 C (NR/NR)(f)

    2,685,000       3.450   05/01/2024   2,697,217
    3,210,000       3.750   05/01/2029   3,263,960

Toscana Isles Community Development District Special Assessment RB Series 2018 (NR/NR)

    1,065,000       4.375   11/01/2023   1,086,097
    2,005,000       5.000   11/01/2029   2,131,997

Touchstone Community Development District Special Assessment Bonds Series 2018 (NR/NR)(f)

    505,000       4.250   06/15/2028   520,660

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Florida – (continued)

Touchstone Community Development District Special Assessment Bonds Series 2019 (NR/NR)

$

     375,000       3.125 %   12/15/2025   $          374,287
    735,000       3.625   12/15/2031   736,757
    450,000       4.000   12/15/2040   451,094

Town of Davie RB Refunding for Nova Southeastern University, Inc. Series 2018 (A-/Baa1)

    750,000       5.000     04/01/2030   906,210
    650,000       5.000   04/01/2031   781,839
    550,000       5.000   04/01/2033   657,784
    5,000,000       5.000   04/01/2048   5,792,950

Town of Palm Beach GO Bonds for Underground Utility Project Series 2018 (AAA/Aaa)

    2,000,000       4.000   07/01/2043   2,247,740
    7,000,000       4.000   07/01/2047   7,819,910

Towne Park Community Development District Special Assessment Area 3B Project Series 2019 (NR/NR)

    135,000       3.500   05/01/2024   135,105
    360,000       4.000   05/01/2030   364,147
    595,000       4.375   05/01/2039   602,628

Trevesta Community Development District Special Assessment Area 1 Pase 2 Project Series 2018 (NR/NR)(f)

    335,000       4.375   11/01/2024   341,971
    500,000       5.250   11/01/2039   538,740

Triple Creek Community Development District Special Assessment Series 2019 A (NR/NR)

    310,000       3.875   05/01/2024   311,758
    495,000       4.125   05/01/2029   502,405

Triple Creek Community Development District Special Assessment Series 2019 B (NR/NR)

    2,200,000       4.875   05/01/2032   2,260,324

TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2018 (NR/NR)

    250,000       4.000   11/01/2024   255,232
    495,000       4.500   11/01/2029   523,334

TSR Community Development District Special Assessment RB for Downtown Neighborhood Assessment Area Series 2019 (NR/NR)

    200,000       3.000   11/01/2024   198,926
    400,000       3.375   11/01/2030   399,448
    100,000       4.000   11/01/2050   100,076

TSR Community Development District Special Assessment RB for Village 1 Project Series 2015 (NR/NR)

    90,000       3.625   11/01/2020   90,456
    530,000       4.375   11/01/2025   547,177

Turnbull Creek Community Development District Senior Special Assessment Refunding Bonds Series 2015 A-1 (A/NR)

    1,000,000       4.250   05/01/2031   1,088,870

Two Creeks Community Development District RB Refunding for Capital Improvement Senior Lien Series 2016 A-1 (A/NR)

    350,000       2.125   05/01/2022   353,923
    360,000       2.250   05/01/2023   366,480
    370,000       2.500   05/01/2024   381,862
    375,000       2.625   05/01/2025   390,180
    390,000       3.000   05/01/2026   415,292
    400,000       3.125   05/01/2027   427,208
    415,000       3.250   05/01/2028   443,295

Two Lakes Community Development District Special Assessment Expansion Area Series 2019 (NR/NR)

    500,000       3.000   12/15/2024   496,580
    1,000,000       3.375   12/15/2030   997,260

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Florida – (continued)

University Park Recreation District Special Assessment Series 2019 (BAM) (AA/NR)

$

     300,000       2.500 %   05/01/2027   $          304,509
    310,000       2.500   05/01/2028   312,706
    315,000       2.625   05/01/2029   318,137
    1,060,000       3.000   05/01/2034   1,092,860
    2,130,000       3.125   05/01/2038   2,187,915
    1,725,000       3.250   05/01/2040   1,779,545

Ventana Community Development District Special Assessment RB Series 2018 (NR/NR)(f)

    500,000       4.000     05/01/2024   508,155
    1,000,000       4.625   05/01/2029   1,039,740
    1,000,000       5.000   05/01/2038   1,064,040

Veranda Community Development District II Special Assessment Area 1 Gardens East Project Series 2018 A (NR/NR)

    325,000       4.000   11/01/2024   329,713
    395,000       4.500   11/01/2029   414,003

Veranda Community Development District II Special Assessment Area 1 Preserve West Project Series 2018 A (NR/NR)

    300,000       4.000   11/01/2024   304,335
    375,000       4.500   11/01/2029   393,064

Verandah East Community Development District Special Assessment Refunding & Improvement RB Series 2016 (NR/NR)

    1,560,000       3.750   05/01/2026   1,581,481

Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017 A-1 (BBB/NR)(f)

    345,000       3.250   05/01/2024   363,113
    360,000       3.500   05/01/2025   384,073
    370,000       3.625   05/01/2026   399,685

Verano #1 Community Development District Special Assessment Bonds for District #1 Project Series 2015 (NR/NR)

    530,000       4.750   11/01/2025   547,888

Verona Walk Community Development District Special Assessment Senior Lien RB Refunding for Capital Improvement Series 2013 A-1 (A/NR)

    500,000       4.250   05/01/2030   536,250

Villa Portofino East Community Development District Special Assessment Refunding Series 2019 (NR/NR)

    500,000       3.125   05/01/2025   500,140
    500,000       3.500   05/01/2030   500,350

Village Community Development District No. 12 Special Assessment RB Series 2018 (NR/NR)(f)

    1,000,000       3.250   05/01/2023   1,019,290
    1,000,000       3.800   05/01/2028   1,056,440
    1,995,000       4.000   05/01/2033   2,127,328

Village Community Development District No. 13 Special Assessment RB Series 2019 (NR/NR)(f)

    675,000       2.625   05/01/2024   678,793
    1,250,000       3.000   05/01/2029   1,266,563
    1,500,000       3.375   05/01/2034   1,531,920
    3,965,000       3.550   05/01/2039   4,041,961

Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (A-/NR)

    345,000       4.000   05/01/2026   382,847
    345,000       4.000   05/01/2027   384,930
    350,000       4.000   05/01/2028   387,573
    365,000       4.000   05/01/2029   402,872

Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (BAM) (AA/NR)

    1,935,000       3.500   05/01/2032   2,057,021
    2,265,000       4.000   05/01/2037   2,440,311

Villamar Community Development District Special Assessment Bonds Series 2019 (NR/NR)

    170,000       3.750   05/01/2024   170,779
    250,000       4.000   05/01/2029   252,867

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Florida – (continued)

Vizcaya In Kendall Community Development District Special Assessment Bonds Series 2016 (BBB-/NR)

$

     220,000       2.750 %   11/01/2024   $          226,019
    225,000       3.000   11/01/2025   233,123
    230,000       3.200   11/01/2026   240,456

Waterford Landing Community Development District Capital Improvement RB Series 2014 (NR/NR)

    765,000       5.500   05/01/2034   820,822
    925,000       5.750   05/01/2044   999,370

Waters Edge Community Development District Capital Improvement RB Refunding Senior Lien Series 2015 A-1 (BBB+/NR)

    2,150,000       4.000     05/01/2031   2,305,488

Waterset Central Community Development District Special Assessment Bonds Series 2018 (NR/NR)(f)

    500,000       5.125   11/01/2038   528,350

Waterset North Community Development District Special Assessment RB Series 2014 (NR/NR)

    2,365,000       5.500   11/01/2045   2,519,174

Wesbridge Community Development District Special Assessment Series 2019 (NR/NR)

    300,000       3.250   11/01/2024   301,227
    375,000       3.625   11/01/2029   380,400
    1,000,000       4.000   11/01/2039   1,012,130

West Villages Improvement District Unit of Development No. 7 Master Infrastructure Special Assessment RB Series 2019 (NR/NR)

    500,000       4.000   05/01/2024   507,000
    750,000       4.250   05/01/2029   773,565

Westside Community Development District Solara Phase 2 Assessment Area Special Assessment RB Series 2019 (NR/NR)

    295,000       3.625   05/01/2024   298,227
    355,000       3.900   05/01/2029   366,282

Westside Community Development District Special Assessment RB Refunding Series 2019 (NR/NR)(f)

    675,000       3.500   05/01/2024   674,710
    810,000       3.750   05/01/2029   812,584

Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR)(f)

    600,000       3.500   06/15/2024   603,606
    1,285,000       3.750   06/15/2030   1,313,720

Willows Community Development District Special Assessment RB Series 2019 (NR/NR)

    250,000       3.875   05/01/2024   253,120
    500,000       4.370   05/01/2029   516,290

Winding Cypress Community Development District Phase 3 Assessment Area Special Assessment Bonds Series 2019 (NR/NR)

    200,000       4.250   11/01/2029   209,004
    680,000       4.875   11/01/2039   721,677

Wiregrass Community Development District Capital Improvement RB Series 2016 (NR/NR)

    135,000       4.875   05/01/2036   141,311
    250,000       5.000   05/01/2047   261,340

Wynnfield Lakes Community Development District Special Assessment Refunding Bonds Series 2014 (BBB+/NR)

    1,450,000       4.500   05/01/2036   1,549,818
       

 

        678,406,139

 

Georgia – 2.0%

Atlanta Airport RB Refunding Series 2012 C (AA-/Aa3)

    1,250,000       5.000   01/01/2027   1,339,950

Atlanta Airport RB Refunding Series 2019 B (AMT) (AA-/Aa3)

    6,060,000       5.000   07/01/2029   7,705,229

Bartow County Development Authority RB for Georgia Power Company Plant Bowen Project First Series 2013 (A-/Baa1)(c)(d)

    5,250,000       1.550   08/19/2022   5,234,932

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Georgia – (continued)

Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project Fifth Series 1994 (A-/NR)(c)(d)

$

     3,000,000       2.150 %   06/13/2024   $       3,048,420

Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project First Series 2008 (A-/Baa1)(c)(d)

    3,500,000       1.650   06/18/2021   3,504,025

Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project First Series 2012 (A-/Baa1)(c)(d)

    5,100,000       1.550   08/19/2022   5,086,689

Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project Fourth Series 1994 (A-/Baa1)(c)(d)

    1,600,000       2.250     05/25/2023   1,628,208

Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project Second Series 2008 (A-/NR)(c)(d)

    2,500,000       2.925   03/12/2024   2,615,650

Burke County Development Authority Pollution Control RB for Oglethorpe Power Corp. Vogtle Series 2017 F (A-/Baa1)(c)(d)

    9,475,000       3.000   02/01/2023   9,729,499

City of Atlanta RB for Water & Wastewater Series 2018 B (AA-/Aa2)

    4,750,000       3.500   11/01/2043   5,016,380

County of Fulton RB Refunding for Water & Sewerage Series 2013 A (AA/Aa2)

    7,585,000       4.000   01/01/2035   8,086,217

Fayette County Hospital Authority RB Refunding for Piedmont Healthcare, Inc. Obligated Group Series 2019 A (AA-/A1)(c)(d)

    1,050,000       5.000   07/01/2024   1,199,887

Gainesville & Hall County Development Authority RB Refunding for Riverside Military Academy Series 2017 (BBB-/NR)

    700,000       5.000   03/01/2027   756,609

Main Street Natural Gas, Inc. Gas Supply RB Series 2018 A (NR/Aa2)(c)(d)

    14,250,000       4.000   09/01/2023   15,469,230

Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A-/A3)

    2,500,000       5.000   05/15/2025   2,913,525
    3,000,000       5.000   05/15/2026   3,557,190
    3,000,000       5.000   05/15/2027   3,611,610
    2,455,000       5.000   05/15/2028   2,995,149
    2,800,000       5.000   05/15/2029   3,450,356
    4,875,000       5.000   05/15/2049   6,643,943

Main Street Natural Gas, Inc. Gas Supply RB Series 2019 B (NR/Aa1)(c)(d)

    14,050,000       4.000   12/02/2024   15,670,246

Milledgeville & Baldwin County Development Authority Student Housing RB Refunding for Georgia College & State University Foundation Property V, LLC Project Series 2007 (AMBAC) (A+/WR)(g)

    (3 Mo. LIBOR + 0.65%),  
    5,200,000       2.056   10/01/2033   5,003,648

Municipal Electric Authority RB Georgia Plant Vogtle Units 3 & 4 Project Series 2019 A (A/Baa3)

    2,210,000       5.000   01/01/2023   2,437,608
    4,155,000       5.000   01/01/2024   4,701,341
    4,360,000       5.000   01/01/2025   5,042,950
    4,575,000       5.000   01/01/2026   5,388,161
    4,805,000       5.000   01/01/2027   5,761,099
    5,040,000       5.000   01/01/2028   6,126,926
    5,295,000       5.000   01/01/2029   6,447,033

Municipal Electric Authority RB Refunding Series 2019 A (A-/A2)

    830,000       5.000   01/01/2024   940,515
    900,000       5.000   01/01/2025   1,045,188

Rockdale County Development Authority RB Refunding for Pratt Paper LLC Project Series 2018 (AMT) (NR/NR)(f)

    1,275,000       4.000   01/01/2038   1,351,067

Savannah Economic Development Authority Pollution Control RB Refunding for International Paper Company Series 2019 B (BBB/Baa2)

    1,925,000       1.900   08/01/2024   1,929,716

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Georgia – (continued)

Savannah Economic Development Authority Recovery Zone Facility RB Refunding for International Paper Company Series 2019 A (BBB/Baa2)(c)(d)

$

     400,000       2.000 %   10/01/2024   $          403,504
       

 

        155,841,700

 

Guam – 0.4%

Guam Government Business Privilege Tax RB Refunding Series 2015 D (BB/NR)

    3,000,000       5.000   11/15/2022   3,252,810

Guam Government Business Privilege Tax RB Series 2012 B-1 (BB/NR)

    2,980,000       5.000   01/01/2029   3,129,387

Guam Government GO Bonds Series 2019 (AMT) (BB-/Ba1)

    2,695,000       5.000     11/15/2031   3,154,605

Guam Government Limited Obligation RB Section 30 Series 2016 A (BB/NR)

    2,755,000       5.000   12/01/2025   3,180,592
    2,255,000       5.000   12/01/2026   2,645,431
    2,000,000       5.000   12/01/2027   2,335,580

Guam Power Authority RB Refunding Series 2012 A (AGM) (AA/A2)

    1,500,000       5.000   10/01/2024   1,645,380
    2,790,000       5.000   10/01/2030   3,038,282

Guam Power Authority RB Series 2014 A (AGM) (AA/A2)

    325,000       5.000   10/01/2039   365,762
    250,000       5.000   10/01/2044   279,575

Guam Waterworks Authority RB for Water & Wastewater System Series 2016 (A-/Baa2)

    1,030,000       5.000   01/01/2046   1,157,432

Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (A-/Baa2)

    350,000       5.000   07/01/2025   406,676
    525,000       5.000   07/01/2026   621,579
    350,000       5.000   07/01/2027   421,204
    370,000       5.000   07/01/2028   442,764
    725,000       5.000   07/01/2029   863,098
    700,000       5.000   07/01/2030   828,394
    700,000       5.000   07/01/2031   824,894
    700,000       5.000   07/01/2032   822,143

Port Authority of Guam Private Activity RB Series 2018 B (AMT) (A/Baa2)

    400,000       5.000   07/01/2029   486,124
    600,000       5.000   07/01/2031   720,972
    250,000       5.000   07/01/2033   298,488
    225,000       5.000   07/01/2034   268,022
    425,000       5.000   07/01/2036   503,527
       

 

        31,692,721

 

Hawaii – 0.4%

City & County Honolulu RB for Wastewater System Series 2018 A (AA/Aa2)

    3,000,000       4.000   07/01/2042   3,344,220

City & County Honolulu RB for Wastewater System Series 2019 A (AA/Aa2)

    260,000       5.000   07/01/2020   265,065
    500,000       5.000   07/01/2021   529,130
    430,000       5.000   07/01/2022   471,022
    200,000       5.000   07/01/2023   226,404

City & County Honolulu RB Refunding for Wastewater System Series 2019 A (AA-/Aa3)

    1,310,000       5.000   07/01/2020   1,335,322

City & County Honolulu RB Refunding for Wastewater System Series 2019 B (AA/Aa2)

    250,000       4.000   07/01/2020   253,640
    680,000       5.000   07/01/2021   719,617

Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2017 B (AMT) (A-/Baa2)

    5,025,000       4.000   03/01/2037   5,405,694

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Hawaii – (continued)

Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2019 (A-/Baa2)

$

     9,055,000       3.200 %   07/01/2039   $       9,194,538

Hawaii State GO Bonds Series 2013 EH (NR/NR)(a)

    1,275,000       5.000   08/01/2023   1,450,414

Honolulu City & County GO Bonds Refunding Series 2019 J (AA+/Aa1)

    6,565,000       1.967   08/01/2025   6,507,491

Kauai County Community Facilities District No. 2008-1 Special Tax RB for Kukui’ula Development Series 2019 (NR/NR)

    30,000       4.000     05/15/2026   33,266
    75,000       5.000   05/15/2029   90,988
    35,000       5.000   05/15/2030   42,298
    150,000       5.000   05/15/2031   180,029
    180,000       5.000   05/15/2032   215,372
    60,000       3.000   05/15/2033   59,999
    100,000       3.000   05/15/2034   99,420
    150,000       3.000   05/15/2035   148,174
    670,000       3.250   05/15/2039   668,070
    575,000       5.000   05/15/2044   661,693
       

 

        31,901,866

 

Idaho – 0.0%

Nez Perce County PCRB Refunding for Potlatch Corp. Project Series 2016 (BBB-/Baa3)

    2,000,000       2.750   10/01/2024   2,074,900

 

Illinois – 11.2%

Chicago Board of Education GO Bonds for Build America Bonds Series 2009 E (BB-/B1)

    555,000       5.382   12/01/2023   573,959
    2,250,000       5.482   12/01/2024   2,339,257

Chicago Illinois Board of Education Dedicated Capital Improvement Series 2016 (A/NR)

    3,550,000       6.000   04/01/2046   4,230,500

Chicago Illinois Board of Education Dedicated Capital Improvement Series 2017 (A/NR)

    760,000       5.000   04/01/2034   866,841
    575,000       5.000   04/01/2035   654,131
    525,000       5.000   04/01/2036   595,844
    490,000       5.000   04/01/2037   554,876

Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL-RE) (BB-/Baa2)(e)

    2,015,000       0.000   12/01/2026   1,691,552
    600,000       0.000   12/01/2027   486,636
    2,930,000       0.000   12/01/2029   2,196,943
    2,660,000       0.000   12/01/2030   1,917,887

Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL-RE) (BB-/Baa2)(e)

    915,000       0.000   12/01/2027   742,120
    965,000       0.000   12/01/2028   754,244
    410,000       0.000   12/01/2030   295,614

Chicago Illinois Board of Education GO Bonds Capital Appreciation Series 2009 C (BBB+/Ba1)(e)

    670,000       0.000   01/01/2031   458,179

Chicago Illinois Board of Education GO Bonds Series 2015 C (BB-/NR)

    2,500,000       6.000   12/01/2035   2,849,000

Chicago Illinois Board of Education GO Refunding Bonds Capital Appreciation for School Reform Series 1999 A (NATL-RE)
(BB-/Baa2)(e)

    4,510,000       0.000   12/01/2031   3,125,610

Chicago Illinois Board of Education GO Refunding Bonds Series 1999 A (NATL-RE) (BB-/Baa2)(e)

    3,430,000       0.000   12/01/2023   3,138,073

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Illinois – (continued)

Chicago Illinois Board of Education GO Refunding Bonds Series 2005 A (AMBAC) (BB-/B1)

$

     2,500,000       5.500 %   12/01/2026   $       2,956,225
    6,330,000       5.500   12/01/2027   7,602,393
    3,000,000       5.500   12/01/2028   3,646,830
    2,000,000       5.500   12/01/2029   2,461,300

Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Alternate Revenues Series 2015 C (BB-/NR)

    1,000,000       5.250   12/01/2039   1,097,920

Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Revenues Series 2012 A (BB-/B1)

    5,135,000       5.000     12/01/2042   5,425,179

Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (BB-/B1)

    2,300,000       6.038   12/01/2029   2,493,154
    2,500,000       6.138   12/01/2039   2,715,550

Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 A (BB-/NR)

    5,160,000       7.000   12/01/2044   6,260,989

Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 B (BB-/NR)

    7,125,000       6.500   12/01/2046   8,573,655

Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (AA/NR)

    1,825,000       5.000   12/01/2025   2,117,894
    2,190,000       5.000   12/01/2026   2,586,062
    2,375,000       5.000   12/01/2027   2,848,765
    7,445,000       5.000   12/01/2028   9,053,120
    700,000       5.000   12/01/2030   842,079
    1,800,000       5.000   12/01/2031   2,158,686
    1,000,000       5.000   12/01/2032   1,195,270
    2,000,000       5.000   12/01/2033   2,385,020
    600,000       5.000   12/01/2034   713,700

Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 C (AGM) (AA/NR)

    5,000,000       5.000   12/01/2027   6,005,450
    5,230,000       5.000   12/01/2028   6,369,094
    5,500,000       5.000   12/01/2029   6,662,425
    4,690,000       5.000   12/01/2030   5,650,278

Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2019 A (BB-/NR)(e)

    2,000,000       0.000   12/01/2025   1,709,940
    2,000,000       0.000   12/01/2026   1,651,700
    300,000       0.000   12/01/2027   238,803

Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2019 A (BB-/NR)

    2,500,000       4.000   12/01/2027   2,698,500
    4,000,000       5.000   12/01/2028   4,706,800
    5,000,000       5.000   12/01/2029   5,940,550
    5,000,000       5.000   12/01/2030   5,905,700

Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2019 B (BB-/NR)

    125,000       5.000   12/01/2021   131,580
    750,000       5.000   12/01/2022   807,075
    1,200,000       5.000   12/01/2023   1,316,268
    1,250,000       5.000   12/01/2024   1,393,900
    1,200,000       5.000   12/01/2025   1,359,468
    1,000,000       5.000   12/01/2026   1,147,080
    1,000,000       5.000   12/01/2027   1,162,950
    1,000,000       5.000   12/01/2028   1,176,700
    1,000,000       5.000   12/01/2029   1,188,110
    1,000,000       5.000   12/01/2030   1,181,140
    1,000,000       5.000   12/01/2031   1,177,290
    1,000,000       5.000   12/01/2032   1,173,000
    1,000,000       5.000   12/01/2033   1,170,110

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Illinois – (continued)

Chicago Illinois Capital Appreciation GO Bonds for City Colleges Project Series 1999 (AGM-CR) (NATL-RE) (AA/A2)(e)

$

     1,465,000       0.000 %   01/01/2030   $       1,110,382

Chicago Illinois Capital Appreciation GO Bonds for City Colleges Project Series 1999 (NATL-RE) (BBB+/Baa2)(e)

    1,050,000       0.000   01/01/2028   840,693

Chicago Illinois Capital Appreciation Refunding & Project Series 2009 C (BBB+/Ba1)(e)

    750,000       0.000   01/01/2032   493,193

Chicago Illinois GO Bonds Project and Refunding RMKT 06/08/15 Series 2005 D (BBB+/Ba1)

    300,000       5.500     01/01/2037   338,139
    3,020,000       5.500   01/01/2040   3,386,628

Chicago Illinois GO Bonds Project Refunding Series 2014 A (BBB+/Ba1)

    1,500,000       5.250   01/01/2033   1,641,555
    630,000       5.000   01/01/2034   682,977
    11,590,000       5.000   01/01/2036   12,532,035

Chicago Illinois GO Bonds Project Refunding Series 2017 A (BBB+/NR)

    3,460,000       6.000   01/01/2038   4,153,453

Chicago Illinois GO Bonds Project Series 2011 A (BBB+/Ba1)

    650,000       5.000   01/01/2040   664,976

Chicago Illinois GO Bonds Project Series 2012 A (BBB+/Ba1)

    2,905,000       5.000   01/01/2034   3,041,070

Chicago Illinois GO Bonds Series 2010 B (BBB+/Ba1)

    1,120,000       7.517   01/01/2040   1,353,923

Chicago Illinois GO Bonds Series 2015 A (BBB+/NR)

    1,320,000       5.500   01/01/2039   1,482,334

Chicago Illinois GO Bonds Series 2015 B (BBB+/NR)

    13,893,000       7.375   01/01/2033   16,642,147

Chicago Illinois GO Bonds Series 2019 (BBB+/NR)

    2,700,000       5.000   01/01/2027   3,117,933
    3,760,000       5.000   01/01/2028   4,397,583
    4,890,000       5.000   01/01/2029   5,767,364
    2,720,000       5.000   01/01/2031   3,178,238

Chicago Illinois GO Bonds Series 2019 A (BBB+/NR)

    3,000,000       5.500   01/01/2049   3,535,080

Chicago Illinois GO Refunding Bonds Capital Appreciation Series 2007 C (NATL-RE) (BBB+/Baa2)

    4,405,000       5.000   01/01/2030   4,420,373

Chicago Illinois GO Refunding Bonds Series 2012 B (BBB+/Ba1)

    2,385,000       5.432   01/01/2042   2,462,274

Chicago Illinois GO Refunding Bonds Series 2015 C (BBB+/NR)

    2,575,000       5.000   01/01/2024   2,828,148
    4,435,000       5.000   01/01/2025   4,966,224
    5,600,000       5.000   01/01/2038   6,159,720

Chicago Illinois Midway Airport RB Refunding Second Lien Series 2013 A (AMT) (A/A3)

    2,500,000       5.500   01/01/2029   2,790,825

Chicago Illinois O’Hare International Airport RB General Airport Senior Lien Series 2018 B (A/NR)

    7,000,000       5.000   01/01/2039   8,562,890

Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2012 A (AMT) (A/A2)

    4,700,000       5.000   01/01/2020   4,700,000

Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2015 A (AMT) (A/NR)

    2,095,000       5.000   01/01/2023   2,319,207
    4,760,000       5.000   01/01/2024   5,421,545

Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2016 C (A/NR)

    9,105,000       5.000   01/01/2037   10,666,508

Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2016 D (A/NR)

    8,000,000       5.250   01/01/2035   9,703,120

Chicago Illinois Sales Tax Refunding Series 2002 (ETM) (BBB-/NR)(a)

    1,105,000       5.000   01/01/2025   1,306,198

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Illinois – (continued)

Chicago Illinois Tax Increment Allocation RB Refunding for Pilsen Redevelopment Project Series 2014 A (A+/NR)

$

     1,135,000       5.000 %   06/01/2020   $       1,150,913

Chicago Illinois Wastewater Transmission RB Second Lien Series 2017 A (AGM) (AA/NR)

    475,000       5.250   01/01/2042   558,021
    1,330,000       4.000   01/01/2052   1,413,178

Chicago Illinois Water RB Refunding Second Lien Project RMKT 05/23/16 Series 2000 (A/Baa2)

    1,500,000       5.000     11/01/2028   1,769,190
    1,780,000       5.000   11/01/2029   2,090,574
    1,000,000       5.000   11/01/2030   1,169,380

Chicago Illinois Water RB Refunding Second Lien Project RMKT 05/23/16 Series 2004 (A/NR)

    1,500,000       5.000   11/01/2026   1,800,450

Chicago Illinois Water RB Refunding Second Lien Project Series 2012 (A/Baa2)

    15,475,000       5.000   11/01/2042   16,567,226

City of Chicago Taxable GO Unlimited Bonds Series 2012 B (AGM-CR) (AA/A2)

    265,000       5.432   01/01/2042   303,237

City of Chicago Taxable GO Unlimited Bonds Series 2014 B (AGM-CR) (AA/A2)

    5,650,000       6.314   01/01/2044   7,225,220

Cook County High School District No. 209 Proviso Township GO Bonds Limited Tax School Series 2018 B (AGM) (AA/NR)

    10,350,000       5.500   12/01/2036   12,937,293

Cook County Illinois GO Refunding Bonds Series 2010 A (AA-/A2)

    4,000,000       5.250   11/15/2033   4,119,520

Cook County School District No. 95 GO Refunding Bonds for Brookfield-Lagrange Park Project Series 2017 A (NR/Aa2)

    840,000       4.000   12/01/2023   921,581

County of Will Illinois GO Bonds Series 2019 (AA+/Aa1)

    1,500,000       4.000   11/15/2047   1,664,430

Illinois Finance Authority RB for Columbia College Chicago Series 2019 (BBB+/NR)

    605,000       5.000   12/01/2034   701,135
    775,000       5.000   12/01/2039   884,422
    1,000,000       5.000   12/01/2044   1,127,990

Illinois Finance Authority RB for Cook County School District No. 73 East Prairie Series 2018 (BAM) (AA/A1)

    2,325,000       4.000   12/01/2036   2,566,660
    1,420,000       4.000   12/01/2037   1,560,722
    4,230,000       4.000   12/01/2042   4,592,765

Illinois Finance Authority RB for Cook County School District No. 95 Brookfield Series 2018 (NR/Aa2)

    500,000       4.000   12/01/2038   545,940
    400,000       4.000   12/01/2040   435,284
    1,085,000       4.000   12/01/2042   1,174,849

Illinois Finance Authority RB for Northwestern Memorial Healthcare Obligation Group Series 2017 A (AA+/Aa2)

    19,555,000       4.000   07/15/2047   21,286,009

Illinois Finance Authority RB for Northwestern University Series 2015 (AAA/Aa1)

    5,185,000       5.000   12/01/2026   6,257,154

Illinois Finance Authority RB Refunding for Edward Elmhurst Healthcare Obligation Group Series 2018 A (A/NR)

    4,000,000       4.250   01/01/2044   4,292,800

Illinois Finance Authority RB Refunding for Franciscan Communities Project Series 2017 A (BBB-/NR)

    1,425,000       4.000   05/15/2027   1,503,019

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Illinois – (continued)

Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (NR/Baa3)

$

     750,000       5.000 %   09/01/2026   $          879,930
    500,000       5.000   09/01/2027   594,775
    500,000       5.000   09/01/2028   601,665
    1,600,000       5.000   09/01/2030   1,925,856
    1,000,000       5.000   09/01/2031   1,196,990
    1,000,000       5.000   09/01/2032   1,192,900
    1,035,000       5.000   09/01/2033   1,231,236
    1,150,000       5.000   09/01/2034   1,363,406

Illinois Finance Authority RB Refunding for University of Chicago Series 2018 A (AA-/Aa2)

    2,100,000       5.000   10/01/2041   2,527,980

Illinois Sales Tax Securitization Corp. RB Refunding Series 2018 C (AA-/NR)

    10,685,000       5.000     01/01/2026   12,463,625
    8,170,000       5.000   01/01/2027   9,687,741
    15,355,000       5.000   01/01/2028   18,472,065
    11,790,000       5.000   01/01/2029   14,335,107

Illinois Sports Facilities Authority Refunding Bonds Series 2014 (AGM) (AA/NR)

    4,160,000       5.000   06/15/2027   4,684,243

Illinois State GO Bonds for Build America Bonds Series 2010-5 (BBB-/Baa3)

    1,780,000       7.350   07/01/2035   2,160,564

Illinois State GO Bonds Pension Funding Series 2003 (BBB-/Baa3)

    39,035,000       5.100   06/01/2033   42,080,901

Illinois State GO Bonds Series 2013 (BBB-/Baa3)

    5,000,000       5.500   07/01/2024   5,542,850
    1,950,000       5.500   07/01/2025   2,160,873
    2,150,000       5.500   07/01/2026   2,380,609
    3,165,000       5.500   07/01/2027   3,500,174
    5,500,000       5.250   07/01/2028   6,023,325
    9,490,000       5.500   07/01/2038   10,384,527

Illinois State GO Bonds Series 2017 A (BBB-/Baa3)

    375,000       4.500   12/01/2041   400,523

Illinois State GO Bonds Series 2017 C (BBB-/Baa3)

    26,930,000       5.000   11/01/2029   30,822,462

Illinois State GO Bonds Series 2017 D (BBB-/Baa3)

    18,405,000       5.000   11/01/2021   19,431,447
    14,700,000       5.000   11/01/2022   15,867,474
    3,615,000       5.000   11/01/2023   3,979,645
    46,925,000       5.000   11/01/2024   52,386,131
    27,000,000       5.000   11/01/2025   30,492,450
    13,905,000       5.000   11/01/2027   16,095,316
    600,000       5.000   11/01/2028   690,882

Illinois State GO Bonds Series 2018 A (BBB-/Baa3)

    7,860,000       5.000   05/01/2020   7,947,010
    16,380,000       5.000   05/01/2031   18,856,492
    1,760,000       5.000   05/01/2042   1,968,243
    1,760,000       5.000   05/01/2043   1,964,565

Illinois State GO Bonds Series 2019 C (BBB-/Baa3)

    9,175,000       4.000   11/01/2042   9,598,426

Illinois State GO Refunding Bonds Series 2016 (AGM) (AA/A2)

    3,960,000       4.000   02/01/2030   4,354,258
    1,185,000       4.000   02/01/2031   1,297,231

Illinois State GO Refunding Bonds Series 2017 D (BBB-/Baa3)

    2,235,000       5.000   11/01/2020   2,296,440

Illinois State Sales Tax RB Junior Obligation Series 2016 A (BBB/NR)

    1,605,000       5.000   06/15/2022   1,712,134

Illinois State Sales Tax RB Refunding Junior Obligation Series 2016 C (BBB/NR)

    675,000       4.000   06/15/2021   693,313
    2,875,000       5.000   06/15/2022   3,066,906

Illinois State Sales Tax RB Refunding Junior Obligation Series 2016 D (BBB/NR)

    3,185,000       4.000   06/15/2021   3,271,409

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Illinois – (continued)

Illinois State Toll Highway Authority RB Refunding Senior Series 2019 B (AA-/A1)

$

     2,745,000       5.000 %   01/01/2025   $       3,228,202

Illinois State Toll Highway Authority RB Refunding Senior Series 2019 C (AA-/A1)

    12,280,000       5.000   01/01/2026   14,794,944

Kendall Kane & Will Counties Community Unit School District No. 308 GO Bonds Series 2011 A (NR/A2)

    4,545,000       5.000   02/01/2029   4,702,666

Metropolitan Pier & Exposition Authority RB Capital Appreciation for McCormick Place Expansion Series 2002 A (NATL-RE)
(BBB/Baa2)(e)

    5,600,000       0.000   12/15/2032   3,745,896

Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL-RE) (BBB/Baa2)(e)

    2,685,000       0.000     12/15/2031   1,873,620

Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL-RE) (BBB/NR)

    1,555,000       5.700   06/15/2024   1,708,618

Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL-RE) (NR/NR)(a)

    460,000       5.700   06/15/2022   514,887

Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2012 B (ST APPROP) (BBB/NR)

    4,390,000       5.000   12/15/2028   4,693,744

Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (BBB/NR)

    2,000,000       5.000   12/15/2028   2,340,520
    300,000       5.000   12/15/2032   345,912
    600,000       5.000   12/15/2033   690,528
    500,000       5.000   12/15/2034   574,195
    1,260,000       0.000 (b)    12/15/2037   863,465
    3,500,000       0.000 (b)    12/15/2042   2,381,575
    3,850,000       0.000 (b)    12/15/2047   2,597,172

Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2020 A (BBB/NR)(h)

    1,390,000       4.000   06/15/2050   1,450,646
    1,160,000       5.000   06/15/2050   1,334,812

Railsplitter Tobacco Settlement Authority Tobacco Settlement RB Series 2010 (BBB+/NR)(a)

    1,125,000       6.000   06/01/2021   1,201,804

Regional Transportation Authority Illinois GO Refunding Bonds Series 2017 A (AA/NR)

    4,415,000       5.000   07/01/2029   5,361,223

Southwestern Illinois Development Authority RB Capital Appreciation for Local Government Program Series 2007 (AGM) (AA/NR)(e)

    6,020,000       0.000   12/01/2025   5,283,935

Springfield Illinois Senior Lien Electric RB Refunding Series 2015 (AGM) (AA/A2)

    4,000,000       3.500   03/01/2030   4,231,280

State of Illinois GO Bonds Series 2010-1 (BBB-/Baa3)

    1,100,000       6.630   02/01/2035   1,289,794

State of Illinois GO Bonds Series 2012 A (BBB-/Baa3)

    300,000       5.000   01/01/2034   313,362

State of Illinois GO Bonds Series 2014 (BBB-/Baa3)

    570,000       5.000   02/01/2024   629,063

State of Illinois GO Bonds Series 2016 (BBB-/Baa3)

    2,820,000       4.000   06/01/2032   2,975,777

State of Illinois GO Bonds Series 2017 A (BBB-/Baa3)

    3,455,000       5.000   12/01/2027   4,035,060

State of Illinois GO Bonds Series 2017 D (BBB-/Baa3)

    1,850,000       3.250   11/01/2026   1,882,671
    9,450,000       5.000   11/01/2026   10,814,391

State of Illinois GO Refunding Bonds Series 2016 (BBB-/Baa3)

    3,800,000       5.000   02/01/2028   4,376,460

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Illinois – (continued)

State of Illinois GO Refunding Bonds Series 2018 A (BBB-/Baa3)

$

     500,000       5.000 %   10/01/2028   $          585,925

State of Illinois GO Unlimited Bonds Series 2016 (BBB-/Baa3)

    2,360,000       5.000   11/01/2020   2,425,466

State of Illinois GO Unlimited Bonds Series 2017 A (BBB-/Baa3)

    1,500,000       4.000   12/01/2033   1,593,075
    5,000,000       4.250   12/01/2037   5,337,050

State of Illinois GO Unlimited Refunding Bonds Series 2018 B (BBB-/Baa3)

    5,100,000       5.000   10/01/2027   5,944,203

Village of Hillside Illinois Tax Increment RB Refunding Series 2018 (NR/NR)

    1,150,000       5.000     01/01/2024   1,190,296
    2,690,000       5.000   01/01/2030   2,869,611

Village of Morton Grove Tax Increment Senior Lien RB for Sawmill Station Redevelopment Project Series 2019 (NR/NR)

    1,000,000       4.250   01/01/2029   999,260

Village of Romeoville GO Refunding Bonds Series 2019 (AA/Aa2)

    3,055,000       5.000   12/30/2027   3,805,338
    3,235,000       5.000   12/30/2028   4,078,559

Village of Romeoville RB Refunding for Lewis University Series 2018 B (BBB+/NR)

    210,000       4.125   10/01/2041   216,627
    420,000       4.125   10/01/2046   431,546
       

 

        884,111,942

 

Indiana – 0.5%

City of Mishawaka RB for Sewerage Works Series 2018 (AGM) (AA/NR)

    1,845,000       2.000   09/01/2038   1,628,305

City of Whiting Environmental Facilities RB for BP Products North America, Inc. Project Series 2015 (AMT) (A-/A1)(c)(d)

    3,000,000       5.000   11/01/2022   3,276,240

City of Whiting Environmental Facilities RB Refunding for BP Products North America, Inc. Project Series 2019 A (AMT) (A-/A1)(c)(d)

    11,500,000       5.000   06/05/2026   13,590,010

Indiana Finance Authority Educational Facilities RB for Marian University, Inc. Series 2019 A (BBB/NR)

    540,000       5.000   09/15/2034   649,641
    680,000       5.000   09/15/2039   803,155
    445,000       4.000   09/15/2044   474,895

Indiana Finance Authority RB for Goshen Health Obligated Group Series 2019 B (A-/NR)(c)(d)

    2,300,000       2.100   11/01/2026   2,333,212

Indiana Finance Authority RB Refunding for Parkview Health System Obligation Group Series 2018 C (AA-/Aa3)(c)

(SIFMA Municipal Swap Index Yield + 0.55%),

    3,940,000       2.160   11/01/2023   3,955,484

Indiana Municipal Power Agency Power Supply System RB Refunding Series 2016 A (A+/A1)

    3,000,000       5.000   01/01/2042   3,488,070

Purdue University RB Refunding Series 2016 CC (AAA/Aaa)

    7,245,000       5.000   07/01/2026   8,930,332

Purdue University RB Series 2007 A (AAA/Aaa)

    3,035,000       5.250   07/01/2029   3,912,115
       

 

        43,041,459

 

Iowa – 0.1%

City of Davenport GO Corporate Bonds Series 2019 IA (AA/Aa3)

    1,060,000       4.000   06/01/2031   1,210,615

Coralville Iowa COPS Series 2016 E (BB/NR)

    460,000       4.000   06/01/2020   460,984
    500,000       4.000   06/01/2021   502,985

Iowa Finance Authority Midwestern Disaster Area Iowa Fertilizer Company Project RB Refunding Series 2019 (B+/NR)

    2,335,000       3.125   12/01/2022   2,368,858

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Iowa – (continued)

Iowa Finance Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 A-1 (BBB/NR)

$

     1,700,000       4.000 %   05/15/2055   $       1,719,907
    2,300,000       5.000   05/15/2055   2,565,374

Iowa Finance Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 A-2 (BBB/NR)

    1,750,000       2.875   05/15/2049   1,760,378
       

 

        10,589,101

 

Kansas – 0.1%

City of Wichita Health Care Facilities RB for Presbyterian Manors Obligated Group Series III-2019 (NR/NR)

    250,000       4.000     05/15/2020   251,370
    450,000       4.000   05/15/2021   458,698
    1,300,000       4.000   05/15/2023   1,356,134
    1,015,000       4.000   05/15/2024   1,067,699
    1,060,000       5.000   05/15/2025   1,174,300
    1,165,000       5.000   05/15/2027   1,320,399
       

 

        5,628,600

 

Kentucky – 2.0%

Kentucky Asset Liability Commission General Fund RB Refunding for Floating Rate Project Notes Series 2007 A (NATL-RE) (A-/A1)(g)

    (3 Mo. LIBOR + 0.53%),  
    9,505,000       1.809   11/01/2027   9,433,523

Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (AA/A2)

    1,200,000       4.000   06/01/2037   1,300,980
    400,000       4.000   06/01/2045   425,472

Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 B (AGM) (AA/A2)

    955,000       4.000   06/01/2037   1,037,359

Kentucky Economic Development Finance Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (BBB+/Baa1)

    855,000       5.000   08/01/2035   1,032,831
    855,000       5.000   08/01/2036   1,028,890

Kentucky Public Energy Authority Gas Supply RB Series 2018 B (NR/A1)(c)(d)

    25,000,000       4.000   01/01/2025   27,606,000

Kentucky Public Energy Authority Gas Supply RB Series 2018 C-1 (A/A3)(c)(d)

    16,000,000       4.000   06/01/2025   17,720,000

Kentucky Public Energy Authority Gas Supply RB Series 2019 A-1 (A/A3)(c)(d)

    42,955,000       4.000   06/01/2025   47,611,752

Kentucky State Property & Building Commission RB Refunding Project No. 112 Series 2016 B (ST APPROP) (A-/A1)

    8,145,000       5.000   11/01/2025   9,648,241

Louisville & Jefferson County Metropolitan Government Health System RB for Norton Healthcare, Inc. Series 2016 A (A/NR)

    2,000,000       4.000   10/01/2034   2,185,420

Louisville & Jefferson County Metropolitan Government PCRB for Louisville Gas & Electric Company Project Series 2001 B (AMT) (A/A1)(c)(d)

    3,080,000       2.550   05/03/2021   3,127,832

Louisville & Jefferson County Metropolitan Sewer District RB for Kentucky Sewer & Drainage System Series 2011 A (AA/Aa3)

    2,295,000       5.000   05/15/2030   2,451,886

Louisville & Jefferson County Metropolitan Sewer District RB Refunding for Kentucky Sewer & Drainage System Series 2018 A (AA/Aa3)

    10,000,000       4.000   05/15/2038   11,276,400

Louisville & Jefferson County Metropolitan Sewer District RB Series 2019 (SP-1+/MIG1)

    21,465,000       3.000   10/23/2020   21,774,740

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Kentucky – (continued)

University of Kentucky General Receipts Refunding Bonds Series 2015 A (AA/Aa2)

$

     3,260,000       4.000 %   04/01/2026   $       3,693,971
       

 

        161,355,297

 

Louisiana – 1.4%

Calcasieu Parish Memorial Hospital Service District RB for Southwest Louisiana Healthcare System Obligated Group Series 2019 (BB+/NR)

    520,000       4.000     12/01/2020   530,618
    770,000       4.000   12/01/2021   802,094
    815,000       4.000   12/01/2022   865,106
    1,135,000       4.000   12/01/2023   1,225,425
    1,150,000       4.000   12/01/2024   1,260,331
    1,385,000       5.000   12/01/2025   1,609,786
    1,455,000       5.000   12/01/2026   1,716,100
    1,530,000       5.000   12/01/2027   1,826,636
    1,605,000       5.000   12/01/2028   1,933,046
    1,000,000       5.000   12/01/2029   1,214,680

Lakeshore Villages Master Community Development District Special Assessment Series 2019 (NR/NR)(f)

    500,000       3.625   06/01/2024   498,775
    1,000,000       3.750   06/01/2030   990,620

Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for Ragin Cajun Facilities, Inc. Series 2017 (AGM) (AA/NR)

    1,230,000       5.000   10/01/2026   1,480,969
    2,750,000       5.000   10/01/2027   3,371,473

Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for Westlake Chemical Corp. Projects Series 2017 (BBB/Baa2)

    14,185,000       3.500   11/01/2032   14,976,807

Louisiana Local Government Environmental Facilities & Community Development Authority Subordinate Lien RB for East Baton Rouge Sewerage Commission Projects Series 2014 A (A+/A1)

    6,250,000       4.375   02/01/2039   6,724,750

Louisiana Local Government Environmental Facilities and Community Development Authority RB Refunding for Ragin’ Cajun Facilities, Inc. - Student Housing & Parking Project Series 2017 (AGM) (AA/NR)

    900,000       2.750   10/01/2023   942,057
    670,000       5.000   10/01/2023   755,512

Louisiana Public Facilities Authority RB for Louisiana State University & Agricultural & Mechanical College Auxiliary Greenhouse Phase III Project Series 2019 A (A/A3)

    900,000       4.000   07/01/2044   978,948
    900,000       4.000   07/01/2049   970,344

Louisiana Public Facilities Authority RB Refunding for Energy LLC Project Series 2016 A (A/A2)

    2,125,000       3.375   09/01/2028   2,162,102

Louisiana Public Facilities Authority RB Refunding for Energy LLC Project Series 2016 B (A/A2)

    1,625,000       3.500   06/01/2030   1,660,945

Louisiana Public Facilities Authority RB Refunding for Ochsner Clinic Foundation Project Series 2017 (NR/A3)

    3,695,000       4.000   05/15/2042   3,935,027
    3,000,000       5.000   05/15/2046   3,433,110

New Orleans Aviation Board GARB Series 2015 B (AMT) (A/A2)

    3,750,000       5.000   01/01/2034   4,264,725

New Orleans Aviation Board General Airport RB for North Terminal Project Series 2017 B (AMT) (A/A2)

    1,000,000       5.000   01/01/2048   1,143,940

Port of New Orleans Board of Commissioners RB Refunding Series 2013 B (A/A2)

    500,000       5.000   04/01/2030   546,535

St. John Baptist Parish RB Refunding for Marathon Oil Corp. Series 2017 A-1 (BBB/Baa3)(c)(d)

    11,300,000       2.000   04/01/2023   11,371,642

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Louisiana – (continued)

St. John Baptist Parish RB Refunding for Marathon Oil Corp. Series 2017 A-2 (BBB/Baa3)(c)(d)

$

     15,505,000       2.100 %   07/01/2024   $     15,653,073

St. John Baptist Parish RB Refunding for Marathon Oil Corp. Series 2017 A-3 (BBB/Baa3)(c)(d)

    21,235,000       2.200     07/01/2026   21,418,046
       

 

        110,263,222

 

Maine – 0.5%

City of Portland General Airport RB Refunding Green Bonds Series 2019 (A-/Baa1)

    480,000       3.000   01/01/2025   515,381
    800,000       3.000   01/01/2026   865,040
    800,000       3.000   01/01/2027   868,664
    300,000       5.000   01/01/2028   372,690
    225,000       5.000   01/01/2029   283,471
    270,000       5.000   01/01/2030   344,946
    370,000       5.000   01/01/2031   469,852
    810,000       5.000   01/01/2032   1,021,151
    690,000       5.000   01/01/2033   864,515
    620,000       5.000   01/01/2034   774,274

Finance Authority of Maine RB Refunding for Supplemental Education Loan Series 2019 A-1 (AMT) (AGM) (AA/A2)

    250,000       5.000   12/01/2020   257,863
    305,000       5.000   12/01/2021   324,667
    400,000       5.000   12/01/2022   438,268
    500,000       5.000   12/01/2023   562,225
    500,000       5.000   12/01/2024   575,585
    450,000       5.000   12/01/2025   528,507
    1,530,000       5.000   12/01/2026   1,825,106
    1,500,000       5.000   12/01/2027   1,814,940
    1,000,000       5.000   12/01/2028   1,215,250

Maine Turnpike Authority RB Refunding Series 2015 (AA-/Aa3)

    1,575,000       5.000   07/01/2026   1,882,708

State of Maine GO Bonds Series 2018 D (AA/Aa2)

    9,765,000       5.000   06/01/2024   11,372,905
    10,470,000       5.000   06/01/2025   12,542,955
       

 

        39,720,963

 

Maryland – 1.1%

Baltimore Maryland Special Obligation Refunding for Baltimore Research Park Project Series 2017 A (NR/NR)

    425,000       4.000   09/01/2027   454,690
    650,000       4.500   09/01/2033   701,480

City of Annapolis GO Refunding Bonds for Public Improvements Series 2015 B (AA+/Aa2)

    1,725,000       4.000   08/01/2027   2,051,491

City of Baltimore Tax Allocation Refunding for Harbor Point Special Taxing District Project Series 2019 A (NR/NR)(f)

    100,000       2.600   06/01/2021   100,040
    100,000       2.650   06/01/2022   100,068
    150,000       2.700   06/01/2023   150,144
    100,000       2.750   06/01/2024   100,123
    160,000       3.000   06/01/2024   160,138
    125,000       2.800   06/01/2025   125,185
    135,000       2.850   06/01/2026   135,234
    175,000       2.950   06/01/2027   175,460
    190,000       3.050   06/01/2028   190,559
    200,000       3.150   06/01/2029   200,644
    300,000       3.375   06/01/2029   300,378
    200,000       3.200   06/01/2030   200,878
    200,000       3.250   06/01/2031   200,946
    250,000       3.300   06/01/2032   251,262
    270,000       3.350   06/01/2033   271,447

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Maryland – (continued)

City of Brunswick Special Tax Refunding for Brunswick Crossing Special Taxing District Series 2019 (NR/NR)

$

     385,000       3.000 %   07/01/2020   $          387,037
    880,000       3.000   07/01/2024   890,384
    950,000       4.000   07/01/2029   1,007,142

County of Baltimore GO Bonds for Build America Bonds Series 2010 C (AAA/Aaa)

    1,830,000       3.810     11/01/2023   1,939,288

County of Montgomery Public Improvement GO Bonds Series 2013 A (AAA/Aaa)

    13,475,000       4.000   11/01/2027   14,813,606

Frederick County Maryland Special Tax for Lake Linganore Village Community Development Series 2001 A (ASSURED GTY) (AA/NR)

    40,000       5.600   07/01/2020   40,144
    555,000       5.700   07/01/2029   556,992

Frederick County Maryland Tax Allocation Refunding for Oakdale-Lake Linganore Development District Series 2019 B (NR/NR)

    1,410,000       3.750   07/01/2039   1,425,750

Maryland Economic Development Corp. RB for Ports America Chesapeake LLC Project Series 2019 A (AMT) (NR/Baa3)

    1,000,000       5.000   06/01/2044   1,189,720

Maryland Economic Development Corp. RB Refunding for Potomac Electric Power Co. Project Series 2019 (A-/Baa1)

    6,620,000       1.700   09/01/2022   6,681,765

Maryland State Economic Development Corporation Student Housing RB Refunding for University of Maryland College Park Projects Series 2016 (AGM) (AA/A2)

    600,000       4.000   06/01/2020   606,762

Maryland State GO Bonds for State & Local Facilities Loan Second Series 2014 B (AAA/Aaa)(a)

    15,900,000       5.000   08/01/2022   17,493,021

Maryland State GO Bonds for State & Local Facilities Loan Series 2013 B (AAA/Aaa)

    10,000,000       5.000   03/15/2025   11,934,200

State of Maryland Department of Transportation RB Series 2015 (AAA/Aa1)

    15,780,000       4.000   02/01/2030   17,032,143

State of Maryland Department of Transportation Third Issue RB Series 2015 (AAA/Aa1)

    5,145,000       4.000   12/15/2026   5,690,576
       

 

        87,558,697

 

Massachusetts – 2.5%

Commonwealth of Massachusetts GO Bonds Series 2014 A (AA/NR)

    7,265,000       5.000   12/01/2041   7,746,234

Commonwealth of Massachusetts GO Bonds Series 2014 A (NR/NR)(a)

    7,175,000       5.000   12/01/2021   7,702,721

Commonwealth of Massachusetts GO Refunding Bonds Series 2004 A (AMBAC) (AA/Aa1)

    28,900,000       5.500   08/01/2030   39,316,716

Massachusetts Development Finance Agency RB for Harvard University Series 2010 B-2 (AAA/Aaa)(a)

    5,000,000       5.250   02/01/2021   5,224,450

Massachusetts Development Finance Agency RB for Harvard University Series 2016 A (AAA/Aaa)

    5,000,000       5.000   07/15/2036   7,070,800
    25,890,000       5.000   07/15/2040   37,403,542

Massachusetts Development Finance Agency RB for Linden Ponds, Inc. Series 2018 (BB/NR)(f)

    1,600,000       4.000   11/15/2023   1,675,024
    1,200,000       5.000   11/15/2028   1,391,688

Massachusetts Development Finance Agency RB for Wellesley College Series 2012 J (AA+/Aa1)

    7,000,000       5.000   07/01/2042   7,606,060

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

     Value
Municipal Bonds – (continued)

Massachusetts – (continued)

Massachusetts Development Finance Agency RB Refunding for Carleton-Willard Homes, Inc. Series 2019 (A-/NR)

$

     225,000       4.000 %     12/01/2042     $          243,126
    245,000       5.000     12/01/2042     282,679

Massachusetts Development Finance Agency Wellforce Obligation Group RB Refunding Series 2019 A (BBB+/NR)

    825,000       5.000     07/01/2038     985,999
    1,850,000       5.000     07/01/2039     2,202,073

Massachusetts School Building Authority RB Series 2018 B (AA/Aa3)

    10,735,000       4.000       02/15/2039     11,487,309

Massachusetts School Building Authority RB Taxable Refunding Series 2019 B (AA/Aa3)

    2,195,000       2.078     10/15/2023     2,194,583

Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL-RE) (AA/Aa1)(g)

    (3 Mo. LIBOR + 0.57%),    
    1,970,000       1.849     05/01/2037     1,946,931

Massachusetts State GO Bonds Consolidated Loan Series 2012 A (BHAC-CR) (FGIC) (AA+/Aa1)(g)

    (3 Mo. LIBOR + 0.57%),    
    1,735,000       1.849     05/01/2037     1,714,683

Massachusetts State GO Bonds Consolidated Loan Series 2018 D (AA/Aa1)

    7,500,000       4.000     05/01/2039     8,487,600

Massachusetts State GO Bonds Consolidated Loan Series 2019 G (AA/Aa1)

    17,475,000       4.000     09/01/2037     20,245,836

Massachusetts Transportation Trust Fund Metropolitan Highway System Senior RB Refunding Series 2019 A (A+/A2)

    8,500,000       5.000     01/01/2026     10,300,640
    10,000,000       5.000     01/01/2027     12,387,900

Massachusetts Transportation Trust Fund Metropolitan Highway System Subordinate RB Series 2019 A (AA/Aa2)(c)(d)

    5,525,000       5.000     01/01/2023     6,133,523

Massachusetts Water Resources Authority RB Refunding Series 2012 B (AA+/Aa1)(a)

    7,220,000       5.000     08/01/2022     7,933,625
       

 

        201,683,742

 

Michigan – 2.9%

City of Detroit Financial Recovery GO Bonds Series 2014 B-1
(NR/NR)(d)

    23,263,183       4.000     04/01/2034     20,725,170

City of Detroit Financial Recovery Series 2014 B-2 (NR/NR)(d)

    331,114       4.000     04/01/2034     294,989

Detroit Downtown Development Authority RB Refunding for Catalyst Development Project Series 2018 A (AGM) (AA/NR)

    1,075,000       5.000     07/01/2026     1,225,446
    1,130,000       5.000     07/01/2027     1,284,561
    1,000,000       5.000     07/01/2028     1,132,700
    1,000,000       5.000     07/01/2029     1,129,420
    3,435,000       5.000     07/01/2033     3,846,582
    3,330,000       5.000     07/01/2036     3,712,517

Ecorse Public School District GO Refunding Bonds Series 2019 (Q-SBLF) (NR/Aa1)

    6,200,000       2.192     05/01/2026     6,132,296
    15,160,000       2.302     05/01/2027     14,990,208

Great Lakes Water Authority Sewage Disposal System RB Refunding for Second Lien Series 2016 C (A/A3)

    3,000,000       5.000     07/01/2035     3,518,370

Great Lakes Water Authority Water Supply System Refunding Senior Lien RB Series 2016C (AA-/A2)

    8,300,000       5.250     07/01/2033     9,942,902
    17,775,000       5.250     07/01/2034     21,254,634

Lansing Board of Water & Light Michigan Utility System RB Series 2019 A (AA-/Aa3)

    39,250,000       5.000     07/01/2044     48,037,682

 

Principal

Amount

  

Interest

Rate

    

Maturity

Date

     Value
Municipal Bonds – (continued)

Michigan – (continued)

 

  

Michigan Finance Authority Hospital RB for Henry Ford Health System Obligated Group Series 2019 A (A/A2)

$

  

1,850,000

     5.000 %     11/15/2048     $       2,229,713
 

3,700,000

     4.000     11/15/2050     4,035,664

Michigan Finance Authority Hospital RB for McLaren Health Care Corp. Obligated Group Series 2019 A (AA-/A1)

 

3,750,000

     4.000     02/15/2047     4,096,688
 

17,000,000

     4.000     02/15/2050     18,509,430

Michigan Finance Authority Local Government Loan Program RB for Detroit Financial Recovery Income Tax Revenue and Refunding Local Project Bonds Series 2014 F (BB+/NR)

 

1,000,000

     3.875       10/01/2023     1,059,030

Michigan Finance Authority Local Government Loan Program RB for Detroit Water and Sewerage Department Sewage Disposal System Local Project Senior Lien Series 2014 D-4 (AA-/A2)

 

1,000,000

     5.000     07/01/2034     1,134,380

Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewer Series 2014 D-1 (NATL-RE) (A+/A3)

 

650,000

     5.000     07/01/2036     734,155

Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Local Project Senior Lien Series 2014 C-1 (A+/A2)

 

1,000,000

     5.000     07/01/2044     1,071,010

Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Local Project Senior Lien Series 2014 C-3 (AGM) (AA/A2)

 

325,000

     5.000     07/01/2032     372,911
 

250,000

     5.000     07/01/2033     284,665

Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Second Lien Series 2015 C (A/A3)

 

1,945,000

     5.000     07/01/2033     2,251,979

Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Local Project Senior Lien Series 2014 D-1 (AGM) (AA/A2)

 

400,000

     5.000     07/01/2035     454,168

Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Series 2015 D-1 (AA-/A2)

 

1,000,000

     5.000     07/01/2029     1,171,470

Michigan Finance Authority Local Government Loan Program RB Refunding for Trinity Health Corp. Obligated Group Project Series 2011 (AA-/Aa3)(a)

 

4,470,000

     5.000     12/01/2021     4,794,343

Michigan Finance Authority Local Government Loan Program RB Refunding for Trinity Health Corp. Obligated Group Project Series 2015 (AA-/Aa3)(a)

 

4,290,000

     5.000     06/01/2022     4,681,591

Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (AGM) (AA/A2)

 

15,000,000

     4.250     12/31/2038     16,649,850

Michigan Strategic Fund RB Refunding for The Detroit Edison Company Pollution Control Bonds Project Series 1995 CC (A/Aa3)(c)(d)

 

1,115,000

     1.450     09/01/2021     1,112,993

Michigan Tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 C (CCC-/NR)(e)

 

9,500,000

     0.000     06/01/2052     554,610

Okemos Public Schools GO Bonds Series 2019 (Q-SBLF) (NR/Aa1)

 

2,000,000

     5.000     05/01/2023     2,249,180
 

2,125,000

     5.000     05/01/2024     2,463,768

Van Buren Public Schools Michigan GO Unlimited Refunding Bonds Series 2019 (Q-SBLF) (AA/NR)

 

2,485,000

     4.000     11/01/2026     2,898,653
 

2,585,000

     4.000     11/01/2027     3,037,789

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

  

Interest

Rate

    

Maturity

Date

     Value
Municipal Bonds – (continued)

Michigan – (continued)

Warren Consolidated School District Unlimited Tax GO Refunding Bonds for School Building and Site Bonds Series 2016 (Q-SBLF) (AA/NR)

$

   1,145,000     5.000 %     05/01/2025     $       1,347,906
  1,215,000     5.000     05/01/2026     1,463,698
  3,705,000     5.000     05/01/2027     4,443,888

Washtenaw County Ypsilanti Community Schools Unlimited Tax GO Refunding Bonds Series 2015 B (Q-SBLF) (AA/NR)

  2,160,000     5.000     05/01/2022     2,334,766

Wayne County Airport Authority RB for Detroit Metropolitan Wayne County Airport Series 2017 B (AMT) (A/A2)

  400,000     5.000       12/01/2033     480,944
  1,065,000     5.000     12/01/2034     1,277,585
  650,000     5.000     12/01/2035     777,660
  800,000     5.000     12/01/2036     954,696
  880,000     5.000     12/01/2037     1,046,364
       

 

        227,203,024

 

Minnesota – 0.3%

City of Minneapolis GO Green Bonds Series 2019 (AAA/NR)

 

2,390,000

     2.000     12/01/2029     2,388,614
 

2,940,000

     2.000     12/01/2030     2,919,861

City of St Cloud RB Refunding for CentraCare Health System Obligated Group Series 2019 (AA-/A2)

  3,300,000     5.000     05/01/2048     3,982,374
  1,325,000     4.000     05/01/2049     1,455,406

Duluth Economic Development Authority Health Care Facilities RB Refunding for Essentia Health Obligated Group Series 2018 A (A-/NR)

 

1,560,000

     4.250     02/15/2048     1,711,585

Duluth Independent School District No.709 COPS Refunding Series 2019 A (NR/Ba2)

  340,000     3.000     03/01/2020     340,469
  390,000     3.000     03/01/2021     393,327
  610,000     3.000     03/01/2022     617,649
  630,000     3.000     03/01/2023     638,738
  650,000     3.250     03/01/2024     664,222

Duluth Independent School District No.709 COPS Refunding Series 2019 B (SD CRED PROG) (NR/Aa2)

  365,000     5.000     02/01/2020     366,000
  300,000     5.000     02/01/2021     311,379
  320,000     5.000     02/01/2022     343,222
  380,000     5.000     02/01/2023     420,288
  400,000     5.000     02/01/2024     455,316
  375,000     5.000     02/01/2025     438,154
  370,000     5.000     02/01/2027     449,739
  350,000     5.000     02/01/2028     432,775

Minnesota Higher Education Facilities Authority RB Refunding for Bethel University Project Series 2017 (BBB-/NR)

  500,000     5.000     05/01/2047     565,935

Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (NR/Baa2)

  165,000     4.000     12/01/2026     185,998
  165,000     4.000     12/01/2027     187,292
  205,000     4.000     12/01/2028     234,450
  125,000     4.000     12/01/2029     144,378
  250,000     4.000     12/01/2030     286,030
  170,000     4.000     12/01/2031     193,344

Minnesota State Trunk Highway GO Refunding Bonds Series 2017 E (AAA/Aa1)

  1,680,000     3.000     10/01/2029     1,833,434

University of Minnesota GO Bonds Series 2013 A (AA/Aa1)

  3,185,000     4.000     02/01/2029     3,409,033
       

 

        25,369,012

 

Principal

Amount

  

Interest

Rate

    

Maturity

Date

     Value
Municipal Bonds – (continued)

Mississippi – 0.6%

Mississippi Business Finance Corp. Gulf Opportunity Zone Industrial Development RB for Chevron USA, Inc. Series 2010 G (AA/Aa2)(c)(d)

$

   35,110,000     1.600 %     01/02/2020     $       35,110,000

Mississippi Business Finance Corp. RB for Mississippi Power Co. Project First Series 2010 (A-/NR)(c)(d)

  4,120,000     2.750     12/09/2021     4,171,912

Mississippi Business Finance Corp. System Energy Resources Inc. RB Series 2019 (BBB+/Baa3)

 

5,950,000

     2.500     04/01/2022     5,972,312

Mississippi State GO Bonds Series 2015 F (AA/Aa2)

  1,000,000     4.000       11/01/2035     1,109,490

Warren County Gulf Opportunity Zone RB Refunding for International Paper Company, Series 2018 (BBB/Baa2)(c)(d)

  2,700,000     2.900     09/01/2023     2,810,970
       

 

        49,174,684

 

Missouri – 0.6%

Branson IDA Tax Increment RB Refunding for Branson Shoppes Redevelopment Project Series 2017 A (NR/NR)

  400,000     3.000     11/01/2020     402,308
  350,000     3.000     11/01/2021     353,227
  350,000     4.000     11/01/2022     362,586

I-470 Western Gateway Transportation Development District RB Series 2019 A (NR/NR)(f)

  1,000,000     4.500     12/01/2029     1,038,140

Kansas City Industrial Development Authority RB for Kansas City International Airport Series 2019 A (AMT) (A/A2)

  4,200,000     5.000     03/01/2030     5,216,148
  4,410,000     5.000     03/01/2031     5,444,586
  4,630,000     5.000     03/01/2032     5,694,530
  4,865,000     5.000     03/01/2033     5,964,003

Missouri Health & Educational Facilities Authority RB for Kansas City Art Institute Series 2018 (A-/NR)

  830,000     5.000     09/01/2038     999,038

Missouri Health & Educational Facilities Authority RB Refunding for J.B. Wright & Trenton Trust Obligated Group Series 2019 (BBB-/NR)

 

320,000

     5.000     09/01/2025     369,213
 

860,000

     5.000     09/01/2027     1,023,013
 

1,355,000

     5.000     09/01/2028     1,624,658

Missouri Health & Educational Facilities Authority RB Refunding for Mosaic Health System Series 2019 A (AA-/A1)

  420,000     4.000     02/15/2037     471,017
  675,000     4.000     02/15/2038     753,894
  500,000     4.000     02/15/2039     556,085
  1,850,000     4.000     02/15/2044     2,032,614
  5,000,000     4.000     02/15/2049     5,449,750

Missouri Southern State University Auxiliary System RB Series 2019 A (AGM) (AA/NR)

  275,000     5.000     10/01/2029     334,703

Missouri Southern State University RB Series 2019 A (AGM) (AA/NR)

  210,000     5.000     10/01/2026     247,871
  210,000     5.000     10/01/2029     257,298
  150,000     5.000     10/01/2032     181,096
  230,000     4.000     10/01/2034     251,388
  125,000     4.000     10/01/2035     136,191
  150,000     4.000     10/01/2036     162,921
  170,000     4.000     10/01/2037     184,175
  145,000     4.000     10/01/2038     156,454
  110,000     4.000     10/01/2039     118,548

Missouri State Environmental Improvement & Energy Resources Authority RB Refunding for Union Electric Co. Project Series 1992 (A/A2)

  4,270,000     1.600     12/01/2022     4,269,787

St. Louis IDA Financing RB Refunding for Ballpark Village Development Project Series 2017 A (NR/NR)

  1,405,000     4.375     11/15/2035     1,522,219
       

 

        45,577,461

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

  

Interest

Rate

    

Maturity

Date

     Value
Municipal Bonds – (continued)

Montana – 0.0%

City of Billings RB for Sewer System Series 2017 (AA+/Aa3)

$

   575,000     5.000 %     07/01/2029     $          711,804

 

Nebraska – 0.1%

Nebraska Educational Health Cultural & Social Services Finance Authority RB Refunding for Immanuel Retirement Communities Obligated Group Series 2019 A (AA/NR)

  415,000     4.000       01/01/2033     460,015
  1,000,000     4.000     01/01/2034     1,106,680
  1,000,000     4.000     01/01/2035     1,104,030
  1,250,000     4.000     01/01/2036     1,377,050
  1,185,000     4.000     01/01/2037     1,302,801
  1,500,000     4.000     01/01/2038     1,645,080
  2,000,000     4.000     01/01/2039     2,187,020
       

 

        9,182,676

 

Nevada – 0.7%

City of Las Vegas Special Improvement District No. 813 for Summerlin Village 26 Local Improvement Bonds Series 2017 (NR/NR)

  100,000     3.000     06/01/2020     100,393
  135,000     3.000     06/01/2021     136,454
  240,000     3.000     06/01/2022     243,295

City of Las Vegas Special Improvement District No. 814 Special Assessment Series 2019 (NR/NR)

  100,000     3.000     06/01/2021     101,021
  395,000     3.250     06/01/2022     402,908
  200,000     3.500     06/01/2025     206,880
  185,000     3.500     06/01/2026     191,120
  200,000     3.500     06/01/2027     206,598
  150,000     3.500     06/01/2028     155,423
  170,000     3.500     06/01/2029     175,229
  175,000     3.250     06/01/2030     175,987
  310,000     3.250     06/01/2031     309,699
  415,000     3.500     06/01/2032     420,652
  470,000     3.500     06/01/2033     474,503
  1,000,000     3.500     06/01/2034     1,006,370

City of North Las Vegas Special Improvement District No. 64 Special Assessment Bonds Series 2019 (NR/NR)

  250,000     4.250     06/01/2034     264,690
  300,000     4.500     06/01/2039     319,332
  250,000     4.625     06/01/2043     265,848
  400,000     4.625     06/01/2049     423,152

City of Sparks RB Refunding for Nevada Tourism Improvement District No. 1 Senior Project Series 2019 A (NR/Ba2)(f)

  695,000     2.500     06/15/2024     703,389
  1,505,000     2.750     06/15/2028     1,535,837

Clark County School District Building GO Bonds Series 2018 A (A+/A1)

  7,335,000     5.000     06/15/2033     8,958,162

Clark County School District Building GO Bonds Series 2019 B (AGM) (AA/A1)

  8,540,000     5.000     06/15/2030     10,713,942

Clark County School District GO Bonds Series 2018 A (A+/A1)

  5,000,000     5.000     06/15/2030     6,166,750
  11,180,000     5.000     06/15/2031     13,732,282

