HTML
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
Schedule of Investments
December 31, 2019 (Unaudited)
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| Principal
Amount |
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Interest
Rate |
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Maturity
Date |
|
Value |
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| Municipal Bonds – 97.3% |
| Alabama – 0.8% |
| Alabama State Port Authority RB for Docks Facilities Series 2010 (A-/NR)(a) |
| $ |
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2,500,000 |
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5.750 |
% |
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10/01/2020 |
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$ 2,586,100 |
| Health Care Authority RB for Baptist Health Series 2006 D
(BBB+/A3) |
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100,000 |
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5.000 |
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11/15/2021 |
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100,346 |
| Hoover Industrial Development Board RB for United States Steel Corp. Series 2019
(AMT) (B/B3) |
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6,750,000 |
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5.750 |
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10/01/2049 |
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7,398,000 |
| Houston County Health Care Authority RB for Southeast Alabama Medical Center Series
2016 A (BBB+/NR) |
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150,000 |
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5.000 |
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10/01/2024 |
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171,452 |
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150,000 |
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5.000 |
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10/01/2025 |
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175,023 |
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725,000 |
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5.000 |
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10/01/2030 |
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835,584 |
| Jefferson County Senior Lien Sewer RB Warrants Series 2013 A (AGM)
(AA/A2) |
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725,000 |
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5.000 |
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10/01/2044 |
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812,043 |
| Jefferson County Senior Lien Sewer RB Warrants Series 2013 C (AGM) (AA/A2)(b) |
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1,500,000 |
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0.000 |
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10/01/2046 |
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1,457,850 |
| Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D
(BBB/NR) |
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1,000,000 |
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5.000 |
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10/01/2021 |
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1,059,280 |
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13,500,000 |
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6.000 |
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10/01/2042 |
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15,923,115 |
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7,465,000 |
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6.500 |
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10/01/2053 |
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8,904,999 |
| Prattville Industrial Development Board RB Refunding for International Paper
Company Series 2019 B (BBB/Baa2)(c)(d) |
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225,000 |
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2.000 |
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10/01/2024 |
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226,971 |
| Prattville Industrial Development Board Recovery Zone Facility RB Refunding for
International Paper Company Series 2019 C (BBB/Baa2)(c)(d) |
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225,000 |
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2.000 |
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10/01/2024 |
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226,971 |
| Selma Industrial Development Board Gulf Opportunity Zone RB Refunding for
International Paper Company Series 2019 A (BBB/Baa2)(c)(d) |
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1,750,000 |
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2.000 |
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10/01/2024 |
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1,765,330 |
| The Southeast Alabama Gas Supply District RB for Project No. 2
Series 2018 A
(A/A3) |
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3,820,000 |
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4.000 |
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06/01/2024 |
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4,186,032 |
| The Southeast Alabama Gas Supply District RB for Project No. 2
Series 2018 B
(A/A3)(c) |
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(1 Mo. LIBOR + 0.85%), |
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10,000,000 |
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1.990 |
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06/01/2024 |
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10,016,200 |
| UAB Medicine Finance Authority RB Series 2019 B (AA-/Aa3) |
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1,350,000 |
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4.000 |
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09/01/2036 |
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1,535,031 |
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2,030,000 |
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4.000 |
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09/01/2037 |
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2,298,914 |
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1,350,000 |
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4.000 |
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09/01/2038 |
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1,523,651 |
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61,202,892 |
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| Alaska – 0.1% |
| Northern Tobacco Securitization Corp. RB Refunding Asset-Backed Bonds Series 2006 A
(NR/B3) |
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1,100,000 |
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5.000 |
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06/01/2046 |
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1,102,750 |
| Northern Tobacco Securitization Corp. RB Refunding Capital Appreciation
Asset-Backed Bonds 1st Subordinate Series 2006 B (NR/NR)(e) |
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37,350,000 |
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0.000 |
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06/01/2046 |
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4,254,165 |
| State of Alaska GO Unlimited Bonds Series 2016 A (AA/Aa3) |
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5,450,000 |
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5.000 |
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08/01/2027 |
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6,514,494 |
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11,871,409 |
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| Arizona – 1.5% |
| Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B
(AA-/NR)(c) |
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(3 Mo. LIBOR + 0.81%), |
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19,150,000 |
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2.216 |
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01/01/2037 |
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19,087,188 |
| Arizona Industrial Development Authority RB for Equitable School Revolving Fund LLC
Obligated Group Series 2019 A (A/NR) |
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1,400,000 |
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5.000 |
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11/01/2044 |
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1,669,388 |
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| Principal
Amount |
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Interest
Rate |
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Maturity
Date |
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Value |
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| 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) |
| $ |
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570,000 |
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5.000 |
% |
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01/01/2043 |
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$ 643,644 |
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3,250,000 |
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4.500 |
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01/01/2049 |
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3,416,757 |
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2,095,000 |
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5.000 |
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01/01/2054 |
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2,328,739 |
| Arizona Industrial Development Authority RB for Great Lakes Senior Living
Communities LLC Project Second Tier Series 2019 B (BBB/NR) |
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1,565,000 |
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5.000 |
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01/01/2037 |
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1,752,675 |
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1,105,000 |
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5.000 |
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01/01/2038 |
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1,233,180 |
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300,000 |
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5.000 |
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01/01/2043 |
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329,307 |
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2,125,000 |
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5.000 |
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01/01/2049 |
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2,310,810 |
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600,000 |
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5.125 |
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01/01/2054 |
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653,280 |
| Arizona Industrial Development Authority RB for Provident Group - EMU Properties
LLC Series 2018 (NR/Baa1) |
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365,000 |
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5.000 |
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05/01/2024 |
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406,354 |
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300,000 |
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5.000 |
