GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
Schedule of Investments
(continued)
December 31, 2013 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
Value
|
|
State-Specific Municipal Debt
Obligations – (continued)
|
|
Oregon – (continued)
|
|
Gilliam County Oregon Solid Waste Disposal RB for Waste Management, Inc. Project RMKT 03/01/10 Series 2007
(A-/NR)
(a)
|
|
$
|
|
|
5,000,000
|
|
|
|
2.000
|
%
|
|
09/02/14
|
|
$ 5,046,350
|
|
Oregon Coast Community College District GO Bonds Refunding Series 2012 (SCH BD GTY) (NR/Aa1)
|
|
|
|
|
1,050,000
|
|
|
|
2.000
|
|
|
06/15/15
|
|
1,073,184
|
|
|
|
|
1,120,000
|
|
|
|
2.000
|
|
|
06/15/16
|
|
1,151,987
|
|
|
|
|
790,000
|
|
|
|
2.000
|
|
|
06/15/17
|
|
812,650
|
|
|
|
|
1,165,000
|
|
|
|
2.000
|
|
|
06/15/18
|
|
1,184,933
|
|
|
|
|
1,445,000
|
|
|
|
3.000
|
|
|
06/15/19
|
|
1,515,429
|
|
Oregon State Facilities Authority RB Refunding for Legacy Health System Series 2010 A
(A+/A1)
|
|
|
|
|
500,000
|
|
|
|
5.000
|
|
|
03/15/14
|
|
504,465
|
|
Oregon State Facilities Authority RB Refunding for Legacy Health System Series 2011 A
(A+/A1)
|
|
|
|
|
500,000
|
|
|
|
5.000
|
|
|
05/01/15
|
|
525,535
|
|
|
|
|
2,000,000
|
|
|
|
5.000
|
|
|
05/01/16
|
|
2,168,020
|
|
Oregon State GO Bonds Refunding for Oregon University System Series 2012 B (AA+/Aa1)
|
|
|
|
|
1,175,000
|
|
|
|
3.000
|
|
|
08/01/17
|
|
1,266,850
|
|
|
|
|
1,120,000
|
|
|
|
3.000
|
|
|
08/01/18
|
|
1,210,574
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,499,197
|
|
|
|
Pennsylvania – 2.0%
|
|
Allegheny County Higher Education Building Authority RB for Chatham University Series 2012 A
(BBB/NR)
|
|
|
|
|
750,000
|
|
|
|
5.000
|
|
|
09/01/18
|
|
802,208
|
|
Allegheny County Redevelopment Authority Tax Increment Refunding for Waterfront Project Series 2007 A
(A/NR)
|
|
|
|
|
1,050,000
|
|
|
|
4.250
|
|
|
12/15/15
|
|
1,096,599
|
|
|
|
|
645,000
|
|
|
|
4.250
|
|
|
12/15/17
|
|
687,860
|
|
Carbon County Hospital Authority RB Refunding for Gnaden Huetten Memorial Hospital Series 2000 (AMBAC) (CNTY GTD)
(NR/WR)
|
|
|
|
|
280,000
|
|
|
|
5.400
|
|
|
11/15/14
|
|
282,783
|
|
Chester County Health & Education Facilities Authority RB for Jefferson Health System Series 2010 A
(AA/Aa3)
|
|
|
|
|
1,775,000
|
|
|
|
4.000
|
|
|
05/15/14
|
|
1,797,720
|
|
Chester County IDA RB for University Student Housing, LLC Project at West Chester University Series 2013 A
(NR/Baa3)
|
|
|
|
|
295,000
|
|
|
|
3.000
|
|
|
08/01/16
|
|
293,407
|
|
|
|
|
515,000
|
|
|
|
3.000
|
|
|
08/01/17
|
|
507,100
|
|
|
|
|
530,000
|
|
|
|
3.000
|
|
|
08/01/18
|
|
509,770
|
|
Pennsylvania Economic Development Financing Authority RB Refunding for Unemployment Compensation Series 2012 A
(AA+/Aaa)
|
|
|
|
|
10,000,000
|
|
|
|
3.000
|
|
|
01/01/16
|
|
10,520,000
|
|
Pennsylvania Economic Development Financing Authority RB Refunding for Unemployment Compensation Series 2012 B
(AA+/Aaa)
|
|
|
|
|
9,500,000
|
|
|
|
5.000
|
|
|
07/01/22
|
|
10,408,580
|
|
|
|
|
7,000,000
|
|
|
|
5.000
|
|
|
01/01/23
|
|
7,509,040
|
|
Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB for Waste Management, Inc. Project
Series 2009
(A-/NR)
(a)
|
|
|
|
|
5,250,000
|
|
|
|
1.750
|
|
|
12/01/15
|
|
5,284,335
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
Value
|
|
State-Specific Municipal Debt
Obligations – (continued)
|
|
Pennsylvania – (continued)
|
|
Pennsylvania Higher Educational Facilities Authority RB for La Salle University Series 2012
(BBB/NR)
|
|
$
|
|
|
285,000
|
|
|
|
3.000
|
%
|
|
05/01/15
|
|
$ 288,502
|
|
|
|
|
390,000
|
|
|
|
3.000
|
|
|
05/01/16
|
|
395,417
|
|
|
|
|
440,000
|
|
|
|
3.000
|
|
|
05/01/17
|
|
444,013
|
|
|
|
|
1,165,000
|
|
|
|
5.000
|
|
|
05/01/18
|
|
1,256,243
|
|
|
|
|
1,000,000
|
|
|
|
5.000
|
|
|
05/01/19
|
|
1,083,790
|
|
Pennsylvania State Commonwealth GO Bonds for City of Pittsburgh Series 2006 B (AGM) (AA-/A1)
|
|
|
|
|
6,455,000
|
|
|
|
5.000
|
|
|
09/01/14
|
|
6,646,003
|
|
Pennsylvania State Commonwealth GO Bonds for City of Pittsburgh Series 2012 A (A/A1)
|
|
|
|
|
625,000
|
|
|
|
4.000
|
|
|
09/01/15
|
|
659,637
|
|
|
|
|
600,000
|
|
|
|
4.000
|
|
|
09/01/16
|
|
645,828
|
|
|
|
|
500,000
|
|
|
|
3.000
|
|
|
09/01/17
|
|
523,515
|
|
|
|
|
550,000
|
|
|
|
4.000
|
|
|
09/01/17
|
|
600,650
|
|
Pennsylvania State Commonwealth RB for Harrisburg Area Community College Project Series 2011 (AGM)
(AA-/NR)
|
|
|
|
|
1,305,000
|
|
|
|
4.000
|
|
|
10/01/15
|
|
1,371,268
|
|
Pennsylvania State University Bonds Refunding Series 2002 (AA/Aa2)
|
|
|
|
|
1,000,000
|
|
|
|
5.250
|
|
|
08/15/15
|
|
1,080,110
|
|
Pennsylvania Turnpike Commission RB Series 2013 A (A+/A1)
(d)
|
|
|
|
|
7,500,000
|
|
|
|
0.660
|
|
|
12/01/17
|
|
7,471,050
|
|
Philadelphia GO Bonds Series 2011 (AGM) (AA-/A2)
