Goldman Sachs Mid Cap Value Fund (GCMAX) NPORT-P Goldman Sachs Dynamic Municipal Income Fund (Dec 2023 report)

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

-

96.5%

Alabama

-

1.8%

Alabama

Economic

Settlement

Authority

RB

for

BP

Exploration

&

Production,

Inc.

Series

2016

A

(A2/A-)

$

5,000,000

4.000%

09/15/2033

$

5,012,465

Black

Belt

Energy

Gas

District

Gas

Prepay

RB

2019

Series

A

(A1/NR)

22,955,000

4.000

(a)(b)

12/01/2049

23,010,140

County

of

Jefferson

AL

Sewer

Revenue

(NR/BBB)

14,875,000

7.900

10/01/2050

15,618,879

Energy

Southeast,

A

Cooperative

District

Energy

Supply

RB

Series

2023B-1

(Fixed

Rate)

(A1/NR)

4,150,000

5.750

(a)(b)

04/01/2054

4,647,603

Health

Care

Authority

for

Baptist

Health

Series

2023

(A3/BBB+)

1,500,000

5.000

11/15/2029

1,652,338

1,500,000

5.000

11/15/2035

1,668,629

1,000,000

5.000

11/15/2036

1,103,312

325,000

5.000

11/15/2037

355,087

Hoover

Industrial

Development

Board

RB

for

United

States

Steel

Corp.

Series

2019

(B1/BB-)

4,920,000

5.750

10/01/2049

4,998,760

Houston

County

Health

Care

Authority

RB

for

Southeast

Alabama

Medical

Center

Series

2016

A

(NR/BBB+)

1,000,000

5.000

10/01/2025

1,023,390

Independent

Development

Board

City

of

Prattville

International

Paper

Company

Project

Environmental

Improvement

Revenue

Refunding

Bonds

Series

2019B

(Baa2/BBB)

225,000

2.000

(a)(b)

11/01/2033

221,113

Industrial

Development

Board

City

of

Prattville

International

Paper

Company

Project

Recovery

Zone

Facility

Revenue

Refunding

Bonds

Series

2019C

(Baa2/BBB)

225,000

2.000

(a)(b)

11/01/2033

221,113

Industrial

Development

Board

City

of

Selma

International

Paper

Company

Project

Gulf

Opportunity

Zone

Revenue

Refunding

Bonds

Series

2019A

(Baa2/BBB)

1,750,000

2.000

(a)(b)

11/01/2033

1,719,771

Jefferson

County

Senior

Lien

Sewer

RB

Warrants

Series

2013

A

(AGM)

(A1/AA)

740,000

5.000

10/01/2044

750,536

Jefferson

County

Senior

Lien

Sewer

RB

Warrants

Series

2013

C

(AGM)

(A1/AA)

4,645,000

6.750

10/01/2046

4,877,412

Jefferson

County

Senior

Lien

Sewer

Revenue

Current

Interest

Warrants

Series

2013-A

(AGM)

(A1/AA)

9,600,000

5.500

10/01/2053

9,793,462

Jefferson

County

Subordinate

Lien

Sewer

RB

Warrants

Series

2013

D

(NR/BBB)

13,500,000

6.000

10/01/2042

14,164,748

17,015,000

6.500

10/01/2053

17,871,991

Midcity

Improvement

District

Special

Assessment

RB

Series

2022

(NR/NR)

200,000

3.875

11/01/2027

188,046

500,000

4.250

11/01/2032

447,328

Southeast

Alabama

Gas

Supply

District

Gas

Supply

RB

Series

2018A

(A1/NR)

5,500,000

4.000

(a)(b)

06/01/2049

5,502,657

Southeast

Energy

Authority

Commodity

Supply

RB

Series

2022A-

1

(A1/NR)

6,000,000

5.500

(a)(b)

01/01/2053

6,515,160

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Alabama

–

(continued)

The

Board

of

Trustees

of

The

University

of

Alabama

General

RB,

The

University

of

Alabama,

Series

2014-B

(Aa2/AA)

$

6,500,000

4.000%

(c)

07/01/2024

$

6,533,781

The

Industrial

Board

of

the

Town

of

West

Jefferson

Pollution

Control

Revenue

Refunding

Bonds

for

Alabama

Power

Company

Project

Series

1998

(A1/A-)

8,540,000

3.650

06/01/2028

8,554,266

The

Industrial

Development

Board

of

the

City

of

Mobile

Pollution

Control

RB

for

Alabama

Power

Company

Barry

Plant

Project

Series

2007-C

(A1/A-)

3,470,000

3.780

(a)(b)

06/01/2034

3,502,191

The

Southeast

Alabama

Gas

Supply

District

RB

for

Project

No.

2

Series

2018

A

(A1/NR)

2,820,000

4.000

06/01/2024

2,821,698

The

Southeast

Alabama

Gas

Supply

District

RB

for

Project

No.

2

Series

2018

B

(A1/NR)

(1M

USD

LIBOR

+

0.85%)

10,000,000

4.506

(a)(d)

06/01/2049

9,984,036

152,759,912

Alaska

-

0.0%

Northern

Tobacco

Securitization

Corp.

Tobacco

Settlement

Asset

Back

Bonds

Series

2021

(NR/A)

1,750,000

5.000

06/01/2031

1,957,547

a

a

American

Samoa

-

0.0%

American

Samoa

Economic

Development

Authority

RB

Refunding

Series

2021

B

(Ba3/NR)

1,125,000

2.470

(e)

09/01/2024

1,100,815

American

Samoa

Economic

Development

Authority

RB

Refunding

Series

2021

C

(Ba3/NR)

1,500,000

3.720

(e)

09/01/2027

1,379,055

2,479,870

Arizona

-

1.4%

Arizona

Health

Facilities

Authority

Hospital

RB

for

Banner

Health

Series

2007

B

(NR/AA-)

(S&P

7

Day

Municipal

Intermediate

Grade

Rate

+

0.81%)

31,080,000

4.970

(d)

01/01/2037

28,592,192

Arizona

IDA

Education

RB

for

Academies

of

Math

&

Science

Projects

Series

2023

(NR/BB+)

515,000

4.500

(e)

07/01/2033

509,902

250,000

5.250

(e)

07/01/2043

246,996

Arizona

IDA

Lease

RB

for

Greenville

University

Student

Housing

and

Athletic

Facilities

Project

Series

2022

(NR/BB+)

8,000,000

6.500

(e)

11/01/2053

7,783,626

Arizona

Industrial

Development

Authority

RB

for

Candeo

Schools

Obligated

Group

Project

Series

2020

A

(SD

CRED

PROG)

(NR/AA-)

425,000

3.375

07/01/2041

368,116

Arizona

Industrial

Development

Authority

RB

for

Equitable

School

Revolving

Fund

LLC

Obligated

Group

Series

2019

A

(NR/A)

1,400,000

5.000

11/01/2044

1,456,360

Arizona

Industrial

Development

Authority

RB

for

Great

Lakes

Senior

Living

Communities

LLC

Project

First

Tier

Series

2019

A

(NR/CCC-)

570,000

5.000

01/01/2043

378,556

3,250,000

4.500

01/01/2049

1,862,106

2,095,000

5.000

01/01/2054

1,275,980

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Arizona

–

(continued)

Arizona

Industrial

Development

Authority

RB

for

Great

Lakes

Senior

Living

Communities

LLC

Project

Second

Tier

Series

2019

B

(NR/CCC-)

$

1,565,000

5.000%

01/01/2037

$

955,866

1,105,000

5.000

01/01/2038

659,955

300,000

5.000

01/01/2043

164,246

2,125,000

5.000

01/01/2049

1,110,406

600,000

5.125

01/01/2054

302,226

Arizona

Industrial

Development

Authority

RB

for

Kipp

New

York,

Inc.

Jerome

Facility

Series

2021

B

(NR/BBB-)

620,000

4.000

07/01/2041

596,747

Arizona

Industrial

Development

Authority

RB

for

Kipp

New

York,

Inc.

Macombs

Facility

Series

2021

A

(NR/BBB-)

875,000

4.000

07/01/2041

842,183

1,065,000

4.000

07/01/2051

946,757

Arizona

Industrial

Development

Authority

RB

for

Provident

Group

-

EMU

Properties

LLC

Series

2018

(Caa3/NR)

365,000

5.000

*

05/01/2024

219,000

300,000

5.000

*

05/01/2029

165,000

650,000

5.000

*

05/01/2031

357,500

Arizona

Industrial

Development

Authority

RB

for

Somerset

Academy

of

Las

Vegas

Series

2021

A

(NR/BB)

480,000

3.000

(e)

12/15/2031

421,406

City

of

Chandler

IDA

Industrial

Development

RB

for

Intel

Corp.

Project

Series

2005

(NON-AMT)

(A2/A)

3,350,000

3.800

(a)(b)

12/01/2035

3,420,408

City

of

Chandler

IDA

Industrial

Development

RB

Series

2019

(A2/A)

2,000,000

5.000

(a)(b)

06/01/2049

2,003,886

City

of

Glendale,

Arizona

Subordinate

Excise

Tax

RR

Obligations,

Series

2017

(A1/AA+)

2,505,000

5.000

07/01/2029

2,719,101

City

of

Mesa,

Arizona

Utility

Systems

RR

Bonds,

Series

2021

(Aa2/AA-)

1,400,000

4.000

07/01/2035

1,516,726

City

of

Phoenix

Civic

Improvement

Corporation

RB

for

Junior

Lien

Airport

Series

2019

A

(Aa3/A+)

1,375,000

3.000

07/01/2049

1,082,352

City

of

Phoenix

Civic

Improvement

Corporation

RB

for

Junior

Lien

Airport

Series

2019

B

(Aa3/A+)

2,290,000

3.250

07/01/2049

1,822,122

City

of

Phoenix

Civic

Improvement

Corporation

RB

for

Rental

Car

Facility

Charge

Series

2019

A

(A3/A)

2,225,000

5.000

07/01/2045

2,339,874

City

of

Phoenix

Civic

Improvement

Corporation

Water

System

RB

Refunding

Junior

Lien

Series

2016

(Aa2/AAA)

7,000,000

5.000

07/01/2030

7,395,329

Coconino

County

Pollution

Control

Refunding

RB

for

Nevada

Power

Company

Projects

Pollution

Control

Corp.

Series

2017A

(A2/A)

2,225,000

4.125

(a)(b)

09/01/2032

2,244,766

County

of

Maricopa

IDA

Education

RB

Series

2021A

(NR/BB+)

550,000

3.000

(e)

07/01/2031

498,661

1,050,000

4.000

(e)

07/01/2041

898,812

County

of

Maricopa

IDA

Education

RB

Taxable

Convertible

Series

2021B

(NR/BB+)

900,000

2.100

(e)

07/01/2026

853,468

3,225,000

2.625

(e)

07/01/2031

2,824,559

3,225,000

3.500

(e)

07/01/2044

2,456,882

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Arizona

–

(continued)

County

of

Pima

IDA

Senior

Living

RB

for

La

Posada

at

Pusch

Ridge

Project

Series

2022A

(NR/NR)

$

2,500,000

6.750%

(e)

11/15/2042

$

2,568,457

County

of

Pima

IDA

Senior

Living

RB

for

La

Posada

at

Pusch

Ridge

Project

Series

2022B-3

(NR/NR)

4,500,000

5.125

(e)

11/15/2029

4,507,064

Entertainment

Center

Community

Facilities

District

RB

Series

2017

(NR/NR)

4,360,000

4.000

07/01/2037

4,353,716

Equitable

National

Charter

School

Revolving

Loan

Fund

RB

for

Arizona

IDA

Series

2019A

(NR/A)

1,055,000

5.000

11/01/2024

1,069,419

Estrella

Mountain

Ranch

Community

Facilities

District

Lucero

Assessment

District

No.

1

Special

Assessment

RB

Series

2019

(NR/NR)

395,000

3.500

07/01/2029

366,252

376,000

4.100

07/01/2034

348,335

1,096,000

4.750

07/01/2043

983,191

Glendale

Industrial

Development

Authority

RB

for

People

of

Faith,

Inc.

Obligated

Group

Series

2020

A

(NR/NR)

535,000

4.000

05/15/2031

487,202

900,000

5.000

05/15/2041

813,567

Glendale

Industrial

Development

Authority

RB

Refunding

for

Sun

Health

Services

Obligated

Group

Series

2019

A

(NR/NR)

5,140,000

5.000

11/15/2042

5,184,142

La

Paz

County

Industrial

Development

Authority

RB

for

Harmony

Public

Schools

Series

2021

A

(NR/BBB+)

380,000

4.000

02/15/2041

343,229

295,000

4.000

02/15/2046

252,147

Maricopa

County

Industrial

Development

Authority

RB

for

Arizona

Autism

Charter

Schools

Obligated

Group

Series

2020

A

(NR/BB)

300,000

4.000

(e)

07/01/2030

288,850

600,000

5.000

(e)

07/01/2040

576,541

Maricopa

County

Industrial

Development

Authority

RB

for

Arizona

Autism

Charter

Schools

Obligated

Group

Series

2021

A

(NR/BB)

950,000

4.000

(e)

07/01/2051

714,272

Maricopa

County

Industrial

Development

Authority

RB

for

Ottawa

University

Series

2020

(NR/NR)

200,000

5.000

(e)

10/01/2026

200,827

400,000

5.125

(e)

10/01/2030

411,329

Maricopa

County

Industrial

Development

Authority

RB

Refunding

for

Legacy

Traditional

School

Obligated

Group

Series

2019

A

(SD

CRED

PROG)

(Ba2/AA-)

200,000

4.000

07/01/2025

200,547

200,000

4.000

07/01/2026

202,725

200,000

4.000

07/01/2027

204,394

325,000

4.000

07/01/2028

334,514

250,000

4.000

07/01/2029

258,713

500,000

4.000

07/01/2034

511,381

700,000

5.000

07/01/2039

735,008

Pima

County

IDA

RB

Refunding

for

Career

Success

Schools,

Inc.

Series

2020

(NR/NR)

375,000

4.750

(e)

05/01/2030

368,548

225,000

5.500

(e)

05/01/2040

217,918

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Arizona

–

(continued)

Salt

Verde

Financial

Corp.

RB

Gas

Senior

Series

2007-1

(A3/BBB+)

$

9,235,000

5.000%

12/01/2037

$

10,288,399

118,082,759

Arkansas

-

0.3%

Arkansas

Development

Finance

Authority

Environmental

Improvement

RB

Series

2022

(AMT)

(NR/BB-)

2,000,000

5.450

09/01/2052

1,999,840

Arkansas

Development

Finance

Authority

RB

for

Baptist

Health

Obligated

Group

Series

2019

(NR/A)

5,790,000

5.000

12/01/2047

6,071,406

4,630,000

3.200

12/01/2049

3,476,370

Arkansas

Development

Finance

Authority

RB

for

Central

Arkansas

Radiation

Therapy

Institute,

Inc.

Series

2021

B

(NR/NR)

315,000

3.000

07/01/2032

276,935

310,000

3.125

07/01/2036

256,663

Arkansas

Development

Finance

Authority

RB

Refunding

for

Central

Arkansas

Radiation

Therapy

Institute,

Inc.

Series

2021

(NR/NR)

4,700,000

3.500

07/01/2038

3,756,969

Batesville

Public

Facilities

Board

RB

Refunding

for

White

River

Health

System

Obligated

Group

Series

2020

(NR/BBB-)

1,030,000

5.000

06/01/2024

1,034,144

1,380,000

5.000

06/01/2025

1,402,003

1,770,000

5.000

06/01/2026

1,825,447

1,590,000

5.000

06/01/2027

1,666,256

Pulaski

County

Little

Rock

School

District

Construction

GO

Bonds

Series

2017

(ST

AID

WITHHLDG)

(Aa2/NR)

5,185,000

3.000

02/01/2024

5,183,612

26,949,645

California

-

8.4%

Alhambra

California

Unified

School

District

Election

of

2008

GO

Bonds

Capital

Appreciation

for

Elementary

Schools

Improvement

District

Series

2011

B

(AGM)

(Aa2/AA)

1,000,000

0.000

(f)

08/01/2037

637,247

Anaheim

Community

Facilities

District

No.

08-1

Special

Tax

Refunding

Bonds

for

Platinum

Triangle

Series

2016

(NR/NR)

670,000

4.000

09/01/2024

671,118

Atwater

Wastewater

RB

Refunding

Series

2017

A

(AGM)

(NR/AA)

1,000,000

5.000

05/01/2040

1,057,489

Bay

Area

Toll

Authority

Bridge

RB

2021

Series

D

(Aa3/AA)

(SIFMA

Municipal

Swap

Index

Yield

+

0.30%)

12,750,000

4.170

(a)(d)

04/01/2056

12,437,835

Bay

Area

Toll

Authority

Bridge

RB

2021

Series

E

(Aa3/AA)

(SIFMA

Municipal

Swap

Index

Yield

+

0.41%)

8,450,000

4.280

(a)(d)

04/01/2056

8,212,016

Beaumont

Community

Facilities

District

No.

2016-2

Special

Tax

Series

2019

(NR/NR)

210,000

4.000

09/01/2024

210,446

220,000

4.000

09/01/2025

221,725

275,000

4.000

09/01/2031

278,776

290,000

4.000

09/01/2032

293,968

300,000

5.000

09/01/2033

314,103

215,000

5.000

09/01/2034

224,974

330,000

5.000

09/01/2035

344,875

345,000

3.000

09/01/2036

321,017

360,000

3.000

09/01/2037

328,683

370,000

3.000

09/01/2038

328,466

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

California

–

(continued)

Beaumont

Community

Facilities

District

No.

2016-2

Special

Tax

Series

2019

(NR/NR)

–

(continued)

$

380,000

3.000%

09/01/2039

$

332,930

1,160,000

5.000

09/01/2044

1,195,422

California

Community

Choice

Financing

Authority

Clean

Energy

Project

RB

Fixed

Rate

Green

Bonds

Series

2023E-1

(A1/NR)

8,010,000

5.000

(a)(b)

02/01/2054

8,647,190

California

Community

Choice

Financing

Authority

Clean

Energy

Project

RB

Series

2022A

(A1/NR)

16,990,000

4.000

(a)(b)

05/01/2053

17,240,669

California

County

Tobacco

Securitization

Agency

RB

Refunding

for

Gold

Country

Settlement

Funding

Corp.

Series

2020

B-1

(NR/BBB+)

70,000

4.000

06/01/2049

69,854

California

County

Tobacco

Securitization

Agency

RB

Refunding

for

Merced

County

Tobacco

Funding

Corp.

Series

2020

B

(NR/NR)

270,000

5.000

06/01/2050

272,185

California

County

Tobacco

Securitization

Agency

RB

Refunding

for

Sonoma

County

Securitization

Corp.

Series

2020

A

(NR/BBB+)

950,000

4.000

06/01/2049

910,430

California

County

Tobacco

Securitization

Agency

RB

Refunding

for

Sonoma

County

Securitization

Corp.

Series

2020

B-1

(NR/BBB+)

730,000

5.000

06/01/2049

753,195

California

County

Tobacco

Securitization

Agency

RB

Refunding

for

Sonoma

County

Securitization

Corp.

Series

2020

B-2

(NR/NR)

2,375,000

0.000

(f)

06/01/2055

480,851

California

County

Tobacco

Securitization

Agency

RB

Refunding

Series

2020

A

(NR/BBB+)

825,000

4.000

06/01/2049

779,140

California

County

Tobacco

Securitization

Agency

RB

Refunding

Series

2020

B-1

(NR/BBB+)

745,000

5.000

06/01/2049

767,189

California

County

Tobacco

Securitization

Agency

RB

Refunding

Series

2020

B-2

(NR/NR)

12,130,000

0.000

(f)

06/01/2055

2,186,338

California

County

Tobacco

Securitization

Agency

Tobacco

Settlement

RB

Capital

Appreciation

Subordinate

Series

2006

C

(NR/NR)

45,220,000

0.000

(f)

06/01/2055

5,706,759

California

Educational

Facilities

Authority

RB

for

Stanford

University

Series

2010

U-1

(Aaa/AAA)

5,000,000

5.250

04/01/2040

6,417,117

California

Educational

Facilities

Authority

RB

for

Stanford

University

Series

2014

U-6

(Aaa/AAA)

3,500,000

5.000

05/01/2045

4,369,545

California

Enterprise

Development

Authority

RB

for

Provident

Group-SDSU

Properties

LLC

-

M@College

Project

Series

2020

A

(Baa3/NR)

575,000

5.000

08/01/2040

597,901

600,000

5.000

08/01/2045

615,905

California

Health

Facilities

Financing

Authority

RB

for

Children’s

Hospital

at

Los

Angeles

Series

2017

A

(Baa2/BBB)

5,800,000

5.000

08/15/2047

5,907,208

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

California

–

(continued)

California

Health

Facilities

Financing

Authority

RB

for

El

Camino

Hospital

Series

2017

(Aa3/AA)

$

500,000

5.000%

02/01/2042

$

518,373

California

Health

Facilities

Financing

Authority

RB

for

Lucile

Salter

Packard

Childrens

Hospital

at

Stanford

2016

Series

B

(A1/A+)

10,000,000

5.000

08/15/2055

10,229,597

California

Health

Facilities

Financing

Authority

RB

for

Lucile

Salter

Packard

Children's

Hospital

Series

2017

A

(A1/A+)

375,000

5.000

11/15/2028

408,597

350,000

5.000

11/15/2029

380,320

565,000

5.000

11/15/2030

613,041

1,010,000

5.000

11/15/2042

1,066,313

California

Health

Facilities

Financing

Authority

RB

for

Providence

Health

&

Services

Series

2014B

(A2/A)

7,970,000

5.000

10/01/2044

8,028,041

California

Health

Facilities

Financing

Authority

Refunding

RB

Lucile

Salter

Packard

Children'S

Hospital

At

Stanford

2022

Series

A

Forward

Delivery

(A1/A+)

2,250,000

4.000

05/15/2051

2,230,078

California

Infrastructure

&

Economic

Development

Bank

for

Brightline

West

Passenger

Rail

Project

Series

RB

Series

2020A

(Aaa/NR)

19,400,000

3.650

(a)(b)(e)

01/01/2050

19,378,740

California

Infrastructure

&

Economic

Development

Bank

RB

Refunding

for

Museum

Associates

Series

2021

A

(A3/NR)

4,500,000

1.200

(a)(b)

12/01/2050

3,998,727

California

Infrastructure

&

Economic

Development

Bank

RB

Series

A

(A3/A-)

1,095,000

4.000

05/01/2039

1,119,090

California

Infrastructure

&

Economic

Development

Bank

RB

Series

B

(A3/A-)

3,790,000

4.000

05/01/2039

3,873,381

1,755,000

4.000

05/01/2040

1,780,706

2,140,000

4.000

05/01/2041

2,167,984

California

Municipal

Finance

Authority

RB

for

California

Lutheran

University

Series

2018

(Baa1/NR)

240,000

5.000

10/01/2033

256,249

California

Municipal

Finance

Authority

RB

for

Community

Medical

Centers

Series

2017

A

(A3/BBB+)

1,300,000

5.000

02/01/2034

1,359,915

1,150,000

5.000

02/01/2035

1,201,336

325,000

5.000

02/01/2042

333,335

1,575,000

5.000

02/01/2047

1,604,727

California

Municipal

Finance

Authority

RB

for

The

Learning

Choice

Academy

Series

2021

A

(NR/BBB-)

630,000

4.000

07/01/2031

630,989

1,830,000

4.000

07/01/2041

1,670,717

California

Municipal

Finance

Authority

RB

Refunding

for

California

Lutheran

University

Series

2018

(Baa1/NR)

175,000

5.000

10/01/2025

179,511

350,000

5.000

10/01/2027

371,808

225,000

5.000

10/01/2029

242,352

125,000

5.000

10/01/2030

134,357

225,000

5.000

10/01/2031

241,287

California

Municipal

Finance

Authority

RB

Refunding

for

Claremont

Graduate

University

Series

2020

B

(NR/NR)

430,000

5.000

(e)

10/01/2034

437,103

1,125,000

5.000

(e)

10/01/2039

1,105,668

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

California

–

(continued)

California

Municipal

Finance

Authority

RB

Refunding

for

Claremont

Graduate

University

Series

2020

B

(NR/NR)

–

(continued)

$

1,035,000

5.000%

(e)

10/01/2049

$

973,587

California

Municipal

Finance

Authority

Revenue

Refunding

Bonds

for

Eisenhower

Medical

Center

Series

2017A

(Baa2/NR)

4,225,000

5.000

07/01/2047

4,283,099

California

Municipal

Finance

Authority

Senior

Lien

RB

for

Linxs

APM

Project

Series

2018A

(NR/NR)

800,000

5.000

12/31/2024

808,524

2,570,000

5.000

12/31/2026

2,669,174

2,005,000

5.000

06/30/2027

2,097,082

3,005,000

5.000

12/31/2027

3,166,021

12,225,000

5.000

12/31/2043

12,546,317

3,500,000

4.000

12/31/2047

3,230,446

California

Municipal

Finance

Authority

Senior

Living

RB

for

Mt.

San

Antonio

Gardends

Project

Series

2022B-1

(NR/NR)

425,000

2.750

11/15/2027

420,680

California

Municipal

Finance

Authority

Senior

Living

RB

for

Mt.

San

Antonio

Gardends

Project

Series

2022B-2

(NR/NR)

720,000

2.125

11/15/2026

715,723

California

Municipal

Finance

Authority

Special

Facility

RB

For

United

Airlines

International

Airport

Project

Series

2019

(NR/BB-)

3,000,000

4.000

07/15/2029

2,948,813

California

Municipal

Finance

Authority

Student

Housing

RB

for

Bowles

Hall

Foundation

Series

2015

A

(Baa3/NR)

400,000

5.000

06/01/2035

407,053

California

Pollution

Control

Financing

Authority

RB

for

American

Water

Capital

Corp.

Project

Series

2020

(NON-AMT)

(Baa1/A)

1,625,000

3.700

(a)(b)

08/01/2040

1,652,436

California

Pollution

Control

Financing

Authority

RB

Refunding

for

Waste

Management,

Inc.

Series

2015

B-1

(NR/A-/A-2)

4,130,000

3.000

11/01/2025

4,100,122

California

Pollution

Control

Financing

Authority

Solid

Waste

Disposal

RB

for

Rialto

Bioenergy

Facility

LLC

Project

Series

2019

(NR/NR)

9,461,667

7.500

(e)

*

12/01/2040

709,625

California

Pollution

Control

Financing

Authority

Solid

Waste

Disposal

Refunding

RB

for

Waste

Management

Project

Series

2015A-3

(NR/A-/A-2)

4,205,000

4.300

07/01/2040

4,209,209

California

Pollution

Control

Financing

Authority

VRD

Solid

Waste

RB

Series

2001A

(NR/A-/A-2)

1,250,000

2.500

(a)(b)

07/01/2031

1,243,662

California

Pollution

Control

Financing

Authority

VRD

Solid

Waste

RB

Series

2003A

(NR/A-/A-2)

3,500,000

2.500

(a)(b)

11/01/2038

3,482,254

California

Pollution

Control

Financing

Authority

Water

Furnishing

RB

for

Poseidon

Resources

Desalination

Project

Series

2012

(Baa3/NR)

19,840,000

5.000

(e)

07/01/2037

19,854,241

California

Pollution

Control

Financing

Authority

Water

Furnishing

RB

for

Poseidon

Resources

Desalination

Project

Series

2023

(Baa3/NR)

2,725,000

5.000

(e)

07/01/2034

2,942,980

420,000

5.000

(e)

07/01/2035

450,164

2,605,000

5.000

(e)

07/01/2036

2,775,190

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

California

–

(continued)

California

Pollution

Control

Financing

Authority

Water

Furnishing

RB

for

Poseidon

Resources

LP

Desalination

Project

Series

2012

(AMT)

(Baa3/NR)

$

1,440,000

5.000%

(e)

11/21/2045

$

1,440,129

California

Pollution

Control

Financing

Authority

Water

Furnishing

RB

Refunding

for

San

Diego

County

Water

Desalination

Project

Series

2019

(Baa3/NR)

445,000

5.000

(e)

07/01/2024

448,199

1,330,000

5.000

(e)

07/01/2029

1,389,450

California

Public

Finance

Authority

RB

for

Excelsior

Charter

School

Project

Series

2020

A

(NR/NR)

1,055,000

5.000

(e)

06/15/2040

1,019,386

California

School

Finance

Authority

Charter

School

RB

for

Citizens

of

the

World

Obligated

Group

Series

2022A

(NR/BB-)

760,000

6.250

(e)

04/01/2052

762,632

California

School

Finance

Authority

Charter

School

RB

for

Classical

Academies

Oceanside

Project

Series

2022A

(NR/BBB-)

1,000,000

5.000

(e)

10/01/2042

1,028,150

California

School

Finance

Authority

Charter

School

RB

for

Classical

Academies

Vista

Project

Serires

2021

(NR/BBB-)

450,000

4.000

(e)

10/01/2046

395,202

California

School

Finance

Authority

Charter

School

RB

for

Hawking

Steam

Charter

School

Project

Series

2022

(NR/BB+)

950,000

5.250

(e)

07/01/2052

951,343

California

School

Finance

Authority

Charter

School

RB

for

Lighthouse

Community

Public

School

Obligated

Group

Series

2022A

(NR/NR)

1,000,000

6.250

(e)

06/01/2042

1,035,104

California

School

Finance

Authority

Charter

School

RB

Orange

County

Educational

Arts

Academy

Project

Series

2023A

(NR/NR)

545,000

5.000

(e)

06/01/2033

547,944

California

School

Finance

Authority

Charter

School

Refunding

RB

Partnerships

To

Uplift

Communities

Project

Series

2023

Social

Bonds

(NR/BB+)

715,000

5.000

(e)

08/01/2033

732,343

California

School

Finance

Authority

RB

for

Classical

Academy

Obligated

Group

Series

2020

A

(NR/BBB-)

170,000

3.000

(e)

10/01/2030

160,879

500,000

5.000

(e)

10/01/2040

511,014

California

School

Finance

Authority

RB

for

Classical

Academy

Obligated

Group

Series

2021

A

(NR/BBB-)

290,000

2.000

(e)

10/01/2025

279,409

435,000

3.000

(e)

10/01/2031

407,461

California

School

Finance

Authority

RB

for

Fenton

Charter

Public

Schools

Series

2020

A

(NR/BB+)

1,280,000

4.000

(e)

07/01/2030

1,253,660

1,250,000

5.000

(e)

07/01/2040

1,240,882

California

School

Finance

Authority

RB

for

iLEAD

Lancaster

Series

2021

A

(ST

INTERCEPT)

(NR/NR)

435,000

5.000

(e)

06/01/2041

413,145

California

School

Finance

Authority

RB

for

Santa

Clarita

Valley

International

Charter

School

Series

2021

B

(NR/NR)

400,000

4.875

(e)

06/01/2027

381,990

California

School

Finance

Authority

RB

Refunding

Series

2016

(NR/BBB)

3,925,000

5.000

(e)

08/01/2046

3,950,688

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

California

–

(continued)

California

School

Finance

Authority

School

Facility

Refunding

RB

Value

Schools,

Series

2023A

(ST

INTERCEPT)

(NR/BBB-)

$

930,000

5.000%

(e)

07/01/2033

$

987,388

California

State

Various

Purpose

GO

Bonds

Series

2017

(Aa2/AA-)

1,250,000

5.000

08/01/2046

1,307,650

California

Statewide

Communities

Development

Authority

Community

Facilities

District

No.

2007-01

Special

Tax

Refunding

for

Orinda

Wilder

Project

Series

2015

(NR/NR)

125,000

5.000

09/01/2030

128,461

130,000

5.000

09/01/2037

132,812

California

Statewide

Communities

Development

Authority

Community

Facilities

District

No.

2018-02

Special

Tax

for

Improvement

Area

No.

1

Series

2020

(NR/NR)

1,375,000

7.250

(e)

09/01/2050

1,364,175

California

Statewide

Communities

Development

Authority

Community

Facilities

District

No.

2020-02

Special

Tax

for

Improvement

Area

No.

1

Series

2021

(NR/NR)

625,000

4.000

09/01/2041

613,519

530,000

4.000

09/01/2051

491,802

California

Statewide

Communities

Development

Authority

Infrastructure

Program

RB

for

Pacific

Highlands

Ranch

Series

2019

(NR/NR)

875,000

5.000

09/02/2034

952,352

595,000

5.000

09/02/2039

631,120

California

Statewide

Communities

Development

Authority

Infrastructure

Program

Special

Assessment

Bonds

Series

2018

B

(NR/NR)

2,630,000

5.000

09/02/2033

2,827,710

2,370,000

5.000

09/02/2038

2,499,661

350,000

5.000

09/02/2043

364,143

2,825,000

5.000

09/02/2048

2,914,210

California

Statewide

Communities

Development

Authority

Infrastructure

Programme

Special

Assessment

Bonds

Series

2019

A

(NR/NR)

3,313,000

5.000

09/02/2029

3,505,901

California

Statewide

Communities

Development

Authority

Infrastructure

Programme

Special

Assessment

Bonds

Series

2019

B

(NR/NR)

670,000

4.000

09/02/2024

670,777

1,500,000

5.000

09/02/2034

1,615,717

California

Statewide

Communities

Development

Authority

Pollution

Control

RB

Refunding

for

Southern

California

Edison

Company

Series

2006

D

(NON-AMT)

(A2/A-)

3,150,000

4.500

11/01/2033

3,431,504

California

Statewide

Communities

Development

Authority

RB

for

Lancer

Educational

Housing

LLC

Project

Series

2019

A

(NR/NR)

550,000

3.000

(e)

06/01/2029

507,257

California

Statewide

Communities

Development

Authority

RB

for

Loma

Linda

University

Medical

Center

Series

2014A

(NR/BB)

2,975,000

5.250

12/01/2044

2,982,408

California

Statewide

Communities

Development

Authority

RB

for

Marin

General

Hospital

Obligated

Group

Series

2018

A

(NR/BBB)

300,000

5.000

08/01/2029

317,989

315,000

5.000

08/01/2030

333,782

California

Statewide

Communities

Development

Authority

RB

for

NCCD-Hooper

Street

LLC

Project

Series

2019

(NR/B)

300,000

5.000

(e)

07/01/2024

301,059

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

California

–

(continued)

California

Statewide

Communities

Development

Authority

RB

for

NCCD-Hooper

Street

LLC

Project

Series

2019

(NR/B)

–

(continued)

$

900,000

5.000%

(e)

07/01/2029

$

920,151

California

Statewide

Communities

Development

Authority

RB

Refunding

for

Front

Porch

Communities

&

Services

Series

2017

A

(NR/A-)

150,000

5.000

04/01/2030

156,806

70,000

5.000

04/01/2031

73,149

385,000

4.000

04/01/2032

390,570

455,000

4.000

04/01/2034

461,036

California

Statewide

Communities

Development

Authority

RB

Refunding

for

Front

Porch

Communities

&

Services

Series

2021

A

(NR/A-)

3,235,000

3.000

04/01/2037

2,946,722

California

Statewide

Communities

Development

Authority

RB

Refunding

for

Loma

Linda

University

Medical

Center

Series

2014

A

(NR/BB)

10,135,000

5.500

12/01/2054

10,112,960

California

Statewide

Communities

Development

Authority

RB

Refunding

for

Loma

Linda

University

Medical

Center

Series

2014

B

(NR/BB)

7,000,000

6.000

12/01/2024

6,969,088

California

Statewide

Communities

Development

Authority

RB

Refunding

for

Loma

Linda

University

Medical

Center

Series

2016

A

(NR/BB)

1,725,000

5.000

(e)

12/01/2031

1,774,246

California

Statewide

Communities

Development

Authority

Special

Assessment

Bond

Series

2020

(NR/NR)

1,455,000

4.000

09/02/2028

1,462,632

1,250,000

5.000

09/02/2040

1,291,537

California

Statewide

Communities

Development

Authority

Special

Assessment

for

Statewide

Community

Infrastructure

Program

Series

2019

C

(NR/NR)

355,000

4.000

09/02/2024

355,389

1,015,000

4.000

09/02/2029

1,039,375

California

Statewide

Communities

Development

Authority

Special

Tax

Bonds

Series

2022

(NR/NR)

450,000

5.125

09/01/2042

469,821

California

Statewide

Communities

Development

Authority

Student

Housing

RB

for

University

of

California

Irvine

East

Campus

Apartments,

Phase

IV-A

CHF-Irvine,

LLC

Series

2017

(Baa1/NR)

8,925,000

5.000

05/15/2042

9,033,491

6,550,000

5.000

05/15/2047

6,614,291

California

Statewide

Communities

Development

Authority

Student

Housing

Refunding

RB

for

University

of

California

Irvine

East

Campus

Apartments

Series

2016

(Baa1/NR)

1,175,000

5.000

05/15/2040

1,188,307

California

Statewide

Community

Development

Authority

Pollution

Control

Refunding

RB

2010

Series

A

(A2/A-)

3,990,000

1.750

09/01/2029

3,527,542

California

Statewide

Financing

Authority

Tobacco

Settlement

RB

Capital

Appreciation

for

Turbo

Pooled

Program

Series

2006

B

(NR/NR)

22,510,000

0.000

(f)

06/01/2046

3,669,324

CFD

No.

2016-1

of

The

Root

Creek

Water

District

Improvement

Area

No.

2

Series

2023

Special

Tax

Bonds

(NR/NR)

1,000,000

5.000

09/01/2048

1,021,837

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

California

–

(continued)

Chino

Public

Financing

Authority

Tax

Exempt

RB

Series

2019

A

(NR/NR)

$

250,000

4.000%

09/01/2028

$

254,726

165,000

3.000

09/01/2037

144,823

170,000

3.000

09/01/2038

144,679

175,000

3.000

09/01/2039

146,164

180,000

3.000

09/01/2040

147,154

620,000

3.125

09/01/2044

492,154

Citrus

Community

College

District

GO

Bonds

Capital

Appreciation

for

Election

of

2004

Series

2009

C

(Aa1/AA)

3,500,000

0.000

(f)

06/01/2034

2,538,034

City

&

County

of

San

Francisco

Community

Facilities

District

No.

2016-1

Special

Tax

Bonds

Series

2020

(NR/NR)

600,000

4.000

09/01/2042

565,672

City

&

County

of

San

Francisco

Community

Facilities

District

No.

2016-1

Special

Tax

Bonds

Series

2021

(NR/NR)

875,000

4.000

09/01/2041

836,712

City

&

County

of

San

Francisco

Special

Tax

District

No.

2020-1

for

Mission

Rock

Facilities

and

Services

Series

2021

A

(NR/NR)

100,000

4.000

(e)

09/01/2026

100,406

150,000

4.000

(e)

09/01/2031

152,074

700,000

4.000

(e)

09/01/2036

695,707

City

of

Alameda

Community

Facilities

District

2023

Special

Tax

Bonds

(NR/NR)

575,000

5.000

09/01/2048

573,736

City

of

Beaumont

CFD

No.

2016-3

Sundance

2023

Special

Tax

Bonds

(NR/NR)

745,000

5.000

09/01/2048

763,595

City

of

Chino

CA

Community

Facilities

District

No.

2003-3

Special

Tax

for

Improvement

Area

No.

7

Series

2020

(NR/NR)

1,125,000

4.000

09/01/2029

1,147,520

1,275,000

4.000

09/01/2032

1,303,655

485,000

4.000

09/01/2040

473,560

City

of

Chino

Community

Facilities

Improvement

Area

Special

Tax

Bonds

Series

2022

(NR/NR)

2,000,000

5.250

09/01/2042

2,117,625

2,000,000

5.375

09/01/2047

2,103,783

City

of

Chino

Public

Financing

Authority

Local

Agency

Refunding

Bonds

Series

2019A

(NR/NR)

225,000

4.000

09/01/2025

226,584

City

of

Fairfield

Community

Facilities

District

No.

2019-1

for

Improvement

Area

No.

1

Series

2020

A

(NR/NR)

940,000

5.000

(e)

09/01/2035

996,418

City

of

Los

Angeles

Department

of

Airports

International

Airport

Series

RB

2022

Series

G

(Aa2/AA)

3,000,000

5.000

05/15/2026

3,134,766

City

of

Los

Angeles

Department

of

Airports

International

Airport

Subordinate

RB

2018

Series

F

(Aa3/AA-)

4,000,000

4.000

05/15/2049

3,902,052

City

of

Los

Angeles

Department

of

Airports

International

Airport

Subordinate

RB

2019

Series

F

(AMT)

(Aa3/AA-)

1,000,000

5.000

05/15/2039

1,061,326

City

of

Los

Angeles

Department

of

Airports

International

Airport

Subordinate

RB

2023

Series

A

(Aa3/AA-)

750,000

5.000

05/15/2025

767,637

5,000,000

5.000

05/15/2035

5,753,901

2,350,000

5.000

05/15/2036

2,684,284

1,250,000

5.000

05/15/2037

1,414,299

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

California

–

(continued)

City

of

Los

Angeles

Department

of

Airports

International

Airport

Subordinate

RB

2023

Series

A

(Aa3/AA-)

–

(continued)

$

1,255,000

5.000%

05/15/2038

$

1,400,945

3,000,000

5.250

05/15/2048

3,296,524

City

of

Los

Angeles

Department

of

Airports

International

Airport

Subordinate

Refunding

RB

2023

Series

A

(AMT)

(Aa3/AA-)

1,500,000

5.000

05/15/2026

1,560,755

City

of

Los

Angeles,

LAX

Subordinate

RB

2022

Series

A

(Aa3/AA-)

9,155,000

4.000

05/15/2038

9,304,219

City

of

Newport

Beach

Assessment

District

No.

124

Limited

Obligation

Improvement

Bonds

2023

Series

A

(NR/NR)

625,000

4.125

09/02/2038

641,248

725,000

5.000

09/02/2043

783,240

City

of

Ontario

CA

Community

Facilities

District

No.

43

Special

Tax

Bonds

Series

2020

(NR/NR)

250,000

4.000

09/01/2026

252,278

150,000

3.000

09/01/2038

123,609

160,000

3.000

09/01/2039

129,188

City

of

Oroville

RB

for

Oroville

Hospital

Series

2019

(NR/NR)

1,140,000

5.000

04/01/2024

973,753

1,325,000

5.000

04/01/2027

868,433

1,000,000

5.000

04/01/2029

611,819

1,250,000

5.000

04/01/2030

764,713

1,500,000

5.000

04/01/2031

917,913

City

of

Palm

Desert

Community

Facilities

District

No.

2005-1

Special

Tax

Refunding

Bonds

Series

2021

A

(NR/NR)

165,000

4.000

09/01/2030

167,782

190,000

4.000

09/01/2033

192,639

225,000

4.000

09/01/2036

225,551

City

of

Palm

Desert

Section

29

Assessment

District

No.

2004-02

Special

Assessment

Refunding

Bonds

Series

2021

(NR/NR)

570,000

4.000

09/02/2026

574,059

800,000

4.000

09/02/2031

813,430

City

of

Rancho

Cordova

Sunridge

Anatolia

Community

Facilities

District

Special

Tax

Bonds

Series

2016

(NR/NR)

1,280,000

4.000

09/01/2029

1,298,617

500,000

4.000

09/01/2030

505,377

City

of

Rocklin

Community

Facilities

District

No.

10

Special

Tax

Bonds

Series

2019

(NR/NR)

135,000

5.000

09/01/2031

139,838

245,000

5.000

09/01/2032

253,734

225,000

5.000

09/01/2033

232,975

145,000

5.000

09/01/2034

150,074

150,000

5.000

09/01/2035

155,079

680,000

5.000

09/01/2036

701,828

270,000

5.000

09/01/2037

278,086

245,000

5.000

09/01/2038

251,786

485,000

5.000

09/01/2039

498,139

City

of

Roseville

CA

ST

Series

2019

(NR/NR)

80,000

4.000

09/01/2024

80,113

150,000

4.000

09/01/2025

150,815

275,000

5.000

09/01/2026

286,405

210,000

5.000

09/01/2027

222,241

160,000

5.000

09/01/2028

171,074

170,000

5.000

09/01/2029

181,600

110,000

5.000

09/01/2030

117,333

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

California

–

(continued)

City

of

Roseville

Creekview

Community

Facilities

District

No.

1

Improvement

Area

No.

2

Special

Tax

Bonds

Series

2023

(NR/NR)

$

575,000

5.000%

09/01/2038

$

596,213

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

314,202

815,000

5.000

09/01/2034

867,065

445,000

5.000

09/01/2039

464,852

City

of

Roseville

Special

Tax

Villages

at

Sierra

Vista

Community

Facilities

District

No.

1

Series

2020

(NR/NR)

70,000

4.000

09/01/2024

70,058

95,000

4.000

09/01/2026

96,130

65,000

5.000

09/01/2030

70,152

190,000

4.000

09/01/2032

193,368

225,000

4.000

09/01/2034

228,596

265,000

4.000

09/01/2036

266,809

305,000

4.000

09/01/2038

297,038

330,000

4.000

09/01/2040

311,607

City

of

Roseville,

California

Creekview

Community

Facilities

District

No.

1

Improvement

Area

No.

2

Special

Tax

Bonds

Series

2023

(NR/NR)

500,000

5.000

09/01/2043

511,634

City

of

Sacramento

Natomas

Meadows

Community

Facilities

District

No.

2007-01

Special

Tax

Bonds

for

Improvement

Area

No.

1

Series

2017

(NR/NR)

440,000

4.000

(e)

09/01/2028

449,450

City

of

San

Francisco

Airport

Commission

International

Airport

RB

Series

2022A

(A1/NR)

2,525,000

5.000

05/01/2052

2,666,394

City

of

San

Francisco

Airport

Commission

International

Airport

Revenue

Refunding

Bonds

Series

2023A

(A1/NR)

12,400,000

5.000

05/01/2038

13,743,255

City

of

San

Francisco

Airport

Commission

International

Airport

Second

Series

RB

Series

2018E

(A1/A+)

4,650,000

5.000

05/01/2048

4,913,254

City

of

San

Francisco

Airport

Commission

International

Airport

Second

Series

RB

Series

2019A

(A1/A+)

26,310,000

5.000

05/01/2049

27,231,718

City

of

Santa

Paula

Special

Tax

for

Harvest

Community

Facilities

District

No.

1

Series

2020

(NR/NR)

600,000

5.000

09/01/2035

646,556

1,000,000

5.000

09/01/2040

1,052,071

City

of

Stockton

Community

Facilities

District

No.

2005-1

Special

Tax

Bonds

Series

2019

(NR/NR)

320,000

2.000

09/01/2024

313,930

330,000

2.250

09/01/2026

313,490

350,000

2.375

09/01/2028

326,575

380,000

2.750

09/01/2031

353,507

405,000

3.000

09/01/2033

378,620

415,000

3.000

09/01/2034

388,029

270,000

3.000

09/01/2035

249,740

900,000

3.125

09/01/2037

807,196

740,000

3.125

09/01/2039

636,195

810,000

3.250

09/01/2041

685,183

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

87,864

700,000

3.250

09/01/2041

604,714

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

California

–

(continued)

City

of

Upland

Community

Facilities

District

No.

2015-

1

Special

Tax

Improvement

Area

No.1

Series

2019

B

(NR/NR)

–

(continued)

$

585,000

3.500%

09/01/2049

$

488,608

Commerce

Community

Development

Commission

Successor

Agency

Tax

Allocation

Refunding

Series

2016

A

(AGM)

(NR/AA)

275,000

3.125

08/01/2035

267,817

Community

Facilities

District

of

the

Menifee

Union

School

District

Improvement

Area

Special

Tax

Bonds

(NR/NR)

850,000

5.000

09/01/2042

889,825

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

474,306

725,000

5.000

09/01/2039

755,587

County

of

Los

Angeles

CA

Community

Facilities

District

NO

2021-01

(NR/NR)

2,250,000

5.000

09/01/2047

2,331,513

County

of

Sacramento

RB

Refunding

for

Airport

System

Series

2018

C

(A2/A+)

1,745,000

5.000

07/01/2039

1,828,734

Department

of

Airports

of

The

City

of

Los

Angeles,

California

Los

Angeles

International

Airport

Subordinate

RB

2018

Series

D

(AMT)

(Aa3/AA-)

5,815,000

5.000

05/15/2031

6,353,931

Dublin

Community

Facilities

District

No.

2015-1

Improvement

Area

No.

1

Special

Tax

Series

2017

(NR/NR)

1,000,000

5.000

09/01/2027

1,037,794

6,680,000

5.000

09/01/2047

6,841,083

East

Garrison

Public

Finance

Authority

Special

Tax

for

East

Garrison

Project

Series

2019

(NR/NR)

395,000

3.125

09/01/2044

311,448

1,630,000

3.125

09/01/2049

1,215,832

Eastern

Foothill

Transportation

Corridor

Agency

Senior

Lien

Toll

Road

Refunding

RB

Series

2021A

(Baa1/A)

3,255,000

4.000

01/15/2046

3,211,329

Folsom

Ranch

Financing

Authority

Special

Tax

for

City

of

Folsom

Community

Facilities

District

No.

21

Series

2021

(NR/NR)

415,000

4.000

09/01/2046

374,048

500,000

4.000

09/01/2050

437,694

Foothill/Eastern

Transportation

Corridor

Agency

Toll

Road

RB

Refunding

RMKT

08/24/17

Series

2013

B

Subseries

B-1

(Baa1/A)

1,300,000

3.950

01/15/2053

1,224,040

Golden

St

Tobacco

Securitization

Corp

Calif

Tob

Settlement

Revenue

Enhanced

Tobacco

Settlement

Asset

Backed

Bonds

2015A

(AGM-CR

ST

APPROP)

(Aa3/AA)

1,150,000

5.000

(c)

06/01/2025

1,187,712

Golden

State

Securitization

Settlement

Corp

ABS

Bond

Series

2021

2021B-1

(NR/BBB-)

14,115,000

3.850

06/01/2050

13,056,190

Golden

State

Tobacco

Securitization

Corp.

California

Tobacco

Settlement

RB

Asset-Backed

Bonds

Series

2018

A-1

(NR/NR)

20,000,000

5.000

(c)

06/01/2028

22,227,492

Golden

State

Tobacco

Securitization

Corp.

Enhanced

Tobacco

Settlement

Asset

Backed

Bonds

Series

2015A

(ST

APPROP)

(Aa3/A+)

10,000,000

5.000

(c)

06/01/2025

10,327,933

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

California

–

(continued)

Hayward

Unified

School

District

Election

of

2014

GO

Bonds

Series

2017

(AGM)

(NR/AA)

$

8,000,000

4.000%

08/01/2042

$

8,057,777

Improvement

Area

B

of

The

City

of

Fillmore

CFD

No.

5,

California

Heritage

Valley

Parks

Special

Tax

Bonds,

2023

Series

(NR/NR)

2,370,000

5.000

09/01/2048

2,423,602

Independent

Cities

Finance

Authority

RB

for

City

of

Compton

Sales

Tax

Series

2021

(AGM)

(NR/AA)

665,000

4.000

(e)

06/01/2036

700,758

Inland

Empire

Tobacco

Securitization

Authority

RB

Turbo

Asset-

Backed

Bonds

Series

2019

(NR/A-)

870,000

3.678

06/01/2038

820,654

Irvine

Unified

School

District

Community

Facilities

District

Special

Tax

Bonds

Series

2017

D

(NR/NR)

3,280,000

5.000

03/01/2057

3,354,106

Irvine

Unified

School

District

No.

09-1

Special

Tax

for

Community

Facilities

Series

2017

D

(NR/NR)

180,000

4.000

09/01/2025

181,383

175,000

4.000

09/01/2026

177,527

Irvine

Unified

School

District

No.

09-1

Special

Tax

for

Community

Facilities

Series

2019

A

(NR/AA)

350,000

5.000

09/01/2030

387,889

355,000

5.000

09/01/2032

392,544

360,000

5.000

09/01/2034

397,293

455,000

5.000

09/01/2036

497,772

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

804,633

2,500,000

5.000

09/01/2048

2,573,577

Lammersville

Joint

Unified

School

District

No.

2002

Special

Tax

Refunding

for

Community

Facilities

Series

2017

(AGM)

(NR/AA)

3,000,000

3.500

09/01/2035

3,006,543

Lodi

Unified

School

District

GO

Bonds

Series

2021

(Aa2/NR)

3,300,000

3.000

08/01/2046

2,786,269

Los

Angeles

Department

of

Airports

RB

Senior

Refunding

Series

2018

B

(Aa2/AA)

2,335,000

5.000

05/15/2034

2,503,340

Los

Angeles

Department

of

Airports

Subordinated

RB

Series

2018

A

(Aa3/AA-)

4,000,000

5.250

05/15/2048

4,177,914

Los

Angeles

Department

of

Airports

Subordinated

RB

Series

2018

C

(Aa3/AA-)

1,000,000

5.000

05/15/2035

1,059,342

Los

Angeles

Unified

School

District

2014

GO

Refunding

Bonds

Series

C

(Aa3/AA-)

4,520,000

5.000

07/01/2027

4,554,636

Menifee

Union

School

District

Riverside

County

GO

Bonds

Capital

Appreciation

for

Election

of

2008

Series

2009

C

(AGC)

(Aa2/AA)

2,000,000

0.000

(f)

08/01/2037

1,257,591

4,500,000

0.000

(f)

08/01/2038

2,681,578

4,500,000

0.000

(f)

08/01/2039

2,540,688

Merced

City

School

District

GO

Bonds

Capital

Appreciation

for

Election

of

2003

Series

2005

(NATL)

(NR/AA-)

1,205,000

0.000

(f)

08/01/2026

1,117,490

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

California

–

(continued)

Merced-Union

High

School

District

Election

of

2008

GO

Bonds

Series

2011

C

(Aa3/NR)

$

2,510,000

0.000%

(f)

08/01/2035

$

1,718,272

Mountain

View

Whisman

School

District

2,000,000

4.000

(c)

09/01/2026

2,090,599

M-S-R

Energy

Authority

Gas

RB

Series

2009

A

(NR/BBB+)

1,750,000

6.500

11/01/2039

2,252,632

M-S-R

Energy

Authority

Gas

RB

Series

2009

C

(NR/BBB+)

2,875,000

6.125

11/01/2029

3,118,439

2,000,000

6.500

11/01/2039

2,574,436

Mt.

Diablo

Unified

School

District

GO

Bonds

Capital

Appreciation

for

Election

of

2010

Series

2010

A

(AGM)

(Aa3/AA)

5,000,000

5.750

08/01/2035

5,220,950

Northern

California

Gas

Authority

No.

1

RB

for

Gas

Project

Series

2007

B

(A1/A-)

(3M

USD

LIBOR

+

0.72%)

3,380,000

4.510

(d)

07/01/2027

3,336,912

Palomar

Pomerado

Health

GO

Bonds

Capital

Appreciation

for

Election

of

2004

Series

2009

A

(AGC)

(A1/AA)

2,150,000

0.000

(f)

08/01/2031

1,698,692

4,150,000

0.000

(f)

08/01/2032

3,167,156

3,550,000

0.000

(f)

08/01/2033

2,614,059

6,450,000

7.000

08/01/2038

7,563,087

Rancho

Cordova

Community

Facilities

District

No.

2003-1

Special

Tax

Refunding

for

Sunridge

Anatolia

Series

2016

(NR/NR)

320,000

4.000

09/01/2024

320,389

1,490,000

4.000

09/01/2026

1,509,242

Rialto

Unified

School

District

County

of

San

Bernardino,

California

GO

Bonds,

Election

of

2022,

Series

2023

(BAM)

(Aa3/AA)

3,250,000

4.000

08/01/2052

3,277,712

River

Islands

Public

Financing

Authority

CFD

Improvement

Area

Subordinate

Special

Tax

Refunding

Bonds

Series

2022B-1

(NR/NR)

1,970,000

5.000

09/01/2042

2,029,299

River

Islands

Public

Financing

Authority

Community

Facilities

District

No.

2021-1

Special

Tax

Series

2021

(NR/NR)

875,000

4.000

09/01/2041

821,288

Riverside

Unified

School

District

Community

Facilities

District

No.

32

Special

Tax

Series

2020

(NR/NR)

195,000

4.000

09/01/2027

198,010

205,000

4.000

09/01/2028

209,318

210,000

4.000

09/01/2029

214,670

220,000

4.000

09/01/2030

224,884

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

767,510

1,075,000

5.000

09/01/2026

1,119,581

1,000,000

5.000

09/01/2027

1,056,521

Roseville

California

Community

Facilities

District

No.

5

Special

Tax

for

Fiddyment

Ranch

Project

Series

2019

(NR/NR)

100,000

5.000

09/01/2031

106,523

185,000

5.000

09/01/2032

197,110

165,000

5.000

09/01/2033

175,573

175,000

4.000

09/01/2034

178,494

150,000

4.000

09/01/2035

152,312

125,000

3.000

09/01/2036

113,015

470,000

5.000

09/01/2039

493,632

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

California

–

(continued)

Roseville

California

Community

Facilities

District

No.

5

Special

Tax

for

Fiddyment

Ranch

Project

Series

2019

(NR/NR)

–

(continued)

$

250,000

3.250%

09/01/2041

$

210,956

Roseville

California

Community

Facilities

District

No.

5

Special

Tax

for

Fiddyment

Ranch

Project

Series

2021

(NR/NR)

850,000

2.500

09/01/2037

690,042

725,000

4.000

09/01/2041

701,965

1,000,000

4.000

09/01/2050

901,726

Sacramento

City

Unified

School

District

GO

RB

Refunding

Series

2015

(AGM)

(NR/AA)

1,000,000

5.000

07/01/2029

1,009,234

Sacramento

County

Financing

Authority

RB

Series

2007B

(NATL)

(Aa3/AA-)

(3M

USD

LIBOR

+

0.55%)

21,585,000

4.328

(d)

06/01/2034

20,151,875

San

Diego

County

Regional

Airport

Authority

Subordinate

Airport

RB

Series

2021B

(A2/NR)

2,850,000

4.000

07/01/2039

2,855,919

4,620,000

5.000

07/01/2046

4,869,827

San

Diego

Unified

School

District

2012

GO

Refunding

Bonds

Series

R-2

(Aa2/AA-)

4,700,000

0.000

(g)

07/01/2041

4,728,924

San

Diego

Unified

School

District

GO

Bonds

for

Election

of

2008

Series

2010

C

(Aa2/AA-)

5,000,000

0.000

(f)

07/01/2039

2,797,034

San

Francisco

City

&

County

Airport

Commission

RB

Refunding

for

San

Francisco

Airport

Second

Series

2023

C

(AMT)

(A1/NR)

12,500,000

5.750

05/01/2048

14,151,763

San

Francisco

City

&

County

Airport

Commission

RB

Refunding

for

San

Francisco

International

Airport

Second

Series

2013

A

(A1/A+)

2,000,000

5.500

05/01/2028

2,003,739

San

Francisco

City

&

County

Airport

Commission

RB

Unrefunded

for

San

Francisco

International

Airport

Second

Series

2018

G

(NR/A+)

1,300,000

5.000

05/01/2027

1,373,174

San

Francisco

City

&

County

Redevelopment

Financing

Authority

Tax

Allocation

for

Mission

Bay

South

Redevelopment

Series

2016

C

(NR/A-)

1,000,000

5.000

08/01/2033

1,061,364

San

Jacinto

Unified

School

District

Financing

Authority

Special

Tax

RB

Series

2019

(NR/NR)

500,000

5.000

09/01/2036

526,841

San

Joaquin

Hills

Transportation

Corridor

Agency

RB

Refunding

for

Capital

Appreciation

Series

1997

A

(NATL)

(Baa2/NR)

1,715,000

0.000

(f)

01/15/2026

1,606,963

San

Joaquin

Hills

Transportation

Corridor

Agency

RB

Refunding

for

Toll

Road

Senior

Lien

Series

2014

A

(NR/A)

1,000,000

5.000

(c)

01/15/2025

1,023,820

State

of

California

Various

Purpose

GO

Refunding

Bonds

(Aa2/AA-)

15,915,000

4.000

09/01/2043

16,629,210

The

Regents

of

The

University

of

California

Medical

Center

Pooled

RB

2013

Series

K

(Aa3/AA-/A-1+)

10,655,000

3.950

(a)(b)

05/15/2047

10,655,000

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

California

–

(continued)

Tobacco

Securitization

Authority

of

Southern

California

RB

Refunding

for

San

Diego

County

Tobacco

Asset

Securitization

Corp.

Series

2019

A-1

(NR/A)

$

1,015,000

5.000%

06/01/2026

$

1,052,021

920,000

5.000

06/01/2028

984,632

2,035,000

5.000

06/01/2029

2,206,354

2,000,000

5.000

06/01/2032

2,175,558

Tobacco

Securitization

Authority

of

Southern

California

RB

Refunding

for

San

Diego

County

Tobacco

Asset

Securitization

Corp.

Series

2019

A-1

(NR/A-)

1,000,000

5.000

06/01/2034

1,083,327

1,000,000

5.000

06/01/2036

1,070,133

1,000,000

5.000

06/01/2039

1,052,592

Tobacco

Securitization

Authority

of

Southern

California

RB

Refunding

for

San

Diego

County

Tobacco

Asset

Securitization

Corp.

Series

2019

B-1

(NR/BBB-)

2,440,000

5.000

06/01/2048

2,512,819

Tobacco

Securitization

Authority

of

Southern

California

RB

Refunding

for

San

Diego

County

Tobacco

Asset

Securitization

Corp.

Series

2019

B-2

(NR/NR)

7,975,000

0.000

(f)

06/01/2054

1,521,851

Town

of

Tiburon

Special

Assessment

for

Assessment

District

No.

2017-1

Series

2021

A

(NR/NR)

475,000

2.375

09/02/2041

336,134

1,050,000

2.500

09/02/2046

704,506

Transbay

Joint

Powers

Authority

Senior

Tax

Allocation

Bonds

Series

2020A

Tax-Exempt

Green

Bonds

(NR/NR)

1,230,000

5.000

10/01/2025

1,264,021

Transbay

Joint

Powers

Authority

Tax

Allocation

for

Transbay

Redevelopment

Project

Series

2020

A

(NR/NR)

660,000

5.000

10/01/2029

721,043

555,000

5.000

10/01/2030

607,423

1,165,000

5.000

10/01/2031

1,274,053

880,000

5.000

10/01/2033

954,965

615,000

5.000

10/01/2035

663,015

705,000

5.000

10/01/2036

755,572

880,000

5.000

10/01/2037

936,420

1,000,000

5.000

10/01/2038

1,057,516

630,000

5.000

10/01/2039

662,775

1,100,000

5.000

10/01/2040

1,152,884

1,945,000

5.000

10/01/2049

1,993,374

Washington

Township

Health

Care

District

RB

2023

Series

A

(Baa3/NR)

825,000

5.750

07/01/2053

901,677

West

Contra

Costa

Unified

School

District

GO

Bonds

Capital

Appreciation

for

Election

of

2002

Series

2004

C

(NATL)

(Baa2/AA-)

1,175,000

0.000

(f)

08/01/2025

1,123,446

735,681,340

Colorado

-

4.1%

Adams

County

School

District

No.

1

GO

Taxable

Refunding

Bonds

Series

2017

B

(ST

AID

WITHHLDG)

(NR/NR)

325,000

5.250

(c)

12/01/2026

349,061

Allison

Valley

Metropolitan

District

No.

2

GO

Refunding

Bonds

Series

2020

(NR/NR)

1,425,000

4.700

12/01/2047

1,192,857

Belford

North

Metropolitan

District

GO

Bonds

Series

2020

A

(NR/NR)

2,975,000

5.500

12/01/2050

2,707,488

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Colorado

–

(continued)

Bella

Mesa

Metropolitan

District

GO

Convertible

Capital

Appreciation

Bonds

Series

2020

A

(NR/NR)

$

1,855,000

0.000%

(e)(g)

12/01/2049

$

1,637,560

Board

of

Governors

of

Colorado

State

University

System

RB

Refunding

Series

2017

C

(ST

HGR

ED

INTERCEPT

PROG)

(NR/NR)

9,555,000

5.000

(c)

03/01/2028

10,536,585

Brighton

Crossing

Metropolitan

District

No.

4

Limited

Tax

GO

Bonds

Series

2017

A

(NR/NR)

525,000

5.000

12/01/2037

523,830

Brighton

Crossing

Metropolitan

District

No.

6

GO

Bonds

Series

2020

A

(NR/NR)

525,000

5.000

12/01/2035

504,117

1,030,000

5.000

12/01/2040

947,495

Broadway

Park

North

Metropolitan

District

No.

2

GO

Bonds

Series

2020

(NR/NR)

1,120,000

5.000

(e)

12/01/2040

1,077,896

Buffalo

Highlands

Metropolitan

District

GO

Bonds

Series

2018

A

(NR/NR)

1,000,000

5.250

12/01/2038

989,754

Chambers

Highpoint

Metropolitan

District

No.

2

GO

Bonds

Series

2021

(NR/NR)

515,000

5.000

12/01/2041

457,874

Cherry

Creek

Colorado

School

District

No.

5

GO

Bonds

Series

2017

C

(ST

AID

WITHHLDG)

(Aa1/AA+)

3,510,000

6.000

12/15/2029

3,978,815

10,805,000

6.000

12/15/2030

12,222,051

City

and

County

of

Denver,

Colorado

,

For

and

On

Behalf

of

Its

Department

of

Aviation

Airport

System

RB

Series

2022A

(AMT)

(Aa3/AA-)

2,875,000

5.000

11/15/2041

3,144,430

City

Center

West

Residential

Metropolitan

District

No.

2

GO

Bonds

Senior

Series

2019

A

(NR/NR)

1,035,000

5.000

12/01/2049

951,795

City

of

Denver

Airport

System

Subordinate

RB

Series

2018A

(A1/A+)

11,000,000

5.250

12/01/2043

11,562,434

City

of

Denver

Airport

System

Subordinate

RB

Series

2018A

(AMT)

(A1/A+)

5,000,000

5.000

12/01/2024

5,062,358

City

of

Denver

Aviation

Airport

System

RB

Series

2022D

(Aa3/AA-)

5,500,000

5.000

11/15/2053

5,829,194

City

of

Denver

RB

for

Department

of

Aviation

Airport

System

Series

2022A

(AMT)

(Aa3/AA-)

4,450,000

5.000

11/15/2027

4,767,608

Colorado

Education

&

Cultural

Facilities

Authority

Charter

School

RB

Series

2021

(Baa3/NR)

900,000

4.000

10/01/2056

717,311

Colorado

Educational

&

Cultural

Facilities

Authority

RB

for

Aspen

View

Academy,

Inc.

Series

2021

(Baa3/NR)

150,000

4.000

05/01/2036

146,806

150,000

4.000

05/01/2041

136,851

Colorado

Educational

&

Cultural

Facilities

Authority

RB

for

Vega

Collegiate

Academy

Series

2021

A

(ST

INTERCEPT)

(Ba2/NR)

300,000

5.000

(e)

02/01/2034

297,646

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Colorado

–

(continued)

Colorado

Educational

&

Cultural

Facilities

Authority

RB

Refunding

for

Rocky

Mountain

Classical

Academy

Project

Series

2019

(Ba1/NR)

$

900,000

5.000%

(e)

10/01/2029

$

910,017

2,500,000

5.000

(e)

10/01/2039

2,384,439

Colorado

Educational

&

Cultural

Facilities

Authority

RB

Refunding

for

STEM

School

&

Academy

Project

Series

2019

(Baa3/NR)

265,000

4.000

11/01/2029

261,965

400,000

5.000

11/01/2039

400,783

Colorado

Educational

&

Cultural

Facilities

Authority

RB

Refunding

for

West

Ridge

Academy

Charter

School

Project

Series

2019

A

(MORAL

OBLG)

(Aa3/NR)

325,000

5.000

06/01/2049

325,726

350,000

5.000

06/01/2054

350,658

Colorado

Educational

and

Cultural

Facilities

Authority

Charter

School

RB

for

James

Irwin

Educational

Foundation

Project

Series

2022

(NR/BBB)

750,000

5.000

09/01/2052

758,069

Colorado

Educational

and

Cultural

Facilities

Authority

Charter

School

RB

for

STEM

School

Project

Series

2019

(Baa3/NR)

790,000

5.000

11/01/2049

774,575

Colorado

Health

Facilities

Authority

(NR/A+)

1,275,000

5.000

11/01/2024

1,293,368

Colorado

Health

Facilities

Authority

American

Eagle

Delaware

Holding

Company

Series

2022A-1

(NR/NR)

3,040,000

6.000

07/01/2036

2,961,915

Colorado

Health

Facilities

Authority

American

Eagle

Delaware

Holding

Company

Series

2022A-2

(NR/NR)

1,925,000

6.000

07/01/2031

1,901,744

Colorado

Health

Facilities

Authority

RB

(Commonspirit

Health)

Series

2019A-1

(Baa1/A-)

5,000,000

5.000

08/01/2036

5,391,626

Colorado

Health

Facilities

Authority

RB

for

Commonspirit

Health

Series

2019A-1

(Baa1/A-)

3,560,000

5.000

08/01/2025

3,643,730

1,275,000

5.000

08/01/2026

1,329,691

1,575,000

5.000

08/01/2027

1,669,966

Colorado

Health

Facilities

Authority

RB

for

Commonspirit

Health

Series

2019A-2

(Baa1/A-)

325,000

5.000

08/01/2025

332,644

3,000,000

5.000

08/01/2037

3,209,916

Colorado

Health

Facilities

Authority

RB

for

Commonspirit

Health

Series

2022A

(Baa1/A-)

6,400,000

5.500

11/01/2047

6,997,088

8,000,000

5.250

11/01/2052

8,491,137

Colorado

Health

Facilities

Authority

RB

for

Parkview

Medical

Center,

Inc.

Obligated

Group

Series

2020

A

(Aa2/NR)

1,800,000

4.000

09/01/2050

1,724,015

Colorado

Health

Facilities

Authority

RB

for

Retirement

Housing

Liberty

Heights

Project

Series

1991-B

(#Aaa/AA+)

5,705,000

0.000

(f)

07/15/2024

5,609,130

Colorado

Health

Facilities

Authority

RB

for

Senior

Living

American

Eagle

Portfolio

Project

Series

2022B-1

(NR/NR)

21,534,543

5.000

(b)

07/01/2057

16,665,960

Colorado

Health

Facilities

Authority

RB

Refunding

for

Adventist

Health

System/Sunbelt

Obligated

Group

Series

2019

A

(Aa2/AA)

3,900,000

4.000

11/15/2043

3,871,302

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Colorado

–

(continued)

Colorado

Health

Facilities

Authority

RB

Refunding

for

CommonSpirit

Health

Obligated

Group

Series

2019

A-1

(Baa1/A-)

$

1,125,000

5.000%

08/01/2035

$

1,221,948

3,010,000

4.000

08/01/2044

2,968,259

Colorado

Health

Facilities

Authority

RB

Refunding

for

CommonSpirit

Health

Obligated

Group

Series

2019

A-2

(Baa1/A-)

145,000

5.000

08/01/2035

157,495

1,500,000

5.000

08/01/2038

1,593,655

Colorado

Health

Facilities

Authority

RB

Refunding

for

Evangelical

Lutheran

Good

Samaritan

Society

Project

Series

2017

(NR/NR)

1,150,000

5.000

(c)

06/01/2027

1,237,743

Colorado

Health

Facilities

Authority

RB

Refunding

for

Sanford

Obligated

Group

Series

2019

A

(NR/A+)

1,730,000

4.000

11/01/2039

1,764,922

12,310,000

5.000

11/01/2039

12,987,078

6,105,000

5.000

11/01/2044

6,414,920

Colorado

Health

Facilities

Authority

RB

Series

2019A-2

(Baa1/A-)

3,495,000

4.000

08/01/2049

3,352,151

Colorado

Health

Facilities

Authority

RB

Series

2019B

Series

2019B-1

(Baa1/A-)

8,500,000

5.000

(a)(b)

08/01/2049

8,641,528

Colorado

Health

Facilities

Authority

Revenue

Refunding

Bonds

Series

2019A

Scl

Health

System

(Aa1/AA+)

4,000,000

4.000

01/01/2037

4,137,644

Colorado

State

Board

of

Governors

University

Enterprise

System

Revenue

Refunding

Bonds

Series

2017

C

(ST

HGR

ED

INTERCEPT

PROG)

(Aa2/AA)

6,100,000

5.000

03/01/2043

6,484,698

Colorado

State

Board

of

Governors

University

Enterprise

System

Revenue

Refunding

Bonds

Series

2017

C

(ST

HGR

ED

INTERCEPT

PROG)

(NR/NR)

8,205,000

5.000

(c)

03/01/2028

9,047,900

Conestoga

Metropolitan

District

LT

GO

Refunding

&

Improvement

Bonds

Series

2021A3

(NR/NR)

775,000

5.250

12/01/2051

697,751

Copper

Ridge

Metropolitan

District

RB

Series

2019

(NR/NR)

3,454,000

4.000

12/01/2029

3,292,592

Creekside

Village

Metropolitan

District

GO

Bonds

Series

2019

A

(NR/NR)

889,000

5.000

12/01/2039

865,185

Creekwalk

Marketplace

Business

Improvement

District

LT

Supported

&

Special

Revenue

Senior

Bonds

Series

2021A

(NR/NR)

740,000

5.000

(e)

12/01/2029

689,764

1,940,000

5.500

(e)

12/01/2039

1,716,896

Creekwalk

Marketplace

Business

Improvement

District

RB

Series

2019

A

(NR/NR)

2,485,000

5.000

(e)

12/01/2029

2,322,103

3,105,000

5.500

(e)

12/01/2039

2,761,853

Denver

City

&

County

Airport

RB

Series

2013

A

(A1/A+)

5,000,000

5.500

11/15/2029

5,010,315

Denver

Colorado

City

&

County

Special

Facilities

Airport

RB

Refunding

for

United

Air

Lines,

Inc.

Project

Series

2017

(NR/BB-)

27,295,000

5.000

10/01/2032

27,292,896

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Colorado

–

(continued)

Denver

Colorado

Health

and

Hospital

Authority

Healthcare

RB

Refunding

Series

2017

A

(NR/BBB)

$

5,505,000

5.000%

(e)

12/01/2027

$

5,827,819

Denver

Convention

Center

Hotel

Authority

Convention

Center

Hotel

Senior

Revenue

Refunding

Bonds

Series

2016

(Baa2/BBB-)

1,460,000

5.000

12/01/2033

1,497,184

Denver

Convention

Center

Hotel

Authority

Convention

Center

Hotel

Senior

RR

Bonds,

Series

2016

(Baa2/BBB-)

2,370,000

5.000

12/01/2035

2,414,434

Denver

Convention

Center

Hotel

Authority

RB

Refunding

Series

2016

(Baa2/BBB-)

640,000

5.000

12/01/2030

660,348

Denver

Convention

Center

Hotel

Authority

Senior

Revenue

Refunding

Bonds

Series

2016

(Baa2/BBB-)

300,000

5.000

12/01/2031

308,829

Denver

Health

&

Hospital

Authority

COPS

Series

2018

(NR/BBB)

765,000

5.000

12/01/2024

773,923

425,000

5.000

12/01/2032

451,572

Denver

Health

&

Hospital

Authority

Healthcare

Revenue

Refunding

Bonds

Series

2017A

(NR/BBB)

4,760,000

5.000

(e)

12/01/2024

4,815,520

4,995,000

5.000

(e)

12/01/2025

5,127,633

1,000,000

5.000

(e)

12/01/2034

1,049,329

1,675,000

4.000

(e)

12/01/2035

1,636,674

2,000,000

4.000

(e)

12/01/2036

1,925,337

Denver

Health

&

Hospital

Authority

RB

Series

2019

A

(NR/BBB)

120,000

5.000

12/01/2030

127,922

Denver

Health

and

Hospital

Authority,

Colorado

Healthcare

RB,

Series

2019A

(NR/BBB)

475,000

5.000

12/01/2032

506,229

Denver

Health

and

Hosptial

Authority

Colorado

Healthcare

RB

Series

2019A

(NR/BBB)

2,255,000

5.000

12/01/2031

2,400,780

1,360,000

5.000

12/01/2033

1,445,470

Denver

Urban

Renewal

Authority

9th

&

Colorado

Urban

Redevelopment

Area

RB

Series

2018

A

(NR/NR)

4,255,000

5.250

(e)

12/01/2039

4,301,650

E-470

Public

Highway

Authority

RB

Refunding

Series

2010

A

(AGM-CR)

(A1/AA)

1,500,000

0.000

(f)

09/01/2035

1,040,066

E-470

Public

Highway

Authority

RB

Series

2010

A

(A1/A+)

6,000,000

0.000

(f)

09/01/2040

3,143,428

Fiddler's

Business

Improvement

District

GO

Refunding

Bonds

Series

2022

(NR/NR)

2,800,000

5.550

(e)

12/01/2047

2,844,219

First

Creek

Village

Metropolitan

District

GO

Bonds

Series

2019

A

(Ba1/NR)

20,000

3.000

12/01/2029

18,166

Glen

Metropolitan

District

GO

LT

Bonds

Series

2021

(NR/NR)

570,000

3.750

12/01/2034

474,785

Highlands

Metropolitan

District

No.

1

GO

Bonds

Series

2021

(NR/NR)

648,000

4.000

12/01/2031

561,573

Hogback

Metropolitan

District

LT

GO

Bonds

Series

2021A3

(NR/NR)

725,000

5.000

12/01/2041

675,261

1,550,000

5.000

12/01/2051

1,371,593

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Colorado

–

(continued)

Hunters

Overlook

Metropolitan

District

No.

5

GO

Bonds

Series

2019

A

(NR/NR)

$

878,000

5.000%

12/01/2039

$

854,278

Indy

Oak

TOD

Metropolitan

District

GO

Bonds

Series

2020

A

(NR/NR)

1,065,000

5.500

(c)(e)

06/01/2025

1,096,110

Johnstown

Plaza

Metropolitan

District

LT

GO

Refunding

and

Improvement

Bonds

Series

2022

(NR/NR)

8,731,000

4.250

12/01/2046

7,186,576

Lanterns

Metropolitan

District

No.

1

GO

Bonds

Series

2019

A

(NR/NR)

1,375,000

5.000

12/01/2039

1,354,187

1,000,000

5.000

12/01/2049

948,505

Mayfield

Metropolitan

District

GO

Bonds

Series

2020

A

(NR/NR)

1,184,000

5.750

12/01/2050

1,179,431

Meridian

Ranch

Metropolitan

District

GO

LT

Bonds

Series

2022

(NR/NR)

1,105,000

6.500

12/01/2042

1,108,793

Mirabelle

Metropolitan

District

No.

2

GO

Bonds

Series

2020

A

(NR/NR)

1,380,000

5.000

12/01/2039

1,345,821

Morgan

Hill

Metropolitan

District

GO

LT

Refunding

&

Improvement

Bonds

Senior

Series

2021A

(NR/NR)

2,940,000

3.500

12/01/2041

2,272,821

Mulberry

Metropolitan

District

LT

GO

Bonds

Series

2022A

(NR/NR)

2,450,000

7.000

12/01/2052

2,515,768

North

Holly

Metropolitan

District

Limited

Tax

GO

Bonds

Series

2018

A

(NR/NR)

500,000

5.500

12/01/2048

491,643

Northglenn

Urban

Renewal

Authority

Tax

Allocation

for

Urban

Renewal

Plan

2

Series

2019

(NR/BBB-)

175,000

4.000

12/01/2024

175,675

100,000

4.000

12/01/2025

100,916

315,000

4.000

12/01/2026

320,256

290,000

4.000

12/01/2029

296,534

205,000

4.000

12/01/2030

208,407

225,000

4.000

12/01/2031

227,367

Peak

Metropolitan

District

No.

1

GO

Bonds

Series

2021

A

(NR/NR)

500,000

4.000

(e)

12/01/2035

429,157

500,000

5.000

(e)

12/01/2041

466,158

Pinon

Pines

Metropolitan

District

No.

2

GO

Bonds

Series

2020

(NR/NR)

925,000

5.000

12/01/2040

894,542

Pomponio

Terrace

Metropolitan

District

GO

Bonds

Series

2019

A

(NR/NR)

646,000

5.000

12/01/2049

608,303

Public

Authority

Colorado

Energy

RB

for

Natural

Gas

Purchase

Series

2008

(A1/A-)

2,000,000

6.250

11/15/2028

2,141,073

Raindance

Metropolitan

District

No.

2

GO

Bonds

Series

2019

A

(NR/NR)

5,000,000

5.000

12/01/2039

4,845,091

Rampart

Range

Metropolitan

District

No.

5

RB

Series

2021

(NR/NR)

1,250,000

4.000

12/01/2036

1,057,586

2,000,000

4.000

12/01/2041

1,585,046

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Colorado

–

(continued)

Reata

Ridge

Village

Metropolitan

District

No.

2

GO

Bonds

Series

2019

A

(NR/NR)

$

893,000

5.000%

12/01/2049

$

836,001

Regional

Tranportation

District

Tax

Exempt

Private

Activity

Bonds

Series

2020

(Baa1/NR)

500,000

5.000

07/15/2027

525,303

Regional

Transportation

Distrcit

Private

Activity

Bonds

for

Denver

Transit

Partners

Eagle

P3

Project

Series

2020

(Baa1/NR)

715,000

5.000

01/15/2029

767,199

400,000

5.000

07/15/2029

431,790

500,000

5.000

01/15/2030

542,898

350,000

5.000

07/15/2030

382,133

Ritoro

Metropolitan

District

GO

Bonds

Series

2019

A

(NR/NR)

850,000

5.000

12/01/2049

801,696

Second

Creek

Farm

Metropolitan

District

No.

3

GO

Bonds

Series

2019

A

(NR/NR)

2,875,000

5.000

12/01/2039

2,797,348

Sky

Ranch

Community

Authority

Board

District

No.

1

RB

Senior

Lien

Series

2019

A

(NR/NR)

1,235,000

5.000

12/01/2049

1,220,796

South

Sloan's

Lake

Metropolitan

District

No.

2

GO

Improvement

Bonds

Series

2019

(AGM)

(Baa1/AA)

375,000

4.000

12/01/2032

397,129

220,000

4.000

12/01/2034

231,325

South

Timnath

Metropolitan

District

No.

1

GO

Limited

Taxable

Bonds

Series

2019

A

(NR/NR)

500,000

5.500

12/01/2048

424,560

Southlands

Metropolitan

District

No.

1

GO

Refunding

Bonds

Series

2017

A-1

(Ba1/NR)

1,000,000

5.000

12/01/2037

999,989

Southlands

Metropolitan

District

No.

1

GO

Refunding

Bonds

Series

2017

A-2

(Ba1/NR)

100,000

3.500

12/01/2027

95,826

115,000

5.000

12/01/2037

114,999

325,000

5.000

12/01/2047

311,430

St.

Vrain

Lakes

Metropolitan

District

No.

2

Limited

Tax

GO

Bonds

Series

2017

A

(NR/NR)

1,000,000

5.000

12/01/2037

998,962

Sterling

Hills

West

Metropolitan

District

GO

Refunding

Bonds

Series

2017

(A2/NR)

350,000

5.000

12/01/2032

374,721

Sterling

Ranch

Community

Authority

Board

RB

Refunding

for

Sterling

Ranch

Colorado

Metropolitan

District

No.

2

Series

2020

A

(NR/NR)

1,805,000

3.750

12/01/2040

1,583,312

The

Village

Metropolitan

District

GO

Refunding

Bonds

Series

2020

(NR/NR)

850,000

4.150

12/01/2030

819,202

Vauxmont

Metropolitan

District

GO

Refunding

Bonds

Series

2020

(AGM)

(NR/AA)

195,000

5.000

12/01/2026

206,671

205,000

5.000

12/01/2027

221,548

210,000

5.000

12/01/2028

231,028

210,000

5.000

12/01/2029

234,963

215,000

5.000

12/01/2030

241,190

230,000

5.000

12/01/2031

257,806

250,000

5.000

12/01/2032

280,092

255,000

5.000

12/01/2033

285,340

285,000

5.000

12/01/2034

318,362

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Colorado

–

(continued)

Vauxmont

Metropolitan

District

GO

Refunding

Bonds

Series

2020

(AGM)

(NR/AA)

–

(continued)

$

100,000

5.000%

12/01/2035

$

111,183

Vauxmont

Metropolitan

District

Limited

Tax

Convertible

to

Unlimited

Tax

GO

Refunding

Bonds

Series

2019

(AGM)

(NR/AA)

135,000

5.000

12/15/2026

141,622

125,000

5.000

12/15/2028

131,132

125,000

5.000

12/15/2029

131,095

125,000

5.000

12/15/2030

131,107

135,000

5.000

12/15/2031

141,570

160,000

5.000

12/15/2032

167,771

Vauxmont

Metropolitan

District

Senior

LT

GO

Special

Revenue

Refunding

Bonds

Series

2020

(AGM)

(NR/AA)

200,000

5.000

12/01/2024

203,269

180,000

5.000

12/01/2025

186,739

Vauxmont

Metropolitan

District

Subordinate

LT

GO

Special

Revenue

Refunding

Bonds

Series

2019

(AGM)

(NR/AA)

125,000

5.000

12/15/2025

130,024

Weld

County

School

District

No.

Re-4

In

Weld

County,

Colorado

GO

Bonds,

Series

2016

(ST

AID

WITHHLDG)

(Aa2/NR)

6,910,000

5.250

12/01/2041

7,270,904

West

Meadow

Metropolitan

District

Town

of

Fraser,

Grand

County,

Colorado

LT

GO

Senior

Bonds

Series

2023A

(NR/NR)

1,000,000

6.000

(e)

12/01/2038

1,033,610

Westerly

Metropolitan

District

No.

4

GO

Bonds

Series

2021

A

(NR/NR)

1,000,000

5.000

12/01/2040

933,875

Wild

Plum

Metropolitan

District

GO

Bonds

Series

2019

A

(NR/NR)

595,000

5.000

(c)

12/01/2024

623,457

Wildwing

Metropolitan

District

No.

5

GO

Refunding

&

Improvement

Bonds

Series

2018

A

(NR/NR)

1,199,000

5.375

12/01/2048

1,169,217

354,210,558

Connecticut

-

0.8%

City

of

New

Haven

GO

Bonds

Series

2018

A

(NR/A-)

815,000

5.000

08/01/2027

864,708

1,615,000

5.000

08/01/2028

1,740,001

900,000

5.500

08/01/2029

992,099

725,000

5.500

08/01/2031

794,440

500,000

5.500

08/01/2032

547,625

405,000

5.500

08/01/2033

442,896

City

of

New

Haven

GO

Refunding

Bonds

Series

2019

B

(AGM)

(A1/AA)

1,050,000

5.000

02/01/2028

1,137,356

City

of

New

Haven

GO

Refunding

Bonds

Series

B

(AGM)

(A1/AA)

450,000

5.000

02/01/2030

503,508

City

of

Stamford

Housing

Authority

RB

Anticipation

Notes

for

Dogwoods

Project

Series

2022

(NR/NR)

1,500,000

11.000

(e)

12/01/2027

1,634,218

Connecticut

Health

&

Educational

Facilities

Authority

RB

for

University

of

Hartford

Series

N

(NR/BB+)

375,000

5.000

07/01/2024

374,762

Connecticut

State

GO

Bonds

Series

2018

C

(Aa3/AA-)

680,000

5.000

06/15/2028

754,919

Connecticut

State

GO

Refunding

Bonds

Series

2017

B

(Aa3/AA-)

5,000,000

5.000

04/15/2028

5,529,332

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Connecticut

–

(continued)

Connecticut

State

Health

&

Educational

Facilities

Authority

RB

for

McLean

Affiliates

Obligated

Group

Series

2020

A

(NR/NR)

$

400,000

5.000%

(e)

01/01/2030

$

387,524

Connecticut

State

Health

&

Educational

Facilities

Authority

RB

Refunding

for

The

University

of

Hartford

Series

2019

(NR/BB+)

575,000

5.000

07/01/2026

574,998

440,000

5.000

07/01/2027

441,816

530,000

5.000

07/01/2028

533,387

485,000

5.000

07/01/2029

488,471

875,000

5.000

07/01/2030

880,843

645,000

5.000

07/01/2031

648,689

575,000

5.000

07/01/2032

577,189

475,000

5.000

07/01/2033

475,676

450,000

5.000

07/01/2034

449,635

870,000

4.000

07/01/2039

718,354

Great

Pond

Improvement

District

RB

for

Great

Pond

Phase

1

Project

Series

2019

(NR/NR)

3,585,000

4.750

(e)

10/01/2048

3,342,703

Mohegan

Tribal

Finance

Authority

Tribal

RB

Economic

Development

Bonds

Series

2015

(NR/B-)

3,750,000

7.000

(e)

02/01/2045

3,751,129

State

of

Connecticut

GO

Bonds

2020

Series

A

(Aa3/AA-)

5,000,000

4.000

01/15/2036

5,285,776

State

of

Connecticut

GO

Bonds

Series

2018

(Aa3/AA-)

1,770,000

5.000

06/15/2027

1,920,134

755,000

5.000

06/15/2029

837,675

State

of

Connecticut

GO

Unlimited

Bonds

Series

2019

A

(Aa3/AA-)

135,000

5.000

04/15/2028

149,292

1,000,000

5.000

04/15/2035

1,119,675

1,000,000

5.000

04/15/2036

1,114,692

1,000,000

5.000

04/15/2039

1,094,052

State

of

Connecticut

Health

&

Educational

Facilities

Authority

RB

Series

B

(A1/AA-)

2,290,000

1.800

(a)(b)

07/01/2049

2,264,877

State

of

Connecticut

Health

and

Educational

Facilities

Authority

for

Yale

University

Issue

RB

Series

U-2

(Aaa/AAA)

15,000,000

1.100

(a)(b)

07/01/2033

14,578,917

State

of

Connecticut

Health

and

Educational

Facilities

Authority

RB

for

University

of

Hartford

2022

Series

P

(NR/BB+)

2,285,000

5.375

07/01/2052

2,085,340

State

of

Connecticut

Special

Tax

Obligation

Refunding

Bonds

for

Transportation

Infrastructure

Purposes

2022

Series

B

(Aa3/AA)

1,500,000

5.000

07/01/2025

1,549,086

State

of

Connecticut

State

Revolving

Fund

General

RB

(Green

Bonds,

2017

Series

A)

(Aaa/AAA)

3,945,000

5.000

05/01/2032

4,260,074

State

of

Connecticut

State

Revolving

Fund

RB

Series

2017

A

(Aaa/AAA)

5,000,000

5.000

05/01/2036

5,338,328

Steel

Point

Infrastructure

Improvement

District

Tax

Allocation

for

Steelpointe

Harbor

Project

Series

2021

(NR/NR)

480,000

4.000

(e)

04/01/2036

433,502

400,000

4.000

(e)

04/01/2041

346,166

West

Haven

GO

Bonds

Series

2017

A

(Baa3/BBB)

325,000

5.000

11/01/2025

336,551

325,000

5.000

11/01/2026

344,052

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Connecticut

–

(continued)

West

Haven

GO

Bonds

Series

2017

A

(Baa3/BBB)

–

(continued)

$

325,000

5.000%

11/01/2027

$

350,864

West

Haven

GO

Bonds

Series

2017

B

(Baa3/BBB)

645,000

5.000

11/01/2024

654,928

240,000

5.000

11/01/2026

254,069

72,904,328

Delaware

-

0.3%

Delaware

Economic

Development

Authority

Charter

School

RB

for

Aspira

of

Delaware

Charter

Operations

Project

Series

2022A

(NR/BB)

370,000

3.000

06/01/2032

314,191

450,000

4.000

06/01/2042

359,503

Delaware

Economic

Development

Authority

Charter

Schools

RB

Series

2021

(NR/BBB+)

1,425,000

4.000

09/01/2041

1,359,262

Delaware

Health

Facilities

Authority

RB

for

Beebee

Medical

Center

Project

Series

2018

(NR/BBB)

760,000

5.000

06/01/2026

789,868

600,000

5.000

06/01/2029

641,923

Delaware

Health

Facilities

Authority

Revenue

Refunding

Bonds

for

Christiana

Care

Health

System

Series

2020A

(Aa2/AA+)

5,000,000

5.000

10/01/2040

5,392,836

Delaware

State

Economic

Development

Authority

RB

for

First

State

Montessori

Academy,

Inc.

Series

2019

A

(NR/BBB-)

345,000

4.000

08/01/2029

344,280

1,050,000

5.000

08/01/2039

1,071,056

Delaware

State

Economic

Development

Authority

RB

for

Newark

Charter

School,

Inc.

Series

2020

(NR/BBB+)

530,000

4.000

09/01/2030

539,350

1,550,000

5.000

09/01/2040

1,619,680

State

of

Delaware

GO

Bonds

Series

2023A

(Aaa/AAA)

7,550,000

5.000

05/01/2036

9,109,486

Town

of

Bridgeville

Special

Tax

Refunding

for

Heritage

Shores

Special

Development

District

Series

2020

(Baa3/NR)

503,000

4.000

07/01/2024

502,443

518,000

4.000

07/01/2025

517,851

563,000

4.000

07/01/2026

563,724

624,000

4.000

07/01/2027

627,261

2,067,000

4.000

07/01/2030

2,060,053

25,812,767

District

of

Columbia

-

0.9%

District

of

Columbia

(Washington,

D.C.)

Income

Tax

Secured

RB,

Series

2023A

(Tax-Exempt)

(Aa1/AAA)

3,425,000

5.250

05/01/2048

3,896,817

District

of

Columbia

GO

Refunding

Bonds

Series

2017

A

(Aaa/AA+)

10,000,000

5.000

06/01/2035

10,777,153

District

of

Columbia

Metropolitan

Airport

Authority

Airport

System

Revenue

Refunding

Bonds

Series

2015A

(NR/AA-)

12,000,000

5.000

10/01/2034

12,024,384

District

of

Columbia

Private

Activity

RB

Series

2022A

(A3/NR)

1,750,000

5.500

02/28/2037

2,076,781

District

of

Columbia

RB

for

International

School

Series

2019

(NR/BBB)

860,000

5.000

07/01/2039

878,304

District

of

Columbia

RB

for

KIPP

DC

Obligated

Group

Series

2019

(NR/BBB+)

1,275,000

4.000

07/01/2039

1,247,924

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

District

of

Columbia

–

(continued)

District

of

Columbia

Water

and

Sewer

Authority

Public

Utility

Subordinate

Lien

Multimodel

RB

Series

2022E

(Aa2/AA+)

$

2,875,000

3.000%

(a)(b)

10/01/2057

$

2,816,522

Metropolitan

Washington

Airport

Authority

Revenue

&

Refunding

Bonds

Series

2018A

(Aa3/AA-)

7,500,000

5.000

10/01/2043

7,820,937

Metropolitan

Washington

Airports

Authority

Airport

System

Revenue

Refunding

Bonds

Series

2018A

(Aa3/AA-)

6,375,000

5.000

10/01/2033

6,876,110

Metropolitan

Washington

Airports

Authority

Airport

System

Revenue

Refunding

Bonds

Series

2020B

(Aa3/AA-)

1,555,000

5.000

10/01/2029

1,768,678

Metropolitan

Washington

Airports

Authority

Airport

System

Revenue

Refunding

Bonds,

Series

2022A

(AMT)

(Aa3/NR)

1,100,000

5.000

10/01/2026

1,153,301

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

RB

Refunding

First

Senior

Lien

for

Dulles

Metrorail

and

Capital

Improvement

Project

Series

2019

A

(A2/A)

1,060,000

5.000

10/01/2031

1,159,966

395,000

5.000

10/01/2033

430,586

3,025,000

5.000

10/01/2035

3,277,354

1,000,000

5.000

10/01/2037

1,072,240

2,065,000

5.000

10/01/2039

2,193,985

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

RB

Series

2019

B

(AGM)

(A1/AA)

2,130,000

3.000

10/01/2050

1,673,538

2,960,000

4.000

10/01/2053

2,845,361

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

RB

Series

2019

B

(Baa2/A-)

925,000

5.000

10/01/2047

961,422

1,550,000

4.000

10/01/2053

1,436,861

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Subordinate

Lien

Revenue

Refunding

Bonds

for

Dulles

Metrorail

&

Capital

Improvement

Projects

Series

2019B

(Baa2/A-)

9,000,000

4.000

10/01/2049

8,492,066

Washington

Metropolitan

Airports

Authority

Airport

System

Revenue

Refunding

Bonds

Series

2015B

(Aa3/AA-)

1,325,000

5.000

10/01/2035

1,353,718

76,234,008

Florida

-

11.7%

Abbott

Square

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

915,000

5.375

06/15/2042

920,408

Aberdeen

Community

Development

District

Special

Assessment

Refunding

Series

2020

A-1

(AGM)

(NR/AA)

4,990,000

3.250

05/01/2036

4,840,027

Aberdeen

Community

Development

District

Special

Assessment

Refunding

Series

2020

A-2

(NR/NR)

475,000

4.000

05/01/2025

472,628

Aberdeen

Community

Development

District

Special

Assessment

Series

2018

(NR/NR)

40,000

4.000

05/01/2024

39,957

210,000

4.500

05/01/2029

211,259

Academical

Village

Community

Development

District

Special

Assessment

Bonds

Series

2020

(NR/NR)

1,420,000

3.625

05/01/2040

1,173,840

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Academical

Village

Community

Development

District

Special

Assessment

Bonds

Series

2020

(NR/NR)

$

325,000

2.875%

05/01/2025

$

318,267

1,725,000

4.000

05/01/2051

1,367,048

Alachua

County

Health

Facilities

Authority

Continuing

Care

Retirement

Community

RB

Series

2022

(NR/NR)

2,250,000

4.000

10/01/2040

1,934,569

Alta

Lakes

Community

Development

District

Special

Assessment

Bonds

Series

2019

(NR/NR)

95,000

3.500

05/01/2024

94,753

Anthem

Park

Community

Development

District

Special

Assessment

RB

Refunding

Senior

Series

2016

A-1

(NR/A-)

360,000

2.500

05/01/2024

358,584

370,000

3.000

05/01/2025

362,834

380,000

3.000

05/01/2026

371,667

395,000

3.125

05/01/2027

387,695

Anthem

Park

Community

Development

District

Special

Assessment

RB

Refunding

Subordinate

Series

2016

A-2

(NR/NR)

150,000

4.250

05/01/2027

149,339

320,000

4.750

05/01/2036

315,943

Arbors

Community

Development

District

Capital

Improvement

RB

Series

2023

(NR/NR)

600,000

4.500

05/01/2030

602,900

1,000,000

5.400

05/01/2043

1,016,034

Arlington

Ridge

Community

Development

District

Special

Assessment

RB

Series

2019

(NR/NR)

210,000

3.600

05/01/2029

203,252

310,000

4.000

05/01/2036

287,060

Armstrong

Community

Development

District

Special

Assessment

for

Assessment

Area

Two

Project

Series

2019

A

(NR/NR)

70,000

3.125

11/01/2024

69,395

990,000

3.500

11/01/2030

920,628

1,705,000

4.000

11/01/2040

1,486,211

Artisan

Lakes

East

Community

Development

District

RB

for

Capital

Improvement

Series

2018

(NR/NR)

110,000

4.200

(e)

05/01/2024

109,939

630,000

4.550

(e)

05/01/2029

634,548

Astonia

Community

Development

District

Polk

County,

Florida

Special

Assessment

Bonds,

Series

2023

Assessment

Area

Three

Project

(NR/NR)

700,000

5.125

06/15/2043

697,845

Astonia

Community

Development

District

Special

Assessment

for

Assessment

Area

2

Project

Series

2021

(NR/NR)

305,000

2.500

(e)

05/01/2026

293,205

500,000

3.000

(e)

05/01/2031

455,406

425,000

3.200

(e)

05/01/2041

336,685

Astonia

Community

Development

District

Special

Assessment

for

North

Parcel

Assessment

Area

Project

Series

2021

(NR/NR)

155,000

2.500

(e)

05/01/2026

149,006

315,000

3.000

(e)

05/01/2031

286,906

Avalon

Groves

Community

Development

District

Special

Assessment

for

Assessment

Area

One

Phase

1

Project

1

&

2

Series

2019

(NR/NR)

35,000

3.350

11/01/2024

34,784

200,000

3.700

11/01/2029

193,963

695,000

4.125

11/01/2039

634,304

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Avalon

Groves

Community

Development

District

Special

Assessment

for

Assessment

Area

One

Project

Series

2017

(NR/NR)

$

115,000

5.000%

05/01/2028

$

116,859

Avalon

Groves

Community

Development

District

Special

Assessment

for

Assessment

Area

Three

Project

Series

2021

(NR/NR)

200,000

3.000

05/01/2032

179,285

220,000

3.375

05/01/2041

174,500

Avalon

Groves

Community

Development

District

Special

Assessment

for

Assessment

Area

Two

Project

Series

2017

A-1

(NR/NR)

325,000

5.375

05/01/2028

333,151

Avalon

Groves

Community

Development

District

Special

Assessment

for

Phases

3

and

4

Sub

Assessment

Area

One

Series

2021

(NR/NR)

125,000

2.250

05/01/2026

119,204

435,000

2.750

05/01/2031

388,738

Avalon

Park

West

Community

Development

District

Special

Assessment

RB

for

Pasco

County

Project

Area

Series

2022

(NR/NR)

500,000

5.500

05/01/2042

511,355

Avalon

Park

West

Community

Development

District

Special

Assessment

Refunding

Series

2020

(NR/NR)

225,000

2.500

(e)

05/01/2025

220,156

320,000

3.250

(e)

05/01/2030

307,207

Avelar

Creek

Community

Development

District

Special

Assessment

Refunding

Series

2016

(NR/A-)

180,000

2.500

05/01/2024

179,461

180,000

3.000

05/01/2025

177,055

190,000

3.000

05/01/2026

185,756

Avenir

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

800,000

4.500

05/01/2030

803,670

1,400,000

5.375

05/01/2043

1,387,105

Aviary

at

Rutland

Ranch

Community

Development

District

Special

Assessment

Refunding

for

Area

1

Project

Series

2019

(NR/NR)

50,000

3.625

(e)

06/01/2024

49,855

450,000

4.000

(e)

06/01/2030

437,490

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

Area

2C

Series

2020

(NR/NR)

210,000

2.500

05/01/2025

205,139

285,000

3.000

05/01/2030

270,177

775,000

4.000

05/01/2040

719,451

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

Area

3A

Series

2020

(NR/NR)

325,000

2.500

05/01/2025

317,477

250,000

3.000

05/01/2030

235,214

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

Area

3B

Series

2020

(NR/NR)

105,000

2.500

05/01/2025

102,569

145,000

3.000

05/01/2030

136,432

385,000

4.000

05/01/2040

357,405

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

RB

Series

2015

(NR/NR)

205,000

5.000

11/01/2031

207,113

100,000

5.250

11/01/2046

100,119

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

RB

Series

2018

(NR/NR)

$

70,000

4.000%

(e)

11/01/2024

$

69,874

360,000

4.500

(e)

11/01/2029

363,104

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

RB

Series

2022

(NR/NR)

2,000,000

4.250

05/01/2032

1,953,578

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

Series

2021

(NR/NR)

275,000

2.375

05/01/2026

262,161

Bannon

Lakes

Community

Development

District

Special

Assessment

RB

for

St.