Henderson Nevada Local Improvement District No. T-18 (Inspirada) Special Assessment Refunding Limited Obligation Series 2016 (NR/NR)

  1,285,000     4.000     09/01/2025     1,358,952

State of Nevada GO Refunding Bonds for Capital Improvements & Cultural Affairs Series 2015 B (AA+/Aa1)

  5,000,000     5.000     11/01/2026     5,954,350
       

 

        54,703,218

 

New Hampshire – 0.8%

New Hampshire Business Finance Authority RB Refunding for United Illuminating Co. (The) Series 2003 A (A-/Baa1)(c)(d)

  2,695,000     2.800     10/02/2023     2,807,759

 

Principal

Amount

  

Interest

Rate

    

Maturity

Date

     Value
Municipal Bonds – (continued)

New Hampshire – (continued)

New Hampshire Business Finance Authority RB Refunding for Waste Management, Inc. Series 2018 A (AMT) (A-/NR)(c)

(SIFMA Municipal Swap Index Yield + 0.75%),

$

   7,400,000     2.360 %      10/01/2021     $       7,397,484

New Hampshire Health and Education Facilities Authority RB Refunding for Dartmouth-Hitchcock Obligation Group Series 2017 A (A/NR)

  8,965,000     5.000     08/01/2032     10,687,356
  3,880,000     5.000     08/01/2033     4,613,941
  4,075,000     5.000     08/01/2034     4,838,329
  4,290,000     5.000     08/01/2035     5,080,432
  4,505,000     5.000     08/01/2036     5,317,387
  4,735,000     5.000     08/01/2037     5,570,585
  4,980,000     5.000     08/01/2038     5,837,606
  5,235,000     5.000     08/01/2039     6,126,259
  5,505,000     5.000     08/01/2040     6,422,738
       

 

        64,699,876

 

New Jersey – 5.3%

Atlantic City New Jersey Tax Appeal Refunding Bonds Series 2017 A (BAM) (ST AID WITHHLDG) (AA/Baa1)

  300,000     5.000     03/01/2024     340,332
  250,000     5.000     03/01/2026     297,492

Borough of Stone Harbor GO Bonds Series 2018 (AA/NR)

  1,345,000     4.000     11/01/2026     1,535,829

County of Cape May GO Bonds Series 2019 (NR/Aa1)

  1,975,000     4.000     10/01/2025     2,278,834

Garden State Preservation Trust Capital Appreciation RB Series 2003 B (AGM) (AA/A2)(e)

  2,560,000     0.000     11/01/2021     2,497,306

Hawthorne School District GO Bonds Series 2019 (BAM) (SCH BD RES FD) (AA/NR)

  1,100,000     3.000     09/01/2034     1,133,913
  1,350,000     3.000     09/01/2035     1,387,557
  1,350,000     3.000     09/01/2036     1,383,493
  1,350,000     3.000     09/01/2037     1,378,525
  1,350,000     3.000     09/01/2038     1,375,070
  1,100,000     3.000     09/01/2039     1,116,753

New Jersey Economic Development Authority RB for Provident Group - Kean Properties L.L.C. - Kean University Student Housing Project Series 2017 A (BBB-/NR)

  500,000     5.000     07/01/2032     564,745

New Jersey Economic Development Authority RB for School Facilities Construction Series 2016 AAA (BBB+/Baa1)

  4,000,000     5.500     06/15/2033     4,723,400

New Jersey Economic Development Authority RB for School Facilities Construction Series 2018 EEE (BBB+/Baa1)

  5,805,000     5.000     06/15/2028     6,966,639
  10,295,000     5.000     06/15/2029     12,371,810

New Jersey Economic Development Authority RB Refunding for Port Newark Container Terminal LLC Project Series 2017 (AMT) (NR/Ba1)

  4,325,000     5.000     10/01/2047     4,917,179

New Jersey Economic Development Authority RB Refunding for Provident Group - Montclair Properties L.L.C. - Montclair University Student Housing Project Series 2017 (AGM) (AA/A2)

  1,300,000     5.000     06/01/2042     1,511,822

New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2005 K (AMBAC) (BBB+/Baa1)

  1,590,000     5.250     12/15/2020     1,647,717

New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2005 N-1 (AMBAC) (BBB+/Baa1)

  2,635,000     5.500     09/01/2024     3,072,041

New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2015 XX (BBB+/Baa1)

  22,710,000     5.000     06/15/2021     23,882,744

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

  

Interest

Rate

    

Maturity

Date

     Value
Municipal Bonds – (continued)

New Jersey – (continued)

New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2018 FFF (BBB+/Baa1)

$

   9,340,000     5.000 %      06/15/2029     $       11,224,158

New Jersey Economic Development Authority RB Refunding for The Seeing Eye, Inc. Project Series 2017 (A/NR)

  785,000     3.000     06/01/2032     817,907
  1,545,000     5.000     06/01/2032     1,883,247

New Jersey Economic Development Authority State Lease RB for Juvenile Justice Commission Facilities Project Series 2018 C (BBB+/Baa1)

  5,380,000     5.000     06/15/2037     6,172,904

New Jersey Economic Development Authority State Pension RB Series 1997 B (AGM) (AA/A2)(e)

  12,640,000     0.000     02/15/2020     12,614,594

New Jersey Educational Facilities Authority RB for Princeton University Series 2014 A (AAA/Aaa)

  8,220,000     5.000     07/01/2026     9,605,563

New Jersey Educational Facilities Authority RB Refunding for Princeton University Series 2017 I (AAA/Aaa)

  2,675,000     5.000     07/01/2033     3,326,389

New Jersey Educational Facilities Authority RB Refunding for The College of New Jersey Series 2016 F (A/A2)

  1,250,000     3.000     07/01/2040     1,275,438

New Jersey Health Care Facilities Financing Authority RB Refunding for RWJ Barnabas Health Obligated Group Series 2019 B-1 (AA-/A1)(c)(d)

  10,910,000     5.000     07/01/2024     12,621,561

New Jersey State Turnpike Authority RB Refunding Series 2017 C-5 (A+/A2)(c)

  (1 Mo. LIBOR + 0.46%),

 

  
  5,000,000     1.656     01/01/2021     5,004,050

New Jersey State Turnpike Authority RB Series 2015 E (A+/A2)

  8,930,000     5.000     01/01/2032     10,388,626

New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2006 C (AMBAC) (BBB+/Baa1)(e)

  24,175,000     0.000     12/15/2035     14,766,090

New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2008 A (BBB+/Baa1)(e)

  5,000,000     0.000     12/15/2035     3,006,400
  6,925,000     0.000     12/15/2038     3,666,926

New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (BBB+/Baa1)(e)

  9,830,000     0.000     12/15/2026     8,344,884
  3,185,000     0.000     12/15/2029     2,410,631
  1,155,000     0.000     12/15/2031     814,552
  5,000,000     0.000     12/15/2036     2,879,300
  1,495,000     0.000     12/15/2037     825,285

New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (BBB+/Baa1)

  755,000     5.000     06/15/2046     829,284

New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2005 B (NATL-RE) (BBB+/Baa1)

  9,055,000     5.500     12/15/2021     9,768,443

New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 A (AGM-CR) (AA/A2)

  20,730,000     5.250     12/15/2022     23,084,721

New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL-RE) (BBB+/Baa1)(e)

  18,515,000     0.000     12/15/2031     13,258,962

New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2011 B (AMBAC) (BBB+/Baa1)

  1,705,000     5.250     12/15/2022     1,888,202

New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2013 A (BBB+/Baa1)

  3,110,000     5.000     06/15/2020     3,160,164

 

Principal

Amount

  

Interest

Rate

    

Maturity

Date

     Value
Municipal Bonds – (continued)

New Jersey – (continued)

New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2008 A (BBB+/Baa1)(e)

$

   25,925,000     0.000 %     12/15/2036     $       14,929,171
  17,215,000     0.000     12/15/2037     9,503,196

New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (BBB+/Baa1)(e)

  17,200,000     0.000       12/15/2038     9,107,744
  15,000,000     0.000     12/15/2039     7,599,000

New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2011 A (ST APPROP) (BBB+/Baa1)(a)

  6,515,000     5.500     06/15/2021     6,921,341

New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2011 B (BBB+/Baa1)

  4,350,000     5.250     06/15/2036     4,560,366

New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2011 B (BBB+/Baa1)(a)

  1,000,000     5.000     06/15/2021     1,055,940

New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2019 A (BBB+/Baa1)

  1,390,000     4.000     12/15/2039     1,472,191
  1,620,000     5.000     12/15/2039     1,889,649

New Jersey Transportation Trust Fund Authority RB Refunding for Federal Highway Reimbursement Notes Series 2018 A (A+/Baa1)

  2,290,000     5.000     06/15/2030     2,666,636
  1,825,000     5.000     06/15/2031     2,118,278

New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (BBB+/Baa1)

  2,905,000     4.000     12/15/2031     3,151,983
  2,000,000     5.000     12/15/2032     2,356,700
  3,345,000     5.000     12/15/2033     3,932,650
  7,775,000     5.000     12/15/2034     9,117,665
  2,770,000     5.000     12/15/2035     3,238,740
  3,455,000     5.000     12/15/2036     4,028,426
  2,410,000     4.250     12/15/2038     2,597,112

New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2014 BB-1 (BBB+/Baa1)

  7,000,000     5.000     06/15/2029     8,412,110
  6,155,000     5.000     06/15/2030     7,345,931
  2,215,000     5.000     06/15/2031     2,626,458
  3,000,000     5.000     06/15/2032     3,540,990
  5,000,000     5.000     06/15/2033     5,884,900

New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 AA (BBB+/Baa1)

  3,060,000     5.000     06/15/2034     3,593,021
  10,000,000     5.000     06/15/2037     11,645,000
  3,000,000     5.250     06/15/2043     3,513,630
  10,000,000     4.500     06/15/2049     10,798,200

New Jersey Transportation Trust Fund Authority Transportation System RB Series 2006 A (AGM-CR) (AA/A2)

  3,195,000     5.500     12/15/2022     3,580,956

South Jersey Port Corp. RB Refunding for Marine Terminal Series 2012 R (AMT) (BBB-/Baa1)

  1,670,000     4.000     01/01/2023     1,759,546
  730,000     4.000     01/01/2024     767,018

South Jersey Port Corp. Subordinated Marine Terminal RB Series 2017 B (AMT) (NR/Baa1)

  1,000,000     5.000     01/01/2037     1,167,970

South Jersey Transportation Authority RB Refunding Series 2019 A (AGM) (AA/A2)

  1,000,000     5.000     11/01/2029     1,275,620
  1,500,000     5.000     11/01/2030     1,899,000
  1,000,000     5.000     11/01/2031     1,259,420
  1,000,000     5.000     11/01/2032     1,252,880
  725,000     5.000     11/01/2033     905,953

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

  

Interest

Rate

    

Maturity

Date

     Value
Municipal Bonds – (continued)

New Jersey – (continued)

Tobacco Settlement Financing Corp. RB Refunding Series 2018 A (BBB+/NR)

$

   2,200,000     5.000 %     06/01/2046     $       2,498,628
  2,250,000     5.250     06/01/2046     2,607,390

Tobacco Settlement Financing Corp. RB Series 2018 B (BB+/NR)

  2,000,000     5.000     06/01/2046     2,226,140

Tobacco Settlement Financing Corp. RB Series 2018 B (BBB/NR)

  1,985,000     3.200       06/01/2027     2,025,673

Township of Rockaway GO Bonds Series 2017 (ST AID WITHHLDG) (NR/Aa1)

  1,535,000     2.000     07/15/2022     1,567,803

Union County Improvement Authority RB Aries Linden LLC Project Series 2019 (AMT) (NR/NR)(f)

  6,455,000     6.750     12/01/2041     6,691,769
       

 

        417,114,276

 

New Mexico – 0.1%

City of Farmington Refunding RB for Public Service Co. of New Mexico of New Mexico Project Series 2016 A (BBB+/Baa2)(c)(d)

  2,445,000     1.875     10/01/2021     2,453,093

City of Farmington Refunding RB for Public Service Co. of New Mexico of New Mexico Project Series 2016 B (BBB+/Baa2)(c)(d)

  4,250,000     1.875     10/01/2021     4,264,067

Farmington City PCRB Refunding for Public Service Co. of New Mexico San Juan Project Series 2010 A (BBB+/Baa2)(c)(d)

  1,200,000     5.200     06/01/2020     1,217,712

Farmington New Mexico PCRB Refunding for Public Service Co. of New Mexico San Juan Project Series 2010 D (BBB+/Baa2)

  2,500,000     5.900     06/01/2040     2,545,550
       

 

        10,480,422

 

New York – 6.1%

Chautauqua County Industrial Development Agency Exempt Facility RB for Dunkirk NRG Power Project Series 2009 (BBB-/Baa2)

  200,000     5.875     04/01/2042     200,608

City of New Rochelle RB for Iona College Project Series 2015 A (BBB/Baa2)

  325,000     5.000     07/01/2025     375,424
  335,000     5.000     07/01/2026     385,380
  425,000     5.000     07/01/2027     487,764

Essex County Industrial Development Agency RB Refunding for International Paper Company Series 2019 A (AMT) (BBB/Baa2)(c)(d)

  500,000     2.100     10/01/2024     506,680

Freddie Mac Multifamily ML Certificates RB Pass Through Series 2017 A (AAA/Aaa)(g)

  (1 Mo. LIBOR + 0.50%),

 

  
  7,185,997     2.305     01/25/2033     7,100,514

Long Island Power Authority RB Refunding Series 2014 C (A/A2)(c)

  (1 Mo. LIBOR + 0.75%),

 

  
  9,000,000     1.946     10/01/2023     9,073,350

Long Island Power Authority RB Series 2019 B (A/A2)(c)(d)

  12,825,000     1.650     09/01/2024     12,931,447

Metropolitan Transportation Authority RB Anticipating Notes Series 2019 C (SP-1/MIG1)

  35,250,000     4.000     07/01/2020     35,731,515

Metropolitan Transportation Authority RB Anticipating Notes Series 2019 D-1 (SP-1/MIG1)

  54,680,000     5.000     09/01/2022     59,800,782

Metropolitan Transportation Authority RB Refunding RMKT 11/01/16 Subseries 2012 G-3 (A/A1)(c)

  (1 Mo. LIBOR + 0.70%),

 

  
  5,000,000     1.845     02/01/2020     5,001,500

Metropolitan Transportation Authority RB Refunding Subseries 2012 G-4 (A/A1)(c)

  (1 Mo. LIBOR + 0.55%),

 

  
  7,555,000     1.695     11/01/2022     7,535,055

 

Principal

Amount

  

Interest

Rate

    

Maturity

Date

     Value
Municipal Bonds – (continued)

New York – (continued)

Metropolitan Transportation Authority RB Series 2011 B (A/A1)(c)

  (1 Mo. LIBOR + 0.55%),

 

  

$

   7,510,000     1.695 %     11/01/2022     $       7,490,174

New York City GO Bonds Fiscal 2012 Series I (AA/Aa1)

  3,000,000     5.000     08/01/2029     3,277,080

New York City Housing Development Corp. Multi-Family RB for Sustainable Neighborhood Series 2018 L-1 (AA+/Aa2)(c)(d)

  3,500,000     2.750       12/29/2023     3,636,395

New York City Industrial Development Agency RB for Churchill School & Center for Learning Disabilities, Inc. Series 1999 (ASSURED GTY) (AA/NR)

  1,425,000     2.250     10/01/2029     1,425,000

New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2015 B-1 (AAA/Aa1)

  5,655,000     5.000     08/01/2039     6,464,061

New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2019 C-2 (AAA/Aa1)

  15,685,000     2.570     11/01/2023     15,940,195
  17,020,000     2.640     11/01/2024     17,365,336
  11,900,000     2.740     11/01/2025     12,169,059

New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2020 Subseries A-3 (AAA/Aa1)

  10,000,000     4.000     05/01/2044     11,195,500

New York City Water & Sewer System RB Refunding Series 2012 AA (AA+/Aa1)

  20,600,000     5.000     06/15/2033     21,692,624

New York City Water & Sewer System Second General Resolution RB Refunding Series 2019 EE (AA+/Aa1)

  19,225,000     4.000     06/15/2040     21,854,595

New York Housing Development Corp. Multi-Family Mortgage RB for 8 Spruce Street Series 2014 Class E (BBB-/NR)

  4,840,000     3.500     02/15/2048     5,051,411

New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-2 (NR/A2)(c)

  855,000     2.625     09/15/2069     858,181

New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-3 (NR/Baa2)(c)

  1,070,000     2.800     09/15/2069     1,078,036

New York State Dormitory Authority Columbia University RB Series 2011 A (AAA/Aaa)

  12,125,000     5.000     10/01/2041     12,690,631

New York State Dormitory Authority General Purpose Personal Income Tax RB Series 2016 A (AA+/Aa1)

 

1,400,000

     5.000     02/15/2027     1,722,168

New York State Dormitory Authority General Purpose Personal Income Tax RB Series 2016 D (AA+/Aa1)

  6,190,000     5.000     02/15/2027     7,614,443

New York State Dormitory Authority RB for Cornell University Series 2019 D (AA/Aa1)

  3,000,000     5.000     07/01/2035     4,195,830
  3,300,000     5.000     07/01/2036     4,659,204

New York State Dormitory Authority RB for Northwell Health Obligated Group Series 2019 B-1 (A-/A3)(c)(d)

  9,620,000     5.000     05/01/2022     10,238,951

New York State Dormitory Authority RB for Northwell Health Obligated Group Series 2019 B-2 (A-/A3)(c)(d)

  5,770,000     5.000     05/01/2024     6,516,003

New York State Dormitory Authority RB Refunding for Bidding Group 1 Series 2018 C (AA+/Aa1)

  5,275,000     5.000     03/15/2026     6,453,171

New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 A (NR/Baa1)

  1,400,000     5.000     07/01/2033     1,737,442

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

New York – (continued)

New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 B (NR/Baa1)

$

     100,000       3.560 %   07/01/2026   $          102,574
    100,000       3.670   07/01/2027   102,441
    40,000       3.760   07/01/2028   41,026
    200,000       3.820   07/01/2029   205,300

New York State Dormitory Authority RB Refunding for Catholic Health System Obligated Group Series 2019 A (BBB+/Baa1)

    540,000       5.000     07/01/2032   673,720
    465,000       5.000   07/01/2034   576,972
    505,000       5.000   07/01/2035   624,766
    440,000       5.000   07/01/2036   542,696
    545,000       4.000   07/01/2040   603,658
    590,000       5.000   07/01/2041   717,759
    2,315,000       4.000   07/01/2045   2,535,990

New York State Dormitory Authority RB Refunding for Northwell Health Obligated Group Series 2019 A (A-/A3)

    1,080,000       5.000   05/01/2022   1,173,614
    960,000       5.000   05/01/2023   1,077,264

New York State Dormitory Authority RB Refunding Series 2018 C (AA+/NR)

    24,995,000       5.000   03/15/2024   28,980,953

New York State Dormitory Authority RB Refunding Series 2018 C (ETM) (NR/NR)(a)

    5,000       5.000   03/15/2024   5,805

New York State Dormitory Authority State Personal Income Tax RB Federally Taxable Build America Bonds Series 2010 D (AA+/Aa1)

    425,000       4.900   03/15/2023   460,118

New York State Energy Research & Development Authority RB Refunding for Central Hudson Gas & Electric Corp. Projects Series 1999 B (AMT) (AMBAC) (A-/A3)(d)

    5,350,000       2.368   01/31/2020   5,350,000

New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2014 (AMT) (B/B2)(c)(d)(f)

    1,440,000       2.875   12/03/2029   1,449,274

New York State Urban Development Corp. General Purpose Personal Income Tax RB Series 2014 A (AA+/Aa1)

    5,000,000       5.000   03/15/2031   5,726,200

New York State Urban Development Corp. Taxable Refunding RB Series 2017 B (AA+/Aa1)

    16,745,000       2.860   03/15/2024   17,252,876

New York State Urban Development Corp. Taxable Refunding RB Series 2017 D-1 (AA+/Aa1)

    11,875,000       2.980   03/15/2025   12,376,362

New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (BBB-/Baa3)

    2,605,000       5.000   01/01/2022   2,781,281
    3,000,000       5.000   01/01/2028   3,664,290
    8,000,000       5.000   01/01/2030   9,678,000
    1,700,000       5.000   01/01/2033   2,038,759
    1,200,000       5.000   01/01/2034   1,436,208
    9,310,000       4.000   01/01/2036   10,142,500
    2,450,000       5.000   01/01/2036   2,913,491

New York Transportation Development Corp. RB for Laguardia Gateway Partners LLC Series 2016 A (AMT) (AGM-CR) (AA/A2)

    1,500,000       4.000   07/01/2046   1,577,550

New York Transportation Development Corp. Special Facility RB for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (BBB/Baa3)

    700,000       5.000   07/01/2041   779,884
    11,375,000       5.250   01/01/2050   12,742,161

New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2016 (AMT) (BB-/NR)

    3,615,000       5.000   08/01/2021   3,793,473
    2,250,000       5.000   08/01/2031   2,347,515

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

New York – (continued)

New York Transportation Development Corp. Special Facility RB Refunding for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (BBB/Baa3)

$

     2,075,000       5.000 %   07/01/2046   $       2,306,466

Oneida County Local Development Corp. RB Refunding for Mohawk Valley Health System Obligated Group Project Series 2019 A (AGM) (AA/NR)

    420,000       4.000     12/01/2032   480,648
    505,000       4.000   12/01/2033   575,463
    420,000       4.000   12/01/2034   477,242
    420,000       4.000   12/01/2035   475,658
    525,000       4.000   12/01/2036   592,709
    420,000       4.000   12/01/2037   472,038
    420,000       4.000   12/01/2038   470,610
    1,260,000       3.000   12/01/2039   1,260,353
    840,000       3.000   12/01/2040   835,934
    1,680,000       4.000   12/01/2049   1,851,713

Oneida County Local Development Corp. RB Refunding for Utica College Project Series 2019 (BBB-/NR)

    345,000       4.000   07/01/2039   374,742
    3,040,000       3.000   07/01/2044   2,965,277

Port Authority of New York & New Jersey Consolidated RB Series 214 (AMT) (AA-/Aa3)

    2,500,000       5.000   09/01/2033   3,120,650
    2,000,000       5.000   09/01/2034   2,489,960

Troy City Capital Resource Corp. RB Refunding Rensselaer Polytechnic Institute Project Series 2020 A (BBB+/A3)(h)

    600,000       5.000   09/01/2038   732,786
    820,000       5.000   09/01/2039   998,613
    805,000       4.000   09/01/2040   891,803

Westchester County Local Development Corporation RB for Westchester Medical Center Obligated Group Project Series 2016 (BBB-/Baa2)

    1,000,000       5.000   11/01/2023   1,122,760
    1,000,000       5.000   11/01/2024   1,150,810

Yonkers Economic Development Corp. RB for Charter School of Educational Excellence Project Series 2019 A (NR/NR)

    200,000       4.000   10/15/2029   215,258
       

 

  482,791,482

 

North Carolina – 1.3%

Charlotte North Carolina Water and Sewer System RB Series 2009 B (AAA/Aaa)

    2,000,000       5.000   07/01/2038   2,037,160

Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Company Series 2019 A (BBB/Baa2)(c)(d)

    375,000       2.000   10/01/2024   378,285

Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Company Series 2019 C (AMT) (BBB/Baa2)(c)(d)

    1,750,000       2.100   10/01/2024   1,773,380

Columbus County Industrial Facilities and Pollution Control Financing Authority Recovery Zone Facility RB Refunding for International Paper Company Series 2019 B (BBB/Baa2)(c)(d)

    400,000       2.000   10/01/2024   403,504

County of Mecklenburg GO Bonds for Public Improvement Series 2018 (AAA/Aaa)

    5,250,000       5.000   03/01/2029   6,696,952

North Carolina Capital Facilities Finance Agency RB for Duke University Project Series 2014 A (AA+/Aa1)

    38,115,000       5.000   10/01/2041   40,967,145

North Carolina Capital Facilities Finance Agency RB Refunding for Duke University Project Series 2014 B (AA+/Aa1)

    25,000,000       5.000   10/01/2044   26,842,000

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

North Carolina – (continued)

North Carolina Medical Care Commission RB Refunding for The Presbyterian Home at Charlotte, Inc. Series 2019 A (NR/NR)

$

     590,000       3.000 %    07/01/2026   $          623,182
    1,785,000       3.000   07/01/2027   1,889,512
    1,040,000       4.000   07/01/2030   1,163,552
    1,080,000       5.000   07/01/2031   1,267,790
    1,110,000       5.000   07/01/2032   1,297,867
    1,375,000       5.000   07/01/2033   1,602,288

North Carolina Medical Care Commission Retirement Facilities RB Refunding First Mortgage for United Church Homes and Services Series 2015 A (NR/NR)

    620,000       4.000   09/01/2025   642,649

North Carolina Turnpike Authority RB Senior Lien for Triangle Expressway Series 2019 (AGM) (AA/NR)

    3,000,000       3.000   01/01/2042   2,980,950

North Carolina Turnpike Authority RB Senior Lien for Triangle Expressway Series 2019 (BBB/NR)

    4,500,000       5.000   01/01/2043   5,429,070
    5,000,000       5.000   01/01/2044   6,018,600
       

 

        102,013,886

 

Ohio – 2.4%

American Municipal Power, Inc. RB for Hydroelectric Projects Series 2010 C (A/A2)

    2,290,000       6.973   02/15/2024   2,704,215

American Municipal Power, Inc. RB Refunding for Prairie State Energy Campus Project Series 2019 B (A/A1)

    6,060,000       5.000   02/15/2025   7,142,801

Buckeye Ohio Tobacco Settlement Financing Authority RB Asset-Backed Bonds for Capital Appreciation 1st Subordinate Series 2007 B (BBB+/NR)(e)

    73,450,000       0.000   06/01/2047   5,182,632

Buckeye Ohio Tobacco Settlement Financing Authority RB Asset-Backed Bonds for Capital Appreciation 2nd Subordinate Series 2007 C (NR/NR)(e)

    157,000,000       0.000   06/01/2052   8,377,520

Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007 A-2 (B-/B3)

    1,000,000       6.500   06/01/2047   1,019,010
    2,585,000       5.875   06/01/2047   2,596,968

Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007 A-2 (CCC+/Ca)

    47,650,000       5.125   06/01/2024   47,714,328
    335,000       5.375   06/01/2024   336,360
    6,495,000       5.875   06/01/2030   6,529,553
    1,825,000       5.750   06/01/2034   1,834,107

Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007 A-3 (CCC+/Caa3)

    1,700,000       6.250   06/01/2037   1,753,924

Centerville Ohio Health Care RB Refunding and Improvement for Graceworks Lutheran Services Series 2017 (NR/NR)

    275,000       5.000   11/01/2020   280,794
    285,000       5.000   11/01/2021   297,748
    400,000       5.000   11/01/2022   426,784
    420,000       5.000   11/01/2023   456,805

City of Cleveland RB Refunding for Airport System Series 2019 B (AMT) (A/A2)

    1,560,000       5.000   01/01/2020   1,560,000
    1,000,000       5.000   01/01/2021   1,037,450
    805,000       5.000   01/01/2022   863,620
    1,235,000       5.000   01/01/2023   1,366,787
    1,365,000       5.000   01/01/2024   1,554,134

City of Columbus Various Purpose Unlimited Tax Bonds Series 2017 A (AAA/Aaa)

    11,470,000       4.000   04/01/2033   13,077,062

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Ohio – (continued)

County of Darke RB for Wayne Hospital Company Obligated Group Wayne Health Care Project Series 2019 A (BB+/NR)

$

     400,000       4.000 %    09/01/2040   $          419,856
    625,000       4.000   09/01/2045   648,887
    850,000       5.000   09/01/2049   969,587

County of Miami Ohio Hospital Facilities Improvement RB Kettering Health Network Series 2019 (A+/A2)

    5,000,000       5.000   08/01/2049   5,868,150

Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2009 B (BBB-/Baa3)

    10,000,000       8.223   02/15/2040   13,552,400

Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (BBB-/Baa3)

    2,865,000       5.500   02/15/2057   3,334,115

Franklin County Convention Facilities Authority RB for Greater Columbus Convention Center Project Series 2019 (BBB-/NR)

    250,000       5.000   12/01/2025   294,075
    325,000       5.000   12/01/2026   388,615
    325,000       5.000   12/01/2027   393,767
    425,000       5.000   12/01/2028   520,251
    400,000       5.000   12/01/2029   493,368
    680,000       5.000   12/01/2030   830,382
    800,000       5.000   12/01/2031   969,728
    660,000       5.000   12/01/2032   793,921
    1,170,000       5.000   12/01/2033   1,392,639
    1,200,000       5.000   12/01/2035   1,418,736
    650,000       5.000   12/01/2037   765,889
    1,630,000       5.000   12/01/2038   1,908,893

Lakewood City School District GO Refunding Bonds Series 2014 C (AA/Aa2)

    3,215,000       5.000   12/01/2027   3,771,645

Miami University RB Refunding Series 2011 (AA/Aa3)

    2,550,000       5.000   09/01/2036   2,698,818

Ohio Air Quality Development Authority Exempt Facilities RB for Pratt Paper LLC Project Series 2017 (AMT) (NR/NR)(f)

    700,000       4.500   01/15/2048   755,769

Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 A (BB+/Ba1)

    925,000       2.875   02/01/2026   938,718

Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 D (BB+/Ba1)

    2,305,000       2.875   02/01/2026   2,339,183

Ohio Air Quality Development Authority RB Refunding for American Electric Power Co., Inc. Series 2014 A (BBB+/Baa1)(c)(d)

    2,500,000       2.400   10/01/2029   2,517,650

Ohio Air Quality Development Authority RB Refunding for American Electric Power Co., Inc. Series 2014 B (AMT) (BBB+/Baa1)(c)(d)

    3,500,000       2.600   10/01/2029   3,507,840

Ohio Air Quality Development Authority RB Refunding for American Electric Power Co., Inc. Series 2014 C (AMT) (BBB+/NR)(c)(d)

    8,000,000       2.100   10/01/2024   8,037,840

Ohio Air Quality Development Authority RB Refunding for Ohio Valley Electric Corp. Series 2019 A (BB+/Ba1)

    3,130,000       3.250   09/01/2029   3,230,097

Ohio State Higher Education GO Bonds for Federally Taxable Build America Bonds Series 2010 E (AA+/Aa1)

    2,290,000       4.461   08/01/2022   2,435,781

Ohio State Hospital RB Refunding for Aultman Health Foundation Obligated Group Series 2018 (NR/NR)(f)

    925,000       5.000   12/01/2033   1,026,001
    1,795,000       5.000   12/01/2038   1,961,881
    2,725,000       5.000   12/01/2048   2,913,052

Ohio State Water Development Authority RB for Waste Management, Inc. Project Series 2002 (A-/NR)

    2,800,000       3.250   11/01/2022   2,924,684

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Ohio – (continued)

Ohio Water Development Authority RB for Water Pollution Control Loan Fund Series 2014 (AAA/Aaa)

$

     6,085,000       5.000 %    06/01/2021   $       6,419,858
       

 

        186,554,678

 

Oklahoma – 0.3%

Cleveland County Educational Facilities Authority RB for Norman Public Schools Project Series 2019 (A+/NR)

    4,235,000       5.000   06/01/2024   4,892,823

Norman Regional Hospital Authority RB Norman Regional Hospital Authority Obligated Group Series 2019 (A-/Baa1)

    925,000       4.000   09/01/2045   996,484
    840,000       5.000   09/01/2045   992,393

Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (AGM) (AA/A2)

    3,670,000       4.000   08/15/2048   4,030,247

Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (BB+/Baa3)

    2,150,000       5.000   08/15/2029   2,624,784
    5,000,000       5.250   08/15/2048   5,909,100

Oklahoma Turnpike Authority RB Second Senior Series 2017 C (AA-/Aa3)

    1,400,000       4.000   01/01/2042   1,554,882

Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (AMT) (BB-/NR)(c)(d)

    1,500,000       5.000   06/01/2025   1,683,570
       

 

        22,684,283

 

Oregon – 0.8%

Forest Grove Oregon Student Housing RB Refunding for Oak Tree Foundation Project Series 2017 (BBB-/NR)

    1,385,000       3.500   03/01/2029   1,427,062
    1,540,000       3.750   03/01/2032   1,591,590

Multnomah County Oregon Hospital Facilities Authority RB Refunding for Adventist Health System/West Obligated Group Series 2019 (A/NR)(c)(d)

    7,715,000       5.000   03/01/2025   8,935,436

Oregon State Business Development Commission RB for Intel Corp. Project Series 2019 250 (AMT) (A+/A1)(c)(d)

    10,000,000       5.000   03/01/2022   10,758,700

Oregon State Department of Transportation Highway User Tax RB Refunding Series 2015 A (AAA/Aa1)

    3,180,000       5.000   11/15/2025   3,753,513

Oregon State Facilities Authority RB Refunding For Reed College Project Series 2017 A (AA-/Aa2)

    8,895,000       5.000   07/01/2047   10,564,325

Port of Portland RB for International Airport Series 2019 25-B (AMT) (AA-/NR)

    2,665,000       5.000   07/01/2032   3,327,546
    2,365,000       5.000   07/01/2033   2,941,918
    1,000,000       5.000   07/01/2034   1,240,800
    1,000,000       5.000   07/01/2035   1,237,160

Portland Oregon Community College District GO Bonds Series 2013 (AA+/Aa1)

    2,000,000       5.000   06/15/2026   2,257,920

Portland Oregon Water System RB Refunding First Lien Series 2016 A (NR/Aaa)

    7,090,000       4.000   04/01/2029   8,120,673

Warm Springs Reservation Confederated Tribe Hydroelectric RB Refunding for Pelton-Round Butte Project Series 2019 B (NR/A3)(f)

    190,000       5.000   11/01/2034   225,122
    500,000       5.000   11/01/2036   587,135

Washington County School District No. 1 GO Bonds Series 2017 (SCH BD GTY) (NR/Aa1)

    4,155,000       5.000   06/15/2029   5,172,019
       

 

        62,140,919

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Pennsylvania – 3.6%

Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A (A/NR)

$

     4,000,000       5.000 %    04/01/2030   $       4,917,680
    18,400,000       4.000   04/01/2044   19,693,152

Allegheny County Hospital Development Authority RB Refunding for UPMC Obligated Group Series 2019 A (A+/A1)

    3,050,000       4.000   07/15/2035   3,444,761
    3,180,000       4.000   07/15/2036   3,580,394

Allegheny County Industrial Development Authority RB Refunding for United States Steel Corp. Project Series 2019 (B/B3)

    1,850,000       4.875   11/01/2024   1,931,067
    1,350,000       5.125   05/01/2030   1,442,016

Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2017 (NR/Ba3)(f)

    2,420,000       5.000   05/01/2027   2,813,928
    1,600,000       5.000   05/01/2032   1,845,424

Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2018 (NR/Ba3)(f)

    750,000       5.000   05/01/2023   811,485
    750,000       5.000   05/01/2028   884,730

Bucks County Industrial Development Authority RB Refunding for Pennswood Village Obligated Group Series 2018 A (BBB+/NR)

    100,000       5.000   10/01/2031   113,222
    390,000       5.000   10/01/2032   440,735
    410,000       5.000   10/01/2033   462,665

Coatesville School District GO Refunding Bonds Series 2017 (AGM) (ST AID WITHHLDG) (AA/A2)

    1,000,000       5.000   08/01/2025   1,176,130

Commonwealth Financing Authority Taxable RB Series 2005 A (NATL-RE) (A/A1)

    1,695,000       5.380   06/01/2021   1,735,951

Commonwealth Financing Authority Taxable RB Series 2006 C (AGM) (AA/A1)

    4,485,000       5.114   06/01/2021   4,613,226

Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (AGM) (AA/A1)

    24,905,000       4.000   06/01/2039   27,505,331

Commonwealth of Pennsylvania COPS Series 2018 A (A/A2)

    1,250,000       4.000   07/01/2046   1,371,088

Commonwealth of Pennsylvania GO Bonds Series 2015 (A+/Aa3)

    3,925,000       5.000   08/15/2025   4,697,087

Delaware County Authority RB for Villanova University Series 2015 (AA-/A1)

    4,945,000       5.000   08/01/2045   5,716,469

Doylestown Hospital Authority RB Taxable Refunding Series 2019 B (BBB-/Ba1)

    1,150,000       3.950   07/01/2024   1,147,918

Franklin County Industrial Development Authority RB Refunding for Menno-Haven, Inc. Obligated Group Series 2018 (NR/NR)

    750,000       5.000   12/01/2038   821,962

Geisinger Authority Health System RB for Geisinger Health System Series 2007 (AA/Aa3)(g)

    (3 Mo. LIBOR + 0.77%),  
    15,800,000       2.050   05/01/2037   15,405,000

General Authority of Southcentral Pennsylvania RB Refunding WellSpan Health Obligation Group Series 2019 A (AA-/Aa3)

    725,000       4.000   06/01/2044   805,845
    1,300,000       5.000   06/01/2044   1,579,162
    3,325,000       4.000   06/01/2049   3,671,930
    2,350,000       5.000   06/01/2049   2,836,662

Lancaster County Hospital Authority RB for Brethren Village Project Series 2017 (BB+/NR)

    1,155,000       5.000   07/01/2020   1,169,611
    900,000       5.000   07/01/2022   951,399

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Pennsylvania – (continued)

Lancaster School District GO Refunding Bonds Series 2019 B (AGM) (ST AID WITHHLDG) (AA/NR)

$

     295,000       4.000 %    06/01/2021   $          306,310
    500,000       4.000   06/01/2022   531,920

Montgomery County Higher Education & Health Authority RB Refunding for Thomas Jefferson University Obligated Group Series 2019 (A/A2)

    850,000       4.000   09/01/2037   947,877
    850,000       4.000   09/01/2038   944,673
    850,000       4.000   09/01/2039   942,030

North Penn Water Authority RB Refunding Series 2019 (NR/Aa3)(g)

(SIFMA Municipal Swap Index Yield + 0.16%),

    640,000       1.770   11/01/2020   639,974

(SIFMA Municipal Swap Index Yield + 0.26%),

    1,400,000       1.870   11/01/2021   1,400,042

(SIFMA Municipal Swap Index Yield + 0.46%),

    1,600,000       2.070   11/01/2023   1,599,680

Northampton County Industrial Development Authority RB Refunding for Morningstar Senior Living, Inc. Obligated Group Series 2019 (BB+/NR)

    1,000,000       5.000   11/01/2039   1,113,370

Northeastern Pennsylvania Hospital & Education Authority RB for King’s College Project Series 2019 (BBB+/NR)

    155,000       5.000   05/01/2020   156,737
    230,000       5.000   05/01/2021   240,136
    155,000       5.000   05/01/2022   166,726
    50,000       5.000   05/01/2023   55,245
    100,000       5.000   05/01/2024   113,140

Pennsylvania Economic Development Financing Authority PCRB Refunding for PPL Electric Utilities Corp. Project RMKT 10/01/10 Series 2008 (A/A1)

    2,500,000       4.000   10/01/2023   2,553,325

Pennsylvania Economic Development Financing Authority RB for CarbonLite P LLC Project Series 2019 (AMT) (NR/NR)(f)

    1,750,000       5.250   06/01/2026   1,814,067

Pennsylvania Economic Development Financing Authority RB for Solid Waste Disposal Project Series 2009 (A-/NR)(c)(d)

    6,460,000       2.800   12/01/2021   6,647,211

Pennsylvania Economic Development Financing Authority RB for The Pennsylvania Rapid Bridge Replacement Project Series 2015 (BBB/NR)

    750,000       5.000   06/30/2042   849,068

Pennsylvania Economic Development Financing Authority RB Refunding for American Water Co. Project Series 2019 (A+/A1)

    8,250,000       3.000   04/01/2039   8,436,780

Pennsylvania Higher Educational Facilities Authority Duquesne University of the Holy Spirit RB Series 2019 A (A/A2)

    350,000       4.000   03/01/2037   395,689
    675,000       5.000   03/01/2038   830,655
    500,000       5.000   03/01/2039   613,680

Pennsylvania Higher Educational Facilities Authority RB for Foundation for Indiana University of Pennsylvania Series 2007 A (ASSURED GTY) (AA/WR)(g)

    (3 Mo. LIBOR + 0.60%),  
    1,405,000       2.006   07/01/2027   1,401,558

Pennsylvania State Commonwealth GO Refunding Bonds First Series 2016 (AGM-CR) (AA/Aa3)

    4,000,000       5.000   09/15/2025   4,826,080

Pennsylvania State GO Bonds Consolidated Loan of 2018 Series 2018 A (A+/Aa3)

    6,675,000       5.000   08/15/2023   7,570,251

Pennsylvania Turnpike Commission RB Refunding Series 2018 B (A+/A1)(g)

(SIFMA Municipal Swap Index Yield + 0.70%),

    6,050,000       2.310   12/01/2023   6,090,112

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Pennsylvania – (continued)

Pennsylvania Turnpike Commission RB Series 2013 C (A+/A1)(a)

$

     1,720,000       5.500 %   12/01/2023   $       2,008,203

Pennsylvania Turnpike Commission RB Series 2018 A (AA/Aa3)

    30,675,000       5.250     12/01/2044   37,891,907

Pennsylvania Turnpike Commission RB Series 2019 A (A-/A3)

    4,250,000       5.000   12/01/2036   5,248,538
    4,250,000       5.000   12/01/2038   5,189,250
    21,160,000       5.000   12/01/2044   25,299,742

Pennsylvania Turnpike Commission RB Subordinate Series 2017 A (A-/A3)

    3,500,000       5.500   12/01/2042   4,195,905

Pennsylvania Turnpike Commission RB Subordinate Series 2017 B-1 (A-/A3)

    10,000,000       5.250   06/01/2047   11,877,200

Philadelphia Authority for Industrial Development RB for Independence Charter School Series 2019 (NR/NR)

    350,000       4.000   06/15/2029   359,839
    500,000       5.000   06/15/2039   530,380

Philadelphia Hospitals and Higher Education Facilities Authority RB Refunding for Temple University Health System Obligation Group Series 2017 (BBB-/Ba1)

    4,500,000       5.000   07/01/2028   5,313,285

Pittsburgh Water & Sewer Authority First Lien RB Refunding Series 2017 C (AGM) (AA/A2)(c)

    (1 Mo. LIBOR + 0.64%),  
    2,500,000       1.890   12/01/2020   2,500,775

Pittsburgh Water & Sewer Authority First Lien RB Series 2019 A (AGM) (AA/A2)

    850,000       5.000   09/01/2034   1,070,048
    1,755,000       5.000   09/01/2035   2,202,595
    1,700,000       5.000   09/01/2036   2,127,040
    1,700,000       5.000   09/01/2037   2,118,659

Pittsburgh Water & Sewer Authority Subordinate RB Refunding Series 2019 B (AGM) (AA/NR)

    2,125,000       4.000   09/01/2034   2,435,420
    425,000       4.000   09/01/2035   485,554

Scranton Redevelopment Authority RB Refunding for Guaranteed Lease Series 2016 A (MUN GOVT GTD) (BB+/NR)

    180,000       5.000   11/15/2021   185,884
    450,000       5.000   11/15/2028   468,212

State Public School Building Authority RB Refunding for Philadelphia School District Project Series 2016 A (AGM) (ST AID WITHHLDG) (AA/A2)

    2,500,000       5.000   06/01/2031   2,946,000

Susquehanna Area Regional Airport Authority RB Refunding for Airport System Series 2017 (AMT) (NR/Baa3)

    1,100,000       5.000   01/01/2035   1,274,306
       

 

        284,501,108

 

Puerto Rico – 4.0%

Commonwealth of Puerto Rico GO Bonds Public Improvement Series 1999 (NR/WR)(i)

    125,000       5.250   07/01/2018   99,062

Commonwealth of Puerto Rico GO Bonds Public Improvement Series 2006 B (NR/WR)(i)

    390,000       5.250   07/01/2016   292,500
    500,000       5.250   07/01/2017   396,250

Commonwealth of Puerto Rico GO Refunding Bonds for Public Improvement Series 2009 B (NR/Ca)(i)

    2,000,000       6.000   07/01/2039   1,627,500

Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2008 A (NR/Ca)

    2,480,000       6.125   07/01/2024   2,659,800

Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2012 A (NR/Ca)

    1,060,000       5.750   07/01/2037   1,118,565

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Puerto Rico – (continued)

Puerto Rico Commonwealth GO Bonds Series 2014 A (NR/Ca)(i)

$

     51,980,000       8.000 %   07/01/2035   $     33,072,275

Puerto Rico Commonwealth GO Refunding Bonds for Public Improvement Series 2012 A (NR/Ca)(i)

    3,955,000       5.000     07/01/2041   2,689,400

Puerto Rico Commonwealth GO Refunding Bonds Subseries 2003 C-7 (NATL-RE) (NR/Baa2)

    2,000,000       6.000   07/01/2027   2,062,620

Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AGC-ICC) (AA/A3)

    930,000       5.250   07/01/2041   1,047,822

Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AMBAC) (NR/C)

    6,485,000       5.250   07/01/2038   7,062,035

Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (AA/A2)

    2,050,000       5.250   07/01/2033   2,318,181
    55,000       5.250   07/01/2034   62,267
    795,000       5.250   07/01/2036   898,819

Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2007 CC (AGM-CR) (AA/A2)

    40,000       5.500   07/01/2031   46,095

Puerto Rico Commonwealth Infrastructure Financing Authority Special Tax RB Series 2005 C (AMBAC) (NR/C)

    485,000       5.500   07/01/2023   522,767
    440,000       5.500   07/01/2024   479,547
    400,000       0.000 (e)    07/01/2028   274,936

Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (AA/A2)(g)

    (3 Mo. LIBOR + 0.52%),  
    21,915,000       1.926   07/01/2029   21,641,063

Puerto Rico Electric Power Authority RB Refunding Series 2007 VV (NATL-RE) (NR/Baa2)

    350,000       5.250   07/01/2029   381,101
    215,000       5.250   07/01/2030   234,389

Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ-RSA-1 (NR/NR)(i)

    1,000,000       5.250   07/01/2019   738,750

Puerto Rico Electric Power Authority RB Series 2013 A-RSA-1
(D/NR)(i)

    8,215,000       6.750   07/01/2036   6,397,431

Puerto Rico Electric Power Authority RB Series 2016 E-1-RSA-1
(NR/NR)(i)

    590,915       10.000   01/01/2021   505,232

Puerto Rico Electric Power Authority RB Series 2016 E-2-RSA-1 (NR/NR)(i)

    590,915       10.000   07/01/2021   505,232

Puerto Rico Electric Power Authority RB Series 2016 E-3-RSA-1 (NR/NR)(i)

    196,972       10.000   01/01/2022   168,411

Puerto Rico Electric Power Authority RB Series 2016 E-4-RSA-1 (NR/NR)(i)

    196,972       10.000   07/01/2022   168,411

Puerto Rico Highway & Transportation Authority RB Refunding Series 2005 L (ASSURED GTY) (AA/A3)

    60,000       5.250   07/01/2041   67,601

Puerto Rico Highway & Transportation Authority RB Refunding Series 2005 L (NATL-RE) (NR/Baa2)

    7,175,000       5.250   07/01/2035   7,783,153

Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGC) (AGM-CR) (AA/A2)

    1,555,000       5.250   07/01/2034   1,760,447

Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGC) (FGIC) (AA/A3)

    180,000       5.250   07/01/2039   202,905

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Puerto Rico – (continued)

Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AMBAC) (NR/C)

$

     2,425,000       5.250 %   07/01/2030   $       2,654,381
    2,945,000       5.250   07/01/2031   3,227,425

Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (ASSURED GTY) (AA/A3)

    285,000       5.250     07/01/2034   322,654
    14,780,000       5.250   07/01/2036   16,709,677

Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (NATL-RE) (NR/Baa2)

    880,000       5.250   07/01/2032   961,066
    1,495,000       5.250   07/01/2033   1,615,273

Puerto Rico Highway & Transportation Authority RB Series 1998 A (NATL-RE-IBC) (NR/Baa2)

    5,265,000       4.750   07/01/2038   5,271,897

Puerto Rico Highway & Transportation Authority RB Series 2007 N (AMBAC) (NR/C)

    160,000       5.500   07/01/2026   177,171

Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2007 M-2 (AMBAC) (NR/Ca)(d)

    3,240,000       10.000   07/01/2035   3,422,056

Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR)(e)

    476,000       0.000   07/01/2024   417,785
    16,610,000       0.000   07/01/2027   13,262,919
    3,658,000       0.000   07/01/2029   2,714,382
    25,274,000       0.000   07/01/2031   17,352,370
    16,819,000       0.000   07/01/2033   10,699,912
    11,769,000       0.000   07/01/2046   3,153,033
    9,587,000       0.000   07/01/2051   1,871,095

Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR)

    69,469,000       4.329   07/01/2040   70,422,115
    143,000       4.536   07/01/2053   146,127
    7,274,000       4.784   07/01/2058   7,555,067

Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR)

    13,081,000       4.500   07/01/2034   13,958,343
    1,555,000       4.550   07/01/2040   1,609,922
    9,634,000       4.750   07/01/2053   10,058,089
    31,054,000       5.000   07/01/2058   32,949,226
       

 

        317,816,552

 

Rhode Island – 0.0%

Rhode Island Health and Educational Building Corp. RB for Woonsocket Public School Financing Program Series 2017 A (AGM) (MUN GOVT GTD) (AA/Aa3)

    500,000       5.000   05/15/2024   576,925

 

South Carolina – 0.5%

Clemson University Athletic Facilities RB Series 2015 (NR/Aa3)

    1,385,000       4.000   05/01/2025   1,568,928
    1,570,000       4.000   05/01/2026   1,764,507

Lexington County School District No. 1/SC GO Refunding Bonds Series 2019 A (SCSDE) (AA/Aa1)

    2,495,000       5.000   02/01/2031   3,154,154

Lexington County School District No. 2 GO Bonds Series 2017 C (SCSDE) (AA/Aa1)

    4,530,000       5.000   03/01/2031   5,539,601
    1,590,000       4.000   03/01/2032   1,801,931

South Carolina Ports Authority RB Series 2018 (AMT) (A+/A1)

    3,750,000       5.000   07/01/2037   4,510,500

South Carolina Public Service Authority Santee Cooper RB Refunding Series 2014 D (A/A2)

    875,000       3.056   12/01/2023   894,705

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

South Carolina – (continued)

South Carolina Public Service Authority Santee Cooper RB Series 2016 D (A/A2)

$

     5,505,000       2.388 %   12/01/2023   $       5,517,166

South Carolina Transportation Infrastructure Bank RB Refunding Series 2012 A (A/Aa3)(a)

    5,665,000       5.000     10/01/2021   6,045,575

South Carolina Transportation Infrastructure Bank RB Refunding Series 2013 B (A/Aa3)(c)

    (1 Mo. LIBOR + 0.45%),  
    12,505,000       1.595   10/01/2022   12,518,506
       

 

        43,315,573

 

South Dakota – 0.1%

Rapid City Area School District No. 51-4 Limited Tax Capital Outlay GO Refunding Bonds Series 2017 B (ST AID WITHHLDG) (AA+/NR)

    630,000       5.000   01/01/2024   716,763
    1,075,000       5.000   01/01/2025   1,254,600
    730,000       5.000   01/01/2026   870,715

South Dakota Health & Educational Facilities Authority RB Refunding for Avera Health Obligated Group Series 2019 A (AA-/A1)(c)(d)

    3,525,000       5.000   07/01/2024   4,034,116
       

 

        6,876,194

 

Tennessee – 0.4%

Chattanooga Health Educational & Housing Facility Board RB for CommonSpirit Health Obligated Group Refunding Series 2019 A-1 (BBB+/Baa1)

    1,115,000       5.000   08/01/2035   1,346,909

City of Johnson GO Refunding Bonds Series 2019 B (NR/Aa2)

    1,225,000       4.000   06/01/2037   1,414,030

Greeneville Health & Educational Facilities Board RB for Ballad Health Obligated Group Series 2018 A (A-/Baa1)

    6,020,000       5.000   07/01/2034   6,687,799
    1,800,000       4.000   07/01/2040   1,927,548

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board RB for Charter Village Apartments Series 2007 (AMT) (FNMA COLL) (NR/NR)(c)(d)

    925,000       4.850   06/01/2025   938,218

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board RB for Vanderbilt University Medical Center Series 2016 A (NR/A3)

    400,000       5.000   07/01/2040   466,992
    700,000       5.000   07/01/2046   806,176

Metropolitan Government Nashville & Davidson County Health & Educational Facilities RB Refunding for Trevecca Nazarene University Project Series 2019 (BBB-/NR)

    90,000       3.000   10/01/2024   92,375

Metropolitan Government Nashville & Davidson County Industrial Development Board RB for Waste Management, Inc. Series 2001 (A-/NR)(c)(d)

    3,000,000       2.850   08/02/2021   3,062,520

Nashville Metropolitan Development & Housing Agency RB for Fifth+ Broadway Development Project Series 2018 (NR/NR)(f)

    650,000       4.500   06/01/2028   706,400

Tennergy Corporation Tenn Gas Supply RB Series 2019 A
(AA/Aa2)(c)(d)

    11,325,000       5.000   10/01/2024   13,021,145
       

 

        30,470,112

 

Texas – 7.7%

Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2016 (A-/Baa1)

    250,000       5.000   01/01/2040   289,425
    435,000       5.000   01/01/2046   499,985

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Texas – (continued)

Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2020 A (A-/Baa1)(h)

$

     530,000       5.000 %    01/01/2026   $          636,859
    595,000       5.000   01/01/2027   729,529
    620,000       5.000   01/01/2028   772,842
    650,000       5.000   01/01/2029   821,997
    690,000       5.000   01/01/2030   884,421
    1,010,000       5.000   01/01/2032   1,283,730
    1,115,000       5.000   01/01/2034   1,402,692
    585,000       5.000   01/01/2035   733,268
    610,000       5.000   01/01/2036   761,463
    645,000       5.000   01/01/2037   802,690
    675,000       5.000   01/01/2038   836,899
    1,420,000       5.000   01/01/2039   1,757,037

City of Anna Special Assessment Bonds for Hurricane Creek Public Improvement District Project Series 2019 (NR/NR)(f)

    250,000       5.750   09/01/2029   258,087

City of Austin RB for Airport System Series 2019 B (AMT) (A/A1)

    1,700,000       5.000   11/15/2032   2,144,907
    2,000,000       5.000   11/15/2033   2,516,900

City of Austin RB Refunding for Airport System Series 2019 (AMT) (A/A1)

    1,510,000       5.000   11/15/2022   1,666,164
    1,950,000       5.000   11/15/2023   2,215,181
    4,790,000       5.000   11/15/2024   5,588,397
    1,150,000       5.000   11/15/2025   1,373,353

City of Austin Special Assessment RB for Estancia Hill Country Public Improvement District Series 2018 (NR/NR)(f)

    1,225,000       4.000   11/01/2023   1,256,127
    1,975,000       4.500   11/01/2024   2,016,159
    2,815,000       4.000   11/01/2028   2,927,403

City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1 Project Series 2016 (NR/NR)

    250,000       4.200   09/01/2027   254,205
    575,000       4.800   09/01/2037   591,801
    650,000       5.250   09/01/2046   669,455

City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1B Project Series 2018 (NR/NR)(f)

    145,000       4.375   09/01/2023   147,256
    300,000       5.375   09/01/2038   319,635

City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#2 Project Series 2018 (NR/NR)

    245,000       4.625   09/01/2023   248,798
    370,000       5.000   09/01/2028   387,249

City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Phase#1 Series 2019 (NR/NR)(f)

    215,000       3.125   08/15/2024   215,267
    340,000       3.500   08/15/2029   342,482
    905,000       4.000   08/15/2039   913,860

City of Fate Special Assessment Refunding for Williamsburg Public Improvement District No. 1 Project Series 2019 (BAM) (AA/NR)

    150,000       4.000   08/15/2025   164,179
    155,000       4.000   08/15/2026   171,011
    160,000       4.000   08/15/2027   177,776
    165,000       4.000   08/15/2028   184,021
    170,000       4.000   08/15/2029   190,052
    925,000       3.000   08/15/2034   931,688

City of Fort Worth Water & Sewer System RB Refunding & Improvement Series 2015 A (AA+/Aa1)

    8,245,000       5.000   02/15/2024   9,520,254

City of Hackberry Special Assessment RB for Riverdale Lake Public Improvement District No. 2 Phases 4-6 Project Series 2017 (NR/NR)

    425,000       4.125   09/01/2027   436,420

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Texas – (continued)

City of Hackberry Special Assessment RB Refunding for Hackberry Public Improvement District No. 3 Phases No. 13-16 Project Series 2017 (NR/NR)

$

     150,000       3.250 %    09/01/2022   $          150,961
    570,000       4.500   09/01/2027   599,663

City of Hackberry Special Assessment RB Refunding for Hidden Cove Public Improvement District No. 2 Project Series 2017 (BBB-/NR)

    425,000       4.000   09/01/2024   463,714
    440,000       4.000   09/01/2025   484,057
    460,000       4.000   09/01/2026   509,519
    480,000       4.000   09/01/2027   534,931

City of Haslet Special Assessment RB Refunding for Haslet Public Improvement District No. 5 1 Project Series 2019 (NR/NR)(f)

    150,000       3.250   09/01/2024   150,253
    290,000       3.625   09/01/2029   292,132
    785,000       4.125   09/01/2039   791,508

City of Houston Airport System RB Refunding for United Airlines, Inc. Project Series 2018 C (AMT) (BB/Ba3)

    1,750,000       4.500   07/01/2020   1,774,290

City of Houston GO Bonds Refunding Series 2019 A (AA/Aa3)

    13,745,000       5.000   03/01/2029   17,587,827

City of Houston RB Refunding for Airport System Subordinate Lien Series 2012 A (AMT) (A+/NR)

    2,300,000       5.000   07/01/2029   2,489,796
    2,500,000       5.000   07/01/2031   2,700,550

City of Houston RB Refunding for Airport System Subordinated Lien Series 2012 B (A+/NR)

    23,090,000       5.000   07/01/2028   25,173,180

City of Irving RB Refunding for Hotel Occupancy Tax Series 2019 (BBB+/NR)

    130,000       5.000   08/15/2024   149,938
    130,000       5.000   08/15/2025   152,801
    150,000       5.000   08/15/2026   179,530
    100,000       5.000   08/15/2027   121,527
    125,000       5.000   08/15/2028   153,721
    150,000       5.000   08/15/2029   185,997
    200,000       5.000   08/15/2030   245,790
    280,000       5.000   08/15/2032   340,729
    300,000       5.000   08/15/2034   362,523
    175,000       5.000   08/15/2035   210,837
    250,000       5.000   08/15/2036   300,283
    250,000       5.000   08/15/2037   299,365
    300,000       5.000   08/15/2038   357,759
    300,000       5.000   08/15/2039   357,348

City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2019 (NR/NR)(f)

    785,000       3.875   09/01/2024   792,536

City of Kyle Special Assessment RB for Southwest Kyle Public Improvement District No. 1 Series 2019 (NR/NR)(f)

    425,000       4.250   09/01/2029   430,767

City of Lavon Special Assessment RB for Lakepointe Public Improvement District Improvement Area#1 Project Series 2019 (NR/NR)(f)

    175,000       3.500   09/15/2024   174,393
    250,000       3.750   09/15/2029   248,982

City of Lavon Special Assessment RB for Lakepointe Public Improvement District Major Improvement Area Project Series 2019 (NR/NR)(f)

    205,000       4.375   09/15/2029   204,186

City of Lewisville Texas Combination Contract & Special Assessment RB Refunding for Lewisville Castle Hills Public Improvement District No. 3 Project Series 2015 (AGM) (AA/NR)

    1,415,000       4.000   09/01/2025   1,523,559

City of Manor Special Assessment RB for Lagos Public Improvement District Series 2020 (NR/NR)(f)

    330,000       3.750   09/15/2025   329,987

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Texas – (continued)

City of Mclendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #2 Project Series 2019 (NR/NR)(f)

$

     200,000       3.500 %    09/15/2024   $          201,278
    280,000       3.750   09/15/2029   285,099

City of Mesquite Special Assessment RB for Iron Horse Public Improvement District Project Series 2019 (NR/NR)(f)

    200,000       5.000   09/15/2024   201,336
    400,000       5.250   09/15/2029   406,620

City of Mesquite Special Assessment RB for Polo Ridge Public Improvement District No. 2 Phase #1 Project Series 2019 (NR/NR)(f)

    530,000       4.250   09/15/2024   533,170
    490,000       5.125   09/15/2024   492,871
    795,000       4.500   09/15/2029   808,555
    775,000       5.375   09/15/2029   787,772

City of North Richland Hills Special Assessment for City Point Public Improvement District Project Series 2019 (NR/NR)(f)

    375,000       4.500   09/01/2025   374,794
    200,000       4.875   09/01/2025   199,890
    465,000       4.875   09/01/2030   464,586
    265,000       5.250   09/01/2030   264,767
    475,000       5.250   09/01/2040   474,368
    310,000       5.625   09/01/2040   309,597

City of Oak Point Special Assessment for Wildridge Public Improvement District No. 1 Project Series 2019 (NR/NR)(f)

    100,000       3.125   09/01/2024   100,118
    145,000       3.500   09/01/2029   145,386
    380,000       4.000   09/01/2039   381,497

City of Oak Point Special Assessment RB for Wildridge Public Improvement District No. 1 Series 2018 (NR/NR)(f)

    250,000       4.000   09/01/2028   258,195

City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2019 (NR/NR)(f)

    191,000       3.500   09/01/2024   192,148
    369,000       3.750   09/01/2029   375,937
    436,000       4.250   09/01/2039   447,105

City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2019 (NR/NR)

    280,000       4.000   09/01/2024   283,702
    415,000       4.250   09/01/2029   428,819

City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District No. 2 Series 2019 (NR/NR)(f)

    185,000       3.750   09/01/2024   184,210
    365,000       4.000   09/01/2029   362,960
    580,000       5.000   09/01/2029   576,891

City of Royse City Special Assessment for Waterscape Public Improvement District Improvement Series 2019 (NR/NR)(f)

    250,000       3.750   09/15/2024   250,140
    370,000       4.125   09/15/2029   370,588
    1,050,000       4.625   09/15/2039   1,051,617

City of San Antonio RB Refunding for Electric & Gas Systems Junior Lien Series 2015 A (AA-/Aa2)(c)(d)

    26,495,000       1.750   12/01/2024   26,943,560

City of San Antonio RB Refunding for Electric & Gas Systems Junior Lien Series 2015 C (AA-/Aa2)(c)(d)

    30,610,000       1.750   12/01/2024   30,993,237

City of San Antonio RB Refunding for Electric & Gas Systems Junior Lien Series 2018 (AA-/Aa2)(c)(d)

    2,800,000       2.750   12/01/2022   2,914,632

City of San Antonio RB Refunding for Electric & Gas Systems Series 2019 (AA/Aa1)

    2,000,000       4.000   02/01/2026   2,307,080
    1,250,000       4.000   02/01/2027   1,462,825
    1,500,000       4.000   02/01/2028   1,775,985
    2,000,000       4.000   02/01/2029   2,387,960
    2,000,000       4.000   02/01/2030   2,412,320

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Texas – (continued)

Clifton Higher Education Finance Corp. RB Refunding for IDEA Public Schools Series 2017 (PSF-GTD) (AAA/NR)

$

     4,370,000       4.000 %    08/15/2036   $       4,922,018
    3,875,000       4.000   08/15/2037   4,350,308

Comal Independent School District GO Refunding Bonds Series 2017 (PSF-GTD) (NR/Aaa)

    1,970,000       5.000   02/01/2025   2,333,524
    2,095,000       5.000   02/01/2026   2,545,278

County of Cameron State Highway 550 Project GO Bonds Series 2012 (AGM) (AA/Aa3)

    8,870,000       5.000   02/15/2030   9,531,258

County of Fort Bend GO Refunding Bonds Series 2015 B (AA+/Aa1)

    3,740,000       5.000   03/01/2023   4,188,613

Dallas-Fort Worth International Airport Joint Improvement RB Series 2012 D (AMT) (A+/A1)

    18,430,000       5.000   11/01/2042   19,508,708

Dallas-Fort Worth International Airport Joint RB Improvement Bonds Series 2013 A (AMT) (A+/A1)(a)

    10,000,000       5.000   11/01/2020   10,303,500

Dallas-Fort Worth International Airport Joint RB Improvement Bonds Series 2014 B (AMT) (A+/NR)

    1,700,000       5.000   11/01/2022   1,873,961

Dallas-Fort Worth International Airport Joint RB Refunding Series 2014 A (AMT) (A+/NR)

    2,500,000       5.250   11/01/2030   2,829,975

Denton Independent School District Unlimited Tax Building GO Bonds Series 2014 B (PSF-GTD) (AAA/NR)(c)(d)

    4,000,000       2.000   08/01/2024   4,105,360

Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR)(f)

    175,000       3.750   08/15/2024   176,913
    235,000       4.000   08/15/2029   241,575
    775,000       4.500   08/15/2035   804,124
    575,000       5.000   08/15/2044   603,279

Fort Worth Special Assessment RB for Fort Worth Public Improvement District No. 17 Major Improvement Project Series 2017 (NR/NR)(f)

    395,000       5.000   09/01/2027   421,627
    225,000       5.000   09/01/2032   235,773
    330,000       5.125   09/01/2037   343,655

Grand Parkway Transportation Corp. System RB Subordinate Tier Series 2018 A (AA+/NR)

    18,225,000       5.000   10/01/2037   22,351,505

Grand Parkway Transportation Corp. System Toll Convertible RB Series 2013 B (AA+/NR)(b)

    2,930,000       0.000   10/01/2046   3,140,697
    4,075,000       0.000   10/01/2047   4,373,412

Gulf Coast IDA RB for Exxon Mobil Project Series 2012 (AA+/Aaa)(c)(d)

    19,000,000       1.700   01/02/2020   19,000,000

Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Obligated Group Series 2019 A (A+/A1)

    4,700,000       5.000   12/01/2024   5,514,416

Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Obligated Group Series 2019 B-2 (A+/A1)(c)(d)

    8,000,000       5.000   12/01/2024   9,316,240

Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Series 2013 B (A+/A1)(g)

(SIFMA Municipal Swap Index Yield + 0.95%),

    6,770,000       2.560   06/01/2023   6,875,477

Harris County Toll Road RB Refunding Senior Lien Series 2007 B (AMBAC) (AA-/Aa2)(g)

    (3 Mo. LIBOR + 0.67%),  
    19,920,000       1.950   08/15/2035   19,074,595

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Texas – (continued)

Hickory Creek Texas Special Assessment RB for Hickory Farms Public Improvement Series 2019 (NR/NR)(f)

$

     745,000       4.000 %    09/01/2029   $         755,832

Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (BBB-/NR)

    95,000       3.000   09/01/2024   100,179
    100,000       3.500   09/01/2025   107,969
    100,000       3.500   09/01/2026   108,204
    105,000       3.500   09/01/2027   113,510

Houston Airport System RB for United Airlines, Inc. Airport Improvement Projects Series 2018 C (AMT) (BB/NR)

    2,495,000       5.000   07/15/2028   2,982,623

Houston Airport System RB Refunding for United Airlines, Inc. Series 2015 B-2 (AMT) (BB/NR)

    2,500,000       5.000   07/15/2020   2,544,400

Houston Airport System RB Refunding Subordinate Lien Series 2018 B (A/A1)

    350,000       5.000   07/01/2031   437,045
    325,000       5.000   07/01/2032   404,310

Houston Airport System RB Refunding Subordinate Lien Series 2018 D (A/A1)

    2,000,000       5.000   07/01/2029   2,527,860
    2,150,000       5.000   07/01/2030   2,699,411
    2,000,000       5.000   07/01/2031   2,497,400

Houston Independent School District Limited Tax GO Refunding Bonds Series 2017 (PSF-GTD) (AAA/Aaa)

    3,425,000       4.000   02/15/2042   3,778,357

Justin Special Assessment RB for Timberbrook Public Improvement District No. 1 Major Improvement Area Project Series 2018 (NR/NR)(f)

    1,315,000       5.000   09/01/2038   1,373,162

Leander Independent School District School Building Capital Appreciation GO Bonds Series 2014 C (PSF-GTD) (NR/NR)(a)(e)

    33,515,000       0.000   08/15/2024   11,275,322

Leander Independent School District Unlimited Tax GO Refunding Bonds Series 2016 (PSF-GTD) (AAA/NR)(e)

    2,500,000       0.000   08/16/2020   2,481,075

Lower Colorado River Authority LCRA Transmission Services Corp. Project RB Refunding Series 2019 (A/NR)

    2,000,000       5.000   05/15/2030   2,537,480
    1,495,000       5.000   05/15/2031   1,884,911

Matagorda County Texas Navigation District No. 1 PCRB Refunding for Central Power & Light Co. Project Series 2001 A (A-/Baa1)

    6,350,000       2.600   11/01/2029   6,590,157

Mission Economic Development Corp. RB for Waste Management, Inc. Series 2008 (A-/NR)

    2,500,000       2.500   08/01/2020   2,502,850

Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (AMT) (BB-/NR)(f)

    5,000,000       4.625   10/01/2031   5,404,950

Montgomery County Toll Road Authority Senior Lien RB Series 2018 (BBB-/NR)

    1,370,000       5.000   09/15/2032   1,560,389
    710,000       5.000   09/15/2033   806,446
    750,000       5.000   09/15/2034   850,463
    790,000       5.000   09/15/2035   893,624

New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Cityscape Schools, Inc. Series 2019 A (BB+/NR)(f)

    335,000       4.000   08/15/2029   358,829
    610,000       5.000   08/15/2039   675,849

New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Collegiate Housing Island Campus Project Series 2017 A (BB+/Ba1)

    765,000       5.000   04/01/2027   842,969

New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station I, LLC - Texas A&M University Collegiate Housing Corpus Christi Project Series 2014 A (BBB-/NR)

    1,000,000       5.000   04/01/2039   988,540

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Texas – (continued)

New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station II, LLC - Texas A&M University Collegiate Housing Corpus Christi Project Series 2016 A (BB/B2)

$

     645,000       4.000 %    04/01/2022   $         647,032
    320,000       4.000   04/01/2023   320,950
    275,000       4.000   04/01/2024   275,520
    365,000       4.000   04/01/2025   364,639
    375,000       4.000   04/01/2026   373,136

New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Tarleton State University Collegiate Housing Project Series 2015 A (BBB-/Baa3)

    250,000       5.000   04/01/2030   276,373

North Texas Tollway Authority RB Convertible Capital Appreciation Special Project System Series 2011 (AA/NR)(a)(b)

    1,000,000       0.000   09/01/2031   1,259,040

North Texas Tollway Authority RB Refunding for First Tier Series 2017 A (A+/A1)