|
|
|
|
|
1,460,000
|
|
|
|
5.000
|
|
|
08/01/16
|
|
1,609,811
|
|
Philadelphia Hospitals & Higher Education Facilities Authority Hospital RB Refunding for Temple University
Health System Series 2012 B (BB+/Ba2)
|
|
|
|
|
1,500,000
|
|
|
|
5.000
|
|
|
07/01/15
|
|
1,519,695
|
|
|
|
|
1,500,000
|
|
|
|
5.000
|
|
|
07/01/16
|
|
1,523,085
|
|
|
|
|
2,000,000
|
|
|
|
5.000
|
|
|
07/01/17
|
|
2,030,620
|
|
Pittsburgh Water & Sewer Authority RB Refunding Subordinate Series 2012 C-1D (AGM) (AA-/NR)
(a)
|
|
|
|
|
5,995,000
|
|
|
|
1.400
|
|
|
09/01/15
|
|
6,053,931
|
|
Southeastern Pennsylvania Transportation Authority RB Refunding Series 2010 (AA-/A1)
|
|
|
|
|
3,000,000
|
|
|
|
3.000
|
|
|
03/01/14
|
|
3,013,440
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
77,916,010
|
|
|
|
Puerto Rico – 2.5%
|
|
Government Development Bank for Puerto Rico Senior Notes RB Series 2006 B (BBB-/Baa3)
|
|
|
|
|
5,530,000
|
|
|
|
5.000
|
|
|
12/01/14
|
|
5,355,528
|
|
|
|
|
2,645,000
|
|
|
|
5.000
|
|
|
12/01/15
|
|
2,410,098
|
|
Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2012 A
(BB+/Ba1)
|
|
|
|
|
2,025,000
|
|
|
|
5.000
|
|
|
07/01/15
|
|
1,908,502
|
|
|
|
|
14,595,000
|
|
|
|
5.000
|
|
|
07/01/17
|
|
12,173,835
|
|
|
|
|
7,285,000
|
|
|
|
5.000
|
|
|
07/01/19
|
|
5,642,961
|
|
Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2001 A (NATL-RE-IBC)
(A/Baa1)
|
|
|
|
|
3,935,000
|
|
|
|
5.500
|
|
|
07/01/15
|
|
3,939,997
|
|
Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2008 A (ASSURED GTY)
(AA-/A3)
|
|
|
|
|
825,000
|
|
|
|
5.000
|
|
|
07/01/14
|
|
828,473
|
|
Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding for Transportation Series 2004 I
(FGIC) (BBB/Baa3)
|
|
|
|
|
2,100,000
|
|
|
|
5.000
|
|
|
07/01/24
|
|
1,435,791
|
|
|
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
Schedule of Investments
(continued)
December 31, 2013 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
Value
|
|
State-Specific Municipal Debt
Obligations – (continued)
|
|
Puerto Rico – (continued)
|
|
Puerto Rico Commonwealth Public Improvement GO Bonds Refunding Series 2002 A (FGIC)
(BBB-/Baa3)
|
|
$
|
|
|
1,030,000
|
|
|
|
5.500
|
%
|
|
07/01/17
|
|
$ 912,662
|
|
Puerto Rico Electric Power Authority Power RB Refunding Series 2007 UU (NATL-RE) (A/Baa1)
|
|
|
|
|
835,000
|
|
|
|
4.000
|
|
|
07/01/14
|
|
832,052
|
|
Puerto Rico Electric Power Authority Power RB Refunding Series 2012 B (BBB/Baa3)
|
|
|
|
|
2,000,000
|
|
|
|
5.000
|
|
|
07/01/16
|
|
1,802,320
|
|
Puerto Rico Electric Power Authority RB Refunding LIBOR Series 2007 UU (BBB/Baa3)
(d)
|
|
|
|
|
25,850,000
|
|
|
|
0.866
|
|
|
07/01/31
|
|
14,882,621
|
|
Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (AA-/A2)
(d)
|
|
|
|
|
27,300,000
|
|
|
|
0.686
|
|
|
07/01/29
|
|
16,827,993
|
|
Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ (BBB/Baa3)
|
|
|
|
|
3,250,000
|
|
|
|
4.000
|
|
|
07/01/16
|
|
2,858,343
|
|
Puerto Rico Electric Power Authority RB Series 2008 WW (BBB/Baa3)
|
|
|
|
|
4,500,000
|
|
|
|
5.250
|
|
|
07/01/15
|
|
4,246,425
|
|
|
|
|
8,175,000
|
|
|
|
5.500
|
|
|
07/01/16
|
|
7,413,908
|
|
Puerto Rico Municipal Finance Agency GO Bonds Series 2002 A (AGM) (AA-/A2)
|
|
|
|
|
1,125,000
|
|
|
|
5.250
|
|
|
08/01/16
|
|
1,125,563
|
|
Puerto Rico Public Buildings Authority RB for Government Facilities Series 2007 N (COMWLTH GTD)
(BBB-/Baa3)
|
|
|
|
|
3,940,000
|
|
|
|
5.000
|
|
|
07/01/14
|
|
3,925,580
|
|
Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2002 C (COMWLTH GTD)
(BBB-/Baa3)
|
|
|
|
|
2,250,000
|
|
|
|
5.500
|
|
|
07/01/16
|
|
2,059,357
|
|
Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2013 M-2 (AMBAC) (COMWLTH
GTD)
(BBB-/Baa3)
(a)
|
|
|
|
|
1,000,000
|
|
|
|
5.500
|
|
|
07/01/17
|
|
923,510
|
|
Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2013 M-2 (BBB-/Baa3)
(a)
|
|
|
|
|
10,850,000
|
|
|
|
5.750
|
|
|
07/01/17
|
|
9,511,435
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101,016,954
|
|
|
|
Rhode Island – 0.2%
|
|
Providence GO Bonds Series 2013 A (BBB/Baa1)
|
|
|
|
|
665,000
|
|
|
|
3.000
|
|
|
01/15/16
|
|
685,575
|
|
|
|
|
315,000
|
|
|
|
4.000
|
|
|
01/15/18
|
|
331,780
|
|
|
|
|
1,545,000
|
|
|
|
5.000
|
|
|
01/15/19
|
|
1,689,102
|
|
Rhode Island Health and Educational Building Corp. Higher Education Facility RB Refunding for University of Rhode
Island Auxiliary Enterprise Series 2013 C (A+/A1)
|
|
|
|
|
400,000
|
|
|
|
4.000
|
|
|
09/15/14
|
|
409,652
|
|
|
|
|
600,000
|
|
|
|
5.000
|
|
|
09/15/17
|
|
676,050
|
|
|
|
|
500,000
|
|
|
|
4.000
|
|
|
09/15/18
|
|
546,670
|
|
Rhode Island Health and Educational Building Corp. Hospital Financing RB for Care New England Series 2013 A
(BBB-/NR)
|
|
|
|
|
1,675,000
|
|
|
|
3.000
|
|
|
09/01/14
|
|
1,689,489
|
|
|
|