Johns

County

Series

2016

(NR/NR)

35,000

4.500

11/01/2025

35,110

Bannon

Lakes

Community

Development

District

Special

Assessment

RB

Series

2016

(NR/NR)

175,000

5.000

11/01/2036

176,921

305,000

5.000

11/01/2048

290,831

Bannon

Lakes

Community

Development

District

Special

Assessment

RB

Series

2022

(NR/NR)

350,000

3.300

05/01/2032

322,777

1,385,000

4.000

05/01/2042

1,200,846

Bartram

Park

Community

Development

District

Special

Assessment

RB

Refunding

for

City

of

Jacksonville

Florida

Senior

Lien

Series

2015

A-1

(NR/A)

525,000

4.250

05/01/2029

534,008

465,000

4.500

05/01/2035

468,816

Bartram

Park

Community

Development

District

Special

Assessment

RB

Refunding

for

City

of

Jacksonville

Subordinate

Lien

Series

2015

A-2

(NR/NR)

305,000

4.500

05/01/2025

305,455

Bay

Laurel

Center

Community

Development

District

Special

Assessment

RB

Refunding

Series

2016

Candler

(NR/BBB+)

125,000

2.750

05/01/2024

124,670

90,000

3.000

05/01/2025

88,505

Baywinds

Community

Development

District

Senior

Special

Assessment

Refunding

Bonds

Series

2017

A-1

(NR/A+)

325,000

3.500

05/01/2024

324,990

340,000

3.500

05/01/2025

338,451

350,000

3.500

05/01/2026

348,946

365,000

3.500

05/01/2027

364,171

Bellagio

Community

Development

District

Special

Assessment

Bonds

Series

2016

(NR/BBB)

170,000

3.000

11/01/2025

165,216

Belmond

Reserve

Community

Development

District

Special

Assessment

Bonds

Series

2020

(NR/NR)

425,000

2.625

05/01/2025

416,261

1,075,000

3.250

05/01/2030

1,013,122

Belmont

II

Community

Development

District

Special

Assessment

Series

2020

(NR/NR)

130,000

2.500

12/15/2025

125,494

325,000

3.125

12/15/2030

302,820

Berry

Bay

Community

Development

District

Special

Assessment

RB

Series

2023

(NR/NR)

1,130,000

5.500

05/01/2043

1,145,542

Black

Creek

Community

Development

District

Special

Assessment

Bonds

Series

2020

(NR/NR)

50,000

3.000

06/15/2025

48,986

465,000

3.250

06/15/2030

429,791

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Blue

Lake

Community

Development

District

Special

Assessment

Bonds

Series

2019

(NR/NR)

$

85,000

3.500%

06/15/2024

$

84,672

1,000,000

4.000

06/15/2032

955,795

Boggy

Branch

Community

Development

District

Special

Assessment

Series

2021

(NR/NR)

190,000

2.500

05/01/2026

181,662

455,000

3.000

05/01/2031

408,671

Botaniko

Community

Development

District

Special

Assessment

Bonds

Series

2020

(NR/NR)

165,000

2.875

05/01/2025

161,234

1,130,000

3.250

05/01/2031

1,033,556

500,000

3.625

05/01/2040

412,535

Bradbury

Community

Development

District

City

of

Haines

City,

Florida

Special

Assessment

Bonds,

Series

2023

(NR/NR)

750,000

4.375

05/01/2030

747,500

Bridgewalk

Community

Development

District

Special

Assessment

Bonds

for

Assessment

Area

Two

Project

Series

2023

(NR/NR)

700,000

6.250

12/15/2043

728,365

Bridgewater

Community

Development

District

Special

Assessment

Bonds

for

Assessment

Area

One

Project

Series

2022

(NR/NR)

400,000

3.000

06/15/2032

349,770

1,095,000

3.250

06/15/2042

830,638

Bridgewater

North

Community

Development

District

Capital

Improvement

RB

Series

2022

(NR/NR)

1,000,000

4.000

05/01/2042

834,653

Brightwater

Community

Development

District

Special

Assessment

Bonds

for

Assessment

Area

One

Series

2021

(NR/NR)

325,000

2.375

05/01/2026

310,214

500,000

2.850

05/01/2031

442,624

Brookstone

Community

Development

District

Special

Assessment

RB

for

Manatee

County

Series

2022

(NR/NR)

265,000

4.375

05/01/2027

264,588

350,000

4.750

05/01/2032

350,390

Broward

County

Port

Facilities

RB

Series

2019A

(A1/A)

1,005,000

5.000

09/01/2037

1,095,418

1,050,000

5.000

09/01/2038

1,135,973

Broward

County

Port

Facilities

RB

Series

2019B

(A1/A)

3,520,000

4.000

09/01/2039

3,525,896

4,700,000

4.000

09/01/2049

4,562,740

Broward

County

Port

Facilities

RB

Series

2019B

(AMT)

(A1/A)

1,750,000

4.000

09/01/2044

1,753,040

Broward

County

Port

Facilities

RB

Series

2022

(A1/NR)

4,960,000

5.250

09/01/2047

5,359,142

3,000,000

5.500

09/01/2052

3,253,570

Buckhead

Trails

Community

Development

District

Special

Assessment

Bonds

for

Manatee

County

Project

Series

2022

(NR/NR)

325,000

4.750

05/01/2027

324,979

400,000

5.250

05/01/2032

400,849

Buena

Lago

Community

Development

District

Capital

Improvement

RB

Series

2022

(NR/NR)

665,000

5.250

05/01/2042

666,848

Campo

Bello

Community

Development

District

Special

Assessment

Bonds

Series

2019

(NR/NR)

50,000

3.250

12/15/2024

49,478

1,280,000

3.500

12/15/2030

1,188,322

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Capital

Trust

Agency

Student

Housing

RB

for

University

Bridge

LLC

Series

2018

A

(Ba2/NR)

$

28,215,000

5.250%

(e)

12/01/2058

$

26,299,086

Capital

Trust

Agency,

Inc.

RB

for

AcadeMir

Charter

School

West

Series

2021

A-2

(Ba2/NR)

610,000

4.000

(e)

07/01/2041

495,543

760,000

4.000

(e)

07/01/2051

556,528

Capital

Trust

Agency,

Inc.

RB

for

Imagine

Charter

School

at

North

Manatee

Series

2021

A

(NR/NR)

230,000

3.250

(e)

06/01/2031

200,117

Capital

Trust

Agency,

Inc.

RB

for

Imagine-Pasco

County

LLC

Series

2020

A

(Ba2/NR)

320,000

3.000

(e)

12/15/2029

286,183

645,000

5.000

(e)

12/15/2039

603,219

Capital

Trust

Agency,

Inc.

RB

for

University

Bridge

LLC

Series

2018

A

(Ba2/NR)

900,000

4.000

(e)

12/01/2028

864,990

1,375,000

5.250

(e)

12/01/2043

1,325,593

Capital

Trust

Agency,

Inc.

RB

for

WFCS

Holdings

LLC

Series

2020

A-1

(NR/NR)

880,000

4.500

(e)

01/01/2035

800,648

Capital

Trust

Authority

Educational

Facilities

Revenue

Refunding

Bonds

Southeastern

University

Inc

Project

Series

2023A

(NR/BB)

2,500,000

6.000

(e)

05/01/2043

2,503,286

2,500,000

6.250

(e)

05/01/2048

2,511,999

Caribe

Palm

Community

Development

District

Special

Assessment

Refunding

Series

2017

(NR/A-)

558,000

4.250

05/01/2031

561,771

Celebration

Community

Development

District

Special

Assessment

for

Assessment

Area

One

Project

Series

2021

(NR/NR)

70,000

2.250

05/01/2026

66,978

Center

Lake

Ranch

West

Community

Development

District

Capital

Improvement

RB

for

Assessment

Area

One

Series

2023

(NR/NR)

1,500,000

5.750

05/01/2043

1,524,387

Century

Gardens

at

Tamiami

Community

Development

District

Special

Assessment

Bonds

Series

2018

(NR/BBB)

110,000

3.500

11/01/2025

108,593

115,000

3.500

11/01/2026

113,535

Century

Gardens

at

Tamiami

Community

Development

District

Special

Assessment

Refunding

Series

2016

(NR/BBB)

245,000

2.500

05/01/2024

244,084

250,000

3.000

05/01/2025

245,487

255,000

3.000

05/01/2026

249,385

630,000

4.250

05/01/2037

625,082

Century

Gardens

Community

Development

District

Special

Assessment

Bonds

Series

2019

(NR/NR)

34,000

3.875

(e)

11/01/2024

33,861

189,000

4.200

(e)

11/01/2029

187,641

750,000

5.000

(e)

11/01/2049

709,415

Century

Park

South

Community

Development

District

Special

Assessment

Bonds

Series

2020

(NR/NR)

60,000

3.000

05/01/2025

58,767

625,000

3.375

05/01/2031

572,965

590,000

3.750

05/01/2040

494,532

CFM

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

180,000

2.400

05/01/2026

171,762

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

CFM

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

–

(continued)

$

650,000

2.875%

05/01/2031

$

574,440

740,000

3.350

05/01/2041

579,826

Chapel

Creek

Community

Development

District

Special

Assessment

Series

2021

(NR/NR)

230,000

2.500

(e)

05/01/2026

220,123

220,000

3.000

(e)

05/01/2031

196,544

Chapel

Crossings

Community

Development

District

Special

Assessment

Series

2020

(NR/NR)

235,000

2.625

(e)

05/01/2025

229,289

Charles

Cove

Community

Development

District

Special

Assessment

bond

Series

2020

(NR/NR)

360,000

3.750

05/01/2030

341,451

975,000

4.250

05/01/2040

875,982

Charles

Cove

Community

Development

District

Special

Assessment

RB

Series

2021

(NR/NR)

1,430,000

3.250

05/01/2041

1,098,897

Charlotte

County

Industrial

Development

Authority

Utility

System

RB

for

Town

&

Country

Utilities

Project

Series

2015

(NR/NR)

1,250,000

5.500

(e)

10/01/2036

1,271,876

Charlotte

County

Industrial

Development

Authority

Utility

System

RB

for

Town

&

Country

Utilities

Project

Series

2019

(NR/NR)

800,000

5.000

(e)

10/01/2029

811,043

1,000,000

5.000

(e)

10/01/2034

1,011,180

City

of

Cape

Coral

Water

&

Sewer

RB

Refunding

Series

2015

(A1/A+)

1,000,000

4.000

10/01/2034

1,011,195

City

of

Fort

Lauderdale,

Florida

Series

2023B

(Prospect

Lake

Water

Treatment

Plant

Project)

(Aa1/AA+)

17,250,000

5.500

09/01/2053

19,912,179

City

of

Palmetto

Educational

Facilities

Refunding

RB

Series

2022A

(NR/BBB-)

2,000,000

5.125

06/01/2042

2,083,072

950,000

5.250

06/01/2052

977,243

City

of

Pompano

Beach

RB

Refunding

for

John

Knox

Village

of

Florida,

Inc.

Obligated

Group

Series

2020

(NR/NR)

1,425,000

3.250

09/01/2025

1,386,759

City

of

Pompano

Beach

RB

Series

2021B-2

(NR/NR)

1,865,000

1.450

01/01/2027

1,698,492

City

of

Tampa

RB

for

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group

Series

2020

B

(A2/A)

900,000

4.000

07/01/2038

920,683

750,000

5.000

07/01/2040

803,007

City

of

Venice

RB

for

Southwest

Florida

Retirement

Center,

Inc.

Obligated

Group

Project

Series

2019

(NR/NR)

415,000

5.000

01/01/2037

403,791

1,485,000

5.000

01/01/2047

1,324,807

1,395,000

5.000

01/01/2052

1,210,308

City

of

West

Palm

Beach

Utility

System

RB

Series

2017

A

(Aa2/AA+)

15,000,000

5.000

10/01/2042

15,850,947

CityPlace

Community

Development

District

Special

Assessment

Convertible

Capital

Appreciation

RB

Series

2018

(AGM)

(A1/AA)

5,000,000

0.000

(g)

05/01/2038

4,769,337

Coco

Palms

Community

Development

District

Special

Assessment

Bonds

Expansion

Area

Project

Series

2019

(NR/NR)

50,000

3.625

(e)

06/15/2024

49,816

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Coco

Palms

Community

Development

District

Special

Assessment

Bonds

Expansion

Area

Project

Series

2019

(NR/NR)

–

(continued)

$

295,000

4.000%

(e)

06/15/2029

$

289,113

Coconut

Cay

Community

Development

District

Special

Assessment

Series

2006

(NR/NR)

620,000

5.375

05/01/2036

620,339

Coddington

Community

Development

District

Capital

Improvement

RB

Series

2022

(NR/NR)

615,000

5.750

05/01/2042

634,136

Concord

Station

Community

Development

District

Capital

Improvement

RB

Refunding

Senior

Lien

Series

2016

A-1

(NR/A)

900,000

2.500

05/01/2024

896,926

925,000

2.750

05/01/2025

908,414

915,000

3.000

05/01/2026

894,748

980,000

3.200

05/01/2027

960,678

1,015,000

3.250

05/01/2028

1,003,560

1,500,000

3.750

05/01/2046

1,357,720

Connerton

East

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

1,580,000

5.250

06/15/2043

1,602,284

Cope's

Landing

Community

Development

District

Capital

Improvement

RB

2023

Project

Area

Series

2023

(NR/NR)

1,225,000

5.750

05/01/2043

1,261,504

Copperspring

Community

Development

District

Special

Assessment

Bonds

Series

2019

(NR/NR)

45,000

3.200

12/15/2024

44,609

600,000

3.500

12/15/2029

575,452

325,000

4.000

12/15/2039

286,623

Coral

Bay

Community

Development

District

Capital

Improvement

RB

Series

2022

(NR/NR)

315,000

4.750

05/01/2032

317,241

250,000

5.500

05/01/2042

250,310

Coral

Keys

Homes

Community

Development

District

Special

Assessment

Bonds

Series

2020

(NR/NR)

105,000

2.750

05/01/2025

102,717

Cordoba

Ranch

Community

Development

District

Special

Assessment

Refunding

Bonds

Series

2021

(NR/NR)

940,000

3.000

05/01/2031

873,958

820,000

3.000

05/01/2037

681,616

Corkscrew

Crossing

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

675,000

5.100

05/01/2043

657,153

Corkscrew

Farms

Community

Development

District

Special

Assessment

for

Assessment

Area

Two

Project

Series

2017

(NR/NR)

350,000

4.500

(e)

11/01/2028

350,105

Coronado

Community

Development

District

Special

Assessment

Refunding

&

Improvement

Bonds

Series

2017

(NR/BBB)

133,000

3.250

05/01/2024

132,811

138,000

3.500

05/01/2025

136,857

143,000

3.625

05/01/2026

142,870

Country

Walk

Community

Development

District

Special

Assessment

RB

Refunding

Senior

Lien

Series

2015

A-1

(NR/AA)

205,000

3.375

05/01/2024

204,937

215,000

3.500

05/01/2025

214,186

210,000

4.125

05/01/2035

211,527

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

County

of

Broward

RB

for

Port

Facilities

Senior

Bonds

Series

2019

B

(A1/A)

$

3,045,000

5.000%

09/01/2035

$

3,283,240

1,610,000

4.000

09/01/2036

1,657,740

County

of

Miami-Dade

Aviation

RB

Series

2019

A

(NR/A)

4,500,000

4.000

10/01/2044

4,411,554

6,000,000

5.000

10/01/2044

6,257,366

County

of

Osceola

Transportation

RB

Refunding

Series

2019

A-1

(NR/BBB+)

475,000

5.000

10/01/2027

497,796

525,000

5.000

10/01/2028

557,219

450,000

5.000

10/01/2029

482,426

770,000

5.000

10/01/2030

824,478

365,000

5.000

10/01/2031

390,411

415,000

5.000

10/01/2032

443,383

350,000

5.000

10/01/2033

373,336

265,000

5.000

10/01/2034

281,801

435,000

5.000

10/01/2035

460,121

600,000

5.000

10/01/2036

629,401

525,000

5.000

10/01/2037

546,690

805,000

5.000

10/01/2038

834,619

1,000,000

5.000

10/01/2039

1,032,660

3,160,000

5.000

10/01/2049

3,195,897

County

of

Osceola

Transportation

RB

Refunding

Series

2019

A-2

(NR/BBB+)

155,000

0.000

(f)

10/01/2025

143,270

275,000

0.000

(f)

10/01/2026

243,599

360,000

0.000

(f)

10/01/2027

306,106

500,000

0.000

(f)

10/01/2028

407,912

700,000

0.000

(f)

10/01/2029

545,729

Creek

Preserve

Community

Development

District

Special

Assessment

RB

Series

2019

(NR/NR)

120,000

3.875

(e)

11/01/2024

119,478

740,000

4.250

(e)

11/01/2030

727,056

Creek

Preserve

Community

Development

District

Special

Assessment

RB

Series

2020

(NR/NR)

100,000

3.125

(e)

11/01/2030

89,577

Creekview

Community

Development

District

Special

Assessment

RB

Series

2022

(NR/NR)

450,000

3.875

05/01/2027

443,149

755,000

4.250

05/01/2032

738,496

2,185,000

4.625

05/01/2042

2,043,593

Cross

Creek

North

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

2,000,000

4.250

05/01/2042

1,821,229

Cross

Creek

North

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

1,040,000

5.125

05/01/2043

1,027,979

Crossings

at

Fleming

Island

Community

Development

District

Special

Assessment

RB

Refunding

Senior

Lien

Series

2014

A-1

(NR/NR)

385,000

4.000

05/01/2024

384,141

Crystal

Cay

Community

Development

District

Special

Assessment

for

2021

Project

Series

2021

(NR/NR)

140,000

2.250

05/01/2026

134,106

400,000

2.700

05/01/2031

360,828

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Cypress

Bay

West

Community

Development

District

Capital

Improvement

RB

for

Assessment

Area

One

Series

2023

(NR/NR)

$

675,000

4.625%

05/01/2030

$

676,320

600,000

5.250

05/01/2043

595,632

Cypress

Mill

Community

Development

District

Special

Assessment

Bonds

for

Bank

Qualified

2023

Project

Series

2023

(NR/BBB)

950,000

5.000

05/01/2053

951,206

Cypress

Mill

Community

Development

District

Special

Assessment

for

Area

Two

Project

Series

2020

(NR/NR)

290,000

2.625

06/15/2025

282,569

615,000

3.000

06/15/2031

551,025

Cypress

Park

Estates

Community

Development

District

Special

Assessment

Area

1

Project

Series

2020

(NR/NR)

105,000

2.625

(e)

05/01/2025

102,624

295,000

3.250

(e)

05/01/2030

273,129

Cypress

Park

Estates

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

180,000

4.375

05/01/2027

178,616

350,000

4.750

05/01/2032

348,551

450,000

5.000

05/01/2042

429,413

Davenport

Road

South

Community

Development

District

Special

Assessment

Bonds

Series

2018

(NR/NR)

730,000

4.500

(e)

11/01/2028

733,973

Deer

Run

Community

Development

District

Special

Assessment

RB

Refunding

Series

2018

(NR/NR)

2,385,000

5.400

05/01/2039

2,427,550

Deerbrook

Community

Development

District

Pasco

County,

Florida

Special

Assessment

Bonds,

Series

2023

2023

Project

(NR/NR)

1,095,000

5.250

05/01/2043

1,089,654

Del

Webb

Bexley

Community

Development

District

Special

Assessment

Series

2018

(NR/NR)

1,670,000

5.300

05/01/2039

1,691,148

Del

Webb

Oak

Creek

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

500,000

4.125

05/01/2030

497,630

DG

Farms

Community

Development

District

Special

Assessment

Series

2020

(NR/NR)

155,000

3.250

05/01/2030

145,151

Downtown

Doral

South

Community

Development

District

Special

Assessment

Bonds

Series

2018

(NR/NR)

1,890,000

4.600

(e)

05/01/2028

1,902,704

745,000

4.250

(e)

12/15/2028

741,352

2,395,000

4.750

(e)

12/15/2038

2,326,601

Durbin

Crossing

Community

Development

District

Special

Assessment

Refunding

Senior

Series

2017

A-1

(AGM)

(NR/AA)

690,000

3.750

05/01/2034

696,683

955,000

4.000

05/01/2037

972,730

DW

Bayview

Community

Development

District

Sepcial

Assessment

Bonds

for

Manatee

County

Series

2022

(NR/NR)

175,000

4.500

05/01/2032

174,692

500,000

5.125

05/01/2042

500,038

DW

Bayview

Community

Development

District

Special

Assessment

Bond

Series

2021

(NR/NR)

225,000

2.375

(e)

05/01/2026

215,423

470,000

3.000

(e)

05/01/2032

432,879

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Eagle

Hammock

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

$

110,000

4.375%

05/01/2027

$

110,031

Eagle

Pointe

Community

Development

District

Special

Assessment

Bonds

Series

2020

(NR/NR)

125,000

3.000

(e)

05/01/2025

122,752

440,000

3.625

(e)

05/01/2031

408,909

East

547

Community

Development

District

Special

Assessment

Bond

for

Assessment

Area

One

Project

Series

2021

(NR/NR)

75,000

2.500

05/01/2026

71,767

275,000

3.000

05/01/2031

246,155

455,000

3.300

05/01/2041

354,828

East

547

Community

Development

District

Special

Assessment

Bond

for

Assessment

Area

Two

Project

Series

2023

(NR/NR)

650,000

6.250

05/01/2043

675,492

East

Bonita

Beach

Road

Community

Development

District

Special

Assessment

Bonds

for

Assessment

Area

Two

Series

2021

(NR/NR)

305,000

2.250

05/01/2026

291,508

460,000

3.000

05/01/2032

423,669

East

Homestead

Community

Development

District

Special

Assessment

Bonds

Expansion

Area

Project

Series

2019

(NR/NR)

50,000

3.750

11/01/2024

49,797

East

Homestead

Community

Development

District

Special

Assessment

Expansion

Bonds

Area

Project

Series

2019

(NR/NR)

280,000

4.125

11/01/2029

276,986

Eden

Hills

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

355,000

3.250

05/01/2027

346,974

530,000

3.625

05/01/2032

502,492

780,000

4.000

05/01/2042

680,862

Eden

Hills

Community

Development

District

Special

Assessment

Series

2020

(NR/NR)

65,000

2.750

05/01/2025

63,767

110,000

3.250

05/01/2030

105,764

Edgewater

East

Community

Development

District

Special

Assessment

for

Assessment

Area

Once

Series

2021

(NR/NR)

295,000

2.500

05/01/2026

281,963

700,000

3.100

05/01/2031

630,407

Edgewater

East

Community

Development

District

Special

Assessment

RB

Series

2022

(NR/NR)

855,000

3.000

05/01/2027

810,669

1,875,000

3.375

05/01/2032

1,693,268

1,875,000

4.000

05/01/2042

1,617,068

Enbrook

Community

Development

District

Special

Assessment

Series

2020

(NR/NR)

430,000

3.000

(e)

05/01/2030

390,149

Entrada

Community

Development

District

Capital

Improvement

RB

Series

2023

(NR/NR)

730,000

4.875

05/01/2033

743,120

500,000

5.600

05/01/2043

511,937

Entrada

Community

Development

District

Special

Assessment

Bond

Series

2021

(NR/NR)

375,000

2.625

(e)

05/01/2031

336,434

1,860,000

3.125

(e)

05/01/2041

1,468,063

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Epperson

North

Community

Development

District

Capital

Improvement

RB

Series

2021A

(NR/NR)

$

130,000

2.450%

11/01/2026

$

123,066

315,000

3.100

11/01/2031

278,287

Epperson

North

Community

Development

District

Special

Assessment

for

Assessment

Area

#2

Series

2021

(NR/NR)

130,000

2.500

05/01/2026

124,145

325,000

3.000

05/01/2031

288,091

335,000

3.500

05/01/2041

262,330

Escambia

County

Health

Facilities

Authority

Health

Care

Facilities

RB

Series

2020A

(Baa2/BBB)

3,705,000

4.000

08/15/2045

3,402,954

Escambia

County

Health

Facilities

Authority

RB

Refunding

for

Baptist

Hospital,

Inc.

Project

Series

2020

A

(Baa2/BBB)

1,360,000

5.000

08/15/2031

1,457,887

3,140,000

5.000

08/15/2032

3,346,232

355,000

5.000

08/15/2033

378,077

2,045,000

5.000

08/15/2034

2,174,900

2,595,000

5.000

08/15/2035

2,745,818

9,500,000

5.000

08/15/2036

9,996,349

3,605,000

5.000

08/15/2040

3,706,513

Escambia

County

International

Paper

Company

Environmental

Improvement

Revenue

Refunding

Bonds

Series

2019B

(Baa2/BBB)

400,000

2.000

(a)(b)

11/01/2033

393,090

Esplanade

Lake

Club

Community

Development

District

Special

Assessment

for

Capital

Improvement

Program

Series

2019

A-1

(NR/NR)

465,000

3.250

11/01/2025

455,928

1,375,000

3.625

11/01/2030

1,278,010

Esplanade

Lake

Club

Community

Development

District

Special

Assessment

for

Capital

Improvement

Program

Series

2019

A-2

(NR/NR)

35,000

3.250

11/01/2025

34,317

Evergreen

Community

Development

District

Special

Assessment

RB

Series

2019

(NR/NR)

70,000

4.125

(e)

11/01/2024

69,833

445,000

4.250

(e)

11/01/2029

442,541

Fallschase

Community

Development

District

Special

Assessment

Bonds

for

Leon

County

Series

2021

(NR/NR)

1,000,000

4.000

05/01/2052

787,600

Fallschase

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

1,030,000

2.625

05/01/2026

988,583

1,220,000

3.125

05/01/2031

1,096,462

Fiddlers

Creek

Community

Development

District

No.

2

Special

Assessment

Refunding

Series

2019

(NR/NR)

1,875,000

4.250

05/01/2029

1,872,095

3,045,000

5.000

05/01/2035

3,088,729

Finley

Woods

Community

Development

District

Special

Assessment

for

Assessment

Area

One

Series

2020

(NR/NR)

355,000

3.500

05/01/2030

331,386

165,000

4.000

05/01/2040

143,735

Fishhawk

Ranch

Community

Development

District

Special

Assessment

Refunding

Bonds

Series

2020

(AGM)

(NR/AA)

1,450,000

2.750

11/01/2035

1,286,819

Florida

Development

Finance

Corp.

Educational

Facilities

RB

Series

2022A

(Ba3/NR)

1,265,000

5.000

(e)

07/01/2032

1,197,057

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Florida

Development

Finance

Corp.

Educational

Facilities

RB

Series

2022A

(Ba3/NR)

–

(continued)

$

3,000,000

5.375%

(e)

07/01/2042

$

2,711,507

Florida

Development

Finance

Corp.

Educational

RB

for

Cornerstone

Charter

Academy

Project

Series

2022

(NR/BB+)

2,005,000

5.000

(e)

10/01/2042

1,908,748

Florida

Development

Finance

Corp.

RB

for

Brightline

Passenger

Rail

Expansion

Project

Series

2023C

(NR/NR)

10,750,000

8.000

(a)(b)(e)

07/01/2057

10,973,230

Florida

Development

Finance

Corp.

RB

for

Discovery

High

School

&

Discovery

Academy

of

Lake

Alfred

Obligated

Group

Series

2020

A

(NR/NR)

1,455,000

4.000

(e)

06/01/2030

1,357,767

Florida

Development

Finance

Corp.

RB

for

Imagine

School

at

Broward

Series

2019

A

(Baa3/NR)

425,000

4.000

(e)

12/15/2029

421,585

725,000

5.000

(e)

12/15/2034

754,227

770,000

5.000

(e)

12/15/2039

783,142

Florida

Development

Finance

Corp.

RB

for

Mayflower

Retirement

Center,

Inc.

Obligated

Group

Series

2020

A

(NR/NR)

1,675,000

5.125

(e)

06/01/2040

1,466,056

Florida

Development

Finance

Corp.

RB

for

River

City

Education

Obligated

Group

Series

2021

A

(Baa3/NR)

320,000

4.000

07/01/2035

321,298

Florida

Development

Finance

Corp.

RB

for

United

Cerebral

Palsy

of

Central

Florida,

Inc.

Series

2020

A

(NR/NR)

405,000

4.000

06/01/2030

378,145

Florida

Development

Finance

Corp.

RB

Refunding

for

Brightline

Trains

Florida

LLC

Series

2019

B

(NR/NR)

5,900,000

7.375

(e)

01/01/2049

5,934,609

Florida

Development

Finance

Corp.

RB

Refunding

for

Glenridge

on

Palmer

Ranch

Obligated

Group

Series

2021

(NR/NR)

275,000

5.000

(e)

06/01/2031

265,574

200,000

5.000

(e)

06/01/2035

187,723

Florida

Development

Finance

Corp.

RB

Refunding

for

Global

Outreach

Charter

Academy

Obligated

Group

Series

2021

A

(B1/NR)

630,000

4.000

(e)

06/30/2036

546,453

660,000

4.000

(e)

06/30/2041

527,406

Florida

Development

Finance

Corp.

RB

Refunding

for

Mayflower

Retirement

Center,

Inc.

Obligated

Group

Series

2020

A

(NR/NR)

415,000

4.000

(e)

06/01/2026

398,218

Florida

Development

Finance

Corp.

RB

Refunding

for

Nova

Southeastern

University,

Inc.

Series

2020

A

(A3/A-)

300,000

5.000

04/01/2027

317,846

250,000

5.000

04/01/2029

274,085

Florida

Development

Finance

Corp.

RB

Refunding

for

Renaissance

Charter

School,

Inc.

Series

2020

C

(NR/NR)

470,000

4.000

(e)

09/15/2030

435,633

1,050,000

5.000

(e)

09/15/2040

945,223

Florida

Development

Finance

Corp.

Surface

Transportation

Facility

RB

for

Brightline

Florida

Passenger

Rail

Project

Series

2019A-2

(NR/NR)

1,525,000

6.250

(a)(b)(e)(h)

01/01/2049

1,524,830

Florida

Development

Finance

Corp.

Surface

Transportation

Facility

RB

for

Virgin

Trains

USA

Passenger

Rail

Project

Series

2019A

(NR/NR)

20,465,000

6.500

(a)(b)(e)

01/01/2049

20,033,260

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Florida

Development

Finance

Corp.

Surface

Transportation

Facility

RB

Series

2019A

(NR/NR)

$

485,000

6.250%

(a)(b)(e)

01/01/2049

$

485,000

9,090,000

6.375

(a)(b)(e)

01/01/2049

8,813,163

Florida

Higher

Educational

Facilities

Financial

Authority

RB

for

Florida

Institute

of

Technology,

Inc.

Series

2019

(NR/BBB-)

350,000

5.000

10/01/2024

352,541

Florida

Higher

Educational

Facilities

Financial

Authority

RB

for

Jacksonville

University

Project

Series

2018

A-1

(NR/NR)

2,000,000

4.500

(e)

06/01/2033

1,947,529

250,000

4.750

(e)

06/01/2038

234,574

4,500,000

5.000

(e)

06/01/2048

4,070,830

Florida

Higher

Educational

Facilities

Financial

Authority

RB

for

Ringling

College

of

Art

&

Design,

Inc.

Series

2019

(NR/BBB)

2,000,000

5.000

03/01/2044

2,028,758

Florida

Higher

Educational

Facilities

Financial

Authority

RB

Ringling

College

of

Art

and

Design,

Inc.

Series

2017

(NR/BBB)

2,750,000

5.000

03/01/2047

2,765,003

Florida

Insurance

Assistance

Interlocal

Agency

Insurance

Assessment

RB

Series

2023A-1

(A2/A)

8,795,000

5.000

09/01/2025

8,966,812

4,530,000

5.000

09/01/2026

4,735,177

3,305,000

5.000

09/01/2027

3,481,181

Flow

Way

Community

Development

District

Special

Assessment

Bonds

for

Phase

5

Project

Series

2016

(NR/NR)

1,540,000

4.875

11/01/2037

1,531,720

Flow

Way

Community

Development

District

Special

Assessment

Bonds

for

Phase

6

Project

Series

2017

(NR/NR)

200,000

4.000

11/01/2028

197,419

1,065,000

5.000

11/01/2038

1,068,737

Flow

Way

Community

Development

District

Special

Assessment

Bonds

for

Phase

7

&

8

Project

Series

2019

(NR/NR)

95,000

3.350

11/01/2024

94,351

1,785,000

4.125

11/01/2039

1,596,265

Forest

Brooke

Community

Development

District

Special

Assessment

Subordinated

Bonds

Series

2019

A-2

(NR/NR)

465,000

3.750

11/01/2039

395,093

Forest

Lake

Community

Development

District

Special

Assessment

for

Assessment

Area1

Series

2020

(NR/NR)

355,000

2.625

(e)

05/01/2025

347,752

495,000

3.250

(e)

05/01/2030

468,295

Gracewater

Sarasota

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

615,000

2.950

05/01/2031

546,333

1,595,000

3.350

05/01/2041

1,251,302

Grand

Bay

at

Doral

Community

Development

District

Special

Assessment

for

South

Parcel

Assessment

Area

Project

Series

2016

(NR/NR)

530,000

4.250

05/01/2026

530,821

Grand

Oaks

Community

Development

District

Special

Assessment

Bonds

Assessment

Area

2

Series

2020

(NR/NR)

560,000

3.250

05/01/2025

551,782

1,360,000

4.000

05/01/2030

1,317,599

Grand

Oaks

Community

Development

District

Special

Assessment

RB

Series

2019

A

(NR/NR)

100,000

3.750

11/01/2024

99,489

555,000

4.125

11/01/2029

548,678

1,195,000

4.750

11/01/2039

1,148,391

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Grand

Oaks

Community

Development

District

Special

Assessment

RB

Series

2019

A

(NR/NR)

–

(continued)

$

1,930,000

5.000%

11/01/2050

$

1,816,195

Grand

Oaks

Community

Development

District

Special

Assessment

RB

Series

2021

(NR/NR)

215,000

3.200

11/01/2031

193,082

500,000

3.500

11/01/2041

396,497

Grande

Pines

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

435,000

2.500

05/01/2026

416,373

Greater

Orlando

Aviation

Authority

Airport

Facilities

RB

Refunding

for

Jetblue

Airways

Corp.

Project

Series

2013

(NR/NR)

990,000

5.000

11/15/2036

990,025

Grove

Resort

Community

Development

District

Special

Assessment

RB

Series

2022

(NR/NR)

170,000

3.300

05/01/2032

152,412

440,000

3.550

05/01/2042

349,341

Gulfstream

Polo

Community

Development

District

Special

Assessment

Phase#2

Project

Series

2019

(NR/NR)

55,000

3.000

11/01/2024

54,443

1,195,000

3.500

11/01/2030

1,124,371

Hacienda

Lakes

Community

Development

District

Special

Assessment

Refunding

Series

2016

(NR/NR)

365,000

3.875

05/01/2026

360,538

Hacienda

North

Community

Development

District

Special

Assessment

RB

Series

2023

(NR/NR)

1,650,000

6.300

05/01/2043

1,745,159

Hammock

oaks

Community

Development

District

Special

Assessment

Area

One

Bonds

Series

2023

(NR/NR)

700,000

5.625

05/01/2043

712,391

Hammock

Reserve

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

390,000

4.200

05/01/2027

385,754

465,000

4.400

05/01/2032

457,353

605,000

4.700

05/01/2042

555,406

Hammock

Reserve

Community

Development

District

Special

Assessment

for

Assessment

Area

One

Project

Series

2020

(NR/NR)

220,000

2.625

05/01/2025

214,927

510,000

3.250

05/01/2030

480,858

Hammock

Reserve

Community

Development

District

Special

Assessment

for

Assessment

Area

Two

Project

Series

2021

(NR/NR)

125,000

2.375

05/01/2026

119,410

205,000

3.000

05/01/2031

183,877

Harbor

Bay

Community

Development

District

Special

Assessment

RB

Refunding

Series

2019

A-2

(NR/NR)

290,000

3.100

05/01/2024

288,803

1,880,000

3.300

05/01/2029

1,784,962

365,000

3.700

05/01/2033

333,751

Harbor

Bay

Community

Development

District

Special

Assessment

RB

Series

2019

A-1

(NR/NR)

100,000

3.100

05/01/2024

99,587

1,140,000

3.300

05/01/2029

1,081,934

Harmony

On

Lake

Eloise

Community

Development

District

City

of

Winter

Haven,

Florida

Capital

Improvement

RB,

Series

2023

Assessment

Area

One

(NR/NR)

800,000

5.125

05/01/2043

799,455

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Hawks

Point

Community

Development

District

Special

Assessment

Refunding

Senior

Series

2017

A-1

(NR/A-)

$

265,000

4.000%

(e)

05/01/2024

$

265,661

265,000

4.000

(e)

05/01/2025

267,098

140,000

4.000

(e)

05/01/2026

142,160

Hawkstone

Community

Development

District

Special

Assessment

Area

1

RB

Series

2019

(NR/NR)

35,000

3.250

11/01/2024

34,697

400,000

3.500

11/01/2030

373,857

1,000,000

3.875

11/01/2039

873,463

Hawkstone

Community

Development

District

Special

Assessment

Area

2

RB

Series

2019

(NR/NR)

125,000

3.625

11/01/2030

117,736

Hawkstone

Community

Development

District

Special

Assessment

RB

Series

2021

(NR/NR)

270,000

2.600

05/01/2026

259,056

435,000

3.200

05/01/2031

393,916

1,000,000

3.450

05/01/2041

803,652

Heritage

Harbour

North

Community

Development

District

Special

Assessment

Series

2014

(NR/NR)

785,000

5.000

05/01/2034

801,640

Heritage

Isle

at

Viera

Community

Development

District

Special

Assessment

Refunding

Series

2017

(AGM)

(NR/AA)

215,000

4.000

05/01/2024

215,572

225,000

4.000

05/01/2025

227,952

235,000

4.000

05/01/2026

241,335

240,000

4.000

05/01/2027

249,844

250,000

4.000

05/01/2028

260,897

Heritage

Landing

Community

Development

District

Special

Assessment

Refunding

Bonds

Series

2015

(NR/BBB)

605,000

3.500

05/01/2024

604,547

625,000

3.625

05/01/2025

621,238

650,000

3.750

05/01/2026

647,331

1,005,000

4.200

05/01/2031

1,007,525

1,000,000

4.350

05/01/2036

1,003,112

Herons

Glen

Recreation

District

Special

Assessment

Refunding

Bonds

Series

2020

(BAM)

(NR/AA)

365,000

2.500

05/01/2030

350,155

375,000

2.500

05/01/2031

356,391

300,000

3.000

05/01/2032

297,213

300,000

3.000

05/01/2033

295,633

245,000

3.000

05/01/2034

235,766

255,000

3.000

05/01/2035

244,478

260,000

3.000

05/01/2036

245,145

Higher

Educational

Facilities

Financing

Authority

Educational

Facilities

Revenue

Refunding

Bonds

for

Saint

Leo

University

Project

Series

2019

(NR/BB)

1,700,000

5.000

03/01/2039

1,374,345

Highland

Meadows

West

Community

Development

District

Special

Assessment

for

Assessment

Area

2

Series

2020

A

(NR/NR)

120,000

2.875

05/01/2025

117,393

200,000

3.250

05/01/2031

181,278

Highland

Meadows

West

Community

Development

District

Special

Assessment

for

Assessment

Area

3

Series

2020

A

(NR/NR)

140,000

3.250

05/01/2031

126,894

Highlands

Community

Development

District

Special

Assessment

Bonds

for

Assessment

Areas

3B

and

5

Project

Series

2018

(NR/NR)

60,000

4.000

(e)

12/15/2024

59,831

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Highlands

Community

Development

District

Special

Assessment

Bonds

for

Assessment

Areas

3B

and

5

Project

Series

2018

(NR/NR)

–

(continued)

$

550,000

4.250%

(e)

12/15/2029

$

547,743

Highlands

Meadows

II

Community

Development

District

Special

Assessment

Bonds

for

Assessment

Area

7/7A

Project

Series

2019

(NR/NR)

20,000

3.375

11/01/2025

19,712

220,000

3.875

11/01/2031

209,060

300,000

4.200

11/01/2039

270,702

Highlands

Meadows

II

Community

Development

District

Special

Assessment

Bonds

for

Assessment

Area

Five

Project

Series

2017

(NR/NR)

295,000

4.875

11/01/2027

298,737

865,000

5.375

11/01/2037

876,385

775,000

5.500

11/01/2047

778,223

Highlands

Meadows

II

Community

Development

District

Special

Assessment

Bonds

for

Assessment

Area

Six

Project

Series

2017

(NR/NR)

60,000

4.875

11/01/2027

60,757

335,000

5.500

11/01/2047

336,393

Hillcrest

Community

Development

District

Special

Assessment

Bonds

for

Capital

Improvement

Program

Series

2018

(NR/NR)

790,000

4.000

11/01/2028

781,299

700,000

4.500

11/01/2038

661,099

Hills

Minneola

Community

Development

District

Special

Assessments

for

South

Parcel

Assessment

Area

Series

2020

(NR/NR)

680,000

3.000

(e)

05/01/2025

667,683

1,020,000

3.500

(e)

05/01/2031

947,945

Hills

Minneola

Community

Development

District

Special

Assessments

for

South

Parcel

Assessment

Area

Series

2021

(NR/NR)

250,000

2.800

05/01/2031

220,218

1,000,000

3.200

05/01/2041

768,958

Hillsborough

County

Aviation

Authority

Revenue

Refunding

Bonds

Series

2015-A

(NR/AA-)

6,275,000

5.000

10/01/2040

6,288,258

Holly

Hill

Road

East

Community

Development

District

Special

Assessment

for

Area

3

Project

Series

2020

(NR/NR)

45,000

4.000

11/01/2025

44,724

165,000

4.500

11/01/2031

173,320

170,000

5.000

11/01/2041

177,552

Homestead

50

Community

Development

District

Special

Assessment

Refunding

Bonds

Series

2021

(NR/NR)

747,000

3.000

05/01/2031

665,643

933,000

3.000

05/01/2037

743,383

Housing

Finance

Authority

of

Broward

County

Multifamily

Housing

RB

for

Pinnacle

441

Phase

2

Series

2023

(Aaa/NR)

1,705,000

4.050

(a)(b)

09/01/2056

1,727,000

Hunters

Ridge

Community

Development

District

No.

1

Assessment

Area

Special

Assessment

Bonds

Series

2019

(NR/NR)

40,000

4.000

(e)

11/01/2024

39,869

210,000

5.000

(e)

11/01/2039

208,882

Island

Lake

Estates

Community

Development

District

2023

Project

Special

Assessment

Bonds

Series

2023

(NR/NR)

1,360,000

5.750

12/15/2043

1,399,388

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

Bonds

Series

2017

A

(NR/NR)

$

1,175,000

4.500%

(e)

05/01/2038

$

1,110,277

1,855,000

4.625

(e)

05/01/2048

1,654,560

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

670,000

2.750

05/01/2031

586,229

765,000

3.125

05/01/2041

579,293

Kelly

Park

Community

Development

District

915,000

6.000

11/01/2043

932,665

Kindred

Community

Development

District

II

Special

Assessment

Bonds

Series

2020

(NR/NR)

110,000

2.625

05/01/2025

107,531

155,000

3.000

05/01/2030

143,870

Kindred

Community

Development

District

II

Special

Assessment

Bonds

Series

2021

(NR/NR)

600,000

3.125

05/01/2041

473,569

Kindred

Community

Development

District

II

Special

Assessment

RB

Series

2023

(NR/NR)

640,000

4.900

05/01/2033

654,677

Kindred

Community

Development

District

Special

Assessment

Bond

Series

2017

(NR/NR)

1,000,000

4.625

05/01/2037

969,897

Kingman

Gate

Community

Development

District

Special

Assessment

Bonds

Series

2020

(NR/NR)

305,000

2.750

06/15/2025

298,869

485,000

3.125

06/15/2030

461,342

375,000

4.000

06/15/2040

347,998

Kingman

Gate

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

700,000

3.600

06/15/2041

600,725

Lake

Deer

Community

Development

District

Special

Assessment

Bonds

for

Polk

County

Series

2022

(NR/NR)

445,000

4.500

05/01/2027

440,777

445,000

5.000

05/01/2032

438,719

1,320,000

5.500

05/01/2042

1,304,881

Lake

Emma

Community

Development

District

Special

Assessment

Bonds

for

Assessment

Area

Two

Series

2023

(NR/NR)

625,000

4.500

(e)

05/01/2030

624,621

550,000

5.250

(e)

05/01/2043

547,969

Lake

Harris

Community

Development

District

2023

Project

Area

Special

Assessment

Bonds

Series

2023

(NR/NR)

200,000

4.700

05/01/2030

200,898

Lakeshore

Ranch

Community

Development

District

Special

Assessment

Refunding

Series

2019

A-2

(NR/NR)

355,000

3.500

05/01/2030

331,756

325,000

4.000

05/01/2035

303,068

Lakewood

Park

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

625,000

5.625

05/01/2043

638,592

Lakewood

Park

Community

Development

District

Special

Assessment

for

Assessment

Area

One

Series

2021

(NR/NR)

100,000

2.625

05/01/2026

95,979

125,000

3.200

05/01/2031

114,080

Lakewood

Ranch

Stewardship

District

Special

Assessment

for

Azario

Project

Series

2019

(NR/NR)

180,000

3.125

05/01/2025

177,271

370,000

3.400

05/01/2030

346,359

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Lakewood

Ranch

Stewardship

District

Special

Assessment

for

Lorraine

Lakes

Project

Series

2020

(NR/NR)

$

445,000

2.500%

(e)

05/01/2025

$

433,880

Lakewood

Ranch

Stewardship

District

Special

Assessment

for

Northeast

Sector

Phase

2A

Project

Series

2019

(NR/NR)

225,000

3.250

05/01/2029

212,252

200,000

3.850

05/01/2039

173,446

Lakewood

Ranch

Stewardship

District

Special

Assessment

for

Northeast

Sector

Project

-

Phase

2C

Series

2020

(NR/NR)

470,000

3.000

05/01/2030

426,064

750,000

3.500

05/01/2040

609,960

Lakewood

Ranch

Stewardship

District

Special

Assessment

for

Sweetwater

Project

Series

2021

(NR/NR)

295,000

2.625

05/01/2031

256,027

1,000,000

3.100

05/01/2041

757,268

Lakewood

Ranch

Stewardship

District

Special

Assessment

RB

for

Cresswind

Project

Series

2019

(NR/NR)

55,000

3.600

05/01/2024

54,865

285,000

3.800

05/01/2029

277,884

Lakewood

Ranch

Stewardship

District

Special

Assessment

RB

for

Del

Webb

Project

Series

2017

(NR/NR)

420,000

4.300

(e)

05/01/2027

421,489

Lakewood

Ranch

Stewardship

District

Special

Assessment

RB

for

Indigo

Expansion

Area

Project

Series

2019

(NR/NR)

5,000

2.900

(e)

05/01/2024

4,974

570,000

3.200

(e)

05/01/2029

539,655

Lakewood

Ranch

Stewardship

District

Special

Assessment

RB

for

Lake

Club

Phase

4

Project

Series

2019

(NR/NR)

40,000

3.600

05/01/2024

39,902

225,000

3.800

05/01/2029

219,382

Lakewood

Ranch

Stewardship

District

Special

Assessment

RB

for

Lakewood

Centre

North

Project

Series

2015

(NR/NR)

375,000

4.250

05/01/2025

374,925

1,605,000

4.875

05/01/2035

1,608,063

905,000

4.875

05/01/2045

861,429

Lakewood

Ranch

Stewardship

District

Special

Assessment

RB

for

Lakewood

National

&

Polo

Run

Projects

Series

2017

(NR/NR)

735,000

4.625

05/01/2027

741,250

1,000,000

5.250

05/01/2037

1,012,699

Lakewood

Ranch

Stewardship

District

Special

Assessment

RB

for

North

East

Sector

Project

-

Phase

1A

Series

2018

(NR/NR)

1,055,000

4.250

05/01/2028

1,053,296

Lakewood

Ranch

Stewardship

District

Special

Assessment

RB

for

North

East

Sector

Project

-

Phase

1B

Series

2018

(NR/NR)

395,000

4.350

05/01/2024

395,035

1,970,000

4.750

05/01/2029

1,995,678

2,250,000

5.300

05/01/2039

2,281,308

Lakewood

Ranch

Stewardship

District

Special

Assessment

RB

for

Taylor

Ranch

Project

Series

2023

(NR/NR)

2,500,000

6.125

05/01/2043

2,602,415

Lakewood

Ranch

Stewardship

District

Special

Assessment

RB

for

Villages

of

Lakewood

Ranch

South

Project

Series

2016

(NR/NR)

210,000

4.250

05/01/2026

209,207

5,475,000

5.000

05/01/2036

5,514,907

3,945,000

5.125

05/01/2046

3,849,860

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Lakewood

Ranch

Stewardship

District

Special

Assessment

RB

Refunding

for

Country

Club

East

Project

Series

2020

(AGM)

(NR/AA)

$

500,000

2.000%

05/01/2028

$

466,240

500,000

2.000

05/01/2029

458,761

Lakewood

Ranch

Stewardship

District

Special

Assessment

RB

Series

2021

(NR/NR)

425,000

3.000

05/01/2041

320,258

Lakewood

Ranch

Stewardship

District

Special

Assessment

Refunding

for

Northeast

Sector

Project

-

Phase

2B

Series

2020

(NR/NR)

230,000

2.500

(e)

05/01/2025

224,310

440,000

3.200

(e)

05/01/2030

404,435

Lakewood

Ranch

Stewardship

District

The

Isles

at

Lakewood

Ranch

Project

Phase

1

Special

Assessment

Bonds

Series

2019

(NR/NR)

145,000

3.500

05/01/2024

144,601

275,000

3.875

05/01/2029

269,072

Landings

at

Miami

Community

Development

District

Special

Assessment

Bonds

Series

2018

(NR/NR)

560,000

4.125

(e)

11/01/2028

555,794

250,000

4.750

(e)

11/01/2048

227,081

Landmark

at

Doral

Community

Development

District

Senior

Special

Assessment

Refunding

for

North

Parcel

Assessment

Area

Series

2019

A-1

(NR/AA-)

375,000

3.000

05/01/2024

373,982

490,000

3.000

05/01/2025

480,788

500,000

3.000

05/01/2026

488,831

520,000

3.000

05/01/2027

507,234

535,000

3.000

05/01/2028

520,238

550,000

3.000

05/01/2029

534,155

1,605,000

3.000

05/01/2035

1,489,007

Landmark

at

Doral

Community

Development

District

Subordinate

Special

Assessment

Refunding

for

North

Parcel

Assessment

Area

Series

2019

A-2

(NR/NR)

140,000

3.125

05/01/2024

139,448

535,000

3.375

05/01/2030

497,738

925,000

4.000

05/01/2038

827,105

Lawson

Dunes

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

325,000

4.375

05/01/2027

323,458

455,000

4.750

05/01/2032

454,457

390,000

5.000

05/01/2042

382,633

Lee

County

Moody

River

Estates

Community

Development

District

Special

Assessment

Refunding

Senior

Series

2017

A-1

(NR/A-)

330,000

3.500

05/01/2025

328,708

340,000

3.500

05/01/2026

338,151

Lee

Memorial

Health

System

Hospital

Revenue

&

Revenue

Refunding

Bonds

2019

Series

A-2

(A2/A+)

4,590,000

5.000

(a)(b)

04/01/2033

4,705,186

Live

Oak

Lake

Community

Development

District

Special

Assessment

Series

2020

(NR/NR)

505,000

3.125

05/01/2025

496,784

Long

Lake

Reserve

Community

Development

District

Special

Assessment

Bonds

Series

2018

(NR/NR)

1,270,000

5.000

05/01/2038

1,272,998

Longleaf

Community

Development

District

(NR/NR)

446,000

5.375

05/01/2030

446,054

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

LT

Ranch

Community

Development

District

Capital

Improvement

RB

Series

2022-1

(NR/NR)

$

100,000

5.300%

05/01/2032

$

102,018

285,000

5.750

05/01/2042

291,595

460,000

5.900

05/01/2053

467,513

LT

Ranch

Community

Development

District

Special

Assessment

Series

2019

(NR/NR)

400,000

3.000

05/01/2025

392,935

980,000

3.400

05/01/2030

913,029

1,420,000

4.000

05/01/2040

1,246,794

LTC

Ranch

West

Residential

Community

Development

District

Special

Assessment

Bonds

Series

2021

B

(NR/NR)

1,100,000

3.250

05/01/2031

997,028

LTC

Ranch

West

Residential

Community

Development

District

Special

Assessment

for

Assessment

Area

One

Project

Series

2021

A

(NR/NR)

275,000

2.500

05/01/2026

263,015

700,000

3.125

05/01/2031

629,117

775,000

3.450

05/01/2041

618,835

Lucerne

Park

Community

Development

District

Special

Assessment

Bonds

Series

2019

(NR/NR)

65,000

3.800

05/01/2024

64,877

290,000

4.000

05/01/2029

285,780

Lynwood

Community

Development

District

Special

Assessment

Bonds

Series

2019

(NR/NR)

130,000

3.250

06/15/2024

129,358

885,000

3.625

06/15/2030

832,303

Mandarin

Grove

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

1,900,000

6.625

(e)

05/01/2053

2,003,797

Mangrove

Point

Community

Development

District

Capital

Improvement

RB

Series

2022

(NR/NR)

350,000

4.000

05/01/2032

337,596

1,050,000

4.250

05/01/2042

933,430

McJunkin

Parkland

Community

Development

District

Special

Assessment

Bonds

Series

2018

(NR/NR)

1,000,000

4.750

(e)

11/01/2029

1,013,692

Meadow

Pines

Community

Development

District

Special

Assessment

Refunding

Bonds

Senior

Lien

Series

2014

1

(NR/A)

745,000

4.450

05/01/2030

746,991

Meadow

View

at

Twin

Creeks

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

505,000

3.000

05/01/2031

450,000

1,785,000

3.250

05/01/2041

1,371,700

Merrick

Square

Community

Development

District

Capital

Improvement

RB

Series

2023

(NR/NR)

750,000

5.400

05/01/2043

758,155

Miami

Dade

County

Avaiation

Revenue

Refunding

Bonds

Series

2015A

(NR/A)

30,000,000

5.000

10/01/2038

30,181,578

Miami

Dade

County

Avaiation

Revenue

Refunding

Bonds

Series

2017B

(AMT)

(NR/A)

3,330,000

5.000

10/01/2040

3,433,097

Miami

RB

Refunding

Parking

System

Series

2019

(BAM)

(A1/AA)

1,000,000

4.000

10/01/2038

1,016,747

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Miami

World

Center

Community

Development

District

Special

Assessment

Bonds

Series

2017

(NR/NR)

$

1,000,000

4.750%

11/01/2027

$

1,013,977

850,000

5.125

11/01/2039

853,015

2,350,000

5.250

11/01/2049

2,356,129

Miami-Dade

County

Aviation

Revenue

Refunding

Bonds

Series

2019A

(NR/A)

2,225,000

5.000

10/01/2049

2,295,743

Miami-Dade

County

Capital

Asset

Acquisition

Special

Obligation

Bonds

Series

2023A

(Aa2/AA)

3,770,000

5.000

04/01/2045

4,121,937

9,810,000

5.000

04/01/2048

10,629,663

Miami-Dade

County

IDA

Educational

Facilities

RB

for

Academir

Charter

Schools

Project

Series

2022A

(Ba2/NR)

430,000

5.000

(e)

07/01/2037

421,732

670,000

5.250

(e)

07/01/2042

650,708

Miami-Dade

County

Seaport

Revenue

Refunding

Bonds

Series

2021A

(AGM)

(A3/AA)

10,000,000

4.000

10/01/2041

10,007,475

Miami-Dade

County

Seaport

Revenue

Refunding

Bonds,

Series

2022A

(AMT)

(A3/NR)

2,715,000

5.250

10/01/2052

2,952,603

Miami-Dade

County

Water

&

Sewer

Revenue

System

Bonds

Series

2021

(BAM-TCRS)

(Aa3/AA)

1,425,000

4.000

10/01/2051

1,408,236

Miami-Dade

County,

Florida

Seaport

RR

Bonds,

Series

2022A

(AMT)

(A3/NR)

2,030,000

5.000

10/01/2042

2,195,876

Midtown

Miami

Community

Development

District

Special

Assessment

Revenue

Refunding

Bonds

for

Parking

Garage

Project

Series

2014A

(NR/NR)

4,500,000

5.000

05/01/2037

4,478,049

Mirada

II

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

305,000

2.500

05/01/2026

290,728

745,000

3.125

05/01/2031

652,595

Miranda

II

Community

Development

District

Capital

Improvement

RB

Series

2022

(NR/NR)

635,000

4.625

05/01/2027

636,107

330,000

5.125

05/01/2032

335,649

Mitchell

Ranch

Community

Development

District

Special

Assessment

Bonds

Series

2019

(NR/NR)

65,000

3.125

12/15/2024

64,337

675,000

3.375

12/15/2030

630,901

1,500,000

4.000

12/15/2039

1,323,285

Naples

Reserve

Community

Development

District

Special

Assessment

Bonds

Series

2014

(NR/NR)

1,545,000

5.250

11/01/2035

1,551,384

New

Port

Tampa

Bay

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

500,000

3.500

05/01/2031

460,801

New

River

Community

Development

District

Special

Assessment

Refunding

Senior

Lien

Series

2020

A-1

(NR/NR)

20,000

3.125

(e)

05/01/2025

19,677

30,000

3.500

(e)

05/01/2031

27,809

New

River

Community

Development

District

Special

Assessment

Refunding

Senior

Lien

Series

2020

A-1

(NR/A)

125,000

3.500

(e)

05/01/2026

123,353

130,000

3.500

(e)

05/01/2027

128,461

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

New

River

Community

Development

District

Special

Assessment

Refunding

Senior

Lien

Series

2020

A-1

(NR/A)

–

(continued)

$

135,000

3.500%

(e)

05/01/2028

$

133,539

140,000

3.500

(e)

05/01/2029

138,583

700,000

3.500

(e)

05/01/2038

653,179

North

AR-1

Pasco

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

200,000

2.625

05/01/2026

191,830

280,000

3.125

05/01/2031

252,616

North

Loop

Community

Development

District

250,000

5.625

05/01/2030

257,187

525,000

6.375

05/01/2043

553,582

North

Park

Isle

Community

Development

District

Special

Assessment

RB

Series

2021

(NR/NR)

280,000

2.450

11/01/2026

264,460

500,000

3.000

11/01/2031

442,561

North

Powerline

Road

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

215,000

5.250

(e)

05/01/2032

215,107

North

Powerline

Road

Community

Development

District

Special

Assessment

Series

2020

(NR/NR)

265,000

2.625

05/01/2025

258,534

495,000

3.125

05/01/2030

452,789

430,000

3.625

05/01/2040

355,648

North

Sumter

County

Utility

Dependent

District

RB

for

Central

Sumter

Utility

Series

2019

(BAM)

(NR/AA)

655,000

5.000

10/01/2030

743,696

575,000

5.000

10/01/2031

651,320

1,025,000

5.000

10/01/2033

1,149,772

1,205,000

5.000

10/01/2034

1,333,997

1,000,000

5.000

10/01/2036

1,103,141

1,975,000

5.000

10/01/2037

2,164,209

2,075,000

5.000

10/01/2038

2,260,608

2,180,000

5.000

10/01/2039

2,366,868

2,630,000

5.000

10/01/2044

2,800,558

Ocala

Preserve

Community

Development

District

Capital

Improvement

RB

Series

2023

(NR/NR)

325,000

4.875

05/01/2030

328,155

Old

Hickory

Community

Development

District

Special

Assessment

Bonds

Series

2020

(NR/NR)

115,000

2.500

06/15/2025

112,166

300,000

3.000

06/15/2030

278,711

315,000

4.000

06/15/2040

278,010

Orange

Blossom

Groves

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

400,000

4.250

06/15/2030

401,444

585,000

5.250

06/15/2043

593,251

Orange

Blossom

Ranch

Community

Development

District

Special

Assessment

Bonds

Series

2019

(NR/NR)

195,000

3.700

05/01/2024

194,570

825,000

4.100

05/01/2029

817,883

Orlando

Utilities

Commission

RB

Series

2021

B

(Aa2/AA)

4,325,000

1.250

(a)(b)

10/01/2046

3,777,326

Osceola

Chain

Lakes

Community

Development

District

Special

Assessment

Bonds

Series

2020

(NR/NR)

100,000

3.250

05/01/2025

98,596

350,000

3.500

05/01/2030

327,630

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Osceola

County

Rolling

Oaks

Community

Development

District

Special

Assessment

Bonds

Series

2016

(NR/NR)

$

3,280,000

5.875%

11/01/2037

$

3,388,376

3,495,000

6.000

11/01/2047

3,583,314

Osceola

County

Rolling

Oaks

Community

Development

District

Special

Assessment

Bonds

Series

2018

(NR/NR)

640,000

4.875

(e)

11/01/2028

649,599

Osceola

County

Transportation

Improvement

&

Refunding

RB

Series

2019A-1

(NR/BBB+)

400,000

5.000

10/01/2026

413,089

Osceola

Village

Center

Community

Development

District

Special

Assessment

Bond

Series

2021

(NR/NR)

120,000

2.375

(e)

05/01/2026

114,519

180,000

2.875

(e)

05/01/2031

159,384

365,000

3.300

(e)

05/01/2041

284,290

Palermo

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

600,000

4.125

06/15/2030

598,307

950,000

5.000

06/15/2043

939,495

Palm

Beach

County

Health

Facilities

Authority

RB

for

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group

Series

2020

B

(NR/NR)

250,000

4.000

11/15/2041

229,843

1,030,000

5.000

11/15/2042

1,057,628

Palm

Beach

County

Health

Facilities

Authority

RB

for

Lifespace

Communities,

Inc.

Obligated

Group

Series

2019

B

(NR/NR)

2,300,000

4.000

05/15/2053

1,415,309

1,825,000

5.000

05/15/2053

1,345,798

Palm

Beach

County

Health

Facilities

Authority

RB

Refunding

for

Lifespace

Communities,

Inc.

Obligated

Group

Series

2021

C

(NR/NR)

615,000

4.000

05/15/2030

549,460

8,190,000

4.000

05/15/2036

6,587,961

Palm

Beach

County

Health

Facilities

Authority

RB

Refunding

for

Lifespace

Communities,

Inc.

Series

2023

C

(NR/NR)

945,000

7.500

05/15/2053

967,181

Palm

Coast

Park

Community

Development

District

Special

Assessment

Bond

for

Somerset

at

Palm

Coast

Park,

Series

2023

(NR/NR)

910,000

4.700

05/01/2033

913,092

400,000

5.400

05/01/2043

402,038

Palm

Coast

Park

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

275,000

2.800

05/01/2031

241,614

730,000

3.125

05/01/2041

550,722

Palm

Coast

Park

Community

Development

District

Special

Assessment

for

Assessment

Area

One

Series

2019

(NR/NR)

85,000

3.400

05/01/2025

83,901

245,000

3.750

05/01/2030

233,149

965,000

4.150

05/01/2040

861,885

Palm

Glades

Community

Development

District

Senior

Special

Assessment

Bonds

Series

2018

A-1

(NR/A)

215,000

3.500

11/01/2025

214,032

225,000

3.500

11/01/2026

224,351

230,000

3.500

11/01/2027

229,728

240,000

3.500

11/01/2028

239,707

Palm

Glades

Community

Development

District

Special

Assessment

Bonds

Series

2020

(NR/NR)

785,000

4.000

(e)

05/01/2050

626,574

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Palm

Glades

Community

Development

District

Special

Assessment

Refunding

Bonds

Series

2016

(NR/A)

$

350,000

3.750%

05/01/2031

$

350,605

1,045,000

4.000

05/01/2036

1,052,053

Palm

Glades

Community

Development

District

Special

Assessment

Refunding

Bonds

Series

2017

(NR/BBB-)

205,000

4.000

05/01/2027

203,160

3,575,000

5.000

05/01/2039

3,582,328

Park

East

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

660,000

2.875

11/01/2031

570,885

1,165,000

3.150

11/01/2041

875,345

Parkland

Preserve

Community

Development

District

Special

Assessment

RB

Series

2019

A

(NR/NR)

65,000

4.500

05/01/2024

65,023

465,000

4.750

05/01/2030

468,434

Parkview

at

Long

Lake

Ranch

Community

Development

District

Special

Assessment

Series

2020

(NR/NR)

625,000

3.125

05/01/2030

570,097

800,000

3.750

05/01/2040

668,679

Parkway

Center

Community

Development

District

Special

Assessment

for

Amenity

Projects

Series

2018-2

(NR/A-)

345,000

4.250

05/01/2031

350,907

1,030,000

4.500

05/01/2038

1,033,791

Parkway

Center

Community

Development

District

Special

Assessment

Refunding

Series

2018-1

(NR/BBB)

265,000

4.000

05/01/2026

265,254

275,000

4.000

05/01/2027

276,591

285,000

4.125

05/01/2028

288,966

Parrish

Lakes

Community

Development

District

Capital

Improvement

RB

for

Special

Assessment

Area

Two

Series

2023A

(NR/NR)

400,000

4.625

05/01/2030

399,431

515,000

5.375

05/01/2043

512,205

Parrish

Lakes

Community

Development

District

Capital

Improvement

RB

Series

2023

(NR/NR)

500,000

4.000

05/01/2030

489,303

Parrish

Plantation

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

195,000

2.500

05/01/2026

186,972

335,000

3.125

05/01/2031

302,960

Pasco

Community

Development

District

Capital

Improvement

RB

Series

2021A

(NR/NR)

100,000

2.625

05/01/2026

95,915

260,000

3.250

05/01/2031

236,565

770,000

3.550

05/01/2041

621,445

Pasco

County

Capital

Improvement

Cigarette

Tax

Allocation

Bonds

Series

2023A

(AGM)

(A1/AA)

480,000

5.250

09/01/2035

569,100

500,000

5.250

09/01/2036

588,545

250,000

5.500

09/01/2037

296,210

210,000

5.500

09/01/2038

246,981

3,665,000

5.750

09/01/2054

4,169,457

Paseo

Community

Development

District

Capital

Improvement

RB

Refunding

Series

2018

(NR/A-)

440,000

4.000

05/01/2024

440,479

475,000

4.000

05/01/2026

479,034

515,000

4.000

05/01/2028

526,645

1,315,000

4.500

05/01/2031

1,353,192

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Peace

Creek

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

$

450,000

4.250%

06/15/2030

$

449,914

Pentathlon

Community

Development

District

Special

Assessment

Revenue

Refunding

Series

2012

(NR/A-)

1,330,000

4.500

11/01/2033

1,330,746

Pine

Isle

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

225,000

3.000

(e)

12/15/2031

208,205

Pine

Ridge

Plantation

Community

Development

District

Special

Assessment

Refunding

Bonds

2020

A-1

(AGM)

(NR/AA)

545,000

2.000

05/01/2028

502,714

555,000

2.000

05/01/2029

504,669

565,000

2.125

05/01/2030

504,484

1,000,000

2.625

05/01/2034

890,817

990,000

2.800

05/01/2037

845,492

Pine

Ridge

Plantation

Community

Development

District

Special

Assessment

Refunding

Bonds

2020

A-2

(NR/NR)

285,000

2.750

05/01/2025

279,048

Pinellas

County

Industrial

Development

Authority

RB

for

Drs.

Kiran

&

Pallavi

Patel

2017

Foundation

for

Global

Understanding,

Inc.

Project

Series

2019

(NR/NR)

1,900,000

5.000

07/01/2029

1,947,539

Portico

Community

Development

District

Special

Assessment

Bonds

Series

2020-2

(NR/NR)

40,000

2.875

05/01/2025

39,095

170,000

3.250

05/01/2031

153,674

Portico

Community

Development

District

Special

Assessment

Refunding

Series

2020-1

(NR/NR)

855,000

2.800

05/01/2025

834,828

3,330,000

3.200

05/01/2031

3,008,085

1,875,000

3.500

05/01/2037

1,583,674

Preserve

at

South

Branch

Community

Development

District

Special

Assessment

Phase

1

Series

2018

(NR/NR)

275,000

4.750

11/01/2029

281,084

Preserve

at

South

Branch

Community

Development

District

Special

Assessment

Phase

2

RB

Series

2019

(NR/NR)

30,000

3.250

11/01/2024

29,767

555,000

3.500

11/01/2030

534,756

Preserve

at

South

Branch

Community

Development

District

Special

Assessment

Phase

3

Series

2021

(NR/NR)

160,000

2.500

05/01/2026

154,315

Preston

Cove

Community

Development

District

Special

Assessment

RB

Series

2022

(NR/NR)

430,000

3.250

05/01/2027

414,751

1,820,000

4.000

05/01/2042

1,554,031

Prosperity

Lakes

Community

Development

District

690,000

5.875

12/15/2043

711,201

Quail

Roost

Community

Development

District

Special

Assessment

for

Expansion

Area

Project

Series

2021

(NR/NR)

90,000

2.200

12/15/2026

85,317

485,000

2.700

12/15/2031

433,813

735,000

3.125

12/15/2041

575,173

Ranches

At

Lake

Mcleod

Community

Development

District

Polk

County,

Florida

Special

Assessment

Bonds,

Series

2023

Assessment

Area

One

(NR/NR)

625,000

5.250

06/15/2043

627,754

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Randal

Park

Community

Development

District

Randal

Walk

Special

Assessment

RB

Series

2018

(NR/NR)

$

30,000

4.100%

(e)

05/01/2024

$

29,977

185,000

4.500

(e)

05/01/2029

186,096

Randal

Park

Community

Development

District

Special

Assessment

RB

Series

2015

(NR/NR)

185,000

4.250

11/01/2025

184,764

Reserve

At

Van

Oaks

Community

Development

District

City

of

Auburndale,

Florida

Special

Assessment

Bonds,

Series

2023

Series

2023

Project

(NR/NR)

670,000

5.125

05/01/2043

671,182

Reunion

East

Community

Development

District

Special

Assessment

Refunding

Bonds

for

Osceola

County

Series

2015A

(NR/NR)

325,000

5.000

05/01/2025

329,065

Reunion

West

Community

Development

District

Special

Assessment

Bonds

for

Assessment

Area

5

Project

Series

2019

(NR/NR)

65,000

3.750

05/01/2024

64,901

425,000

4.000

05/01/2030

414,979

Reunion

West

Community

Development

District

Special

Assessment

Refunding

Bonds

Series

2022

(NR/NR)

1,150,000

3.000

05/01/2036

977,315

Rhodine

Road

North

Community

Development

District

Special

Assessment

Bonds

Series

2019

(NR/NR)

40,000

3.500

05/01/2024

39,895

405,000

4.000

05/01/2030

404,005

615,000

4.500

05/01/2040

590,159

610,000

4.750

05/01/2050

561,004

Rhodine

Road

North

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

190,000

3.000

05/01/2032

174,614

400,000

3.300

05/01/2042

321,482

Ridge

at

Apopka

Community

Development

District

Special

Assessment

Bonds

for

Parcel

Two

Project

Series

2023

(NR/NR)

330,000

4.750

05/01/2030

329,444

Ridge

at

Apopka

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

365,000

4.750

05/01/2027

365,610

700,000

5.000

05/01/2032

704,177

Ridge

at

Health

Brook

Community

Development

District

Capital

Improvement

RB

Series

2023

(NR/NR)

145,000

4.375

05/01/2030

144,746

275,000

5.250

05/01/2043

276,187

River

Bend

Community

Development

District

Special

Assessment

RB

Refunding

Senior

Series

2016

A-1

(NR/A-)

2,390,000

4.000

05/01/2031

2,404,684

890,000

4.000

05/01/2035

894,161

River

Glen

Community

Development

District

Special

Assessment

Bond

for

Assessment

Area

Two

Series

2021

(NR/NR)

435,000

2.375

05/01/2026

414,853

600,000

3.000

05/01/2031

534,653

River

Hall

Community

Development

District

700,000

6.250

05/01/2043

728,630

River

Hall

Community

Development

District

Special

Assessment

for

Assessment

Area

3

Series

2020

A

(NR/NR)

310,000

2.750

05/01/2025

302,647

525,000

3.250

05/01/2031

479,150

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

River

Hall

Community

Development

District

Special

Assessment

Refunding

Bonds

Series

2021

A-2

(NR/NR)

$

400,000

3.000%

05/01/2026

$

386,859

1,000,000

3.000

05/01/2031

897,307

1,000,000

3.000

05/01/2036

812,341

River

Landing

Community

Development

District

Special

Assessment

Series

2020

A

(NR/NR)

165,000

3.000

05/01/2025

162,095

475,000

3.600

05/01/2030

446,166

Rivers

Edge

II

Community

Development

District

Special

Assessment

Bond

Series

2021

(NR/NR)

150,000

2.400

05/01/2026

143,135

300,000

3.000

05/01/2031

268,532

Rivers

Edge

III

Community

Development

District

Special

Assessment

Bond

Series

2021

(NR/NR)

130,000

2.400

(e)

05/01/2026

124,160

300,000

3.000

(e)

05/01/2031

268,586

Rivington

Community

Development

District

Special

Assessment

RB

Series

2022

(NR/NR)

4,065,000

4.000

05/01/2052

3,211,344

Rolling

Hills

Community

Development

District

Capital

Improvement

and

Refunding

Bonds

Series

2022A-2

(NR/NR)

1,000,000

3.650

05/01/2032

919,179

Rolling

Hills

Community

Development

District

Capital

Improvement

RB

Series

2022A-1

(NR/NR)

965,000

3.750

05/01/2042

785,029

Rolling

Oaks

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

200,000

5.625

(e)

05/01/2029

202,662

830,000

6.250

(e)

05/01/2042

858,952

Rustic

Oaks

Community

Development

District

Capital

Improvement

RB

Series

2022

(NR/NR)

810,000

2.850

05/01/2027

761,967

1,100,000

3.200

05/01/2032

981,061

Rutland

Ranch

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

410,000

3.400

11/01/2041

324,950

Rye

Crossing

Community

Development

District

Capital

Improvement

RB

Series

2023

(NR/NR)

820,000

5.000

05/01/2043

808,946

Rye

Ranch

Community

Development

District

235,000

5.700

05/01/2030

241,853

1,000,000

6.500

05/01/2043

1,062,589

Rye

Ranch

Community

Development

District

Special

Assessment

Bonds

for

Assessment

Area

One,

Series

2023

(NR/NR)

660,000

5.750

(e)

11/01/2043

666,030

Saddle

Creek

Preserve

of

Polk

County

Community

Development

District

Special

Assessment

Bonds

Series

2020

(NR/NR)

235,000

2.500

06/15/2025

228,748

320,000

3.000

06/15/2030

300,743

290,000

4.000

06/15/2040

268,172

Saddle

Creek

Preserve

of

Polk

County

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

215,000

2.625

12/15/2027

202,087

355,000

3.100

12/15/2032

323,504

Saltmeadows

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

585,000

5.250

05/01/2042

580,867

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Sampson

Creek

Community

Development

District

Special

Assessment

Bonds

Series

2020

(AGM)

(NR/AA)

$

680,000

2.375%

05/01/2035

$

600,139

1,425,000

2.625

05/01/2040

1,171,937

San

Simeon

Community

Development

District

Special

Assessment

Bonds

Series

2019

(NR/NR)

145,000

3.375

(e)

06/15/2024

144,410

1,000,000

3.750

(e)

06/15/2031

941,447

Sandmine

Road

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

450,000

3.000

11/01/2031

417,124

1,100,000

3.300

11/01/2041

894,579

Sandmine

Road

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

500,000

5.750

11/01/2042

515,303

Savanna

Lakes

Community

Development

District

Lee

County,

Florida

Special

Assessment

Bonds,

Series

2023

Assessment

Area

One

(NR/NR)

815,000

5.125

(e)

06/15/2043

816,489

Sawgrass

Village

Community

Development

District

415,000

5.250

11/01/2030

420,513

Sawgrass

Village

Community

Development

District

Manatee

County,

Assessment

Area

Two

Florida

Special

Assessment

Bonds

Series

2023

(NR/NR)

1,100,000

6.125

11/01/2043

1,135,213

Sawgrass

Village

Community

Development

District

Manatee

County,

Florida

Special

Assessment

Bonds,

Series

2023

Series

2023

Project

(NR/NR)

600,000

4.875

05/01/2030

601,552

1,260,000

5.500

05/01/2043

1,256,910

Scenic

Highway

Community

Development

District

Special

Assessment

Series

2020

(NR/NR)

335,000

2.750

05/01/2025

328,435

465,000

3.250

05/01/2030

446,709

560,000

3.750

05/01/2040

500,230

Scenic

Terrace

North

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

645,000

5.125

05/01/2030

650,513

Scenic

Terrace

South

Community

Development

District

400,000

6.500

11/01/2043

418,272

Scenic

Terrace

South

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

345,000

3.750

05/01/2027

337,631

565,000

4.125

05/01/2032

543,736

1,240,000

4.500

05/01/2042

1,128,868

Seaton

Creek

Reserve

Community

Development

District

City

of

Jacksonville,

Florida

Special

Assessment

Bonds,

Series

2023

Assessment

Area

One

(NR/NR)

725,000

5.250

(e)

06/15/2043

728,191

Sedona

Point

Community

Development

District

Miami-Dade

County,

Florida

Special

Assessment

Bonds,

Series

2023

2023

Project

(NR/NR)

600,000

5.000

06/15/2043

599,310

Seminole

Improvement

District

Utilities

RB

for

City

of

Westlake

Series

2022

(NR/NR)

400,000

4.400

10/01/2027

398,611

550,000

5.000

10/01/2032

553,447

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Seminole

Palms

Community

Development

District

City

of

Palm

Coast,

Florida

Special

Assessment

Bonds,

Series

2023

2023

Project

Area

(NR/NR)

$

1,000,000

5.500%

05/01/2043

$

1,008,630

Shell

Point

Community

Development

District

Special

Assessment

Bonds

Series

2019

(NR/NR)

70,000

4.000

(e)

11/01/2024

69,787

735,000

4.500

(e)

11/01/2029

736,819

Sherwood

Manor

Community

Development

District

Special

Assessment

RB

Series

2023

(NR/NR)

450,000

4.625

05/01/2030

451,757

725,000

5.500

05/01/2043

734,972

Shingle

Creek

at

Bronson

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

1,000,000

3.500

06/15/2041

847,025

Shingle

Creek

Community

Development

District

Special

Assessment

Bonds

Series

2019

(NR/NR)

325,000

3.625

05/01/2024

324,252

1,895,000

4.000

05/01/2029

1,869,713

5,000,000

4.750

05/01/2039

4,811,769

Siena

North

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

160,000

3.300

06/15/2032

143,981

450,000

4.000

06/15/2042

383,913

Silver

Palms

West

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

900,000

3.000

06/15/2032

787,390

1,905,000

3.250

06/15/2042

1,470,493

Silverlake

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

695,000

5.375

05/01/2043

706,929

Six

Mile

Creek

Community

Development

District

Capital

Improvement

&

Refunding

RB

Series

2021

(NR/NR)

175,000

2.500

05/01/2026

167,788

325,000

3.100

05/01/2031

291,939

Six

Mile

Creek

Community

Development

District

Special

Assessment

for

Assessment

Area

3

Phase

1

Series

2021

(NR/NR)

230,000

2.500

05/01/2026

220,277

720,000

3.000

05/01/2031

642,822

Six

Mile

Creek

Community

Development

District

Special

Assessment

Refunding

for

Area

2

Phase

3A

Project

Series

2020

(NR/NR)

145,000

3.125

11/01/2025

142,775

500,000

3.625

11/01/2031

495,440

300,000

4.125

11/01/2040

284,091

Six

Mile

Creek

Community

Development

District

St.

Johns

County,

Florida

Capital

Improvement

RB,

Series

2023

2023

Project

Area

(NR/NR)

1,100,000

5.500

05/01/2043

1,107,888

Sorrento

Pines

Community

Development

District

Lake

County,

Florida

Special

Assessment

Bonds,

Series

2023

Assessment

Area

One

(NR/NR)

700,000

5.250

05/01/2043

700,970

South

Creek

Community

Development

District

Special

Assessment

for

Assessment

Area

One

Series

2021

(NR/NR)

180,000

2.375

06/15/2026

172,377

175,000

2.875

06/15/2031

160,507

475,000

3.250

06/15/2041

383,284

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

South

Fork

East

Community

Development

District

Capital

Improvement

RB

Refunding

Series

2017

(NR/BBB)

$

435,000

3.250%

05/01/2024

$

434,452

445,000

3.450

05/01/2025

439,027

465,000

3.625

05/01/2026

457,448

975,000

4.125

05/01/2036

967,706

South

Fork

III

Community

Development

District

Parcels

V

and

W

Special

Assessment

Bonds

Series

2019

(NR/NR)

125,000

4.250

(e)

11/01/2024

124,893

730,000

4.500

(e)

11/01/2029

733,871

South

Fork

III

Community

Development

District

Special

Assessment

RB

Refunding

Series

2018

(NR/NR)

100,000

4.000

05/01/2024

99,908

590,000

4.625

05/01/2029

595,654

South

Kendall

Community

Development

District

Special

Assessment

Refunding

Series

2016

(NR/BBB)

355,000

2.750

11/01/2024

350,203

370,000

3.000

11/01/2025

361,998

Southern

Groves

Community

Development

District

No.

5

Special

Assessment

Bond

Series

2021

(NR/NR)

390,000

2.400

05/01/2026

373,614

Southern

Groves

Community

Development

District

No.

5

Special

Assessment

Refunding

Series

2019

(NR/NR)

100,000

2.875

05/01/2024

99,454

300,000

3.250

05/01/2029

283,877

Southern

Groves

Community

Development

District

No.

5

Special

Assessment

Series

2020

(NR/NR)

170,000

3.375

05/01/2025

167,702

610,000

4.000

05/01/2030

604,651

330,000

4.300

05/01/2040

309,223

300,000

4.500

05/01/2046

269,731

Southshore

Bay

Community

Development

District

Special

Assessment

Bond

for

Assessment

Area

One

Series

2021

(NR/NR)

155,000

3.000

(e)

05/01/2033

133,457

St.

Johns

County

Industrial

Development

Authority

RB

Refunding

for

Life

Care

Ponte

Vedra

Obligated

Group

Obligated

Group

Series

2021

A

(NR/NR)

900,000

4.000

12/15/2036

776,092

St.

Johns

County

Water

&

Sewer

RB

Series

2022

(Aa2/AAA)

7,065,000

5.000

06/01/2047

7,808,295

St.

Johns

County,

Florida

Water

and

Sewer

RB,

Series

2022

(Aa2/AAA)

12,645,000

5.000

06/01/2052

13,888,870

Stellar

North

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

145,000

2.450

05/01/2026

138,308

Stillwater

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

230,000

2.375

(e)

06/15/2026

218,968

Stonebrier

Community

Development

District

Special

Assessment

Refunding

Series

2016

(NR/A-)

270,000

2.500

05/01/2024

268,651

280,000

3.000

05/01/2025

278,098

290,000

3.000

05/01/2026

289,123

Stonewater

Community

Development

District

Special

Assestment

RB

Series

2021

(NR/NR)

330,000

3.000

(e)

11/01/2032

288,083

585,000

3.300

(e)

11/01/2041

456,815

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Stoneybrook

North

Community

Development

District

Capital

Improvement

Revenue

Refunding

Bonds

Series

2022

(NR/NR)

$

855,000

6.375%

11/01/2052

$

904,221

Stoneybrook

South

at

Championsgate

Community

Development

District

Special

Assessment

Bonds

Series

2019

(NR/NR)

90,000

3.500

06/15/2024

89,751

500,000

4.000

06/15/2030

498,329

Stoneybrook

South

at

Championsgate

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

825,000

5.375

06/15/2043

853,059

Stoneybrook

South

Community

Development

District

Special

Assessment

Series

2020

(NR/NR)

280,000

2.500

(e)

12/15/2025

271,010

500,000

3.000

(e)

12/15/2030

468,069

1,000,000

3.500

(e)

12/15/2040

856,205

Storey

Creek

Community

Development

District

Special

Assessment

Bonds

for

Assessment

Area

One

Project

Series

2019

(NR/NR)

500,000

3.625

12/15/2030

469,295

870,000

4.000

12/15/2039

766,682

Storey

Creek

Community

Development

District

Special

Assessment

Bonds

Series

2019

(NR/NR)

110,000

3.125

12/15/2025

107,215

Storey

Creek

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

285,000

4.300

06/15/2027

284,452

Storey

Drive

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

250,000

3.000

06/15/2032

220,879

1,000,000

3.250

06/15/2042

772,423

Storey

Park

Community

Development

District

Special

Assessment

Bonds

for

Assessment

Area

Four

Project

Series

2021

(NR/NR)

180,000

2.375

(e)

06/15/2026

171,849

225,000

2.875

(e)

06/15/2031

206,523

275,000

3.300

(e)

06/15/2041

224,121

Storey

Park

Community

Development

District

Special

Assessment

Bonds

for

City

of

Orlando

Series

2022

(NR/NR)

105,000

4.250

06/15/2027

104,499

260,000

4.500

06/15/2032

259,605

585,000

5.000

06/15/2042

571,210

Summer

Woods

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

275,000

3.150

05/01/2031

248,662

650,000

3.450

05/01/2041

517,266

Summer

Woods

Community

Development

District

Special

Assessment

for

Assessment

Area

Two

Project

Series

2020

(NR/NR)

140,000

3.000

05/01/2025

137,517

455,000

3.300

05/01/2031

414,549

750,000

3.750

05/01/2040

629,076

Summer

Woods

Community

Development

District

Special

Assessment

for

Assessment

Area

Two

Project

Series

2021

(NR/NR)

115,000

2.400

05/01/2026

110,414

160,000

3.000

05/01/2031

149,048

Summerstone

Community

Development

District

Special

Assessment

Bond

for

Phase

Two

Series

2021

(NR/NR)

375,000

2.750

(e)

05/01/2031

346,208

700,000

3.150

(e)

05/01/2041

567,424

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Summerstone

Community

Development

District

Special

Assessment

Series

2020

(NR/NR)

$

165,000

3.250%

05/01/2030

$

158,493

Sunbridge

Stewardship

District

Special

Assessment

RB

for

Weslyn

Park

Project

Series

2022

(NR/NR)

340,000

4.200

05/01/2027

336,242

460,000

4.600

05/01/2032

453,407

Sweetwater

Creek

Community

Development

District

Capital

Improvement

Special

Assessment

RB

Refunding

Series

2019

A-1

(AGM)

(NR/AA)

395,000

2.500

05/01/2029

376,246

715,000

2.875

05/01/2033

668,698

1,435,000

3.000

05/01/2038

1,259,622

Sweetwater

Creek

Community

Development

District

Capital

Improvement

Special

Assessment

RB

Refunding

Series

2019

A-2

(NR/NR)

810,000

3.500

05/01/2029

778,812

Talis

Park

Community

Development

District

Capital

Improvement

RB

Refunding

Senior

Series

2016

A-1

(NR/A+)

190,000

2.500

05/01/2024

189,444

195,000

3.000

05/01/2025

191,995

200,000

3.000

05/01/2026

195,724

1,120,000

3.500

05/01/2031

1,112,080

1,355,000

4.000

05/01/2036

1,361,140

Tamarindo

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

240,000

2.375

05/01/2026

228,884

285,000

3.000

05/01/2031

254,572

Tampa

Bay

Water

Utility

System

Refunding

RB

Series

2015A

(Aa1/AA+)

7,090,000

4.000

10/01/2028

7,218,563

Tapestry

Community

Development

District

Special

Assessment

RB

Series

2016

(NR/NR)

1,115,000

4.800

05/01/2036

1,105,980

Tern

Bay

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

1,655,000

3.400

06/15/2032

1,506,216

2,000,000

4.000

06/15/2052

1,590,254

Terreno

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

1,415,000

5.000

05/01/2043

1,385,976

Timber

Creek

Southwest

Community

Development

District

Special

Assessment

Bonds

for

Assessment

Area

Two

Project

Series

2021

(NR/NR)

400,000

2.350

12/15/2026

377,744

750,000

3.000

12/15/2031

663,484

2,000,000

3.300

12/15/2041

1,553,602

Tison’s

Landing

Community

Development

District

Special

Assessment

RB

Refunding

&

Improvement

Bonds

Senior

Series

2016

A-1

(NR/A+)

205,000

3.000

05/01/2027

201,076

210,000

3.125

05/01/2028

207,835

230,000

3.375

05/01/2032

227,874

Tohoqua

Community

Development

District

Special

Assessment

Phase

4A/5A

Project

Series

2021

(NR/NR)

735,000

3.600

05/01/2041

622,873

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Tolomato

Community

Development

District

Special

Assessment

GO

Refunding

Bonds

Subordinate

Lien

Series

2018

A-2

(NR/NR)

$

415,000

5.200%

(e)

05/01/2028

$

423,089

Tolomato

Community

Development

District

Special

Assessment

GO

Refunding

Bonds

Subordinate

Lien

Series

2018

B-2

(NR/NR)

300,000

4.625

05/01/2028

302,228

Tolomato

Community

Development

District

Special

Assessment

RB

Refunding

Series

2019

A-1

(AGM)

(NR/AA)

4,695,000

3.000

05/01/2033

4,585,807

5,285,000

3.000

05/01/2037

4,865,545

Tolomato

Community

Development

District

Special

Assessment

RB

Refunding

Series

2019

A-2

(NR/NR)

100,000

3.500

05/01/2024

99,726

760,000

3.850

05/01/2029

745,325

Tolomato

Community

Development

District

Special

Assessment

Refunding

Bonds

Series

2019

B

(AGM)

(NR/AA)

2,025,000

3.000

05/01/2033

1,959,958

4,925,000

3.000

05/01/2040

4,347,511

Tolomato

Community

Development

District

Special

Assessment

Refunding

Bonds

Series

2019

C

(NR/NR)

530,000

3.450

(e)

05/01/2024

528,595

2,965,000

3.750

(e)

05/01/2029

2,893,608

Toscana

Isles

Community

Development

District

Special

Assessment

RB

Series

2018

(NR/NR)

1,875,000

5.000

11/01/2029

1,907,219

95,000

5.375

11/01/2039

97,102

Touchstone

Community

Development

District

Special

Assessment

Bonds

Series

2018

(NR/NR)

505,000

4.250

(e)

06/15/2028

502,966

Touchstone

Community

Development

District

Special

Assessment

Bonds

Series

2019

(NR/NR)

130,000

3.125

12/15/2025

126,725

735,000

3.625

12/15/2031

682,481

450,000

4.000

12/15/2040

392,667

Town

of

Davie

RB

Refunding

for

Nova

Southeastern

University,

Inc.

Series

2018

(A3/A-)

750,000

5.000

04/01/2030

805,792

650,000

5.000

04/01/2031

696,953

10,430,000

5.000

04/01/2048

10,669,702

Town

of

Davie,

Florida

Educational

Facilities

Revenue

and

Refunding

Bonds

(Nova

Southeastern

University

Project),

Series

2018

(A3/A-)

550,000

5.000

04/01/2032

588,514

Town

of

Palm

Beach

GO

Bonds

for

Underground

Utility

Project

Series

2018

(Aaa/AAA)

2,000,000

4.000

07/01/2043

2,029,842

7,000,000

4.000

07/01/2047

7,068,434

Towne

Park

Community

Development

District

Special

Assessment

Area

3B

Project

Series

2019

(NR/NR)

35,000

3.500

05/01/2024

34,898

360,000

4.000

05/01/2030

351,327

595,000

4.375

05/01/2039

555,000

Towne

Park

Community

Development

District

Special

Assessment

Area

3D

Project

Series

2020

(NR/NR)

415,000

3.125

(e)

05/01/2030

388,220

475,000

3.625

(e)

05/01/2040

409,865

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Towns

At

Woodsdale

Community

Development

District

$

645,000

6.125%

(e)

11/01/2043

$

667,802

Tradition

Community

Development

District

No.

9

Special

Assessment

Bonds

Series

2021

(NR/NR)

295,000

2.300

05/01/2026

281,617

Trevesta

Community

Development

District

Special

Assessment

Area

1

Phase

2

Project

Series

2018

(NR/NR)

70,000

4.375

(e)

11/01/2024

70,034

485,000

5.250

(e)

11/01/2039

503,680

Trevesta

Community

Development

District

Special

Assessment

Area

2

Project

Series

2020

(NR/NR)

240,000

2.500

(e)

05/01/2025

234,683

235,000

3.250

(e)

05/01/2030

225,733

Triple

Creek

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

1,190,000

3.125

(e)

11/01/2041

905,416

750,000

4.000

(e)

11/01/2051

594,814

Triple

Creek

Community

Development

District

Special

Assessment

for

Villages

N&P

Projects

Series

2021

(NR/NR)

105,000

2.500

11/01/2026

99,432

200,000

3.000

11/01/2031

177,471

Triple

Creek

Community

Development

District

Special

Assessment

Series

2019

A

(NR/NR)

85,000

3.875

05/01/2024

84,855

490,000

4.125

05/01/2029

485,255

Triple

Creek

Community

Development

District

Special

Assessment

Series

2019

B

(NR/NR)

30,000

4.875

05/01/2032

30,451

TSR

Community

Development

District

Special

Assessment

Bonds

for

Northwest

Assessment

Area

Series

2017

(NR/NR)

3,955,000

4.625

(e)

11/01/2038

3,782,994

TSR

Community

Development

District

Special

Assessment

Bonds

for

Northwest

Assessment

Area

Series

2018

(NR/NR)

55,000

4.000

11/01/2024

54,762

495,000

4.500

11/01/2029

497,511

TSR

Community

Development

District

Special

Assessment

RB

for

2016

Project

Series

2016

(NR/NR)

2,000,000

4.750

11/01/2047

1,825,018

TSR

Community

Development

District

Special

Assessment

RB

for

Downtown

Neighborhood

Assessment

Area

Series

2019

(NR/NR)

110,000

3.000

11/01/2024

108,641

700,000

3.375

11/01/2030

646,104

TSR

Community

Development

District

Special

Assessment

RB

for

Village

1

Project

Series

2015

(NR/NR)

215,000

4.375

11/01/2025

214,556

Tuckers

Pointe

Community

Development

District

Special

Assessment

RB

Series

2022

(NR/NR)

200,000

3.000

05/01/2027

190,341

465,000

3.375

05/01/2032

419,064

1,430,000

4.000

05/01/2042

1,218,884

Turnbull

Creek

Community

Development

District

Senior

Special

Assessment

Refunding

Bonds

Series

2015

A-1

(NR/A)

995,000

4.250

05/01/2031

1,000,441

Twisted

Oaks

Pointe

Community

Development

District

City

of

Wildwood,

Florida

Special

Assessment

Bonds,

Series

2023

Assessment

Area

One

Project

(NR/NR)

310,000

4.500

05/01/2030

308,129

500,000

5.375

05/01/2043

496,102

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Twisted

Oaks

Pointe

Community

Development

District

City

of

Wildwood,

Florida

Special

Assessment

Bonds,

Series

2023

Assessment

Area

Two

Project

(NR/NR)

$

225,000

5.125%

05/01/2030

$

226,866

Two

Creeks

Community

Development

District

RB

Refunding

for

Capital

Improvement

Senior

Lien

Series

2016

A-1

(NR/A)

365,000

2.500

05/01/2024

363,907

375,000

2.625

05/01/2025

368,060

390,000

3.000

05/01/2026

382,523

400,000

3.125

05/01/2027

394,549

410,000

3.250

05/01/2028

405,865

Two

Creeks

Community

Development

District

RB

Refunding

for

Capital

Improvement

Subordinate

Lien

Series

2016

A-2

(NR/NR)

100,000

4.200

05/01/2026

99,730

Two

Lakes

Community

Development

District

Special

Assessment

Expansion

Area

Series

2019

(NR/NR)

115,000

3.000

12/15/2024

113,328

1,000,000

3.375

12/15/2030

923,869

Two

Lakes

Community

Development

District

Special

Assessment

Series

2017

(NR/NR)

1,370,000

5.000

(e)

12/15/2032

1,394,009

2,000,000

5.000

(e)

12/15/2037

2,003,526

4,470,000

5.000

(e)

12/15/2047

4,265,446

Two

Rivers

East

Community

Development

District

Pasco

County,

Florida

Special

Assessment

Bonds,

Series

2023

Series

2023

Project

(NR/NR)

2,800,000

5.750

05/01/2043

2,834,008

Two

Rivers

North

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

1,440,000

5.125

05/01/2042

1,413,883

Two

Rivers

Two

Rivers

West

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

600,000

5.125

11/01/2030

605,279

2,000,000

6.000

11/01/2043

2,041,615

Two

Rivers

West

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

600,000

5.375

05/01/2033

613,269

Union

Park

East

Community

Development

District

Special

Assessment

Boonds

for

Assessment

Area

3

Project

Series

2021

(NR/NR)

220,000

3.350

(e)

05/01/2041

171,745

225,000

4.000

(e)

05/01/2051

178,341

University

Park

Recreation

District

Special

Assessment

Series

2019

(BAM)

(NR/AA)

300,000

2.500

05/01/2027

295,837

310,000

2.500

05/01/2028

303,118

315,000

2.625

05/01/2029

308,981

1,060,000

3.000

05/01/2034

1,020,048

2,130,000

3.125

05/01/2038

1,974,073

1,725,000

3.250

05/01/2040

1,608,025

Varrea

South

Community

Development

District

City

of

Plant

City,

Florida

Capital

Improvement

RB,

Series

2023

2023

Assessment

Area

(NR/NR)

1,000,000

5.125

05/01/2043

1,002,501

V-Dana

Community

Development

District

Lee

County,

Florida

Special

Assessment

Bonds,

Series

2023

Assessment

Area

Two

–

2023

Project

Area

(NR/NR)

885,000

4.300

05/01/2030

887,859

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

V-Dana

Community

Development

District

Lee

County,

Florida

Special

Assessment

Bonds,

Series

2023

Assessment

Area

Two

–

2023

Project

Area

(NR/NR)

–

(continued)

$

965,000

5.250%

05/01/2043

$

972,004

V-Dana

Community

Development

District

Special

Assessment

for

Assessment

Area

One

Series

2020

(NR/NR)

235,000

3.000

(e)

05/01/2025

231,027

525,000

3.500

(e)

05/01/2031

487,783

975,000

4.000

(e)

05/01/2040

857,831

V-Dana

Community

Development

District

Special

Assessment

for

Assessment

Area

One

Series

2021

(NR/NR)

1,000,000

3.625

05/01/2041

825,277

Ventana

Community

Development

District

Special

Assessment

RB

for

Hillsborough

County

Series

2018

(NR/NR)

115,000

4.000

(e)

05/01/2024

114,894

Ventana

Community

Development

District

Special

Assessment

RB

Series

2018

(NR/NR)

1,000,000

4.625

(e)

05/01/2029

1,008,610

1,000,000

5.000

(e)

05/01/2038

1,001,815

Veranda

Community

Development

District

II

Special

Assessment

Area

1

Gardens

East

Project

Series

2018

A

(NR/NR)

60,000

4.000

11/01/2024

59,851

390,000

4.500

11/01/2029

392,498

Veranda

Community

Development

District

II

Special

Assessment

Area

1

Preserve

West

Project

Series

2018

A

(NR/NR)

65,000

4.000

11/01/2024

64,839

370,000

4.500

11/01/2029

372,377

Veranda

Community

Development

District

II

Special

Assessment

Refunding

for

Veranda

Estates

Project

Series

2021

(NR/NR)

65,000

2.500

(e)

05/01/2026

62,167

130,000

3.100

(e)

05/01/2031

116,822

Veranda

Community

Development

District

II

Special

Assessment

Refunding

for

Veranda

Oaks

Project

Series

2021

(NR/NR)

140,000

2.500

(e)

05/01/2026

133,898

260,000

3.100

(e)

05/01/2031

233,644

Veranda

Landing

Community

Development

District

Special

Assessment

Bonds,

Series

2023

(NR/NR)

800,000

5.250

06/15/2043

802,936

Verandah

East

Community

Development

District

Special

Assessment

Refunding

&

Improvement

RB

Series

2016

(NR/NR)

1,000,000

4.250

05/01/2037

929,890

Verandah

East

Community

Development

District

Special

Assessment

Revenue

Refunding

Improvement

Bonds

for

Lee

County

Series

2016

(NR/NR)

955,000

3.750

05/01/2026

941,335

Verano

#1

Community

Development

District

Senior

Special

Assessment

Refunding

for

Community

Infrastructure

Project

Series

2017

A-1

(NR/BBB+)

345,000

3.250

(e)

05/01/2024

344,520

355,000

3.500

(e)

05/01/2025

351,046

370,000

3.625

(e)

05/01/2026

367,706

Verano

#1

Community

Development

District

Special

Assessment

Bonds

for

District

#1

Project

Series

2015

(NR/NR)

195,000

4.750

11/01/2025

196,008

Verano

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

1,000,000

6.450

11/01/2042

1,048,535

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Verano

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

$

325,000

4.625%

05/01/2030

$

326,774

450,000

5.375

05/01/2043

454,733

Verano

No

3

Community

Development

District

Special

Assessment

for

Phase

1

Assessment

Area

Series

2021

(NR/NR)

245,000

2.375

05/01/2026

234,414

300,000

3.000

05/01/2031

270,320

Verano

No.

2

Community

Development

District

Special

Assessment

Bonds

for

POD

C

Project

Series

2020

(NR/NR)

250,000

3.250

05/01/2031

226,597

235,000

4.000

05/01/2040

204,694

Verano

No.

2

Community

Development

District

Special

Assessment

Bonds

for

POD

D

Project

Series

2020

(NR/NR)

100,000

2.875

05/01/2025

97,242

250,000

3.250

05/01/2031

226,597

1,050,000

4.000

05/01/2040

914,590

Verano

No.

2

Community

Development

District

Special

Assessment

Bonds

for

POD

E

Project

Series

2020

(NR/NR)

80,000

2.875

05/01/2025

77,793

250,000

3.250

05/01/2031

226,597

815,000

4.000

05/01/2040

709,896

Verona

Walk

Community

Development

District

Special

Assessment

Senior

Lien

RB

Refunding

for

Capital

Improvement

Series

2013

A-1

(NR/A)

495,000

4.250

05/01/2030

495,231

Viera

East

Community

Development

District

Special

Assessment

Bonds

Series

2020

(AGM)

(NR/AA)

380,000

2.000

05/01/2027

353,186

385,000

2.000

05/01/2028

351,608

395,000

2.000

05/01/2029

355,381

150,000

2.125

05/01/2030

132,412

Viera

Stewardship

District

Special

Assessment

RB

Series

2021

(NR/NR)

500,000

2.300

05/01/2026

475,069

930,000

2.800

05/01/2031

810,936

Viera

Stewardship

District

Special

Assessment

RB

Series

2023

(NR/NR)

1,465,000

4.600

05/01/2033

1,467,808

900,000

5.300

05/01/2043

901,900

Villa

Portofino

East

Community

Development

District

Special

Assessment

Refunding

Series

2019

(NR/NR)

325,000

3.125

05/01/2025

320,569

500,000

3.500

05/01/2030

469,612

930,000

3.750

05/01/2037

816,804

Village

Community

Development

District

No.

12

Special

Assessment

RB

Series

2018

(NR/NR)

910,000

3.800

05/01/2028

907,433

1,810,000

4.000

05/01/2033

1,789,797

Village

Community

Development

District

No.

13

Special

Assessment

RB

Series

2019

(NR/NR)

380,000

2.625

05/01/2024

378,213

1,200,000

3.000

05/01/2029

1,128,564

1,425,000

3.375

05/01/2034

1,302,517

3,775,000

3.550

05/01/2039

3,192,730

Village

Community

Development

District

No.

13

Special

Assessment

RB

Series

2020

(NR/NR)

1,140,000

1.875

(e)

05/01/2025

1,107,376

2,850,000

2.625

(e)

05/01/2030

2,586,410

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Village

Community

Development

District

No.

13

Special

Assessment

RB

Series

2020

(NR/NR)

–

(continued)

$

3,285,000

3.000%

(e)

05/01/2035

$

2,822,225

Village

Community

Development

District

No.

15

City

of

Wildwood,

Florida

Special

Assessment

RB,

Series

2023

(NR/NR)

825,000

4.250

(e)

05/01/2028

825,410

1,250,000

4.375

(e)

05/01/2033

1,252,655

1,025,000

4.850

(e)

05/01/2038

1,022,438

Village

Community

Development

District

No.

6

Special

Assessment

RB

Refunding

Series

2017

(NR/NR)

310,000

4.000

05/01/2026

317,089

295,000

4.000

05/01/2027

305,386

310,000

4.000

05/01/2028

323,210

325,000

4.000

05/01/2029

338,940

Village

Community

Development

District

No.

6

Special

Assessment

RB

Refunding

Series

2017

(BAM)

(NR/AA)

1,695,000

3.500

05/01/2032

1,709,425

1,995,000

4.000

05/01/2037

2,030,150

Village

Community

Development

District

Special

Assessment

RB

Series

2021

(NR/NR)

950,000

2.550

05/01/2031

843,100

1,900,000

2.850

05/01/2036

1,572,280

2,400,000

3.000

05/01/2041

1,833,862

Villages

of

Glen

Creek

Community

Development

District

Capital

Improvement

RB

Series

2022A

(NR/NR)

185,000

4.625

05/01/2027

184,820

235,000

4.875

05/01/2032

235,632

610,000

5.125

05/01/2042

598,940

Villages

of

Glen

Creek

Community

Development

District

Capital

Improvement

Revenue

and

Refunding

Bonds

Series

2022

(NR/NR)

210,000

3.150

05/01/2032

186,835

500,000

3.450

05/01/2042

389,382

Villamar

Community

Development

District

Special

Assessment

Bonds

for

Phase

3

Project

Series

2022

(NR/NR)

115,000

3.125

11/01/2027

109,788

Villamar

Community

Development

District

Special

Assessment

Bonds

for

Phase

4

Project

Series

2022

(NR/NR)

145,000

3.250

05/01/2027

139,684

Villamar

Community

Development

District

Special

Assessment

Bonds

Series

2019

(NR/NR)

35,000

3.750

05/01/2024

34,931

220,000

4.000

05/01/2029

216,738

Villamar

Community

Development

District

Special

Assessment

Bonds

Series

2020

(NR/NR)

135,000

2.625

05/01/2025

132,283

245,000

3.200

05/01/2030

234,262

Vizcaya

In

Kendall

Community

Development

District

Special

Assessment

Bonds

Series

2016

(NR/BBB-)

220,000

2.750

11/01/2024

216,436

225,000

3.000

11/01/2025

218,573

230,000

3.200

11/01/2026

223,183

1,400,000

4.125

11/01/2046

1,272,811

Waterford

Landing

Community

Development

District

Capital

Improvement

RB

Series

2014

(NR/NR)

520,000

5.500

05/01/2034

521,234

925,000

5.750

05/01/2044

926,305

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Waters

Edge

Community

Development

District

Capital

Improvement

RB

Refunding

Senior

Lien

Series

2015

A-1

(NR/A)

$

2,145,000

4.000%

05/01/2031

$

2,146,551

Waterset

Central

Community

Development

District

Special

Assessment

Bonds

Series

2018

(NR/NR)

500,000

5.125

(e)

11/01/2038

502,745

Waterset

North

Community

Development

District

Special

Assessment

RB

Series

2014

(NR/NR)

2,340,000

5.500

11/01/2045

2,343,415

Wellness

Ridge

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

460,000

4.250

06/15/2030

460,440

Wesbridge

Community

Development

District

Special

Assessment

Series

2019

(NR/NR)

65,000

3.250

11/01/2024

64,469

375,000

3.625

11/01/2029

360,359

1,000,000

4.000

11/01/2039

880,490

West

Hillcrest

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

900,000

5.250

06/15/2043

907,311

West

Port

Community

Development

District

Special

Assessment

Area

Two

Series

2020

(NR/NR)

380,000

2.750

(e)

05/01/2026

364,462

415,000

3.250

(e)

05/01/2031

375,760

515,000

3.625

(e)

05/01/2041

417,207

West

Port

Community

Development

District

Special

Assessment

Bonds

for

Charlotte

County

Series

2022

(NR/NR)

170,000

4.750

05/01/2032

168,148

300,000

5.125

05/01/2042

290,033

West

Port

Community

Development

District

Special

Assessment

Bonds

Series

2020

(NR/NR)

190,000

2.650

(e)

05/01/2025

184,254

630,000

3.000

(e)

05/01/2031

549,750

1,725,000

4.000

(e)

05/01/2040

1,505,291

1,595,000

4.000

(e)

05/01/2051

1,268,061

West

Port

Community

Development

District

Special

Assessment

for

Assessment

Area

One

Series

2021

(NR/NR)

295,000

2.400

05/01/2026

281,561

575,000

3.000

05/01/2031

513,695

West

Villages

Improvement

District

Special

Assessment

RB

for

Neighborhood

Infrastructure

Series

2022

(NR/NR)

510,000

4.625

05/01/2029

512,163

475,000

5.375

05/01/2042

479,364

West

Villages

Improvement

District

Special

Assessment

RB

Series

2023

(NR/NR)

560,000

4.625

05/01/2030

562,159

770,000

5.375

05/01/2043

775,273

West

Villages

Improvement

District

Unit

of

Development

No.