    2,750,000       5.000   01/01/2038   3,327,335

North Texas Tollway Authority RB Refunding for Second Tier Series 2017 B (A/A2)

    2,000,000       5.000   01/01/2032   2,415,120

North Texas Tollway Authority RB Special Project System Series 2011 A (AA/NR)(a)

    1,000,000       5.500   09/01/2021   1,071,350
    1,000,000       6.000   09/01/2021   1,079,380

North Texas Tollway Authority System RB Refunding First Tier Series 2016 A (A+/A1)

    550,000       5.000   01/01/2022   591,745

North Texas Tollway Authority System RB Refunding for Capital Appreciation First Tier Series 2008 I (A+/A1)

    6,000,000       6.500   01/01/2043   7,384,260

Pasadena Independent School District GO Bonds Series 2015 B (PSF-GTD) (AAA/Aaa)(c)(d)

    3,280,000       1.500   08/15/2024   3,296,826

Round Rock Independent School District GO Refunding Bonds Series 2019 A (PSF-GTD) (AAA/Aaa)

    4,630,000       4.000   08/01/2032   5,454,557

Royse Special Assessment RB for Parkside Village Public Improvement District Series 2019 (NR/NR)(f)

    250,000       3.250   09/15/2024   249,452
    355,000       3.625   09/15/2029   354,553

State of Texas Anticipation Notes Series 2019 (SP-1+/MIG1)

    25,000,000       4.000   08/27/2020   25,466,750

State of Texas College Student Loan GO Unlimited Bonds Series 2019 (AMT) (AAA/Aaa)

    3,005,000       4.000   08/01/2025   3,428,194
    5,905,000       5.000   08/01/2026   7,205,458
    4,590,000       5.000   08/01/2027   5,705,967
    5,010,000       5.000   08/01/2028   6,328,431
    6,835,000       5.000   08/01/2029   8,644,498

Tarrant County Cultural Education Facilities Finance Corp. RB Refunding for Air Force Village Obligated Group Series 2016 (BB+/NR)

    2,475,000       5.000   05/15/2020   2,497,696
    2,100,000       5.000   05/15/2021   2,170,623
    2,730,000       5.000   05/15/2022   2,883,863

Tarrant County Cultural Education Facilities Finance Corporation Christus Health Obligation Group RB Series 2018 B (A+/A1)

    13,655,000       5.000   07/01/2036   16,653,228

Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A-/A2)(g)

    (3 Mo. LIBOR + 0.70%),  
    5,665,000       1.969   12/15/2026   5,661,658

Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2008 D (A-/A2)

    4,750,000       6.250   12/15/2026   5,590,323

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Texas – (continued)

Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 B (A-/A2)(g)

(SIFMA Municipal Swap Index Yield + 0.55%),

$

     3,055,000       2.160 %    09/15/2027   $       3,021,273

Texas Private Activity Bonds Surface Transportation Corp. RB Refunding for NTE Mobility Partners LLC Series 2019 A (BBB/Baa2)

    5,000,000       5.000   12/31/2030   6,308,100
    10,000,000       5.000   12/31/2031   12,555,700
    3,000,000       5.000   12/31/2032   3,743,490
    4,000,000       5.000   12/31/2033   4,975,080
    5,000,000       5.000   12/31/2034   6,201,300
    4,000,000       5.000   12/31/2035   4,944,720
    4,000,000       5.000   12/31/2036   4,925,640

Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (AMT) (BBB-/Baa3)

    4,165,000       5.000   06/30/2058   4,852,725

Texas Transportation Commission Central Turnpike System RB Refunding Second Tier Series 2015 C (A-/Baa1)

    1,380,000       5.000   08/15/2042   1,559,303

Texas Transportation Commission State Highway Fund First Tier RB for Build America Bonds Series 2010 (AAA/Aaa)

    2,000,000       5.028   04/01/2026   2,248,360

Town of Little Special Assessment RB for Hillstone Pointe Public Improvement District No. 2 Phases 2-3 Project Series 2018 (NR/NR)(f)

    170,000       4.750   09/01/2023   172,776
    360,000       5.250   09/01/2028   377,028

Town of Little Special Assessment RB for Lakeside Estates Public Improvement District No. 2 Project Series 2017 (NR/NR)(f)

    345,000       4.500   09/01/2027   349,520

University Houston Consolidated RB Refunding Series 2017 C (AA/Aa2)

    8,500,000       3.250   02/15/2041   8,723,720

University of Texas System Revenue Financing System RB Refunding Series 2017 C (AAA/Aaa)

    5,865,000       5.000   08/15/2026   7,233,480

Viridian Municipal Management District Tarrant County Special Assessment RB Series 2018 (NR/NR)

    342,000       4.000   12/01/2023   350,410
    520,000       4.250   12/01/2029   535,543
    1,159,000       4.625   12/01/2035   1,198,950
    1,604,000       5.000   12/01/2045   1,663,252
       

 

        609,245,712

 

Utah – 1.0%

Jordan School District GO School Building Bonds Series 2019 B (SCH BD GTY) (AAA/Aaa)

    1,625,000       5.000   06/15/2022   1,779,359
    2,175,000       5.000   06/15/2023   2,463,383
    2,355,000       5.000   06/15/2024   2,752,689
    2,400,000       5.000   06/15/2025   2,887,968
    2,750,000       5.000   06/15/2027   3,464,862

Salt Lake City Corporation Airport RB Series 2018 A (AMT) (A+/A2)

    18,635,000       5.000   07/01/2037   22,398,338
    18,640,000       5.250   07/01/2048   22,363,154

Salt Lake City RB for International Airport Series 2017 A (AMT) (A+/A2)

    2,650,000       5.000   07/01/2047   3,079,883

Salt Lake City RB for International Airport Series 2018 A (AMT) (A+/A2)

    5,000,000       5.000   07/01/2029   6,172,450
    5,500,000       5.000   07/01/2030   6,749,600

Utah Charter School Finance Authority RB Refunding for Summit Academy, Inc. Series 2019 A (AA/NR)

    700,000       5.000   04/15/2039   852,257
    625,000       5.000   04/15/2044   750,244
    1,150,000       5.000   04/15/2049   1,371,766

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Utah – (continued)

Utah Transit Authority Sales Tax RB Refunding Subordinate Series 2015 A (AA/Aa2)

$

     3,065,000       4.000 %    06/15/2034   $       3,370,489
       

 

        80,456,442

 

Vermont – 0.0%

Vermont Economic Development Authority RB Refunding for Wake Robin Corp. Series 2017 A (NR/NR)

    745,000       5.000   05/01/2025   820,916
    585,000       5.000   05/01/2026   651,953
       

 

        1,472,869

 

Virgin Islands – 0.2%

Virgin Islands Public Finance Authority RB Matching Fund Loan Note Senior Lien Series 2010 A (NR/Caa2)

    350,000       5.000   10/01/2020   352,485
    1,410,000       5.000   10/01/2029   1,415,668

Virgin Islands Public Finance Authority RB Matching Fund Loan Note Series 2012 A (NR/Caa2)

    700,000       5.000   10/01/2032   701,736

Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2014 C (B/NR)

    4,700,000       5.000   10/01/2039   4,644,164

Virgin Islands Public Finance Authority RB Series 2014 A (AGM-CR) (AA/A2)(f)

    5,000,000       5.000   10/01/2034   5,596,800
       

 

        12,710,853

 

Virginia – 1.9%

Amelia County IDA Solid Waste Disposal RB Refunding for Waste Management, Inc. Project Series 2002 (AMT) (A-/NR)(c)(d)

    2,500,000       2.125   04/01/2020   2,503,875

Chesapeake Bay Bridge & Tunnel District RB First Tier General Resolution Anticipation Notes Series 2019 (BBB/Baa2)

    19,500,000       5.000   11/01/2023   22,103,250

Chesapeake Economic Development Authority RB Refunding for Virginia Electric & Power Co. Series 2008 A (BBB+/A2)(c)(d)

    1,700,000       1.900   06/01/2023   1,723,137

County of Arlington GO Bonds for Public Improvement Series 2019 (AAA/Aaa)

    6,990,000       5.000   06/15/2030   9,147,743

Fairfax County Economic Development Authority Residential Care Facilities Mortgage RB Refunding for Goodwin House Incorporated Series 2016 A (BBB+/NR)

    1,250,000       4.000   10/01/2042   1,304,025

Louisa Industrial Development Authority Pollution Control RB Refunding Virginia Electric & Power Co. Series 2008 A (BBB
+/A2)(c)(d)

    1,000,000       1.900   06/01/2023   1,011,250

Louisa Industrial Development Authority Pollution Control RB Refunding Virginia Electric & Power Co. Series 2008 C (BBB
+/A2)(c)(d)

    1,850,000       1.800   04/01/2022   1,859,750

Peninsula Ports Authority of Virginia Coal Terminal RB Refunding for Dominion Terminal Associates Project Series 2003 (BBB/Baa2)(c)(d)

    2,250,000       1.700   10/01/2022   2,247,345

Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 A-1 (B-/B3)

    9,455,000       6.706   06/01/2046   9,106,583

Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (CCC-/NR)(e)

    122,865,000       0.000   06/01/2047   14,808,918

Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 D (CCC-/NR)(e)

    13,500,000       0.000   06/01/2047   1,501,335

University of Virginia RB Series 2013 (AAA/Aaa)(a)

    50,850,000       5.000   12/01/2022   56,593,508

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Virginia – (continued)

Virginia Housing Development Authority RB for Rental Housing Series 2019 E (AA+/Aa1)

$

     4,345,000       1.400 %    12/01/2023   $       4,348,997

Virginia Port Authority Port Facilities RB Refunding Series 2015 A (AMT) (A/WR)(a)

    4,750,000       5.000   07/01/2025   5,648,510

Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (AMT) (BBB/Baa3)

    2,580,000       5.000   12/31/2047   2,949,946
    1,000,000       5.000   12/31/2052   1,139,050
    1,885,000       5.000   12/31/2056   2,140,323

Virginia Small Business Financing Authority Senior Lien RB for 95 Express Lanes LLC Project Series 2017 (AMT) (BBB/NR)

    950,000       5.000   07/01/2034   1,011,028
    3,325,000       5.000   01/01/2040   3,528,490

Virginia Small Business Financing Authority Senior Lien RB for Elizabeth River Crossings Opco, LLC Project Series 2012 (BBB/NR)

    750,000       5.500   01/01/2042   812,798

Virginia Small Business Financing Authority Solid Waste Disposal Facilities RB for Covanta Holding Corp. Project Series 2018 (AMT) (B/NR)(c)(d)(f)

    300,000       5.000   07/01/2038   318,126

York County Economic Development Authority Pollution Control RB Refunding for Virginia Electric & Power Co. Project Series 2009 A (BBB+/A2)(c)(d)

    3,200,000       1.900   06/01/2023   3,241,184
       

 

        149,049,171

 

Washington – 2.0%

City of Seattle Limited Tax GO Improvement & Refunding Bonds Series 2015 A (AAA/Aaa)

    5,000,000       5.000   06/01/2026   5,985,900

City of Seattle RB for Municipal Light & Power Improvement Series 2018 A (AA/Aa2)

    3,340,000       4.000   01/01/2033   3,828,275
    6,715,000       4.000   01/01/2034   7,680,617
    11,655,000       4.000   01/01/2043   12,935,651

City of Seattle RB Refunding for Drainage & Wastewater Series 2014 (AA+/Aa1)

    13,715,000       4.000   05/01/2044   14,622,384

City of Seattle RB Refunding for Drainage & Wastewater Series 2017 (AA+/Aa1)

    6,555,000       4.000   07/01/2035   7,465,031

King County GO Refunding Bonds Series 2019 A (AAA/Aaa)(c)(d)

    19,275,000       1.670   01/02/2020   19,275,000

King County Junior Lien Sewer RB Series 2012 (AA/Aa2)(c)(d)

    5,900,000       2.600   12/01/2021   5,970,269

Port of Seattle Intermediate Lien RB Series 2019 (AMT) (A+/A1)

    9,295,000       5.000   04/01/2038   11,271,582

Port of Seattle Wash RB Refunding Series 2011 B (AMT) (AA-/Aa2)

    1,625,000       5.000   09/01/2022   1,725,652

State of Washington GO Bonds Various Purpose Series 2014 D (AA+/Aaa)

    15,055,000       5.000   02/01/2026   17,312,347

University of Washington RB Refunding Series 2012 A (AA+/Aaa)

    2,500,000       5.000   07/01/2029   2,725,550

Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (BBB+/Baa1)

    985,000       5.000   08/01/2036   1,185,329
    1,715,000       5.000   08/01/2037   2,054,416
    1,715,000       5.000   08/01/2038   2,047,453

Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (BBB+/Baa1)

    1,285,000       5.000   08/01/2035   1,552,267
    1,930,000       5.000   08/01/2036   2,322,524

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Washington – (continued)

Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 B-1
(BBB+/Baa1)(c)(d)

$

     5,400,000       5.000 %    08/01/2024   $     6,122,628

Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 B-2
(BBB+/Baa1)(c)(d)

    1,265,000       5.000   08/01/2025   1,461,454

Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 B-3
(BBB+/Baa1)(c)(d)

    4,285,000       5.000   08/01/2026   5,055,614

Washington State Convention Center Public Facilities District RB Series 2018 (AA-/Aa3)

    6,825,000       5.000   07/01/2048   8,133,489

Washington State Housing Finance Commission Nonprofit Housing RB for Presbyterian Retirement Communities Northwest Obligated Group Transforming Age Projects Series 2019 A (BB/NR)(f)

    745,000       5.000   01/01/2034   833,290
    1,400,000       5.000   01/01/2039   1,550,234

Washington State Motor Vehicle Fuel Tax GO Refunding Bonds Series 2015 C (AMBAC) (AA+/Aaa)(e)

    6,855,000       0.000   06/01/2028   5,925,736

Washington State Various Purpose GO Bonds Series 2018 C (AA+/Aaa)

    8,950,000       5.000   02/01/2043   10,810,705

Washington State Various Purpose GO Refunding Bonds Series R-2010B (AA+/Aaa)

    25,000       5.000   01/01/2024   25,000
       

 

        159,878,397

 

West Virginia – 0.7%

County of Ohio Special District Excise Tax RB Refunding for Fort Henry Economic Opportunity Development District The Highlands Project Series 2019 B (BBB/NR)

    770,000       3.000   03/01/2035   770,608
    2,165,000       3.000   03/01/2037   2,129,624
    2,165,000       3.250   03/01/2041   2,148,481

State of West Virginia GO Bonds for State Road Series 2019 A (AA-/Aa2)

    6,145,000       5.000   06/01/2035   7,717,444
    9,700,000       5.000   12/01/2036   12,164,964

State of West Virginia GO Bonds Series 2018 B (AA-/Aa2)

    8,740,000       5.000   06/01/2035   10,811,555

West Virginia Hospital Finance Authority RB Refunding for Cabell Huntington Hospital Obligated Group Series 2018 A (BBB+/Baa1)

    770,000       5.000   01/01/2033   933,779
    910,000       5.000   01/01/2034   1,098,634
    1,095,000       5.000   01/01/2035   1,315,642
    2,330,000       5.000   01/01/2036   2,784,886

West Virginia Hospital Finance Authority RB Refunding for Charleston Area Medical Center, Inc. Obligated Group Series 2019 A (NR/Baa1)

    2,325,000       5.000   09/01/2029   2,907,483
    2,645,000       5.000   09/01/2030   3,288,449
    2,100,000       5.000   09/01/2031   2,594,277
    1,700,000       5.000   09/01/2032   2,089,589
       

 

        52,755,415

 

Wisconsin – 0.9%

County of Dane GO Bonds Series 2019 A (AAA/NR)

    4,970,000       2.000   06/01/2021   5,021,241
    3,080,000       2.000   06/01/2023   3,152,380

Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (AMT) (BBB/Baa3)

    1,000,000       4.300   11/01/2030   1,089,430

Public Finance Authority Minnesota College of Osteopathic Medicine Senior RB Series 2019 A-1 (NR/NR)(f)

    24,345       5.500   12/01/2048   24,345

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Wisconsin – (continued)

Public Finance Authority Minnesota College of Osteopathic Medicine Senior Taxable RB Series 2019 A-2 (NR/NR)(f)

$

     51,733       7.250 %   12/01/2048   $        51,733

Public Finance Authority RB for Prime Healthcare Foundation, Inc. Series 2018 A (BBB-/NR)

    500,000       5.200     12/01/2037   584,405

Public Finance Authority RB Refunding for Coral Academy of Science Reno Series 2019 A (NR/NR)(f)

    370,000       5.000   06/01/2029   411,558
    710,000       5.000   06/01/2039   768,852

Public Finance Authority RB Refunding for Fellowship Senior Living Obligated Group Series 2019 A (BBB+/NR)

    1,000,000       4.000   01/01/2030   1,139,730
    8,955,000       4.000   01/01/2046   9,500,628

Public Finance Authority RB Refunding for Penick Village Obligated Group Series 2019 (NR/NR)(f)

    605,000       4.000   09/01/2029   632,122
    770,000       5.000   09/01/2039   840,909

Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (BB/NR)(f)

    2,320,000       6.125   10/01/2049   2,217,526

Public Finance Authority RB Refunding for Waste Management, Inc. Project Series 2016 A-2 (AMT) (A-/NR)

    2,000,000       2.875   05/01/2027   2,095,500

Public Finance Authority Retirement Communities RB Refunding for The Evergreens Obligated Group Series 2019 A (BBB/NR)

    425,000       5.000   11/15/2044   486,621
    570,000       5.000   11/15/2049   650,729

Public Finance Authority Senior Airport Facilities RB Refunding for Transportation Infrastructure Properties LLC Obligated Group Series 2012 B (AMT) (BBB+/NR)

    6,000,000       5.250   07/01/2028   6,498,840

Public Finance Authority Tax Increment Reinvestment Zone No. 11 Tax Allocation Series 2019 (NR/Baa3)(e)

    13,850,000       0.000   12/15/2027   10,480,849

Public Finance Authority Waste Management Inc. Project RB Refunding Series 2016 A-3 (AMT) (A-/NR)(c)(d)

    10,000,000       2.000   06/01/2021   10,068,100

State of Wisconsin GO Unlimited Bonds Series 2012 B (AA/Aa1)

    3,090,000       3.000   05/01/2026   3,160,668

Wisconsin State Health & Educational Facilities Authority RB for Ascension Health Credit Group Series 2012 D (AA+/Aa2)(a)

    7,750,000       5.000   11/15/2021   8,306,837

Wisconsin State Health & Educational Facilities Authority RB for Saint John’s Communities, Inc. Project Series 2018 A (BBB-/NR)

    275,000       4.000   09/15/2021   282,928
    225,000       4.000   09/15/2022   234,891
    250,000       4.000   09/15/2023   264,348
    365,000       4.000   09/15/2024   384,356

Wisconsin State Health & Educational Facilities Authority RB Refunding for Fort Healthcare, Inc. Series 2014 (BBB+/NR)

    410,000       5.000   05/01/2020   414,297
       

 

        68,763,823

 

Wyoming – 0.3%

County of Campbell RB Refunding for Basin Electric Power Cooperative Series 2019 A (A/A3)

    21,840,000       3.625   07/15/2039   23,289,958

 

TOTAL MUNICIPAL BONDS
(Cost $7,379,390,682)		   $7,699,799,651

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Corporate Bonds – 0.1%

Health Care Equipment & Services – 0.1%

CommonSpirit Health

$

     470,000       4.350 %   11/01/2042   $          482,753

Prime Healthcare Foundation, Inc. Series B

    4,975,000       7.000     12/01/2027   5,948,587
       

 

        6,431,340

 

TOTAL CORPORATE BONDS
(Cost $5,322,881)		   $       6,431,340

 

TOTAL INVESTMENTS – 97.4%
(Cost $7,384,713,563)		   $7,706,230,991

 

OTHER ASSETS IN EXCESS OF

    LIABILITIES – 2.6%

   205,755,373

 

NET ASSETS – 100.0%   $7,911,986,364

 

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)   Pre-refunded security. Maturity date disclosed is pre-refunding date.
(b)   Zero coupon bond until next reset date.
(c)   Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on December 31, 2019.
(d)   Variable Rate Demand Instruments – rate shown is that which is in effect on December 31, 2019. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.
(e)   Issued with a zero coupon. Income is recognized through the accretion of discount.
(f)   Exempt from registration under Rule 144A of the Securities Act of 1933.
(g)   Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2019.
(h)   When-issued security.
(i)   Security is currently in default.
Security ratings disclosed, if any, are issued by either Standard & Poor’s, Moody’s Investor Service or Fitch and are unaudited. A brief description of the ratings is available in the Fund’s Statement of Additional Information.

 

 

Investment Abbreviations:
AGC  

— Insured by Assured Guaranty Corp.

AGC-ICC  

— Agency Insured Custody Certificate

AGM  

— Insured by Assured Guaranty Municipal Corp.

AGM-CR  

— Insured by Assured Guaranty Municipal Corp. Insured Custodial Receipts

AMBAC  

— Insured by American Municipal Bond Assurance Corp.

AMT  

— Alternative Minimum Tax

ASSURED GTY  

— Insured by Assured Guaranty

BAM  

— Build America Mutual Assurance Co.

BHAC-CR  

— Insured by Berkshire Hathaway Assurance Corp. - Insured Custodial Receipts

COPS  

— Certificates of Participation

ETM  

— Escrowed to Maturity

FGIC  

— Insured by Financial Guaranty Insurance Co.

FHLMC  

— Federal Home Loan Mortgage Corp.

FNMA  

— Federal National Mortgage Association

GARB  

— General Airport Revenue Bond

GNMA  

— Government National Mortgage Association

GO  

— General Obligation

IDA  

— Industrial Development Authority

LIBOR  

— London Interbank Offered Rate

Mo.  

— Month

MUN GOVT GTD  

— Municipal Government Guaranteed

NATL-RE  

— Insured by National Public Finance Guarantee Corp.

NATL-RE-IBC  

— Insured by National Public Finance Guarantee Corp. - Insured Bond Certificates

NR  

— Not Rated

PCRB  

— Pollution Control Revenue Bond

PSF-GTD  

— Guaranteed by Permanent School Fund

Q-SBLF  

— Qualified School Board Loan Fund

RB  

— Revenue Bond

RMKT  

— Remarketed

SCH BD GTY  

— School Bond Guaranty

SCH BD RES FD  

— School Bond Reserve Fund

SCSDE  

— South Carolina State Department of Education

SD CRED PROG  

— School District Credit Program

SIFMA  

— The Securities Industry and Financial Markets Association

ST AID WITHHLDG  

— State Aid Withholding

ST APPROP  

— State Appropriation

U.S.  

— United States

USD  

— United States Dollar

WR  

— Withdrawn Rating

 

 

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION

 

 

FUTURES CONTRACTS — At December 31, 2019, the Fund had the following futures contracts:

 

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

 

  

Short position contracts:

 

U.S. Treasury Ultra Bond

      (37)      03/20/2020      $ (6,703,938 )     $ 242,853  

 

  

SWAP CONTRACTS — At December 31, 2019, the Fund had the following swap contracts:

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

 

Reference
Obligation/Index(a)		      Financing Rate
Received (Paid) by
the Fund		      Credit
Spread at
December 31,
2019(b)		      Counterparty        Termination
Date		        Notional
Amount
(000’s)		        Value      Upfront
Premium
(Received)
Paid		      Unrealized
Appreciation/
(Depreciation)		  

 

  

Protection Sold:

 

California State Various Purpose GO Bonds Series 2003, 5.000%, 11/01/2023        1.000%        0.150%        Bank of America NA          03/20/2023          USD 1,000        $ 26,952      $ (15,959 )     $ 42,911  
California State Various Purpose GO Bonds Series 2003, 5.250%, 11/01/2023        1.000         0.150         JPMorgan Chase Bank NA          03/20/2023                 1,000          26,952        (15,960 )       42,912  

 

  

TOTAL

                           $ 53,904      $ (31,919 )     $ 85,823  

 

  

 

(a)   Payments received quarterly.
(b)   Credit spread on the referenced obligation, together with the period of expiration, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and term of the swap contract increase.

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

 

Payments Made

by the Fund(a)

   

Payments

Received by

the Fund

      Termination
Date		        Notional
Amount
(000’s)		      Value        Upfront
Premium
(Received)
Paid		      Unrealized
Appreciation/
(Depreciation)		  

 

  

2.250%

    3 Month LIBOR        12/21/2041        USD 19,600      $ (599,607)        $ (1,137,918 )     $ 538,311  

2.250

    3 Month LIBOR        03/18/2050            509,680 (b)       (17,992,641)          (28,559,187 )       10,566,546  

 

  

TOTAL

                 $ (18,592,248)        $ (29,697,105 )     $ 11,104,857  

 

  

 

(a)   Payments made semi-annually.
(b)   Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2019.

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments

December 31, 2019 (Unaudited)

 

Principal

Amount

  

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – 97.7%

Alabama – 1.9%

Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (AMT) (B/B3)

$

   17,275,000     5.750 %   10/01/2049   $       18,933,400

Houston County Health Care Authority RB for Southeast Alabama Medical Center Series 2016 A (BBB+/NR)

  850,000     5.000   10/01/2024   971,559
  850,000     5.000   10/01/2025   991,797
  4,125,000     5.000   10/01/2030   4,754,186

Jefferson County Senior Lien Sewer RB Warrants Series 2013 C (AGM) (AA/A2)(a)

  5,750,000     0.000   10/01/2038   5,629,767
  6,000,000     0.000   10/01/2042   5,849,820
  2,325,000     0.000   10/01/2046   2,259,668

Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (BBB/NR)

  8,300,000     6.000   10/01/2042   9,789,767
  19,850,000     7.000   10/01/2051   24,064,949
  78,290,000     6.500   10/01/2053   93,392,141
       

 

        166,637,054

 

Alaska – 0.1%

Northern Tobacco Securitization Corp. RB Refunding Asset-Backed Bonds Series 2006 A (NR/B3)

  6,280,000     5.000   06/01/2046   6,295,700

Northern Tobacco Securitization Corp. RB Refunding Capital Appreciation Asset-Backed Bonds 1st Subordinate Series 2006 B (NR/NR)(b)

  6,780,000     0.000   06/01/2046   772,242
       

 

        7,067,942

 

Arizona – 2.0%

Apache County IDA PCRB for Tucson Electric Power Company Series 2012 A (A-/A3)

  4,500,000     4.500   03/01/2030   4,717,665

Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (AA-/NR)(c)

  (3 Mo. LIBOR + 0.81%),  
  63,640,000     2.216   01/01/2037   63,431,261

Arizona Industrial Development Authority RB for Equitable School Revolving Fund LLC Obligated Group Series 2019 A (A/NR)

  1,500,000     4.000   11/01/2049   1,634,970

Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (BBB+/NR)

  1,000,000     5.000   01/01/2043   1,129,200
  5,250,000     4.500   01/01/2049   5,519,378
  3,300,000     5.000   01/01/2054   3,668,181

Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project Second Tier Series 2019 B (BBB/NR)

  575,000     5.000   01/01/2043   631,172
  3,200,000     5.000   01/01/2049   3,479,808
  1,000,000     5.125   01/01/2054   1,088,800

Arizona Industrial Development Authority RB for Provident Group - EMU Properties LLC Series 2018 (NR/Baa1)

  1,000,000     5.000   05/01/2038   1,151,020
  2,780,000     5.000   05/01/2043   3,172,397
  2,500,000     5.000   05/01/2048   2,836,275
  2,000,000     5.000   05/01/2051   2,263,560

City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 A (A+/A1)

  1,625,000     3.000   07/01/2049   1,613,706

City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 B (AMT) (A+/A1)

  1,085,000     4.000   07/01/2044   1,195,301
  3,520,000     5.000   07/01/2044   4,241,600
  2,710,000     3.250   07/01/2049   2,739,675
  1,625,000     5.000   07/01/2049   1,945,840

 

Principal

Amount

  

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Arizona – (continued)

City of Tempe IDA RB Refunding for Friendship Village Series 2012 A (NR/NR)

$

   1,250,000     6.250 %    12/01/2042   $       1,328,463
  1,325,000     6.250   12/01/2046   1,406,646

Estrella Mountain Ranch Community Facilities District Lucero Assessment District No. 1 Special Assessment RB Series 2019 (NR/NR)

  635,000     3.500   07/01/2029   654,736
  600,000     4.100   07/01/2034   622,680
  1,925,000     4.750   07/01/2043   1,997,187

La Paz County Industrial Development Authority RB for American Fiber Optics LLC Series 2018 A (NR/NR)(d)

  3,100,000     6.000   08/01/2028   3,181,065
  16,130,000     6.250   08/01/2040   16,696,969

Maricopa County Arizona Pollution Control Corp. PCRB Refunding for Public Service Co. of New Mexico Palo Verde Project Series 2003 A (BBB+/Baa2)

  5,000,000     6.250   01/01/2038   5,068,500

Maricopa County IDA RB for Banner Health Series 2017 A (AA-/NR)

  16,075,000     4.000   01/01/2041   17,770,430

Maricopa County Industrial Development Authority RB Refunding for Legacy Traditional School Obligated Group Series 2019 A (SD CRED PROG) (AA-/Ba2)

  1,500,000     5.000   07/01/2049   1,772,655
  1,650,000     5.000   07/01/2054   1,933,239

Pima County IDA RB Refunding for Tucson Electric Power Co. Project Series 2012 A (A-/A3)

  5,350,000     4.500   06/01/2030   5,638,204

Pima County IDA RB Refunding for Tucson Electric Power Co. Project Series 2013 A (A-/A3)

  3,390,000     4.000   09/01/2029   3,578,654

Tempe Industrial Development Authority RB for Tempe Life Care Village Obligated Group Series 2019 (NR/NR)

  1,520,000     5.000   12/01/2050   1,674,873
  1,900,000     5.000   12/01/2054   2,088,670

The Industrial Development Authority of the City of Phoenix RB Refunding for Downtown Phoenix Student Housing LLC Series 2018 (NR/Baa3)

  850,000     5.000   07/01/2037   1,003,722
  1,000,000     5.000   07/01/2042   1,166,670

University Medical Center Corp. RB Series 2011 (NR/WR)(e)

  3,500,000     6.000   07/01/2021   3,747,555
       

 

        177,790,727

 

Arkansas – 0.2%

Arkansas Development Finance Authority RB for Baptist Health Obligated Group Series 2019 (A/NR)

  7,235,000     5.000   12/01/2047   8,648,864
  5,370,000     3.200   12/01/2049   5,267,272
       

 

        13,916,136

 

California – 13.8%

ABC Unified School District GO Bonds Series 2001 C (NATL-RE) (AA-/Aa2)(b)

  1,600,000     0.000   08/01/2026   1,425,408

Alameda County Oakland Unified School District GO Bonds Election of 2012 Series 2015 A (A-/A1)

  3,000,000     5.000   08/01/2040   3,471,060

Alhambra California Unified School District Election of 2008 GO Bonds Capital Appreciation for Elementary Schools Improvement District Series 2011 B (AGM) (AA/Aa2)(b)

  4,995,000     0.000   08/01/2037   3,195,851

Alvord Unified School District GO Bonds Capital Appreciation for 2007 Election Series 2007 B (AGM) (AA/A2)(b)

  1,210,000     0.000   08/01/2036   738,899

Atascadero Unified School District GO Bonds for 2014 Election Series 2014 B (NATL-RE) (NR/Aa3)

  3,000,000     4.000   08/01/2042   3,327,330

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

  

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

California – (continued)

Atwater Wastewater RB Refunding Series 2017 A (AGM) (AA/NR)

$

   465,000     5.000 %    05/01/2040   $       554,354
  1,000,000     5.000   05/01/2043   1,187,320

Calaveras Unified School District GO Bonds for Capital Appreciation Series 2000 (AGM) (AA/A2)(b)

  1,055,000     0.000   08/01/2025   963,732

California Community College Financing Authority RB for NCCD-Orange Coast Properties LLC Series 2018 (BBB-/NR)

  2,755,000     5.250   05/01/2048   3,219,658
  2,850,000     5.250   05/01/2053   3,320,364

California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (BB+/NR)(b)

  130,120,000     0.000   06/01/2055   10,594,370

California Health Facilities Financing Authority RB for El Camino Hospital Series 2017 (AA/A1)

  1,500,000     5.000   02/01/2042   1,768,260
  4,000,000     5.000   02/01/2047   4,681,320

California Health Facilities Financing Authority RB for Lucile Salter Packard Children’s Hospital Series 2017 A (A+/A1)

  8,100,000     5.000   11/15/2056   9,684,117

California Municipal Finance Authority RB for CHF-Riverside II LLC UCR North District Phase 1 Student Housing Project Series 2019 (NR/Baa3)

  1,400,000     5.000   05/15/2049   1,667,302
  950,000     5.000   05/15/2052   1,128,543

California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A-/A3)

  1,800,000     5.000   02/01/2042   2,089,962
  17,675,000     5.000   02/01/2047   20,374,503

California Municipal Finance Authority RB for LAX Integrated Express Solutions LLC Senior Lien Series 2018 A (AMT) (BBB/NR)

  3,200,000     5.000   12/31/2043   3,735,456
  4,405,000     5.000   12/31/2047   5,116,363

California Municipal Finance Authority RB for United Airlines, Inc. Project Series 2019 (AMT) (BB/NR)

  15,550,000     4.000   07/15/2029   17,673,975

California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (NR/Baa1)

  250,000     5.000   10/01/2034   304,790
  250,000     5.000   10/01/2036   303,077
  300,000     5.000   10/01/2037   362,601
  300,000     5.000   10/01/2038   361,287

California Municipal Finance Authority Senior Lien RB for LAX Integrated Express Solutions LLC Project Series 2018 A (AMT) (BBB/NR)

  6,625,000     5.000   12/31/2037   7,846,186

California Pollution Control Financing Authority Solid Waste Disposal RB for Rialto Bioenergy Facility LLC Project Series 2019 (AMT) (NR/NR)(d)

  7,550,000     6.750   12/01/2028   7,702,510
  38,300,000     7.500   12/01/2040   39,884,854

California Pollution Control Financing Authority Water Furnishing RB Refunding for San Diego County Water Desalination Project Series 2019 (BBB/Baa3)(d)

  9,200,000     5.000   07/01/2039   11,042,392
  15,850,000     5.000   11/21/2045   18,729,945

California Statewide Communities Development Authority Community Facilities District No. 2007-01 Special Tax Refunding for Orinda Wilder Project Series 2015 (NR/NR)

  1,715,000     5.000   09/01/2030   1,978,081
  1,825,000     5.000   09/01/2037   2,069,331

California Statewide Communities Development Authority Infrastructure Program RB for Pacific Highlands Ranch Series 2019 (NR/NR)

  850,000     4.000   09/02/2044   917,116
  685,000     5.000   09/02/2049   814,431

 

Principal

Amount

  

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

California – (continued)

California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2018 B (NR/NR)

$

   1,800,000     5.000 %    09/02/2033   $       2,145,762
  1,620,000     5.000   09/02/2038   1,898,624
  625,000     5.000   09/02/2043   727,075
  1,940,000     5.000   09/02/2048   2,247,587

California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2019 A (NR/NR)

  1,425,000     5.000   09/02/2039   1,690,164
  950,000     5.000   09/02/2044   1,115,300
  1,000,000     5.000   09/02/2048   1,173,080

California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2019 B (NR/NR)

  950,000     5.000   09/02/2039   1,124,962
  1,080,000     5.000   09/02/2044   1,264,939
  1,570,000     5.000   09/02/2049   1,831,672

California Statewide Communities Development Authority RB for Lancer Educational Housing LLC Project Series 2019 A (NR/NR)(d)

  375,000     5.000   06/01/2034   446,591
  475,000     5.000   06/01/2039   557,484
  1,340,000     5.000   06/01/2051   1,546,414

California Statewide Communities Development Authority RB for Lancer Plaza Project Series 2013 (NR/NR)

  1,875,000     5.875   11/01/2043   2,107,481

California Statewide Communities Development Authority RB for Loma Linda University Medical Center Obligated Group Series 2018 A (BB-/NR)(d)

  9,000,000     5.500   12/01/2058   10,507,590

California Statewide Communities Development Authority RB for Marin General Hospital Obligated Group Series 2018 A (A-/NR)

  500,000     5.000   08/01/2038   606,780
  3,000,000     4.000   08/01/2045   3,112,620

California Statewide Communities Development Authority RB for NCCD-Hooper Street LLC Project Series 2019 (BB+/NR)(d)

  2,350,000     5.250   07/01/2039   2,743,860
  3,125,000     5.250   07/01/2049   3,596,250
  1,450,000     5.250   07/01/2052   1,662,309

California Statewide Communities Development Authority RB Refunding for California Baptist University Series 2017 A (NR/NR)(d)

  1,270,000     3.000   11/01/2022   1,293,393
  935,000     5.000   11/01/2032   1,104,590
  1,875,000     5.000   11/01/2041   2,167,369

California Statewide Communities Development Authority RB Refunding for Enloe Medical Center Series 2015 (CA MTG INS) (AA-/NR)

  2,850,000     5.000   08/15/2038   3,352,141

California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2017 A (A-/NR)

  1,200,000     5.000   04/01/2047   1,394,844

California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2014 A (BB-/NR)

  6,235,000     5.500   12/01/2054   6,917,296

California Statewide Communities Development Authority Special Assessment Bonds Series 2018 C (NR/NR)

  2,220,000     5.000   09/02/2038   2,601,818
  2,500,000     5.000   09/02/2048   2,896,375

California Statewide Communities Development Authority Student Housing RB for University of California Irvine East Campus Apartments, Phase IV-A CHF-Irvine, LLC Series 2017 (NR/Baa1)

  3,750,000     5.000   05/15/2042   4,368,900
  5,750,000     5.000   05/15/2047   6,664,250
  5,640,000     5.000   05/15/2050   6,527,341

California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation for Turbo Pooled Program Series 2006 B (CCC/NR)(b)

  35,600,000     0.000   06/01/2046   4,063,384

Capistrano Unified School District Special Tax for Capital Appreciation Series 2005 (NATL-RE) (NR/Baa2)(b)

  7,000,000     0.000   09/01/2033   4,741,940

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

  

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

California – (continued)

Chino Public Financing Authority Tax Exempt RB Series 2019 A (NR/NR)

$

   190,000     3.000 %    09/01/2037   $       188,706
  195,000     3.000   09/01/2038   193,068
  205,000     3.000   09/01/2039   201,995
  210,000     3.000   09/01/2040   206,020
  715,000     3.125   09/01/2044   705,884

City of Azusa Community Facilities District No. 2005-1 Special Tax Series 2019 (AGM) (AA/NR)

  685,000     5.000   09/01/2044   814,780
  1,035,000     5.000   09/01/2049   1,224,033

City of Davis Redevelopment Agency Tax Allocation for Davis Redevelopment Project Series 2011 A (A+/NR)(e)

  750,000     6.500   12/01/2021   829,245
  2,830,000     7.000   12/01/2021   3,153,469

City of Fremont Community Facilities District No. 1 Special Tax for Pacific Commons Series 2015 (NR/NR)

  3,000,000     5.000   09/01/2045   3,372,810

City of Goleta Redevelopment Agency Tax Allocation for Goleta Old Town Redevelopment Project Series 2011 (NR/NR)

  670,000     7.750   12/01/2031   673,002
  5,000,000     8.000   06/01/2044   5,023,800

City of Oroville RB for Oroville Hospital Series 2019 (BB+/NR)

  1,900,000     5.250   04/01/2034   2,309,545
  3,565,000     5.250   04/01/2039   4,267,590
  14,580,000     5.250   04/01/2049   17,053,060
  13,840,000     5.250   04/01/2054   16,112,943

City of Palo Alto Limited Obligation Refunding Improvement Bonds for University Avenue Area Off-Street Parking Assessment District Series 2012 (A-/NR)

  600,000     5.000   09/02/2030   654,918

City of Roseville Special Tax for SVSP Westpark-Federico Community Facilities District No. 1 Series 2019 (NR/NR)

  500,000     5.000   09/01/2044   563,785
  700,000     5.000   09/01/2049   787,045

City of Sacramento Natomas Meadows Community Facilities District No. 2007-01 Special Tax Bonds for Improvement Area No. 1 Series 2017 (NR/NR)(d)

  280,000     5.000   09/01/2032   317,184
  700,000     5.000   09/01/2037   789,320
  1,745,000     5.000   09/01/2047   1,956,930

City of Tracy Community Facilities District No. 2016-2 ECFD Special Tax Bonds Series 2019 (NR/NR)

  405,000     5.000   09/01/2044   472,951
  535,000     5.000   09/01/2049   622,965

County of El Dorado Community Facilities District No. 2018-1 Bass Lake Hills Special Tax Bonds Series 2019 (NR/NR)

  1,225,000     5.000   09/01/2044   1,401,645
  200,000     4.000   09/01/2045   214,394
  1,420,000     5.000   09/01/2049   1,620,703

Denair California Unified School District GO Bonds Capital Appreciation Election 2001 Series 2003 B (NATL-RE) (A-/Baa2)(b)

  1,305,000     0.000   08/01/2027   1,123,801

Dublin Community Facilities District No. 2015-1 Improvement Area No. 1 Special Tax Series 2017 (NR/NR)

  1,485,000     5.000   09/01/2027   1,696,093
  2,285,000     5.000   09/01/2037   2,673,198
  6,680,000     5.000   09/01/2047   7,721,813

East Garrison Public Finance Authority Special Tax for East Garrison Project Series 2019 (NR/NR)

  460,000     3.125   09/01/2044   450,285
  2,000,000     3.125   09/01/2049   1,934,060

El Rancho California Unified School District GO Bonds Capital Appreciation Election 2003 Series 2007 (NATL-RE) (A-/Baa2)(b)

  5,400,000     0.000   08/01/2032   3,989,142

Fairfield COPS Capital Appreciation for Water Financing Series 2007 A (XLCA) (AA-/WR)(b)

  4,180,000     0.000   04/01/2029   3,440,140

 

Principal

Amount

  

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

California – (continued)

Folsom Cordova Unified School District No. 4 GO for School Facilities Improvement Capital Appreciation for Election of 2006 Series 2007 A (NATL-RE) (AA-/Aa3)(b)

$

   3,460,000     0.000 %    10/01/2032   $       2,601,643

Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Capital Appreciation Senior Lien Series 2015 A (AGM) (AA/A2)(b)

  12,000,000     0.000   01/15/2035   7,997,280

Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding RMKT 08/24/17 Series 2013 B Subseries B-1 (A-/Baa2)

  37,510,000     3.950   01/15/2053   40,361,885

Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Series 2013 A (A-/Baa2)(e)

  13,535,000     6.000   01/15/2024   16,257,159

Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Series 2013 A (AGM) (AA/A2)(a)

  1,000,000     0.000   01/15/2032   1,099,530

Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Series 2014 Subseries B-3 (A-/Baa2)(f)(g)

  4,425,000     5.500   01/15/2023   4,875,863

Fullerton Public Financing Authority Tax Allocation Series 2005 (AMBAC) (A/WR)

  200,000     5.000   09/01/2027   201,272

Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 B (CCC-/NR)(b)

  77,260,000     0.000   06/01/2047   13,013,674

Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 C (CCC-/NR)(b)

  147,670,000     0.000   06/01/2047   24,872,058

Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2015 A (ST APPROP) (A+/Aa3)

  7,975,000     5.000   06/01/2040   9,207,616

Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-1 (NR/NR)

  8,900,000     5.000   06/01/2047   9,201,443
  5,400,000     5.250   06/01/2047   5,616,486

Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-2 (NR/NR)

  3,500,000     5.000   06/01/2047   3,618,545

Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Senior Asset-Backed Bonds Series 2007 A-2 (B-/B3)

  27,780,000     5.300   06/01/2037   29,032,322

Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds for Capital Appreciation Series 2007 C-1 (CCC/NR)(b)

  100,945,000     0.000   06/01/2036   34,639,277

Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds for Capital Appreciation Series 2007 C-2 (CCC/NR)(b)

  51,235,000     0.000   06/01/2047   8,304,169

Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds for Capital Appreciation Series 2007 D (CCC/NR)(b)

  260,660,000     0.000   06/01/2057   15,227,757

Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds Series 2019 (A-/NR)

  2,070,000     3.678   06/01/2038   2,111,773

Irvine Community Facilities District No. 2013-3 Special Tax Series 2018 (AGM) (AA/NR)

  1,150,000     5.000   09/01/2051   1,359,208

Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 A (NR/NR)

  1,655,000     5.000   09/01/2047   1,924,252
  1,925,000     5.000   03/01/2057   2,212,479

Lammersville Joint Unified School District Special Tax Bonds for Community Facilities District No. 2007-1 Series 2013 (NR/NR)

  2,750,000     6.000   09/01/2043   3,120,727

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

California – (continued)

Lemoore Redevelopment Agency Tax Allocation for Lemoore Redevelopment Project Series 2011 (A-/NR)

$

     215,000       6.625 %    08/01/2024   $          215,819

Los Angeles County GO Bonds for Westside Union School District Election Series 2008 B (AA-/Aa3)(b)

    49,925,000       0.000   08/01/2050   18,352,929

Lynwood Redevelopment Agency Tax Allocation for Housing Projects Series 2011 A (A/NR)

    1,625,000       6.750     09/01/2026   1,769,153
    1,500,000       7.000     09/01/2031   1,640,505
    875,000       7.250     09/01/2038   960,549

Merced-Union High School District Election of 2008 GO Bonds Series 2011 C (NR/Aa3)(b)

    3,750,000       0.000   08/01/2035   2,534,925

M-S-R Energy Authority Gas RB Series 2009 A (BBB+/NR)

    14,850,000       6.500   11/01/2039   23,215,154

M-S-R Energy Authority Gas RB Series 2009 B (BBB+/NR)

    2,000,000       6.500   11/01/2039   3,126,620

M-S-R Energy Authority Gas RB Series 2009 C (BBB+/NR)

    9,870,000       6.125   11/01/2029   12,588,494
    21,765,000       6.500   11/01/2039   34,025,442

Mt. Diablo Unified School District GO Bonds Capital Appreciation for Election of 2010 Series 2010 A (AGM) (AA/Aa3)(a)

    7,000,000       0.000   08/01/2030   7,472,500

Natomas Unified School District GO Bonds Election of 2014 Series 2013 (BAM) (AA/A1)

    14,535,000       4.000   08/01/2042   15,853,906

New Haven Unified School District GO Refunding Bonds for Capital Appreciation Series 2009 (ASSURED GTY) (AA/Aa3)(b)

    860,000       0.000   08/01/2025   787,347
    1,105,000       0.000   08/01/2026   988,279
    5,550,000       0.000   08/01/2030   4,386,887
    7,830,000       0.000   08/01/2032   5,791,381
    7,000,000       0.000   08/01/2034   4,844,000

Orange County California Community Facilities District No. 2015-1 Village of Esencia Special Tax Bonds Series 2015 A (NR/NR)

    2,925,000       5.250   08/15/2045   3,330,844

Orange County California Community Facilities District No. 2017-1 Village of Esencia Special Tax Bonds Series 2018 A (NR/NR)

    250,000       5.000   08/15/2027   302,575
    200,000       5.000   08/15/2028   246,202
    2,900,000       5.000   08/15/2047   3,419,390

Oxnard School District GO Bonds Election of 2016 Series 2016 B (BAM) (AA/NR)(g)

    7,800,000       2.000   08/01/2021   8,424,234

Palomar Health RB Refunding for Palomar Health Series 2017 (AGM) (AA/A2)

    11,500,000       5.000   11/01/2047   13,483,060

Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (ASSURED GTY) (AA/A2)

    10,750,000       7.000   08/01/2038   14,869,185

Placer Union High School District GO Bonds for Capital Appreciation Series 2000 A (NATL-RE) (AA/Aa2)(b)

    1,805,000       0.000   08/01/2025   1,658,921

Poway Unified School District GO Bonds Capital Appreciation for School Facility Improvement Series 2011 B (AA-/Aa3)(b)

    1,300,000       0.000   08/01/2040   742,612

Rancho Cordova Community Facilities District No. 2003-1 Special Tax Refunding for Sunridge Anatolia Series 2016 (NR/NR)

    500,000       4.000   09/01/2029   546,385
    500,000       4.000   09/01/2030   543,825
    650,000       4.000   09/01/2031   702,650
    900,000       3.000   09/01/2032   910,305
    820,000       3.000   09/01/2033   826,896
    750,000       3.000   09/01/2034   754,043

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

California – (continued)

Rialto Unified School District GO Election of 2010 Series 2011 A (AGM) (AA/Aa3)(b)

$

     6,170,000       0.000 %    08/01/2036   $       3,726,680

River Islands Public Financing Authority Community Facilities District No. 2003-1 Special Tax Refunding Bonds Series 2015 A-1 (NR/NR)

    4,835,000       5.375   09/01/2031   5,275,614
    880,000       5.250   09/01/2034   954,263
    6,815,000       5.500   09/01/2045   7,395,297

River Islands Public Financing Authority Special Tax for Community Facilities District No. 2003-1 Series 2015 B (NR/NR)

    22,500,000       5.500   09/01/2045   24,415,875

Riverside County Public Financing Authority Tax Allocation RB Refunding Series 2017 A (BAM) (AA/NR)

    4,245,000       4.000   10/01/2040   4,666,953

Riverside County Redevelopment Agency Tax Allocation for Capital Appreciation Jurupa Valley Redevelopment Project Area Series 2011 B (A/NR)(b)

    2,220,000       0.000   10/01/2033   1,536,840
    2,220,000       0.000   10/01/2035   1,435,940
    1,840,000       0.000   10/01/2037   1,110,495
    5,100,000       0.000   10/01/2038   2,969,577
    8,425,000       0.000   10/01/2039   4,743,359
    13,395,000       0.000   10/01/2040   7,228,880
    7,275,000       0.000   10/01/2041   3,774,197
    6,360,000       0.000   10/01/2042   3,173,577

Riverside County Redevelopment Agency Tax Allocation for Jurupa Valley Redevelopment Project Area Series 2011 B (A/NR)

    1,225,000       6.500   10/01/2025   1,338,925
    1,950,000       6.750   10/01/2030   2,137,961

Riverside County Redevelopment Successor Agency Tax Allocation Refunding for Mid-County Redevelopment Project Area Series 2017 C (BAM) (AA/NR)

    3,355,000       4.000   10/01/2040   3,690,970

Riverside County Redevelopment Successor Agency Tax Allocation Refunding Series 2017 A (BAM) (AA/NR)

    8,585,000       4.000   10/01/2039   9,504,969

Riverside County Transportation Commission Toll Revenue Senior Lien Bonds Series 2013 A (A-/NR)

    2,000,000       5.750   06/01/2048   2,225,660

Roseville California Community Facilities District No. 1 Special Tax Refunding for Fiddyment Ranch Project Series 2017 (NR/NR)

    770,000       5.000   09/01/2029   931,831
    1,865,000       5.000   09/01/2033   2,219,294
    2,250,000       5.000   09/01/2035   2,662,267

Sacramento County Sanitation District Financing Authority RB Refunding for Sacramento County Regional Series 2007 B (NATL-RE)
(AA/Aa3)(c)

   

(3 Mo. LIBOR + 0.53%),

  
    6,405,000       1.808   12/01/2035   6,127,023

Sacramento County Water Financing Authority RB for Water Agency Zones 40 & 41 2007 Water System Project Series 2007 B (NATL-RE)
(A+/Aa3)(c)

   

(3 Mo. LIBOR + 0.55%),

  
    3,920,000       1.828   06/01/2034   3,770,922

San Bernardino City Unified School District GO Bonds Capital Appreciation for Election of 1999 Series 2003 C (NATL-RE)
(A+/A1)(b)

    1,420,000       0.000   08/01/2025   1,291,433

San Diego County Regional Airport Authority RB Refunding Series 2019 B (AMT) (A/NR)

    1,000,000       4.000   07/01/2044   1,108,710
    3,250,000       5.000   07/01/2049   3,921,970

San Diego Unified School District GO Refunding Bonds Series 2012 R-1 (AA-/Aa2)(b)

    10,000,000       0.000   07/01/2030   7,990,200
    3,000,000       0.000   07/01/2031   2,323,380

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

California – (continued)

San Francisco City & County Airport Commission San Francisco International Airport RB Series 2019 A (AMT) (A+/A1)

$

     22,765,000       5.000 %    05/01/2044   $     27,491,469
    86,430,000       5.000   05/01/2049   103,717,729

San Francisco City & County Airport Commission San Francisco International Airport RB Series 2019 E (AMT) (A+/A1)

    7,500,000       5.000   05/01/2045   9,042,900
    5,000,000       5.000   05/01/2050   5,999,400

San Francisco City & County Redevelopment Financing Authority Tax Allocation for Mission Bay North Redevelopment Series 2011 C (A-/NR)(e)

    500,000       6.750   02/01/2021   531,240

San Francisco City & County Redevelopment Financing Authority Tax Allocation for Mission Bay South Redevelopment Series 2011 D (BBB+/NR)(e)

    435,000       6.625   02/01/2021   461,600
    2,500,000       7.000   02/01/2021   2,661,775

San Joaquin Hills Transportation Corridor Agency RB Refunding for Toll Road Senior Lien Series 2014 A (A-/NR)

    3,000,000       5.000   01/15/2029   3,486,120

San Juan Unified School District GO Bonds for Capital Appreciation Series 2000 (NATL-RE) (A+/Aa2)(b)

    1,580,000       0.000   08/01/2024   1,484,015
    1,595,000       0.000   08/01/2025   1,465,917

San Mateo Special Tax Bonds for Community Facilities District No. 2008-1 Bay Meadows Series 2013 (NR/NR)

    2,000,000       5.000   09/01/2042   2,124,160

San Mateo Special Tax Bonds for Community Facilities District No. 2008-1 Bay Meadows Series 2014 (NR/NR)

    2,000,000       5.500   09/01/2044   2,150,800

Santa Monica Redevelopment Agency Tax Allocation for Earthquake Recovery Redevelopment Project Series 2011 (AA/NR)

    2,000,000       5.000   07/01/2032   2,116,500
    2,000,000       5.000   07/01/2042   2,108,540

Santee Community Development Commission Tax Allocation for Santee Community Redevelopment Project Series 2011 A (A/NR)(e)

    3,000,000       7.000   02/01/2021   3,194,130

Silicon Valley Tobacco Securitization Authority Tobacco Settlement Asset Backed RB Series 2007 C (NR/NR)(b)

    88,700,000       0.000   06/01/2056   8,485,929

State of California GO Bonds Series 2004 A-5 (AA+/Aa1)(f)(g)

    9,000,000       1.360   01/02/2020   9,000,000

State of California GO Unlimited Various Purpose Bonds Series 2019 (AA-/Aa2)

    4,030,000       4.000   04/01/2049   4,574,937
    4,730,000       5.000   04/01/2049   5,871,254

State of California Various Purpose GO Bonds for Bid Group B Series 2019 (AA-/Aa2)

    46,860,000       3.050   04/01/2029   48,783,603

Stockton Public Financing Authority Water RB for Delta Water Supply Project Series 2010 A (A/A3)(e)

    2,000,000       6.250   10/01/2023   2,384,920

Tejon Ranch Public Facilities Financing Authority Special Tax for Community Facilities District No. 2008-1 Industrial Complex Public Improvements Series 2012 B (NR/NR)

    4,000,000       5.250   09/01/2042   4,319,720

Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 A-1 (BBB+/NR)

    4,740,000       5.000   06/01/2048   5,600,974

Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-1 (BBB-/NR)

    3,700,000       5.000   06/01/2048   4,299,252

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

California – (continued)

Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-2 (NR/NR)(b)

$

     9,510,000       0.000 %    06/01/2054   $       1,462,448

Tustin California Community Facilities District No. 2014-1 Tustin Legacy/Standard Pacific Special Tax Bonds Series 2015 A (NR/NR)

    750,000       5.000   09/01/2040   846,270
    1,000,000       5.000   09/01/2045   1,124,430

Union City Community Redevelopment Agency Tax Allocation for Community Redevelopment Project Sub Lien Series 2011 (A+/NR)(e)

    1,500,000       6.875   12/01/2021   1,669,125

University of California Regents Medical Center Pooled RB Refunding Series 2007 C-2 (NATL-RE) (AA-/Aa3)(c)

   

(3 Mo. LIBOR + 0.74%),

  
    17,120,000       2.020   05/15/2043   16,374,938

West Hollywood Community Development Commission Tax Allocation for East Side Redevelopment Project Series 2011 A (A-/NR)

    1,000,000       7.250   09/01/2031   1,106,160
    5,000,000       7.500   09/01/2042   5,529,800

William S Hart Union High School District Community Facilities Dist No. 2015-1 Special Tax Bonds Series 2017 (NR/NR)

    1,400,000       5.000   09/01/2047   1,598,716

William S. Hart Union High School District GO Bonds Capital Appreciation 2008 Election Series B (AGM) (AA/Aa2)(b)

    8,360,000       0.000   08/01/2034   5,860,527

Yosemite Community College District GO Bonds Election of 2004 Series 2010 D (AA-/Aa2)(a)

    19,135,000       0.000   08/01/2042   18,089,846
       

 

        1,236,038,896

 

Colorado – 4.5%

9th Avenue Metropolitan District No. 2 Limited Tax GO Bonds Series 2018 (NR/NR)

    2,470,000       5.000   12/01/2048   2,602,516

Amber Creek Metropolitan District GO Refunding & Improvement Bonds Series 2017 A (NR/NR)

    750,000       5.000   12/01/2037   783,487
    1,065,000       5.125   12/01/2047   1,106,450

Arista Metropolitan District GO Refunding Bonds Series 2018 A (NR/NR)

    3,000,000       5.125   12/01/2048   3,214,860

Belleview Station Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2017 (NR/NR)

    2,375,000       5.125   12/01/2046   2,485,437

Brighton Crossing Metropolitan District No. 4 Limited Tax GO Bonds Subordinate Series 2017 B (NR/NR)

    670,000       7.000   12/15/2047   690,716

Broadway Station Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)

    2,500,000       5.125   12/01/2048   2,674,525

Bromley Park Metropolitan District No. 2 GO Bonds Subordinate Series 2018 B (NR/NR)

    1,000,000       6.375   12/15/2047   1,038,930

Buffalo Highlands Metropolitan District GO Bonds Series 2018 A (NR/NR)

    2,250,000       5.375   12/01/2048   2,352,150

Canyons Metropolitan District No. 5 GO Refunding & Improvement Bonds Senior Series 2017 A (NR/NR)

    1,750,000       6.000   12/01/2037   1,846,652
    4,000,000       6.125   12/01/2047   4,202,600

Canyons Metropolitan District No. 5 GO Refunding & Improvement Bonds Series 2017 A (NR/NR)

    2,000,000       6.125   12/01/2047   2,061,220

Centerra Metropolitan District No. 1 Special RB Refunding & Improvement Bonds Series 2017 (NR/NR)(d)

    6,500,000       5.000   12/01/2047   6,831,955

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Colorado – (continued)

Clear Creek Station Metropolitan District No. 2 GO Bonds Subordinate Series 2017 B (NR/NR)

$

     500,000       7.375 %    12/15/2047   $          520,730

Clear Creek Station Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2017 A (NR/NR)

    790,000       4.375   12/01/2032   819,759

Colorado Crossing Metropolitan District No. 2 Limited Property Tax Supported RB Series 2017 (NR/NR)

    7,390,000       7.500   12/01/2047   7,635,644

Colorado Educational & Cultural Facilities Authority RB Refunding for Rocky Mountain Classical Academy Project Series 2019 (NR/Ba1)(d)

    4,000,000       5.000   10/01/2049   4,369,680

Colorado Educational & Cultural Facilities Authority RB Refunding for STEM School & Academy Project Series 2019 (NR/Baa3)

    2,750,000       5.000   11/01/2054   2,941,675

Colorado Health Facilities Authority RB for Covenant Retirement Communities, Inc. Series 2012 A (A-/NR)

    3,500,000       4.500   12/01/2033   3,505,600
    3,500,000       5.000   12/01/2033   3,775,975

Colorado Health Facilities Authority RB for Covenant Retirement Communities, Inc. Series 2013 A (A-/NR)

    3,000,000       5.750   12/01/2036   3,431,970

Colorado Health Facilities Authority RB for The Evangelical Lutheran Good Samaritan Society Project Series 2013 (NR/WR)(e)

    3,000,000       5.625   06/01/2023   3,452,130

Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (BBB+/Baa1)

    11,365,000       4.000   08/01/2049   12,083,723

Colorado Health Facilities Authority RB Refunding for Evangelical Lutheran Good Samaritan Society Project Series 2017 (A-/NR)(e)

    4,410,000       5.000   06/01/2027   5,545,046

Colorado Health Facilities Authority RB Refunding for Sanford Obligated Group Series 2019 A (A+/NR)

    2,045,000       4.000   11/01/2039   2,278,007
    8,790,000       5.000   11/01/2039   10,733,733
    9,790,000       5.000   11/01/2044   11,776,881
    2,300,000       5.000   11/01/2049   2,745,119

Colorado High Performance Transportation Enterprise C-470 Express Lanes RB Series 2017 (BBB/NR)

    965,000       5.000   12/31/2047   1,056,801
    965,000       5.000   12/31/2051   1,054,320
    2,980,000       5.000   12/31/2056   3,247,485

Colorado Regional Transportation District Tax-Exempt Private Activity RB for Denver Transit Partners Eagle P3 Project Series 2010 (BBB/Baa3)

    12,860,000       6.000   01/15/2041   13,115,528

Colorado Springs Urban Renewal Authority RB for Canyon Creek Project Series 2018 A (NR/NR)

    3,000,000       5.750   12/01/2047   3,106,920

Copper Ridge Metropolitan District RB Series 2019 (NR/NR)

    4,240,000       5.000   12/01/2039   4,477,864
    1,750,000       5.000   12/01/2043   1,819,440

Copperleaf Metropolitan District No. 2 GO Refunding Series 2019 B (NR/NR)

    510,000       5.000   12/15/2049   508,327

Copperleaf Metropolitan District No. 2 Limited Tax Convertible to Unlimited Tax GO Refunding Series 2015 (NR/NR)

    500,000       5.250   12/01/2030   522,345
    2,000,000       5.750   12/01/2045   2,088,980

Copperleaf Metropolitan District No. 3 GO Bonds Series 2017 A (NR/NR)

    500,000       5.000   12/01/2037   525,000
    700,000       5.125   12/01/2047   732,067

Copperleaf Metropolitan District No. 3 GO Bonds Subordinate Series 2017 B (NR/NR)

    506,000       7.625   12/15/2047   526,073

Copperleaf Metropolitan District No. 6 GO Bonds Series 2018 A (NR/NR)

    2,000,000       5.250   12/01/2048   2,097,860

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Colorado – (continued)

Copperleaf Metropolitan District No. 6 GO Bonds Subordinate Series 2018 B (NR/NR)

$

     820,000       7.500 %    12/15/2048   $          855,432

Cornerstar Metropolitan District GO Refunding Bonds Series 2017 A (NR/NR)

    1,000,000       5.125   12/01/2037   1,058,460
    2,100,000       5.250   12/01/2047   2,221,527

Creekside Village Metropolitan District GO Bonds Series 2019 A (NR/NR)

    2,165,000       5.000   12/01/2049   2,184,615

Creekwalk Marketplace Business Improvement District RB Series 2019 A (NR/NR)(d)

    4,165,000       5.500   12/01/2039   4,244,468
    10,900,000       5.750   12/01/2049   11,105,465

Creekwalk Marketplace Business Improvement District RB Series 2019 B (NR/NR)(d)

    2,370,000       8.000   12/15/2049   2,409,745

Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (AMT) (BB/NR)

    11,310,000       5.000   10/01/2032   12,331,293

Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (BBB/NR)(d)

    5,555,000       5.000   12/01/2028   6,803,097
    7,200,000       5.000   12/01/2034   8,642,952
    4,800,000       4.000   12/01/2035   5,298,144
    4,800,000       4.000   12/01/2036   5,284,464

Denver Connection West Metropolitan District GO Bonds Series 2017 A (NR/NR)

    2,470,000       5.375   08/01/2047   2,579,668

Denver Connection West Metropolitan District GO Bonds Subordinate Series 2017 B (NR/NR)

    1,269,000       8.000   08/01/2047   1,309,062

Denver Health & Hospital Authority COPS Series 2018 (BBB/NR)

    425,000       5.000   12/01/2032   520,906
    1,825,000       4.000   12/01/2038   2,012,993
    1,690,000       5.000   12/01/2048   1,984,516

Denver Health & Hospital Authority RB Series 2019 A (BBB/NR)

    1,185,000       4.000   12/01/2038   1,316,855
    1,900,000       4.000   12/01/2039   2,105,390
    950,000       4.000   12/01/2040   1,047,935

Dinosaur Ridge Metropolitan District RB Refunding and Improvement Bonds Series 2019 A (NR/NR)

    3,800,000       5.000   06/01/2049   3,875,240

E-470 Public Highway Authority RB Refunding Capital Appreciation Series 2006 B (NATL-RE) (A/A2)(b)

    3,000,000       0.000   09/01/2039   1,323,720

E-470 Public Highway Authority RB Series 2004 A (NATL-RE) (A/A2)(b)

    15,000,000       0.000   09/01/2028   12,392,550
    4,100,000       0.000   09/01/2034   2,753,273

E-470 Public Highway Authority RB Series 2004 B (NATL-RE) (A/A2)(b)

    1,715,000       0.000   09/01/2028   1,085,235

E-470 Public Highway Authority RB Series 2010 A (A/A2)(b)

    20,000,000       0.000   09/01/2040   10,760,600

First Creek Village Metropolitan District GO Bonds Series 2019 A (NR/Ba1)

    1,080,000       5.000   08/01/2049   1,180,224

First Creek Village Metropolitan District GO Bonds Series 2019 B (NR/NR)

    515,000       6.750   08/01/2049   517,256

Forest Trace Metropolitan District No. 3 GO Unlimited Bonds Series 2016 A (NR/NR)(e)

    1,000,000       5.000   12/01/2021   1,088,830

Green Gables Metropolitan District No. 2 GO Bonds Senior Series 2018 A (NR/NR)

    4,500,000       5.750   12/01/2048   4,732,515

Haskins Station Metropolitan District GO Bonds Series 2019 A (NR/NR)

    650,000       5.000   12/01/2039   671,404
    925,000       5.000   12/01/2049   940,059

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Colorado – (continued)

High Plains Metropolitan District GO Refunding Bonds Series 2017 (NATL-RE) (NR/Baa2)

$

     3,930,000       4.000 %    12/01/2047   $       4,211,938

Hunters Overlook Metropolitan District No. 5 GO Bonds Series 2019 A (NR/NR)

    1,000,000       5.000   12/01/2049   1,058,610

Lanterns Metropolitan District No. 1 GO Bonds Series 2019 A (NR/NR)

    4,190,000       5.000   12/01/2049   4,368,368

Lanterns Metropolitan District No. 1 GO Bonds Series 2019 B (NR/NR)

    683,000       7.750   12/15/2049   698,559

Leyden Rock Metropolitan District No. 10 Limited Tax GO Refunding & Improvement Bonds Series 2016 A (NR/NR)

    1,250,000       5.000   12/01/2045   1,310,138

North Holly Metropolitan District Limited Tax GO Bonds Series 2018 A (NR/NR)

    1,260,000       5.500   12/01/2048   1,303,810

North Range Metropolitan District No. 2 GO Refunding Bonds Series 2017 A (NR/NR)

    3,270,000       5.625   12/01/2037   3,445,076
    5,380,000       5.750   12/01/2047   5,671,165

Northglenn Urban Renewal Authority Tax Allocation for Urban Renewal Plan 2 Series 2019 (BBB-/NR)

    330,000       4.000   12/01/2032   353,786
    320,000       4.000   12/01/2033   341,619
    190,000       4.000   12/01/2034   202,266
    550,000       4.000   12/01/2036   580,828
    215,000       4.000   12/01/2038   224,815

Palisade Metropolitan District No. 2 GO Refunding Limited Tax Bonds Series 2016 (NR/NR)

    2,095,000       4.375   12/01/2031   2,135,203
    1,825,000       5.000   12/01/2046   1,889,331

Palisade Metropolitan District No. 2 GO Refunding Limited Tax Bonds Series 2019 (NR/NR)

    4,711,000       7.250   12/15/2049   4,687,728

Palisade Park West Metropolitan District GO Bonds Series 2019 A (NR/NR)

    1,500,000       5.125   12/01/2049   1,529,565

Plaza Metropolitan District No. 1 RB Refunding Series 2013 (NR/NR)(d)

    1,000,000       5.000   12/01/2040   1,044,560

Pomponio Terrace Metropolitan District GO Bonds Series 2019 A (NR/NR)

    800,000       5.000   12/01/2049   823,416

Powhaton Road Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)

    2,000,000       5.625   12/01/2048   2,094,180

Prairie Center Metropolitan District No. 3 Limited Property Tax Supported RB Refunding Series 2017 A (NR/NR)(d)

    3,000,000       5.000   12/15/2041   3,169,230

Public Authority Colorado Energy RB for Natural Gas Purchase Series 2008 (A-/A2)

    4,200,000       6.500   11/15/2038   6,376,650

Raindance Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)

    9,430,000       5.000   12/01/2049   9,608,510

Ritoro Metropolitan District GO Bonds Series 2019 A (NR/NR)

    1,150,000       5.000   12/01/2049   1,173,495

Second Creek Farm Metropolitan District No. 3 GO Bonds Series 2019 A (NR/NR)

    3,450,000       5.000   12/01/2039   3,598,626
    5,695,000       5.000   12/01/2049   5,844,380

Serenity Ridge Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2018 A (NR/NR)

    550,000       5.125   12/01/2037   583,611
    1,000,000       5.125   12/01/2043   1,054,950

Serenity Ridge Metropolitan District No. 2 Subordinated GO Limited Tax Bonds Series 2018 B (NR/NR)

    635,000       7.250   12/15/2035   657,009

Sierra Ridge Metropolitan District No. 2 Douglas County GO Bonds Series 2016 A (NR/NR)

    1,500,000       5.500   12/01/2046   1,573,830

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Colorado – (continued)

Sierra Ridge Metropolitan District No. 2 Douglas County GO Bonds Series 2016 A (NR/NR)

$

     750,000       4.500 %    12/01/2031   $          769,238

Sky Ranch Community Authority Board District No. 1 RB Senior Lien Series 2019 A (NR/NR)

    1,460,000       5.000   12/01/2049   1,505,508

South Sloan’s Lake Metropolitan District No. 2 GO Improvement Bonds Series 2019 (AGM) (AA/Baa3)

    375,000       4.000   12/01/2039   414,851
    750,000       4.000   12/01/2044   819,735
    1,210,000       3.000   12/01/2049   1,186,272

South Timnath Metropolitan District No. 1 GO Limited Subordinate Tax Bonds Series 2019 B (NR/NR)