|
1,010,000
|
|
|
|
4.000
|
|
|
09/01/15
|
|
1,044,158
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
Value
|
|
State-Specific Municipal Debt
Obligations – (continued)
|
|
Rhode Island – (continued)
|
|
Rhode Island Health and Educational Building Corp. RB for Newport Public School Financing Program Series 2013 C
(AA/NR)
|
|
$
|
|
|
390,000
|
|
|
|
2.000
|
%
|
|
05/15/15
|
|
$ 397,640
|
|
|
|
|
515,000
|
|
|
|
3.000
|
|
|
05/15/16
|
|
541,043
|
|
|
|
|
385,000
|
|
|
|
3.000
|
|
|
05/15/17
|
|
407,611
|
|
|
|
|
280,000
|
|
|
|
4.000
|
|
|
05/15/18
|
|
307,432
|
|
Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2002 A (BBB/Baa1)
|
|
|
|
|
590,000
|
|
|
|
6.000
|
|
|
06/01/23
|
|
590,065
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,316,267
|
|
|
|
South Carolina – 1.3%
|
|
Beaufort-Jasper South Carolina Water & Sewer Authority Waterworks and Sewer System RB Series 2010 B
(AA/Aa1)
|
|
|
|
|
2,400,000
|
|
|
|
5.000
|
|
|
03/01/14
|
|
2,417,400
|
|
Clemson University RB Refunding Series 2012 (AA/Aa2)
|
|
|
|
|
5,770,000
|
|
|
|
2.000
|
|
|
05/01/16
|
|
5,969,296
|
|
|
|
|
4,440,000
|
|
|
|
2.000
|
|
|
05/01/17
|
|
4,611,206
|
|
|
|
|
5,000,000
|
|
|
|
2.000
|
|
|
05/01/18
|
|
5,140,150
|
|
Columbia City South Carolina Waterworks and Sewer System RB Refunding Series 2011 B (AA/Aa1)
|
|
|
|
|
1,205,000
|
|
|
|
4.000
|
|
|
02/01/15
|
|
1,254,273
|
|
Columbia City South Carolina Waterworks and Sewer System RB Series 2011 A (AA/Aa1)
|
|
|
|
|
1,020,000
|
|
|
|
3.000
|
|
|
02/01/15
|
|
1,050,732
|
|
|
|
|
1,025,000
|
|
|
|
3.000
|
|
|
02/01/16
|
|
1,075,953
|
|
Florence County South Carolina Hospital RB for McLeod Regional Medical Center Project Series 2010 A
(AA-/NR)
|
|
|
|
|
1,905,000
|
|
|
|
4.000
|
|
|
11/01/16
|
|
2,040,331
|
|
Georgetown County South Carolina School District GO Bonds Refunding Series 2011 B (SCSDE)
(AA/Aa1)
|
|
|
|
|
4,330,000
|
|
|
|
5.000
|
|
|
03/01/16
|
|
4,746,286
|
|
|
|
|
5,895,000
|
|
|
|
5.000
|
|
|
03/01/17
|
|
6,664,298
|
|
Oconee County PCRB Refunding for Duke Power Co. Project Series 2009 (A/Aa3)
|
|
|
|
|
6,000,000
|
|
|
|
3.600
|
|
|
02/01/17
|
|
6,413,880
|
|
Richland County South Carolina GO Bonds Series 2012 A (ST AID WITHHLDG) (AAA/Aa1)
|
|
|
|
|
2,000,000
|
|
|
|
4.000
|
|
|
03/01/17
|
|
2,204,640
|
|
Richland County South Carolina School District No. 2 GO Bonds Refunding Series 2009 C (SCSDE)
(AA/Aa1)
|
|
|
|
|
1,595,000
|
|
|
|
3.000
|
|
|
03/01/14
|
|
1,602,544
|
|
South Carolina Jobs-Economic Development Authority Hospital RB Refunding and Improvement for Palmetto Health
Series 2009 (BBB+/Baa1)
|
|
|
|
|
1,000,000
|
|
|
|
5.000
|
|
|
08/01/14
|
|
1,020,910
|
|
South Carolina Jobs-Economic Development Authority RB for Waste Management of South Carolina, Inc. Project Series
2001 (A-/NR)
|
|
|
|
|
2,500,000
|
|
|
|
1.875
|
|
|
11/01/16
|
|
2,500,000
|
|
Western Carolina Regional Sewer Authority RB Refunding for Sewer System Series 2005 B (AGM)
(AA/Aa2)
|
|
|
|
|
2,200,000
|
|
|
|
5.000
|
|
|
03/01/15
|
|
2,317,062
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
51,028,961
|
|
|
|
South Dakota – 0.0%
|
|
South Dakota State Health & Educational Facilities Authority RB for Sanford Health Series 2009
(A+/A1)
|
|
|
|
|
1,250,000
|
|
|
|
4.250
|
|
|
11/01/14
|
|
1,289,325
|
|
|
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
Schedule of Investments
(continued)
December 31, 2013 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
Value
|
|
State-Specific Municipal Debt
Obligations – (continued)
|
|
Tennessee – 0.4%
|
|
Johnson City Health & Educational Facilities Board Hospital RB for Mountain States Health Alliance Series
2010 A (BBB+/Baa1)
|
|
$
|
|
|
890,000
|
|
|
|
5.000
|
%
|
|
07/01/15
|
|
$ 937,633
|
|
Maury County Tennessee GO Bonds Series 2006 (XLCA) (NR/Aa2)
(f)
|
|
|
|
|
2,180,000
|
|
|
|
3.600
|
|
|
04/01/14
|
|
2,197,745
|
|
Sevier County Public Building Authority RB for Local Government Public Improvement Series VII-D-1 (MUN GOVT GTD)
(AA/NR)
|
|
|
|
|
5,000,000
|
|
|
|
5.000
|
|
|
06/01/14
|
|
5,091,200
|
|
Tennessee State GO Refunding Bonds Series 2012 B (AA+/Aaa)
|
|
|
|
|
6,600,000
|
|
|
|
5.000
|
|
|
10/01/16
|
|
7,412,328
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,638,906
|
|
|
|
Texas – 8.1%
|
|
Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2013 B (BBB-/Baa2)
(a)
|
|
|
|
|
4,000,000
|
|
|
|
3.000
|
|
|
01/04/16
|
|
3,992,320
|
|
City of Carrollton Texas GO Refunding Bonds Series 2012 (AAA/Aa1)
|
|
|
|
|
2,005,000
|
|
|
|
4.000
|
|
|
08/15/19
|
|
2,235,054
|
|
City of El Paso Water and Sewer RB Refunding for Improvement Series 2012 A (AA+/NR)
|
|
|
|
|
1,750,000
|
|
|
|
2.000
|
|
|
03/01/18
|
|
1,804,372
|
|
|
|
|
845,000
|
|
|
|
4.000
|
|
|
03/01/19
|
|
938,719
|
|