3

Special

Assessment

Refunding

Bonds

Series

2017

(NR/NR)

2,530,000

5.000

05/01/2032

2,568,549

1,930,000

4.500

05/01/2034

1,916,182

3,390,000

5.000

05/01/2037

3,410,314

West

Villages

Improvement

District

Unit

of

Development

No.

7

Master

Infrastructure

Special

Assessment

RB

Series

2019

(NR/NR)

130,000

4.000

05/01/2024

129,823

750,000

4.250

05/01/2029

742,884

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

West

Villages

Improvement

District

Unit

of

Development

No.

7

Special

Assessment

RB

Series

2021

(NR/NR)

$

155,000

2.500%

05/01/2026

$

148,257

West

Villages

Improvement

District

Unit

of

Development

No.

7

Special

Assessment

RB

Series

2023

(NR/NR)

465,000

6.000

05/01/2043

481,239

West

Villages

Improvement

District

Unit

of

Development

No.

8

Special

Assessment

RB

Series

2021

(NR/NR)

330,000

2.500

05/01/2026

315,645

Westside

Community

Development

District

Solara

Phase

2

Assessment

Area

Special

Assessment

RB

Series

2019

(NR/NR)

65,000

3.625

05/01/2024

64,847

355,000

3.900

05/01/2029

347,712

Westside

Community

Development

District

Special

Assessment

RB

Refunding

Series

2019

(NR/NR)

160,000

3.500

(e)

05/01/2024

159,534

810,000

3.750

(e)

05/01/2029

789,206

Westside

Haines

City

Community

Development

District

Special

Assessment

Bond

for

Assessment

Area

One

Project

Series

2021

(NR/NR)

190,000

2.500

05/01/2026

182,218

650,000

3.000

05/01/2031

584,768

1,400,000

3.250

05/01/2041

1,094,482

Westview

North

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

90,000

5.000

06/15/2029

90,739

1,000,000

5.750

06/15/2042

1,022,782

Westview

South

Community

Development

District

Special

Assessment

Bonds

for

Assessment

Area

One,

Series

2023

(NR/NR)

680,000

4.875

05/01/2028

681,552

1,035,000

5.375

05/01/2043

1,030,647

Westview

South

Community

Development

District

Special

Assessment

Bonds

for

Assessment

Area

Two,

Series

2023

(NR/NR)

550,000

5.375

05/01/2043

550,554

Whispering

Pines

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

575,000

5.375

05/01/2043

582,743

Wildblue

Community

Development

District

Special

Assessment

Bonds

Series

2019

(NR/NR)

125,000

3.500

(e)

06/15/2024

124,546

1,285,000

3.750

(e)

06/15/2030

1,222,546

3,350,000

4.250

(e)

06/15/2039

3,014,792

Willows

Community

Development

District

Special

Assessment

RB

for

Manatee

County

Series

2022

(NR/NR)

1,300,000

5.625

05/01/2042

1,331,120

Willows

Community

Development

District

Special

Assessment

RB

Series

2019

(NR/NR)

70,000

3.875

05/01/2024

69,885

500,000

4.370

05/01/2029

500,673

Wind

Meadows

South

Community

Development

District

Special

Assessment

Bond

for

Assessment

Area

One

Project

Series

2021

(NR/NR)

130,000

2.400

05/01/2026

124,077

300,000

2.950

05/01/2031

266,504

865,000

3.350

05/01/2041

679,444

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Winding

Cypress

Community

Development

District

Phase

3

Assessment

Area

Special

Assessment

Bonds

Series

2019

(NR/NR)

$

200,000

4.250%

11/01/2029

$

198,977

680,000

4.875

11/01/2039

662,626

Windward

at

Lakewood

Ranch

Community

Development

District

Capital

Improvement

RB

Series

2022

(NR/NR)

900,000

4.000

05/01/2042

768,552

Windward

Community

Development

District

Special

Assessment

Series

2020

A-1

(NR/NR)

105,000

3.000

05/01/2025

103,125

230,000

3.650

05/01/2030

216,688

Wiregrass

Community

Development

District

Capital

Improvement

RB

Series

2016

(NR/NR)

775,000

4.875

05/01/2036

768,926

250,000

5.000

05/01/2047

234,600

Wiregrass

II

Community

Development

District

Special

Assessment

Series

2020

(NR/NR)

465,000

2.500

05/01/2025

453,424

640,000

3.125

05/01/2030

586,249

Wynnfield

Lakes

Community

Development

District

Special

Assessment

Refunding

Bonds

Series

2014

(NR/BBB+)

1,450,000

4.500

05/01/2036

1,451,619

Zephyr

Lakes

Community

Development

District

Special

Assessment

for

Assessment

Area

Two

Series

2021

(NR/NR)

130,000

2.500

05/01/2026

124,334

340,000

3.000

05/01/2031

302,970

1,022,816,911

Georgia

-

2.2%

Bartow

County

Development

Authority

Pollution

Control

RB

for

Georgia

Power

Company

Plant

Bown

Project

Series

2009

(Baa1/BBB+/A-2)

3,920,000

3.950

(a)(b)

12/01/2032

3,984,886

Burke

County

Development

Authority

Pollution

Control

RB

Fifth

Series

1994

(Baa1/BBB+)

3,000,000

2.150

(a)(b)

10/01/2032

2,964,409

Burke

County

Development

Authority

Pollution

Control

RB

for

Georgia

Power

Company

Plant

Vogtle

Project

Series

1996

(Baa1/BBB+)

1,665,000

3.875

(a)(b)

10/01/2032

1,678,918

Burke

County

Development

Authority

Pollution

Control

RB

Second

Series

2008

(NR/BBB+)

3,100,000

2.925

(a)(b)

11/01/2048

3,089,808

Cherokee

County

Water

and

Sewerage

Authority

Georgia

Water

and

Sewerage

RB,

Series

2023

(Aa1/AA)

1,050,000

4.000

08/01/2053

1,055,429

City

of

Atlanta

RB

for

Water

&

Wastewater

Series

2018

B

(Aa2/AA-)

4,750,000

3.500

11/01/2043

4,489,535

Columbia

County

Hospital

Authority

Revenue

Anticipation

Certificates

for

Wellstar

Health

System,

Inc.

Project

Series

2023A

(A2/A+)

2,380,000

5.750

04/01/2053

2,716,787

County

of

Fulton

RB

Refunding

for

Water

&

Sewerage

Series

2013

A

(Aa2/AA)

7,585,000

4.000

01/01/2035

7,586,806

Development

Authority

of

Bartow

County

Pollution

Control

RB

First

Series

1997

(Baa1/BBB+)

5,000,000

1.800

(b)

09/01/2029

4,317,670

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Georgia

–

(continued)

Development

Authority

of

Fulton

County

RB

Wellstar

Health

System,

Inc.

Project,

Series

2020A

(A2/A+)

$

4,000,000

4.000%

04/01/2050

$

3,872,167

Downtown

Smyrna

Development

Authority,

Georgia

RB

(City

of

Smyrna

Projects),

Series

2021

(NR/AAA)

2,645,000

5.000

02/01/2027

2,848,485

Gainesville

&

Hall

County

Development

Authority

RB

Refunding

for

Riverside

Military

Academy

Series

2017

(NR/NR)

380,000

5.000

03/01/2027

360,696

George

L

Smith

II

Congress

Center

Authority

RB

for

Signia

Hotel

Management

LLC

Series

2021

(NR/BBB-)

2,215,000

2.375

01/01/2031

1,971,562

1,850,000

4.000

01/01/2036

1,860,804

Glynn-Brunswick

Memorial

Hospital

Authority

RB

Refunding

for

Southeast

Georgia

Health

System

Obligated

Group

Series

2020

(Baa1/BBB)

775,000

4.000

08/01/2035

784,927

500,000

4.000

08/01/2036

505,695

750,000

4.000

08/01/2037

756,393

745,000

4.000

08/01/2038

744,938

Main

Street

Natural

Gas

Gas

Supply

RB

Series

2019B

(Aa2/NR)

24,050,000

4.000

(a)(b)

08/01/2049

24,103,384

Main

Street

Natural

Gas

Gas

Supply

RB

Series

2021A

(Aa1/NR)

15,875,000

4.000

(a)(b)

07/01/2052

15,968,153

Main

Street

Natural

Gas

Inc.

Gas

Supply

RB

Series

2019A

(A2/NR)

2,800,000

5.000

05/15/2030

2,988,518

Main

Street

Natural

Gas

Inc.

Gas

Supply

RB

Series

2021C

(A3/NR)

10,295,000

4.000

(a)(b)

05/01/2052

10,365,287

Main

Street

Natural

Gas

Inc.

Gas

Supply

RB

Series

2022A

(A3/NR)

2,185,000

4.000

12/01/2026

2,187,774

Main

Street

Natural

Gas

Inc.

Gas

Supply

RB

Series

2023B

(Aa1/NR)

7,745,000

5.000

(a)(b)

07/01/2053

8,257,719

Main

Street

Natural

Gas

Inc.,

Gas

Supply

RB,

Series

2019A

(A2/NR)

1,215,000

5.000

05/15/2028

1,274,584

Main

Street

Natural

Gas

Inc.,

Gas

Supply

RB,

Series

2023C

(Aa1/NR)

24,500,000

5.000

(a)(b)

09/01/2053

26,210,262

Main

Street

Natural

Gas

Inc.,

Gas

Supply

RB,

Series

2023E-1

(Aa1/NR)

2,760,000

5.000

(a)(b)

12/01/2053

2,970,337

Medical

Center

Hospital

Authority

Revenue

Anticipation

Certificates

for

Piedmont

Healthcare

Project

Series

2019A

(A1/AA-)

2,850,000

5.000

(a)(b)

07/01/2054

2,947,078

Monroe

County

Development

Authority

Pollution

Control

RB

First

Series

2009

(Baa1/BBB+/A-2)

1,850,000

1.000

(a)(b)

07/01/2049

1,678,824

Monroe

County

Development

Authority

Pollution

Control

RB

for

Georgia

Power

Company

Plant

Scherer

Project

Series

2006

(Baa1/BBB+)

1,940,000

3.875

(a)(b)

12/01/2041

1,956,217

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Georgia

–

(continued)

Monroe

County

Development

Authority

Pollution

Control

RB

for

Georgia

Power

Company

Plant

Scherer

Project

Series

2012

(Baa1/BBB+)

$

3,520,000

3.875%

(a)(b)

06/01/2042

$

3,549,424

Monroe

County

Development

Authority

Pollution

Control

RB

for

Georgia

Power

Company

Plant

Scherer

Project

Series

2013

(Baa1/BBB+)

1,940,000

3.875

(a)(b)

04/01/2043

1,956,217

Municipal

Electric

Authority

of

Georgia

Plant

Vogtle

Units

3&4

Project

M

Bonds,

Series

2023A

(AGM)

(A1/AA)

2,300,000

5.000

07/01/2053

2,439,412

Municipal

Electric

Authority

RB

Georgia

Plant

Vogtle

Units

3

&

4

Project

Series

2019

A

(A3/A)

4,360,000

5.000

01/01/2025

4,429,909

4,575,000

5.000

01/01/2026

4,736,215

4,805,000

5.000

01/01/2027

5,067,206

5,040,000

5.000

01/01/2028

5,407,110

5,295,000

5.000

01/01/2029

5,714,328

1,080,000

5.000

01/01/2034

1,151,299

Private

Colleges

&

Universities

Authority

RB

Refunding

for

Agnes

Scott

College,

Inc.

Series

2021

(NR/A-)

495,000

5.000

06/01/2031

555,045

400,000

5.000

06/01/2032

447,805

500,000

5.000

06/01/2033

559,366

400,000

4.000

06/01/2034

417,075

500,000

4.000

06/01/2035

516,970

1,000,000

4.000

06/01/2045

970,306

Rockdale

County

Development

Authority

RB

Refunding

for

Pratt

Paper

LLC

Project

Series

2018

(NR/NR)

2,615,000

4.000

(e)

01/01/2038

2,439,011

Savanah

Economic

Development

Authority

Recovery

Zone

Facility

Revenue

Refunding

Bonds

Series

2019A

(Baa2/BBB)

400,000

2.000

(a)(b)

11/01/2033

393,090

Savannah

Economic

Development

Authority

Pollution

Control

RB

Refunding

for

International

Paper

Company

Series

2019

B

(Baa2/BBB)

1,925,000

1.900

08/01/2024

1,887,588

State

of

Georgia

GO

Bonds

Series

2021A

(Aaa/AAA)

4,745,000

5.000

07/01/2025

4,912,287

194,047,715

Guam

-

0.7%

A.B.

Won

Pat

International

Airport

Authority

Guam

General

RB

2023

Series

A

(Baa2/NR)

1,265,000

5.250

10/01/2029

1,318,157

A.B.

Won

Pat

International

Airport

Authority

Guam

General

RB

2023

Series

A

(Baa2/NR)

1,285,000

5.250

10/01/2030

1,339,512

Antonio

B

Won

Pat

International

Airport

Authority

Taxable

RB

Refunding

Series

2021

A

(Baa2/NR)

765,000

3.099

10/01/2028

683,504

550,000

3.189

10/01/2029

480,155

740,000

3.489

10/01/2031

625,243

Guam

Department

of

Education

COPS

Refunding

for

John

F.

Kennedy

High

School

&

Energy

Efficiency

Project

Series

2020

A

(Ba2/B+)

670,000

3.625

02/01/2025

665,055

2,045,000

4.250

02/01/2030

2,054,229

Guam

Government

GO

Bonds

Series

2019

(Ba1/BB-)

1,970,000

5.000

11/15/2031

2,053,723

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Guam

–

(continued)

Guam

Government

Limited

Obligation

RB

Section

30

Series

2016

A

(NR/BB)

$

2,755,000

5.000%

12/01/2025

$

2,822,511

2,255,000

5.000

12/01/2026

2,345,725

2,000,000

5.000

12/01/2027

2,077,469

Guam

Government

RB

Refunding

Series

2021

E

(Ba1/NR)

5,945,000

3.250

11/15/2026

5,728,843

Guam

Government

RB

Refunding

Series

2021

F

(Ba1/NR)

525,000

5.000

01/01/2028

554,133

1,100,000

5.000

01/01/2030

1,184,598

1,100,000

5.000

01/01/2031

1,192,705

7,065,000

4.000

01/01/2042

6,763,444

Guam

Power

Authority

RB

Series

2014

A

(AGM)

(A1/AA)

325,000

5.000

10/01/2039

328,109

250,000

5.000

10/01/2044

251,651

Guam

Power

Authority

Refunding

RB

Series

2022

A

(Baa2/BBB)

1,825,000

5.000

10/01/2029

1,983,815

Guam

Waterworks

Authority

RB

for

Water

&

Wastewater

System

Series

2020

A

(Baa2/A-)

6,995,000

5.000

01/01/2050

7,199,455

Guam

Waterworks

Authority

RB

Refunding

for

Water

&

Wastewater

System

Series

2017

(Baa2/A-)

125,000

5.000

07/01/2025

127,360

785,000

5.000

07/01/2026

811,462

500,000

5.000

07/01/2027

524,824

525,000

5.000

07/01/2028

551,681

345,000

5.000

07/01/2029

362,680

475,000

5.000

07/01/2030

499,052

700,000

5.000

07/01/2031

734,896

300,000

5.000

07/01/2032

314,730

1,000,000

5.000

07/01/2035

1,046,900

Guam

Waterworks

Authority

Water

&

Wastewater

RB

Series

2016

(Baa2/A-)

9,330,000

5.000

01/01/2046

9,471,232

Port

Authority

of

Guam

Port

RB,

2018

Series

B

(AMT)

(Baa2/A)

200,000

5.000

07/01/2037

210,758

Port

Authority

of

Guam

Private

Activity

RB

Series

2018

B

(Baa2/A)

400,000

5.000

07/01/2029

426,617

600,000

5.000

07/01/2031

639,114

250,000

5.000

07/01/2033

266,042

225,000

5.000

07/01/2034

239,593

225,000

5.000

07/01/2036

238,419

Port

Authority

of

Guam

RB

Series

2018

A

(Baa2/A)

2,500,000

5.000

07/01/2048

2,557,988

Territory

of

Guam

Hotel

Occupancy

Tax

RB

Refunding

Series

2021

A

(Ba1/NR)

300,000

5.000

11/01/2027

316,611

450,000

5.000

11/01/2028

481,024

450,000

5.000

11/01/2029

485,707

375,000

5.000

11/01/2030

406,675

62,365,401

Hawaii

-

0.3%

City

and

County

of

Honolulu

Multifamily

Housing

RB

Maunakea

Tower

Apartments

Series

2023

(HUD

SECT

8)

(Aaa/NR)

220,000

5.000

(a)(b)

06/01/2027

228,802

Hawaii

State

Department

of

Budget

&

Finance

RB

Refunding

for

Hawaiian

Electric

Co.,

Inc.

Series

2017

B

(Ba3/NR)

6,575,000

4.000

03/01/2037

4,464,335

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Hawaii

–

(continued)

Hawaii

State

Department

of

Budget

&

Finance

RB

Refunding

for

Hawaiian

Electric

Co.,

Inc.

Series

2019

(Ba3/NR)

$

12,795,000

3.200%

07/01/2039

$

8,558,623

Hawaii

State

Department

of

Budget

and

Finance

for

Hawaiian

Electric

Company

Inc.

Special

Purpose

RB

Series

2017A

(Ba3/NR)

1,040,000

3.500

10/01/2049

667,776

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

30,130

35,000

5.000

05/15/2030

36,468

150,000

5.000

05/15/2031

155,705

180,000

5.000

05/15/2032

186,331

60,000

3.000

05/15/2033

51,842

100,000

3.000

05/15/2034

85,086

150,000

3.000

05/15/2035

125,684

670,000

3.250

05/15/2039

548,278

575,000

5.000

05/15/2044

580,789

1,000,000

5.000

05/15/2049

1,001,338

State

of

Hawaii

Airports

System

RB

Series

2022A

(A1/AA-)

9,000,000

5.000

07/01/2051

9,421,149

State

of

Hawaii

Department

of

Budget

and

Finance

Special

Purpose

RB

Refunding

Series

2017A

(Ba3/NR)

4,775,000

3.100

05/01/2026

3,598,154

29,740,490

Idaho

-

0.1%

City

of

Boise

City,

Idaho

Airport

Revenue

and

Revenue

Refunding

Bonds,

Series

2021A

(A1/NR)

3,850,000

5.000

09/01/2051

4,171,553

Nez

Perce

County

PCRB

Refunding

for

Potlatch

Corp.

Project

Series

2016

(Baa3/BBB-)

4,515,000

2.750

10/01/2024

4,449,851

8,621,404

Illinois

-

10.2%

Barrington

Community

Unit

School

District

GO

School

Bonds

Series

2021

(NR/AAA)

2,255,000

5.000

12/01/2029

2,563,846

Belleville

Tax

Increment

&

Sales

Tax

Refunding

RB

for

Carlyle

Green

Mount

Redevelopment

Project

Series

2021B

(NR/NR)

1,710,000

3.750

07/01/2041

1,621,227

Berwyn

Municipal

Securitization

Corp.

RB

Refunding

Series

2019

(AGM-CR)

(NR/AA)

7,200,000

5.000

01/01/2035

8,062,528

Board

of

Education

of

The

City

of

Chicago

Unlimited

Tax

GO

Refunding

Bonds

(Dedicated

Revenues),

Series

2021B

(NR/BB+)

5,000,000

5.000

12/01/2030

5,315,042

Board

of

Education

of

The

City

of

Chicago

UT

GO

Bonds

Dedicated

Revenues,

Series

2021A

(NR/BB+)

900,000

5.000

12/01/2039

919,832

Board

of

Education

of

The

City

of

Chicago

UT

GO

Bonds

Dedicated

Revenues,

Series

2022A

(NR/BB+)

3,275,000

5.000

12/01/2047

3,256,720

Board

of

Education

of

The

City

of

Chicago

UT

GO

Refunding

Bonds

Dedicated

Revenues,

Series

2017G

(NR/BB+)

1,900,000

5.000

12/01/2034

1,936,185

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Illinois

–

(continued)

Board

of

Education

of

The

City

of

Chicago

UT

GO

Refunding

Bonds

Dedicated

Revenues,

Series

2022B

(NR/BB+)

$

5,000,000

4.000%

12/01/2041

$

4,613,864

Board

of

Trustee

of

Northern

Illinois

University

Auxiliary

Facilities

System

RB

Series

2021

(BAM)

(Baa3/AA)

650,000

4.000

10/01/2043

633,837

Champaign

County

Community

Unit

School

District

No.

4

Champaign

GO

Bonds

Series

2020

A

(NR/AA)

350,000

0.000

(f)

01/01/2026

326,708

165,000

0.000

(f)

01/01/2027

149,119

240,000

0.000

(f)

01/01/2028

209,932

330,000

5.000

01/01/2029

363,039

110,000

5.000

01/01/2031

120,414

1,570,000

5.000

01/01/2032

1,717,670

630,000

5.000

01/01/2033

688,520

1,270,000

5.000

01/01/2034

1,385,768

Chicago

Board

of

Education

GO

Bonds

for

Build

America

Bonds

Series

2009

E

(Ba2/BB+)

7,690,000

5.482

12/01/2024

7,618,063

Chicago

GO

Bonds

2019A

(NR/NR)

1,025,000

5.000

01/01/2027

1,097,620

100,000

5.000

01/01/2028

109,650

Chicago

GO

Bonds

2019A

(NR/BBB+)

2,750,000

5.000

01/01/2027

2,876,062

590,000

5.000

01/01/2028

623,747

Chicago

Illinois

Board

of

Education

Dedicated

Capital

Improvement

Series

2016

(NR/NR)

3,550,000

6.000

04/01/2046

3,688,581

Chicago

Illinois

Board

of

Education

Dedicated

Capital

Improvement

Series

2017

(NR/NR)

835,000

5.000

04/01/2034

860,988

500,000

5.000

04/01/2035

514,783

335,000

5.000

04/01/2036

343,903

1,300,000

5.000

04/01/2037

1,329,537

Chicago

Illinois

Board

of

Education

Dedicated

Capital

Improvement

Tax

Bonds

Series

2017

(NR/NR)

3,900,000

5.000

04/01/2046

3,915,091

Chicago

Illinois

Board

of

Education

GO

Bonds

Capital

Appreciation

for

School

Reform

Series

1998

B-1

(NATL)

(Baa2/BB+)

2,105,000

0.000

(f)

12/01/2026

1,882,620

1,625,000

0.000

(f)

12/01/2027

1,397,927

3,005,000

0.000

(f)

12/01/2029

2,389,763

4,465,000

0.000

(f)

12/01/2030

3,406,436

Chicago

Illinois

Board

of

Education

GO

Bonds

Capital

Appreciation

for

School

Reform

Series

1999

A

(NATL)

(Baa2/BB+)

465,000

0.000

(f)

12/01/2027

400,022

1,040,000

0.000

(f)

12/01/2028

861,021

90,000

0.000

(f)

12/01/2029

71,574

Chicago

Illinois

Board

of

Education

GO

Bonds

Capital

Appreciation

Series

2009

C

(Baa3/BBB+)

510,000

0.000

(f)

01/01/2031

387,796

Chicago

Illinois

Board

of

Education

GO

Bonds

Series

2015

C

(NR/BB+)

2,500,000

6.000

12/01/2035

2,531,428

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Illinois

–

(continued)

Chicago

Illinois

Board

of

Education

GO

Refunding

Bonds

Capital

Appreciation

for

School

Reform

Series

1999

A

(NATL)

(Baa2/BB+)

$

4,070,000

0.000%

(f)

12/01/2031

$

2,975,435

Chicago

Illinois

Board

of

Education

GO

Refunding

Bonds

Series

2005

A

(AMBAC)

(Ba2/BB+)

2,530,000

5.500

12/01/2026

2,619,677

11,080,000

5.500

12/01/2029

11,914,668

Chicago

Illinois

Board

of

Education

Unlimited

Tax

GO

Bonds

for

Capital

Appreciation

Boards

School

Reform

Series

1998

B-1

(NATL)

(Baa2/BB+)

120,000

0.000

(f)

12/01/2025

111,359

Chicago

Illinois

Board

of

Education

Unlimited

Tax

GO

Bonds

for

Dedicated

Alternate

Revenues

Series

2015

C

(NR/BB+)

2,870,000

5.250

12/01/2039

2,868,937

Chicago

Illinois

Board

of

Education

Unlimited

Tax

GO

Refunding

Bonds

for

Dedicated

Revenues

Series

2009

E

(Ba2/BB+)

10,380,000

6.038

12/01/2029

10,252,283

2,500,000

6.138

12/01/2039

2,365,377

Chicago

Illinois

Board

of

Education

Unlimited

Tax

GO

Refunding

Bonds

for

Dedicated

Revenues

Series

2016

A

(NR/BB+)

5,160,000

7.000

12/01/2044

5,372,281

Chicago

Illinois

Board

of

Education

Unlimited

Tax

GO

Refunding

Bonds

for

Dedicated

Revenues

Series

2016

B

(NR/BB+)

7,125,000

6.500

12/01/2046

7,455,955

Chicago

Illinois

Board

of

Education

Unlimited

Tax

GO

Refunding

Bonds

for

Dedicated

Revenues

Series

2018

A

(AGM)

(NR/AA)

1,825,000

5.000

12/01/2024

1,847,597

3,500,000

5.000

12/01/2025

3,588,372

1,270,000

5.000

12/01/2026

1,324,313

2,375,000

5.000

12/01/2027

2,512,487

2,500,000

5.000

12/01/2028

2,679,128

2,750,000

5.000

12/01/2030

2,934,047

4,700,000

5.000

12/01/2031

5,011,262

1,350,000

5.000

12/01/2032

1,438,786

3,800,000

5.000

12/01/2033

4,047,587

1,500,000

5.000

12/01/2034

1,595,473

1,000,000

5.000

12/01/2035

1,059,868

Chicago

Illinois

Board

of

Education

Unlimited

Tax

GO

Refunding

Bonds

for

Dedicated

Revenues

Series

2018

C

(AGM)

(NR/AA)

2,180,000

5.000

12/01/2028

2,329,079

Chicago

Illinois

Board

of

Education

Unlimited

Tax

GO

Refunding

Bonds

for

Dedicated

Revenues

Series

2019

A

(NR/BB+)

2,000,000

0.000

(f)

12/01/2025

1,854,245

2,000,000

0.000

(f)

12/01/2026

1,786,160

300,000

0.000

(f)

12/01/2027

257,584

2,500,000

4.000

12/01/2027

2,509,452

Chicago

Illinois

Board

of

Education

Unlimited

Tax

GO

Refunding

Bonds

for

Dedicated

Revenues

Series

2019

B

(NR/BB+)

1,250,000

5.000

12/01/2024

1,258,945

475,000

5.000

12/01/2025

483,640

1,000,000

5.000

12/01/2026

1,031,907

3,060,000

5.000

12/01/2028

3,207,624

1,000,000

5.000

12/01/2029

1,055,565

3,000,000

5.000

12/01/2030

3,137,223

1,000,000

5.000

12/01/2031

1,039,885

1,000,000

5.000

12/01/2032

1,039,298

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Illinois

–

(continued)

Chicago

Illinois

Board

of

Education

Unlimited

Tax

GO

Refunding

Bonds

for

Dedicated

Revenues

Series

2019

B

(NR/BB+)

–

(continued)

$

1,000,000

5.000%

12/01/2033

$

1,038,243

Chicago

Illinois

Capital

Appreciation

GO

Bonds

for

City

Colleges

Project

Series

1999

(AGM-CR

NATL)

(A1/AA)

1,465,000

0.000

(f)

01/01/2030

1,186,835

Chicago

Illinois

Capital

Appreciation

Refunding

&

Project

Series

2009

C

(Baa3/BBB+)

880,000

0.000

(f)

01/01/2032

637,648

Chicago

Illinois

GO

Bonds

Project

and

Refunding

RMKT

06/08/15

Series

2005

D

(Baa3/BBB+)

430,000

5.500

01/01/2037

434,625

2,920,000

5.500

01/01/2040

2,940,425

Chicago

Illinois

GO

Bonds

Project

Refunding

Series

2014

A

(Baa3/BBB+)

1,500,000

5.250

01/01/2033

1,500,000

630,000

5.000

01/01/2034

630,000

Chicago

Illinois

GO

Bonds

Series

2015

A

(NR/BBB+)

1,320,000

5.500

01/01/2039

1,330,136

Chicago

Illinois

GO

Bonds

Series

2019

(NR/BBB+)

4,280,000

5.000

01/01/2029

4,595,962

1,135,000

5.000

01/01/2031

1,211,493

Chicago

Illinois

GO

Refunding

Bonds

Series

2015

C

(NR/BBB+)

2,575,000

5.000

01/01/2024

2,575,000

4,435,000

5.000

01/01/2025

4,493,442

5,600,000

5.000

01/01/2038

5,627,208

Chicago

Illinois

GO

Refunding

Bonds

Series

2017

A

(NR/BBB+)

375,000

6.000

01/01/2038

393,691

Chicago

Illinois

Midway

Airport

RB

Refunding

Second

Lien

Series

2013

A

(A2/A)

4,235,000

5.500

01/01/2029

4,241,095

Chicago

Illinois

O’Hare

International

Airport

RB

General

Airport

Senior

Lien

Series

2017D

(AMT)

(NR/A+)

4,340,000

5.000

01/01/2047

4,419,655

Chicago

Illinois

O'Hare

International

Airport

RB

Refunding

General

Airport

Senior

Lien

Series

2016

C

(NR/A+)

3,615,000

5.000

01/01/2037

3,729,059

Chicago

Illinois

O'Hare

International

Airport

RB

Refunding

General

Airport

Senior

Lien

Series

2016

D

(NR/A+)

8,955,000

5.250

01/01/2035

9,570,928

Chicago

Illinois

Sales

Tax

Refunding

Series

2002

(NR/NR)

1,105,000

5.000

01/01/2025

1,124,891

Chicago

Illinois

Wastewater

Transmission

RB

Second

Lien

Series

2017

A

(AGM)

(NR/AA)

550,000

5.250

01/01/2042

576,215

1,330,000

4.000

01/01/2052

1,287,372

Chicago

Transit

Authority

Sales

Tax

Receipts

RB

Series

2014

(NR/AA)

25,240,000

5.250

12/01/2049

25,373,727

City

of

Belleville

Sales

Tax

Revenue

Tax

Allocation

Refunding

for

Carlyle

and

Green

Mount

Redevelopement

Project

Series

2021

B

(NR/NR)

450,000

3.250

07/01/2029

444,420

City

of

Chicago

Board

of

Education

Dedicated

Capital

Improvement

Tax

Bonds

Series

2016

(NR/NR)

1,400,000

5.750

04/01/2034

1,475,960

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Illinois

–

(continued)

City

of

Chicago

Board

of

Education

Dedicated

Capital

Improvement

Tax

Bonds

Series

2023

(NR/NR)

$

2,500,000

5.000%

04/01/2045

$

2,608,894

City

of

Chicago

Board

of

Education

GO

Bonds

Series

1999

A

(NATL)

(Baa2/BB+)

4,725,000

5.500

12/01/2026

4,917,453

City

of

Chicago

Board

of

Education

UT

GO

Bonds

for

Dedicated

Revenues

Series

2018D

(NR/BB+)

2,550,000

5.000

12/01/2046

2,489,719

City

of

Chicago

Board

of

Education

UT

GO

Bonds

Series

2012A

(Ba2/BB+)

10,975,000

5.000

12/01/2042

10,834,858

City

of

Chicago

Board

of

Education

UT

GO

Bonds

Series

2018D

(NR/BB+)

2,750,000

5.000

12/01/2046

2,735,027

City

of

Chicago

Board

of

Education

UT

GO

Bonds

Series

2021A

(NR/BB+)

2,300,000

5.000

12/01/2036

2,396,113

750,000

5.000

12/01/2038

770,457

City

of

Chicago

Board

of

Education

UT

GO

Refunding

Bonds

Series

2017C

(NR/BB+)

500,000

5.000

12/01/2025

509,094

City

of

Chicago

Board

of

Education

UT

GO

Refunding

Bonds

Series

2017H

(NR/BB+)

4,500,000

5.000

12/01/2036

4,552,709

City

of

Chicago

Board

of

Education

UT

GO

Refunding

Bonds

Series

2018A

(AGM)

(NR/AA)

2,450,000

5.000

12/01/2029

2,615,199

City

of

Chicago

Board

of

Education

UT

GO

Refunding

Bonds

Series

2018C

(AGM)

(NR/AA)

15,000,000

5.000

12/01/2027

15,868,340

5,450,000

5.000

12/01/2029

5,797,237

4,365,000

5.000

12/01/2030

4,632,849

City

of

Chicago

Board

of

Education

UT

GO

Refunding

Bonds

Series

2018C

(NR/BB+)

1,900,000

5.000

12/01/2024

1,913,597

6,495,000

5.000

12/01/2025

6,613,131

City

of

Chicago

Board

of

Education

UT

GO

Refunding

Bonds

Series

2022B

(NR/BB+)

3,000,000

4.000

12/01/2037

2,921,960

City

of

Chicago

Board

of

Education

UT

GO

Series

2015E

Project

Bonds

(NR/BB+)

1,300,000

5.125

12/01/2032

1,302,562

City

of

Chicago

Chicago

O'Hare

International

Airport

General

Airport

Senior

Lien

RR

Bonds

Series

2016B

(NON-AMT)

(NR/A+)

2,000,000

5.000

01/01/2041

2,045,777

City

of

Chicago

GO

Bonds

Refunding

Series

2020A

(NR/BBB+)

4,675,000

5.000

01/01/2026

4,815,322

670,000

5.000

01/01/2027

701,443

8,835,000

5.000

01/01/2028

9,372,348

940,000

5.000

01/01/2032

1,015,234

City

of

Chicago

GO

Bonds

Refunding

Series

2021A

(NR/BBB+)

1,260,000

5.000

01/01/2027

1,319,131

City

of

Chicago

GO

Bonds

Refunding

Series

2021B

(NR/BBB+)

301,000

4.000

01/01/2028

305,427

City

of

Chicago

GO

Bonds

Series

2015A

(NR/BBB+)

2,700,000

5.250

(c)

01/01/2028

2,760,496

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Illinois

–

(continued)

City

of

Chicago

GO

Bonds

Series

2019A

(NR/BBB+)

$

10,995,000

5.500%

01/01/2049

$

11,452,154

City

of

Chicago

GO

Bonds

Series

2021B

(NR/BBB+)

2,956,000

4.000

01/01/2038

2,884,508

5,330,000

4.000

01/01/2044

4,927,340

City

of

Chicago

GO

Bonds

Series

2023A

(Baa3/BBB+)

1,000,000

5.000

01/01/2029

1,073,823

1,950,000

4.000

01/01/2035

1,924,432

3,250,000

5.000

01/01/2035

3,584,966

1,560,000

5.500

01/01/2043

1,657,545

City

of

Chicago

GO

Refunding

Bonds

Series

2020

A

(NR/BBB+)

2,745,000

5.000

01/01/2025

2,781,172

2,670,000

5.000

01/01/2029

2,867,107

10,215,000

5.000

01/01/2030

11,092,964

City

of

Chicago

IL

Waterworks

Revenue

RB

Series

1999

(Baa1/A+)

1,560,000

5.000

11/01/2028

1,639,568

2,010,000

5.000

11/01/2029

2,111,078

1,000,000

5.000

11/01/2030

1,048,300

City

of

Chicago

Midway

Airport

RB

Refunding

for

Senior

Lein

Airport

Series

2023C

(AMT)

(NR/A)

5,700,000

5.000

(h)

01/01/2037

6,328,704

4,750,000

5.000

(h)

01/01/2038

5,236,603

3,935,000

5.000

(h)

01/01/2039

4,325,330

City

of

Chicago

Midway

Airport

Second

Lien

Revenue

Refunding

Bonds

Series

2014A

(A2/A)

1,000,000

5.000

01/01/2031

1,004,572

City

of

Chicago

Midway

Airport

Second

Lien

Revenue

Refunding

Bonds

Series

2016B

(NR/A)

8,000,000

5.000

01/01/2041

8,153,822

City

of

Chicago

O’Hare

International

Airport

General

Airport

Senior

Lien

RB

Series

2022A

(AMT)

(AGM)

(NR/AA)

4,500,000

5.500

01/01/2053

4,855,795

City

of

Chicago

O’Hare

International

Airport

General

Airport

Senior

Lien

Revenue

Refunding

Bonds

Series

2015A

(AMT)

(NR/A+)

12,045,000

5.000

01/01/2032

12,149,512

City

of

Chicago

O'Hare

International

Airport

General

Airport

Senior

Lien

RB

Series

2017D

(NR/A+)

5,660,000

5.000

01/01/2052

5,748,662

City

of

Chicago

O'Hare

International

Airport

General

Airport

Senior

Lien

RB

Series

2022A

(NR/A+)

2,250,000

4.500

01/01/2048

2,274,876

City

of

Chicago

O'Hare

International

Airport

General

Airport

Senior

Lien

Revenue

Refunding

Bonds

Series

2015A

(AMT)

(NR/A+)

1,000,000

5.000

01/01/2029

1,008,984

City

of

Chicago

O'Hare

International

Airport

General

Airport

Senior

Lien

Revenue

Refunding

Bonds

Series

2016B

(NR/A+)

4,250,000

5.000

01/01/2033

4,410,032

City

of

Chicago

O'Hare

International

Airport

General

Airport

Senior

Lien

Revenue

Refunding

Bonds

Series

2022D

(NR/A+)

2,500,000

4.000

01/01/2042

2,550,745

City

of

Chicago

Second

Lein

Wastewater

Transmission

RB,

Refunding

Series

2023B

(AGM)

(NR/AA)

3,350,000

5.000

01/01/2035

3,959,880

1,300,000

5.000

01/01/2036

1,525,205

200,000

5.000

01/01/2037

232,873

1,660,000

5.000

01/01/2038

1,902,122

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Illinois

–

(continued)

City

of

Chicago

Second

Lien

Wastewater

Transmission

Revenue

Refunding

Bonds

Series

2008C

(NR/A+)

$

2,000,000

5.000%

01/01/2035

$

2,030,283

City

of

Chicago

Second

Lien

Water

Revenue

Refunding

Bonds

Series

2004

(NR/A+)

1,645,000

5.000

11/01/2026

1,741,890

Cook

County

Community

School

District

No.

97

Oak

Park

GO

Bonds

Series

2020

(Aa2/NR)

200,000

4.000

01/01/2029

210,100

145,000

4.000

01/01/2030

152,070

Cook

County

High

School

District

No.

209

Proviso

Township

GO

Bonds

Limited

Tax

School

Series

2018

B

(AGM)

(NR/AA)

10,350,000

5.500

12/01/2036

11,765,837

Cook

County

Sales

Tax

RB

Series

2018

(NR/AA-)

3,500,000

4.000

11/15/2037

3,588,217

County

of

Cook

Sales

Tax

RB

Refunding

Series

2021

A

(NR/AA-)

3,750,000

4.000

11/15/2039

3,803,325

County

of

Will

Illinois

GO

Bonds

Series

2019

(Aa1/AA+)

1,500,000

4.000

11/15/2047

1,473,816

District

of

Greater

Chicago

Metropolitan

Water

Reclamation

GO

UT

Bonds

2016

Series

E

(NR/AA+)

7,520,000

5.000

12/01/2045

7,711,810

Eastern

Illinois

Economic

Development

Authority,

Illinois

Business

District

RB

Remington

Road

&

I-57

Business

District

Series

2023

(NR/NR)

615,000

5.000

11/01/2033

606,048

Illinois

Finance

Authority

RB

for

Columbia

College

Chicago

Series

2019

(NR/BBB+)

1,320,000

5.000

12/01/2034

1,387,792

1,695,000

5.000

12/01/2039

1,736,048

Illinois

Finance

Authority

RB

for

Cook

County

School

District

No.

73

East

Prairie

Series

2018

(BAM)

(A1/AA)

2,325,000

4.000

12/01/2036

2,374,069

1,420,000

4.000

12/01/2037

1,436,064

4,230,000

4.000

12/01/2042

4,259,210

Illinois

Finance

Authority

RB

for

Cook

County

School

District

No.

95

Brookfield

Series

2018

(Aa2/NR)

500,000

4.000

12/01/2038

507,372

400,000

4.000

12/01/2040

404,903

1,085,000

4.000

12/01/2042

1,095,244

Illinois

Finance

Authority

RB

for

Depaul

College

Prep

Foundation

Series

2023A

(NR/BB+)

1,235,000

5.500

(e)

08/01/2043

1,262,616

Illinois

Finance

Authority

RB

for

Dominican

University

Series

2022

(NR/BBB-)

1,000,000

5.000

03/01/2040

1,001,476

685,000

5.000

03/01/2042

682,986

Illinois

Finance

Authority

RB

for

DuPage

County

Community

High

School

District

No.

99

Downers

Grove

Series

2020

A

(NR/AA+)

1,300,000

4.000

12/15/2032

1,365,429

3,740,000

4.000

12/15/2033

3,927,438

1,700,000

4.000

12/15/2034

1,787,759

1,395,000

4.000

12/15/2035

1,457,374

2,750,000

3.000

12/15/2036

2,682,046

2,000,000

3.000

12/15/2037

1,903,331

Illinois

Finance

Authority

RB

for

Northwestern

Memorial

Healthcare

Obligation

Group

Series

2017

A

(Aa2/AA+)

24,305,000

4.000

07/15/2047

23,536,619

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Illinois

–

(continued)

Illinois

Finance

Authority

RB

for

Plymouth

Place

Series

2022A

(NR/NR)

$

685,000

5.500%

05/15/2026

$

687,358

725,000

5.500

05/15/2027

727,374

765,000

5.500

05/15/2028

766,708

Illinois

Finance

Authority

RB

for

Plymouth

Place

Series

2022B-3

(NR/NR)

1,750,000

4.750

11/15/2027

1,744,409

Illinois

Finance

Authority

RB

for

Roosevelt

University

Series

2019

A

(NR/NR)

5,600,000

6.125

(e)

04/01/2049

5,267,982

Illinois

Finance

Authority

RB

Refunding

for

American

Water

Capital

Corp.

Project

Series

2020

(NON-AMT)

(Baa1/A)

1,000,000

3.875

(a)(b)

05/01/2040

1,013,475

Illinois

Finance

Authority

RB

Refunding

for

Christian

Homes,

Inc.

Obligated

Group

Series

2021

B

(NR/NR)

1,850,000

3.250

05/15/2027

837,125

Illinois

Finance

Authority

RB

Refunding

for

Edward

Elmhurst

Healthcare

Obligation

Group

Series

2018

A

(NR/AA-)

4,000,000

4.250

(c)

01/01/2028

4,272,500

Illinois

Finance

Authority

RB

Refunding

for

Franciscan

Communities

Project

Series

2017

A

(NR/NR)

1,155,000

4.000

05/15/2027

1,127,235

Illinois

Finance

Authority

RB

Refunding

for

Illinois

Institute

of

Technology

Series

2019

(Ba2/NR)

750,000

5.000

09/01/2026

749,949

500,000

5.000

09/01/2027

501,957

500,000

5.000

09/01/2028

502,649

1,600,000

5.000

09/01/2030

1,606,936

1,000,000

5.000

09/01/2031

1,002,865

1,000,000

5.000

09/01/2032

1,000,421

1,035,000

5.000

09/01/2033

1,031,011

1,150,000

5.000

09/01/2034

1,136,831

Illinois

Finance

Authority

RB

Refunding

for

Illinois

Wesleyan

University

Series

2016

(Baa3/A-)

900,000

4.000

09/01/2041

881,205

3,975,000

5.000

09/01/2046

4,012,648

Illinois

Finance

Authority

RB

Refunding

for

Lawndale

Educational

&

Regional

Network

Charter

School

Obligated

Group

Series

2021

(NR/BBB)

650,000

4.000

11/01/2041

625,282

Illinois

Finance

Authority

RB

Refunding

for

Plymouth

Place

Obligated

Group

Series

2021

A

(NR/NR)

375,000

5.000

05/15/2041

321,816

Illinois

Finance

Authority

RB

Refunding

for

University

of

Chicago

Series

2018

A

(Aa2/AA-)

3,025,000

5.000

10/01/2041

3,171,646

Illinois

Finance

Authority

RB

Refunding

for

University

of

Chicago

Series

2021

A

(Aa2/AA-)

1,380,000

5.000

10/01/2037

1,714,580

Illinois

Finance

Authority

RB

Series

2021

(NR/BB+)

375,000

4.000

(e)

10/01/2042

308,924

Illinois

Finance

Authority

RB,

Columbia

College

Chicago,

Series

2019

(NR/BBB+)

1,000,000

5.000

12/01/2049

1,006,214

Illinois

Sales

Tax

Securitization

Corp.

RB

Refunding

Second

Lien

Series

2020

A

(NR/AA-)

1,230,000

5.000

01/01/2036

1,363,068

5,290,000

4.000

01/01/2038

5,385,866

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Illinois

–

(continued)

Illinois

Sales

Tax

Securitization

Corp.

RB

Refunding

Series

2018

C

(NR/AA-)

$

5,985,000

5.000%

01/01/2027

$

6,376,946

9,605,000

5.000

01/01/2028

10,466,887

11,500,000

5.000

01/01/2029

12,774,199

Illinois

Sport

Facilities

Authority

Sport

Facilities

Refunding

Bonds

Series

2021

(NR/BBB+)

1,500,000

5.000

06/15/2030

1,599,087

Illinois

Sports

Facilities

Authority

Refunding

Bonds

Series

2014

(AGM)

(NR/AA)

4,160,000

5.000

06/15/2027

4,177,459

Illinois

Sports

Facilities

Authority

Sports

Facilities

Refunding

Bonds

Series

2021

(NR/BBB+)

480,000

5.000

06/15/2032

512,244

Illinois

State

GO

Bonds

Series

2017

A

(A3/A-)

375,000

4.500

12/01/2041

379,287

Illinois

State

GO

Bonds

Series

2017

D

(A3/A-)

2,000,000

5.000

11/01/2025

2,068,016

13,250,000

5.000

11/01/2026

13,971,875

24,005,000

5.000

11/01/2028

25,768,539

Illinois

State

GO

Bonds

Series

2018

A

(A3/A-)

16,380,000

5.000

05/01/2031

17,624,520

1,760,000

5.000

05/01/2042

1,828,701

1,760,000

5.000

05/01/2043

1,827,541

Illinois

State

GO

Bonds

Series

2019

A

(A3/A-)

8,000,000

5.000

11/01/2024

8,115,044

Illinois

State

GO

Bonds

Series

2019

C

(A3/A-)

4,980,000

4.000

11/01/2042

4,914,515

Illinois

State

GO

Bonds

Series

2020

(A3/A-)

1,525,000

5.500

05/01/2039

1,688,413

4,240,000

5.750

05/01/2045

4,666,298

Illinois

State

GO

Refunding

Bonds

Series

2016

(AGM)

(A1/AA)

1,185,000

4.000

02/01/2031

1,215,105

Illinois

State

GO

Refunding

Bonds

Series

2018

B

(A3/A-)

2,340,000

5.000

10/01/2031

2,529,406

Illinois

State

Toll

Highway

Authority

Toll

Highway

Senior

RB

2019

Series

C

(Aa3/AA-)

5,000,000

5.000

01/01/2025

5,103,326

Metropolitan

Pier

&

Exposition

Authority

Dedicated

State

Tax

RB

for

McCormick

Place

Expansion

Series

2002A

(NATL)

(Baa2/A)

2,000,000

0.000

(f)

06/15/2034

1,407,703

1,860,000

0.000

(f)

06/15/2038

1,064,364

Metropolitan

Pier

&

Exposition

Authority

RB

Capital

Appreciation

for

McCormick

Place

Expansion

Series

2002

A

(NATL)

(Baa2/A)

6,920,000

0.000

(f)

12/15/2032

5,135,866

Metropolitan

Pier

&

Exposition

Authority

RB

Refunding

Capital

Appreciation

for

McCormick

Place

Expansion

Project

Series

2002

A

(NATL)

(Baa2/A)

1,370,000

0.000

(f)

12/15/2031

1,052,022

2,190,000

0.000

(f)

06/15/2033

1,597,536

Metropolitan

Pier

&

Exposition

Authority

RB

Refunding

for

McCormick

Place

Expansion

Project

Series

2017

B

(NR/A)

2,000,000

5.000

12/15/2028

2,144,004

300,000

5.000

12/15/2032

319,431

600,000

5.000

12/15/2033

638,555

500,000

5.000

12/15/2034

531,493

1,260,000

0.000

(g)

12/15/2037

975,803

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Illinois

–

(continued)

Metropolitan

Pier

&

Exposition

Authority

RB

Refunding

for

McCormick

Place

Expansion

Project

Series

2017

B

(NR/A)

–

(continued)

$

3,500,000

0.000%

(g)

12/15/2042

$

2,609,035

3,850,000

0.000

(g)

12/15/2047

2,804,160

Metropolitan

Pier

and

Exposition

Authority

McCormick

Place

Expansion

Project

Refunding

Bonds

Series

2022A

(NR/A)

5,355,000

4.000

06/15/2052

5,037,789

Regional

Transportation

Authority

Illinois

GO

Bonds

Series

2016

A

(Aa3/AA)

2,730,000

4.000

06/01/2046

2,736,044

Regional

Transportation

Authority

Illinois

GO

Refunding

Bonds

Series

2017

A

(NR/AA)

4,430,000

5.000

07/01/2029

4,820,651

Sales

Tax

Securitization

Corp

Bonds

Series

2018C

(NR/AA-)

2,705,000

5.000

01/01/2026

2,822,178

Sales

Tax

Securitization

Corp.

Bonds

Series

2018C

(NR/AA-)

4,180,000

5.000

01/01/2025

4,261,013

Sales

Tax

Securitization

Corp.

Second

Lien

Sales

Tax

Securitization

Bonds

Series

2020A

(NR/AA-)

2,240,000

5.000

01/01/2025

2,283,414

3,535,000

5.000

01/01/2026

3,688,133

4,000,000

5.000

01/01/2027

4,261,952

10,905,000

5.000

01/01/2028

11,883,541

485,000

5.000

01/01/2029

538,738

Sales

Tax

Securitization

Corp.

Second

Lien

Sales

Tax

Securitization

Bonds

Series

2021A

(NR/AA-)

2,000,000

5.000

01/01/2026

2,086,639

7,500,000

5.000

01/01/2029

8,330,999

Sales

Tax

Securitization

Corporation

Second

Lien

Sales

Tax

Securitization

Bonds,

Refunding

Series

2023C

(Forward

Delivery)

(NR/AA-)

1,000,000

5.000

01/01/2035

1,156,829

Sales

Tax

Securitization

Corporation

Second

Lien

Sales

Tax

Securitization

Bonds,

Refunding

Series

2023C

Forward

Delivery

(NR/AA-)

100,000

5.000

01/01/2036

114,614

South

Sangamon

Water

Commission

GO

Refunding

Bonds

for

Alternative

Revenue

Source

Series

2020

(AGM)

(A3/AA)

1,000,000

4.000

01/01/2032

1,052,962

325,000

4.000

01/01/2033

342,016

475,000

4.000

01/01/2034

499,454

420,000

4.000

01/01/2035

440,698

470,000

4.000

01/01/2037

486,201

Southwestern

Ill

Dev

Authority

Local

Govt

Revenue

Bonds

Edwardsville

Cusd

#7

2007

(AGM)

(NR/AA)

6,055,000

0.000

(f)

12/01/2025

5,705,227

Springfield

Illinois

Senior

Lien

Electric

RB

Refunding

Series

2015

(AGM)

(A1/AA)

4,000,000

3.500

03/01/2030

4,015,216

State

of

Illinois

GO

Bonds

Series

2014

(A3/A-)

570,000

5.000

02/01/2024

570,662

State

of

Illinois

GO

Bonds

Series

2016

(A3/A-)

1,115,000

3.500

06/01/2031

1,115,155

State

of

Illinois

GO

Bonds

Series

2017

A

(A3/A-)

1,455,000

4.250

12/01/2040

1,462,219

State

of

Illinois

GO

Bonds

Series

2017

D

(A3/A-)

925,000

3.250

11/01/2026

922,104

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Illinois

–

(continued)

State

of

Illinois

GO

Bonds

Series

2017C

(A3/A-)

$

12,830,000

5.000%

11/01/2029

$

13,736,794

State

of

Illinois

GO

Bonds

Series

2017D

(A3/A-)

10,000,000

5.000

11/01/2027

10,747,662

State

of

Illinois

GO

Bonds

Series

2019B

(A3/A-)

2,000,000

4.000

11/01/2034

2,041,678

State

of

Illinois

GO

Bonds

Series

2020D

(A3/A-)

5,425,000

5.000

10/01/2024

5,494,401

State

of

Illinois

GO

Bonds

Series

2021A

(A3/A-)

4,195,000

4.000

03/01/2041

4,195,423

State

of

Illinois

GO

Bonds

Series

2022A

(A3/A-)

875,000

5.500

03/01/2047

960,270

State

of

Illinois

GO

Bonds

Series

2023B

(A3/A-)

3,000,000

5.500

05/01/2047

3,295,729

State

of

Illinois

GO

Bonds,

Series

of

May

2023B

(A3/A-)

1,760,000

5.250

05/01/2038

1,977,266

2,195,000

5.250

05/01/2039

2,455,029

2,700,000

5.250

05/01/2040

3,003,479

State

of

Illinois

GO

Refunding

Bonds

Series

2018A

(A3/A-)

500,000

5.000

10/01/2028

544,944

State

of

Illinois

GO

Unlimited

Bonds

Series

2017

A

(A3/A-)

1,500,000

4.000

12/01/2033

1,522,506

5,000,000

4.250

12/01/2037

5,054,925

State

of

Illinois

GO

Unlimited

Refunding

Bonds

Series

2018

B

(A3/A-)

5,100,000

5.000

10/01/2027

5,465,345

State

of

Illinois

RB

Refunding

Series

2016

C

(BAM-TCRS)

(NR/AA)

5,580,000

4.000

06/15/2028

5,655,639

Upper

Illinois

River

Valley

Development

Authority

Educational

Facility

RB

for

Elgin

Math

&

Science

Academy

Charter

School

Project

Series

2023A

(Ba2/NR)

2,200,000

5.625

(e)

03/01/2043

2,158,114

Upper

Illinois

River

Valley

Development

Authority

RB

Refunding

for

Prairie

Crossing

Charter

School

Series

2020

(NR/NR)

370,000

4.000

(e)

01/01/2031

353,011

1,050,000

5.000

(e)

01/01/2045

978,912

Village

of

Hillside

Illinois

Tax

Increment

RB

Refunding

Series

2018

(NR/NR)

250,000

5.000

01/01/2024

250,000

2,690,000

5.000

01/01/2030

2,714,831

Village

of

Morton

Grove

Tax

Increment

Senior

Lien

RB

for

Sawmill

Station

Redevelopment

Project

Series

2019

(NR/NR)

1,400,000

4.250

01/01/2029

1,360,110

Village

of

Romeoville

GO

Refunding

Bonds

Series

2019

(Aa2/NR)

3,055,000

5.000

12/30/2027

3,350,801

3,235,000

5.000

12/30/2028

3,630,245

Village

of

Romeoville

RB

Refunding

for

Lewis

University

Series

2018

B

(NR/BBB)

210,000

4.125

10/01/2041

194,193

1,420,000

4.125

10/01/2046

1,248,203

Will

County

Community

High

School

District

No.

210

Lincoln-

Way

GO

Refunding

Bonds

Series

2020

(AGM)

(A2/AA)

650,000

4.000

01/01/2034

668,876

886,760,863

Indiana

-

0.5%

City

of

Mishawaka

RB

for

Sewerage

Works

Series

2018

(AGM)

(NR/AA)

1,845,000

2.000

09/01/2038

1,516,453

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Indiana

–

(continued)

Indiana

Finance

Authority

CHF

-

Tippecanoe,

LLC

-

Student

Housing

Project

Student

Housing

RB

Series

2023A

(NR/BBB-)

$

1,550,000

5.125%

06/01/2058

$

1,563,827

Indiana

Finance

Authority

Educational

Facilities

RB

for

Marian

University,

Inc.

Series

2019

A

(NR/BBB)

540,000

5.000

09/15/2034

570,135

680,000

5.000

09/15/2039

699,373

445,000

4.000

09/15/2044

397,421

Indiana

Finance

Authority

Environmental

Improvement

Revenue

Refunding

Bonds

Series

2021A

(B1/BB-)

2,165,000

4.125

12/01/2026

2,136,624

Indiana

Finance

Authority

First

Lien

Wastewater

Utility

RB

Refunding

for

CWA

Authority

Project

Series

2023A

(Aa3/AA)

1,250,000

5.000

10/01/2035

1,489,859

1,000,000

5.000

10/01/2036

1,181,599

1,000,000

5.000

10/01/2037

1,169,277

75,000

5.000

10/01/2038

86,830

Indiana

Finance

Authority

First

Lien

Wastewater

Utility

RB

Refunding

for

CWA

Authority

Project

Series

2024A

forward

Delivery

(Aa3/AA)

1,000,000

5.000

(h)

10/01/2040

1,107,449

1,500,000

5.000

(h)

10/01/2041

1,653,172

1,700,000

5.000

(h)

10/01/2043

1,856,678

1,600,000

5.000

(h)

10/01/2044

1,740,076

1,250,000

5.000

(h)

10/01/2045

1,344,471

Indiana

Finance

Authority

First

Lien

Wastewater

Utility

RB

Series

2015A

(NR/AA)

16,825,000

5.000

10/01/2045

17,077,346

Indiana

Finance

Authority

RB

for

Goshen

Health

Obligated

Group

Series

2019

B

(NR/BBB+)

2,300,000

2.100

(a)(b)

11/01/2049

2,200,993

Indiana

Finance

Authority

RB

for

KIPP

Indianapolis,

Inc.

Series

2020

A

(Ba1/NR)

185,000

4.000

07/01/2030

175,833

300,000

5.000

07/01/2040

290,183

Indiana

Finance

Authority

RB

Ohio

Valley

Electric

Corp.

Series

2012

B

(Baa3/NR)

2,110,000

3.000

11/01/2030

1,980,953

Indiana

Finance

Authority

RB

Ohio

Valley

Electric

Corp.

Series

2012

C

(Baa3/NR)

2,350,000

3.000

11/01/2030

2,206,274

Indiana

Finance

Authority

RB

Refunding

for

BHI

Senior

Living

Obligated

Group

Series

2021

B

(NR/NR)

350,000

1.990

11/15/2024

338,651

360,000

2.450

11/15/2025

340,505

465,000

2.520

11/15/2026

429,934

610,000

2.920

11/15/2027

558,830

850,000

3.210

11/15/2028

769,276

880,000

3.260

11/15/2029

778,739

670,000

3.300

11/15/2030

580,232

Town

of

Upland

Economic

Development

RB

for

Taylor

University

Project

Series

2021

(NR/A-)

1,300,000

4.000

09/01/2033

1,320,055

47,561,048

Iowa

-

0.4%

City

of

Coralville

GO

Annual

Appopriation

Refunding

Bonds

Series

2022C

(NR/NR)

11,195,000

5.000

05/01/2042

11,148,610

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Iowa

–

(continued)

City

of

Davenport

GO

Corporate

Bonds

Series

2019

IA

(Aa2/AA)

$

1,060,000

4.000%

06/01/2031

$

1,105,361

Iowa

Finance

Authority

Midwestern

Disaster

Area

Revenue

Refunding

Bonds

Series

2022

(Baa3/BBB-)

5,800,000

4.000

(a)(b)

12/01/2050

5,873,688

Iowa

Finance

Authority

RB

for

Gevo

NW

Iowa

RNG

LLC

Series

2021

(Aa3/NR)

5,500,000

1.500

(a)(b)

01/01/2042

5,461,095

Iowa

Finance

Authority

RB

for

Lifespace

Communities,

Inc.

Obligated

Group

Series

2019

A-1

(NR/NR)

1,700,000

4.000

05/15/2055

1,023,665

2,300,000

5.000

05/15/2055

1,669,043

Iowa

Finance

Authority

RB

for

Lifespace

Communities,

Inc.

Series

2018A

(NR/NR)

3,300,000

5.000

05/15/2048

2,517,514

Iowa

Higher

Education

Loan

Authority

Private

College

Facility

RB

Series

2022

(Baa1/BBB+)

925,000

5.375

10/01/2052

960,364

Iowa

Tobacco

Settlement

Authority

RB

Refunding

Series

2021

B-1

(NR/BBB+)

6,025,000

4.000

06/01/2049

6,057,229

35,816,569

Kansas

-

0.2%

City

of

Manhattan

RB

Refunding

for

Meadowlark

Hills

Retirement

Community

Obligated

Group

Series

2021

A

(NR/NR)

825,000

4.000

06/01/2036

748,649

City

of

Topeka

Health

Care

Facilities

RB

for

Brewster

Place

Series

2022A

(NR/NR)

1,750,000

6.500

12/01/2052

1,752,209

City

of

Wichita

Health

Care

Facilities

RB

for

Presbyterian

Manors

Obligated

Group

Series

III-2019

(NR/NR)

1,015,000

4.000

05/15/2024

1,006,548

1,060,000

5.000

05/15/2025

1,042,277

City

of

Wichita

Health

Care

Facilities

RB

Presbyterian

Manors,

Inc.

Series

III,

2019

(NR/NR)

1,110,000

5.000

05/15/2026

1,078,880

Kansas

Development

Finance

Authority

Variable

Rate

Demand

Health

Facilities

RB

for

Ku

Health

System

Series

2011J

(NR/AA+/A-1)

6,125,000

3.950

(a)(b)

03/01/2041

6,125,000

Salina

Airport

Authority

GO

Bonds

2023B

(AGM-CR)

(Aa3/AA)

3,565,000

4.000

09/01/2036

3,702,765

15,456,328

Kentucky

-

1.4%

City

of

Henderson

Exempt

Facilities

RB

for

Pratt

Paper,

LLC

Project

Series

2022A

(NR/NR)

1,925,000

4.450

(e)

01/01/2042

1,831,038

City

of

Henderson

Exempt

Facilities

RB

for

Pratt

Paper,

LLC

Project

Series

2022B

(NR/NR)

2,250,000

3.700

(e)

01/01/2032

2,156,535

City

of

Henderson,

Kentucky

Exempt

Facilities

RB

Pratt

Paper

KY,

LLC

Project

Series

2022A

(NR/NR)

525,000

4.700

(e)

01/01/2052

496,868

County

of

Carroll

RB

Refunding

for

Kentucky

Utilities

Co.

Series

2006

B

(A1/A)

4,525,000

2.125

10/01/2034

3,660,751

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Kentucky

–

(continued)

County

of

Carroll

RB

Refunding

for

Kentucky

Utilities

Co.

Series

2008

A

(A1/A)

$

6,100,000

2.000%

02/01/2032

$

5,129,768

County

of

Owen

Water

Facilities

Refunding

RB

Series

2020

(NON-AMT)

(Baa1/A)

1,000,000

3.875

(a)(b)

06/01/2040

1,017,780

Fayette

County

School

District

Finance

Corp.

School

Building

RB

Series

2023A

(ST

INTERCEPT)

(Aa3/AA-)

4,145,000

4.000

03/01/2045

4,121,462

4,400,000

4.000

03/01/2048

4,315,676

Kentucky

Bond

Development

Corp.

RB

Refunding

for

Transylvania

University

Series

2021

A

(NR/A-)

280,000

4.000

03/01/2046

256,494

330,000

4.000

03/01/2049

294,974

Kentucky

Economic

Development

Finance

Authority

Hospital

RB

Refunding

for

Owensboro

Medical

Health

System,

Inc.

Series

2017

A

(AGM)

(A1/AA)

3,200,000

4.000

06/01/2037

3,231,734

400,000

4.000

06/01/2045

388,440

Kentucky

Public

Energy

Authority

Gas

Supply

RB

2018

Series

A

(A1/NR)

1,000,000

4.000

(a)(b)

04/01/2048

1,002,517

Louisville

&

Jefferson

County

Metropolitan

Government

Health

System

RB

for

Norton

Healthcare,

Inc.

Series

2016

A

(NR/A)

2,000,000

4.000

10/01/2034

2,023,687

Louisville

&

Jefferson

County

Metropolitan

Government

RB

Refunding

for

Louisville

Gas

&

Electric

Co.

Series

2003

A

(A1/A)

17,250,000

2.000

10/01/2033

14,765,721

Louisville

&

Jefferson

County

Metropolitan

Sewer

District

RB

Refunding

for

Kentucky

Sewer

&

Drainage

System

Series

2018

A

(Aa3/AA)

10,000,000

4.000

05/15/2038

10,200,160

Louisville

Jefferson

County

Metro

Government

Health

System

RB

for

Norton

Healthcare

Series

2023A

(NR/A)

3,600,000

5.000

10/01/2040

3,936,382

2,455,000

5.000

10/01/2041

2,675,609

830,000

5.000

10/01/2042

900,717

Louisville

Jefferson

County

Metro

Government

Health

System

RB

Series

2016A

(Norton

Healthcare,

Inc.)

(NR/A)

2,125,000

5.000

10/01/2033

2,207,459

Public

Energy

Authority

of

Kentucky

Gas

Supply

RB

Series

2020A

(A2/NR)

32,050,000

4.000

(a)(b)

12/01/2050

31,877,142

Public

Energy

Authority

of

Kentucky

Gas

Supply

RB

Series

2022

A-1

(A1/NR)

17,730,000

4.000

(a)(b)

08/01/2052

17,795,268

Public

Energy

Authority

of

Kentucky

Gas

Supply

RR

Bonds

2023

Series

A-1

(Fixed

Rate)

2023

(A1/NR)

5,750,000

5.250

(a)(b)

04/01/2054

6,266,689

University

of

Kentucky

General

Receipts

Refunding

Bonds

Series

2015

A

(ST

INTERCEPT)

(Aa2/AA+)

3,260,000

4.000

04/01/2026

3,308,430

123,861,301

Louisiana

-

1.9%

Calcasieu

Parish

Memorial

Hospital

Service

District

RB

for

Southwest

Louisiana

Healthcare

System

Obligated

Group

Series

2019

(NR/BB)

1,150,000

4.000

12/01/2024

1,148,424

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Louisiana

–

(continued)

Calcasieu

Parish

Memorial

Hospital

Service

District

RB

for

Southwest

Louisiana

Healthcare

System

Obligated

Group

Series

2019

(NR/BB)

–

(continued)

$

4,155,000

5.000%

12/01/2025

$

4,157,142

3,555,000

5.000

12/01/2027

3,539,178

1,600,000

5.000

12/01/2028

1,593,553

City

of

New

Orleans

Sewerage

Service

RB

Series

2020

B

(AGM)

(NR/AA)

310,000

4.000

06/01/2036

325,007

285,000

4.000

06/01/2037

295,650

310,000

4.000

06/01/2038

318,902

400,000

4.000

06/01/2039

409,405

265,000

4.000

06/01/2040

269,797

Lake

Charles

Harbor

&

Terminal

District

RB

Series

2021

(A3/NR)

17,000,000

1.000

(a)(b)

12/01/2051

16,444,821

Lakeshore

Villages

Master

Community

Development

District

Special

Assessment

Series

2019

(NR/NR)

370,000

3.625

(e)

06/01/2024

369,129

2,540,000

3.750

(e)

06/01/2030

2,418,503

5,070,000

4.375

(e)

06/01/2048

4,514,428

Lakeshore

Villages

Master

Community

Development

District

Special

Assessment

Series

2021

(NR/NR)

365,000

2.375

06/01/2026

347,381

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Insurance

Assessment

RB

for

Louisiana

Insurance

Guaranty

Association

Project

Series

2022B

(A1/NR)

1,935,000

5.000

08/15/2026

2,027,966

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

RB

for

Downsville

Community

Charter

School

Project

Series

2023

(NR/NR)

1,765,000

6.500

(e)

06/15/2038

1,809,660

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

RB

Refunding

for

City

of

Shreveport

Series

2008

(NR/BBB+)

16,840,000

5.000

(e)

04/01/2035

17,404,511

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Refunding

Bonds

for

Westlake

Chemical

Corp.

Project

Series

2017

(Baa2/BBB)

18,260,000

3.500

11/01/2032

17,311,576

Louisiana

offshore

Terminal

Authority

Deepwater

Port

RB

7,900,000

4.200

(a)(b)

09/01/2034

8,161,003

Louisiana

Offshore

Terminal

Authority

Deepwater

Port

RB

for

Loop

LLC

Project

Series

2007A

(A3/NR)

7,110,000

4.150

09/01/2027

7,273,255

Louisiana

Offshore

Terminal

Authority

Deepwater

Port

RB

for

Loop

LLC

Project

Series

2013A

(NON-AMT)

(A3/NR)

6,325,000

4.200

(a)(b)

09/01/2033

6,533,231

Louisiana

Public

Facilities

Authority

RB

for

Geo

Academies

Mid-

City

Project

Series

2022

(NR/NR)

420,000

5.625

(e)

06/01/2037

425,942

Louisiana

Public

Facilities

Authority

RB

for

Jefferson

Rise

Charter

School

Project

Series

2022A

(NR/NR)

400,000

6.000

(e)

06/01/2037

387,109

Louisiana

Public

Facilities

Authority

RB

for

Lincoln

Prepatory

School

Project

Series

2022A

(NR/NR)

300,000

6.125

(e)

06/01/2037

300,422

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Louisiana

–

(continued)

Louisiana

Public

Facilities

Authority

RB

for

Louisiana

Children's

Medical

Center

Obligated

Series

2020

A

(AGM)

(NR/AA)

$

3,530,000

3.000%

06/01/2050

$

2,659,902

Louisiana

Public

Facilities

Authority

RB

for

Louisiana

Children's

Medical

Center

Obligated

Series

2020

A

(NR/A)

1,295,000

4.000

06/01/2050

1,238,898

Louisiana

Public

Facilities

Authority

RB

for

Louisiana

State

University

&

Agricultural

&

Mechanical

College

Auxiliary

Greenhouse

Phase

III

Project

Series

2019

A

(A3/NR)

900,000

4.000

07/01/2044

899,778

Louisiana

Public

Facilities

Authority

RB

Refunding

for

Loyola

University

New

Orleans

Series

2021

(Baa1/BBB)

1,435,000

4.000

10/01/2036

1,470,328

885,000

4.000

10/01/2037

898,841

Louisiana

Public

Facilities

Authority

RB

Refunding

for

Ochsner

Clinic

Foundation

Project

Series

2017

(A3/A)

3,695,000

4.000

05/15/2042

3,688,773

600,000

5.000

05/15/2046

615,474

Louisiana

Public

Facilities

Authority

RB

Series

2021A

(NR/NR)

870,000

4.000

(e)

06/01/2031

802,395

1,235,000

4.000

(e)

06/01/2041

978,307

Louisiana

Public

Facilities

Authority

RB

Series

2021C

(NR/NR)

490,000

4.000

(e)

06/01/2031

451,923

1,225,000

4.000

(e)

06/01/2041

970,386

Louisiana

Public

Facilities

Authority

Revenue

Refunding

Bonds

for

Ochsner

Clinic

Foundation

Project

Series

2017

(A3/A)

2,400,000

5.000

05/15/2042

2,472,284

Louisiana

Stadium

and

Exposition

District

Senior

RB,

Tax-Exempt

Series

2023A

(A2/NR)

2,250,000

5.000

07/01/2035

2,626,311

1,400,000

5.000

07/01/2036

1,620,756

200,000

5.000

07/01/2037

229,271

1,425,000

5.000

07/01/2038

1,618,595

Parish

of

St.

John

the

Baptist

RB

Refunding

for

Marathon

Oil

Corp.

Series

2017

A-1

(Baa3/BBB-)

7,210,000

4.050

(a)(b)

06/01/2037

7,129,214

Parish

of

St.

John

the

Baptist

Revenue

Refunding

Bonds

for

Marathon

Oil

Project

Series

2017

(Baa3/BBB-)

21,235,000

2.200

(a)(b)

06/01/2037

20,080,264

Parish

of

St.

John

The

Baptist

Revenue

Refunding

Bonds

Series

2017

(Baa3/BBB-)

15,505,000

2.100

(a)(b)

06/01/2037

15,295,377

163,533,072

Maine

-

0.2%

City

of

Portland

General

Airport

RB

Refunding

Green

Bonds

Series

2019

(Baa1/A-)

800,000

3.000

01/01/2027

797,767

300,000

5.000

01/01/2028

325,733

225,000

5.000

01/01/2029

249,374

270,000

5.000

01/01/2030

304,257

370,000

5.000

01/01/2031

418,666

810,000

5.000

01/01/2032

908,642

890,000

5.000

01/01/2033

996,849

620,000

5.000

01/01/2034

693,939

City

of

Portland,

Maine

General

Airport

Refunding

RB

Series

2016

(NON-AMT)

(Baa1/A-)

1,295,000

5.000

01/01/2038

1,321,566

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Maine

–

(continued)

Finance

Authority

of

Maine

RB

Refunding

for

Supplemental

Education

Loan

Series

2019

A-1

(AMT)

(AGM)

(A2/AA)

$

500,000

5.000%

12/01/2024

$

505,922

450,000

5.000

12/01/2025

461,781

1,530,000

5.000

12/01/2026

1,597,591

1,500,000

5.000

12/01/2027

1,589,655

1,000,000

5.000

12/01/2028

1,068,460

Maine

Health

&

Higher

Educational

Facilities

Authority

RB

for

Maine

Medical

Center

Series

2020

A

(A1/A+)

200,000

4.000

07/01/2045

198,132

Maine

Health

&

Higher

Educational

Facilities

Authority

RB

for

MaineHealth

Series

2020A

(A1/A+)

6,785,000

4.000

07/01/2050

6,541,220

Maine

Health

&

Higher

Educational

Facilities

Authority

RB

Refunding

for

Northern

Light

Health

Obligated

Group

Series

2021

A

(AGM

ST

INTRCPT

ST

RES

BD

GTY)

(A1/AA)

500,000

2.500

07/01/2029

499,203

18,478,757

Maryland

-

1.0%

Baltimore

Maryland

Special

Obligation

Refunding

for

Baltimore

Research

Park

Project

Series

2017

A

(NR/NR)

425,000

4.000

09/01/2027

417,458

650,000

4.500

09/01/2033

643,940

City

of

Baltimore

Project

RB

for

Stormwater

Projects

Series

2019A

(Aa2/AA-)

4,465,000

5.000

07/01/2049

4,738,242

City

of

Baltimore

Tax

Allocation

Refunding

for

Harbor

Point

Special

Taxing

District

Project

Series

2019

A

(NR/NR)

100,000

2.750

(e)

06/01/2024

99,366

40,000

3.000

(e)

06/01/2024

39,740

125,000

2.800

(e)

06/01/2025

122,428

135,000

2.850

(e)

06/01/2026

130,518

175,000

2.950

(e)

06/01/2027

167,172

190,000

3.050

(e)

06/01/2028

178,816

200,000

3.150

(e)

06/01/2029

186,762

300,000

3.375

(e)

06/01/2029

281,395

200,000

3.200

(e)

06/01/2030

184,893

200,000

3.250

(e)

06/01/2031

183,767

250,000

3.300

(e)

06/01/2032

227,790

270,000

3.350

(e)

06/01/2033

243,668

City

of

Brunswick

Special

Tax

Refunding

for

Brunswick

Crossing

Special

Taxing

District

Series

2019

(NR/NR)

245,000

3.000

07/01/2024

243,996

945,000

4.000

07/01/2029

932,619

County

of

Baltimore

RB

Refunding

for

Oak

Crest

Village,

Inc.

Series

2020

(NR/NR)

440,000

4.000

01/01/2038

439,040

525,000

4.000

01/01/2039

518,718

1,175,000

4.000

01/01/2040

1,150,796

County

of

Baltimore

RB

Refunding

for

Riderwood

Village

Obligated

Group

Series

2020

(NR/NR)

615,000

4.000

01/01/2032

627,147

530,000

4.000

01/01/2033

539,911

600,000

4.000

01/01/2034

610,456

1,435,000

4.000

01/01/2037

1,442,507

1,240,000

4.000

01/01/2038

1,241,930

1,530,000

4.000

01/01/2040

1,505,501

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Maryland

–

(continued)

Frederick

County

Maryland

Special

Tax

for

Lake

Linganore

Village

Community

Development

Series

2001

A

(AGC)

(NR/AA)

$

410,000

5.700%

07/01/2029

$

410,806

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

1,258,141

Frederick

County

Urbana

Community

Development

Authority

Special

Tax

Refunding

Series

2020

B

(NR/NR)

255,000

4.000

07/01/2040

237,168

Hagerstown

Stadium

Authority

Multi-Use

Sports

and

Events

Facility

Lease

RB

Series

2022A

(Aa2/NR)

1,990,000

5.000

06/01/2040

2,240,098

2,085,000

5.000

06/01/2041

2,337,345

2,190,000

5.000

06/01/2042

2,443,669

Howard

County

Consolidated

Public

Improvement

Refunding

Bonds

2017

Series

D

(Aaa/AAA)

2,355,000

5.000

02/15/2027

2,540,834

Maryland

Economic

Development

Corp.

Adjustable

Mode

Revenue

Refunding

Bonds

for

Constellation

Energy

Group

Inc.

Project

Series

2006B

(Baa2/BBB+)

1,625,000

4.100

(a)(b)

10/01/2036

1,659,254

Maryland

Economic

Development

Corp.

Private

Activity

RB

for

Purple

Line

Light

Rail

Project

Series

2022A

(Baa3/NR)

3,150,000

5.000

11/12/2028

3,232,884

Maryland

Economic

Development

Corp.

RB

for

Ports

America

Chesapeake

LLC

Project

Series

2019

A

(AMT)

(Baa2/NR)

1,000,000

5.000

06/01/2049

1,031,641

Maryland

Economic

Development

Corp.

RB

for

United

States

Social

Security

Administration

Series

2021

(Baa3/NR)

5,505,000

3.997

04/01/2034

4,419,313

Maryland

Health

&

Higher

Educational

Facilities

Authority

RB

for

Adventist

Healthcare

Obligated

Group

Series

2016

A

(Baa3/NR)

10,850,000

5.500

01/01/2046

11,067,678

Maryland

Health

&

Higher

Educational

Facilities

Authority

RB

for

St.

John's

College

Series

2020

(NR/BBB+)

390,000

4.000

10/01/2025

392,852

Maryland

Health

&

Higher

Educational

Facilities

Authority

RB

Refunding

for

Frederick

Health,

Inc.

Obligated

Group

Series

2020

(Baa1/NR)

800,000

3.250

07/01/2039

683,543

350,000

4.000

07/01/2040

351,434

750,000

4.000

07/01/2045

727,986

Maryland

Health

&

Higher

Educational

Facilities

Authority

RB

Refunding

for

St.

John's

College

Series

2020

(NR/BBB+)

425,000

4.000

10/01/2027

434,043

440,000

4.000

10/01/2028

452,214

355,000

4.000

10/01/2029

366,157

475,000

4.000

10/01/2030

490,807

795,000

3.000

10/01/2034

743,380

475,000

4.000

10/01/2040

467,122

Maryland

Health

and

Higher

Educational

Facilities

Authority

RB

Adventist

Healthcare

Issue

Series

2020

(Baa3/NR)

865,000

4.000

01/01/2038

823,860

Maryland

Health

and

Higher

Educational

Facilities

Authority

RB

Imagine

Andrews

Public

Charter

School

Issue

Series

2022A

(NR/NR)

650,000

5.500

(e)

05/01/2042

624,570

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Maryland

–

(continued)

Maryland

Health

and

Higher

Educational

Facilities

Authority

RB

Monocacy

Montessori

Communities

Issue

Series

2023

(NR/NR)

$

250,000

5.250%

(e)

07/01/2033

$

252,049

300,000

5.875

(e)

07/01/2043

302,005

Maryland

Health

and

Higher

Educational

Facilities

Authority

RB

University

of

Maryland

Medical

System

Issue

Series

2020B-1

(A2/A)

3,325,000

5.000

(a)(b)

07/01/2045

3,381,908

Maryland

Stadium

Authority

Baltimore

City

Public

Schools

Construction

and

Revitalization

Program

Revenue

Bonds

Series

2022C

(ST

INTERCEPT)

(Aa3/AA-)

10,300,000

0.000

(f)

05/01/2051

2,999,694

10,300,000

0.000

(f)

05/01/2052

2,843,611

Mayor

and

City

Council

of

Baltimore

City

of

Baltimore,

Maryland

Convention

Center

Hotel

Revenue

Refunding

Bonds,

Series

2017

(NR/B)

3,000,000

5.000

09/01/2032

3,055,342

1,250,000

5.000

09/01/2035

1,266,805

Mayor

and

City

Council

of

Baltimore

Subordinate

Special

Obligation

RB

for

Harbor

Point

Project

Series

2022

(NR/NR)

390,000

4.500

06/01/2033

388,860

675,000

4.875

06/01/2042

677,847

Prince

George's

County

GO

Bonds

Consolidated

Public

Improvement

Bonds

Series

2014A

(Aaa/AAA)

4,010,000

4.000

09/01/2032

4,021,101

1,545,000

4.000

09/01/2033

1,549,255

State

of

Maryland

GO

Bonds

for

State

&

Local

Facilities

Loan

Series

2022A

(Aaa/AAA)

10,000,000

5.000

06/01/2037

11,770,531

89,044,383

Massachusetts

-

0.7%

Commonwealth

of

Massachusetts

GO

Bonds

Consolidated

Loan

of

2023,

Series

A

(Aa1/AA+)

2,240,000

5.000

05/01/2053

2,472,602

Massachusetts

Bay

Transportation

Authority

Subordinated

Sales

Tax

Bonds

2021

Series

A

(Aa3/AA+)

10,000,000

4.000

07/01/2051

9,974,246

Massachusetts

Development

Finance

Agency

RB

for

Harvard

University

Series

2016

A

(Aaa/AAA)

5,000,000

5.000

07/15/2036

6,308,793

Massachusetts

Development

Finance

Agency

RB

for

Linden

Ponds,

Inc.

Series

2018

(NR/NR)

1,500,000

5.000

(e)

11/15/2028

1,582,296

Massachusetts

Development

Finance

Agency

RB

Refunding

for

Carleton-Willard

Homes,

Inc.

Series

2019

(NR/A-)

225,000

4.000

12/01/2042

206,347

245,000

5.000

12/01/2042

249,747

Massachusetts

Development

Finance

Agency

RB

Refunding

for

Milford

Regional

Medical

Center

Obligated

Group

Series

2020

G

(NR/B+)

125,000

5.000

(e)

07/15/2024

125,661

125,000

5.000

(e)

07/15/2025

125,506

Massachusetts

Development

Finance

Agency

RB

Refunding

for

Wellforce

Obligated

Group

Series

2020

C

(AGM)

(NR/AA)

425,000

5.000

10/01/2029

471,600

325,000

5.000

10/01/2030

366,052

450,000

5.000

10/01/2031

498,648

400,000

5.000

10/01/2032

442,453

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Massachusetts

–

(continued)

Massachusetts

Development

Finance

Agency

RB

Refunding

for

Wellforce

Obligated

Group

Series

2020

C

(AGM)

(NR/AA)

–

(continued)

$

500,000

5.000%

10/01/2033

$

551,952

450,000

5.000

10/01/2034

493,075

Massachusetts

Development

Finance

Agency

Sustainablilty

RB

for

Boston

Medical

Center

Issue

Series

2023

G

(Baa2/BBB)

665,000

5.000

07/01/2025

680,670

Massachusetts

Development

Finance

Agency

Wellforce

Obligation

Group

RB

Refunding

Series

2019

A

(NR/BBB-)

825,000

5.000

07/01/2038

838,452

1,850,000

5.000

07/01/2039

1,872,996

Massachusetts

School

Building

Authority

Senior

Dedicated

Sales

Tax

Bonds

2016

Series

B

(Aa2/AA+)

3,500,000

5.000

11/15/2039

3,641,127

Massachusetts

School

Building

Authority

Subordinated

Dedicated

Sales

Tax

Bonds

2018

Series

B

(Aa3/AA)

10,735,000

4.000

02/15/2041

10,738,067

Massachusetts

State

GO

Bonds

Consolidated

Loan

Series

2018

D

(Aa1/AA+)

4,030,000

4.000

05/01/2039

4,141,500

Massachusetts

Water

Resources

Authority

General

Revenue

Refunding

Bonds,

2014

Series

F

(Aa1/AA+)

7,915,000

4.000

(c)

08/01/2024

7,970,371

The

Commonwealth

of

Massachusetts

GO

Bonds

Consolidated

Loan

of

2018

Series

E

(Aa1/AA+)

7,525,000

5.250

09/01/2043

8,154,019

The

Commonwealth

of

Massachusetts

GO

Bonds

Consolidated

Loan

of

2022,

Series

C

(Aa1/AA+)

2,760,000

5.000

10/01/2052

3,033,286

64,939,466

Michigan

-

2.5%

City

of

Detroit

Downtown

Development

Authority

Tax

Increment

RR

Bonds,

Series

2018A

(AGM)

(NR/AA)

700,000

5.000

07/01/2030

705,261

1,785,000

5.000

07/01/2031

1,797,979

City

of

Detroit

Financial

Recovery

GO

Bonds

Series

2014

B-1

(NR/NR)

50,843,183

4.000

(b)

04/01/2044

37,645,269

City

of

Detroit

GO

Bonds

Series

2020

(Ba1/BB+)

265,000

5.000

04/01/2024

265,532

275,000

5.000

04/01/2025

278,462

290,000

5.000

04/01/2026

297,660

615,000

5.000

04/01/2027

640,564

645,000

5.000

04/01/2028

682,126

455,000

5.000

04/01/2029

486,967

710,000

5.000

04/01/2030

768,138

City

of

Detroit

GO

Bonds

Series

2021

A

(Ba1/BB+)

1,365,000

5.000

04/01/2030

1,476,773

2,280,000

5.000

04/01/2036

2,446,777

250,000

5.000

04/01/2038

264,116

1,500,000

5.000

04/01/2039

1,576,327

City

of

Detroit

GO

Bonds

Series

2021

B

(Ba1/BB+)

400,000

2.189

04/01/2024

395,309

500,000

2.511

04/01/2025

474,051

675,000

2.711

04/01/2026

620,810

City

of

Detroit

Tax

Exempt

UT

GO

Bonds,

Series

2023A

Social

Bonds

(Ba1/BB+)

1,000,000

5.250

05/01/2024

1,003,571

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Michigan

–

(continued)

City

of

Detroit

Tax

Exempt

UT

GO

Bonds,

Series

2023A

Social

Bonds

(Ba1/BB+)

–

(continued)

$

1,750,000

5.250%

05/01/2025

$

1,779,452

1,250,000

5.250

05/01/2026

1,291,511

City

of

Detroit,

County

of

Wayne,

State

of

Michigan

Unlimited

Tax

GO

Bonds,

Series

2021A

(Tax-Exempt)

(Social

Bonds)

(Ba1/BB+)

1,880,000

5.000

04/01/2037

2,002,506

City

of

Detroit,

County

of

Wayne,

UT

GO

Social

Bonds

Series

2021A

(Tax

Exempt)

(Ba1/BB+)

1,250,000

5.000

04/01/2035

1,348,313

Detroit

Downtown

Development

Authority

RB

Refunding

for

Catalyst

Development

Project

Series

2018

A

(AGM)

(NR/AA)

1,075,000

5.000

07/01/2026

1,083,607

1,130,000

5.000

07/01/2027

1,139,102

1,000,000

5.000

07/01/2028

1,008,055

300,000

5.000

07/01/2029

302,343

1,650,000

5.000

07/01/2033

1,661,109

3,495,000

5.000

07/01/2037

3,511,705

Detroit

Financial

Recovery

Bonds

LT

Series

B-2

(NR/NR)

2,556,114

4.000

(b)

04/01/2044

1,892,596

Detroit

Michigan

Sewage

Disposal

System

RB

Refunding

Series

2006

D

(AGM)

(Aa3/AA)

(3M

USD

LIBOR

+

0.60%)

11,250,000

4.390

(d)

07/01/2032

10,694,597

Great

Lakes

Water

Authority

Sewage

Disposal

System

RR

Senior

Lien

Bonds

Series

2018B

(Aa3/AA-)

5,125,000

5.000

07/01/2029

5,781,414

Great

Lakes

Water

Authority

Water

Supply

System

Revenue

Refunding

Senior

Lien

Bonds

Series

2016C

(Aa3/AA-)

10,525,000

5.250

07/01/2035

11,049,754

Great

Lakes

Water

Authority

Water

Supply

System

RR

Senior

Lien

Bonds,

Series

2016C

(Aa3/AA-)

17,775,000

5.250

07/01/2034

18,674,406

Ivywood

Classical

Academy

Public

School

Academy

Bonds,

Series

2023

(NR/NR)

1,000,000

5.875

01/01/2044

988,991

Kentwood

Economic

Development

Corp.

RB

Refunding

for

Holland

Home

Obligated

Group

Series

2022

(NR/NR)

485,000

4.000

11/15/2031

451,653

Michigan

Finance

Authority

Higher

Education

Facilities

Limited

Obligation

Revenue

Refunding

Bonds

for

Lawrence

Technology

University

Series

2022

(NR/BBB-)

645,000

4.000

02/01/2042

551,296

Michigan

Finance

Authority

Hospital

RB

for

Henry

Ford

Health

System

Obligated

Group

Series

2019

A

(A2/A)

3,700,000

4.000

11/15/2050

3,471,278

Michigan

Finance

Authority

Hospital

RB

for

McLaren

Health

Care

Corp.

Obligated

Group

Series

2019

A

(A1/NR)

6,380,000

4.000

02/15/2047

6,138,096

13,070,000

4.000

02/15/2050

12,341,215

Michigan

Finance

Authority

Local

Government

Loan

Program

RB

for

Detroit

Water

&

Sewage

Department

Water

Supply

System

Project

Series

2014D

(Aa3/AA-)

1,000,000

5.000

07/01/2032

1,004,585

400,000

5.000

07/01/2034

402,107

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Michigan

–

(continued)

Michigan

Finance

Authority

Local

Government

Loan

Program

RB

for

Detroit

Water

&

Sewage

Department

Water

Supply

System

Project

Series

2015C

(A1/A+)

$

3,000,000

5.000%

07/01/2034

$

3,055,744

Michigan

Finance

Authority

Local

Government

Loan

Program

RB

Refunding

for

Detroit

Water

and

Sewer

Series

2014

D-1

(NATL)

(A1/A+)

650,000

5.000

07/01/2036

652,790

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)

(Aa3/AA)

325,000

5.000

07/01/2032

326,648

250,000

5.000

07/01/2033

251,427

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

(A1/A+)

2,100,000

5.000

07/01/2034

2,138,102

Michigan

Finance

Authority

RB

Refunding

for

Hanley

International

Academy,

Inc.

Series

2021

(NR/BB)

995,000

3.500

09/01/2030

912,867

Michigan

Finance

Authority

RB

Refunding

for

Kettering

University

Series

2020

(NR/A-)

450,000

4.000

09/01/2045

432,709

475,000

4.000

09/01/2050

437,083

Michigan

Finance

Authority

Tobacco

Settlement

Asset-Backed

Bonds

Series

2020A-2

(NR/BBB+)

6,600,000

5.000

06/01/2040

6,956,566

Michigan

Finance

Authority

Tobacco

Settlement

RB

Refunding

Series

2020

B-1

Class

2

(NR/BBB+)

1,150,000

5.000

06/01/2049

1,185,851

Michigan

Finance

Authority

Tobacco

Settlement

RB

Refunding

Series

2020

B-2

Class

2

(NR/NR)

101,825,000

0.000

(f)

06/01/2065

10,941,056

Michigan

Strategic

Fund

Limited

Obligation

RB

Dte

Electric

Company

Exempt

Facilities

Project,

Collateralized

Series

2023DT

(Aa3/A)

7,350,000

3.875

(a)(b)

06/01/2053

7,333,906

Michigan

Strategic

Fund

Limited

Obligation

RB

for

I-75

Improvement

Project

Series

2018

(AMT)

(AGM)

(A1/AA)

15,000,000

4.250

12/31/2038

15,188,205

Michigan

Strategic

Fund

RB

Refunding

for

DTE

Electric

Co.

Series

1995

(Aa3/A)

7,500,000

1.450

09/01/2030

6,461,065

Michigan

Strategic

Fund

RB

Refunding

for

DTE

Electric

Co.

Series

2008

(Aa3/A)

7,175,000

1.350

08/01/2029

6,313,081

Michigan

Tobacco

Settlement

Finance

Authority

Tobacco

Settlement

Asset

Backed

RB

Series

C

(NR/NR)

40,075,000

0.000

(f)

06/01/2058

1,685,206

Universal

Academy

RB

Refunding

Series

2021

(NR/BBB-)

265,000

2.000

12/01/2026

248,553

500,000

4.000

12/01/2031

478,995

Van

Buren

Public

Schools

Michigan

GO

Unlimited

Refunding

Bonds

Series

2019

(Q-SBLF)

(NR/AA)

2,485,000

4.000

11/01/2026

2,571,833

2,585,000

4.000

11/01/2027

2,710,936

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Michigan

–

(continued)

Warren

Consolidated

School

District

Unlimited

Tax

GO

Refunding

Bonds

for

School

Building

and

Site

Bonds

Series

2016

(Q-SBLF)

(NR/AA)

$

3,705,000

5.000%

05/01/2027

$

3,892,335

Warren

Consolidated

Schools

GO

Bonds  Series

2016

(Q-SBLF)

(NR/AA)

1,145,000

5.000

05/01/2025

1,176,321

1,215,000

5.000

05/01/2026

1,281,411

Washtenaw

County

Ypsilanti

Community

Schools

GO

Refunding

Bonds

Series

2020

(Q-SBLF)

(NR/AA)

580,000

2.019

05/01/2025

559,245

Wayne

County

Airport

Authority

RB

for

Detroit

Metropolitan

Wayne

County

Airport

Series

2017

B

(A1/A)

400,000

5.000

12/01/2033

423,209

1,065,000

5.000

12/01/2034

1,123,499

650,000

5.000

12/01/2035

683,232

800,000

5.000

12/01/2036

837,481

880,000

5.000

12/01/2037

916,793

221,571,532

Minnesota

-

0.3%

City

of

Independence

RB

for

Global

Academy,

Inc.

Series

2021

A

(NR/BB)

1,315,000

4.000

07/01/2031

1,212,690

City

of

Minneapolis

GO

Green

Bonds

Series

2019

(NR/AAA)

2,390,000

2.000

12/01/2029

2,225,309

2,940,000

2.000

12/01/2030

2,690,120

City

of

St

Cloud

RB

Refunding

for

CentraCare

Health

System

Obligated

Group

Series

2019

(A2/NR)

675,000

5.000

05/01/2048

708,330

City

of

Woodbury

RB

Refunding

for

Math

&

Science

Academy

Series

2020

A

(NR/BBB-)

355,000

3.000

12/01/2030

325,968

Duluth

Economic

Development

Authority

Health

Care

Facilities

RB

(St.

Luke'S

Hospital

of

Duluth

Obligated

Group)

Series

2022A

(NR/BB+)

450,000

5.000

06/15/2031

482,869

475,000

5.000

06/15/2033

512,794

Duluth

Economic

Development

Authority

Health

Care

Facilities

RB

Refunding

for

Essentia

Health

Obligated

Group

Series

2018

A

(NR/A-)

2,160,000

4.250

02/15/2048

2,076,524

Duluth

Economic

Development

Authority

Health

Care

Facilities

RB

Refunding

for

St.

Luke's

Hospital

Series

2022

(NR/BB+)

325,000

5.000

06/15/2027

336,620

460,000

5.000

06/15/2028

482,088

400,000

5.000

06/15/2029

422,594

Duluth

Economic

Development

Authority

RB

Refunding

for

Benedictine

Health

System

Obligated

Group

Series

2021

A

(NR/NR)

370,000

3.000

07/01/2024

366,128

400,000

3.000

07/01/2025

387,390

360,000

3.000

07/01/2026

341,129

Duluth

Independent

School

District

No.709

COPS

Refunding

Series

2019

A

(Baa1/NR)

650,000

3.250

03/01/2024

649,027

Duluth

Independent

School

District

No.709

COPS

Refunding

Series

2019

B

(SD

CRED

PROG)

(Aa1/NR)

350,000

5.000

02/01/2028

380,103

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Minnesota

–

(continued)

Independent

School

District

No.

709,

(Duluth)

St.

Louis

County,

Minnesota

Full

Term

Refunding

Certificates

of

Participation,

Series

2019B

(SD

CRED

PROG)

(Aa1/NR)

$

375,000

5.000%

02/01/2025

$

383,325

Minnesota

Higher

Education

Facilities

Authority

RB

Refunding

for

Bethel

University

Project

Series

2017

(NR/BB+)

500,000

5.000

05/01/2047

454,508

Minnesota

Higher

Education

Facilities

Authority

RB

Refunding

for

College

of

St.

Scholastica,

Inc.

Series

2019

(Baa2/NR)

165,000

4.000

12/01/2026

165,931

165,000

4.000

12/01/2027

166,569

205,000

4.000

12/01/2028

207,524

125,000

4.000

12/01/2029

126,552

250,000

4.000

12/01/2030

252,433

170,000

4.000

12/01/2031

171,250

Minnesota

Municipal

Gas

Agency

Commodity

Supply

RB

Series

2022

(Aa1/NR)

5,650,000

4.000

12/01/2026

5,731,727

Minnesota

State

Trunk

Highway

GO

Refunding

Bonds

Series

2017

E

(Aaa/AAA)

1,680,000

3.000

10/01/2029

1,696,570

State

of

Minnesota

GO

State

Various

Purpose

Bonds

Series

2015A

(Aaa/AAA)

5,500,000

5.000

08/01/2035

5,657,540

28,613,612

Mississippi

-

0.2%

Lowndes

County

Solid

Waste

Disposal

and

Pollution

Control

Refunding

RB

Series

2022

(Baa2/BBB)

9,500,000

2.650

(a)(b)

04/01/2037

9,085,167

Mississippi

Business

Finance

Corp.

Exempt

Facilities

RB

for

Enviva

Project

Series

2022

(Caa2/CC)

2,350,000

7.750

(a)(b)

07/15/2047

1,472,318

Mississippi

Development

Bank

Special

Obligation

Bonds

Series

2021

(NR/BB)

440,000

5.000

(e)

10/01/2024

442,550

660,000

5.000

(e)

10/01/2025

668,181

750,000

5.000

(e)

10/01/2026

767,471

700,000

5.000

(e)

10/01/2027

723,857

950,000

5.000

(e)

10/01/2028

991,830

700,000

5.000

(e)

10/01/2029

736,211

175,000

5.000

(e)

10/01/2030

185,010

1,300,000

5.000

(e)

10/01/2031

1,377,189

Mississippi

State

GO

Bonds

Series

2015

F

(Aa2/AA)

1,000,000

4.000

(c)

11/01/2025

1,024,171

17,473,955

Missouri

-

0.6%

Cape

Girardeau

County

IDA

Health

Facilities

RB

for

SoutheastHEALTH

Obligated

Group

Series

2021

(A1/A+)

1,200,000

4.000

03/01/2041

1,204,598

City

of

Poplar

Bluff

COPS

Series

2021

(NR/BBB+)

875,000

2.500

10/01/2041

603,557

1,060,000

2.625

10/01/2046

681,187

City

of

St.

Louis

IDA

Tax

Increment

Financing

RB

for

St.

Louis

Innovation

District

Project

Series

2022

(NR/NR)

1,650,000

5.000

05/15/2041

1,656,062

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Missouri

–

(continued)

Health

and

Educational

Facilities

Authority

of

The

State

of

Missouri

Health

Facilities

RB

Wright

Memorial

Hospital

Series

2019

(NR/NR)

$

355,000

5.000%

09/01/2029

$

370,029

I-470

Western

Gateway

Transportation

Development

District

RB

Series

2019

A

(NR/NR)

700,000

4.500

(e)

12/01/2029

689,276

Kansas

City

Industrial

Development

Authority

RB

for

Kansas

City

International

Airport

Series

2019

A

(A2/A-)

4,410,000

5.000

03/01/2031

4,705,166

Kansas

City

Industrial

Development

Authority

RB

for

Kansas

City

International

Airport

Series

2019

C

(A2/A-)

2,000,000

5.000

03/01/2033

2,215,881

3,200,000

5.000

03/01/2034

3,536,150

Kansas

City

Industrial

Development

Authority

Special

Obligation

Bonds

for

Kansas

City

International

Airport

Series

2019

A

(A2/A-)

5,000,000

5.000

03/01/2034

5,324,579

Metropolitan

St.

Louis

Sewer

District

Wastewater

System

Improvement

and

Refunding

RB

Series

2017A

(Aa1/AAA)

3,850,000

5.000

05/01/2047

4,010,633

Missouri

Health

&

Educational

Facilities

Authority

RB

for

Kansas

City

Art

Institute

Series

2018

(NR/A-)

2,585,000

5.000

09/01/2043

2,686,594

Missouri

Health

&

Educational

Facilities

Authority

RB

Refunding

for

Bethesda

Health

Group,

Inc.

Obligated

Group

Series

2021

(NR/NR)

370,000

4.000

08/01/2036

317,651

475,000

4.000

08/01/2041

372,659

Missouri

Health

&

Educational

Facilities

Authority

RB

Refunding

for

J.B.

Wright

&

Trenton

Trust

Obligated

Group

Series

2019

(NR/NR)

860,000

5.000

09/01/2027

885,266

1,065,000

5.000

09/01/2031

1,104,470

Missouri

Health

&

Educational

Facilities

Authority

RB

Refunding

for

Mosaic

Health

System

Series

2019

A

(A1/NR)

420,000

4.000

02/15/2037

428,926

500,000

4.000

02/15/2039

504,050

1,850,000

4.000

02/15/2044

1,820,692

Missouri

Southern

State

University

Auxiliary

Enterprise

System

RB

Refunding

Series

2021

(NR/NR)

495,000

3.000

10/01/2026

482,964

875,000

4.000

10/01/2031

846,053

Missouri

Southern

State

University

Auxiliary

System

RB

Series

2019

A

(AGM)

(NR/AA)

275,000

5.000

10/01/2030

306,619

Missouri

Southern

State

University

RB

Series

2019

A

(AGM)

(NR/AA)

210,000

5.000

10/01/2026

221,081

210,000

5.000

10/01/2029

233,731

150,000

5.000

10/01/2032

167,202

240,000

4.000

10/01/2034

250,388

125,000

4.000

10/01/2035

130,023

150,000

4.000

10/01/2036

155,670

170,000

4.000

10/01/2037

174,830

145,000

4.000

10/01/2038

147,730

110,000

4.000

10/01/2039

111,396

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Missouri

–

(continued)

Plaza

at

Noah's

Ark

Community

Improvement

District

RB

Refunding

Series

2021

(NR/NR)

$

350,000

3.000%

05/01/2024

$

348,222

250,000

3.000

05/01/2026

240,370

St.

