Goldman Sachs MLP and Energy Renaissance Fund (GER) NPORT-P Goldman Sachs MLP & Energy Renaissance Fund (Feb 2020 report)

GOLDMAN SACHS MLP AND ENERGY RENAISSANCE FUND

Schedule of Investments

February 29, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – 135.4%
	Gathering + Processing – 56.8%
	955,407	Crestwood Equity Partners LP	$     19,910,682
	1,744,398	DCP Midstream LP	27,195,165
	1,392,144	Enable Midstream Partners LP	8,631,293
	1,385,507	MPLX LP	28,111,937
	1,114,040	Targa Resources Corp.	36,094,896
	1,164,363	Western Midstream Partners LP	15,206,580
			135,150,553
	Marketing | Wholesale – 21.1%
	753,608	CrossAmerica Partners LP	12,705,831
	532,611	Sprague Resources LP	6,545,789
	1,151,564	Sunoco LP	31,126,775
			50,378,395
	Other | Rail Terminaling – 0.6%
	152,286	USD Partners LP	1,376,666
	Pipeline Transportation | Natural Gas – 22.6%
	2,410,574	Energy Transfer LP	26,709,160
	595,377	Enterprise Products Partners LP	13,896,099
	675,112	EQM Midstream Partners LP	11,719,944
	225,000	Equitrans Midstream Corp.	1,588,500
			53,913,703
	Pipeline Transportation | Petroleum – 25.8%
	493,232	Genesis Energy LP	4,897,794
	1,658,467	PBF Logistics LP	31,461,119
	903,208	Plains All American Pipeline LP	12,346,853
	747,000	Shell Midstream Partners LP	12,781,170
			61,486,936
	Services | Midstream – 8.5%
	1,472,500	USA Compression Partners LP	20,143,800
	TOTAL COMMON STOCKS (Cost $480,174,024)		$   322,450,053
Shares		Dividend Rate	Value
	Investment Company(a) – 0.0%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	19,201	1.507%	$            19,201
	(Cost $19,201)
	TOTAL INVESTMENTS – 135.4% (Cost $480,193,225)		$   322,469,254
	BORROWINGS – (78.1)%		(186,000,000)
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 42.7%		101,644,611
	NET ASSETS – 100.0%		$   238,113,865

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Represents an affiliated fund.

Investment Abbreviations:
LP	— Limited Partnership

For information on the mutual funds, please call our toll free Shareholder Services Line at1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com

GOLDMAN SACHS MLP INCOME OPPORTUNITIES FUND

Schedule of Investments

February 29, 2020 (Unaudited)

Shares		Description	Value
	Common Stocks – 133.5%
	Gathering + Processing – 48.0%
	287,500	Crestwood Equity Partners LP	$       5,991,500
	1,050,000	DCP Midstream LP	16,369,500
	956,259	Enable Midstream Partners LP	5,928,806
	1,000,000	MPLX LP	20,290,000
	175,000	Noble Midstream Partners LP	2,686,250
	50,000	ONEOK, Inc.	3,336,000
	800,000	Targa Resources Corp.	25,920,000
	125,000	The Williams Cos., Inc.	2,381,250
	550,000	Western Midstream Partners LP	7,183,000
			90,086,306
	Marketing | Retail – 3.7%
	350,000	Suburban Propane Partners LP	6,849,500
	Marketing | Wholesale – 22.5%
	948,195	CrossAmerica Partners LP	15,986,567
	370,000	Sprague Resources LP	4,547,300
	800,000	Sunoco LP	21,624,000
			42,157,867
	Other | Rail Terminaling – 1.4%
	290,000	USD Partners LP	2,621,600
	Pipeline Transportation | Natural Gas – 18.8%
	1,750,000	Energy Transfer LP	19,390,000
	350,000	Enterprise Products Partners LP	8,169,000
	375,000	EQM Midstream Partners LP	6,510,000
	175,000	Equitrans Midstream Corp.	1,235,500
			35,304,500
	Pipeline Transportation | Petroleum – 33.6%
	425,000	BP Midstream Partners LP	5,661,000
	215,000	Delek Logistics Partners LP	4,620,350
	325,000	Genesis Energy LP	3,227,250
	75,000	Magellan Midstream Partners LP	4,091,250
	1,225,000	PBF Logistics LP	23,238,250
	1,000,000	Plains All American Pipeline LP	13,670,000
	500,000	Shell Midstream Partners LP	8,555,000
			63,063,100
	Services | Midstream – 5.5%
	750,000	USA Compression Partners LP	10,260,000
	TOTAL COMMON STOCKS (Cost $345,288,515)		$   250,342,873
Shares		Dividend Rate	Value
	Investment Company(a) – 0.0%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	23,100	1.507%	$            23,100
	(Cost $23,100)
	TOTAL INVESTMENTS – 133.5% (Cost $345,311,615)		$   250,365,973
	BORROWINGS – (75.7)%		(142,000,000)
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 42.2%		79,150,616
	NET ASSETS – 100.0%		$   187,516,589

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Represents an affiliated fund.