    2,208,000       8.000   12/15/2048   2,288,835

South Timnath Metropolitan District No. 1 GO Limited Taxable Bonds Series 2019 A (NR/NR)

    500,000       5.500   12/01/2048   520,640

St. Vrain Lakes Metropolitan District No. 2 Limited Tax GO Bonds Series 2017 A (NR/NR)

    2,550,000       5.125   12/01/2047   2,660,033

Sterling Hills West Metropolitan District GO Refunding Bonds Series 2017 (NR/Baa1)

    650,000       5.000   12/01/2039   745,043

Sterling Ranch Community Authority Board Limited Tax Special Senior RB Series 2017 A (MUN GOVT GTD) (NR/NR)

    8,920,000       5.000   12/01/2038   9,308,555
    18,250,000       5.000   12/01/2047   18,842,030

Stone Creek Metropolitan District Limited Tax GO Bonds Series 2018 A (NR/NR)

    2,000,000       5.625   12/01/2047   2,079,300

Takoda Metropolitan District Limited Tax GO Refunding Bonds Series 2018 (NR/Baa3)

    8,000,000       6.000   12/01/2050   9,538,960

Timnath Ranch Metropolitan District No. 4 Limited Tax GO Refunding Improvement Bonds Series 2018 A (NR/NR)

    880,000       5.250   12/01/2037   914,030
    2,400,000       5.375   12/01/2047   2,494,560

Vauxmont Metropolitan District GO Refunding Bonds Series 2020 (AGM) (AA/NR)(h)

    805,000       5.000   12/01/2050   931,940

Vauxmont Metropolitan District Limited Tax Convertible to Unlimited Tax GO Refunding Bonds Series 2019 (AGM) (AA/NR)

    1,205,000       3.250   12/15/2050   1,242,150

Village at Dry Creek Metropolitan District No. 2 GO Bonds for Thornton Adams Series 2019 (NR/NR)

    1,570,000       4.375   12/01/2044   1,611,574

Vista Ridge Metropolitan District GO Refunding Bonds Limited Tax Subseries 2006 B (NR/NR)(e)

    1,725,000       9.500   12/01/2021   2,025,495

Westown Metropolitan District GO Bonds Series 2017 A (NR/NR)

    880,000       5.000   12/01/2047   910,439

Whispering Pines Metropolitan District No. 1 GO Bonds Subordinated Series 2017 B (NR/NR)

    1,490,000       7.375   12/15/2047   1,546,903

Whispering Pines Metropolitan District No. 1 GO Refunding & Improvement Bonds Series 2017 A (NR/NR)

    1,000,000       5.000   12/01/2037   1,065,180
    2,500,000       5.000   12/01/2047   2,623,200

Wildwing Metropolitan District No. 5 GO Refunding & Improvement Bonds Series 2018 A (NR/NR)

    3,470,000       5.375   12/01/2048   3,629,620

Willow Bend Metropolitan District GO Bonds Series 2019 A (NR/NR)

    1,000,000       5.000   12/01/2049   1,054,570

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Colorado – (continued)

Windshire Park Metropolitan District No. 2 GO Refunding & Improvement Bonds Senior Series 2017 A (NR/NR)

$

     1,500,000       6.500 %    12/01/2047   $       1,688,550
       

 

        403,056,536

 

Connecticut – 0.6%

City of New Haven GO Bonds Series 2018 A (BBB+/NR)

    900,000       5.500     08/01/2034   1,091,664
    500,000       5.500     08/01/2035   604,005
    420,000       5.500     08/01/2036   505,272
    400,000       5.500     08/01/2037   478,912
    410,000       5.500     08/01/2038   488,704

Connecticut State GO Bonds Series 2018 C (A/A1)

    1,850,000       5.000     06/15/2028   2,319,956

Connecticut State Health & Educational Facilities Authority RB for Yale University Series 2001 V-1 (AAA/Aaa)(f)(g)

    10,870,000       1.330     01/02/2020   10,870,000

Connecticut State Health & Educational Facilities Authority RB Refunding for The University of Hartford Series 2019 (BBB-/NR)

    1,015,000       4.000     07/01/2039   1,098,139
    3,500,000       4.000     07/01/2044   3,738,140
    3,500,000       4.000     07/01/2049   3,723,020

Mohegan Tribal Finance Authority Tribal RB Economic Development Bonds Series 2015 (B-/NR)(d)

    20,240,000       7.000     02/01/2045   20,697,424

State of Connecticut GO Bonds Series 2018 (A/A1)

    4,860,000       5.000     06/15/2027   5,999,135
    2,100,000       5.000     06/15/2029   2,620,212
    450,000       5.000     06/15/2032   553,824

State of Connecticut GO Unlimited Bonds Series 2019 A (A/A1)

    1,000,000       5.000     04/15/2030   1,259,360
    1,000,000       5.000     04/15/2034   1,240,410
    500,000       4.000     04/15/2037   562,635

Town of Hamden GO Refunding Bonds Series 2013 (AGM) (AA/A2)

    500,000       5.000     08/15/2023   565,165
       

 

        58,415,977

 

Delaware – 0.2%

Bridgeville Delaware Special Obligation Special Tax for Heritage Shores Special Development District Series 2005 A (NR/NR)

    4,655,000       5.450     07/01/2035   4,656,722

Delaware Economic Development Authority Gas Facilities RB Refunding for Delmarva Power & Light Co. Project Series 2010 (A-/Baa1)

    3,000,000       5.400     02/01/2031   3,067,560

Delaware Economic Development Authority RB for ACTS Retirement-Life Communities, Inc. Obligated Group Series 2018 B (A-/NR)

    3,785,000       5.000     11/15/2048   4,338,329

Delaware Economic Development Authority RB for Indian River Power LLC Project Series 2010 (NR/Baa2)

    2,050,000       5.375     10/01/2045   2,100,164

Delaware Health Facilities Authority RB Refunding for Bayhealth Medical Center Obligated Group Series 2017 A (AA-/NR)

    6,130,000       4.000     07/01/2043   6,715,047

Delaware State Economic Development Authority RB for First State Montessori Academy, Inc. Series 2019 A (BBB-/NR)

    855,000       5.000     08/01/2049   973,743
    795,000       5.000     08/01/2054   901,848
       

 

        22,753,413

 

District of Columbia – 1.3%

District of Columbia RB for International School Series 2019 (BBB/NR)

    1,275,000       5.000     07/01/2049   1,502,103
    1,140,000       5.000     07/01/2054   1,332,603

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

District of Columbia – (continued)

District of Columbia RB for KIPP DC Obligated Group Series 2019 (BBB+/NR)

$

     655,000       4.000 %    07/01/2044   $          707,380
    1,300,000       4.000     07/01/2049   1,397,162

Metropolitan Washington Airports Authority Dulles Toll Road RB Second Senior Lien Capital Appreciation for Dulles Metrorail and Capital Improvement Project Series 2010 B (A-/Baa1)

    37,100,000       6.500     10/01/2044   49,447,993

Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (A-/Baa2)

    805,000       4.000     10/01/2044   885,436
    1,075,000       5.000     10/01/2047   1,295,321
    1,610,000       4.000     10/01/2049   1,759,488
    1,340,000       4.000     10/01/2053   1,459,595

Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (AGM) (AA/A2)

    2,470,000       3.000     10/01/2050   2,411,831
    4,095,000       4.000     10/01/2053   4,493,239

Metropolitan Washington Airports Authority Dulles Toll Road RB Third Senior Lien Capital Appreciation for Dulles Metrorail and Capital Improvement Project Series 2009 C (ASSURED GTY) (AA/A3)

    25,000,000       6.500     10/01/2041   32,190,000

Metropolitan Washington Airports Authority RB Refunding Series 2018 A (AMT) (AA-/Aa3)

    14,485,000       5.000     10/01/2043   17,265,686
       

 

        116,147,837

 

Florida – 12.6%

Aberdeen Community Development District Special Assessment Series 2018 (NR/NR)

    635,000       5.000     05/01/2039   679,406
    1,035,000       5.100     05/01/2049   1,107,046

Amelia National Community Development District Special Assessment for Capital Improvement Series 2004 A (NR/NR)

    3,180,000       6.300     05/01/2035   3,213,644

Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (A-/NR)

    1,725,000       3.500     05/01/2031   1,798,657

Arborwood Community Development District RB Capital Improvement Refunding Senior Lien Series 2018 A-1 (AGM) (AA/NR)

    4,000,000       3.500     05/01/2032   4,255,320
    6,755,000       3.700     05/01/2036   7,209,274

Arborwood Community Development District RB Capital Improvement Refunding Subordinate Lien Series 2018 A-2 (NR/NR)

    755,000       4.625     05/01/2028   782,633
    1,875,000       5.000     05/01/2036   2,004,187

Arborwood Community Development District Special Assessment Capital Improvement Refunding Series 2014 B (NR/NR)

    5,095,000       6.900     05/01/2025   5,584,782

Arborwood Community Development District Special Assessment Capital Improvement Refunding Series 2014 B A-1 (NR/NR)

    3,675,000       6.900     05/01/2036   3,968,559

Arborwood Community Development District Special Assessment Capital Improvement Refunding Series 2014 B A-2 (NR/NR)

    960,000       6.900     05/01/2036   1,028,179

Armstrong Community Development District Special Assessment for Assessment Area Two Project Series 2019 A (NR/NR)

    530,000       4.000     11/01/2040   527,011
    1,425,000       4.000     11/01/2050   1,390,372

Artisan Lakes East Community Development District RB for Capital Improvement Series 2018 (NR/NR)(d)

    1,845,000       5.100     05/01/2039   1,973,431
    3,080,000       5.200     05/01/2049   3,293,413

Avalon Groves Community Development District Special Assessment for Assessment Area One Phase 1 Project 1 & 2 Series 2019 (NR/NR)

    660,000       4.375     11/01/2049   673,721

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Florida – (continued)

Avalon Groves Community Development District Special Assessment for Assessment Area One Project Series 2017 (NR/NR)

$

     750,000       5.750 %    05/01/2048   $          850,987

Avalon Groves Community Development District Special Assessment for Assessment Area Two Project Series 2017 A-1 (NR/NR)

    1,850,000       6.000     05/01/2048   2,099,306

Avelar Creek Community Development District Special Assessment Refunding Series 2016 (A-/NR)

    1,070,000       3.625     05/01/2031   1,153,053

Aviary at Rutland Ranch Community Development District Special Assessment Refunding for Area 1 Project Series 2019 (NR/NR)(d)

    900,000       4.500     06/01/2039   934,263
    650,000       4.625     06/01/2049   674,602

Babcock Ranch Community Independent Special District Special Assessment RB Series 2015 (NR/NR)

    185,000       4.250     11/01/2021   188,448
    920,000       4.750     11/01/2026   970,674
    705,000       5.000     11/01/2031   747,307
    6,035,000       5.250     11/01/2046   6,420,154

Babcock Ranch Community Independent Special District Special Assessment RB Series 2018 (NR/NR)(d)

    935,000       5.000     11/01/2049   993,120
    750,000       5.125     11/01/2049   796,650

Bannon Lakes Community Development District Special Assessment RB Series 2016 (NR/NR)

    325,000       4.500     11/01/2025   340,486
    990,000       5.000     11/01/2036   1,092,396
    1,085,000       5.000     11/01/2048   1,185,221

Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015 A-1 (A-/NR)

    1,860,000       4.250     05/01/2029   2,051,208

Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Subordinate Lien Series 2015 A-2 (NR/NR)

    925,000       5.000     05/01/2035   975,949

Bay Laurel Center Community Development District Special Assessment RB Refunding Series 2016 Candler (BBB+/NR)

    955,000       3.750     05/01/2031   1,045,878
    1,105,000       4.000     05/01/2037   1,185,223

Baywinds Community Development District Senior Special Assessment Refunding Bonds Series 2017 A-1 (BBB-/NR)

    1,610,000       4.250     05/01/2031   1,779,420
    2,810,000       4.250     05/01/2037   3,067,874

Beaumont Community Development District Special Assessment Bonds for Assessment Area Two-Commercial Project Series 2019
(NR/NR)(d)

    2,800,000       6.375     11/01/2049   2,984,912

Bellagio Community Development District Special Assessment Bonds Series 2013 (BBB/NR)

    595,000       6.000     11/01/2027   684,708
    490,000       3.750     11/01/2031   520,331
    2,980,000       6.500     11/01/2043   3,725,686
    1,495,000       4.125     11/01/2046   1,574,758

Belmont Community Development District Capital Improvement Phase 1 Project Series 2013 A (NR/NR)

    770,000       6.125     11/01/2033   905,682
    1,000,000       6.500     11/01/2043   1,204,180

Bexley Community Development District Special Assessment Bonds Series 2016 (NR/NR)

    190,000       3.500     05/01/2021   191,220
    500,000       4.100     05/01/2026   518,025
    1,755,000       4.700     05/01/2036   1,826,972
    3,200,000       4.875     05/01/2047   3,324,160

Blue Lake Community Development District Special Assessment Bonds Series 2019 (NR/NR)

    900,000       4.250     06/15/2039   926,838
    1,150,000       4.500     06/15/2049   1,188,444

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Florida – (continued)

Bridgewater Community Development District Special Assessment Refunding Bonds for Assessment Area Two Series 2015 (NR/NR)

$

     7,305,000       5.750 %    05/01/2035   $       8,093,283

Brookstone Community Development District Special Assessment RB Series 2018 (NR/NR)(d)

    490,000       3.875     11/01/2023   495,929

Campo Bello Community Development District Special Assessment Bonds Series 2019 (NR/NR)

    1,000,000       4.000     12/15/2039   1,008,160
    1,350,000       4.000     12/15/2049   1,331,397

Capital Trust Agency Student Housing RB for American Eagle Obligated Group Series 2018 A-1 (BBB-/NR)

    30,555,000       5.875     07/01/2054   33,210,535

Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (NR/Ba2)(d)

    55,260,000       5.250     12/01/2058   57,612,971

Carlton Lakes Community Development District Special Assessment RB Series 2018 (NR/NR)

    355,000       4.000     05/01/2024   360,133
    500,000       5.125     05/01/2038   525,840
    1,000,000       5.250     05/01/2049   1,051,430

Centre Lake Community Development District Special Assessment Series 2016 (NR/NR)

    375,000       4.125     12/15/2027   393,187
    500,000       4.500     12/15/2032   535,060
    975,000       4.700     12/15/2037   1,046,614

Century Parc Community Development District Special Assessment Refunding Series 2012 (A/NR)

    200,000       3.500     11/01/2020   203,926
    210,000       3.750     11/01/2021   219,612
    215,000       3.875     11/01/2022   227,795
    25,000       4.000     11/01/2023   26,545
    1,705,000       4.500     11/01/2031   1,807,880

Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2015 (AMT) (NR/NR)(d)

    900,000       5.500     10/01/2036   968,868

Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2019 (NR/NR)(d)

    5,400,000       5.000     10/01/2049   5,857,704

City of Cape Coral Water & Sewer RB Refunding Series 2015 (A+/A1)

    1,750,000       4.000     10/01/2034   1,912,400

City of Jacksonville RB for Jacksonville University Project Series 2018 B (NR/NR)(d)

    3,000,000       5.000     06/01/2053   3,320,730

City of Venice RB for Southwest Florida Retirement Center, Inc. Obligated Group Project Series 2019 (BBB-/NR)

    480,000       5.000     01/01/2037   541,234
    1,725,000       5.000     01/01/2047   1,917,820
    1,615,000       5.000     01/01/2052   1,786,190

CityPlace Community Development District Special Assessment Convertible Capital Appreciation RB Series 2018 (AGM) (AA/A2)(a)

    25,620,000       0.000     05/01/2046   23,818,402

CityPlace Community Development District Special Assessment RB Refunding Series 2012 (A/NR)

    2,250,000       5.000     05/01/2026   2,561,107

Coco Palms Community Development District Expansion Area Project Special Assessment Bonds Series 2019 (NR/NR)(d)

    500,000       4.750     06/15/2039   532,500
    1,000,000       5.000     06/15/2049   1,064,260

Concord Station Community Development District Capital Improvement RB Refunding Senior Lien Series 2016 A-1 (A/NR)

    2,990,000       3.500     05/01/2032   3,145,869
    1,500,000       3.625     05/01/2035   1,582,890
    1,750,000       3.750     05/01/2046   1,828,715

Concorde Estates Community Development District RB for Capital Improvement Series 2017 B (NR/NR)(b)

    4,705,000       0.000     11/01/2027   3,186,744

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Florida – (continued)

Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2004 A (NR/NR)(i)

$

     3,305,000       5.850 %    05/01/2035   $                   33

Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2004 B (NR/NR)(i)

    3,980,000       5.000     05/01/2011   40

Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 A-1 (NR/NR)

    3,325,000       5.850     05/01/2035   3,327,327

Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 A-2 (NR/NR)

    1,665,000       5.850     05/01/2035   1,464,517

Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 B (NR/NR)(b)(i)

    2,939,931       0.000     05/01/2017   1,558,163

Copper Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR)(d)

    220,000       3.875     11/01/2024   224,180
    270,000       4.000     11/01/2029   282,460
    500,000       4.750     11/01/2038   540,430
    1,000,000       5.000     11/01/2049   1,079,730

Copperspring Community Development District Special Assessment Bonds Series 2019 (NR/NR)

    425,000       4.000     12/15/2039   432,335
    1,000,000       4.250     12/15/2049   1,021,160

Corkscrew Farms Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR)(d)

    3,665,000       5.125     11/01/2050   3,927,194

Coronado Community Development District Special Assessment Refunding & Improvement Bonds Series 2017 (BBB/NR)

    782,000       4.000     05/01/2031   854,624
    1,407,000       4.250     05/01/2038   1,529,437

Country Walk Community Development District Special Assessment RB Refunding Senior Lien Series 2015 A-1 (A-/NR)

    960,000       3.750     05/01/2029   1,020,749

County of Osceola Transportation RB Refunding Series 2019 A-1 (BBB+/NR)(h)

    1,075,000       5.000     10/01/2044   1,298,568
    1,340,000       5.000     10/01/2049   1,608,549
    1,610,000       4.000     10/01/2054   1,740,732

Covington Park Community Development District Special Assessment RB for Capital Improvement Series 2018 (BBB/NR)

    500,000       4.000     05/01/2038   536,145
    1,175,000       4.125     05/01/2048   1,257,379

Creek Preserve Community Development District Special Assessment RB Series 2019 (NR/NR)(d)

    1,570,000       4.700     11/01/2039   1,623,631
    2,500,000       4.750     11/01/2049   2,565,050

Davenport Road South Community Development District Special Assessment Bonds Series 2018 (NR/NR)(d)

    3,170,000       5.125     11/01/2048   3,451,750

Deer Run Community Development District Special Assessment RB Refunding Series 2018 (NR/NR)

    1,895,000       5.400     05/01/2039   2,020,203
    2,880,000       5.500     05/01/2044   3,089,376

Del Webb Bexley Community Development District Special Assessment Series 2018 (NR/NR)

    2,665,000       5.400     05/01/2049   2,866,794

Downtown Doral South Community Development District Special Assessment Bonds Series 2018 (NR/NR)(d)

    1,000,000       4.750     12/15/2038   1,077,640
    2,995,000       5.000     12/15/2048   3,224,117

Durbin Crossing Community Development District Special Assessment Refunding Senior Series 2017 A-1 (AGM) (AA/NR)

    3,095,000       3.750     05/01/2034   3,306,915
    4,280,000       4.000     05/01/2037   4,614,225

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Florida – (continued)

East Bonita Beach Road Community Development District Special Assessment Bonds Series 2018 (NR/NR)(d)

$

     1,000,000       5.000 %    11/01/2048   $       1,052,040

East Homestead Community Development District Special Assessment Expansion Area Bonds Project Series 2019 (NR/NR)

    500,000       4.750     11/01/2039   533,555
    920,000       5.000     11/01/2049   984,832

Escambia County Health Facilities Authority Health Care Facilities RB for Baptist Hospital, Inc. Project Series 2010 A (A-/A3)

    27,000,000       6.000     08/15/2036   27,700,110

Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-1 (NR/NR)

    985,000       4.000     11/01/2040   986,546
    1,190,000       4.125     11/01/2050   1,186,847

Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-2 (NR/NR)

    400,000       4.000     11/01/2040   400,628
    1,725,000       4.125     11/01/2050   1,718,945

Estancia at Wiregrass Community Development District Capital Improvement RB Series 2013 (NR/NR)

    905,000       6.375     11/01/2026   1,016,578
    3,245,000       7.000     11/01/2045   3,928,916

Estancia at Wiregrass Community Development District Capital Improvement RB Series 2015 (NR/NR)

    900,000       5.250     11/01/2035   953,919
    1,360,000       5.375     11/01/2046   1,440,743

Evergreen Community Development District Special Assessment RB Series 2019 (NR/NR)(d)

    1,245,000       5.000     11/01/2039   1,297,950
    1,800,000       5.125     11/01/2049   1,876,104

Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR)

    2,000,000       4.250     05/01/2029   2,095,640
    2,605,000       5.000     05/01/2035   2,857,034

Fishhawk Community Development District II Special Assessment RB Refunding Series 2013 A (A-/NR)

    1,480,000       4.375     05/01/2034   1,558,692

Florida Development Finance Corp. RB for Imagine School at Broward Series 2019 A (NR/Baa3)(d)

    3,150,000       5.000     12/15/2049   3,566,272

Florida Development Finance Corp. RB Refunding for Virgin Trains USA Florida LLC Series 2019 A (AMT) (NR/NR)(d)(f)(g)

    3,000,000       6.250     01/01/2024   2,882,670
    14,940,000       6.375     01/01/2026   14,249,324
    42,000,000       6.500     01/01/2029   39,962,160

Florida Development Finance Corp. Solid Waste Disposal RB for Waste Pro USA, Inc. Project Series 2017 (AMT) (NR/NR)(d)(f)(g)

    1,850,000       5.000     08/01/2022   1,971,415

Florida Higher Educational Facilities Financial Authority RB for Jacksonville University Project Series 2018 A-1 (NR/NR)(d)

    1,750,000       4.750     06/01/2038   1,930,950
    3,000,000       5.000     06/01/2048   3,343,830

Florida Higher Educational Facilities Financial Authority RB for Ringling College of Art & Design, Inc. Series 2019 (BBB+/NR)

    5,970,000       5.000     03/01/2049   6,992,124

Florida Higher Educational Facilities Financial Authority RB Refunding for St. Leo University, Inc. Obligated Group Series 2019 (BBB-/NR)

    1,295,000       5.000     03/01/2044   1,452,744
    1,550,000       5.000     03/01/2049   1,730,590

Florida Higher Educational Facilities Financing Authority RB Refunding for Nova Southeastern University Project Series 2012 A (A-/NR)

    600,000       5.000     04/01/2032   644,964
    5,830,000       5.250     04/01/2042   6,289,579

Flow Way Community Development District Special Assessment Bonds for Phase 6 Project Series 2017 (NR/NR)

    725,000       5.000     11/01/2047   784,044

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Florida – (continued)

Flow Way Community Development District Special Assessment Bonds for Phase 7 & 8 Project Series 2019 (NR/NR)

$

     1,000,000       4.125 %    11/01/2039   $       1,014,910
    2,000,000       4.375     11/01/2049   2,041,580

Fontainbleau Lakes Community Development District Special Assessment RB Refunding Series 2016 (BBB+/NR)

    700,000       4.000     05/01/2031   759,395
    1,000,000       4.125     05/01/2038   1,072,620

Forest Brooke Community Development District Special Assessment Bonds Series 2019 A-1 (BBB/NR)

    1,855,000       3.250     11/01/2049   1,779,483

Forest Brooke Community Development District Special Assessment Subordinated Bonds Series 2019 A-2 (NR/NR)

    250,000       4.000     11/01/2049   249,125

Greater Orlando Aviation Authority Airport Facilities RB Refunding for Jetblue Airways Corp. Project Series 2013 (NR/NR)

    3,165,000       5.000     11/15/2026   3,421,555
    5,000,000       5.000     11/15/2036   5,321,150

Greater Orlando Aviation Authority Priority Subordinated Airport Facilities RB Series 2017 A (AMT) (A+/A1)

    3,540,000       5.000     10/01/2047   4,131,109

Gulfstream Polo Community Development District Special Assessment Phase#2 Project Series 2019 (NR/NR)

    1,500,000       4.375     11/01/2049   1,552,680

Hacienda Lakes Community Development District Special Assessment Refunding Series 2016 (NR/NR)

    1,525,000       4.500     05/01/2036   1,578,085
    2,305,000       4.625     05/01/2046   2,388,856

Harbor Bay Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR)

    925,000       3.750     05/01/2034   920,902

Harbor Bay Community Development District Special Assessment RB Series 2019 A-1 (NR/NR)

    2,140,000       3.875     05/01/2039   2,106,980
    1,400,000       4.100     05/01/2048   1,383,732

Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (A-/NR)(d)

    1,725,000       4.000     05/01/2031   1,899,984
    1,335,000       4.250     05/01/2035   1,467,659
    1,810,000       4.250     05/01/2039   1,969,226

Hawkstone Community Development District Special Assessment Area 1 RB Series 2019 (NR/NR)

    640,000       3.875     11/01/2039   631,680
    1,150,000       4.000     11/01/2051   1,115,672

Hawkstone Community Development District Special Assessment Area 2 RB Series 2019 (NR/NR)

    200,000       4.000     11/01/2039   197,262
    500,000       4.250     11/01/2051   493,950

Heritage Harbour North Community Development District Special Assessment Series 2014 (NR/NR)

    900,000       5.000     05/01/2034   993,933
    2,170,000       5.125     05/01/2045   2,427,362

Heritage Harbour South Community Development District RB Refunding for Senior Lien Capital Improvement Series 2013 A-1 (A/NR)

    500,000       5.050     05/01/2031   546,320
    500,000       5.150     05/01/2034   544,160

Heritage Isle at Viera Community Development District Special Assessment Refunding Series 2017 (AGM) (AA/NR)

    1,540,000       3.400     05/01/2037   1,603,602

Heritage Lake Park Community Development District Special Assessment Series 2005 (NR/NR)

    1,970,000       5.700     05/01/2036   1,984,598

Heritage Landing Community Development District Special Assessment Refunding Bonds Series 2015 (BBB/NR)

    2,205,000       4.200     05/01/2031   2,401,245
    2,000,000       4.350     05/01/2036   2,150,420

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Florida – (continued)

Highlands Community Development District Special Assessment Bonds for Assessment Areas 3B and 5 Project Series 2018 (NR/NR)(d)

$

     1,000,000       4.875 %    12/15/2038   $       1,065,300
    1,000,000       5.000     12/15/2048   1,066,170

Highlands Community Development District Special Assessment Refunding Series 2016 (BBB/NR)

    1,000,000       4.250     05/01/2031   1,112,980
    2,150,000       4.250     05/01/2036   2,340,081

Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area 7/7A Project Series 2019 (NR/NR)

    1,000,000       4.375     11/01/2050   1,004,710

Hillcrest Community Development District Special Assessment Bonds for Capital Improvement Program Series 2018 (NR/NR)

    2,295,000       5.000     11/01/2048   2,447,824

Hunters Ridge Community Development District No. 1 Assessment Area Special Assessment Bonds Series 2019 (NR/NR)(d)

    470,000       5.125     11/01/2049   501,951

Islands at Doral III Community Development District Special Assessment Refunding Series 2013 (A-/NR)

    2,500,000       4.125     05/01/2035   2,616,675

Isles Bartram Park Community Development District Special Assessment Bonds Series 2017 (NR/NR)

    990,000       5.000     11/01/2047   1,045,014

Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2019 (NR/NR)

    600,000       4.000     05/01/2040   604,524
    1,000,000       4.000     05/01/2050   989,540

Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Phase 2A Project Series 2019 (NR/NR)

    250,000       3.850     05/01/2039   250,965
    575,000       4.000     05/01/2049   575,862

Lakewood Ranch Stewardship District Special Assessment RB for Country Club East Project Series 2013 A (NR/NR)

    2,100,000       6.700     05/01/2033   2,281,692
    4,765,000       7.000     05/01/2043   5,215,388

Lakewood Ranch Stewardship District Special Assessment RB for Country Club East Project Series 2014 (NR/NR)

    6,320,000       5.600     05/01/2044   7,084,720

Lakewood Ranch Stewardship District Special Assessment RB for Cresswind Project Series 2019 (NR/NR)

    530,000       4.400     05/01/2039   552,122
    810,000       4.500     05/01/2049   837,848

Lakewood Ranch Stewardship District Special Assessment RB for Del Webb Project Series 2017 (NR/NR)(d)

    1,000,000       5.000     05/01/2037   1,074,090
    2,370,000       5.125     05/01/2047   2,534,668

Lakewood Ranch Stewardship District Special Assessment RB for Indigo Expansion Area Project Series 2019 (NR/NR)(d)

    575,000       3.750     05/01/2039   570,291
    555,000       4.000     05/01/2049   555,705

Lakewood Ranch Stewardship District Special Assessment RB for Lake Club Phase 4 Project Series 2019 (NR/NR)

    1,000,000       4.400     05/01/2039   1,041,740
    1,140,000       4.500     05/01/2049   1,179,193

Lakewood Ranch Stewardship District Special Assessment RB for Lakewood Centre & NW Sector Project Series 2011 (NR/NR)

    19,205,000       8.000     05/01/2040   20,714,513

Lakewood Ranch Stewardship District Special Assessment RB for Lakewood National & Polo Run Projects Series 2017 (NR/NR)

    490,000       4.000     05/01/2022   497,556
    1,125,000       4.625     05/01/2027   1,199,002
    2,500,000       5.250     05/01/2037   2,741,550
    5,820,000       5.375     05/01/2047   6,366,149

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Florida – (continued)

Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project - Phase 1A Series 2018 (NR/NR)

$

     1,175,000       5.000 %    05/01/2038   $       1,248,837
    2,545,000       5.100     05/01/2048   2,706,378

Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project - Phase 1B Series 2018 (NR/NR)

    3,760,000       5.450     05/01/2048   4,145,362

Lakewood Ranch Stewardship District Special Assessment RB for Villages of Lakewood Ranch South Project Series 2016 (NR/NR)

    990,000       4.000     05/01/2021   999,831
    1,325,000       4.250     05/01/2026   1,381,458
    3,540,000       5.000     05/01/2036   3,760,152
    13,945,000       5.125     05/01/2046   14,825,348

Lakewood Ranch Stewardship District The Isles at Lakewood Ranch Project Phase 1 Special Assessment Bonds Series 2019 (NR/NR)

    1,160,000       4.700     05/01/2039   1,236,398
    1,250,000       4.875     05/01/2049   1,330,075

Landmark at Doral Community Development District Senior Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-1 (BBB/NR)

    1,930,000       3.000     05/01/2035   1,920,543
    1,990,000       3.000     05/01/2038   1,951,354

Landmark at Doral Community Development District Subordinate Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-2 (NR/NR)

    645,000       3.375     05/01/2030   641,085
    895,000       4.000     05/01/2038   909,374

Lee County IDA Health Care Facilities RB Refunding for Shell Point Project Series 2011 B (BBB+/NR)

    2,600,000       6.500     11/15/2031   2,831,764

Lee County Moody River Estates Community Development District Special Assessment Refunding Senior Series 2017 A-1 (A-/NR)

    1,435,000       4.000     05/01/2031   1,589,478
    1,860,000       4.000     05/01/2036   2,043,210

Long Lake Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR)

    985,000       5.125     05/01/2048   1,045,587
    1,775,000       5.125     05/01/2049   1,866,732

Longleaf Community Development District Special Assessment Refunding Series 2005 (NR/NR)

    3,755,000       5.400     05/01/2030   3,742,008

Longleaf Community Development District Special Assessment Refunding Series 2006 (NR/NR)

    1,820,000       5.375     05/01/2030   1,821,401

LT Ranch Community Development District Special Assessment Series 2019 (NR/NR)

    2,000,000       4.000     05/01/2050   1,996,420

Lucerne Park Community Development District Special Assessment Bonds Series 2019 (NR/NR)

    900,000       4.625     05/01/2039   925,371
    1,400,000       4.750     05/01/2050   1,433,852

Lynwood Community Development District Special Assessment Bonds Series 2019 (NR/NR)

    1,765,000       4.000     06/15/2039   1,794,176
    1,465,000       4.375     06/15/2049   1,497,420

Marshall Creek Community Development District Special Assessment Refunding Series 2015 A (NR/NR)

    1,940,000       5.000     05/01/2032   2,011,411

McJunkin Parkland Community Development District Special Assessment Bonds Series 2018 (NR/NR)(d)

    2,800,000       5.125     11/01/2038   3,015,740
    4,750,000       5.250     11/01/2049   5,103,400

Meadow Pointe II Community Development District Special Assessment RB Series 2018 (AGM) (AA/NR)

    1,605,000       4.125     05/01/2039   1,772,032

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Florida – (continued)

Meadow Pointe IV Community Development District RB for Capital Improvement Series 2005 (NR/NR)(i)

$

     880,000       5.250 %    05/01/2015   $            61,600

Meadow Pointe IV Community Development District RB for Capital Improvement Series 2007 B (NR/NR)(i)

    1,380,000       6.150     11/01/2014   96,600

Meadow Pointe IV Community Development District RB for Capital Improvement Series 2012 A-1 (NR/NR)

    385,000       6.000     05/01/2036   398,229

Meadow Pointe IV Community Development District RB for Capital Improvement Series 2012 A-2 (NR/NR)

    750,000       6.250     05/01/2038   782,917

Meadow Pointe IV Community Development District RB for Capital Improvement Series 2014 A (NR/NR)

    590,000       7.250     05/01/2035   647,277

Meadow Pointe IV Community Development District Special Assessment for Capital Improvement Series 2005 (NR/NR)(i)

    1,075,000       5.250     05/01/2015   75,250

Mediterranea Community Development District Special Assessment Refunding & Improvement Bonds for Area Two Project Series 2017 (NR/NR)

    1,000,000       4.750     05/01/2037   1,051,010
    1,700,000       5.000     05/01/2048   1,788,298

Miami Beach Health Facilities Authority Hospital RB Refunding for Mount Sinai Medical Center of Florida Series 2014 (A-/Baa1)

    1,500,000       5.000     11/15/2039   1,676,985

Miami Special Obligation RB Refunding for Port of Miami Tunnel Project Series 2012 (AA-/Aa3)(d)

    11,760,000       5.000     03/01/2030   13,024,082

Miami World Center Community Development District Special Assessment Bonds Series 2017 (NR/NR)

    600,000       4.000     11/01/2023   616,716
    600,000       4.750     11/01/2027   649,350
    4,000,000       5.125     11/01/2039   4,375,440
    4,135,000       5.250     11/01/2049   4,528,652

Miami-Dade County Educational Facilities Authority RB for University of Miami Series 2018 A (A-/A3)

    10,085,000       4.000     04/01/2053   10,897,145

Midtown Miami Community Development District Special Assessment RB Refunding for Parking Garage Project Series 2014 A (NR/NR)

    3,440,000       5.000     05/01/2029   3,639,417
    3,515,000       5.000     05/01/2037   3,698,307

Miromar Lakes Community Development District RB Refunding for Capital Improvement Series 2015 (NR/NR)

    2,425,000       5.000     05/01/2028   2,596,569
    1,485,000       5.000     05/01/2035   1,566,823

Mitchell Ranch Community Development District Special Assessment Bonds Series 2019 (NR/NR)

    2,000,000       4.000     12/15/2049   2,003,980

Monterra Community Development District Special Assessment Refunding Bonds Series 2015 (AGM) (AA/NR)

    1,820,000       3.500     05/01/2036   1,899,188

Naples Reserve Community Development District Special Assessment Bonds Series 2014 (NR/NR)

    740,000       5.250     11/01/2035   804,913
    1,240,000       5.625     11/01/2045   1,357,205

Naples Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR)(d)

    1,185,000       5.125     11/01/2048   1,253,967

New River Community Development District Special Assessment RB for Capital Improvement Series 2010 A-1 (NR/NR)

    1,800,000       5.750     05/01/2038   1,800,702

New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (BBB/NR)(d)(h)

    815,000       3.500     05/01/2038   838,399

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Florida – (continued)

New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/NR)(d)(h)

$

     55,000       3.500 %    05/01/2031   $            54,997
    150,000       4.000     05/01/2038   152,918

New River Community Development District Special Assessment Series 2006 B (NR/NR)(i)

    3,260,000       5.000     05/01/2013   33

North Sumter County Utility Dependent District RB for Central Sumter Utility Series 2019 (A/NR)

    3,000,000       5.000     10/01/2049   3,590,730
    6,580,000       5.000     10/01/2054   7,844,215

Orlando Florida Community Redevelopment Agency Tax Increment RB Refunding for Conroy Road District Series 2012 (A/NR)

    1,680,000       5.000     04/01/2024   1,798,239
    1,765,000       5.000     04/01/2025   1,887,067
    1,005,000       5.000     04/01/2026   1,075,149

Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2018 (NR/NR)(d)

    1,680,000       5.375     11/01/2038   1,865,371
    3,300,000       5.500     11/01/2049   3,661,977

Overoaks Community Development District Special Assessment for Capital Improvement Series 2010 A-1 (NR/NR)

    885,000       6.125     05/01/2035   894,452

Overoaks Community Development District Special Assessment for Capital Improvement Series 2010 A-2 (NR/NR)

    1,225,000       6.125     05/01/2035   1,239,492

Palm Beach County Health Facilities Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 B (BBB/NR)

    2,700,000       4.000     05/15/2053   2,736,045
    2,175,000       5.000     05/15/2053   2,428,801

Palm Coast Park Community Development District Special Assessment for Assessment Area One Series 2019 (NR/NR)

    1,175,000       4.300     05/01/2050   1,172,956

Palm Glades Community Development District Senior Special Assessment Bonds Series 2018 A-1 (A/NR)

    400,000       4.000     11/01/2038   439,304
    3,290,000       4.200     11/01/2048   3,597,451

Palm Glades Community Development District Special Assessment Refunding Bonds Series 2016 (A/NR)

    3,155,000       3.750     05/01/2031   3,392,161
    2,040,000       4.000     05/01/2036   2,203,221

Palm Glades Community Development District Special Assessment Refunding Bonds Series 2017 (BBB-/NR)

    700,000       4.000     05/01/2027   731,626
    2,380,000       5.000     05/01/2039   2,613,335

Panther Trace II Community Development District Special Assessment RB Refunding Series 2014 (AGM) (AA/NR)

    530,000       4.125     05/01/2035   568,054

Parkland Preserve Community Development District Special Assessment RB Series 2019 A (NR/NR)

    925,000       5.250     05/01/2039   943,408
    2,455,000       5.375     05/01/2050   2,498,625

Parkland Preserve Community Development District Special Assessment RB Series 2019 B (NR/NR)

    1,100,000       5.500     11/01/2032   1,133,649

Parkway Center Community Development District Special Assessment for Amenity Projects Series 2018-2 (A-/NR)

    2,285,000       4.700     05/01/2049   2,566,535

Parkway Center Community Development District Special Assessment Refunding Series 2018-1 (BBB/NR)

    800,000       4.375     05/01/2031   893,760
    1,065,000       4.500     05/01/2034   1,189,232

Paseo Community Development District Capital Improvement RB Refunding Series 2018 (A-/NR)

    3,225,000       4.375     05/01/2036   3,597,488

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Florida – (continued)

Pinellas County Industrial Development Authority RB for Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc. Project Series 2019 (NR/NR)

$

     2,260,000       5.000 %    07/01/2039   $       2,624,967

Portofino Isles Community Development District Special Assessment RB Refunding Series 2013 (BBB/NR)

    2,800,000       4.750     05/01/2033   2,975,784

Preserve at South Branch Community Development District Special Assessment Phase 1 Series 2018 (NR/NR)

    1,045,000       5.375     11/01/2049   1,125,434

Preserve at South Branch Community Development District Special Assessment Phase 2 RB Series 2019 (NR/NR)

    250,000       4.000     11/01/2039   252,933
    1,205,000       4.000     11/01/2050   1,198,601

Reunion East Community Development District Special Assessment Refunding Bonds Series 2015 1 (NR/NR)

    950,000       6.600     05/01/2033   1,022,077

Reunion East Community Development District Special Assessment Refunding Bonds Series 2015 2 (NR/NR)

    645,000       6.600     05/01/2036   693,936

Reunion East Community Development District Special Assessment Refunding Bonds Series 2015 3 (NR/NR)

    2,365,000       6.600     05/01/2033   2,544,433

Reunion East Community Development District Special Assessment Refunding Bonds Series 2015 A (NR/NR)

    3,070,000       5.000     05/01/2025   3,238,512
    6,830,000       5.000     05/01/2033   7,223,750

Reunion East Community Development District Special Assessment Series 2002 A-2 (NR/NR)(i)

    2,170,000       7.200     05/01/2022   22

Reunion West Community Development District Special Assessment Bonds for Assessment Area 5 Project Series 2019 (NR/NR)

    470,000       4.500     05/01/2039   485,534
    1,520,000       4.625     05/01/2050   1,566,983

Rhodine Road North Community Development District Special Assessment Bonds Series 2019 (NR/NR)

    1,000,000       4.500     05/01/2040   1,022,900
    1,000,000       4.750     05/01/2050   1,022,640

River Bend Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (A-/NR)

    2,390,000       4.000     05/01/2031   2,605,937

River Hall Community Development District Special Assessment for Capital Improvement Series 2011 A (NR/NR)

    4,475,000       5.450     05/01/2036   4,499,926

San Simeon Community Development District Special Assessment Bonds Series 2019 (NR/NR)(d)

    1,410,000       4.125     06/15/2039   1,443,262
    2,280,000       4.250     06/15/2049   2,324,437

Sandy Creek Community Development District Special Assessment Refunding Series 2007 B (NR/NR)

    995,000       5.500     05/01/2020   997,716

Shell Point Community Development District Special Assessment Bonds Series 2019 (NR/NR)(d)

    2,200,000       5.250     11/01/2039   2,342,340
    2,825,000       5.375     11/01/2049   3,000,941

Sherwood Manor Community Development District Special Assessment Bonds Series 2018 (NR/NR)(d)

    3,800,000       5.250     11/01/2049   4,082,910

Shingle Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR)

    4,000,000       5.000     05/01/2049   4,254,160

South Fork III Community Development District Parcels V and W Special Assessment Bonds Series 2019 (NR/NR)(d)

    2,100,000       5.125     11/01/2039   2,245,362
    3,485,000       5.250     11/01/2049   3,710,480

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Florida – (continued)

South Fork III Community Development District Special Assessment RB Refunding Series 2018 (NR/NR)

$

     1,310,000       5.000 %    05/01/2038   $       1,381,984
    2,505,000       5.375     05/01/2049   2,664,619

South Kendall Community Development District Special Assessment Refunding Series 2016 (BBB/NR)

    1,345,000       4.250     11/01/2037   1,459,231
    330,000       4.125     11/01/2040   350,691

South Village Community Development District Capital Improvement and Special Assessment Refunding Senior Lien Series 2016 A-1 (A/NR)

    800,000       3.500     05/01/2032   848,424
    495,000       3.625     05/01/2035   525,022
    1,715,000       3.750     05/01/2038   1,816,836

South Village Community Development District Capital Improvement and Special Assessment Refunding Subordinate Lien Series 2016 A-2 (NR/NR)

    465,000       4.350     05/01/2026   476,072
    485,000       4.875     05/01/2035   505,462
    95,000       5.000     05/01/2038   99,233

South-Dade Venture Community Development District Special Assessment RB Refunding Series 2013 (NR/NR)

    2,010,000       5.250     05/01/2034   2,169,674

Southern Groves Community Development District No. 5 Special Assessment Refunding Series 2019 (NR/NR)

    375,000       3.600     05/01/2034   375,578
    600,000       4.000     05/01/2043   605,562

Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2011 A-1 (NR/NR)

    3,710,000       5.800     05/01/2035   3,657,837

Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2011 A-2 (NR/NR)

    2,765,000       5.800     05/01/2035   2,496,684

Spencer Creek Community Development District Special Assessment RB Series 2019 (NR/NR)

    350,000       3.750     05/01/2024   354,162
    425,000       4.375     05/01/2029   443,870
    1,000,000       5.000     05/01/2039   1,050,130
    1,750,000       5.250     05/01/2049   1,850,345

Spring Lake Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR)(d)

    1,250,000       5.125     11/01/2037   1,353,250
    1,790,000       5.250     11/01/2047   1,941,506

Spring Ridge Community Development District Special Assessment RB Series A-1 (NR/NR)

    1,195,000       4.800     05/01/2035   1,219,880

Sterling Hill Community Development District RB for Capital Improvement Series 2003 B (NR/NR)(i)

    418,112       5.500     11/01/2010   263,411

Stonegate Community Development District Special Assessment Refunding Bonds Series 2013 (NR/NR)

    2,160,000       5.000     05/01/2034   2,295,065

Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2019 (NR/NR)

    1,100,000       4.500     06/15/2039   1,147,311
    2,600,000       4.625     06/15/2049   2,695,680

Stoneybrook South Community Development District Special Assessment Bonds Refunding for Assessment Area Two-A Project Series 2014 (NR/NR)

    1,750,000       5.125     11/01/2034   2,014,530
    3,500,000       5.500     11/01/2044   4,128,740

Stoneybrook South Community Development District Special Assessment RB Refunding for Assessment Area One Project Series 2013 (NR/NR)

    2,435,000       6.500     05/01/2039   2,753,206

Storey Creek Community Development District Special Assessment Bonds for Assessment Area One Project Series 2019 (NR/NR)

    420,000       4.000     12/15/2039   420,336
    860,000       4.125     12/15/2049   861,032

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Florida – (continued)

Sweetwater Creek Community Development District Capital Improvement Special Assessment RB Refunding Series 2019 A-2 (NR/NR)

$

     1,680,000       4.000 %    05/01/2038   $       1,705,906

Talis Park Community Development District Capital Improvement RB Refunding Subordinate Series 2016 A-2 (NR/NR)

    345,000       3.250     05/01/2021   345,473
    965,000       3.750     05/01/2026   975,943
    1,550,000       4.000     05/01/2033   1,582,100

Talis Park Community Development District Capital Improvement RB Series 2013 (NR/NR)

    1,370,000       5.250     11/01/2034   1,434,596
    2,355,000       6.000     11/01/2044   2,563,747

Tapestry Community Development District Special Assessment RB Series 2016 (NR/NR)

    390,000       4.250     05/01/2026   407,137
    1,110,000       4.800     05/01/2036   1,172,493
    1,715,000       5.000     05/01/2046   1,814,864

Tison’s Landing Community Development District Special Assessment RB Refunding & Improvement Bonds Senior Series 2016 A-1 (A+/NR)

    695,000       3.375     05/01/2032   729,507
    1,345,000       3.600     05/01/2037   1,416,312

Tolomato Community Development District Special Assessment GO Refunding Bonds Senior Lien Series 2018 A-1 (AGM) (AA/NR)

    1,640,000       3.500     05/01/2032   1,754,833
    1,780,000       3.750     05/01/2040   1,893,742

Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 A-2 (NR/NR)(d)

    375,000       5.625     05/01/2040   401,291

Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 B-2 (NR/NR)

    300,000       5.125     05/01/2039   318,015

Tolomato Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR)

    1,170,000       4.250     05/01/2037   1,196,243

Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 C (NR/NR)(d)

    8,970,000       4.400     05/01/2040   9,176,400

Toscana Isles Community Development District Special Assessment RB Series 2014 (NR/NR)

    345,000       5.750     11/01/2027   385,517
    1,965,000       6.250     11/01/2044   2,324,202

Toscana Isles Community Development District Special Assessment RB Series 2018 (NR/NR)

    2,840,000       5.375     11/01/2039   3,124,511
    4,750,000       5.500     11/01/2049   5,272,500

Touchstone Community Development District Special Assessment Bonds Series 2018 (NR/NR)(d)

    1,560,000       4.625     06/15/2038   1,625,879
    2,445,000       4.750     06/15/2048   2,559,255

Touchstone Community Development District Special Assessment Bonds Series 2019 (NR/NR)

    550,000       4.000     12/15/2040   551,337
    1,145,000       4.125     12/15/2049   1,147,759

Town of Davie RB Refunding for Nova Southeastern University, Inc. Series 2018 (A-/Baa1)

    13,300,000       5.000     04/01/2048   15,409,247

Towne Park Community Development District Special Assessment Area 3B Project Series 2019 (NR/NR)

    1,085,000       4.625     05/01/2050   1,095,318

Trevesta Community Development District Special Assessment Area 1 Pase 2 Project Series 2018 (NR/NR)(d)

    1,000,000       5.375     11/01/2049   1,077,050

Triple Creek Community Development District Special Assessment Series 2017 A (NR/NR)

    1,410,000       5.250     11/01/2027   1,499,013
    2,745,000       6.125     11/01/2046   3,101,164

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Florida – (continued)

Triple Creek Community Development District Special Assessment Series 2018 A (NR/NR)(d)

$

     785,000       4.700 %    11/01/2029   $          832,351
    1,525,000       5.125     11/01/2038   1,670,256
    2,175,000       5.375     11/01/2048   2,381,408

Triple Creek Community Development District Special Assessment Series 2019 A (NR/NR)

    1,000,000       4.625     05/01/2039   1,020,850
    2,000,000       4.750     05/01/2050   2,031,540

TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2018 (NR/NR)

    1,200,000       5.000     11/01/2039   1,290,204
    1,850,000       5.125     11/01/2049   1,988,251

TSR Community Development District Special Assessment RB for 2016 Project Series 2016 (NR/NR)

    385,000       3.500     11/01/2021   387,795
    1,340,000       4.000     11/01/2027   1,380,308
    3,160,000       4.625     11/01/2037   3,290,729
    2,790,000       4.750     11/01/2047   2,908,519

TSR Community Development District Special Assessment RB for Downtown Neighborhood Assessment Area Series 2019 (NR/NR)

    1,695,000       4.000     11/01/2040   1,726,697
    900,000       4.000     11/01/2050   900,684

TSR Community Development District Special Assessment RB for Village 4 Project Series 2015 A (NR/NR)

    170,000       4.250     11/01/2021   173,089
    2,430,000       5.625     11/01/2045   2,699,487

Turnbull Creek Community Development District Senior Special Assessment Refunding Series 2015 A-1 (A/NR)

    2,265,000       4.375     05/01/2035   2,463,799

Two Creeks Community Development District RB Refunding for Capital Improvement Senior Lien Series 2016 A-1 (A/NR)

    1,710,000       3.500     05/01/2032   1,825,921
    2,550,000       3.625     05/01/2037   2,716,438

Two Creeks Community Development District RB Refunding for Capital Improvement Subordinate Lien Series 2016 A-2 (NR/NR)

    615,000       4.750     05/01/2037   639,028

Two Lakes Community Development District Special Assessment Expansion Area Series 2019 (NR/NR)

    2,300,000       3.750     12/15/2039   2,293,560
    3,505,000       4.000     12/15/2049   3,519,230

Two Lakes Community Development District Special Assessment Series 2017 (NR/NR)(d)

    1,165,000       3.250     12/15/2022   1,174,297
    2,000,000       4.000     12/15/2028   2,085,040
    1,000,000       5.000     12/15/2032   1,131,670
    1,705,000       5.000     12/15/2037   1,923,888
    3,800,000       5.000     12/15/2047   4,242,282

Union Park East Community Development District Capital Improvement RB for Assessment Area One Series 2017 A-1 (NR/NR)(d)

    2,425,000       5.500     11/01/2047   2,609,494

University Park Recreation District Special Assessment Series 2019 (BAM) (AA/NR)

    1,800,000       3.375     05/01/2045   1,854,234

Venetian Community Development District Capital Improvement RB Refunding Series 2012 A-1 (NR/NR)

    500,000       5.500     05/01/2034   522,000
    750,000       6.125     05/01/2042   794,693

Venetian Parc Community Development District Special Assessment Area One Project Series 2013 (NR/NR)

    465,000       6.000     11/01/2027   530,323
    2,050,000       6.500     11/01/2043   2,703,499

Venetian Parc Community Development District Special Assessment Area Two Project Series 2013 (NR/NR)

    665,000       6.375     11/01/2027   728,281
    2,300,000       7.125     11/01/2044   2,671,680

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Florida – (continued)

Ventana Community Development District Special Assessment RB Series 2018 (NR/NR)(d)

$

     335,000       4.000 %    05/01/2024   $          340,464
    4,655,000       5.125     05/01/2049   4,954,549

Veranda Community Development District II Special Assessment Area 1 Gardens East Project Series 2018 A (NR/NR)

    1,000,000       5.000     11/01/2039   1,063,060
    1,700,000       5.125     11/01/2049   1,806,573

Veranda Community Development District II Special Assessment Area 2 Preserve West Project Series 2018 A (NR/NR)

    980,000       5.000     11/01/2039   1,041,799
    1,600,000       5.125     11/01/2049   1,700,304

Veranda Community Development District II Special Assessment Area 3 4 & 5 Series 2018 B (NR/NR)

    2,155,000       5.875     11/01/2032   2,177,498

Verandah East Community Development District Special Assessment Refunding & Improvement RB Series 2016 (NR/NR)

    730,000       3.375     05/01/2021   732,767
    2,450,000       3.750     05/01/2026   2,483,736
    4,360,000       4.000     05/01/2031   4,450,296
    1,700,000       4.125     05/01/2034   1,740,358
    1,000,000       4.250     05/01/2037   1,025,620

Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017 A-1 (BBB/NR)(d)

    1,985,000       4.000     05/01/2031   2,167,957
    2,940,000       4.000     05/01/2037   3,149,446

Verano #1 Community Development District Special Assessment Bonds for District #1 Project Series 2015 (NR/NR)

    745,000       5.125     11/01/2035   815,939
    1,000,000       5.250     11/01/2046   1,088,910

Villa Portofino East Community Development District Special Assessment Refunding Series 2019 (NR/NR)

    1,000,000       3.750     05/01/2037   1,000,810

Village Community Development District No. 09 Special Assessment RB Series 2011 (NR/NR)

    4,370,000       7.000     05/01/2041   4,692,506

Village Community Development District No. 10 Special Assessment RB Series 2012 (NR/NR)

    2,600,000       5.000     05/01/2032   2,775,864
    5,930,000       5.125     05/01/2043   6,367,515

Village Community Development District No. 10 Special Assessment RB Series 2014 (NR/NR)

    4,400,000       6.000     05/01/2044   4,953,168

Village Community Development District No. 12 Special Assessment RB Series 2018 (NR/NR)(d)

    1,000,000       4.250     05/01/2043   1,065,360
    13,745,000       4.375     05/01/2050   14,678,423

Village Community Development District No. 13 Special Assessment RB Series 2019 (NR/NR)(d)

    10,000,000       3.700     05/01/2050   10,169,500

Village Community Development District No. 5 Special Assessment RB Refunding Phase I Series 2013 (A/NR)

    1,505,000       4.000     05/01/2033   1,566,269

Village Community Development District No. 5 Special Assessment RB Refunding Phase II Series 2013 (A/NR)

    1,200,000       4.000     05/01/2034   1,248,012

Village Community Development District No. 8 Special Assessment Refunding Phase II Series 2010 (NR/NR)

    7,315,000       6.125     05/01/2039   7,419,605

Village Community Development District No. 9 Special Assessment Refunding Series 2012 (NR/NR)

    1,835,000       5.500     05/01/2042   1,938,164

Villamar Community Development District Special Assessment Bonds Series 2019 (NR/NR)

    1,000,000       4.625     05/01/2039   1,024,320
    1,515,000       4.875     05/01/2050   1,551,421

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Florida – (continued)

Vizcaya In Kendall Community Development District Special Assessment Bonds Series 2016 (BBB-/NR)

$

     1,000,000       3.750 %    11/01/2031   $       1,052,350
    1,000,000       4.000     11/01/2036   1,050,690
    1,300,000       4.125     11/01/2046   1,362,036

Waterford Landing Community Development District Capital Improvement RB Series 2014 (NR/NR)

    3,005,000       5.500     05/01/2034   3,224,275
    3,825,000       5.750     05/01/2044   4,132,530

Watergrass Community Development District II Special Assessment Bonds Series 2018 (NR/NR)

    4,040,000       5.250     05/01/2049   4,247,777

Waters Edge Community Development District Capital Improvement RB Refunding Series 2012 A-1 (NR/NR)

    14,000       5.350     05/01/2039   14,005

Waters Edge Community Development District Capital Improvement RB Refunding Series 2012 A-2 (NR/NR)

    285,000       6.600     05/01/2039   286,206

Waters Edge Community Development District Pasco County Capital Improvement RB Refunding Senior Lien Series 2015 A-1 (BBB+/NR)

    3,235,000       4.200     05/01/2036   3,469,343

Waterset Central Community Development District Special Assessment Bonds Series 2018 (NR/NR)(d)

    440,000       4.000     11/01/2024   447,242
    1,640,000       5.125     11/01/2038   1,732,988
    2,800,000       5.250     11/01/2049   2,957,920

Waterset North Community Development District Special Assessment RB Series 2014 (NR/NR)

    1,210,000       5.125     11/01/2035   1,285,528
    1,950,000       5.500     11/01/2045   2,077,121

Wesbridge Community Development District Special Assessment Series 2019 (NR/NR)

    1,215,000       4.250     11/01/2049   1,229,568

West Villages Improvement District Unit of Development No. 7 Master Infrastructure Special Assessment RB Series 2019 (NR/NR)

    2,340,000       4.750     05/01/2039   2,425,550
    3,790,000       5.000     05/01/2050   3,941,600

Westside Community Development District Special Assessment RB for Solara Phase 1 Assessment Area Series 2018 (NR/NR)(d)

    535,000       5.000     05/01/2038   570,203
    600,000       5.200     05/01/2048   641,328

Westside Community Development District Special Assessment RB for Solara Phase 2 Assessment Area Series 2019 (NR/NR)

    990,000       4.625     05/01/2039   1,033,807
    1,590,000       4.850     05/01/2049   1,666,495

Westside Community Development District Special Assessment RB Refunding Series 2019 (NR/NR)(d)

    800,000       4.100     05/01/2037   804,280
    795,000       4.125     05/01/2038   798,943

Westside Community Development District Special Assessment RB Series 2019 (NR/NR)

    1,200,000       5.000     05/01/2039   1,249,860
    2,000,000       5.200     05/01/2050   2,082,360

Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR)(d)

    2,375,000       4.250     06/15/2039   2,440,147
    3,525,000       4.375     06/15/2049   3,614,147

Winding Cypress Community Development District Phase 3 Assessment Area Special Assessment Bonds Series 2019 (NR/NR)

    970,000       5.000     11/01/2049   1,027,094

Winding Cypress Community Development District Special Assessment Phase 1 and Phase 2 Assessment Area Series 2015 (NR/NR)

    75,000       4.000     11/01/2020   75,668
    400,000       4.375     11/01/2025   421,744
    1,770,000       5.000     11/01/2045   1,873,421

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Florida – (continued)

Wiregrass Community Development District Capital Improvement RB Series 2014 (NR/NR)

$

     440,000       5.375 %    05/01/2035   $          473,361
    3,045,000       5.625     05/01/2045   3,289,361

Wiregrass Community Development District Capital Improvement RB Series 2016 (NR/NR)

    780,000       4.875     05/01/2036   816,465
    1,445,000       5.000     05/01/2047   1,510,545
       

 

        1,131,809,655

 

Georgia – 1.7%

Atlanta Development Authority RB for New Downtown Atlanta Stadium Project Senior Lien Series 2015 A-1 (A+/Aa3)

    1,500,000       5.250     07/01/2040   1,759,560

Atlanta Development Authority RB for New Downtown Atlanta Stadium Project Senior Lien Series 2015 B (A/A1)

    1,000,000       4.000     07/01/2040   1,067,190

Clayton County Development Authority Special Facilities RB for Delta Airlines, Inc. Series 2009 A (BB+/Baa3)

    11,700,000       8.750     06/01/2029   12,045,033

Fulton County Development Authority RB for Tuff Caub LLC Project Series 2007 A (NR/NR)

    1,555,000       5.250     11/01/2028   1,555,420

Gainesville & Hall County Development Authority RB Refunding for Riverside Military Academy Series 2017 (BBB-/NR)

    900,000       5.000     03/01/2047   970,515
    900,000       5.125     03/01/2052   973,890

Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A-/A3)

    6,650,000       5.000     05/15/2043   7,867,615
    24,875,000       5.000     05/15/2049   33,901,142

Milledgeville & Baldwin County Development Authority Student Housing RB Refunding for Georgia College & State University Foundation Property V, LLC Project Series 2007 (AMBAC) (A+/WR)(c)

            (3 Mo. LIBOR + 0.65%),

  
    49,820,000       2.056     10/01/2033   47,938,797

Municipal Electric Authority RB Georgia Plant Vogtle Units 3 & 4 Project Series 2019 A (A/Baa3)

    2,200,000       5.000     01/01/2034   2,620,178
    6,000,000       5.000     01/01/2039   7,028,940
    29,610,000       5.000     01/01/2049   33,998,498

Rockdale County Development Authority RB Refunding for Pratt Paper LLC Project Series 2018 (AMT) (NR/NR)(d)

    3,500,000       4.000     01/01/2038   3,708,810
       

 

        155,435,588

 

Guam – 0.7%

A.B. Won Pat International Airport Authority RB Refunding General Series 2013 B (AGM) (AA/A2)

    1,500,000       5.750     10/01/2043   1,717,815

Guam Government Department of Education COPS for John F. Kennedy High School Project Series 2010 A (B+/NR)

    2,500,000       6.625     12/01/2030   2,548,325
    3,355,000       6.875     12/01/2040   3,429,649

Guam Government Limited Obligation RB Section 30 Series 2016 A (BB/NR)

    500,000       5.000     12/01/2031   573,330
    4,515,000       5.000     12/01/2046   5,021,402

Guam International Airport Authority RB Refunding for Series 2013 C (AMT) (AGM) (AA/A2)

    7,300,000       6.125     10/01/2043   8,415,805

Guam International Airport Authority RB Refunding for Series 2013 C (AMT) (BBB+/Baa2)

    2,560,000       6.375     10/01/2043   2,943,258

Guam Waterworks Authority RB for Water & Wastewater System Series 2013 (A-/Baa2)

    14,455,000       5.500     07/01/2043   15,805,820

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Guam – (continued)

Guam Waterworks Authority RB for Water & Wastewater System Series 2016 (A-/Baa2)

$

     9,675,000       5.000 %    01/01/2046   $     10,871,991

Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (A-/Baa2)

    1,165,000       5.000     07/01/2033   1,364,984
    960,000       5.000     07/01/2035   1,119,792
    1,920,000       5.000     07/01/2036   2,234,016
    1,365,000       5.000     07/01/2037   1,583,536

Port Authority of Guam RB Series 2018 A (A/Baa2)

    2,500,000       5.000     07/01/2048   2,931,225
       

 

        60,560,948

 

Hawaii – 0.2%

Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2019 (A-/Baa2)

    12,170,000       3.200     07/01/2039   12,357,540

Kauai County Community Facilities District No. 2008-1 Special Tax RB for Kukui’ula Development Series 2019 (NR/NR)

    675,000       5.000     05/15/2044   776,770
    2,750,000       5.000     05/15/2049   3,152,572
       

 

        16,286,882

 

Illinois – 13.4%

Chicago Board of Education GO Bonds for Build America Bonds Series 2009 E (BB-/B1)

    1,400,000       5.382     12/01/2023   1,447,824
    5,440,000       5.482     12/01/2024   5,655,805

Chicago Illinois Board of Education Dedicated Capital Improvement Series 2016 (A/NR)

    16,000,000       6.000     04/01/2046   19,067,040

Chicago Illinois Board of Education Dedicated Capital Improvement Series 2017 (A/NR)

    1,700,000       5.000     04/01/2042   1,906,210
    1,625,000       5.000     04/01/2046   1,814,150

Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL-RE) (BB-/Baa2)(b)

    4,415,000       0.000     12/01/2027   3,580,830
    440,000       0.000     12/01/2028   343,904
    9,125,000       0.000     12/01/2029   6,842,016
    6,905,000       0.000     12/01/2030   4,978,574

Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL-RE) (BB-/Baa2)(b)

    125,000       0.000     12/01/2029   93,726
    775,000       0.000     12/01/2030   558,783

Chicago Illinois Board of Education GO Bonds Series 2017 A
(BB-/NR)(d)

    5,500,000       7.000     12/01/2046   6,995,230

Chicago Illinois Board of Education GO Refunding Bonds Capital Appreciation for School Reform Series 1999 A (NATL-RE) (BB-/Baa2)(b)

    22,095,000       0.000     12/01/2031   15,312,719

Chicago Illinois Board of Education GO Refunding Bonds for School Reform Series 1999 A (NATL-RE) (BB-/Baa2)

    9,685,000       5.500     12/01/2026   11,241,864

Chicago Illinois Board of Education GO Refunding Bonds Series 2005 A (AMBAC) (BB-/B1)

    8,965,000       5.500     12/01/2029   11,032,777

Chicago Illinois Board of Education GO Refunding Bonds Series 2010 F (BB-/B1)

    1,300,000       5.000     12/01/2031   1,328,184

Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Alternate Revenues Series 2015 C (BB-/NR)

    19,950,000       5.250     12/01/2035   22,055,324
    10,410,000       5.250     12/01/2039   11,429,347

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Illinois – (continued)

Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Revenues Series 2011 A (BB-/B1)

$

     515,000       5.500 %    12/01/2039   $          540,596
    1,355,000       5.000     12/01/2041   1,408,143

Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2005 A (AMBAC) (BB-/B1)

    2,300,000       5.500     12/01/2030   2,863,063

Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (BB-/B1)

    9,750,000       6.038     12/01/2029   10,568,805

Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2012 B (BB-/B1)

    9,025,000       4.000     12/01/2035   9,174,364

Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 A (BB-/NR)

    54,375,000       7.000     12/01/2044   65,976,994

Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 B (BB-/NR)

    61,035,000       6.500     12/01/2046   73,444,636

Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (AA/NR)

    1,500,000       5.000     12/01/2029   1,814,340
    1,250,000       5.000     12/01/2030   1,503,712
    1,025,000       5.000     12/01/2031   1,229,252
    1,000,000       5.000     12/01/2032   1,195,270
    1,250,000       5.000     12/01/2034   1,486,875
    1,000,000       5.000     12/01/2035   1,186,000

Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 C (AGM) (AA/NR)

    6,535,000       5.000     12/01/2029   7,916,172
    1,000,000       5.000     12/01/2030   1,204,750

Chicago Illinois Capital Appreciation Refunding & Project Series 2009 C (BBB+/Ba1)(b)

    11,415,000       0.000     01/01/2032   7,506,390

Chicago Illinois GO Bonds Project and Refunding RMKT 06/08/15 Series 2005 D (BBB+/Ba1)

    1,800,000       5.500     01/01/2037   2,028,834

Chicago Illinois GO Bonds Project Refunding Series 2014 A (BBB+/Ba1)

    8,375,000       5.250     01/01/2033   9,165,349
    6,295,000       5.000     01/01/2034   6,824,346
    10,500,000       5.000     01/01/2036   11,353,440

Chicago Illinois GO Bonds Project Refunding Series 2017 A (BBB+/NR)

    6,100,000       6.000     01/01/2038   7,322,562

Chicago Illinois GO Bonds Project Series 2011 A (BBB+/Ba1)

    6,670,000       5.250     01/01/2035   6,853,158
    3,000,000       5.000     01/01/2040   3,069,120

Chicago Illinois GO Bonds Project Series 2012 A (BBB+/Ba1)

    18,325,000       5.000     01/01/2033   19,194,704
    7,095,000       5.000     01/01/2034   7,427,330

Chicago Illinois GO Bonds Series 2010 B (BBB+/Ba1)

    3,145,000       7.517     01/01/2040   3,801,865

Chicago Illinois GO Bonds Series 2015 A (BBB+/NR)

    4,180,000       5.500     01/01/2039   4,694,056

Chicago Illinois GO Bonds Series 2015 B (BBB+/NR)

    14,603,000       7.375     01/01/2033   17,492,642

Chicago Illinois GO Bonds Series 2019 A (BBB+/NR)

    20,015,000       5.000     01/01/2044   22,500,062
    17,105,000       5.500     01/01/2049   20,155,848

Chicago Illinois GO Refunding & Project Bonds Series 2009 C (BBB+/Ba1)

    245,000       5.000     01/01/2034   245,615

Chicago Illinois GO Refunding Bonds RMKT 06/08/15 Series 2007 E (BBB+/Ba1)

    3,775,000       5.500     01/01/2042   4,221,280

Chicago Illinois GO Refunding Bonds RMKT 06/08/15 Series 2007 F (BBB+/Ba1)

    2,500,000       5.500     01/01/2042   2,795,550

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Illinois – (continued)

Chicago Illinois GO Refunding Bonds Series 2012 B (BBB+/Ba1)

$

     6,615,000       5.432 %    01/01/2042   $       6,829,326

Chicago Illinois GO Refunding Bonds Series 2014 A (BBB+/Ba1)

    7,230,000       5.000     01/01/2035   7,828,499

Chicago Illinois GO Refunding Bonds Series 2015 C (BBB+/NR)

    14,455,000       5.000     01/01/2038   15,899,777

Chicago Illinois O’Hare International Airport RB General Airport Senior Lien Series 2018 B (A/NR)

    11,630,000       4.000     01/01/2044   12,943,376

Chicago Illinois Second Lien RB Refunding for Wastewater Transmission RMKT 10/19/15 Series 2008 C (A/NR)

    1,500,000       5.000     01/01/2039   1,660,560

Chicago Illinois Wastewater Transmission RB Second Lien Series 2017 A (AGM) (AA/NR)

    1,950,000       5.250     01/01/2042   2,290,821
    5,460,000       4.000     01/01/2052   5,801,468

Chicago Park District GO Bonds Limited Tax Series 2018 A (AA+/NR)

    2,585,000       4.000     01/01/2041   2,711,613

City of Chicago GO Bonds for Neighborhoods Alive 21 Program Series 2002 B (BBB+/Ba1)

    2,685,000       5.500     01/01/2037   3,026,344

City of Chicago Taxable GO Unlimited Bonds Series 2012 B (AGM-CR) (AA/A2)

    735,000       5.432     01/01/2042   841,053

City of Chicago Taxable GO Unlimited Bonds Series 2014 B (AGM-CR) (AA/A2)

    7,350,000       6.314     01/01/2044   9,399,180

Cortland Illinois Special Service Area No. 9 Special Tax Bonds for Richland Trails Project Series 2007-1 (NR/NR)

    1,987,000       5.800     03/01/2037   1,951,472

County of Will Illinois GO Bonds Series 2019 (AA+/Aa1)

    2,500,000       4.000     11/15/2047   2,774,050

Du Page County Special Service Area No. 31 Special Tax for Monarch Landing Project Series 2006 (NR/NR)