Louis

Municipal

Finance

Corp.

Leasehold

RB

for

Convention

Center

Expansion

and

Improvement

Projects

Series

2020

(AGM)

(A1/AA)

6,000,000

5.000

10/01/2049

6,333,420

State

of

Missouri

Environmental

Improvement

and

Energy

Resources

Authority

Environmental

Improvement

RB

Series

2008

(Baa1/A-)

4,000,000

3.500

(a)(b)

05/01/2038

3,973,555

State

of

Missouri

Health

&

Educational

Facilities

Authority

Health

Facilities

RB

for

Mosaic

Health

System

Series

2019A

(A1/NR)

675,000

4.000

02/15/2038

683,335

The

Industrial

Development

Authority

of

The

City

of

Kansas

City,

Missouri

Airport

Special

Obligation

Bonds

2,775,000

5.000

03/01/2049

2,864,302

The

Industrial

Development

Authority

of

The

County

of

Taney,

Missouri

Sales

Tax

Revenue

Improvement

Bonds

Big

Cedar

Infrastructure

Project

Series

2023

(NR/NR)

1,000,000

5.000

(e)

10/01/2033

1,001,625

51,789,942

Montana

-

0.1%

City

of

Billings

RB

for

Sewer

System

Series

2017

(Aa3/NR)

575,000

5.000

07/01/2029

621,337

City

of

Forsyth,

Rosebud

County,

Montana

Pollution

Control

Revenue

Refunding

Bonds

Northwestern

Corporation

Colstrip

Project

Series

2023

(A3/NR)

3,875,000

3.875

07/01/2028

3,955,655

4,576,992

Nebraska

-

0.1%

Nebraska

Educational

Health

Cultural

&

Social

Services

Finance

Authority

RB

Refunding

for

Immanuel

Retirement

Communities

Obligated

Group

Series

2019

A

(NR/NR)

415,000

4.000

01/01/2033

429,483

2,000,000

4.000

01/01/2035

2,067,120

1,250,000

4.000

01/01/2036

1,286,280

1,185,000

4.000

01/01/2037

1,211,316

1,500,000

4.000

01/01/2038

1,522,477

2,000,000

4.000

01/01/2039

2,020,668

8,537,344

Nevada

-

0.5%

City

of

Las

Vegas

Special

Improvement

District

No.

814

Special

Assessment

Series

2019

(NR/NR)

195,000

3.500

06/01/2025

192,425

180,000

3.500

06/01/2026

176,212

190,000

3.500

06/01/2027

184,977

140,000

3.500

06/01/2028

135,030

160,000

3.500

06/01/2029

151,911

160,000

3.250

06/01/2030

147,464

295,000

3.250

06/01/2031

269,222

395,000

3.500

06/01/2032

364,515

440,000

3.500

06/01/2033

402,759

945,000

3.500

06/01/2034

852,097

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Nevada

–

(continued)

City

of

Las

Vegas

Special

Improvement

District

No.

816

Special

Assessment

Series

2021

(NR/NR)

$

335,000

2.750%

06/01/2033

$

268,170

730,000

2.750

06/01/2036

548,542

City

of

North

Las

Vegas

Special

Improvement

District

No.

64

Special

Assessment

Bonds

Series

2019

(NR/NR)

235,000

4.250

06/01/2034

231,131

230,000

4.625

06/01/2043

224,094

370,000

4.625

06/01/2049

350,656

City

of

Sparks

RB

Refunding

for

Nevada

Tourism

Improvement

District

No.

1

Senior

Project

Series

2019

A

(Ba1/NR)

1,180,000

2.750

(e)

06/15/2028

1,120,863

Clark

County

Pollution

Control

Refunding

RB

for

Nevada

Power

Company

Projects

Series

2017

(A2/A)

1,300,000

3.750

(a)(b)

01/01/2036

1,314,650

Clark

County

School

District

GO

Bonds

Series

2018

A

(A1/AA-)

3,745,000

5.000

06/15/2030

4,100,849

Clark

County

School

District

GO

Bonds

Series

2020

A

(AGM)

(A1/AA)

615,000

5.000

06/15/2033

699,356

850,000

5.000

06/15/2034

965,058

855,000

4.000

06/15/2038

881,955

950,000

4.000

06/15/2039

977,187

700,000

4.000

06/15/2040

715,810

Clark

County

School

District,

Nevada

GO

(Limited

Tax)

Building

Bonds

Series

2020A

(AGM)

(A1/AA)

105,000

5.000

06/15/2030

120,486

105,000

5.000

06/15/2032

119,580

Clark

County,

Nevada

Airport

System

Subordinate

Lien

Refunding

RB

2,600,000

5.000

07/01/2026

2,752,011

Henderson

Local

Improvement

District

No.

T-18

Limited

Obligation

Series

2016

(NR/NR)

1,670,000

4.000

09/01/2035

1,547,428

Henderson

Nevada

Local

Improvement

District

No.

T-18

(NR/NR)

1,260,000

4.000

09/01/2025

1,256,078

Las

Vegas

Convention

&

Visitors

Authority

Convention

Center

Expansion

RB

Series

2018B

(Aa3/AA-)

3,270,000

4.000

07/01/2049

3,162,681

Las

Vegas

Convention

&

Visitors

Authority

RB

Refunding

Series

2016

C

(Aa3/AA-)

1,180,000

5.000

07/01/2026

1,243,137

Las

Vegas

Convention

&

Visitors

Authority

RB

Refunding

Series

2017

B

(Aa3/AA-)

640,000

5.000

07/01/2026

674,244

Las

Vegas

Convention

&

Visitors

Authority

RB

Series

2018

B

(Aa3/AA-)

2,685,000

5.000

07/01/2043

2,853,780

Las

Vegas

Convention

&

Visitors

Authority

RB

Series

2019

B

(Aa3/AA-)

1,195,000

5.000

07/01/2027

1,288,604

Las

Vegas

Valley

Water

District

GO

LT

Water

Refunding

Bonds

Series

2021C

(Aa1/AA)

7,305,000

5.000

06/01/2025

7,525,043

State

of

Nevada

GO

Refunding

Bonds

for

Capital

Improvements

&

Cultural

Affairs

Series

2015

B

(Aa1/AA+)

5,000,000

5.000

11/01/2026

5,144,028

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Nevada

–

(continued)

Tahoe-Douglas

Visitors

Authority

RB

Series

2020

(NR/NR)

$

1,700,000

5.000%

07/01/2040

$

1,745,686

44,707,719

New

Hampshire

-

0.7%

National

Finance

Authority

Hospital

RB

Series

2021B

(AGM)

(A1/AA)

3,500,000

3.000

08/15/2046

2,907,253

National

Finance

Authority

Pollution

Control

Refunding

RB

for

New

York

State

Electric

&

Gas

Corp.

Project

Series

2022A

(Baa1/A-)

8,635,000

4.000

12/01/2028

8,780,149

New

Hampshire

Business

Finance

Authority

RB

Refunding

for

Springpoint

Senior

Living

Obligated

Group

Series

2021

(NR/NR)

4,700,000

4.000

01/01/2041

3,877,902

New

Hampshire

Health

and

Education

Facilities

Authority

RB

Refunding

for

Dartmouth-Hitchcock

Obligation

Group

Series

2017

A

(NR/A)

8,710,000

5.000

08/01/2032

9,262,346

1,135,000

5.000

08/01/2033

1,203,964

4,200,000

5.000

08/01/2034

4,450,313

7,085,000

5.000

08/01/2035

7,481,134

5,430,000

5.000

08/01/2036

5,710,722

5,975,000

5.000

08/01/2037

6,254,025

5,945,000

5.000

08/01/2038

6,189,505

2,535,000

5.000

08/01/2039

2,631,187

2,790,000

5.000

08/01/2040

2,890,850

New

Hampshire

Health

and

Education

Facilities

Authority

RB,

Dartmouth

College

Issue,

Series

2017

(Aa1/AA+)

2,225,000

5.000

06/01/2028

2,455,116

64,094,466

New

Jersey

-

4.4%

Atlantic

City

New

Jersey

Tax

Appeal

Refunding

Bonds

Series

2017

A

(BAM

ST

AID

WITHHLDG)

(A2/AA)

300,000

5.000

03/01/2024

300,816

250,000

5.000

03/01/2026

260,945

Atlantic

County

Improvement

GO

Lease

RB

for

Stockton

University

Altantic

City

Campus

Project

Series

2021A

(AGM)

(A1/AA)

3,840,000

4.000

07/01/2053

3,670,099

City

of

Hoboken

GO

Bonds

for

Open

Space

Bonds

and

General

Improvement

Bonds

and

Parking

Utility

Bonds

Series

2022

(NR/AA+)

1,455,000

3.000

02/15/2049

1,227,910

1,455,000

3.000

02/15/2050

1,216,450

Essex

County

Improvement

Authority

RB

for

Friends

of

TEAM

Academy

Charter

School

Obligated

Group

Series

2021

(NR/BBB)

470,000

4.000

06/15/2038

464,374

Hawthorne

School

District

GO

Bonds

Series

2019

(BAM

SCH

BD

RES

FD)

(NR/AA)

1,100,000

3.000

09/01/2034

1,067,299

1,350,000

3.000

09/01/2035

1,286,271

1,350,000

3.000

09/01/2036

1,263,674

1,350,000

3.000

09/01/2037

1,229,452

1,350,000

3.000

09/01/2038

1,213,247

1,100,000

3.000

09/01/2039

980,220

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

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

(NR/B)

$

500,000

5.000%

07/01/2032

$

502,342

New

Jersey

Economic

Development

Authority

RB

for

School

Facilities

Construction

Series

2016

AAA

(A2/A-)

4,000,000

5.500

06/15/2033

4,250,673

New

Jersey

Economic

Development

Authority

RB

for

School

Facilities

Construction

Series

2018

EEE

(A2/A-)

5,805,000

5.000

06/15/2028

6,383,958

10,295,000

5.000

06/15/2029

11,351,612

New

Jersey

Economic

Development

Authority

RB

Refunding

for

Provident

Group

-

Montclair

Properties

L.L.C.

-

Montclair

University

Student

Housing

Project

Series

2017

(AGM)

(A1/AA)

1,300,000

5.000

06/01/2042

1,342,100

New

Jersey

Economic

Development

Authority

RB

Refunding

for

School

Facilities

Construction

Series

2018

FFF

(A2/A-)

1,955,000

5.000

06/15/2024

1,972,404

9,340,000

5.000

06/15/2029

10,321,356

New

Jersey

Economic

Development

Authority

RB

Refunding

for

The

Seeing

Eye,

Inc.

Project

Series

2017

(NR/A+)

785,000

3.000

06/01/2032

777,182

1,545,000

5.000

06/01/2032

1,643,101

New

Jersey

Economic

Development

Authority

School

Facilities

Construction

Bonds

2016

Series

AAA

(A2/A-)

6,415,000

5.000

(c)

12/15/2026

6,879,173

New

Jersey

Economic

Development

Authority

School

Facilities

Construction

Refunding

Bonds

,

2024

Series

SSS

(A2/A-)

1,610,000

5.250

(h)

06/15/2036

1,920,324

1,675,000

5.250

(h)

06/15/2038

1,951,224

New

Jersey

Economic

Development

Authority

School

Facilities

Construction

Refunding

Bonds,

2024

Series

SSS

Forward

Delivery

(A2/A-)

1,465,000

5.250

(h)

06/15/2037

1,729,574

1,675,000

5.250

(h)

06/15/2039

1,937,607

New

Jersey

Economic

Development

Authority

Special

Facility

RB

for

Continental

Airlines

Project

Series

1999

(Ba3/BB-)

6,025,000

5.250

09/15/2029

6,036,091

New

Jersey

Economic

Development

Authority

Special

Facility

RB

for

Continental

Airlines

Project

Series

2000

(Ba3/BB-)

1,100,000

5.625

11/15/2030

1,109,019

New

Jersey

Economic

Development

Authority

Special

Facility

Revenue

and

Refunding

Bonds

Series

2017

(Baa2/NR)

1,000,000

5.000

10/01/2047

1,003,647

New

Jersey

Economic

Development

Authority

State

Lease

RB

for

Juvenile

Justice

Commission

Facilities

Project

Series

2018

C

(A2/A-)

5,380,000

5.000

06/15/2037

5,704,340

New

Jersey

Economic

Development

Authority

Tax

Exempt

Private

Activity

Bonds

for

Goethals

Bridge

Replacement

Project

Series

2013

(NR/BBB+)

10,325,000

5.375

01/01/2043

10,326,691

New

Jersey

Economic

Development

Authority

Water

Facilities

Refunding

RB

New

Jersey-

American

Water

Company,

Inc.

Project

Series

2020B

Bonds

(A1/A+)

4,850,000

3.750

(a)(b)

11/01/2034

4,898,690

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

New

Jersey

–

(continued)

New

Jersey

Educational

Facilities

Authority

RB

for

Rider

University

A

New

Jersey

Non-Profit

Corp.

Series

2017

F

(B3/BB)

$

1,600,000

4.000%

07/01/2042

$

1,182,908

New

Jersey

Educational

Facilities

Authority

RB

Refunding

for

The

College

of

New

Jersey

Series

2016

F

(A2/A)

1,250,000

3.000

07/01/2040

1,065,837

New

Jersey

Housing

&

Mortgage

Finance

Agency

Multi-Family

RB

2021

Series

B

(NON-AMT)

(HUD

SECT

8)

(HUD

SECT

8)

(NR/AA-)

1,320,000

0.650

05/01/2024

1,308,392

2,555,000

0.750

11/01/2024

2,471,308

1,910,000

0.900

11/01/2025

1,793,054

New

Jersey

State

Transportation

Trust

Fund

Authority

Transportation

System

Bonds

Series

2006C

(AMBAC)

(A2/A-)

19,370,000

0.000

(f)

12/15/2036

12,349,497

New

Jersey

State

Turnpike

Authority

RB

Series

2015

E

(A1/AA-)

1,675,000

5.000

01/01/2032

1,706,743

5,000,000

5.000

01/01/2045

5,054,978

New

Jersey

Transportation

Trust

Fund

Authority

Bonds

Series

2006

C

(AMBAC)

(A2/A-)

290,000

0.000

(f)

12/15/2025

271,334

New

Jersey

Transportation

Trust

Fund

Authority

Federal

Highway

Reimbursement

Revenue

Notes

Series

2016A-1

(A2/A+)

2,200,000

5.000

06/15/2027

2,310,179

New

Jersey

Transportation

Trust

Fund

Authority

RB  Series

2016

(A2/A+)

2,435,000

5.000

06/15/2030

2,558,725

New

Jersey

Transportation

Trust

Fund

Authority

RB

Capital

Appreciation

for

Transportation

System

Bonds

Series

2006

C

(AMBAC)

(A2/A-)

4,805,000

0.000

(f)

12/15/2035

3,215,399

New

Jersey

Transportation

Trust

Fund

Authority

RB

Capital

Appreciation

for

Transportation

System

Bonds

Series

2008

A

(A2/A-)

3,000,000

0.000

(f)

12/15/2035

1,988,753

11,270,000

0.000

(f)

12/15/2038

6,400,419

New

Jersey

Transportation

Trust

Fund

Authority

RB

Capital

Appreciation

for

Transportation

System

Bonds

Series

2010

A

(A2/A-)

9,735,000

0.000

(f)

12/15/2026

8,847,824

1,325,000

0.000

(f)

12/15/2031

1,023,852

5,000,000

0.000

(f)

12/15/2036

3,155,504

1,495,000

0.000

(f)

12/15/2037

893,634

New

Jersey

Transportation

Trust

Fund

Authority

RB

for

Transportation

Program

Bonds

Series

2015

AA

(A2/A-)

755,000

5.000

06/15/2046

763,810

New

Jersey

Transportation

Trust

Fund

Authority

RB

for

Transportation

System

Bonds

Series

2006

C

(NATL)

(A2/A-)

20,405,000

0.000

(f)

12/15/2031

15,829,116

New

Jersey

Transportation

Trust

Fund

Authority

RB

for

Transportation

System

Series

2008

A

(A2/A-)

26,425,000

0.000

(f)

12/15/2036

16,676,839

33,225,000

0.000

(f)

12/15/2037

19,860,194

New

Jersey

Transportation

Trust

Fund

Authority

RB

for

Transportation

System

Series

2009

A

(A2/A-)

230,000

0.000

(f)

12/15/2033

165,214

30,275,000

0.000

(f)

12/15/2038

17,193,672

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

New

Jersey

–

(continued)

New

Jersey

Transportation

Trust

Fund

Authority

RB

for

Transportation

System

Series

2019

A

(A2/A-)

$

1,620,000

5.000%

12/15/2039

$

1,762,401

New

Jersey

Transportation

Trust

Fund

Authority

RB

Refunding

for

Federal

Highway

Reimbursement

Notes

Series

2018

A

(A2/A+)

735,000

5.000

06/15/2030

772,346

New

Jersey

Transportation

Trust

Fund

Authority

RB

Refunding

for

Transportation

System

Bonds

Series

2018

A

(A2/A-)

2,905,000

4.000

12/15/2031

3,040,588

2,070,000

5.000

12/15/2032

2,282,040

7,775,000

5.000

12/15/2034

8,512,000

8,840,000

5.000

12/15/2035

9,633,822

3,455,000

5.000

12/15/2036

3,754,648

2,410,000

4.250

12/15/2038

2,456,390

New

Jersey

Transportation

Trust

Fund

Authority

RB

Series

2018

(A2/A-)

8,320,000

5.000

12/15/2033

9,144,986

New

Jersey

Transportation

Trust

Fund

Authority

RB

Series

2020

AA

(A2/A-)

120,000

3.000

06/15/2050

96,120

New

Jersey

Transportation

Trust

Fund

Authority

Transportation

Program

Bonds

2020

Series

AA

(A2/A-)

4,600,000

4.000

06/15/2045

4,588,417

New

Jersey

Transportation

Trust

Fund

Authority

Transportation

Program

Bonds,

2023

Series

AA

(A2/A-)

4,675,000

4.250

06/15/2044

4,764,196

New

Jersey

Transportation

Trust

Fund

Authority

Transportation

Program

RB

Series

2014

BB-1

(A2/A-)

6,155,000

5.000

06/15/2030

6,810,408

New

Jersey

Transportation

Trust

Fund

Authority

Transportation

Program

RB

Series

2019

AA

(A2/A-)

3,060,000

5.000

06/15/2034

3,356,783

10,000,000

5.000

06/15/2037

10,833,498

3,000,000

5.250

06/15/2043

3,202,356

10,000,000

4.500

06/15/2049

10,123,314

New

Jersey

Transportation

Trust

Fund

Authority

Transportation

Program

RB

Series

2019

BB

(A2/A-)

2,000,000

4.000

06/15/2044

2,003,060

New

Jersey

Transportation

Trust

Fund

Authority

Transportation

RB

Series

2009

A

(A2/A-)

6,255,000

0.000

(f)

12/15/2032

4,662,797

New

Jersey

Transportation

Trust

Fund

Authority

Transportation

System

Bonds

2010

Series

A

(A2/A-)

3,530,000

0.000

(f)

12/15/2029

2,928,657

New

Jersey

Transportation

Trust

Fund

Authority

Transportation

System

Bonds

2019

Series

A

(A2/A-)

2,500,000

5.000

12/15/2032

2,811,023

New

Jersey

Transportation

Trust

Fund

Authority

Transportation

System

Bonds

2023

Series

A

(A2/A-)

4,550,000

4.250

06/15/2040

4,730,310

2,000,000

5.250

06/15/2041

2,297,388

3,000,000

5.250

06/15/2042

3,424,687

New

Jersey

Turnpike

Authority

Turnpike

RB

Series

2014

A

(A1/AA-)

10,000,000

5.000

01/01/2034

10,065,350

New

Jersey

Turnpike

Authority

Turnpike

RB

Series

2017

G

(A1/AA-)

3,000,000

4.000

01/01/2043

2,990,280

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

New

Jersey

–

(continued)

New

Jersey

Turnpike

Authority

Turnpike

RB

Series

2022

B

(A1/AA-)

$

1,400,000

4.500%

01/01/2048

$

1,449,245

4,725,000

5.250

01/01/2052

5,309,586

Passaic

County

Improvement

Authority

Charter

School

RB

for

Paterson

Arts

&

Science

Charter

School

Project

Series

2023

(NR/BBB-)

900,000

5.375

07/01/2053

926,295

Salem

County

Pollution

Control

Financing

Authority

Pollution

Control

RB

for

Philadelphia

Electric

Company

Project

1993

Series

A

(Baa2/BBB+)

2,055,000

4.450

03/01/2025

2,058,118

South

Jersey

Port

Corp.

RB

Refunding

for

Marine

Terminal

Series

2012

R

(A3/BBB)

730,000

4.000

01/01/2024

730,000

South

Jersey

Port

Corp.

Subordinated

Marine

Terminal

RB

Series

2017

B

(A3/NR)

1,020,000

5.000

01/01/2037

1,069,962

South

Jersey

Transport

Corp.

Subordinated

Marine

Terminal

RB

Series

2017B

(A3/NR)

5,585,000

5.000

01/01/2048

5,702,692

South

Jersey

Transportation

Authority

RB

Refunding

Series

2019

A

(AGM)

(A1/AA)

725,000

5.000

11/01/2033

801,519

Tobacco

Settlement

Financing

Corp.

RB

Series

2018

B

(NR/BBB-)

17,605,000

5.000

06/01/2046

17,869,270

Union

County

Improvement

Authority

RB

Aries

Linden

LLC

Project

Series

2019

(NR/NR)

6,455,000

6.750

(e)

12/01/2041

4,179,089

385,452,691

New

Mexico

-

0.2%

City

of

Farmington

Pollution

Control

Refunding

RB

2005

Series

A

(A2/A-)

6,000,000

1.800

04/01/2029

5,367,726

City

of

Farmington,

New

Mexico

Pollution

Control

Revenue

Refunding

Bonds

Public

Service

Company

of

New

Mexico

San

Juan

Project

2010

Series

D

(Baa2/BBB)

6,835,000

3.900

(a)(b)

06/01/2040

6,923,874

Village

of

Los

Ranchos

de

Albuquerque

RB

Refunding

for

Albuquerque

Academy

Series

2020

(NR/A-)

175,000

4.000

09/01/2025

177,249

200,000

5.000

09/01/2029

221,202

450,000

5.000

09/01/2030

505,076

300,000

5.000

09/01/2031

336,444

350,000

5.000

09/01/2032

392,487

Winrock

Town

Center

Tax

Increment

Development

District

1

Senior

Lien

Gross

Recepits

Tax

Increment

Bonds

Series

2022

(NR/NR)

637,000

3.750

(e)

05/01/2028

613,397

1,035,000

4.000

(e)

05/01/2033

943,342

15,480,797

New

York

-

7.3%

Brooklyn

Arena

Local

Development

Corp.

Pilot

Revenue

Refunding

Bonds

for

Barclays

Center

Series

2016A

(Ba1/NR)

1,400,000

5.000

07/15/2042

1,405,440

Build

NYC

Resource

Corp.

RB

for

Academic

Leadership

Charter

School

Project

Series

2021

(NR/BBB-)

110,000

4.000

06/15/2025

109,710

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

New

York

–

(continued)

Build

NYC

Resource

Corp.

RB

for

Academic

Leadership

Charter

School

Series

2021

(NR/BBB-)

$

200,000

4.000%

06/15/2027

$

197,260

200,000

4.000

06/15/2028

196,351

Build

NYC

Resource

Corp.

RB

for

Global

Community

Charter

School

Project

Series

2022A

(NR/BB+)

725,000

5.000

06/15/2042

724,980

Build

NYC

Resource

Corp.

RB

for

Grand

Concourse

Academy

Charter

School

Project

Series

2022A

(NR/BBB-)

600,000

5.000

07/01/2042

618,629

Build

NYC

Resource

Corp.

RB

for

Hellenic

Classical

Charter

Schools

Series

2021

A

(NR/NR)

1,425,000

5.000

(e)

12/01/2041

1,288,654

Build

NYC

Resource

Corp.

RB

for

Kipp

NYC

Public

School

Facilities

Canal

West

Project

Series

2022

(NR/BBB-)

2,500,000

5.000

07/01/2042

2,633,557

Build

NYC

Resource

Corp.

RB

for

NEW

World

Preparatory

Charter

School

Series

2021

A

(NR/NR)

300,000

4.000

(e)

06/15/2031

281,168

425,000

4.000

(e)

06/15/2041

343,337

Build

NYC

Resource

Corp.

RB

for

Shefa

School

Series

2021

B

(NR/NR)

2,465,000

4.000

(e)

06/15/2027

2,324,731

Build

NYC

Resource

Corp.

RB

for

Unity

Preparatory

Charter

School

of

Brooklyn

Project

Series

2023A

(NR/BB)

350,000

5.000

(e)

06/15/2033

361,165

425,000

5.250

(e)

06/15/2043

423,961

Build

NYC

Resource

Corp.

Tax

Exempt

RB

Series

2022A

(NR/NR)

260,000

6.500

(e)

07/01/2032

266,901

2,500,000

6.500

(e)

07/01/2042

2,508,064

850,000

6.500

(e)

07/01/2052

843,998

Build

NYC

Resource

Corp.

Taxable

RB

Taxable

Series

2022A

(NR/NR)

900,000

9.750

(e)

07/01/2032

881,431

Build

NYC

Resource

Corporation

RB

Classical

Charter

Schools

Project

Series

2023A

(NR/BBB-)

750,000

4.750

06/15/2053

749,465

Chautauqua

County

Capital

Resource

Corp.

Exempt

Facilities

Revenue

Refunding

Bonds

for

NRG

Energy

Project

Series

2020

(Baa3/BBB-)

7,920,000

4.250

(a)(b)

04/01/2042

7,988,204

City

of

New

Rochelle

RB

for

Iona

College

Project

Series

2015

A

(Baa2/BBB)

325,000

5.000

07/01/2025

332,086

335,000

5.000

07/01/2026

340,468

425,000

5.000

07/01/2027

432,472

City

of

New

York

GO

Bonds

2023

Series

C

(Aa2/AA)

2,845,000

5.000

08/01/2026

3,019,920

City

of

New

York

GO

Bonds

Fiscal

2022

Series

D

Tax

Exempt

Bonds

Subseries

D-1

(Aa2/AA)

2,500,000

5.500

05/01/2046

2,891,026

3,900,000

4.500

05/01/2049

4,007,018

City

of

New

York

GO

Tax

Exempt

Bonds

2020

Series

D

(Aa2/AA)

4,750,000

4.000

03/01/2050

4,755,889

Dormitory

Authority

of

The

State

of

New

York

State

Personal

Income

Tax

RB

General

Purpose,

Series

2015E

(Aa1/AA+)

14,675,000

3.250

03/15/2035

14,639,639

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

New

York

–

(continued)

Dutchess

County

Local

Development

Corp.

RB

Refunding

for

Bard

College

Project

Series

2020

A

(NR/BBB-)

$

1,000,000

5.000%

07/01/2045

$

1,033,639

Empire

State

Urban

Development

Corp.

State

Personal

Income

Tax

RB

Series

2020E

(NR/AA+)

500,000

4.000

03/15/2039

517,946

Erie

Tobacco

Asset

Securitization

Corp.

RB

Asset-Backed

Bonds

Series

2006

A

(NR/NR)

29,200,000

0.000

(e)(f)

06/01/2060

1,897,585

Essex

County

IDA

Environmental

Improvement

Revenue

Refunding

Bonds

Series

2019A

(Baa2/BBB)

500,000

2.100

(a)(b)

03/01/2027

491,725

Freddie

Mac

Multifamily

ML

Certificates

RB

Pass

Through

Series

2017

A

(Aaa/NR)

(SOFR

+

0.50%)

6,756,995

5.952

(d)

01/25/2033

6,750,222

Genesee

County

Funding

Corp.

Tax

Exempt

RB

for

Rochester

Regional

Health

Project

Series

2022A

(NR/BBB+)

200,000

5.000

12/01/2025

205,124

Metropolitan

Tranportation

Authority

Transportation

Revenue

Green

Bonds

Subseries

2021A-1

(A3/A-)

5,000,000

4.000

11/15/2047

4,816,632

Metropolitan

Transportation

Authority

RB

Green

Bond

Series

2015

A-2

(A3/NR)

2,500,000

5.000

(a)(b)

11/15/2045

2,709,503

Metropolitan

Transportation

Authority

RB

Green

Bond

Series

2016

A-1

(A3/A-)

645,000

5.000

11/15/2027

669,133

Metropolitan

Transportation

Authority

RB

Green

Bond

Series

2020

C-1

(A3/A-)

9,325,000

4.750

11/15/2045

9,603,119

4,445,000

5.000

11/15/2050

4,669,444

1,800,000

5.250

11/15/2055

1,907,571

Metropolitan

Transportation

Authority

RB

Refunding

for

Climate

Bond

Certified

Series

2020

E

(A3/A-)

3,275,000

5.000

11/15/2029

3,634,992

1,450,000

5.000

11/15/2030

1,627,912

Metropolitan

Transportation

Authority

RB

Refunding

Green

Bond

Series

2017

A-2

(A3/A-)

1,340,000

5.000

11/15/2027

1,432,655

Metropolitan

Transportation

Authority

RB

Refunding

Green

Bond

Series

2017

C-1

(A3/A-)

2,465,000

4.000

11/15/2032

2,525,475

Metropolitan

Transportation

Authority

RB

Refunding

Series

2016

B

(A3/A-)

545,000

5.000

11/15/2027

569,503

Metropolitan

Transportation

Authority

RB

Refunding

Series

2016

D

(A3/A-)

530,000

5.000

11/15/2029

553,302

755,000

5.250

11/15/2031

794,926

Metropolitan

Transportation

Authority

RB

Series

2016

C-1

(A3/A-)

595,000

5.000

11/15/2028

621,905

Metropolitan

Transportation

Authority

Transportation

RB

Series

2015A-1

(A3/A-)

475,000

5.000

11/15/2025

484,332

Metropolitan

Transportation

Authority

Transportation

RB

Series

2015B

(A3/A-)

2,340,000

5.250

11/15/2055

2,359,032

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

New

York

–

(continued)

Metropolitan

Transportation

Authority

Transportation

Revenue

Green

Bonds

Series

2019A

(AGM)

(A1/AA)

$

11,050,000

5.000%

11/15/2044

$

11,500,091

Metropolitan

Transportation

Authority

Transportation

Revenue

Green

Bonds

Series

2019C

(AGM)

(A1/AA)

4,980,000

4.000

11/15/2047

4,890,017

Metropolitan

Transportation

Authority

Transportation

Revenue

Green

Bonds

Series

2020D

(A3/A-)

3,000,000

4.000

11/15/2047

2,889,979

Metropolitan

Transportation

Authority

Transportation

Revenue

Refunding

Bonds

Series

2020E

(A3/A-)

3,750,000

5.000

11/15/2027

4,043,823

400,000

5.000

11/15/2028

438,649

Metropolitan

Transportation

Authority

Transportation

Revenue

Refunding

Green

Bonds

Series

2017B

(A3/A-)

1,655,000

5.000

11/15/2025

1,718,827

Metropolitan

Transportation

Authority

Transportation

Revenue

Refunding

Green

Bonds

Series

2017C-1

(A3/A-)

2,765,000

5.000

11/15/2027

2,981,645

MTA

Hudson

Rail

Yards

Trust

Obligations

Series

2016A

(A3/NR)

2,000,000

5.000

11/15/2056

1,999,922

Nassau

County

Tobacco

Settlement

Corp.

RB

for

Asset

Backed

Bonds

Series

2006

D

(NR/NR)

82,790,000

0.000

(f)

06/01/2060

5,111,794

New

York

City

Industrial

Development

Agency

RB

for

Churchill

School

&

Center

for

Learning

Disabilities,

Inc.

Series

1999

(AGC)

(NR/AA)

1,045,000

2.250

10/01/2029

992,601

New

York

City

Industrial

Development

Agency

RB

Refunding

for

Queens

Ballpark

Co.

LLC

Series

2021

A

(AGM)

(A1/AA)

4,015,000

3.000

01/01/2039

3,560,881

New

York

City

Industrial

Development

Agency

RB

Refunding

for

Yankee

Stadium

LLC

Series

2020

A

(Baa1/NR)

2,175,000

4.000

03/01/2045

2,162,649

New

York

City

Industrial

Development

Agency

RB

Refunding

for

Yankee

Stadium

LLC

Series

2020

A

(AGM)

(A1/AA)

2,365,000

3.000

03/01/2036

2,210,800

2,555,000

3.000

03/01/2040

2,239,724

1,925,000

4.000

03/01/2045

1,910,894

New

York

City

Municipal

Water

Finance

Authority

Water

&

Sewer

Second

General

Resolution

RB

Adjustable

Rate

2011

Series

DD

(Aa1/AA+/A-1)

4,085,000

3.850

(a)(b)

06/15/2043

4,085,000

New

York

City

Municipal

Water

Finance

Authority

Water

and

Sewer

System

Second

General

Resolution

RB

Fiscal

2018

Series

Bb

(Aa1/AA+)

6,150,000

5.000

06/15/2046

6,446,643

New

York

City

Municipal

Water

Finance

Authority

Water

and

Sewer

System

Second

General

Resolution

RB,

Fiscal

2019

Series

Ee,

(Aa1/AA+)

1,000,000

4.000

06/15/2040

1,019,414

New

York

City

Transitional

Finance

Authority

Building

Aid

RB

Fiscal

2016

Series

S-1

(ST

AID

WITHHLDG)

(Aa2/AA)

5,000,000

5.000

07/15/2032

5,198,118

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Subordinate

Bonds

Fiscal

2018

Series

B

Subseries

B-1

(Aa1/AAA)

18,400,000

5.000

08/01/2045

19,333,460

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

New

York

–

(continued)

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Subordinate

Bonds

Fiscal

2023

Series

D

Subseries

D-1

Tax-

Exempt

Bonds

(Aa1/AAA)

$

6,000,000

5.500%

11/01/2045

$

7,029,120

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Tax

Exempt

Subordinate

Bonds

Fiscal

2024

Series

A-1

(Aa1/AAA)

830,000

4.000

05/01/2045

833,749

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Tax-Exempt

Subordinate

Bonds

Fiscal

2024

Series

C

(Aa1/AAA)

6,490,000

5.500

05/01/2042

7,797,975

3,500,000

5.500

05/01/2053

4,082,646

New

York

Convention

Center

Development

Corp.

Revenue

Refunding

Bonds

Series

2015

(A2/NR)

3,755,000

5.000

11/15/2030

3,849,610

New

York

Counties

Tobacco

Trust

IV

RB

Series

2005

F

(NR/NR)

143,440,000

0.000

(f)

06/01/2060

9,965,021

New

York

Housing

Development

Corp.

Multi-Family

Mortgage

RB

for

8

Spruce

Street

Series

2014

Class

E

(NR/BBB-)

4,840,000

3.500

02/15/2048

4,794,218

New

York

Liberty

Development

Corp.

RB

for

World

Trade

Center

Project

Series

2014

(NR/NR)

2,300,000

5.150

(e)

11/15/2034

2,302,748

6,500,000

5.375

(e)

11/15/2040

6,507,991

New

York

Liberty

Development

Corp.

RB

for

World

Trade

Center

Project

Series

2014

Class

3

(NR/NR)

4,175,000

7.250

(e)

11/15/2044

4,203,299

New

York

Liberty

Development

Corp.

RB

Refunding

for

3

World

Trade

Center

LLC

Series

2014

(NR/NR)

18,210,000

5.000

(e)

11/15/2044

18,045,912

New

York

Liberty

Development

Corp.

Second

Priority

RB

Refunding

for

Bank

of

America

Tower

at

One

Bryant

Park

LLC

Series

2019

C-2

(A1/NR)

855,000

2.625

09/15/2069

790,032

New

York

Liberty

Development

Corp.

Second

Priority

RB

Refunding

for

Bank

of

America

Tower

at

One

Bryant

Park

LLC

Series

2019

C-3

(Baa1/NR)

1,070,000

2.800

09/15/2069

972,620

New

York

NY

GO

Bonds

2018

E-1

(Aa2/AA)

9,725,000

5.000

03/01/2044

10,326,777

New

York

Port

Authority

Consolidated

Bonds

273rd

Series

(Aa3/AA-)

7,835,000

4.000

07/15/2051

7,522,716

New

York

St

Dorm

Auth

St

Pers

Income

Tax

Rev

General

Purpose

Bonds

2022

A

(NR/NR)

450,000

5.000

03/15/2027

483,583

New

York

State

Dormitory

Authority

General

Purpose

Personal

Income

Tax

RB

Series

2016

D

(Aa1/AA+)

2,550,000

5.000

(c)

08/15/2026

2,707,721

New

York

State

Dormitory

Authority

Personal

Income

Tax

General

Purpose

RB

Series

2020A

(Aa1/NR)

25,000,000

4.000

03/15/2043

25,227,478

New

York

State

Dormitory

Authority

Personal

Income

Tax

RB

Series

2021E

(NR/AA+)

10,000,000

4.000

03/15/2038

10,576,850

New

York

State

Dormitory

Authority

RB

Refunding

for

Bidding

Group

1

Series

2018

C

(Aa1/AA+)

1,810,000

5.000

03/15/2026

1,907,658

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

New

York

–

(continued)

New

York

State

Dormitory

Authority

RB

Refunding

for

Brooklyn

Law

School

Series

2019

A

(Baa1/NR)

$

1,400,000

5.000%

07/01/2033

$

1,484,984

New

York

State

Dormitory

Authority

RB

Refunding

for

Brooklyn

Law

School

Series

2019

B

(Baa1/NR)

100,000

3.560

07/01/2026

96,578

100,000

3.670

07/01/2027

95,901

40,000

3.760

07/01/2028

38,011

200,000

3.820

07/01/2029

187,519

New

York

State

Dormitory

Authority

RB

Refunding

for

Brooklyn

St.

Joseph's

College

Series

2020

A

(NR/NR)

970,000

5.000

07/01/2025

987,322

1,185,000

5.000

07/01/2029

1,225,721

745,000

5.000

07/01/2030

773,022

100,000

4.000

07/01/2031

97,204

New

York

State

Dormitory

Authority

RB

Refunding

for

Catholic

Health

System

Obligated

Group

Series

2019

A

(Caa1/B-)

540,000

5.000

07/01/2032

477,096

465,000

5.000

07/01/2034

401,666

1,005,000

5.000

07/01/2035

858,720

440,000

5.000

07/01/2036

372,060

545,000

4.000

07/01/2040

400,315

590,000

5.000

07/01/2041

478,665

2,315,000

4.000

07/01/2045

1,647,646

New

York

State

Dormitory

Authority

RB

Refunding

for

Montefiore

Obligated

Group

Series

2020

A

(Baa3/BBB-)

530,000

4.000

09/01/2036

533,954

500,000

4.000

09/01/2037

500,165

575,000

4.000

09/01/2038

566,782

615,000

4.000

09/01/2039

599,742

750,000

4.000

09/01/2040

724,449

New

York

State

Dormitory

Authority

RB

Refunding

for

St.

John's

University

Series

2021

A

(A3/A-)

2,750,000

4.000

07/01/2048

2,683,795

New

York

State

Dormitory

Authority

RB

Refunding

for

State

of

New

York

Personal

Income

Tax

Series

2020

A

(Aa1/NR)

4,450,000

3.000

03/15/2038

4,119,881

New

York

State

Dormitory

Authority

RB

Refunding

Series

2018

C

(NR/NR)

5,000

5.000

03/15/2024

5,021

New

York

State

Dormitory

Authority

RB

Series

2020

B

(Aa2/NR)

1,100,000

3.000

04/01/2042

957,473

1,550,000

3.000

04/01/2048

1,256,443

New

York

State

Energy

Research

&

Development

Authority

RB

Refunding

for

Central

Hudson

Gas

&

Electric

Corp.

Projects

Series

1999

B

(AMT)

(AMBAC)

(Baa1/BBB+)

5,350,000

2.805

(a)(b)

07/01/2034

5,350,000

New

York

State

Environmental

Facilities

Corp

Solid

Waste

Disposal

RB

Series

2014

(B1/B+)

1,440,000

2.875

(a)(b)(e)

12/01/2044

1,293,128

New

York

State

Environmental

Facilities

Corp.

RB

for

Casella

Waste

Systems,

Inc.

Series

2020

R-1

(B1/B+)

750,000

2.750

(a)(b)

09/01/2050

723,232

New

York

State

Housing

Finance

Agency

2021

Series

J-2

(SONYMA

HUD

SECT

8)

(Aa2/NR)

3,050,000

1.100

(a)(b)

11/01/2061

2,783,567

New

York

State

Urban

Development

Corp.

General

Purpose

Personal

Income

Tax

RB

Series

2014

A

(Aa1/AA+)

5,000,000

5.000

03/15/2031

5,018,750

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

New

York

–

(continued)

New

York

State

Urban

Development

Corp.

RB

for

State

of

New

York

Personal

Income

Tax

Revenue

Series

2020

A

(Aa1/NR)

$

7,000,000

3.000%

03/15/2050

$

5,537,612

New

York

State

URBan

Development

Corporation

State

Personal

Income

Tax

RB

(General

Purpose)

Series

2020A

(Tax-Exempt)

(Aa1/NR)

11,500,000

4.000

03/15/2038

12,041,829

New

York

State

URBan

Development

Corporation

State

Sales

Tax

RB,

Series

2023A

(Tax-Exempt)

(Aa1/NR)

8,000,000

5.000

03/15/2051

8,871,330

New

York

Transportation

Development

Corp.

for

Terminal

4

John

F.

Kennedy

International

Airport

Project

Special

Facilities

RB

Series

2020C

(Baa1/NR)

2,500,000

5.000

12/01/2036

2,715,358

New

York

Transportation

Development

Corp.

for

Terminal

4

John

F.

Kennedy

International

Airport

Project

Special

Facilities

RB

Series

2020C

(AGM-CR)

(A1/AA)

1,000,000

4.000

12/01/2040

1,016,420

New

York

Transportation

Development

Corp.

RB

for

Delta

Air

Lines,

Inc.

Series

2018

(Baa3/NR)

4,750,000

5.000

01/01/2027

4,859,851

310,000

5.000

01/01/2031

317,481

8,645,000

5.000

01/01/2033

8,821,369

3,800,000

5.000

01/01/2034

3,868,444

9,625,000

4.000

01/01/2036

9,204,571

New

York

Transportation

Development

Corp.

RB

for

Delta

Air

Lines,

Inc.

Series

2018

(AMT)

(Baa3/NR)

2,850,000

5.000

01/01/2036

2,881,835

New

York

Transportation

Development

Corp.

RB

for

Delta

Air

Lines,

Inc.

Series

2020

(Baa3/NR)

2,580,000

4.000

10/01/2030

2,532,838

4,815,000

5.000

10/01/2035

5,000,625

7,240,000

5.000

10/01/2040

7,320,022

8,775,000

4.375

10/01/2045

8,342,711

New

York

Transportation

Development

Corp.

RB

for

Empire

State

Thruway

Partners

LLC

Series

2021

(NR/NR)

1,225,000

2.500

10/31/2031

1,055,415

600,000

4.000

10/31/2034

609,995

4,780,000

4.000

10/31/2041

4,563,808

New

York

Transportation

Development

Corp.

RB

for

Laguardia

Gateway

Partners

LLC

Series

2016

A

(AMT)

(AGM-CR)

(A1/AA)

1,500,000

4.000

07/01/2046

1,445,409

New

York

Transportation

Development

Corp.

RB

Refunding

for

JFK

International

Air

Terminal

LLC

Series

2020

A

(Baa1/NR)

500,000

5.000

12/01/2028

538,169

500,000

5.000

12/01/2029

545,204

2,200,000

5.000

12/01/2036

2,375,533

New

York

Transportation

Development

Corp.

RB

Refunding

for

JFK

International

Air

Terminal

LLC

Series

2020

C

(Baa1/NR)

165,000

5.000

12/01/2032

182,321

New

York

Transportation

Development

Corp.

Special

Facilities

Bonds

for

Laguardia

Airport

Terminal

B

Redevelopment

Project

Series

2016A

(Baa2/NR)

690,000

5.000

07/01/2034

692,366

15,675,000

5.000

07/01/2041

15,690,998

2,900,000

5.000

07/01/2046

2,894,973

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

New

York

–

(continued)

New

York

Transportation

Development

Corp.

Special

Facilities

Bonds

Series

2016A

(Baa2/NR)

$

8,425,000

5.250%

01/01/2050

$

8,434,032

New

York

Transportation

Development

Corp.

Special

Facilities

RB

for

John

F.

Kennedy

International

Airport

New

Terminal

One

Project

Green

Bonds

Series

2023

(AMT)

(Baa3/NR)

2,225,000

6.000

06/30/2054

2,456,922

New

York

Transportation

Development

Corp.

Special

Facilities

RB

for

John

F.

Kennedy

International

Airport

New

Terminal

One

Project

Green

Bonds

Series

2023

(AMT)

(AGM)

(A1/AA)

1,150,000

5.000

06/30/2049

1,201,324

New

York

Transportation

Development

Corp.

Special

Facilities

RB

for

Terminal

4

JFK

International

Airport

Project

Series

2022

(Baa1/NR)

500,000

5.000

12/01/2027

529,885

New

York

Transportation

Development

Corp.

Special

Facility

RB

for

Delta

Air

Lines

Inc.

Laguardia

Airport

Terminals

C&D

Redevelopment

Project

Series

2023

(Baa3/BB+)

750,000

6.000

04/01/2035

835,497

New

York

Transportation

Development

Corp.

Special

Facility

RB

Refunding

for

American

Airlines,

Inc.

John

F.

Kennedy

International

Airport

Project

Series

2016

(NR/B+)

2,250,000

5.000

08/01/2031

2,255,377

New

York

Transportation

Development

Corp.

Special

Facility

RB

Refunding

for

American

Airlines,

Inc.

John

F.

Kennedy

International

Airport

Project

Series

2020

(NR/B+)

6,570,000

5.250

08/01/2031

6,836,243

5,675,000

5.375

08/01/2036

5,844,511

New

York

Transportation

Development

Corp.

Special

Facility

RB

Series

2021

(NR/NR)

4,060,000

3.000

08/01/2031

3,644,358

New

York

Transportation

Development

Corp.

Special

Facility

Revenue

Refunding

Bonds

for

American

Airlines

John

F.

Kennedy

International

Airport

Project

Series

2016

(NR/B+)

3,475,000

5.000

08/01/2026

3,475,471

New

York

Transportation

Development

Corporation

(Terminal

4

John

F.

Kennedy

International

Airport

Project)

Special

Facility

RB,

Series

2020C

(Baa1/NR)

1,250,000

5.000

12/01/2029

1,380,666

Oneida

County

Local

Development

Corp.

RB

Refunding

for

Mohawk

Valley

Health

System

Obligated

Group

Project

Series

2019

A

(AGM)

(NR/AA)

420,000

4.000

12/01/2032

431,364

960,000

4.000

12/01/2034

983,619

775,000

4.000

12/01/2035

792,332

1,135,000

4.000

12/01/2036

1,155,839

1,260,000

3.000

12/01/2039

1,080,806

840,000

3.000

12/01/2040

708,996

1,680,000

4.000

12/01/2049

1,574,972

Oneida

County

Local

Development

Corp.

RB

Refunding

for

Utica

College

Project

Series

2019

(NR/NR)

345,000

4.000

07/01/2039

328,582

4,225,000

3.000

07/01/2044

3,139,542

Orange

County

Funding

Corp.

Tax

Exempt

Revenue

Refunding

Bonds

for

Mount

Saint

Mary

College

Project

Series

2022A

(NR/NR)

4,720,000

4.000

07/01/2035

4,668,257

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

New

York

–

(continued)

Port

Authority

of

New

York

&

New

Jersey

Consolidated

RB

Series

221

(Aa3/AA-)

$

2,000,000

4.000%

07/15/2045

$

1,962,310

1,500,000

4.000

07/15/2050

1,443,547

Port

Authority

of

New

York

and

New

Jersey

Consolidated

Bonds

242nd

Series

(Aa3/AA-)

1,500,000

5.000

12/01/2026

1,576,472

Port

Authority

of

New

York

Consolidated

Bonds

227th

Series

(Aa3/AA-)

8,975,000

3.000

10/01/2027

8,905,943

1,555,000

3.000

10/01/2028

1,542,638

Port

Authority

of

New

York

Consolidated

Bonds

234th

Series

(Aa3/AA-)

1,520,000

5.250

08/01/2047

1,641,903

Power

Authority

of

The

State

of

New

York

Green

Transmission

Project

RB,

Series

2023A

(AGM)

(A1/AA)

1,500,000

5.000

11/15/2053

1,663,553

State

of

New

York

Dormitory

Authority

Northwell

Health

Obligated

Group

RB

Series

2022A

(A3/A-)

6,200,000

4.250

05/01/2052

6,200,156

5,225,000

5.000

05/01/2052

5,575,562

State

of

New

York

Dormitory

Authority

Personal

Income

Tax

RB

Series

2018A

(Aa1/NR)

10,200,000

4.000

03/15/2048

10,156,861

State

of

New

York

Dormitory

Authority

Personal

Income

Tax

RB

Series

2019D

(Aa1/NR)

10,000,000

4.000

02/15/2047

9,972,973

State

of

New

York

Dormitory

Authority

Personal

Income

Tax

RB

Series

2021A

(NR/AA+)

10,215,000

4.000

03/15/2038

10,740,275

8,175,000

4.000

03/15/2040

8,391,428

State

of

New

York

Dormitory

Authority

Personal

Income

Tax

RB

Series

2021E

(NR/AA+)

6,800,000

4.000

03/15/2046

6,804,238

8,700,000

4.000

03/15/2047

8,672,550

State

of

New

York

Dormitory

Authority

RB

for

St.

Joseph's

College

Series

2020A

(NR/NR)

1,070,000

5.000

07/01/2027

1,093,408

Suffolk

Tobacco

Asset

Securitization

Corp.

RB

Series

2021

B-1

(NR/BBB-)

3,750,000

4.000

06/01/2050

3,773,830

The

City

of

New

York

GO

Bonds,

Fiscal

2020

Series

B,

Subseries

B-3

Adjustable

Rate

Remarketed

Securities

(Aa2/AA)

10,455,000

4.100

(a)(b)

10/01/2046

10,455,000

Triborough

Bride

&

Tunnel

Authority

Sales

Tax

RB

for

TBTA

Capital

Lockbox

City

Sales

Tax

Series

2023A

(NR/AA+)

8,150,000

4.250

05/15/2058

8,165,672

Triborough

Bridge

and

Tunnel

Authority

General

Revenue

Bond

Series

2022A

(Aa3/AA-)

3,000,000

5.500

11/15/2057

3,408,683

Westchester

County

Local

Development

Corporation

RB

for

Westchester

Medical

Center

Obligated

Group

Project

Series

2016

(Ba1/BBB-)

1,000,000

5.000

11/01/2024

1,004,951

Yonkers

Economic

Development

Corp.

RB

for

Charter

School

of

Educational

Excellence

Project

Series

2019

A

(NR/NR)

200,000

4.000

10/15/2029

193,659

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

New

York

–

(continued)

Yonkers

Economic

Development

Corp.

RB

Refunding

for

Charter

School

of

Educational

Excellence

Series

2020

A

(NR/BB)

$

300,000

4.000%

10/15/2030

$

288,580

635,161,942

North

Carolina

-

1.0%

Charlotte

Douglas

International

Airport

RB

Series

2023A

(NON-AMT)

Series

2023B

(AMT)

(Aa3/NR)

6,525,000

5.000

07/01/2048

7,273,487

Charlotte-Mecklenburg

Hospital

Authority

Variable

Rate

Health

Care

RB

for

Atrium

Health

Series

2021B

(Aa3/AA)

20,000,000

5.000

(a)(b)

01/15/2050

20,299,116

Columbus

County

Industrial

Facilities

&

Pollution

Control

Financing

Authority

Revenue

Refunding

Bonds

Series

2019A

(Baa2/BBB)

375,000

2.000

(a)(b)

11/01/2033

368,522

Columbus

County

Industrial

Facilities

&

Pollution

Control

Financing

Authority

Revenue

Refunding

Bonds

Series

2019B

(Baa2/BBB)

400,000

2.000

(a)(b)

11/01/2033

393,090

Columbus

County

Industrial

Facilities

and

Pollution

Control

Financing

Authority

RB

Refunding

for

International

Paper

Co.

Series

2019

C

(Baa2/BBB)

1,750,000

2.100

(a)(b)

03/01/2027

1,721,036

County

of

Mecklenburg

GO

Bonds

for

Public

Improvement

Series

2018

(Aaa/AAA)

5,250,000

5.000

03/01/2029

5,811,557

County

of

Wake

GO

Public

Improvement

Bonds

Series

2022A

(Aaa/AAA)

5,000,000

5.000

02/01/2025

5,120,127

Greater

Asheville

Regional

Airport

Authority

Airport

System

RB

Series

2022A

(AMT)

(AGM)

(A1/AA)

1,000,000

5.000

07/01/2028

1,078,101

1,900,000

5.500

07/01/2052

2,079,839

Greater

Asheville

Regional

Airport

Authority

Airport

System

RB

Series

2023

(AGM)

(A1/AA)

1,150,000

5.250

07/01/2053

1,240,532

North

Carolina

Department

of

Transportation

Tax

Exempt

Private

Activity

Bonds

Series

2015

(NR/NR)

2,735,000

5.000

12/31/2037

2,772,677

North

Carolina

Medical

Care

Commission

Health

Care

Facilities

First

Mortgage

Revenue

Refunding

Bonds

Pennybyrn

At

Maryfield

Series

2015

(NR/NR)

3,875,000

5.000

10/01/2035

3,737,894

North

Carolina

Medical

Care

Commission

RB

for

Forest

at

Duke,

Inc.

Obligated

Group

Series

2021

(NR/NR)

680,000

4.000

09/01/2041

569,035

325,000

4.000

09/01/2046

259,396

North

Carolina

Medical

Care

Commission

RB

for

Lutheran

Services

for

the

Aging,

Inc.

Obligated

Group

Series

2021

A

(NR/NR)

190,000

4.000

03/01/2024

189,759

235,000

4.000

03/01/2025

232,941

220,000

5.000

03/01/2026

220,745

270,000

5.000

03/01/2027

270,921

255,000

5.000

03/01/2028

255,647

250,000

4.000

03/01/2029

238,956

260,000

4.000

03/01/2030

245,948

270,000

4.000

03/01/2031

252,662

725,000

4.000

03/01/2036

636,500

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

North

Carolina

–

(continued)

North

Carolina

Medical

Care

Commission

RB

for

Maryfield,

Inc.

Obligated

Group

Series

2020

A

(NR/NR)

$

1,355,000

5.000%

10/01/2040

$

1,241,091

North

Carolina

Medical

Care

Commission

RB

for

Rex

Hospital,

Inc.

Obligated

Group

Series

2020

A

(A2/AA-)

5,995,000

3.000

07/01/2045

4,853,657

North

Carolina

Medical

Care

Commission

RB

Refunding

for

EveryAge

Obligated

Group

Series

2021

A

(NR/NR)

910,000

4.000

09/01/2041

759,681

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

561,187

1,785,000

3.000

07/01/2027

1,663,142

1,040,000

4.000

07/01/2030

968,147

1,080,000

5.000

07/01/2031

1,062,133

1,110,000

5.000

07/01/2032

1,085,972

1,375,000

5.000

07/01/2033

1,338,535

North

Carolina

Turnpike

Authority

RB

Senior

Lien

for

Triangle

Expressway

Series

2019

(AGM)

(NR/AA)

3,000,000

3.000

01/01/2042

2,582,234

3,500,000

5.000

01/01/2049

3,704,626

North

Carolina

Turnpike

Authority

Triangle

Expressway

System

Senior

Lien

Turnpike

RB

Series

2019

(NR/BBB)

9,500,000

5.000

01/01/2049

9,900,656

84,989,549

North

Dakota

-

0.2%

City

of

Grand

Forks

Health

Care

System

RB

for

Altru

Health

System

Series

2021

(Baa3/NR)

4,125,000

4.000

12/01/2035

3,978,210

City

of

Grand

Forks

Health

Care

System

RB

for

Altru

Health

System

Series

2021

(AGM)

(A1/AA)

1,875,000

3.000

12/01/2051

1,395,122

City

of

Horace

GO

Refunding

Bonds

Series

2021

(Baa3/NR)

1,100,000

3.000

05/01/2041

877,717

2,750,000

3.000

05/01/2046

2,027,276

City

of

Horace

Temporary

Refunding

Improvement

Bonds

Series

2022A

(Baa3/NR)

625,000

3.250

08/01/2024

625,122

City

of

Horace,

North

Dakota

Temporary

Refunding

Improvement

Bonds,

Series

2023B

(Baa3/NR)

5,300,000

5.125

07/01/2025

5,342,098

14,245,545

Ohio

-

2.4%

American

Municipal

Power

RB

for

Prairie

State

Energy

Campus

Project

Refunding

Series

2019B

(A1/A)

1,255,000

5.000

02/15/2025

1,283,405

Bon

Secours

Mercy

Health

Hospital

Facilities

RB

Series

2022B-1

(A2/A+)

7,110,000

5.000

(a)(b)

10/01/2049

7,505,512

Buckeye

Tobacco

Settlement

Financing

Authority

RB

Refunding

for

Senior

Asset-Backed

Bonds

Series

2020

A-2

Class

1

(NR/NR)

24,225,000

5.000

06/01/2055

22,765,582

Buckeye

Tobacco

Settlement

Financing

Authority

RB

Refunding

for

Senior

Asset-Backed

Bonds

Series

2020

A-2

Class

1

(NR/A-)

440,000

5.000

06/01/2034

480,926

310,000

4.000

06/01/2037

314,768

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Ohio

–

(continued)

Buckeye

Tobacco

Settlement

Financing

Authority

RB

Refunding

for

Senior

Asset-Backed

Bonds

Series

2020

A-2

Class

1

(NR/A-)

–

(continued)

$

2,655,000

4.000%

06/01/2038

$

2,668,498

Buckeye

Tobacco

Settlement

Financing

Authority

RB

Refunding

for

Senior

Asset-Backed

Bonds

Series

2020

A-2

Class

1

(NR/BBB+)

5,070,000

3.000

06/01/2048

3,906,132

Buckeye

Tobacco

Settlement

Financing

Authority

RB

Refunding

for

Senior

Asset-Backed

Bonds

Series

2020

B-3

Class

2

(NR/NR)

37,685,000

0.000

(f)

06/01/2057

4,040,631

Buckeye

Tobacco

Settlement

Financing

Authority

Tobacco

Settlement

Asset

Backed

Refunding

Bonds

Series

2020

(NR/BBB+)

6,710,000

4.000

06/01/2048

6,197,091

Cleveland

Airport

Special

RB

for

Continental

Airlines,

Inc.

Project

Series

1998

(Ba3/BB-)

7,195,000

5.375

09/15/2027

7,194,863

County

of

Cuyahoga

Hospital

RB

Series

2017

(Baa2/BBB)

6,250,000

5.000

02/15/2037

6,379,911

County

of

Darke

RB

for

Wayne

Hospital

Company

Obligated

Group

Wayne

Health

Care

Project

Series

2019

A

(NR/NR)

400,000

4.000

09/01/2040

357,292

625,000

4.000

09/01/2045

523,243

850,000

5.000

09/01/2049

794,427

County

of

Franklin

Healthcare

Facilities

RB

for

Ohio

Living

Communities

Series

2023

(NR/NR)

3,210,000

5.000

07/01/2035

3,204,433

3,915,000

5.000

07/01/2036

3,857,824

County

Of

Franklin

Healthcare

Facilities

Refunding

RB

Series

2022

(NR/NR)

4,225,000

4.000

07/01/2040

3,515,295

County

of

Franklin

RB

Refunding

for

Wesley

Communities

Obligated

Group

Series

2020

(NR/NR)

2,480,000

5.250

11/15/2040

2,296,578

County

of

Franklin

RB

Series

OH

2019A

(Aa3/AA-)

5,500,000

4.000

12/01/2044

5,448,344

County

of

Lucas

Hospital

RB

for

Promedica

Healthcare

Obligated

Group

Series

2018A

(Ba2/BB)

10,225,000

5.250

11/15/2048

9,419,072

Cuyahoga

County

Ohio

Hospital

RB

for

Metrohealth

System

Series

2017

(Baa2/BBB)

6,150,000

5.250

02/15/2047

6,204,158

2,825,000

5.000

02/15/2052

2,809,851

760,000

5.000

02/15/2057

756,985

Cuyahoga

County

Ohio

Hospital

RB

Refunding

for

Metrohealth

System

Series

2009

B

(Baa2/BBB)

10,000,000

8.223

02/15/2040

11,356,176

Cuyahoga

County

Ohio

Hospital

RB

Refunding

for

Metrohealth

System

Series

2017

(Baa2/BBB)

1,000,000

5.000

02/15/2025

1,014,249

2,865,000

5.500

02/15/2057

2,921,058

Cuyahoga

Metropolitan

Housing

Authority

RB

for

Social

Bonds

Series

2021

(HUD

SECT

8)

(NR/A+)

3,550,000

2.000

12/01/2031

3,054,006

Evans

Farm

New

Community

Authority

Special

Assessment

Bonds

Series

2020

(NR/NR)

2,000,000

3.750

12/01/2038

1,666,000

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Ohio

–

(continued)

Franklin

County

Convention

Facilities

Authority

RB

for

Greater

Columbus

Convention

Center

Project

Series

2019

(NR/BBB-)

$

250,000

5.000%

12/01/2025

$

251,395

325,000

5.000

12/01/2026

328,912

325,000

5.000

12/01/2027

330,689

425,000

5.000

12/01/2028

434,578

400,000

5.000

12/01/2029

409,779

680,000

5.000

12/01/2030

695,534

800,000

5.000

12/01/2031

816,817

660,000

5.000

12/01/2032

672,510

1,170,000

5.000

12/01/2033

1,189,563

1,375,000

5.000

12/01/2035

1,386,385

650,000

5.000

12/01/2037

645,623

1,630,000

5.000

12/01/2038

1,602,940

2,000,000

5.000

12/01/2051

1,856,584

Franklin

County

Finance

Authority

Lease

RB

for

The

Cornerstone

Academy

Community

School

Series

2023

(NR/NR)

2,525,000

7.000

(e)

07/01/2053

2,530,181

Lakewood

City

School

District

GO

Refunding

Bonds

Series

2014

C

(Aa2/AA)

3,215,000

5.000

12/01/2027

3,276,125

Lancaster

Port

Authority

Gas

Supply

Revenue

Refunding

Bonds

Series

2019

(Aa1/NR)

1,860,000

5.000

(a)(b)

08/01/2049

1,883,751

Northeast

Ohio

Medical

University

RB

Refunding

Series

2021

A

(Baa1/NR)

250,000

4.000

12/01/2035

252,910

Ohio

Air

Quality

Development

Authority

Air

Quality

Development

Refunding

Bonds

for

Duke

Energy

Corp.

Project

Series

2022B

(Baa2/BBB)

3,500,000

4.250

(a)(b)

11/01/2039

3,568,339

Ohio

Air

Quality

Development

Authority

Collateralized

Air

Quality

Revenue

Refunding

Bonds

for

Dayton

Power

and

Light

Company

Project

2015

Series

A

(Baa1/BBB)

14,000,000

4.250

(a)(b)

11/01/2040

14,116,675

Ohio

Air

Quality

Development

Authority

Exempt

Facilities

RB

for

Pratt

Paper

LLC

Project

Series

2017

(NR/NR)

700,000

4.500

(e)

01/15/2048

655,067

Ohio

Air

Quality

Development

Authority

RB

for

Ohio

Valley

Electric

Corp.

Series

2009

A

(Baa3/NR)

925,000

2.875

02/01/2026

892,139

Ohio

Air

Quality

Development

Authority

RB

for

Ohio

Valley

Electric

Corp.

Series

2009

D

(Baa3/NR)

2,305,000

2.875

02/01/2026

2,223,114

Ohio

Air

Quality

Development

Authority

RB

Refunding

for

Ohio

Valley

Electric

Corp.

Series

2019

A

(Baa3/NR)

3,130,000

3.250

09/01/2029

3,022,484

Ohio

Air

Quality

Development

Authority

Revenue

Refunding

Bonds

Series

2014A

(Baa2/BBB+)

2,500,000

2.400

(a)(b)

12/01/2038

2,227,072

Ohio

Air

Quality

Development

Authority

Revenue

Refunding

Bonds

Series

2014B

(Baa2/BBB+)

3,500,000

2.600

(a)(b)

06/01/2041

3,133,181

Ohio

Air

Quality

Development

Authority

Revenue

Refunding

Bonds

Series

2014C

(NR/BBB+)

8,000,000

2.100

(a)(b)

12/01/2027

7,808,903

Ohio

Higher

Educational

Facility

Commission

RB

for

University

Circle,

Inc.

Series

2020

(A3/NR)

1,250,000

5.000

01/15/2035

1,292,020

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Ohio

–

(continued)

Ohio

Higher

Educational

Facility

Commission

RB

Refunding

for

Judson

Obligated

Group

Series

2020

A

(NR/NR)

$

1,260,000

5.000%

12/01/2042

$

1,187,860

1,250,000

5.000

12/01/2045

1,150,024

Ohio

Higher

Educational

Facility

Commission

RB

Refunding

for

Xavier

University

Series

2020

(A3/NR)

695,000

4.000

05/01/2037

711,213

Ohio

State

Higher

Education

Facility

Commission

RB

Series

2020

(A3/NR)

900,000

5.000

01/15/2040

907,909

Ohio

State

Hospital

RB

Refunding

for

Aultman

Health

Foundation

Obligated

Group

Series

2018

(NR/NR)

925,000

5.000

(e)

12/01/2033

934,089

1,795,000

5.000

(e)

12/01/2038

1,750,625

2,725,000

5.000

(e)

12/01/2048

2,491,305

Port

of

Greater

Cincinnati

Development

Authority

Education

RB

Series

2021

(NR/NR)

1,500,000

4.375

(a)(b)

06/15/2056

1,452,781

Port

of

Greater

Cincinnati

Development

Authority

RB

Series

2021

(NR/NR)

390,000

3.750

(e)

12/01/2031

359,657

Port

of

Greater

Cincinnati

Development

Authority

Special

Obligation

Development

TIF

RB,

Series

2016B

(NR/NR)

3,725,000

5.000

12/01/2046

3,550,988

Southern

Ohio

Port

Authority

RB

for

PureCycle

Ohio

LLC

Series

2020

A

(NR/NR)

4,375,000

7.000

(e)

12/01/2042

3,447,676

State

of

Ohio

Higher

Educational

Facilities

Senior

Lien

Hospital

Bonds

Series

2020

(A3/NR)

1,140,000

5.000

01/15/2037

1,161,362

State

of

Ohio

Higher

Educational

Facility

RB

for

Capital

University

2022

Project

(NR/BBB-)

1,500,000

5.750

09/01/2037

1,596,741

1,500,000

6.000

09/01/2042

1,584,473

State

of

Ohio

Hospital

RB,

Series

2020

Premier

Health

Partners

Obligated

Group

(Baa1/NR)

1,270,000

4.000

11/15/2041

1,167,983

Toledo-Lucas

County

Port

Authority

Parking

System

RB

Series

2021

(Baa3/NR)

3,500,000

4.000

01/01/2038

3,163,827

960,000

4.000

01/01/2041

837,945

206,896,038

Oklahoma

-

0.3%

City

of

Tulsa

GO

Bonds

Series

2021

(Aa1/AA)

3,800,000

2.000

11/01/2029

3,527,730

Norman

Regional

Hospital

Authority

RB

Norman

Regional

Hospital

Authority

Obligated

Group

Series

2019

(Baa2/BBB-)

925,000

4.000

09/01/2045

796,949

Oklahoma

Development

Finance

Authority

Health

System

RB

for

OU

Medicine

Project

Series

2018

B

(Ba3/BB-)

2,125,000

5.000

08/15/2029

2,136,897

5,400,000

5.500

08/15/2057

5,411,762

Oklahoma

Development

Finance

Authority

Health

System

RB

for

OU

Medicine

Project

Series

2018

B

(AGM)

(A1/AA)

3,670,000

4.000

08/15/2048

3,397,403

Oklahoma

Development

Finance

Authority

Health

System

RB

for

OU

Medicine

Project

Series

2018B

(Ba3/BB-)

2,725,000

5.500

08/15/2052

2,736,324

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Oklahoma

–

(continued)

Oklahoma

Housing

Finance

Agency

Collateralized

RB

Pioneer

Plaza

Apartments,

Series

2023A

HUD

SECT

8

FHA

221(D)(4)

(Aaa/NR)

$

775,000

4.000%

(a)(b)

06/01/2028

$

778,231

Oklahoma

Turnpike

Authority

Oklahoma

Turnpike

System

Second

Senior

RB

Series

2023

(Aa3/AA-)

4,000,000

5.500

01/01/2053

4,519,274

Tulsa

Municipal

Airport

Trust

RB

Refunding

for

American

Airlines,

Inc.

Series

2015

(NR/B+)

1,785,000

5.000

(a)(b)

06/01/2035

1,782,757

25,087,327

Oregon

-

0.5%

City

of

Portland,

Oregon

Second

Lien

Sewer

System

Revenue

and

Refunding

Bonds,

2023

Series

A

(Aa2/AA)

5,500,000

5.000

12/01/2035

6,612,644

Clackamas

County

Hospital

Facility

Authority

RB

Refunding

for

Rose

Villa,

Inc.

Obligated

Group

Series

2020

A

(NR/NR)

240,000

5.125

11/15/2040

229,158

120,000

5.250

11/15/2050

108,944

Forest

Grove

Oregon

Student

Housing

RB

Refunding

for

Oak

Tree

Foundation

Project

Series

2017

(NR/BBB)

1,385,000

3.500

03/01/2029

1,343,531

1,540,000

3.750

03/01/2032

1,474,781

Medford

Hospital

Facilities

Authority

RB

Refunding

for

Asante

Health

System

Obligated

Group

Series

2020

A

(NR/A+)

1,875,000

5.000

08/15/2045

1,980,592

Oregon

State

Facilities

Authority

RB

Refunding

for

Reed

College

Project

Series

2017

A

(Aa2/NR)

8,895,000

5.000

(c)

07/01/2027

9,622,669

Oregon

State

Facilities

Authority

RB

Refunding

for

Samaritan

Health

Services,

Inc.

Obligated

Group

Series

2020

A

(NR/BBB+)

525,000

5.000

10/01/2029

565,845

225,000

5.000

10/01/2035

243,672

Port

of

Portland

International

Airport

RB

Series

28

(NR/AA-)

2,145,000

4.000

07/01/2047

2,072,091

Port

of

Portland

RB

for

International

Airport

Series

2019

25-B

(NR/AA-)

2,665,000

5.000

07/01/2032

2,907,036

2,365,000

5.000

07/01/2033

2,578,360

1,000,000

5.000

07/01/2034

1,086,859

1,000,000

5.000

07/01/2035

1,080,578

State

of

Oregon

GO

Refunding

Bonds

for

Higher

Education

Series

2021

H

(Aa1/AA+)

1,175,000

1.250

08/01/2027

1,097,147

860,000

1.375

08/01/2028

793,627

875,000

1.500

08/01/2029

800,809

Warm

Springs

Reservation

Confederated

Tribe

Hydroelectric

RB

Refunding

for

Pelton-Round

Butte

Project

Series

2019

B

(A3/NR)

190,000

5.000

(e)

11/01/2034

211,075

500,000

5.000

(e)

11/01/2036

549,439

Washington

County

School

District

No.

1

GO

Bonds

Series

2017

(SCH

BD

GTY)

(Aa1/NR)

4,155,000

5.000

06/15/2029

4,486,726

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Oregon

–

(continued)

Yamhill

County

Hospital

Authority

Revenue

and

Refunding

Tax

Exempt

Bonds

Series

2021A

(NR/NR)

$

1,625,000

5.000%

11/15/2051

$

1,222,461

41,068,044

Pennsylvania

-

3.4%

Allegheny

County

Higher

Education

Building

Authority

University

Revenue

Refunding

Bonds

Series

2022

(NR/BBB-)

1,000,000

5.250

09/01/2035

1,017,910

Allegheny

County

Hospital

Development

Authority

RB

Refunding

for

Allegheny

Health

Network

Obligated

Group

Series

2018

A

(NR/A)

5,145,000

5.000

04/01/2030

5,531,970

Allegheny

County

Hospital

Development

Authority

RB

Refunding

for

Allegheny

Health

Network

Obligated

Group

Series

2018

A

USD

(NR/A)

18,400,000

4.000

04/01/2044

17,918,275

Allegheny

County

Hospital

Development

Authority

UPMC

RB

Series

2019A

(A2/A)

6,230,000

4.000

07/15/2038

6,287,212

Allegheny

County

Industrial

Development

Authority

RB

Refunding

for

United

States

Steel

Corp.

Project

Series

2019

(B1/BB-)

1,850,000

4.875

11/01/2024

1,848,022

2,750,000

5.125

05/01/2030

2,793,591

Allentown

Neighborhood

Improvement

Zone

Development

Authority

RB

Refunding

Series

2022

(Baa3/NR)

1,560,000

2.100

05/01/2024

1,538,453

150,000

5.000

05/01/2024

150,572

75,000

5.000

05/01/2026

77,296

525,000

5.000

05/01/2027

548,135

700,000

5.000

05/01/2029

746,029

750,000

5.000

05/01/2030

804,631

750,000

5.000

05/01/2031

810,036

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Tax

RB

for

City

Center

Refunding

Project

Series

2017

(Ba3/NR)

1,775,000

5.000

(e)

05/01/2027

1,812,208

1,600,000

5.000

(e)

05/01/2032

1,633,648

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Tax

RB

for

City

Center

Refunding

Project

Series

2018

(Ba3/NR)

1,000,000

5.000

(e)

05/01/2028

1,027,311

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Tax

Revenue

Refunding

Bonds

Series

2022

(Baa3/NR)

500,000

5.000

05/01/2025

507,462

900,000

5.000

05/01/2033

978,156

1,000,000

5.000

05/01/2034

1,085,316

900,000

5.000

05/01/2035

972,672

1,000,000

5.000

05/01/2036

1,072,901

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Tax

Revenue

Refunding

Bonds

Series

2022

forward

Delivery

(Baa3/NR)

750,000

5.000

05/01/2032

815,734

Bucks

County

Industrial

Development

Authority

RB

for

Grand

View

Hospital

and

Sellersville

PA

Obligated

Group

Series

2021

(NR/BB-)

325,000

5.000

07/01/2025

322,928

420,000

5.000

07/01/2026

414,827

425,000

5.000

07/01/2027

418,607

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Pennsylvania

–

(continued)

Bucks

County

Industrial

Development

Authority

RB

for

Grand

View

Hospital

and

Sellersville

PA

Obligated

Group

Series

2021

(NR/BB-)

–

(continued)

$

450,000

5.000%

07/01/2028

$

441,778

475,000

5.000

07/01/2029

464,059

650,000

5.000

07/01/2030

630,747

Bucks

County

Industrial

Development

Authority

RB

Refunding

for

Pennswood

Village

Obligated

Group

Series

2018

A

(NR/NR)

100,000

5.000

10/01/2030

101,458

350,000

5.000

10/01/2031

354,500

410,000

5.000

10/01/2033

414,991

Chester

County

IDA

RB

for

Collegium

Charter

School

Project

Series

2022

(NR/BB)

900,000

6.000

(e)

10/15/2052

887,763

Chester

County

IDA

RB

Series

2021

(Aa2/NR)

10,000,000

4.000

12/01/2046

10,045,172

City

of

Erie

Higher

Education

Building

Authority

RB

for

Gannon

University

Series

2021

(Baa2/BBB+)

500,000

4.000

05/01/2036

479,129

595,000

4.000

05/01/2041

529,883

380,000

5.000

05/01/2047

371,797

City

of

Wilkes-Barre

Finance

Authority

University

Revenue

Refunding

Bonds

Series

2021

(NR/BBB-)

2,075,000

4.000

03/01/2042

1,721,416

Coatesville

School

District

GO

Refunding

Bonds

Series

2017

(AGM

ST

AID

WITHHLDG)

(A1/AA)

1,000,000

5.000

08/01/2025

1,030,047

Commonwealth

Financing

Authority

Tobacco

Master

Settlement

Payment

RB

Series

2018

(AGM)

(A1/AA)

21,580,000

4.000

06/01/2039

21,737,765

Commonwealth

of

Pennsylvania

COPS

Series

2018

A

(A2/A)

1,250,000

4.000

07/01/2046

1,235,165

Commonwealth

of

Pennsylvania

GO

Bonds

1st

Series

2015

(Aa3/A+)

6,500,000

5.000

03/15/2033

6,629,950

Dauphin

County

General

Authority

RB

for

The

Harrisburg

University

of

Science

&

Technology

Series

2020

(NR/BB-)

2,000,000

5.875

(e)

10/15/2040

1,716,171

6,375,000

6.250

(e)

10/15/2053

5,268,363

Dauphin

County

General

Authority

University

RB

for

Harrisburg

University

of

Science

&

Technology

Project

Series

2017

(NR/BB-)

950,000

5.000

(e)

10/15/2034

821,360

Delaware

County

Authority

RB

for

Villanova

University

Series

2015

(Aa3/AA-)

1,120,000

5.000

08/01/2040

1,141,026

Doylestown

Hospital

Authority

Taxable

RB

for

Doylestown

Health

Series

2019

B

(B3/CCC)

500,000

3.950

07/01/2024

491,107

Doylestown

Hospital

Authority

Taxable

RB

for

Doylestown

Health

Series

2019

B

(NR/NR)

455,000

3.950

07/01/2024

451,024

Franklin

County

Industrial

Development

Authority

RB

Refunding

for

Menno-Haven,

Inc.

Obligated

Group

Series

2018

(NR/NR)

750,000

5.000

12/01/2038

659,875

Geisinger

Authority

Health

System

RB

for

Geisinger

Health

System

Series

2007

(A2/AA-)

(3M

USD

LIBOR

+

0.77%)

15,800,000

4.548

(d)

05/01/2037

13,623,351

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Pennsylvania

–

(continued)

General

Authority

of

Southcentral

Pennsylvania

RB

Refunding

WellSpan

Health

Obligation

Group

Series

2019

A

(Aa3/NR)

$

725,000

4.000%

06/01/2044

$

712,485

Lancaster

County

Hospital

Authority

RB

Refunding

for

St.

Anne's

Retirement

Community

Obligated

Group

Series

2020

(NR/NR)

900,000

5.000

03/01/2040

774,174

Latrobe

Industrial

Development

Authority

RB

Refunding

for

Seton

Hill

University

Series

2021

(NR/BBB-)

80,000

5.000

03/01/2024

80,083

150,000

5.000

03/01/2025

151,313

185,000

5.000

03/01/2026

188,003

150,000

5.000

03/01/2027

153,844

135,000

5.000

03/01/2028

139,541

160,000

5.000

03/01/2029

166,480

Latrobe

Industrial

Development

Authority

University

RB

Refunding

for

Seton

Hill

University

Series

2021

(NR/BBB-)

175,000

5.000

03/01/2031

183,047

300,000

5.000

03/01/2033

313,711

Lincoln

University

of

The

Commonwealth

System

of

Higher

Education

RB

Refunding

Tax

Exempt

Social

Bonds

2023

Series

A

(Baa3/NR)

3,240,000

5.250

07/01/2044

3,117,377

Montgomery

County

Higher

Education

&

Health

Authority

RB

Refunding

for

Thomas

Jefferson

University

Obligated

Group

Series

2019

(A3/A)

850,000

4.000

09/01/2037

864,773

850,000

4.000

09/01/2038

861,710

850,000

4.000

09/01/2039

858,732

Montgomery

County

IDA

Exempt

Facilities

Revenue

Refunding

Bonds

2023

Series

A

(Baa2/BBB+)

2,250,000

4.100

(a)(b)

04/01/2053

2,292,977

Montgomery

County

IDA

Exempt

Facilities

Revenue

Refunding

Bonds

2023

Series

B

(Baa2/BBB+)

1,645,000

4.100

06/01/2029

1,684,256

Montgomery

County

IDA

Exempt

Facilities

Revenue

Refunding

Bonds

2023

Series

C

(Baa2/BBB+)

2,665,000

4.450

(a)(b)

10/01/2034

2,705,050

Montgomery

County

IDA

Retirement

Communities

RB

for

Acts

Retirement

Life

Communitiies

Obligated

Group

Series

2020C

(NR/NR)

900,000

5.000

11/15/2045

916,168

Montgomery

County

Industrial

Development

Authority

RB

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group

Series

2020

C

(NR/NR)

600,000

4.000

11/15/2043

539,656

Montgomery

County

Industrial

Development

Authority

RB

Refunding

for

The

Public

School

of

Germantown

Series

2021

A

(NR/BBB+)

400,000

4.000

10/01/2036

382,171

400,000

4.000

10/01/2041

355,994

Northampton

County

Industrial

Development

Authority

RB

Refunding

for

Morningstar

Senior

Living,

Inc.

Obligated

Group

Series

2019

(NR/NR)

1,000,000

5.000

11/01/2039

906,234

Northeastern

Pennsylvania

Hospital

&

Education

Authority

RB

for

King's

College

Project

Series

2019

(NR/BBB)

100,000

5.000

05/01/2024

100,107

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Pennsylvania

–

(continued)

Pennsylvania

Economic

Development

Financing

Authority

RB

for

Presbyterian

Senior

Living

Series

2023B-2

(NR/NR)

$

4,140,000

5.000%

07/01/2038

$

4,296,629

Pennsylvania

Economic

Development

Financing

Authority

RB

for

The

Pennsylvania

Rapid

Bridge

Replacement

Project

Series

2015

(NR/BBB)

750,000

5.000

06/30/2042

755,504

Pennsylvania

Economic

Development

Financing

Authority

RB

Refunding

for

American

Water

Co.

Project

Series

2019

(A1/A+)

8,250,000

3.000

04/01/2039

7,290,361

Pennsylvania

Economic

Development

Financing

Authority

RB

Refunding

for

Presbyterian

Homes

Obligated

Group

Series

2021

(NR/NR)

3,100,000

4.000

07/01/2033

3,080,633

1,800,000

4.000

07/01/2041

1,634,812

Pennsylvania

Economic

Development

Financing

Authority

RB

Refunding

for

UPMC

Obligated

Group

Series

2021

A

(A2/A)

1,050,000

4.000

10/15/2040

1,060,209

Pennsylvania

Economic

Development

Financing

Authority

Solid

Waste

Disposal

RB

for

Waste

Management

Inc.

Project

Series

2021A-2

(NR/A-/A-2)

10,000,000

4.600

(a)(b)

10/01/2046

10,105,822

Pennsylvania

Economic

Development

Financing

Authority

Solid

Waste

Disposal

Refunding

RB

Series

2021B

(NR/A-/A-2)

6,050,000

1.100

(a)(b)

06/01/2031

5,561,881

Pennsylvania

Economic

Development

Financing

Authority

Tax

Exempt

Private

Activity

RB

for

Penndot

Major

Bridges

Package

One

Project

Series

2022

(AGM)

(A1/AA)

5,000,000

5.000

12/31/2057

5,160,827

Pennsylvania

Economic

Development

Financing

Authority

Tax

Exempt

Private

Activity

RB

for

Penndot

Major

Bridges

Package

One

Project

Series

2022

(Baa2/NR)

6,650,000

5.750

06/30/2048

7,293,159

1,350,000

5.250

06/30/2053

1,413,026

10,000,000

6.000

06/30/2061

11,089,434

Pennsylvania

Economic

Development

Financing

Authority

Tax

Exempt

Private

Activity

RB

for

Rapid

Bridge

Replacement

Project

Series

2015

(NR/BBB)

1,800,000

5.000

12/31/2024

1,819,705

Pennsylvania

Economic

Development

Financing

Authority

UPMC

RB

Series

2021A

(A2/A)

1,220,000

4.000

10/15/2037

1,256,488

Pennsylvania

Economic

Development

Financing

Authority

UPMC

RB,

Series

2020A

(A2/A)

2,200,000

4.000

04/15/2036

2,275,165

Pennsylvania

Higher

Educational

Facilities

Authority

Duquesne

University

of

the

Holy

Spirit

RB

Series

2019

A

(A2/A)

350,000

4.000

03/01/2037

360,225

675,000

5.000

03/01/2038

717,615

500,000

5.000

03/01/2039

527,962

Pennsylvania

Higher

Educational

Facilities

Authority

RB

for

Foundation

for

Indiana

University

of

Pennsylvania

Series

2007

A

(AGC)

(WR/AA)

(3M

USD

LIBOR

+

0.60%)

760,000

4.390

(d)

07/01/2027

754,029

Pennsylvania

Turnpike

Commission

Oil

Franchise

Tax

Subordinated

RB

Series

2018

B

(A2/NR)

9,995,000

5.250

12/01/2048

10,495,614

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Pennsylvania

–

(continued)

Pennsylvania

Turnpike

Commission

RB

Series

2018

A

(Aa3/NR)

$

23,255,000

5.250%

12/01/2044

$

24,917,505

Pennsylvania

Turnpike

Commission

RB

Series

2019

A

(A2/NR)

4,250,000

5.000

12/01/2036

4,719,379

4,275,000

5.000

12/01/2038

4,688,116

Pennsylvania

Turnpike

Commission

Registration

Fee

Revenue

Refunding

Bonds

Series

of

2023

(A1/AA-)

(SIFMA

Municipal

Swap

Index

Yield

+

0.85%)

2,075,000

3.870

(a)(d)

07/15/2041

2,072,936

Philadelphia

Airport

Revenue

and

Refunding

Bonds

Series

2021

(A2/NR)

5,750,000

5.000

07/01/2026

5,968,897

Philadelphia

Authority

for

Industrial

Development

Charter

School

RB

for

Green

Woods

Charter

School

Project

Series

2022A

(NR/BB+)

650,000

5.125

06/15/2042

615,462

Philadelphia

Authority

for

Industrial

Development

RB

for

Independence

Charter

School

Series

2019

(NR/NR)

345,000

4.000

06/15/2029

327,289

1,000,000

5.000

06/15/2039

943,405

Philadelphia

Authority

for

Industrial

Development

RB

for

MaST

Community

Charter

School

II

Series

2020

A

(NR/BBB-)

445,000

5.000

08/01/2030

461,060

290,000

5.000

08/01/2040

295,062

Philadelphia

Authority

for

Industrial

Development

RB

Refunding

for

Philadelphia

Performing

Arts

Charter

School

Series

2020

(NR/BB+)

900,000

5.000

(e)

06/15/2040

901,362

Philadelphia

Authority

for

Industrial

Developmnet

Tacony

Charter

School

Project

Social

Bond

RB

Series

2023

(NR/BB+)

1,600,000

5.000

(e)

06/15/2033

1,620,400

Philadelphia

Hospitals

and

Higher

Education

Facilities

Authority

RB

Refunding

for

Temple

University

Health

System

Obligation

Group

Series

2017

(Baa3/BBB)

2,310,000

5.000

07/01/2028

2,403,447

Philadelphia

IDA

University

RB

for

St.

Joseph's

University

Project

Series

2022

(NR/A-)

2,500,000

5.250

11/01/2052

2,670,453

Philadelphia

School

District

GO

Bonds

Series

2015

A

(ST

AID

WITHHLDG)

(A1/NR)

2,415,000

5.000

09/01/2027

2,488,325

Pittsburgh

Water

&

Sewer

Authority

First

Lien

RB

Series

2019

A

(AGM)

(A1/AA)

1,000,000

5.000

09/01/2034

1,122,407

1,720,000

5.000

09/01/2035

1,935,781

1,285,000

5.000

09/01/2036

1,436,376

2,000,000

5.000

09/01/2037

2,216,662

Pittsburgh

Water

&

Sewer

Authority

Subordinate

RB

Refunding

Series

2019

B

(AGM)

(NR/AA)

2,125,000

4.000

09/01/2034

2,224,317

425,000

4.000

09/01/2035

443,394

Scranton

Redevelopment

Authority

RB

Refunding

for

Guaranteed

Lease

Series

2016

A

(MUN

GOVT

GTD)

(NR/BBB-)

335,000

5.000

11/15/2028

335,470

Susquehanna

Area

Regional

Airport

Authority

RB

Refunding

for

Airport

System

Series

2017

(Baa3/NR)

1,100,000

5.000

01/01/2035

1,136,634

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Pennsylvania

–

(continued)

The

Berks

County

Municipal

Authority

RB

for

Alvernia

University

Project

Series

2020

(NR/BB+)

$

750,000

4.000%

10/01/2029

$

713,623

425,000

5.000

10/01/2039

402,343

The

Berks

County

Municipal

Authority

RB

for

Tower

Health

Obligated

Group

Series

2012

A

(WR/CCC+)

4,100,000

5.000

11/01/2044

2,133,836

The

Berks

County

Municipal

Authority

RB

Refunding

for

Tower

Health

Obligated

Group

Series

2020

B-2

(NR/CCC+)

1,915,000

5.000

(a)(b)

02/01/2040

1,171,210

The

Berks

County

Municipal

Authority

RB

Refunding

for

Tower

Health

Obligated

Group

Series

2020

B-3

(NR/CCC+)

2,800,000

5.000

(a)(b)

02/01/2040

1,487,850

The

Hospitals

and

Higher

Education

Facilities

Authority

of

Philadelphia

Hospital

RB

3,190,000

5.000

07/01/2027

3,330,221

Upper

Dauphin

IDA

RB

for

Pennsylvania

Steam

Academy

Charter

School

Project

Series

2022B

(NR/NR)

200,000

6.000

(e)

07/01/2029

194,939

Westmoreland

County

Industrial

Development

Authority

RB

Refunding

for

Excela

Health

Obligated

Group

Series

2020

A

(Baa2/NR)

490,000

5.000

07/01/2030

523,287

293,680,233

Puerto

Rico

-

6.1%

City

of

Minneapolis

Health

Care

System

RB

for

Allina

Health

System

Series

2023A

(NR/NR)

1,000,000

5.250

*

07/01/2019

260,000

HTA

Trust

Certificates

Class

L-2028

Units

(NR/NR)

1,287,868

5.250

07/01/2038

1,288,178

Puerto

Rico

Aqueduct

and

Sewer

Authority

Revenue

Refunding

Bonds

Series

2020A

(NR/NR)

23,375,000

5.000

(e)

07/01/2035

23,594,194

Puerto

Rico

Aqueduct

and

Sewer

Authority

Revenue

Refunding

Bonds

Series

2022A

(NR/NR)

5,580,000

5.000

(e)

07/01/2037

5,606,824

Puerto

Rico

Commonwealth

Aquaduct

and

Sewer

Authority

Revenue

Refunding

Bonds

2021

B

(NR/NR)

900,000

5.000

(e)

07/01/2037

903,905

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

RB

Refunding

for

Senior

Lien

Series

2020

A

(NR/NR)

18,765,000

5.000

(e)

07/01/2047

18,434,064

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

RB

Refunding

Series

2022

A

(NR/NR)

10,610,000

5.000

(e)

07/01/2033

10,772,199

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

RB

Senior

Lien

Series

2008

A

(WR/NR)

555,000

6.125

07/01/2024

559,575

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Refunding

Bonds

Series

2021B

(NR/NR)

7,300,000

4.000

(e)

07/01/2042

6,441,827

Puerto

Rico

Commonwealth

GO

Bonds

(NR/NR)

16,485,625

0.000

(b)(g)(i)

11/01/2043

8,984,666

Puerto

Rico

Commonwealth

GO

Clawback

Bonds

(NR/NR)

1,539,420

0.000

(b)(g)(i)

11/01/2051

629,238

Puerto

Rico

Commonwealth

GO

Clawback

CVIs

(NR/NR)

1,825,630

0.000

(b)(g)(i)

11/01/2051

994,969

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Puerto

Rico

–

(continued)

Puerto

Rico

Commonwealth

GO

Restructured

Bonds

Series

2022

A-1

(NR/NR)

$

1,480,236

0.000%

(f)

07/01/2024

$

1,451,176

4,135,896

5.375

07/01/2025

4,227,240

10,915,508

5.625

07/01/2029

11,838,659

13,899,948

5.750

07/01/2031

15,461,696

19,245,062

0.000

(f)

07/01/2033

11,997,703

4,598,951

4.000

07/01/2033

4,502,846

3,311,382

4.000

07/01/2035

3,201,586

7,727,039

4.000

07/01/2037

7,377,084

12,189,086

4.000

07/01/2041

11,179,054

14,793,596

4.000

07/01/2046

13,176,237

Puerto

Rico

Electric

Power

Authority

Power

RB

Series

2012A

(WR/NR)

5,465,000

5.000

*

07/01/2042

1,420,900

Puerto

Rico

Electric

Power

Authority

Power

RB

Series

2013A

(WR/NR)

1,350,000

7.000

*

07/01/2033

351,000

11,365,000

6.750

*

07/01/2036

2,954,900

Puerto

Rico

Electric

Power

Authority

Power

RB

Series

4

(NR/NR)

196,972

10.000

*

07/01/2022

51,213

Puerto

Rico

Electric

Power

Authority

Power

RB

Series

AAA

(WR/NR)

1,050,000

5.250

*

07/01/2031

273,000

Puerto

Rico

Electric

Power

Authority

Power

RB

Series

CCC

(WR/NR)

4,075,000

5.250

*

07/01/2026

1,059,500

1,555,000

5.000

*

07/01/2028

404,300

Puerto

Rico

Electric

Power

Authority

Power

RB

Series

E-1

(NR/NR)

590,915

10.000

*

01/01/2021

153,638

Puerto

Rico

Electric

Power

Authority

Power

RB

Series

E-2

(NR/NR)

590,915

10.000

*

07/01/2021

153,638

Puerto

Rico

Electric

Power

Authority

Power

RB

Series

E-3

(NR/NR)

196,972

10.000

*

01/01/2022

51,213

Puerto

Rico

Electric

Power

Authority

Power

RB

Series

TT

(WR/NR)

220,000

5.000

*

07/01/2025

57,200

1,100,000

5.000

*

07/01/2032

286,000

Puerto

Rico

Electric

Power

Authority

Power

RB

Series

WW

(WR/NR)

4,585,000

5.500

*

07/01/2038

1,192,100

Puerto

Rico

Electric

Power

Authority

Power

RB

Series

XX

(WR/NR)

17,660,000

5.250

*

07/01/2040

4,591,600

Puerto

Rico

Electric

Power

Authority

Power

RB

Series

ZZ

(WR/NR)

1,365,000

5.250

*

07/01/2026

354,900

Puerto

Rico

Electric

Power

Authority

RB

Refunding

Series

2007

UU

(AGM)

(A1/AA)

(3M

USD

LIBOR

+

0.52%)

21,915,000

4.310

(d)

07/01/2029

20,362,697

Puerto

Rico

Electric

Power

Authority

RB

Refunding

Series

2007

VV

(NATL)

(Baa2/NR)

350,000

5.250

07/01/2029

344,597

215,000

5.250

07/01/2030

211,293

1,150,000

5.250

07/01/2032

1,137,322

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Puerto

Rico

–

(continued)

Puerto

Rico

Electric

Power

Authority

RB

Series

TT

(WR/NR)

$

3,250,000

5.000%*

07/01/2037

$

845,000

Puerto

Rico

Sales

Tax

Financing

Corp

Sales

Tax

Revenue

Restructed

Bonds

Series

2019A-2B

(NR/NR)

10,760,000

4.550

07/01/2040

10,812,206

Puerto

Rico

Sales

Tax

Financing

Corporation

Sales

Tax

Capital

Appreciation

Restructured

RB

Series

2018

A-1

(NR/NR)

186,000

0.000

(f)

07/01/2024

182,345

16,610,000

0.000

(f)

07/01/2027

14,457,298

10,930,000

0.000

(f)

07/01/2029

8,740,594

19,009,000

0.000

(f)

07/01/2031

13,912,212

28,145,000

0.000

(f)

07/01/2033

18,746,368

46,454,000

0.000

(f)

07/01/2046

14,564,430

16,872,000

0.000

(f)

07/01/2051

3,939,847

Puerto

Rico

Sales

Tax

Financing

Corporation

Sales

Tax

Capital

Appreciation

Restructured

RB

Series

2019

A-2

(NR/NR)

145,300,000

4.329

07/01/2040

144,241,330

143,000

4.536

07/01/2053

136,719

20,205,000

4.784

07/01/2058

19,915,858

Puerto

Rico

Sales

Tax

Financing

Corporation

Sales

Tax

Restructured

RB

Series

2018

A-1

(NR/NR)

31,483,000

4.500

07/01/2034

31,553,235

13,699,000

4.750

07/01/2053

13,557,236

36,744,000

5.000

07/01/2058

36,872,215

530,770,824

Rhode

Island

-

0.2%

Rhode

Island

Health

and

Educational

Building

Corp.

RB

for

Cumberland

Public

School

Financing

Program

Series

2023

A

(NR/AA+)

3,655,000

5.000

05/15/2048

4,050,930

Rhode

Island

Health

and

Educational

Building

Corp.

RB

for

Woonsocket

Public

School

Financing

Program

Series

2017

A

(AGM

MUN

GOVT

GTD)

(Aa3/AA)

500,000

5.000

05/15/2024

503,052

Rhode

Island

Health

and

Educational

Building

Corporation

Public

Schools

Financing

RB

for

Town

of

Cumberland

Issue

Series

2023

A

(NR/AA+)

5,025,000

4.125

05/15/2053

5,049,005

Rhode

Island

Housing

&

Mortgage

Finance

Corp.

Homeownership

Opportunity

Bonds

Series

78-A

(Aa1/AA+)

4,970,000

5.000

10/01/2042

5,372,724

14,975,711

South

Carolina

-

0.6%

City

of

Charleston

Waterworks

&

Sewer

System

Capital

Improvement

RB

Series

2022

(Aaa/AAA)

7,145,000

5.000

01/01/2052

7,940,253

Clemson

University

Athletic

Facilities

RB

Series

2015

(Aa3/NR)

1,570,000

4.000

05/01/2026

1,595,269

Lexington

County

School

District

No.

1/SC

GO

Refunding

Bonds

Series

2019

A

(SCSDE)

(Aa1/AA)

2,495,000

5.000

02/01/2031

2,755,635

Lexington

County

School

District

No.

2

GO

Bonds

Series

2017

C

(SCSDE)

(Aa1/AA)

2,000,000

5.000

03/01/2031

2,146,736

1,615,000

4.000

03/01/2032

1,658,789

Richland

County

at

Sandhill

Improvement

District

Refunding

Assessment

RB

Series

2021

(NR/NR)

610,000

3.000

(e)

11/01/2026

572,082

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

South

Carolina

–

(continued)

Richland

County

at

Sandhill

Improvement

District

Refunding

Assessment

RB

Series

2021

(NR/NR)

–

(continued)

$

900,000

3.625%

(e)

11/01/2031

$

775,609

1,170,000

3.750

(e)

11/01/2036

943,058

South

Carolina

Economic

Development

Authority

Educational

Facilities

Tax

Exempt

RB

for

Polaris

Tech

Charter

School

Project

Series

2022A

(NR/NR)

1,920,000

5.125

(e)

06/15/2042

1,790,772

South

Carolina

Ports

Authority

RB

Series

2018

(A1/A+)

3,750,000

5.000

07/01/2037

3,948,538

South

Carolina

Public

Service

Authority

Revenue

Obligations

2022

Tax

Exempt

Series

E

(A3/A-)

10,000,000

5.750

12/01/2047

11,189,487

South

Carolina

Public

Service

Authority

Santee

Cooper

Revenue

Obligations,

Series

2014

Tax-Exempt

Series

A

(A3/A-)

8,745,000

5.500

12/01/2054

8,769,052

Spartanburg

Regional

Health

Services

District

Obligated

Group

RB

Series

2020

A

(AGM)

(A1/AA)

500,000

5.000

04/15/2032

556,886

500,000

5.000

04/15/2033

556,048

500,000

5.000

04/15/2034

555,847

525,000

5.000

04/15/2035

581,663

600,000

4.000

04/15/2036

622,603

550,000

4.000

04/15/2037

560,469

525,000

4.000

04/15/2038

532,508

700,000

4.000

04/15/2039

706,855

750,000

4.000

04/15/2040

753,384

49,511,543

South

Dakota

-

0.0%

County

of

Lincoln

RB

Refunding

for

The

Augustana

College

Association

Series

2021

A

(NR/BBB-)

650,000

4.000

08/01/2041

601,288

1,200,000

4.000

08/01/2051

1,025,349

Rapid

City

Area

School

District

No.

51-4

Limited

Tax

Capital

Outlay

GO

Refunding

Bonds

Series

2017

B

(ST

AID

WITHHLDG)

(NR/AA+)

1,075,000

5.000

01/01/2025

1,097,534

730,000

5.000

01/01/2026

763,071

3,487,242

Tennessee

-

0.2%

City

of

Johnson

GO

Refunding

Bonds

Series

2019

B

(Aa2/NR)

1,225,000

4.000

06/01/2037

1,261,101

Greeneville

Health

&

Educational

Facilities

Board

RB

for

Ballad

Health

Obligated

Group

Series

2018

A

(A3/A-)

1,800,000

4.000

07/01/2040

1,801,233

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

RB

for

Vanderbilt

University

Medical

Center

Series

2016

A

(WR/A)

700,000

5.000

07/01/2046

706,589

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

RB

Refunding

for

Trevecca

Nazarene

University

Project

Series

2019

(NR/NR)

20,000

3.000

10/01/2024

19,779

Metropolitan

Nashville

Airport

Authority

Airport

Improvement

RB

Series

2022B

(AMT)

(A1/NR)

1,700,000

5.000

07/01/2026

1,768,851

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Tennessee

–

(continued)

Nashville

Metropolitan

Development

&

Housing

Agency

RB

for

Fifth+

Broadway

Development

Project

Series

2018

(NR/NR)

$

545,000

4.500%

(e)

06/01/2028

$

547,887

Tennergy

Corporation

Gas

Supply

RB,

Series

2019A

(Aa1/NR)

9,465,000

5.000

(a)(b)

02/01/2050

9,547,297

The

Health

and

Educational

Facilities

Board

of

The

Metropolitan

Government

of

Nashville

and

Davidson

County,

Multifamily

Housing

RB

Ben

Allen

Ridge

Apartments

Project

Series

2022B

(FNMA

COLL)

(Aaa/NR)

1,550,000

3.850

(a)(b)

02/01/2048

1,562,660

17,215,397

Texas

-

9.0%

Arlington

Higher

Education

Finance

Corp.

Education

RB

Series

2022A

(NR/NR)

1,425,000

5.625

08/15/2052

1,280,773

Arlington

Higher

Education

Finance

Corp.

RB

Refunding

for

Wayside

Schools

Series

2021

A

(NR/BB)

195,000

5.000

08/15/2024

194,954

205,000

5.000

08/15/2025

205,272

190,000

5.000

08/15/2026

191,053

200,000

5.000

08/15/2027

202,096

80,000

5.000

08/15/2028

81,048

80,000

4.000

08/15/2029

77,222

80,000

4.000

08/15/2030

76,624

90,000

4.000

08/15/2031

85,448

Arlington

Independent

School

District

UT

School

Building

and

Refunding

Bonds

Series

2023

(PSF-GTD)

(Aaa/AAA)

1,970,000

5.000

02/15/2025

2,018,530

1,125,000

5.000

02/15/2027

1,209,910

Austin

Community

College

District

Limited

Tax

Bonds

Series

2023

(Aa1/AA+)

3,750,000

5.250

08/01/2053

4,220,098

Austin

Convention

Enterprises,

Inc.

Convention

Center

Hotel

First

Tier

RB

Refunding

Series

2017

A

(NR/BB+)

1,355,000

5.000

01/01/2029

1,396,786

Austin

Independent

School

District

UT

School

Building

Bonds

Series

2023

(NON-PSF)

(Aaa/NR)

5,670,000

5.000

08/01/2043

6,448,852

Bastrop

County,

Special

Assessment

RB,

Series

2023

Double

Eagle

Ranch

Public

Improvement

District

Improvement

Area

1

Project

(NR/NR)

1,000,000

5.250

(e)

09/01/2043

1,015,679

Carrollton-Farmers

Branch

Independent

School

District

UT

School

Building

Bonds

Series

2023

(PSF-GTD)

(Aaa/AAA)

1,600,000

5.000

02/15/2026

1,678,865

1,925,000

5.000

02/15/2027

2,072,692

Central

Texas

Regional

Mobility

Authority

RB

Refunding

Senior

Lien

Series

2020

A

(A3/A)

620,000

5.000

01/01/2028

671,470

650,000

5.000

01/01/2029

717,215

1,115,000

5.000

01/01/2034

1,245,365

610,000

5.000

01/01/2036

676,346

645,000

5.000

01/01/2037

710,783

675,000

5.000

01/01/2038

734,630

1,420,000

5.000

01/01/2039

1,539,257

Central

Texas

Regional

Mobility

Authority

Senior

Lien

Revenue

Refunding

Bonds

Series

2021D

(A3/A)

1,100,000

4.000

01/01/2040

1,120,859

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

Cities

of

Dallas

and

Fort

Worth,

Texas

Dallas

Fort

Worth

International

Airport

Joint

RR

Bonds

Series

2023C

(A1/A+)

$

4,300,000

5.000%

11/01/2030

$

4,781,446

Cities

of

Dallas

and

Fort

Worth,

Texas

Dallas

Fort

Worth

International

Airport,

Joint

RR

and

Improvement

Bonds,

Series

2023B

(A1/A+)

1,000,000

5.000

11/01/2042

1,140,364

City

of

Anna

Special

Assessment

Bonds

for

Hurricane

Creek

Public

Improvement

District

Project

Series

2019

(NR/NR)

140,000

5.750

(e)

09/01/2029

143,482

City

of

Anna

Special

Assessment

Bonds

for

Sherley

Tract

Public

Improvement

District

No.