Investment Abbreviations:
LP	— Limited Partnership

For information on the mutual funds, please call our toll free Shareholder Services Line at1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHSCLOSED-END FUNDS

Schedule of Investments(continued)

February 29, 2020 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS

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

Investments and Fair Value Measurements— U.S. GAAP defines the fair value of a financial instrument 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); 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 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 GSAMday-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.

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

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed to not represent fair value, equity securities are valued at the last bid price for long positions and at the last ask price for short positions To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2.

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 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.

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. GSAM did not develop the unobservable inputs (examples include but are not limited to single source broker quotations, third party pricing, etc.) for the valuation of Level 3 Assets and Liabilities.

Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of February 29, 2020:

GOLDMAN SACHS MLP AND ENERGY RENAISSANCE
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock(a)
MLPs
North America	$	284,766,657	$	—	$	—
Corporations
North America		37,683,396		—		—
Investment Company		19,201		—		—
Total	$	322,469,254	$	—	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile.

GOLDMAN SACHSCLOSED-END FUNDS

Schedule of Investments(continued)

February 29, 2020 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

GOLDMAN SACHS MLP INCOME OPPORTUNITIES
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock(a)
MLP’s
North America	$	217,470,123	$	—	$	—
Corporations
North America		32,872,750
Investment Company		23,100		—		—
Total	$	250,365,973	$	—	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile.

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

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

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

Foreign Custody Risk— The Fund that invests in foreign securities may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters into bankruptcy.

Investments in Other Investment Companies — As a shareholder of another investment company, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund.

Leverage Risk — Each Fund intends to use leverage to seek to achieve its investment objectives. The use of leverage creates an opportunity for increased net investment income dividends, but also creates risks for the investors. There is no assurance that each Fund’s intended leveraging strategy will be successful. Leverage involves risks and special considerations, including the likelihood of greater volatility of NAV, market price and dividend rate than a comparable portfolio without leverage; the risk that fluctuations in interest rates on borrowings and short-term debt or in the interest or dividend rates on any leverage that a Fund must pay will reduce the Fund’s return; the effect of leverage in a declining market, which is likely to cause a greater decline in the NAV than if the Fund were not leveraged, which may result in a greater decline in the market price; the investment advisory fees payable to the Investment Adviser will be higher than if the Fund did not use financial leverage; and that leverage may increase operating costs, which may reduce total return. The use of leverage may impact a Fund’s ability to declare dividends and distributions; the Funds are generally not permitted to declare cash dividends or other distributions unless, at the time of such declaration, the value of the Fund’s assets, less liabilities other than the principal amount of borrowings, is at least 300% of such principal amount (after deducting the amount of such dividend or distribution). This prohibition does not apply to privately arranged debt that is not intended to be publicly distributed (i.e., each Fund’s credit facility, as discussed above). Under the terms of each Credit Facility, in the event of an early termination of any fixed rate borrowing(s), the Funds will receive or pay any gain or loss associated with the lender’s interest rate hedge, which could be material in certain circumstances, as well as any related termination costs.

GOLDMAN SACHSCLOSED-END FUNDS

Schedule of Investments(continued)

February 29, 2020 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

Liquidity Risk— The 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.

Market and Credit Risks — An investment in a Fund represents an indirect investment in the securities owned by the Fund, a significant portion of which are traded on a national securities exchange. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Each Fund will utilize leverage, which magnifies the market risk.

Additionally, a Fund 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 Fund has unsettled or open transactions defaults.

Market Discount Risk— Shares ofclosed-end investment companies frequently trade at a discount from their NAV. This characteristic is a risk separate and distinct from the risk that the Fund’s NAV could decrease as a result of its investment activities and may be greater for investors expecting to sell their shares in a relatively short period of time following completion of the Fund’s initial offering. Although the value of a Fund’s net assets is generally considered by market participants in determining whether to purchase or sell shares, whether investors will realize gains or losses upon the sale of their shares will depend entirely upon whether the market price of the shares at the time of sale is above or below the investor’s adjusted tax cost basis for the shares. Because the market price of the shares will be determined by factors such as (i) NAV, (ii) dividend and distribution levels and their stability (which will in turn be affected by levels of dividend and interest payments by a Fund’s portfolio holdings, the timing and success of the Fund’s investment strategies, regulations affecting the timing and character of Fund distributions, Fund expenses and other factors), (iii) supply of and demand for the shares, (iv) trading volume of the shares, (v) general market, interest rate and economic conditions and (vi) other factors that may be beyond the control of the Fund. A Fund cannot predict whether the shares will trade at, below or above NAV or at, below or above the initial public offering price.

