Goldman Sachs Short Duration Tax-Free Fund Institutional Class GSDUX

The investment seeks a high level of current income, consistent with relatively low volatility of principal, that is exempt from regular federal income tax. The fund invests, under normal market conditions, at least 80% of its net assets plus any borrowings for investment purposes in fixed income securities issued by or on behalf of states, territories and possessions of the United States (including the District of Columbia) and the political subdivisions, agencies and instrumentalities thereof, the interest on which is exempt from regular federal income tax, and is not a tax preference item under the federal alternative minimum tax.