    1,312,000       5.625     03/01/2036   1,314,165

Illinois Finance Authority RB for BHF Chicago Housing Group C LLC Project Series 2018 A-1 (NR/NR)(i)

    1,500,000       5.100     12/01/2043   450,000
    2,150,000       5.250     12/01/2053   645,000

Illinois Finance Authority RB for Blue Island LLC Series 2018 A-1 (NR/NR)

    1,400,000       5.000     12/01/2053   616,000

Illinois Finance Authority RB for Christian Homes, Inc. Series 2010 (BBB-/NR)

    805,000       6.125     05/15/2027   815,393

Illinois Finance Authority RB for Christian Homes, Inc. Series 2010 (NR/NR)(e)

    445,000       6.125     05/15/2020   453,019

Illinois Finance Authority RB for Columbia College Chicago Series 2019 (BBB+/NR)

    715,000       5.000     12/01/2034   828,614
    920,000       5.000     12/01/2039   1,049,895
    1,175,000       5.000     12/01/2044   1,325,388

Illinois Finance Authority RB Refunding for Franciscan Communities Project Series 2017 A (BBB-/NR)

    1,645,000       4.000     05/15/2027   1,735,064
    2,825,000       5.000     05/15/2037   3,119,732
    1,055,000       5.000     05/15/2047   1,147,924

Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (NR/Baa3)

    1,500,000       4.000     09/01/2035   1,607,625
    1,725,000       5.000     09/01/2036   2,032,757
    2,000,000       4.000     09/01/2037   2,130,040
    1,620,000       5.000     09/01/2038   1,898,349
    2,000,000       4.000     09/01/2039   2,118,700
    1,500,000       5.000     09/01/2040   1,748,205
    1,500,000       4.000     09/01/2041   1,583,910

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Illinois – (continued)

Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (A-/Baa1)

$

     500,000       5.000 %    09/01/2036   $          576,525
    3,470,000       5.000     09/01/2046   3,927,936

Illinois Finance Authority RB Refunding for OSF Healthcare System Series 2010 A (A/A3)

    1,780,000       6.000     05/15/2039   1,814,479

Illinois Finance Authority RB Series 2013 A (BBB-/NR)

    3,935,000       5.250     05/15/2047   4,163,269

Illinois Finance Authority RB Series 2013 A (NR/NR)(e)

    565,000       5.250     05/15/2023   640,072

Illinois Finance Authority Recovery Zone Facility RB for Navistar International Corp. Project Series 2010 (BB-/B1)(g)

    15,650,000       6.750     10/15/2040   16,070,515

Illinois State GO Bonds Pension Funding Series 2003 (BBB-/Baa3)

    50,750,000       5.100     06/01/2033   54,710,023

Illinois State GO Bonds Series 2012 (BBB-/Baa3)

    500,000       5.000     03/01/2031   525,225
    750,000       5.000     03/01/2037   784,125

Illinois State GO Bonds Series 2013 (BBB-/Baa3)

    5,050,000       5.500     07/01/2038   5,526,013

Illinois State GO Bonds Series 2014 (AGM-CR) (AA/A2)

    20,000,000       5.000     02/01/2039   21,806,800

Illinois State GO Bonds Series 2014 (BBB-/Baa3)

    2,500,000       5.000     05/01/2029   2,743,525
    10,000,000       5.000     05/01/2030   10,942,900
    2,000,000       5.000     04/01/2031   2,180,180
    5,000,000       5.000     05/01/2031   5,458,150
    5,000,000       5.000     05/01/2039   5,390,950

Illinois State GO Bonds Series 2016 (BBB-/Baa3)

    4,415,000       5.000     11/01/2021   4,661,225

Illinois State GO Bonds Series 2017 A (BBB-/Baa3)

    9,500,000       5.000     12/01/2035   10,805,205
    1,770,000       4.500     12/01/2041   1,890,466
    4,730,000       5.000     12/01/2042   5,287,714

Illinois State GO Bonds Series 2017 C (BBB-/Baa3)

    59,670,000       5.000     11/01/2029   68,294,702

Illinois State GO Bonds Series 2017 D (BBB-/Baa3)

    5,845,000       5.000     11/01/2025   6,601,051
    67,685,000       5.000     11/01/2027   78,346,741
    19,465,000       5.000     11/01/2028   22,413,364

Illinois State GO Bonds Series 2018 A (BBB-/Baa3)

    5,280,000       5.000     05/01/2042   5,904,730
    5,280,000       5.000     05/01/2043   5,893,694

Illinois State GO Bonds Series 2019 C (BBB-/Baa3)

    10,825,000       4.000     11/01/2042   11,324,574

Illinois State GO Refunding Bonds Series 2012 (BBB-/Baa3)

    7,300,000       5.000     08/01/2021   7,656,970

Illinois State GO Refunding Bonds Series 2016 (AGM) (AA/A2)

    20,175,000       4.000     02/01/2030   22,183,623

Lincolnshire Special Service Area No. 1 Special Tax for Sedgebrook Project Series 2004 A (NR/NR)

    1,946,000       6.250     03/01/2034   1,949,444

Metropolitan Pier & Exposition Authority RB Capital Appreciation for McCormick Place Expansion Series 2002 A (NATL-RE) (BBB/Baa2)(b)

    13,500,000       0.000     12/15/2032   9,030,285

Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (ETM) (NATL-RE) (NR/NR)(b)(e)

    530,000       0.000     06/15/2030   433,169

Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL-RE) (BBB/NR)(b)

    9,370,000       0.000     06/15/2030   6,945,138

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Illinois – (continued)

Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2010 B1 (AGM) (AA/A2)(b)

$

     3,200,000       0.000 %    06/15/2044   $       1,398,656

Metropolitan Pier & Exposition Authority RB Refunding for Mccormick Place Expansion Dedicated Sales Tax Project Series 2010 B2 (ST APPROP) (BBB/Ba1)

    50,030,000       5.000     06/15/2050   50,898,521

Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 A (BBB/NR)(b)

    66,700,000       0.000     12/15/2056   16,468,230

Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (AGM) (AA/A2)(b)

    18,400,000       0.000     12/15/2056   4,884,832

Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (BBB/NR)(b)

    64,400,000       0.000     12/15/2054   17,268,860

Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2020 A (BBB/NR)(h)

    1,610,000       4.000     06/15/2050   1,680,244
    1,340,000       5.000     06/15/2050   1,541,938

Plano Special Service Area No. 5 Special Tax for Lakewood Springs Club Unit 6 Series 2006 (NR/NR)(i)

    4,544,000       6.000     03/01/2036   3,226,240

Quad Cities Regional Economic Development Authority RB for Augustana College Series 2012 (NR/Baa1)

    840,000       4.750     10/01/2029   899,632
    1,010,000       4.750     10/01/2032   1,064,651

Regional Transportation Authority Illinois GO Bonds Series 2016 A (AA/A2)

    7,730,000       4.000     06/01/2046   8,239,562

Sales Tax Securitization Corporation RB Refunding Series 2017 A (AA-/NR)

    3,750,000       5.000     01/01/2028   4,511,250
    5,830,000       5.000     01/01/2029   6,961,195

Southwestern Illinois Development Authority Health Facility RB for Memorial Group, Inc. Series 2013 (NR/NR)(e)

    19,200,000       7.125     11/01/2023   23,426,880
    5,000,000       7.625     11/01/2023   6,194,000

Springfield Illinois Senior Lien Electric RB Refunding Series 2015 (AGM) (AA/A2)

    13,625,000       4.000     03/01/2040   14,455,580

State of Illinois GO Bonds Series 2010 A (BBB-/Baa3)

    3,500,000       4.000     01/01/2021   3,579,380

State of Illinois GO Bonds Series 2010-1 (BBB-/Baa3)

    630,000       6.630     02/01/2035   738,700

State of Illinois GO Bonds Series 2017 D (BBB-/Baa3)

    13,955,000       3.250     11/01/2026   14,201,445
    16,695,000       5.000     11/01/2026   19,105,424

State of Illinois GO Refunding Bonds Series 2018 A (BBB-/Baa3)

    3,000,000       5.000     10/01/2027   3,496,590
    8,230,000       5.000     10/01/2028   9,644,325

State of Illinois GO Unlimited Bonds Series 2017 A (BBB-/Baa3)

    2,750,000       4.000     12/01/2033   2,920,637
    7,950,000       4.250     12/01/2037   8,485,910

State of Illinois GO Unlimited Refunding Bonds Series 2018 B (BBB-/Baa3)

    2,000,000       5.000     10/01/2025   2,272,980

Village of Morton Grove Tax Increment Senior Lien RB for Sawmill Station Redevelopment Project Series 2019 (NR/NR)

    1,900,000       5.000     01/01/2039   1,925,517

Village of Romeoville RB Refunding for Lewis University Series 2018 B (BBB+/NR)

    540,000       4.125     10/01/2041   557,043
    1,080,000       4.125     10/01/2046   1,109,689
       

 

        1,202,467,442

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Indiana – 0.4%

Gary/Chicago International Airport Authority Airport Development Zone RB Series 2014 (AMT) (BBB+/NR)

$

     1,300,000       5.000 %    02/01/2029   $       1,463,033
    1,250,000       5.250     02/01/2034   1,405,475
    1,500,000       5.000     02/01/2039   1,652,595

Indiana Finance Authority Educational Facilities RB for Marian University, Inc. Series 2019 A (BBB/NR)

    400,000       4.000     09/15/2049   424,828

Indiana Finance Authority Hospital RB for Indiana University Health Obligated Group Series 2011 N (AA/Aa2)(e)

    2,000,000       5.125     03/01/2021   2,091,400

Indiana Finance Authority Midwestern Disaster Relief RB for Ohio Valley Electric Co. Project Series 2012 A (BB+/Ba1)

    6,905,000       5.000     06/01/2039   7,199,291

Indiana Finance Authority RB for Private Activity for Ohio River Bridges East End Crossing Project Series 2013 A (BBB+/NR)

    6,250,000       5.000     07/01/2048   6,821,688

Indiana Municipal Power Agency Power Supply System RB Refunding Series 2016 A (A+/A1)

    10,965,000       5.000     01/01/2042   12,748,896

Indianapolis Airport Authority Special Facilities RB for United Air Lines, Inc. Project Series 1995 A (NR/WR)(i)

    7,520,823       6.500     11/15/2031   2,256
       

 

        33,809,462

 

Iowa – 0.1%

Iowa Finance Authority Midwestern Disaster Area Iowa Fertilizer Company Project RB Refunding Series 2019 (B+/NR)

    3,945,000       3.125     12/01/2022   4,002,203

Iowa Finance Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 A-1 (BBB/NR)

    2,050,000       4.000     05/15/2055   2,074,005
    2,700,000       5.000     05/15/2055   3,011,526
       

 

        9,087,734

 

Kansas – 0.1%

City of Wichita Health Care Facilities RB for Presbyterian Manors Obligated Group Series III-2019 (NR/NR)

    1,155,000       5.000     05/15/2028   1,312,253
    1,215,000       5.000     05/15/2029   1,375,101
    2,850,000       5.000     05/15/2034   3,176,211
    1,900,000       5.000     05/15/2050   2,053,292
       

 

        7,916,857

 

Kentucky – 1.2%

Kentucky Asset Liability Commission General Fund RB Refunding for Floating Rate Project Notes Series 2007 A (NATL-RE) (A-/A1)(c)

            (3 Mo. LIBOR + 0.53%),

  
    7,865,000       1.809     11/01/2027   7,805,855

Kentucky Economic Development Finance Authority Hospital RB for Owensboro Medical Health System, Inc. Series 2010 A (BB+/Baa3)(e)

    8,000,000       6.375     06/01/2020   8,169,840
    8,250,000       6.500     06/01/2020   8,429,025

Kentucky Economic Development Finance Authority Hospital RB Refunding for Louisville Arena Authority, Inc. Series 2017 A (AGM) (AA/A2)

    900,000       4.000     12/01/2041   979,686

Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (AA/A2)

    3,300,000       4.000     06/01/2037   3,577,695
    2,925,000       4.000     06/01/2045   3,111,264

Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 B (AGM) (AA/A2)

    1,000,000       4.000     06/01/2037   1,086,240

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Kentucky – (continued)

Kentucky Economic Development Finance Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (BBB+/Baa1)

$

     9,470,000       5.000 %    08/01/2049   $     11,056,225

Kentucky Public Energy Authority Gas Supply RB Series 2018 C-1 (A/A3)(f)(g)

    37,725,000       4.000   06/01/2025   41,780,438

Kentucky Public Energy Authority Gas Supply RB Series 2019 A-1 (A/A3)(f)(g)

    16,230,000       4.000   06/01/2025   17,989,494

Louisville & Jefferson County Metropolitan Government Health System RB for Norton Healthcare, Inc. Series 2013 A (A/NR)

    5,000,000       5.750   10/01/2042   5,643,550
       

 

        109,629,312

 

Louisiana – 1.8%

Calcasieu Parish Memorial Hospital Service District RB for Southwest Louisiana Healthcare System Obligated Group Series 2019 (BB+/NR)

    2,125,000       5.000   12/01/2034   2,542,732
    2,375,000       5.000   12/01/2039   2,789,248

Lakeshore Villages Master Community Development District Special Assessment Series 2019 (NR/NR)(d)

    1,900,000       4.125   06/01/2039   1,878,663
    2,300,000       4.375   06/01/2048   2,288,799

Louisiana Local Government Environmental Facilities and Community Development Authority RB for Westlake Chemical Corp. Projects Series 2010 A-2 (BBB/Baa2)

    5,000,000       6.500   11/01/2035   5,195,900

Louisiana Local Government Environmental Facilities and Community Development Authority RB for Women’s Hospital Foundation Project Series 2010 A (NR/A2)(e)

    19,265,000       6.000   10/01/2020   19,962,586

Louisiana Local Government Environmental Facilities and Community Development Authority RB Refunding for Ragin’ Cajun Facilities, Inc. - Student Housing & Parking Project Series 2017 (AGM) (AA/NR)

    2,600,000       5.000   10/01/2039   3,068,884
    4,850,000       4.000   10/01/2041   5,234,653

Louisiana Public Facilities Authority RB for Louisiana State University & Agricultural & Mechanical College Auxiliary Greenhouse Phase III Project Series 2019 A (A/A3)

    5,225,000       5.000   07/01/2059   6,084,199

Louisiana Public Facilities Authority RB Refunding for Energy LLC Project Series 2016 A (A/A2)

    14,475,000       3.375   09/01/2028   14,727,733

Louisiana Public Facilities Authority RB Refunding for Energy LLC Project Series 2016 B (A/A2)

    13,950,000       3.500   06/01/2030   14,258,574

Louisiana Public Facilities Authority RB Refunding for Ochsner Clinic Foundation Project Series 2017 (NR/A3)

    12,725,000       4.000   05/15/2042   13,551,616
    21,250,000       5.000   05/15/2046   24,317,863

New Orleans Aviation Board General Airport RB for North Terminal Project Series 2015 B (AMT) (A/A2)

    32,395,000       5.000   01/01/2045   36,216,314

New Orleans Aviation Board General Airport RB for North Terminal Project Series 2017 B (AMT) (A/A2)

    4,850,000       5.000   01/01/2048   5,548,109

Port of New Orleans Board of Commissioners RB Series 2018 A (AGM) (AA/A2)

    2,000,000       5.000   04/01/2048   2,365,580
       

 

        160,031,453

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Maine – 0.2%

City of Portland General Airport RB Refunding Green Bonds Series 2019 (A-/Baa1)

$

     1,000,000       4.000 %    01/01/2035   $     1,154,300
    1,355,000       4.000   01/01/2036   1,558,778
    850,000       4.000   01/01/2037   974,746
    1,030,000       4.000   01/01/2038   1,175,673
    800,000       4.000   01/01/2039   909,728
    1,400,000       4.000   01/01/2040   1,584,786

Maine Health & Higher Educational Facilities Authority RB for Maine Medical Center Series 2018 A (A+/A1)

    4,000,000       5.000   07/01/2043   4,744,000
    5,250,000       5.000   07/01/2048   6,186,128
       

 

        18,288,139

 

Maryland – 0.5%

Baltimore Maryland Special Obligation Refunding for Baltimore Research Park Project Series 2017 A (NR/NR)

    2,950,000       4.500   09/01/2033   3,183,640
    1,500,000       5.000   09/01/2038   1,657,410

City of Baltimore Tax Allocation for Harbor Point Special Taxing District Project Series 2019 B (NR/NR)(d)

    325,000       3.550   06/01/2034   325,510
    200,000       3.700   06/01/2039   200,376
    300,000       3.875   06/01/2046   300,564

City of Baltimore Tax Allocation Refunding Senior Lien for Harbor Point Special Taxing District Project Series 2019 A (NR/NR)(d)

    290,000       3.400   06/01/2034   291,641
    310,000       3.450   06/01/2035   311,841
    550,000       3.500   06/01/2039   553,504
    1,650,000       3.625   06/01/2046   1,657,821

City of Brunswick Special Tax Refunding for Brunswick Crossing Special Taxing District Series 2019 (NR/NR)

    1,450,000       5.000   07/01/2036   1,617,780

County of Prince George’s Special Obligation Bonds for Westphalia Town Center Project Series 2018 (NR/NR)(d)

    1,885,000       5.250   07/01/2048   2,087,392

Frederick County Maryland Special Tax Limited Obligations Bonds for Jefferson Technology Park Series 2013 A (NR/NR)

    2,930,000       7.250   07/01/2043   3,101,464

Frederick County Maryland Tax Incremental & Special Tax Limited Obligations Bonds for Jefferson Technology Park Series 2013 B (NR/NR)(d)

    8,785,000       7.125   07/01/2043   8,861,605

Maryland Economic Development Corp. RB for Baltimore City Project Series 2018 A (BBB/NR)

    2,375,000       5.000   06/01/2058   2,635,086

Maryland Economic Development Corp. RB for Ports America Chesapeake LLC Project Series 2019 A (AMT) (NR/Baa3)

    3,050,000       5.000   06/01/2049   3,608,669

Maryland State Health & Higher Educational Facilities Authority RB for Doctors Community Hospital Series 2010 (BB+/WR)(e)

    9,500,000       5.750   07/01/2020   9,718,690

Maryland State Health & Higher Educational Facilities Authority RB for Mercy Medical Center Series 2012 (BBB/Baa1)

    2,100,000       5.000   07/01/2031   2,252,754
       

 

        42,365,747

 

Massachusetts – 0.9%

Commonwealth of Massachusetts GO Limited Bonds Series 2016 E (AA/Aa1)

    10,130,000       3.000   04/01/2044   10,237,986

Commonwealth of Massachusetts GO Refunding Bonds Series 2004 A (AMBAC) (AA/Aa1)

    30,000,000       5.500   08/01/2030   40,813,200

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Massachusetts – (continued)

Massachusetts Development Finance Agency RB for Linden Ponds, Inc. Series 2018 (BB/NR)(d)

$

     1,000,000       5.000 %    11/15/2033   $       1,141,360
    900,000       5.000   11/15/2038   1,016,721
    2,350,000       5.125   11/15/2046   2,652,727

Massachusetts Development Finance Agency RB for Simmons College Issue Series 2015 K-1 (BBB+/Baa1)

    1,950,000       5.000   10/01/2036   2,232,321

Massachusetts Development Finance Agency RB Refunding for Carleton-Willard Homes, Inc. Series 2019 (A-/NR)

    260,000       4.000   12/01/2042   280,946
    280,000       5.000   12/01/2042   323,061

Massachusetts Development Finance Agency RB Series 2013 A (NR/NR)(d)(e)

    2,250,000       6.500   11/15/2023   2,704,882

Massachusetts Development Finance Agency Wellforce Obligation Group RB Refunding Series 2019 A (BBB+/NR)

    2,125,000       5.000   07/01/2044   2,489,905

Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL-RE) (AA/Aa1)(c)

    (3 Mo. LIBOR + 0.57%),            
    5,390,000       1.849   05/01/2037   5,326,883

Massachusetts State GO Bonds Consolidated Loan Series 2012 A (BHAC-CR) (FGIC) (AA+/Aa1)(c)

    (3 Mo. LIBOR + 0.57%),            
    1,040,000       1.849   05/01/2037   1,027,821

Massachusetts State GO Bonds Consolidated Loan Series 2018 D (AA/Aa1)

    6,370,000       4.000   05/01/2039   7,208,802
       

 

  77,456,615

 

Michigan – 2.2%

City of Detroit Financial Recovery GO Bonds Series 2014 B-1
(NR/NR)(g)

    51,115,536       4.000   04/01/2034   45,538,831

City of Detroit Financial Recovery Series 2014 B-2 (NR/NR)(g)

    971,333       4.000   04/01/2034   865,361

Detroit Downtown Development Authority RB Refunding for Catalyst Development Project Series 2018 A (AGM) (AA/NR)

    3,495,000       5.000   07/01/2037   3,889,096
    15,335,000       5.000   07/01/2048   16,946,402

Detroit Michigan School District GO Bonds for School Building and Site Improvement Series 2002 A (FGIC) (Q-SBLF) (AA/Aa1)

    3,500,000       6.000   05/01/2020   3,553,900
    3,000,000       6.000   05/01/2021   3,186,180

Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (AA/A2)(c)

    (3 Mo. LIBOR + 0.60%),            
    4,675,000       2.006   07/01/2032   4,621,424

Detroit Michigan Water & Sewerage Department Sewage Disposal System RB Refunding Senior Lien Series 2012 A (A+/A2)

    2,000,000       5.250   07/01/2039   2,159,820

Karegnondi Water Authority Water Supply System RB Refunding for Karegnondi Water Pipeline Series 2018 (A/NR)

    1,425,000       5.000   11/01/2045   1,653,413

Michigan Finance Authority Hospital RB for Henry Ford Health System Obligated Group Series 2019 A (A/A2)

    2,800,000       5.000   11/15/2048   3,374,700
    5,975,000       4.000   11/15/2050   6,517,052

Michigan Finance Authority Hospital RB for McLaren Health Care Corp. Obligated Group Series 2019 A (AA-/A1)

    5,250,000       4.000   02/15/2047   5,735,363
    24,000,000       4.000   02/15/2050   26,130,960

Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Local Project Senior Lien Series 2014 C-3 (AGM) (AA/A2)

    2,175,000       5.000   07/01/2032   2,495,638
    1,750,000       5.000   07/01/2033   1,992,655

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Michigan – (continued)

Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Second Lien Series 2015 C (A/A3)

$

     355,000       5.000 %    07/01/2033   $       411,030

Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Local Project Senior Lien Series 2014 D-1 (AGM) (AA/A2)

    2,600,000       5.000   07/01/2035   2,952,092

Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Local Project Senior Lien Series 2015 D-1 (AA-/A2)

    1,250,000       5.000   07/01/2034   1,450,650

Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Local Project Senior Lien Series 2015 D-2 (A+/A3)

    2,100,000       5.000   07/01/2034   2,427,600

Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Series 2015 D-1 (AA-/A2)

    750,000       5.000   07/01/2035   868,792

Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (AGM) (AA/A2)

    22,545,000       4.125   06/30/2035   25,083,342
    7,065,000       4.500   06/30/2048   7,858,046

Michigan Tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 B (CCC-/NR)(b)

    238,600,000       0.000   06/01/2052   14,089,330

Michigan Tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 C (CCC-/NR)(b)

    180,100,000       0.000   06/01/2052   10,514,238
       

 

  194,315,915

 

Minnesota – 0.6%

City of St Cloud RB Refunding for CentraCare Health System Obligated Group Series 2019 (AA-/A2)

    5,725,000       5.000   05/01/2048   6,908,816
    2,300,000       4.000   05/01/2049   2,526,366

Duluth Economic Development Authority Health Care Facilities RB for St. Luke’s Hospital Series 2012 (NR/NR)

    2,500,000       5.750   06/15/2032   2,709,500
    3,750,000       6.000   06/15/2039   4,094,550

Duluth Economic Development Authority Health Care Facilities RB Refunding for Essentia Health Obligated Group Series 2018 A (A-/NR)

    3,265,000       4.250   02/15/2048   3,582,260
    23,575,000       5.250   02/15/2053   28,227,291

Duluth Independent School District No.709 COPS Refunding Series 2019 A (NR/Ba2)

    640,000       3.250   03/01/2025   652,697
    660,000       4.000   03/01/2026   711,361
    755,000       4.000   03/01/2029   813,679
    1,260,000       4.000   03/01/2032   1,344,798
    685,000       4.200   03/01/2034   730,765

Minnesota Higher Education Facilities Authority RB Refunding for Bethel University Project Series 2017 (BBB-/NR)

    2,400,000       5.000   05/01/2047   2,716,488

Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (NR/Baa2)

    425,000       4.000   12/01/2034   474,198
    650,000       4.000   12/01/2040   714,057
       

 

  56,206,826

 

Mississippi – 0.1%

Mississippi Business Finance Corp. Solid Waste Disposal RB for Waste Pro USA, Inc. Project Series 2017 (AMT) (NR/NR)(d)(f)(g)

    2,000,000       5.000   08/01/2022   2,131,260

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

     Value
Municipal Bonds – (continued)

Mississippi – (continued)

Mississippi Business Finance Corp. System Energy Resources Inc. RB Series 2019 (BBB+/Baa3)

$

     9,800,000       2.500 %      04/01/2022     $       9,836,750
       

 

  11,968,010

 

Missouri – 0.4%

Branson Regional Airport Transportation Development District Taxable RB for Branson Airport Project Series 2018 A (NR/NR)(d)(g)

    470,184       5.000     04/01/2023     72,930

Branson Regional Airport Transportation Development District Taxable RB for Branson Airport Project Series 2018 B (NR/NR)(d)(g)

    2,373,898       5.000     04/01/2023     368,215

Cape Girardeau County IDA Health Facilities RB Refunding for South Eastern Health Series 2017 A (BBB-/Baa3)

    1,925,000       5.000     03/01/2036     2,201,661

I-470 Western Gateway Transportation Development District RB Series 2019 A (NR/NR)(d)

    4,750,000       5.250     12/01/2048     4,968,025

Kansas City Missouri Industrial Development Authority Senior Sales Tax RB Refunding and Improvement Bonds for Ward Parkway Center Community Improvement District Series 2016 A (NR/NR)(d)

    1,000,000       5.000     04/01/2036     1,045,710
    1,150,000       5.000     04/01/2046     1,187,870

Missouri Health & Educational Facilities Authority RB for Kansas City Art Institute Series 2018 (A-/NR)

    2,430,000       5.000     09/01/2043     2,890,946
    2,470,000       5.000     09/01/2048     2,919,639

Missouri Health & Educational Facilities Authority RB Refunding for J.B. Wright & Trenton Trust Obligated Group Series 2019 (BBB-/NR)

    1,495,000       5.000     09/01/2030     1,793,821
    1,065,000       5.000     09/01/2031     1,269,799
    1,230,000       5.000     09/01/2033     1,454,045

Missouri Health & Educational Facilities Authority RB Refunding for Mosaic Health System Series 2019 A (AA-/A1)

    8,000,000       4.000     02/15/2054     8,644,800

Missouri Southern State University RB Series 2019 A (AGM) (AA/NR)

    400,000       3.000     10/01/2044     393,816
    500,000       3.125     10/01/2049     493,870

St. Louis IDA Financing RB Refunding for Ballpark Village Development Project Series 2017 A (NR/NR)

    1,900,000       4.750     11/15/2047     2,066,744

Stone Canyon Community Improvement District RB for Public Infrastructure Improvement Project Series 2007 (NR/NR)(i)

    1,250,000       5.750     04/01/2027     325,000
       

 

  32,096,891

 

Nevada – 0.2%

City of Las Vegas Special Improvement District No. 607 for Local Improvement Refunding Series 2013 (NR/NR)

    500,000       4.000     06/01/2020     503,505
    640,000       4.000     06/01/2021     654,791
    350,000       5.000     06/01/2022     370,433
    305,000       5.000     06/01/2023     328,564
    200,000       4.250     06/01/2024     211,688
    180,000       5.000     06/01/2024     196,470

City of Las Vegas Special Improvement District No. 813 for Summerlin Village 26 Local Improvement Bonds Series 2017 (NR/NR)

    315,000       4.250     06/01/2037     324,894
    460,000       4.375     06/01/2042     472,738
    530,000       4.500     06/01/2047     547,177

City of Las Vegas Special Improvement District No. 814 Special Assessment Series 2019 (NR/NR)

    500,000       4.000     06/01/2039     520,295
    1,400,000       4.000     06/01/2044     1,446,550

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

     Value
Municipal Bonds – (continued)

Nevada – (continued)

City of North Las Vegas Special Improvement District No. 64 Special Assessment Bonds Series 2019 (NR/NR)

$

     350,000       4.250 %      06/01/2034     $       370,566
    465,000       4.500     06/01/2039     494,965
    350,000       4.625     06/01/2043     372,186
    600,000       4.625     06/01/2049     634,728

City of Sparks RB Refunding for Nevada Tourism Improvement District No. 1 Senior Project Series 2019 A (NR/Ba2)(d)

    805,000       2.500     06/15/2024     814,716
    1,745,000       2.750     06/15/2028     1,780,755

Henderson Local Improvement District No. T-16 Special Assessment Limited Obligation Series 2005 (NR/NR)

    1,715,000       5.000     03/01/2020     1,712,410
    1,720,000       5.100     03/01/2021     1,704,916
    895,000       5.100     03/01/2022     878,917
    2,400,000       5.125     03/01/2025     2,299,272

Henderson Local Improvement District No. T-18 Limited Obligation Series 2016 (NR/NR)

    2,200,000       4.000     09/01/2035     2,248,686
       

 

  18,889,222

 

New Hampshire – 1.0%

New Hampshire Business Finance Authority RB for Casella Waste Systems, Inc. Series 2013 (B/B2)(d)

    1,800,000       2.950     04/01/2029     1,799,946

New Hampshire Business Finance Authority RB Refunding for Waste Management, Inc. Series 2018 A (AMT) (A-/NR)(f)

(SIFMA Municipal Swap Index Yield + 0.75%),
    16,450,000       2.360     10/01/2021     16,444,407

New Hampshire Health and Education Facilities Authority RB Refunding for Dartmouth-Hitchcock Obligation Group Series 2017 A (A/NR)

    6,595,000       5.000     08/01/2033     7,842,510
    6,930,000       5.000     08/01/2034     8,228,127
    7,290,000       5.000     08/01/2035     8,633,182
    7,660,000       5.000     08/01/2036     9,041,328
    8,055,000       5.000     08/01/2037     9,476,466
    8,470,000       5.000     08/01/2038     9,928,619
    8,900,000       5.000     08/01/2039     10,415,225
    9,360,000       5.000     08/01/2040     10,920,406
       

 

  92,730,216

 

New Jersey – 7.1%

Atlantic City Tax Appeal Refunding Bonds Series 2017 A (BAM) (ST AID WITHHLDG) (AA/Baa1)

    725,000       5.000     03/01/2032     861,278
    965,000       5.000     03/01/2037     1,131,675
    1,205,000       5.000     03/01/2042     1,396,716

New Jersey Economic Development Authority Cigarette Tax RB Refunding Series 2012 (BBB+/Baa1)

    2,500,000       5.000     06/15/2026     2,674,350
    1,000,000       5.000     06/15/2028     1,065,860

New Jersey Economic Development Authority Energy Facilities RB for UMM Energy Partners, LLC Project Series 2012 A (AMT) (NR/Baa2)

    1,000,000       4.750     06/15/2032     1,058,120
    1,000,000       5.000     06/15/2037     1,061,010
    1,000,000       5.125     06/15/2043     1,061,030

New Jersey Economic Development Authority Motor Vehicle Surcharges RB Refunding Subordinate Series 2017 A (BBB+/Baa2)

    3,500,000       4.000     07/01/2032     3,736,145

New Jersey Economic Development Authority Private Activity RB for Goethals Bridge Replacement Project Series 2013 (AMT) (BBB/NR)

    1,000,000       5.375     01/01/2043     1,128,130

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

New Jersey – (continued)

New Jersey Economic Development Authority RB for Provident Group - Kean Properties L.L.C. - Kean University Student Housing Project Series 2017 A (BBB-/NR)

$

     500,000       5.000 %    07/01/2037   $          558,255
    1,150,000       5.000   07/01/2047   1,261,929

New Jersey Economic Development Authority RB for School Facilities Construction Series 2016 AAA (BBB+/Baa1)

    4,500,000       5.000   06/15/2041   5,078,655

New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 1998 (AMT) (BB/Ba3)

    7,500,000       5.500   04/01/2028   7,519,575

New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 1999 (BB/Ba3)

    8,500,000       5.250   09/15/2029   9,252,505

New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 2000 A (AMT) (BB/Ba3)

    5,000,000       5.625   11/15/2030   5,718,700

New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 2000 B (AMT) (BB/Ba3)

    5,000,000       5.625   11/15/2030   5,718,700

New Jersey Economic Development Authority State Lease RB for Health Department Project Series 2018 A (BBB+/Baa1)

    2,470,000       5.000   06/15/2047   2,779,269

New Jersey Economic Development Authority State Lease RB for Juvenile Justice Commission Facilities Project Series 2018 C (BBB+/Baa1)

    5,000,000       5.000   06/15/2042   5,667,750

New Jersey Health Care Facilities Financing Authority RB Refunding for Trinitas Regional Medical Center Series 2017 A (BBB/Baa2)

    1,000,000       5.000   07/01/2028   1,178,170
    1,000,000       5.000   07/01/2029   1,175,440
    900,000       5.000   07/01/2030   1,051,758

New Jersey Health Care Facilities Financing Authority RB Refunding for University Hospital Series 2015 A (AGM) (AA/A2)

    9,700,000       4.125   07/01/2038   10,387,342
    5,600,000       5.000   07/01/2046   6,293,504

New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2006 C (AMBAC) (BBB+/Baa1)(b)

    134,205,000       0.000   12/15/2035   81,972,414
    63,415,000       0.000   12/15/2036   37,132,653

New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2008 A (BBB+/Baa1)(b)

    41,545,000       0.000   12/15/2035   24,980,178
    13,075,000       0.000   12/15/2038   6,923,474

New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (BBB+/Baa1)(b)

    12,000,000       0.000   12/15/2026   10,187,040
    9,180,000       0.000   12/15/2029   6,948,067
    1,900,000       0.000   12/15/2034   1,191,718

New Jersey Transportation Trust Fund Authority RB for Federal Highway Reimbursement Notes Subseries 2016 A-1 (A+/Baa1)

    3,335,000       5.000   06/15/2030   3,883,507

New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2014 AA (BBB+/Baa1)

    26,100,000       5.000   06/15/2038   28,743,669

New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (BBB+/Baa1)

    2,500,000       5.250   06/15/2041   2,810,175
    5,075,000       5.000   06/15/2045   5,580,521
    1,750,000       5.000   06/15/2046   1,922,182

New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (AGM) (AA/A2)(b)

    11,150,000       0.000   12/15/2033   7,575,421
    25,400,000       0.000   12/15/2034   16,651,224

New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL-RE) (BBB+/Baa1)(b)

    12,530,000       0.000   12/15/2027   10,351,158
    23,445,000       0.000   12/15/2030   17,303,348

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

New Jersey – (continued)

New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2008 A (BBB+/Baa1)(b)

$

     52,985,000       0.000 %    12/15/2036   $     30,511,942
    54,915,000       0.000   12/15/2037   30,314,728

New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (BBB+/Baa1)(b)

    2,550,000       0.000   12/15/2033   1,662,498
    28,010,000       0.000   12/15/2038   14,831,855
    740,000       0.000   12/15/2039   374,884

New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2011 A (ST APPROP) (BBB+/Baa1)(e)

    4,350,000       5.500   06/15/2021   4,621,309

New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2011 B (BBB+/Baa1)(e)

    12,875,000       5.000   06/15/2021   13,595,228

New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2019 A (BBB+/Baa1)

    1,610,000       4.000   12/15/2039   1,705,199
    1,880,000       5.000   12/15/2039   2,192,926

New Jersey Transportation Trust Fund Authority RB Refunding for Federal Highway Reimbursement Notes Series 2018 A (A+/Baa1)

    5,765,000       5.000   06/15/2030   6,713,170
    4,600,000       5.000   06/15/2031   5,339,220

New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (BBB+/Baa1)

    6,120,000       4.000   12/15/2031   6,640,323
    7,180,000       5.000   12/15/2033   8,441,382
    6,070,000       5.000   12/15/2035   7,097,165
    7,585,000       5.000   12/15/2036   8,843,883
    5,275,000       4.250   12/15/2038   5,684,551

New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 AA (BBB+/Baa1)

    5,675,000       5.000   06/15/2034   6,663,528
    20,000,000       5.250   06/15/2043   23,424,200

New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 BB (BBB+/Baa1)

    6,000,000       5.000   06/15/2044   6,888,060

New Jersey Turnpike Authority RB Series 2019 A (A+/A2)

    28,250,000       4.000   01/01/2048   31,775,882

South Jersey Port Corp. Subordinated Marine Terminal RB Series 2017 B (AMT) (NR/Baa1)

    25,675,000       5.000   01/01/2048   29,328,809

Tobacco Settlement Financing Corp. RB Refunding Series 2018 A (BBB+/NR)

    2,650,000       5.000   06/01/2046   3,009,711
    2,750,000       5.250   06/01/2046   3,186,810

Tobacco Settlement Financing Corp. RB Series 2018 B (BB+/NR)

    29,360,000       5.000   06/01/2046   32,679,735

Union County Improvement Authority RB Aries Linden LLC Project Series 2019 (AMT) (NR/NR)(d)

    7,695,000       6.750   12/01/2041   7,977,253
       

 

        636,476,866

 

New Mexico – 0.2%

City of Santa Fe RB for El Castillo Retirement Residences Obligated Group Project Series 2019 A (BB+/NR)

    500,000       5.000   05/15/2044   552,655
    1,000,000       5.000   05/15/2049   1,099,260

Farmington New Mexico PCRB Refunding for Public Service Co. of New Mexico San Juan Project Series 2010 D (BBB+/Baa2)

    14,000,000       5.900   06/01/2040   14,255,080

Farmington New Mexico PCRB Refunding for Public Service Co. of New Mexico San Juan Project Series 2010 F (AMT) (BBB+/Baa2)

    1,500,000       6.250   06/01/2040   1,528,845
       

 

        17,435,840

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

New York – 2.6%

Brooklyn Arena Local Development Corp. Pilot RB Refunding for Barclays Center Series 2016 A (AGM) (AA/A2)

$

     1,240,000       3.000 %    07/15/2043   $       1,225,157

Chautauqua County Industrial Development Agency Exempt Facility RB for Dunkirk NRG Power Project Series 2009 (BBB-/Baa2)

    2,650,000       5.875   04/01/2042   2,658,056

Hempstead Town Local Development Corp. RB Refunding for Molloy College Project Series 2017 (BBB/NR)

    645,000       5.000   07/01/2030   770,653
    865,000       5.000   07/01/2033   1,018,010
    815,000       5.000   07/01/2035   955,506
    640,000       5.000   07/01/2036   748,947
    455,000       5.000   07/01/2038   529,347

New York City Housing Development Corp. Multi-Family Mortgage RB for 8 Spruce Street Series 2014 F (NR/NR)

    2,000,000       4.500   02/15/2048   2,119,740

New York City Industrial Development Agency PILOT RB for Queens Baseball Stadium Project Series 2009 (ASSURED GTY) (AA/A3)

    1,000,000       6.125   01/01/2029   1,003,920
    3,000,000       6.375   01/01/2039   3,011,640
    5,000,000       6.500   01/01/2046   5,020,100

New York City Resource Corp. RB Refunding for YMCA of Greater New York Project Series 2015 (A-/Baa1)

    1,000,000       5.000   08/01/2040   1,137,210

New York City Water & Sewer System Second General Resolution RB Refunding Series 2019 EE (AA+/Aa1)

    34,750,000       4.000   06/15/2040   39,503,105

New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-2 (NR/A2)(f)

    1,145,000       2.625   09/15/2069   1,149,259

New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-3 (NR/Baa2)(f)

    1,430,000       2.800   09/15/2069   1,440,739

New York State Dormitory Authority Personal Income Tax General Purpose RB Refunding Series 2018 A (AA+/Aa1)

    12,000,000       4.000   03/15/2048   13,301,520

New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 B (NR/Baa1)

    150,000       3.560   07/01/2026   153,861
    150,000       3.670   07/01/2027   153,662
    60,000       3.760   07/01/2028   61,539
    300,000       3.820   07/01/2029   307,950

New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2014 (AMT) (B/B2)(d)(f)(g)

    1,685,000       2.875   12/03/2029   1,695,851

New York State Urban Development Corp. Personal Income General Purpose RB Series 2019 A (AA+/Aa1)

    13,620,000       4.000   03/15/2048   15,266,249

New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (BBB-/Baa3)

    5,025,000       5.000   01/01/2033   6,026,332
    3,600,000       5.000   01/01/2034   4,308,624
    5,565,000       4.000   01/01/2036   6,062,622
    7,100,000       5.000   01/01/2036   8,443,178

New York Transportation Development Corp. Special Facility RB for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (AGM) (AA/A2)

    5,000,000       4.000   07/01/2035   5,346,350
    12,600,000       4.000   01/01/2051   13,211,478

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

New York – (continued)

New York Transportation Development Corp. Special Facility RB for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (BBB/Baa3)

$

     9,480,000       4.000 %    07/01/2033   $     10,090,796
    5,025,000       5.000   07/01/2034   5,644,884
    12,500,000       4.000   07/01/2041   13,139,000
    4,540,000       5.000   07/01/2041   5,058,105
    21,200,000       5.250   01/01/2050   23,748,028

New York Transportation Development Corp. Special Facility RB Refunding for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (BBB/Baa3)

    12,250,000       5.000   07/01/2046   13,616,488

Newburgh New York GO Serial Bonds Series 2012 A (NR/Baa2)

    1,565,000       5.750   06/15/2035   1,694,660

Oneida County Local Development Corp. RB Refunding for Mohawk Valley Health System Obligated Group Project Series 2019 A (AGM) (AA/NR)

    490,000       4.000   12/01/2032   560,756
    590,000       4.000   12/01/2033   672,323
    490,000       4.000   12/01/2034   556,782
    490,000       4.000   12/01/2035   554,935
    610,000       4.000   12/01/2036   688,672
    490,000       4.000   12/01/2037   550,711
    490,000       4.000   12/01/2038   549,045
    1,470,000       3.000   12/01/2039   1,470,411
    980,000       3.000   12/01/2040   975,257
    1,960,000       4.000   12/01/2049   2,160,331

Oneida County Local Development Corp. RB Refunding for Utica College Project Series 2019 (BBB-/NR)

    405,000       4.000   07/01/2039   439,915
    3,520,000       3.000   07/01/2044   3,433,479

Troy City Capital Resource Corp. RB for Rensselaer Polytechnic Institute Project Series 2010 A (BBB+/A3)

    5,000,000       5.125   09/01/2040   5,130,450

Troy City Capital Resource Corp. RB Refunding Rensselaer Polytechnic Institute Project Series 2020 A (BBB+/A3)(h)

    700,000       5.000   09/01/2038   854,917
    955,000       5.000   09/01/2039   1,163,018
    945,000       4.000   09/01/2040   1,046,900

Westchester County Local Development Corporation RB for Westchester Medical Center Obligated Group Project Series 2016 (BBB-/Baa2)

    4,375,000       5.000   11/01/2046   4,902,319

Yonkers Economic Development Corp. RB for Charter School of Educational Excellence Project Series 2019 A (NR/NR)

    475,000       5.000   10/15/2039   534,408
    610,000       5.000   10/15/2049   676,679
    530,000       5.000   10/15/2054   583,350
       

 

        237,127,224

 

North Carolina – 0.6%

Columbus County Industrial Facilities and Pollution Control Financing Authority Recovery Zone Facility RB Series 2010 A (BBB/Baa2)

    1,000,000       5.700   05/01/2034   1,013,910

North Carolina Medical Care Commission Health Care Facilities RB Refunding First Mortgage for Lutheran Services for the Aging Series 2012 A (NR/NR)

    3,800,000       4.750   03/01/2032   3,968,872
    1,000,000       5.000   03/01/2037   1,043,650
    1,000,000       5.000   03/01/2042   1,039,380

North Carolina Medical Care Commission RB Refunding for The Presbyterian Home at Charlotte, Inc. Series 2019 A (NR/NR)

    1,500,000       4.000   07/01/2039   1,591,275
    1,650,000       5.000   07/01/2039   1,894,827
    1,035,000       4.000   07/01/2044   1,080,757
    1,160,000       5.000   07/01/2044   1,320,950
    2,000,000       5.000   07/01/2049   2,271,120

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

North Carolina – (continued)

North Carolina Medical Care Commission Retirement Facilities RB Refunding First Mortgage for United Church Homes and Services Series 2015 A (NR/NR)

$

     1,000,000       4.500 %    09/01/2030   $       1,038,310
    2,000,000       5.000   09/01/2037   2,136,780

North Carolina Turnpike Authority RB Senior Lien for Triangle Expressway Series 2019 (AGM) (AA/NR)

    8,500,000       5.000   01/01/2049   10,269,020
    4,250,000       4.000   01/01/2055   4,671,685

North Carolina Turnpike Authority RB Senior Lien for Triangle Expressway Series 2019 (BBB/NR)

    16,000,000       5.000   01/01/2049   19,174,240
    4,500,000       4.000   01/01/2055   4,861,035
       

 

        57,375,811

 

Ohio – 4.2%

Bowling Green City Student Housing RB for CFP I LLC - Bowling Green State University Project Series 2010 (NR/NR)(e)

    7,000,000       6.000   06/01/2020   7,140,770

Buckeye Ohio Tobacco Settlement Financing Authority RB Asset-Backed Bonds for Capital Appreciation 1st Subordinate Series 2007 B (BBB+/NR)(b)

    292,520,000       0.000   06/01/2047   20,640,211

Buckeye Ohio Tobacco Settlement Financing Authority RB Asset-Backed Bonds for Capital Appreciation 2nd Subordinate Series 2007 C (NR/NR)(b)

    686,320,000       0.000   06/01/2052   36,622,035

Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007 A-2 (B-/B3)

    2,605,000       5.875   06/01/2047   2,617,061

Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007 A-2 (CCC+/Ca)

    88,930,000       5.125   06/01/2024   89,050,056
    100,000       5.375   06/01/2024   100,406
    37,195,000       5.875   06/01/2030   37,392,877
    2,140,000       5.750   06/01/2034   2,150,679

Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007 A-3 (CCC+/Caa3)

    23,905,000       6.250   06/01/2037   24,663,267

Centerville Ohio Health Care RB Refunding and Improvement for Graceworks Lutheran Services Series 2017 (NR/NR)

    2,400,000       5.250   11/01/2037   2,700,960
    2,700,000       5.250   11/01/2047   2,989,764
    2,320,000       5.250   11/01/2050   2,563,994

Cleveland Airport Special RB for Continental Airlines, Inc. Project Series 1998 (BB/Ba3)

    22,320,000       5.375   09/15/2027   22,383,389

County of Darke RB for Wayne Hospital Company Obligated Group Wayne Health Care Project Series 2019 A (BB+/NR)

    550,000       4.000   09/01/2040   577,302
    825,000       4.000   09/01/2045   856,531
    1,075,000       5.000   09/01/2049   1,226,242

Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2009 B (BBB-/Baa3)

    29,500,000       8.223   02/15/2040   39,979,580

Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (BBB-/Baa3)

    6,250,000       5.000   02/15/2037   7,196,125
    7,500,000       5.000   02/15/2042   8,535,300
    7,500,000       4.750   02/15/2047   8,153,925
    1,500,000       5.000   02/15/2057   1,688,535
    1,000,000       5.500   02/15/2057   1,163,740

Franklin County Convention Facilities Authority RB for Greater Columbus Convention Center Project Series 2019 (BBB-/NR)

    2,500,000       5.000   12/01/2044   2,927,525
    5,000,000       5.000   12/01/2051   5,818,550

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Ohio – (continued)

Hamilton County Health Care RB Refunding for Life Enriching Community Project Series 2012 (BBB-/NR)

$

     2,000,000       5.000 %    01/01/2042   $       2,127,320
    1,610,000       5.000   01/01/2046   1,710,110

Muskingum County Hospital Facilities RB Refunding for Genesis Healthcare System Project Series 2013 (BB+/Ba2)

    8,000,000       5.000   02/15/2048   8,539,440

Ohio Air Quality Development Authority Exempt Facilities RB for Pratt Paper LLC Project Series 2017 (AMT) (NR/NR)(d)

    2,400,000       3.750   01/15/2028   2,591,688
    2,880,000       4.250   01/15/2038   3,103,286
    18,110,000       4.500   01/15/2048   19,552,824

Ohio Air Quality Development Authority RB Refunding for Ohio Valley Electric Corp. Series 2019 A (BB+/Ba1)

    4,140,000       3.250   09/01/2029   4,272,397

Ohio State Hospital RB Refunding for Aultman Health Foundation Obligated Group Series 2018 (NR/NR)(d)

    1,075,000       5.000   12/01/2033   1,192,379
    2,085,000       5.000   12/01/2038   2,278,843
    5,000,000       5.000   12/01/2048   5,345,050
       

 

        379,852,161

 

Oklahoma – 0.8%

Norman Regional Hospital Authority RB Norman Regional Hospital Authority Obligated Group Series 2019 (A-/Baa1)

    1,075,000       4.000   09/01/2045   1,158,076
    1,000,000       5.000   09/01/2045   1,181,420

Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (AGM) (AA/A2)

    2,400,000       4.000   08/15/2052   2,617,488
    2,500,000       4.125   08/15/2057   2,730,300

Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (BB+/Baa3)

    15,000,000       5.500   08/15/2052   17,880,750
    9,500,000       5.500   08/15/2057   11,245,055

Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2001 A (AMT) (NR/NR)

    2,680,000       5.500   12/01/2035   2,938,191

Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2001 B (AMT) (NR/NR)

    24,300,000       5.500   12/01/2035   26,641,062

Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (AMT) (BB-/NR)(f)(g)

    3,400,000       5.000   06/01/2025   3,816,092
       

 

        70,208,434

 

Oregon – 0.0%

Warm Springs Reservation Confederated Tribe Hydroelectric RB Refunding for Pelton-Round Butte Project Series 2019 B (NR/A3)(d)

    860,000       5.000   11/01/2039   1,000,249

 

Pennsylvania – 2.8%

Allegheny County Higher Education Building Authority RB for Chatham University Series 2012 A (BBB-/NR)

    1,500,000       5.000   09/01/2030   1,586,295
    1,000,000       5.000   09/01/2035   1,051,980

Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A (A/NR)

    32,000,000       4.000   04/01/2044   34,248,960

Allegheny County Industrial Development Authority RB Refunding for United States Steel Corp. Project Series 2019 (B/B3)

    3,900,000       4.875   11/01/2024   4,070,898
    2,500,000       5.125   05/01/2030   2,670,400

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Pennsylvania – (continued)

Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2017 (NR/Ba3)(d)

$

     2,000,000       5.000 %    05/01/2027   $       2,325,560
    1,400,000       5.000   05/01/2032   1,614,746
    6,950,000       5.000   05/01/2042   7,794,842

Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2018 (NR/Ba3)(d)

    250,000       5.000   05/01/2028   294,910
    1,000,000       5.000   05/01/2033   1,166,410
    2,750,000       5.000   05/01/2042   3,113,550

Allentown Neighborhood Improvement Zone Development Authority Tax RB Series 2012 A (NR/Baa3)

    18,000,000       5.000   05/01/2042   18,915,300

Bucks County Industrial Development Authority RB Refunding for Pennswood Village Obligated Group Series 2018 A (BBB+/NR)

    1,150,000       5.000   10/01/2037   1,289,874

Chester County IDA Student Housing RB for University Student Housing, LLC Project West Chester University Series 2013 A (NR/Baa3)

    500,000       5.000   08/01/2035   539,320
    1,000,000       5.000   08/01/2045   1,066,390

Clairton Municipal Authority Sewer RB Series 2012 B (BBB+/NR)

    1,000,000       5.000   12/01/2042   1,077,510

Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (A/A1)

    1,900,000       5.000   06/01/2034   2,308,747
    1,900,000       5.000   06/01/2035   2,299,475

Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (AGM) (AA/A1)

    6,000,000       4.000   06/01/2039   6,626,460

County of Allegheny GO Notes Refunding Series 2007 C-59B (AGM) (AA/Aa3)(c)

    (3 Mo. LIBOR + 0.55%),            
    740,000       1.829   11/01/2026   738,098

Cumberland County Municipal Authority RB for Diakon Lutheran Social Ministries Project Series 2015 (BBB+/NR)

    1,500,000       5.000   01/01/2038   1,641,105

Doylestown Hospital Authority RB Series 2019 A (BBB-/Ba1)

    1,250,000       4.000   07/01/2045   1,304,687
    2,375,000       5.000   07/01/2049   2,721,418

Franklin County Industrial Development Authority RB Refunding for Menno-Haven, Inc. Obligated Group Series 2018 (NR/NR)

    1,100,000       5.000   12/01/2043   1,196,294
    900,000       5.000   12/01/2048   975,771
    1,750,000       5.000   12/01/2053   1,892,485

Geisinger Authority Health System RB for Geisinger Health System Series 2007 (AA/Aa3)(c)

    (3 Mo. LIBOR + 0.77%),            
    52,950,000       2.050   05/01/2037   51,626,250

General Authority of Southcentral Pennsylvania RB Refunding WellSpan Health Obligation Group Series 2019 A (AA-/Aa3)

    1,300,000       4.000   06/01/2044   1,444,963
    2,300,000       5.000   06/01/2044   2,793,902
    5,700,000       4.000   06/01/2049   6,294,738
    4,150,000       5.000   06/01/2049   5,009,424

Lancaster County Hospital Authority Health Facilities RB for St. Anne’s Retirement Community, Inc. Project Series 2012 (BB+/NR)

    1,400,000       5.000   04/01/2027   1,459,346
    1,500,000       5.000   04/01/2033   1,551,030

Northampton County Industrial Development Authority RB Refunding for Morningstar Senior Living, Inc. Obligated Group Series 2019 (BB+/NR)

    1,900,000       5.000   11/01/2044   2,099,443
    2,100,000       5.000   11/01/2049   2,313,675

Northeastern Pennsylvania Hospital & Education Authority RB for King’s College Project Series 2019 (BBB+/NR)

    945,000       5.000   05/01/2044   1,109,392
    1,245,000       5.000   05/01/2049   1,456,862

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Pennsylvania – (continued)

Pennsylvania Economic Development Financing Authority RB for CarbonLite P LLC Project Series 2019 (AMT) (NR/NR)(d)

$

     5,725,000       5.750 %    06/01/2036   $       6,097,011

Pennsylvania Economic Development Financing Authority Sewage Sludge Disposal RB for Philadelphia Biosolids Facility Project Series 2009 (BBB+/Baa3)

    7,400,000       6.250   01/01/2032   7,530,536

Pennsylvania Economic Development Financing Authority Special Facilities RB for US Airways Group, Inc. Project Series 2010 B (BB-/B1)

    2,460,000       8.000   05/01/2029   2,509,126

Pennsylvania Higher Educational Facilities Authority RB for Foundation for Indiana University of Pennsylvania Series 2007 A (ASSURED GTY) (AA/WR)(c)

    (3 Mo. LIBOR + 0.60%),            
    10,880,000       2.006   07/01/2027   10,853,344
    (3 Mo. LIBOR + 0.65%),            
    10,750,000       2.056   07/01/2039   10,241,310

Pennsylvania Higher Educational Facilities Authority RB for La Salle University Series 2012 (BBB-/NR)

    4,000,000       5.000   05/01/2042   4,175,520

Pennsylvania Higher Educational Facilities Authority Student Housing RB Refunding for University Properties, Inc. Student Housing Project Series 2016 A (NR/Baa3)

    365,000       5.000   07/01/2031   420,666
    400,000       5.000   07/01/2035   457,380

Pennsylvania Turnpike Commission RB Subordinate Series 2017 B-1 (A-/A3)

    3,875,000       5.250   06/01/2047   4,602,415

Philadelphia Authority for Industrial Development RB for Independence Charter School Series 2019 (NR/NR)

    1,375,000       5.000   06/15/2050   1,437,301

Philadelphia Hospitals and Higher Education Facilities Authority RB Refunding for Temple University Health System Obligation Group Series 2017 (BBB-/Ba1)

    500,000       5.000   07/01/2028   590,365
    2,000,000       5.000   07/01/2029   2,353,780
    3,000,000       5.000   07/01/2030   3,518,730
    2,615,000       5.000   07/01/2031   3,060,047
    1,000,000       5.000   07/01/2032   1,167,040
    4,425,000       5.000   07/01/2033   5,148,399

Scranton Redevelopment Authority RB Refunding for Guaranteed Lease Series 2016 A (MUN GOVT GTD) (BB+/NR)

    1,020,000       5.000   11/15/2021   1,053,344
    2,450,000       5.000   11/15/2028   2,549,151

Susquehanna Area Regional Airport Authority RB Refunding for Airport System Series 2017 (AMT) (NR/Baa3)

    1,100,000       5.000   01/01/2035   1,274,306
    2,325,000       5.000   01/01/2038   2,669,379

Washington County Redevelopment Authority RB Refunding for Victory Center Tax Increment Financing Project Series 2018 (BB/NR)

    1,000,000       5.000   07/01/2028   1,064,670
    1,000,000       5.000   07/01/2035   1,061,520
       

 

        255,525,850

 

Puerto Rico – 6.1%

Commonwealth of Puerto Rico Public Improvement GO Unlimited Refunding Bonds Series 2011 E (NR/Ca)(i)

    2,000,000       6.000   07/01/2029   1,547,500

Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2008 A (NR/Ca)

    7,495,000       6.000   07/01/2044   7,626,162

Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2012 A (NR/Ca)

    115,000       4.500   07/01/2027   117,185
    370,000       5.000   07/01/2030   383,967

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Puerto Rico – (continued)

Puerto Rico Commonwealth GO Bonds for Public Improvement Series 2006 A (NR/Ca)(i)

$

     115,000       5.250 %    07/01/2030   $           92,862

Puerto Rico Commonwealth GO Bonds Series 2014 A (NR/Ca)(i)

    65,870,000       8.000   07/01/2035   41,909,788

Puerto Rico Commonwealth GO Refunding Bonds for Public Improvement Series 2012 A (NR/Ca)(i)

    5,185,000       5.500   07/01/2039   3,707,275

Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AGC-ICC) (AA/A3)

    360,000       5.250   07/01/2041   405,608

Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AMBAC) (NR/C)

    28,730,000       5.250   07/01/2038   31,286,395

Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (AA/A2)

    300,000       5.250   07/01/2033   339,246
    680,000       5.250   07/01/2034   769,842
    1,905,000       5.250   07/01/2036   2,153,774

Puerto Rico Commonwealth Highway & Transportation Authority RB Series 2003 (NR/C)(i)

    215,000       5.000   07/01/2028   29,025

Puerto Rico Commonwealth Infrastructure Financing Authority Special Tax RB Series 2005 C (AMBAC) (NR/C)

    1,560,000       5.500   07/01/2023   1,681,477
    1,995,000       5.500   07/01/2027   2,217,064

Puerto Rico Commonwealth Public Improvement GO Bonds Series 2007 A (NR/Ca)(i)

    4,000,000       5.250   07/01/2032   3,230,000
    4,035,000       5.250   07/01/2037   3,258,262

Puerto Rico Commonwealth Public Improvement GO Refunding Bonds Series 2011 C (NR/Ca)(i)

    155,000       6.000   07/01/2035   117,994
    205,000       6.500   07/01/2040   159,643

Puerto Rico Electric Power Authority RB Refunding Series 2005 SS-RSA-1 (D/NR)(i)

    130,000       4.625   07/01/2030   98,150

Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (AA/A2)(c)

    (3 Mo. LIBOR + 0.52%),            
    52,372,000       1.926   07/01/2029   51,717,350

Puerto Rico Electric Power Authority RB Refunding Series 2007 VV (NATL-RE) (NR/Baa2)

    435,000       5.250   07/01/2035   474,107

Puerto Rico Electric Power Authority RB Refunding Series 2010 DDD-RSA-1 (D/NR)(i)

    80,000       3.500   07/01/2020   59,100
    155,000       3.625   07/01/2021   114,506
    60,000       3.750   07/01/2022   44,325
    390,000       3.875   07/01/2023   288,113

Puerto Rico Electric Power Authority RB Refunding Series 2010 DDD-RSA-1 (NR/NR)(i)

    215,000       3.300   07/01/2019   153,187

Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ (NR/Ca)(i)

    1,000       5.000   07/01/2024   738

Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ-RSA-1 (D/NR)(i)

    260,000       4.250   07/01/2020   196,300
    25,000       5.250   07/01/2020   19,000
    80,000       4.375   07/01/2021   60,400
    100,000       4.375   07/01/2022   75,500
    65,000       5.000   07/01/2022   49,237
    190,000       4.500   07/01/2023   143,925
    125,000       5.000   07/01/2024   94,688
    90,000       4.625   07/01/2025   68,175

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Puerto Rico – (continued)

Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ-RSA-1 (NR/NR)(i)

$

     65,000       3.700 %    07/01/2017   $           46,312
    1,230,000       5.000   07/01/2017   910,200
    145,000       4.250   07/01/2018   105,488
    3,130,000       5.000   07/01/2019   2,316,200

Puerto Rico Electric Power Authority RB Series 2007 TT-RSA-1
(D/NR)(i)

    1,295,000       5.000   07/01/2032   980,962
    1,385,000       5.000   07/01/2037   1,049,138

Puerto Rico Electric Power Authority RB Series 2007 TT-RSA-1
(NR/NR)(i)

    300,000       4.200   07/01/2019   218,250

Puerto Rico Electric Power Authority RB Series 2008 WW-RSA-1
(D/NR)(i)

    2,000,000       5.500   07/01/2020   1,525,000
    3,765,000       5.250   07/01/2033   2,861,400

Puerto Rico Electric Power Authority RB Series 2010 AAA
(NR/Ca)(i)

    4,000       5.250   07/01/2027   2,960
    4,000       5.250   07/01/2028   2,960

Puerto Rico Electric Power Authority RB Series 2010 AAA-RSA-1
(D/NR)(i)

    130,000       5.250   07/01/2023   98,800
    1,485,000       5.250   07/01/2027   1,128,600
    2,115,000       5.250   07/01/2028   1,607,400

Puerto Rico Electric Power Authority RB Series 2010 BBB-RSA-1
(D/NR)(i)

    90,000       5.400   07/01/2028   67,163

Puerto Rico Electric Power Authority RB Series 2010 CCC-RSA-1
(D/NR)(i)

    80,000       5.000   07/01/2022   60,600
    90,000       4.250   07/01/2023   67,950
    60,000       4.500   07/01/2023   45,450
    50,000       4.600   07/01/2024   37,875
    210,000       4.625   07/01/2025   159,075
    900,000       5.000   07/01/2025   681,750
    25,000       5.000   07/01/2026   18,937
    40,000       4.800   07/01/2027   30,300

Puerto Rico Electric Power Authority RB Series 2010 EEE-RSA-1
(D/NR)(i)

    1,175,000       5.950   07/01/2030   887,125
    4,620,000       6.050   07/01/2032   3,505,425
    115,000       6.250   07/01/2040   87,544

Puerto Rico Electric Power Authority RB Series 2010 XX-RSA-1
(D/NR)(i)

    20,000       4.875   07/01/2027   15,150
    7,590,000       5.250   07/01/2040   5,768,400

Puerto Rico Electric Power Authority RB Series 2010 YY-RSA-1
(D/NR)(i)

    2,130,000       6.125   07/01/2040   1,618,800

Puerto Rico Electric Power Authority RB Series 2012 A-RSA-1
(D/NR)(i)

    1,905,000       4.800   07/01/2029   1,435,894
    14,720,000       5.000   07/01/2042   11,150,400

Puerto Rico Electric Power Authority RB Series 2013 A-RSA-1
(D/NR)(i)

    715,000       7.250   07/01/2030   563,956
    5,210,000       7.000   07/01/2033   4,076,825
    6,190,000       7.000   07/01/2040   4,843,675

Puerto Rico Electric Power Authority RB Series 2016 A4-RSA-1
(NR/NR)(i)

    747,236       10.000   07/01/2019   610,865

Puerto Rico Electric Power Authority RB Series 2016 B4-RSA-1
(NR/NR)(i)

    747,235       10.000   07/01/2019   610,865

Puerto Rico Electric Power Authority RB Series 2016 E-1-RSA-1
(NR/NR)(i)

    5,036,850       10.000   01/01/2021   4,306,507

Puerto Rico Electric Power Authority RB Series 2016 E-2-RSA-1
(NR/NR)(i)

    5,036,850       10.000   07/01/2021   4,306,507

Puerto Rico Electric Power Authority RB Series 2016 E-3-RSA-1
(NR/NR)(i)

    1,678,950       10.000   01/01/2022   1,435,502

Puerto Rico Electric Power Authority RB Series 2016 E-4-RSA-1
(NR/NR)(i)

    1,678,950       10.000   07/01/2022   1,435,502

Puerto Rico Highway & Transportation Authority RB Refunding Series 2005 L (NATL-RE) (NR/Baa2)

    1,235,000       5.250   07/01/2035   1,339,679

Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AMBAC) (NR/C)

    3,815,000       5.250   07/01/2031   4,180,859

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Puerto Rico – (continued)

Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (ASSURED GTY) (AA/A3)

$

     265,000       5.250 %    07/01/2034   $          300,012
    18,105,000       5.250   07/01/2036   20,468,789

Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (NATL-RE) (NR/Baa2)

    1,245,000       5.250   07/01/2033   1,345,160

Puerto Rico Highway & Transportation Authority RB Series 1998 A (NATL-RE-IBC) (NR/Baa2)

    4,920,000       4.750   07/01/2038   4,926,445

Puerto Rico Infrastructure Financing Authority Special Tax RB Series 2005 A (AMBAC) (NR/C)(b)

    4,785,000       0.000   07/01/2034   2,362,642
    3,750,000       0.000   07/01/2035   1,744,950

Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2009 P (COMWLTH GTD) (NR/Ca)(i)

    1,000,000       6.125   07/01/2023   912,500

Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR)(b)

    1,796,000       0.000   07/01/2024   1,576,349
    6,880,000       0.000   07/01/2027   5,493,611
    4,736,000       0.000   07/01/2029   3,514,302
    4,313,000       0.000   07/01/2031   2,961,176
    10,295,000       0.000   07/01/2033   6,549,473
    76,577,000       0.000   07/01/2046   20,515,744
    39,344,000       0.000   07/01/2051   7,678,769

Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR)

    124,901,000       4.329   07/01/2040   126,614,642
    562,000       4.536   07/01/2053   574,291
    12,249,000       4.784   07/01/2058   12,722,301

Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR)

    3,939,000       4.500   07/01/2034   4,203,189
    3,447,000       4.550   07/01/2040   3,568,748
    24,351,000       4.750   07/01/2053   25,422,931
    66,814,000       5.000   07/01/2058   70,891,658
       

 

        545,239,802

 

Rhode Island – 0.2%

Rhode Island Health and Educational Building Corp. RB Refunding for Care New England Series 2013 A (BBB-/NR)(e)

    2,500,000       6.000   09/01/2023   2,931,475

Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2007 B (CCC-/NR)(b)

    124,220,000       0.000   06/01/2052   15,624,392
       

 

        18,555,867

 

South Carolina – 0.2%

Lancaster County Assessment RB for Edgewater Improvement District Series 2003 A (NR/NR)

    3,155,000       6.875   11/01/2035   3,164,276

South Carolina Jobs - Economic Development Authority Hospital RB Refunding for Palmetto Health Series 2011 A (AGM) (AA/WR)(e)

    4,000,000       6.500   08/01/2021   4,332,280

South Carolina Jobs-Economic Development Authority RB for ACTS Retirement-Life Communities, Inc. Obligated Group Series 2018 C (A-/NR)

    2,365,000       5.000   11/15/2047   2,711,141

South Carolina Public Service Authority RB Tax-Exempt Series 2015 E (A/A2)

    7,790,000       5.250   12/01/2055   8,945,802
       

 

        19,153,499

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Tennessee – 0.2%

Chattanooga Health Educational & Housing Facility Board RB for CommonSpirit Health Obligated Group Refunding Series 2019 A-2 (BBB+/Baa1)

$

     1,900,000       5.000 %    08/01/2049   $       2,218,250

Greeneville Health & Educational Facilities Board RB for Ballad Health Obligated Group Series 2018 A (A-/Baa1)

    5,230,000       4.000   07/01/2040   5,600,598

Johnson City Health & Educational Board Retirement Facilities RB for Mountain States Health Alliance Series 2012 A (A-/Baa1)

    1,500,000       5.000   08/15/2042   1,610,085

Johnson City Health & Educational Facilities Board RB for Mountain States Health Alliance Series 2010 A (NR/Baa1)(e)

    5,500,000       6.500   07/01/2020   5,644,925

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board RB for Vanderbilt University Medical Center Series 2016 A (NR/A3)

    2,500,000       5.000   07/01/2040   2,918,700

Metropolitan Government Nashville & Davidson County Health & Educational Facilities RB Refunding for Trevecca Nazarene University Project Series 2019 (BBB-/NR)

    315,000       5.000   10/01/2029   373,848
    230,000       5.000   10/01/2034   273,371
    375,000       5.000   10/01/2039   438,611
    450,000       5.000   10/01/2048   518,297

Nashville Metropolitan Development & Housing Agency RB for Fifth+ Broadway Development Project Series 2018 (NR/NR)(d)

    850,000       5.125   06/01/2036   949,858

Shelby County Health Educational & Housing Facilities Board RB Refunding for The Village at Germantown Residential Care Facility Mortgage Series 2012 (NR/NR)

    2,000,000       5.375   12/01/2047   2,098,340
       

 

        22,644,883

 

Texas – 5.0%

Argyle Special Assessment RB for Waterbrook of Argyle Public Improvement District Project Series 2018 (NR/NR)(d)

    825,000       4.250   09/01/2023   832,615
    500,000       4.625   09/01/2028   512,805
    2,160,000       5.125   09/01/2038   2,244,045
    2,580,000       5.250   09/01/2047   2,681,704

Bexar County Texas Health Facilities Development Corp. RB for Army Retirement Residence Foundation Project Series 2010 (BBB/NR)(e)

    3,250,000       6.200   07/01/2020   3,330,210

Board of Managers, Joint Guadalupe County - City of Seguin Hospital Mortgage Improvement RB Refunding Bonds Series 2015 (BB/NR)

    1,950,000       5.250   12/01/2035   2,151,182
    2,435,000       5.000   12/01/2040   2,613,461

Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2015 A (A-/Baa1)

    3,900,000       5.000   01/01/2045   4,452,552

Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2016 (A-/Baa1)