Collin & Denton County Texas GO Bonds Refunding Series 2011 (AA/Aa1)
|
|
|
|
|
3,335,000
|
|
|
|
5.000
|
|
|
02/15/16
|
|
3,649,090
|
|
Collin County Texas GO Bonds Refunding Limited Tax Series 2009 A (AAA/Aaa)
|
|
|
|
|
1,135,000
|
|
|
|
3.000
|
|
|
02/15/14
|
|
1,138,916
|
|
Collin County Texas GO Bonds Refunding Series 2009 A (AAA/Aaa)
|
|
|
|
|
550,000
|
|
|
|
3.000
|
|
|
02/15/14
|
|
551,897
|
|
Dallas County Limited Tax GO Notes Series 2011 (AAA/Aaa)
|
|
|
|
|
3,855,000
|
|
|
|
5.000
|
|
|
02/15/18
|
|
4,450,019
|
|
Dallas-Fort Worth International Airport Joint RB Refunding Series 2009 A (A+/A2)
|
|
|
|
|
2,000,000
|
|
|
|
4.000
|
|
|
11/01/14
|
|
2,063,500
|
|
Dallas-Fort Worth International Airport Joint RB Refunding Series 2011 D (A+/A2)
|
|
|
|
|
750,000
|
|
|
|
4.000
|
|
|
11/01/16
|
|
815,235
|
|
|
|
|
250,000
|
|
|
|
4.000
|
|
|
11/01/17
|
|
276,745
|
|
Dallas-Fort Worth International Airport Joint RB Refunding Series 2012 B (A+/A2)
|
|
|
|
|
1,750,000
|
|
|
|
5.000
|
|
|
11/01/18
|
|
2,010,855
|
|
Del Mar College District Limited Tax Refunding Bonds Series 2011 (AA/Aa2)
|
|
|
|
|
510,000
|
|
|
|
3.000
|
|
|
08/15/14
|
|
518,859
|
|
|
|
|
1,145,000
|
|
|
|
4.000
|
|
|
08/15/15
|
|
1,213,654
|
|
Fort Bend County Texas GO Bonds Unlimited Tax Road Refunding Series 2009 (AA+/Aa1)
|
|
|
|
|
500,000
|
|
|
|
4.000
|
|
|
03/01/14
|
|
503,185
|
|
Fort Worth Texas GO Bonds Refunding and Improvement Series 2012 (AA+/Aa1)
|
|
|
|
|
2,000,000
|
|
|
|
4.000
|
|
|
03/01/19
|
|
2,237,900
|
|
Garland Independent School District Unlimited Tax Refunding Bonds Series 2011 A (PSF-GTD) (AAA/Aaa)
(e)
|
|
|
|
|
1,930,000
|
|
|
|
0.000
|
|
|
02/15/17
|
|
1,866,291
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
Value
|
|
State-Specific Municipal Debt
Obligations – (continued)
|
|
Texas – (continued)
|
|
Harris County Texas Spring Independent School District Unlimited Tax Refunding Bonds Series 2011 (PSF-GTD)
(AAA/Aaa)
|
|
$
|
|
|
3,040,000
|
|
|
|
3.000
|
%
|
|
08/15/16
|
|
$ 3,241,430
|
|
|
|
|
2,250,000
|
|
|
|
4.000
|
|
|
08/15/17
|
|
2,504,453
|
|
Harrison County Texas Health Facilities Development Corp. Hospital RB for Good Shepherd Health System Series 2010
(BBB+/Baa3)
|
|
|
|
|
855,000
|
|
|
|
4.000
|
|
|
07/01/14
|
|
864,978
|
|
|
|
|
930,000
|
|
|
|
4.000
|
|
|
07/01/15
|
|
954,617
|
|
|
|
|
2,005,000
|
|
|
|
4.500
|
|
|
07/01/16
|
|
2,113,470
|
|
Houston Airport System RB Subordinate Lien Series 2002 C (AMT) (XLCA) (A/A2)
(d)
|
|
|
|
|
17,725,000
|
|
|
|
0.334
|
|
|
07/01/32
|
|
15,788,108
|
|
Houston Airport System RB Subordinate Lien Series 2002 D-2 (AMT) (XLCA) (A/A2)
(d)
|
|
|
|
|
21,950,000
|
|
|
|
0.338
|
|
|
07/01/32
|
|
19,562,980
|
|
Houston Higher Education Finance Corp. RB for Rice University Project Series 2013 A (AAA/Aaa)
(a)
|
|
|
|
|
52,505,000
|
|
|
|
0.460
|
|
|
11/16/16
|
|
52,489,774
|
|
Houston Independent School District GO Bonds Refunding Series 2012 (PSF-GTD) (AAA/Aaa)
(a)
|
|
|
|
|
16,000,000
|
|
|
|
0.875
|
|
|
06/01/16
|
|
16,051,520
|
|
Houston Utilities System RB Refunding First Lien Series 2012 C (AA/NR)
(a)
|
|
|
|
|
8,000,000
|
|
|
|
0.660
|
|
|
08/01/16
|
|
8,001,600
|
|
Houston Utilities System RB Refunding Series 2012 (AA/NR)
(a)
|
|
|
|
|
4,500,000
|
|
|
|
0.610
|
|
|
06/01/15
|
|
4,506,345
|
|
Klein Texas Independent School District GO Bonds Refunding Series 2003 A (PSF-GTD) (AAA/Aaa)
|
|
|
|
|
2,050,000
|
|
|
|
4.250
|
|
|
08/15/14
|
|
2,101,660
|
|
Leander Independent School District Unlimited Tax GO Bonds Refunding Series 2010 A (PSF-GTD) (AAA/NR)
(e)
|
|
|
|
|
2,000,000
|
|
|
|
0.000
|
|
|
08/15/14
|
|
1,995,560
|
|
|
|
|
1,000,000
|
|
|
|
0.000
|
|
|
08/15/15
|
|
993,560
|
|
Lower Colorado River Authority RB Refunding Series 2008 (ETM) (NR/NR)
(f)
|
|
|
|
|
5,000
|
|
|
|
5.500
|
|
|
05/15/14
|
|
5,095
|
|
Lower Colorado River Authority RB Series 2008 (ETM) (NR/NR)
(f)
|
|
|
|
|
205,000
|
|
|
|
5.500
|
|
|
05/15/14
|
|
208,889
|
|
Lower Colorado River Authority RB Series 2012 (A/A1)
|
|
|
|
|
2,240,000
|
|
|
|
5.500
|
|
|
05/15/14
|
|
2,282,582
|
|
Lubbock Health Facilities Development Corp. RB for St. Joseph Health System Series 2008 B
(AA-/A1)
|
|
|
|
|
3,300,000
|
|
|
|
5.000
|
|
|
07/01/17
|
|
3,713,622
|
|
Mansfield Independent School District GO Bonds Series 2012 (PSF-GTD) (AAA/Aaa)
(a)
|
|
|
|
|
7,315,000
|
|
|
|
1.750
|
|
|
08/01/17
|
|
7,460,642
|
|
Midland Texas COPS GO Bonds Series 2007 (NATL-RE) (AA+/Aa1)
|
|
|
|
|
1,255,000
|
|
|
|
4.000
|
|
|
03/01/14
|
|
1,262,994
|
|
Mission Economic Development Corp. Solid Waste Disposal RB for Waste Management, Inc. Project RMKT 12/01/09
Series 2006
(A-/NR)
(a)
|
|
|
|
|
4,000,000
|
|
|
|
3.750
|
|
|
06/01/15
|
|
4,130,080
|
|
North East Independent School District GO Bonds Series 2004 (PSF-GTD) (AAA/Aaa)