Master Limited Partnership Risk— Investments in securities of MLPs involve risks that differ from investments in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP’s general partner, cash flow risks, dilution risks, limited liquidity and risks related to the general partner’s right to require unit-holders to sell their common units at an undesirable time or price.

Non-Diversification Risk — The Funds arenon-diversified, meaning that they are permitted to invest a larger percentage of their assets in fewer issuers than diversified mutual funds. Thus, a 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

Sector Risk — The Fund concentrates its investments in the energy sector, and will therefore be susceptible to adverse economic, environmental, business, regulatory or other occurrences affecting that sector. The energy sector has historically experienced substantial price volatility. MLPs and other companies operating in the energy sector are subject to specific risks, including, among others, fluctuations in commodity prices; reduced consumer demand for commodities such as oil, natural gas or petroleum products; reduced availability of natural gas or other commodities for transporting, processing, storing or delivering; slowdowns in new construction; extreme weather or other natural disasters; and threats of attack by terrorists on energy assets. Additionally, changes in the regulatory environment for energy companies may adversely impact their profitability. Over time, depletion of natural gas reserves and other energy reserves may also affect the profitability of energy companies.

Strategy Risk —Each Fund’s strategy of investing primarily in MLPs, resulting in its being taxed as a corporation, or “C” corporation, rather than as a regulated investment company for U.S. federal income tax purposes, is a relatively new investment strategy for funds. This strategy involves complicated accounting, tax and valuation issues. Volatility in the NAV may be experienced because of the use of estimates at various times during a given year that may result in unexpected and potentially significant consequences for the Funds and their shareholders.

Tax Risks — Tax risks associated with investments in the Fund include but are not limited to the following:

Fund Structure Risk. Unlike traditional mutual funds that are structured as regulated investment companies for U.S. federal income tax purposes, each Fund will be taxable as a regular corporation, or “C” corporation, for U.S. federal income tax purposes. This means the Funds generally will be subject to U.S. federal income tax on their taxable income at the rates applicable to corporations, and will also be subject to state and local income taxes.

GOLDMAN SACHSCLOSED-END FUNDS

Schedule of Investments(continued)

February 29, 2020 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

MLP Tax Risk. MLPs are generally treated as partnerships for U.S. federal income tax purposes. Partnerships do not pay U.S. federal income tax at the partnership level. Rather, each partner is allocated a share of the partnership’s income, gains, losses, deductions and expenses. A change in current tax law or a change in the underlying business mix of a given MLP could result in an MLP being treated as a corporation for U.S. federal income tax purposes, which would result in the MLP being required to pay U.S. federal income tax (as well as state and local income taxes) on its taxable income. This would have the effect of reducing the amount of cash available for distribution by the MLP and could result in a reduction in the value of a Fund’s investment in the MLP and lower income to the Fund.

To the extent a distribution received by a Fund from an MLP is treated as a return of capital, the Fund’s adjusted tax basis in the interests of the MLP will be reduced, which may increase the Fund’s tax liability upon the sale of the interests in the MLP or upon subsequent distributions in respect of such interests.

Tax Estimation/NAV Risk. In calculating a Fund’s daily NAV, the Fund will, among other things, include its

current taxes and deferred tax liability and/or asset balances and related valuation balances, if any. A Fund may accrue a deferred income tax liability balance, at the currently effective statutory U.S. federal income tax rate (currently 21%) plus an estimated state and local income tax rate, for its future tax liability associated with the capital appreciation of its investments and the distributions received by the Fund on interests of MLPs considered to be return of capital and for any net operating gains. Any deferred tax liability balance will reduce a Fund’s NAV which could have an effect on the market price of the shares. A may also record a deferred tax asset balance, which reflects an estimate of a Fund’s future tax benefit associated with net operating losses and/or unrealized losses. Any deferred tax asset balance will increase a Fund’s NAV to the extent it exceeds any valuation allowance which could have an effect on the market price of the shares. A Fund will rely to some extent on information provided by MLPs, which may not be provided to the Fund on a timely basis, to estimate current taxes and deferred tax liability and/or asset balances for purposes of financial statement reporting and determining its NAV. The daily estimate of a Fund’s current taxes and deferred tax liability and/or asset balances used to calculate the Fund’s NAV could vary significantly from the Fund’s actual tax liability or benefit, and, as a result, the determination of the Fund’s actual tax liability or benefit may have a material impact on the Fund’s NAV. From time to time, a Fund may modify its estimates or assumptions regarding its current taxes and deferred tax liability and/or asset balances as new information becomes available, which modifications in estimates or assumptions may have a material impact on the Fund’s NAV.