2

Series

2021

(NR/NR)

287,000

3.250

(e)

09/15/2026

269,799

City

of

Anna

Special

Assessment

RB

for

Hurricane

Creek

Public

Improvement

District

Project

Series

2022

(NR/NR)

1,402,000

5.750

(e)

09/01/2042

1,426,741

City

of

Anna

Special

Assessment

RB

for

Woods

At

Lindsey

Place

Public

and

District

Improvement

Area

#1

Project

Series

2023

(NR/NR)

781,000

5.625

(e)

09/15/2043

793,847

City

of

Aubrey

Special

Assessment

RB

for

Aubrey

Public

Improvement

District

No.

1

Project

Series

2023

(NR/NR)

1,000,000

5.000

(e)

09/01/2030

1,010,796

City

of

Aubrey

Special

Assessment

RB

for

Jackson

Ridge

Public

Improvement

District

Project

Series

2022

(NR/NR)

852,000

5.250

(e)

09/01/2032

868,107

City

of

Austin

Airport

System

RB

Series

2019B

(AMT)

(A1/A+)

4,000,000

5.000

11/15/2031

4,364,647

City

of

Austin

Airport

System

RB

Series

2022

(A1/A+)

7,435,000

5.000

11/15/2052

7,806,288

City

of

Austin

RB

for

Airport

System

Series

2019

B

(A1/A+)

1,980,000

5.000

11/15/2032

2,159,383

City

of

Austin

Special

Assessment

RB

for

Estancia

Hill

Country

Public

Improvement

District

Series

2018

(NR/NR)

325,000

4.500

(e)

11/01/2024

324,485

2,815,000

4.000

(e)

11/01/2028

2,747,819

City

of

Austin

Special

Assessment

RB

for

Whisper

Valley

Public

Improvement

District

Project

Series

2022

(NR/NR)

777,000

5.375

(e)

11/01/2042

786,927

City

of

Austin

Water

&

Wastewater

System

Revenue

Refunding

Bonds

Series

2022

(Aa2/AA)

1,300,000

5.000

11/15/2038

1,500,019

2,250,000

5.000

11/15/2039

2,574,234

2,000,000

5.000

11/15/2040

2,272,908

City

of

Celina

Special

Assessment

Bonds

for

Wells

South

Public

Improvement

District

Series

2020

(NR/NR)

250,000

2.500

(e)

09/01/2025

241,276

140,000

3.125

(e)

09/01/2030

127,884

180,000

3.250

(e)

09/01/2030

162,644

355,000

4.000

(e)

09/01/2040

316,181

City

of

Celina

Special

Assessment

Bonds

for

Wells

South

Public

Improvement

District

Series

2021

(NR/NR)

144,000

2.500

(e)

09/01/2026

135,916

158,000

3.000

(e)

09/01/2031

139,103

329,000

3.375

(e)

09/01/2041

265,754

City

of

Celina

Special

Assessment

RB

for

Celina

Hills

Public

Improvement

District

Project

Series

2022

(NR/NR)

430,000

4.625

(e)

09/01/2032

422,182

704,000

4.875

(e)

09/01/2042

674,546

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

City

of

Celina

Special

Assessment

RB

for

Chalk

Hill

Public

Improvement

District

No.

2

Phases

#2-3

Direct

Improvement

Project

Series

2023

(NR/NR)

$

767,000

5.750%

(e)

09/01/2043

$

774,973

City

of

Celina

Special

Assessment

RB

for

Hillside

Public

Improvement

District

Series

2022

(NR/NR)

240,000

2.750

(e)

09/01/2027

218,610

432,000

3.125

(e)

09/01/2032

364,586

City

of

Celina

Special

Assessment

RB

for

North

Sky

Public

Improvement

District

Project

Series

2023

(NR/NR)

812,000

5.375

09/01/2043

819,859

1,006,000

5.625

09/01/2052

1,015,619

1,000,000

6.125

(e)

09/01/2052

1,009,331

City

of

Celina

Special

Assessment

RB

for

Parvin

Public

Improvement

District

Project

Series

2023

(NR/NR)

459,000

5.750

(e)

09/01/2030

462,399

City

of

Celina

Special

Assessment

RB

for

Ten

Mile

Creek

Public

Improvement

District

Project

Series

2023

(NR/NR)

492,000

4.750

(e)

09/01/2030

496,343

235,000

5.500

(e)

09/01/2030

237,038

1,169,000

5.500

(e)

09/01/2042

1,189,062

City

of

Celina

Special

Assessment

RB

for

Wells

South

Public

Improvement

District

Neighborhood

Improvement

Project

Series

2022

(NR/NR)

255,000

4.875

(e)

09/01/2032

257,171

495,000

5.500

(e)

09/01/2042

502,721

City

of

Celina

Special

Assessment

RB

Series

2022

(NR/NR)

192,000

2.875

(e)

09/01/2027

176,228

227,000

3.250

(e)

09/01/2027

211,239

250,000

3.250

(e)

09/01/2032

213,932

235,000

3.625

(e)

09/01/2032

209,039

1,175,000

3.500

(e)

09/01/2042

909,927

City

of

Celina

Texas

Municipal

Corp.

Special

Assessment

RB

for

Glen

Crossing

Public

Improvement

District

Phase#1

Project

Series

2016

(NR/NR)

150,000

4.200

09/01/2027

149,461

570,000

4.800

09/01/2037

565,852

647,000

5.250

09/01/2046

648,350

City

of

Celina

Texas

Municipal

Corp.

Special

Assessment

RB

for

Glen

Crossing

Public

Improvement

District

Phase#1B

Project

Series

2018

(NR/NR)

300,000

5.375

(e)

09/01/2038

305,103

City

of

Celina

Texas

Municipal

Corp.

Special

Assessment

RB

for

Glen

Crossing

Public

Improvement

District

Phase#2

Project

Series

2018

(NR/NR)

365,000

5.000

09/01/2028

370,158

City

of

Celina,

Collin

and

Denton

Counties

Special

Assessment

RB,

Series

2023

Cross

Creek

Meadows

Public

Improvement

District

Improvement

Area

1

Project

(NR/NR)

686,000

4.500

(e)

09/01/2030

687,885

1,524,000

5.375

(e)

09/01/2043

1,541,156

City

of

Celina,

Collin

and

Denton

Counties

Special

Assessment

RB,

Series

2023

Cross

Creek

Meadows

Public

Improvement

District

Major

Improvement

Area

Project

(NR/NR)

216,000

5.000

(e)

09/01/2030

216,657

City

of

Celinac

Special

Assessment

for

Edgewood

Creek

Public

Improvement

District

Phase#1

Project

Series

2021

(NR/NR)

145,000

3.250

(e)

09/01/2026

138,265

185,000

3.750

(e)

09/01/2031

167,306

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

City

of

Crandall

Cartwright

Ranch

Public

Improvement

District

Special

Assessment

Bond

Series

2021

(NR/NR)

$

314,000

3.375%

(e)

09/15/2026

$

295,686

410,000

4.000

(e)

09/15/2031

374,314

City

of

Crandall

Special

Assessment

RB

for

River

Ridge

Public

Improvement

District

Project

Series

2022

(NR/NR)

484,000

5.375

(e)

09/15/2027

489,095

City

of

Dallas

Fort

Worth

International

Airport

Joint

Revenue

Refunding

Bonds

Series

2021A

(A1/NR)

3,975,000

4.000

11/01/2039

4,063,643

City

of

Dallas

fort

Worth

International

Airport

Joint

Revenue

Refunding

Bonds

Series

2021B

(NON-AMT)

(A1/NR)

6,240,000

4.000

11/01/2045

6,284,702

City

of

Dallas

fort

Worth

International

Airport

Joint

Revenue

Refunding

Bonds

Series

2023C

(A1/A+)

6,400,000

5.000

11/01/2026

6,704,050

City

of

Dallas

Housing

Finance

Corp.

Multifamily

Housing

RB

for

Positano

Series

2023

(FHA

221(D4))

(Aaa/NR)

2,955,000

5.000

(a)(b)

09/01/2026

3,033,633

City

of

Dallas

Housing

Finance

Corp.

Multifamily

Housing

Revenue

Notes

for

Estates

at

Ferguson

Series

2023

(Aaa/NR)

1,725,000

5.000

(a)(b)

07/01/2042

1,808,527

City

of

Dallas

International

Airport

Joint

Revenue

Refunding

Bonds

Series

2022B

(A1/A+)

4,000,000

4.000

11/01/2041

4,099,400

City

of

Dayton

Senior

Lien

Special

Assessment

RB

for

Westpointe

Villages

Public

Improvement

District

Improvement

Area

#1

Project

Series

2022A

(NR/NR)

268,000

4.875

(e)

09/01/2032

265,929

765,000

5.125

(e)

09/01/2042

756,395

City

of

Decatur,

Texas,

417,000

5.750

(e)

09/15/2030

423,065

City

of

Dripping

Springs,

Hays

County

Special

Assessment

RB,

Series

2023

Heritage

Public

Improvement

District

Improvement

Area

1

Project

(NR/NR)

1,000,000

5.375

(e)

09/01/2043

1,008,334

City

of

Elmendorf

Hickory

Ridge

Public

Improvement

District

Special

Assessment

Bond

for

Improvement

Area

No.

1

Series

2021

(NR/NR)

528,000

2.875

(e)

09/01/2026

491,542

398,000

3.375

(e)

09/01/2031

337,755

1,206,000

3.750

(e)

09/01/2041

960,761

City

of

Fate

Special

Assessment

for

Williamsburg

East

Public

Improvement

District

Area

No.

1

Series

2020

(NR/NR)

198,000

2.625

(e)

08/15/2025

190,865

171,000

3.375

(e)

08/15/2030

154,333

City

of

Fate

Special

Assessment

RB

for

Monterra

Public

Improvement

District

Series

2021

(NR/NR)

397,000

2.750

(e)

08/15/2026

375,003

612,000

3.375

(e)

08/15/2031

547,355

846,000

3.750

(e)

08/15/2041

714,812

City

of

Fate

Special

Assessment

RB

for

Williamsburg

East

Public

Improvement

District

Project

Series

2022

(NR/NR)

483,000

4.875

(e)

08/15/2027

483,462

778,000

5.250

(e)

08/15/2032

787,990

1,300,000

5.875

(e)

08/15/2042

1,314,533

City

of

Fate

Special

Assessment

RB

for

Williamsburg

Public

Improvement

District

No.

1

Phase#1

Series

2019

(NR/NR)

50,000

3.125

(e)

08/15/2024

49,565

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

City

of

Fate

Special

Assessment

RB

for

Williamsburg

Public

Improvement

District

No.

1

Phase#1

Series

2019

(NR/NR)

–

(continued)

$

340,000

3.500%

(e)

08/15/2029

$

322,762

1,905,000

4.000

(e)

08/15/2039

1,727,070

1,825,000

4.250

(e)

08/15/2049

1,598,767

City

of

Fate

Special

Assessment

RB

for

Williamsburg

Public

Improvement

District

Series

2022

(NR/NR)

295,000

4.000

(e)

08/15/2032

280,754

1,129,000

4.250

(e)

08/15/2042

1,025,836

City

of

Fate

Special

Assessment

Refunding

for

Williamsburg

Public

Improvement

District

No.

1

Project

Series

2019

(BAM)

(NR/AA)

165,000

4.000

08/15/2028

171,211

170,000

4.000

08/15/2029

177,186

925,000

3.000

08/15/2034

861,302

City

of

Fate,

Rockwall

County

Special

Assessment

RB,

Series

2023

Williamsburg

Public

Improvement

District

No.

1

Phase

3B

(NR/NR)

417,000

4.250

(e)

08/15/2030

417,762

761,000

5.125

(e)

08/15/2043

761,193

City

of

Georgetown

Special

Assessment

RB

for

Parks

at

Westhaven

Public

Improvement

District

Project

Series

2022

(NR/NR)

282,000

3.625

(e)

09/15/2027

273,509

409,000

3.875

(e)

09/15/2032

381,130

City

of

Hackberry

Special

Assessment

RB

for

Riverdale

Lake

Public

Improvement

District

No.

2

Phases

4-6

Project

Series

2017

(NR/NR)

280,000

4.125

09/01/2027

279,306

1,350,000

4.625

09/01/2037

1,321,902

City

of

Hackberry

Special

Assessment

RB

Refunding

for

Hackberry

Public

Improvement

District

No.

3

Phases

No.

13-

16

Project

Series

2017

(NR/NR)

490,000

4.500

09/01/2027

493,048

1,800,000

4.500

09/01/2037

1,740,232

City

of

Hackberry

Special

Assessment

RB

Refunding

for

Hidden

Cove

Public

Improvement

District

No.

2

Project

Series

2017

(NR/BBB-)

425,000

4.000

09/01/2024

425,378

440,000

4.000

09/01/2025

441,756

460,000

4.000

09/01/2026

464,308

480,000

4.000

09/01/2027

487,245

City

of

Haslet

Special

Assessment

RB

for

Haslet

Public

Improvement

District

Series

2021

(NR/NR)

256,000

3.250

(e)

09/01/2031

223,236

1,271,000

3.625

(e)

09/01/2041

1,019,327

City

of

Haslet

Special

Assessment

RB

Refunding

for

Haslet

Public

Improvement

District

No.

5

1

Project

Series

2019

(NR/NR)

30,000

3.250

(e)

09/01/2024

29,711

290,000

3.625

(e)

09/01/2029

275,793

785,000

4.125

(e)

09/01/2039

717,362

City

of

Horseshoe

Bay

Special

Assessment

Refunding

Bonds

for

Public

Improvement

District

Series

2020

(NR/NR)

465,000

3.000

10/01/2025

451,207

645,000

3.000

10/01/2030

576,336

440,000

3.250

10/01/2033

384,570

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

City

of

Houston

Airport

System

Special

Facilities

RB

for

United

Airlines

Inc.

Airport

Improvement

Projects

Series

2018C

(AMT)

(NR/BB-)

$

1,170,000

5.000%

07/15/2028

$

1,177,044

City

of

Houston

Airport

System

Special

Facilities

RB

for

United

Airlines

Technical

Operations

Center

Project

Series

2018

(NR/BB-)

2,125,000

5.000

07/15/2028

2,137,793

City

of

Houston

Airport

System

Subordinate

Lien

Revenue

and

Refunding

Bonds

Series

2023A

(AMT)

(AGM)

(A1/AA)

4,000,000

5.250

07/01/2053

4,314,895

City

of

Houston

Airport

System

Subordinate

Lien

Revenue

Refunding

Bonds

Series

2018D

(A1/NR)

1,655,000

5.000

07/01/2032

1,816,924

City

of

Houston

Airport

System

Subordinate

Lien

Revenue

Refunding

Bonds

Series

2020A

(AMT)

(A1/A+)

1,000,000

4.000

07/01/2047

966,010

City

of

Houston,

Texas

Airport

System

Subordinate

Lien

RR

Bonds

Series

2018D

(A1/NR)

2,185,000

5.000

07/01/2031

2,404,845

City

of

Houston,

Texas

Airport

System,

Subordinate

Lien

Revenue

and

Refunding

Bonds,

Series

2018B

(NON-AMT)

(A1/NR)

1,660,000

5.000

07/01/2030

1,827,270

City

of

Hutto

Emory

Crossing

Public

Improvement

District

Special

Assessment

Bond

Series

2021

(NR/NR)

120,000

2.625

(e)

09/01/2026

113,450

206,000

3.250

(e)

09/01/2031

183,945

City

of

Hutto

Special

Assessment

RB

for

Cottonwood

Creek

Public

Improvement

Series

2021

(NR/NR)

360,000

3.125

(e)

09/01/2031

321,052

939,000

3.500

(e)

09/01/2041

777,723

City

of

Hutto

Special

Assessment

RB

for

Durango

Farms

Public

Improvement

District

Project

Series

2021

(NR/NR)

178,000

2.750

(e)

09/01/2026

168,447

392,000

3.500

(e)

09/01/2031

354,661

900,000

3.875

(e)

09/01/2041

771,610

City

of

Hutto

Special

Assessment

RB

for

Emory

Crossing

Public

Improvement

District

Improvement

Area

#2

Project

Series

2023

(NR/NR)

270,000

4.500

(e)

09/01/2030

273,569

859,000

5.250

(e)

09/01/2043

874,113

City

of

Irving

RB

Refunding

for

Hotel

Occupancy

Tax

Series

2019

(NR/BBB+)

130,000

5.000

08/15/2024

130,532

130,000

5.000

08/15/2025

131,713

150,000

5.000

08/15/2026

153,709

100,000

5.000

08/15/2027

103,711

125,000

5.000

08/15/2028

131,197

150,000

5.000

08/15/2029

158,851

200,000

5.000

08/15/2030

211,605

280,000

5.000

08/15/2032

295,155

300,000

5.000

08/15/2034

316,882

175,000

5.000

08/15/2035

184,336

250,000

5.000

08/15/2036

261,597

250,000

5.000

08/15/2037

259,305

300,000

5.000

08/15/2038

309,603

300,000

5.000

08/15/2039

308,442

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

City

of

Justin

Special

Assessment

for

Timberbrook

Public

Improvement

District

No.

1

Series

2021

(NR/NR)

$

366,000

2.500%

(e)

09/01/2026

$

345,017

729,000

3.000

(e)

09/01/2031

644,961

1,484,000

3.375

(e)

09/01/2041

1,178,124

City

of

Kaufman

Special

Assessment

for

Public

Improvement

District

No.

1

Phases#1

Series

2021

(NR/NR)

240,000

2.625

(e)

09/15/2026

224,706

230,000

3.125

(e)

09/15/2031

199,383

City

of

Kaufman

Special

Assessment

RB

for

Kaufman

Public

Improvement

District

Project

Series

2022

(NR/NR)

722,000

5.625

(e)

09/15/2042

743,619

City

of

Kyle

Special

Assessment

RB

for

6

Creeks

Public

Improvement

District

Project

Series

2023

(NR/NR)

817,000

4.375

(e)

09/01/2028

818,634

750,000

4.500

(e)

09/01/2033

753,368

City

of

Kyle

Special

Assessment

RB

for

6

Creeks

Public

Improvement

Project

Series

2021

(NR/NR)

431,000

3.375

(e)

09/01/2031

378,385

628,000

3.750

(e)

09/01/2041

509,588

City

of

Kyle

Special

Assessment

RB

for

Creeks

Public

Improvement

District

Series

2019

(NR/NR)

210,000

3.875

(e)

09/01/2024

208,998

1,180,000

4.750

(e)

09/01/2044

1,117,188

City

of

Kyle

Special

Assessment

RB

for

Creeks

Public

Improvement

District

Series

2020

(NR/NR)

123,000

2.625

(e)

09/01/2025

117,988

610,000

3.125

(e)

09/01/2030

534,781

City

of

Kyle

Special

Assessment

RB

for

Plum

Creek

North

Public

Improvement

District

Area

#1

Project

Series

2022

(NR/NR)

1,000,000

4.125

(e)

09/01/2041

906,974

City

of

Kyle

Special

Assessment

RB

for

Southwest

Kyle

Public

Improvement

District

No.

1

Series

2019

(NR/NR)

255,000

4.250

(e)

09/01/2029

252,205

1,000,000

4.875

(e)

09/01/2044

952,374

City

of

Kyle

Special

Assessment

RB

Series

2022

(NR/NR)

406,000

4.375

09/01/2027

403,539

535,000

4.750

09/01/2032

531,220

City

of

Kyle

Special

Assessment

RB,

Series

2023

Porter

Country

Public

Improvement

District

Improvement

Area

1

Project

(NR/NR)

1,229,000

5.750

(e)

09/01/2043

1,237,037

City

of

Kyle,

Hays

County

Special

Assessment

RB,

Series

2023

Limestone

Creek

Public

Improvement

District

Improvement

Area

1

Project

(NR/NR)

678,000

5.500

(e)

09/01/2043

684,055

City

of

Kyle,

Texas,

1,500,000

6.750

(e)

09/01/2048

1,584,800

City

of

Lago

Vista

Tessera

on

Lake

Travis

Public

Improvement

District

Special

Assessment

Refunding

Bond

Series

2010

(NR/NR)

315,000

2.750

09/01/2025

307,193

430,000

3.125

09/01/2030

396,279

City

of

Lavon

Heritage

Public

Improvement

District

No.

1

Special

Assessment

Refunding

Series

2021

(BAM)

(NR/AA)

2,055,000

3.000

09/15/2036

1,880,363

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

City

of

Lavon

Special

Assessment

RB

for

Lakepointe

Public

Improvement

District

Improvement

Area#1

Project

Series

2019

(NR/NR)

$

245,000

3.750%

(e)

09/15/2029

$

232,087

City

of

Lavon

Special

Assessment

RB

for

Lakepointe

Public

Improvement

District

Major

Improvement

Area

Project

Series

2019

(NR/NR)

105,000

4.375

(e)

09/15/2029

104,576

City

of

Lavon

Special

Assessment

RB

for

Lakepointe

Public

Improvement

District

Project

Series

2022

(NR/NR)

1,500,000

5.875

(e)

09/15/2042

1,549,331

2,126,000

6.125

(e)

09/15/2052

2,189,289

City

of

Lavon

Special

Assessment

RB

Series

2022

(NR/NR)

500,000

3.500

(e)

09/15/2027

476,248

305,000

3.750

(e)

09/15/2027

285,079

1,000,000

3.875

(e)

09/15/2032

909,312

455,000

4.125

(e)

09/15/2032

417,792

City

of

Liberty

Hill

Special

Assessment

Bonds

for

Summerlyn

West

Public

Improvement

District

Series

2020

(NR/NR)

240,000

2.500

(e)

09/01/2025

231,698

330,000

3.125

(e)

09/01/2030

298,408

845,000

4.000

(e)

09/01/2040

745,019

City

of

Liberty

Hill

Special

Assessment

RB

for

Butler

Farms

Public

Improvement

Project

Series

2022

(NR/NR)

656,000

2.625

(e)

09/01/2027

613,439

750,000

3.125

(e)

09/01/2032

664,025

1,772,000

3.375

(e)

09/01/2042

1,376,108

City

of

Manor

Manor

Heights

Public

Improvement

District

Special

Assessment

Bond

Series

2021

(NR/NR)

270,000

2.500

(e)

09/15/2026

248,879

135,000

3.125

(e)

09/15/2026

125,012

250,000

3.125

(e)

09/15/2031

214,252

310,000

3.750

(e)

09/15/2031

270,607

City

of

Manor

Special

Assessment

RB

for

Lagos

Public

Improvement

District

Series

2020

(NR/NR)

85,000

3.750

(e)

09/15/2025

84,000

City

of

Manor,

Travis

County

Special

Assessment

RB,

Series

2023

Manor

Heights

Public

Improvement

District

Improvement

Area

3

Project

(NR/NR)

528,000

5.250

(e)

09/15/2043

528,934

City

of

Marble

Falls

Thunder

Rock

Public

Improvement

District

Special

Assessment

Bond

Series

2021

(NR/NR)

243,000

3.375

(e)

09/01/2026

230,999

350,000

3.875

(e)

09/01/2031

317,467

City

of

Mclendon-Chisholm

Special

Assessment

Bonds

Sonoma

Public

Improvement

District

Area

#2

Project

Series

2019

(NR/NR)

50,000

3.500

(e)

09/15/2024

49,679

280,000

3.750

(e)

09/15/2029

270,055

City

of

Mclendon-Chisholm

Special

Assessment

Bonds

Sonoma

Public

Improvement

District

Area

#3

Project

Series

2021

(NR/NR)

165,000

2.625

(e)

09/15/2026

154,301

480,000

3.125

(e)

09/15/2031

417,045

City

of

McLendon-Chisholm

Special

Assessment

RB

for

Sonoma

Public

Improvement

District

Project

Series

2022

(NR/NR)

400,000

5.375

(e)

09/15/2032

403,710

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

City

of

Mesquite

Special

Assessment

RB

for

Iron

Horse

Public

Improvement

District

Project

Series

2019

(NR/NR)

$

400,000

5.250%

(e)

09/15/2029

$

406,003

City

of

Mesquite

Special

Assessment

RB

for

Polo

Ridge

Public

Improvement

District

No.

2

Phase

#1

Project

Series

2019

(NR/NR)

140,000

4.250

(e)

09/15/2024

139,908

130,000

5.125

(e)

09/15/2024

130,328

795,000

4.500

(e)

09/15/2029

796,574

775,000

5.375

(e)

09/15/2029

785,399

City

of

Mesquite

Special

Assessment

RB

for

Solterra

Public

Improvement

District

Improvement

Area

A-1

Projects

Series

2023

(NR/NR)

900,000

4.750

(e)

09/01/2030

901,948

City

of

Mesquite

Special

Assessment

RB

for

Solterra

Public

Improvement

District

Improvement

Area

A-1

Projects,

Series

2023

(NR/NR)

1,275,000

5.500

(e)

09/01/2043

1,280,592

City

of

Mesquite

Special

Assessment

RB

for

Solterra

Public

Improvement

District

Improvement

Area

C-1

Projects

Series

2023

(NR/NR)

411,000

4.625

(e)

09/01/2030

413,584

City

of

Mesquite

Special

Assessment

RB

for

Solterra

Public

Improvement

District

Improvement

Area

C-1

Projects,

Series

2023

(NR/NR)

400,000

5.375

(e)

09/01/2043

403,292

City

of

Mesquite

Special

Assessment

RB

for

Solterra

Public

Improvement

District

Improvement

Area

C-2

Projects

Series

2023

(NR/NR)

392,000

4.625

(e)

09/01/2030

392,803

City

of

Mesquite,

Dallas

and

Kaufman

Counties

Special

Assessment

RB,

Series

2023

Heartland

Town

Center

Public

Improvement

District

Phase

2

Specific

Improvements

Project

(NR/NR)

559,000

5.125

(e)

09/01/2052

555,221

City

of

Midlothian

Special

Assessment

for

Redden

Farms

Public

Improvement

District

Series

2021

(NR/NR)

410,000

3.500

(e)

09/15/2031

366,588

1,000,000

3.875

(e)

09/15/2041

835,662

City

of

Midlothian

Special

Assessment

RB

for

Westside

Preserve

Public

Improvement

District

Major

Improvement

Area

Project

#1

Series

2022

(NR/NR)

565,000

4.375

(e)

09/15/2027

557,570

626,000

4.750

(e)

09/15/2032

615,024

1,417,000

5.250

(e)

09/15/2042

1,385,529

City

of

Midlothian

Special

Assessment

RB

for

Westside

Preserve

Public

Improvement

District

Major

Improvement

Area

Project

Series

2022

(NR/NR)

292,000

5.125

(e)

09/15/2027

289,363

310,000

5.500

(e)

09/15/2032

307,020

600,000

6.000

(e)

09/15/2042

606,006

City

of

Mustang

Ridge

Special

Assessment

RB

for

Durango

Public

Improvement

District

Improvement

Area

#1

Project

Series

2023

(NR/NR)

676,000

6.125

(e)

09/01/2043

693,857

City

of

North

Richland

Hills

Special

Assessment

for

City

Point

Public

Improvement

District

Project

Series

2019

(NR/NR)

100,000

4.500

(e)

09/01/2025

99,670

50,000

4.875

(e)

09/01/2025

49,939

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

City

of

North

Richland

Hills

Special

Assessment

for

City

Point

Public

Improvement

District

Project

Series

2019

(NR/NR)

–

(continued)

$

254,000

4.875%

(e)

09/01/2030

$

248,738

265,000

5.250

(e)

09/01/2030

266,405

381,000

5.250

(e)

09/01/2040

380,161

310,000

5.625

(e)

09/01/2040

311,607

815,000

4.125

(e)

09/01/2049

699,423

City

of

Oak

Point

Public

Improvement

District

No.

2

Special

Assessment

Series

2020

(NR/NR)

160,000

2.500

(e)

09/01/2025

154,122

455,000

3.250

(e)

09/01/2030

414,014

City

of

Oak

Point

Special

Assessment

for

Wildridge

Public

Improvement

District

No.

1

Project

Series

2019

(NR/NR)

25,000

3.125

(e)

09/01/2024

24,785

140,000

3.500

(e)

09/01/2029

133,072

360,000

4.000

(e)

09/01/2039

327,785

City

of

Oak

Point

Special

Assessment

for

Wildridge

Public

Improvement

District

No.

1

Project

Series

2021

(NR/NR)

209,000

2.375

(e)

09/01/2026

195,554

City

of

Oak

Point

Special

Assessment

RB

for

Wildridge

Public

Improvement

District

No.

1

Series

2018

(NR/NR)

250,000

4.000

(e)

09/01/2028

247,538

1,560,000

4.500

(e)

09/01/2048

1,431,430

City

of

Pflugerville,

Texas

Travis

and

Williamson

Counties,

Texas

Combination

Tax

and

Limited

Revenue

Certificates

of

Obligation,

Series

2023

(Aa2/NR)

3,275,000

4.000

08/01/2049

3,231,592

City

of

Pilot

Point

Special

Assessment

RB

for

Creekview

Public

Improvement

Zone

A

Improvement

Project

Series

2022

(NR/NR)

404,000

4.875

(e)

09/15/2027

402,891

350,000

5.250

(e)

09/15/2032

354,412

245,000

5.750

(e)

09/15/2032

247,176

City

of

Pilot

Point

Special

Assessment

RB

for

Creekview

Public

Improvement

Zone

B

Improvement

Project

Series

2022

(NR/NR)

366,000

4.875

(e)

09/15/2027

364,995

300,000

5.250

(e)

09/15/2032

303,782

City

of

Pilot

Point

Special

Assessment

RB

for

Mobberly

Public

Improvement

District

Major

Improvement

Area

Series

2022

(NR/NR)

1,000,000

5.500

(e)

09/15/2048

1,006,304

City

of

Pilot

Point,

Denton,

Grayson,

and

Cooke

Counties

Special

Assessment

RB,

Series

2023

Mobberly

Public

Improvement

District

Improvement

Area

1B

Project

(NR/NR)

367,000

4.750

(e)

09/15/2030

370,861

City

of

Plano

Collin

Creek

East

Public

Improvement

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

2,875,000

4.375

(e)

09/15/2051

2,343,929

City

of

Plano

Collin

Creek

West

Public

Improvement

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

1,969,000

4.000

(e)

09/15/2051

1,544,325

City

of

Princeton

Special

Assessment

RB

for

Arcadia

Farms

Public

Improvement

District

Phases

5-7

Project

Series

2022

(NR/NR)

700,000

4.250

(e)

09/01/2042

628,649

City

of

Princeton

Special

Assessment

RB

for

Arcadia

Farms

Public

Improvement

District

Series

2019

(NR/NR)

33,000

3.500

(e)

09/01/2024

32,777

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

City

of

Princeton

Special

Assessment

RB

for

Arcadia

Farms

Public

Improvement

District

Series

2019

(NR/NR)

–

(continued)

$

321,000

3.750%

(e)

09/01/2029

$

307,756

846,000

4.250

(e)

09/01/2039

785,033

City

of

Princeton

Special

Assessment

RB

for

Arcadia

Farms

Public

Improvement

District

Series

2020

(NR/NR)

180,000

3.375

(e)

09/01/2030

165,572

City

of

Princeton

Special

Assessment

RB

for

Brookside

Public

Improvement

District

Series

2019

(NR/NR)

75,000

4.000

09/01/2024

74,865

415,000

4.250

09/01/2029

412,485

655,000

4.875

09/01/2039

644,602

1,000,000

5.000

09/01/2049

968,482

City

of

Princeton

Special

Assessment

RB

for

Brookside

Public

Improvement

District

Series

2021

(NR/NR)

289,000

3.375

(e)

09/01/2041

226,735

City

of

Princeton

Special

Assessment

RB

for

Eastridge

Public

Improvement

District

Improvement

Area

No.

2

Project

Series

2023

(NR/NR)

500,000

4.500

(e)

09/01/2030

497,810

City

of

Princeton

Special

Assessment

RB

for

Eastridge

Public

Improvement

District

Improvement

Area

Project

Series

2022

(NR/NR)

379,000

4.250

(e)

09/01/2027

376,446

382,000

4.750

(e)

09/01/2032

383,068

City

of

Princeton

Special

Assessment

RB

for

Sicily

Public

Improvement

District

Improvement

Area

No.

1

Project,

Series

2023

(NR/NR)

1,075,000

7.000

(e)

09/01/2043

1,098,300

City

of

Princeton

Special

Assessment

RB

for

Southridge

Public

Improvement

District

Improvement

Area

No.

1

Project,

Series

2023

(NR/NR)

1,286,000

6.250

(e)

09/01/2043

1,336,565

City

of

Princeton

Special

Assessment

RB

for

Whitewing

Trails

Public

Improvement

District

No.

2

Series

2019

(NR/NR)

365,000

4.000

(e)

09/01/2029

353,485

555,000

5.000

(e)

09/01/2029

560,018

City

of

Princeton

Special

Assessment

RB

for

Whitewing

Trails

Public

Improvement

District

Project

Series

2023

(NR/NR)

1,000,000

5.125

(e)

09/01/2043

991,978

City

of

Princeton

Special

Assessment

RB

for

Winchester

Public

Improvement

District

Project

Series

2022

(NR/NR)

412,000

4.250

(e)

09/01/2027

410,179

460,000

4.750

(e)

09/01/2032

461,536

City

of

Princeton

Special

Assessment

RB

for

Winchester

Public

Improvement

District

Series

2020

(NR/NR)

305,000

3.250

(e)

09/01/2030

277,604

City

of

Princeton

Special

Assessment

RB

for

Winchester

Public

Improvement

District

Series

2021

(NR/NR)

185,000

2.375

(e)

09/01/2026

172,251

469,000

3.250

(e)

09/01/2041

357,591

City

of

Red

Oak

Public

Improvement

District

No.

1

Special

Assessment

Bonds

for

Improvement

Area

#1

Project

Series

2021

(NR/NR)

235,000

2.625

(e)

09/15/2026

219,144

355,000

3.125

(e)

09/15/2031

305,732

City

of

Royse

City

Special

Assessment

for

Creekshaw

Public

Improvement

District

Area

#1

Series

2020

(NR/NR)

275,000

2.625

(e)

09/15/2025

267,242

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

City

of

Royse

City

Special

Assessment

for

Creekshaw

Public

Improvement

District

Area

#1

Series

2020

(NR/NR)

–

(continued)

$

405,000

3.375%

(e)

09/15/2030

$

373,013

City

of

Royse

City

Special

Assessment

for

Creekshaw

Public

Improvement

District

Series

2020

(NR/NR)

225,000

3.625

(e)

09/15/2030

207,408

140,000

4.375

(e)

09/15/2030

135,474

500,000

4.125

(e)

09/15/2040

447,429

400,000

4.875

(e)

09/15/2040

381,253

City

of

Royse

City

Special

Assessment

for

Waterscape

Public

Improvement

District

Improvement

Series

2019

(NR/NR)

75,000

3.750

(e)

09/15/2024

74,693

370,000

4.125

(e)

09/15/2029

364,454

1,050,000

4.625

(e)

09/15/2039

1,007,968

City

of

Royse

City

Special

Assessment

RB

for

Liberty

Crossing

Public

Improvement

District

Improvement

Area

#1

Project

Series

2023

(NR/NR)

1,192,000

6.375

(e)

09/15/2053

1,233,201

City

of

Sachse

Special

Assessment

for

Public

Improvement

District

No.

1

Series

2020

(NR/NR)

295,000

2.500

(e)

09/15/2025

283,187

305,000

3.250

(e)

09/15/2030

274,342

City

of

Sachse

Special

Assessment

RB

for

Sachse

Public

Improvement

District

Project

Series

2022

(NR/NR)

665,000

6.000

(e)

09/15/2050

690,506

City

of

San

Antonio

Electric

&

Gas

Systems

Variable

Rate

Junior

Lien

Revenue

Refunding

Bonds

Series

2015A

(Aa3/A+)

26,495,000

1.750

(a)(b)

02/01/2033

25,991,285

City

of

San

Antonio

Electric

&

Gas

Systems

Variable

Rate

Junior

Lien

Revenue

Refunding

Bonds

Series

2015C

(Aa3/A+)

30,610,000

1.750

(a)(b)

12/01/2045

30,081,625

City

of

San

Marcos

Special

Assessment

for

Whisper

Public

Improvement

District

Series

2020

(NR/NR)

265,000

4.375

09/01/2025

265,459

500,000

4.875

09/01/2030

497,246

635,000

5.375

09/01/2040

638,338

City

of

San

Marcos

Special

Assessment

RB

for

Whisper

South

Public

Improvement

Project

2022

(NR/NR)

300,000

3.750

(e)

09/01/2027

288,350

425,000

4.000

(e)

09/01/2032

400,222

1,221,000

4.250

(e)

09/01/2042

1,077,974

City

of

San

Marcos,

Texas

382,000

4.875

(e)(h)

09/01/2030

382,239

City

of

Santa

Fe

Special

Assessment

RB

for

Mulberry

Farms

Public

Improvement

District

Series

2022

(NR/NR)

146,000

4.375

(e)

09/01/2027

143,523

City

of

Sinton

Special

Assessment

RB

Series

2022

(NR/NR)

382,000

4.375

(e)

09/01/2027

369,321

659,000

4.750

(e)

09/01/2032

627,441

City

of

Tomball

Special

Assessment

RB

for

Raburn

Reserve

Public

Improvement

District

Improvement

Area

No.

2

Series

2023

(NR/NR)

250,000

4.875

(e)

09/15/2033

253,792

City

of

Tomball

Special

Assessment

RB

for

Raburn

Reserve

Public

Improvement

District

Improvement

Area

No.

3

Series

2023

(NR/NR)

283,000

5.000

(e)

09/15/2033

286,351

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

City

of

Venus

Special

Assessment

RB

for

Patriot

Estates

Public

Improvement

Project

Series

2021

(NR/NR)

$

1,110,000

3.375%

(e)

09/15/2041

$

887,733

City

of

Waxahachie

Special

Assessment

RB

for

North

Grove

Public

Improvement

Area

Project

Series

2022

(NR/NR)

1,125,000

5.500

(e)

08/15/2052

1,130,288

Clifton

Higher

Education

Finance

Corp.

RB

for

YES

Prep

Public

Schools,

Inc.

Series

2020

(PSF-GTD)

(Aaa/NR)

700,000

4.000

04/01/2031

739,908

575,000

4.000

04/01/2035

598,945

1,345,000

4.000

04/01/2037

1,385,924

Clifton

Higher

Education

Finance

Corp.

RB

Refunding

for

IDEA

Public

Schools

Series

2017

(PSF-GTD)

(NR/AAA)

4,370,000

4.000

08/15/2036

4,474,927

3,875,000

4.000

08/15/2037

3,948,607

Club

Municipal

Management

District

Special

Assessment

RB

Series

2021

(NR/NR)

470,000

3.000

(e)

09/01/2031

410,008

930,000

3.250

(e)

09/01/2041

723,931

Comal

Independent

School

District

GO

Refunding

Bonds

Series

2017

(PSF-GTD)

(Aaa/NR)

495,000

5.000

02/01/2026

518,476

Conroe

Local

Government

Corp.

Conroe

Convention

Center

Hotel

Series

2021

A

(NR/BBB-)

475,000

2.500

10/01/2031

410,988

Conroe

Local

Government

Corp.

Conroe

Convention

Center

Hotel

Series

2021

B

(NR/BB-)

325,000

3.500

(e)

10/01/2031

283,563

Conroe

Local

Government

Corp.

Conroe

Convention

Center

Hotel

Series

2021

C

(A2/NR)

100,000

5.000

10/01/2028

109,794

115,000

5.000

10/01/2029

128,383

120,000

5.000

10/01/2030

136,179

100,000

5.000

10/01/2031

114,718

100,000

5.000

10/01/2032

114,543

170,000

5.000

10/01/2033

194,310

185,000

5.000

10/01/2034

212,297

200,000

5.000

10/01/2036

226,463

500,000

4.000

10/01/2041

504,114

County

of

Hays

Special

Assessment

for

La

Cima

Public

Improvement

District

Series

2020

(NR/NR)

215,000

2.500

(e)

09/15/2025

206,240

350,000

3.250

(e)

09/15/2030

312,482

County

of

Medina

Woodlands

Public

Improvement

District

Special

Assessment

for

Improvement

Area

#1

Project

Series

2021

(NR/NR)

195,000

3.500

(e)

09/01/2026

182,433

395,000

4.125

(e)

09/01/2031

363,531

Crandall

Independent

School

District

1,315,000

5.000

08/15/2048

1,452,429

Crane

Independent

School

District

UT

School

Building

Bonds

Series

2023

(PSF-GTD)

(NR/AAA)

1,770,000

4.125

02/15/2048

1,785,833

Crowley

Independent

School

District

UT

Refunding

Bonds

Series

2016B

(PSF-GTD)

(Aaa/NR)

500,000

5.000

(c)

08/01/2025

516,196

Ector

County

Hospital

District

GO

Refunding

Bonds

Series

2020

(Baa2/BBB-)

320,000

5.000

09/15/2025

324,877

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

Edinburg

Economic

Development

Corp.

Sales

Tax

RB

Series

2019

(NR/NR)

$

235,000

4.000%

(e)

08/15/2029

$

224,744

775,000

4.500

(e)

08/15/2035

728,849

575,000

5.000

(e)

08/15/2044

550,454

Edinburg

Economic

Development

Corp.

Sales

Tax

RB

Series

2021

A

(NR/NR)

1,175,000

3.125

08/15/2036

950,494

950,000

3.250

08/15/2041

722,370

Fort

Worth

Special

Assessment

RB

for

Fort

Worth

Public

Improvement

District

No.

17

Major

Improvement

Project

Series

2017

(NR/NR)

285,000

5.000

(e)

09/01/2027

284,383

225,000

5.000

(e)

09/01/2032

223,270

330,000

5.125

(e)

09/01/2037

324,889

Frisco

Independent

School

District,

Collin

and

Denton

Counties,

UT

School

Building

and

Refunding

Bonds,

Series

2023

(PSF-GTD)

(Aaa/AAA)

1,560,000

5.000

02/15/2035

1,855,311

1,430,000

5.000

02/15/2036

1,688,027

600,000

5.000

02/15/2037

702,442

Grand

Parkway

Transportation

Corp.

System

RB

Subordinate

Tier

Series

2018

A

(NR/AA+)

14,225,000

5.000

10/01/2037

15,307,831

Grand

Parkway

Transportation

Corp.

System

Toll

Convertible

RB

Series

2013

B

(NR/AA+)

5,095,000

5.800

10/01/2046

5,587,174

6,075,000

5.850

10/01/2047

6,662,920

Grand

Parkway

Transportation

Corporation

Grand

Parkway

System

Subordinate

Tier

Toll

RB,

Series

2018A

(Tela

Supported)

(NR/AA+)

4,000,000

5.000

10/01/2038

4,285,418

Gulfgate

Redevelopment

Authority

Tax

Allocation

Refunding

for

City

of

Houston

TX

Reinvestment

Zone

No.

8

Series

2020

(AGM)

(NR/AA)

470,000

5.000

09/01/2027

498,897

500,000

5.000

09/01/2028

537,645

745,000

5.000

09/01/2029

811,806

465,000

4.000

09/01/2031

485,944

415,000

4.000

09/01/2033

432,508

650,000

4.000

09/01/2034

677,262

580,000

4.000

09/01/2036

600,605

Harlandale

Independent

School

District

UT

Refunding

Bonds

Series

2015A

(PSF-GTD)

(NR/AAA)

5,855,000

4.000

(c)

08/15/2025

5,962,024

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Hospital

Revenue

Refunding

Bonds

for

Memorial

Hermann

Health

System

Series

2020C

(Aa3/A+)

2,335,000

5.000

(a)(b)

06/01/2032

2,369,373

Harris

County

Cultural

Education

Facilities

Finance

Corp.

RB

Refunding

for

Baylor

College

of

Medicine

Series

2019

A

(NR/A)

(SOFR

+

0.73%)

7,050,000

4.447

(a)(d)

11/15/2046

7,047,423

Harris

County

Cultural

Education

Facilities

Finance

Corp.

RB

Refunding

for

Texas

Children's

Hospital

Obligated

Group

Series

2019

B

(Aa2/AA)

3,000,000

5.000

(a)(b)

10/01/2041

3,034,565

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

Harris

County

Industrial

Development

Corporation

Marine

Terminal

Refunding

RB

Energy

Transfer

LP

Project

Series

2023

(Baa3/BBB)

$

10,425,000

4.050%

(a)(b)

11/01/2050

$

10,651,912

Harris

County

UT

Road

Refunding

Bonds

Series

2023A

(Aaa/NR)

3,335,000

4.250

09/15/2048

3,446,070

HaRRis

County,

Texas

Permanent

Improvement

Refunding

Bonds,

Series

2023A

(Aaa/NR)

2,000,000

5.000

09/15/2048

2,231,747

Hays

County

Special

Assessment

RB

for

La

Cima

Public

Improvement

District

Neighborhood

Improvement

Project

Series

2022

(NR/NR)

615,000

4.750

(e)

09/15/2027

616,787

700,000

4.875

(e)

09/15/2032

706,201

Hickory

Creek

Texas

Special

Assessment

RB

for

Hickory

Farms

Public

Improvement

Series

2019

(NR/NR)

580,000

4.000

(e)

09/01/2029

570,569

Hickory

Creek

Texas

Special

Assessment

RB

for

Public

Improvement

District

No.

1

Series

2017

(NR/BBB-)

95,000

3.000

09/01/2024

94,063

100,000

3.500

09/01/2025

98,848

100,000

3.500

09/01/2026

98,579

105,000

3.500

09/01/2027

103,274

Highland

Park

Independent

School

District

2,000,000

5.250

02/15/2041

2,302,137

Highland

Park

Independent

School

District

UT

School

Building

Bonds

Series

2023

(PSF-GTD)

(NR/AAA)

600,000

5.250

02/15/2039

698,009

2,340,000

5.250

02/15/2042

2,679,526

2,390,000

5.250

02/15/2043

2,729,931

Houston

Airport

System

RB

Refunding

for

United

Airlines,

Inc.

Series

2020

A

(NR/NR)

830,000

5.000

07/01/2027

834,163

Houston

Airport

System

RB

Refunding

for

United

Airlines,

Inc.

Series

2020

B-2

(NR/NR)

5,880,000

5.000

07/15/2027

5,910,206

Houston

Airport

System

RB

Refunding

for

United

Airlines,

Inc.

Series

2020

C

(NR/NR)

2,600,000

5.000

07/15/2027

2,613,356

Houston

Higher

Education

Finance

Corp.

RB

for

Houston

Baptist

University

Series

2021

(NR/BBB-)

440,000

3.375

10/01/2037

371,288

Houston

Housing

Finance

Corp.

Multifamily

Housing

Revenue

Notes

for

Summerdale

Apartments

Series

2023

(Aaa/NR)

2,440,000

5.000

(a)(b)

08/01/2041

2,514,026

Houston

Independent

School

District

Limited

Tax

GO

Refunding

Bonds

Series

2017

(PSF-GTD)

(Aaa/AAA)

3,425,000

4.000

02/15/2042

3,446,211

Hutto

Independent

School

District

UT

School

Building

Bonds

Series

2023

(PSF-GTD)

(Aaa/AAA)

2,750,000

5.000

08/01/2048

3,048,866

2,500,000

5.000

08/01/2053

2,744,295

Joshua

Farms

Municipal

Management

District

No.

1,

Johnson

County,

Special

Assessment

RB,

Series

2023

Improvement

Areas

1-2

Project

(NR/NR)

1,617,000

5.250

(e)

09/01/2043

1,606,883

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

Justin

Special

Assessment

RB

for

Timberbrook

Public

Improvement

District

No.

1

Major

Improvement

Area

Project

Series

2018

(NR/NR)

$

1,315,000

5.000%

(e)

09/01/2038

$

1,320,878

Kaufman

County

Fresh

Water

Supply

District

No.

1-D

GO

Bonds

Series

2021

(NR/NR)

145,000

2.000

09/01/2024

142,223

150,000

2.000

09/01/2025

143,470

150,000

2.000

09/01/2026

140,131

150,000

2.000

09/01/2027

137,376

155,000

2.000

09/01/2028

138,945

160,000

2.000

09/01/2029

140,958

Kennedale

Independent

School

District

1,795,000

5.000

02/15/2038

2,084,003

Kermit

Independent

School

District

UT

School

Building

Bonds

Series

2023

(PSF-GTD)

(NR/AAA)

1,000,000

5.000

02/15/2048

1,102,684

1,960,000

5.000

02/15/2053

2,138,453

Leander

Independent

School

District

School

Building

Capital

Appreciation

GO

Bonds

Series

2014

C

(PSF-GTD)

(NR/NR)

16,925,000

0.000

(c)(f)

08/15/2024

5,496,262

Leander

Independent

School

District

UT

School

Building

Bonds

Series

2022

(PSF-GTD)

(NR/AAA)

1,145,000

5.000

08/15/2026

1,216,031

Love

Field

Airport

Modernization

Corp.

General

Airport

Revenue

Refunding

Bonds

Series

2021

(NR/A)

3,620,000

5.000

11/01/2027

3,831,101

Lower

Colorado

River

Authority

LCRA

Transmission

Services

Corp.

Project

RB

Refunding

Series

2019

(NR/A)

2,035,000

5.000

05/15/2030

2,280,351

1,520,000

5.000

05/15/2031

1,699,797

Lubbock

Independent

School

District

GO

Bonds

Series

2019

(PSF-GTD)

(Aaa/AAA)

1,250,000

4.000

02/15/2040

1,266,149

Mansfield

Independent

School

District

Unlimited

Tax

School

Building

Bonds,

Series

2015

(PSF-GTD)

(Aaa/NR)

1,360,000

5.000

(c)

02/15/2025

1,391,406

Mansfield

Independent

School

District

UT

School

Building

Bonds

Series

2015

(PSF-GTD)

(Aaa/NR)

3,855,000

5.000

(c)

02/15/2025

3,944,023

Matagorda

County

Navigation

District

Number

One

Pollution

Control

Revenue

Refunding

Bonds

for

Central

Power

and

Light

Company

Project

Series

1996

(Baa2/A-)

2,660,000

4.250

05/01/2030

2,663,164

Matagorda

County

Texas

Navigation

District

No.

1

PCRB

Refunding

for

Central

Power

&

Light

Co.

Project

Series

2001

A

(Baa2/A-)

6,350,000

2.600

11/01/2029

5,825,426

Maypearl

Independent

School

District

1,000,000

5.000

02/15/2037

1,172,489

Maypearl

Independent

School

District

Unlimited

Tax

School

Building

Bonds

Series

2023

(PSF-GTD)

(NR/AAA)

1,350,000

5.000

02/15/2048

1,498,568

Memorial-Heights

Redevelopment

Authority

RB

for

City

of

Houston

Reinvestment

Zone

No.

5

Series

2021

(AGM)

(NR/AA)

2,500,000

3.000

09/01/2043

2,064,575

1,500,000

3.000

09/01/2048

1,144,718

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

Mission

Economic

Development

Corp.

Senior

Lien

RB

for

Natgasoline

Project

Series

2018

(NR/BB-)

$

5,575,000

4.625%

(e)

10/01/2031

$

5,497,962

Mission

Economic

Development

Corporation

Solid

Waste

Disposal

RB

Waste

Management,

Inc.

Project

Series

2023A

(NR/A-/A-2)

4,850,000

4.250

(a)(b)

06/01/2048

4,846,393

Mitchell

County

Hospital

District

GO

Bonds

Series

2020

(NR/NR)

710,000

5.250

02/15/2030

715,851

405,000

5.375

02/15/2035

417,006

Montgomery

County

Toll

Road

Authority

Senior

Lien

RB

Series

2018

(NR/BBB-)

710,000

5.000

09/15/2033

724,571

750,000

5.000

09/15/2034

764,918

790,000

5.000

09/15/2035

804,786

Montgomery

County

Toll

Road

Authority

Senior

Lien

Toll

Road

RB

Series

2018

(NR/BBB-)

1,650,000

5.000

09/15/2030

1,685,165

New

Hope

Cultural

Education

Facilities

Finance

Corp

Revenue

&

Refunding

Bonds

Series

2021

(Ba2/BB+)

1,585,000

4.000

(e)

08/15/2036

1,446,276

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Education

Revenue

Refunding

Bonds

for

Jubilee

Academic

Center

Series

2021

(Ba2/BB+)

1,950,000

4.000

(e)

08/15/2041

1,644,065

New

Hope

Cultural

Education

Facilities

Finance

Corp.

RB

for

CHF-Collegiate

Housing

College

Station

I

LLC

Series

2014

A

(AGM)

(A1/AA)

250,000

5.000

04/01/2046

250,094

New

Hope

Cultural

Education

Facilities

Finance

Corp.

RB

Refunding

for

Wichita

Falls

Retirement

Foundation

Obligated

Group

Series

2021

(NR/NR)

510,000

2.000

01/01/2026

482,867

1,200,000

4.000

01/01/2031

1,127,870

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Senior

Living

RB

for

Sanctuary

LTC

Project

Series

2021A-1

(NR/NR)

4,525,000

5.500

01/01/2057

3,236,964

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Student

Housing

RB

for

Cityscape

Schools,

Inc.

Series

2019

A

(NR/BBB-)

335,000

4.000

(e)

08/15/2029

329,661

610,000

5.000

(e)

08/15/2039

613,418

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Student

Housing

RB

for

Collegiate

Housing

Island

Campus

Project

Series

2017

A

(WR/NR)

765,000

5.000

04/01/2027

822,767

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

(NR/NR)

1,000,000

5.000

(c)

04/01/2024

1,004,222

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

(WR/NR)

275,000

4.000

04/01/2024

275,500

365,000

4.000

04/01/2025

369,196

335,000

5.000

(c)

04/01/2026

350,470

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

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

(WR/NR)

$

250,000

5.000%

(c)

04/01/2025

$

255,594

North

Texas

Tollway

Authority

RB

Convertible

Capital

Appreciation

Special

Project

System

Series

2011

(NR/NR)

1,000,000

7.000

(c)

09/01/2031

1,273,070

North

Texas

Tollway

Authority

RB

for

Second

Tier

Series

2021

B

(A1/A+)

1,725,000

4.000

01/01/2040

1,755,775

North

Texas

Tollway

Authority

RB

Refunding

for

First

Tier

Series

2017

A

(Aa3/AA-)

5,000,000

5.000

01/01/2038

5,362,341

North

Texas

Tollway

Authority

RB

Refunding

for

Second

Tier

Series

2017

B

(A1/A+)

2,000,000

5.000

01/01/2032

2,132,626

North

Texas

Tollway

Authority

System

RB

Refunding

for

Capital

Appreciation

First

Tier

Series

2008

I

(Aa3/NR)

6,000,000

6.500

(c)

01/01/2025

6,202,615

Northside

Independent

School

District

650,000

5.000

08/15/2037

751,399

Northside

Independent

School

District,

Bexar

County

UT

School

Building

and

Refunding

Bonds,

Series

2023A

(PSF-GTD)

(Aaa/NR)

1,930,000

4.000

08/15/2045

1,946,565

Northside

Independent

School

District,

Bexar

County,

Variable

Rate

UT

School

Building

Bonds,

Series

2023B

(PSF-GTD)

(Aaa/NR)

5,000,000

3.000

(a)(b)

08/01/2053

4,974,055

Pasadena

Independent

School

District

Variable

Rate

UT

School

Building

Bonds

(PSF-GTD)

(Aaa/AAA)

3,280,000

1.500

(a)(b)

02/15/2044

3,244,960

Perryton

Independent

School

District

Unlimited

Tax

School

Building

Bonds

Series

2023

(PSF-GTD)

(NR/AAA)

2,775,000

4.125

08/15/2048

2,801,587

Plainview

Independent

School

District

Adjustable

Rate

UT

School

Building

Bonds

Series

2020B

(PSF-GTD)

(Aaa/NR)

2,100,000

4.000

(a)(b)

02/15/2050

2,138,422

Port

Arthur

Independent

School

District

Unlimited

Tax

School

Building

Bonds

Series

2015A

(PSF-GTD)

(Aaa/NR)

10,375,000

5.000

(c)

02/15/2025

10,608,828

Port

Beaumont

Navigation

District

RB

for

Jefferson

2020

Bond

Lessee

&

Borrower

LLC

Obligated

Group

Series

2021

A

(NR/NR)

750,000

1.875

(e)

01/01/2026

700,103

550,000

2.000

(e)

01/01/2027

497,655

575,000

2.125

(e)

01/01/2028

505,492

800,000

2.250

(e)

01/01/2029

684,945

850,000

2.500

(e)

01/01/2030

715,828

800,000

2.625

(e)

01/01/2031

660,124

Port

Beaumont

Navigation

District

RB

Refunding

for

Jefferson

2020

Bond

Lessee

&

Borrower

LLC

Obligated

Group

Series

2020

A

(NR/NR)

3,470,000

3.625

(e)

01/01/2035

2,862,742

Port

Beaumont

Navigation

District

RB

Refunding

for

Jefferson

2020

Bond

Lessee

&

Borrower

LLC

Obligated

Group

Series

2020

B

(NR/NR)

3,690,000

6.000

(e)

01/01/2025

3,482,377

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

Port

of

Beaumont

Industrial

Development

Authority

RB

for

Jefferson

2020

Bond

Lessee

&

Borrower

LLC

Obligated

Group

Series

2021

B

(NR/NR)

$

13,100,000

4.100%

(e)

01/01/2028

$

10,890,441

Prosper

Independent

School

District

Adjustable

Rate

UT

School

Building

Bonds

Series

2019B

(PSF-GTD)

(Aaa/NR)

2,600,000

4.000

(a)(b)

02/15/2050

2,654,125

Rockwall

Independent

School

District

UT

Refunding

Bonds

Series

2015

(PSF-GTD)

(Aaa/AAA)

5,140,000

5.000

(c)

02/15/2025

5,250,144

Royse

City

Special

Assessment

RB

for

Creekshaw

Public

Improvement

District

Improvement

Area

Project

Series

2022

(NR/NR)

140,000

4.875

(e)

09/15/2027

140,257

284,000

5.250

(e)

09/15/2032

287,537

590,000

5.875

(e)

09/15/2042

599,575

Royse

Special

Assessment

RB

for

Parkside

Village

Public

Improvement

District

Series

2019

(NR/NR)

75,000

3.250

(e)

09/15/2024

74,290

355,000

3.625

(e)

09/15/2029

339,061

1,250,000

4.125

(e)

09/15/2039

1,149,045

Sherman

Independent

School

District

Unlimited

Tax

School

Building

Bonds

Series

2023-B

(PSF-GTD)

(Aaa/AAA)

13,000,000

5.000

02/15/2048

14,452,040

5,500,000

5.000

02/15/2053

6,076,589

South

Manvel

Development

Authority

Tax

Increment

Contract

RB

Series

2023

(NR/NR)

1,200,000

4.500

04/01/2030

1,194,761

1,600,000

5.000

04/01/2038

1,611,478

Southwest

Houston

Redevelopment

Authority

RB

for

City

of

Houston

TX

Reinvestment

Zone

No.

20

Series

2020

(AGM)

(NR/AA)

325,000

5.000

09/01/2027

346,023

380,000

5.000

09/01/2029

416,133

450,000

4.000

09/01/2032

478,833

395,000

4.000

09/01/2034

415,188

615,000

4.000

09/01/2036

639,454

1,040,000

2.625

09/01/2038

865,247

1,230,000

2.750

09/01/2039

1,023,371

1,200,000

2.750

09/01/2040

976,999

Spring

Independent

School

District

UT

School

Building

Bonds

Series

2023

(Aa2/AA-)

4,725,000

4.000

08/15/2052

4,631,532

State

of

Texas

College

Student

Loan

GO

Unlimited

Bonds

Series

2019

(Aaa/AAA)

5,905,000

5.000

08/01/2026

6,183,644

5,010,000

5.000

08/01/2028

5,435,577

6,835,000

5.000

08/01/2029

7,477,071

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

RB

for

Christus

Health

Series

2018B

(A1/A+)

8,770,000

5.000

07/01/2035

9,516,135

Tarrant

County

Cultural

Education

Facilities

Finance

Corporation

Christus

Health

Obligation

Group

RB

Series

2018

B

(A1/A+)

4,885,000

5.000

07/01/2036

5,268,577

Tarrant

County

Hospital

District

LT

Bonds

Series

2023

(Aa1/NR)

2,200,000

4.250

08/15/2053

2,205,055

Tarrant

County

Housing

Finance

Corp.

Multifamily

Housing

RB

for

Tobias

Place

Apartments

Series

2023B

(FNMA)

(Aaa/NR)

1,875,000

5.000

(a)(b)

03/01/2027

1,936,771

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

Texas

Department

of

Housing

and

Community

Affairs

Multifamily

Housing

RB

for

North

Grand

Villas

Series

2023

(FHA

221(D4))

(Aaa/NR)

$

915,000

5.000%

(a)(b)

08/01/2026

$

934,400

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

I

RB

Senior

Lien

Series

2006

B

(A1/A-)

(3M

USD

LIBOR

+

0.70%)

2,760,000

4.483

(d)

12/15/2026

2,740,549

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

I

RB

Senior

Lien

Series

2008

D

(A1/A-)

2,410,000

6.250

12/15/2026

2,522,096

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

II

RB

Series

2007

B

(A1/A-)

(SIFMA

Municipal

Swap

Index

Yield

+

0.55%)

1,865,000

4.420

(d)

09/15/2027

1,840,210

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

Gas

Supply

Revenue

Refunding

Bonds

Series

2021

(A2/BBB+)

2,000,000

5.000

12/15/2024

2,019,440

2,500,000

5.000

12/15/2025

2,552,937

Texas

Municipal

Gas

Acquisition

and

Supply

Corp.

II

RB

for

LIBOR

Index

Rate

Series

2012

C

(A1/A-)

(3M

USD

LIBOR

+

0.86%)

55,565,000

4.417

(d)

09/15/2027

54,713,416

Texas

Municipal

Gas

Acquisition

and

Supply

Corp.

III

Gas

Supply

Revenue

Refunding

Bonds

Series

2021

(A2/BBB+)

3,260,000

5.000

12/15/2028

3,424,315

Texas

Municipal

Gas

Acquisition

and

Supply

Corporation

Iii

Gas

Supply

RR

Bonds,

Series

2021

(A2/BBB+)

8,740,000

5.000

12/15/2031

9,397,945

Texas

Private

Activity

Bond

Surface

Transportation

Corporation

Senior

Lien

RB

for

NTE

Mobility

Partners

LLC

North

Tarrant

Express

Project,

Series

2023

(NR/AAA)

2,300,000

5.000

10/15/2058

2,544,555

Texas

Private

Activity

Bond

Surface

Transportation

Corporation

Senior

Lien

RB

for

NTE

Mobility

Partners

LLC

North

Tarrant

Express

Project,

Series

2023

(Baa1/NR)

4,165,000

5.500

12/31/2058

4,516,705

Texas

Private

Activity

Bonds

Surface

Transportation

Corp.

RB

Refunding

for

NTE

Mobility

Partners

LLC

Series

2019

A

(Baa1/NR)

7,040,000

5.000

12/31/2032

7,682,172

7,030,000

5.000

12/31/2036

7,571,630

Texas

Private

Activity

Bonds

Surface

Transportation

Corp.

RB

Senior

Lien

for

Mobility

Partners

Segment

3

LLC

Series

2019

(Baa1/NR)

12,405,000

5.000

06/30/2058

12,535,398

Texas

Public

Finance

Authority

Texas

Southern

University

Revenue

Financing

System

Bonds,

Series

2023

(BAM)

(NR/AA)

1,335,000

5.250

05/01/2040

1,477,161

Texas

Transportation

Commission

Central

Texas

Turnpike

System

RB

2nd

Tier

Revenue

Refunding

Bonds

Series

2015-C

(Baa1/A-)

1,495,000

5.000

08/15/2042

1,496,678

Texas

Transportation

Commission

Central

Texas

Turnpike

System

RB

Second

Tier

Revenue

Refunding

Bonds

Series

2015-C

(Baa1/A-)

1,525,000

5.000

08/15/2028

1,534,246

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

The

Lakes

Fresh

Water

Supply

District

of

Denton

County

UT

Road

Bonds

Series

2022

(AGM)

(A1/AA)

$

3,230,000

3.000%

09/01/2047

$

2,506,047

Town

of

Lakewood

Village

Special

Assessment

RB

for

Lakewood

Village

Public

Improvement

District

Project

Series

2022

(NR/NR)

400,000

4.375

(e)

09/15/2027

394,874

445,000

4.750

(e)

09/15/2032

437,505

1,200,000

5.250

(e)

09/15/2042

1,174,726

Town

of

Little

Elm

Special

Assessment

RB

for

Spiritas

East

Public

Improvement

Project

Series

2022

(NR/NR)

139,000

3.250

(e)

09/01/2027

131,574

205,000

3.500

(e)

09/01/2032

180,455

Town

of

Little

Elm

Special

Assessment

RB

for

Valencia

Public

Improvement

District

Project

Series

2022

(NR/NR)

424,000

6.000

(e)

09/01/2027

430,757

712,000

6.125

(e)

09/01/2032

743,995

Town

of

Little

Elm

Special

Assessment

RB

for

Valencia

Public

Improvement

Project

Series

2021

(NR/NR)

831,000

4.000

(e)

09/01/2047

698,099

Town

of

Little

Special

Assessment

RB

for

Hillstone

Pointe

Public

Improvement

District

No.

2

Phases

2-3

Project

Series

2018

(NR/NR)

360,000

5.250

(e)

09/01/2028

369,426

Town

of

Little

Special

Assessment

RB

for

Lakeside

Estates

Public

Improvement

District

No.

2

Project

Series

2017

(NR/NR)

170,000

4.500

(e)

09/01/2027

170,945

Travis

County

Development

Authority

Contract

Assessment

RB

for

Turner's

Crossing

Public

Improvement

District

Improvement

Area

Project

Series

2022

(NR/NR)

868,000

5.375

(e)

09/01/2042

876,912

University

Houston

Consolidated

RB

Refunding

Series

2017

C

(Aa2/AA)

8,500,000

3.250

02/15/2041

7,636,825

Uptown

Development

Authority

Tax

Allocation

Refunding

Bonds

for

City

of

Houston

Reinvestment

Zone

No.

16

Series

2021

(Baa2/NR)

655,000

5.000

09/01/2031

707,905

950,000

3.000

09/01/2034

855,382

Viridian

Municipal

Management

District

Special

Assessment

Bonds

Series

2020

(NR/NR)

131,000

2.375

12/01/2025

124,766

308,000

2.875

12/01/2030

269,189

Viridian

Municipal

Management

District

Tarrant

County

Special

Assessment

RB

Series

2018

(NR/NR)

520,000

4.250

12/01/2029

516,429

1,159,000

4.625

12/01/2035

1,143,169

1,604,000

5.000

12/01/2045

1,568,419

Westside

211

Special

Improvement

District

Limited

Ad

Valorem

Tax

Subordinate

Lien

Sales

Use

Tax

Road

Bonds

Series

2022

(Baa3/NR)

740,000

5.375

08/15/2042

766,198

1,000,000

5.625

08/15/2052

1,030,496

Westside

211

Special

Improvement

Project

District

LT

&

Subordinate

Lien

Sales

&

Use

Tax

Road

Bonds

Series

2021

(Baa3/NR)

325,000

3.000

08/15/2034

302,619

345,000

3.000

08/15/2036

309,874

745,000

3.000

08/15/2039

615,883

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

Yoakum

Independent

School

District

Unlimited

Tax

School

Buliding

Bonds

Series

2023

(PSF-GTD)

(NR/AAA)

$

1,000,000

4.250%

02/15/2048

$

1,014,750

788,435,748

Utah

-

0.8%

Black

Desert

Public

Infrastructure

District

GO

Bonds

Series

2021

A

(NR/NR)

1,675,000

3.250

(e)

03/01/2031

1,511,458

1,875,000

3.500

(e)

03/01/2036

1,596,837

1,900,000

3.750

(e)

03/01/2041

1,539,173

Medical

School

Campus

Public

Infrastructure

District

GO

Bonds

Series

2020

A

(NR/NR)

3,875,000

5.250

(e)

02/01/2040

3,495,655

Salt

Lake

City

Airport

RB

1,060,000

5.000

07/01/2047

1,080,402

Salt

Lake

City

Airport

RB

for

Salt

Lake

City

International

Airport

Series

2023A

(AMT)

(A2/A+)

1,500,000

5.250

07/01/2053

1,599,956

6,300,000

5.500

07/01/2053

6,918,044

Salt

Lake

City

International

Aiport

RB

Series

2018A

(A2/A+)

7,500,000

5.250

07/01/2048

7,796,081

Salt

Lake

City

International

Airport

RB

Series

2018A

(A2/A+)

10,525,000

5.000

07/01/2036

11,139,284

5,000,000

5.000

07/01/2038

5,230,916

Salt

Lake

City

International

Airport

RB

Series

2018A

(AMT)

(A2/A+)

4,000,000

5.000

07/01/2029

4,309,385

Salt

Lake

City

International

Airport

RB

Series

2021A

(A2/A+)

2,000,000

5.000

07/01/2046

2,098,954

1,500,000

4.000

07/01/2051

1,419,604

Salt

Lake

City

International

Airport

RB

Series

2023A

(A2/A+)

200,000

5.250

07/01/2048

215,570

Salt

Lake

City

RB

for

International

Airport

Series

2018

A

(A2/A+)

5,500,000

5.000

07/01/2030

5,899,616

Salt

Lake

City,

Utah

Airport

RB,

Series

2017A

(AMT)

Salt

Lake

City

International

Airport

(A2/A+)

3,110,000

5.000

07/01/2042

3,193,707

Utah

Charter

School

Finance

Authority

Charter

School

RB

for

Beehive

Science

&

Technology

Academy

Project

Series

2021A

(NR/NR)

2,325,000

4.000

(e)

10/15/2041

1,797,245

Utah

Charter

School

Finance

Authority

Charter

School

RB

Series

2022A

(NR/BB+)

1,610,000

5.625

(e)

06/15/2042

1,584,545

Utah

Charter

School

Finance

Authority

Charter

School

Revenue

Refunding

Bonds

Series

2022A

(NR/BB)

500,000

4.000

(e)

07/15/2037

417,225

3,485,000

4.250

(e)

07/15/2050

2,672,652

Utah

Charter

School

Finance

Authority

Charter

School

Revenue

Refunding

Bonds

Series

2022B

(NR/BB)

95,000

5.750

(e)

07/15/2026

93,112

Utah

Charter

School

Finance

Authority

RB

for

Bridge

Elementary

Project

Series

2021A

(NR/NR)

890,000

4.000

(e)

06/15/2041

682,985

Utah

Charter

School

Finance

Authority

RB

Refunding

for

Summit

Academy,

Inc.

Series

2019

A

(UT

CSCE)

(NR/AA)

700,000

5.000

04/15/2039

735,460

625,000

5.000

04/15/2044

647,780

1,150,000

5.000

04/15/2049

1,180,672

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Utah

–

(continued)

Utah

Transit

Authority

Sales

Tax

RB

Refunding

Subordinate

Series

2015

A

(Aa2/AA+)

$

3,065,000

4.000%

(c)

06/15/2025

$

3,120,548

71,976,866

Vermont

-

0.1%

University

of

Vermont

State

Agricultural

College

GO

Bonds

Series

2017

(Aa3/A+)

365,000

5.000

10/01/2043

382,101

Vermont

Economic

Development

Authority

RB

Refunding

for

Wake

Robin

Corp.

Series

2017

A

(NR/NR)

745,000

5.000

05/01/2025

751,712

585,000

5.000

05/01/2026

593,426

Vermont

Economic

Development

Authority

Solid

Waste

Disposal

RB

for

Casella

Waste

System

Project

Series

2022

(B1/B+)

2,175,000

5.000

(a)(b)(e)

06/01/2052

2,180,530

Vermont

Educational

and

Health

Buildings

Financing

Agency

RB

Saint

Michael’S

College

Project,

Series

2023

(NR/BBB-)

2,700,000

5.500

(e)

10/01/2043

2,769,507

6,677,276

Virgin

Islands

-

0.1%

Virgin

Islands

Public

Finance

Authority

RB

Refunding

for

Virgin

Islands

Gross

Receipts

Taxes

Loan

Note

Series

2014

C

(NR/NR)

4,700,000

5.000

(e)

10/01/2039

3,907,449

Virgin

Islands

Public

Finance

Authority

RB

Series

2014

A

(AGM-CR)

(A1/AA)

5,000,000

5.000

(e)

10/01/2034

5,049,991

8,957,440

Virginia

-

1.4%

Fairfax

County

Economic

Development

Authority

Residential

Care

Facilities

Mortgage

RB

Refunding

for

Goodwin

House

Incorporated

Series

2016

A

(NR/NR)

1,250,000

4.000

(c)

10/01/2024

1,282,207

Farmville

Industrial

Development

Authority

RB

Refunding

for

Longwood

Housing

Foundation

LLC

Series

2020

A

(NR/BBB-)

3,000,000

5.000

01/01/2040

3,028,491

Halifax

County

IDA

Recovery

Zone

Facility

RB

Series

2010A

(NON-AMT)

(A2/BBB+)

4,375,000

1.650

(a)(b)

12/01/2041

4,314,654

Norfolk

Redevelopment

and

Housing

Authority

Multifamily

Housing

RB

Braywood

Manor

Apartments,

Series

2023

(HUD

SECT

8)

(Aaa/NR)

4,215,000

5.000

(a)(b)

05/01/2043

4,350,716

Salem

Economic

Development

Authority

RB

Refunding

for

Roanoke

College

Series

2020

(NR/BBB+)

350,000

5.000

04/01/2027

365,858

400,000

5.000

04/01/2028

423,671

460,000

5.000

04/01/2029

492,774

350,000

5.000

04/01/2030

377,845

740,000

5.000

04/01/2031

796,626

300,000

5.000

04/01/2032

322,023

650,000

5.000

04/01/2033

696,200

395,000

5.000

04/01/2034

423,331

110,000

5.000

04/01/2035

117,717

430,000

5.000

04/01/2036

457,852

1,030,000

5.000

04/01/2037

1,087,189

410,000

4.000

04/01/2039

392,886

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Virginia

–

(continued)

Salem

Economic

Development

Authority

RB

Refunding

for

Roanoke

College

Series

2020

(NR/BBB+)

–

(continued)

$

265,000

4.000%

04/01/2040

$

251,361

Tobacco

Settlement

Financing

Corp.

RB

for

Capital

Appreciation

Subseries

2007

A-1

(B3/B-)

8,670,000

6.706

06/01/2046

7,448,326

Tobacco

Settlement

Financing

Corp.

RB

for

Capital

Appreciation

Subseries

2007

C

(NR/CCC-)

122,865,000

0.000

(f)

06/01/2047

33,187,090

Tobacco

Settlement

Financing

Corp.

RB

for

Capital

Appreciation

Subseries

2007

D

(NR/CCC-)

13,500,000

0.000

(f)

06/01/2047

3,564,428

University

of

Virginia

Rector

&

Visitors

General

Revenue

Pledge

Refunding

Bonds

Series

2015A

(Aaa/AAA)

20,705,000

5.000

04/01/2045

21,124,987

Virginia

Beach

Development

Authority

Residential

Care

Facility

Tax

Exempt

Fixed

Rate

RB

for

Westminster-Canterbury

On

Chesapeake

Bay

Series

2023A

(NR/NR)

2,700,000

7.000

09/01/2053

2,891,409

Virginia

Beach

Development

Authority

Residential

Care

Facility

Tax

Exempt

Mandatory

Paydown

Securities

RB

for

Westminster-Canterbury

On

Chesapeake

Bay

Series

2023B-3

(NR/NR)

3,975,000

5.375

09/01/2029

4,077,101

Virginia

College

Building

Authority

Educational

Facilities

RB

for

Regent

University

Project

Series

2021

(NR/BBB)

250,000

5.000

06/01/2024

250,690

Virginia

College

Building

Authority

RB

Refunding

for

Regent

University

Project

Series

2021

(NR/BBB)

300,000

5.000

06/01/2028

317,632

375,000

5.000

06/01/2029

401,719

300,000

5.000

06/01/2031

327,069

875,000

4.000

06/01/2036

879,851

Virginia

Housing

Development

Authority

RB

Series

2019

E

(Aa1/AA+)

5,000,000

3.100

12/01/2045

4,119,503

Virginia

Port

Authority

Commonwealth

Port

Fund

RB

Series

2015

(Aa1/AA+)

5,000,000

5.000

(c)

07/01/2025

5,145,085

Virginia

Port

Authority

Port

Facilities

RB

Refunding

Series

2015

A

(AMT)

(WR/NR)

750,000

5.000

(c)

07/01/2025

768,996

Virginia

Port

Authority

Port

Facilities

Revenue

Refunding

Bonds

Series

2015A

(WR/NR)

2,000,000

5.000

(c)

07/01/2025

2,050,656

Virginia

Small

Business

Financing

Authority

Private

Activity

Tax

Exempt

Senior

Lien

RB

for

Transform

66

P3

Project

Series

2017

(Baa3/NR)

1,050,000

5.000

12/31/2056

1,051,676

Virginia

Small

Business

Financing

Authority

Senior

Lien

Revenue

Refunding

Bonds

Series

2022

(Baa1/NR)

1,875,000

5.000

12/31/2052

1,952,799

Virginia

Small

Business

Financing

Authority

Senior

Lien

Revenue

Refunding

Bonds

Series

2022

(AMT)

(NR/BBB)

6,500,000

4.000

01/01/2048

6,057,543

Virginia

Small

Business

Financing

Authority

Solid

Waste

Disposal

RB

Series

2018

(NR/B)

300,000

5.000

(a)(b)(e)

01/01/2048

280,313

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Virginia

–

(continued)

Virginia

Small

Business

Financing

Authority

Tax

Exempt

Senior

Lien

Private

Activity

RB

Series

2017

(Baa3/NR)

$

5,165,000

5.000%

12/31/2049

$

5,187,909

4,950,000

5.000

12/31/2052

4,965,686

125,231,869

Washington

-

1.9%

City

of

Seattle

Drainage

and

Wastewater

System

Improvement

and

Refunding

RB

Series

2022

(Aa1/AA+)

1,200,000

4.000

09/01/2036

1,284,376

2,665,000

4.000

09/01/2037

2,822,322

City

of

Seattle

RB

for

Municipal

Light

&

Power

Improvement

Series

2018

A

(Aa2/AA)

3,340,000

4.000

01/01/2033

3,485,333

6,715,000

4.000

01/01/2034

7,003,654

11,655,000

4.000

01/01/2043

11,803,361

City

of

Seattle

RB

Refunding

for

Drainage

&

Wastewater

Series

2014

(Aa1/AA+)

13,715,000

4.000

05/01/2044

13,729,353

City

of

Seattle

RB

Refunding

for

Drainage

&

Wastewater

Series

2017

(Aa1/AA+)

6,555,000

4.000

07/01/2035

6,768,547

Energy

Northwest

Columbia

Generating

Station

Electric

Revenue

Refunding

Bonds

Series

2021-A

(Aa1/AA-)

8,830,000

4.000

07/01/2042

9,030,262

Highline

School

District

No.

401,

King

County,

Washington

UT

GO

Bonds,

2023

(SCH

BD

GTY)

(Aaa/NR)

2,750,000

5.000

12/01/2039

3,188,655

Port

of

Seattle

Industrial

Development

Corp.

RB

Refunding

for

Delta

Air

Lines,

Inc.

Series

2012

(NR/BB+)

8,685,000

5.000

04/01/2030

8,685,113

Port

of

Seattle

Intermediate

Lien

RB

Series

2017C

(A1/AA-)

4,740,000

5.000

05/01/2042

4,846,700

Port

of

Seattle

Intermediate

Lien

RB

Series

2019

(A1/AA-)

7,000,000

5.000

04/01/2039

7,425,417

Port

of

Seattle

Intermediate

Lien

Revenue

and

Refunding

Bonds

Series

2021C

(A1/AA-)

4,000,000

5.000

08/01/2037

4,377,418

700,000

4.000

08/01/2041

692,599

Port

of

Seattle

Intermediate

Lien

Revenue

Bonds

Series

2018A

(A1/AA-)

2,500,000

5.000

05/01/2043

2,553,164

Port

of

Seattle

Intermediate

Lien

Revenue

Refunding

Bond

Series

2022A

(A1/AA-)

865,000

5.000

08/01/2028

959,175

Port

of

Seattle

RB

Refunding

for

Intermediate

Lien

Series

2021

C

(A1/AA-)

5,000,000

5.000

08/01/2039

5,389,066

Port

of

Tacoma

Revenue

and

Refunding

Bonds

2016B

(Aa3/AA)

12,455,000

5.000

12/01/2043

12,755,496

State

of

Washington

GO

Bonds

Various

Purpose

Series

2014

D

(Aaa/AA+)

10,000,000

5.000

02/01/2026

10,022,660

State

of

Washington

Various

Purpose

GO

Refunding

Bonds

Series

R-2018C

(Aaa/AA+)

2,710,000

5.000

08/01/2024

2,743,592

Washington

Health

Care

Facilities

Authority

RB

(Commonspirit

Health)

Series

2019A-2

(Baa1/A-)

5,000,000

5.000

08/01/2037

5,349,860

1,000,000

5.000

08/01/2039

1,057,621

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Washington

–

(continued)

Washington

Health

Care

Facilities

Authority

RB

for

Commonspirit

Health

Series

2019A-1

(Baa1/A-)

$

3,370,000

4.000%

08/01/2044

$

3,323,267

Washington

Health

Care

Facilities

Authority

RB

for

Fred

Hutchinson

Cancer

Research

Center

Series

2015

(A2/NR)

1,500,000

5.000

(c)

07/01/2025

1,545,747

Washington

Health

Care

Facilities

Authority

RB

Refunding

for

CommonSpirit

Health

Obligated

Group

Series

2019

A-1

(Baa1/A-)

2,000,000

5.000

08/01/2037

2,139,944

1,000,000

5.000

08/01/2038

1,062,437

Washington

Health

Care

Facilities

Authority

RB

Refunding

for

CommonSpirit

Health

Obligated

Group

Series

2019

A-2

(Baa1/A-)

570,000

5.000

08/01/2036

614,645

Washington

Health

Care

Facilities

Authority

RB

Refunding

for

Providence

St.

Joseph

Health

Obligated

Group

Series

2021

B

(A2/A)

1,500,000

4.000

(a)(b)

10/01/2042

1,522,795

Washington

Higher

Education

Facilities

Authority

RB

for

Seattle

University

Project

Series

2020

(NR/A)

1,200,000

4.000

05/01/2050

1,124,920

Washington

State

Convention

Center

Public

Facilities

District

RB

Series

2018

(Baa1/BBB)

320,000

5.000

07/01/2029

342,533

18,275,000

5.000

07/01/2048

18,871,767

Washington

State

Housing

Finance

Commission

Nonprofit

Housing

RB

for

Presbyterian

Retirement

Communities

Northwest

Obligated

Group

Transforming

Age

Projects

Series

2019

A

(NR/NR)

745,000

5.000

(e)

01/01/2034

639,155

1,400,000

5.000

(e)

01/01/2039

1,077,557

Washington

State

Housing

Finance

Commission

Nonprofit

Housing

Revenue

and

Refunding

Revenue

Bonds

for

Emerald

Heights

Project

Series

2023A

(NR/NR)

1,325,000

5.000

07/01/2038

1,386,575

Washington

State

Housing

Finance

Commission

Nonprofit

Refunding

RB

for

Seattle

Academy

of

Arts

&

Sciences

Project

Series

2023

(NR/BBB)

900,000

5.625

(e)

07/01/2038

996,637

Washington

State

Motor

Vehicle

Fuel

Tax

GO

Refunding

Bonds

Series

2015

C

(AMBAC)

(Aaa/AA+)

6,855,000

0.000

(f)

06/01/2028

6,048,416

166,670,139

West

Virginia

-

0.6%

County

of

Ohio

Special

District

Excise

Tax

RB

Refunding

for

Fort

Henry

Economic

Opportunity

Development

District

The

Highlands

Project

Series

2019

B

(NR/BBB-)

770,000

3.000

03/01/2035

690,096

2,165,000

3.000

03/01/2037

1,817,309

625,000

3.250

03/01/2041

489,082

Monongalia

County

Commission

Senior

Tax

Increment

Revenue,

Refunding

and

Improvement

Bonds

for

Development

District

No.

4

–

University

Town

Centre

Series

2023

A

(NR/NR)

500,000

5.000

(e)

06/01/2033

514,525

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

West

Virginia

–

(continued)

Monongalia

County

Commission

Subordinate

Special

District

Excise

Tax

Revenue

&

Improvement

Bonds

for

University

Town

Centre

Economic

Opportunity

Development

District

Series

2023

A

(NR/NR)

$

1,725,000

7.000%

(e)

06/01/2043

$

1,854,420

State

of

West

Virginia

GO

Bonds

Series

2018

B

(Aa2/AA-)

7,140,000

5.000

06/01/2035

7,831,605

State

of

West

Virginia

GO

State

Road

Bonds

Series

2019

A

(Aa2/AA-)

605,000

5.000

06/01/2035

679,211

State

of

West

Virginia,

West

Virginia

GO

State

Road

Bonds,

Series

2019

A

(Aa2/AA-)

1,600,000

5.000

12/01/2036

1,782,321

West

Virginia

Economic

Development

Authority

RB

for

Arch

Resources,

Inc.

Series

2020

(B2/BB)

1,575,000

5.000

(a)(b)

07/01/2045

1,580,899

West

Virginia

Economic

Development

Authority

Solid

Waste

Disposal

Facilities

Revenue

Refunding

Bonds

for

Wheeling

Power

Company

Project

Series

2013A

(NR/A-)

9,150,000

3.000

(a)(b)

06/01/2037

8,990,791

West

Virginia

Economic

Development

Authority

Solid

Waste

Disposal

Facilities

Revenue

Refunding

Bonds

Kentucky

Power

Company

-

Mitchell

Project,

Series

2014A

(Baa3/BBB)

3,565,000

4.700

(a)(b)

04/01/2036

3,576,395

West

Virginia

Hospital

Finance

Authority

Hospital

Refunding

and

Improvement

RB

for

Vandalia

Health

Group

Series

2023B

(AGM)

(A1/AA)

2,855,000

5.125

09/01/2042

3,137,926

2,970,000

5.500

09/01/2048

3,299,985

West

Virginia

Hospital

Finance

Authority

RB

Refunding

for

Cabell

Huntington

Hospital

Obligated

Group

Series

2018

A

(Baa2/BBB+)

1,000,000

5.000

01/01/2033

1,027,550

950,000

5.000

01/01/2034

975,588

825,000

5.000

01/01/2035

845,944

2,330,000

5.000

01/01/2036

2,385,381

West

Virginia

Hospital

Finance

Authority

RB

Refunding

for

Charleston

Area

Medical

Center,

Inc.

Obligated

Group

Series

2019

A

(Baa1/NR)

2,375,000

5.000

09/01/2029

2,562,478

4,775,000

5.000

09/01/2030

5,126,730

1,520,000

5.000

09/01/2032

1,628,308

50,796,544

Wisconsin

-

1.1%

Public

Finance

Authority

Charter

School

RB

for

Coral

Academy

of

Science

Reno

Series

2022A

(NR/NR)

800,000

5.875

(e)

06/01/2052

786,390

Public

Finance

Authority

Charter

School

RB

for

Founders

Academy

of

Las

Vegas

Series

2023A

(NR/BB-)

300,000

6.375

(e)

07/01/2043

307,073

Public

Finance

Authority

Charter

School

RB

Series

2021A

(Ba2/NR)

165,000

4.250

(e)

06/15/2031

153,195

Public

Finance

Authority

Education

RB

for

Clove

Garden

School

Series

2022

(NR/NR)

1,060,000

5.375

(e)

06/15/2042

1,030,375

Public

Finance

Authority

Education

RB

Series

2022

(NR/NR)

1,290,000

5.000

(e)

01/01/2042

1,129,878

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Wisconsin

–

(continued)

Public

Finance

Authority

Exempt

Facilities

RB

Refunding

for

Celanese

Project

Series

2016

C

(Baa3/BBB-)

$

1,000,000

4.300%

11/01/2030

$

971,119

Public

Finance

Authority

RB

for

Appalachian

Regional

Healthcare

System

Obligated

Group

Series

2021

A

(NR/BBB-)

265,000

5.000

07/01/2035

282,015

310,000

5.000

07/01/2036

326,770

265,000

5.000

07/01/2037

276,751

310,000

5.000

07/01/2038

320,895

310,000

5.000

07/01/2039

318,694

285,000

5.000

07/01/2040

291,960

310,000

5.000

07/01/2041

316,463

Public

Finance

Authority

RB

for

Beyond

Boone

LLC

Series

2020

A

(AGM)

(A1/AA)

220,000

4.000

07/01/2026

224,424

220,000

4.000

07/01/2027

226,666

220,000

4.000

07/01/2028

229,055

220,000

4.000

07/01/2029

227,768

265,000

4.000

07/01/2030

274,266

355,000

4.000

07/01/2031

366,460

420,000

4.000

07/01/2032

432,451

175,000

4.000

07/01/2033

180,103

130,000

4.000

07/01/2034

133,660

155,000

4.000

07/01/2035

158,971

220,000

4.000

07/01/2036

224,699

220,000

4.000

07/01/2037

223,986

265,000

4.000

07/01/2038

268,587

265,000

4.000

07/01/2039

267,633

265,000

4.000

07/01/2040

266,867

Public

Finance

Authority

RB

for

Charter

Day

School

Obligated

Group

Series

2020

A

(Ba2/NR)

1,685,000

5.000

(e)

12/01/2035

1,586,293

1,950,000

5.000

(e)

12/01/2045

1,661,148

Public

Finance

Authority

RB

for

Coral

Academy

Of

Science

Las

Vegas

Series

2021

A

(NR/BBB-)

875,000

4.000

07/01/2041

736,808

1,000,000

4.000

07/01/2051

752,360

Public

Finance

Authority

RB

for

Eno

River

Academy

Holdings,

Inc.

Series

2020

A

(Ba1/NR)

470,000

4.000

(e)

06/15/2030

453,387

815,000

5.000

(e)

06/15/2040

789,225

Public

Finance

Authority

RB

for

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group

Series

2020

A

(NR/NR)

1,650,000

4.000

(e)

03/01/2030

1,543,352

Public

Finance

Authority

RB

for

Noorda

College

of

Osteopathic

Medicine

LLC

Series

2021

A

(Ba2/NR)

6,950,000

5.625

(e)

06/01/2050

6,210,904

Public

Finance

Authority

RB

for

Noorda

College

of

Osteopathic

Medicine

LLC

Series

2021

B

(Ba2/NR)

7,575,000

6.500

(e)

06/01/2045

6,734,149

Public

Finance

Authority

RB

for

Prime

Healthcare

Foundation,

Inc.

Series

2018

A

(NR/NR)

500,000

5.200

12/01/2037

513,891

Public

Finance

Authority

RB

for

Rider

University

A

New

Jersey

Non-Profit

Corp.

Series

2021

B

(NR/BB)

2,470,000

6.000

(e)

07/01/2031

2,194,627

Public

Finance

Authority

RB

Refunding

for

Blue

Ridge

Healthcare

Obligated

Group

Series

2020

A

(A3/A)

750,000

5.000

01/01/2029

810,102

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Wisconsin

–

(continued)

Public

Finance

Authority

RB

Refunding

for

Blue

Ridge

Healthcare

Obligated

Group

Series

2020

A

(A3/A)

–

(continued)

$

1,400,000

5.000%

01/01/2032

$

1,511,841

950,000

5.000

01/01/2033

1,024,854

900,000

5.000

01/01/2036

959,205

500,000

5.000

01/01/2037

529,657

2,000,000

5.000

01/01/2039

2,093,612

875,000

5.000

01/01/2040

912,789

Public

Finance

Authority

RB

Refunding

for

Coral

Academy

of

Science

Reno

Series

2019

A

(NR/NR)

370,000

5.000

(e)

06/01/2029

371,443

710,000

5.000

(e)

06/01/2039

665,672

Public

Finance

Authority

RB

Refunding

for

Fellowship

Senior

Living

Obligated

Group

Series

2019

A

(NR/NR)

1,000,000

4.000

01/01/2030

956,740

Public

Finance

Authority

RB

Refunding

for

Penick

Village

Obligated

Group

Series

2019

(NR/NR)

440,000

4.000

(e)

09/01/2029

397,666

770,000

5.000

(e)

09/01/2039

652,117

Public

Finance

Authority

RB

Refunding

for

Rider

University

A

New

Jersey

Non-Profit

Corp.

Series

2021

A

(NR/BB)

5,900,000

4.500

(e)

07/01/2048

4,457,613

Public

Finance

Authority

RB

Refunding

for

UMA

Education,

Inc.

Project

Series

2019

B

(NR/BB+)

2,770,000

6.125

(e)

10/01/2049

2,443,621

Public

Finance

Authority

RB

Refunding

for

Waste

Management,

Inc.

Project

Series

2016

A-2

(NR/A-/A-2)

2,000,000

2.875

05/01/2027

1,897,551

Public

Finance

Authority

RB

Roseman

University

of

Health

Sciences

2020

(NR/BB)

220,000

3.000

(e)

04/01/2025

214,796

500,000

5.000

(e)

04/01/2030

506,778

Public

Finance

Authority

RB

Roseman

University

of

Health

Sciences

2020

(NR/NR)

5,000

3.000

(e)

04/01/2025

5,000

Public

Finance

Authority

Retirement

Communities

RB

for

Acts

Retirement-Life

Communities

Obligated

Group

Series

2020A

(NR/NR)

1,205,000

5.000

11/15/2041

1,242,342

Public

Finance

Authority

Retirement

Communities

RB

Refunding

for

The

Evergreens

Obligated

Group

Series

2019

A

(NR/NR)

985,000

5.000

11/15/2044

1,002,976

570,000

5.000

11/15/2049

574,576

Public

Finance

Authority

Senior

Airport

Facilities

RB

Refunding

for

Transportation

Infrastructure

Properties

LLC

Obligated

Group

Series

2012

B

(NR/BBB+)

4,740,000

5.250

07/01/2028

4,744,156

Public

Finance

Authority

Senior

Living

Revenue

Refunding

Bonds

for

Fellowship

Senior

Living

Project

Series

2019A

(NR/NR)

8,955,000

4.000

01/01/2052

6,736,607

Public

Finance

Authority

Student

Housing

RB

Series

2021A-1

(Ba1/NR)

630,000

4.000

(e)

07/01/2041

551,083

2,725,000

4.000

(e)

07/01/2051

2,205,118

Public

Finance

Authority

Tax

Increment

Reinvestment

Zone

No.

11

Tax

Allocation

Series

2019

(Baa3/NR)

9,170,000

0.000

(f)

12/15/2027

7,494,898

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Wisconsin

–

(continued)

Wisconsin

Health

&

Educational

Facilities

Authority

RB

for

Hmong

American

Peace

Academy

Ltd.

Series

2020

(NR/BBB)

$

350,000

4.000%

03/15/2030

$

353,746

Wisconsin

Health

&

Educational

Facilities

Authority

RB

Refunding

for

Lawrence

University

of

Wisconsin

Series

2020

(Baa1/NR)

1,185,000

3.000

02/01/2042

933,487

390,000

4.000

02/01/2045

359,176

Wisconsin

Health

&

Educational

Facilities

Authority

RB

Series

2021

for

Hope

Christian

Schools

(NR/NR)

465,000

3.000

12/01/2031

391,756

775,000

4.000

12/01/2041

590,700

Wisconsin

Health

&

Educational

Facilities

Authority

Refunding

RB

Series

2021B

(NR/NR)

475,000

4.000

09/15/2036

416,411

460,000

4.000

09/15/2041

375,740

425,000

4.000

09/15/2045

331,217

Wisconsin

Health

&

Educational

Facilities

Authority

Refunding

RB

Series

2022

(NR/NR)

700,000

4.000

09/15/2036

613,659

680,000

4.000

09/15/2041

555,442

575,000

4.000

09/15/2045

448,116

Wisconsin

Health

and

Educational

Facilities

Authority

RB

Series

2018C

(Aa3/AA)

(SIFMA

Municipal

Swap

Index

Yield

+

0.18%)

2,775,000

4.050

(a)(d)

08/15/2054

2,729,095

Wisconsin

Housing

&

Economic

Development

Authority

Home

Ownership

RB

2021

Series

D

(GNMA/FHLMC/FNMA

COLL)

(Aa2/AA+)

(SIFMA

Municipal

Swap

Index

Yield

+

0.15%)

5,500,000

4.020

(a)(d)

03/01/2042

5,478,968

Wisconsin

Public

Finance

Authority

Hotel

RB

for

Grand

Hyatt

San

Antonion

Hotel

Acquisition

Project

Senior

Lien

Series

2022A

(NR/BBB-)

3,800,000

5.000

02/01/2042

3,973,364

95,907,008

Wyoming

-

0.2%

County

of

Campbell

RB

Refunding

for

Basin

Electric

Power

Cooperative

Series

2019

A

(A3/A)

18,675,000

3.625

07/15/2039

17,200,986

a

a

TOTAL

MUNICIPAL

BONDS

(Cost

$8,519,341,951)

8,421,358,763

Shares

Dividend

    Rate

Value

a

Corporate

Bonds

-

0.5%

Healthcare-Services

-

0.1%

Prime

Healthcare

Foundation,

Inc.

Series

4,975,000

7.000%

12/01/27

4,989,697

Toledo

Hospital

RB

Series

2022

B

1,895,000

5.325

11/15/28

1,736,293

Tower

Health

Series

6,130,000

4.451

02/01/50

2,896,425

9,622,415

Real

Estate

-

0.4%

Benloch

Ranch

Improvement

Association

No.

1

Series

2020

2,853,750

9.750

(j)

12/01/39

2,785,945

Benloch

Ranch

Improvement

Association

No.

1

Series

2021

1,655,909

9.750

(e)(j)

12/01/39

1,616,565

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Shares

Dividend

    Rate

Value

a

Corporate

Bonds

–

(continued)

Benloch

Ranch

Improvement

Association

No.

2

$

14,700,000

10.000%

(e)(j)

12/01/51

$

13,457,703

Brixton

Park

Improvement

Association

No.

1

Series

16,042,697

6.875

(e)(j)

12/01/51

13,723,886

31,584,099

TOTAL

CORPORATE

BONDS

(Cost

$45,588,378)

41,206,514

a

Bank

Loans

(k)

-

0.1%

Engineering

&

Construction

-

0.1%

Rialto

Bioenergy

Facility,

LLC

(

SOFR+

0.1%

)

11,670,000

5.330

04/30/24

11,670,000

11,670,000

TOTAL

BANK

LOANS

(Cost

$11,615,237)

11,670,000

a

U.S.

Treasury

Obligations

-

0.5%

United

States

Treasury

Bills

44,090,700

5.395%

(f)

03/28/24

43,543,887

(Cost

$43,532,466)

TOTAL

INVESTMENTS

-

97.6%

(Cost

$8,620,078,032)

$

8,517,779,164

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

2.4%

205,163,147

NET

ASSETS

-

100.0%

$

8,722,942,311

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Security

is

currently

in

default

and/or

non-income

producing.

(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

on

December

31,

2023.

(b)

Variable

Rate

Demand

Instruments

–

rate

shown

is

that

which

is

in

effect

on

December

31,

2023.

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.

(c)

Pre-refunded

security.

Maturity

date

disclosed

is

pre-refunding

date.

(d)

Variable

or

floating

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,

2023.

(e)

Exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

(f)

Issued

with

a

zero

coupon.

Income

is

recognized

through

the

accretion

of

discount.

(g)

Zero

coupon

bond

until

next

reset

date.

(h)

When-issued

security.

(i)

Contingent

value

instrument

that

only

pays

out

if

a

portion

of

the

territory’s

Sales

and

Use

Tax

outperforms

the

projections

in

the

Oversight

Board’s

Certified

Fiscal

Plan.

(j)

Significant

unobservable

inputs

were

used

in

the

valuation

of

this

portfolio

security;

i.e.

Level

3.

(k)

Bank

Loans

often

require

prepayments

from

excess

cash

flows

or

permit

the

borrower

to

repay

at

its

election.

The

degree

to

which

borrowers

repay,

whether

as

a

contractual

requirement

or

at

their

election,

cannot

be

predicted

with

accuracy.

As

a

result,

the

actual

remaining

maturity

may

be

substantially

less

than

the

stated

maturities

shown.

As

bank

loan

positions

may

involve

multiple

underlying

tranches

for

which

the

aggregate

position

is

presented,

the

stated

interest

rate

represents

the

weighted

average

interest

rate

of

all

contracts

on

September

30,

2023.

Bank

Loans

typically

have

rates

of

interest

which

are

predetermined

either

daily,

monthly,

quarterly

or

semi-annually

by

reference

to

a

base

lending

rate,

plus

a

premium.

These

base

lending

rates

are

primarily

the

Secured

Overnight

Financing

Rate

(“SOFR”),

and

secondarily

the

prime

rate

offered

by

one

or

more

major

United

States

banks

(the

“Prime

Rate”)

and

the

certificate

of

deposit

(“CD”)

rate

or

other

base

lending

rates

used

by

commercial

lenders.

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:

ABS

-

Asset-Backed

Security

AGC

-

Insured

by

Assured

Guaranty

Corp.

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

(subject

to)

BAM

-

Build

America

Mutual

Assurance

Co.

CFD

-

Community

Facilities

District

COPS

-

Certificates

of

Participation

FHLMC

-

Insured  by

Federal

Home

Loan

Mortgage

Corp.

FNMA

-

Insured

by

Federal

National

Mortgage

Association

GNMA

-

Insured

by

Government

National

Mortgage

Association

GO

-

General

Obligation

HUD

SECT

8

-

Hud

Section

8

IDA

-

Industrial

Development

Agency

LIBOR

-

London

Interbank

Offered

Rates

LP

-

Limited

Partnership

LT

-

Limited

Tax

MTA

-

Metropolitan

Transportation

Authority

MUN

GOVT

GTD

-

Municipal

Government

Guaranteed

NATL

NATL

-

National

Public

Finance

Guarantee

Corp.

NR

-

Not

Rated

PCRB

-

Pollution

Control

Revenue

Bond

PSF-GTD

-

Guaranteed

by

Permanent

School

Fund

Q-SBLF

-

Qualified

School

Bond

Loan

Fund

RB

-

Revenue

Bond

RMKT

-

Remarketed

RR

-

Revenue

Refunding

SCH

BD

GTY

-

School

Bond

Guaranty

SCH

BD

RES

FD

-

School

Board

Reserve

Fund

SCSDE

-

South

Carolina

State

Department

of

Education

SD

CRED

PROG

-

School

District

Credit

Program

SIFMA

-

Securities

Industry

and

Financial

Markets

Association

SOFR

-

Secured

Overnight

Financing

Rate

SONYMA

-

State

of

New

York

Mortgage

Agency

ST

AID

WITHHLDG

-

State

Aid

Withholding

ST

APPROP

-

State

Appropriation

GOLDMAN

SACHS

DYNAMIC

MUNICIPAL

INCOME

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Investment

Abbreviations:

(continued)

TCRS

-

Transferable

Custody

Receipts

UPMC

-

University

of

Pittsburgh

Medical

Center

USD

-

United

States

Dollar

UT

-

Unlimited

Tax

WR

-

Withdrawn

Rating

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

-

95.3%

Alabama

-

2.1%

Black

Belt

Energy

Gas

District

Gas

Prepay

RB

2019

Series

A

(A1/NR)

$

1,275,000

4.000%

(a)(b)

12/01/2049

$

1,278,063

Black

Belt

Energy

Gas

District

Gas

Project

RB

Series

2022C-1

(A1/NR)

10,000,000

5.250

(a)(b)

02/01/2053

10,678,474

Central

Etowah

County

Solid

Waste

Disposal

Authority

RB

for

Evergreen

Environmental

Partners

LLC

Series

2020

A

(NR/NR)

5,720,000

6.000

(c)(d)

07/01/2045

5,971,708

Central

Etowah

County

Solid

Waste

Disposal

Authority

RB

for

Evergreen

Environmental

Partners

LLC

Series

2020

B

(NR/NR)

2,445,000

8.000

(c)(d)

07/01/2028

2,528,478

Energy

Southeast,

A

Cooperative

District

Energy

Supply

RB

Series

2023B-1

(Fixed

Rate)

(A1/NR)

2,525,000

5.750

(a)(b)

04/01/2054

2,827,759

Hoover

Industrial

Development

Board

RB

for

United

States

Steel

Corp.