|
|
|
|
|
5,570,000
|
|
|
|
5.000
|
|
|
08/01/15
|
|
5,724,289
|
|
|
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
Schedule of Investments
(continued)
December 31, 2013 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
Value
|
|
State-Specific Municipal Debt
Obligations – (continued)
|
|
Texas – (continued)
|
|
North East Independent School District GO Bonds Series 2004 (PSF-GTD) (NR/Aaa)
(f)
|
|
$
|
|
|
7,890,000
|
|
|
|
5.000
|
%
|
|
08/01/14
|
|
$ 8,103,109
|
|
North Texas Tollway Authority RB Refunding for First Tier Series 2008 A (NATL-RE-IBC) (A/A2)
|
|
|
|
|
4,250,000
|
|
|
|
6.000
|
|
|
01/01/19
|
|
4,878,873
|
|
North Texas Tollway Authority RB Refunding for First Tier Series 2012 C (A-/A2)
(a)
|
|
|
|
|
16,000,000
|
|
|
|
1.950
|
|
|
01/01/19
|
|
15,342,240
|
|
North Texas Tollway Authority System RB Refunding First Tier Series 2008 E-3 (A-/A2)
(a)
|
|
|
|
|
5,405,000
|
|
|
|
5.750
|
|
|
01/01/16
|
|
5,911,989
|
|
North Texas Tollway Authority System RB Refunding First Tier Series 2011 B (A-/A2)
|
|
|
|
|
3,000,000
|
|
|
|
5.000
|
|
|
01/01/19
|
|
3,411,330
|
|
Northside Texas Independent School District GO Bonds for School Building Series 2010 (PSF-GTD) (AAA/Aaa)
(a)
|
|
|
|
|
6,000,000
|
|
|
|
1.200
|
|
|
08/01/17
|
|
6,004,200
|
|
Northside Texas Independent School District GO Bonds for School Building Series 2012 (PSF-GTD) (AAA/Aaa)
(a)
|
|
|
|
|
8,000,000
|
|
|
|
1.000
|
|
|
05/31/16
|
|
8,043,840
|
|
Northside Texas Independent School District Unlimited Tax Refunding Series 2011 A (PSF-GTD) (AAA/Aaa)
(a)
|
|
|
|
|
6,760,000
|
|
|
|
1.350
|
|
|
06/01/14
|
|
6,786,364
|
|
Plano Texas Independent School District Unlimited Tax GO Bonds Refunding Series 2010 (PSF-GTD)
(AAA/Aaa)
|
|
|
|
|
4,000,000
|
|
|
|
5.000
|
|
|
02/15/15
|
|
4,214,520
|
|
Sam Rayburn Municipal Power Agency RB Refunding Series 2012 (BBB+/NR)
|
|
|
|
|
1,755,000
|
|
|
|
5.000
|
|
|
10/01/15
|
|
1,868,268
|
|
|
|
|
2,315,000
|
|
|
|
5.000
|
|
|
10/01/19
|
|
2,590,878
|
|
San Antonio Electric and Gas Systems Junior Lien RB Refunding Series 2012 C (AA-/Aa2)
(a)
|
|
|
|
|
7,000,000
|
|
|
|
2.000
|
|
|
12/01/16
|
|
7,236,460
|
|
Spring Branch Independent School District Unlimited Tax GO Bonds for Schoolhouse Series 2004 (PSF-GTD)
(AAA/Aaa)
|
|
|
|
|
1,000,000
|
|
|
|
4.750
|
|
|
02/01/14
|
|
1,003,230
|
|
Sugar Land Texas GO Bonds Refunding for Fort Bend County Series 2012 (AAA/NR)
|
|
|
|
|
1,815,000
|
|
|
|
3.000
|
|
|
02/15/14
|
|
1,821,262
|
|
|
|
|
1,240,000
|
|
|
|
3.000
|
|
|
02/15/15
|
|
1,278,849
|
|
Texas Municipal Gas Acquisition & Supply Corp. III RB Series 2012 D (BBB/A3)
|
|
|
|
|
3,445,000
|
|
|
|
5.000
|
|
|
12/15/14
|
|
3,558,272
|
|
|
|
|
2,200,000
|
|
|
|
5.000
|
|
|
12/15/15
|
|
2,340,250
|
|
|
|
|
3,000,000
|
|
|
|
5.000
|
|
|
12/15/16
|
|
3,268,410
|
|
|
|
|
5,000,000
|
|
|
|
5.000
|
|
|
12/15/17
|
|
5,468,350
|
|
|
|
|
4,500,000
|
|
|
|
5.000
|
|
|
12/15/18
|
|
4,932,090
|
|
Texas Municipal Gas Acquisition & Supply Corp. RB for Senior Lien Series 2008 D
(A-/Baa2)
|
|
|
|
|
11,305,000
|
|
|
|
5.625
|
|
|
12/15/17
|
|
12,641,138
|
|
Texas State Public Finance Authority Unemployment Compensation Obligation Assessment RB Series 2010 A
(AAA/Aaa)
|
|
|
|
|
16,725,000
|
|
|
|
4.000
|
|
|
07/01/15
|
|
17,659,928
|
|
|
|
|
7,355,000
|
|
|
|
5.000
|
|
|
07/01/16
|
|
7,994,517
|
|
Texas Transportation Commission Central Texas Turnpike System First Tier RB Refunding Series 2012 B (A-/Baa1)
(a)
|
|
|
|
|
2,500,000
|
|
|
|
1.250
|
|
|
02/15/15
|
|
2,506,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
325,089,826
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
Value
|
|
State-Specific Municipal Debt
Obligations – (continued)
|
|
U.S. Virgin Islands – 0.4%
|
|
Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note
Series 2012 A (BBB+/NR)
|
|
$
|
|
|
16,145,000
|
|
|
|
2.250
|
%
|
|
10/01/17
|
|
$ 16,196,664
|
|
Virgin Islands Water & Power Authority Electric System RB Refunding Series 2010 A
(BBB-/Baa3)
|
|
|
|
|
480,000
|
|
|
|
4.000
|
|
|
07/01/14
|
|
486,609
|
|
|
|
|
680,000
|
|
|
|
4.750
|
|
|
07/01/15
|
|
710,716
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,393,989
|
|
|
|
Utah – 0.5%
|
|
Centerville Utah Sales Tax RB Series 2009 (ASSURED GTY) (AA/NR)
|
|
|
|
|
1,340,000
|
|
|
|
4.000
|
|
|
05/01/14
|
|
1,355,424
|
|
Utah Associated Municipal Power Systems RB for Horse Butte Wind Project Series 2012 A
(A-/NR)
|
|
|
|
|
500,000
|
|
|
|
5.000
|
|
|
09/01/14
|
|
514,810
|
|
|
|
|
610,000
|
|
|
|
5.000
|
|
|
09/01/15
|
|
650,827
|
|
|
|
|
750,000
|
|
|
|
5.000
|
|
|
09/01/16
|
|
824,805
|
|
|
|
|
500,000
|
|
|
|
5.000
|
|
|
09/01/17
|
|
561,970
|
|
|
|
|
500,000
|
|
|
|
5.000
|
|
|
09/01/18
|
|
567,505
|
|
|
|
|
500,000