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05/01/2029 |
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353,238 |
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650,000 |
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5.000 |
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05/01/2031 |
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762,951 |
| Chandler Industrial Development Authority RB for Intel Corp. Series 2007 (AMT)
(A+/A1)(c)(d) |
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10,000,000 |
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2.700 |
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08/14/2023 |
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10,399,300 |
| Chandler Industrial Development Authority RB for Intel Corp. Series 2019 (AMT)
(A+/A1)(c)(d) |
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7,300,000 |
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5.000 |
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06/03/2024 |
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8,360,909 |
| City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series
2019 A (A+/A1) |
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1,375,000 |
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3.000 |
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07/01/2049 |
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1,365,444 |
| City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series
2019 B (AMT) (A+/A1) |
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1,110,000 |
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5.000 |
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07/01/2023 |
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1,247,196 |
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1,115,000 |
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5.000 |
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07/01/2024 |
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1,287,580 |
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1,215,000 |
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5.000 |
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07/01/2025 |
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1,437,503 |
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915,000 |
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4.000 |
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07/01/2044 |
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1,008,019 |
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2,980,000 |
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5.000 |
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07/01/2044 |
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3,590,900 |
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2,290,000 |
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3.250 |
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07/01/2049 |
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2,315,075 |
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1,375,000 |
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5.000 |
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07/01/2049 |
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1,646,480 |
| City of Phoenix Civic Improvement Corporation RB Taxable Refunding for Rental Car
Facility Charge Series 2019 B (A/A2) |
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3,005,000 |
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2.163 |
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07/01/2022 |
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3,013,594 |
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1,950,000 |
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2.226 |
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07/01/2023 |
|
1,956,201 |
| City of Phoenix Civic Improvement Corporation Water System RB Refunding Junior Lien
Series 2016 (AAA/Aa2) |
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7,000,000 |
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5.000 |
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07/01/2030 |
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8,486,800 |
| Entertainment Center Community Facilities District RB Series 2017
(AA+/NR) |
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5,206,000 |
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4.000 |
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07/01/2037 |
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5,388,835 |
| Estrella Mountain Ranch Community Facilities District Lucero Assessment District
No. 1 Special Assessment RB Series 2019 (NR/NR) |
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400,000 |
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3.500 |
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07/01/2029 |
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412,432 |
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385,000 |
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4.100 |
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07/01/2034 |
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399,553 |
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1,150,000 |
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4.750 |
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07/01/2043 |
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1,193,125 |
| Glendale City Subordinate RB Refunding Series 2017 (AA/A1) |
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2,500,000 |
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5.000 |
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07/01/2028 |
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3,099,000 |
| Glendale Industrial Development Authority RB Refunding for Sun Health Services
Obligated Group Series 2019 A (A-/NR) |
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5,000,000 |
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5.000 |
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11/15/2042 |
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5,665,950 |
| Maricopa County IDA RB for Banner Health Series 2017 A (AA-/NR) |
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4,360,000 |
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4.000 |
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01/01/2041 |
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4,819,849 |
| Maricopa County Industrial Development Authority RB Refunding for Legacy
Traditional School Obligated Group Series 2019 A (SD CRED PROG) (AA-/Ba2) |
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200,000 |
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4.000 |
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07/01/2025 |
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223,768 |
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200,000 |
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4.000 |
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07/01/2026 |
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226,480 |
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200,000 |
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4.000 |
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07/01/2027 |
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228,804 |
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325,000 |
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4.000 |
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07/01/2028 |
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374,579 |
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250,000 |
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4.000 |
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07/01/2029 |
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289,845 |
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500,000 |
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4.000 |
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07/01/2034 |
|
551,970 |
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|
700,000 |
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|
5.000 |
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07/01/2039 |
|
839,097 |
| |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
Schedule of Investments (continued)
December 31, 2019 (Unaudited)
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| Principal
Amount |
|
|
Interest
Rate |
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|
Maturity
Date |
|
Value |
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| Municipal Bonds – (continued) |
| Arizona – (continued) |
| Salt Verde Financial Corp. RB Gas Senior Series 2007-1 (BBB+/A3) |
| $ |
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8,905,000 |
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5.000 |
% |
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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) |
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4,000,000 |
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2.800 |
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06/01/2021 |
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4,071,760 |
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120,743,303 |
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| Arkansas – 0.3% |
| Arkansas Development Finance Authority RB for Baptist Health Obligated Group Series
2019 (A/NR) |
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2,790,000 |
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|
5.000 |
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12/01/2047 |
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3,335,222 |
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4,630,000 |
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|
3.200 |
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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) |
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|
195,000 |
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5.500 |
|
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07/01/2023 |
|
195,000 |
| Conway Health Facilities Board RB Refunding for Conway Regional Medical Center,
Inc. Series 2019 (BBB+/NR) |
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|
550,000 |
|
|
|
5.000 |
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08/01/2026 |
|
645,497 |
|
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|
500,000 |
|
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|
5.000 |
|
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08/01/2028 |
|
584,920 |
| Pulaski County Little Rock School District Construction GO Bonds Series 2017 (ST
AID WITHHLDG) (NR/Aa2) |
|
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|
5,395,000 |
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|
3.000 |
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02/01/2023 |
|
5,620,565 |
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5,185,000 |
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|
3.000 |
|
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02/01/2024 |
|
5,398,103 |
| Pulaski County Little Rock School District GO Refunding Bonds Series 2015 (ST AID
WITHHLDG) (NR/Aa2) |
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3,335,000 |
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|
3.000 |
|
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02/01/2023 |
|
3,396,397 |
|
|
|
|
|
|
|
|
|
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|
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 |
| |
|
|
|
|
|
|
|
|
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|
|
|
|
| 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.