    1,600,000       5.000   01/01/2040   1,852,320
    2,465,000       5.000   01/01/2046   2,833,246

Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2020 A (A-/Baa1)(h)

    3,000,000       5.000   01/01/2044   3,667,170
    3,940,000       5.000   01/01/2049   4,787,021

City of Anna Special Assessment Bonds for Hurricane Creek Public Improvement District Project Series 2019 (NR/NR)(d)

    2,190,000       6.500   09/01/2048   2,300,310

City of Austin RB for Airport System Series 2019 B (AMT) (A/A1)

    15,000,000       5.000   11/15/2048   18,205,200

City of Austin Special Assessment RB for Estancia Hill Country Public Improvement District Series 2018 (NR/NR)(d)

    6,000,000       5.125   11/01/2033   6,380,460

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Texas – (continued)

City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1B Project Series 2018 (NR/NR)(d)

$

     400,000       5.500 %    09/01/2046   $          426,040

City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#2 Project Series 2018 (NR/NR)

    1,125,000       5.625   09/01/2038   1,197,855
    1,700,000       5.750   09/01/2047   1,809,514

City of Celina Texas Municipal Corp. Special Assessment RB for Sutton Fields II Public Improvement District Phase#2-3 Project Series 2019 (NR/NR)(d)

    2,380,000       4.250   09/01/2049   2,352,178

City of Celina Texas Municipal Corp. Special Assessment RB for Wells South Public Improvement District Major Improvement Area Project Series 2015 (NR/NR)

    3,860,000       7.500   09/01/2045   4,191,342

City of Celina Texas Municipal Corp. Special Assessment RB for Wells South Public Improvement District Neighorhood Improvement Area #1 Project Series 2015 (NR/NR)

    1,790,000       6.250   09/01/2045   1,888,701

City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Phase#1 Series 2019 (NR/NR)(d)

    1,360,000       4.250   08/15/2049   1,373,178

City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Series 2018 (NR/NR)(d)

    910,000       4.350   08/15/2039   925,807
    1,920,000       4.500   08/15/2048   1,953,254

City of Fate Special Assessment Refunding for Williamsburg Public Improvement District No. 1 Project Series 2019 (BAM) (AA/NR)

    2,050,000       3.250   08/15/2043   2,061,070

City of Hackberry Special Assessment RB for Riverdale Lake Public Improvement District No. 2 Phases 4-6 Project Series 2017 (NR/NR)

    2,000,000       5.000   09/01/2047   2,109,140

City of Hackberry Special Assessment RB Refunding for Hackberry Public Improvement District No. 3 Phases No. 13-16 Project Series 2017 (NR/NR)

    1,390,000       4.500   09/01/2037   1,438,192
    1,175,000       5.000   09/01/2044   1,241,493

City of Hackberry Special Assessment RB Refunding for Hidden Cove Public Improvement District No. 2 Project Series 2017 (BBB-/NR)

    2,235,000       4.500   09/01/2032   2,492,651
    4,715,000       4.500   09/01/2038   5,170,940

City of Haslet Special Assessment RB Refunding for Haslet Public Improvement District No. 5 1 Project Series 2019 (NR/NR)(d)

    1,200,000       4.375   09/01/2049   1,209,828

City of Irving RB Refunding for Hotel Occupancy Tax Series 2019 (BBB+/NR)

    1,500,000       5.000   08/15/2043   1,773,135

City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2019 (NR/NR)(d)

    1,405,000       4.625   09/01/2039   1,451,379
    900,000       4.750   09/01/2044   929,538

City of Kyle Special Assessment RB for Southwest Kyle Public Improvement District No. 1 Series 2019 (NR/NR)(d)

    1,225,000       4.875   09/01/2044   1,246,180

City of Lavon Special Assessment RB for Lakepointe Public Improvement District Improvement Area#1 Project Series 2019 (NR/NR)(d)

    580,000       4.250   09/15/2039   574,618
    945,000       4.500   09/15/2049   941,872

City of Lavon Special Assessment RB for Lakepointe Public Improvement District Major Improvement Area Project Series 2019 (NR/NR)(d)

    850,000       5.000   09/15/2049   847,331

City of Manor Special Assessment RB for Lagos Public Improvement District Series 2020 (NR/NR)(d)

    295,000       4.500   09/15/2040   294,982
    525,000       4.625   09/15/2049   524,969

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Texas – (continued)

City of Mclendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #2 Project Series 2019 (NR/NR)(d)

$

     785,000       4.250 %    09/15/2039   $          804,421
    1,240,000       4.375   09/15/2049   1,265,011

City of Mesquite Special Assessment RB for Iron Horse Public Improvement District Project Series 2019 (NR/NR)(d)

    1,155,000       5.750   09/15/2039   1,180,733
    2,055,000       6.000   09/15/2049   2,100,251

City of Mesquite Special Assessment RB for Polo Ridge Public Improvement District No. 2 Phase #1 Project Series 2019 (NR/NR)(d)

    2,405,000       5.875   09/15/2039   2,458,271
    5,000,000       5.125   09/15/2048   5,114,750
    3,830,000       6.125   09/15/2048   3,913,838

City of North Richland Hills Special Assessment for City Point Public Improvement District Project Series 2019 (NR/NR)(d)

    550,000       5.250   09/01/2040   549,268
    355,000       5.625   09/01/2040   354,539
    560,000       4.125   09/01/2049   562,190
    1,510,000       5.375   09/01/2050   1,507,629

City of Oak Point Special Assessment RB for Wildridge Public Improvement District No. 1 Series 2018 (NR/NR)(d)

    1,355,000       4.125   09/01/2048   1,396,341
    1,465,000       4.500   09/01/2048   1,509,946

City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2018 (NR/NR)(d)

    2,465,000       4.875   09/01/2048   2,592,465

City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2019 (NR/NR)(d)

    500,000       4.375   09/01/2049   511,655

City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2019 (NR/NR)

    400,000       4.875   09/01/2039   416,880
    835,000       5.000   09/01/2049   870,028

City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District No. 2 Series 2019 (NR/NR)(d)

    905,000       4.500   09/01/2039   899,109
    1,185,000       5.500   09/01/2039   1,177,866
    1,490,000       4.750   09/01/2049   1,478,184
    2,140,000       5.750   09/01/2049   2,124,742

City of Royse City Special Assessment for Waterscape Public Improvement District Improvement Series 2019 (NR/NR)(d)

    1,760,000       4.750   09/15/2049   1,762,130

City of Shenandoah Special Assessment RB for Metropark Public Improvement District Series 2018 (NR/NR)

    360,000       4.500   09/01/2023   363,326
    780,000       5.000   09/01/2028   799,773
    1,935,000       5.600   09/01/2038   2,008,782
    2,550,000       5.700   09/01/2047   2,648,608

Dallas County Flood Control District No. 1 Unlimited Tax GO Refunding Bonds Series 2015 (NR/NR)(d)

    3,250,000       5.000   04/01/2032   3,442,465

Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR)(d)

    275,000       3.750   08/15/2024   278,006
    350,000       4.000   08/15/2029   359,793
    1,150,000       4.500   08/15/2035   1,193,217
    875,000       5.000   08/15/2044   918,032

Fort Bend County Industrial Development Corp. RB for NRG Energy, Inc. Project Series 2012 A (NR/Baa2)

    1,545,000       4.750   05/01/2038   1,629,249

Fort Bend County Industrial Development Corp. RB for NRG Energy, Inc. Project Series 2012 B (NR/Baa2)

    5,685,000       4.750   11/01/2042   5,983,860

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Texas – (continued)

Fort Worth Special Assessment RB for Fort Worth Public Improvement District No. 17 Major Improvement Project Series 2017 (NR/NR)(d)

$

     1,575,000       5.000 %    09/01/2027   $       1,681,171
    895,000       5.000   09/01/2032   937,852
    1,315,000       5.125   09/01/2037   1,369,415

Grand Parkway Transportation Corp. System Toll Convertible RB Series 2013 B (AA+/NR)(a)

    15,140,000       0.000   10/01/2046   16,228,717
    11,100,000       0.000   10/01/2047   11,912,853

Grand Parkway Transportation Corp. System Toll RB First Tier Series 2013 A (BBB/NR)

    11,850,000       5.500   04/01/2053   13,250,196

Gulf Coast IDA RB for Exxon Mobil Project Series 2012 (AA+/Aaa)(f)(g)

    16,415,000       1.700   01/02/2020   16,415,000

Harris County Cultural Education Facilities Finance Corp. RB First Mortgage for Brazos Presbyterian Homes, Inc. Project Series 2013 B (BBB-/NR)(e)

    3,030,000       7.000   01/01/2023   3,539,525

Harris County Toll Road RB Refunding Senior Lien Series 2007 B (AMBAC) (AA-/Aa2)(c)

    (3 Mo. LIBOR + 0.67%),            
    23,855,000       1.950   08/15/2035   22,842,594

Hickory Creek Texas Special Assessment RB for Hickory Farms Public Improvement Series 2019 (NR/NR)(d)

    1,340,000       4.500   09/01/2039   1,366,251
    1,800,000       4.750   09/01/2049   1,841,922

Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (BBB-/NR)

    595,000       3.750   09/01/2032   636,430
    510,000       3.875   09/01/2037   545,685
    955,000       4.000   09/01/2047   1,015,585

Houston Airport System RB for United Airlines, Inc. Airport Improvement Projects Series 2018 C (AMT) (BB/NR)

    15,835,000       5.000   07/15/2028   18,929,792

Houston Airport System Special Facilities RB for Continental Airlines, Inc. Terminal Improvement Projects Series 2011 A (AMT) (BB/Ba3)

    10,000,000       6.625   07/15/2038   10,629,300

Houston Airport System Special Facilities RB Refunding for United Airlines, Inc. Terminal E Project Series 2014 A (AMT) (BB/Ba3)

    9,250,000       5.000   07/01/2029   10,299,598

Houston Airport System Special Facilities RB Refunding for United Airlines, Inc. Terminal Improvement Projects Series 2015 B-1 (AMT) (BB/NR)

    9,250,000       5.000   07/15/2035   10,388,213

Joint Guadalupe County RB Refunding and Improvement Bonds for City of Seguin Hospital Mortgage Series 2015 (BB/NR)

    1,950,000       5.000   12/01/2045   2,082,931

Justin Special Assessment RB for Timberbrook Public Improvement District No. 1 Major Improvement Area Project Series 2018
(NR/NR)(d)

    510,000       4.500   09/01/2023   515,100
    785,000       5.000   09/01/2028   808,103
    1,170,000       5.375   09/01/2038   1,220,930
    1,930,000       5.125   09/01/2047   2,016,329
    1,500,000       5.500   09/01/2047   1,566,030

Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (AMT) (BB-/NR)(d)

    17,350,000       4.625   10/01/2031   18,755,177

Montgomery County Toll Road Authority Senior Lien RB Series 2018 (BBB-/NR)

    1,850,000       5.000   09/15/2043   2,062,306
    2,800,000       5.000   09/15/2048   3,107,440

New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Cityscape Schools, Inc. Series 2019 A (BB+/NR)(d)

    1,465,000       5.000   08/15/2051   1,602,564

New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station II, LLC - Texas A&M University Collegiate Housing Corpus Christi Project Series 2016 A (BB/B2)

    335,000       5.000   04/01/2031   345,660
    300,000       5.000   04/01/2036   305,940

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Texas – (continued)

New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Tarleton State University Collegiate Housing Project Series 2015 A (BBB-/Baa3)

$

     1,000,000       5.000 %    04/01/2047   $       1,076,600

New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Texas A&M University at Galveston Collegiate Housing Project Series 2014 A (NR/Baa3)

    1,385,000       4.750   04/01/2046   1,405,498

North Texas Tollway Authority RB Refunding for Second Tier Series 2017 B (A/A2)

    8,500,000       5.000   01/01/2048   9,923,665

North Texas Tollway Authority System RB Refunding First Tier Series 2016 A (A+/A1)

    3,000,000       5.000   01/01/2039   3,490,410

Rowlett Special Assessment RB for Bayside Public Improvement District North Improvement Area Project Series 2016 (NR/NR)

    175,000       5.750   09/15/2036   175,616
    460,000       6.000   09/15/2046   462,075

Royse Special Assessment RB for Parkside Village Public Improvement District Series 2019 (NR/NR)(d)

    825,000       4.125   09/15/2039   821,098
    1,445,000       4.375   09/15/2049   1,436,590

Tarrant County Cultural Education Facilities Finance Corp. RB Refunding for Air Force Village Obligated Group Series 2016 (BB+/NR)

    7,300,000       5.000   05/15/2045   7,861,954

Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A-/A2)(c)

    (3 Mo. LIBOR + 0.70%),            
    6,520,000       1.969   12/15/2026   6,516,153

Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2008 D (A-/A2)

    15,965,000       6.250   12/15/2026   18,789,368

Texas Private Activity Bonds Surface Transportation Corp. RB Refunding for NTE Mobility Partners LLC Series 2019 A (BBB/Baa2)

    5,000,000       4.000   12/31/2037   5,626,700
    3,750,000       4.000   12/31/2038   4,207,800
    3,000,000       4.000   12/31/2039   3,356,550

Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Blueridge Transportation Group, LLC SH 288 Toll Lanes Project Series 2016 (AMT) (BBB-/Baa3)

    3,900,000       5.000   12/31/2050   4,329,078
    3,900,000       5.000   12/31/2055   4,317,807

Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners LLC Series 2013 (AMT) (NR/Baa3)

    5,000,000       6.750   06/30/2043   5,784,400

Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (AMT) (BBB-/Baa3)

    5,585,000       5.000   06/30/2058   6,507,195

Texas Transportation Commission Central Turnpike System RB Refunding Second Tier Series 2015 C (A-/Baa1)

    7,850,000       5.000   08/15/2042   8,869,951

Texas Water Development Board RB for Water Implementation Series 2018 B (AAA/NR)

    14,145,000       5.000   04/15/2049   17,224,932

Town of Little Special Assessment RB for Hillstone Pointe Public Improvement District No. 2 Phases #2-3 Project Series 2018 (NR/NR)(d)

    1,353,000       5.875   09/01/2047   1,440,674

Town of Little Special Assessment RB for Lakeside Estates Public Improvement District No. 2 Project Series 2017 (NR/NR)(d)

    1,400,000       5.000   09/01/2047   1,443,932

Viridian Municipal Management District Tarrant County Special Assessment RB Series 2015 (NR/NR)

    127,000       4.000   12/01/2021   130,651
    500,000       4.000   12/01/2027   513,925
    1,545,000       4.750   12/01/2035   1,619,948
       

 

        448,996,025

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Utah – 0.3%

Carbon County Solid Waste Disposal RB Refunding for Sunnyside Cogeneration Series 1999 A (NR/NR)

$

     10,605,000       7.100 %    08/15/2023   $     11,396,239

Salt Lake City Corporation Airport RB Series 2018 A (AMT) (A+/A2)

    6,000,000       5.000   07/01/2036   7,235,640

Salt Lake City RB for International Airport Series 2017 A (AMT) (A+/A2)

    6,000,000       5.000   07/01/2047   6,973,320
       

 

        25,605,199

 

Vermont – 0.0%

Vermont Economic Development Authority RB Refunding for Wake Robin Corp. Series 2017 A (NR/NR)

    1,000,000       5.000   05/01/2047   1,090,090

 

Virgin Islands – 0.4%

Virgin Islands Public Finance Authority RB Matching Fund Loan Note Senior Lien Series 2010 A (NR/Caa2)

    10,775,000       5.000   10/01/2025   10,839,219
    7,910,000       5.000   10/01/2029   7,941,798

Virgin Islands Public Finance Authority RB Matching Fund Loan Note Series 2012 A (NR/Caa2)

    6,080,000       5.000   10/01/2032   6,095,079

Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2014 C (B/NR)

    9,850,000       5.000   10/01/2039   9,732,982

Virgin Islands Public Finance Authority RB Refunding Series 2014 C (AGM-CR) (AA/A2)

    3,515,000       5.000   10/01/2039   3,908,926

Virgin Islands Public Finance Authority RB Senior Lien Matching Fund Loan Notes Refunding for Cruzan Project Series 2009 A (NR/Caa3)

    2,000,000       6.000   10/01/2039   1,999,920
       

 

        40,517,924

 

Virginia – 1.2%

Alexandria City IDA for Residential Care Facilities Mortgage RB for Goodwin House, Inc. Series 2015 (BBB+/NR)

    2,700,000       5.000   10/01/2045   2,984,229

Mosaic District Community Development Authority RB Series 2011 A (NR/NR)

    1,830,000       6.250   03/01/2021   1,905,835
    2,000,000       6.625   03/01/2026   2,087,400
    7,000,000       6.875   03/01/2036   7,315,910

Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 A-1 (B-/B3)

    11,680,000       6.706   06/01/2046   11,249,592

Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (CCC-/NR)(b)

    236,845,000       0.000   06/01/2047   28,546,928

Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 D (CCC-/NR)(b)

    34,250,000       0.000   06/01/2047   3,808,942

Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (AMT) (BBB/Baa3)

    3,950,000       5.000   12/31/2052   4,499,248
    22,780,000       5.000   12/31/2056   25,865,551

Virginia Small Business Financing Authority Senior Lien RB for 95 Express Lanes LLC Project Series 2017 (AMT) (BBB/NR)

    3,900,000       5.000   07/01/2034   4,150,536
    13,650,000       5.000   01/01/2040   14,485,380

Virginia Small Business Financing Authority Solid Waste Disposal Facilities RB for Covanta Holding Corp. Project Series 2018 (AMT) (B/NR)(d)(f)(g)

    1,000,000       5.000   07/01/2038   1,060,420
       

 

        107,959,971

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Washington – 1.5%

Central Puget Sound Regional Transit Authority Sales Tax & Motor Vehicle Excise Tax RB Series 2016 S-1 (AAA/Aa1)

$

     10,000,000       5.000 %    11/01/2046   $     14,623,900

Skagit County Public Hospital District No. 1 RB for Skagit Valley Hospital Series 2010 (NR/Baa2)(e)

    4,000,000       5.750   12/01/2020   4,164,360

Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (BBB+/Baa1)

    3,790,000       5.000   08/01/2049   4,424,825

Washington State Convention Center Public Facilities District RB Series 2018 (A-/A1)

    5,500,000       5.000   07/01/2058   6,460,410

Washington State Convention Center Public Facilities District RB Series 2018 (AA-/Aa3)

    16,450,000       5.000   07/01/2048   19,603,794
    37,700,000       4.000   07/01/2058   40,693,380
    35,975,000       5.000   07/01/2058   42,316,673

Washington State Housing Finance Commission Nonprofit Housing RB for Presbyterian Retirement Communities Northwest Obligated Group Transforming Age Projects Series 2019 A (BB/NR)(d)

    1,350,000       5.000   01/01/2049   1,479,937
    3,800,000       5.000   01/01/2055   4,144,888
       

 

        137,912,167

 

West Virginia – 0.4%

County of Ohio Special District Excise Tax RB Refunding for Fort Henry Economic Opportunity Development District The Highlands Project Series 2019 B (BBB/NR)

    955,000       3.000   03/01/2035   955,755
    2,685,000       3.000   03/01/2037   2,641,127
    2,685,000       3.250   03/01/2041   2,664,513

West Virginia Economic Development Authority Solid Waste Disposal Facilities RB Refunding for Appalachian Power Co. - Amos Project Series 2010 A (A-/Baa1)

    4,750,000       5.375   12/01/2038   4,897,345

West Virginia Hospital Finance Authority RB Refunding for Cabell Huntington Hospital Obligated Group Series 2018 A (BBB+/Baa1)

    6,120,000       5.000   01/01/2043   7,159,298
    13,000,000       4.125   01/01/2047   13,827,710

West Virginia Hospital Finance Authority RB Refunding for Charleston Area Medical Center, Inc. Obligated Group Series 2019 A (NR/Baa1)

    1,650,000       5.000   09/01/2038   1,996,814
    1,525,000       5.000   09/01/2039   1,840,507
       

 

        35,983,069

 

Wisconsin – 0.6%

Public Finance Authority Beyond Boone LLC-Appalachian State University Project RB Bonds Series 2019 A (AGM) (AA/A2)

    900,000       5.000   07/01/2044   1,052,118
    2,350,000       4.125   07/01/2049   2,547,706
    1,300,000       5.000   07/01/2054   1,505,608
    1,600,000       5.000   07/01/2058   1,809,296

Public Finance Authority Education RB for North Carolina Leadership Charter Academy, Inc. Series 2019 A (NR/NR)(d)

    305,000       4.000   06/15/2029   322,028
    385,000       5.000   06/15/2039   412,566
    495,000       5.000   06/15/2049   525,200
    430,000       5.000   06/15/2054   453,723

Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (AMT) (BBB/Baa3)

    5,900,000       4.300   11/01/2030   6,427,637

Public Finance Authority Minnesota College of Osteopathic Medicine Senior RB Series 2019 A-1 (NR/NR)(d)

    41,995       5.500   12/01/2048   41,995

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Wisconsin – (continued)

Public Finance Authority Minnesota College of Osteopathic Medicine Senior Taxable RB Series 2019 A-2 (NR/NR)(d)

$

     85,207       7.250 %    12/01/2048   $           85,207

Public Finance Authority of Waste Disposal RB Refunding Series 2016 A-4 (AMT) (A-/NR)(f)(g)

    7,000,000       2.000   06/01/2021   7,047,670

Public Finance Authority RB for Prime Healthcare Foundation, Inc. Series 2018 A (BBB-/NR)

    2,600,000       5.200   12/01/2037   3,038,906
    1,525,000       5.350   12/01/2045   1,775,131

Public Finance Authority RB Refunding for Coral Academy of Science Reno Series 2019 A (NR/NR)(d)

    1,950,000       5.000   06/01/2050   2,086,832

Public Finance Authority RB Refunding for Fellowship Senior Living Obligated Group Series 2019 A (BBB+/NR)

    12,080,000       4.000   01/01/2052   12,700,308

Public Finance Authority RB Refunding for Penick Village Obligated Group Series 2019 (NR/NR)(d)

    1,450,000       5.000   09/01/2049   1,571,220
    1,360,000       5.000   09/01/2054   1,460,123

Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (BB/NR)(d)

    2,680,000       6.125   10/01/2049   2,561,624

Public Finance Authority Retirement Communities RB Refunding for The Evergreens Obligated Group Series 2019 A (BBB/NR)

    575,000       5.000   11/15/2044   658,369
    765,000       5.000   11/15/2049   873,347

Public Finance Authority Student Housing RB for CHF-Cullowhee, LLC-Western Carolina University Project Series 2015 A (BBB-/NR)

    3,250,000       5.250   07/01/2047   3,551,860
       

 

        52,508,474

 

Wyoming – 0.4%

County of Campbell RB Refunding for Basin Electric Power Cooperative Series 2019 A (A/A3)

    32,340,000       3.625   07/15/2039   34,487,053

 

TOTAL MUNICIPAL BONDS

(Cost $8,025,435,377)

   $8,778,833,890

 

       
Corporate Bonds – 0.3%

Health Care Equipment & Services – 0.3%

CommonSpirit Health

$

     1,293,000       4.350 %    11/01/2042   $       1,328,084

Prime Healthcare Foundation, Inc. Series B

    16,525,000       7.000     12/01/2027   19,758,876
       

 

        21,086,960

 

TOTAL CORPORATE BONDS
(Cost $17,416,405)		   $     21,086,960

 

TOTAL INVESTMENTS – 98.0%
(Cost $8,042,851,782)		   $8,799,920,850

 

OTHER ASSETS IN EXCESS OF

    LIABILITIES – 2.0%

   183,926,813

 

NET ASSETS – 100.0%   $8,983,847,663

 

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)   Zero coupon bond until next reset date.
(b)   Issued with a zero coupon. Income is recognized through the accretion of discount.
(c)   Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2019.
(d)   Exempt from registration under Rule 144A of the Securities Act of 1933.
(e)   Pre-refunded security. Maturity date disclosed is pre-refunding date.
(f)   Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on December 31, 2019.
(g)   Variable Rate Demand Instruments – rate shown is that which is in effect on December 31, 2019. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.
(h)   When-issued security.
(i)   Security is currently in default.
Security ratings disclosed, if any, are issued by either Standard & Poor’s, Moody’s Investor Service or Fitch and are unaudited. A brief description of the ratings is available in the Fund’s Statement of Additional Information.
 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

 

Investment Abbreviations:
AGC-ICC  

— Agency Insured Custody Certificate

AGM  

— Insured by Assured Guaranty Municipal Corp.

AGM-CR  

— Insured by Assured Guaranty Municipal Corp. Insured Custodial Receipts

AMBAC  

— Insured by American Municipal Bond Assurance Corp.

AMT  

— Alternative Minimum Tax

ASSURED GTY  

— Insured by Assured Guaranty

BAM  

— Build America Mutual Assurance Co.

BHAC-CR  

— Insured by Berkshire Hathaway Assurance Corp. - Insured Custodial Receipts

CA MTG INS  

— Insured by California Mortgage Insurance

COMWLTH GTD  

— Commonwealth Guaranteed

COPS  

— Certificates of Participation

ETM  

— Escrowed to Maturity

FGIC  

— Insured by Financial Guaranty Insurance Co.

GO  

— General Obligation

IDA  

— Industrial Development Authority

LIBOR  

— London Interbank Offered Rate

Mo.  

— Month

MUN GOVT GTD  

— Municipal Government Guaranteed

NATL-RE  

— Insured by National Public Finance Guarantee Corp.

NATL-RE-IBC  

— Insured by National Public Finance Guarantee Corp. - Insured Bond Certificates

NR  

— Not Rated

PCRB  

— Pollution Control Revenue Bond

PILOT  

— Payment in Lieu of Taxes

Q-SBLF  

— Qualified School Board Loan Fund

RB  

— Revenue Bond

RMKT  

— Remarketed

SD CRED PROG  

— School District Credit Program

SIFMA  

— The Securities Industry and Financial Markets Association

ST AID WITHHLDG  

— State Aid Withholding

ST APPROP  

— State Appropriation

USD  

— United States Dollar

WR  

— Withdrawn Rating

XLCA  

— Insured by XL Capital Assurance, Inc.

 

 

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION

 

 

SWAP CONTRACTS — At December 31, 2019, the Fund had the following swap contracts:

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

 

Reference
Obligation/Index(a)		      Financing Rate
Received (Paid) by
the Fund		      Credit
Spread at
December 31,
2019(b)		      Counterparty        Termination
Date		       

Notional

Amount

(000’s)

        Value     Upfront
Premium
(Received)
Paid		      Unrealized
Appreciation/
(Depreciation)		  

 

  

Protection Sold:

 

California State Various Purpose GO Bonds Series 2003, 5.000%, 11/01/2023        1.000%        0.150%        Bank of America NA          03/20/2023        USD  4,000        $ 107,808     $ (63,838 )     $ 171,646  
California State Various Purpose GO Bonds Series 2003, 5.250%, 11/01/2023        1.700         0.080         JPMorgan Chase Bank NA          06/20/2021          10,000          243,924       —        243,924  
California State Various Purpose GO Bonds Series 2003, 5.250%, 11/01/2023        1.000           0.150                03/20/2023          9,000          242,566       (143,636 )       386,202  
California State Various Purpose GO Bonds Series 2003, 5.250%, 11/01/2023        1.000           0.180                09/20/2023          15,000          451,405       (259,775 )       711,180  
Illinois State GO Bonds, Series A, 5.000%, 06/01/2029        1.830           0.970                06/20/2021          10,000          129,046       —        129,046  
California State Various Purpose GO Bonds Series 2003, 5.250%, 11/01/2023        1.000         0.190         Morgan Stanley Co., Inc.          12/20/2023          10,000          316,296       (112,497 )       428,793  
Illinois State GO Bonds, Series A, 5.000%, 06/01/2029        1.000           1.400                12/20/2023          10,000          (137,316 )      (304,504 )       167,188  

 

  

TOTAL

                           $ 1,353,729     $ (884,250 )     $ 2,237,979  

 

  

 

(a)   Payments received quarterly.
(b)   Credit spread on the referenced obligation, together with the period of expiration, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and term of the swap contract increase.

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

 

Payments Made
by the Fund(a)		      Payments
Received by
the Fund		      Termination
Date		        Notional
Amount
(000’s)		      Value      Upfront
Premium
(Received)
Paid		        Unrealized
Appreciation/
(Depreciation)		  

 

  

2.250%

      3 Month LIBOR        12/21/2041          USD  169,400      $ (5,182,312 )     $ (9,844,464)        $ 4,662,152  

2.250

      3 Month LIBOR        03/18/2050          374,650 (b)       (13,225,834 )       (20,992,978)          7,767,144  

 

  

TOTAL

                   $ (18,408,146 )     $ (30,837,442)        $ 12,429,296  

 

  

 

(a)   Payments made semi-annually.
(b)   Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2019.

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – 98.5%

Alabama – 1.5%

Alabama Public School & College Authority RB Refunding for Capital Improvement Series 2015 A (AA/Aa1)

$

     3,385,000       5.000 %   05/01/2023   $       3,815,030

Auburn University General Fee RB Series 2011 A (AA-/Aa2)(a)

    35,365,000       5.000   06/01/2021   37,316,087

Black Belt Energy Gas District RB Project 4 Series 2019 A-1 (A/A3)(b)(c)

    20,000,000       4.000   12/01/2025   22,356,800

Houston County Health Care Authority RB for Southeast Alabama Medical Center Series 2016 A (BBB+/NR)

    75,000       4.000   10/01/2020   76,241
    85,000       4.000   10/01/2021   88,239
    85,000       4.000   10/01/2022   90,050

Huntsville Health Care Authority RB Series 2010 A (NR/A1)(a)

    7,470,000       5.500   06/01/2020   7,602,144

Industrial Development Board PCRB for Alabama Power Company Barry Plant Project RMKT 03/20/17 Series 2007 A (A/A1)(b)(c)

    6,100,000       1.850   03/24/2020   6,107,442

Jefferson County RB Refunding Warrants Series 2017 (AA/NR)

    3,025,000       5.000   09/15/2021   3,220,990
    1,200,000       5.000   09/15/2022   1,317,348
    2,000,000       5.000   09/15/2023   2,261,680

Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (BBB/NR)

    1,300,000       5.000   10/01/2021   1,377,064
    1,745,000       5.000   10/01/2022   1,905,523

Prattville Industrial Development Board RB Refunding for International Paper Company Series 2019 B (BBB/Baa2)(b)(c)

    225,000       2.000   10/01/2024   226,971

Prattville Industrial Development Board Recovery Zone Facility RB Refunding for International Paper Company Series 2019 C (BBB/Baa2)(b)(c)

    225,000       2.000   10/01/2024   226,971

Selma Industrial Development Board Gulf Opportunity Zone RB Refunding for International Paper Company Series 2019 A (BBB/Baa2)(b)(c)

    1,875,000       2.000   10/01/2024   1,891,425

The Southeast Alabama Gas Supply District RB for Project No. 2 Series 2018 B (A/A3)(b)

   

(1 Mo. LIBOR + 0.85%),

  
    25,000,000       1.990   06/01/2024   25,040,500

Troy University RB Refunding Series 2019 A (BAM) (AA/A1)

    400,000       4.000   11/01/2021   419,664
    760,000       4.000   11/01/2022   816,521
       

 

        116,156,690

 

Alaska – 0.6%

Borough of North Slope GO Bonds for General Purpose Series 2018 A (AA/Aa2)

    1,055,000       5.000   06/30/2021   1,115,219
    1,000,000       5.000   06/30/2023   1,056,300

Borough of North Slope GO Bonds for General Purpose Series 2019 A (AA/Aa2)

    16,555,000       5.000   06/30/2021   17,499,960
    6,775,000       5.000   06/30/2022   7,408,327
    10,220,000       5.000   06/30/2023   11,534,496

Borough of North Slope GO Bonds for Schools Series 2019 B (AA/Aa2)

    990,000       5.000   06/30/2023   1,117,334

Municipality of Anchorage GO Refunding Bonds Series 2018 D (AAA/NR)

    5,000,000       4.000   09/01/2022   5,378,950

Northern Tobacco Securitization Corp. RB Asset-Backed Bonds Series 2006 A (NR/A2)

    665,000       4.625   06/01/2023   665,971

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Alaska – (continued)

State of Alaska International Airports System RB Refunding Series 2010 A (AMT) (A+/A1)

$

     1,100,000       5.000 %    10/01/2023   $       1,129,282
       

 

        46,905,839

 

Arizona – 2.4%

Arizona Department of Transportation State Highway RB Series 2013 A (AA+/Aa2)

    14,250,000       5.000   07/01/2023   15,609,450

Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (AA-/NR)(d)

   

(3 Mo. LIBOR + 0.81%),

  
    59,270,000       2.216   01/01/2037   59,075,594

Arizona Industrial Development Authority RB for Equitable School Revolving Fund LLC Obligated Group Series 2019 A (A/NR)

    170,000       5.000   11/01/2020   175,503
    250,000       5.000   11/01/2021   266,367
    250,000       5.000   11/01/2022   274,850
    505,000       5.000   11/01/2023   571,004
    395,000       5.000   11/01/2024   458,548
    340,000       5.000   11/01/2025   404,413

Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (BBB+/NR)

    675,000       5.000   01/01/2022   715,878
    600,000       5.000   01/01/2023   652,398
    575,000       5.000   01/01/2024   639,044

Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project Second Tier Series 2019 B (BBB/NR)

    485,000       5.000   01/01/2022   511,728
    505,000       5.000   01/01/2023   545,582
    560,000       5.000   01/01/2024   617,624

Arizona School Facilities Board COPS Refunding Series 2015 A (AA-/Aa2)

    8,000,000       5.000   09/01/2020   8,206,480

Arizona Transportation Board Excise Tax RB Refunding for Regional Area Road Series 2016 (AA+/Aa1)

    5,820,000       5.000   07/01/2021   6,158,200

Chandler Industrial Development Authority RB for Intel Corp. Series 2019 (AMT) (A+/A1)(b)(c)

    9,365,000       5.000   06/03/2024   10,726,015

City of Phoenix Civic Improvement Corporation RB Refunding Junior Lien Series 2010 A (A+/A1)(a)

    24,425,000       5.000   07/01/2020   24,897,135

City of Phoenix Civic Improvement Corporation RB Taxable Refunding for Rental Car Facility Charge Series 2019 B (A/A2)

    1,000,000       2.007   07/01/2020   999,950
    3,000,000       2.107   07/01/2021   3,003,990
    3,150,000       2.163   07/01/2022   3,159,009
    2,050,000       2.226   07/01/2023   2,056,519

City of Phoenix Civic Improvement Corporation Water System RB Refunding Junior Lien Series 2016 (A+/A1)(a)

    5,000,000       5.000   07/01/2020   5,096,650

County of Pinal RB Refunding Series 2014 (AA-/NR)

    2,465,000       5.000   08/01/2021   2,614,552

Glendale City GO Refunding Bonds Series 2015 (AGM) (AA/A1)

    3,000,000       4.000   07/01/2020   3,042,480
    3,400,000       4.000   07/01/2021   3,544,704
    1,665,000       5.000   07/01/2022   1,824,274

Maricopa County Community College District GO Refunding Bonds Series 2016 (AAA/Aaa)

    9,505,000       5.000   07/01/2021   10,058,761
    16,400,000       5.000   07/01/2023   18,583,332

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Arizona – (continued)

Maricopa County Industrial Development Authority RB Refunding for Legacy Traditional School Obligated Group Series 2019 A (SD CRED PROG) (AA-/Ba2)

$

     125,000       4.000 %    07/01/2023   $          135,619
    135,000       4.000   07/01/2024   148,986
       

 

        184,774,639

 

Arkansas – 0.2%

Conway Health Facilities Board RB Refunding for Conway Regional Medical Center, Inc. Series 2019 (BBB+/NR)

    250,000       5.000   08/01/2021   262,502
    250,000       5.000   08/01/2022   269,918
    235,000       5.000   08/01/2023   260,183
    400,000       5.000   08/01/2024   452,916

Fort Smith School District No. 100 GO Bonds for Arkansas Construction Series 2018 A (ST AID WITHHLDG) (NR/Aa2)

    1,295,000       3.000   02/01/2021   1,319,463
    1,950,000       3.000   02/01/2022   2,023,378
    1,510,000       3.000   02/01/2023   1,586,995

Little Rock Arkansas Sewer RB Refunding Series 2015 (NR/Aa3)

    1,075,000       3.000   10/01/2020   1,090,007

Pulaski County Little Rock School District GO Refunding Bonds Series 2015 (ST AID WITHHLDG) (NR/Aa2)

    6,050,000       3.000   02/01/2021   6,164,284
       

 

        13,429,646

 

California – 6.2%

Alameda Corridor Transportation Authority RB for Capital Appreciation Refunding Subordinate Lien Series 2004 A (AMBAC) (BBB+/Baa2)(e)

    255,000       0.000   10/01/2020   251,435

Alameda Corridor Transportation Authority RB for Capital Appreciation Refunding Subordinate Lien Series 2004 A (ETM) (AMBAC) (NR/Aaa)(a)(e)

    12,325,000       0.000   10/01/2020   12,224,798

Atwater Wastewater RB Refunding Series 2017 A (AGM) (AA/NR)

    500,000       5.000   05/01/2021   526,515
    335,000       5.000   05/01/2022   364,604
    300,000       5.000   05/01/2023   337,170
    265,000       5.000   05/01/2024   307,124

Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area RMKT 05/01/13 Series 2006 C-1 (AA/Aa3)(b)

(SIFMA Municipal Swap Index Yield + 0.90%),

    10,000,000       2.510   05/01/2023   10,169,000

Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area RMKT 06/03/13 Series 2006 C-1 (AA/Aa3)(b)

(SIFMA Municipal Swap Index Yield + 0.90%),

    7,000,000       2.510   05/01/2023   7,118,300

Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area Series 2001 A (AA/NR)(b)

(SIFMA Municipal Swap Index Yield + 1.25%),

    15,000,000       2.860   04/01/2027   15,638,250

Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area Series 2017 C (AA/Aa3)(b)(c)

    11,175,000       2.100   04/01/2022   11,384,755

California Community College Financing Authority RB for NCCD-Orange Coast Properties LLC Series 2018 (BBB-/NR)

    255,000       5.000   05/01/2021   266,753
    1,000,000       5.000   05/01/2023   1,107,980
    535,000       5.000   05/01/2024   607,450

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

California – (continued)

California Infrastructure & Economic Development Bank RB Refunding for The J. Paul Getty Trust Project Series 2013 A-1 (AAA/Aaa)(b)

   

(1 Mo. LIBOR + 0.33%),

  

$

     20,000,000       1.526 %    04/01/2022   $     20,025,400

California Municipal Finance Authority RB for Anaheim Electric System Distribution Facilities 2nd Lien Qualified Obligations Series 2015 (A+/NR)(b)

(SIFMA Municipal Swap Index Yield + 0.35%),

    10,000,000       1.960   12/01/2020   10,003,600

California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A-/A3)

    1,100,000       5.000   02/01/2020   1,103,311

California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (NR/Baa1)

    325,000       5.000   10/01/2020   333,947
    250,000       5.000   10/01/2021   265,765
    250,000       5.000   10/01/2022   274,272
    225,000       5.000   10/01/2023   254,068
    275,000       5.000   10/01/2024   318,805
    275,000       5.000   10/01/2025   326,136

California Municipal Finance Authority Student Housing RB for Bowles Hall Foundation Series 2015 A (NR/Baa3)

    150,000       3.000   06/01/2020   151,009
    100,000       4.000   06/01/2022   105,942

California State Various Purpose GO Bonds RMKT 11/15/17 Series 2013 B (AA-/Aa2)(b)

(SIFMA Municipal Swap Index Yield + 0.38%),

    15,000,000       1.990   12/01/2022   15,038,850

California Statewide Communities Development Authority RB for Irvine East Campus Apartments, CHF-Irvine LLC Series 2017 (NR/Baa1)

    1,545,000       5.000   05/15/2021   1,624,753

California Statewide Communities Development Authority RB for Methodist Hospital of Southern California Obligated Group Series 2018 (BBB+/NR)

    250,000       5.000   01/01/2020   250,000
    300,000       5.000   01/01/2021   310,599
    500,000       5.000   01/01/2022   534,855
    500,000       5.000   01/01/2023   551,340

California Statewide Communities Development Authority RB Refunding for Irvine East Campus Apartments, CHF-Irvine LLC Series 2016 (NR/Baa1)

    1,150,000       5.000   05/15/2020   1,166,088
    1,250,000       5.000   05/15/2021   1,314,525

Chino Public Financing Authority Tax Exempt RB Series 2019 A (NR/NR)

    275,000       3.000   09/01/2020   278,173
    195,000       3.000   09/01/2021   200,103
    205,000       3.000   09/01/2022   212,936
    210,000       3.000   09/01/2023   220,259
    215,000       3.000   09/01/2024   226,877
    225,000       4.000   09/01/2025   249,986

Chula Vista Elementary School District GO Bonds Anticipation Notes Series 2019 (AA-/NR)(e)

    2,340,000       0.000   08/01/2023   2,247,687

Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2017 A-1 (A/NR)

    6,000,000       5.000   06/01/2020   6,088,140
    5,000,000       5.000   06/01/2021   5,247,000
    6,000,000       5.000   06/01/2022   6,491,700
    6,000,000       5.000   06/01/2023   6,676,020

Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-1 (BB-/NR)

    13,885,000       3.500   06/01/2036   14,196,857

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

California – (continued)

Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds Series 2019 (A-/NR)

$

     1,875,000       3.678 %    06/01/2038   $       1,912,838

Irvine City Limited Obligation Improvement Bonds Reassessment District No. 15-2 Series 2015 (NR/NR)

    725,000       4.000   09/02/2020   737,209
    775,000       5.000   09/02/2021   819,725

Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 A (NR/NR)

    1,765,000       5.000   09/01/2022   1,921,714
    1,135,000       5.000   09/01/2023   1,270,610

Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 B (NR/NR)

    600,000       4.000   09/01/2023   646,896

Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 C (NR/NR)

    520,000       4.000   09/01/2023   560,643

Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 D (NR/NR)

    255,000       3.000   09/01/2022   263,124
    415,000       4.000   09/01/2023   447,437

Lake Elsinore Public Financing Authority Local Agency RB Refunding for Community Facilities District No. 88-3 Series 2015 B (AGM) (AA/NR)

    1,235,000       5.000   09/01/2020   1,268,530

Lake Elsinore Public Financing Authority Local Agency RB Refunding Series 2015 (NR/NR)

    785,000       5.000   09/01/2021   827,900

Los Angeles Unified School District GO Bonds for Qualified School Construction Series 2010 J-2 (A+/Aa3)

    27,900,000       5.720   05/01/2027   33,344,127

Los Angeles Unified School District GO Bonds Series KRY 2010 (A+/Aa3)

    29,145,000       5.250   07/01/2028   29,748,593

Mizuho Floater & Residual Trust Special Tax Series 2019-MIZ9003 (NR/A1)(b)(c)(f)

    24,960,000       1.810   01/09/2020   24,960,000

Natomas Unified School District GO Refunding Bonds Series 2013 (BAM) (AA/A1)

    730,000       4.000   09/01/2020   744,629
    650,000       4.000   09/01/2021   682,591

Northern California Gas Authority No. 1 RB for Gas Project Series 2007 B (BBB+/A3)(d)

   

(3 Mo. LIBOR + 0.72%),

  
    10,855,000       2.126   07/01/2027   10,743,194

Rancho Cordova Community Facilities District No. 2003-1 Special Tax Refunding for Sunridge Anatolia Series 2016 (NR/NR)

    380,000       4.000   09/01/2022   399,593

Roseville California Community Facilities District No. 1 Special Tax Refunding for Fiddyment Ranch Project Series 2017 (NR/NR)

    1,000,000       4.000   09/01/2020   1,017,160
    675,000       5.000   09/01/2021   713,941
    800,000       5.000   09/01/2022   870,408
    1,835,000       5.000   09/01/2023   2,048,263

Sacramento County Sanitation District Financing Authority RB Refunding for Sacramento County Regional Series 2007 B (NATL-RE) (AA/Aa3)(d)

   

3 Mo. LIBOR + 0.53%),

  
    47,675,000       1.808   12/01/2035   45,605,905

San Diego Community College District GO Bonds for Election of 2006 Series 2013 (AAA/Aaa)(g)

    42,470,000       0.000   08/01/2041   23,316,030

San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Second Series 2012 A (AMT) (A+/A1)

    6,250,000       5.000   05/01/2026   6,814,375

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

California – (continued)

State of California GO Bonds for General Obligation High Speed Train Series 2017 A (AA-/Aa2)

$

     12,400,000       2.367 %    04/01/2022   $     12,573,724

State of California GO Unlimited Various Purpose Bonds Series 2019 A (AA-/Aa2)

    29,705,000       2.350   04/01/2022   30,116,711

State of California Various Purpose GO Bonds for Bid Group A Series 2018 (AA-/Aa2)

    52,000,000       5.000   10/01/2022   57,673,720

Stockton Public Financing Authority Wastewater RB Series 2019 (A/NR)

    8,950,000       1.400   06/01/2022   8,941,140

Tobacco Securitization Authority Northern California Tobacco Settlement RB Asset-Backed Bonds Series 2005 A-1 (BBB/Baa2)

    810,000       4.750   06/01/2023   814,188

Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 A-1 (A/NR)

    1,415,000       5.000   06/01/2020   1,437,032
    2,500,000       5.000   06/01/2021   2,631,350
    2,000,000       5.000   06/01/2022   2,175,580
    1,750,000       5.000   06/01/2024   2,016,245

Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-1 (BBB+/NR)

    750,000       2.250   06/01/2029   762,060

University of California Regents Medical Center Pooled RB Refunding Series 2007 C-2 (NATL-RE) (AA-/Aa3)(d)

   

(3 Mo. LIBOR + 0.61%),

  
    3,500,000       1.890     05/15/2030   3,512,845
   

(3 Mo. LIBOR + 0.74%),

  
    15,000,000       2.020   05/15/2043   14,347,200

Ventura County Capital Appreciation GO Bonds for Conejo Valley Unified School District for Election of 2014 Series A (AGM)
(AA/Aa3)(e)

    1,775,000       0.000   08/01/2020   1,762,273
       

 

        487,042,640

 

Colorado – 2.3%

City & County of Denver GO Bonds Series 2019 C (AAA/Aaa)

    13,535,000       5.000   08/01/2021   14,369,297

City of Aurora COPS Refunding Series 2019 (AA/Aa1)

    1,000,000       5.000   12/01/2020   1,035,060
    450,000       5.000   12/01/2021   482,562
    325,000       5.000   12/01/2022   360,604
    275,000       5.000   12/01/2023   314,611
    875,000       5.000   12/01/2024   1,031,187

City of Boulder Water & Sewer RB Refunding Series 2012 (AAA/Aa1)

    1,000,000       5.000   12/01/2020   1,035,620

Colorado E-470 Public Highway Authority Senior RB Refunding Series 2015 A (A/A2)

    1,000,000       5.000   09/01/2020   1,024,600

Colorado Health Facilities Authority RB for CommonSpirit Health Obligated Group Catholic Health Initiatives Project Series 2013 A (BBB+/Baa1)(a)

    2,775,000       5.250   01/01/2023   3,104,587

Colorado Health Facilities Authority RB for CommonSpirit Health Obligated Group Catholic Health Initiatives Project Series 2019 B-1 (BBB+/Baa1)(b)(c)

    8,275,000       5.000   08/01/2025   9,560,108

Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (BBB+/Baa1)

    3,890,000       5.000   08/01/2025   4,575,146

Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (BBB+/Baa1)

    3,995,000       5.000   08/01/2025   4,698,639

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Colorado – (continued)

Colorado Health Facilities Authority RB Refunding for Covenant Retirement Communities, Inc. Series 2015 A (A-/NR)

$

     1,000,000       5.000 %    12/01/2020   $       1,032,100

Colorado Health Facilities Authority RB Refunding for Evangelical Lutheran Good Samaritan Society Project Series 2017 (ETM) (A-/NR)(a)

    400,000       5.000   06/01/2020   406,428
    700,000       5.000   06/01/2021   738,115
    500,000       5.000   06/01/2022   546,270

Colorado Health Facilities Authority RB Refunding for Sanford Obligated Group Series 2019 A (A+/NR)

    3,025,000       5.000   11/01/2020   3,120,620
    2,245,000       5.000   11/01/2021   2,399,995
    1,800,000       5.000   11/01/2022   1,990,026
    1,350,000       5.000   11/01/2023   1,539,432
    1,120,000       5.000   11/01/2024   1,312,718

Colorado Health Facilities Authority RB Refunding for Sisters of Charity of Leavenworth Health System, Inc. Obligated Group Series 2019 A (AA-/Aa3)

    965,000       5.000   01/01/2022   1,036,458
    795,000       5.000   01/01/2023   882,061
    1,500,000       5.000   01/01/2024   1,714,755

Colorado Health Facilities Authority Taxable RB Refunding for Sanford Obligated Group Series 2019 B (A+/NR)

    1,000,000       2.075   11/01/2020   999,910
    800,000       2.185   11/01/2021   801,376
    1,275,000       2.237   11/01/2022   1,277,091
    1,250,000       2.396   11/01/2023   1,253,675

Denver City & County Airport RB Refunding for Department of Aviation Series 2019 D (A+/A1)(b)(c)

    8,270,000       5.000   11/15/2022   9,149,928

Denver City & County School District No. 1 GO Bonds Series 2012 B (ST AID WITHHLDG) (AA+/Aa1)(a)

    24,390,000       5.000   12/01/2022   27,144,850

Denver City & County School District No. 1 GO Refunding Bonds Series 2012 A (ST AID WITHHLDG) (AA+/Aa1)(a)

    4,060,000       5.000   12/01/2021   4,362,592

Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (BBB/NR)(f)

    2,415,000       5.000   12/01/2020   2,492,739
    4,110,000       5.000   12/01/2021   4,382,247
    4,315,000       5.000   12/01/2022   4,732,994
    4,530,000       5.000   12/01/2023   5,104,766
    4,760,000       5.000   12/01/2024   5,496,562

Denver Health & Hospital Authority COPS Series 2018 (BBB/NR)

    110,000       5.000   12/01/2020   113,541
    220,000       5.000   12/01/2021   234,573
    300,000       5.000   12/01/2022   329,061

Jefferson County School District R-1 GO Bonds Series 2012 (ST AID WITHHLDG) (AA/Aa2)(a)

    5,925,000       4.000   12/15/2022   6,431,410
    12,040,000       5.000   12/15/2022   13,417,857

South Sloan’s Lake Metropolitan District No. 2 GO Improvement Bonds Series 2019 (AGM) (AA/Baa3)

    25,000       5.000   12/01/2021   26,627
    50,000       5.000   12/01/2022   54,829
    150,000       5.000   12/01/2024   172,829

University of Colorado Enterprise System RB Refunding Series 2019 A-2 (AA+/Aa1)

    5,610,000       1.780   06/01/2024   5,550,702

University of Colorado Hospital Authority RB Refunding for University of Colorado Health Obligated Group Series 2019 C (AA/Aa3)(b)(c)

    17,145,000       5.000   11/15/2024   19,822,192

University of Colorado Hospital Authority RB Series 2017 C-2 (AA/Aa3)(b)(c)

    7,230,000       5.000   03/01/2022   7,674,067

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Colorado – (continued)

Vauxmont Metropolitan District GO Refunding Bonds Series 2020 (AGM) (AA/NR)(h)

$

     150,000       5.000 %    12/01/2021   $          155,398
    165,000       5.000   12/01/2022   175,550
    195,000       5.000   12/01/2023   212,802
    200,000       5.000   12/01/2024   223,426
    180,000       5.000   12/01/2025   205,144
       

 

        180,309,737

 

Connecticut – 2.7%

City of New Haven GO Bonds Series 2018 A (BBB+/NR)

    1,250,000       5.000   08/01/2021   1,315,938
    1,000,000       5.000   08/01/2023   1,112,300
    945,000       5.000   08/01/2024   1,076,676
    600,000       5.000   08/01/2025   698,034

City of New Haven GO Bonds Series 2019 A (AGM) (AA/A2)

    1,500,000       5.000   08/01/2023   1,686,780

City of New Haven GO Bonds Series 2019 A (BBB+/Baa1)

    1,300,000       5.000   08/01/2021   1,368,783

City of New Haven GO Refunding Bonds Series 2019 B (BBB+/Baa1)

    600,000       5.000   02/01/2021   621,768

Connecticut State GO Bonds Series 2013 A (A/A1)

    5,215,000       5.000   10/15/2023   5,932,480

Connecticut State GO Bonds Series 2015 C (A/A1)(d)

(SIFMA Municipal Swap Index Yield + 0.80%),

    10,000,000       2.410   06/15/2020   10,024,200

Connecticut State GO Bonds Series 2015 F (A/A1)

    6,615,000       5.000   11/15/2021   7,082,614
    5,685,000       5.000   11/15/2022   6,298,412
    4,460,000       5.000   11/15/2023   5,086,407

Connecticut State GO Bonds Series 2017 A (A/A1)

    1,705,000       5.000   04/15/2022   1,852,005

Connecticut State GO Refunding Bonds Series 2010 D (A/A1)

    7,500,000       5.000   10/01/2022   7,712,700

Connecticut State GO Refunding Bonds Series 2017 B (A/A1)

    18,110,000       3.000   04/15/2022   18,857,762

Connecticut State Health & Educational Facilities Authority RB for Yale New Haven Health System Series 2014 B (AA-/Aa3)(b)(c)

    2,880,000       1.800   07/01/2024   2,928,010

Connecticut State Health & Educational Facilities Authority RB for Yale University Series 2010 A-3 (AAA/Aaa)(b)(c)

    11,260,000       1.800   02/09/2021   11,340,959

Connecticut State Health & Educational Facilities Authority RB for Yale University Series 2017 T-2 (AAA/Aaa)(b)(c)

    2,440,000       1.650   02/03/2020   2,441,025

Connecticut State Health & Educational Facilities Authority RB for Yale University Series 2019 U-1 (AAA/Aaa)(b)(c)

    13,300,000       2.000   02/08/2022   13,517,854

Connecticut State Health & Educational Facilities Authority RB Refunding for The University of Hartford Series 2019 (BBB-/NR)

    100,000       5.000   07/01/2021   105,062
    400,000       5.000   07/01/2022   434,748
    415,000       5.000   07/01/2023   464,335
    375,000       5.000   07/01/2024   430,399

Connecticut State Health & Educational Facilities Authority RB Refunding for Yale University Series 2017 B-1 (AAA/Aaa)(b)(c)

    4,925,000       5.000   07/01/2020   5,019,708

Connecticut State Health & Educational Facilities Authority RB Refunding for Yale University Series 2017 C-2 (AAA/Aaa)(b)(c)

    62,750,000       5.000   02/01/2023   69,904,755

New Haven GO Refunding Bonds Series 2015 B (ETM) (BAM) (AA/Baa1)(a)

    6,115,000       5.000   08/15/2021   6,496,026

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Connecticut – (continued)

State of Connecticut Special Tax Obligation RB for Transportation Infrastructure Purpose Build America Bonds Series 2010 B (A+/A1)

$

     3,780,000       4.576 %    11/01/2022   $       4,025,208

State of Connecticut Special Tax Obligation RB Refunding for Transportation Infrastructure Purposes Series 2011 B (A+/A1)

    5,035,000       3.000   12/01/2022   5,204,579

Town of Fairfield GO Bonds Series 2019 (SP-1+/MIG1)

    3,435,000       3.000   07/10/2020   3,468,525

University of Connecticut GO Bonds Series 2015 A (A+/A1)

    8,640,000       5.000   02/15/2021   9,005,904

West Haven GO Bonds Series 2017 A (BBB/Baa3)

    400,000       4.000   11/01/2020   404,840
    400,000       4.000   11/01/2021   410,212
    415,000       5.000   11/01/2022   442,182
    400,000       5.000   11/01/2023   433,456

West Haven GO Bonds Series 2017 B (BBB/Baa3)

    390,000       4.000   11/01/2020   394,719
    790,000       5.000   11/01/2022   841,745
       

 

        208,441,110

 

Delaware – 0.5%

Delaware Health Facilities Authority RB for Beebee Medical Center Project Series 2018 (BBB/NR)

    475,000       5.000   06/01/2023   526,338
    305,000       5.000   06/01/2024   346,209

Delaware State GO Bonds Series 2014 (AAA/Aaa)(a)

    15,000,000       5.000   03/01/2022   16,262,550

Delaware State GO Bonds Series 2018 A (AAA/Aaa)

    3,250,000       5.000   02/01/2021   3,387,897
    3,500,000       5.000   02/01/2022   3,783,990
    1,750,000       5.000   02/01/2023   1,959,125

State of Delaware GO Unlimited Bonds Series 2014 (AAA/Aaa)(a)

    14,800,000       4.000   03/01/2022   15,730,328
       

 

        41,996,437

 

District of Columbia – 1.2%

District of Columbia RB for KIPP DC Obligated Group Series 2019 (BBB+/NR)

    230,000       4.000   07/01/2021   238,397
    200,000       5.000   07/01/2023   222,908

District of Columbia RB for National Public Radio, Inc. Series 2010 A (A+/A2)(a)

    3,205,000       5.000   04/01/2020   3,234,806

District of Columbia RB Refunding Series 2019 A (AAA/Aa1)

    14,170,000       5.000   03/01/2023   15,893,214
    5,000,000       5.000   03/01/2024   5,787,900

District of Columbia RB Refunding Series 2019 C (AAA/Aa1)

    15,000,000       5.000   10/01/2020   15,435,750
    8,000,000       5.000   10/01/2021   8,540,320
    10,000,000       5.000   10/01/2022   11,059,400
    15,715,000       5.000   10/01/2023   17,961,616

District of Columbia Water & Sewer Authority RB Refunding Subordinate Lien Series 2019 C (AA+/Aa2)(b)(c)

    6,675,000       1.750   10/01/2024   6,799,289

Metropolitan Washington Airports Authority RB Refunding Series 2012 A (AMT) (AA-/Aa3)

    4,100,000       5.000   10/01/2029   4,484,129

Metropolitan Washington Airports Authority RB Refunding Series 2015 B (AMT) (AA-/Aa3)

    4,750,000       5.000   10/01/2020   4,881,480
       

 

        94,539,209

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Florida – 4.2%

Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (A-/NR)

$

     325,000       2.000 %    05/01/2020   $          325,448
    335,000       2.250   05/01/2021   337,275
    340,000       2.250   05/01/2022   342,989
    350,000       2.500   05/01/2023   355,929

Arborwood Community Development District RB Capital Improvement Refunding Senior Lien Series 2018 A-1 (AGM) (AA/NR)

    1,085,000       2.000   05/01/2020   1,086,540
    1,110,000       2.125   05/01/2021   1,116,305
    1,135,000       2.250   05/01/2022   1,148,870
    1,160,000       2.500   05/01/2023   1,187,573

Avelar Creek Community Development District Special Assessment Refunding Series 2016 (A-/NR)

    165,000       2.000   05/01/2020   165,412
    170,000       2.000   05/01/2021   171,471

Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015 A-1 (A-/NR)

    555,000       2.600   05/01/2020   557,437
    570,000       3.000   05/01/2021   582,101
    465,000       3.125   05/01/2022   482,414
    465,000       3.250   05/01/2023   489,589

Bay Laurel Center Community Development District Special Assessment RB Refunding Series 2016 Candler (BBB+/NR)

    125,000       2.250   05/01/2020   125,410
    130,000       2.250   05/01/2021   131,585
    130,000       2.250   05/01/2022   132,306

Baywinds Community Development District Senior Special Assessment Refunding Bonds Series 2017 A-1 (BBB-/NR)

    285,000       3.500   05/01/2020   286,918
    295,000       3.500   05/01/2021   302,605
    305,000       3.500   05/01/2022   317,960

Bonterra Community Development District Special Assessment Bonds Senior Series 2017 A-1 (A-/NR)

    180,000       2.000   05/01/2020   180,367
    185,000       2.100   05/01/2021   186,550
    185,000       2.375   05/01/2022   187,956
    190,000       2.500   05/01/2023   194,454

Broward County School Board COPS Series 2017 C (A+/Aa3)

    2,070,000       5.000   07/01/2023   2,338,727

Cape Coral Florida Water & Sewer Revenue Special Assessment Refunding Various Areas Series 2017 (AGM) (AA/A2)

    925,000       1.900   09/01/2020   927,118
    1,165,000       2.125   09/01/2022   1,177,163
    1,035,000       2.250   09/01/2023   1,053,992

Caribe Palm Community Development District Special Assessment Refunding Series 2017 (A-/NR)

    81,000       3.500   05/01/2020   81,601
    85,000       3.500   05/01/2021   87,452
    83,000       3.500   05/01/2022   86,974
    87,000       3.500   05/01/2023   92,536
    40,000       4.000   05/01/2024   43,879

Central Florida Expressway Authority RB Senior Lien Series 2019 A (A+/A1)

    360,000       5.000   07/01/2020   366,833
    625,000       5.000   07/01/2021   660,650
    430,000       5.000   07/01/2022   470,351
    1,240,000       5.000   07/01/2023   1,400,518

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Florida – (continued)

Central Florida Expressway Authority RB Senior Lien Series 2019 B (A+/A1)

$

     500,000       5.000 %    07/01/2020   $          509,490
    1,100,000       5.000   07/01/2021   1,162,744
    750,000       5.000   07/01/2022   820,380
    2,225,000       5.000   07/01/2023   2,513,026

Century Gardens at Tamiami Community Development District Special Assessment Bonds Series 2018 (BBB/NR)

    95,000       3.000   11/01/2020   95,900
    95,000       3.000   11/01/2021   96,850
    100,000       3.000   11/01/2022   102,897
    105,000       3.000   11/01/2023   108,476
    105,000       3.500   11/01/2024   111,366

Century Gardens at Tamiami Community Development District Special Assessment Refunding Series 2016 (BBB/NR)

    220,000       2.000   05/01/2020   220,218
    225,000       2.250   05/01/2021   226,586

Concord Station Community Development District Capital Improvement RB Refunding Senior Lien Series 2016 A-1 (A/NR)

    830,000       2.000   05/01/2020   831,038
    840,000       2.000   05/01/2021   843,175
    860,000       2.125   05/01/2022   867,284

Coronado Community Development District Special Assessment Refunding & Improvement Bonds Series 2017 (BBB/NR)

    119,000       2.375   05/01/2020   119,361
    122,000       2.625   05/01/2021   123,699
    126,000       2.750   05/01/2022   129,058

Country Greens Community Development District Special Assessment RB Refunding Senior Lien Series 2016 A-1 (A-/NR)

    160,000       3.000   05/01/2024   166,818

Country Walk Community Development District Special Assessment Senior Lien RB Refunding Series 2015 A-1 (A-/NR)

    185,000       2.750   05/01/2020   185,988

County of Broward RB for Airport System Series 2019 A (AMT) (A+/A1)

    3,000,000       5.000   10/01/2020   3,082,590
    1,110,000       5.000   10/01/2021   1,181,184
    740,000       5.000   10/01/2022   812,690
    625,000       5.000   10/01/2023   705,988
    945,000       5.000   10/01/2024   1,095,529

County of Broward RB Refunding for Airport System Series 2019 B (AMT) (A+/A1)

    920,000       5.000   10/01/2020   945,328
    265,000       5.000   10/01/2021   281,994
    285,000       5.000   10/01/2022   312,995
    215,000       5.000   10/01/2023   242,860
    355,000       5.000   10/01/2024   411,548

County of Escambia RB Refunding for International Paper Company, Series 2019 B (BBB/Baa2)(b)(c)

    425,000       2.000   10/01/2024   428,723

County of Escambia Solid Waste Disposal System RB for Gulf Power Company First Series 2009 (A/A2)(b)(c)

    14,400,000       1.800   11/19/2020   14,462,496

County of Hillsborough Utility RB Refunding Series 2019 (AA+/Aaa)

    1,870,000       5.000   08/01/2020   1,912,318
    3,490,000       5.000   08/01/2021   3,704,565
    1,615,000       5.000   08/01/2022   1,773,690
    3,750,000       5.000   08/01/2023   4,253,475

County of Miami-Dade Aviation RB Refunding Series 2012 A (AMT) (A/A2)(a)

    8,810,000       5.000   10/01/2022   9,685,890

County of Miami-Dade Florida Transit System RB Refunding Series 2019 (AA/NR)

    3,490,000       5.000   07/01/2024   4,073,284

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Florida – (continued)

County of Miami-Dade RB for Water & Sewer System Series 2010 (AA-/Aa3)(a)

$

     17,845,000       5.000 %    10/01/2020   $     18,367,323

County of Orange Sales Tax RB Refunding Series 2012 C (AA+/Aa1)

    8,885,000       5.000   01/01/2020   8,885,000

County of Osceola Transportation RB Refunding Series 2019 A-1 (BBB+/NR)(h)

    300,000       5.000   10/01/2021   318,525
    250,000       5.000   10/01/2022   273,848
    315,000       5.000   10/01/2023   355,030
    300,000       5.000   10/01/2024   346,587
    275,000       5.000   10/01/2025   324,346

Double Branch Community Development District Special Assessment Refunding Senior Lien Series 2013 A-1 (A/NR)

    250,000       3.000   05/01/2020   251,555

Durbin Crossing Community Development District Special Assessment Refunding Senior Series 2017 A-1 (AGM) (AA/NR)

    1,465,000       2.000   05/01/2020   1,466,641
    1,495,000       2.125   05/01/2021   1,504,074

Enclave at Black Point Marina Community Development District Special Assessment Refunding & Improvement Series 2017 (BBB/NR)

    120,000       3.000   05/01/2020   120,600
    120,000       3.000   05/01/2021   122,261
    125,000       3.000   05/01/2022   128,745
    130,000       3.000   05/01/2023   135,053

Florida Department of Management Services COPS Refunding Series 2018 A (AA+/Aa1)

    10,000,000       5.000   11/01/2022   11,085,200

Florida Development Finance Corp. RB for Imagine School at Broward Series 2019 A (NR/Baa3)(f)

    300,000       2.625   12/15/2024   302,181

Florida Development Finance Corp. RB Refunding for Virgin Trains USA Florida LLC Series 2019 B (AMT) (NR/Aaa)(b)(c)

    59,000,000       1.900   03/17/2020   59,064,310

Florida State Full Faith and Credit State Board of Education Public Education Capital Outlay Tax-Exempt Bonds Series 2011 A (AAA/Aaa)

    5,860,000       5.000   06/01/2021   5,955,635

Fontainbleau Lakes Community Development District Special Assessment RB Refunding Series 2016 (BBB+/NR)

    225,000       2.000   05/01/2020   225,527
    230,000       2.000   05/01/2021   231,838
    235,000       2.500   05/01/2022   240,290
    245,000       2.500   05/01/2023   251,706
    245,000       2.500   05/01/2024   252,232
    255,000       2.750   05/01/2025   265,090
    260,000       3.000   05/01/2026   274,318

Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (A-/NR)(f)

    225,000       3.500   05/01/2020   226,670
    235,000       3.500   05/01/2021   241,655
    245,000       3.500   05/01/2022   256,270
    250,000       3.500   05/01/2023   265,320

Heritage Isle at Viera Community Development District Special Assessment Refunding Series 2017 (AGM) (AA/NR)

    185,000       4.000   05/01/2020   186,447
    190,000       4.000   05/01/2021   195,761
    200,000       4.000   05/01/2022   208,994
    205,000       4.000   05/01/2023   217,648

Heritage Landing Community Development District Special Assessment Refunding Series 2015 (BBB/NR)

    535,000       2.500   05/01/2020   536,541

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Florida – (continued)

Highlands Community Development District Special Assessment Refunding Series 2016 (BBB/NR)

$

     285,000       2.250 %    05/01/2020   $       285,644
    290,000       2.250   05/01/2021   292,236
    295,000       2.250   05/01/2022   298,269
    305,000       2.500   05/01/2023   311,951
    315,000       2.750   05/01/2024   326,365
    320,000       3.000   05/01/2025   335,696

Lake Frances Community Development District Special Assessment Refunding Series 2018 (BBB-/NR)

    71,000       3.000   05/01/2020   71,388
    75,000       3.000   05/01/2021   76,592
    79,000       3.000   05/01/2022   81,751
    82,000       3.000   05/01/2023   85,920
    81,000       3.000   05/01/2024   85,591
    84,000       3.000   05/01/2025   89,257

Lakeshore Ranch Community Development District Senior Special Assessment Refunding Series 2019 A-1 (BBB+/NR)

    205,000       3.000   05/01/2020   205,896
    250,000       3.000   05/01/2021   253,882
    135,000       3.000   05/01/2022   138,359
    270,000       3.000   05/01/2023   278,813
    355,000       3.000   05/01/2024   368,330

Lee County Moody River Estates Community Development District Special Assessment Refunding Senior Series 2017 A-1 (A-/NR)

    275,000       3.500   05/01/2020   276,887
    290,000       3.500   05/01/2021   297,746
    300,000       3.500   05/01/2022   313,236
    305,000       3.500   05/01/2023   323,998
    320,000       3.500   05/01/2024   344,515

Miami Special Obligation Non-Ad Valorem RB for Port of Miami Tunnel Project Series 2012 (AA-/Aa3)(f)

    2,510,000       5.000   03/01/2020   2,525,637
    2,635,000       5.000   03/01/2021   2,741,955
    2,770,000       5.000   03/01/2022   2,978,941

Miami-Dade County Industrial Development Authority Solid Waste Disposal RB Refunding for Waste Management, Inc. Project Series 2018 A (AMT) (A-/NR)(b)

(SIFMA Municipal Swap Index Yield + 0.80%),

    15,065,000       2.410   11/01/2021   15,085,338

New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (BBB/NR)(f)(h)

    105,000       3.500   05/01/2021   106,753
    110,000       3.500   05/01/2022   112,972
    115,000       3.500   05/01/2023   119,219
    120,000       3.500   05/01/2024   125,434
    125,000       3.500   05/01/2025   131,471

North Broward Hospital District RB Refunding for Broward Health Series 2017 B (BBB+/Baa2)

    1,025,000       5.000   01/01/2020   1,025,000
    1,000,000       5.000   01/01/2021   1,032,910
    1,000,000       5.000   01/01/2022   1,064,410

Oak Creek Community Development District Special Assessment Refunding Bonds Series 2015 A-1 (A+/NR)

    185,000       3.750   05/01/2024   196,474

Orange County School Board COPS Series 2012 B (AA/Aa2)(a)

    18,775,000       5.000   08/01/2022   20,656,067

Orlando & Orange County Expressway Authority RB Series 2010 C (A+/NR)(a)

    12,880,000       5.000   07/01/2020   13,128,970

Orlando Florida Community Redevelopment Agency Tax Increment RB Refunding for Conroy Road District Series 2012 (A/NR)

    1,375,000       5.000   04/01/2020   1,386,729

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Florida – (continued)