|
|
|
|
5.000
|
|
|
09/01/19
|
|
566,905
|
|
Utah State GO Bonds Series 2009 A (AAA/Aaa)
|
|
|
|
|
5,850,000
|
|
|
|
5.000
|
|
|
07/01/14
|
|
5,990,166
|
|
Utah State GO Bonds Series 2009 B (AAA/Aaa)
|
|
|
|
|
7,450,000
|
|
|
|
4.000
|
|
|
07/01/14
|
|
7,591,699
|
|
Utah State University RB Refunding for Student Fee and Housing System Series 2009 (ASSURED GTY)
(AA/A3)
|
|
|
|
|
1,575,000
|
|
|
|
3.000
|
|
|
12/01/14
|
|
1,613,745
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,237,856
|
|
|
|
Vermont – 0.1%
|
|
Vermont Educational & Health Buildings Financing Agency RB Refunding for St. Michael’s College Project
Series 2012 (A-/Baa1)
|
|
|
|
|
1,250,000
|
|
|
|
3.000
|
|
|
10/01/15
|
|
1,271,850
|
|
|
|
|
1,420,000
|
|
|
|
4.000
|
|
|
10/01/16
|
|
1,483,616
|
|
|
|
|
1,680,000
|
|
|
|
4.000
|
|
|
10/01/17
|
|
1,763,782
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,519,248
|
|
|
|
Virginia – 1.3%
|
|
Amelia County IDA RB Refunding for Waste Management, Inc. Project Series 2002 (AMT) (A-/NR)
(a)
|
|
|
|
|
8,500,000
|
|
|
|
0.850
|
|
|
04/01/14
|
|
8,505,015
|
|
King George County Industrial Development Authority Solid Waste Disposal RB for King George Landfill, Inc.
Project RMKT 05/01/13 Series 2003 A (A-/NR)
(a)
|
|
|
|
|
4,000,000
|
|
|
|
0.850
|
|
|
05/01/14
|
|
4,000,880
|
|
Louisa IDA Pollution Control RB Refunding for Electric and Power Co. Project Series 2008 C (A-/WR)
(a)
|
|
|
|
|
6,250,000
|
|
|
|
1.500
|
|
|
12/01/14
|
|
6,275,187
|
|
Smyth County Virginia IDA Hospital RB for Mountain States Health Alliance Series 2010 B
(BBB+/Baa1)
|
|
|
|
|
3,330,000
|
|
|
|
5.000
|
|
|
07/01/14
|
|
3,390,306
|
|
Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2005 (AA+/Aaa)
(f)
|
|
|
|
|
8,765,000
|
|
|
|
5.625
|
|
|
06/01/15
|
|
9,426,845
|
|
Virginia State Housing Development Authority Homeownership Mortgage RB Series 2010 A
(AA+/Aa1)
|
|
|
|
|
3,015,000
|
|
|
|
2.500
|
|
|
03/01/15
|
|
3,057,964
|
|
|
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
Schedule of Investments
(continued)
December 31, 2013 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount
|
|
|
Interest
Rate
|
|
|
Maturity
Date
|
|
Value
|
|
State-Specific Municipal Debt
Obligations – (continued)
|
|
Virginia – (continued)
|
|
Virginia State Housing Development Authority Homeownership Mortgage RB Series 2011 B (GO OF AUTH)
(AA+/Aa1)
|
|
$
|
|
|
1,900,000
|
|
|
|
2.200
|
%
|
|
03/01/17
|
|
$ 1,963,973
|
|
Virginia State Public School Authority School Financing 1997 Resolution Series 2004 A (ST AID WITHHLDG)
(AA+/Aa1)
(f)
|
|
|
|
|
6,185,000
|
|
|
|
5.000
|
|
|
08/01/14
|
|
6,353,851
|
|
Wise County Virginia IDA Solid Waste and Sewage Disposal RB for Virginia Electric and Power Company Project
Series 2010 A
(A-/A3)
(a)
|
|
|
|
|
5,000,000
|
|
|
|
2.375
|
|
|
11/01/15
|
|
5,108,100
|
|
York County Economic Development Authority Electricity and Power RB Refunding Series 2009 A (A-/A3)
(a)
|
|
|
|
|
2,000,000
|
|
|
|
4.050
|
|
|
05/01/14
|
|
2,021,260
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50,103,381
|
|
|
|
Washington – 0.8%
|
|
Snohomish County School District No. 015 GO Bonds Unlimited Tax Series 2006 (NATL-RE FGIC) (SCH BD GTY)
(AA+/Aa1)
(f)
|
|
|
|
|
2,550,000
|
|
|
|
5.000
|
|
|
06/01/16
|
|
2,826,318
|
|
Washington State Various Purpose GO Bonds Refunding Series 2013 R-C (AA+/Aa1)
|
|
|
|
|
27,125,000
|
|
|
|
3.000
|
|
|
07/01/16
|
|
28,804,038
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31,630,356
|
|
|
|
West Virginia – 0.5%
|
|
Kanawha Putnam County Huntington Compound RB for Single Family Mortgage Series 1984 A (ETM) (NR/Aaa)
(e)(f)
|
|
|
|
|
10,125,000
|
|
|
|
0.000
|
|
|
12/01/16
|
|
9,918,247
|
|
Mason County Pollution Control RB for Appalachian Power Co. Project Series 2003 L (NR/Baa2)
(a)
|
|
|
|
|
6,300,000
|
|
|
|
2.000
|
|
|
10/01/14
|
|
6,350,211
|
|
Princeton West Virginia Hospitals RB Refunding Princeton Community Hospital Project Series 2012 A
(BBB+/NR)
|
|
|
|
|
500,000
|
|
|
|
5.000
|
|
|
05/01/17
|
|
541,890
|
|
|
|
|
1,445,000
|
|
|
|
5.000
|
|
|
05/01/18
|
|
1,569,140
|
|
|
|
|
1,565,000
|
|
|
|
5.000
|
|
|
05/01/19
|
|
1,703,315
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,082,803
|
|
|
|
Wisconsin – 0.3%
|
|
Kenosha City Promissory Notes GO Bonds for Capital Appreciation Series 2005 D (AMBAC) (AA/Aa2)
(e)
|
|
|
|
|
1,500,000
|
|
|
|
0.000
|
|
|
09/01/15
|
|
1,482,690
|
|
Madison City Promissory Notes GO Bonds Series 2011 A (NR/Aaa)
|
|
|
|
|
5,500,000
|
|
|
|
5.000
|
|
|
10/01/16
|
|
6,148,065
|
|
Milwaukee Wisconsin GO Bonds Series 2010 N-1 (AA/Aa2)
|
|
|
|
|
4,050,000
|
|
|
|
5.000
|
|
|
02/01/16
|
|
4,414,743
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,045,498
|
|
|
|
Total State-Specific Municipal Debt Obligations