Series

2019

(B1/BB-)

25,350,000

5.750

10/01/2049

25,755,808

Jefferson

County

Senior

Lien

Sewer

RB

Warrants

Series

2013

C

(AGM)

(A1/AA)

5,750,000

6.500

10/01/2038

6,038,408

6,000,000

6.600

10/01/2042

6,300,392

Jefferson

County

Subordinate

Lien

Sewer

RB

Warrants

Series

2013

D

(NR/BBB)

8,300,000

6.000

10/01/2042

8,708,697

19,850,000

7.000

10/01/2051

20,849,493

69,020,000

6.500

10/01/2053

72,496,317

Midcity

Improvement

District

Special

Assessment

RB

Series

2022

(NR/NR)

1,085,000

4.500

11/01/2042

906,018

1,000,000

4.750

11/01/2049

823,246

Southeast

Energy

Authority

Commodity

Supply

RB

for

Project

No.

6

Series

2023B

(Aa1/NR)

10,000,000

5.000

(a)(b)

01/01/2054

10,673,271

Sumter

County

IDA

Exempt

Facilities

RB

for

Enviva

Project

Series

2022

(Caa2/CC)

12,400,000

6.000

(a)(b)

07/15/2052

5,722,870

The

Black

Belt

Energy

Gas

District

Gas

Supply

RB,

Series

2023B

(Aa1/NR)

18,620,000

5.250

(a)(b)

12/01/2053

20,259,584

201,818,586

Alaska

-

0.0%

Northern

tobacco

Securitization

Corp.

tobacco

Settlement

Asset

Back

Bonds

Series

2021

(NR/NR)

19,470,000

0.000

(e)

06/01/2066

2,561,573

a

a

American

Samoa

-

0.0%

American

Samoa

Economic

Development

Authority

General

RB

Series

2021A

(Ba3/NR)

1,375,000

5.000

(c)

09/01/2038

1,388,808

American

Samoa

Economic

Development

Authority

RB

Refunding

Series

2021

C

(Ba3/NR)

1,800,000

3.720

(c)

09/01/2027

1,654,867

3,043,675

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Arizona

-

1.5%

Arizona

Health

Facilities

Authority

Hospital

RB

for

Banner

Health

Series

2007

B

(NR/AA-)

(S&P

7

Day

Municipal

Intermediate

Grade

Rate

+

0.81%)

$

35,000,000

4.970%

(f)

01/01/2037

$

32,198,414

Arizona

IDA

Education

RB

for

Academies

of

Math

&

Science

Projects

Series

2023

(NR/BB+)

900,000

5.375

(c)

07/01/2053

874,721

1,000,000

5.500

(c)

07/01/2058

983,296

Arizona

IDA

Education

RB

for

Benjamin

Franklin

Charter

School

Projects

Series

2023A

(Ba1/NR)

1,000,000

5.250

(c)

07/01/2053

936,094

1,000,000

5.500

(c)

07/01/2058

962,670

Arizona

IDA

Lease

RB

for

Greenville

University

Student

Housing

and

Athletic

Facilities

Project

Series

2022

(NR/BB+)

17,000,000

6.500

(c)

11/01/2053

16,540,204

Arizona

Industrial

Development

Authority

RB

for

Candeo

Schools

Obligated

Group

Project

Series

2020

A

(SD

CRED

PROG)

(NR/AA-)

665,000

4.000

07/01/2047

613,481

Arizona

Industrial

Development

Authority

RB

for

Equitable

School

Revolving

Fund

LLC

Social

Bond

Series

2020A

(NR/A)

1,500,000

4.000

11/01/2050

1,429,546

Arizona

Industrial

Development

Authority

RB

for

Great

Lakes

Senior

Living

Communities

LLC

Project

First

Tier

Series

2019

A

(NR/CCC-)

1,000,000

5.000

01/01/2043

664,133

5,250,000

4.500

01/01/2049

3,008,018

3,300,000

5.000

01/01/2054

2,009,896

Arizona

Industrial

Development

Authority

RB

for

Great

Lakes

Senior

Living

Communities

LLC

Project

Second

Tier

Series

2019

B

(NR/CCC-)

275,000

5.000

01/01/2037

167,964

200,000

5.000

01/01/2038

119,449

650,000

5.000

01/01/2043

355,865

3,450,000

5.000

01/01/2049

1,802,776

1,100,000

5.125

01/01/2054

554,082

Arizona

Industrial

Development

Authority

RB

for

Provident

Group

-

EMU

Properties

LLC

Series

2018

(Caa3/NR)

1,000,000

5.000

*

05/01/2038

550,000

2,780,000

5.000

*

05/01/2043

1,529,000

3,450,000

5.000

*

05/01/2048

1,897,500

2,000,000

5.000

*

05/01/2051

1,100,000

Arizona

Industrial

Development

Authority

RB

for

Somerset

Academy

of

Las

Vegas

Series

2021

A

(NR/BB)

925,000

4.000

(c)

12/15/2041

770,753

2,115,000

4.000

(c)

12/15/2051

1,591,347

Arizona

Industrial

Development

Authority

RB

Refunding

for

Doral

Academy

of

Northern

Nevada

Obligated

Group

Series

2021

A

(Ba1/NR)

470,000

4.000

(c)

07/15/2051

351,742

445,000

4.000

(c)

07/15/2056

322,297

Arizona

Industrial

Development

Authority

RB

Refunding

for

Pinecrest

Academy

of

Nevada

Series

2020

A-1

(NR/BB+)

10,845,000

5.000

(c)

07/15/2053

9,737,767

City

of

Phoenix

Civic

Improvement

Corporation

RB

for

Junior

Lien

Airport

Series

2019

A

(Aa3/A+)

1,625,000

3.000

07/01/2049

1,279,143

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Arizona

–

(continued)

City

of

Phoenix

Civic

Improvement

Corporation

RB

for

Junior

Lien

Airport

Series

2019

B

(Aa3/A+)

$

2,710,000

3.250%

07/01/2049

$

2,156,311

County

of

Maricopa

IDA

Education

RB

Series

2021A

(NR/BB+)

1,250,000

4.000

(c)

07/01/2056

946,165

County

of

Maricopa

IDA

Education

RB

Taxable

Convertible

Series

2021B

(NR/BB+)

3,400,000

3.500

(c)

07/01/2044

2,590,202

County

of

Maricopa

IDA

Exempt

Facilities

RB

for

Commercial

Metals

Company

Project

Series

2022

(Ba2/BB+)

8,225,000

4.000

(c)

10/15/2047

7,160,160

County

of

Pima

IDA

Senior

Living

RB

for

La

Posada

at

Pusch

Ridge

Project

Series

2022A

(NR/NR)

4,500,000

6.875

(c)

11/15/2052

4,590,651

2,750,000

7.000

(c)

11/15/2057

2,818,942

Equitable

School

Revolving

Fund

National

Charter

School

Revolving

Loan

Fund

RB

(NR/A)

4,325,000

4.000

11/01/2051

4,104,942

Estrella

Mountain

Ranch

Community

Facilities

District

Lucero

Assessment

District

No.

1

Special

Assessment

RB

Series

2019

(NR/NR)

625,000

3.500

07/01/2029

579,512

595,000

4.100

07/01/2034

551,222

1,848,000

4.750

07/01/2043

1,657,790

Glendale

Industrial

Development

Authority

RB

for

People

of

Faith,

Inc.

Obligated

Group

Series

2020

A

(NR/NR)

7,430,000

5.000

05/15/2056

6,093,437

La

Paz

County

Industrial

Development

Authority

RB

for

American

Fiber

Optics

LLC

Series

2018

A

(NR/NR)

3,100,000

6.000

(c)

*

08/01/2028

1,395,000

16,130,000

6.250

(c)

*

08/01/2040

7,258,500

La

Paz

County

Industrial

Development

Authority

RB

for

Harmony

Public

Schools

Series

2021

A

(NR/BBB+)

580,000

4.000

02/15/2051

476,076

Maricopa

County

Industrial

Development

Authority

RB

for

Arizona

Autism

Charter

Schools

Obligated

Group

Series

2020

A

(NR/BB)

700,000

5.000

(c)

07/01/2050

633,424

1,340,000

5.000

(c)

07/01/2054

1,196,239

Maricopa

County

Industrial

Development

Authority

RB

for

Ottawa

University

Series

2020

(NR/NR)

1,885,000

5.250

(c)

10/01/2040

1,891,209

1,885,000

5.500

(c)

10/01/2051

1,866,292

Maricopa

County

Pollution

Control

Corp

Pollution

Control

Revenue

Refunding

Bonds

Series

A

(A2/A-)

2,000,000

2.400

06/01/2035

1,627,767

Pima

County

IDA

RB

Refunding

for

Career

Success

Schools,

Inc.

Series

2020

(NR/NR)

250,000

5.500

(c)

05/01/2040

242,131

950,000

5.750

(c)

05/01/2050

918,673

Tempe

Industrial

Development

Authority

RB

for

Tempe

Life

Care

Village

Obligated

Group

Series

2019

(NR/NR)

1,520,000

5.000

12/01/2050

1,309,165

1,900,000

5.000

12/01/2054

1,603,827

The

Industrial

Development

Authority

of

the

City

of

Phoenix

RB

Refunding

for

Downtown

Phoenix

Student

Housing

LLC

Series

2018

(Baa3/NR)

850,000

5.000

07/01/2037

875,476

1,000,000

5.000

07/01/2042

1,013,872

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Arizona

–

(continued)

The

Industrial

Development

Authority

of

The

County

of

Maricopa

Education

RB

(Legacy

Traditional

Schools

Projects)

Series

2021A

(NR/BB+)

$

1,150,000

4.000%

(c)

07/01/2051

$

894,733

The

Industrial

Development

Authority

of

The

County

of

Maricopa

Educational

Facilities

Valley

Christian

Schools

Project

RB

Series

2023A

(NR/NR)

1,700,000

6.250

(c)

07/01/2053

1,710,786

1,800,000

6.375

(c)

07/01/2058

1,818,535

142,331,197

Arkansas

-

0.3%

Arkansas

Development

Finance

Authority

Environmental

Improvement

RB

Series

2022

(AMT)

(NR/BB-)

13,675,000

5.450

09/01/2052

13,673,905

Arkansas

Development

Finance

Authority

RB

for

Baptist

Health

Obligated

Group

Series

2019

(NR/A)

5,370,000

3.200

12/01/2049

4,031,988

Arkansas

Development

Finance

Authority

RB

for

Central

Arkansas

Radiation

Therapy

Institute,

Inc.

Series

2021

B

(NR/NR)

1,300,000

4.250

07/01/2041

1,197,547

775,000

3.500

07/01/2046

590,162

500,000

4.000

07/01/2052

395,381

Arkansas

Development

Finance

Authority

RB

Refunding

for

Central

Arkansas

Radiation

Therapy

Institute,

Inc.

Series

2021

(NR/NR)

5,090,000

3.500

07/01/2038

4,068,718

23,957,701

California

-

9.0%

ABC

Unified

School

District

GO

Bonds

Series

2001

C

(NATL)

(Aa2/AA-)

1,600,000

0.000

(e)

08/01/2026

1,484,558

Alameda

Corridor

Transportation

Authority

Convertible

Capital

Appreciation

Bonds

Series

2022A

(AGM)

(A1/AA)

3,225,000

0.000

(g)

10/01/2051

1,751,780

Alameda

Corridor

Transportation

Authority

Convertible

Capital

Appreciation

Bonds

Series

2022A

(A3/A-)

1,850,000

0.000

(g)

10/01/2047

1,007,603

1,850,000

0.000

(g)

10/01/2048

995,487

2,300,000

0.000

(g)

10/01/2049

1,240,964

1,375,000

0.000

(g)

10/01/2050

738,896

Alhambra

California

Unified

School

District

Election

of

2008

GO

Bonds

Capital

Appreciation

for

Elementary

Schools

Improvement

District

Series

2011

B

(AGM)

(Aa2/AA)

4,995,000

0.000

(e)

08/01/2037

3,183,048

Alvord

Unified

School

District

GO

Bonds

Capital

Appreciation

for

2007

Election

Series

2007

B

(AGM)

(A1/AA)

2,050,000

0.000

(e)

08/01/2036

1,263,504

Bay

Area

Toll

Authority

San

Francisco

Bay

Area

Subordinate

Toll

Bridge

RB

2019

Series

S-8

(A1/AA-)

5,000,000

3.000

04/01/2054

3,860,088

Calaveras

Unified

School

District

GO

Bonds

for

Capital

Appreciation

Series

2000

(AGM)

(A1/AA)

1,055,000

0.000

(e)

08/01/2025

1,004,331

California

Community

Choice

Financing

Authority

Clean

Energy

Project

RB

Fixed

Rate

Green

Bonds

Series

2023E-1

(A1/NR)

3,000,000

5.000

(a)(b)

02/01/2054

3,238,648

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

California

–

(continued)

California

Community

Choice

Financing

Authority

Clean

Energy

Project

RB

Series

2023B

(A1/NR)

$

2,000,000

5.000%

(a)(b)

07/01/2053

$

2,124,476

California

Community

College

Financing

Authority

RB

for

NCCD-

Orange

Coast

Properties

LLC

Series

2018

(NR/BB+)

2,755,000

5.250

05/01/2048

2,796,288

2,850,000

5.250

05/01/2053

2,883,844

California

Community

College

Financing

Authority

Student

Housing

RB

for

Napa

Valley

College

Project

Series

2022A

(NR/NR)

5,775,000

5.750

(c)

07/01/2060

5,821,259

California

Community

Housing

Agency

Aster

Apartments

RB

Series

2021

A-1

(NR/NR)

2,875,000

4.000

(c)

02/01/2056

2,421,880

California

Community

Housing

Agency

Essential

Housing

Junior

RB

Series

2021A-2

(NR/NR)

2,300,000

4.000

(c)

08/01/2050

1,737,990

California

Community

Housing

Agency

Essential

Housing

RB

Series

2021A-1

(NR/NR)

1,825,000

3.000

(c)

02/01/2057

1,169,235

California

Community

Housing

Agency

RB

Series

2021A-1

Senior

Bonds

(NR/NR)

6,450,000

4.000

(c)

02/01/2056

5,300,096

California

County

tobacco

Securitization

Agency

RB

Refunding

for

Gold

Country

Settlement

Funding

Corp.

Series

2020

B-2

(NR/NR)

12,620,000

0.000

(e)

06/01/2055

2,555,089

California

County

Tobacco

Securitization

Agency

RB

Refunding

for

Merced

County

Tobacco

Funding

Corp.

Series

2020

B

(NR/NR)

1,350,000

5.000

06/01/2050

1,360,924

California

County

Tobacco

Securitization

Agency

RB

Refunding

for

Sonoma

County

Securitization

Corp.

Series

2020

B-2

(NR/NR)

7,375,000

0.000

(e)

06/01/2055

1,493,168

California

County

Tobacco

Securitization

Agency

RB

Refunding

Series

2020

A

(NR/BBB+)

875,000

4.000

06/01/2049

826,361

California

County

Tobacco

Securitization

Agency

RB

Refunding

Series

2020

B-1

(NR/BBB+)

330,000

5.000

06/01/2049

339,829

California

County

Tobacco

Securitization

Agency

RB

Refunding

Series

2020

B-2

(NR/NR)

127,560,000

0.000

(e)

06/01/2055

22,991,695

California

County

Tobacco

Securitization

Agency

Tobacco

Settlement

RB

Capital

Appreciation

Subordinate

Series

2006

C

(NR/NR)

145,220,000

0.000

(e)

06/01/2055

18,326,749

California

Enterprise

Development

Authority

RB

Refunding

for

Rocklin

Academy

Obligated

Group

Series

2021

A

(NR/BB+)

595,000

4.000

(c)

06/01/2061

445,768

California

Health

Facilities

Financing

Authority

RB

for

Commonspirit

Health

Series

2020A

(Baa1/A-)

5,705,000

4.000

04/01/2049

5,586,261

California

Health

Facilities

Financing

Authority

Refunding

RB

Lucile

Salter

Packard

Children'S

Hospital

At

Stanford

2022

Series

A

Forward

Delivery

(A1/A+)

2,525,000

4.000

05/15/2051

2,502,643

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

California

–

(continued)

California

Infrastructure

&

Economic

Development

Bank

Brightline

West

Passenger

Rail

Project

Series

RB

Series

2020A-1

(NR/NR)

$

900,000

5.000%

(c)

01/01/2055

$

709,991

California

Infrastructure

&

Economic

Development

Bank

for

Brightline

West

Passenger

Rail

Project

Series

RB

Series

2020A-3

(NR/NR)

14,435,000

8.000

(a)(b)(c)

01/01/2050

14,699,771

California

Municipal

Finance

Authority

Charter

School

Leave

Revenue

Refunding

Bonds

Series

2022

(NR/BB+)

750,000

5.000

07/01/2052

706,613

3,725,000

5.000

07/01/2062

3,428,293

California

Municipal

Finance

Authority

Community

Facilities

District

Special

Tax

Bonds

for

City

of

Chula

Vista

Series

2022

(NR/NR)

2,750,000

5.000

09/01/2052

2,852,460

5,250,000

5.000

09/01/2057

5,404,219

California

Municipal

Finance

Authority

RB

(California

Lutheran

University)

Series

2018

(Baa1/NR)

225,000

5.000

10/01/2035

238,895

California

Municipal

Finance

Authority

RB

for

Community

Medical

Centers

Series

2017

A

(A3/BBB+)

3,800,000

5.000

02/01/2042

3,897,456

10,000,000

5.000

02/01/2047

10,188,741

California

Municipal

Finance

Authority

RB

for

P3

Claremont

Holdings

LLC

Series

2020

A

(NR/NR)

1,135,000

5.000

(c)

07/01/2052

1,025,184

California

Municipal

Finance

Authority

RB

for

The

Learning

Choice

Academy

Series

2021

A

(NR/BBB-)

1,510,000

4.000

07/01/2051

1,256,987

1,035,000

4.000

07/01/2055

842,972

California

Municipal

Finance

Authority

RB

Refunding

for

California

Lutheran

University

Series

2018

(Baa1/NR)

250,000

5.000

10/01/2034

266,261

300,000

5.000

10/01/2037

315,283

300,000

5.000

10/01/2038

313,614

California

Municipal

Finance

Authority

RB

Refunding

for

Claremont

Graduate

University

Series

2020

B

(NR/NR)

1,090,000

5.000

(c)

10/01/2049

1,025,323

1,740,000

5.000

(c)

10/01/2054

1,613,930

California

Municipal

Finance

Authority

Senior

Lien

RB

for

Linxs

APM

Project

Series

2018A

(NR/NR)

7,395,000

5.000

12/31/2043

7,589,367

California

Municipal

Finance

Authority

Special

Facility

RB

For

United

Airlines

International

Airport

Project

Series

2019

(NR/BB-)

6,025,000

4.000

07/15/2029

5,922,200

California

Pollution

Control

Financing

Authority

Solid

Waste

Disposal

RB

for

Rialto

Bioenergy

Facility

LLC

Project

Series

2019

(NR/NR)

30,586,667

7.500

(c)

*

12/01/2040

2,294,000

California

Pollution

Control

Financing

Authority

Water

Furnishing

RB

for

Poseidon

Resources

Desalination

Project

Series

2012

(Baa3/NR)

1,325,000

5.000

(c)

07/01/2037

1,325,951

California

Pollution

Control

Financing

Authority

Water

Furnishing

RB

for

Poseidon

Resources

Desalination

Project

Series

2023

(Baa3/NR)

2,355,000

5.000

(c)

07/01/2035

2,524,132

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

California

–

(continued)

California

Pollution

Control

Financing

Authority

Water

Furnishing

RB

for

Poseidon

Resources

Desalination

Project

Series

2023

(Baa3/NR)

–

(continued)

$

1,730,000

5.000%

(c)

07/01/2037

$

1,830,498

1,750,000

5.000

(c)

07/01/2038

1,840,484

1,200,000

5.000

(c)

11/21/2045

1,229,162

California

Pollution

Control

Financing

Authority

Water

Furnishing

RB

for

Poseidon

Resources

LP

Desalination

Project

Series

2012

(AMT)

(Baa3/NR)

12,660,000

5.000

(c)

11/21/2045

12,661,137

California

Pollution

Control

Financing

Authority

Water

Furnishing

RB

Refunding

for

San

Diego

County

Water

Desalination

Project

Series

2019

(Baa3/NR)

8,500,000

5.000

(c)

11/21/2045

8,619,873

California

Pollution

Control

Financing

Authority

Water

Furnishing

RR

Bonds,

Series

2019

550,000

5.000

(c)

07/01/2039

564,899

California

Public

Finance

Authority

RB

for

Excelsior

Charter

School

Project

Series

2020

A

(NR/NR)

1,540,000

5.000

(c)

06/15/2050

1,409,279

1,030,000

5.000

(c)

06/15/2055

929,230

California

Public

Finance

Authority

Senior

Living

Revenue

Refunding

Bonds

for

Enso

Village

Project

Series

2021B1

(NR/NR)

900,000

3.125

(c)

05/15/2029

885,758

California

School

Finance

Authority

Charter

School

RB

for

Citizens

of

the

World

Obligated

Group

Series

2022A

(NR/BB-)

4,605,000

6.375

(c)

04/01/2062

4,629,103

California

School

Finance

Authority

Charter

School

RB

for

Classical

Academies

Oceanside

Project

Series

2022A

(NR/BBB-)

2,055,000

5.000

(c)

10/01/2052

2,062,718

3,250,000

5.000

(c)

10/01/2061

3,230,960

California

School

Finance

Authority

Charter

School

RB

for

Classical

Academies

Vista

Project

Serires

2021

(NR/BBB-)

1,450,000

4.000

(c)

10/01/2046

1,273,429

California

School

Finance

Authority

Charter

School

RB

for

Hawking

Steam

Charter

School

Project

Series

2022

(NR/BB+)

1,055,000

5.250

(c)

07/01/2052

1,056,491

745,000

5.375

(c)

07/01/2056

749,040

1,525,000

5.500

(c)

07/01/2062

1,537,924

California

School

Finance

Authority

Charter

School

RB

for

Lighthouse

Community

Public

School

Obligated

Group

Series

2022A

(NR/NR)

1,800,000

6.500

(c)

06/01/2062

1,851,804

California

School

Finance

Authority

Charter

School

RB

for

Orange

County

Educational

Arts

Academy

Project

Series

2023A

(NR/NR)

560,000

5.625

(c)

06/01/2043

562,659

California

School

Finance

Authority

Charter

School

RB

for

River

Springs

Charter

School

Series

2022A

(NR/BB+)

2,905,000

5.000

(c)

07/01/2052

2,605,146

4,190,000

5.000

(c)

07/01/2061

3,662,627

California

School

Finance

Authority

Charter

School

RB

for

Valley

International

Prepatory

High

School

Project

Series

2022A

(NR/NR)

1,230,000

5.250

(c)

03/01/2062

967,955

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

California

–

(continued)

California

School

Finance

Authority

Charter

School

RB

forOrange

County

Educational

Arts

Academy

Project

Series

2023A

(NR/NR)

$

700,000

5.875%

(c)

06/01/2053

$

703,294

California

School

Finance

Authority

Charter

School

Refunding

RB

Partnerships

to

Uplift

Communities

Project

Series

2023

(NR/BB+)

500,000

5.250

(c)

08/01/2038

504,474

550,000

5.500

(c)

08/01/2043

559,393

400,000

5.500

(c)

08/01/2047

402,644

California

School

Finance

Authority

RB

for

Classical

Academy

Obligated

Group

Series

2020

A

(NR/BBB-)

3,500,000

5.000

(c)

10/01/2050

3,513,464

California

School

Finance

Authority

RB

for

Fenton

Charter

Public

Schools

Series

2020

A

(NR/BB+)

2,770,000

5.000

(c)

07/01/2058

2,601,566

California

School

Finance

Authority

RB

for

iLEAD

Lancaster

Series

2021

A

(ST

INTERCEPT)

(NR/NR)

600,000

5.000

(c)

06/01/2051

549,830

1,220,000

5.000

(c)

06/01/2061

1,079,892

California

School

Finance

Authority

RB

for

Lifeline

Education

Charter

School,

Inc.

Series

2020

A

(NR/BB+)

1,340,000

5.000

(c)

07/01/2045

1,256,128

1,240,000

5.000

(c)

07/01/2055

1,120,332

California

School

Finance

Authority

RB

for

Santa

Clarita

Valley

International

Charter

School

Series

2021

A

(NR/NR)

600,000

4.000

(c)

06/01/2041

504,733

700,000

4.000

(c)

06/01/2051

540,740

1,220,000

4.000

(c)

06/01/2061

896,108

California

School

Finance

Authority

RB

for

VSF

School

Facilities

No.

1

LLC

Series

2020

A

(NR/BBB-)

2,420,000

5.000

(c)

07/01/2059

2,378,781

California

School

Finance

Authority

RB

for

VSF

School

Facilities

No.

1

LLC

Series

2020

B

(NR/BBB-)

975,000

4.000

(c)

07/01/2045

848,753

California

School

Finance

Authority

School

Facility

Refunding

RB

for

Value

Schools

Series

2023A

(ST

INTERCEPT)

(NR/BBB-)

700,000

5.250

(c)

07/01/2048

712,350

California

Statewide

Communities

Development

Authority

500,000

5.000

08/01/2038

517,854

California

Statewide

Communities

Development

Authority

CFD

No.

2022-03

Sheldon

Farms

Special

Tax

Bonds,

Series

2023

(NR/NR)

1,000,000

5.000

09/01/2053

1,000,360

California

Statewide

Communities

Development

Authority

Community

Facilities

District

No.

2007-01

Special

Tax

Refunding

for

Orinda

Wilder

Project

Series

2015

(NR/NR)

765,000

5.000

09/01/2037

781,547

California

Statewide

Communities

Development

Authority

Community

Facilities

District

No.

2018-02

Special

Tax

for

Improvement

Area

No.

1

Series

2020

(NR/NR)

2,880,000

7.250

(c)

09/01/2050

2,857,327

California

Statewide

Communities

Development

Authority

Community

Facilities

District

No.

2020-02

Special

Tax

for

Improvement

Area

No.

1

Series

2021

(NR/NR)

3,245,000

4.000

09/01/2051

2,971,784

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

California

–

(continued)

California

Statewide

Communities

Development

Authority

Community

Facilities

District

Special

Tax

Bonds

Series

2022

(NR/NR)

$

4,500,000

5.000%

09/01/2052

$

4,561,128

California

Statewide

Communities

Development

Authority

Infrastructure

Program

Special

Assessment

Bonds

Series

2018

B

(NR/NR)

575,000

5.000

09/02/2043

598,235

California

Statewide

Communities

Development

Authority

Infrastructure

Program

Special

Assessment

Bonds

Series

2019

A

(NR/NR)

1,345,000

5.000

09/02/2039

1,430,880

895,000

5.000

09/02/2044

938,443

California

Statewide

Communities

Development

Authority

RB

for

Lancer

Educational

Housing

LLC

Project

Series

2019

A

(NR/NR)

375,000

5.000

(c)

06/01/2034

381,559

475,000

5.000

(c)

06/01/2039

471,452

1,340,000

5.000

(c)

06/01/2051

1,245,645

California

Statewide

Communities

Development

Authority

RB

for

Lancer

Plaza

Project

Series

2013

(NR/NR)

1,875,000

5.875

11/01/2043

1,875,693

California

Statewide

Communities

Development

Authority

RB

for

Loma

Linda

University

Medical

Center

Obligated

Group

Series

2018

A

(NR/BB)

10,095,000

5.500

(c)

12/01/2058

10,322,408

California

Statewide

Communities

Development

Authority

RB

for

Loma

Linda

University

Medical

Center

Series

2014A

(NR/BB)

17,750,000

5.250

12/01/2044

17,794,201

California

Statewide

Communities

Development

Authority

RB

for

Loma

Linda

University

Medical

Center

Series

2016A

(NR/BB)

1,600,000

5.000

(c)

12/01/2041

1,596,666

2,080,000

5.000

(c)

12/01/2046

2,056,719

10,030,000

5.250

(c)

12/01/2056

10,060,011

California

Statewide

Communities

Development

Authority

RB

for

Marin

General

Hospital

Obligated

Group

Series

2018

A

(NR/BBB)

3,000,000

4.000

08/01/2045

2,759,579

California

Statewide

Communities

Development

Authority

RB

for

Marin

General

Hospital

Series

2018A

(NR/BBB)

175,000

5.000

08/01/2037

182,512

California

Statewide

Communities

Development

Authority

RB

for

NCCD-Hooper

Street

LLC

Project

Series

2019

(NR/B)

2,350,000

5.250

(c)

07/01/2039

2,382,419

3,125,000

5.250

(c)

07/01/2049

3,124,853

1,900,000

5.250

(c)

07/01/2052

1,891,643

California

Statewide

Communities

Development

Authority

RB

Green

Bonds

for

Marin

General

Hospital

Series

2018A

(NR/BBB)

365,000

5.000

08/01/2028

387,343

California

Statewide

Communities

Development

Authority

RB

Refunding

for

California

Baptist

University

Series

2017

A

(NR/NR)

935,000

5.000

(c)

11/01/2032

956,162

1,875,000

5.000

(c)

11/01/2041

1,863,934

California

Statewide

Communities

Development

Authority

RB

Refunding

for

Loma

Linda

University

Medical

Center

Series

2014

A

(NR/BB)

13,765,000

5.500

12/01/2054

13,735,067

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

California

–

(continued)

California

Statewide

Communities

Development

Authority

Special

Assessment

Bond

Series

2020

(NR/NR)

$

1,230,000

4.000%

09/02/2050

$

1,067,309

California

Statewide

Communities

Development

Authority

Special

Assessment

Bonds

Series

2018

C

(NR/NR)

3,245,000

5.000

09/02/2038

3,422,531

4,000,000

5.000

09/02/2048

4,126,315

California

Statewide

Communities

Development

Authority

Special

Assessment

Series

2021

A

(NR/NR)

1,990,000

4.000

09/02/2051

1,663,227

California

Statewide

Communities

Development

Authority

Special

Tax

Bonds

Series

2022

(NR/NR)

1,525,000

5.250

09/01/2052

1,571,374

California

Statewide

Communities

Development

Authority

Student

Housing

RB

for

University

of

California

Irvine

East

Campus

Apartments,

Phase

IV-A

CHF-Irvine,

LLC

Series

2017

(Baa1/NR)

3,075,000

5.000

05/15/2047

3,105,182

California

Statewide

Financing

Authority

Tobacco

Settlement

RB

Capital

Appreciation

for

Turbo

Pooled

Program

Series

2006

B

(NR/NR)

36,600,000

0.000

(e)

06/01/2046

5,966,115

Capistrano

Unified

School

District

Special

Tax

for

Capital

Appreciation

Series

2005

(NATL)

(Baa2/NR)

7,000,000

0.000

(e)

09/01/2033

4,872,743

Chino

Public

Financing

Authority

Tax

Exempt

RB

Series

2019

A

(NR/NR)

190,000

3.000

09/01/2037

166,766

195,000

3.000

09/01/2038

165,955

205,000

3.000

09/01/2039

171,221

210,000

3.000

09/01/2040

171,680

715,000

3.125

09/01/2044

567,565

City

&

County

of

San

Francisco

Community

Facilities

District

No.

2016-1

Special

Tax

Bonds

Series

2021

(NR/NR)

925,000

4.000

09/01/2051

815,451

City

&

County

of

San

Francisco

Special

Tax

District

No.

2020-1

for

Mission

Rock

Facilities

and

Services

Series

2021

A

(NR/NR)

1,500,000

4.000

(c)

09/01/2051

1,279,341

City

and

County

of

San

Francisco

Special

Tax

District

No.

2020-1

1,345,000

5.750

(c)

09/01/2053

1,396,959

City

and

County

of

San

Francisco

Special

Tax

District

No.

2020-1

1,650,000

5.750

(c)

09/01/2053

1,713,741

City

of

Alameda

Community

Facilities

District

2023

Special

Tax

Bonds

(NR/NR)

1,050,000

5.000

09/01/2053

1,033,274

City

of

Beaumont

Community

Facilities

District

No.

2016-3

Special

Tax

Bonds

for

Sundance

Series

2023

(NR/NR)

900,000

5.000

09/01/2053

916,211

City

of

Chino

CA

Community

Facilities

District

No.

2003-3

Special

Tax

for

Improvement

Area

No.

7

Series

2020

(NR/NR)

515,000

4.000

09/01/2040

502,852

City

of

Chino

Community

Facilities

Improvement

Area

Special

Tax

Bonds

Series

2022

(NR/NR)

2,700,000

5.375

09/01/2052

2,813,539

City

of

Dublin,

Community

Facilities

District

No.

2015-1

1,150,000

5.375

09/01/2051

1,191,750

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

California

–

(continued)

City

of

Fairfield

Community

Facilities

District

No.

2019-1

for

Improvement

Area

No.

1

Series

2020

A

(NR/NR)

$

850,000

5.000%

(c)

09/01/2050

$

865,538

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

3,035,605

City

of

Los

Angeles

Department

of

Airports

International

Airport

Subordinate

RB

2018

Series

F

(Aa3/AA-)

4,500,000

4.000

05/15/2049

4,389,809

City

of

Los

Angeles

Department

of

Airports

International

Airport

Subordinate

RB

2023

Series

A

(Aa3/AA-)

450,000

4.125

05/15/2043

452,612

City

of

Oroville

RB

for

Oroville

Hospital

Series

2019

(NR/NR)

1,900,000

5.250

04/01/2034

1,164,218

3,565,000

5.250

04/01/2039

2,154,022

City

of

Palm

Desert

Community

Facilities

District

No.

2021-1

Special

Tax

Refunding

Bonds

Series

2021

(NR/NR)

425,000

3.000

09/01/2031

400,802

450,000

4.000

09/01/2041

425,527

550,000

4.000

09/01/2051

484,095

City

of

Palm

Desert

Section

29

Assessment

District

No.

2004-02

Special

Assessment

Refunding

Bonds

Series

2021

(NR/NR)

1,700,000

4.000

09/02/2037

1,678,091

City

of

Palo

Alto

Limited

Obligation

Refunding

Improvement

Bonds

for

University

Avenue

Area

off-Street

Parking

Assessment

District

Series

2012

(NR/A-)

540,000

5.000

09/02/2030

542,129

City

of

Rancho

Cordova

Sunridge

Anatolia

Community

Facilities

District

Special

Tax

Bonds

Series

2016

(NR/NR)

500,000

4.000

09/01/2029

507,272

City

of

Roseville

Special

Tax

Bonds

for

Creekview

Community

Facilities

District

No.

1

Series

2023

(NR/NR)

1,650,000

5.250

09/01/2053

1,678,088

City

of

Roseville

Special

Tax

The

Ranch

at

Sierra

Vista

Community

Facilities

District

No.

1

Series

2020

(NR/NR)

325,000

4.000

09/01/2035

326,782

375,000

4.000

09/01/2040

360,064

425,000

4.000

09/01/2045

389,760

950,000

4.000

09/01/2050

835,501

City

of

Roseville

Special

Tax

Villages

at

Sierra

Vista

Community

Facilities

District

No.

1

Series

2020

(NR/NR)

475,000

4.000

09/01/2045

425,986

City

of

Sacramento

Natomas

Meadows

Community

Facilities

District

No.

2007-01

Special

Tax

Bonds

for

Improvement

Area

No.

1

Series

2017

(NR/NR)

280,000

5.000

(c)

09/01/2032

291,321

700,000

5.000

(c)

09/01/2037

726,713

1,745,000

5.000

(c)

09/01/2047

1,785,891

City

of

San

Francisco

Airport

Commission

International

Airport

Second

Series

RB

Series

2019A

(A1/A+)

2,000,000

5.000

05/01/2049

2,070,066

City

of

San

Francisco

Improvement

Area

Community

Facilities

District

Special

Tax

Bonds

Series

2021

(NR/NR)

925,000

4.000

09/01/2046

843,346

City

of

San

Jose,

California

Airport

Revenue

Refunding

Bonds

Series

2017A

(A2/A)

4,110,000

5.000

03/01/2047

4,167,300

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

California

–

(continued)

CMFA

Special

Finance

Agency

Essential

Housing

RB

Seres

2021A-1

(NR/NR)

$

4,465,000

3.000%

(c)

12/01/2056

$

3,019,614

CMFA

Special

Finance

Agency

VIII

Essential

Housing

RB

2021A-

1

(NR/NR)

5,500,000

3.000

(c)

08/01/2056

3,609,875

Community

Facilities

District

No.

2016-1

of

The

Root

Creek

Water

District

Improvement

Area

No.

2

Special

Tax

Bonds

Series

2023

(NR/NR)

1,600,000

5.000

09/01/2053

1,622,628

Community

Facilities

District

No.

2023-1

of

The

County

of

Orange

(Rienda

Phase

2B)

2023

Series

A

Special

Tax

Bonds

(NR/NR)

1,260,000

5.500

08/15/2053

1,317,905

County

of

El

Dorado

CA

Community

Facilities

District

No.

2018-1

Bass

Lake

Hills

Special

Tax

Bonds

Series

2019

(NR/NR)

2,600,000

5.000

09/01/2044

2,678,003

200,000

4.000

09/01/2045

186,274

County

of

Los

Angeles

Community

Facilities

District

Special

Tax

Bonds

Series

2022

(NR/NR)

2,775,000

5.000

09/01/2052

2,850,299

County

of

San

Diego

Community

Facilities

District

No.

2008-01

Special

Tax

Series

2020

A

(NR/NR)

695,000

3.000

09/01/2050

499,585

CSCDA

Community

Improvement

Authority

Essential

Housing

RB

Series

2021A-2

(NR/NR)

11,225,000

3.000

(c)

12/01/2056

7,632,220

CSCDA

Community

Improvement

Authority

Essential

Housing

Senior

Lien

RB

Series

2021A-1

(NR/NR)

6,725,000

3.600

(c)

05/01/2047

5,052,343

CSCDA

Community

Improvement

Authority

Essential

Housing

Senior

Lien

RB

Series

2021A-2

(NR/NR)

900,000

3.250

(c)

04/01/2057

620,979

Denair

California

Unified

School

District

GO

Bonds

Capital

Appreciation

Election

2001

Series

2003

B

(NATL)

(Baa2/A-)

1,305,000

0.000

(e)

08/01/2027

1,159,417

Dublin

Unified

School

District

GO

Bonds

Election

of

2020

Seried

B

(Aa1/AA+)

15,000,000

4.250

08/01/2053

15,578,106

East

Garrison

Public

Finance

Authority

Special

Tax

for

East

Garrison

Project

Series

2019

(NR/NR)

455,000

3.125

09/01/2044

358,757

Eastern

Foothill

Transportation

Corridor

Agency

Senior

Lien

Toll

Road

Refunding

RB

Series

2021A

(Baa1/A)

1,000,000

4.000

01/15/2046

986,584

El

Rancho

California

Unified

School

District

GO

Bonds

Capital

Appreciation

Election

2003

Series

2007

(NATL)

(Baa2/NR)

5,400,000

0.000

(e)

08/01/2032

4,096,836

Fairfield

COPS

Capital

Appreciation

for

Water

Financing

Series

2007

A

(AGC)

(WR/AA)

4,180,000

0.000

(e)

04/01/2029

3,546,141

Folsom

Cordova

Unified

School

District

No.

4

GO

for

School

Facilities

Improvement

Capital

Appreciation

for

Election

of

2006

Series

2007

A

(NATL)

(Aa2/AA-)

3,460,000

0.000

(e)

10/01/2032

2,647,859

Foothill/Eastern

Transportation

Corridor

Agency

toll

Road

RB

Refunding

Capital

Appreciation

Senior

Lien

Series

2015

A

(AGM)

(A1/AA)

10,000,000

0.000

(e)

01/15/2035

6,873,768

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

California

–

(continued)

Foothill/Eastern

Transportation

Corridor

Agency

Toll

Road

RB

Refunding

RMKT

08/24/17

Series

2013

B

Subseries

B-1

(Baa1/A)

$

22,010,000

3.950%

01/15/2053

$

20,723,936

Golden

State

Securitization

Settlement

Corp

ABS

Bond

Series

2021

2021B-1

(NR/BBB-)

19,590,000

3.850

06/01/2050

18,120,493

Golden

State

tobacco

Securitization

Corp.

tobacco

Settlement

Asset

Backed

Bonds

Series

2022A-1

(NR/BBB+)

5,375,000

5.000

06/01/2051

5,632,091

Golden

State

tobacco

Securitization

Settlement

Corp

ABS

Bond

Series

2021B-2

(NR/NR)

53,240,000

0.000

(e)

06/01/2066

6,263,782

Golden

Valley

Unified

School

District

Financing

Authority

RB

for

Golden

Valley

Unified

School

District

Community

Facilities

District

No.

2017-1

Series

2021

A

(NR/NR)

250,000

4.000

09/01/2046

223,724

750,000

4.000

09/01/2056

634,701

Improvement

Area

B

of

The

City

of

Fillmore

Community

Facilities

District

No.

5,

Heritage

Valley

Parks

Special

Tax

Bonds

Series

2023

(NR/NR)

3,500,000

5.000

09/01/2053

3,557,617

Improvement

Area

No.

1

of

California

Municipal

Finance

Authority

Community

Facilities

District

No.

2023-5

Special

Tax

Bonds,

Series

2023

(NR/NR)

1,000,000

5.500

09/01/2048

1,039,800

1,000,000

5.625

09/01/2053

1,043,896

Inland

Empire

Tobacco

Securitization

Authority

RB

Turbo

Asset-

Backed

Bonds

for

Capital

Appreciation

Series

2007

C-1

(NR/CCC)

100,945,000

0.000

(e)

06/01/2036

44,958,329

Inland

Empire

tobacco

Securitization

Authority

RB

Turbo

Asset-

Backed

Bonds

for

Capital

Appreciation

Series

2007

C-2

(NR/CCC)

51,235,000

0.000

(e)

06/01/2047

10,828,968

Inland

Empire

tobacco

Securitization

Authority

RB

Turbo

Asset-Backed

Bonds

for

Capital

Appreciation

Series

2007

D

(NR/CCC)

290,580,000

0.000

(e)

06/01/2057

24,039,335

Irvine

Unified

School

District

Community

Facilities

District

Special

Tax

Bonds

Series

2017

D

(NR/NR)

4,600,000

5.000

03/01/2057

4,703,930

Lemoore

Redevelopment

Agency

Tax

Allocation

for

Lemoore

Redevelopment

Project

Series

2011

(NR/A-)

75,000

6.625

08/01/2024

75,165

Lodi

Unified

School

District

GO

Bonds

Series

2021

(Aa2/NR)

3,700,000

3.000

08/01/2046

3,123,998

Los

Angeles

County

GO

Bonds

for

Westside

Union

School

District

Election

Series

2008

B

(Aa2/AA-)

49,925,000

0.000

(e)

08/01/2050

15,590,554

Merced-Union

High

School

District

Election

of

2008

GO

Bonds

Series

2011

C

(Aa3/NR)

3,760,000

0.000

(e)

08/01/2035

2,573,985

M-S-R

Energy

Authority

Gas

RB

Series

2009

A

(NR/BBB+)

12,950,000

6.500

11/01/2039

16,669,474

M-S-R

Energy

Authority

Gas

RB

Series

2009

B

(NR/BBB+)

3,000,000

6.500

11/01/2039

3,861,654

M-S-R

Energy

Authority

Gas

RB

Series

2009

C

(NR/BBB+)

8,200,000

6.125

11/01/2029

8,894,331

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

California

–

(continued)

M-S-R

Energy

Authority

Gas

RB

Series

2009

C

(NR/BBB+)

–

(continued)

$

20,315,000

6.500%

11/01/2039

$

26,149,836

Mt.

Diablo

Unified

School

District

GO

Bonds

Capital

Appreciation

for

Election

of

2010

Series

2010

A

(AGM)

(Aa3/AA)

5,000,000

5.500

08/01/2030

5,211,392

New

Haven

Unified

School

District

GO

Refunding

Bonds

for

Capital

Appreciation

Series

2009

(AGC)

(Aa2/AA)

860,000

0.000

(e)

08/01/2025

820,096

1,105,000

0.000

(e)

08/01/2026

1,024,231

5,550,000

0.000

(e)

08/01/2030

4,571,205

7,855,000

0.000

(e)

08/01/2032

6,055,769

7,000,000

0.000

(e)

08/01/2034

5,022,781

Orange

County

California

Community

Facilities

District

No.

2015-1

Village

of

Esencia

Special

Tax

Bonds

Series

2015

A

(NR/NR)

1,000,000

5.250

08/15/2045

1,016,060

Orange

County

California

Community

Facilities

District

No.

2017-1

Village

of

Esencia

Special

Tax

Bonds

Series

2018

A

(NR/NR)

200,000

5.000

08/15/2028

216,781

Palomar

Pomerado

Health

GO

Bonds

Capital

Appreciation

for

Election

of

2004

Series

2009

A

(AGC)

(A1/AA)

10,750,000

7.000

08/01/2038

12,605,146

Poway

Unified

School

District

GO

Bonds

Capital

Appreciation

for

School

Facility

Improvement

Series

2011

B

(Aa2/AA-)

1,300,000

0.000

(e)

08/01/2040

695,616

Rancho

Cordova

Community

Facilities

District

No.

2003-1

Special

Tax

Refunding

for

Sunridge

Anatolia

Series

2016

(NR/NR)

900,000

3.000

09/01/2032

853,224

820,000

3.000

09/01/2033

772,503

750,000

3.000

09/01/2034

701,162

Rancho

Cordova

Community

Facilities

District

No.

2018-1

Special

Tax

for

Grantline

208

Series

2019

(NR/NR)

400,000

5.000

09/01/2049

413,978

Rialto

Unified

School

District

County

of

San

Bernardino,

California

GO

Bonds,

Election

of

2022,

Series

2023

(BAM)

(Aa3/AA)

4,000,000

4.000

08/01/2052

4,034,108

Rialto

Unified

School

District

GO

Election

of

2010

Series

2011

A

(AGM)

(Aa3/AA)

6,200,000

0.000

(e)

08/01/2036

3,782,505

River

Islands

Public

Financing

Authority

CFD

Improvement

Area

Subordinate

Special

Tax

Refunding

Bonds

Series

2022B-1

(NR/NR)

2,775,000

5.250

09/01/2047

2,870,476

3,875,000

5.000

09/01/2052

3,884,062

Riverside

County

Redevelopment

Agency

Tax

Allocation

for

Capital

Appreciation

Jurupa

Valley

Redevelopment

Project

Area

Series

2011

B

(NR/A+)

2,220,000

0.000

(e)

10/01/2033

1,593,940

2,220,000

0.000

(e)

10/01/2035

1,477,581

1,840,000

0.000

(e)

10/01/2037

1,105,806

5,100,000

0.000

(e)

10/01/2038

2,879,184

8,425,000

0.000

(e)

10/01/2039

4,493,940

13,395,000

0.000

(e)

10/01/2040

6,764,656

7,275,000

0.000

(e)

10/01/2041

3,488,429

6,360,000

0.000

(e)

10/01/2042

2,902,395

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

California

–

(continued)

San

Bernardino

City

Unified

School

District

GO

Bonds

Capital

Appreciation

for

Election

of

1999

Series

2003

C

(NATL)

(A1/A+)

$

1,420,000

0.000%

(e)

08/01/2025

$

1,347,400

San

Diego

County

Regional

Airport

Authority

Subordinate

Airport

RB

Series

2021B

(A2/NR)

1,755,000

5.000

07/01/2046

1,849,902

2,165,000

5.000

07/01/2056

2,256,374

San

DieGO

County

Regional

Airport

Authority

Subordinate

Airport

RB

Series

2021B

(AMT)

(A2/NR)

1,080,000

5.000

07/01/2051

1,128,310

San

Diego

Unified

School

District

2010

GO

Bonds

(Aa2/AA-)

900,000

0.000

(e)

07/01/2043

411,175

San

Diego

Unified

School

District

GO

Refunding

Bonds

Series

2012

R-1

(Aa2/AA-)

10,000,000

0.000

(e)

07/01/2030

8,253,186

3,305,000

0.000

(e)

07/01/2031

2,640,058

San

Gorgonio

Memorial

Health

Care

District

GO

Refunding

Bonds

Series

2020

(Ba2/NR)

1,370,000

4.000

08/01/2032

1,274,806

1,560,000

4.000

08/01/2033

1,429,228

1,680,000

4.000

08/01/2034

1,524,740

1,810,000

4.000

08/01/2035

1,621,638

1,945,000

4.000

08/01/2036

1,712,943

San

Juan

Unified

School

District

GO

Bonds

for

Capital

Appreciation

Series

2000

(NATL)

(Aa2/A+)

1,595,000

0.000

(e)

08/01/2025

1,516,040

Santa

Monica

Redevelopment

Agency

Tax

Allocation

for

Earthquake

Recovery

Redevelopment

Project

Series

2011

(NR/AA)

2,000,000

5.000

07/01/2042

2,002,342

Silicon

Valley

tobacco

Securitization

Authority

tobacco

Settlement

ABS

Series

2007D

(NR/NR)

27,250,000

0.000

(e)

06/01/2056

2,538,313

Silicon

Valley

tobacco

Securitization

Authority

tobacco

Settlement

Asset

Backed

RB

Series

2007

C

(NR/NR)

91,400,000

0.000

(e)

06/01/2056

9,348,374

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

4,003,565

Tejon

Ranch

Public

Facilities

Financing

Authority

Special

Tax

for

Community

Facilities

District

No.

2008-1

Series

2020

(NR/NR)

4,750,000

4.000

09/01/2050

4,269,784

The

Regents

of

The

University

of

California

Medical

Center

Pooled

RB

2013

Series

K

(Aa3/AA-/A-1+)

11,445,000

3.950

(a)(b)

05/15/2047

11,445,000

Tobacco

Securitization

Authority

of

Southern

California

RB

Refunding

for

San

Diego

County

Tobacco

Asset

Securitization

Corp.

Series

2019

B-2

(NR/NR)

9,510,000

0.000

(e)

06/01/2054

1,814,771

Transbay

Joint

Powers

Authority

Tax

Allocation

for

Transbay

Redevelopment

Project

Series

2020

A

(NR/NR)

2,155,000

5.000

10/01/2049

2,208,597

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

762,528

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

California

–

(continued)

William

S.

Hart

Union

High

School

District

GO

Bonds

Capital

Appreciation

2008

Election

Series

B

(AGM)

(Aa2/AA)

$

8,360,000

0.000%

(e)

08/01/2034

$

6,023,676

Yosemite

Community

College

District

GO

Bonds

Election

of

2004

Series

2010

D

(Aa2/AA-)

19,135,000

0.000

(g)

08/01/2042

15,920,804

848,281,198

Colorado

-

5.6%

Allison

Valley

Metropolitan

District

No.

2

GO

Refunding

Bonds

Series

2020

(NR/NR)

1,575,000

4.700

12/01/2047

1,318,421

Amber

Creek

Metropolitan

District

GO

Refunding

&

Improvement

Bonds

Series

2017

A

(NR/NR)

595,000

5.000

12/01/2037

545,156

613,000

5.125

12/01/2047

535,495

Arista

Metropolitan

District

In

The

City

and

County

of

Broomfield,

Colorado

Subordinate

Limited

Tax

GO

and

Special

RR

and

Improvement

Bonds

Series

2023B

(NR/NR)

2,260,000

8.250

12/15/2039

2,329,460

Aurora

Crossroads

Metropolitan

District

No.

2

GO

Bonds

Series

2020

B

(NR/NR)

4,000,000

7.750

12/15/2050

3,757,942

Banning

Lewis

Ranch

Metropolitan

District

No.

8

GO

Bonds

Series

2021

(NR/NR)

4,000,000

4.875

(c)

12/01/2051

3,100,577

Banning

Lewis

Ranch

Regional

Metropolitan

District

No.

2

GO

Bonds

Series

2021

(NR/NR)

4,690,000

5.750

12/01/2051

4,195,439

Belford

North

Metropolitan

District

GO

Bonds

Series

2020

A

(NR/NR)

3,250,000

5.500

12/01/2050

2,957,760

Belford

North

Metropolitan

District

GO

Bonds

Series

2020

B

(NR/NR)

6,000,000

8.500

12/15/2050

5,704,079

Bella

Mesa

Metropolitan

District

GO

Convertible

Capital

Appreciation

Bonds

Series

2020

A

(NR/NR)

1,930,000

0.000

(c)(g)

12/01/2049

1,703,769

Bent

Grass

Metropolitan

District

Refunding

GO

Bonds

Series

2020

(NR/NR)

1,185,000

5.250

(c)

12/01/2049

1,128,580

Brighton

Crossing

Metropolitan

District

No.

4

Limited

Tax

GO

Bonds

Subordinate

Series

2017

B

(NR/NR)

670,000

7.000

12/15/2047

630,350

Brighton

Crossing

Metropolitan

District

No.

6

Limited

Tax

GO

Bonds

Series

2020A(3)

(NR/NR)

3,835,000

5.000

12/01/2050

3,350,265

Buffalo

Highlands

Metropolitan

District

GO

Bonds

Series

2018

A

(NR/NR)

2,250,000

5.375

12/01/2048

2,168,098

Canyon

Pines

Metropolitan

District

Special

Improvement

District

No.

1

Special

Assessment

Bond

Series

2021

A-2

(NR/NR)

11,500,000

3.750

12/01/2040

9,001,538

Canyons

Metropolitan

District

No.

5

GO

Refunding

&

Improvement

Bonds

Senior

Series

2017

A

(NR/NR)

1,750,000

6.000

12/01/2037

1,750,199

4,000,000

6.125

12/01/2047

4,002,365

Canyons

Metropolitan

District

No.

5

GO

Refunding

&

Improvement

Bonds

Series

2017

A

(NR/NR)

2,000,000

6.125

12/01/2047

1,993,645

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Colorado

–

(continued)

Cascade

Ridge

Metropolitan

District

GO

Bonds

Series

2021

(NR/NR)

$

2,500,000

5.000%

12/01/2051

$

2,129,950

Castleview

Metropolitan

District

LT

GO

Bonds

Series

2021A3

(NR/NR)

4,220,000

5.000

12/01/2050

3,456,399

Chambers

Highpoint

Metropolitan

District

No.

2

GO

Bonds

Series

2021

(NR/NR)

835,000

5.000

12/01/2051

694,203

Cherry

Creek

South

Metropolitan

District

Lt

Go

Bonds

Series

2021

(NR/NR)

9,400,000

6.000

12/01/2051

7,782,157

Citadel

on

Colfax

Business

Improvement

District

Senior

RB

Series

2020

A

(NR/NR)

2,575,000

5.350

12/01/2050

2,343,169

City

of

Denver

Airport

System

Subordinate

RB

Series

2018A

(A1/A+)

7,000,000

4.000

12/01/2043

6,915,122

Clear

Creek

Transit

Metropolitan

District

No.

2

GO

Bonds

Series

2021

A

(NR/NR)

580,000

5.000

12/01/2041

538,459

Cloverleaf

Metropolitan

District

GO

LT

Bonds

Series

2022A

(NR/NR)

1,825,000

6.000

12/01/2051

1,835,072

Colorado

Education

&

Cultural

Facilities

Authority

Charter

School

RB

Series

2021

(Baa3/NR)

2,075,000

4.000

10/01/2061

1,618,672

Colorado

Educational

&

Cultural

Facilities

Authority

RB

for

Aspen

View

Academy,

Inc.

Series

2021

(Baa3/NR)

475,000

4.000

05/01/2051

394,998

1,000,000

4.000

05/01/2061

794,293

Colorado

Educational

&

Cultural

Facilities

Authority

RB

for

Vega

Collegiate

Academy

Series

2021

A

(ST

INTERCEPT)

(Ba2/NR)

900,000

5.000

(c)

02/01/2051

773,792

2,335,000

5.000

(c)

02/01/2061

1,941,543

Colorado

Educational

&

Cultural

Facilities

Authority

RB

Refunding

for

Rocky

Mountain

Classical

Academy

Project

Series

2019

(Ba1/NR)

6,000,000

5.000

(c)

10/01/2059

5,206,673

Colorado

Educational

and

Cultural

Facilities

Authority

Charter

School

RB

for

James

Irwin

Educational

Foundation

Project

Series

2022

(NR/BBB)

1,580,000

5.000

09/01/2057

1,594,897

1,955,000

5.000

09/01/2062

1,966,565

Colorado

Educational

and

Cultural

Facilities

Authority

Charter

School

RB

for

Mountain

Phoenix

Community

School

Project

Series

2023

(NR/NR)

4,355,000

6.250

(c)

07/01/2053

4,357,274

Colorado

Health

Facilities

Authority

American

Eagle

Delaware

Holding

Company

Series

2022A-1

(NR/NR)

3,245,000

6.000

07/01/2036

3,161,649

Colorado

Health

Facilities

Authority

American

Eagle

Delaware

Holding

Company

Series

2022A-2

(NR/NR)

2,055,000

6.000

07/01/2031

2,030,173

Colorado

Health

Facilities

Authority

RB

for

Commonspirit

Health

Series

2022A

(Baa1/A-)

2,500,000

5.250

11/01/2052

2,653,480

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Colorado

–

(continued)

Colorado

Health

Facilities

Authority

RB

for

Parkview

Medical

Center,

Inc.

Obligated

Group

Series

2020

A

(Aa2/NR)

$

2,650,000

4.000%

09/01/2050

$

2,538,133

Colorado

Health

Facilities

Authority

RB

for

Senior

Living

American

Eagle

Portfolio

Project

Series

2022B-1

(NR/NR)

33,381,200

5.000

(a)

07/01/2057

25,834,295

Colorado

Health

Facilities

Authority

RB

Refunding

for

Christian

Living

Neighborhoods

Obligated

Group

Series

2021

(NR/NR)

950,000

4.000

01/01/2042

801,032

Colorado

Health

Facilities

Authority

RB

Refunding

for

CommonSpirit

Health

Obligated

Group

Series

2019

A-2

(Baa1/A-)

2,135,000

3.250

08/01/2049

1,595,508

Colorado

High

Performance

Transportation

Enterprise

C-470

Express

Lanes

Senior

RB

Series

2017

(NR/NR)

900,000

5.000

12/31/2051

901,811

9,680,000

5.000

12/31/2056

9,694,831

Colorado

Springs

Urban

Renewal

Authority

RB

for

Canyon

Creek

Project

Series

2018

A

(NR/NR)

3,000,000

5.750

*

12/01/2047

2,459,082

Conestoga

Metropolitan

District

LT

GO

Refunding

&

Improvement

Bonds

Series

2021A3

(NR/NR)

850,000

5.250

12/01/2051

765,275

Constitution

Heights

Metropolitan

District

GO

Refunding

Bonds

Series

2020

(NR/NR)

1,760,000

5.000

12/01/2049

1,646,044

Copper

Ridge

Metropolitan

District

RB

Series

2019

(NR/NR)

6,615,000

5.000

12/01/2039

6,273,667

1,750,000

5.000

12/01/2043

1,597,413

Copperleaf

Metropolitan

District

GO

LT

Bonds

Series

2021

(NR/NR)

3,600,000

4.875

12/01/2051

2,882,332

Copperleaf

Metropolitan

District

No.

6

Arapoe

County

Subordinate

LT

GO

Bonds

Series

2022B

(NR/NR)

725,000

6.000

12/15/2041

708,735

Cornerstar

Metropolitan

District

GO

Refunding

Bonds

Series

2017

A

(NR/NR)

1,000,000

5.125

12/01/2037

998,617

2,100,000

5.250

12/01/2047

2,046,596

Creekside

Village

Metropolitan

District

GO

Bonds

Series

2019

A

(NR/NR)

3,261,000

5.000

12/01/2049

3,025,134

Creekwalk

Marketplace

Business

Improvement

District

LT

Supported

&

Special

Revenue

Senior

Bonds

Series

2021A

(NR/NR)

2,045,000

5.500

(c)

12/01/2039

1,809,821

5,790,000

5.750

(c)

12/01/2049

4,985,152

Creekwalk

Marketplace

Business

Improvement

District

LT

Supported

&

Special

Revenue

Subordinate

Bonds

Series

2021B

(NR/NR)

2,350,000

8.000

(c)

12/15/2049

2,122,271

Creekwalk

Marketplace

Business

Improvement

District

RB

Series

2019

A

(NR/NR)

5,490,000

5.500

(c)

12/01/2039

4,883,275

10,900,000

5.750

(c)

12/01/2049

9,454,429

Creekwalk

Marketplace

Business

Improvement

District

RB

Series

2019

B

(NR/NR)

2,370,000

8.000

(c)

12/15/2049

2,162,196

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Colorado

–

(continued)

Denver

Colorado

City

&

County

Special

Facilities

Airport

RB

Refunding

for

United

Air

Lines,

Inc.

Project

Series

2017

(NR/BB-)

$

34,160,000

5.000%

10/01/2032

$

34,157,366

Denver

Convention

Center

Hotel

Authority

RB

Refunding

Series

2016

(Baa2/BBB-)

665,000

5.000

12/01/2030

686,143

2,500,000

5.000

12/01/2032

2,568,733

Denver

Convention

Center

Hotel

Authority

Senior

Revenue

Refunding

Bonds

Series

2016

(Baa2/BBB-)

325,000

5.000

12/01/2031

334,565

Denver

Health

&

Hospital

Authority

COPS

Series

2018

(NR/BBB)

1,825,000

4.000

12/01/2038

1,743,709

1,690,000

5.000

12/01/2048

1,691,734

Denver

Health

&

Hospital

Authority

Healthcare

Revenue

Refunding

Bonds

Series

2017A

(NR/BBB)

7,200,000

5.000

(c)

12/01/2034

7,555,171

7,300,000

4.000

(c)

12/01/2035

7,132,968

7,300,000

4.000

(c)

12/01/2036

7,027,480

Denver

Health

&

Hospital

Authority

RB

Series

2019

A

(NR/BBB)

415,000

5.000

12/01/2030

442,396

950,000

4.000

12/01/2040

887,957

Dinosaur

Ridge

Metropolitan

District

RB

Refunding

and

Improvement

Bonds

Series

2019

A

(NR/NR)

3,365,000

5.000

06/01/2049

3,122,965

E-470

Public

Highway

Authority

RB

Refunding

Capital

Appreciation

Series

2006

B

(NATL)

(A1/A+)

3,000,000

0.000

(e)

09/01/2039

1,407,633

E-470

Public

Highway

Authority

RB

Series

2004

A

(NATL)

(A1/A+)

15,000,000

0.000

(e)

09/01/2028

13,064,850

4,120,000

0.000

(e)

09/01/2034

2,901,463

E-470

Public

Highway

Authority

RB

Series

2010

A

(A1/A+)

20,000,000

0.000

(e)

09/01/2040

10,478,094

Eagle

Brook

Meadows

Metropolitan

District

No.

3

GO

Bonds

Series

2021

(NR/NR)

1,600,000

5.000

12/01/2051

1,405,220

El

Paso

County

Waterview

II

Metropolitan

LT

GO

Bonds

Series

2022A

(NR/NR)

2,000,000

5.000

12/01/2051

1,769,843

Fiddler's

Business

Improvement

District

GO

Refunding

Bonds

Series

2022

(NR/NR)

2,950,000

5.550

(c)

12/01/2047

2,996,588

First

Creek

Village

Metropolitan

District

GO

Bonds

Series

2019

A

(Ba1/NR)

1,580,000

5.000

08/01/2049

1,505,097

First

Creek

Village

Metropolitan

District

GO

Bonds

Series

2019

B

(NR/NR)

515,000

6.750

08/01/2049

515,724

Four

Corners

Business

Improvement

District

LT

Supported

RB

Series

2022

(NR/NR)

2,500,000

6.000

12/01/2052

2,339,296

Glen

Metropolitan

District

GO

LT

Bonds

Series

2021

(NR/NR)

2,370,000

4.250

12/01/2051

1,779,003

Greenspire

Metropolitan

District

GO

LT

Bonds

Series

2022

(NR/NR)

1,430,000

5.125

12/01/2051

1,292,683

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Colorado

–

(continued)

Hidden

Creek

Metropolitan

District

GO

Bonds

Series

2021

A

(NR/NR)

$

1,140,000

4.625%

(c)

12/01/2045

$

919,308

High

Plains

Metropolitan

District

GO

Refunding

Bonds

Series

2017

(NATL)

(A2/NR)

3,680,000

4.000

12/01/2047

3,670,883

Highlands

Metropolitan

District

No.

1

GO

Bonds

Series

2021

(NR/NR)

570,000

5.000

12/01/2051

478,396

Hunters

Overlook

Metropolitan

District

No.

5

GO

Bonds

Series

2019

A

(NR/NR)

2,000,000

5.000

12/01/2049

1,855,424

Jay

Grove

Metropolitan

District

GO

Bonds

Series

2021

(NR/NR)

1,225,000

4.250

12/01/2051

933,818

Jefferson

Center

Metropolitan

District

No.

1

RB

Series

2020

A-2

(Ba2/NR)

580,000

4.125

12/01/2040

507,430

900,000

4.375

12/01/2047

760,884

Johnstown

Farms

East

Metropolitan

District

GO

LT

Bonds

Series

2021

(NR/NR)

1,000,000

5.000

12/01/2051

856,453

Johnstown

Plaza

Metropolitan

District

LT

GO

Refunding

and

Improvement

Bonds

Series

2022

(NR/NR)

12,627,000

4.250

12/01/2046

10,393,414

Johnstown

Village

Metropolitan

District

No.

2

GO

Bonds

Series

2020

A

(NR/NR)

1,980,000

5.000

12/01/2050

1,712,382

Jones

District

Community

Authority

Board

RB

for

Convertible

Capital

Appreciation

Bonds

Series

2020

(NR/NR)

7,800,000

0.000

(g)

12/01/2050

6,976,288

Lanterns

Metropolitan

District

No.

1

GO

Bonds

Series

2019

A

(NR/NR)

4,190,000

5.000

12/01/2049

3,974,236

Lanterns

Metropolitan

District

No.

1

GO

Bonds

Series

2019

B

(NR/NR)

683,000

7.750

12/15/2049

653,067

Lochbuie

Station

Residential

Metropolitan

District

GO

Bonds

Series

2020

A

(NR/NR)

1,180,000

5.750

12/01/2050

1,167,870

Loretto

Heights

Community

Authority

RB

Series

2021

(NR/NR)

4,500,000

4.875

12/01/2051

3,568,442

Meadowlark

Metropolitan

District

GO

Bonds

Series

2020

A

(NR/NR)

525,000

4.875

12/01/2040

473,084

750,000

5.125

12/01/2050

679,524

Meridian

Ranch

Metropolitan

District

GO

LT

Bonds

Series

2022

(NR/NR)

2,925,000

6.750

12/01/2052

2,931,149

Mirabelle

Metropolitan

District

No.

2

GO

Bonds

Series

2020

A

(NR/NR)

2,665,000

5.000

12/01/2049

2,452,181

Mirabelle

Metropolitan

District

No.

2

GO

Bonds

Series

2020

B

(NR/NR)

1,473,000

7.375

12/15/2049

1,365,854

Morgan

Hill

Metropolitan

District

GO

LT

Refunding

&

Improvement

Bonds

Senior

Series

2021A

(NR/NR)

2,900,000

4.000

12/01/2051

2,255,461

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Colorado

–

(continued)

Mountain

Sky

Metropolitan

District

GO

Bonds

Series

2020

A

(NR/NR)

$

980,000

5.000%

12/01/2049

$

901,556

Muegge

Farms

Metropolitan

District

No.

1

GO

Bonds

Series

2021

(NR/NR)

3,225,000

5.000

12/01/2051

2,725,381

Mulberry

Metropolitan

District

LT

GO

Bonds

Series

2022A

(NR/NR)

2,550,000

7.000

12/01/2052

2,618,453

Murphy

Creek

Metropolitan

District

GO

LT

Bonds

Series

2021

(NR/NR)

12,788,000

5.000

12/01/2051

10,937,212

Murphy

Creek

Metropolitan

District

GO

LT

Bonds

Series

2022A

(NR/NR)

2,140,000

6.000

12/01/2052

2,129,414

Nexus

North

at

DIA

Metropolitan

District

GO

Bonds

Series

2021

(NR/NR)

1,140,000

5.000

12/01/2051

989,189

North

Holly

Metropolitan

District

Limited

Tax

GO

Bonds

Series

2018

A

(NR/NR)

1,260,000

5.500

12/01/2048

1,238,939

North

Range

Metropolitan

District

No.

2

GO

Refunding

Bonds

Series

2017

A

(NR/NR)

3,180,000

5.625

12/01/2037

3,214,485

7,855,000

5.750

12/01/2047

7,917,310

North

Range

Metropolitan

District

Subordinate

LT

GO

Special

RB

Series

2017B

(NR/NR)

2,322,000

7.750

12/15/2047

2,329,892

Northglenn

Urban

Renewal

Authority

Tax

Allocation

for

Urban

Renewal

Plan

2

Series

2019

(NR/BBB-)

350,000

4.000

12/01/2032

352,577

340,000

4.000

12/01/2033

342,446

190,000

4.000

12/01/2034

191,242

550,000

4.000

12/01/2036

548,811

215,000

4.000

12/01/2038

207,246

Palisade

Metropolitan

District

No.

2

GO

Refunding

Limited

Tax

Bonds

Series

2019

(NR/NR)

4,711,000

7.250

12/15/2049

4,398,297

Palisade

Park

West

Metropolitan

District

GO

Bonds

Series

2019

A

(NR/NR)

1,500,000

5.125

12/01/2049

1,414,829

Parkdale

Community

Authority

for

Parkdale

Metropolitan

District

No.

1

Series

2020

A

(NR/NR)

2,140,000

5.000

12/01/2040

2,036,641

3,335,000

5.250

12/01/2050

3,052,613

Parkdale

Community

Authority

for

Parkdale

Metropolitan

District

No.

1

Series

2020

B

(NR/NR)

1,924,000

7.750

12/15/2050

1,795,610

Patriot

Park

Metropolitan

District

No.

2

GO

Bonds

Series

2021

(NR/NR)

1,011,000

4.300

12/01/2050

796,402

Peak

Metropolitan

District

No.

1

GO

Bonds

Series

2021

A

(NR/NR)

1,150,000

5.000

(c)

12/01/2051

1,015,994

Pinon

Pines

Metropolitan

District

No.

2

GO

Bonds

Series

2020

(NR/NR)

1,200,000

5.000

12/01/2050

1,089,419

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Colorado

–

(continued)

Plaza

Metropolitan

District

No.

1

RB

Refunding

Series

2013

(NR/NR)

$

1,000,000

5.000%

(c)

12/01/2040

$

968,780

Pomponio

Terrace

Metropolitan

District

GO

Bonds

Series

2019

A

(NR/NR)

796,000

5.000

12/01/2049

749,550

Powhaton

Community

Authority

LT

Supported

RB

Series

2021

(NR/NR)

5,460,000

5.000

12/01/2051

4,703,138

Prairie

Center

Metropolitan

District

No.

3

Limited

Property

Tax

Supported

RB

Refunding

Series

2017

A

(NR/NR)

6,500,000

5.000

(c)

12/15/2041

6,502,818

Prairie

Center

Metropolitan

District

No.

7

GO

Bonds

Series

2020

(NR/NR)

725,000

4.875

12/15/2044

637,306

Pueblo

Urban

Renewal

Authority

Tax

Allocation

Series

2021

A

(NR/NR)

5,400,000

4.750

(c)

12/01/2045

3,672,000

Pueblo

Urban

Renewal

Authority

Tax

Allocation

Series

2021

B

(NR/NR)

150,000

0.000

(c)(e)

12/01/2025

121,088

Raindance

Metropolitan

District

No.

2

GO

Bonds

Series

2019

A

(NR/NR)

9,930,000

5.000

12/01/2049

9,158,088

Rampart

Range

Metropolitan

District

No.

5

RB

Series

2021

(NR/NR)

1,750,000

4.000

12/01/2051

1,278,616

Reunion

Metropolitan

District

RB

Series

2021

A

(NR/NR)

2,160,861

3.625

12/01/2044

1,634,268

Ridgeline

Vista

Metropolitan

District

GO

Bonds

Series

2021

A

(NR/NR)

1,000,000

5.250

12/01/2060

873,147

Ritoro

Metropolitan

District

GO

Bonds

Series

2019

A

(NR/NR)

1,150,000

5.000

12/01/2049

1,084,647

Riverview

Metropolitan

District

GO

Refunding

Bonds

Series

2021

(NR/NR)

500,000

5.000

12/01/2051

437,705

RRC

Metropolitan

District

LT

GO

Bonds

Series

2021

(NR/NR)

5,125,000

5.250

12/01/2051

4,401,676

Sabell

Metropolitan

District

GO

Bonds

Series

2020

A

(NR/NR)

1,055,000

5.000

(c)

12/01/2050

949,872

Second

Creek

Farm

Metropolitan

District

No.

3

GO

Bonds

Series

2019

A

(NR/NR)

3,450,000

5.000

12/01/2039

3,356,818

5,695,000

5.000

12/01/2049

5,283,084

Senac

South

Metropolitan

District

GO

LT

Bonds

Series

2021A3

(NR/NR)

9,375,000

5.250

12/01/2051

8,230,772

Settler's

Crossing

Metropolitan

District

No.

1

GO

Bonds

Series

2020

A

(NR/NR)

1,000,000

5.000

(c)

12/01/2040

936,781

1,625,000

5.125

(c)

12/01/2050

1,466,134

Sky

Ranch

Community

Authority

Board

District

No.

1

RB

Senior

Lien

Series

2019

A

(NR/NR)

1,453,000

5.000

12/01/2049

1,436,289

Sky

Ranch

Community

Authority

Board

LT

Support

District

Bonds

Series

2022A

(NR/NR)

4,345,000

5.750

12/01/2052

4,179,187

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Colorado

–

(continued)

South

Sloan's

Lake

Metropolitan

District

No.

2

GO

Improvement

Bonds

Series

2019

(AGM)

(Baa1/AA)

$

750,000

4.000%

12/01/2044

$

736,730

2,210,000

3.000

12/01/2049

1,686,367

South

Timnath

Metropolitan

District

No.

1

GO

Limited

Subordinate

Tax

Bonds

Series

2019

B

(NR/NR)

2,208,000

8.000

12/15/2048

1,928,764

South

Timnath

Metropolitan

District

No.

1

GO

Limited

Taxable

Bonds

Series

2019

A

(NR/NR)

500,000

5.500

12/01/2048

424,560

Southlands

Metropolitan

District

No.

1

GO

Refunding

Bonds

Series

2017A-1

(Ba1/NR)

1,750,000

5.000

12/01/2047

1,676,930

St.

Vrain

Lakes

Metropolitan

District

No.

2

Limited

Tax

GO

Bonds

Series

2017

A

(NR/NR)

2,550,000

5.125

12/01/2047

2,479,680

Sterling

Hills

West

Metropolitan

District

GO

Refunding

Bonds

Series

2017

(A2/NR)

650,000

5.000

12/01/2039

682,475

Sterling

Ranch

Community

Authority

Board

RB

for

Sterling

Ranch

Colorado

Metropolitan

District

No.

2

Series

2020

B

(NR/NR)

705,000

7.125

12/15/2050

689,740

Sterling

Ranch

Community

Authority

Board

RB

Refunding

for

Sterling

Ranch

Colorado

Metropolitan

District

No.

2

Series

2020

A

(NR/NR)

2,500,000

4.250

12/01/2050

2,161,149

Takoda

Metropolitan

District

Limited

Tax

GO

Refunding

Bonds

Series

2018

(Baa3/NR)

8,000,000

6.000

12/01/2050

8,488,293

The

Village

Metropolitan

District

GO

Refunding

Bonds

Series

2020

(NR/NR)

1,100,000

5.000

12/01/2040

1,084,472

1,750,000

5.000

12/01/2049

1,683,552

Timberleaf

Metropolitan

District

GO

Bonds

Series

2020

A

(NR/NR)

1,730,000

5.750

12/01/2050

1,709,375

Timnath

Ranch

Metropolitan

District

No.

4

Limited

Tax

GO

Refunding

Improvement

Bonds

Series

2018

A

(NR/NR)

545,000

5.250

12/01/2037

545,526

2,400,000

5.375

12/01/2047

2,325,302

Village

at

Dry

Creek

Metropolitan

District

No.

2

GO

Bonds

for

Thornton

Adams

Series

2019

(NR/NR)

500,000

4.375

12/01/2044

443,099

Villages

at

Johnstown

Metropolitan

District

No.

3

GO

Bonds

Series

2020

A

(NR/NR)

580,000

5.000

12/01/2040

546,510

1,020,000

5.000

12/01/2050

902,905

West

Meadow

Metropolitan

District

town

of

Fraser,

Grand

County,

Colorado

Limited

Tax

GO

Senior

Bonds

Series

2023A

(NR/NR)

2,250,000

6.500

(c)

12/01/2050

2,335,652

Westerly

Metropolitan

District

No.

4

GO

Bonds

Series

2021

A

(NR/NR)

1,500,000

5.000

12/01/2050

1,318,959

Westerly

Metropolitan

District

No.

4

GO

Bonds

Series

2021

A-2

(NR/NR)

1,000,000

0.000

(g)

12/01/2050

717,439

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Colorado

–

(continued)

Westerly

Metropolitan

District

No.

4

GO

Bonds

Series

2021

B-3

(NR/NR)

$

4,238,000

8.000%

12/15/2050

$

3,821,248

Wildgrass

at

Rockrimmon

Metropolitan

District

GO

Bonds

Series

2020

A

(NR/NR)

960,000

5.000

(c)

12/01/2050

875,401

Wildgrass

at

Rockrimmon

Metropolitan

District

GO

Bonds

Series

2020

B

(NR/NR)

181,000

7.750

12/15/2050

172,790

Wildwing

Metropolitan

District

No.

5

GO

Refunding

&

Improvement

Bonds

Series

2018

A

(NR/NR)

3,331,000

5.375

12/01/2048

3,248,260

Windler

Public

Improvement

Authority

RB

Series

2021

A-1

(NR/NR)

12,250,000

4.125

12/01/2051

7,641,614

Windler

Public

Improvement

Authority

RB

Series

2021

A-2

(NR/NR)

9,400,000

0.000

(g)

12/01/2051

5,387,131

Windshire

Park

Metropolitan

District

No.

2

GO

Refunding

&

Improvement

Bonds

Senior

Series

2017

A

(NR/NR)

1,500,000

6.500

12/01/2047

1,523,486

Winsome

Metropolitan

District

No.

3

GO

Bonds

Series

2021

A

(NR/NR)

2,184,000

5.125

(c)

12/01/2050

1,844,626

Woodmen

Heights

Metropolitan

District

No.

2

GO

Refunding

Bonds

Series

2020

B-1

(NR/NR)

1,764,000

6.250

12/15/2040

1,715,650

524,042,963

Connecticut

-

0.6%

City

of

New

Haven

CT

GO

Bonds  Series

2018

(NR/A-)

310,000

5.500

08/01/2038

333,716

City

of

New

Haven

GO

Bonds

Series

2018

A

(NR/A-)

900,000

5.500

08/01/2034

983,824

500,000

5.500

08/01/2035

545,359

420,000

5.500

08/01/2036

456,456

500,000

5.500

08/01/2037

540,991

City

of

Stamford

Housing

Authority

RB

Anticipation

Notes

for

Dogwoods

Project

Series

2022

(NR/NR)

3,925,000

11.000

(c)

12/01/2027

4,276,204

Connecticut

Airport

Authority

Customer

Facility

Charge

RB

for

Ground

Transportation

Center

Project

Series

2019A

(NR/BBB+)

1,750,000

4.000

07/01/2049

1,555,541

Connecticut

State

Health

&

Educational

Facilities

Authority

RB

for

McLean

Affiliates

Obligated

Group

Series

2020

A

(NR/NR)

1,150,000

5.000

(c)

01/01/2045

961,970

3,065,000

5.000

(c)

01/01/2055

2,398,012

Connecticut

State

Health

&

Educational

Facilities

Authority

RB

Refunding

for

The

University

of

Hartford

Series

2019

(NR/BB+)

1,015,000

4.000

07/01/2039

838,080

3,500,000

4.000

07/01/2044

2,697,854

3,500,000

4.000

07/01/2049

2,562,680

Mohegan

Tribal

Finance

Authority

Tribal

RB

Economic

Development

Bonds

Series

2015

(NR/B-)

28,500,000

7.000

(c)

02/01/2045

28,508,579

State

of

Connecticut

Health

and

Educational

Facilities

Authority

RB

for

University

of

Hartford

2022

Series

P

(NR/BB+)

2,455,000

5.375

07/01/2052

2,240,486

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Connecticut

–

(continued)

Steel

Point

Infrastructure

Improvement

District

Tax

Allocation

for

Steelpointe

Harbor

Project

Series

2021

(NR/NR)

$

2,025,000

4.000%

(c)

04/01/2051

$

1,650,121

town

of

Hamden

RB

for

Whitney

Center

Project

Series

2022A

(NR/NR)

6,925,000

7.000

01/01/2053

7,091,771

57,641,644

Delaware

-

0.2%

Delaware

Economic

Development

Authority

Charter

School

RB

for

Aspira

of

Delaware

Charter

Operations

Project

Series

2022A

(NR/BB)

1,075,000

4.000

06/01/2052

778,827

1,125,000

4.000

06/01/2057

790,890

Delaware

Economic

Development

Authority

RB

for

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group

Series

2018

B

(NR/NR)

1,785,000

5.000

11/15/2048

1,799,457

Delaware

Health

Facilities

Authority

RB

Refunding

for

Bayhealth

Medical

Center

Obligated

Group

Series

2017

A

(NR/AA-)

3,130,000

4.000

07/01/2043

3,122,809

Delaware

State

Economic

Development

Authority

RB

for

First

State

Montessori

Academy,

Inc.

Series

2019

A

(NR/BBB-)

855,000

5.000

08/01/2049

850,460

835,000

5.000

08/01/2054

820,280

Delaware

State

Economic

Development

Authority

RB

for

Newark

Charter

School,

Inc.

Series

2020

(NR/BBB+)

1,900,000

5.000

09/01/2050

1,941,278

town

of

Bridgeville

Special

Tax

Refunding

for

Heritage

Shores

Special

Development

District

Series

2020

(Baa3/NR)

4,954,000

4.000

07/01/2035

4,944,637

15,048,638

District

of

Columbia

-

0.7%

District

of

Columbia

(Washington,

D.C.)

Income

Tax

Secured

RB,

Series

2023A

(Tax-Exempt)

(Aa1/AAA)

3,000,000

5.250

05/01/2048

3,413,270

District

of

Columbia

Metropolitan

Airport

Authority

Airport

System

Revenue

Refunding

Bonds

Series

2021A

(Aa3/AA-)

5,000,000

4.000

10/01/2051

4,761,521

Metropolitan

Washington

Airports

Authority

Dulles

toll

Road

RB

Second

Senior

Lien

Capital

Appreciation

for

Dulles

Metrorail

and

Capital

Improvement

Project

Series

2010

B

(Baa1/A-)

37,100,000

6.500

10/01/2044

41,201,583

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

RB

Series

2019

B

(AGM)

(A1/AA)

3,000,000

3.000

10/01/2050

2,357,096

3,170,000

4.000

10/01/2053

3,047,227

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

RB

Series

2019

B

(Baa2/A-)

1,115,000

4.000

10/01/2053

1,033,613

Metropolitan

Washington

Airports

Authority

Dulles

toll

Road

Revenue

Refunding

Bonds

for

Dulles

Metrorail

&

Capital

Improvements

Projects

Series

2022

(AGM)

(A1/AA)

6,190,000

4.000

10/01/2052

5,993,597

61,807,907

Florida

-

14.3%

Abbott

Square

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

1,385,000

5.500

06/15/2052

1,389,570

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Aberdeen

Community

Development

District

Special

Assessment

Refunding

Series

2020

A-2

(NR/NR)

$

3,560,000

4.750%

05/01/2036

$

3,508,387

Aberdeen

Community

Development

District

Special

Assessment

Series

2018

(NR/NR)

620,000

5.000

05/01/2039

619,952

1,025,000

5.100

05/01/2049

989,602

Academical

Village

Community

Development

District

Special

Assessment

Bonds

Series

2020

(NR/NR)

5,755,000

4.000

05/01/2051

4,560,791

Academical

Village

Community

Development

District

Special

Assessment

Bonds

Series

2020

(NR/NR)

1,580,000

3.625

05/01/2040

1,306,104

Anthem

Park

Community

Development

District

Special

Assessment

RB

Refunding

Senior

Series

2016

A-1

(NR/A-)

1,715,000

3.500

05/01/2031

1,703,964

Arbors

Community

Development

District

Capital

Improvement

RB

Series

2023

(NR/NR)

1,125,000

5.400

05/01/2043

1,143,039

2,050,000

5.625

05/01/2053

2,090,053

Arborwood

Community

Development

District

RB

Capital

Improvement

Refunding

Senior

Lien

Series

2018

A-1

(AGM)

(NR/AA)

3,970,000

3.500

05/01/2032

4,014,893

6,695,000

3.700

05/01/2036

6,760,701

Arborwood

Community

Development

District

RB

Capital

Improvement

Refunding

Subordinate

Lien

Series

2018

A-2

(NR/NR)

725,000

4.625

05/01/2028

729,371

1,785,000

5.000

05/01/2036

1,794,808

Arborwood

Community

Development

District

Special

Assessment

Capital

Improvement

Refunding

Series

2014

B

A-1

(NR/NR)

3,160,000

6.900

05/01/2036

3,162,862

Arborwood

Community

Development

District

Special

Assessment

Capital

Improvement

Refunding

Series

2014

B

A-2

(NR/NR)

820,000

6.900

05/01/2036

820,157

Armstrong

Community

Development

District

Special

Assessment

for

Assessment

Area

Two

Project

Series

2019

A

(NR/NR)

500,000

4.000

11/01/2040

435,839

3,155,000

4.000

11/01/2050

2,512,855

Artisan

Lakes

East

Community

Development

District

RB

for

Capital

Improvement

Series

2018

(NR/NR)

1,845,000

5.100

(c)

05/01/2039

1,849,985

3,080,000

5.200

(c)

05/01/2049

2,995,271

Artisan

Lakes

East

Community

Development

District

Special

Assessment

Bond

Series

2021-2

(NR/NR)

270,000

2.750

(c)

05/01/2031

235,021

515,000

3.125

(c)

05/01/2041

379,446

Astonia

Community

Development

District

Special

Assessment

for

Assessment

Area

2

Project

Series

2021

(NR/NR)

500,000

3.200

(c)

05/01/2041

396,100

Astonia

Community

Development

District

Special

Assessment

for

Assessment

Area

Three

Series

2023

Project

Series

2023

(NR/NR)

1,045,000

5.375

06/15/2053

1,045,350

Astonia

Community

Development

District

Special

Assessment

for

North

Parcel

Assessment

Area

Project

Series

2021

(NR/NR)

775,000

3.200

(c)

05/01/2041

613,762

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

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

$

566,368

Avalon

Groves

Community

Development

District

Special

Assessment

for

Assessment

Area

One

Project

Series

2017

(NR/NR)

740,000

5.750

05/01/2048

756,591

Avalon

Groves

Community

Development

District

Special

Assessment

for

Assessment

Area

Three

Project

Series

2021

(NR/NR)

250,000

3.375

05/01/2041

198,295

Avalon

Groves

Community

Development

District

Special

Assessment

for

Assessment

Area

Two

Project

Series

2017

A-1

(NR/NR)

1,795,000

6.000

05/01/2048

1,871,343

Avalon

Groves

Community

Development

District

Special

Assessment

for

Phases

3

and

4

Sub

Assessment

Area

One

Series

2021

(NR/NR)

650,000

3.125

05/01/2041

513,681

Avalon

Park

West

Community

Development

District

Special

Assessment

RB

for

Pasco

County

Project

Area

Series

2022

(NR/NR)

775,000

5.625

05/01/2052

787,067

Avalon

Park

West

Community

Development

District

Special

Assessment

Refunding

Series

2020

(NR/NR)

580,000

3.750

(c)

05/01/2040

517,950

Avenir

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

1,450,000

5.375

05/01/2043

1,436,644

6,000,000

5.625

05/01/2054

6,009,481

Aviary

at

Rutland

Ranch

Community

Development

District

Special

Assessment

Refunding

for

Area

1

Project

Series

2019

(NR/NR)

900,000

4.500

(c)

06/01/2039

841,771

1,630,000

4.625

(c)

06/01/2049

1,447,757

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

RB

Series

2015

(NR/NR)

525,000

4.750

11/01/2026

529,966

700,000

5.000

11/01/2031

707,216

5,975,000

5.250

11/01/2046

5,982,119

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

RB

Series

2022

(NR/NR)

3,500,000

5.000

05/01/2042

3,401,519

Balm

Grove

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

1,575,000

4.000

11/01/2042

1,333,498

1,575,000

4.125

11/01/2051

1,277,743

Bannon

Lakes

Community

Development

District

Special

Assessment

RB

Series

2016

(NR/NR)

955,000

5.000

11/01/2036

965,484

1,055,000

5.000

11/01/2048

1,005,988

Bannon

Lakes

Community

Development

District

Special

Assessment

Series

2021

(NR/NR)

705,000

3.500

(c)

05/01/2041

595,004

Bartram

Park

Community

Development

District

Special

Assessment

RB

Refunding

for

City

of

Jacksonville

Florida

Senior

Lien

Series

2015

A-1

(NR/A)

1,835,000

4.250

05/01/2029

1,866,486

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Bartram

Park

Community

Development

District

Special

Assessment

RB

Refunding

for

City

of

Jacksonville

Subordinate

Lien

Series

2015

A-2

(NR/NR)

$

905,000

5.000%

05/01/2035

$

908,759

Bay

Laurel

Center

Community

Development

District

Special

Assessment

RB

Refunding

Series

2016

Candler

(NR/BBB+)

865,000

3.750

05/01/2031

860,026

1,005,000

4.000

05/01/2037

997,039

Baywinds

Community

Development

District

Senior

Special

Assessment

Refunding

Bonds

Series

2017

A-1

(NR/A+)

2,810,000

4.250

05/01/2037

2,837,910

Beaumont

Community

Development

District

Special

Assessment

Bonds

for

Assessment

Area

Two-Commercial

Project

Series

2019

(NR/NR)

1,265,000

6.375

(c)

11/01/2049

1,299,780

Bellagio

Community

Development

District

Special

Assessment

Bonds

Series

2013

(NR/BBB)

325,000

6.000

11/01/2027

344,099

490,000

3.750

11/01/2031

483,831

2,975,000

6.500

11/01/2043

3,261,537

1,490,000

4.125

11/01/2046

1,337,423

Belmond

Reserve

Community

Development

District

Special

Assessment

Bonds

Series

2020

(NR/NR)

1,045,000

4.000

05/01/2040

970,552

Belmont

Community

Development

District

Capital

Improvement

Phase

1

Project

Series

2013

A

(NR/NR)

770,000

6.125

11/01/2033

821,141

1,000,000

6.500

11/01/2043

1,082,602

Belmont

II

Community

Development

District

Special

Assessment

RB

Series

2020

(NR/NR)

1,500,000

4.000

12/15/2050

1,216,356

Belmont

II

Community

Development

District

Special

Assessment

Series

2020

(NR/NR)

1,285,000

3.625

12/15/2040

1,117,971

Berry

Bay

Community

Development

District

Special

Assessment

for

Assessment

Area

1

Project

Series

2021

(NR/NR)

1,250,000

3.625

05/01/2041

1,021,893

Berry

Bay

Community

Development

District

Special

Assessment

RB

Series

2023

(NR/NR)

1,525,000

5.750

05/01/2053

1,551,283

Bexley

Community

Development

District

Special

Assessment

Bonds

Series

2016

(NR/NR)

1,680,000

4.700

05/01/2036

1,650,991

3,200,000

4.875

05/01/2047

2,963,788

Biscayne

Drive

Estates

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

890,000

6.000

06/15/2052

909,470

Black

Creek

Community

Development

District

Special

Assessment

Bonds

Series

2020

(NR/NR)

325,000

3.750

06/15/2040

273,402

950,000

4.000

06/15/2050

762,309

Blue

Lake

Community

Development

District

Special

Assessment

Bonds

Series

2019

(NR/NR)

900,000

4.250

06/15/2039

816,688

Boggy

Branch

Community

Development

District

Special

Assessment

Series

2021

(NR/NR)

1,165,000

3.500

05/01/2041

937,773

1,360,000

4.000

05/01/2051

1,085,305

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Botaniko

Community

Development

District

Special

Assessment

Bonds

Series

2020

(NR/NR)

$

565,000

3.625%

05/01/2040

$

466,164

Bradbury

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

1,800,000

5.250

05/01/2043

1,786,907

2,250,000

5.500

05/01/2053

2,235,544

Bridgewalk

Community

Development

District

675,000

6.500

12/15/2053

702,546

Bridgewater

Community

Development

District

Special

Assessment

Refunding

Bonds

for

Assessment

Area

Two

Series

2015

(NR/NR)

6,020,000

5.750

05/01/2035

6,203,311

Bridgewater

North

Community

Development

District

Capital

Improvement

RB

Series

2022

(NR/NR)

1,610,000

4.000

05/01/2052

1,225,591

Brightwater

Community

Development

District

Special

Assessment

Bonds

for

Assessment

Area

One

Series

2021

(NR/NR)

1,000,000

3.150

05/01/2041

764,593

Brookstone

Community

Development

District

Special

Assessment

RB

for

Manatee

County

Series

2022

(NR/NR)

1,000,000

5.500

05/01/2042

1,010,629

1,500,000

5.625

05/01/2052

1,507,887

Broward

County

Port

Facilities

RB

Series

2019B

(AMT)

(A1/A)

2,000,000

4.000

09/01/2044

2,003,474

Buckhead

Trails

Community

Development

District

Special

Assessment

Bonds

for

Manatee

County

Project

Series

2022

(NR/NR)

900,000

5.625

05/01/2042

904,642

1,305,000

5.750

05/01/2052

1,307,291

Buena

Lago

Community

Development

District

Capital

Improvement

RB

Series

2022

(NR/NR)

1,040,000

5.500

05/01/2052

1,058,621

Campo

Bello

Community

Development

District

Special

Assessment

Bonds

Series

2019

(NR/NR)

1,000,000

4.000

12/15/2039

880,244

1,350,000

4.000

12/15/2049

1,080,238

Capital

Trust

Agency

Educational

Facilities

RB

Series

2021A

(NR/NR)

2,210,000

5.000

(c)

12/01/2056

1,538,483

Capital

Trust

Agency

Student

Housing

RB

for

University

Bridge

LLC

Series

2018

A

(Ba2/NR)

60,455,000

5.250

(c)

12/01/2058

56,349,858

Capital

Trust

Agency,

Inc.

RB

for

AcadeMir

Charter

School

West

Series

2021

A-2

(Ba2/NR)

595,000

4.000

(c)

07/01/2056

422,453

Capital

Trust

Agency,

Inc.

RB

for

Imagine

Charter

School

at

North

Manatee

Series

2021

A

(NR/NR)

3,030,000

5.000

(c)

06/01/2056

2,561,371

Capital

Trust

Agency,

Inc.

RB

for

Imagine-Pasco

County

LLC

Series

2020

A

(Ba2/NR)

1,155,000

5.000

(c)

12/15/2049

1,008,075

1,075,000

5.000

(c)

12/15/2054

920,541

Capital

Trust

Agency,

Inc.

RB

for

University

Bridge

LLC

Series

2018

A

(Ba2/NR)

2,025,000

5.250

(c)

12/01/2043

1,952,236

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Capital

Trust

Authority

Educational

Facilities

Revenue

Refunding

Bonds

for

Southeastern

University,

Inc.

Project

Series

2023A

(NR/BB)

$

4,470,000

6.375%

(c)

05/01/2053

$

4,505,413

Capital

Trust

Authority

Educational

Facilities

Revenue

Refunding

Bonds

Southeastern

University

Inc

Project

Series

2023A

(NR/BB)

4,775,000

6.250

(c)

05/01/2048

4,797,918

Carlton

Lakes

Community

Development

District

Special

Assessment

RB

Series

2018

(NR/NR)

495,000

5.125

05/01/2038

498,474

1,000,000

5.250

05/01/2049

990,147

Center

Lake

Ranch

West

Community

Development

District

(City

of

St.

Cloud,

Florida)

Capital

Improvement

RB,

Series

2023

(Assessment

Area

One)

(NR/NR)

2,275,000

6.000

05/01/2054

2,315,065

Centre

Lake

Community

Development

District

Special

Assessment

Series

2016

(NR/NR)

260,000

4.125

12/15/2027

259,565

500,000

4.500

12/15/2032

501,006

975,000

4.700

12/15/2037

962,600

Century

Parc

Community

Development

District

Special

Assessment

Refunding

Series

2012

(NR/A)

1,705,000

4.500

11/01/2031

1,706,599

Century

Park

South

Community

Development

District

Special

Assessment

Bonds

Series

2020

(NR/NR)

630,000

3.750

05/01/2040

528,059

CFM

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

820,000

3.350

05/01/2041

642,510

1,165,000

4.000

05/01/2051

924,646

Chapel

Creek

Community

Development

District

Special

Assessment

Series

2021

(NR/NR)

620,000

3.375

(c)

05/01/2041

491,629

895,000

4.000

(c)

05/01/2052

704,405

Chapel

Crossings

Community

Development

District

Special

Assessment

Series

2020

(NR/NR)

1,605,000

3.700

(c)

05/01/2040

1,335,926

2,815,000

4.000

(c)

05/01/2051

2,223,393

Charles

Cove

Community

Development

District

Special

Assessment

bond

Series

2020

(NR/NR)

1,510,000

4.375

05/01/2050

1,282,841

Charles

Cove

Community

Development

District

Special

Assessment

RB

Series

2021

(NR/NR)

1,055,000

4.000

05/01/2052

830,918

Charlotte

County

Industrial

Development

Authority

Utility

System

RB

for

Town

&

Country

Utilities

Project

Series

2015

(NR/NR)

700,000

5.500

(c)

10/01/2036

712,250

Charlotte

County

Industrial

Development

Authority

Utility

System

RB

for

town

&

Country

Utilities

Project

Series

2019

(NR/NR)

5,900,000

5.000

(c)

10/01/2049

5,768,448

City

of

Palmetto

Educational

Facilities

Refunding

RB

Series

2022A

(NR/BBB-)

975,000

5.250

06/01/2052

1,002,960

1,750,000

5.375

06/01/2057

1,806,411

1,375,000

5.625

06/01/2062

1,434,254

City

of

Venice

RB

for

Southwest

Florida

Retirement

Center,

Inc.

Obligated

Group

Project

Series

2019

(NR/NR)

480,000

5.000

01/01/2037

467,036

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

City

of

Venice

RB

for

Southwest

Florida

Retirement

Center,

Inc.

Obligated

Group

Project

Series

2019

(NR/NR)

–

(continued)

$

1,725,000

5.000%

01/01/2047

$

1,538,917

1,615,000

5.000

01/01/2052

1,401,181

CityPlace

Community

Development

District

Special

Assessment

Convertible

Capital

Appreciation

RB

Series

2018

(AGM)

(A1/AA)

25,620,000

0.000

(g)

05/01/2046

24,250,683

Coco

Palms

Community

Development

District

Expansion

Area

Project

Special

Assessment

Bonds

Series

2019

(NR/NR)

500,000

4.750

(c)

06/15/2039

480,840

Coddington

Community

Development

District

Capital

Improvement

RB

Series

2022

(NR/NR)

900,000

5.750

05/01/2052

916,845

Collier

County

Educational

Facilities

Authority

Revenue

Refunding

Bonds

for

Ave

Maria

University

Project

Series

2023

(NR/BBB-)

4,165,000

5.000

06/01/2043

4,177,412

Concord

Station

Community

Development

District

Capital

Improvement

RB

Refunding

Senior

Lien

Series

2016

A-1

(NR/A)

2,990,000

3.500

05/01/2032

2,972,056

1,500,000

3.625

05/01/2035

1,502,226

1,750,000

3.750

05/01/2046

1,584,007

Concorde

Estates

Community

Development

District

Special

Assessment

for

Capital

Improvement

Series

2004

A

(NR/NR)

3,305,000

5.850

*

05/01/2035

33

Concorde

Estates

Community

Development

District

Special

Assessment

for

Capital

Improvement

Series

2004

B

(NR/NR)

3,980,000

5.000

*

05/01/2011

40

Concorde

Estates

Community

Development

District

Special

Assessment

for

Capital

Improvement

Series

2011

A-2

(NR/NR)

975,000

5.850

05/01/2035

874,684

Concorde

Estates

Community

Development

District

Special

Assessment

for

Capital

Improvement

Series

2011

B

(NR/NR)

2,939,931

0.000

(e)

*

05/01/2017

1,558,163

Connerton

East

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

2,045,000

5.375

06/15/2053

2,062,273

Cope's

Landing

Community

Development

District

Capital

Improvement

RB

Series

2023

(NR/NR)

1,675,000

5.875

05/01/2053

1,715,876

Copper

Creek

Community

Development

District

Special

Assessment

Bonds

Series

2019

(NR/NR)

270,000

4.000

(c)

11/01/2029

264,488

500,000

4.750

(c)

11/01/2038

481,211

Copperspring

Community

Development

District

Special

Assessment

Bonds

Series

2019

(NR/NR)

425,000

4.000

12/15/2039

374,814

Coral

Bay

Community

Development

District

Capital

Improvement

RB

Series

2022

(NR/NR)

495,000

5.625

05/01/2052

494,608

Coral

Keys

Homes

Community

Development

District

Special

Assessment

Bonds

Series

2020

(NR/NR)

535,000

4.000

05/01/2040

476,290

Corkscrew

Crossing

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

1,600,000

5.300

05/01/2053

1,548,758

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Corkscrew

Farms

Community

Development

District

Special

Assessment

for

Assessment

Area

Two

Project

Series

2017

(NR/NR)

$

2,185,000

5.125%

(c)

11/01/2050

$

2,095,928

Coronado

Community

Development

District

Special

Assessment

Refunding

&

Improvement

Bonds

Series

2017

(NR/BBB)

782,000

4.000

05/01/2031

781,958

1,407,000

4.250

05/01/2038

1,364,213

Country

Walk

Community

Development

District

Special

Assessment

RB

Refunding

Senior

Lien

Series

2015

A-1

(NR/AA)

930,000

3.750

05/01/2029

934,754

County

of

Lake

RB

Refunding

for

Waterman

Communities,

Inc.