Orlando Utilities Commission, Utility System RB Refunding Series 2017 A (AA/Aa2)(b)(c)

$

     7,340,000       3.000 %    10/01/2020   $       7,441,953
    7,000,000       5.000   10/01/2020   7,200,690

Palm Glades Community Development District Senior Special Assessment Bonds Series 2018 A-1 (A/NR)

    185,000       3.000   11/01/2020   187,164
    190,000       3.000   11/01/2021   194,771
    195,000       3.000   11/01/2022   202,506
    205,000       3.000   11/01/2023   214,717
    210,000       3.000   11/01/2024   222,098

Parkway Center Community Development District Special Assessment for Amenity Projects Series 2018-2 (A-/NR)

    85,000       3.500   05/01/2021   86,504
    85,000       3.500   05/01/2022   87,410
    90,000       3.500   05/01/2023   93,583
    95,000       3.500   05/01/2024   99,557

Parkway Center Community Development District Special Assessment Refunding Series 2018-1 (BBB/NR)

    235,000       3.500   05/01/2023   243,512
    245,000       3.500   05/01/2024   255,520
    255,000       3.500   05/01/2025   267,199

Paseo Community Development District Capital Improvement RB Refunding Series 2018 (A-/NR)

    300,000       4.000   05/01/2020   301,851
    405,000       4.000   05/01/2021   414,963
    420,000       4.000   05/01/2022   437,233
    435,000       4.000   05/01/2023   459,825

Reunion East Community Development District Special Assessment Refunding Series 2015 A (NR/NR)

    670,000       4.000   05/01/2020   674,181

River Bend Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (A-/NR)

    365,000       2.000   05/01/2020   365,938
    375,000       2.000   05/01/2021   378,341
    385,000       2.500   05/01/2022   394,290
    395,000       2.500   05/01/2023   406,716
    405,000       2.500   05/01/2024   418,154
    415,000       2.750   05/01/2025   432,488
    425,000       3.000   05/01/2026   449,697

Sausalito Bay Community Development District Special Assessment Refunding Series 2013 (A-/NR)

    100,000       3.000   05/01/2020   100,615

School District of Broward County COPS Series 2012 A (NR/NR)(a)

    7,310,000       5.000   07/01/2022   8,000,064

South Fork East Community Development District Capital Improvement RB Refunding Series 2017 (BBB/NR)

    390,000       2.250   05/01/2020   390,807
    395,000       2.625   05/01/2021   399,562
    405,000       2.875   05/01/2022   414,113

South Kendall Community Development District Special Assessment Refunding Series 2016 (BBB/NR)

    330,000       2.250   11/01/2020   331,455
    330,000       2.250   11/01/2021   332,772
    335,000       2.250   11/01/2022   338,565

South Village Community Development District Capital Improvement and Special Assessment Refunding Senior Lien Series 2016 A-1 (A/NR)

    305,000       2.000   05/01/2020   305,522
    100,000       2.000   05/01/2021   100,707
    100,000       2.125   05/01/2022   101,282
    100,000       2.375   05/01/2023   102,203
    100,000       2.500   05/01/2024   102,868
    100,000       2.750   05/01/2025   104,266
    100,000       3.000   05/01/2026   105,872

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

   

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Florida – (continued)

South-Dade Venture Community Development District Special Assessment RB Refunding Series 2012 (BBB/NR)

$

     375,000       4.375 %    05/01/2021   $         388,058
    390,000       4.500   05/01/2022   413,782

State Board of Administration Finance Corp. RB for Florida Hurricane Catastrophe Fund Finance Corp. Series 2013 A (AA/Aa3)

    19,000,000       2.995   07/01/2020   19,121,980

Stonebrier Community Development District Special Assessment Refunding Series 2016 (A-/NR)

    250,000       2.000   05/01/2020   250,550
    255,000       2.250   05/01/2021   256,328
    260,000       2.250   05/01/2022   262,525

Talis Park Community Development District Capital Improvement RB Refunding Senior Series 2016 A-1 (BBB+/NR)

    175,000       2.000   05/01/2020   175,420
    180,000       2.250   05/01/2021   182,075
    185,000       2.250   05/01/2022   188,112

Tolomato Community Development District Special Assessment GO Refunding Bonds Senior Lien Series 2018 A-1 (AGM) (AA/NR)

    970,000       2.000   05/01/2020   971,281
    990,000       2.125   05/01/2021   995,623
    1,015,000       2.250   05/01/2022   1,026,246
    1,040,000       2.500   05/01/2023   1,064,045

Trails at Monterey Community Development District Special Assessment Refunding Series 2012 (A-/NR)

    115,000       3.500   05/01/2020   115,895
    115,000       3.750   05/01/2021   118,665
    125,000       3.875   05/01/2022   131,612
    125,000       4.000   05/01/2023   131,587
    135,000       4.125   05/01/2024   142,987
    140,000       4.150   05/01/2025   148,011
    145,000       4.250   05/01/2026   153,446

Turnbull Creek Community Development District Senior Special Assessment Refunding Series 2015 A-1 (A/NR)

    125,000       2.600   05/01/2020   125,367

Two Creeks Community Development District RB Refunding for Capital Improvement Senior Lien Series 2016 A-1 (A/NR)

    160,000       2.000   05/01/2020   160,352
    345,000       2.250   05/01/2021   348,478

Venetian Isles Community Development District Special Assessment RB Refunding Series 2013 (A/NR)

    240,000       3.000   05/01/2020   241,334

Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017 A-1 (BBB/NR)(f)

    305,000       2.500   05/01/2020   306,049
    315,000       2.750   05/01/2021   319,946
    325,000       3.000   05/01/2022   334,737
    335,000       3.100   05/01/2023   349,100

Village Community Development District No. 10 Special Assessment RB Series 2012 (NR/NR)

    655,000       4.500   05/01/2023   687,462

Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (A-/NR)

    330,000       4.000   05/01/2020   332,887
    340,000       4.000   05/01/2021   350,401
    365,000       4.000   05/01/2022   382,691
    385,000       4.000   05/01/2023   410,676
    410,000       4.000   05/01/2024   444,042
    315,000       4.000   05/01/2025   345,448

 

   

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Florida – (continued)

Vizcaya In Kendall Community Development District Special Assessment Bonds Series 2016 (BBB-/NR)

$

     200,000       2.250 %    11/01/2020   $         200,702
    205,000       2.250   11/01/2021   206,244
    210,000       2.250   11/01/2022   211,483
    215,000       2.500   11/01/2023   218,343

Volusia County School Board COPS Series 2019 (NR/Aa3)

    1,330,000       5.000   08/01/2021   1,410,691
    1,080,000       5.000   08/01/2022   1,184,090
    1,150,000       5.000   08/01/2023   1,302,663

Waters Edge Community Development District Capital Improvement RB Refunding Senior Lien Series 2015 A-1 (BBB+/NR)

    390,000       2.375   05/01/2020   391,400
    400,000       2.625   05/01/2021   406,420
       

 

        328,499,350

 

Georgia – 4.9%

Bartow County Development Authority RB for Georgia Power Company Plant Bowen Project First Series 2013 (A-/Baa1)(b)(c)

    6,360,000       1.550   08/19/2022   6,341,747

Brookhaven Development Authority RB for Children’s Healthcare of Atlanta Obligated Group Series 2019 A (AA+/Aa2)

    1,500,000       5.000   07/01/2022   1,642,320
    1,585,000       5.000   07/01/2023   1,793,681
    1,500,000       5.000   07/01/2024   1,749,255

Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project Fifth Series 1994 (A-/NR)(b)(c)

    3,975,000       2.150   06/13/2024   4,039,157

Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project First Series 2012 (A-/Baa1)(b)(c)

    6,045,000       1.550   08/19/2022   6,029,223

Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project Fourth Series 1994 (A-/Baa1)(b)(c)

    2,115,000       2.250   05/25/2023   2,152,287

Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project Second Series 2008 (A-/NR)(b)(c)

    4,000,000       2.925   03/12/2024   4,185,040

Burke County Development Authority Pollution Control RB for Oglethorpe Power Corp. Vogtle Series 2017 F (A-/Baa1)(b)(c)

    29,150,000       3.000   02/01/2023   29,932,969

City of Atlanta Tax Allocation Refunding Bonds for Atlantic Station Project Series 2017 (BBB/A3)

    575,000       5.000   12/01/2021   613,893
    500,000       5.000   12/01/2022   549,335
    500,000       5.000   12/01/2023   565,670

City of Augusta GO Bonds Series 2016 (NR/Aa2)

    12,135,000       5.000   10/01/2020   12,486,551

County of Forsyth GO Sales Tax Bonds Series 2019 (AAA/Aaa)

    15,435,000       5.000   09/01/2021   16,433,490
    15,810,000       5.000   09/01/2022   17,434,794
    16,410,000       5.000   09/01/2023   18,706,251
    8,025,000       5.000   09/01/2024   9,436,758

De Kalb County School District GO Sales Tax Bonds Series 2017 (ST AID WITHHLDG) (AA+/Aa1)

    25,000,000       4.000   10/01/2021   26,249,000
    18,845,000       4.000   10/01/2022   20,311,895

De Kalb Private Hospital Authority RB for Children’s Healthcare of Atlanta Obligated Group Series 2019 B (AA+/Aa2)

    1,000,000       5.000   07/01/2023   1,131,660

Fayette County Hospital Authority RB Refunding for Piedmont Healthcare, Inc. Obligated Group Series 2019 A (AA-/A1)(b)(c)

    1,100,000       5.000   07/01/2024   1,257,025

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

   

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Georgia – (continued)

Georgia State GO Refunding Bonds Series 2011 E-2 (AAA/Aaa)

$

     9,265,000       5.000 %    09/01/2021   $         9,869,078

Georgia State GO Refunding Bonds Series 2016 E (AAA/Aaa)

    21,500,000       5.000   12/01/2022   23,927,350

Georgia State GO Refunding Bonds Series 2016 F (AAA/Aaa)

    20,745,000       5.000   07/01/2022   22,756,435

Georgia State Road & Tollway Authority RB Refunding Series 2011 B (AAA/Aaa)

    5,445,000       5.000   10/01/2021   5,815,750

Henry County School District GO Bonds Series 2018 (ST AID WITHHLDG) (AA+/Aa1)

    3,250,000       5.000   08/01/2021   3,449,257
    5,340,000       5.000   08/01/2022   5,867,592

Main Street Natural Gas, Inc. Gas Supply RB Series 2018 A
(NR/Aa2)(b)(c)

    38,000,000       4.000   09/01/2023   41,251,280

Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A
(A-/A3)

    715,000       5.000   05/15/2020   724,309
    750,000       5.000   05/15/2021   786,090
    1,000,000       5.000   05/15/2022   1,082,480
    1,500,000       5.000   05/15/2023   1,668,450
    1,500,000       5.000   05/15/2024   1,710,240

Main Street Natural Gas, Inc. Gas Supply RB Series 2019 B
(NR/Aa1)(b)(c)

    19,350,000       4.000   12/02/2024   21,581,442

Metropolitan Atlanta Rapid Transit Authority Sales Tax RB Refunding Series 2018 A (AA+/Aa2)

    25,580,000       3.000   07/01/2022   26,777,911

Milledgeville & Baldwin County Development Authority Student Housing RB Refunding for Georgia College & State University Foundation Property V, LLC Project Series 2007 (AMBAC)
(A+/WR)(d)

    (3 Mo. LIBOR + 0.60%),  
    17,325,000       2.006   10/01/2024   17,245,825

Municipal Electric Authority RB Refunding Series 2019 A (A-/A2)

    600,000       5.000   01/01/2021   621,498
    1,090,000       5.000   01/01/2022   1,166,017
    900,000       5.000   01/01/2023   992,412

Richmond County Development Authority RB Subordinate Series 1991 C (ETM) (NR/Aaa)(a)(e)

    10,130,000       0.000   12/01/2021   9,876,547

Savannah Economic Development Authority Pollution Control RB Refunding for International Paper Company Series 2019 B (BBB/Baa2)

    2,090,000       1.900   08/01/2024   2,095,121

Savannah Economic Development Authority Recovery Zone Facility RB Refunding for International Paper Company Series 2019 A (BBB/Baa2)(b)(c)

    425,000       2.000   10/01/2024   428,723
       

 

  382,735,808

 

Guam – 0.3%

A.B. Won Pat International Airport Authority RB Refunding General Series 2019 A (AMT) (BBB+/Baa2)

    1,000,000       5.000   10/01/2022   1,088,890
    825,000       5.000   10/01/2023   925,172

A.B. Won Pat International Airport Authority Taxable Refunding RB General Series 2019 B (BBB+/Baa2)

    3,350,000       3.133   10/01/2024   3,335,327
    2,000,000       3.319   10/01/2025   1,989,640

Guam Government Privilege Special Tax Refunding Bonds Series 2015 D (BB/NR)

    3,775,000       5.000   11/15/2021   3,992,704

Guam Power Authority RB Series 2010 A (BBB/Baa2)(a)

    7,495,000       5.500   10/01/2020   7,737,538

 

   

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Guam – (continued)

Guam Waterworks Authority RB for Water & Wastewater System Series 2016 (A-/Baa2)

$

     310,000       5.000 %    07/01/2021   $         325,075
    500,000       5.000   07/01/2022   539,855

Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (A-/Baa2)

    400,000       5.000   07/01/2021   419,452
    400,000       5.000   07/01/2022   431,884
    500,000       5.000   07/01/2023   554,750
    400,000       5.000   07/01/2024   454,808

Port Authority of Guam Private Activity RB Series 2018 B (AMT) (A/Baa2)

    800,000       5.000   07/01/2022   863,560
    500,000       5.000   07/01/2023   554,210
       

 

  23,212,865

 

Hawaii – 0.7%

City & County Honolulu RB for Wastewater System Series 2019 A (AA/Aa2)

    255,000       5.000   07/01/2020   259,968
    500,000       5.000   07/01/2021   529,130
    500,000       5.000   07/01/2022   547,700
    200,000       5.000   07/01/2023   226,404

City & County Honolulu RB Refunding for Wastewater System Series 2019 A (AA-/Aa3)

    1,380,000       5.000   07/01/2020   1,406,675

City & County Honolulu RB Refunding for Wastewater System Series 2019 B (AA/Aa2)

    250,000       4.000   07/01/2020   253,640
    720,000       5.000   07/01/2021   761,947

County of Maui GO Refunding Bonds Series 2014 (AA+/Aa1)

    4,015,000       5.000   06/01/2020   4,080,364

Hawaii Pacific Health RB for Hawaii Pacific Health Obligated Group Series 2010 A (NR/A1)(a)

    11,870,000       5.500   07/01/2020   12,125,086

Hawaii State GO Bonds Series 2011 DZ (NR/NR)(a)

    3,185,000       5.000   12/01/2021   3,421,773

Hawaii State GO Bonds Series 2013 EH (NR/NR)(a)

    6,125,000       5.000   08/01/2023   6,967,678

Hawaii State GO Refunding Bonds Series 2016 FH (AA+/Aa1)

    7,545,000       3.000   10/01/2021   7,799,946

Honolulu City & County GO Bonds Refunding Series 2019 J (AA+/Aa1)

    7,720,000       1.967   08/01/2025   7,652,373

Honolulu City & County GO Bonds Series 2012 A (AA+/Aa1)(a)

    3,620,000       5.000   11/01/2022   4,016,245

Honolulu City & County GO Bonds Series 2012 B (AA+/Aa1)

    3,000,000       5.000   11/01/2022   3,326,460

Honolulu City & County GO Bonds Series 2017 A (AA+/Aa1)

    4,370,000       5.000   09/01/2021   4,654,181
       

 

  58,029,570

 

Illinois – 7.4%

Chicago Illinois Board of Education GO Bonds Series 1999 A (FGIC) (NATL-RE-IBC) (BB-/Baa2)

    1,820,000       5.250   12/01/2020   1,880,497

Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (AA/NR)

    500,000       5.000   12/01/2022   542,330
    3,150,000       5.000   12/01/2023   3,501,603
    4,100,000       5.000   12/01/2024   4,663,914

Chicago Illinois Capital Appreciation GO Refunding Bonds and Project Series 2009 C (BBB+/Ba1)(e)

    4,645,000       0.000   01/01/2023   4,301,549

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

   

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Illinois – (continued)

Chicago Illinois Emergency Telephone System GO Refunding Bonds Series 1999 (NATL-RE) (BBB+/Baa2)

$

     10,030,000       5.500 %    01/01/2023   $     10,668,911

Chicago Illinois GO Bonds Project and Refunding RMKT 05/29/15 Series 2003 B (BBB+/Ba1)

    4,980,000       5.000   01/01/2023   5,354,546

Chicago Illinois GO Bonds Project and Refunding Series 2009 A (BBB+/Ba1)

    5,400,000       5.000   01/01/2022   5,400,000

Chicago Illinois GO Bonds Project and Refunding Series 2014 A (BBB+/Ba1)

    2,125,000       5.000   01/01/2022   2,238,454

Chicago Illinois GO Refunding Bonds Capital Appreciation Series 2007 C (NATL-RE) (BBB+/Baa2)

    4,400,000       5.000   01/01/2030   4,415,356

Chicago Illinois GO Refunding Bonds Series 2012 C (BBB+/Ba1)

    14,445,000       5.000   01/01/2022   15,523,608

Chicago Illinois GO Refunding Bonds Series 2015 C (BBB+/NR)

    1,495,000       5.000   01/01/2020   1,495,000
    2,030,000       5.000   01/01/2021   2,106,024
    16,000,000       5.000   01/01/2022   16,854,240
    14,445,000       5.000   01/01/2023   15,531,408

Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2015 B (A/NR)

    4,260,000       5.000   01/01/2021   4,419,963

Chicago Illinois Sales Tax RB Series 2011 A (NR/WR)(a)

    5,000,000       5.250   01/01/2022   5,403,050

Chicago Illinois Sales Tax Refunding RMKT 06/09/15 Series 2002 (ETM) (BBB-/NR)(a)

    1,250,000       5.000   01/01/2021   1,297,450

Chicago Illinois Tax Increment Allocation RB Refunding for Pilsen Redevelopment Project Series 2014 A (A+/NR)

    1,000,000       5.000   06/01/2020   1,014,020

Chicago Illinois Wastewater Transmission RB Refunding Second Lien Project Series 2008 C (A/NR)

    1,000,000       5.000   01/01/2021   1,034,820

Chicago Illinois Wastewater Transmission RB Refunding Second Lien Series 2017 B (A/NR)

    2,050,000       5.000   01/01/2021   2,122,426
    1,450,000       5.000   01/01/2022   1,548,716

Chicago Illinois Wastewater Transmission RB Second Lien Series 2017 A (A/NR)

    600,000       5.000   01/01/2021   621,198
    1,660,000       5.000   01/01/2022   1,773,013

Chicago Illinois Water RB Refunding Second Lien Project RMKT 05/23/16 Series 2004 (A/NR)

    2,525,000       5.000   11/01/2020   2,599,285
    6,000,000       5.000   11/01/2021   6,379,320

Chicago Illinois Waterworks RB Refunding Second Lien Project Series 2017-2 (A/NR)

    1,400,000       5.000   11/01/2020   1,439,900
    1,000,000       5.000   11/01/2021   1,062,480

Cook County Illinois GO Refunding Bonds Series 2012 C (AA-/A2)

    1,000,000       4.000   11/15/2020   1,021,530

Cook County School District No. 95 GO Refunding Bonds for Brookfield-Lagrange Park Project Series 2017 A (NR/Aa2)

    675,000       4.000   12/01/2020   690,761
    710,000       4.000   12/01/2021   744,549
    800,000       4.000   12/01/2022   858,848

Cook Kane Lake & McHenry Counties Community College District No. 512 GO Refunding Bonds for William Rainey Harper College Series 2017 B (NR/Aaa)

    9,000,000       5.000   12/01/2022   9,972,270

 

   

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Illinois – (continued)

Illinois Educational Facilities Authority RB for University of Chicago Series 2001 B-1 (AA-/Aa2)(b)(c)

$

     7,625,000       1.800 %    02/13/2020   $       7,630,185

Illinois Educational Facilities Authority RB for University of Chicago Series 2001 B-2 (AA-/Aa2)(b)(c)

    6,000,000       1.550   02/13/2020   6,002,400

Illinois Finance Authority Charter School RB Refunding & Improvement Bonds for Chicago International Charter School Project Series 2017 A (BBB/NR)

    400,000       4.000   12/01/2020   406,636
    425,000       4.000   12/01/2021   438,991
    300,000       5.000   12/01/2022   322,662
    450,000       5.000   12/01/2023   493,470

Illinois Finance Authority RB for Prairie Power, Inc. Project RMKT 05/08/17 Series 2017 A (A/NR)(b)(c)

    6,515,000       1.750   05/06/2020   6,523,274

Illinois Finance Authority RB for Trinity Health Credit Group Series 2011 L (AA-/Aa3)(a)

    7,020,000       5.000   12/01/2021   7,522,421

Illinois Finance Authority RB Refunding for Franciscan Communities Project Series 2017 A (BBB-/NR)

    1,665,000       3.250   05/15/2022   1,679,352

Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (NR/Baa3)

    320,000       5.000   09/01/2020   326,755
    1,000,000       5.000   09/01/2021   1,051,610
    1,000,000       5.000   09/01/2024   1,135,440
    600,000       5.000   09/01/2025   694,008

Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (A-/Baa1)

    255,000       4.000   09/01/2020   258,715
    500,000       4.000   09/01/2021   518,080

Illinois Finance Authority RB Refunding for Northwestern Memorial Healthcare Series 2017 B (AA+/Aa2)(b)(c)

    8,385,000       5.000   12/15/2022   9,274,397

Illinois Sales Tax Securitization Corp. RB Refunding Series 2017 A (AA-/NR)

    300,000       5.000   01/01/2020   300,000
    500,000       5.000   01/01/2021   515,755
    1,000,000       5.000   01/01/2022   1,062,410
    1,500,000       5.000   01/01/2023   1,638,945

Illinois Sales Tax Securitization Corp. RB Refunding Series 2018 C (AA-/NR)

    4,180,000       5.000   01/01/2025   4,778,325

Illinois State GO Bonds Series 2012 (BBB-/Baa3)

    1,585,000       5.000   03/01/2021   1,644,105

Illinois State GO Bonds Series 2013 (BBB-/Baa3)

    3,995,000       5.500   07/01/2024   4,428,737
    2,050,000       5.500   07/01/2025   2,271,687
    3,335,000       5.500   07/01/2027   3,688,177

Illinois State GO Bonds Series 2017 A (BBB-/Baa3)

    8,600,000       5.000   12/01/2020   8,862,472

Illinois State GO Bonds Series 2017 B (BBB-/Baa3)

    4,750,000       5.000   12/01/2020   4,894,970
    9,000,000       5.000   12/01/2021   9,524,520

Illinois State GO Bonds Series 2017 D (BBB-/Baa3)

    33,615,000       5.000   11/01/2021   35,489,709
    34,695,000       5.000   11/01/2022   37,450,477
    34,500,000       5.000   11/01/2023   37,980,015
    6,625,000       5.000   11/01/2024   7,396,017
    25,000,000       5.000   11/01/2025   28,233,750

Illinois State GO Bonds Series 2018 A (BBB-/Baa3)

    12,500,000       5.000   05/01/2021   13,023,875

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

   

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Illinois – (continued)

Illinois State GO Bonds Series 2018 B (BBB-/Baa3)

$

     5,000,000       5.000 %    05/01/2021   $       5,209,550

Illinois State GO Refunding Bonds Series 2009 A (BBB-/Baa3)

    16,000,000       4.000   09/01/2020   16,029,440

Illinois State GO Refunding Bonds Series 2010 (BBB-/Baa3)

    16,490,000       5.000   01/01/2020   16,490,000

Illinois State GO Refunding Bonds Series 2012 (BBB-/Baa3)

    1,055,000       5.000   08/01/2021   1,106,589

Illinois State GO Refunding Bonds Series 2013 A (BBB-/Baa3)

    2,000,000       5.000   04/01/2021   2,079,860

Illinois State GO Refunding Bonds Series 2016 (BBB-/Baa3)

    20,000,000       5.000   02/01/2020   20,053,200

Illinois State GO Refunding Bonds Series 2017 D (BBB-/Baa3)

    26,400,000       5.000   11/01/2020   27,125,736

Illinois State Sales Tax RB for Build Junior Obligation Series 2013 (BBB/NR)

    12,500,000       5.000   06/15/2021   13,016,750

Illinois State Sales Tax RB Refunding Junior Obligation Series 2016 D (BBB/NR)

    550,000       4.000   06/15/2021   564,922

Illinois State Toll Highway Authority RB Refunding Senior Series 2018 A (AA-/A1)

    2,250,000       5.000   01/01/2023   2,500,605

Illinois State Toll Highway Authority RB Refunding Senior Series 2019 C (AA-/A1)

    9,360,000       5.000   01/01/2025   10,997,719

Metropolitan Water Reclamation District of Greater Chicago GO Capital Improvement Bonds Series 2011 B (AA+/Aa2)

    2,000,000       5.000   12/01/2023   2,142,700

Railsplitter Tobacco Settlement Authority Tobacco Settlement RB Series 2010 (BBB+/NR)(a)

    17,325,000       5.500   06/01/2021   18,389,275

Railsplitter Tobacco Settlement Authority Tobacco Settlement RB Series 2017 (A/NR)

    5,000,000       5.000   06/01/2022   5,425,000

Springfield Electric RB Refunding Senior Lien Series 2015 (A/A3)

    2,255,000       5.000   03/01/2021   2,348,921

State of Illinois GO Bonds Series 2010 A (BBB-/Baa3)

    240,000       4.000   01/01/2021   245,443

State of Illinois GO Bonds Series 2014 (BBB-/Baa3)

    3,280,000       5.000   02/01/2023   3,555,454

State of Illinois GO Bonds Series 2016 (BBB-/Baa3)

    15,000,000       5.000   06/01/2023   16,386,450

State of Illinois GO Bonds Series 2017 A (BBB-/Baa3)

    10,125,000       5.000   12/01/2023   11,186,809

State of Illinois GO Refunding Bonds Series 2016 (BBB-/Baa3)

    2,360,000       5.000   02/01/2023   2,558,193

University of Illinois Board Trustees COPS RB Refunding Series 2016 A (A-/A1)

    5,550,000       5.000   08/15/2020   5,675,985
    5,000,000       5.000   08/15/2021   5,295,750
       

 

  574,327,732

 

Indiana – 0.5%

Indiana Finance Authority Educational Facilities RB for Indiana University Health, Inc. Obligated Group Series 2011 H (AA/Aa2)(b)(c)

    10,590,000       1.650   07/01/2022   10,656,082

Indiana Finance Authority Educational Facilities RB Refunding for Indiana University Health, Inc. Obligated Group Series 2015 B (AA/Aa2)(b)(c)

    8,065,000       1.650   07/01/2022   8,115,326

Indiana Finance Authority Hospital RB for Indiana University Health Obligated Group Series 2012 A (A/A2)

    855,000       5.000   05/01/2020   865,551

 

   

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Indiana – (continued)

Indiana Finance Authority RB for Community Foundation of Northwest Indiana Obligated Group Series 2012 (ETM) (AA-/NR)(a)

$

     650,000       5.000 %    03/01/2020   $          654,036

Indiana Finance Authority RB Refunding for Parkview Health System Obligation Group Series 2018 C (AA-/Aa3)(b)

(SIFMA Municipal Swap Index Yield + 0.55%),

    7,625,000       2.160   11/01/2023   7,654,966

Indiana Health Facility Financing Authority Ascension Health Subordinate Credit Group RB Series 2005 A-9 (NR/NR)(a)(b)(c)

    95,000       1.375   10/01/2027   95,013

Kankakee Valley Middle School Building Corp. Ad Valorem Property Tax Refunding Bonds Series 2017 (AA+/NR)

    375,000       5.000   07/15/2020   382,774
    465,000       3.000   01/15/2021   474,002
    290,000       5.000   07/15/2021   307,104
    405,000       3.000   01/15/2022   419,515
    200,000       5.000   07/15/2022   218,688
    300,000       5.000   01/15/2023   333,450
    375,000       3.000   07/15/2023   393,668

Rockport City PCRB Refunding for Indiana Michigan Power Co. Project Series 2009 B (A-/A3)

    10,000,000       3.050   06/01/2025   10,749,300
       

 

  41,319,475

 

Iowa – 0.1%

Iowa Finance Authority RB Refunding for Iowa Health System Obligation Group Series 2018 B (AA-/A1)

    195,000       5.000   02/15/2020   195,848
    650,000       5.000   02/15/2021   677,014
    600,000       5.000   02/15/2022   646,170
    515,000       5.000   02/15/2023   572,253

Iowa Finance Authority State Revolving RB Series 2011 (AAA/Aaa)(a)

    5,000,000       5.000   08/01/2021   5,308,200
       

 

  7,399,485

 

Kansas – 0.3%

Sedgwick County Kansas Unified School District No. 259 GO Refunding and Improvement Bonds Series 2015 A (NR/Aa2)

    3,010,000       4.000   10/01/2021   3,161,433

State of Kansas Department of Transportation RB Refunding Series 2015 A (AA/Aa2)

    15,840,000       2.750   09/01/2023   16,769,174
       

 

  19,930,607

 

Kentucky – 1.9%

City of Owensboro Electric Light & Power System RB Refunding Series 2019 (A-/A3)

    650,000       5.000   01/01/2021   673,946
    1,125,000       5.000   01/01/2022   1,207,845
    800,000       4.000   01/01/2023   859,768
    1,400,000       5.000   01/01/2024   1,588,146
    2,680,000       4.000   01/01/2025   2,985,627

Kentucky Asset Liability Commission General Fund RB Refunding for Floating Rate Project Notes Series 2007 A (NATL-RE) (A-/A1)(d)

    (3 Mo. LIBOR + 0.53%),  
    15,085,000       1.809   11/01/2027   14,971,561

Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (BB+/Baa3)

    500,000       5.000   06/01/2020   506,160
    1,100,000       5.000   06/01/2021   1,145,507
    2,450,000       5.000   06/01/2022   2,621,426
    1,000,000       5.000   06/01/2023   1,097,620

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Kentucky – (continued)

Kentucky Economic Development Finance Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (BBB+/Baa1)

$

     685,000       5.000 %    08/01/2025   $          805,649

Kentucky Public Energy Authority Gas Supply RB Series 2018 A (NR/A3)

    785,000       4.000   04/01/2020   790,142
    775,000       4.000   04/01/2021   799,854
    1,210,000       4.000   04/01/2022   1,278,099
    13,000,000       4.000 (b)(c)    04/01/2024   14,149,200

Kentucky Public Energy Authority Gas Supply RB Series 2018 C-1 (A/A3)

    13,000,000       4.000   04/01/2024   14,149,200
    660,000       4.000   06/01/2020   667,168
    1,085,000       4.000   12/01/2020   1,111,040
    1,080,000       4.000   06/01/2021   1,119,237
    1,515,000       4.000   12/01/2021   1,589,265
    1,765,000       4.000   06/01/2022   1,871,606
    2,420,000       4.000   12/01/2022   2,595,135
    3,765,000       4.000   06/01/2023   4,080,319
    7,385,000       4.000   12/01/2023   8,078,599

Kentucky Public Energy Authority Gas Supply RB Series 2019 C
(A/A3)(b)(c)

    20,000,000       4.000   02/01/2028   22,867,200

Kentucky State Turnpike Authority Economic Development Road RB for Revitalization Projects Series 2012 A (A-/Aa3)(a)

    3,560,000       5.000   07/01/2022   3,900,692

Kentucky State Turnpike Authority Economic Development Road RB Refunding for Revitalization Projects Series 2014 A (A-/Aa3)

    2,940,000       5.000   07/01/2023   3,302,326

Kentucky State Turnpike Authority Economic Development Road RB Refunding for Revitalization Projects Series 2016 A (A-/Aa3)

    950,000       2.000   07/01/2020   953,543

Louisville & Jefferson County Metropolitan Government Environmental Facilities RB Refunding for Louisville Gas & Electric Co. Series 2007 A (A/A1)(b)(c)

    7,250,000       1.650   06/01/2021   7,278,275

Louisville & Jefferson County Metropolitan Government Environmental Facilities RB Refunding for Louisville Gas & Electric Co. Series 2007 B (A/A1)(b)(c)

    3,000,000       1.650   06/01/2021   3,011,700

Louisville & Jefferson County Metropolitan Sewer District RB for Kentucky Sewer & Drainage System Series 2011 A (AA/Aa3)

    3,320,000       5.000   05/15/2030   3,546,955

Louisville & Jefferson County Metropolitan Sewer District RB Series 2019 (SP-1+/MIG1)

    22,760,000       3.000   10/23/2020   23,088,427

Louisville Water Co. RB Refunding Series 2019 (AAA/Aaa)

    9,390,000       5.000   11/15/2023   10,766,292
       

 

        145,308,329

 

Louisiana – 0.8%

East Baton Rouge Sewerage Commission RB Refunding Series 2019 A (AA-/NR)

    1,340,000       5.000   02/01/2020   1,344,020
    440,000       5.000   02/01/2021   457,992
    215,000       5.000   02/01/2022   231,938
    135,000       5.000   02/01/2023   150,653
    450,000       5.000   02/01/2024   518,206

East Baton Rouge Sewerage Commission RB Refunding Series 2019 B (AA-/NR)

    425,000       5.000   02/01/2020   426,275
    1,125,000       5.000   02/01/2021   1,171,001
    1,395,000       5.000   02/01/2022   1,504,298
    1,530,000       5.000   02/01/2023   1,706,425
    1,500,000       5.000   02/01/2024   1,726,050

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Louisiana – (continued)

Louisiana Local Government Environmental Facilities and Community Development Authority RB Refunding for Ragin’ Cajun Facilities, Inc. - Student Housing & Parking Project Series 2017 (AGM) (AA/NR)

$

     735,000       2.250 %    10/01/2021   $          746,488
    850,000       5.000   10/01/2021   903,899
    800,000       2.500   10/01/2022   824,880
    950,000       5.000   10/01/2022   1,041,428

Louisiana Public Facilities Authority RB Refunding for Ochsner Clinic Foundation Project Series 2015 (NR/A3)

    300,000       4.000   05/15/2020   302,859

Louisiana State GO Bonds Series 2011 A (NR/Aa3)(a)

    6,000,000       5.000   09/01/2020   6,154,440

Louisiana State GO Bonds Series 2012 A (AA-/Aa3)

    5,000,000       5.000   08/01/2022   5,488,650

St. John Baptist Parish RB Refunding for Marathon Oil Corp. Series 2017 A-1 (BBB/Baa3)(b)(c)

    12,160,000       2.000   04/01/2023   12,237,094

St. John Baptist Parish RB Refunding for Marathon Oil Corp. Series 2017 A-2 (BBB/Baa3)(b)(c)

    16,650,000       2.100   07/01/2024   16,809,007

State of Louisiana GO Unlimited Refunding Bonds Series 2012 C (AA-/Aa3)

    5,050,000       5.000   07/15/2020   5,154,131
       

 

        58,899,734

 

Maine – 0.4%

Maine Governmental Facilities Authority Lease Rental RB Series 2015 B (AA-/Aa3)

    1,985,000       4.000   10/01/2020   2,027,241
    1,345,000       4.000   10/01/2021   1,411,712

Maine Turnpike Authority RB Refunding Series 2014 (AA-/Aa3)

    1,450,000       5.000   07/01/2020   1,477,666

State of Maine GO Bonds Series 2018 D (AA/Aa2)

    8,545,000       5.000   06/01/2021   9,011,471
    8,000,000       5.000   06/01/2022   8,744,000
    4,290,000       5.000   06/01/2023   4,846,542
       

 

        27,518,632

 

Maryland – 2.3%

Baltimore Maryland RB Refunding for Convention Center Hotel Project Series 2017 (BBB-/NR)

    500,000       5.000   09/01/2020   511,560
    500,000       5.000   09/01/2021   528,670
    500,000       5.000   09/01/2022   543,810

County of Baltimore GO Bonds for Build America Bonds Series 2010 C (AAA/Aaa)

    2,170,000       3.810   11/01/2023   2,299,592

County of Baltimore GO Bonds for Consolidated Public Improvement Series 2012 (AAA/Aaa)

    2,000,000       5.000   08/01/2022   2,199,220

County of Baltimore GO Bonds for Consolidated Public Improvement Series 2017 (AAA/Aaa)

    2,825,000       5.000   03/01/2023   3,168,548

County of Montgomery GO Bonds for Consolidated Public Improvement Series 2013 A (AAA/Aaa)(a)

    28,805,000       5.000   11/01/2023   33,050,857

County of Montgomery GO Refunding Bonds for Consolidated Public Improvement Series 2017 D (AAA/Aaa)

    8,200,000       3.000   11/01/2022   8,632,140

Frederick County Maryland Tax Allocation Refunding for Oakdale-Lake Linganore Development District Series 2019 B (NR/NR)

    685,000       2.625   07/01/2024   685,569

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Maryland – (continued)

Howard County GO Bonds Consolidated Public Improvement Project & Refunding Series 2014 A (AAA/Aaa)

$

     2,590,000       5.000 %    02/15/2022   $       2,802,328

Maryland Economic Development Corp. RB Refunding for Potomac Electric Power Co. Project Series 2019 (A-/Baa1)

    8,315,000       1.700   09/01/2022   8,392,579

Maryland Health & Higher Educational Facilities Authority RB Refunding for Meritus Medical Center Obligation Group Series 2015 (BBB/NR)

    730,000       4.000   07/01/2020   739,461

Maryland State Department of Transportation RB Refunding for Consolidated Transportation Series 2015 (AAA/Aa1)

    19,925,000       5.000   02/15/2020   20,016,256

Maryland State Economic Development Corporation Student Housing RB Refunding for University of Maryland College Park Projects Series 2016 (AGM) (AA/A2)

    660,000       4.000   06/01/2021   685,681

Maryland State GO Bonds for State & Local Facilities Loan First Series 2018 A (AAA/Aaa)

    10,470,000       5.000   03/15/2022   11,361,730

Maryland State GO Bonds for State & Local Facilities Loan Second Series 2012 B (AAA/Aaa)(a)

    17,850,000       4.000   08/01/2020   18,154,521

Maryland State GO Bonds for State & Local Facilities Loan Tax Exempt Second Series 2013 A (AAA/Aaa)(a)

    15,820,000       5.000   08/01/2021   16,795,145

State of Maryland Department of Transportation Second Issue RB Series 2013 (AAA/Aa1)

    10,265,000       4.000   12/01/2026   10,818,797

State of Maryland Department of Transportation Third Issue RB Series 2015 (AAA/Aa1)

    9,855,000       4.000   12/15/2026   10,900,024

State of Maryland GO State and Local Facilities Loan Second Series A Tax Exempt Bonds 2013 (AAA/Aaa)

    19,935,000       4.000   08/01/2027   20,813,934

University Maryland System Auxiliary Facility & Tuition RB Series 2018 A (AA+/Aa1)

    1,585,000       5.000   04/01/2020   1,600,216
    1,595,000       5.000   04/01/2022   1,732,441
    1,075,000       5.000   04/01/2023   1,207,558
       

 

        177,640,637

 

Massachusetts – 2.7%

City of Worcester Municipal Purpose Loan GO Bonds Series 2018 A (AA-/Aa3)

    4,105,000       5.000   01/15/2021   4,271,622

Commonwealth of Massachusetts GO Bonds Anticipation Notes Series 2019 (SP-1+/MIG1)

    50,000,000       4.000   04/23/2020   50,446,000

Commonwealth of Massachusetts GO Bonds Series 2014 A (AA/NR)

    9,315,000       5.000   12/01/2041   9,932,026

Commonwealth of Massachusetts GO Bonds Series 2014 A (NR/NR)(a)

    9,410,000       5.000   12/01/2021   10,102,106

Massachusetts Clean Water Trust RB State Revolving Green Bonds Series 2017 (AAA/Aaa)

    3,795,000       5.000   02/01/2023   4,247,288

Massachusetts Commonwealth Transportation Fund RB for Accelerated Bridge Program Series 2012 A (AA+/Aa1)(a)

    10,000,000       5.000   06/01/2021   10,551,700

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Massachusetts – (continued)

Massachusetts Development Finance Agency Beth Israel Lahey Health Obligated Group RB Refunding Series 2019 K (A/A3)

$

     1,200,000       3.000 %    07/01/2020   $       1,210,740
    730,000       4.000   07/01/2021   760,405
    750,000       4.000   07/01/2022   800,085
    750,000       5.000   07/01/2023   843,795
    500,000       5.000   07/01/2024   578,335

Massachusetts Development Finance Agency Wellforce Obligation Group RB Refunding Series 2019 A (BBB+/NR)

    485,000       5.000   07/01/2020   493,381
    460,000       5.000   07/01/2021   483,630
    875,000       5.000   07/01/2022   948,771
    725,000       5.000   07/01/2023   808,825

Massachusetts School Building Authority RB Taxable Refunding Series 2019 B (AA/Aa3)

    1,100,000       1.963   10/15/2022   1,100,825
    2,305,000       2.078   10/15/2023   2,304,562

Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL-RE) (AA/Aa1)(d)

    (3 Mo. LIBOR + 0.57%),  
    7,665,000       1.849   05/01/2037   7,575,243

Massachusetts State GO Bonds Consolidated Loan Series 2012 A (BHAC-CR) (FGIC) (AA+/Aa1)(d)

    (3 Mo. LIBOR + 0.57%),  
    11,560,000       1.849   05/01/2037   11,424,632

Massachusetts State GO Refunding Bonds Series 2007 A (AA/Aa1)(d)

    (3 Mo. LIBOR + 0.55%),  
    38,250,000       1.830   11/01/2025   38,495,947

Massachusetts State Health & Educational Facilities Authority RB for Foundation of Massachusetts Eye & Ear Obligated Group Series 2010 C (NR/WR)(a)

    1,500,000       5.375   07/01/2020   1,531,005

Massachusetts Transportation Trust Fund Metropolitan Highway System Senior RB Refunding Series 2019 A (A+/A2)

    1,195,000       5.000   01/01/2021   1,239,633
    875,000       5.000   01/01/2022   941,596
    1,300,000       5.000   01/01/2023   1,447,238

Massachusetts Transportation Trust Fund Metropolitan Highway System Subordinate RB Series 2019 A (AA/Aa2)(b)(c)

    40,050,000       5.000   01/01/2023   44,461,107
       

 

        207,000,497

 

Michigan – 1.9%

Allen Park Public School District GO Refunding Bonds Series 2016 (Q-SBLF) (AA/NR)

    3,635,000       5.000   05/01/2021   3,814,860

Allendale Public School GO Refunding Bonds Series 2016 (Q-SBLF) (AA/NR)

    1,275,000       5.000   11/01/2022   1,410,354

Charter Township of Bloomfield GO Bonds Refunding Series 2019 (AAA/Aa1)

    2,860,000       1.942   05/01/2025   2,816,471

Detroit Downtown Development Authority RB Refunding for Catalyst Development Project Series 2018 A (AGM) (AA/NR)

    800,000       5.000   07/01/2022   868,064
    900,000       5.000   07/01/2023   1,006,011

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Michigan – (continued)

Detroit Downtown Development Authority Subordinate General RB Refunding for Development Area No. 1 Projects Series 2018 B (AGM) (AA/NR)

$

     600,000       5.000 %    07/01/2020   $          610,278
    1,500,000       5.000   07/01/2021   1,576,845
    1,500,000       5.000   07/01/2022   1,627,620
    1,500,000       5.000   07/01/2023   1,676,685
    500,000       5.000   07/01/2024   573,395
    550,000       5.000   07/01/2025   628,633

Detroit Michigan Sewage Disposal System RB Refunding Senior Lien Series 2004 A (AGM) (AA/A2)

    3,015,000       5.250   07/01/2020   3,074,878

Ecorse Public School District GO Refunding Bonds Series 2019 (Q-SBLF) (NR/Aa1)

    2,075,000       2.003   05/01/2024   2,066,057
    4,000,000       2.092   05/01/2025   3,969,120

Macomb County Michigan L’anse Creuse Public Schools Unlimited Tax GO Refunding Bonds Series 2015 (Q-SBLF) (AA/NR)

    1,315,000       5.000   05/01/2020   1,331,135

Michigan Finance Authority Hospital RB Refunding for Beaumont Health Credit Group Series 2015 A (A+/A1)

    2,325,000       4.000   08/01/2020   2,362,479
    3,635,000       5.000   08/01/2021   3,851,392

Michigan Finance Authority Hospital RB Refunding for Henry Ford Health System Series 2016 (A/A2)

    500,000       5.000   11/15/2021   533,810

Michigan Finance Authority Local Government Loan Program RB for City of Detroit Distributable State Aid Fourth Lien Utgo Refunding Local Project Bonds Series 2016 C-3 (AA-/Aa2)

    3,500,000       5.000   04/01/2020   3,530,625
    1,510,000       5.000   04/01/2021   1,576,984

Michigan Finance Authority Local Government Loan Program RB for Detroit Financial Recovery Income Tax Revenue and Refunding Local Project Bonds Series 2014 F (BB+/NR)

    500,000       3.400   10/01/2020   505,060
    500,000       3.600   10/01/2021   511,890
    500,000       3.800   10/01/2022   521,295

Michigan Finance Authority Local Government Loan Program RB for Detroit Water and Sewerage Department Sewage Disposal System RB Refunding Local Project Bonds Senior Lien Series 2014 C-3 (AGM) (AA/A2)

    5,125,000       5.000   07/01/2021   5,411,026

Michigan Finance Authority Local Government Loan Program RB for Detroit Water and Sewerage Department Water Supply System RB Refunding Local Project Bonds Senior Lien Series 2014 D-1 (AGM) (AA/A2)

    3,165,000       5.000   07/01/2020   3,224,439
    10,000,000       5.000   07/01/2021   10,558,100
    9,225,000       5.000   07/01/2022   10,090,674
    5,000,000       5.000   07/01/2023   5,650,950

Michigan Finance Authority Local Government Loan Program RB for Detroit Water and Sewerage Department Water Supply System RB Refunding Local Project Bonds Senior Lien Series 2014 D-3 (NATL-RE) (AA-/A2)

    1,390,000       5.000   07/01/2020   1,416,104

Michigan Finance Authority Local Government Loan Program RB for Detroit Water and Sewerage Department Water Supply System RB Refunding Local Project Bonds Series 2015 D-1 (AA-/A2)

    375,000       5.000   07/01/2020   382,042
    750,000       5.000   07/01/2021   791,858

Michigan Finance Authority Local Government Loan Program RB for Public Lighting Authority Local Project Bonds Series 2014 B (BB+/NR)

    1,200,000       5.000   07/01/2020   1,218,756

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Michigan – (continued)

Michigan Finance Authority Local Government Loan Program RB Refunding for Trinity Health Corp. Obligated Group Project Series 2011 (AA-/Aa3)(a)

$

     5,370,000       5.000 %    12/01/2021   $       5,759,647

Michigan Finance Authority Local Government Loan Program RB Refunding for Trinity Health Corp. Obligated Group Project Series 2015 (AA-/Aa3)(a)

    5,455,000       5.000   06/01/2022   5,952,932

Michigan Finance Authority State Aid RB Series 2019 A-1 (ST AID WITHHLDG) (A-1+/NR)

    1,345,000       4.000   08/20/2020   1,368,672

Michigan Finance Authority State Aid RB Series 2019 A-2 (ST AID WITHHLDG) (A-1/NR)

    1,490,000       2.000   08/20/2020   1,497,495

Michigan Flushing Community Schools Unlimited Tax GO Refunding Bonds Series 2015 (Q-SBLF) (NR/Aa1)

    500,000       4.000   05/01/2020   504,590

Michigan Municipal Bonds Authority RB for Clean Water Revolving Pooled Project Series 2010 (AAA/NR)(a)

    4,850,000       5.000   10/01/2020   4,991,959

Michigan State Hospital Finance Authority RB Refunding for Ascension Health Senior Credit Group RMKT 03/01/17 Series 2010 F-2 (AA+/Aa2)(b)(c)

    2,600,000       1.900   04/01/2021   2,619,500

Michigan State Hospital Finance Authority RB Refunding for Ascension Health Senior Credit Group RMKT 03/15/17 Series 2010 F-5 (AA+/Aa2)(b)(c)

    4,400,000       2.400   03/15/2023   4,538,908

Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (NR/Baa2)

    2,210,000       5.000   12/31/2023   2,482,338
    2,420,000       5.000   06/30/2024   2,750,258
    3,500,000       5.000   12/31/2024   4,026,540

Michigan Strategic Fund RB for Waste Management of Michigan, Inc. Series 2001 (A-/NR)(b)(c)

    11,700,000       2.850   08/02/2021   11,943,828

Michigan Strategic Fund RB Refunding for The Detroit Edison Company Pollution Control Bonds Project RMKT 09/01/16 Series 2008 ET-2 (A/Aa3)(b)(c)

    2,000,000       1.450   09/01/2021   1,996,400

Michigan Strategic Fund RB Refunding for The Detroit Edison Company Pollution Control Bonds Project Series 1995 CC (A/Aa3)(b)(c)

    4,000,000       1.450   09/01/2021   3,992,800

Okemos Public Schools GO Bonds Series 2019 (Q-SBLF) (NR/Aa1)

    2,380,000       5.000   05/01/2023   2,676,524
    2,730,000       5.000   05/01/2024   3,165,217

Pinckney Community Schools Livingston and Washtenaw County GO Refunding Bonds Series 2014 (Q-SBLF) (AA/NR)

    2,475,000       5.000   05/01/2020   2,505,121

University of Michigan General RB RMKT 02/26/18 Series 2012 E (AAA/Aaa)(b)

(SIFMA Municipal Swap Index Yield + 0.27%),

    3,955,000       1.380   04/01/2022   3,949,542

Washtenaw County Ypsilanti Community Schools Unlimited Tax GO Refunding Bonds Series 2016 A (Q-SBLF) (AA/NR)

    1,000,000       5.000   05/01/2021   1,046,090
    1,000,000       5.000   05/01/2022   1,080,910

Wayne County Airport Authority RB Refunding for Detroit Metropolitan Wayne County Airport Series 2018 C (A/A2)

    895,000       4.000   12/01/2020   917,715
    600,000       5.000   12/01/2021   643,062
    500,000       5.000   12/01/2022   554,315

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Michigan – (continued)

Western Michigan University RB Refunding Series 2019 A (A/Aa3)

$

     1,490,000       5.000 %    11/15/2022   $     1,648,536
    160,000       5.000   11/15/2023   182,798
       

 

        151,983,587

 

Minnesota – 0.6%

Circle Pines Minnesota Independent School District No. 012 GO Bonds Series 2015 A (SD CRED PROG) (AAA/NR)(e)

    700,000       0.000   02/01/2021   689,997

City of Rochester RB for Mayo Clinic Series 2011 C (AA/Aa2)(b)(c)

    10,795,000       4.500   11/15/2021   11,458,785

Maple Grove Minnesota Health Care Facilities RB Refunding for Maple Grove Hospital Corp. Series 2017 (NR/Baa1)

    500,000       4.000   05/01/2021   516,965
    500,000       4.000   05/01/2022   529,050
    575,000       5.000   05/01/2023   640,849

Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (NR/Baa2)

    75,000       3.000   12/01/2020   76,027
    75,000       3.000   12/01/2021   77,054
    100,000       3.000   12/01/2022   103,990
    100,000       3.000   12/01/2023   105,025
    100,000       4.000   12/01/2024   110,633
    180,000       4.000   12/01/2025   201,055

Minnesota State Various Purpose GO Refunding Bonds Series 2015 A (AAA/Aa1)

    9,800,000       5.000   08/01/2021   10,405,640

Minnesota State Various Purpose GO Refunding Bonds Series 2016 D (AAA/Aa1)

    6,295,000       5.000   08/01/2021   6,684,031

Shakopee Independent School District No. 720 GO Bonds for School Building Series 2015 A (SD CRED PROG) (NR/Aa2)

    2,945,000       5.000   02/01/2020   2,953,540

State of Minnesota GO Bonds Series 2015 A (AAA/Aa1)

    9,110,000       5.000   08/01/2020   9,317,161

State of Minnesota State Trunk Highway GO Bonds Series 2015 B (AAA/Aa1)

    3,230,000       5.000   08/01/2022   3,551,740
       

 

        47,421,542

 

Mississippi – 0.7%

Mississippi Business Finance Corp. RB for Mississippi Power Co. Project First Series 2010 (A-/NR)(b)(c)

    7,725,000       2.750   12/09/2021   7,822,335

Mississippi Business Finance Corp. Solid Waste Disposal RB for Waste Management, Inc. Project Series 2002 (AMT) (A-/NR)(b)(c)

    1,000,000       2.200   06/03/2024   1,012,020

Mississippi Business Finance Corp. System Energy Resources Inc. RB Series 2019 (BBB+/Baa3)

    9,100,000       2.500   04/01/2022   9,134,125

Mississippi State GO Refunding Bonds Series 2017 B (AA/Aa2)(b)

    (1 Mo. LIBOR + 0.33%),  
    5,790,000       1.475   09/01/2020   5,791,158

State of Minnesota GO Bonds for Capital Improvement Series 2011 A (AA/Aa2)(a)

    21,415,000       5.000   10/01/2021   22,873,147

Warren County Gulf Opportunity Zone RB Refunding for International Paper Company, Series 2018 (BBB/Baa2)(b)(c)

    6,800,000       2.900   09/01/2023   7,079,480
       

 

        53,712,265

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Missouri – 0.2%

Cape Girardeau County IDA Health Facilities RB Refunding for South Eastern Health Series 2017 A (BBB-/Baa3)

$

     325,000       5.000 %    03/01/2020   $          326,680
    400,000       5.000   03/01/2021   414,208

Missouri Health & Educational Facilities Authority RB Refunding for J.B. Wright & Trenton Trust Obligated Group Series 2019 (BBB-/NR)

    100,000       5.000   09/01/2020   102,125
    570,000       5.000   09/01/2023   631,548
    600,000       5.000   09/01/2024   680,400

Missouri Health & Educational Facilities Authority RB Refunding for Mosaic Health System Series 2019 A (AA-/A1)

    1,755,000       5.000   02/15/2020   1,762,968
    1,055,000       5.000   02/15/2021   1,100,523
    615,000       5.000   02/15/2022   662,730
    525,000       5.000   02/15/2023   584,047
    390,000       5.000   02/15/2024   446,597

Missouri Southern State University RB Series 2019 A (AGM) (AA/NR)

    105,000       5.000   10/01/2024   119,709
    125,000       5.000   10/01/2025   145,261

Missouri State Development Finance Board Infrastructure Facilities Leasehold Improvement and RB Refunding for City of Independence Electric System Projects Series 2012 F (A/NR)

    1,000,000       4.000   06/01/2020   1,011,400

Missouri State Environmental Improvement & Energy Resources Authority RB Refunding for Union Electric Co. Project Series 1992 (A/A2)

    5,300,000       1.600   12/01/2022   5,299,735

St. Louis County Rockwood School District GO Refunding Bonds Series 2017 (AAA/NR)

    3,995,000       5.000   02/01/2021   4,162,311
       

 

        17,450,242

 

Montana – 0.1%

City of Billings RB for Sewer System Series 2017 (AA+/Aa3)

    240,000       4.000   07/01/2020   243,410
    210,000       4.000   07/01/2021   218,971
    310,000       5.000   07/01/2022   339,816

Forsyth Montana Pollution Control RB Refunding for Northwestern Corp. Colstrip Project Series 2016 (A-/A3)

    8,790,000       2.000   08/01/2023   8,970,898

Gallatin County High School District No. 7 GO Bonds for School Building Series 2017 A (NR/Aa2)

    445,000       5.000   12/01/2022   494,698

Montana Facility Finance Authority RB for Sisters of Charity of Leavenworth Health System, Inc. Obligated Group Series 2019 A (AA-/Aa3)

    750,000       5.000   01/01/2022   805,695
    500,000       5.000   01/01/2023   555,225
       

 

        11,628,713

 

Nebraska – 0.1%

City of Lincoln Electric System RB Refunding Series 2012 (AA/NR)

    2,615,000       5.000   09/01/2021   2,783,275

Lincoln County Hospital Authority No. 1 RB Refunding for Great Plains Regional Medical Center Project Series 2012 (A-/NR)

    690,000       4.000   11/01/2020   704,359

University of Nebraska Facilities Corp. RB Refunding for University of Nebraska Board of Regents Series 2019 B (AA/Aa1)

    6,250,000       4.000   10/01/2022   6,743,563
       

 

        10,231,197

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Nevada – 0.4%

City of North Las Vegas GO Refunding Bonds for Wastewater Reclamation Series 2019 (BAM) (AA/A2)

$

     1,000,000       5.000 %    06/01/2021   $       1,052,420
    1,970,000       5.000   06/01/2024   2,276,906

Clark County Water Reclamation District GO Refunding Bonds for Water Reclamation Series 2016 (AAA/Aa1)

    3,640,000       5.000   07/01/2022   3,991,988

County of Clark RB for Nevada Power Co. Series 2017 (A+/A2)(b)(c)

    1,850,000       1.600   05/21/2020   1,851,887

County of Humboldt Nevada Pollution Control RB Refunding for Idaho Power Co. Series 2003 (A-/A1)

    12,000,000       1.450   12/01/2024   11,891,640

Las Vegas Valley Nevada Water District GO Refunding Bonds Series 2018 B (AA+/Aa1)

    9,010,000       5.000   06/01/2021   9,505,820

Washoe County Sierra Pacific Power Company Project RB Refunding for Nevada Gas & Water Facilities Series 2016 B (A+/A2)(b)(c)

    2,160,000       3.000   06/01/2022   2,242,599
       

 

        32,813,260

 

New Hampshire – 0.4%

New Hampshire Business Finance Authority RB Refunding for Waste Management, Inc. Series 2018 A (AMT) (A-/NR)(b)

(SIFMA Municipal Swap Index Yield + 0.75%),

    14,550,000       2.360   10/01/2021   14,545,053

New Hampshire Business Finance Authority RB Refunding for Waste Management, Inc. Series 2019 A-1 (AMT) (A-/NR)(b)(c)

    1,250,000       2.150   07/01/2024   1,261,975

New Hampshire Business Finance Authority RB Refunding for Waste Management, Inc. Series 2019 A-2 (AMT) (A-/NR)(b)(c)

    5,000,000       2.150   07/01/2024   5,049,300

New Hampshire Business Finance Authority RB Refunding for Waste Management, Inc. Series 2019 A-3 (AMT) (A-/NR)(b)(c)

    5,000,000       2.150   07/01/2024   5,051,450

New Hampshire Business Finance Authority RB Refunding for Waste Management, Inc. Series 2019 A-4 (AMT) (A-/NR)(b)(c)

    3,000,000       2.150   07/01/2024   3,031,620
       

 

        28,939,398

 

New Jersey – 5.8%

Atlantic City New Jersey Tax Appeal Refunding Bonds Series 2017 A (BAM) (ST AID WITHHLDG) (AA/Baa1)

    220,000       5.000   03/01/2020   221,208
    500,000       5.000   03/01/2023   551,920

Burlington County Bridge Commission RB for County of Burlington Series 2019 C-1 (NR/MIG1)

    3,250,000       3.000   11/20/2020   3,300,927

Casino Reinvestment Development Authority, Inc. RB Series 2014 (AGM-CR) (AA/A2)

    1,470,000       5.000   11/01/2020   1,514,982

City of Jersey GO Bonds Series 2019 A (NR/MIG1)

    50,000,000       3.250   01/14/2020   50,030,000

County of Cape May GO Bonds Series 2019 (NR/Aa1)

    830,000       4.000   10/01/2021   872,496
    2,450,000       4.000   10/01/2022   2,639,336
    2,600,000       4.000   10/01/2024   2,938,858

Garden State Preservation Trust Capital Appreciation RB Series 2003 B (AGM) (AA/A2)(e)

    5,750,000       0.000   11/01/2021   5,609,183

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

New Jersey – (continued)

Hudson County New Jersey GO Refunding Bonds Series 2015 (AGM) (AA/Aa3)

$

     725,000       4.000 %    02/15/2020   $          727,472
    1,025,000       4.000   02/15/2021   1,055,689

New Jersey Economic Development Authority RB for Provident Group - Kean Properties L.L.C. - Kean University Student Housing Project Series 2017 A (BBB-/NR)

    180,000       4.000   07/01/2021   185,868
    220,000       4.000   01/01/2022   229,123
    225,000       4.000   07/01/2022   235,998
    270,000       4.000   01/01/2023   285,201
    275,000       4.000   07/01/2023   292,080
    320,000       4.000   01/01/2024   341,664
    325,000       4.000   07/01/2024   348,293

New Jersey Economic Development Authority RB for School Facilities Construction Series 2017 DDD (BBB+/Baa1)

    600,000       5.000   06/15/2020   609,678

New Jersey Economic Development Authority RB Refunding for Provident Group - Montclair Properties L.L.C. - Montclair University Student Housing Project Series 2017 (AGM) (AA/A2)

    1,835,000       4.000   06/01/2021   1,899,317
    1,000,000       4.000   06/01/2022   1,059,180

New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2005 K (AMBAC) (BBB+/Baa1)

    1,870,000       5.250   12/15/2020   1,937,881

New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2005 N-1 (AMBAC) (BBB+/Baa1)

    3,165,000       5.500   09/01/2024   3,689,947

New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2013 I (ST APPROP) (BBB+/Baa1)(d)

(SIFMA Municipal Swap Index Yield + 1.25%),

    13,315,000       2.860   09/01/2025   13,302,351

New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2018 FFF (BBB+/Baa1)

    2,345,000       5.000   06/15/2023   2,609,516
    6,500,000       5.000   06/15/2024   7,394,335

New Jersey Economic Development Authority State Pension RB Series 1997 B (AGM) (AA/A2)(e)

    14,822,000       0.000   02/15/2020   14,792,208

New Jersey Educational Facilities Authority RB Refunding for Stevens Institute of Technology Series 2017 A (BBB+/NR)

    315,000       5.000   07/01/2020   320,711
    485,000       5.000   07/01/2021   511,399
    440,000       5.000   07/01/2022   479,472

New Jersey Health Care Facilities Financing Authority RB for Princeton Healthcare System Issue Series 2016 A (AA/Aa3)

    750,000       5.000   07/01/2021   792,660

New Jersey Health Care Facilities Financing Authority RB Refunding for Robert Wood Johnson University Hospital Series 2010 (NR/WR)(a)

    5,000,000       5.000   01/01/2020   5,000,000

New Jersey Health Care Facilities Financing Authority RB Refunding for RWJ Barnabas Health Obligated Group Series 2019 B-1 (AA-/A1)(b)(c)

    13,480,000       5.000   07/01/2024   15,594,742

New Jersey Health Care Facilities Financing Authority RB Refunding for Trinitas Regional Medical Center Series 2017 A (BBB/Baa2)

    1,000,000       5.000   07/01/2020   1,016,730
    1,000,000       5.000   07/01/2021   1,050,610
    1,240,000       5.000   07/01/2022   1,345,177

New Jersey State Turnpike Authority RB Refunding Series 2014 C (A+/A2)

    22,035,000       5.000   01/01/2020   22,035,000

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

New Jersey – (continued)

New Jersey State Turnpike Authority RB Refunding Series 2017 C-1 (A+/A2)(d)

    (1 Mo. LIBOR + 0.34%),  

$

     1,290,000       1.536 %    01/01/2021   $       1,291,716

New Jersey State Turnpike Authority RB Refunding Series 2017 C-2 (A+/A2)(d)

    (1 Mo. LIBOR + 0.48%),  
    5,000,000       1.676   01/01/2022   5,021,500

New Jersey State Turnpike Authority RB Refunding Series 2017 C-3 (A+/A2)(d)

    (1 Mo. LIBOR + 0.60%),  
    15,565,000       1.796   01/01/2023   15,673,799

New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (BBB+/Baa1)(e)

    28,425,000       0.000   12/15/2028   22,364,506

New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2014 AA (BBB+/Baa1)

    10,000,000       5.000   06/15/2021   10,516,400

New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (BBB+/Baa1)

    1,000,000       5.000   06/15/2021   1,051,640

New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2005 B (NATL-RE) (BBB+/Baa1)

    10,990,000       5.500   12/15/2021   11,855,902

New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 A (AGM-CR) (AA/A2)

    25,070,000       5.250   12/15/2022   27,917,701

New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 A (BBB+/Baa1)

    15,795,000       5.250   12/15/2020   16,368,358

New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (AMBAC) (BBB+/Baa1)(e)

    10,715,000       0.000   12/15/2025   9,462,095

New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL-RE) (BBB+/Baa1)(e)

    33,865,000       0.000   12/15/2027   27,976,215
    320,000       0.000   12/15/2031   229,158

New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2010 D (BBB+/Baa1)

    3,110,000       5.000   12/15/2023   3,508,267

New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2013 A (BBB+/Baa1)

    1,505,000       5.000   06/15/2020   1,529,276

New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2011 A (ST APPROP) (BBB+/Baa1)(a)

    5,150,000       5.000   06/15/2021   5,434,280

New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2019 A (BBB+/Baa1)

    7,600,000       5.000   12/15/2024   8,753,376
    7,500,000       5.000   12/15/2025   8,769,525

New Jersey Transportation Trust Fund Authority RB Refund for Transportation System Bonds Series 2018 A (BBB+/Baa1)

    2,000,000       5.000   12/15/2023   2,256,120

New Jersey Transportation Trust Fund Authority RB Refunding for Federal Highway Reimbursement Notes Series 2018 A (A+/Baa1)

    5,000,000       5.000   06/15/2021   5,262,600
    5,000,000       5.000   06/15/2022   5,424,200

New Jersey Transportation Trust Fund Authority RB Refunding for Transportation Systems Series 2010 D (BBB+/Baa1)

    27,140,000       5.250   12/15/2023   30,874,193

New Jersey Transportation Trust Fund Authority RB Subseries 2016 A-1 & Subseries A-2 (A+/Baa1)

    11,250,000       5.000   06/15/2023   12,559,162

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

New Jersey – (continued)

New Jersey Transportation Trust Fund Authority Transportation RB Series 2011 B (BBB+/Baa1)(a)

$

     5,145,000       5.250 %    06/15/2021   $       5,451,282

New Jersey Transportation Trust Fund Authority Transportation System RB Series 2006 A (AGM-CR) (AA/A2)

    30,330,000       5.500   12/15/2022   33,993,864

Plainsboro Township GO General Improvement Bonds Series 2016 (AAA/NR)

    1,000,000       2.000   08/01/2022   1,023,280

Tobacco Settlement Financing Corp. RB Series 2018 B (BBB/NR)

    5,665,000       3.200   06/01/2027   5,781,076

Toms River Board of Education GO Bonds Series 2019 (SCH BD RES FD) (AA-/NR)

    2,650,000       2.000   07/15/2022   2,690,651
       

 

        449,861,354

 

New Mexico – 0.8%

City of Albuquerque General Purpose GO Bonds Series 2018 A (AAA/Aa2)

    6,480,000       5.000   07/01/2020   6,603,962
    6,480,000       5.000   07/01/2021   6,852,600
    5,480,000       5.000   07/01/2022   6,005,642

City of Farmington Refunding RB for Public Service Co. of New Mexico of New Mexico Project Series 2016 A (BBB+/Baa2)(b)(c)

    2,545,000       1.875   10/01/2021   2,553,424

City of Farmington Refunding RB for Public Service Co. of New Mexico of New Mexico Project Series 2016 B (BBB+/Baa2)(b)(c)

    4,425,000       1.875   10/01/2021   4,439,647

Farmington City PCRB Refunding for Public Service Co. of New Mexico San Juan & Four Corners Projects Series 2016 A (BBB+/Baa2)(b)(c)

    4,000,000       1.875   10/01/2021   4,013,240

Farmington City PCRB Refunding for Public Servicing Co. of New Mexico San Juan & Four Corners Projects Series 2016 B
(BBB+/Baa2)(b)(c)

    11,000,000       1.875   10/01/2021   11,036,410

Farmington New Mexico PCRB Refunding for Public Service Co. of New Mexico San Juan Project RMKT 06/01/17 Series 2017 B
(BBB+/Baa2)(b)(c)

    3,750,000       2.125   06/01/2022   3,784,650

New Mexico Finance Authority RB Refunding for State Transportation Commission Series 2012 (AA+/Aa1)

    4,040,000       5.000   06/15/2022   4,418,588

New Mexico Finance Authority RB Refunding for State Transportation Senior Lien Series 2010 B (AA+/Aa1)

    3,535,000       5.000   06/15/2021   3,735,399

New Mexico State GO Refunding Bonds Series 2017 B (AA/Aa2)

    9,485,000       5.000   03/01/2021   9,913,817
       

 

        63,357,379

 

New York – 12.7%

Brooklyn Arena Local Development Corp. Pilot RB Refunding for Barclays Center Series 2016 A (B+/Ba1)

    1,250,000       5.000   07/15/2021   1,311,775
    500,000       5.000   07/15/2022   540,095
    500,000       5.000   07/15/2023   554,350

City of New York GO Bonds Fiscal 2014 Series D Subseries D-3 (AA/Aa1)(b)(c)

    31,795,000       5.000   02/01/2024   35,953,468

City of New York GO Bonds Series 2012 B (AA/Aa1)

    6,675,000       5.000   08/01/2023   7,336,292

County of Nassau GO Bonds for General Improvement Series 2017 B (A+/A2)

    2,535,000       5.000   04/01/2021   2,656,807
    2,345,000       5.000   04/01/2022   2,543,785

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

New York – (continued)

County of Nassau GO Bonds for General Improvement Series 2018 B (AGM) (AA/A2)

$

     670,000       5.000 %    07/01/2020   $          682,851
    1,000,000       5.000   07/01/2022   1,095,140

County of Nassau GO Bonds Series 2019 A (SP-1+/NR)

    10,600,000       5.000   06/01/2020   10,768,328

Long Island Power Authority RB Refunding Series 2014 C (A/A2)(b)

   

(1 Mo. LIBOR + 0.75%),

  
    18,300,000       1.946   10/01/2023   18,449,145

Long Island Power Authority RB Series 2019 B (A/A2)(b)(c)

    13,675,000       1.650   09/01/2024   13,788,503

Metropolitan Transportation Authority Dedicated Tax Fund Bonds Anticipation Notes Series 2019 A (SP-1+/NR)

    25,000,000       5.000   03/01/2022   27,019,250

Metropolitan Transportation Authority RB Anticipating Notes Series 2019 C (SP-1/MIG1)

    42,450,000       4.000   07/01/2020   43,029,867

Metropolitan Transportation Authority RB Refunding RMKT 11/01/16 Subseries 2012 G-3 (A/A1)(b)

   