|
|
$3,893,399,113
|
|
|
|
TOTAL INVESTMENTS – 97.3%
|
|
$3,893,399,113
|
|
|
|
OTHER ASSETS IN EXCESS
OF LIABILITIES – 2.7%
|
|
109,391,604
|
|
|
|
NET ASSETS – 100.0%
|
|
$4,002,790,717
|
|
|
|
|
|
|
|
|
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
|
|
|
|
|
(a)
|
|
Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect at
December 31, 2013.
|
|
|
|
|
(b)
|
|
Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid
by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $34,310,771, which represents approximately 0.9% of net
assets as of December 31, 2013.
|
|
|
|
|
(c)
|
|
Inverse floating rate security. Interest rate disclosed is that which is in effect at December 31, 2013.
|
|
|
|
|
(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 at December 31, 2013.
|
|
|
|
|
(e)
|
|
Issued with a zero coupon. Income is recognized through the accretion of discount.
|
|
|
|
|
(f)
|
|
Pre-refunded security. Maturity date disclosed is pre-refunding date.
|
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
Schedule of Investments
(continued)
December 31, 2013 (Unaudited)
|
|
|
|
|
|
|
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-ICC
|
|
— Agency Insured Custody Certificate
|
|
AGM
|
|
— Insured by Assured Guaranty Municipal Corp.
|
|
AMBAC
|
|
— Insured by American Municipal Bond Assurance Corp.
|
|
AMT
|
|
— Alternative Minimum Tax
|
|
ASSURED GTY
|
|
— Insured by Assured Guaranty
|
|
BANS
|
|
— Bond Anticipation Notes
|
|
BHAC-CR
|
|
— Insured by Berkshire Hathaway Assurance Corp. - Insured Custodial Receipts
|
|
CNTY GTD
|
|
— County Guaranteed
|
|
COMWLTH GTD
|
|
— Commonwealth Guaranteed
|
|
COPS
|
|
— Certificates of Participation
|
|
ETM
|
|
— Escrowed to Maturity
|
|
FGIC
|
|
— Insured by Financial Guaranty Insurance Co.
|
|
FHA
|
|
— Federal Housing Administration
|
|
GO
|
|
— General Obligation
|
|
GO OF AUTH
|
|
— General Obligation of Authority
|
|
GO OF UNIV
|
|
— General Obligation of University
|
|
IDA
|
|
— Industrial Development Authority
|
|
LIBOR
|
|
— London Interbank Offered Rate
|
|
MUN GOVT GTD
|
|
— Municipal Government Guaranteed
|
|
NATL-RE
|
|
— Insured by National Public Finance Guarantee Corp.
|
|
NATL-RE FGIC
|
|
— Insured by National Public Finance Guarantee Corp., which reinsures Financial Guaranty Insurance
Co.
|
|
NATL-RE-IBC
|
|
— Insured by National Public Finance Guarantee Corp. - Insured Bond Certificates
|
|
NR
|
|
— Not Rated
|
|
PCRB
|
|
— Pollution Control Revenue Bond
|
|
PRIV MTGS
|
|
— Private Mortgages
|
|
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
|
|
ST AID DIR DEP
|
|
— State Aid Direct Deposit
|
|
ST AID WITHHLDG
|
|
— State Aid Withholding
|
|
VA
|
|
— Veterans Administration
|
|
WR
|
|
— Withdrawn Rating
|
|
XLCA
|
|
— Insured by XL Capital Assurance, Inc.
|
|
|
|
For information on the mutual funds, please call our
toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.
|
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
Schedule of Investments
(continued)
December 31, 2013 (Unaudited)
ADDITIONAL INVESTMENT
INFORMATION
SWAP CONTRACTS
—
At December 31, 2013, the Fund had the following swap contracts:
OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market Value
|
|
|
Counterparty
|
|
Referenced
Obligation
|
|
Notional
Amount
(000’s)
|
|
|
Rates
Received
(Paid)
|
|
Termination
Date
|
|
Credit
Spread at
December 31,
2013
(a)
|
|
Upfront
Payments
Made (Received)
|
|
|
Unrealized
Gain (Loss)
|
|
|
|
|
|
Protection Sold:
|
|
|
Bank of America, N.A.
|
|
California State Various
Purpose GO Bonds Series
2003, 5.250%, 02/01/18
|
|
$
|
5,000
|
|
|
1.000%
|
|
03/20/23
|
|
1.370%
|
|
$
|
(5
|
)
|
|
$
|
(117,331
|
)
|
|
JPMorgan Chase Bank, N.A.
|
|
California State Various
Purpose GO Bonds Series
2003, 5.250%, 02/01/18
|
|
|
10,000
|
|
|
1.000
|
|
03/20/23
|
|
1.370
|
|
|
(457,425
|
)
|
|
|
222,753
|
|
|
Morgan Stanley & Co. International PLC
|
|
California State Various
Purpose GO Bonds Series
2003, 5.250%, 02/01/18
|
|
|
11,000
|
|
|
1.000
|
|
03/20/23
|
|
1.370
|
|
|
(425,561
|
)
|
|
|
167,421
|
|
|
|
|
|
TOTAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(882,991
|
)
|
|
$
|
272,843
|
|
|
|
|
|
(a)
|
|
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 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.
|
TAX INFORMATION
— At December 31, 2013, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal
income tax purposes were as follows:
|
|
|
|
|
|
|
|
|
|
Tax cost
|
|
$
|
3,898,565,437
|
|
|
|
|
|
Gross unrealized gain
|
|
|
45,040,317
|
|
|
Gross unrealized loss
|
|
|
(50,206,641
|
)
|
|
|
|
|
Net unrealized security loss
|
|
$
|
(5,166,324
|
)
|
|
|
|
Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports
to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).
GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS
Schedule of Investments
(continued)
December 31, 2013 (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 fair value of a financial instrument is 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). Accounting principles generally accepted in the United States of America (“ 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 Trustees have adopted 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’ portfolio 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:
Equity Securities
— Equity securities and investment companies traded on a United States (“U.S.”) securities exchange or the NASDAQ
system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If no sale occurs,
equity securities and exchange traded investment companies are valued at the last bid price for long positions and at the last ask price for short positions. Investments in investment companies (other than those that are exchange traded) are valued
at the net asset value (“NAV”) on the valuation date. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy.
Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price. Securities traded on certain
foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair
value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of
the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.
GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS
Schedule of Investments
(continued)
December 31, 2013 (Unaudited)
NOTES TO THE SCHEDULE OF
INVESTMENTS (continued)
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. Short-term debt obligations that mature in sixty days or less and that do not exhibit signs of credit deterioration are valued at
amortized cost, which approximates fair value. With the exception of treasury securities of G8 countries (not held in money market funds), which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair
value hierarchy.
i. Inverse Floaters
— The interest rate on inverse floating rate securities (“inverse
floaters”) resets in the opposite direction from the market rate of interest to which the inverse floaters are indexed. An inverse floater may be considered to be leveraged to the extent that its interest rate varies by a magnitude that exceeds
the magnitude of the change in the index rate of interest. The higher the degree of leverage of an inverse floater, the greater the volatility of its market value.
ii. 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 securities or forward commitments prior to settlement which may result in a realized gain or loss.
Derivative Contracts
—
A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors.
Exchange-traded derivatives, including futures contracts, typically fall within Level 1 of the fair value hierarchy. Over-the-counter
(“OTC”) 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 an OTC derivative 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 derivatives
that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are
corroborated by market evidence.
i. Swap Contracts
—
Swaps are marked-to-market daily using pricing vendor
quotations, counterparty prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss.
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
GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS
Schedule of Investments
(continued)
December 31, 2013 (Unaudited)
NOTES TO THE SCHEDULE OF
INVESTMENTS (continued)
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
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 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.
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 the aforementioned significant inputs are unobservable, or if quotations are not
readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Funds’ investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its
procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at
the time of determining a Fund’s NAV. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations;
market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and
bankruptcies.
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, 2013:
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HIGH YIELD MUNICIPAL
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Investment Type
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Level 1
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Level 2
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Level 3
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Assets
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Municipal Debt Obligations
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$
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—
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$
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2,681,651,855
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$
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—
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Derivative Type
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Assets
(a)
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Credit Default Swap Contracts
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$
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—
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$
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1,836,959
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$
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—
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Liabilities
(a)
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Credit Default Swap Contracts
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$
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—
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$
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(5,579
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)
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$
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—
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MUNICIPAL INCOME
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Investment Type
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Level 1
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Level 2
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Level 3
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Assets
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Municipal Debt Obligations
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$
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—
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$
|
477,223,703
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$
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—
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Derivative Type
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Assets
(a)
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Credit Default Swap Contracts
|
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$
|
—
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$
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59,760
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$
|
—
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SHORT DURATION TAX-FREE
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Investment Type
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Level 1
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Level 2
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Level 3
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Assets
|
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Municipal Debt Obligations
|
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$
|
—
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$
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3,893,399,113
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$
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—
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Derivative Type
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Assets
(a)
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Credit Default Swap Contracts
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$
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—
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$
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390,174
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$
|
—
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Liabilities
(a)
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Credit Default Swap Contracts
|
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$
|
—
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$
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(117,331
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)
|
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$
|
—
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(a)
|
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Amount shown represents unrealized gain (loss) at period end.
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For further information regarding security characteristics, see the Schedules of Investments.
GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS
Schedule of Investments
(continued)
December 31, 2013 (Unaudited)
NOTES TO THE SCHEDULE OF
INVESTMENTS (continued)
The Funds’ risks include, but are not limited to, the following:
Shareholder Concentration Risk
— Certain funds, accounts, individuals or Goldman Sachs affiliates may from time to time own (beneficially or of record) or control a significant percentage of
the Funds’ shares. Redemptions by these entities of their holdings in the Funds may impact the Funds’ liquidity and NAV. These redemptions may also force the Funds to sell securities.
Liquidity Risk
— The Funds 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 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.
Market and Credit Risks
— In the normal course of business, the Funds trade financial instruments and enter into financial transactions where
risk of potential loss exists due to changes in the market (market risk). Additionally, the Funds may also be exposed to credit risk in the event that an issuer fails to perform or that an institution or entity with which the Funds have unsettled or
open transactions defaults.
Non-Diversification Risk
— High Yield Municipal Fund is non-diversified, meaning that it is permitted
to invest a larger percentage of its assets in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater
losses because of these developments.
Portfolio Concentration Risk
— As a result of certain of the Funds’ ability to invest
a large percentage of their assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Funds’ investments more than if
their investments were not so concentrated.
|
Item 2.
|
Controls and Procedures.
|
(a) The
Registrant’s President/Principal Executive Officer and Principal Financial Officer concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) were effective as
of a date within 90 days prior to the filing date of this report (the “Evaluation Date”), based on their evaluation of the effectiveness of the Registrant’s disclosure controls and procedures as of the Evaluation Date.
(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred
during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
(a) Separate certifications
for the President/Principal Executive Officer and the Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) are filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
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(Registrant) Goldman Sachs Trust
|
|
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By (Signature and Title)*
|
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/s/ James A. McNamara
|
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James A. McNamara,
President/Principal Executive Officer
|
Date February 27, 2014
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in
the capacities and on the dates indicated.
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By (Signature and Title)*
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/s/ James A. McNamara
|
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James A. McNamara,
President/Principal Executive Officer
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Date February 27, 2014
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By (Signature and Title)*
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/s/ Scott McHugh
|
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Scott McHugh
Principal Financial Officer
|
Date February 27, 2014
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*
|
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Print the name and title of each signing officer under his or her signature.
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