Series

2020

A

(NR/NR)

4,000,000

5.750

08/15/2050

3,539,649

2,000,000

5.750

08/15/2055

1,744,518

County

of

Miami-Dade

Aviation

RB

Series

2019

A

(NR/A)

5,220,000

5.000

10/01/2044

5,443,908

Covington

Park

Community

Development

District

Special

Assessment

RB

for

Capital

Improvement

Series

2018

(NR/BBB)

500,000

4.000

05/01/2038

485,591

1,175,000

4.125

05/01/2048

1,104,367

Creek

Preserve

Community

Development

District

Special

Assessment

RB

Series

2019

(NR/NR)

1,565,000

4.700

(c)

11/01/2039

1,481,186

2,495,000

4.750

(c)

11/01/2049

2,257,548

Cross

Creek

North

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

1,675,000

4.500

05/01/2052

1,499,799

Cross

Creek

North

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

1,375,000

5.375

05/01/2053

1,353,928

Crossings

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

2,440,000

5.125

05/01/2052

2,324,676

Crystal

Cay

Community

Development

District

Special

Assessment

for

2021

Project

Series

2021

(NR/NR)

1,000,000

4.000

05/01/2051

851,814

Cypress

Bay

West

Community

Development

District

Capital

Improvement

RB

for

Assessment

Area

One

Series

2023

(NR/NR)

670,000

5.250

05/01/2043

665,122

1,150,000

5.500

05/01/2053

1,144,919

Cypress

Bluff

Community

Development

District

Special

Assessment

for

Del

WEBB

Project

Series

2020

A

(NR/NR)

1,170,000

3.800

(c)

05/01/2050

960,452

Cypress

Park

Estates

Community

Development

District

Special

Assessment

Area

1

Project

Series

2020

(NR/NR)

1,175,000

3.875

(c)

05/01/2040

1,012,610

1,210,000

4.000

(c)

05/01/2051

959,810

Cypress

Park

Estates

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

480,000

5.000

05/01/2042

458,041

975,000

5.125

05/01/2052

921,375

Cypress

Ridge

Community

development

District

Special

Assessment

Bonds

for

Assessment

Area

1

Series

2023

(NR/NR)

945,000

4.875

05/01/2030

949,992

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Cypress

Ridge

Community

development

District

Special

Assessment

Bonds

for

Assessment

Area

1

Series

2023

(NR/NR)

–

(continued)

$

1,570,000

5.625%

05/01/2043

$

1,582,888

1,890,000

5.875

05/01/2053

1,909,405

Davenport

Road

South

Community

Development

District

Special

Assessment

Bonds

Series

2018

(NR/NR)

3,170,000

5.125

(c)

11/01/2048

3,077,044

Deer

Run

Community

Development

District

Special

Assessment

RB

Refunding

Series

2018

(NR/NR)

1,465,000

5.400

05/01/2039

1,491,136

2,580,000

5.500

05/01/2044

2,606,701

Deerbrook

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

1,150,000

5.500

05/01/2053

1,150,734

Del

Webb

Bexley

Community

Development

District

Special

Assessment

Series

2018

(NR/NR)

2,655,000

5.400

05/01/2049

2,655,108

Del

Webb

Oak

Creek

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

1,500,000

5.000

05/01/2043

1,468,960

1,650,000

5.250

05/01/2053

1,632,816

DG

Farms

Community

Development

District

Special

Assessment

Series

2020

(NR/NR)

700,000

4.000

05/01/2051

561,566

Downtown

Doral

South

Community

Development

District

Special

Assessment

Bonds

Series

2018

(NR/NR)

1,000,000

4.750

(c)

12/15/2038

971,441

Durbin

Crossing

Community

Development

District

Special

Assessment

Refunding

Senior

Series

2017

A-1

(AGM)

(NR/AA)

3,090,000

3.750

05/01/2034

3,119,928

4,260,000

4.000

05/01/2037

4,339,089

DW

Bayview

Community

Development

District

Sepcial

Assessment

Bonds

for

Manatee

County

Series

2022

(NR/NR)

750,000

5.250

05/01/2052

735,888

DW

Bayview

Community

Development

District

Special

Assessment

Bond

Series

2021

(NR/NR)

1,035,000

3.375

(c)

05/01/2041

855,252

Eagle

Hammock

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

2,240,000

5.375

05/01/2052

2,223,705

Eagle

Pointe

Community

Development

District

Special

Assessment

Bonds

Series

2020

(NR/NR)

1,195,000

4.125

(c)

05/01/2040

1,055,067

3,785,000

4.125

(c)

05/01/2051

3,070,859

East

547

Community

Development

District

Special

Assessment

Bond

for

Assessment

Area

Two

Series

2023

(NR/NR)

925,000

6.500

05/01/2054

965,981

East

Bonita

Beach

Road

Community

Development

District

Special

Assessment

Bonds

for

Assessment

Area

Two

Series

2021

(NR/NR)

980,000

3.250

05/01/2041

792,588

East

Bonita

Beach

Road

Community

Development

District

Special

Assessment

Bonds

Series

2018

(NR/NR)

1,000,000

5.000

(c)

11/01/2048

972,801

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

East

Homestead

Community

Development

District

Special

Assessment

Expansion

Area

Bonds

Project

Series

2019

(NR/NR)

$

500,000

4.750%

11/01/2039

$

480,590

920,000

5.000

11/01/2049

883,843

Eden

Hills

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

805,000

4.000

05/01/2042

702,684

2,390,000

4.125

05/01/2052

1,923,829

Eden

Hills

Community

Development

District

Special

Assessment

Series

2020

(NR/NR)

190,000

4.000

05/01/2040

176,382

500,000

4.125

05/01/2051

416,177

Edgewater

East

Community

Development

District

Special

Assessment

for

Assessment

Area

Once

Series

2021

(NR/NR)

1,425,000

3.600

05/01/2041

1,178,053

2,675,000

4.000

05/01/2051

2,159,283

Edgewater

East

Community

Development

District

Special

Assessment

RB

Series

2022

(NR/NR)

1,975,000

4.000

05/01/2042

1,703,312

4,720,000

4.000

05/01/2052

3,743,442

Entrada

Community

Development

District

Capital

Improvement

RB

Series

2023

(NR/NR)

1,850,000

5.800

05/01/2053

1,883,516

Epperson

North

Community

Development

District

Special

Assessment

for

Assessment

Area

#2

Series

2021

(NR/NR)

385,000

3.500

05/01/2041

301,484

Escambia

County

Health

Facilities

Authority

Health

Care

Facilities

RB

Series

2020A

(Baa2/BBB)

15,210,000

4.000

08/15/2045

13,970,023

Escambia

County

Health

Facilities

Authority

RB

Refunding

for

Baptist

Hospital,

Inc.

Project

Series

2020

A

(AGM)

(A1/AA)

1,745,000

3.000

08/15/2050

1,371,857

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

864,545

Esplanade

Lake

Club

Community

Development

District

Special

Assessment

for

Capital

Improvement

Program

Series

2019

A-2

(NR/NR)

105,000

4.000

11/01/2040

92,160

1,170,000

4.125

11/01/2050

964,129

Estancia

at

Wiregrass

Community

Development

District

Capital

Improvement

RB

Series

2013

(NR/NR)

435,000

6.375

11/01/2026

442,069

3,225,000

7.000

11/01/2045

3,393,895

Estancia

at

Wiregrass

Community

Development

District

Capital

Improvement

RB

Series

2015

(NR/NR)

805,000

5.250

11/01/2035

810,315

1,305,000

5.375

11/01/2046

1,306,500

Evergreen

Community

Development

District

Special

Assessment

RB

Series

2019

(NR/NR)

1,345,000

5.000

(c)

11/01/2039

1,347,420

1,800,000

5.125

(c)

11/01/2049

1,744,598

Fallschase

Community

Development

District

Special

Assessment

Bonds

for

Leon

County

Series

2021

(NR/NR)

6,645,000

4.000

05/01/2052

5,233,604

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Fallschase

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

$

1,445,000

3.375%

05/01/2041

$

1,144,734

Fiddlers

Creek

Community

Development

District

No.

2

Special

Assessment

Refunding

Series

2019

(NR/NR)

2,430,000

5.000

05/01/2035

2,464,898

Finley

Woods

Community

Development

District

Special

Assessment

for

Assessment

Area

One

Series

2020

(NR/NR)

185,000

4.000

05/01/2040

161,157

500,000

4.200

05/01/2050

412,636

Fishhawk

Community

Development

District

II

Special

Assessment

RB

Refunding

Series

2013

A

(NR/A-)

1,445,000

4.375

05/01/2034

1,445,647

Fishhawk

Ranch

Community

Development

District

Special

Assessment

Refunding

Bonds

Series

2020

(AGM)

(NR/AA)

1,250,000

3.000

11/01/2041

1,021,235

Florida

Development

Finance

Corp.

Educational

Facilities

RB

Series

2022A

(Ba3/NR)

5,000,000

5.500

(c)

07/01/2052

4,366,672

3,825,000

5.625

(c)

07/01/2056

3,355,948

Florida

Development

Finance

Corp.

Educational

RB

for

Cornerstone

Charter

Academy

Project

Series

2022

(NR/BB+)

3,770,000

5.125

(c)

10/01/2052

3,484,946

1,725,000

5.250

(c)

10/01/2056

1,610,278

Florida

Development

Finance

Corp.

Educational

Revenue

Refunding

Bonds

for

Central

Charter

School

Project

Series

2022

(NR/NR)

2,735,000

5.875

(c)

08/15/2052

2,623,452

2,430,000

6.000

(c)

08/15/2057

2,338,290

Florida

Development

Finance

Corp.

RB

for

Brightline

Passenger

Rail

Expansion

Project

Series

2023C

(NR/NR)

36,250,000

8.000

(a)(b)(c)

07/01/2057

37,002,753

Florida

Development

Finance

Corp.

RB

for

Discovery

High

School

&

Discovery

Academy

of

Lake

Alfred

Obligated

Group

Series

2020

A

(NR/NR)

1,650,000

5.000

(c)

06/01/2040

1,513,017

2,595,000

5.000

(c)

06/01/2055

2,194,611

Florida

Development

Finance

Corp.

RB

for

Mayflower

Retirement

Center,

Inc.

Obligated

Group

Series

2020

A

(NR/NR)

2,005,000

5.250

(c)

06/01/2050

1,636,486

3,560,000

5.250

(c)

06/01/2055

2,836,117

Florida

Development

Finance

Corp.

RB

for

River

City

Education

Obligated

Group

Series

2021

A

(Baa3/NR)

600,000

4.000

07/01/2045

542,139

800,000

4.000

07/01/2055

673,290

Florida

Development

Finance

Corp.

RB

for

United

Cerebral

Palsy

of

Central

Florida,

Inc.

Series

2020

A

(NR/NR)

830,000

5.000

06/01/2040

761,917

1,850,000

5.000

06/01/2050

1,584,528

Florida

Development

Finance

Corp.

RB

Refunding

for

Brightline

Trains

Florida

LLC

Series

2019

B

(NR/NR)

27,780,000

7.375

(c)

01/01/2049

27,942,955

Florida

Development

Finance

Corp.

RB

Refunding

for

Glenridge

on

Palmer

Ranch

Obligated

Group

Series

2021

(NR/NR)

1,875,000

5.000

(c)

06/01/2051

1,525,304

Florida

Development

Finance

Corp.

RB

Refunding

for

Global

Outreach

Charter

Academy

Obligated

Group

Series

2021

A

(B1/NR)

830,000

4.000

(c)

06/30/2046

621,526

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Florida

Development

Finance

Corp.

RB

Refunding

for

Global

Outreach

Charter

Academy

Obligated

Group

Series

2021

A

(B1/NR)

–

(continued)

$

2,580,000

4.000%

(c)

06/30/2056

$

1,787,704

Florida

Development

Finance

Corp.

RB

Refunding

for

Mayflower

Retirement

Center,

Inc.

Obligated

Group

Series

2020

A

(NR/NR)

1,190,000

4.000

(c)

06/01/2055

725,389

Florida

Development

Finance

Corp.

RB

Refunding

for

Renaissance

Charter

School,

Inc.

Series

2020

C

(NR/NR)

2,085,000

5.000

(c)

09/15/2050

1,748,438

Florida

Development

Finance

Corp.

Surface

Transportation

Facility

RB

for

Brightline

Florida

Passenger

Rail

Project

Series

2019A-2

(NR/NR)

3,085,000

6.250

(a)(b)(c)(h)

01/01/2049

3,084,655

Florida

Development

Finance

Corp.

Surface

Transportation

Facility

RB

for

Virgin

Trains

USA

Passenger

Rail

Project

Series

2019A

(NR/NR)

39,795,000

6.500

(a)(b)(c)

01/01/2049

38,955,465

Florida

Development

Finance

Corp.

Surface

Transportation

Facility

RB

Series

2019A

(NR/NR)

2,060,000

6.250

(a)(b)(c)

01/01/2049

2,060,000

14,940,000

6.375

(a)(b)(c)

01/01/2049

14,485,001

Florida

Higher

Educational

Facilities

Financial

Authority

RB

for

Jacksonville

University

Project

Series

2018

A-1

(NR/NR)

1,750,000

4.750

(c)

06/01/2038

1,642,016

3,000,000

5.000

(c)

06/01/2048

2,713,887

Florida

Higher

Educational

Facilities

Financial

Authority

RB

Refunding

for

St.

Leo

University,

Inc.

Obligated

Group

Series

2019

(NR/BB)

4,150,000

5.000

03/01/2044

3,193,472

7,900,000

5.000

03/01/2049

5,834,366

Florida

Higher

Educational

Facilities

Financial

Authority

RB

Ringling

College

of

Art

and

Design,

Inc.

Series

2017

(NR/BBB)

6,060,000

5.000

03/01/2047

6,093,060

Flow

Way

Community

Development

District

Special

Assessment

Bonds

for

Phase

7

&

8

Project

Series

2019

(NR/NR)

885,000

4.125

11/01/2039

791,426

Forest

Brooke

Community

Development

District

Special

Assessment

Bonds

Series

2019

A-1

(NR/A+)

1,850,000

3.250

11/01/2049

1,490,831

Forest

Brooke

Community

Development

District

Special

Assessment

Subordinated

Bonds

Series

2019

A-2

(NR/NR)

250,000

4.000

11/01/2049

200,353

Gracewater

Sarasota

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

1,400,000

4.000

05/01/2052

1,102,640

Grand

Oaks

Community

Development

District

Special

Assessment

Bonds

Assessment

Area

2

Series

2020

(NR/NR)

1,100,000

4.250

05/01/2040

988,127

1,375,000

4.500

05/01/2052

1,181,213

Grand

Oaks

Community

Development

District

Special

Assessment

RB

Series

2021

(NR/NR)

1,105,000

4.000

11/01/2051

874,045

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

3,165,530

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Greater

Orlando

Aviation

Authority

Airport

Facilities

RB

Refunding

for

Jetblue

Airways

Corp.

Project

Series

2013

(NR/NR)

–

(continued)

$

5,000,000

5.000%

11/15/2036

$

5,000,125

Greater

Orlando

Aviation

Authority

Priority

Subordinated

Airport

Facilities

RB

Series

2017

A

(A1/A+)

1,460,000

5.000

10/01/2047

1,500,514

Grove

Resort

Community

Development

District

Special

Assessment

RB

Series

2022

(NR/NR)

585,000

4.000

05/01/2052

462,836

Hacienda

Lakes

Community

Development

District

Special

Assessment

Refunding

Series

2016

(NR/NR)

1,515,000

4.500

05/01/2036

1,456,324

2,275,000

4.625

05/01/2046

2,044,972

Hacienda

North

Community

Development

District

2,750,000

6.500

05/01/2053

2,907,190

Hammock

Oaks

Community

Development

District

Special

Assessment

Area

One

Bonds

Series

2023

(NR/NR)

1,000,000

5.750

05/01/2053

1,009,610

Hammock

Reserve

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

625,000

4.700

05/01/2042

573,767

1,005,000

5.000

05/01/2052

923,768

Hammock

Reserve

Community

Development

District

Special

Assessment

for

Assessment

Area

One

Project

Series

2020

(NR/NR)

540,000

4.000

05/01/2040

488,478

860,000

4.000

05/01/2051

713,115

Hammock

Reserve

Community

Development

District

Special

Assessment

for

Assessment

Area

Two

Project

Series

2021

(NR/NR)

525,000

3.375

05/01/2041

420,138

Harbor

Bay

Community

Development

District

Special

Assessment

RB

Refunding

Series

2019

A-2

(NR/NR)

915,000

3.750

05/01/2034

829,548

Harbor

Bay

Community

Development

District

Special

Assessment

RB

Series

2019

A-1

(NR/NR)

2,010,000

3.875

05/01/2039

1,755,137

1,400,000

4.100

05/01/2048

1,151,216

Harmony

On

Lake

Eloise

Community

Development

District

Capital

Improvement

Assessment

Area

One

RB

Series

2023

(NR/NR)

1,110,000

5.375

05/01/2053

1,111,928

Hawks

Point

Community

Development

District

Special

Assessment

Refunding

Senior

Series

2017

A-1

(NR/A-)

1,335,000

4.250

05/01/2035

1,350,985

1,810,000

4.250

05/01/2039

1,804,321

Hawkstone

Community

Development

District

Special

Assessment

Area

1

RB

Series

2019

(NR/NR)

640,000

3.875

11/01/2039

559,016

1,150,000

4.000

11/01/2051

916,082

Hawkstone

Community

Development

District

Special

Assessment

Area

2

RB

Series

2019

(NR/NR)

200,000

4.000

11/01/2039

177,874

495,000

4.250

11/01/2051

412,138

Hawkstone

Community

Development

District

Special

Assessment

RB

Series

2023

(NR/NR)

1,530,000

5.375

05/01/2043

1,541,386

1,265,000

5.500

05/01/2053

1,269,760

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Heritage

Harbour

North

Community

Development

District

Special

Assessment

Series

2014

(NR/NR)

$

700,000

5.000%

05/01/2034

$

714,838

2,170,000

5.125

05/01/2045

2,162,868

Heritage

Harbour

South

Community

Development

District

RB

Refunding

for

Senior

Lien

Capital

Improvement

Series

2013

A-1

(NR/A)

500,000

5.050

05/01/2031

500,734

500,000

5.150

05/01/2034

500,745

Heritage

Lake

Park

Community

Development

District

Special

Assessment

Series

2005

(NR/NR)

1,380,000

5.700

05/01/2036

1,384,159

Heritage

Landing

Community

Development

District

Special

Assessment

Refunding

Bonds

Series

2015

(NR/BBB)

2,190,000

4.200

05/01/2031

2,195,503

1,990,000

4.350

05/01/2036

1,996,193

Higher

Educational

Facilities

Financing

Authority

Educational

Facilities

Revenue

Refunding

Bonds

for

Saint

Leo

University

Project

Series

2019

(NR/BB)

1,650,000

5.000

03/01/2039

1,333,923

Highland

Meadows

West

Community

Development

District

Special

Assessment

for

Assessment

Area

3

Series

2020

A

(NR/NR)

475,000

3.625

05/01/2040

392,867

665,000

4.000

05/01/2050

530,344

Highlands

Community

Development

District

Special

Assessment

Bonds

for

Assessment

Areas

3B

and

5

Project

Series

2018

(NR/NR)

1,000,000

4.875

(c)

12/15/2038

982,382

1,000,000

5.000

(c)

12/15/2048

955,495

Highlands

Community

Development

District

Special

Assessment

Refunding

Series

2016

(NR/BBB)

2,150,000

4.250

05/01/2036

2,153,536

Highlands

Meadows

II

Community

Development

District

Special

Assessment

Bonds

for

Assessment

Area

7/7A

Project

Series

2019

(NR/NR)

590,000

4.375

11/01/2050

500,907

Hills

Minneola

Community

Development

District

Special

Assessments

for

South

Parcel

Assessment

Area

Series

2020

(NR/NR)

1,065,000

4.000

(c)

05/01/2040

927,755

3,275,000

4.000

(c)

05/01/2050

2,622,781

Holly

Hill

Road

East

Community

Development

District

Special

Assessment

for

Area

3

Project

Series

2020

(NR/NR)

180,000

5.000

11/01/2041

187,996

Hunters

Ridge

Community

Development

District

No.

1

Assessment

Area

Special

Assessment

Bonds

Series

2019

(NR/NR)

410,000

5.125

(c)

11/01/2049

394,254

Island

Lake

Estates

Community

Development

District

1,550,000

6.000

12/15/2053

1,589,612

Isles

Bartram

Park

Community

Development

District

Special

Assessment

Bonds

Series

2017

(NR/NR)

975,000

5.000

11/01/2047

929,590

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

955,000

3.125

05/01/2041

723,170

Kelly

Park

Community

Development

District

1,120,000

6.250

11/01/2053

1,137,123

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Kindred

Community

Development

District

II

Special

Assessment

Bonds

Series

2020

(NR/NR)

$

290,000

3.500%

05/01/2040

$

249,427

470,000

3.750

05/01/2050

381,532

Kindred

Community

Development

District

II

Special

Assessment

RB

Series

2023

(NR/NR)

600,000

5.650

05/01/2043

616,582

1,000,000

5.875

05/01/2054

1,020,167

Kindred

Community

Development

District

Special

Assessment

Bond

Series

2017

(NR/NR)

1,000,000

5.000

05/01/2048

959,178

Kingman

Gate

Community

Development

District

Special

Assessment

Bonds

Series

2020

(NR/NR)

1,340,000

4.000

06/15/2040

1,243,514

1,060,000

4.000

06/15/2050

903,872

Lake

Deer

Community

Development

District

Special

Assessment

Bonds

for

Polk

County

Series

2022

(NR/NR)

2,425,000

5.625

05/01/2053

2,373,098

Lake

Emma

Community

Development

District

Special

Assessment

Bonds

for

Assessment

Area

Two

Series

2023

(NR/NR)

635,000

5.250

(c)

05/01/2043

632,655

Lake

Emma

Community

Developmnet

District

Lake

County,

Fl

Special

Assessment

Bonds,

Series

2023

Assessment

Area

Two

(NR/NR)

900,000

5.500

(c)

05/01/2053

894,001

Lake

Harris

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

795,000

5.375

05/01/2043

802,193

585,000

5.625

05/01/2053

591,293

Lakes

of

Sarasota

Community

Development

District

Special

Assessment

for

Phases

1

Project

Series

2021

A-1

(NR/NR)

265,000

4.100

05/01/2051

217,204

Lakes

of

Sarasota

Community

Development

District

Special

Assessment

for

Phases

1

Project

Series

2021

B-1

(NR/NR)

325,000

4.300

05/01/2051

275,455

Lakes

of

Sarasota

Community

Development

District

Special

Assessment

for

Phases

1

Project

Series

2021

B-2

(NR/NR)

900,000

4.125

05/01/2031

875,250

Lakeside

Preserve

Community

Development

District

300,000

5.250

05/01/2030

304,293

785,000

6.000

05/01/2043

806,202

1,235,000

6.375

05/01/2054

1,277,427

Lakewood

Park

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

810,000

5.750

05/01/2053

823,960

Lakewood

Park

Community

Development

District

Special

Assessment

for

Assessment

Area

One

Series

2021

(NR/NR)

325,000

3.625

05/01/2041

265,047

Lakewood

Ranch

Stewardship

District

Special

Assessment

for

Azario

Project

Series

2020

A

(NR/NR)

525,000

3.200

05/01/2030

482,093

525,000

3.750

05/01/2040

442,825

670,000

3.900

05/01/2050

534,024

Lakewood

Ranch

Stewardship

District

Special

Assessment

for

Lorraine

Lakes

Project

Series

2020

(NR/NR)

1,085,000

3.625

(c)

05/01/2040

903,009

2,500,000

3.875

(c)

05/01/2051

1,957,680

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Lakewood

Ranch

Stewardship

District

Special

Assessment

for

Northeast

Sector

Phase

2A

Project

Series

2019

(NR/NR)

$

250,000

3.850%

05/01/2039

$

216,807

Lakewood

Ranch

Stewardship

District

Special

Assessment

RB

for

Country

Club

East

Project

Series

2014

(NR/NR)

6,295,000

5.600

05/01/2044

6,413,453

Lakewood

Ranch

Stewardship

District

Special

Assessment

RB

for

Cresswind

Project

Series

2019

(NR/NR)

530,000

4.400

05/01/2039

494,630

1,615,000

4.500

05/01/2049

1,426,196

Lakewood

Ranch

Stewardship

District

Special

Assessment

RB

for

Del

Webb

Project

Series

2017

(NR/NR)

1,000,000

5.000

(c)

05/01/2037

1,006,017

2,365,000

5.125

(c)

05/01/2047

2,356,852

Lakewood

Ranch

Stewardship

District

Special

Assessment

RB

for

Indigo

Expansion

Area

Project

Series

2019

(NR/NR)

575,000

3.750

(c)

05/01/2039

497,582

Lakewood

Ranch

Stewardship

District

Special

Assessment

RB

for

Lake

Club

Phase

4

Project

Series

2019

(NR/NR)

450,000

4.400

05/01/2039

419,969

515,000

4.500

05/01/2049

454,793

Lakewood

Ranch

Stewardship

District

Special

Assessment

RB

for

Lakewood

National

&

Polo

Run

Projects

Series

2017

(NR/NR)

910,000

4.625

05/01/2027

917,738

2,500,000

5.250

05/01/2037

2,531,748

6,265,000

5.375

05/01/2047

6,333,663

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

1,181,708

2,545,000

5.100

05/01/2048

2,502,663

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

3,786,245

Lakewood

Ranch

Stewardship

District

Special

Assessment

RB

for

Taylor

Ranch

Project

2023

(NR/NR)

3,675,000

6.300

05/01/2054

3,797,691

Lakewood

Ranch

Stewardship

District

Special

Assessment

RB

for

Villages

of

Lakewood

Ranch

South

Project

Series

2016

(NR/NR)

515,000

4.250

05/01/2026

513,057

4,625,000

5.000

05/01/2036

4,658,711

1,600,000

5.125

05/01/2046

1,561,413

Lakewood

Ranch

Stewardship

District

Special

Assessment

RB

Refunding

for

Country

Club

East

Project

Series

2020

(AGM)

(NR/AA)

1,835,000

2.500

05/01/2033

1,644,458

1,685,000

2.625

05/01/2037

1,435,260

Lakewood

Ranch

Stewardship

District

Special

Assessment

Refunding

for

Northeast

Sector

Project

-

Phase

2B

Series

2020

(NR/NR)

2,100,000

3.750

(c)

05/01/2040

1,782,714

Lakewood

Ranch

Stewardship

District

Special

Assessment

The

Isles

at

Lakewood

Ranch

Project

Series

2021

(NR/NR)

650,000

3.125

05/01/2041

494,413

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

1,120,562

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Landmark

at

Doral

Community

Development

District

Senior

Special

Assessment

Refunding

for

North

Parcel

Assessment

Area

Series

2019

A-1

(NR/AA-)

$

1,930,000

3.000%

05/01/2035

$

1,790,520

1,990,000

3.000

05/01/2038

1,708,855

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

600,076

895,000

4.000

05/01/2038

800,280

Lawson

Dunes

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

380,000

5.000

05/01/2042

372,821

1,205,000

5.125

05/01/2052

1,153,146

Lee

County

IDA

Healthcare

Facilities

RB

for

Cypress

Cover

at

Healthpark

Project

Series

2022A

Tax

Exempt

Fixed

Rate

Bonds

(NR/NR)

2,630,000

5.250

10/01/2052

2,216,328

8,800,000

5.250

10/01/2057

7,240,777

Live

Oak

Lake

Community

Development

District

Special

Assessment

Series

2020

(NR/NR)

1,610,000

4.400

05/01/2040

1,472,885

2,840,000

4.600

05/01/2051

2,491,255

Long

Lake

Reserve

Community

Development

District

Special

Assessment

Bonds

Series

2018

(NR/NR)

985,000

5.125

05/01/2048

953,665

1,775,000

5.125

05/01/2049

1,712,660

Longleaf

Community

Development

District

(NR/NR)

984,000

5.375

05/01/2030

984,119

Longleaf

Community

Development

District

Special

Assessment

Refunding

Series

2005

(NR/NR)

2,630,000

5.400

05/01/2030

2,630,306

LT

Ranch

Community

Development

District

Special

Assessment

Series

2019

(NR/NR)

3,800,000

4.000

05/01/2050

3,043,226

LTC

Ranch

West

Residential

Community

Development

District

Special

Assessment

Bonds

Series

2021

B

(NR/NR)

2,650,000

3.250

05/01/2031

2,401,931

LTC

Ranch

West

Residential

Community

Development

District

Special

Assessment

for

Assessment

Area

One

Project

Series

2021

A

(NR/NR)

835,000

3.450

05/01/2041

666,745

Lucerne

Park

Community

Development

District

Special

Assessment

Bonds

Series

2019

(NR/NR)

855,000

4.625

05/01/2039

811,547

1,340,000

4.750

05/01/2050

1,209,152

Lynwood

Community

Development

District

Special

Assessment

Bonds

Series

2019

(NR/NR)

1,755,000

4.000

06/15/2039

1,548,621

2,920,000

4.375

06/15/2049

2,493,485

Mandarin

Grove

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

2,000,000

6.625

(c)

05/01/2053

2,109,260

McJunkin

Parkland

Community

Development

District

Special

Assessment

Bonds

Series

2018

(NR/NR)

2,800,000

5.125

(c)

11/01/2038

2,829,516

4,750,000

5.250

(c)

11/01/2049

4,677,014

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Meadow

Pointe

IV

Community

Development

District

RB

for

Capital

Improvement

Series

2014

A

(NR/NR)

$

475,000

7.250%

05/01/2035

$

477,867

Meadow

View

at

Twin

Creeks

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

530,000

3.750

05/01/2052

397,110

900,000

4.000

05/01/2052

708,840

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

978,177

1,700,000

5.000

05/01/2048

1,628,498

Merrick

Square

Community

Development

District

Capital

Improvement

RB

Series

2023

(NR/NR)

900,000

5.625

05/01/2053

912,965

Miami

World

Center

Community

Development

District

Special

Assessment

Bonds

Series

2017

(NR/NR)

600,000

4.750

11/01/2027

608,386

4,000,000

5.125

11/01/2039

4,014,190

4,135,000

5.250

11/01/2049

4,145,783

Miami-Dade

County

IDA

Educational

Facilities

RB

for

Academir

Charter

Schools

Project

Series

2022A

(Ba2/NR)

1,585,000

5.250

(c)

07/01/2052

1,476,665

2,000,000

5.500

(c)

07/01/2061

1,897,730

Miami-Dade

County

Seaport

Revenue

Refunding

Bonds,

Series

2022A

(AMT)

(A3/NR)

3,035,000

5.250

10/01/2052

3,300,607

Miami-Dade

County

Water

&

Sewer

Revenue

System

Bonds

Series

2021

(BAM-TCRS)

(Aa3/AA)

1,575,000

4.000

10/01/2051

1,556,472

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

3,440,494

Midtown

Miami

Community

Development

District

Special

Assessment

Revenue

Refunding

Bonds

for

Parking

Garage

Project

Series

2014A

(NR/NR)

3,515,000

5.000

05/01/2037

3,497,854

Mirada

Community

Development

District

Capital

Improvement

RB

Series

2021

(NR/NR)

2,605,000

3.250

05/01/2032

2,343,155

Mirada

II

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

1,860,000

3.500

05/01/2041

1,482,306

2,435,000

4.000

05/01/2051

1,909,179

Miranda

II

Community

Development

District

Capital

Improvement

RB

Series

2022

(NR/NR)

1,005,000

5.600

05/01/2042

1,020,275

1,595,000

5.750

05/01/2053

1,612,919

Miromar

Lakes

Community

Development

District

RB

Refunding

for

Capital

Improvement

Series

2015

(NR/NR)

1,310,000

5.000

05/01/2028

1,321,209

1,200,000

5.000

05/01/2035

1,203,633

Naples

Reserve

Community

Development

District

Special

Assessment

Bonds

Series

2014

(NR/NR)

740,000

5.250

11/01/2035

743,058

1,225,000

5.625

11/01/2045

1,228,976

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Naples

Reserve

Community

Development

District

Special

Assessment

Bonds

Series

2018

(NR/NR)

$

1,185,000

5.125%

(c)

11/01/2048

$

1,159,823

New

Port

Tampa

Bay

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

565,000

3.875

05/01/2041

473,797

2,250,000

4.125

05/01/2052

1,810,265

New

River

Community

Development

District

Special

Assessment

Refunding

Senior

Lien

Series

2020

A-1

(NR/NR)

30,000

3.500

(c)

05/01/2031

27,809

85,000

4.000

(c)

05/01/2038

76,503

New

River

Community

Development

District

Special

Assessment

Refunding

Senior

Lien

Series

2020

A-1

(NR/A)

815,000

3.500

(c)

05/01/2038

760,487

New

River

Community

Development

District

Special

Assessment

Series

2006

B

(NR/NR)

3,260,000

5.000

*

05/01/2013

33

North

AR-1

Pasco

Community

Development

District

Capital

Improvement

RB

for

Assessment

Area

Three,

Series

2023

(NR/NR)

605,000

5.000

05/01/2030

607,623

1,000,000

5.750

05/01/2043

1,008,613

1,500,000

6.000

05/01/2054

1,512,777

North

Loop

Community

Development

District

1,850,000

6.625

05/01/2054

1,956,834

North

Park

Isle

Community

Development

District

Special

Assessment

RB

Series

2021

(NR/NR)

1,200,000

3.375

11/01/2041

944,773

2,350,000

4.000

11/01/2051

1,858,828

North

Powerline

Road

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

1,275,000

5.625

(c)

05/01/2052

1,265,955

North

Powerline

Road

Community

Development

District

Special

Assessment

Series

2020

(NR/NR)

465,000

3.625

05/01/2040

384,596

Ocala

Preserve

Community

Development

District

Capital

Improvement

RB

Series

2023

(NR/NR)

1,240,000

5.700

05/01/2043

1,269,122

1,250,000

5.875

05/01/2053

1,276,569

Old

Hickory

Community

Development

District

Special

Assessment

Bonds

Series

2020

(NR/NR)

340,000

4.000

06/15/2040

300,074

Orange

Blossom

Groves

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

665,000

5.250

06/15/2043

674,379

1,275,000

5.375

06/15/2053

1,285,769

Orange

Blossom

Ranch

Community

Development

District

Special

Assessment

Bonds

Series

2019

(NR/NR)

2,200,000

4.850

05/01/2039

2,139,164

3,625,000

5.000

05/01/2049

3,465,520

Orlando

Florida

Community

Redevelopment

Agency

Tax

Increment

RB

Refunding

for

Conroy

Road

District

Series

2012

(NR/NR)

1,005,000

5.000

04/01/2026

1,005,734

Osceola

Chain

Lakes

Community

Development

District

Special

Assessment

Bonds

Series

2020

(NR/NR)

840,000

4.000

05/01/2040

734,445

905,000

4.000

05/01/2050

722,818

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Osceola

County

Rolling

Oaks

Community

Development

District

Special

Assessment

Bonds

Series

2018

(NR/NR)

$

1,680,000

5.375%

(c)

11/01/2038

$

1,707,114

3,300,000

5.500

(c)

11/01/2049

3,316,112

Palermo

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

1,050,000

5.000

06/15/2043

1,038,389

1,375,000

5.250

06/15/2053

1,366,795

Palm

Beach

County

Health

Facilities

Authority

Hospital

RB

for

Jupiter

Medical

Center

Project

2022

Series

A

(NR/BBB-)

1,700,000

5.000

11/01/2047

1,761,300

Palm

Beach

County

Health

Facilities

Authority

RB

(Lifespace

Communities,

Inc.),

Series

2023C

(NR/NR)

1,225,000

7.625

05/15/2058

1,255,682

Palm

Beach

County

Health

Facilities

Authority

RB

Anticipation

Notes

for

Green

Cay

Life

Plan

Village

Project

Series

2022A

(NR/NR)

7,075,000

11.500

(c)

07/01/2027

8,020,855

Palm

Beach

County

Health

Facilities

Authority

RB

for

Lifespace

Communities,

Inc.

Obligated

Group

Series

2019

B

(NR/NR)

2,700,000

4.000

05/15/2053

1,661,450

2,175,000

5.000

05/15/2053

1,603,896

Palm

Beach

County

Health

Facilities

Authority

Revenue

Refunding

Bonds

Series

2022

(NR/NR)

1,650,000

4.000

06/01/2036

1,460,806

1,700,000

4.250

06/01/2056

1,302,697

Palm

Coast

Park

Community

Development

District

Special

Assessment

Bond

for

Somerset

at

Palm

Coast

Park,

Series

2023

(NR/NR)

500,000

5.400

05/01/2043

502,548

1,000,000

5.600

05/01/2053

1,004,328

Palm

Coast

Park

Community

Development

District

Special

Assessment

for

Assessment

Area

One

Series

2019

(NR/NR)

1,175,000

4.300

05/01/2050

982,513

Palm

Glades

Community

Development

District

Senior

Special

Assessment

Bonds

Series

2018

A-1

(NR/A)

400,000

4.000

11/01/2038

394,672

3,290,000

4.200

11/01/2048

3,140,708

Palm

Glades

Community

Development

District

Special

Assessment

Refunding

Bonds

Series

2016

(NR/A)

3,155,000

3.750

05/01/2031

3,160,451

2,140,000

4.000

05/01/2036

2,154,444

Palm

Glades

Community

Development

District

Special

Assessment

Refunding

Bonds

Series

2017

(NR/BBB-)

490,000

4.000

05/01/2027

485,603

2,380,000

5.000

05/01/2039

2,384,878

Parkland

Preserve

Community

Development

District

Special

Assessment

RB

Series

2019

A

(NR/NR)

1,855,000

5.250

05/01/2039

1,873,777

5,090,000

5.375

05/01/2050

5,061,687

Parkview

at

Long

Lake

Ranch

Community

Development

District

Special

Assessment

Series

2020

(NR/NR)

800,000

4.000

05/01/2051

631,870

Parkway

Center

Community

Development

District

Special

Assessment

for

Amenity

Projects

Series

2018-2

(NR/A-)

2,285,000

4.700

05/01/2049

2,252,604

Parkway

Center

Community

Development

District

Special

Assessment

Refunding

Series

2018-1

(NR/BBB)

1,065,000

4.500

05/01/2034

1,077,783

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Parrish

Lakes

Community

Development

District

Capital

Improvement

RB

for

Special

Assessment

Area

Two

Series

2023A

(NR/NR)

$

590,000

5.375%

05/01/2043

$

586,798

1,475,000

5.625

05/01/2053

1,475,003

Parrish

Lakes

Community

Development

District

Capital

Improvement

RB

Series

2023

(NR/NR)

1,375,000

5.125

05/01/2043

1,344,388

1,525,000

5.400

05/01/2053

1,487,621

Parrish

Plantation

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

795,000

3.500

05/01/2041

641,822

Paseo

Community

Development

District

Capital

Improvement

RB

Refunding

Series

2018

(NR/A-)

3,170,000

4.375

05/01/2036

3,213,783

Peace

Creek

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

1,375,000

5.125

06/15/2043

1,383,662

1,900,000

5.375

06/15/2053

1,918,867

Pine

Isle

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

1,000,000

3.250

(c)

12/15/2041

805,506

Pine

Ridge

Plantation

Community

Development

District

Special

Assessment

Refunding

Bonds

2020

A-2

(NR/NR)

650,000

3.300

05/01/2030

620,776

690,000

3.750

05/01/2037

639,797

Pinellas

County

Industrial

Development

Authority

RB

for

Drs.

Kiran

&

Pallavi

Patel

2017

Foundation

for

Global

Understanding,

Inc.

Project

Series

2019

(NR/NR)

1,100,000

5.000

07/01/2039

1,104,188

Portico

Community

Development

District

Special

Assessment

Bonds

Series

2020-2

(NR/NR)

555,000

3.625

05/01/2040

456,042

Portico

Community

Development

District

Special

Assessment

Refunding

Series

2020-1

(NR/NR)

1,915,000

3.500

05/01/2037

1,617,459

Portofino

Isles

Community

Development

District

Special

Assessment

RB

Refunding

Series

2013

(NR/BBB)

2,790,000

4.750

05/01/2033

2,791,294

Preserve

at

South

Branch

Community

Development

District

Special

Assessment

Phase

1

Series

2018

(NR/NR)

1,045,000

5.375

11/01/2049

1,052,650

Preserve

at

South

Branch

Community

Development

District

Special

Assessment

Phase

2

RB

Series

2019

(NR/NR)

250,000

4.000

11/01/2039

229,956

1,205,000

4.000

11/01/2050

990,118

Preserve

at

South

Branch

Community

Development

District

Special

Assessment

Phase

3

Series

2021

(NR/NR)

750,000

3.500

05/01/2041

632,983

Prosperity

Lakes

Community

Development

District

1,060,000

6.125

12/15/2053

1,092,185

Ranches

at

Lake

McLeod

Community

Development

District

Special

Assessment

Bonds

for

Assessment

Area

One

Series

2023

(NR/NR)

730,000

5.500

06/15/2053

734,785

Reserve

At

Van

Oaks

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

965,000

5.375

05/01/2053

968,786

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Reunion

East

Community

Development

District

(NR/NR)

$

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

444,531

1,520,000

4.625

05/01/2050

1,371,137

Rhodine

Road

North

Community

Development

District

Special

Assessment

Bonds

Series

2019

(NR/NR)

825,000

4.500

05/01/2040

791,677

825,000

4.750

05/01/2050

758,735

Ridge

at

Apopka

Community

Development

District

Special

Assessment

Bonds

for

Parcel

Two

Project

Series

2023

(NR/NR)

590,000

5.500

05/01/2043

587,865

700,000

5.750

05/01/2053

696,985

Ridge

at

Apopka

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

2,150,000

5.500

05/01/2052

1,994,027

Ridge

at

Health

Brook

Community

Development

District

Capital

Improvement

RB

Series

2023

(NR/NR)

300,000

5.250

05/01/2043

301,295

550,000

5.500

05/01/2053

552,343

River

Glen

Community

Development

District

Special

Assessment

Bond

for

Assessment

Area

Two

Series

2021

(NR/NR)

1,000,000

3.375

05/01/2041

790,021

2,390,000

4.000

05/01/2051

1,894,381

River

Hall

Community

Development

District

1,555,000

6.500

05/01/2054

1,617,771

River

Hall

Community

Development

District

Special

Assessment

for

Assessment

Area

3

Series

2020

A

(NR/NR)

1,030,000

3.625

05/01/2040

848,917

1,000,000

3.875

05/01/2051

773,315

River

Landing

Community

Development

District

Special

Assessment

Series

2020

A

(NR/NR)

1,100,000

4.350

05/01/2051

927,597

River

Landing

Community

Development

District

Special

Assessment

Series

2020

B

(NR/NR)

680,000

4.250

11/01/2035

629,666

Rivers

Edge

II

Community

Development

District

Special

Assessment

Bond

Series

2021

(NR/NR)

1,040,000

3.500

05/01/2041

835,532

910,000

4.000

05/01/2051

720,920

Rivers

Edge

III

Community

Development

District

Special

Assessment

Bond

Series

2021

(NR/NR)

775,000

3.500

(c)

05/01/2041

619,139

905,000

4.000

(c)

05/01/2051

718,473

Rolling

Oaks

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

1,350,000

6.500

(c)

05/01/2053

1,395,592

Rustic

Oaks

Community

Development

District

Capital

Improvement

RB

Series

2022

(NR/NR)

2,435,000

3.450

05/01/2042

1,933,373

Rye

Crossing

Community

Development

District

Capital

Improvement

RB

Series

2023

(NR/NR)

1,075,000

5.250

05/01/2053

1,063,805

Rye

Ranch

Community

Development

District

1,745,000

6.625

05/01/2054

1,838,849

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Rye

Ranch

Community

Development

District

Special

Assessment

Bonds

for

Assessment

Area

One,

Series

2023

(NR/NR)

$

710,000

6.000%

(c)

11/01/2053

$

718,863

Saddle

Creek

Preserve

of

Polk

County

Community

Development

District

Special

Assessment

Bonds

Series

2020

(NR/NR)

320,000

4.000

06/15/2040

295,914

780,000

4.000

06/15/2050

641,982

Saddle

Creek

Preserve

of

Polk

County

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

1,315,000

4.000

12/15/2051

1,057,094

Saltmeadows

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

1,020,000

5.500

05/01/2053

1,020,651

San

Simeon

Community

Development

District

Special

Assessment

Bonds

Series

2019

(NR/NR)

1,410,000

4.125

(c)

06/15/2039

1,254,492

Sandmine

Road

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

650,000

6.000

11/01/2052

671,053

Sandmine

Road

Community

Development

District

Special

Assessment

for

Assessment

Area

One

Series

2020

(NR/NR)

375,000

3.125

(c)

05/01/2030

356,399

980,000

3.625

(c)

05/01/2040

858,744

950,000

3.750

(c)

05/01/2050

771,885

Sarasota

County

Public

Hospital

District

Fixed

Rate

Hospital

RB

Series

2018

(A1/NR)

4,350,000

4.000

07/01/2048

4,311,322

Savanna

Lakes

Community

Development

District

Special

Assessment

Area

One

Bonds,

Series

2023

(NR/NR)

1,065,000

5.375

(c)

06/15/2053

1,067,704

Sawgrass

Village

Community

Development

District

1,365,000

6.375

11/01/2053

1,408,160

Sawgrass

Village

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

2,300,000

5.750

05/01/2053

2,296,541

Scenic

Highway

Community

Development

District

Special

Assessment

Series

2020

(NR/NR)

620,000

3.750

05/01/2040

553,826

1,250,000

4.000

05/01/2051

1,022,698

Scenic

Terrace

North

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

1,975,000

5.875

05/01/2043

1,998,131

2,210,000

6.125

05/01/2054

2,243,478

Scenic

Terrace

South

Community

Development

District

900,000

6.750

11/01/2053

944,052

Scenic

Terrace

South

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

1,300,000

4.500

05/01/2042

1,183,491

2,585,000

4.625

05/01/2053

2,260,751

Seaton

Creek

Reserve

Community

Development

District

Special

Assessment

Bonds

for

Assessment

Area

One

Bonds

Series

2023

(NR/NR)

980,000

5.500

(c)

06/15/2053

986,424

Sedona

Point

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

1,185,000

5.000

06/15/2053

1,144,246

Seminole

County

Industrial

Development

Authority

RB

for

The

Galileo

School

Foundation,

Inc.

Series

2021

A

(Ba1/NR)

315,000

4.000

(c)

06/15/2036

280,317

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Seminole

County

Industrial

Development

Authority

RB

for

The

Galileo

School

Foundation,

Inc.

Series

2021

A

(Ba1/NR)

–

(continued)

$

425,000

4.000%

(c)

06/15/2041

$

347,818

1,760,000

4.000

(c)

06/15/2051

1,302,499

1,105,000

4.000

(c)

06/15/2056

796,579

Seminole

Improvement

District

Utilities

RB

for

City

of

Westlake

Series

2022

(NR/NR)

900,000

5.300

10/01/2037

909,523

Seminole

Palms

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

900,000

5.700

05/01/2053

905,737

Shell

Point

Community

Development

District

Special

Assessment

Bonds

Series

2019

(NR/NR)

2,200,000

5.250

(c)

11/01/2039

2,219,543

2,815,000

5.375

(c)

11/01/2049

2,805,988

Sherwood

Manor

Community

Development

District

Special

Assessment

Bonds

Series

2018

(NR/NR)

3,800,000

5.250

(c)

11/01/2049

3,732,465

Sherwood

Manor

Community

Development

District

Special

Assessment

RB

Series

2023

(NR/NR)

825,000

5.500

05/01/2043

836,347

1,435,000

5.625

05/01/2053

1,446,788

Shingle

Creek

Community

Development

District

Special

Assessment

Bonds

Series

2019

(NR/NR)

4,000,000

5.000

05/01/2049

3,824,022

Silverlake

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

885,000

5.500

05/01/2053

896,523

Six

Mile

Creek

Community

Development

District

Capital

Improvement

&

Refunding

RB

Series

2021

(NR/NR)

1,800,000

4.000

05/01/2052

1,426,447

Six

Mile

Creek

Community

Development

District

Capital

Improvement

RB

Series

2021

(NR/NR)

655,000

4.000

05/01/2052

519,068

Six

Mile

Creek

Community

Development

District

Capital

Improvement

RB

Series

2023

(NR/NR)

1,375,000

5.700

05/01/2054

1,381,788

Six

Mile

Creek

Community

Development

District

Special

Assessment

for

Assessment

Area

3

Phase

1

Series

2021

(NR/NR)

1,325,000

3.500

05/01/2041

1,056,361

Six

Mile

Creek

Community

Development

District

Special

Assessment

Refunding

for

Area

2

Phase

3A

Project

Series

2020

(NR/NR)

310,000

4.125

11/01/2040

293,560

940,000

4.250

11/01/2050

841,534

Sorrento

Pines

Community

Development

District

Special

Assessment

Bonds

for

Assessment

Area

One

Series

2023

(NR/NR)

525,000

5.500

05/01/2053

527,618

South

Fork

III

Community

Development

District

Parcels

V

and

W

Special

Assessment

Bonds

Series

2019

(NR/NR)

2,100,000

5.125

(c)

11/01/2039

2,106,664

3,480,000

5.250

(c)

11/01/2049

3,412,220

South

Fork

III

Community

Development

District

Special

Assessment

RB

Refunding

Series

2018

(NR/NR)

1,310,000

5.000

05/01/2038

1,313,033

2,505,000

5.375

05/01/2049

2,497,051

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

South

Kendall

Community

Development

District

Special

Assessment

Refunding

Series

2016

(NR/BBB)

$

330,000

4.125%

11/01/2040

$

312,580

South

Village

Community

Development

District

Capital

Improvement

and

Special

Assessment

Refunding

Senior

Lien

Series

2016

A-1

(NR/A)

770,000

3.500

05/01/2032

763,189

485,000

3.625

05/01/2035

478,266

1,695,000

3.750

05/01/2038

1,636,386

South

Village

Community

Development

District

Capital

Improvement

and

Special

Assessment

Refunding

Subordinate

Lien

Series

2016

A-2

(NR/NR)

470,000

4.875

05/01/2035

470,966

95,000

5.000

05/01/2038

95,116

South-Dade

Venture

Community

Development

District

Special

Assessment

RB

Refunding

Series

2013

(NR/NR)

2,010,000

5.250

05/01/2034

2,027,052

Southern

Groves

Community

Development

District

No.

5

Special

Assessment

Refunding

Series

2019

(NR/NR)

365,000

3.600

05/01/2034

326,520

600,000

4.000

05/01/2043

507,843

Southern

Groves

Community

Development

District

No.

5

Special

Assessment

Series

2020

(NR/NR)

415,000

4.300

05/01/2040

388,872

180,000

4.500

05/01/2046

161,838

Southern

Hills

Plantation

I

Community

Development

District

Special

Assessment

for

Capital

Improvement

Series

2011

A-1

(NR/NR)

3,055,000

5.800

05/01/2035

2,865,113

Southern

Hills

Plantation

I

Community

Development

District

Special

Assessment

for

Capital

Improvement

Series

2011

A-2

(NR/NR)

2,640,000

5.800

*

05/01/2035

1,773,419

Spencer

Creek

Community

Development

District

Special

Assessment

RB

Series

2019

(NR/NR)

425,000

4.375

05/01/2029

425,863

1,000,000

5.000

05/01/2039

1,000,696

1,750,000

5.250

05/01/2049

1,726,698

Spring

Lake

Community

Development

District

Special

Assessment

for

Assessment

Area

Two

Project

Series

2017

(NR/NR)

1,245,000

5.125

(c)

11/01/2037

1,252,425

1,785,000

5.250

(c)

11/01/2047

1,756,256

Spring

Ridge

Community

Development

District

Special

Assessment

RB

Series

A-1

(NR/NR)

970,000

4.800

05/01/2035

960,207

St.

Johns

County

Industrial

Development

Authority

RB

Refunding

for

Life

Care

Ponte

Vedra

Obligated

Group

Obligated

Group

Series

2021

A

(NR/NR)

700,000

4.000

12/15/2041

553,938

475,000

4.000

12/15/2046

352,169

2,350,000

4.000

12/15/2050

1,669,768

St.

Johns

County

Industrial

Development

Authority

RB

Refunding

for

Presbyterian

Retirement

Communities,

Inc.

Obligated

Group

Series

2020

A

(NR/NR)

7,475,000

4.000

08/01/2055

6,258,436

Stellar

North

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

2,120,000

4.000

05/01/2052

1,668,050

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Sterling

Hill

Community

Development

District

RB

for

Capital

Improvement

Series

2003

B

(NR/NR)

$

418,112

5.500%*

11/01/2010

$

196,513

Stonegate

Community

Development

District

Special

Assessment

Refunding

Bonds

Series

2013

(NR/NR)

2,130,000

5.000

05/01/2034

2,130,614

Stonegate

Preserve

Community

Development

District

1,000,000

5.875

12/15/2043

1,029,174

1,200,000

6.125

12/15/2053

1,232,776

Stoneybrook

Community

Development

District

Tax

Exempt

Special

Assessment

RB

for

Village

of

Estero

Series

2022-1

(NR/AA-)

1,250,000

4.300

05/01/2052

1,239,350

Stoneybrook

North

Community

Development

District

Capital

Improvement

Revenue

Refunding

Bonds

Series

2022

(NR/NR)

875,000

6.375

11/01/2052

925,373

Stoneybrook

South

at

Championsgate

Community

Development

District

Special

Assessment

Bonds

Series

2019

(NR/NR)

1,100,000

4.500

06/15/2039

1,078,955

1,100,000

4.625

06/15/2049

1,036,862

Stoneybrook

South

at

Championsgate

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

555,000

5.500

06/15/2053

571,550

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

1,839,806

3,495,000

5.500

11/01/2044

3,595,779

Stoneybrook

South

Community

Development

District

Special

Assessment

Series

2020

(NR/NR)

2,875,000

3.750

(c)

12/15/2050

2,329,600

Storey

Creek

Community

Development

District

Special

Assessment

Bonds

for

Assessment

Area

One

Project

Series

2019

(NR/NR)

420,000

4.000

12/15/2039

370,122

860,000

4.125

12/15/2049

704,489

Storey

Creek

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

575,000

5.200

06/15/2042

570,270

925,000

5.375

06/15/2052

912,365

Storey

Drive

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

1,000,000

4.000

06/15/2052

802,634

Storey

Park

Community

Development

District

Special

Assessment

Bonds

for

Assessment

Area

Four

Project

Series

2021

(NR/NR)

325,000

3.300

(c)

06/15/2041

264,869

Storey

Park

Community

Development

District

Special

Assessment

Bonds

for

City

of

Orlando

Series

2022

(NR/NR)

1,000,000

5.150

06/15/2052

962,398

Summer

Woods

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

925,000

4.000

05/01/2052

729,173

Summer

Woods

Community

Development

District

Special

Assessment

for

Assessment

Area

Two

Project

Series

2020

(NR/NR)

870,000

3.750

05/01/2040

729,728

1,150,000

4.000

05/01/2050

917,187

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Summer

Woods

Community

Development

District

Special

Assessment

for

Assessment

Area

Two

Project

Series

2021

(NR/NR)

$

405,000

3.400%

05/01/2041

$

336,330

275,000

4.000

05/01/2051

223,927

Summerstone

Community

Development

District

Special

Assessment

Series

2020

(NR/NR)

705,000

3.750

05/01/2040

631,440

875,000

4.000

05/01/2051

744,180

Sunbridge

Stewardship

District

Special

Assessment

RB

for

Weslyn

Park

Project

Series

2022

(NR/NR)

1,000,000

5.200

05/01/2042

983,685

1,800,000

5.350

05/01/2052

1,748,744

Sunbridge

Stewardship

District

Special

Assessment

RB

Series

2022

(NR/NR)

1,550,000

5.500

05/01/2052

1,554,977

Sweetwater

Creek

Community

Development

District

Capital

Improvement

Special

Assessment

RB

Refunding

Series

2019

A-2

(NR/NR)

1,615,000

4.000

05/01/2038

1,444,465

Talis

Park

Community

Development

District

Capital

Improvement

RB

Refunding

Subordinate

Series

2016

A-2

(NR/NR)

595,000

3.750

05/01/2026

586,486

1,550,000

4.000

05/01/2033

1,476,128

Talis

Park

Community

Development

District

Capital

Improvement

RB

Series

2013

(NR/NR)

1,325,000

5.250

11/01/2034

1,325,497

2,300,000

6.000

11/01/2044

2,301,306

Tamarindo

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

715,000

3.375

05/01/2041

567,170

Tapestry

Community

Development

District

Special

Assessment

RB

Series

2016

(NR/NR)

1,110,000

4.800

05/01/2036

1,101,020

1,715,000

5.000

05/01/2046

1,650,142

Tern

Bay

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

4,400,000

4.000

06/15/2042

3,776,383

6,000,000

4.000

06/15/2052

4,770,762

Terreno

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

900,000

5.250

05/01/2053

880,155

Timber

Creek

Southwest

Community

Development

District

Special

Assessment

Bonds

for

Assessment

Area

Two

Project

Series

2021

(NR/NR)

2,050,000

3.300

12/15/2041

1,592,442

Timber

Creek

Southwest

Community

Development

District

Special

Assessment

Bonds

Series

2020

(NR/NR)

1,000,000

4.000

06/15/2040

872,838

Tison’s

Landing

Community

Development

District

Special

Assessment

RB

Refunding

&

Improvement

Bonds

Senior

Series

2016

A-1

(NR/A+)

685,000

3.375

05/01/2032

678,667

1,345,000

3.600

05/01/2037

1,324,330

tolomato

Community

Development

District

Special

Assessment

GO

Refunding

Bonds

Senior

Lien

Series

2018

A-1

(AGM)

(NR/AA)

1,760,000

3.750

05/01/2040

1,744,760

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

tolomato

Community

Development

District

Special

Assessment

GO

Refunding

Bonds

Subordinate

Lien

Series

2018

A-2

(NR/NR)

$

375,000

5.625%

(c)

05/01/2040

$

382,786

tolomato

Community

Development

District

Special

Assessment

GO

Refunding

Bonds

Subordinate

Lien

Series

2018

B-2

(NR/NR)

300,000

5.125

05/01/2039

301,496

tolomato

Community

Development

District

Special

Assessment

RB

Refunding

Series

2019

A-2

(NR/NR)

1,160,000

4.250

05/01/2037

1,092,197

tolomato

Community

Development

District

Special

Assessment

Refunding

Bonds

Series

2019

C

(NR/NR)

8,310,000

4.400

(c)

05/01/2040

7,729,026

toscana

Isles

Community

Development

District

Special

Assessment

RB

Series

2014

(NR/NR)

185,000

5.750

11/01/2027

190,871

1,955,000

6.250

11/01/2044

2,038,826

toscana

Isles

Community

Development

District

Special

Assessment

RB

Series

2018

(NR/NR)

5,390,000

5.500

11/01/2049

5,427,934

Toscana

Isles

Community

Development

District

Special

Assessment

RB

Series

2018

(NR/NR)

2,645,000

5.375

11/01/2039

2,703,532

touchstone

Community

Development

District

Special

Assessment

Bonds

Series

2018

(NR/NR)

1,560,000

4.625

(c)

06/15/2038

1,496,261

2,440,000

4.750

(c)

06/15/2048

2,228,063

touchstone

Community

Development

District

Special

Assessment

Bonds

Series

2019

(NR/NR)

1,145,000

4.125

12/15/2049

941,832

Touchstone

Community

Development

District

Special

Assessment

Bonds

Series

2019

(NR/NR)

550,000

4.000

12/15/2040

479,926

towne

Park

Community

Development

District

Special

Assessment

Area

3B

Project

Series

2019

(NR/NR)

1,085,000

4.625

05/01/2050

976,279

towne

Park

Community

Development

District

Special

Assessment

Area

3D

Project

Series

2020

(NR/NR)

1,000,000

4.000

(c)

05/01/2051

841,318

Towne

Park

Community

Development

District

Special

Assessment

Area

3D

Project

Series

2020

(NR/NR)

525,000

3.625

(c)

05/01/2040

453,009

Towns

At

Woodsdale

Community

Development

District

1,220,000

6.375

(c)

11/01/2053

1,267,237

Tradition

Community

Development

District

No.

9

Special

Assessment

Bonds

Series

2021

(NR/NR)

1,700,000

3.000

05/01/2041

1,266,574

1,300,000

4.000

05/01/2052

1,023,955

Trevesta

Community

Development

District

Special

Assessment

Area

1

Phase

2

Project

Series

2018

(NR/NR)

975,000

5.375

(c)

11/01/2049

988,218

Trevesta

Community

Development

District

Special

Assessment

Area

2

Project

Series

2020

(NR/NR)

875,000

3.750

(c)

05/01/2040

783,701

Triple

Creek

Community

Development

District

Special

Assessment

for

Villages

N&P

Projects

Series

2021

(NR/NR)

700,000

3.500

11/01/2041

562,864

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Triple

Creek

Community

Development

District

Special

Assessment

Series

2017

A

(NR/NR)

$

770,000

5.250%

11/01/2027

$

782,007

2,735,000

6.125

11/01/2046

2,818,416

Triple

Creek

Community

Development

District

Special

Assessment

Series

2018

A

(NR/NR)

785,000

4.700

(c)

11/01/2029

795,349

1,525,000

5.125

(c)

11/01/2038

1,538,675

2,165,000

5.375

(c)

11/01/2048

2,163,352

Triple

Creek

Community

Development

District

Special

Assessment

Series

2019

A

(NR/NR)

1,000,000

4.625

05/01/2039

946,782

1,990,000

4.750

05/01/2050

1,775,926

TSR

Community

Development

District

Special

Assessment

Bonds

for

Northwest

Assessment

Area

Series

2017

(NR/NR)

4,625,000

4.750

(c)

11/01/2048

4,200,660

TSR

Community

Development

District

Special

Assessment

Bonds

for

Northwest

Assessment

Area

Series

2018

(NR/NR)

1,200,000

5.000

11/01/2039

1,199,465

1,850,000

5.125

11/01/2049

1,782,421

TSR

Community

Development

District

Special

Assessment

RB

for

2016

Project

Series

2016

(NR/NR)

930,000

4.000

11/01/2027

919,296

3,160,000

4.625

11/01/2037

3,045,061

2,790,000

4.750

11/01/2047

2,545,900

TSR

Community

Development

District

Special

Assessment

RB

for

Village

4

Project

Series

2015

A

(NR/NR)

2,420,000

5.625

11/01/2045

2,452,451

Tuckers

Pointe

Community

Development

District

Special

Assessment

RB

Series

2022

(NR/NR)

1,400,000

4.000

05/01/2052

1,101,711

Tuckers

Pointe

Community

Development

District

Special

Assessment

Revenue

Note

Series

2022

(NR/NR)

4,200,000

3.625

05/01/2032

3,845,304

Turnbull

Creek

Community

Development

District

Senior

Special

Assessment

Refunding

Series

2015

A-1

(NR/A)

2,245,000

4.375

05/01/2035

2,261,563

Twisted

Oaks

Pointe

Community

Development

District

City

of

Wildwood,

Florida

Special

Assessment

Bonds,

Series

2023

Assessment

Area

One

Project

(NR/NR)

575,000

5.375

05/01/2043

570,518

Twisted

Oaks

Pointe

Community

Development

District

City

of

Wildwood,

Florida

Special

Assessment

Bonds,

Series

2023

Assessment

Area

Two

Project

(NR/NR)

675,000

5.875

05/01/2043

686,120

650,000

6.125

05/01/2054

660,589

Twisted

Oaks

Pointe

Community

Development

District

Special

Assessment

Bonds

for

Assessment

Area

One

Series

2023

(NR/NR)

750,000

5.625

05/01/2053

746,198

Two

Creeks

Community

Development

District

RB

Refunding

for

Capital

Improvement

Senior

Lien

Series

2016

A-1

(NR/A)

1,695,000

3.500

05/01/2032

1,687,244

2,540,000

3.625

05/01/2037

2,497,103

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

604,228

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Two

Lakes

Community

Development

District

Special

Assessment

Expansion

Area

Series

2019

(NR/NR)

$

2,300,000

3.750%

12/15/2039

$

1,955,395

Two

Lakes

Community

Development

District

Special

Assessment

Series

2017

(NR/NR)

1,000,000

5.000

(c)

12/15/2032

1,017,525

1,705,000

5.000

(c)

12/15/2037

1,708,005

5,330,000

5.000

(c)

12/15/2047

5,086,091

Two

Rivers

East

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

3,190,000

5.875

05/01/2053

3,206,746

Two

Rivers

North

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

1,850,000

5.250

05/01/2052

1,783,842

Two

Rivers

Two

Rivers

West

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

2,000,000

6.125

11/01/2053

2,030,013

Two

Rivers

West

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

1,600,000

6.000

05/01/2043

1,637,692

2,545,000

6.250

05/01/2053

2,605,738

Union

Park

East

Community

Development

District

Capital

Improvement

RB

for

Assessment

Area

One

Series

2017

A-1

(NR/NR)

2,415,000

5.500

(c)

11/01/2047

2,433,981

University

Park

Recreation

District

Special

Assessment

Series

2019

(BAM)

(NR/AA)

2,800,000

3.375

05/01/2045

2,499,205

Varrea

South

Community

Development

District

Capital

Improvement

RB

Series

2023

(NR/NR)

1,375,000

5.400

05/01/2053

1,383,902

V-Dana

Community

Development

District

Lee

County,

Florida

Special

Assessment

Bonds,

Series

2023

Assessment

Area

Two

–

2023

Project

Area

(NR/NR)

1,090,000

5.250

05/01/2043

1,097,912

V-Dana

Community

Development

District

Special

Assessment

Bonds

for

Assessment

Area

Two

Series

2023

(NR/NR)

2,305,000

5.500

05/01/2054

2,321,528

V-Dana

Community

Development

District

Special

Assessment

for

Assessment

Area

One

Series

2020

(NR/NR)

1,400,000

4.000

(c)

05/01/2051

1,120,119

V-Dana

Community

Development

District

Special

Assessment

for

Assessment

Area

One

Series

2021

(NR/NR)

2,760,000

4.000

05/01/2052

2,194,307

Venetian

Parc

Community

Development

District

Special

Assessment

Area

One

Project

Series

2013

(NR/NR)

260,000

6.000

11/01/2027

269,936

2,050,000

6.500

11/01/2043

2,204,533

Venetian

Parc

Community

Development

District

Special

Assessment

Area

Two

Project

Series

2013

(NR/NR)

375,000

6.375

11/01/2027

380,672

2,295,000

7.125

11/01/2044

2,331,467

Ventana

Community

Development

District

Special

Assessment

RB

Series

2018

(NR/NR)

4,655,000

5.125

(c)

05/01/2049

4,507,932

Veranda

Community

Development

District

II

Special

Assessment

Area

1

Gardens

East

Project

Series

2018

A

(NR/NR)

975,000

5.000

11/01/2039

975,363

1,670,000

5.125

11/01/2049

1,610,961

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Veranda

Community

Development

District

II

Special

Assessment

Area

2

Preserve

West

Project

Series

2018

A

(NR/NR)

$

970,000

5.000%

11/01/2039

$

970,361

1,580,000

5.125

11/01/2049

1,524,143

Veranda

Community

Development

District

II

Special

Assessment

Area

3

4

&

5

Series

2018

B

(NR/NR)

1,205,000

5.875

11/01/2032

1,218,097

Veranda

Community

Development

District

II

Special

Assessment

Refunding

for

Veranda

Estates

Project

Series

2021

(NR/NR)

245,000

3.600

(c)

05/01/2041

200,086

Veranda

Community

Development

District

II

Special

Assessment

Refunding

for

Veranda

Oaks

Project

Series

2021

(NR/NR)

530,000

3.600

(c)

05/01/2041

432,839

870,000

4.000

(c)

05/01/2051

687,159

Veranda

Landing

Community

Development

District

Special

Assessment

Bonds,

Series

2023

(NR/NR)

900,000

5.500

06/15/2053

906,637

Verandah

East

Community

Development

District

Special

Assessment

Refunding

&

Improvement

RB

Series

2016

(NR/NR)

4,355,000

4.000

05/01/2031

4,211,322

1,700,000

4.125

05/01/2034

1,621,861

1,000,000

4.250

05/01/2037

929,890

Verano

#1

Community

Development

District

Senior

Special

Assessment

Refunding

for

Community

Infrastructure

Project

Series

2017

A-1

(NR/BBB+)

1,980,000

4.000

(c)

05/01/2031

1,979,894

2,940,000

4.000

(c)

05/01/2037

2,913,728

Verano

#1

Community

Development

District

Special

Assessment

Bonds

for

District

#1

Project

Series

2015

(NR/NR)

735,000

5.125

11/01/2035

746,084

990,000

5.250

11/01/2046

978,377

Verano

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

1,000,000

6.625

11/01/2052

1,050,981

Verano

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

500,000

5.375

05/01/2043

505,259

800,000

5.625

05/01/2053

812,695

Verano

No.

2

Community

Development

District

Special

Assessment

Bonds

for

POD

C

Project

Series

2020

(NR/NR)

265,000

4.000

05/01/2040

230,825

1,700,000

4.000

05/01/2050

1,356,911

Verano

No.

2

Community

Development

District

Special

Assessment

Bonds

for

POD

D

Project

Series

2020

(NR/NR)

370,000

4.000

05/01/2040

322,284

2,015,000

4.000

05/01/2050

1,606,981

Verano

No.

2

Community

Development

District

Special

Assessment

Bonds

for

POD

E

Project

Series

2020

(NR/NR)

265,000

4.000

05/01/2040

230,825

1,740,000

4.000

05/01/2050

1,387,666

Viera

East

Community

Development

District

Special

Assessment

Bonds

Series

2020

(AGM)

(NR/AA)

1,625,000

2.600

05/01/2034

1,429,395

Viera

Stewardship

District

Special

Assessment

RB

Series

2023

(NR/NR)

1,000,000

5.300

05/01/2043

1,002,110

2,750,000

5.500

05/01/2054

2,749,769

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Villa

Portofino

East

Community

Development

District

Special

Assessment

Refunding

Series

2019

(NR/NR)

$

1,000,000

3.750%

05/01/2037

$

878,284

Village

Community

Development

District

No.

13

Special

Assessment

RB

Series

2019

(NR/NR)

9,535,000

3.700

05/01/2050

7,577,033

Village

Community

Development

District

No.

13

Special

Assessment

RB

Series

2020

(NR/NR)

4,105,000

3.250

(c)

05/01/2040

3,305,577

9,115,000

3.500

(c)

05/01/2051

6,910,945

Village

Community

Development

District

No.

15

Special

Assessment

Rb

Series

2023

(NR/NR)

4,600,000

5.250

(c)

05/01/2054

4,641,408

Village

Community

Development

District

No.

15

Special

Assessment

RB

Series

2023

(NR/NR)

2,050,000

5.000

(c)

05/01/2043

2,065,354

Village

Community

Development

District

Special

Assessment

RB

Series

2021

(NR/NR)

4,425,000

3.250

05/01/2052

3,147,877

Villages

of

Glen

Creek

Community

Development

District

Capital

Improvement

RB

Series

2022A

(NR/NR)

1,150,000

5.250

05/01/2053

1,116,383

Villages

of

Glen

Creek

Community

Development

District

Capital

Improvement

Revenue

and

Refunding

Bonds

Series

2022

(NR/NR)

1,130,000

4.000

05/01/2052

889,988

Villamar

Community

Development

District

Special

Assessment

Bonds

Series

2019

(NR/NR)

885,000

4.625

05/01/2039

840,023

1,355,000

4.875

05/01/2050

1,245,918

Villamar

Community

Development

District

Special

Assessment

Bonds

Series

2020

(NR/NR)

555,000

3.750

05/01/2040

495,332

1,000,000

4.000

05/01/2051

803,555

Vizcaya

In

Kendall

Community

Development

District

Special

Assessment

Bonds

Series

2016

(NR/BBB-)

1,000,000

3.750

11/01/2031

973,127

1,000,000

4.000

11/01/2036

978,180

1,300,000

4.125

11/01/2046

1,181,896

Waterford

Community

Development

District

Capital

Improvement

RB

Series

2023

(NR/NR)

535,000

5.375

05/01/2043

536,347

670,000

5.600

05/01/2053

672,356

Waterford

Landing

Community

Development

District

Capital

Improvement

RB

Series

2014

(NR/NR)

2,450,000

5.500

05/01/2034

2,455,815

3,810,000

5.750

05/01/2044

3,815,376

Watergrass

Community

Development

District

II

Special

Assessment

Bonds

Series

2018

(NR/NR)

4,040,000

5.250

05/01/2049

3,967,505

Waters

Edge

Community

Development

District

Pasco

County

Capital

Improvement

RB

Refunding

Senior

Lien

Series

2015

A-1

(NR/A)

3,230,000

4.200

05/01/2036

3,235,101

Waterset

Central

Community

Development

District

Special

Assessment

Bonds

Series

2018

(NR/NR)

1,640,000

5.125

(c)

11/01/2038

1,649,002

2,800,000

5.250

(c)

11/01/2049

2,745,465

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Waterset

North

Community

Development

District

Special

Assessment

RB

Series

2014

(NR/NR)

$

1,200,000

5.125%

11/01/2035

$

1,203,626

1,930,000

5.500

11/01/2045

1,932,817

Wellness

Ridge

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

1,320,000

5.125

06/15/2043

1,326,344

1,215,000

5.375

06/15/2053

1,225,263

Wesbridge

Community

Development

District

Special

Assessment

Series

2019

(NR/NR)

1,215,000

4.250

11/01/2049

1,016,400

West

Hillcrest

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

1,150,000

5.500

06/15/2053

1,160,845

West

Port

Community

Development

District

Special

Assessment

Area

Two

Series

2020

(NR/NR)

570,000

3.625

(c)

05/01/2041

461,763

1,545,000

4.000

(c)

05/01/2051

1,230,254

West

Port

Community

Development

District

Special

Assessment

Bonds

for

Charlotte

County

Series

2022

(NR/NR)

550,000

5.250

05/01/2052

528,870

West

Port

Community

Development

District

Special

Assessment

for

Assessment

Area

One

Series

2021

(NR/NR)

1,445,000

3.400

05/01/2041

1,138,969

West

Villages

Improvement

District

Special

Assessment

RB

for

Neighborhood

Infrastructure

Series

2022

(NR/NR)

475,000

5.375

05/01/2042

479,365

1,350,000

5.500

05/01/2053

1,351,093

West

Villages

Improvement

District

Special

Assessment

RB

Series

2023

(NR/NR)

850,000

5.375

05/01/2043

855,821

2,265,000

5.625

05/01/2053

2,289,366

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

2,203,577

3,790,000

5.000

05/01/2050

3,453,766

West

Villages

Improvement

District

Unit

of

Development

No.

7

Special

Assessment

RB

Series

2023

(NR/NR)

570,000

6.250

05/01/2054

592,358

Westside

Community

Development

District

Special

Assessment

RB

for

Solara

Phase

1

Assessment

Area

Series

2018

(NR/NR)

460,000

5.000

(c)

05/01/2038

462,752

600,000

5.200

(c)

05/01/2048

596,584

Westside

Community

Development

District

Special

Assessment

RB

for

Solara

Phase

2

Assessment

Area

Series

2019

(NR/NR)

990,000

4.625

05/01/2039

939,686

1,590,000

4.850

05/01/2049

1,461,861

Westside

Community

Development

District

Special

Assessment

RB

Refunding

Series

2019

(NR/NR)

800,000

4.100

(c)

05/01/2037

733,515

795,000

4.125

(c)

05/01/2038

720,752

Westside

Community

Development

District

Special

Assessment

RB

Series

2019

(NR/NR)

1,200,000

5.000

05/01/2039

1,199,474

2,000,000

5.200

05/01/2050

1,940,074

Westview

North

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

1,150,000

6.000

06/15/2052

1,175,158

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Westview

South

Community

Development

District

Special

Assessment

Bonds

for

Assessment

Area

One,

Series

2023

(NR/NR)

$

1,185,000

5.375%

05/01/2043

$

1,180,017

3,740,000

5.600

05/01/2053

3,726,514

1,415,000

5.625

05/01/2053

1,420,481

Westview

South

Community

Development

District

Special

Assessment

Bonds

for

Assessment

Area

Two,

Series

2023

(NR/NR)

600,000

5.375

05/01/2043

600,604

Westwood

of

Pasco

Community

Development

District

Capital

Improvement

RB,

Series

2023

(NR/NR)

675,000

5.625

05/01/2053

677,614

Whispering

Pines

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

830,000

5.500

05/01/2053

836,556

Willows

Community

Development

District

Special

Assessment

RB

for

Manatee

County

Series

2022

(NR/NR)

1,100,000

5.750

05/01/2052

1,121,741

Wind

Meadows

South

Community

Development

District

Special

Assessment

Bond

for

Assessment

Area

One

Project

Series

2021

(NR/NR)

1,175,000

4.000

05/01/2052

928,788

Wind

Meadows

South

Community

Development

District

Special

Assessment

Bonds

for

Assessment

Area

Two

Series

2023

(NR/NR)

1,105,000

5.625

05/01/2053

1,112,875

Winding

Cypress

Community

Development

District

Phase

3

Assessment

Area

Special

Assessment

Bonds

Series

2019

(NR/NR)

970,000

5.000

11/01/2049

919,122

Winding

Cypress

Community

Development

District

Special

Assessment

Phase

1

and

Phase

2

Assessment

Area

Series

2015

(NR/NR)

1,770,000

5.000

11/01/2045

1,714,300

Windward

at

Lakewood

Ranch

Community

Development

District

Capital

Improvement

RB

Series

2022

(NR/NR)

1,150,000

4.250

05/01/2052

946,832

Windward

Community

Development

District

Special

Assessment

Series

2020

A-1

(NR/NR)

800,000

4.400

11/01/2035

761,207

625,000

4.250

05/01/2040

560,977

1,000,000

4.500

05/01/2051

862,521

Wiregrass

Community

Development

District

Capital

Improvement

RB

Series

2014

(NR/NR)

380,000

5.375

05/01/2035

383,043

3,010,000

5.625

05/01/2045

3,021,753

Wiregrass

Community

Development

District

Capital

Improvement

RB

Series

2016

(NR/NR)

780,000

4.875

05/01/2036

773,887

Wiregrass

II

Community

Development

District

Special

Assessment

Series

2020

(NR/NR)

1,585,000

3.700

05/01/2040

1,330,796

1,960,000

3.875

05/01/2050

1,524,710

Zephyr

Lakes

Community

Development

District

Special

Assessment

for

Assessment

Area

Two

Series

2021

(NR/NR)

560,000

3.375

05/01/2041

440,908

890,000

4.000

05/01/2051

705,439

1,350,307,566

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Georgia

-

1.3%

Atlanta

Development

Authority

RB

for

New

Downtown

Atlanta

Stadium

Project

Senior

Lien

Series

2015

A-1

(A1/A)

$

1,500,000

5.250%

07/01/2040

$

1,533,984

Atlanta

Development

Authority

RB

for

New

Downtown

Atlanta

Stadium

Project

Senior

Lien

Series

2015

B

(A2/A-)

1,000,000

4.000

07/01/2040

1,003,485

Cherokee

County

Water

and

Sewerage

Authority

Georgia

Water

and

Sewerage

RB,

Series

2023

(Aa1/AA)

1,200,000

4.000

08/01/2053

1,206,204

Columbia

County

Hospital

Authority

Revenue

Anticipation

Certificates,

(Wellstar

Health

System,

Inc.

Project)

Series

2023A

(A2/A+)

1,495,000

5.125

04/01/2053

1,604,648

Gainesville

&

Hall

County

Development

Authority

RB

Refunding

for

Riverside

Military

Academy

Series

2017

(NR/NR)

900,000

5.125

03/01/2052

653,197

George

L

Smith

II

Congress

Center

Authority

RB

for

Signia

Hotel

Management

LLC

Series

2021

(NR/NR)

940,000

3.625

(c)

01/01/2031

853,850

1,340,000

5.000

(c)

01/01/2036

1,328,824

18,210,000

5.000

(c)

01/01/2054

15,861,826

George

L

Smith

II

Congress

Center

Authority

RB

for

Signia

Hotel

Management

LLC

Series

2021

(NR/BBB-)

11,905,000

4.000

01/01/2054

10,443,034

Main

Street

Natural

Gas

Inc.

Gas

Supply

RB

Series

2022C

(NR/BBB-)

2,400,000

4.000

(c)

11/01/2024

2,384,914

2,990,000

4.000

(c)

11/01/2025

2,959,507

3,115,000

4.000

(c)

11/01/2026

3,078,231

Main

Street

Natural

Gas

Inc.

Gas

Supply

RB

Series

2023B

(Aa1/NR)

7,000,000

5.000

(a)(b)

07/01/2053

7,463,400

Main

Street

Natural

Gas

Inc.,

Gas

Supply

RB,

Series

2023C

(Aa1/NR)

500,000

5.000

(a)(b)

09/01/2053

534,903

Main

Street

Natural

Gas

Inc.,

Gas

Supply

RB,

Series

2023E-1

(Aa1/NR)

7,235,000

5.000

(a)(b)

12/01/2053

7,786,372

Main

Street

Natural

Gas,

Inc.

Gas

Supply

RB

Series

2019

A

(A2/NR)

3,300,000

5.000

05/15/2043

3,384,141

12,850,000

5.000

05/15/2049

13,637,452

Main

Street

Natural

Gas,

Inc.

Gas

Supply

RB,

Series

2022B

(A3/NR)

25,000,000

5.000

(a)(b)

12/01/2052

26,386,488

Municipal

Electric

Authority

of

Georgia

Plant

Vogtle

Project

J

Bonds

Series

2019A

(A3/A)

5,000,000

5.000

01/01/2059

5,083,534

Municipal

Electric

Authority

RB

Georgia

Plant

Vogtle

Units

3

&

4

Project

Series

2019

A

(A3/A)

2,500,000

5.000

01/01/2039

2,606,328

7,000,000

5.000

01/01/2049

7,167,605

Rockdale

County

Development

Authority

RB

Refunding

for

Pratt

Paper

LLC

Project

Series

2018

(NR/NR)

1,500,000

4.000

(c)

01/01/2038

1,399,051

118,360,978

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Guam

-

0.3%

A.B.

Won

Pat

International

Airport

Authority

Guam

General

RB

2023

Series

A

(AMT)

(Baa2/NR)

$

610,000

5.125%

10/01/2034

$

631,052

220,000

5.250

10/01/2035

228,274

510,000

5.250

10/01/2036

525,183

300,000

5.375

10/01/2040

302,855

A.B.

Won

Pat

International

Airport

Authority

Guam

General

RB

2023

Series

A

(AMT)

(Baa2/NR)

975,000

5.375

10/01/2043

982,684

Antonio

B

Won

Pat

International

Airport

Authority

Taxable

RB

Refunding

Series

2021

A

(Baa2/NR)

1,500,000

3.839

10/01/2036

1,215,909

1,925,000

4.460

10/01/2043

1,482,677

Guam

Department

of

Education

COPS

Refunding

for

John

F.

Kennedy

High

School

&

Energy

Efficiency

Project

Series

2020

A

(Ba2/B+)

7,680,000

5.000

02/01/2040

7,772,824

Guam

Government

Limited

Obligation

RB

Section

30

Series

2016

A

(NR/BB)

500,000

5.000

12/01/2031

516,384

Guam

Government

Limited

Obligation

Section

30

Bond

Series

2016A

(NR/BB)

3,000,000

5.000

12/01/2046

2,990,571

Guam

Waterworks

Authority

RB

for

Water

&

Wastewater

System

Series

2020

A

(Baa2/A-)

1,540,000

5.000

01/01/2050

1,585,012

Guam

Waterworks

Authority

RB

Refunding

for

Water

&

Wastewater

System

Series

2017

(Baa2/A-)

700,000

5.000

07/01/2032

734,370

Guam

Waterworks

Authority

Water

&

Wastewater

RB

Series

2016

(Baa2/A-)

5,000,000

5.000

01/01/2046

5,075,687

24,043,482

Hawaii

-

0.4%

Hawaii

Pacific

University

Special

Purpose

RB

Series

2013A

(Dept

of

Budget

&

Fin

of

State

of

Hawaii)

(NR/BB)

3,525,000

6.875

(c)

07/01/2043

3,526,745

Hawaii

State

Department

of

Budget

&

Finance

RB

Refunding

for

Hawaiian

Electric

Co.,

Inc.

Series

2017

B

(Ba3/NR)

300,000

4.000

03/01/2037

203,696

Hawaii

State

Department

of

Budget

&

Finance

RB

Refunding

for

Hawaiian

Electric

Co.,

Inc.

Series

2019

(Ba3/NR)

9,410,000

3.200

07/01/2039

6,294,384

Hawaii

State

Department

of

Budget

and

Finance

for

Hawaiian

Electric

Company

Inc.

Special

Purpose

RB

Series

2017A

(Ba3/NR)

945,000

3.500

10/01/2049

606,777

Kauai

County

Community

Facilities

District

No.

2008-1

Special

Tax

RB

for

Kukui'ula

Development

Series

2019

(NR/NR)

2,450,000

5.000

05/15/2044

2,474,668

State

of

Hawaii

Airports

System

RB

Series

2022A

(A1/AA-)

2,750,000

5.000

07/01/2047

2,899,849

State

of

Hawaii

Department

of

Budget

and

Finance

Pacific

University

Special

Purpose

Revenue

Refunding

Bonds

Series

2018

(NR/NR)

13,000,000

6.000

(c)

07/01/2028

13,270,188

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Hawaii

–

(continued)

State

of

Hawaii

Department

of

Budget

and

Finance

Special

Purpose

RB

Refunding

Series

2017A

(Ba3/NR)

$

15,980,000

3.100%

05/01/2026

$

12,041,572

41,317,879

Illinois

-

7.3%

Belleville

Tax

Increment

&

Sales

Tax

Refunding

RB

for

Carlyle

Green

Mount

Redevelopment

Project

Series

2021B

(NR/NR)

915,000

3.750

07/01/2041

867,498

Board

of

Education

of

The

City

of

Chicago

UT

GO

Bonds

Dedicated

Revenues,

Series

2022A

(NR/BB+)

6,665,000

5.000

12/01/2047

6,627,799

Board

of

Education

of

The

City

of

Chicago

UT

GO

Refunding

Bonds

Dedicated

Revenues,

Series

2017G

(NR/BB+)

8,000,000

5.000

12/01/2044

7,947,486

Chicago

Illinois

Board

of

Education

Dedicated

Capital

Improvement

Series

2016

(NR/NR)

16,000,000

6.000

04/01/2046

16,624,589

Chicago

Illinois

Board

of

Education

GO

Bonds

Capital

Appreciation

for

School

Reform

Series

1998

B-1

(NATL)

(Baa2/BB+)

9,310,000

0.000

(e)

12/01/2029

7,403,891

6,345,000

0.000

(e)

12/01/2030

4,840,725

Chicago

Illinois

Board

of

Education

GO

Bonds

Capital

Appreciation

for

School

Reform

Series

1999

A

(NATL)

(Baa2/BB+)

185,000

0.000

(e)

12/01/2029

147,124

Chicago

Illinois

Board

of

Education

GO

Bonds

Capital

Appreciation

Series

2009

C

(Baa3/BBB+)

160,000

0.000

(e)

01/01/2031

121,661

Chicago

Illinois

Board

of

Education

GO

Bonds

Series

2017

A

(NR/BB+)

5,500,000

7.000

(c)

12/01/2046

5,924,535

Chicago

Illinois

Board

of

Education

GO

Refunding

Bonds

Capital

Appreciation

for

School

Reform

Series

1999

A

(NATL)

(Baa2/BB+)

23,595,000

0.000

(e)

12/01/2031

17,249,481

Chicago

Illinois

Board

of

Education

GO

Refunding

Bonds

Series

2005

A

(AMBAC)

(Ba2/BB+)

6,330,000

5.500

12/01/2027

6,645,662

3,000,000

5.500

12/01/2028

3,191,485

Chicago

Illinois

Board

of

Education

Unlimited

Tax

GO

Bonds

for

Dedicated

Alternate

Revenues

Series

2015

C

(NR/BB+)

20,125,000

5.250

12/01/2035

20,148,317

10,410,000

5.250

12/01/2039

10,406,144

Chicago

Illinois

Board

of

Education

Unlimited

Tax

GO

Refunding

Bonds

for

Dedicated

Revenues

Series

2005

A

(AMBAC)

(Ba2/BB+)

2,300,000

5.500

12/01/2030

2,498,619

Chicago

Illinois

Board

of

Education

Unlimited

Tax

GO

Refunding

Bonds

for

Dedicated

Revenues

Series

2009

E

(Ba2/BB+)

13,525,000

6.038

12/01/2029

13,358,587

Chicago

Illinois

Board

of

Education

Unlimited

Tax

GO

Refunding

Bonds

for

Dedicated

Revenues

Series

2012

B

(Ba2/BB+)

11,675,000

4.000

12/01/2035

11,452,503

Chicago

Illinois

Board

of

Education

Unlimited

Tax

GO

Refunding

Bonds

for

Dedicated

Revenues

Series

2016

A

(NR/BB+)

54,375,000

7.000

12/01/2044

56,611,977

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Illinois

–

(continued)

Chicago

Illinois

Board

of

Education

Unlimited

Tax

GO

Refunding

Bonds

for

Dedicated

Revenues

Series

2016

B

(NR/BB+)

$

61,035,000

6.500%

12/01/2046

$

63,870,064

Chicago

Illinois

Board

of

Education

Unlimited

Tax

GO

Refunding

Bonds

for

Dedicated

Revenues

Series

2017H

(NR/BB+)

2,140,000

5.000

12/01/2046

2,114,025

Chicago

Illinois

Capital

Appreciation

Refunding

&

Project

Series

2009

C

(Baa3/BBB+)

11,415,000

0.000

(e)

01/01/2032

8,271,307

Chicago

Illinois

GO

Bonds

Project

and

Refunding

RMKT

06/08/15

Series

2005

D

(Baa3/BBB+)

1,700,000

5.500

01/01/2037

1,718,285

100,000

5.500

01/01/2040

100,699

Chicago

Illinois

GO

Bonds

Project

Refunding

Series

2014

A

(Baa3/BBB+)

8,375,000

5.250

01/01/2033

8,375,000

6,295,000

5.000

01/01/2034

6,295,000

Chicago

Illinois

GO

Bonds

Series

2015

A

(NR/BBB+)

4,180,000

5.500

01/01/2039

4,212,098

Chicago

Illinois

GO

Refunding

Bonds

RMKT

06/08/15

Series

2007

E

(Baa3/BBB+)

3,775,000

5.500

01/01/2042

3,797,633

Chicago

Illinois

GO

Refunding

Bonds

RMKT

06/08/15

Series

2007

F

(Baa3/BBB+)

2,500,000

5.500

01/01/2042

2,514,989

Chicago

Illinois

GO

Refunding

Bonds

Series

2015

C

(NR/BBB+)

14,455,000

5.000

01/01/2038

14,525,231

Chicago

Illinois

O’Hare

International

Airport

RB

General

Airport

Senior

Lien

Series

2017D

(AMT)

(NR/A+)

255,000

5.000

01/01/2047

259,680

Chicago

Illinois

Wastewater

Transmission

RB

Second

Lien

Series

2017

A

(AGM)

(NR/AA)

5,460,000

4.000

01/01/2052

5,285,002

Chicago

Park

District

GO

Bonds

Limited

Tax

Series

2018

A

(NR/AA-)

2,585,000

4.000

01/01/2041

2,573,194

City

of

Chicago

Board

of

Education

Dedicated

Capital

Improvement

Tax

Bonds

Series

2023

(NR/NR)

6,850,000

5.750

04/01/2048

7,491,204

City

of

Chicago

Board

of

Education

UT

GO

Bonds

for

Dedicated

Revenues

Series

2018D

(NR/BB+)

14,270,000

5.000

12/01/2046

13,932,663

City

of

Chicago

Board

of

Education

UT

GO

Bonds

Series

2012A

(Ba2/BB+)

2,500,000

5.000

12/01/2042

2,468,077

City

of

Chicago

Board

of

Education

UT

GO

Bonds

Series

2018D

(NR/BB+)

6,800,000

5.000

12/01/2046

6,762,976

City

of

Chicago

Board

of

Education

UT

GO

Bonds

Series

2022A

(NR/BB+)

4,700,000

4.000

12/01/2047

4,076,397

City

of

Chicago

Chicago

O'Hare

International

Airport

General

Airport

Senior

Lien

Revenue

and

RR

Bonds

Series

2018A

(AMT)

(NR/A+)

7,670,000

5.000

01/01/2048

7,903,729

City

of

Chicago

GO

Bonds

Series

2019A

(NR/BBB+)

5,000,000

5.500

01/01/2049

5,207,892

City

of

Chicago

IL

GO

Bonds  Series

2019

(NR/BBB+)

5,000,000

5.000

01/01/2044

5,128,685

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Illinois

–

(continued)

City

of

Chicago

O’Hare

International

Airport

General

Airport

Senior

Lien

RB

Series

2022A

(AMT)

(AGM)

(NR/AA)

$

20,000,000

5.500%

01/01/2053

$

21,581,312

City

of

Chicago

O'Hare

International

Airport

General

Airport

Senior

Lien

RB

Series

2017D

(NR/A+)

6,550,000

5.000

01/01/2052

6,652,603

City

of

Chicago

O'Hare

International

Airport

General

Airport

Senior

Lien

RB

Series

2022A

(NR/A+)

2,400,000

4.500

01/01/2048

2,426,534

1,000,000

5.500

01/01/2055

1,085,077

City

of

Chicago

O'Hare

International

Airport

General

Airport

Senior

Lien

RB

Series

2022A

(AMT)

(NR/A+)

1,165,000

5.250

01/01/2053

1,225,898

City

of

Chicago

O'Hare

International

Airport

General

Airport

Senior

Lien

Revenue

Refunding

Bonds

Series

2018A

(BAM)

(NR/AA)

2,500,000

4.000

01/01/2043

2,496,895

City

of

Chicago,

Chicago

O'Hare

International

Airport

General

Airport

Senior

Lien

RB

Series

2015C

(AMT)

(NR/A+)

1,000,000

5.000

01/01/2046

1,002,850

Cortland

Illinois

Special

Service

Area

No.

9

Special

Tax

Bonds

for

Richland

Trails

Project

Series

2007-1

(NR/NR)

1,750,000

5.800

03/01/2037

1,466,427

County

of

Will

Illinois

GO

Bonds

Series

2019

(Aa1/AA+)

2,500,000

4.000

11/15/2047

2,456,361

Du

Page

County

Special

Service

Area

No.

31

Special

Tax

for

Monarch

Landing

Project

Series

2006

(NR/NR)

1,066,000

5.625

03/01/2036

1,065,886

Eastern

Illinois

Economic

Development

Authority

Business

District

RB

for

Remington

Road

&

I-57

Business

District

Series

2023

(NR/NR)

4,875,000

6.000

05/01/2046

4,792,153

Illinois

Finance

Authority

RB

for

Depaul

College

Prep

Foundation

Series

2023A

(NR/BB+)

4,000,000

5.625

(c)

08/01/2053

4,057,414

Illinois

Finance

Authority

RB

for

Dominican

University

Series

2022

(NR/BBB-)

1,200,000

5.000

03/01/2047

1,169,447

1,050,000

5.000

03/01/2052

998,889

Illinois

Finance

Authority

RB

for

Lake

Forest

College

Series

2022A

(NR/BBB)

2,250,000

5.500

10/01/2047

2,338,463

1,925,000

5.250

10/01/2052

1,949,686

Illinois

Finance

Authority

RB

for

Plymouth

Place

Series

2022A

(NR/NR)

1,750,000

6.625

05/15/2052

1,783,259

3,500,000

6.750

05/15/2058

3,581,554

Illinois

Finance

Authority

RB

for

Roosevelt

University

Series

2019

A

(NR/NR)

12,425,000

6.125

(c)

04/01/2049

11,688,335

Illinois

Finance

Authority

RB

for

Roosevelt

University

Series

2019A

(NR/NR)

1,400,000

6.125

(c)

04/01/2058

1,292,252

Illinois

Finance

Authority

RB

for

University

of

Illinois

Series

2020

(NR/BBB+)

1,000,000

4.000

10/01/2040

952,006

950,000

4.000

10/01/2050

849,790

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Illinois

–

(continued)

Illinois

Finance

Authority

RB

Refunding

for

Franciscan

Communities

Project

Series

2017

A

(NR/NR)

$

1,335,000

4.000%

05/15/2027

$

1,302,908

2,825,000

5.000

05/15/2037

2,822,101

1,055,000

5.000

05/15/2047

978,172

Illinois

Finance

Authority

RB

Refunding

for

Illinois

Institute

of

Technology

Series

2019

(Ba2/NR)

1,500,000

4.000

09/01/2035

1,323,517

1,725,000

5.000

09/01/2036

1,660,649

2,000,000

4.000

09/01/2037

1,690,342

2,000,000

4.000

09/01/2039

1,636,287

1,500,000

5.000

09/01/2040

1,381,826

1,500,000

4.000

09/01/2041

1,191,241

Illinois

Finance

Authority

RB

Refunding

for

Illinois

Wesleyan

University

Series

2016

(Baa3/A-)

500,000

5.000

09/01/2036

514,827

3,470,000

5.000

09/01/2046

3,502,865

Illinois

Finance

Authority

RB

Refunding

for

Plymouth

Place

Obligated

Group

Series

2021

A

(NR/NR)

950,000

5.000

05/15/2051

757,567

765,000

5.000

05/15/2056

596,309

Illinois

Finance

Authority

RB

Series

2021

(NR/BB+)

2,125,000

4.000

(c)

10/01/2042

1,750,569

Illinois

Finance

Authority

RB

Series

2022A

(NR/NR)

5,500,000

5.500

06/01/2057

4,882,222

Illinois

Finance

Authority

RB,

Columbia

College

Chicago,

Series

2019

(NR/BBB+)

4,325,000

5.000

12/01/2049

4,351,876

Illinois

Finance

Authority

Revenue

Refunding

Bonds

for

The

Admiral

at

The

Lake

Project

Series

2017

(NR/NR)

11,945,000

5.000

05/15/2033

11,025,058

Illinois

State

GO

Bonds

Series

2014

(A3/A-)

2,525,000

5.000

05/01/2029

2,537,317

5,000,000

5.000

05/01/2039

5,010,864

Illinois

State

GO

Bonds

Series

2017

A

(A3/A-)

9,500,000

5.000

12/01/2035

10,018,485

1,805,000

4.500

12/01/2041

1,825,635

4,730,000

5.000

12/01/2042

4,874,268

Illinois

State

GO

Bonds

Series

2017

D

(A3/A-)

2,740,000

5.000

11/01/2028

2,941,295

Illinois

State

GO

Bonds

Series

2018

A

(A3/A-)

5,280,000

5.000

05/01/2042

5,486,104

5,280,000

5.000

05/01/2043

5,482,623

Illinois

State

GO

Bonds

Series

2019

C

(A3/A-)

1,500,000

4.000

11/01/2042

1,480,276

Illinois

State

GO

Bonds

Series

2020

(A3/A-)

1,575,000

5.500

05/01/2039

1,743,771

4,250,000

5.750

05/01/2045

4,677,303

Illinois

State

GO

Bonds

Series

2020

C

(A3/A-)

1,975,000

4.250

10/01/2045

1,969,482

Lincolnshire

Special

Service

Area

No.

1

Special

Tax

for

Sedgebrook

Project

Series

2004

A

(NR/NR)

1,565,000

6.250

03/01/2034

1,566,257

Metropolitan

Pier

&

Exposition

Auth

Ill

Dedicated

St

Tax

Rev

Bonds

Mc

Cormick

Place

Expansion

2002

A

(NATL)

(Baa2/A)

3,665,000

0.000

(e)

12/15/2029

3,019,369

Metropolitan

Pier

&

Exposition

Auth

Ill

Dedicated

St

Tax

Rev

Bonds

Mccormick

Place

Expansion

Proj

*

(NATL)

(Baa2/A)

1,220,000

0.000

(e)

06/15/2028

1,055,287

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Illinois

–

(continued)

Metropolitan

Pier

&

Exposition

Authority

Dedicated

State

Tax

RB

for

McCormick

Place

Expansion

Series

2002A

(NATL)

(Baa2/A)

$

11,900,000

0.000%

(e)

06/15/2038

$

6,809,638

Metropolitan

Pier

&

Exposition

Authority

RB

Capital

Appreciation

for

McCormick

Place

Expansion

Series

2002

A

(NATL)

(Baa2/A)

13,500,000

0.000

(e)

12/15/2032

10,019,392

Metropolitan

Pier

&

Exposition

Authority

RB

Refunding

Capital

Appreciation

for

McCormick

Place

Expansion

Project

Series

2002

A

(NATL)

(Baa2/A)

1,320,000

0.000

(e)

12/15/2031

1,013,627

Metropolitan

Pier

&

Exposition

Authority

RB

Refunding

Capital

Appreciation

for

McCormick

Place

Expansion

Project

Series

2002

A

(ETM)

(NATL)

(NR/NR)

530,000

0.000

(e)

06/15/2030

442,182

Metropolitan

Pier

&

Exposition

Authority

RB

Refunding

Capital

Appreciation

for

McCormick

Place

Expansion

Project

Series

2010

B1

(AGM)

(A1/AA)

3,200,000

0.000

(e)

06/15/2044

1,353,616

Metropolitan

Pier

&

Exposition

Authority

RB

Refunding

for

McCormick

Place

Expansion

Project

Series

2017

A

(NR/A)

66,700,000

0.000

(e)

12/15/2056

13,732,910

Metropolitan

Pier

&

Exposition

Authority

RB

Refunding

for

McCormick

Place

Expansion

Project

Series

2017

B

(NR/A)

97,495,000

0.000

(e)

12/15/2054

22,228,216

Metropolitan

Pier

&

Exposition

Authority

RB

Refunding

for

McCormick

Place

Expansion

Project

Series

2017

B

(AGM)

(A1/AA)

18,400,000

0.000

(e)

12/15/2056

4,014,332

Metropolitan

Pier

and

Exposition

Authority

Dedicated

State

Tax

RB

Series

2002A

(NATL)

(Baa2/A)

2,200,000

0.000

(e)

12/15/2034

1,519,867

Metropolitan

Pier

and

Exposition

Authority

Mccormick

Place

Expansion

Project

RB,

Series

2010B1

(AGM)

(A1/AA)

3,455,000

0.000

(e)

06/15/2045

1,381,670

Metropolitan

Pier

and

Exposition

Authority

McCormick

Place

Expansion

Project

Refunding

Bonds

Series

2022A

(NR/A)

2,125,000

4.000

06/15/2052

1,999,123

Plano

Special

Service

Area

No.

5

Special

Tax

Bonds

for

Lakewood

Springs

Club

Series

2006

(NR/NR)

1,428,000

6.000

03/01/2036

1,355,203

Regional

Transportation

Authority

Illinois

GO

Bonds

Series

2016

A

(Aa3/AA)

5,000,000

4.000

06/01/2046

5,011,069

Southwestern

Illinois

Development

Authority

Environmental

Improvement

RB

Series

2012

(United

States

Steel

Corporation

Project)

(B1/BB-)

1,000,000

5.750

08/01/2042

999,979

State

of

Illinois

GO

Bonds

Series

2014

(A3/A-)

3,435,000

5.250

02/01/2033

3,439,096

2,665,000

5.250

02/01/2034

2,667,937

State

of

Illinois

GO

Bonds

Series

2017

A

(A3/A-)

9,500,000

4.250

12/01/2040

9,547,131

State

of

Illinois

GO

Bonds

Series

2017

D

(A3/A-)

4,910,000

3.250

11/01/2026

4,894,630

State

of

Illinois

GO

Bonds

Series

2017C

(A3/A-)

10,000,000

5.000

11/01/2029

10,706,776

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Illinois

–

(continued)

State

of

Illinois

GO

Bonds

Series

2020C

(A3/A-)

$

1,000,000

4.000%

10/01/2041

$

996,457

State

of

Illinois

GO

Bonds

Series

2021A

(A3/A-)

4,520,000

4.000

03/01/2041

4,520,456

9,000,000

5.000

03/01/2046

9,531,985

State

of

Illinois

GO

Bonds

Series

2022A

(A3/A-)

3,000,000

5.500

03/01/2047

3,292,355

State

of

Illinois

GO

Refunding

Bonds

Series

2018A

(A3/A-)

2,000,000

5.000

10/01/2028

2,179,774

State

of

Illinois

GO

Unlimited

Bonds

Series

2017

A

(A3/A-)

2,750,000

4.000

12/01/2033

2,791,260

7,950,000

4.250

12/01/2037

8,037,331

Upper

Illinois

River

Valley

Development

Authority

Educational

Facility

RB

for

Elgin

Math

&

Science

Academy

Charter

School

Project

Series

2023A

(Ba2/NR)

3,170,000

5.750

(c)

03/01/2053

3,065,412

Upper

Illinois

River

Valley

Development

Authority

RB

Refunding

for

Prairie

Crossing

Charter

School

Series

2020

(NR/NR)

480,000

5.000

(c)

01/01/2045

447,503

1,800,000

5.000

(c)

01/01/2055

1,622,477

Village

of

Morton

Grove

Tax

Increment

Senior

Lien

RB

for

Sawmill

Station

Redevelopment

Project

Series

2019

(NR/NR)

2,000,000

5.000

01/01/2039

1,906,623

Village

of

Romeoville

RB

Refunding

for

Lewis

University

Series

2018

B

(NR/BBB)

540,000

4.125

10/01/2041

499,353

2,330,000

4.125

10/01/2046

2,048,107

684,997,163

Indiana

-

0.3%

Gary/Chicago

International

Airport

Authority

Airport

Development

Zone

RB

Series

2014

(AMT)

(NR/BBB+)

1,300,000

5.000

02/01/2029

1,301,336

1,250,000

5.250

02/01/2034

1,251,595

1,500,000

5.000

02/01/2039

1,500,889

Indiana

Finance

Authority

Educational

Facilities

RB

for

Marian

University,

Inc.

Series

2019

A

(NR/BBB)

400,000

4.000

09/15/2049

341,077

Indiana

Finance

Authority

Environmental

Improvement

Revenue

Refunding

Bonds

Series

2021A

(B1/BB-)

2,415,000

4.125

12/01/2026

2,383,348

Indiana

Finance

Authority

Midwestern

Disaster

Relieft

RB

Series

2012A

(Baa3/NR)

1,000,000

4.250

11/01/2030

1,012,785

Indiana

Finance

Authority

RB

for

KIPP

Indianapolis,

Inc.

Series

2020

A

(Ba1/NR)

865,000

5.000

07/01/2055

793,363

Indiana

Finance

Authority

RB

Ohio

Valley

Electric

Corp.

Series

2012

B

(Baa3/NR)

1,000,000

3.000

11/01/2030

938,840

Indiana

Finance

Authority

RB

Ohio

Valley

Electric

Corp.

Series

2012

C

(Baa3/NR)

1,000,000

3.000

11/01/2030

938,840

Indiana

Finance

Authority

Student

Housing

RB

Series

2023A

(NR/BBB-)

2,100,000

5.000

06/01/2053

2,108,614

5,500,000

5.375

06/01/2064

5,609,874

Indianapolis

Airport

Authority

Special

Facilities

RB

for

United

Air

Lines,

Inc.

Project

Series

1995

A

(WR/NR)

7,520,823

6.500

*

11/15/2031

75

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Indiana

–

(continued)

The

Indianapolis

Local

Public

Improvement

Bond

Bank,

Indiana

Convention

Center

Hotel

Senior

RB,

Series

2023E

(NR/BBB-)

$

2,750,000

6.000%

03/01/2053

$

2,999,675

Town

of

Upland

RB

Refunding

for

Taylor

University,

Inc.