(1 Mo. LIBOR + 0.70%),

  
    20,000,000       1.845   02/01/2020   20,006,000

Metropolitan Transportation Authority RB Refunding Subseries 2012 G-4 (A/A1)(b)

   

(1 Mo. LIBOR + 0.55%),

  
    26,780,000       1.695   11/01/2022   26,709,301

Metropolitan Transportation Authority RB Refunding Subseries 2016 C-2B (A/A1)(b)(c)

    20,675,000       5.000   02/15/2020   20,761,215

Metropolitan Transportation Authority RB Series 2011 B (A/A1)(b)

   

(1 Mo. LIBOR + 0.55%),

  
    26,625,000       1.695   11/01/2022   26,554,710

Metropolitan Transportation Authority RB Series 2018 B-1A (SP-1/MIG1)

    10,145,000       5.000   05/15/2020   10,286,523

Metropolitan Transportation Authority RB Series 2018 B-1B (SP-1/MIG1)

    1,195,000       5.000   05/15/2020   1,211,670

Metropolitan Transportation Authority RB Series 2018 B-2A (SP-1/MIG1)

    14,325,000       5.000   05/15/2021   15,032,368

Metropolitan Transportation Authority RB Subseries 2014 D-2 (A/A1)(b)

(SIFMA Municipal Swap Index Yield + 0.45%),

    15,000,000       2.060   11/15/2022   14,986,500

Metropolitan Transportation Authority RB Subseries 2018 C-1 (SP-1/MIG1)

    69,410,000       5.000   09/01/2020   71,131,368

New York City GO Bonds Fiscal 2008 Series J Subseries J-3 (AA/Aa1)

    19,340,000       5.000   08/01/2022   21,256,014

New York City GO Bonds Fiscal 2019 Series A (AA/Aa1)

    10,000,000       5.000   08/01/2022   10,990,700

New York City GO Refunding Bonds Series 2015 A (AA/Aa1)

    8,640,000       5.000   08/01/2021   9,166,954

New York City Housing Development Corp. Multi-Family RB for Sustainable Neighborhood Series 2018 L-1 (AA+/Aa2)(b)(c)

    6,500,000       2.750   12/29/2023   6,753,305

New York City Municipal Water Finance Authority RB for Water & Sewer System Second General Resolution Fiscal 2014 Series AA Subseries AA1 (AA+/Aa1)(b)(c)

    22,500,000       1.670   01/02/2020   22,500,000

New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2019 C-2 (AAA/Aa1)

    23,565,000       2.570   11/01/2023   23,948,403
    25,580,000       2.640   11/01/2024   26,099,018
    17,885,000       2.740   11/01/2025   18,289,380

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

New York – (continued)

New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2020 Subseries A-4 (AAA/Aa1)

$

     7,800,000       1.940 %    05/01/2024   $       7,726,992
    43,155,000       2.010   05/01/2025   42,709,209

New York Housing Development Corp. Multi-Family Mortgage RB for Sustainable Neighborhood Bonds Series 2017 Class G-2 (AA+/Aa2)(b)(c)

    4,870,000       2.000   12/31/2021   4,889,188

New York State Dormitory Authority General Purpose Personal Income Tax RB Refunding Series 2016 D (AA+/Aa1)

    1,150,000       4.000   02/15/2020   1,153,991

New York State Dormitory Authority RB for Northwell Health Obligated Group Series 2019 B-1 (A-/A3)(b)(c)

    10,380,000       5.000   05/01/2022   11,047,849

New York State Dormitory Authority RB for Northwell Health Obligated Group Series 2019 B-2 (A-/A3)(b)(c)

    6,230,000       5.000   05/01/2024   7,035,477

New York State Dormitory Authority RB Refunding for Bidding Group 1 Series 2018 C (AA+/Aa1)

    62,305,000       5.000   03/15/2023   69,973,499

New York State Dormitory Authority RB Refunding for New York University Series 2015 A (AA-/Aa2)

    1,120,000       4.000   07/01/2020   1,136,643

New York State Dormitory Authority RB Refunding for Northwell Health Obligated Group Series 2019 A (A-/A3)

    1,170,000       5.000   05/01/2022   1,271,416
    1,040,000       5.000   05/01/2023   1,167,036

New York State Dormitory Authority Sales Tax RB Refunding Series 2015 A (AA+/Aa1)

    850,000       5.000   03/15/2021   890,231

New York State Dormitory Authority Sales Tax RB Refunding Series 2018 E Group 1 (AA+/Aa1)

    31,815,000       5.000   03/15/2023   35,730,790

New York State Dormitory Authority State Personal Income Tax RB Federally Taxable Build America Bonds Series 2010 D (AA+/Aa1)

    710,000       4.900   03/15/2023   768,667

New York State Dormitory Authority State Personal Income Tax RB for General Purpose Series 2019 A (AA+/Aa1)

    33,890,000       5.000   03/15/2025   40,355,195

New York State Energy Research & Development Authority RB Refunding for Central Hudson Gas & Electric Corp. Projects Series 1999 B (AMT) (AMBAC) (A-/A3)(c)

    27,750,000       2.368   01/31/2020   27,750,000

New York State Energy Research & Development Authority RB Refunding for New York State Electric & Gas Corp. Projects Series 2004 C (A-/A3)(b)(c)

    17,000,000       2.625   07/03/2023   17,579,020

New York State Urban Development Corp. General Purpose Personal Income Tax RB Refunding Series 2017 A (AA+/Aa1)

    945,000       5.000   03/15/2022   1,025,703

New York State Urban Development Corp. Taxable Refunding RB Series 2017 B (AA+/Aa1)

    28,225,000       2.860   03/15/2024   29,081,064

New York State Urban Development Corp. Taxable Refunding RB Series 2017 D-1 (AA+/Aa1)

    20,015,000       2.980   03/15/2025   20,860,033

New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (BBB-/Baa3)

    16,995,000       5.000   01/01/2022   18,145,052
    16,750,000       5.000   01/01/2023   18,371,567

New York Transportation Development Corp. Special Facility RB Refunding for Terminal One Group Association L.P. Project Series 2015 (AMT) (A-/Baa1)

    4,800,000       5.000   01/01/2020   4,800,000
    2,310,000       5.000   01/01/2021   2,389,048

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

New York – (continued)

Oyster Bay Public Improvement GO Refunding Bonds Series 2018 (NR/Baa3)

$

     9,385,000       4.000 %    02/15/2021   $       9,624,693

Rockland County GO Bonds Series 2014 A (AGM) (AA/A2)

    3,000,000       5.000   03/01/2020   3,018,780

Rockland County New York GO Refunding Bonds Series 2014 (BAM) (AA/A2)

    635,000       3.000   02/15/2020   636,403

Suffolk County New York GO Bonds for Public Improvement Series 2016 B (BAM) (AA/NR)

    5,105,000       2.000   10/15/2020   5,133,894
    5,200,000       2.000   10/15/2021   5,266,664

Suffolk County New York GO Bonds for Public Improvement Series 2018 A (AGM) (AA/NR)

    4,955,000       5.000   06/01/2021   5,212,610
    5,005,000       5.000   06/01/2022   5,449,144

Suffolk County New York GO Bonds Series 2020 II (SP-1/NR)(h)

    35,230,000       2.500   08/20/2020   35,487,531

Suffolk County New York GO Refunding Serial Bonds Series 2017 A (AGM) (AA/NR)

    7,035,000       4.000   02/01/2023   7,614,192

Suffolk County New York GO Refunding Serial Bonds Series 2017 B (AGM) (AA/NR)

    6,360,000       4.000   10/15/2023   6,995,873

Suffolk Tobacco Asset Securitization Corp. RB Tobacco Settlement Asset-Backed Bonds Series 2012 B (A/NR)

    620,000       5.000   06/01/2020   627,384

Triborough Bridge & Tunnel Authority RB Series 2018 D (AA-/Aa3)(b)

   

(SOFR + 0.50%),

  
    25,000,000       1.525   10/01/2020   25,001,250

TSASC Inc., Tobacco Settlement RB Senior Series 2017 A (A/NR)

    2,000,000       5.000   06/01/2020   2,029,120
    1,000,000       5.000   06/01/2021   1,049,610

TSASC Inc., Tobacco Settlement RB Subordinated Series 2017 B (A-/NR)

    1,000,000       5.000   06/01/2020   1,011,040

Utility Debt Securitization Authority Restructuring RB Series 2016 B (AAA/WR)

    1,000,000       5.000   12/15/2023   1,077,020
       

 

        992,505,963

 

North Carolina – 2.2%

Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Company Series 2019 A (BBB/Baa2)(b)(c)

    425,000       2.000   10/01/2024   428,723

Columbus County Industrial Facilities and Pollution Control Financing Authority Recovery Zone Facility RB Refunding for International Paper Company Series 2019 B (BBB/Baa2)(b)(c)

    450,000       2.000   10/01/2024   453,942

County of Wake GO Bonds for Public Improvements Series 2014 (AAA/Aaa)

    7,000,000       5.000   09/01/2020   7,182,280

County of Wake GO Refunding Bonds Series 2016 A (AAA/Aaa)

    9,150,000       5.000   03/01/2022   9,919,790

North Carolina Capital Facilities Finance Agency RB for Duke University Project Series 2014 A (AA+/Aa1)

    71,475,000       5.000   10/01/2041   76,823,474

North Carolina Capital Facilities Finance Agency RB Refunding for Duke University Project Series 2014 B (AA+/Aa1)

    35,000,000       5.000   10/01/2044   37,578,800

North Carolina State Capital Improvement RB Series 2011 A (ST APPROP) (AA+/Aa1)(a)

    10,760,000       5.000   05/01/2020   10,899,557

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

North Carolina – (continued)

North Carolina State GO Refunding Bonds Series 2013 D (AAA/Aaa)

$

     21,000,000       4.000 %    06/01/2022   $     22,464,960
    5,590,000       4.000   06/01/2023   6,136,478
       

 

        171,888,004

 

North Dakota – 0.1%

City of Williston RB Refunding for Airport Series 2018 (A+/NR)

    600,000       5.000   11/01/2020   617,400
    805,000       5.000   11/01/2021   856,045
    1,815,000       5.000   11/01/2022   1,986,935
    1,655,000       5.000   11/01/2023   1,864,076
    2,000,000       4.000   11/01/2024   2,168,960
       

 

        7,493,416

 

Ohio – 1.7%

American Municipal Power, Inc. RB for Hydroelectric Projects Series 2009 C (A/A2)(a)

    4,000,000       5.000   02/15/2020   4,018,240

American Municipal Power, Inc. RB for Hydroelectric Projects Series 2010 C (A/A2)

    2,720,000       6.973   02/15/2024   3,211,994

American Municipal Power, Inc. RB Refunding for Prairie State Energy Campus Project Series 2019 B (A/A1)

    2,930,000       5.000   02/15/2023   3,268,093
    915,000       5.000   02/15/2024   1,050,557

Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007 A-2 (CCC+/Ca)

    12,975,000       5.125   06/01/2024   12,992,516
    3,230,000       5.375   06/01/2024   3,243,114

City of Columbus Various Purpose Unlimited Tax Bonds Series 2018 A (AAA/Aaa)

    4,545,000       5.000   04/01/2020   4,588,496
    10,260,000       5.000   04/01/2022   11,146,464
    5,000,000       5.000   04/01/2023   5,621,650

Cleveland Airport Various Purpose GO Refunding Bonds Series 2015 (AA+/A1)

    1,455,000       5.000   12/01/2020   1,506,289

County of Montgomery Ohio Hospital Facilities RB Refunding for Miami Valley Hospital Series 2019 A (A/Baa1)

    1,950,000       5.000   11/15/2024   2,273,017

Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (BBB-/Baa3)

    1,750,000       5.000   02/15/2023   1,907,535
    3,000,000       5.000   02/15/2024   3,349,770
    1,500,000       5.000   02/15/2025   1,712,955

Hamilton County Health Care RB Refunding for Life Enriching Community Project Series 2012 (BBB-/NR)

    435,000       4.000   01/01/2020   435,000

Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 A (BB+/Ba1)

    1,075,000       2.875   02/01/2026   1,090,942

Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 D (BB+/Ba1)

    2,695,000       2.875   02/01/2026   2,734,967

Ohio Air Quality Development Authority RB Refunding for American Electric Power Co., Inc. Series 2014 D (BBB+/NR)(b)(c)

    5,000,000       1.900   10/01/2024   5,023,300

Ohio State GO Refunding Bonds for Higher Education Series 2014 B (AA+/Aa1)

    7,460,000       5.000   08/01/2023   8,478,439

Ohio State Higher Education GO Bonds for Federally Taxable Build America Bonds Series 2010 E (AA+/Aa1)

    2,710,000       4.461   08/01/2022   2,882,519

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Ohio – (continued)

Ohio State Highway Capital Improvement GO Bonds Series 2012 Q (AAA/Aa1)(a)

$

     1,685,000       5.000 %    05/01/2022   $     1,837,627

Ohio State RB for Department of Transportation Series 2019-1 (AA/Aa2)

    1,000,000       5.000   12/15/2022   1,113,150
    1,285,000       5.000   12/15/2023   1,476,118

Ohio State RB for University Hospitals Health System, Inc. Obligated Group Series 2018 C (A/A2)(b)(c)

    15,100,000       5.000   09/15/2021   16,012,342

Ohio State RB for University Hospitals Health System, Inc. Obligated Group Series 2018 D (A/A2)(b)(c)

    11,775,000       5.000   09/15/2023   13,261,123

Ohio State Third Frontier Research & Development GO Bonds Series 2013 A (AA+/Aa1)(a)

    7,400,000       4.000   05/01/2021   7,686,972

Ohio State Water Development Authority RB for Waste Management, Inc. Project Series 2002 (A-/NR)

    8,250,000       3.250   11/01/2022   8,617,372

Revere Local School District School Facilities Improvement GO Unlimited Bonds Series 2017 a (NR/Aa1)(a)

    1,240,000       5.000   06/01/2022   1,356,300

University of Toledo General Receipts RB Series 2011 B (A/A1)(a)

    355,000       5.000   06/01/2021   374,585

Winton Woods City School District Class Room Facilities GO Unlimited Bonds Series 2017 A (SD CRED PROG) (AA/Aa2)(a)

    2,805,000       5.000   05/01/2022   3,059,077
       

 

        135,330,523

 

Oklahoma – 0.1%

Cleveland County Educational Facilities Authority RB for Norman Public Schools Project Series 2019 (A+/NR)

    1,375,000       5.000   06/01/2021   1,447,682
    1,880,000       5.000   06/01/2022   2,047,301

Oklahoma County Independent School District No. 1 Combined Purpose GO Bonds for Putnam City Board of Education District Series 2016 (A+/NR)

    2,900,000       2.000   01/01/2021   2,922,591

Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (BB+/Baa3)

    500,000       5.000   08/15/2022   541,220
    500,000       5.000   08/15/2023   556,160
    500,000       5.000   08/15/2024   570,450

Oklahoma Turnpike Authority RB Refunding Second Senior Series 2017 D (AA-/Aa3)

    2,765,000       4.000   01/01/2023   2,998,698
       

 

        11,084,102

 

Oregon – 1.3%

Benton & Linn Counties Consolidated School District No. 509J & 509A Corvallis GO Refunding Bonds Series 2007 (AGM) ( SCH BD GTY) (NR/Aa1)

    2,000,000       5.000   06/15/2020   2,035,180

City of Portland RB Refunding for Sewer System First Lien Series 2015 A (AA+/Aa1)

    30,030,000       5.000   06/01/2020   30,516,186

Forest Grove Oregon Student Housing RB Refunding for Oak Tree Foundation Project Series 2017 (BBB-/NR)

    995,000       4.000   03/01/2021   1,016,323
    385,000       5.000   03/01/2023   417,040
    200,000       5.000   03/01/2024   220,690
    200,000       5.000   03/01/2025   224,640

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Oregon – (continued)

Lane County Oregon Springfield School District No. 19 GO Refunding Bonds Series 2015 (SCH BD GTY) (AA+/Aa1)(e)

$

     3,740,000       0.000 %    06/15/2020   $     3,718,420
    3,780,000       0.000   06/15/2021   3,706,933

Oregon Health & Science University RB Refunding for Oregon Health & Science University Obligated Group Series 2019 A (AA-/Aa3)

    465,000       4.000   07/01/2020   471,631
    600,000       5.000   07/01/2021   634,590
    850,000       5.000   07/01/2022   931,532
    950,000       5.000   07/01/2023   1,074,022

Oregon State Business Development Commission RB for Intel Corp. Project Series 2010 232 (A+/A1)(b)(c)

    13,050,000       2.400   08/14/2023   13,508,707

Portland Community College District GO Unlimited Bonds Series 2013 (AA+/Aa1)

    6,930,000       5.000   06/15/2025   7,831,247

Portland Oregon Community College District GO Bonds Series 2018 (AA+/Aa1)

    10,240,000       4.000   06/15/2020   10,374,758
    12,520,000       4.000   06/15/2021   13,048,219

Portland Oregon Community College District GO Refunding Bonds Series 2016 (AA+/Aa1)

    1,500,000       5.000   06/15/2020   1,526,445
    1,900,000       5.000   06/15/2021   2,007,426
    2,300,000       5.000   06/15/2022   2,518,477

Portland Oregon Water System RB Refunding First Lien Series 2016 A (NR/Aaa)

    2,130,000       5.000   04/01/2022   2,315,523

State of Oregon GO Bonds Series 2018 A (AA+/Aa1)

    5,480,000       4.000   05/01/2020   5,532,498
       

 

        103,630,487

 

Pennsylvania – 3.6%

Abington School District GO Bonds Series 2017 (ST AID WITHHLDG) (AA/NR)

    1,375,000       5.000   10/01/2021   1,464,664
    1,950,000       5.000   10/01/2022   2,154,906

Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A (A/NR)

    2,250,000       5.000   04/01/2022   2,425,635
    2,250,000       5.000   04/01/2023   2,501,550
    4,000,000       5.000   04/01/2024   4,570,760

Allegheny County Hospital Development Authority RB Refunding for UPMC Obligated Group Series 2019 A (A+/A1)

    745,000       5.000   07/15/2020   760,206
    1,770,000       5.000   07/15/2021   1,871,598
    1,900,000       5.000   07/15/2022   2,080,025
    1,475,000       5.000   07/15/2023   1,666,322

Allentown City School District GO Bonds Series 2019 (ST AID WITHHLDG) (NR/NR)

    4,250,000       2.050   01/02/2020   4,250,000

Bethlehem Area School District Authority School RB Refunding for Bethlehem Area School District Refunding Project Series 2018 (ST AID WITHHLDG) (NR/A1)(b)

    (1 Mo. LIBOR + 0.48%),  
    5,990,000       1.734   11/01/2021   5,991,857

Bucks County Industrial Development Authority RB Refunding for Pennswood Village Obligated Group Series 2018 A (BBB+/NR)

    545,000       5.000   10/01/2022   588,562
    760,000       5.000   10/01/2023   841,183

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Pennsylvania – (continued)

Butler County Hospital Authority RB for Health System Project Series 2015 A (A+/Baa1)

$

     265,000       4.000 %    07/01/2020   $       268,159
    1,000,000       4.000   07/01/2021   1,035,590

City of Philadelphia GO Bonds Series 2016 F (ST AID WITHHLDG) (A+/A2)

    4,000,000       5.000   09/01/2020   4,098,920
    4,000,000       5.000   09/01/2021   4,243,040

City of Philadelphia GO Bonds Series 2019 A (ST AID WITHHLDG) (A+/A2)

    645,000       5.000   09/01/2022   707,004
    610,000       5.000   09/01/2023   687,153

Coatesville School District GO Refunding Bonds Series 2017 (AGM) (ST AID WITHHLDG) (AA/A2)

    325,000       4.000   08/01/2020   329,768
    1,270,000       5.000   08/01/2021   1,340,472
    1,125,000       5.000   08/01/2022   1,221,446

Commonwealth Financing Authority Taxable RB Series 2005 A (NATL-RE) (A/A1)

    2,050,000       5.380   06/01/2021   2,099,528

Commonwealth Financing Authority Taxable RB Series 2006 C (AGM) (AA/A1)

    5,415,000       5.114   06/01/2021   5,569,815

Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (A/A1)

    950,000       5.000   06/01/2020   964,193
    2,250,000       5.000   06/01/2023   2,511,405

County of Lehigh Purpose Authority RB Refunding for Lehigh Valley Health Network Obligated Group Series 2019 A (A+/A2)

    535,000       5.000   07/01/2022   584,097
    700,000       5.000   07/01/2023   787,542
    1,680,000       5.000   07/01/2024   1,943,206

Cumberland County Municipal Authority RB Refunding for Diakon Lutheran Social Ministries Project Series 2015 (BBB+/NR)

    1,000,000       4.000   01/01/2020   1,000,000

Delaware River Port Authority RB Refunding Series 2018 B (A+/A2)

    4,050,000       5.000   01/01/2020   4,050,000
    5,520,000       5.000   01/01/2021   5,734,010
    5,000,000       5.000   01/01/2022   5,383,450

General Authority of Southcentral Pennsylvania WellSpan Health Obligation Group RB Refunding Series 2019 B (AA-/Aa3)(b)

(SIFMA Municipal Swap Index Yield + 0.60%),

    15,000,000       2.210   06/01/2024   14,995,800

Lancaster School District GO Refunding Bonds Series 2019 B (AGM) (ST AID WITHHLDG) (AA/NR)

    300,000       4.000   06/01/2021   311,502
    520,000       4.000   06/01/2022   553,197

Lehigh County Industrial Development Authority PCRB Refunding for PPL Electric Utilities Corp. Project RMKT 08/15/17 Series 2016 B (A/A1)(b)(c)

    9,000,000       1.800   08/15/2022   9,098,730

Montgomery County Higher Education & Health Authority RB Refunding for Thomas Jefferson University Obligated Group Series 2019 (A/A2)

    600,000       5.000   09/01/2022   658,338
    550,000       5.000   09/01/2023   622,303
    625,000       5.000   09/01/2024   726,606

Montgomery County IDA Pollution Control RB Refunding for PECO Energy Company Project Series 1999 B
(BBB+/Baa2)(b)(c)

    30,425,000       2.500   04/01/2020   30,519,317

Pennsylvania Economic Development Financing Authority RB for Solid Waste Disposal Project Series 2009 (A-/NR)(b)(c)

    12,265,000       2.800   12/01/2021   12,620,440

Pennsylvania State Commonwealth GO Bonds First Series 2012 (A+/Aa3)(a)

    6,530,000       5.000   06/01/2022   7,142,449

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Pennsylvania – (continued)

Pennsylvania State Commonwealth GO Bonds Second Series 2015 (A+/Aa3)

$

     2,175,000       5.000 %    08/15/2020   $     2,227,243

Pennsylvania State Commonwealth GO Refunding Bonds First Series 2015 (A+/Aa3)

    8,115,000       5.000   08/15/2020   8,309,922

Pennsylvania State Commonwealth GO Refunding Bonds First Series 2016 (A+/Aa3)

    13,720,000       5.000   09/15/2020   14,093,870

Pennsylvania State Commonwealth GO Refunding Bonds First Series 2017 (A+/Aa3)

    33,455,000       5.000   01/01/2023   37,202,295

Pennsylvania State Commonwealth GO Refunding Bonds Second Series 2016 (A+/Aa3)

    4,500,000       5.000   01/15/2022   4,846,095

Pennsylvania State GO Bonds First Refunding Series 2015 (AGM-CR) (AA/Aa3)

    5,000,000       5.000   08/15/2022   5,506,800

Pennsylvania Turnpike Commission RB Refunding Series 2018 B (A+/A1)(d)

(SIFMA Municipal Swap Index Yield + 0.70%),

    11,750,000       2.310   12/01/2023   11,827,902

Pennsylvania Turnpike Commission RB Refunding Subordinate Series 2016 A (AA/Aa3)

    1,000,000       5.000   12/01/2022   1,111,370

Pennsylvania Turnpike Commission RB Series 2014 B-1 (A+/A1)(d)

(SIFMA Municipal Swap Index Yield + 0.88%),

    7,000,000       2.490   12/01/2020   7,021,000

Pennsylvania Turnpike Commission RB Subordinate Series 2015 B (A/A3)(a)

    1,400,000       5.000   12/01/2020   1,449,994

Philadelphia Hospitals and Higher Education Facilities Authority RB Refunding for Temple University Health System Obligation Group Series 2017 (BBB-/Ba1)

    1,000,000       5.000   07/01/2020   1,015,730
    4,000,000       5.000   07/01/2022   4,301,560
    1,750,000       5.000   07/01/2023   1,929,725

Pittsburgh & Allegheny County Sports & Exhibition Authority RB for Parking System Series 2017 (A/NR)

    365,000       4.000   12/15/2020   374,307
    600,000       4.000   12/15/2021   630,138
    280,000       5.000   12/15/2022   308,843

Pittsburgh Water & Sewer Authority First Lien RB Refunding Series 2017 C (AGM) (AA/A2)(b)

    (1 Mo. LIBOR + 0.64%),  
    10,000,000       1.890   12/01/2020   10,003,100

Pittsburgh Water & Sewer Authority First Lien RB Series 2019 A (A/A3)

    500,000       5.000   09/01/2020   512,670
    500,000       5.000   09/01/2021   531,320
    250,000       5.000   09/01/2022   274,722
    270,000       5.000   09/01/2023   306,013

Pittsburgh Water & Sewer Authority First Lien RB Series 2019 A (AGM) (AA/A2)

    250,000       5.000   09/01/2024   291,872

Scranton School District GO Refunding Bonds Series 2017 A (ST AID WITHHLDG) (A+/A2)

    645,000       5.000   06/01/2020   653,695
    680,000       5.000   06/01/2021   711,246

Westmoreland County Municipal Authority RB Series 2013 (A+/A1)(a)

    1,965,000       5.000   08/15/2023   2,235,227

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Pennsylvania – (continued)

York Suburban School District GO Refunding Bonds Series 2019 A (BAM) (ST AID WITHHLDG) (AA/NR)

$

     1,075,000       4.000 %    02/15/2022   $       1,134,200
    2,745,000       4.000   02/15/2023   2,964,024
    2,070,000       4.000   02/15/2024   2,279,939
       

 

        277,029,570

 

Puerto Rico – 1.6%

Puerto Rico Commonwealth Public Improvement GO Refunding Bonds Series 2002 A (FGIC) (NR/WR)(i)

    581,950       5.500   07/01/2017   522,446

Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (AA/A2)(d)

    (3 Mo. LIBOR + 0.52%),  
    54,710,000       1.926   07/01/2029   54,026,125

Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2002 C (COMWLTH GTD) (CC/WR)(i)

    654,385       5.500   07/01/2016   487,517

Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2007 M-2 (AMBAC) (NR/Ca)(c)

    1,000,000       10.000   07/01/2035   1,056,190

Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2007 M-2 (COMWLTH GTD) (NR/Ca)(b)(i)

    10,835,000       10.000   07/01/2034   10,428,688

Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR)(e)

    22,208,000       0.000   07/01/2024   19,491,962
    21,461,000       0.000   07/01/2027   17,136,394
    10,310,000       0.000   07/01/2029   7,650,432
    439,000       0.000   07/01/2031   301,404
    494,000       0.000   07/01/2033   314,273
    4,705,000       0.000   07/01/2046   1,260,516
    3,833,000       0.000   07/01/2051   748,087

Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR)

    1,862,000       4.329   07/01/2040   1,887,546
    56,000       4.536   07/01/2053   57,225
    747,000       4.784   07/01/2058   775,864

Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR)

    362,000       4.500   07/01/2034   386,279
    183,000       4.550   07/01/2040   189,464
    1,345,000       4.750   07/01/2053   1,404,207
    3,400,000       5.000   07/01/2058   3,607,502
       

 

        121,732,121

 

Rhode Island – 0.2%

Providence Public Building Authority RB for Capital Improvement Program Project Series 2017 A (BBB/Baa2)

    200,000       5.000   09/15/2020   204,922
    1,210,000       5.000   09/15/2021   1,280,374

Rhode Island Health and Educational Building Corp. Higher Education Facility RB Refunding for Brown University Issue Series 2012 (AA+/Aa1)

    4,820,000       5.000   09/01/2021   5,136,771
    4,970,000       5.000   09/01/2022   5,490,458

Rhode Island Health and Educational Building Corp. RB for Woonsocket Public School Financing Program Series 2017 A (MUN GOVT GTD) (NR/Aa3)

    815,000       4.000   05/15/2020   823,101
    820,000       5.000   05/15/2021   857,523
    1,415,000       5.000   05/15/2022   1,526,205

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Rhode Island – (continued)

Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2015 B (BBB+/NR)

$

     4,110,000       2.250 %    06/01/2041   $       4,119,864
       

 

        19,439,218

 

South Carolina – 0.9%

Berkeley County School District GO Unlimited Bonds Series 2014 A (SCSDE) (AA/Aa1)

    4,950,000       3.000   03/01/2026   5,288,679

Charleston County School District GO Bonds Series 2018 (SCSDE) (NR/Aa1)

    2,180,000       5.000   03/01/2021   2,278,056
    5,575,000       5.000   03/01/2022   6,041,516
    4,015,000       5.000   03/01/2023   4,501,899

City of Charleston RB for Waterworks & Sewer System Capital Improvement Series 2006 B (AAA/Aaa)(b)

    (1 Mo. LIBOR + 0.37%),  
    10,000,000       1.633   01/01/2022   10,013,600

County of Charleston GO Bonds for Transportation Sales Tax Series 2011 (ST AID WITHHLDG) (AAA/Aaa)(a)

    4,925,000       4.000   11/01/2021   5,187,305

County of Charleston GO Refunding Bonds for Transportation Sales Tax Series 2013 (AAA/Aaa)

    10,005,000       5.000   11/01/2021   10,716,556

South Carolina Public Service Authority Santee Cooper RB Refunding Series 2014 D (A/A2)

    1,050,000       3.056   12/01/2023   1,073,646

South Carolina Public Service Authority Santee Cooper RB Series 2016 D (A/A2)

    6,756,000       2.388   12/01/2023   6,770,931

South Carolina Transportation Infrastructure Bank RB Refunding Series 2013 B (A/Aa3)(b)

    (1 Mo. LIBOR + 0.45%),  
    16,360,000       1.595   10/01/2022   16,377,669
       

 

        68,249,857

 

South Dakota – 0.1%

Rapid City Area School District No. 51-4 Limited Tax Capital Outlay GO Refunding Bonds Series 2017 B (ST AID WITHHLDG) (AA+/NR)

    1,000,000       4.000   01/01/2020   1,000,000
    1,055,000       5.000   01/01/2021   1,094,404
    570,000       5.000   01/01/2022   612,442

South Dakota Health & Educational Facilities Authority RB Refunding for Avera Health Obligated Group Series 2019 A (AA-/A1)(b)(c)

    3,700,000       5.000   07/01/2024   4,234,391
       

 

        6,941,237

 

Tennessee – 1.4%

Chattanooga Health Educational & Housing Facility Board RB for CommonSpirit Health Obligated Group Refunding Series 2019 A-1 (BBB+/Baa1)

    1,000,000       5.000   08/01/2025   1,176,130

City of Memphis RB Refunding for Sanitary Sewerage System Series 2018 (AA+/Aa2)

    2,980,000       5.000   10/01/2020   3,066,331

City of Murfreesboro GO Bonds Series 2018 (AA/Aa1)

    2,720,000       5.000   06/01/2021   2,869,681
    2,400,000       5.000   06/01/2022   2,621,376

County of Rutherford GO Bonds for School Series 2017 (AA+/Aa1)

    3,070,000       5.000   04/01/2022   3,335,985

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Tennessee – (continued)

Greeneville Health & Educational Facilities Board RB for Ballad Health Obligated Group Series 2018 A (A-/Baa1)

$

     2,500,000       5.000 %    07/01/2020   $       2,545,325
    3,500,000       5.000   07/01/2021   3,683,015

Hamilton County GO Bonds Series 2018 A (AAA/Aaa)

    6,185,000       5.000   04/01/2020   6,244,191
    7,860,000       5.000   04/01/2022   8,546,492

Knox County Health Educational & Housing Facilities Board RB for University Health System, Inc. Series 2017 (BBB/NR)

    350,000       5.000   04/01/2020   352,828
    750,000       4.000   04/01/2021   771,037
    1,420,000       5.000   04/01/2022   1,520,721

Metropolitan Government of Nashville & Davidson County GO Improvement Bonds Series 2013 A (AA/Aa2)

    9,625,000       5.000   01/01/2023   10,730,239

Metropolitan Government of Nashville & Davidson County GO Improvement Bonds Series 2015 C (AA/Aa2)

    5,500,000       5.000   07/01/2023   6,232,215

Metropolitan Government of Nashville & Davidson County GO Improvement Bonds Series 2018 (AA/Aa2)

    22,625,000       5.000   07/01/2022   24,795,190
    17,955,000       5.000   07/01/2023   20,345,349

Metropolitan Government of Nashville & Davidson County GO Refunding Bonds Series 2010 D (AA/Aa2)

    6,960,000       5.000   07/01/2022   7,093,841
       

 

        105,929,946

 

Texas – 8.0%

Alamo Community College District GO Refunding Bonds Series 2017 (AAA/Aaa)

    6,445,000       3.000   08/15/2022   6,756,229

Arlington Higher Education Finance Corp. RB for Riverwalk Education Foundation, Inc. Series 2019 (PSF-GTD) (AAA/NR)

    375,000       5.000   08/15/2021   397,744
    350,000       5.000   08/15/2022   383,757
    325,000       5.000   08/15/2023   367,477
    325,000       5.000   08/15/2024   377,998
    400,000       5.000   08/15/2025   476,296

Austin Convention Enterprises, Inc. Convention Center Hotel Second Tier RB Refunding Series 2017 B (BBB-/NR)

    500,000       5.000   01/01/2020   500,000
    500,000       5.000   01/01/2021   516,505
    465,000       5.000   01/01/2022   493,630
    750,000       5.000   01/01/2023   816,413

Board of Regents of the University of Texas System RB Refunding Series 2017 C (AAA/Aaa)

    10,400,000       5.000   08/15/2023   11,830,520

Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2015 B (A-/Baa1)(b)(c)

    7,500,000       5.000   01/07/2021   7,629,600

Central Texas Regional Mobility Authority RB Senior Lien Series 2011 (A-/Baa1)(a)

    5,455,000       6.000   01/01/2021   5,715,313

Central Texas Regional Mobility Authority Subordinate Lien RB Series 2018 (BBB+/Baa2)

    3,500,000       4.000   01/01/2022   3,630,935

City of Austin RB for Airport System Series 2019 B (AMT) (A/A1)

    1,000,000       5.000   11/15/2023   1,135,990

City of Fate Special Assessment Refunding for Williamsburg Public Improvement District No. 1 Project Series 2019 (BAM) (AA/NR)

    135,000       4.000   08/15/2023   144,670
    140,000       4.000   08/15/2024   152,127

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Texas – (continued)

City of Hackberry Special Assessment RB Refunding for Hackberry Public Improvement District No. 3 Phases No. 13-16 Project Series 2017 (NR/NR)(e)

$

     70,000       0.000 %    09/01/2020   $       68,457
    70,000       0.000   09/01/2021   66,058
    70,000       0.000   09/01/2022   63,593
    70,000       0.000   09/01/2023   61,142

City of Hackberry Special Assessment RB Refunding for Hidden Cove Public Improvement District No. 2 Project Series 2017 (BBB-/NR)

    685,000       0.000 (e)    09/01/2020   676,842
    685,000       0.000 (e)    09/01/2021   663,381
    685,000       0.000 (e)    09/01/2022   649,096
    405,000       4.000   09/01/2023   436,120

City of Houston RB Refunding for Airport System Subordinate Lien Series 2012 A (AMT) (A+/NR)

    2,700,000       5.000   07/01/2029   2,922,804

City of Houston RB Refunding for Combined Utility System Series 2011 A (AA/NR)(a)

    24,305,000       5.250   11/15/2020   25,183,140

City of Houston RB Refunding for Combined Utility System Series 2018 C (AA/Aa2)(b)

    (1 Mo. LIBOR + 0.36%),  
    12,500,000       1.614   08/01/2021   12,512,625

City of Houston RB Refunding for Combined Utility System Series 2019 C (AA/Aa2)

    6,000,000       1.716   11/15/2022   5,961,300
    5,000,000       1.746   11/15/2023   4,946,200

City of Irving RB Refunding for Hotel Occupancy Tax Series 2019 (BBB+/NR)

    200,000       5.000   08/15/2020   204,502
    50,000       5.000   08/15/2021   52,899
    65,000       5.000   08/15/2022   71,005
    75,000       5.000   08/15/2023   84,350

City of San Antonio RB for Electric & Gas Systems Junior Lien Series 2015 D (AA-/Aa2)(b)(c)

    18,500,000       3.000   12/01/2020   18,792,300

City of San Antonio RB Refunding for Electric & Gas Systems Junior Lien Series 2015 A (AA-/Aa2)(b)(c)

    27,875,000       1.750   12/01/2024   28,346,924

City of San Antonio RB Refunding for Electric & Gas Systems Junior Lien Series 2015 C (AA-/Aa2)(b)(c)

    32,200,000       1.750   12/01/2024   32,603,144

City of San Antonio RB Refunding for Electric & Gas Systems Junior Lien Series 2018 (AA-/Aa2)(b)(c)

    5,200,000       2.750   12/01/2022   5,412,888

City of San Antonio Water System Junior Lien RB Refunding Series 2014 B (AA/Aa2)(b)(c)

    5,750,000       2.000   11/01/2022   5,841,827

City of Southlake GO Refunding Bonds Series 2019 (AAA/NR)

    4,020,000       5.000   02/15/2021   4,195,312

Colorado River Municipal Water District RB Series 2011 (AA-/Aa3)(a)

    2,000,000       5.000   01/01/2021   2,077,940

County of Bexar GO Bonds Certificates of Obligation Series 2013 B (AAA/Aaa)(a)

    37,200,000       5.125   06/15/2023   42,309,420

County of Dallas GO Bonds Series 2016 (AAA/Aaa)

    1,000,000       5.000   08/15/2020   1,024,140

Cypress-Fairbanks Independent School District GO Bonds for School Building Series 2017 A-3 (PSF-GTD) (AAA/Aaa)(b)(c)

    9,325,000       3.000   08/17/2020   9,422,819

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Texas – (continued)

Dallas-Fort Worth International Airport Joint RB Refunding Series 2012 B (A+/A1)

$

     5,005,000       5.000 %    11/01/2023   $       5,169,564

Denton Independent School District Unlimited Tax Building GO Bonds Series 2014 B (PSF-GTD) (AAA/NR)(b)(c)

    5,000,000       2.000   08/01/2024   5,131,700

Dickinson Independent School District GO Bonds Series 2013 (PSF-GTD) (AAA/Aaa)(b)(c)

    5,000,000       1.350   08/02/2021   5,005,450

Fort Bend Independent School District GO Bonds Series 2019 A (PSF-GTD) (AAA/NR)(b)(c)

    5,000,000       1.950   08/01/2022   5,075,500

Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Obligated Group Series 2019 A (A+/A1)

    860,000       5.000   12/01/2020   889,593
    1,800,000       5.000   12/01/2021   1,928,124
    2,000,000       5.000   12/01/2022   2,213,620
    2,500,000       5.000   12/01/2023   2,851,875

Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Obligated Group Series 2019 B-1 (A+/A1)(b)(c)

    7,500,000       5.000   12/01/2022   8,280,825

Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Series 2013 B (A+/A1)(d)

(SIFMA Municipal Swap Index Yield + 1.05%),

    5,685,000       2.660   06/01/2024   5,810,354

Harris County Cultural Education Facilities Finance Corp. RB Refunding for Texas Children’s Hospital Obligated Group, Series 2019 B (AA/Aa2)(b)(c)

    5,000,000       5.000   10/01/2024   5,838,900

Harris County Toll Road RB Refunding Senior Lien Series 2007 B (AMBAC) (AA-/Aa2)(d)

    (3 Mo. LIBOR + 0.67%),  
    35,145,000       1.950   08/15/2035   33,653,446

Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (BBB-/NR)

    85,000       3.000   09/01/2020   85,874
    90,000       3.000   09/01/2021   92,146
    90,000       3.000   09/01/2022   93,121
    95,000       3.000   09/01/2023   99,191

Houston Independent School District Limited Tax Schoolhouse GO Bonds Series 2013 B (PSF-GTD) (AAA/Aaa)(b)(c)

    4,935,000       2.400   06/01/2021   5,012,035

Houston Independent School District Limited Tax Schoolhouse GO Bonds Series 2014 A-1B (PSF-GTD) (AAA/Aaa)(b)(c)

    4,520,000       2.200   06/01/2020   4,536,588

Kaufman County Fresh Water Supply District No. 1 Refunding for Road Series 2016 C (AGM) (AA/NR)

    390,000       3.000   09/01/2020   393,209
    310,000       3.000   09/01/2021   317,803
    330,000       3.000   09/01/2022   342,497

Leander Independent School District School Building Capital Appreciation GO Bonds Series 2014 C (PSF-GTD) (NR/NR)(a)(e)

    30,275,000       0.000   08/15/2024   9,890,829

Leander Independent School District Unlimited Tax GO Refunding Bonds Series 2015 A (PSF-GTD) (AAA/NR)(e)

    1,500,000       0.000   08/15/2020   1,488,705

Leander Independent School District Unlimited Tax GO Refunding Bonds Series 2016 (PSF-GTD) (AAA/NR)(e)

    5,000,000       0.000   08/16/2021   4,899,250

Lower Colorado River Authority LCRA Transmission Services Corp. Project RB Refunding Series 2011A (A/A1)

    3,130,000       5.000   05/15/2023   3,290,663

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Texas – (continued)

Mansfield Independent School District GO Bonds Series 2012 (PSF-GTD) (NR/Aaa)(b)(c)

$

     8,250,000       2.500 %    08/01/2021   $       8,400,150

Metropolitan Transit Authority of Harris County Sales and Use Tax Contractual Obligations RB Series 2018 (AAA/Aa2)

    3,000,000       5.000   11/01/2022   3,321,150
    1,000,000       5.000   11/01/2023   1,142,740

Midway Independent School District/McLennan County GO Refunding Bonds Capital Appreciation Series 2000 (PSF-GTD) (NR/Aaa)(e)

    5,705,000       0.000   08/15/2020   5,663,068

New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Collegiate Housing Island Campus Project Series 2017 A (BB+/Ba1)

    770,000       4.000   04/01/2020   771,794
    810,000       4.000   04/01/2021   819,194
    855,000       4.000   04/01/2022   871,339

New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station I, LLC - Texas A&M University Collegiate Housing Project Series 2014 A (AGM) (AA/A2)

    170,000       4.000   04/01/2020   170,932
    400,000       4.000   04/01/2021   411,224

New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station II, LLC - Texas A&M University Collegiate Housing Corpus Christi Project Series 2016 A (BB/B2)

    300,000       4.000   04/01/2020   300,153
    620,000       4.000   04/01/2021   621,463

North East Independent School District Unlimited Tax GO Refunding Bonds Series 2017 (PSF-GTD) (AAA/Aaa)(b)(c)

    5,000,000       2.375   08/01/2022   5,127,900

North Texas Tollway Authority RB Refunding First Tier Series 2010 (A+/A1)(a)

    5,060,000       6.000   01/01/2021   5,304,044

North Texas Tollway Authority RB Refunding for Second Tier Series 2017 B (A/A2)

    1,000,000       5.000   01/01/2024   1,109,820

North Texas Tollway Authority System RB Refunding First Tier Series 2014 A (A+/A1)

    2,065,000       5.000   01/01/2020   2,065,000

North Texas Tollway Authority System RB Refunding First Tier Series 2016 A (A+/A1)

    1,530,000       5.000   01/01/2022   1,646,127

Northside Texas Independent School District Unlimited Tax School Building GO Bonds Series 2017 (PSF-GTD) (AAA/Aaa)(b)(c)

    15,000,000       1.450   06/01/2020   15,006,600

Pasadena Independent School District GO Bonds Series 2015 B (PSF-GTD) (AAA/Aaa)(b)(c)

    3,845,000       1.500   08/15/2024   3,864,725

Pflugerville Independent School District Unlimited Tax School Building GO Bonds Series 2019 B (PSF-GTD) (AAA/Aaa)(b)(c)

    7,500,000       2.500   08/15/2023   7,800,900

Plano Independent School District Unlimited Tax Refunding Bonds Series 2016 B (PSF-GTD) (AAA/Aaa)

    10,580,000       5.000   02/15/2020   10,627,822

Round Rock Independent School District GO Refunding Bonds Series 2019 B (AAA/Aaa)

    2,485,000       4.000   08/01/2023   2,732,705

Round Rock Independent School District Unlimited Tax GO Bonds for School Building RMKT 08/01/16 Series 2015 (PSF-GTD) (AAA/Aaa)(b)(c)

    17,570,000       1.500   08/01/2021   17,572,460

San Antonio Water System Junior Lien RB Series 2019 A (AA/Aa2)(b)(c)

    15,000,000       2.625   05/01/2024   15,783,300

State of Texas Anticipation Notes Series 2019 (SP-1+/MIG1)

    75,000,000       4.000   08/27/2020   76,400,250

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Texas – (continued)

Tarrant County Cultural Education Facilities Finance Corp. RB Refunding for CHRISTUS Health Obligation Group Series 2018 A (A+/A1)

$

     3,500,000       5.000 %    07/01/2020   $          3,563,980
    2,200,000       5.000   07/01/2021   2,319,746
    1,750,000       5.000   07/01/2022   1,903,825

Tarrant Regional Water District RB Refunding for Water Control & Improvement District Series 2015 (AAA/NR)

    6,025,000       5.000   03/01/2021   6,298,113

Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A-/A2)(d)

    (3 Mo. LIBOR + 0.70%),  
    11,000,000       1.969   12/15/2026   10,993,510

Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 B (A-/A2)(d)

(SIFMA Municipal Swap Index Yield + 0.55%),

    10,440,000       2.160   09/15/2027   10,324,742

Texas Transportation Commission Central Turnpike System RB First Tier Series 2002 A (AMBAC) (A/A3)(e)

    6,950,000       0.000   08/15/2023   6,549,194

Texas Transportation Commission Central Turnpike System RB Refunding Series 2015 A (A/A3)(b)(c)

    5,000,000       5.000   04/01/2020   5,044,400

Texas Transportation Commission Highway Improvement GO Bonds Series 2016 (AAA/Aaa)

    6,925,000       5.000   04/01/2022   7,528,167

Texas University System Financing RB Refunding Series 2017 A (AA/Aa2)

    1,800,000       5.000   03/15/2020   1,813,878
    1,800,000       5.000   03/15/2021   1,882,548

Tomball Independent School District Unlimited Tax School Building GO Bonds Series 2014 B-3 (PSF-GTD) (AAA/Aaa)(b)(c)

    11,650,000       1.350   08/15/2022   11,622,622

University Houston Consolidated RB Refunding Series 2017 C (AA/Aa2)

    6,355,000       5.000   02/15/2022   6,870,454

Viridian Municipal Management District Tarrant County Special Assessment RB Series 2015 (NR/NR)

    37,000       4.000   12/01/2021   38,064
       

 

        622,654,397

 

Utah – 0.1%

University of Utah RB General Series 2015 B (AA+/Aa1)

    5,110,000       5.000   08/01/2023   5,803,785

University of Utah RB General Series 2016 B-1 (AA+/Aa1)

    2,415,000       5.000   08/01/2023   2,742,885

Washington County School District Board of Education GO Refunding Bonds Series 2019 (SCH BD GTY) (AAA/Aaa)

    2,510,000       5.000   03/01/2022   2,718,932
       

 

        11,265,602

 

Vermont – 0.0%

Vermont Educational & Health Buildings Financing Agency RB Refunding for The University of Vermont Medical Center Project Series 2016 A (A/A2)

    400,000       4.000   12/01/2020   410,224
    350,000       5.000   12/01/2021   374,567
       

 

        784,791

 

Virgin Islands – 0.0%

Virgin Islands Public Finance Authority Grant Anticipation RB for Federal Highway Grant Anticipation Revenue Loan Note Series 2015 (A/NR)(f)

    825,000       5.000   09/01/2020   839,784
    2,015,000       5.000   09/01/2021   2,103,076

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Virgin Islands – (continued)

Virgin Islands Public Finance Authority Gross Receipts Taxes Loan NT RB Series 2012 A (AGM-CR) (AA/A2)

$

     235,000       4.000 %    10/01/2022   $        245,272

Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2012 A (B/NR)

    280,000       4.000   10/01/2022   275,447
       

 

        3,463,579

 

Virginia – 3.6%

Chesapeake Bay Bridge & Tunnel District RB First Tier General Resolution Anticipation Notes Series 2019 (BBB/Baa2)

    21,510,000       5.000   11/01/2023   24,381,585

Chesapeake Economic Development Authority RB Refunding for Virginia Electric & Power Co. Series 2008 A (BBB+/A2)(b)(c)

    2,250,000       1.900   06/01/2023   2,280,622

City of Alexandria GO Refunding Bonds Series 2017 D (ST AID WITHHLDG) (AAA/Aaa)

    355,000       5.000   07/01/2022   389,513

County of Arlington GO Bonds for Public Improvement Series 2013 A (AAA/Aaa)(a)

    2,930,000       4.000   08/01/2021   3,062,524

County of Arlington GO Bonds Series C (ST AID WITHHLDG) (AAA/Aaa)(a)

    9,665,000       5.000   02/15/2021   10,082,045

County of Fairfax RB for Sewer Series 2012 (AAA/Aaa)(a)

    9,220,000       4.500   07/15/2021   9,695,291

Fairfax County GO Bonds for Virginia Public Improvement Series 2018 A (ST AID WITHHLDG) (AAA/Aaa)

    10,255,000       4.000   10/01/2021   10,781,902

Fairfax County GO Refunding Bonds for Virginia Public Improvement Series 2016 A (ST AID WITHHLDG) (NR/Aaa)(a)

    8,450,000       5.000   10/01/2021   9,017,671

Fairfax County Industrial Development Authority RB Refunding for Inova Health System Obligated Group Series 2018 B-1 (AA+/Aa2)(b)(c)

    24,350,000       5.000   05/15/2021   25,610,356

Franklin County Industrial Development Authority RB for Virginia Public Facility Series 2018 (AA/A1)

    5,000,000       3.000   10/15/2023   5,063,050

Hampton Roads Transportation Accountability Commission RB Series 2019 A (A+/Aa3)

    34,340,000       5.000   07/01/2022   37,571,394

Henry County Industrial Development Authority Grant Anticipation RB Series 2019 B (A+/A1)

    5,590,000       2.000   11/01/2023   5,637,627

Louisa Industrial Development Authority Pollution Control RB Refunding Virginia Electric & Power Co. Series 2008 A (BBB+/A2)(b)(c)

    1,325,000       1.900   06/01/2023   1,339,906

Louisa Industrial Development Authority Pollution Control RB Refunding Virginia Electric & Power Co. Series 2008 C (BBB+/A2)(b)(c)

    2,550,000       1.800   04/01/2022   2,563,439

Peninsula Ports Authority of Virginia Coal Terminal RB Refunding for Dominion Terminal Associates Project Series 2003 (BBB/Baa2)(b)(c)

    2,400,000       1.700   10/01/2022   2,397,168

Virginia College Building Authority Education Facilities RB Series 2014 A (AA+/Aa1)(a)

    7,880,000       4.000   02/01/2024   8,795,420

Virginia College Building Authority RB for 21st Century College and Equipment Programs Series 2014 A (AA+/Aa1)

    2,925,000       5.000   02/01/2020   2,933,921

Virginia Commonwealth Transportation Board Federal Transportation Grant Anticipation RB Series 2013 A (AA+/Aa1)(a)

    5,225,000       5.000   03/15/2023   5,870,967

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Virginia – (continued)

Virginia Commonwealth Transportation Board RB for Transportation Capital Project Series 2011 (ST APPROP) (AA+/Aa1)(a)

$

     4,070,000       5.250 %    05/15/2021   $          4,301,298

Virginia Commonwealth Transportation Board RB For Transportation Capital Project Series 2012 (AA+/Aa1)(a)

    9,365,000       5.000   05/15/2022   10,227,329

Virginia Commonwealth Transportation Board RB for Transportation Capital Project Series 2017 (AA+/Aa1)

    1,230,000       5.000   05/15/2022   1,341,991

Virginia Commonwealth Transportation Board RB for Transportation Capital Project Series 2017 (ST APPROP) (AA+/Aa1)(a)

    19,850,000       5.000   05/15/2021   20,910,982

Virginia Commonwealth Transportation Board RB Refunding for U.S. Route 58 Corridor Development Program Series 2014 B (AA+/Aa1)

    11,680,000       5.000   05/15/2020   11,847,725

Virginia Commonwealth Transportation Board RB Refunding for U.S. Route 58 Corridor Development Program Series 2016 C (AA+/Aa1)

    2,285,000       5.000   05/15/2023   2,578,531

Virginia Electric and Power Company Industrial Development Authority of Wise County RB for Solid Waste and Sewage Disposal RMKT 08/13/15 Series 2009 A (BBB+/A2)(b)(c)

    6,000,000       2.150   09/01/2020   6,033,000

Virginia Electric and Power Company Industrial Development Authority of Wise County RB for Solid Waste and Sewage Disposal RMKT 11/02/15 Series 2010 A (BBB+/A2)(b)(c)

    4,500,000       1.875   06/01/2020   4,510,350

Virginia Housing Development Authority RB for Rental Housing Series 2018 E (AA+/Aa1)

    6,405,000       2.500   12/01/2022   6,408,779

Virginia Housing Development Authority RB for Rental Housing Series 2019 E (AA+/Aa1)

    4,500,000       1.400   12/01/2023   4,504,140

Virginia Public School Authority RB Series 2019 VII (AA+/Aa1)

    9,920,000       5.000   04/15/2020   10,030,906
    10,890,000       5.000   04/15/2021   11,439,618

Virginia Resources Authority Infrastructure and State Moral Obligation RB for Pooled Financing Program Series 2014 C (AMT) (AAA/NR)

    3,750,000       5.000   11/01/2021   4,019,550

Virginia Small Business Financing Authority Senior Lien RB for 95 Express Lanes LLC Project Series 2019 (AMT) (BBB/NR)

    6,000,000       5.000   01/01/2044   6,358,620

Virginia State Public Building Authority RB for Public Facilities Series 2011 A (AA+/Aa1)(a)

    5,375,000       5.000   08/01/2021   5,706,315

Virginia State Public Building Authority RB Refunding for Public Facilities Series 2013 B (AA+/Aa1)

    1,000,000       5.000   08/01/2020   1,022,740

York County Economic Development Authority Pollution Control RB Refunding for Virginia Electric & Power Co. Project Series 2009 A (BBB+/A2)(b)(c)

    4,250,000       1.900   06/01/2023   4,304,698
       

 

        283,020,973

 

Washington – 2.9%

City of Seattle RB for Municipal Light & Power Series 2015 A (AA/Aa2)

    5,545,000       5.000   05/01/2021   5,832,231

City of Seattle RB Refunding for Municipal Light & Power Improvement Series 2012 A (AA/Aa2)

    10,325,000       5.000   06/01/2020   10,491,336

King County Junior Lien Sewer RB Series 2012 (AA/Aa2)(b)(c)

    11,600,000       2.600   12/01/2021   11,738,156

 

Principal
Amount		     Interest
Rate		     Maturity
Date		   Value
Municipal Bonds – (continued)

Washington – (continued)

King County School District No. 405 GO Bonds Series 2011 (SCH BD GTY) (AA+/Aaa)(a)

$

     5,000,000       5.000 %    06/01/2021   $        5,275,850

King County School District No. 415 GO Bonds Series 2019 (SCH BD GTY) (NR/Aaa)

    1,595,000       4.000   12/01/2020   1,637,108

Port of Seattle Intermediate Lien RB Series 2017 C (AMT) (A+/A1)

    5,000,000       5.000   05/01/2020   5,061,550

Snohomish County Public Utility District No 1 Electric Generation System RB Refunding Series 1986 A (ETM) (NR/WR)(a)

    11,000,000       5.000   01/01/2020   11,000,000

State of Washington GO Bonds Various Purpose Series 2011 B (AA+/Aaa)(a)

    5,000,000       5.000   02/01/2021   5,208,300

State of Washington GO Unlimited Refunding Bonds Series R-2017 C (AA+/Aaa)

    10,000,000       5.000   08/01/2022   10,993,400

University of Washington RB Series 2019 A (AA+/Aaa)(b)(c)

    15,000,000       5.000   05/01/2022   16,007,100

Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (BBB+/Baa1)

    1,300,000       5.000   08/01/2025   1,528,969

Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (BBB+/Baa1)

    2,260,000       5.000   08/01/2025   2,658,054

Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 B-1
(BBB+/Baa1)(b)(c)

    12,295,000       5.000   08/01/2024   13,940,317

Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 B-2
(BBB+/Baa1)(b)(c)

    9,165,000       5.000   08/01/2025   10,588,324

Washington State Local Agency Real and Personal Property COPS Series 2019 D (NR/Aa1)

    3,835,000       5.000   07/01/2024   4,472,262

Washington State Motor Vehicle Fuel Tax GO Bonds for SR 520 Corridor Program Toll Revenue Series 2012 C (AA+/Aaa)

    1,685,000       5.000   06/01/2023   1,776,748

Washington State Motor Vehicle Fuel Tax GO Refunding Bonds Series R-2011 C (AA+/Aaa)

    10,000,000       5.000   07/01/2022   10,194,300

Washington State Motor Vehicle Fuel Tax GO Refunding Bonds Series R-2013 B (AA+/Aaa)

    5,000,000       5.000   07/01/2024   5,475,700

Washington State Various Purpose GO Bonds Series 2011 A (AA+/Aaa)(a)

    17,845,000       5.000   08/01/2020   18,251,866

Washington State Various Purpose GO Bonds Series 2011 B (AA+/Aaa)(a)

    10,000,000       5.250   02/01/2021   10,443,300

Washington State Various Purpose GO Bonds Series 2012 D (AA+/Aaa)(a)

    17,375,000       5.000   02/01/2022   18,763,089

Washington State Various Purpose GO Bonds Series 2013 A (AA+/Aaa)

    9,130,000       5.000   08/01/2020   9,336,612

Washington State Various Purpose GO Refunding Bonds Series R-2010B (AA+/Aaa)

    10,570,000       5.000   01/01/2023   10,570,000
    15,920,000       5.000   01/01/2024   15,920,000

Washington State Various Purpose GO Refunding Bonds Series R-2013C (AA+/Aaa)

    6,500,000       5.000   07/01/2025   7,362,940
       

 

        224,527,512

 

 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

West Virginia – 0.5%

State of West Virginia GO Bonds for State Road Series 2019 A (AA-/Aa2)

$

     7,830,000       5.000 %    06/01/2023   $       8,845,786
    8,640,000       5.000   06/01/2025   10,345,622
    8,860,000       5.000   12/01/2025   10,742,573

West Virginia Economic Development Authority RB for Appalachian Power Co. Project Series 2009 A (A-/Baa1)(b)(c)

    2,900,000       2.625   06/01/2022   2,971,108

West Virginia Economic Development Authority Solid Waste Disposal Facilities RB Refunding for Appalachian Power Co. - Amos Project Series 2011 A (AMT) (A-/Baa1)(b)(c)

    3,500,000       1.700   09/01/2020   3,502,940

West Virginia Hospital Finance Authority RB Refunding for Cabell Huntington Hospital Obligated Group Series 2018 A (BBB+/Baa1)

    385,000       5.000   01/01/2020   385,000
    570,000       5.000   01/01/2021   589,847
    540,000       5.000   01/01/2022   577,093
    550,000       5.000   01/01/2023   605,622
       

 

        38,565,591

 

Wisconsin – 2.4%

Public Finance Authority RB Refunding for Fellowship Senior Living Obligated Group Series 2019 A (BBB+/NR)

    1,925,000       4.000   01/01/2026   2,158,810
    2,000,000       4.000   01/01/2027   2,271,060
    1,720,000       4.000   01/01/2028   1,970,243
    1,790,000       4.000   01/01/2029   2,052,754

Public Finance Authority Tax Increment Reinvestment Zone No. 11 Tax Allocation Series 2019 (NR/Baa3)(e)

    14,465,000       0.000   12/15/2027   10,946,244

State of Wisconsin Environmental Improvement Fund RB Series 2018 A (AAA/NR)

    7,905,000       5.000   06/01/2022   8,644,118

State of Wisconsin GO Unlimited Bonds Series 2011 B (AA/Aa1)(a)

    7,170,000       5.000   05/01/2021   7,537,463

State of Wisconsin GO Unlimited Bonds Series 2014 A (AA/Aa1)(a)

    11,145,000       5.000   05/01/2022   12,127,543

State of Wisconsin GO Unlimited Refunding Bonds Series 2017 (AA/Aa1)

    5,420,000       5.000   11/01/2021   5,807,530

Wisconsin Health & Educational Facilities Authority RB Refunding for Advocate Aurora Health Obligated Group Series 2018 C-4
(AA/Aa3)(b)

(SIFMA Municipal Swap Index Yield + 0.65%),
    4,000,000       2.260   07/31/2024   4,041,840

Wisconsin Health & Educational Facilities Authority RB Refunding for Ascension Health Credit Group Series 2019 A (AA+/Aa2)

    4,500,000       5.000   11/15/2020   4,649,310
    1,875,000       5.000   11/15/2021   2,008,275
    900,000       5.000   11/15/2022   997,110
    4,455,000       5.000   11/15/2023   5,093,401

Wisconsin State GO Bonds Series 2014 B (AA/Aa1)

    2,575,000       5.000   05/01/2021   2,709,080

Wisconsin State GO Bonds Series 2015 A (AA/Aa1)(a)

    40,860,000       5.000   05/01/2023   45,966,683

Wisconsin State GO Bonds Series 2018 A (AA/Aa1)

    16,090,000       5.000   05/01/2021   16,927,806
    16,555,000       5.000   05/01/2022   18,049,916
    9,495,000       5.000   05/01/2023   10,711,215

 

Principal

Amount

    

Interest

Rate

    

Maturity

Date

   Value
Municipal Bonds – (continued)

Wisconsin – (continued)

Wisconsin State GO Refunding Bonds Series 2013-1 (AA/Aa1)

$

     17,825,000       5.000 %    05/01/2022   $     19,434,598
       

 

        184,104,999

 

TOTAL MUNICIPAL BONDS
(Cost $7,549,760,508)		   $7,682,459,493

 

       
U.S. Treasury Obligation – 0.3%

U.S. Treasury Notes

$

     25,000,000       1.375 %    02/15/2020   $     24,989,258
(Cost $24,906,334)

 

      

 

TOTAL INVESTMENTS – 98.8%

(Cost $7,574,666,842)

   $7,707,448,751

 

OTHER ASSETS IN EXCESS OF
    LIABILITIES – 1.2%		   91,542,644

 

NET ASSETS – 100.0%   $7,798,991,395

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)   Pre-refunded security. Maturity date disclosed is pre-refunding date.
(b)   Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on December 31, 2019.
(c)   Variable Rate Demand Instruments – rate shown is that which is in effect on December 31, 2019. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.
(d)   Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2019.
(e)   Issued with a zero coupon. Income is recognized through the accretion of discount.
(f)   Exempt from registration under Rule 144A of the Securities Act of 1933.
(g)   Zero coupon bond until next reset date.
(h)   When-issued security.
(i)   Security is currently in default.

 

Security ratings disclosed, if any, are issued by either Standard & Poor’s, Moody’s Investor Service or Fitch and are unaudited. A brief description of the ratings is available in the Fund’s Statement of Additional Information.
 

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

 

 

Investment Abbreviations:
AGM  

— Insured by Assured Guaranty Municipal Corp.

AGM-CR  

— Insured by Assured Guaranty Municipal Corp. Insured Custodial Receipts

AMBAC  

— Insured by American Municipal Bond Assurance Corp.

AMT  

— Alternative Minimum Tax

BAM  

— Build America Mutual Assurance Co.

BHAC-CR  

— Insured by Berkshire Hathaway Assurance Corp. - Insured Custodial Receipts

COMWLTH GTD  

— Commonwealth Guaranteed

COPS  

— Certificates of Participation

ETM  

— Escrowed to Maturity

FGIC  

— Insured by Financial Guaranty Insurance Co.

GO  

— General Obligation

IDA  

— Industrial Development Authority

LIBOR  

— London Interbank Offered Rate

Mo.  

— Month

MUN GOVT GTD  

— Municipal Government Guaranteed

NATL-RE  

— Insured by National Public Finance Guarantee Corp.

NATL-RE-IBC  

— Insured by National Public Finance Guarantee Corp. - Insured Bond Certificates

NR  

— Not Rated

PCRB  

— Pollution Control Revenue Bond

PILOT  

— Payment in Lieu of Taxes

PSF-GTD  

— Guaranteed by Permanent School Fund

Q-SBLF  

— Qualified School Board Loan Fund

RB  

— Revenue Bond

RMKT  

— Remarketed

SCH BD GTY  

— School Bond Guaranty

SCH BD RES FD  

— School Bond Reserve Fund

SCSDE  

— South Carolina State Department of Education

SD CRED PROG  

— School District Credit Program

SIFMA  

— The Securities Industry and Financial Markets Association

SOFR  

— Secured Overnight Financing Rate

ST AID WITHHLDG  

— State Aid Withholding

ST APPROP  

— State Appropriation

U.S.  

— United States

USD  

— United States Dollar

WR  

— Withdrawn Rating

 

 

ADDITIONAL INVESTMENT INFORMATION

 

SWAP CONTRACTS — At December 31, 2019, the Fund had the following swap contracts:

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

 

Reference Obligation/
Index(a)		      Financing Rate
Received (Paid) by
the Fund		      Credit Spread at
December 31, 2019(b)		      Counterparty        Termination
Date		       

Notional

Amount

(000’s)

        Value      Upfront
Premium
(Received)
Paid		      Unrealized
Appreciation/
(Depreciation)		  

 

  

Protection Sold:

 

California State Various Purpose GO Bonds Series 2003,

5.000%, 11/01/2023

        1.000%        0.150%        Bank of America NA          03/20/2023          USD 5,000        $ 134,760      $ (79,798 )     $ 214,558  

California State Various Purpose GO Bonds Series 2003,

5.250%, 11/01/2023

        1.000          0.150          JPMorgan Chase Bank NA          03/20/2023               10,000          269,518        (159,595 )       429,113  

 

  

TOTAL

                           $ 404,278      $ (239,393 )     $ 643,671  

 

  

 

(a)   Payments received quarterly.
(b)   Credit spread on the referenced obligation, together with the period of expiration, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and term of the swap contract increase.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

 

Schedule of Investments (continued)

December 31, 2019 (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 — The accounting principles generally accepted in the United States of America (“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 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 Goldman Sachs Asset Management, L.P. (“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.

A. 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:

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the Trustees. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

i. When-Issued Securities and Forward Commitments — When-issued securities, including TBA (“To Be Announced”) securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

securities or forward commitments prior to settlement, which may result in a realized gain or loss. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on other investments. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

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

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

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

ii. Swap Contracts — Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member (“DCM”), acting in an agency capacity, and submitted to a central counterparty (“CCP”) (“centrally cleared swaps”), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

An interest rate swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals, based upon or calculated by reference to changes in interest rates on a specified notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.

A credit default swap is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. A Fund’s investment in credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If a Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the counterparty. Upon the occurrence of a specified credit event, a Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. A Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.

As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, a Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, a Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.

The maximum potential amount of future payments (undiscounted) that a Fund as seller of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where a Fund bought credit protection.

B. 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 MUNICIPAL FIXED INCOME FUNDS

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of December 31, 2019:

 

                                                                    
DYNAMIC MUNICIPAL INCOME               
Investment Type      Level 1        Level 2        Level 3  
Assets               

Fixed Income

               

Municipal Debt Obligations

      $ —        $ 7,699,799,651        $ —  

Corporate Bonds

        —          6,431,340          —  
Total      $ —        $ 7,706,230,991        $ —  
Derivative Type                              
Assets(a)               

Futures Contracts

      $ 242,853          —          —  

Credit Default Swap Contracts

        —          85,823          —  

Interest Rate Swap Contracts

        —          11,104,857          —  
Total      $ —        $ 11,190,680        $ —  
HIGH YIELD MUNICIPAL               
Investment Type      Level 1        Level 2        Level 3  
Assets               

Fixed Income

               

Municipal Debt Obligations

      $ —        $ 8,778,833,890        $ —  

Corporate Bonds

        —          21,086,960          —  
Total      $ —        $ 8,799,920,850        $ —  
Derivative Type                              
Assets(a)               

Credit Default Swap Contracts

      $ —        $ 2,237,979        $ —  

Interest Rate Swap Contracts

        —          12,429,296          —  
Total      $ —        $ 14,667,275        $ —  
SHORT DURATION TAX-FREE               
Investment Type      Level 1        Level 2        Level 3  
Assets               

Fixed Income

               

Municipal Debt Obligations

      $ —        $ 7,682,459,493        $  —  

U.S Treasury Obligation

        24,989,258          —          —  
Total      $ 24,989,258        $ 7,682,459,493        $ —  
Derivative Type                              
Assets(a)               

Credit Default Swap Contracts

      $ —        $ 643,671        $ —  

 

(a)   Amount shown represents unrealized gain (loss) at period end.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

 

Schedule of Investments (continued)

December 31, 2019 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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

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

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

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with changing interest rates may have unpredictable effects on the markets and a Fund’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds.

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. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity. 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). 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.

Municipal Securities Risk — Municipal securities are subject to credit/default risk, interest rate risk and certain additional risks. A Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the bonds of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, private activity bonds and moral obligation bonds).

State/Territory Specific Risk — A Fund’s investments in municipal obligations of issuers located in a particular state or U.S. territory may be adversely affected by political, economic and regulatory developments within that state or U.S. territory. Such developments may affect the financial condition of a state’s or territory’s political subdivisions, agencies, instrumentalities and public authorities and heighten the risks associated with investing in bonds issued by such parties, which could, in turn, adversely affect a Fund’s income, NAV, liquidity, and/or ability to preserve or realize capital appreciation.

Tax Risk — The Funds may be adversely impacted by changes in tax rates and policies. Because interest income from municipal securities is normally not subject to regular federal income taxation, the attractiveness of municipal securities in relation to other investment alternatives is affected by changes in federal and state income tax rates or changes in the tax-exempt status of interest income from municipal securities. Any proposed or actual changes in such rates or exempt status, therefore, can significantly affect the demand for and supply, liquidity and marketability of municipal securities. This could in turn affect a Fund’s net asset value and ability to acquire and dispose of municipal securities at desirable yield and price levels. Additionally, these Funds would not be a suitable investment for IRAs, other tax-exempt or tax-deferred accounts or for other investors who are not sensitive to the federal, state or local income tax consequences of their investments.