Series

2021

(NR/A-)

3,300,000

2.500

09/01/2050

2,057,782

23,238,093

Iowa

-

0.3%

Iowa

Finance

Authority

Midwestern

Disaster

Area

Revenue

Refunding

Bonds

for

Iowa

Fertilizer

Company

Project

Series

2022

(Baa3/BBB-)

2,300,000

5.000

(a)(b)

12/01/2050

2,395,570

Iowa

Finance

Authority

Midwestern

Disaster

Area

Revenue

Refunding

Bonds

Series

2022

(Baa3/BBB-)

15,800,000

5.000

12/01/2050

16,515,723

Iowa

Finance

Authority

RB

for

Lifespace

Communities,

Inc.

Obligated

Group

Series

2019

A-1

(NR/NR)

2,050,000

4.000

05/15/2055

1,234,419

3,600,000

5.000

05/15/2055

2,612,415

Iowa

Finance

Authority

RB

for

Lifespace

Communities,

Inc.

Series

2018A

(NR/NR)

1,500,000

5.000

05/15/2048

1,144,325

Iowa

Higher

Education

Loan

Authority

Private

College

Facility

RB

Series

2022

(Baa1/BBB+)

975,000

5.375

10/01/2052

1,012,276

tobacco

Settlement

Authority

Asset

Backed

Bonds

Class

1

Senior

Current

Interest

Bonds

Series

2021A-2

(NR/BBB+)

3,000,000

4.000

06/01/2049

2,787,041

27,701,769

Kansas

-

0.1%

City

of

Manhattan

Health

Care

Facilities

RB

Series

2022A

(NR/NR)

2,070,000

4.000

06/01/2052

1,522,006

City

of

Manhattan

RB

Refunding

for

Meadowlark

Hills

Retirement

Community

Obligated

Group

Series

2021

A

(NR/NR)

1,075,000

4.000

06/01/2046

841,895

City

of

Prairie

Village

Special

Obligation

Tax

Increment

Revenue

Refunding

Bonds

Series

2021

(NR/NR)

535,000

2.875

04/01/2030

505,987

940,000

3.125

04/01/2036

833,039

City

of

Topeka

Health

Care

Facilities

RB

for

Brewster

Place

Series

2022A

(NR/NR)

1,775,000

6.500

12/01/2052

1,777,241

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

1,098,785

1,215,000

5.000

05/15/2029

1,141,813

2,850,000

5.000

05/15/2034

2,480,229

1,190,000

5.000

05/15/2050

800,046

Kansas

City

Unified

Government

Sales

Tax

Special

Obligation

Capital

Appreciation

RB

for

Vacation

Village

Project

Area

Four

-

Multi-Sport

Athletic

Complex

Project,

Series

2015

(NR/NR)

2,440,000

0.000

(c)(e)

09/01/2034

977,270

11,978,311

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Kentucky

-

0.2%

City

of

Henderson

Exempt

Facilities

RB

for

Pratt

Paper,

LLC

Project

Series

2022B

(NR/NR)

$

3,150,000

4.450%

(c)

01/01/2042

$

2,996,244

3,375,000

4.700

(c)

01/01/2052

3,194,149

City

of

Henderson,

Kentucky

Exempt

Facilities

RB

Pratt

Paper

KY,

LLC

Project

Series

2022A

(NR/NR)

1,540,000

4.700

(c)

01/01/2052

1,457,478

County

of

Carroll

RB

Refunding

for

Kentucky

Utilities

Co.

Series

2006

B

(A1/A)

2,000,000

2.125

10/01/2034

1,618,011

County

of

Carroll

RB

Refunding

for

Kentucky

Utilities

Co.

Series

2008

A

(A1/A)

3,000,000

2.000

02/01/2032

2,522,837

Kentucky

Bond

Development

Corp.

RB

for

Centre

College

of

Kentucky

Series

2021

(A3/A)

750,000

4.000

06/01/2046

753,246

Kentucky

Bond

Development

Corp.

RB

Refunding

for

Transylvania

University

Series

2021

A

(NR/A-)

205,000

4.000

03/01/2046

187,791

Kentucky

Economic

Development

Finance

Authority

Hospital

RB

Refunding

for

Louisville

Arena

Authority,

Inc.

Series

2017

A

(AGM)

(A1/AA)

900,000

4.000

12/01/2041

901,526

Kentucky

Economic

Development

Finance

Authority

Hospital

RB

Refunding

for

Owensboro

Medical

Health

System,

Inc.

Series

2017

A

(AGM)

(A1/AA)

2,925,000

4.000

06/01/2045

2,840,469

Kentucky

Economic

Development

Finance

Authority

RB

Refunding

for

CommonSpirit

Health

Obligated

Group

Series

2019

A-2

(Baa1/A-)

3,600,000

5.000

08/01/2049

3,703,203

Louisville

&

Jefferson

County

Metropolitan

Government

RB

for

Norton

Healthcare

Obligated

Group

Series

2020

A

(NR/A)

1,500,000

3.000

10/01/2043

1,175,667

21,350,621

Louisiana

-

0.9%

Calcasieu

Parish

Memorial

Hospital

Service

District

RB

for

Southwest

Louisiana

Healthcare

System

Obligated

Group

Series

2019

(NR/BB)

1,600,000

5.000

12/01/2034

1,575,540

4,765,000

5.000

12/01/2039

4,368,588

City

of

New

Orleans

Public

Improvement

Bonds

Series

2021A

(A2/A+)

5,000,000

5.000

12/01/2050

5,306,946

Juban

Crossing

Economic

Development

District

Revenue

and

Refunding

Bonds

for

General

Infrastructure

Projects

Series

2015C

(NR/NR)

6,680,000

7.000

(c)

09/15/2044

6,686,616

Lakeshore

Villages

Master

Community

Development

District

Special

Assessment

RB

Series

2022

(NR/NR)

1,410,000

5.500

06/01/2052

1,428,866

Lakeshore

Villages

Master

Community

Development

District

Special

Assessment

Series

2019

(NR/NR)

1,900,000

4.125

(c)

06/01/2039

1,740,005

2,300,000

4.375

(c)

06/01/2048

2,047,965

Lakeshore

Villages

Master

Community

Development

District

Special

Assessment

Series

2021

(NR/NR)

1,810,000

3.200

06/01/2041

1,463,584

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Louisiana

–

(continued)

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

RB

for

Downsville

Community

Charter

School

Project

Series

2023

(NR/NR)

$

5,395,000

6.625%

(c)

06/15/2062

$

5,398,682

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Refunding

Bonds

for

Westlake

Chemical

Corp.

Project

Series

2017

(Baa2/BBB)

8,865,000

3.500

11/01/2032

8,404,552

Louisiana

Public

Facilities

Authority

RB

for

Geo

Academies

Mid-

City

Project

Series

2022

(NR/NR)

930,000

6.125

(c)

06/01/2052

941,800

1,325,000

6.250

(c)

06/01/2062

1,343,706

Louisiana

Public

Facilities

Authority

RB

for

Jefferson

Rise

Charter

School

Project

Series

2022A

(NR/NR)

900,000

6.250

(c)

06/01/2052

861,970

1,850,000

6.375

(c)

06/01/2062

1,755,105

Louisiana

Public

Facilities

Authority

RB

for

Lincoln

Prepatory

School

Project

Series

2022A

(NR/NR)

900,000

6.375

(c)

06/01/2052

870,731

1,850,000

6.500

(c)

06/01/2062

1,791,605

Louisiana

Public

Facilities

Authority

RB

for

Louisiana

Children's

Medical

Center

Obligated

Series

2020

A

(AGM)

(NR/AA)

2,000,000

3.000

06/01/2050

1,507,027

Louisiana

Public

Facilities

Authority

RB

Refunding

for

Ochsner

Clinic

Foundation

Project

Series

2017

(A3/A)

7,725,000

4.000

05/15/2042

7,711,981

3,100,000

5.000

05/15/2046

3,179,952

Louisiana

Public

Facilities

Authority

RB

Series

2021A

(NR/NR)

2,470,000

4.000

(c)

06/01/2051

1,778,198

2,070,000

4.000

(c)

06/01/2056

1,443,460

Louisiana

Public

Facilities

Authority

RB

Series

2021C

(NR/NR)

1,640,000

4.000

(c)

06/01/2051

1,180,666

1,065,000

4.000

(c)

06/01/2056

742,650

Louisiana

Public

Facilities

Authority

Revenue

Refunding

Bonds

for

Ochsner

Clinic

Foundation

Project

Series

2017

(A3/A)

10,000,000

5.000

05/15/2042

10,301,183

New

Orleans

Aviation

Board

General

Airport

RB

for

North

Terminal

Project

Series

2015

B

(A2/A)

4,455,000

5.000

01/01/2040

4,464,487

Parish

of

St.

James

RB

for

NuStar

Logistics

LP

Series

2008

(Ba3/BB-)

1,400,000

6.100

(a)(b)(c)

06/01/2038

1,534,909

Parish

of

St.

James

RB

for

NuStar

Logistics

LP

Series

2010

(Ba3/BB-)

2,375,000

6.350

(c)

07/01/2040

2,588,263

82,419,037

Maine

-

0.1%

Finance

Authority

of

Maine

RB

Series

2021

(NR/NR)

10,175,000

8.000

(c)

12/01/2051

7,263,507

Maine

Health

&

Higher

Educational

Facilities

Authority

RB

for

Maine

Medical

Center

Series

2018

A

(A1/A+)

4,000,000

5.000

07/01/2048

4,155,111

11,418,618

Maryland

-

0.9%

Baltimore

County

RB

for

Riderwood

Village

Facility

Series

2020

(NR/NR)

3,000,000

4.000

01/01/2039

2,977,374

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Maryland

–

(continued)

Baltimore

Maryland

Special

Obligation

Refunding

for

Baltimore

Research

Park

Project

Series

2017

A

(NR/NR)

$

2,950,000

4.500%

09/01/2033

$

2,922,497

1,500,000

5.000

09/01/2038

1,510,131

City

Council

of

Baltimore

Convention

Center

Hotel

Revneue

Refunding

Bonds

Series

2017

(NR/B)

4,900,000

5.000

09/01/2042

4,713,143

City

of

Baltimore

RB

Refunding

for

Baltimore

Hotel

Corp.

Series

2017

(NR/B)

1,400,000

5.000

09/01/2028

1,428,255

2,235,000

5.000

09/01/2039

2,209,119

11,645,000

5.000

09/01/2046

10,819,757

City

of

Baltimore

Tax

Allocation

for

Harbor

Point

Special

Taxing

District

Project

Series

2019

B

(NR/NR)

325,000

3.550

(c)

06/01/2034

290,359

200,000

3.700

(c)

06/01/2039

172,456

300,000

3.875

(c)

06/01/2046

251,400

City

of

Baltimore

Tax

Allocation

Refunding

Senior

Lien

for

Harbor

Point

Special

Taxing

District

Project

Series

2019

A

(NR/NR)

290,000

3.400

(c)

06/01/2034

258,596

310,000

3.450

(c)

06/01/2035

274,783

550,000

3.500

(c)

06/01/2039

473,093

1,650,000

3.625

(c)

06/01/2046

1,375,548

City

of

Brunswick

Special

Tax

Refunding

for

Brunswick

Crossing

Special

Taxing

District

Series

2019

(NR/NR)

1,450,000

5.000

07/01/2036

1,475,658

County

of

Baltimore

RB

Refunding

for

Oak

Crest

Village,

Inc.

Series

2020

(NR/NR)

2,370,000

4.000

01/01/2050

2,153,530

County

of

Baltimore

RB

Refunding

for

Riderwood

Village

Obligated

Group

Series

2020

(NR/NR)

1,850,000

4.000

01/01/2045

1,749,541

9,765,000

4.000

01/01/2050

8,873,089

County

of

Prince

George's

Special

Obligation

Bonds

for

Westphalia

town

Center

Project

Series

2018

(NR/NR)

1,885,000

5.250

(c)

07/01/2048

1,800,050

Frederick

County

Urbana

Community

Development

Authority

Special

Tax

Series

2020

C

(NR/NR)

3,760,000

4.000

(c)

07/01/2050

3,358,823

Maryland

Economic

Development

Corp.

RB

for

Baltimore

City

Project

Series

2018

A

(NR/BBB-)

2,375,000

5.000

06/01/2058

2,375,730

Maryland

Economic

Development

Corp.

RB

for

Morgan

State

University

Project

Series

2020

(NR/BBB-)

925,000

4.000

07/01/2040

873,836

1,400,000

4.250

07/01/2050

1,262,650

1,025,000

5.000

07/01/2050

1,034,821

2,415,000

5.000

07/01/2056

2,429,039

Maryland

Economic

Development

Corp.

RB

for

Ports

America

Chesapeake

LLC

Project

Series

2019

A

(Baa2/NR)

1,000,000

5.000

06/01/2044

1,037,750

Maryland

Economic

Development

Corp.

RB

for

Ports

America

Chesapeake

LLC

Project

Series

2019

A

(AMT)

(Baa2/NR)

2,250,000

5.000

06/01/2049

2,321,192

Maryland

Economic

Development

Corp.

RB

for

United

States

Social

Security

Administration

Series

2021

(Baa3/NR)

6,120,000

3.997

04/01/2034

4,913,023

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Maryland

–

(continued)

Maryland

Economic

Development

Corp.

Senior

Student

Housing

RB

for

Morgan

State

University

Project

Series

2022A

(NR/BBB-)

$

1,000,000

5.750%

07/01/2053

$

1,074,698

2,000,000

6.000

07/01/2058

2,181,192

Maryland

Health

&

Higher

Educational

Facilities

Authority

RB

Refunding

for

Frederick

Health,

Inc.

Obligated

Group

Series

2020

(Baa1/NR)

1,000,000

4.000

07/01/2050

941,318

Maryland

Health

&

Higher

Educational

Facilities

Authority

RB

Refunding

for

St.

John's

College

Series

2020

(NR/BBB+)

840,000

3.000

10/01/2034

785,458

500,000

4.000

10/01/2040

491,708

Maryland

Health

and

Higher

Educational

Facilities

Authority

RB

for

Monocacy

Montessori

Communities

Issue

Series

2023

(NR/NR)

900,000

6.125

(c)

07/01/2053

906,448

900,000

6.250

(c)

07/01/2063

906,186

Maryland

Health

and

Higher

Educational

Facilities

Authority

RB

Imagine

andrews

Public

Charter

School

Issue

Series

2022A

(NR/NR)

1,355,000

5.500

(c)

05/01/2052

1,266,605

Maryland

Stadium

Authority

Baltimore

City

Public

Schools

Construction

and

Revitalization

Program

Revenue

Bonds

Series

2022C

(ST

INTERCEPT)

(Aa3/AA-)

13,800,000

0.000

(e)

05/01/2053

3,610,648

10,125,000

0.000

(e)

05/01/2054

2,523,242

8,750,000

0.000

(e)

05/01/2055

2,076,563

Mayor

and

City

Council

of

Baltimore

City

of

Baltimore,

Maryland

Convention

Center

Hotel

Revenue

Refunding

Bonds,

Series

2017

(NR/B)

1,400,000

5.000

09/01/2035

1,418,822

Mayor

and

City

Council

of

Baltimore

Subordinate

Special

Obligation

RB

for

Harbor

Point

Project

Series

2022

(NR/NR)

1,450,000

5.000

06/01/2051

1,448,323

84,966,454

Massachusetts

-

0.2%

Commonwealth

of

Massachusetts

GO

Limited

Bonds

Series

2016

E

(Aa1/AA+)

2,130,000

3.000

04/01/2044

1,821,592

Massachusetts

Development

Finance

Agency

RB

for

Boston

Medical

Center

Series

G

(Baa2/BBB)

1,740,000

5.250

07/01/2052

1,891,000

Massachusetts

Development

Finance

Agency

RB

for

Linden

Ponds,

Inc.

Series

2018

(NR/NR)

1,000,000

5.000

(c)

11/15/2033

1,053,987

900,000

5.000

(c)

11/15/2038

938,571

2,350,000

5.125

(c)

11/15/2046

2,432,849

Massachusetts

Development

Finance

Agency

RB

for

Merrimack

College

Series

2022

(NR/BBB-)

2,075,000

5.000

07/01/2052

2,111,563

Massachusetts

Development

Finance

Agency

RB

for

Simmons

College

Issue

Series

2015

K-1

(Baa2/BBB-)

1,950,000

5.000

10/01/2036

1,983,023

Massachusetts

Development

Finance

Agency

RB

for

Simmons

University

issue,

Series

2023

N

(Baa2/BBB-)

580,000

5.250

10/01/2039

614,080

1,450,000

5.000

10/01/2043

1,479,113

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Massachusetts

–

(continued)

Massachusetts

Development

Finance

Agency

Wellforce

Obligation

Group

RB

Refunding

Series

2019

A

(NR/BBB-)

$

2,125,000

5.000%

07/01/2044

$

2,084,467

16,410,245

Michigan

-

2.4%

City

of

Detriot,

County

of

Wayne,

Unlimited

Tax

GO

Bonds

Series

2021A

(Ba1/BB+)

725,000

4.000

04/01/2041

685,024

City

of

Detroit

Financial

Recovery

GO

Bonds

Series

2014

B-1

(NR/NR)

106,985,536

4.000

(a)

04/01/2044

79,214,145

City

of

Detroit

GO

Bonds

Series

2020

(Ba1/BB+)

565,000

5.500

04/01/2031

628,232

470,000

5.500

04/01/2033

521,923

280,000

5.500

04/01/2034

310,622

300,000

5.500

04/01/2035

332,503

245,000

5.500

04/01/2036

270,190

465,000

5.500

04/01/2037

509,475

495,000

5.500

04/01/2038

536,761

355,000

5.500

04/01/2039

383,174

690,000

5.500

04/01/2040

741,996

1,360,000

5.500

04/01/2045

1,441,660

City

of

Detroit

GO

Bonds

Series

2021

A

(Ba1/BB+)

900,000

5.000

04/01/2050

915,449

City

of

Detroit

GO

Bonds

Series

2021

B

(Ba1/BB+)

1,145,000

2.960

04/01/2027

1,027,427

950,000

3.110

04/01/2028

831,247

450,000

3.244

04/01/2029

383,828

125,000

3.344

04/01/2030

103,725

475,000

3.644

04/01/2034

371,037

City

of

Detroit

MI

GO

Bonds  Series

2020

(Ba1/BB+)

295,000

5.500

04/01/2032

327,773

City

of

Detroit

Unlimited

Tax

GO

Bonds

Series

2021A

Tax-Exempt

Social

Bonds

(Ba1/BB+)

675,000

4.000

04/01/2042

630,299

City

of

Detroit

UT

GO

Bonds

Series

2021A

(Ba1/BB+)

2,750,000

5.000

04/01/2046

2,824,958

City

of

Detroit,

County

of

Wayne,

Unlimited

Tax

GO  Bonds

Series

2023C

(Tax

Exempt)

(Ba1/BB+)

1,200,000

6.000

05/01/2043

1,349,484

City

of

Detroit,

County

of

Wayne,

Unlimited

Tax

GO

Social

Bonds

Series

2023A

(Tax

Exempt)

(Ba1/BB+)

3,675,000

6.000

05/01/2039

4,224,499

City

of

Kalamazoo

Economic

Development

Corporation

Limited

Obligation

RB

for

Heritage

Community

of

Kalamazoo

Revel

Creek

Project

Series

2020A

(NR/NR)

3,880,000

5.000

05/15/2055

3,117,781

Detroit

Downtown

Development

Authority

RB

Refunding

for

Catalyst

Development

Project

Series

2018

A

(AGM)

(NR/AA)

3,330,000

5.000

07/01/2036

3,348,027

11,250,000

5.000

07/01/2048

11,276,430

Detroit

Financial

Recovery

Bonds

LT

Series

B-2

(NR/NR)

3,401,333

4.000

(a)

04/01/2044

2,518,412

Detroit

Michigan

Sewage

Disposal

System

RB

Refunding

Series

2006

D

(AGM)

(Aa3/AA)

(3M

USD

LIBOR

+

0.60%)

4,675,000

4.390

(f)

07/01/2032

4,444,199

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Michigan

–

(continued)

Grand

Rapids

Charter

township

Economic

Development

Corp.

RB

Refunding

for

United

Methodist

Retirement

Communities,

Inc.

Obligated

Group

Series

2020

(NR/NR)

$

3,300,000

5.000%

05/15/2037

$

3,100,406

1,400,000

5.000

05/15/2044

1,217,276

Ivywood

Classical

Academy

Public

School

Academy

Bonds,

Series

2023

(NR/NR)

900,000

6.000

01/01/2054

873,232

900,000

6.250

01/01/2059

888,035

Kentwood

Economic

Development

Corp.

RB

for

Holland

Home

Obligated

Group

Series

2021

(NR/NR)

475,000

4.000

11/15/2045

362,973

Kentwood

Economic

Development

Corp.

RB

Refunding

for

Holland

Home

Obligated

Group

Series

2022

(NR/NR)

1,725,000

4.000

11/15/2043

1,354,605

Michigan

Finance

Authority

Hospital

RB

for

Henry

Ford

Health

System

Obligated

Group

Series

2019

A

(A2/A)

975,000

4.000

11/15/2050

914,729

Michigan

Finance

Authority

Hospital

RB

for

McLaren

Health

Care

Corp.

Obligated

Group

Series

2019

A

(A1/NR)

1,550,000

4.000

02/15/2050

1,463,572

Michigan

Finance

Authority

Local

Government

Loan

Program

RB

for

Detroit

Water

&

Sewage

Department

Water

Supply

System

Project

Series

2014D

(Aa3/AA-)

1,600,000

5.000

07/01/2034

1,608,428

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)

(Aa3/AA)

2,175,000

5.000

07/01/2032

2,186,032

1,750,000

5.000

07/01/2033

1,759,986

Michigan

Finance

Authority

Local

Government

Loan

Program

RB

Refunding

for

Detroit

Water

and

Sewerage

Department

Sewage

Disposal

System

Second

Lien

Series

2015

C

(A1/A+)

1,600,000

5.000

07/01/2033

1,629,730

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)

(Aa3/AA)

1,000,000

5.000

07/01/2035

1,005,170

Michigan

Finance

Authority

Local

Government

Loan

Program

RB

Refunding

for

Detroit

Water

and

Sewerage

Department

Water

Supply

System

Series

2015

D-1

(Aa3/AA-)

750,000

5.000

07/01/2035

764,869

Michigan

Finance

Authority

Public

School

Academy

Limited

Obligation

Revenue

&

Revenue

Refunding

Bonds

Series

2021

(NR/BB+)

800,000

4.000

12/01/2041

643,155

1,230,000

4.000

12/01/2051

905,308

Michigan

Finance

Authority

Public

School

Academy

Limited

Obligation

Revenue

Refunding

Bonds

Series

2021

(NR/NR)

1,525,000

4.250

12/01/2039

1,205,824

1,190,000

5.000

12/01/2046

967,813

Michigan

Finance

Authority

RB

Refunding

for

Hanley

International

Academy,

Inc.

Series

2021

(NR/BB)

1,000,000

5.000

09/01/2040

948,967

Michigan

Finance

Authority

RB

Refunding

for

Kettering

University

Series

2020

(NR/A-)

475,000

4.000

09/01/2045

456,749

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Michigan

–

(continued)

Michigan

Finance

Authority

RB

Refunding

for

Kettering

University

Series

2020

(NR/A-)

–

(continued)

$

500,000

4.000%

09/01/2050

$

460,087

Michigan

Finance

Authority

Tobacco

Settlement

RB

Refunding

Series

2020

A-1

(NR/A-)

7,225,000

3.267

06/01/2039

6,641,074

Michigan

Finance

Authority

Tobacco

Settlement

RB

Refunding

Series

2020

B-2

Class

2

(NR/NR)

252,800,000

0.000

(e)

06/01/2065

27,163,259

Michigan

Mathematics

&

Science

Initiative

RB

Refunding

Series

2021

(NR/BB+)

900,000

4.000

01/01/2031

851,495

1,115,000

4.000

01/01/2041

950,576

1,695,000

4.000

01/01/2051

1,337,579

Michigan

Strategic

Fund

Limited

Obligation

RB

for

I-75

Improvement

Project

Series

2018

(AMT)

(AGM)

(A1/AA)

2,545,000

4.125

06/30/2035

2,600,823

Michigan

Strategic

Fund

RB

Refunding

for

United

Methodist

Retirement

Communities,

Inc.

Obligated

Group

Series

2020

(NR/NR)

1,875,000

5.000

05/15/2037

1,761,594

1,400,000

5.000

05/15/2044

1,217,276

Michigan

Strategic

Fund

Variable

Rate

Limited

Obligation

RB

for

Graphic

Packaging

International

Coated

Recycled

Board

Machine

Project

Green

Bonds

Series

2021

(Ba2/BB)

4,700,000

4.000

(a)(b)

10/01/2061

4,636,126

Michigan

tobacco

Settlement

Finance

Authority

RB

for

Capital

Appreciation

Series

2007

B

(NR/CCC-)

42,935,000

0.000

(e)

06/01/2052

5,344,411

Michigan

Tobacco

Settlement

Finance

Authority

Tobacco

Settlement

Asset

Backed

RB

Series

C

(NR/NR)

360,835,000

0.000

(e)

06/01/2058

15,173,581

Star

International

Academy

RB

Refunding

Series

2020

(NR/BBB)

4,080,000

5.000

03/01/2033

4,234,690

Tipton

Academy

Michigan

Public

School

Academy

RB

Series

2021

(NR/BB)

5,055,000

4.000

06/01/2051

3,531,214

Universal

Academy

RB

Refunding

Series

2021

(NR/BBB-)

1,035,000

4.000

12/01/2040

910,199

224,341,123

Minnesota

-

0.3%

City

of

St.

Paul

Housing

&

Redevelopment

Authority

Charter

School

Lease

RB

for

Higher

Ground

Academy

Project

Series

2023

(NR/BB+)

1,630,000

5.500

12/01/2057

1,634,055

City

of

Woodbury

RB

Refunding

for

Math

&

Science

Academy

Series

2020

A

(NR/BBB-)

540,000

4.000

12/01/2040

484,664

425,000

4.000

12/01/2050

346,440

Duluth

Economic

Development

Authority

Health

Care

Facilities

RB

for

Essentia

Health

Obligated

Group

Series

2018A

(NR/A-)

18,575,000

5.250

02/15/2058

19,131,392

Duluth

Economic

Development

Authority

Health

Care

Facilities

RB

Refunding

for

Essentia

Health

Obligated

Group

Series

2018

A

(NR/A-)

1,365,000

4.250

02/15/2048

1,312,248

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Minnesota

–

(continued)

Duluth

Economic

Development

Authority

RB

Refunding

for

Benedictine

Health

System

Obligated

Group

Series

2021

A

(NR/NR)

$

1,400,000

4.000%

07/01/2036

$

1,181,522

Duluth

Independent

School

District

No.709

COPS

Refunding

Series

2019

A

(Baa1/NR)

755,000

4.000

03/01/2029

745,612

1,260,000

4.000

03/01/2032

1,231,610

685,000

4.200

03/01/2034

672,736

Minnesota

Higher

Education

Facilities

Authority

RB

Refunding

for

Bethel

University

Project

Series

2017

(NR/BB+)

2,400,000

5.000

05/01/2047

2,181,637

Minnesota

Higher

Education

Facilities

Authority

RB

Refunding

for

College

of

St.

Scholastica,

Inc.

Series

2019

(Baa2/NR)

425,000

4.000

12/01/2034

425,328

650,000

4.000

12/01/2040

606,094

29,953,338

Mississippi

-

0.1%

Mississippi

Business

Finance

Corp.

Exempt

Facilities

RB

for

Enviva

Project

Series

2022

(Caa2/CC)

2,400,000

7.750

(a)(b)

07/15/2047

1,503,644

Mississippi

Business

Finance

Corp.

System

Energy

Resources

Inc.

RB

Series

2021

(Baa2/BBB)

4,000,000

2.375

06/01/2044

2,491,882

Mississippi

Development

Bank

Special

Obligation

Bonds

Series

2021

(NR/BB)

1,225,000

5.000

(c)

10/01/2030

1,295,069

1,430,000

5.000

(c)

10/01/2033

1,504,881

850,000

4.000

(c)

10/01/2034

815,955

700,000

4.000

(c)

10/01/2035

670,059

750,000

4.000

(c)

10/01/2036

710,148

3,000,000

4.000

(c)

10/01/2041

2,609,771

11,601,409

Missouri

-

0.4%

Branson

Regional

Airport

Transport

Development

District

Series

2018A,

B,

&

C

(NR/NR)

545,266

5.000

(a)(c)

*

04/01/2043

16,358

Branson

Regional

Airport

Transport

Development

District

Series

2018B

&

C

(NR/NR)

2,752,991

5.000

(a)(c)

*

04/01/2043

82,590

Cape

Girardeau

County

IDA

Health

Facilities

RB

for

SoutheastHEALTH

Obligated

Group

Series

2021

(A1/A+)

950,000

4.000

03/01/2041

953,640

2,825,000

3.000

03/01/2046

2,173,625

Cape

Girardeau

County

IDA

Health

Facilities

RB

Refunding

for

South

Eastern

Health

Series

2017

A

(A1/A+)

1,925,000

5.000

03/01/2036

2,019,830

City

of

Branson

Industrial

Development

Authority

Tax

Increment

Refunding

RB

for

Branson

Shoppes

Redevelopment

Project

Series

2017A

(NR/NR)

2,050,000

4.000

11/01/2027

1,985,498

City

of

St.

Louis

IDA

Tax

Increment

Financing

RB

for

St.

Louis

Innovation

District

Project

Series

2022

(NR/NR)

2,550,000

5.000

05/15/2041

2,559,369

Health

and

Educational

Facilities

Authority

of

The

State

of

Missouri

Health

Facilities

RB

Wright

Memorial

Hospital

Series

2019

(NR/NR)

1,065,000

5.000

09/01/2029

1,110,086

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Missouri

–

(continued)

I-470

Western

Gateway

Transportation

Development

District

RB

Series

2019

A

(NR/NR)

$

4,750,000

5.250%

(c)

12/01/2048

$

4,756,107

Joplin

Industrial

Development

Authority

RB

for

32nd

Street

Place

Community

Improvement

District

Series

2021

(NR/NR)

945,000

3.500

11/01/2040

869,133

2,450,000

4.250

11/01/2050

2,076,568

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)

1,000,000

5.000

(c)

04/01/2036

944,713

1,150,000

5.000

(c)

04/01/2046

1,025,192

Missouri

Health

&

Educational

Facilities

Authority

RB

for

Kansas

City

Art

Institute

Series

2018

(NR/A-)

830,000

5.000

09/01/2038

873,333

2,600,000

5.000

09/01/2048

2,677,808

Missouri

Health

&

Educational

Facilities

Authority

RB

Refunding

for

J.B.

Wright

&

Trenton

Trust

Obligated

Group

Series

2019

(NR/NR)

1,330,000

5.000

09/01/2033

1,377,697

Missouri

Southern

State

University

RB

Series

2019

A

(AGM)

(NR/AA)

400,000

3.000

10/01/2044

339,462

500,000

3.125

10/01/2049

408,429

Plaza

at

Noah's

Ark

Community

Improvement

District

RB

Refunding

Series

2021

(NR/NR)

475,000

3.125

05/01/2035

402,349

St.

Louis

IDA

Financing

RB

Refunding

for

Ballpark

Village

Development

Project

Series

2017

A

(NR/NR)

3,250,000

4.750

11/15/2047

2,436,442

Stone

Canyon

Community

Improvement

District

RB

for

Public

Infrastructure

Improvement

Project

Series

2007

(NR/NR)

1,250,000

5.750

*

04/01/2027

112,500

Taney

County

IDA

Sales

Tax

Revenue

Improvement

Bonds

for

Big

Cedar

Infrastructure

Project

Series

2023

(NR/NR)

4,170,000

6.000

(c)

10/01/2049

4,176,403

University

City

IDA

Tax

Increment

Special

District

RB

for

Markets

at

Olive

Project

Series

2023A

(NR/NR)

2,175,000

4.875

06/15/2036

2,198,755

5,500,000

5.500

06/15/2042

5,556,332

41,132,219

Nevada

-

0.3%

City

of

Henderson

Local

Improvement

District

No.

T-21

Local

Improvement

Bonds

Series

2022

(NR/NR)

695,000

3.500

09/01/2045

520,565

470,000

4.000

09/01/2051

376,602

City

of

Las

Vegas

Special

Improvement

District

No.

813

for

Summerlin

Village

26

Local

Improvement

Bonds

Series

2017

(NR/NR)

285,000

4.250

06/01/2037

279,790

410,000

4.375

06/01/2042

398,554

465,000

4.500

06/01/2047

447,976

City

of

Las

Vegas

Special

Improvement

District

No.

814

Special

Assessment

Series

2019

(NR/NR)

475,000

4.000

06/01/2039

435,113

1,310,000

4.000

06/01/2044

1,143,568

1,305,000

4.000

06/01/2049

1,096,850

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Nevada

–

(continued)

City

of

Las

Vegas

Special

Improvement

District

No.

815

Special

Assessment

Series

2020

(NR/NR)

$

935,000

5.000%

12/01/2049

$

902,058

City

of

Las

Vegas

Special

Improvement

District

No.

816

Special

Assessment

Series

2021

(NR/NR)

600,000

3.000

06/01/2041

437,217

1,270,000

3.125

06/01/2051

833,124

City

of

North

Las

Vegas

Special

Improvement

District

No.

64

Special

Assessment

Bonds

Series

2019

(NR/NR)

325,000

4.250

06/01/2034

319,649

320,000

4.625

06/01/2043

311,783

560,000

4.625

06/01/2049

530,722

City

of

Sparks

RB

Refunding

for

Nevada

Tourism

Improvement

District

No.

1

Senior

Project

Series

2019

A

(Ba1/NR)

1,395,000

2.750

(c)

06/15/2028

1,325,089

Department

of

Business

and

Industry

RB

for

Brightline

West

Passenger

Rail

Project,

Series

2020A-3

(NR/NR)

9,200,000

8.125

(a)(b)(c)

01/01/2050

9,369,368

Henderson

Local

Improvement

District

No.

T-16

Special

Assessment

Limited

Obligation

Series

2005

(NR/NR)

1,375,000

5.125

03/01/2025

1,302,984

Henderson

Local

Improvement

District

No.

T-18

Limited

Obligation

Series

2016

(NR/NR)

2,155,000

4.000

09/01/2035

1,996,831

Las

Vegas

Convention

&

Visitors

Authority

Convention

Center

Expansion

RB

Series

2018B

(Aa3/AA-)

3,700,000

4.000

07/01/2049

3,578,569

Las

Vegas

Convention

&

Visitors

Authority

RB

Refunding

Series

2017

B

(Aa3/AA-)

700,000

5.000

07/01/2030

751,801

Tahoe-Douglas

Visitors

Authority

RB

Series

2020

(NR/NR)

2,635,000

5.000

07/01/2045

2,667,202

2,825,000

5.000

07/01/2051

2,839,679

31,865,094

New

Hampshire

-

0.5%

National

Finance

Authority

RB

for

Presbyterian

Senior

Living

Project

Series

2023A

(NR/NR)

2,300,000

5.250

07/01/2048

2,353,777

New

Hampshire

Business

Finance

Authority

RB

for

Casella

Waste

Systems,

Inc.

Series

2013

(B1/B+)

1,800,000

2.950

(c)

04/01/2029

1,640,870

New

Hampshire

Business

Finance

Authority

RB

Refunding

for

Covanta

Holding

Corp.

Series

2020

A

(B3/B)

2,820,000

3.625

(a)(b)(c)

07/01/2043

2,166,723

New

Hampshire

Business

Finance

Authority

RB

Refunding

for

Covanta

Holding

Corp.

Series

2020

B

(AMT)

(B3/B)

7,165,000

3.750

(a)(b)(c)

07/01/2045

5,599,261

New

Hampshire

Business

Finance

Authority

RB

Refunding

for

Springpoint

Senior

Living

Obligated

Group

Series

2021

(NR/NR)

12,450,000

4.000

01/01/2051

9,397,885

New

Hampshire

Health

and

Education

Facilities

Authority

RB

for

Dartmouth

Hitchcock

Health

Obligated

Group

2020

A

(AGM-CR)

(NR/AA)

5,000,000

5.000

08/01/2059

5,555,966

New

Hampshire

Health

and

Education

Facilities

Authority

RB

Refunding

for

Dartmouth-Hitchcock

Obligation

Group

Series

2017

A

(NR/A)

2,150,000

5.000

08/01/2033

2,280,636

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

New

Hampshire

–

(continued)

New

Hampshire

Health

and

Education

Facilities

Authority

RB

Refunding

for

Dartmouth-Hitchcock

Obligation

Group

Series

2017

A

(NR/A)

–

(continued)

$

3,170,000

5.000%

08/01/2035

$

3,347,240

2,000,000

5.000

08/01/2036

2,103,397

5,350,000

5.000

08/01/2037

5,599,839

2,935,000

5.000

08/01/2038

3,055,710

4,235,000

5.000

08/01/2039

4,395,691

1,710,000

5.000

08/01/2040

1,771,811

49,268,806

New

Jersey

-

4.8%

New

Jersey

Economic

Development

Authority

Energy

Facilities

RB

for

UMM

Energy

Partners,

LLC

Project

Series

2012

A

(AMT)

(Baa2/NR)

1,000,000

4.750

06/15/2032

1,000,463

1,000,000

5.000

06/15/2037

1,000,339

1,000,000

5.125

06/15/2043

1,000,262

New

Jersey

Economic

Development

Authority

RB

for

Provident

Group

-

Kean

Properties

L.L.C.

-

Kean

University

Student

Housing

Project

Series

2017

A

(NR/B)

500,000

5.000

07/01/2037

492,290

1,150,000

5.000

07/01/2047

1,064,683

New

Jersey

Economic

Development

Authority

RB

Refunding

for

New

Jersey

Natural

Gas

Co.

Series

2011

C

(AMT)

(A1/NR)

6,000,000

3.000

08/01/2041

4,970,594

New

Jersey

Economic

Development

Authority

Special

Facilities

RB

for

Continental

Airlines,

Inc.

Project

Series

2000

A

(AMT)

(Ba3/BB-)

5,000,000

5.625

11/15/2030

5,040,994

New

Jersey

Economic

Development

Authority

Special

Facility

RB

for

Continental

Airlines

Project

Series

1999

(Ba3/BB-)

23,275,000

5.250

09/15/2029

23,317,845

New

Jersey

Economic

Development

Authority

Special

Facility

RB

for

Continental

Airlines

Project

Series

2000

(Ba3/BB-)

5,000,000

5.625

11/15/2030

5,040,994

New

Jersey

Economic

Development

Authority

State

Lease

RB

for

Health

Department

Project

Series

2018

A

(A2/A-)

2,470,000

5.000

06/15/2047

2,559,451

New

Jersey

Economic

Development

Authority

State

Lease

RB

for

Juvenile

Justice

Commission

Facilities

Project

Series

2018

C

(A2/A-)

5,000,000

5.000

06/15/2042

5,225,679

New

Jersey

Economic

Development

Authority

Tax

Exempt

Private

Activity

Bonds

for

Goethals

Bridge

Replacement

Project

Series

2013

(NR/BBB+)

1,000,000

5.375

01/01/2043

1,000,164

New

Jersey

Educational

Facilities

Authority

RB

for

Rider

University

A

New

Jersey

Non-Profit

Corp.

Series

2017

F

(B3/BB)

3,450,000

4.000

07/01/2042

2,550,645

New

Jersey

Educational

Facilities

Authority

RB

for

Seton

Hall

University

Series

2020

C

(AGM)

(A1/AA)

1,110,000

3.250

07/01/2049

915,308

New

Jersey

Educational

Facilities

Authority

RB

for

Stevens

Institute

of

Technology

2020

Series

A

(NR/BBB+)

1,710,000

5.000

07/01/2045

1,774,369

New

Jersey

Educational

Facilities

Authority

RB

for

Stevens

Institute

of

Technology

Series

2020

A

(NR/BBB+)

3,350,000

3.000

07/01/2050

2,485,429

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

New

Jersey

–

(continued)

New

Jersey

Health

Care

Facilities

Financing

Authority

RB

Refunding

for

University

Hospital

Series

2015

A

(AGM)

(A1/AA)

$

9,700,000

4.125%

07/01/2038

$

9,721,185

New

Jersey

State

Transportation

Trust

Fund

Authority

Transportation

System

Bonds

Series

2006C

(AGM)

(A1/AA)

25,400,000

0.000

(e)

12/15/2034

17,968,389

New

Jersey

State

Transportation

Trust

Fund

Authority

Transportation

System

Bonds

Series

2006C

(AMBAC)

(A2/A-)

93,770,000

0.000

(e)

12/15/2036

59,783,804

New

Jersey

Transportation

Trust

Fund

Authority

RB

Capital

Appreciation

for

Transportation

System

Bonds

Series

2006

C

(AMBAC)

(A2/A-)

115,550,000

0.000

(e)

12/15/2035

77,323,483

New

Jersey

Transportation

Trust

Fund

Authority

RB

Capital

Appreciation

for

Transportation

System

Bonds

Series

2008

A

(A2/A-)

47,575,000

0.000

(e)

12/15/2035

31,538,310

35,245,000

0.000

(e)

12/15/2038

20,016,217

New

Jersey

Transportation

Trust

Fund

Authority

RB

Capital

Appreciation

for

Transportation

System

Bonds

Series

2010

A

(A2/A-)

4,000,000

0.000

(e)

12/15/2026

3,635,470

1,900,000

0.000

(e)

12/15/2034

1,315,442

New

Jersey

Transportation

Trust

Fund

Authority

RB

for

Transportation

Program

Bonds

Series

2014

AA

(A2/A-)

15,000,000

5.000

06/15/2038

15,051,060

New

Jersey

Transportation

Trust

Fund

Authority

RB

for

Transportation

Program

Bonds

Series

2015

AA

(A2/A-)

1,000,000

5.250

06/15/2041

1,019,156

2,500,000

5.000

06/15/2045

2,530,691

1,770,000

5.000

06/15/2046

1,790,655

New

Jersey

Transportation

Trust

Fund

Authority

RB

for

Transportation

System

Bonds

Series

2006

C

(AGM)

(A1/AA)

11,150,000

0.000

(e)

12/15/2033

8,167,673

New

Jersey

Transportation

Trust

Fund

Authority

RB

for

Transportation

System

Bonds

Series

2006

C

(NATL)

(A2/A-)

10,000,000

0.000

(e)

12/15/2030

8,034,051

New

Jersey

Transportation

Trust

Fund

Authority

RB

for

Transportation

System

Series

2008

A

(A2/A-)

52,985,000

0.000

(e)

12/15/2036

33,438,876

5,470,000

0.000

(e)

12/15/2037

3,269,684

New

Jersey

Transportation

Trust

Fund

Authority

RB

for

Transportation

System

Series

2009

A

(A2/A-)

3,280,000

0.000

(e)

12/15/2033

2,356,097

1,565,000

0.000

(e)

12/15/2036

987,673

5,000,000

0.000

(e)

12/15/2038

2,839,582

16,175,000

0.000

(e)

12/15/2039

8,684,264

New

Jersey

Transportation

Trust

Fund

Authority

RB

Refunding

for

Federal

Highway

Reimbursement

Notes

Series

2018

A

(A2/A+)

1,130,000

5.000

06/15/2030

1,187,416

New

Jersey

Transportation

Trust

Fund

Authority

RB

Refunding

for

Transportation

System

Bonds

Series

2018

A

(A2/A-)

5,275,000

4.250

12/15/2038

5,376,539

New

Jersey

Transportation

Trust

Fund

Authority

RB

Series

2018

(A2/A-)

3,500,000

5.000

12/15/2033

3,847,049

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

New

Jersey

–

(continued)

New

Jersey

Transportation

Trust

Fund

Authority

RB

Series

2020

AA

(A2/A-)

$

935,000

3.000%

06/15/2050

$

748,936

New

Jersey

Transportation

Trust

Fund

Authority

Transportation

Program

Bonds

2020

Series

AA

(A2/A-)

5,000,000

4.000

06/15/2050

4,847,716

New

Jersey

Transportation

Trust

Fund

Authority

Transportation

Program

Bonds,

2023

Series

AA

(A2/A-)

5,325,000

4.250

06/15/2044

5,426,597

New

Jersey

Transportation

Trust

Fund

Authority

Transportation

Program

RB

Series

2019

AA

(A2/A-)

7,000,000

5.250

06/15/2043

7,472,165

New

Jersey

Transportation

Trust

Fund

Authority

Transportation

RB

Series

2009

A

(A2/A-)

230,000

0.000

(e)

12/15/2032

171,454

New

Jersey

Transportation

Trust

Fund

Authority

Transportation

System

Bonds

2023

Series

A

(A2/A-)

5,200,000

4.250

06/15/2040

5,406,069

New

Jersey

Turnpike

Authority

Turnpike

RB

Series

2022

B

(A1/AA-)

1,500,000

4.500

01/01/2048

1,552,763

3,000,000

5.250

01/01/2052

3,371,165

Passaic

County

Improvement

Authority

Charter

School

RB

for

Paterson

Arts

&

Science

Charter

School

Project

Series

2023

(NR/BBB-)

900,000

5.500

07/01/2058

930,430

South

Jersey

Transport

Corp.

Subordinated

Marine

Terminal

RB

Series

2017B

(A3/NR)

20,000,000

5.000

01/01/2048

20,421,456

South

Jersey

Transportation

Authority

Transportation

System

RB

2022

Series

A

(Baa2/BBB+)

1,500,000

4.625

11/01/2047

1,551,052

Tobacco

Settlement

Financing

Corp.

RB

Series

2018

B

(NR/BBB-)

11,250,000

5.000

06/01/2046

11,418,875

Union

County

Improvement

Authority

RB

Aries

Linden

LLC

Project

Series

2019

(NR/NR)

11,570,000

6.750

(c)

12/01/2041

7,490,637

450,131,590

New

Mexico

-

0.1%

City

of

Santa

Fe

RB

for

El

Castillo

Retirement

Residences

Obligated

Group

Project

Series

2019

A

(NR/NR)

500,000

5.000

05/15/2044

437,373

1,000,000

5.000

05/15/2049

833,055

Village

of

Los

Ranchos

de

Albuquerque

RB

Refunding

for

Albuquerque

Academy

Series

2020

(NR/A-)

500,000

4.000

09/01/2033

520,989

375,000

4.000

09/01/2034

388,155

300,000

4.000

09/01/2035

307,185

1,200,000

4.000

09/01/2040

1,180,601

Winrock

Town

Center

Tax

Increment

Development

District

1

Senior

Lien

Gross

Recepits

Tax

Increment

Bonds

Series

2022

(NR/NR)

2,250,000

4.250

(c)

05/01/2040

1,940,600

5,607,958

New

York

-

5.6%

Brooklyn

Arena

Local

Development

Corp.

Pilot

RB

for

Barclays

Center

Project

Series

2009

(Ba1/NR)

9,610,000

0.000

(e)

07/15/2045

3,215,153

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

New

York

–

(continued)

Brooklyn

Arena

Local

Development

Corp.

Pilot

RB

Refunding

for

Barclays

Center

Series

2016

A

(AGM)

(A1/AA)

$

1,240,000

3.000%

07/15/2043

$

984,868

Brooklyn

Arena

Local

Development

Corp.

Pilot

Revenue

Refunding

Bonds

for

Barclays

Center

Series

2016A

(Ba1/NR)

9,200,000

5.000

07/15/2042

9,235,750

Brooklyn

Arena

Local

Development

Corp.

RB

for

Brooklyn

Events

Center

LLC

Series

2009

(Ba1/NR)

5,740,000

0.000

(e)

07/15/2046

1,813,198

Build

NYC

Resource

Corp.

RB

for

Global

Community

Charter

School

Project

Series

2022A

(NR/BB+)

1,175,000

5.000

06/15/2052

1,128,471

950,000

5.000

06/15/2057

902,697

Build

NYC

Resource

Corp.

RB

for

Grand

Concourse

Academy

Charter

School

Project

Series

2022A

(NR/BBB-)

670,000

5.000

07/01/2052

677,567

505,000

5.000

07/01/2056

508,774

Build

NYC

Resource

Corp.

RB

for

Hellenic

Classical

Charter

Schools

Series

2021

A

(NR/NR)

4,920,000

5.000

(c)

12/01/2051

4,174,393

1,100,000

5.000

(c)

12/01/2055

918,550

Build

NYC

Resource

Corp.

RB

for

Kipp

NYC

Public

School

Facilities

Canal

West

Project

Series

2022

(NR/BBB-)

2,750,000

5.250

07/01/2052

2,873,433

2,000,000

5.250

07/01/2057

2,081,370

5,000,000

5.250

07/01/2062

5,185,673

Build

NYC

Resource

Corp.

RB

for

NEW

World

Preparatory

Charter

School

Series

2021

A

(NR/NR)

590,000

4.000

(c)

06/15/2051

428,556

450,000

4.000

(c)

06/15/2056

316,630

Build

NYC

Resource

Corp.

RB

for

Shefa

School

Series

2021

A

(NR/NR)

850,000

2.500

(c)

06/15/2031

714,424

4,965,000

5.000

(c)

06/15/2051

4,330,650

Build

NYC

Resource

Corp.

Tax

Exempt

RB

Series

2022A

(NR/NR)

6,125,000

6.500

(c)

07/01/2042

6,144,756

1,900,000

6.500

(c)

07/01/2052

1,886,584

1,850,000

6.500

(c)

07/01/2057

1,808,075

Build

NYC

Resource

Corp.

Taxable

RB

Taxable

Series

2022A

(NR/NR)

1,900,000

9.750

(c)

07/01/2032

1,860,800

Build

NYC

Resource

Corporation

RB

for

Classical

Charter

Schools

Project

Series

2023A

(NR/BBB-)

625,000

4.750

06/15/2058

619,290

Build

NYC

Resource

Corporation

RB

for

Unity

Preparatory

Charter

School

of

Brooklyn

Project,

Series

2023A

(NR/BB)

725,000

5.500

(c)

06/15/2053

722,877

1,275,000

5.500

(c)

06/15/2063

1,250,790

City

of

New

York

GO

Bonds

Fiscal

2022

Series

D

Tax

Exempt

Bonds

Subseries

D-1

(Aa2/AA)

4,100,000

4.500

05/01/2049

4,212,506

City

of

New

York

GO

Tax

Exempt

Bonds

2020

Series

D

(Aa2/AA)

5,250,000

4.000

03/01/2050

5,256,508

Dutchess

County

Local

Development

Corp.

RB

for

Health

QuestSystems,

Inc.

Project

Series

2016B

(Baa3/BBB)

18,375,000

5.000

07/01/2046

18,390,744

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

New

York

–

(continued)

Dutchess

County

Local

Development

Corp.

RB

Refunding

for

Bard

College

Project

Series

2020

A

(NR/BBB-)

$

1,000,000

5.000%

07/01/2040

$

1,046,341

2,565,000

5.000

07/01/2045

2,651,284

5,775,000

5.000

07/01/2051

5,904,857

Empire

State

Development

New

York

State

Urban

Development

Corp.

State

Personal

Income

Tax

RB

Series

2020E

(NR/AA+)

1,710,000

3.000

03/15/2050

1,352,759

Erie

Tobacco

Asset

Securitization

Corp.

RB

Asset-Backed

Bonds

Series

2006

A

(NR/NR)

66,000,000

0.000

(c)(e)

06/01/2060

4,289,063

Hempstead

town

Local

Development

Corp.

RB

Refunding

for

Molloy

College

Project

Series

2017

(NR/BBB)

900,000

5.000

07/01/2033

930,070

850,000

5.000

07/01/2035

873,257

670,000

5.000

07/01/2036

685,013

Huntington

Local

Development

Corp.

RB

for

Gurwin

Independent

Housing

Obligated

Group

Series

2021

A

(NR/NR)

5,060,000

5.250

07/01/2056

3,967,374

Metropolitan

Transportation

Authority

RB

Green

Bond

Series

2016

A-1

(A3/A-)

625,000

5.000

11/15/2027

648,384

Metropolitan

Transportation

Authority

RB

Green

Bond

Series

2020

C-1

(A3/A-)

7,950,000

4.750

11/15/2045

8,187,110

2,000,000

5.000

11/15/2050

2,100,987

2,000,000

5.250

11/15/2055

2,119,524

Metropolitan

Transportation

Authority

RB

Green

Bond

Series

2020

D-3

(A3/A-)

5,285,000

4.000

11/15/2050

5,030,528

Metropolitan

Transportation

Authority

RB

Refunding

Green

Bond

Series

2017

C-1

(A3/A-)

950,000

4.000

11/15/2035

964,623

Metropolitan

Transportation

Authority

RB

Refunding

Green

Bond

Series

2017

C-2

(A3/A-)

650,000

0.000

(e)

11/15/2040

327,384

Metropolitan

Transportation

Authority

RB

Refunding

Series

2016

D

(A3/A-)

735,000

5.000

11/15/2029

767,314

Metropolitan

Transportation

Authority

Transportation

Revenue

Green

Bonds

Series

2019C

(AGM)

(A1/AA)

1,785,000

4.000

11/15/2048

1,745,101

Metropolitan

Transportation

Authority

Transportation

Revenue

Green

Bonds

Series

2020A-1

(A3/A-)

4,435,000

4.000

11/15/2040

4,429,430

Metropolitan

Transportation

Authority

Transportation

Revenue

Green

Bonds

Series

2020D

(A3/A-)

5,000,000

5.000

11/15/2045

5,316,968

Metropolitan

Transportation

Authority

Transportation

Revenue

Green

Bonds

Subseries

2020A-1

(AGM)

(A1/AA)

10,000,000

4.000

11/15/2050

9,726,387

Metropolitan

Transportation

Authority

Transportation

Revenue

Refunding

Bonds

Series

2015C

(A3/A-)

550,000

5.250

11/15/2028

567,668

Metropolitan

Transportation

Authority

Transportation

Revenue

Refunding

Bonds

Series

2020E

(A3/A-)

4,415,000

4.000

11/15/2045

4,302,942

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

New

York

–

(continued)

Nassau

County

Tobacco

Settlement

Corp.

RB

for

Asset

Backed

Bonds

Series

2006

D

(NR/NR)

$

202,665,000

0.000%

(e)

06/01/2060

$

12,513,368

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

1,972,291

New

York

City

Industrial

Development

Agency

RB

Refunding

for

Queens

Ballpark

Co.

LLC

Series

2021

A

(AGM)

(A1/AA)

11,615,000

3.000

01/01/2046

9,269,069

New

York

City

Industrial

Development

Agency

RB

Refunding

for

Yankee

Stadium

LLC

Series

2020

A

(Baa1/NR)

1,975,000

3.000

03/01/2049

1,505,052

New

York

City

Industrial

Development

Agency

RB

Refunding

for

Yankee

Stadium

LLC

Series

2020

A

(AGM)

(A1/AA)

14,470,000

3.000

03/01/2049

11,207,812

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Subordinate

Bonds

Fiscal

2024

Series

A,

Subseries

A-1

Tax

Exempt

Bonds

(Aa1/AAA)

5,000,000

4.000

05/01/2053

4,955,491

New

York

Counties

Tobacco

Trust

IV

RB

Series

2005

F

(NR/NR)

178,305,000

0.000

(e)

06/01/2060

12,387,151

New

York

Liberty

Development

Corp.

RB

for

World

Trade

Center

Project

Series

2014

(NR/NR)

3,250,000

5.150

(c)

11/15/2034

3,253,884

11,170,000

5.375

(c)

11/15/2040

11,183,732

New

York

Liberty

Development

Corp.

RB

for

World

Trade

Center

Project

Series

2014

Class

3

(NR/NR)

27,225,000

7.250

(c)

11/15/2044

27,409,537

New

York

Liberty

Development

Corp.

RB

Refunding

for

3

World

Trade

Center

LLC

Series

2014

(NR/NR)

34,670,000

5.000

(c)

11/15/2044

34,357,592

New

York

Liberty

Development

Corp.

Revenue

Refunding

Bonds

for

World

Trade

Center

Project

Series

2021A

(BAM-TCRS)

(NR/AA)

10,585,000

3.000

11/15/2051

8,170,974

New

York

Liberty

Development

Corp.

Second

Priority

RB

Refunding

for

Bank

of

America

Tower

at

One

Bryant

Park

LLC

Series

2019

C-2

(A1/NR)

1,350,000

2.625

09/15/2069

1,247,418

New

York

Liberty

Development

Corp.

Second

Priority

RB

Refunding

for

Bank

of

America

Tower

at

One

Bryant

Park

LLC

Series

2019

C-3

(Baa1/NR)

1,430,000

2.800

09/15/2069

1,299,856

New

York

State

Dormitory

Authority

Personal

Income

Tax

General

Purpose

RB

Series

2020A

(Aa1/NR)

1,695,000

4.000

03/15/2043

1,710,423

New

York

State

Dormitory

Authority

RB

Refunding

for

Brooklyn

Law

School

Series

2019

B

(Baa1/NR)

150,000

3.560

07/01/2026

144,867

150,000

3.670

07/01/2027

143,851

60,000

3.760

07/01/2028

57,016

300,000

3.820

07/01/2029

281,279

New

York

State

Dormitory

Authority

RB

Refunding

for

Brooklyn

St.

Joseph's

College

Series

2020

A

(NR/NR)

715,000

4.000

07/01/2031

695,007

870,000

4.000

07/01/2032

840,460

925,000

4.000

07/01/2033

888,435

845,000

4.000

07/01/2035

797,190

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

New

York

–

(continued)

New

York

State

Dormitory

Authority

RB

Refunding

for

Montefiore

Obligated

Group

Series

2020

A

(Baa3/BBB-)

$

3,160,000

4.000%

09/01/2045

$

2,914,290

2,325,000

4.000

09/01/2050

2,067,192

New

York

State

Dormitory

Authority

RB

Refunding

for

Montefiore

Obligated

Group

Series

2020

A

(AGM)

(A1/AA)

8,480,000

3.000

09/01/2050

6,476,819

New

York

State

Environmental

Facilities

Corp

Solid

Waste

Disposal

RB

Series

2014

(B1/B+)

1,685,000

2.875

(a)(b)(c)

12/01/2044

1,513,140

New

York

State

Environmental

Facilities

Corp.

RB

for

Casella

Waste

Systems,

Inc.

Series

2020

R-1

(B1/B+)

2,905,000

2.750

(a)(b)

09/01/2050

2,801,320

New

York

State

Environmental

Facilities

Corporation

Solid

Waste

Disposal

RB

for

Casella

Waste

Systems,

Inc.

Project

Series

2020R-2

(B1/B+)

2,475,000

5.125

(a)(b)(c)

09/01/2050

2,506,598

New

York

State

Thruway

Authority

New

York

State

Personal

Income

Tax

Revenue

Green

Bonds,

Series

2022C

(Climate

Bond

Certified)

(NR/AA+)

5,000,000

5.000

03/15/2054

5,458,348

New

York

Transportation

Development

Corp.

for

Terminal

4

John

F.

Kennedy

International

Airport

Project

Special

Facilities

RB

Series

2020C

(AGM-CR)

(A1/AA)

975,000

4.000

12/01/2040

991,010

New

York

Transportation

Development

Corp.

RB

for

Delta

Air

Lines,

Inc.

Series

2018

(Baa3/NR)

1,315,000

5.000

01/01/2031

1,346,735

4,665,000

5.000

01/01/2033

4,760,172

2,075,000

5.000

01/01/2034

2,112,374

10,465,000

4.000

01/01/2036

10,007,878

New

York

Transportation

Development

Corp.

RB

for

Delta

Air

Lines,

Inc.

Series

2018

(AMT)

(Baa3/NR)

7,150,000

5.000

01/01/2036

7,229,867

New

York

Transportation

Development

Corp.

RB

for

Delta

Air

Lines,

Inc.

Series

2020

(Baa3/NR)

5,000,000

4.000

10/01/2030

4,908,601

7,580,000

5.000

10/01/2035

7,872,220

12,975,000

5.000

10/01/2040

13,118,410

4,405,000

4.375

10/01/2045

4,187,993

New

York

Transportation

Development

Corp.

RB

for

Empire

State

Thruway

Partners

LLC

Series

2021

(AMT)

(NR/NR)

10,000,000

4.000

04/30/2053

8,769,806

New

York

Transportation

Development

Corp.

RB

Refunding

for

JFK

International

Air

Terminal

LLC

Series

2020

A

(AMT)

(Baa1/NR)

700,000

4.000

12/01/2039

683,242

New

York

Transportation

Development

Corp.

Special

Facilities

Bonds

for

Laguardia

Airport

Terminal

B

Redevelopment

Project

Series

2016A

(Baa2/NR)

7,590,000

5.000

07/01/2041

7,597,746

7,250,000

5.000

07/01/2046

7,237,432

New

York

Transportation

Development

Corp.

Special

Facilities

Bonds

Series

2016A

(Baa2/NR)

22,935,000

5.250

01/01/2050

22,959,589

New

York

Transportation

Development

Corp.

Special

Facilities

Bonds

Series

2016A

(AMT)

(Baa2/NR)

10,000,000

4.000

07/01/2046

9,160,722

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

New

York

–

(continued)

New

York

Transportation

Development

Corp.

Special

Facilities

RB

for

John

F.

Kennedy

International

Airport

New

Terminal

One

Project

Green

Bonds

Series

2023

(AMT)

(Baa3/NR)

$

2,425,000

6.000%

06/30/2054

$

2,677,769

New

York

Transportation

Development

Corp.

Special

Facility

RB

for

Laguardia

Airport

Terminal

B

Redevelopment

Project

Series

2016

A

(AMT)

(Baa2/NR)

2,500,000

4.000

07/01/2033

2,500,880

2,500,000

4.000

07/01/2041

2,397,326

New

York

Transportation

Development

Corp.

Special

Facility

RB

Refunding

for

American

Airlines,

Inc.

John

F.

Kennedy

International

Airport

Project

Series

2020

(NR/B+)

7,235,000

5.250

08/01/2031

7,528,191

9,565,000

5.375

08/01/2036

9,850,706

New

York

Transportation

Development

Corporation

Special

Facilities

RB,

Series

2023

(Delta

Air

Lines,

Inc.

-

Laguardia

Airport

Terminals

C&D

Redevelopment

Project)

(Baa3/BB+)

6,875,000

5.625

04/01/2040

7,396,288

New

York

Transportation

Development

Corporation

Special

Facilities

RB,

Series

2023

6,850,000

5.375

06/30/2060

7,106,561

Oneida

County

Local

Development

Corp.

RB

Refunding

for

Mohawk

Valley

Health

System

Obligated

Group

Project

Series

2019

A

(AGM)

(NR/AA)

1,130,000

4.000

12/01/2033

1,159,165

910,000

4.000

12/01/2038

913,758

1,470,000

3.000

12/01/2039

1,260,940

980,000

3.000

12/01/2040

827,162

Oneida

County

Local

Development

Corp.

RB

Refunding

for

Utica

College

Project

Series

2019

(NR/NR)

405,000

4.000

07/01/2039

385,727

4,835,000

3.000

07/01/2044

3,592,825

Port

Authority

of

New

York

Consolidated

Bonds

234th

Series

(Aa3/AA-)

1,850,000

5.250

08/01/2047

1,998,369

2,300,000

5.500

08/01/2052

2,512,466

State

of

New

York

Dormitory

Authority

Northwell

Health

Obligated

Group

RB

Series

2022A

(A3/A-)

6,510,000

4.250

05/01/2052

6,510,164

The

City

of

New

York

GO

Bonds,

Fiscal

2020

Series

B,

Subseries

B-3

Adjustable

Rate

Remarketed

Securities

(Aa2/AA)

11,230,000

4.100

(a)(b)

10/01/2046

11,230,000

town

of

Hempstead

Local

Development

Corp.

Education

RB

for

Evergreen

Charter

School

Project

Series

2022A

(NR/BB)

5,155,000

5.500

06/15/2057

5,115,826

Triborough

Bride

&

Tunnel

Authority

Sales

Tax

RB

for

TBTA

Capital

Lockbox

City

Sales

Tax

Series

2023A

(NR/AA+)

10,000,000

4.250

05/15/2058

10,019,229

Westchester

County

Local

Development

Corporation

RB

for

Westchester

Medical

Center

Obligated

Group

Project

Series

2016

(Ba1/BBB-)

4,500,000

5.000

11/01/2046

4,229,759

Westchester

County

Local

Development

Corporation

RB,

Series

2023

900,000

6.250

11/01/2052

1,028,881

Western

Regional

off-Track

Betting

Corp.

RB

Refunding

Series

2021

(NR/NR)

1,785,000

4.125

(c)

12/01/2041

1,358,860

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

New

York

–

(continued)

Yonkers

Economic

Development

Corp.

RB

for

Charter

School

of

Educational

Excellence

Project

Series

2019

A

(NR/NR)

$

475,000

5.000%

10/15/2039

$

466,323

610,000

5.000

10/15/2049

565,810

530,000

5.000

10/15/2054

483,541

Yonkers

Economic

Development

Corp.

RB

Refunding

for

Charter

School

of

Educational

Excellence

Series

2020

A

(NR/BB)

725,000

5.000

10/15/2040

705,675

1,325,000

5.000

10/15/2050

1,223,887

527,596,802

North

Carolina

-

0.3%

Greater

Asheville

Regional

Airport

Authority

Airport

System

RB

Series

2022A

(AMT)

(AGM)

(A1/AA)

4,565,000

5.500

07/01/2047

5,040,316

Greater

Asheville

Regional

Airport

Authority

Airport

System

RB

Series

2023

(AGM)

(A1/AA)

6,740,000

5.250

07/01/2053

7,270,598

North

Carolina

Department

of

Transportation

Tax

Exempt

Private

Activity

Bonds

Series

2015

(NR/NR)

3,345,000

5.000

12/31/2037

3,391,080

North

Carolina

Medical

Care

Commission

RB

for

Forest

at

Duke,

Inc.

Obligated

Group

Series

2021

(NR/NR)

365,000

4.000

09/01/2046

291,321

North

Carolina

Medical

Care

Commission

RB

for

Lutheran

Services

for

the

Aging,

Inc.

Obligated

Group

Series

2021

A

(NR/NR)

1,000,000

4.000

03/01/2041

803,125

6,025,000

4.000

03/01/2051

4,275,450

North

Carolina

Medical

Care

Commission

RB

for

Maryfield,

Inc.

Obligated

Group

Series

2020

A

(NR/NR)

1,400,000

5.000

10/01/2045

1,231,058

3,260,000

5.000

10/01/2050

2,789,683

North

Carolina

Medical

Care

Commission

RB

for

Rex

Hospital,

Inc.

Obligated

Group

Series

2020

A

(A2/AA-)

2,000,000

3.000

07/01/2045

1,619,235

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

1,211,835

1,650,000

5.000

07/01/2039

1,514,670

1,035,000

4.000

07/01/2044

769,891

1,160,000

5.000

07/01/2044

1,014,321

31,222,583

North

Dakota

-

0.0%

City

of

Grand

Forks

Health

Care

System

RB

for

Altru

Health

System

Series

2021

(AGM)

(A1/AA)

1,925,000

3.000

12/01/2051

1,432,325

a

a

Ohio

-

4.5%

Buckeye

Tobacco

Settlement

Financing

Authority

RB

Refunding

for

Senior

Asset-Backed

Bonds

Series

2020

A-2

Class

1

(NR/NR)

104,745,000

5.000

06/01/2055

98,434,711

Buckeye

Tobacco

Settlement

Financing

Authority

RB

Refunding

for

Senior

Asset-Backed

Bonds

Series

2020

A-2

Class

1

(NR/BBB+)

8,200,000

3.000

06/01/2048

6,317,610

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Ohio

–

(continued)

Buckeye

Tobacco

Settlement

Financing

Authority

RB

Refunding

for

Senior

Asset-Backed

Bonds

Series

2020

B-3

Class

2

(NR/NR)

$

267,740,000

0.000%

(e)

06/01/2057

$

28,707,404

Buckeye

Tobacco

Settlement

Financing

Authority

Tobacco

Settlement

Asset

Backed

Refunding

Bonds

Series

2020

(NR/BBB+)

2,080,000

4.000

06/01/2048

1,921,006

Centerville

Ohio

Health

Care

RB

Refunding

and

Improvement

for

Graceworks

Lutheran

Services

Series

2017

(NR/NR)

2,400,000

5.250

11/01/2037

2,349,050

1,000,000

5.250

11/01/2047

901,964

2,320,000

5.250

11/01/2050

2,055,437

Cleveland

Airport

Special

RB

for

Continental

Airlines,

Inc.

Project

Series

1998

(Ba3/BB-)

22,500,000

5.375

09/15/2027

22,499,573

Cleveland-Cuyahoga

County

Port

Authority

Tax

Allocation

for

Flats

East

Bank

TIF

District

Series

2021

B

(NR/NR)

2,490,000

4.500

(c)

12/01/2055

2,114,017

Cleveland-Cuyahoga

County

Port

Authority

Tax

Allocation

Refunding

for

Flats

East

Bank

TIF

District

Series

2021

A

(NR/BB)

1,345,000

4.000

(c)

12/01/2055

1,102,081

County

of

Cuyahoga

Health

Care

and

Independent

Living

Facilities

Refunding

RB

for

Eliza

Jennings

Senior

Health

Care

Network

Series

2022A

(NR/NR)

1,655,000

5.000

05/15/2032

1,591,410

2,775,000

5.375

05/15/2037

2,629,090

3,910,000

5.500

05/15/2042

3,660,844

County

of

Darke

RB

for

Wayne

Hospital

Company

Obligated

Group

Wayne

Health

Care

Project

Series

2019

A

(NR/NR)

550,000

4.000

09/01/2040

491,277

825,000

4.000

09/01/2045

690,680

1,075,000

5.000

09/01/2049

1,004,716

County

of

Franklin

Health

Care

Facilities

RB

for

Ohio

Living

Communities

Series

2023

(NR/NR)

4,600,000

5.250

07/01/2041

4,431,809

12,065,000

5.500

07/01/2041

12,024,703

County

of

Franklin

RB

Refunding

for

Wesley

Communities

Obligated

Group

Series

2020

(NR/NR)

8,280,000

5.250

11/15/2055

7,120,703

County

of

Lucas

Hospital

RB

for

Promedica

Healthcare

Obligated

Group

Series

2015B

(Ba2/BB)

1,075,000

4.000

11/15/2045

832,566

County

of

Lucas

Hospital

RB

for

Promedica

Healthcare

Obligated

Group

Series

2018A

(Ba2/BB)

38,575,000

5.250

11/15/2048

35,534,542

County

of

Summit

Green

Local

School

District

Improvement

Bonds

Series

2022A

(SD

CRED

PROG)

(NR/AA+)

4,205,000

5.500

11/01/2059

4,619,357

Cuyahoga

County

Ohio

Hospital

RB

for

Metrohealth

System

Series

2017

(Baa2/BBB)

3,500,000

5.250

02/15/2047

3,530,822

3,450,000

5.000

02/15/2057

3,436,313

Cuyahoga

County

Ohio

Hospital

RB

Refunding

for

Metrohealth

System

Series

2009

B

(Baa2/BBB)

29,500,000

8.223

02/15/2040

33,500,719

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Ohio

–

(continued)

Cuyahoga

County

Ohio

Hospital

RB

Refunding

for

Metrohealth

System

Series

2017

(Baa2/BBB)

$

7,520,000

5.000%

02/15/2042

$

7,568,218

7,500,000

4.750

02/15/2047

7,503,999

Franklin

County

Convention

Facilities

Authority

RB

for

Greater

Columbus

Convention

Center

Project

Series

2019

(NR/BBB-)

13,400,000

5.000

12/01/2051

12,439,114

Franklin

County

Finance

Authority

Lease

RB

for

The

Cornerstone

Academy

Community

School

Series

2023

(NR/NR)

6,425,000

7.000

(c)

07/01/2053

6,438,182

Hamilton

County

Health

Care

RB

Refunding

for

Life

Enriching

Community

Project

Series

2012

(NR/NR)

2,000,000

5.000

01/01/2042

1,899,807

1,610,000

5.000

01/01/2046

1,492,525

Muskingum

County

Hospital

Facilities

RB

Refunding

for

Genesis

Healthcare

System

Project

Series

2013

(Ba2/BB+)

10,050,000

5.000

02/15/2048

9,188,448

Northeast

Ohio

Medical

University

RB

Refunding

Series

2021

A

(Baa1/NR)

450,000

3.000

12/01/2040

370,294

200,000

4.000

12/01/2045

184,087

Ohio

Air

Quality

Development

Authority

Exempt

Facilities

RB

for

Pratt

Paper

LLC

Project

Series

2017

(NR/NR)

10,610,000

4.500

(c)

01/15/2048

9,928,939

Ohio

Air

Quality

Development

Authority

Exempt

Facilities

RB

for

Pratt

Paper

LLC

Project

Series

2017

(AMT)

(NR/NR)

1,275,000

3.750

(c)

01/15/2028

1,262,753

4,230,000

4.250

(c)

01/15/2038

4,052,747

Ohio

Higher

Educational

Facility

Commission

RB

Refunding

for

Judson

Obligated

Group

Series

2020

A

(NR/NR)

4,790,000

5.000

12/01/2050

4,264,936

Ohio

State

Higher

Education

Facilities

RB

Series

2020

(A3/NR)

10,060,000

5.000

01/15/2050

9,929,991

Ohio

State

Hospital

RB

Refunding

for

Aultman

Health

Foundation

Obligated

Group

Series

2018

(NR/NR)

1,075,000

5.000

(c)

12/01/2033

1,085,564

2,085,000

5.000

(c)

12/01/2038

2,033,455

5,000,000

5.000

(c)

12/01/2048

4,571,202

Ohio

State

RB

Refunding

for

University

Hospitals

Health

System,

Inc.

Obligated

Group

Series

2020

A

(A2/A)

2,000,000

3.000

01/15/2045

1,559,181

Port

of

Greater

Cincinnati

Development

Authority

Education

RB

Series

2021

(NR/NR)

2,750,000

4.375

(a)(b)

06/15/2056

2,663,432

Port

of

Greater

Cincinnati

Development

Authority

RB

Series

2021

(NR/NR)

2,090,000

4.250

(c)

12/01/2050

1,787,841

Port

of

Greater

Cincinnati

Development

Authority

Special

Obligation

Development

TIF

RB,

Series

2016B

(NR/NR)

4,225,000

5.000

12/01/2046

4,027,631

Southern

Ohio

Port

Authority

RB

for

PureCycle

Ohio

LLC

Series

2020

A

(NR/NR)

17,050,000

7.000

(c)

12/01/2042

13,436,085

Southern

Ohio

Port

Authority

RB

for

PureCycle

Ohio

LLC

Series

2020

A

(AMT)

(NR/NR)

4,725,000

6.500

(c)

12/01/2030

3,574,044

State

of

Ohio

Higher

Educational

Facility

RB

for

Capital

University

2022

Project

(NR/BBB-)

1,800,000

6.000

09/01/2047

1,877,000

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Ohio

–

(continued)

State

of

Ohio

Higher

Educational

Facility

RB

for

Capital

University

2022

Project

(NR/BBB-)

–

(continued)

$

2,925,000

6.000%

09/01/2052

$

3,029,206

State

of

Ohio

Hospital

RB

for

University

Hospital

Health

System

Series

2021A

(A2/A)

22,915,000

4.000

01/15/2046

22,128,046

State

of

Ohio

Hospital

RB

Series

2020A

(A2/A)

3,000,000

4.000

01/15/2050

2,833,846

toledo-Lucas

County

Port

Authority

Parking

System

RB

Series

2021

(Baa3/NR)

1,475,000

4.000

01/01/2043

1,258,212

950,000

4.000

01/01/2046

787,483

950,000

4.000

01/01/2051

758,719

2,520,000

4.000

01/01/2057

1,950,593

427,387,984

Oklahoma

-

0.9%

Norman

Regional

Hospital

Authority

RB

Norman

Regional

Hospital

Authority

Obligated

Group

Series

2019

(Baa2/BBB-)

1,075,000

4.000

09/01/2045

926,183

Oklahoma

Development

Finance

Authority

Health

System

RB

for

OU

Medicine

Project

Series

2018

B

(Ba3/BB-)

26,960,000

5.500

08/15/2057

27,018,724

Oklahoma

Development

Finance

Authority

Health

System

RB

for

OU

Medicine

Project

Series

2018

B

(AGM)

(A1/AA)

2,400,000

4.000

08/15/2052

2,176,271

2,000,000

4.125

08/15/2057

1,836,769

Oklahoma

Development

Finance

Authority

Health

System

RB

for

OU

Medicine

Project

Series

2018B

(Ba3/BB-)

2,050,000

5.250

08/15/2048

1,985,180

1,050,000

5.500

08/15/2052

1,054,363

Oklahoma

Water

Resources

Board

Revolving

Fund

RB

for

Drinking

Water

Program

Series

2023A

(OK

CERF)

(NR/AAA)

1,000,000

4.000

04/01/2048

1,013,961

4,000,000

4.125

04/01/2053

4,016,506

Tulsa

Authority

for

Economic

Opportunity

Increment

District

No.

8

Tax

Allocation

for

Santa

Fe

Square

Project

Series

2021

(NR/NR)

7,130,000

4.375

(c)

12/01/2041

6,790,742

Tulsa

Municipal

Airport

Trust

RB

Refunding

for

American

Airlines,

Inc.

Series

2001

A

(AMT)

(NR/NR)

4,680,000

5.500

12/01/2035

4,676,506

Tulsa

Municipal

Airport

Trust

RB

Refunding

for

American

Airlines,

Inc.

Series

2001

B

(AMT)

(NR/NR)

24,300,000

5.500

12/01/2035

24,300,243

Tulsa

Municipal

Airport

Trust

RB

Refunding

for

American

Airlines,

Inc.

Series

2015

(NR/B+)

5,670,000

5.000

(a)(b)

06/01/2035

5,662,876

81,458,324

Oregon

-

0.1%

Clackamas

County

Hospital

Facility

Authority

RB

Refunding

for

Rose

Villa,

Inc.

Obligated

Group

Series

2020

A

(NR/NR)

130,000

5.250

11/15/2050

118,023

225,000

5.375

11/15/2055

204,812

Oregon

Facilities

Authority

Tax

Exempt

RB

Refunding

Bonds

for

Samaritan

Health

Services

Project

2020

Series

A

(NR/BBB+)

270,000

5.000

10/01/2028

287,535

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Oregon

–

(continued)

Oregon

State

Facilities

Authority

RB

Refunding

for

Willamette

University

Series

2021

A

(Baa2/BBB)

$

1,000,000

4.000%

10/01/2051

$

871,669

Port

of

Portland

International

Airport

RB

Series

28

(NR/AA-)

2,400,000

4.000

07/01/2047

2,318,423

Yamhill

County

Hospital

Authority

Revenue

and

Refunding

Tax

Exempt

Bonds

Series

2021A

(NR/NR)

1,825,000

5.000

11/15/2051

1,372,918

5,173,380

Pennsylvania

-

2.9%

Allegheny

County

Airport

Authority

Airport

RB

Series

2021A

(AMT)

(A2/NR)

3,000,000

5.000

01/01/2056

3,113,875

Allegheny

County

Hospital

Development

Authority

RB

Refunding

for

Allegheny

Health

Network

Obligated

Group

Series

2018

A

USD

(NR/A)

32,000,000

4.000

04/01/2044

31,162,218

Allegheny

County

IDA

Penn

Hills

Charter

School

of

Entrepeneurship

Series

A

(NR/BB)

1,305,000

4.000

06/15/2041

1,068,007

975,000

4.000

06/15/2051

723,568

1,070,000

4.000

06/15/2056

770,420

Allegheny

County

Industrial

Development

Authority

RB

Refunding

for

United

States

Steel

Corp.

Project

Series

2019

(B1/BB-)

3,900,000

4.875

11/01/2024

3,895,830

3,150,000

5.125

05/01/2030

3,199,932

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Subordinate

Tax

RB

for

City

Center

Project

Series

2022

(NR/NR)

6,275,000

5.250

(c)

05/01/2042

6,298,585

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Tax

RB

for

City

Center

Refunding

Project

Series

2017

(Ba3/NR)

250,000

5.000

(c)

05/01/2027

255,241

1,400,000

5.000

(c)

05/01/2032

1,429,442

15,985,000

5.000

(c)

05/01/2042

15,812,037

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Tax

RB

for

City

Center

Refunding

Project

Series

2018

(Ba3/NR)

1,000,000

5.000

(c)

05/01/2033

1,025,490

2,750,000

5.000

(c)

05/01/2042

2,720,331

Berks

County

IDA

Health

System

RB

for

tower

Health

Project

Series

2017

(WR/CCC+)

8,745,000

5.000

11/01/2050

4,557,215

Berks

County

Industrial

Development

Authority

Health

System

RB

for

tower

Health

Project

Series

2017

(WR/CCC+)

1,450,000

3.750

11/01/2042

755,353

Berks

County

Industrial

Development

Authority

RB

Refunding

for

tower

Health

Obligated

Group

Series

2017

(WR/CCC+)

950,000

5.000

11/01/2029

505,501

1,745,000

5.000

11/01/2030

919,263

1,425,000

5.000

11/01/2034

742,585

Berks

County

Industrial

Development

Authority

RB

Refunding

for

Tower

Health

Obligated

Group

Series

2017

(WR/CCC+)

9,500,000

4.000

11/01/2047

4,947,852

Bucks

County

IDA

Hospital

RB

for

Grand

View

Hospital

Project

Series

2021

(NR/BB-)

11,200,000

4.000

07/01/2051

8,451,367

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Pennsylvania

–

(continued)

Bucks

County

Industrial

Development

Authority

RB

for

Grand

View

Hospital

and

Sellersville

PA

Obligated

Group

Series

2021

(NR/BB-)

$

4,005,000

5.000%

07/01/2054

$

3,329,261

Bucks

County

Industrial

Development

Authority

RB

Refunding

for

Pennswood

Village

Obligated

Group

Series

2018

A

(NR/NR)

1,250,000

5.000

10/01/2037

1,253,707

Chester

County

IDA

RB

for

Collegium

Charter

School

Project

Series

2022

(NR/BB)

2,850,000

6.000

(c)

10/15/2052

2,811,250

Chester

County

IDA

Student

Housing

RB

for

University

Student

Housing,

LLC

Project

West

Chester

University

Series

2013

A

(Ba2/NR)

500,000

5.000

08/01/2035

496,510

1,000,000

5.000

08/01/2045

933,651

Clairton

Municipal

Authority

Sewer

RB

Series

2012

B

(NR/BBB+)

1,000,000

5.000

12/01/2042

1,000,214

Commonwealth

Financing

Authority

Tobacco

Master

Settlement

Payment

RB

Series

2018

(AGM)

(A1/AA)

2,325,000

4.000

06/01/2039

2,341,997

Cumberland

County

Municipal

Authority

RB

Series

2015

(NR/NR)

745,000

5.000

01/01/2038

746,428

Dauphin

County

General

Authority

RB

for

The

Harrisburg

University

of

Science

&

Technology

Series

2020

(NR/BB-)

5,100,000

5.875

(c)

10/15/2040

4,376,236

17,325,000

6.250

(c)

10/15/2053

14,317,551

Dauphin

County

General

Authority

University

RB

for

Harrisburg

University

of

Science

&

Technology

Project

Series

2017

(NR/BB-)

950,000

5.000

(c)

10/15/2034

821,360

Doylestown

Hospital

Authority

Commonwealth

of

Pennsylvania

Hospital

RB

2013

Series

A

(B3/CCC)

2,000,000

5.000

07/01/2025

1,975,636

2,095,000

5.000

07/01/2026

2,060,559

555,000

5.000

07/01/2027

543,813

1,000,000

5.000

07/01/2028

978,231

Doylestown

Hospital

Authority

RB

Series

2016A

(B3/NR)

180,000

4.000

(d)

07/01/2045

192,813

Doylestown

Hospital

Authority

RB

Series

2016A

(B3/CCC)

445,000

5.000

07/01/2041

398,085

1,620,000

4.000

07/01/2045

1,205,382

1,340,000

5.000

07/01/2046

1,162,367

Doylestown

Hospital

Authority

RB

Series

2019A

(NR/NR)

105,000

5.000

(d)

07/01/2041

110,748

310,000

5.000

(d)

07/01/2046

326,970

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

916,045

900,000

5.000

12/01/2048

719,484

1,750,000

5.000

12/01/2053

1,354,812

Geisinger

Authority

Health

System

RB

for

Geisinger

Health

System

Series

2007

(A2/AA-)

(3M

USD

LIBOR

+

0.77%)

52,950,000

4.548

(f)

05/01/2037

45,655,470

Lancaster

County

Hospital

Authority

RB

Refunding

for

St.

Anne's

Retirement

Community

Obligated

Group

Series

2020

(NR/NR)

750,000

5.000

03/01/2045

614,866

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Pennsylvania

–

(continued)

Latrobe

Industrial

Development

Authority

RB

for

Seton

Hill

University

Series

of

2021

(NR/BBB-)

$

285,000

5.000%

03/01/2032

$

297,670

Latrobe

Industrial

Development

Authority

RB

Refunding

for

Seton

Hill

University

Series

2021

(NR/BBB-)

450,000

4.000

03/01/2035

431,471

465,000

4.000

03/01/2036

440,736

275,000

4.000

03/01/2037

256,657

335,000

4.000

03/01/2039

300,408

250,000

4.000

03/01/2040

221,277

250,000

4.000

03/01/2041

218,593

625,000

4.000

03/01/2046

514,581

675,000

4.000

03/01/2051

531,800

Lincoln

University

of

The

Commonwealth

System

of

Higher

Education

RB

Refunding

Tax

Exempt

Social

Bonds

2023

Series

A

(Baa3/NR)

3,420,000

5.250

07/01/2044

3,290,564

Mercer

County

Industrial

Development

Authority

College

RB

for

Thiel

College

Project

Series

2020

(NR/NR)

2,400,000

6.125

(c)

10/01/2050

1,614,904

Northampton

County

Industrial

Development

Authority

RB

Refunding

for

Morningstar

Senior

Living,

Inc.

Obligated

Group

Series

2019

(NR/NR)

1,900,000

5.000

11/01/2044

1,641,168

2,100,000

5.000

11/01/2049

1,753,792

Northeastern

Pennsylvania

Hospital

&

Education

Authority

RB

for

King's

College

Project

Series

2019

(NR/BBB)

945,000

5.000

05/01/2044

924,664

1,245,000

5.000

05/01/2049

1,180,406

Pennsylvania

Economic

Development

Financing

Authority

RB

for

Presbyterian

Senior

Living

Project,

Series

2023B-1

(NR/NR)

1,850,000

5.250

07/01/2049

1,888,103

Pennsylvania

Economic

Development

Financing

Authority

RB

for

Presbyterian

Senior

Living

Project,

Series

2023B-2

(NR/NR)

2,750,000

5.000

07/01/2042

2,799,513

2,300,000

5.250

07/01/2046

2,365,037

Pennsylvania

Economic

Development

Financing

Authority

RB

Refunding

for

Presbyterian

Homes

Obligated

Group

Series

2021

(NR/NR)

2,250,000

4.000

07/01/2046

1,950,905

Pennsylvania

Economic

Development

Financing

Authority

Tax

Exempt

Private

Activity

RB

for

Penndot

Major

Bridges

Package

One

Project

Series

2022

(Baa2/NR)

1,375,000

5.250

06/30/2053

1,439,193

6,825,000

6.000

06/30/2061

7,568,539

Pennsylvania

Economic

Development

Financing

Authority

Tax

Exempt

Private

Activity

RB

for

Penndot

Major

Bridges

Package

One

Project

Series

2022

(AGM)

(A1/AA)

5,000,000

5.000

12/31/2057

5,160,827

Pennsylvania

Higher

Educational

Facilities

Authority

RB

for

Foundation

for

Indiana

University

of

Pennsylvania

Series

2007

A

(AGC)

(WR/AA)

(3M

USD

LIBOR

+

0.60%)

5,885,000

4.390

(f)

07/01/2027

5,838,764

(3M

USD

LIBOR

+

0.65%)

10,850,000

4.440

(f)

07/01/2039

9,325,166

Pennsylvania

Higher

Educational

Facilities

Authority

RB

for

La

Salle

University

Series

2012

(NR/BB-)

5,645,000

5.000

05/01/2042

4,228,016

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Pennsylvania

–

(continued)

Pennsylvania

Higher

Educational

Facilities

Authority

Student

Housing

RB

Refunding

for

University

Properties,

Inc.

Student

Housing

Project

Series

2016

A

(Baa3/NR)

$

365,000

5.000%

07/01/2031

$

368,123

400,000

5.000

07/01/2035

400,735

Philadelphia

Authority

for

Industrial

Development

Charter

School

RB

for

Green

Woods

Charter

School

Project

Series

2022A

(NR/BB+)

1,705,000

5.250

06/15/2052

1,590,744

Philadelphia

Authority

for

Industrial

Development

Charter

School

RB

for

Tacony

Academy

Charter

School

Project

Series

2023

(NR/BB+)

1,150,000

5.375

(c)

06/15/2038

1,153,767

1,600,000

5.500

(c)

06/15/2043

1,596,159

Philadelphia

Authority

For

Industrial

Development

La

Salle

University

RB

Series

2017

(NR/BB-)

3,480,000

4.000

05/01/2042

2,264,118

Philadelphia

Authority

for

Industrial

Development

RB

for

Independence

Charter

School

Series

2019

(NR/NR)

2,225,000

5.000

06/15/2050

1,939,394

Philadelphia

Authority

for

Industrial

Development

RB

for

MaST

Community

Charter

School

II

Series

2020

A

(NR/BBB-)

310,000

5.000

08/01/2040

315,412

1,075,000

5.000

08/01/2050

1,061,513

Philadelphia

Hospitals

and

Higher

Education

Facilities

Authority

RB

for

Temple

University

Health

System

Obligation

Group

Series

2017

(Baa3/BBB)

3,000,000

5.000

07/01/2034

3,098,859

Philadelphia

Hospitals

and

Higher

Education

Facilities

Authority

RB

Refunding

for

Temple

University

Health

System

Obligation

Group

Series

2017

(Baa3/BBB)

4,490,000

5.000

07/01/2032

4,647,648

Scranton

Redevelopment

Authority

RB

Refunding

for

Guaranteed

Lease

Series

2016

A

(MUN

GOVT

GTD)

(NR/BBB-)

1,820,000

5.000

11/15/2028

1,822,556

Susquehanna

Area

Regional

Airport

Authority

Airport

System

RB

Series

2017

(Baa3/NR)

2,325,000

5.000

01/01/2038

2,378,106

Susquehanna

Area

Regional

Airport

Authority

RB

Refunding

for

Airport

System

Series

2017

(Baa3/NR)

1,100,000

5.000

01/01/2035

1,136,634

The

Berks

County

Municipal

Authority

RB

for

Alvernia

University

Project

Series

2020

(NR/BB+)

475,000

5.000

10/01/2039

449,677

1,125,000

5.000

10/01/2049

1,002,587

The

Berks

County

Municipal

Authority

RB

for

Tower

Health

Obligated

Group

Series

2012

A

(WR/CCC+)

5,195,000

5.000

11/01/2044

2,703,727

Upper

Dauphin

IDA

RB

for

Pennsylvania

Steam

Academy

Charter

School

Project

Series

2022A

(NR/NR)

4,485,000

6.250

(c)

07/01/2057

4,205,571

Washington

County

Redevelopment

Authority

RB

Refunding

for

Victory

Center

Tax

Increment

Financing

Project

Series

2018

(NR/BB)

1,000,000

5.000

07/01/2028

1,003,664

1,000,000

5.000

07/01/2035

995,677

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Pennsylvania

–

(continued)

Westmoreland

County

Industrial

Development

Authority

RB

Refunding

for

Excela

Health

Obligated

Group

Series

2020

A

(Baa2/NR)

$

1,400,000

4.000%

07/01/2037

$

1,337,944

Westmoreland

County

Industrial

Development

Authority

Tax

Exempt

RB

for

Excela

Health

Project

Series

2020A

(Baa2/NR)

(Baa2/NR)

620,000

5.000

07/01/2028

655,093

275,308,020

Puerto

Rico

-

9.0%

HTA

Trust

Certificates

Class

L-2028

Units

(NR/NR)

3,919,542

5.250

07/01/2038

3,920,485

Puerto

Rico

Aqueduct

and

Sewer

Authority

Revenue

Refunding

Bonds

Series

2020A

(NR/NR)

22,750,000

5.000

(c)

07/01/2035

22,963,334

Puerto

Rico

Aqueduct

and

Sewer

Authority

Revenue

Refunding

Bonds

Series

2022A

(NR/NR)

9,270,000

5.000

(c)

07/01/2037

9,314,563

Puerto

Rico

Commonwealth

Aquaduct

and

Sewer

Authority

Revenue

Refunding

Bonds

2021

B

(NR/NR)

1,035,000

5.000

(c)

07/01/2037

1,039,491

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

RB

Refunding

for

Senior

Lien

Series

2020

A

(NR/NR)

42,415,000

5.000

(c)

07/01/2047

41,666,978

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

RB

Refunding

Series

2021

C

(NR/NR)

9,400,000

3.500

(c)

07/01/2026

8,982,019

9,400,000

3.750

(c)

07/01/2027

8,898,558

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

RB

Refunding

Series

2022

A

(NR/NR)

7,870,000

5.000

(c)

07/01/2033

7,990,312

2,000,000

4.000

(c)

07/01/2042

1,764,884

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

RB

Series

2021

A

(NR/NR)

1,250,000

4.000

(c)

07/01/2042

1,103,053

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

RB

Series

2021

B

(NR/NR)

495,000

5.000

(c)

07/01/2025

498,395

4,355,000

5.000

(c)

07/01/2033

4,417,484

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Refunding

Bonds

Series

2021B

(NR/NR)

28,770,000

4.000

(c)

07/01/2042

25,387,859

Puerto

Rico

Commonwealth

GO

Bonds

(NR/NR)

24,151,874

0.000

(a)(g)(i)

11/01/2043

13,162,771

Puerto

Rico

Commonwealth

GO

Clawback

Bonds

(NR/NR)

4,971,734

0.000

(a)(g)(i)

11/01/2051

2,032,196

Puerto

Rico

Commonwealth

GO

Clawback

CVIs

(NR/NR)

17,258,837

0.000

(a)(g)(i)

11/01/2051

9,406,066

Puerto

Rico

Commonwealth

GO

CVIs

(NR/NR)

162,047

0.000

(a)(g)(i)

11/01/2051

29,979

Puerto

Rico

Commonwealth

GO

Restructured

Bonds

Series

2022

A-1

(NR/NR)

9,811,379

5.625

07/01/2029

10,641,151

16,610,960

5.750

07/01/2031

18,477,308

61,106,206

0.000

(e)

07/01/2033

38,094,660

3,435,196

4.000

07/01/2033

3,363,410

4,889,113

4.000

07/01/2035

4,727,004

10,253,482

4.000

07/01/2037

9,789,105

19,508,950

4.000

07/01/2041

17,892,368

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Puerto

Rico

–

(continued)

Puerto

Rico

Commonwealth

GO

Restructured

Bonds

Series

2022

A-1

(NR/NR)

–

(continued)

$

39,327,776

4.000%

07/01/2046

$

35,028,137

Puerto

Rico

Commonwealth

Highway

&

Transportation

Authority

Restructured

Toll

RB

Series

2022A

(NR/NR)

1

5.000

07/01/2062

1

Puerto

Rico

Commonwealth

Highway

&

Transportation

Authority

Restructured

Toll

RB

Series

2022B

(NR/NR)

0

0.000

(e)

07/01/2032

0

Puerto

Rico

Commonwealth

Highway

&

Transportation

Authority

Restructured

Toll

RB

Series

2022C

(NR/NR)

1

0.000

(g)

07/01/2053

0

Puerto

Rico

Electric

Power

Authority

Power

RB

Series

2012A

(WR/NR)

1,905,000

4.800

*

07/01/2029

495,300

30,365,000

5.000

*

07/01/2042

7,894,900

Puerto

Rico

Electric

Power

Authority

Power

RB

Series

2013A

(WR/NR)

715,000

7.250

*

07/01/2030

185,900

6,760,000

7.000

*

07/01/2033

1,757,600

13,610,000

6.750

*

07/01/2036

3,538,600

6,190,000

7.000

*

07/01/2040

1,609,400

Puerto

Rico

Electric

Power

Authority

Power

RB

Series

4

(NR/NR)

1,678,950

10.000

*

07/01/2022

436,527

Puerto

Rico

Electric

Power

Authority

Power

RB

Series

A-4

(NR/NR)

747,236

10.000

*

07/01/2019

194,281

Puerto

Rico

Electric

Power

Authority

Power

RB

Series

AAA

(WR/NR)

130,000

5.250

*

07/01/2023

33,800

3,420,000

5.250

*

07/01/2031

889,200

Puerto

Rico

Electric

Power

Authority

Power

RB

Series

B-4

(NR/NR)

747,235

10.000

*

07/01/2019

194,281

Puerto

Rico

Electric

Power

Authority

Power

RB

Series

BBB

(WR/NR)

90,000

5.400

*

07/01/2028

21,825

Puerto

Rico

Electric

Power

Authority

Power

RB

Series

CCC

(WR/NR)

80,000

5.000

*

07/01/2022

20,800

90,000

4.250

*

07/01/2023

23,400

60,000

4.500

*

07/01/2023

15,600

50,000

4.600

*

07/01/2024

13,000

210,000

4.625

*

07/01/2025

54,600

900,000

5.000

*

07/01/2025

234,000

25,000

5.000

*

07/01/2026

6,500

10,000,000

5.250

*

07/01/2026

2,600,000

65,000

4.800

*

07/01/2027

16,900

4,980,000

5.000

*

07/01/2028

1,294,800

Puerto

Rico

Electric

Power

Authority

Power

RB

Series

E-1

(NR/NR)

5,036,850

10.000

*

01/01/2021

1,309,581

Puerto

Rico

Electric

Power

Authority

Power

RB

Series

E-2

(NR/NR)

5,036,850

10.000

*

07/01/2021

1,309,581

Puerto

Rico

Electric

Power

Authority

Power

RB

Series

E-3

(NR/NR)

1,678,950

10.000

*

01/01/2022

436,527

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Puerto

Rico

–

(continued)

Puerto

Rico

Electric

Power

Authority

Power

RB

Series

EEE

(WR/NR)

$

1,175,000

5.950%*

07/01/2030

$

284,938

4,620,000

6.050

*

07/01/2032

1,120,350

115,000

6.250

*

07/01/2040

27,887

Puerto

Rico

Electric

Power

Authority

Power

RB

Series

SS

(WR/NR)

130,000

4.625

*

07/01/2030

33,800

Puerto

Rico

Electric

Power

Authority

Power

RB

Series

TT

(WR/NR)

300,000

4.200

*

07/01/2019

78,000

700,000

5.000

*

07/01/2025

182,000

4,795,000

5.000

*

07/01/2032

1,246,700

Puerto

Rico

Electric

Power

Authority

Power

RB

Series

WW

(WR/NR)

2,000,000

5.500

*

07/01/2020

520,000

3,765,000

5.250

*

07/01/2033

978,900

13,050,000

5.500

*

07/01/2038

3,393,000

Puerto

Rico

Electric

Power

Authority

Power

RB

Series

XX

(WR/NR)

20,000

4.875

*

07/01/2027

5,200

42,715,000

5.250

*

07/01/2040

11,105,900

Puerto

Rico

Electric

Power

Authority

Power

RB

Series

YY

(WR/NR)

2,460,000

6.125

*

07/01/2040

596,550

Puerto

Rico

Electric

Power

Authority

Power

RB

Series

ZZ

(WR/NR)

65,000

3.700

*

07/01/2017

16,900

1,230,000

5.000

*

07/01/2017

319,800

145,000

4.250

*

07/01/2018

37,700

3,130,000

5.000

*

07/01/2019

813,800

260,000

4.250

*

07/01/2020

67,600

25,000

5.250

*

07/01/2020

6,500

80,000

4.375

*

07/01/2021

20,800

100,000

4.375

*

07/01/2022

26,000

65,000

5.000

*

07/01/2022

16,900

190,000

4.500

*

07/01/2023

49,400

135,000

4.625

*

07/01/2025

35,100

1,575,000

5.250

*

07/01/2026

409,500

Puerto

Rico

Electric

Power

Authority

Power

Revenue

Refunding

Bonds

Series

DDD

(WR/NR)

215,000

3.300

*

07/01/2019

55,900

80,000

3.500

*

07/01/2020

20,800

155,000

3.625

*

07/01/2021

40,300

60,000

3.750

*

07/01/2022

15,600

730,000

3.875

*

07/01/2023

189,800

Puerto

Rico

Electric

Power

Authority

RB

Refunding

Series

2007

UU

(AGM)

(A1/AA)

(3M

USD

LIBOR

+

0.52%)

52,372,000

4.310

(f)

07/01/2029

48,662,339

Puerto

Rico

Electric

Power

Authority

RB

Refunding

Series

2007

VV

(NATL)

(Baa2/NR)

1,250,000

5.250

07/01/2032

1,236,220

Puerto

Rico

Electric

Power

Authority

RB

Refunding

Series

2010

ZZ

(WR/NR)

126,000

5.000

*

07/01/2024

32,760

Puerto

Rico

Electric

Power

Authority

RB

Series

2010

AAA

(WR/NR)

1,489,000

5.250

*

07/01/2027

387,140

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Puerto

Rico

–

(continued)

Puerto

Rico

Electric

Power

Authority

RB

Series

2010

AAA

(WR/NR)

–

(continued)

$

2,119,000

5.250%*

07/01/2028

$

550,940

Puerto

Rico

Electric

Power

Authority

RB

Series

TT

(WR/NR)

5,135,000

5.000

*

07/01/2037

1,335,100

Puerto

Rico

Electric

Power

Authority

RB

Series

WW

(WR/NR)

2,665,000

5.000

*

07/01/2028

692,900

Puerto

Rico

Sales

Tax

Financing

Corporation

Sales

Tax

Capital

Appreciation

Restructured

RB

Series

2018

A-1

(NR/NR)

11,000

0.000

(e)

07/01/2029

8,797

4,301,000

0.000

(e)

07/01/2031

3,147,794

5,295,000

0.000

(e)

07/01/2033

3,526,808

362,146,000

0.000

(e)

07/01/2046

113,541,354

127,525,000

0.000

(e)

07/01/2051

29,778,860

Puerto

Rico

Sales

Tax

Financing

Corporation

Sales

Tax

Capital

Appreciation

Restructured

RB

Series

2019

A-2

(NR/NR)

108,671,000

4.329

07/01/2040

107,879,212

562,000

4.536

07/01/2053

537,313

13,175,000

4.784

07/01/2058

12,986,461

Puerto

Rico

Sales

Tax

Financing

Corporation

Sales

Tax

Restructured

RB

Series

2018

A-1

(NR/NR)

3,939,000

4.500

07/01/2034

3,947,787

40,941,000

4.750

07/01/2053

40,517,322

132,729,000

5.000

07/01/2058

133,192,145

848,855,351

Rhode

Island

-

0.3%

Rhode

Island

Health

and

Educational

Building

Corporation

Public

Schools

Financing

RB

for

Town

of

Cumberland

Issue

Series

2023

A

(NR/AA+)

10,000,000

4.125

05/15/2053

10,047,772

tobacco

Settlement

Financing

Corp.

RB

Asset-Backed

Bonds

Series

2007

B

(NR/CCC-)

124,220,000

0.000

(e)

06/01/2052

20,235,898

30,283,670

South

Carolina

-

0.4%

Lancaster

County

Assessment

RB

for

Edgewater

Improvement

District

Series

2003

A

(NR/NR)

2,545,000

6.875

11/01/2035

2,546,910

South

Carolina

Economic

Development

Authority

Educational

Facilities

Tax

Exempt

RB

for

Polaris

Tech

Charter

School

Project

Series

2022A

(NR/NR)

6,160,000

5.250

(c)

06/15/2052

5,626,703

5,615,000

5.250

(c)

06/15/2057

5,032,271

South

Carolina

Jobs-Economic

Development

Authority

RB

for

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group

Series

2018

C

(NR/NR)

2,365,000

5.000

11/15/2047

2,387,219

South

Carolina

Public

Service

Authority

Revenue

Obligations

2015

Tax

Exempt

Series

E

(NR/A-)

5,000,000

5.250

12/01/2055

5,064,589

South

Carolina

Public

Service

Authority

Revenue

Obligations

2022

Tax

Exempt

Series

E

(AGM)

(A1/AA)

9,000,000

5.000

12/01/2052

9,588,513

Spartanburg

Regional

Health

Services

District

Obligated

Group

RB

Series

2020

A

(AGM)

(A1/AA)

2,000,000

3.000

04/15/2049

1,519,288

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

South

Carolina

–

(continued)

State

of

South

Carolina

Public

Service

Authority

Revenue

Refunding

Obligations

Series

2022

A

(BAM-TCRS)

(A3/AA)

$

5,000,000

4.000%

12/01/2052

$

4,853,335

36,618,828

South

Dakota

-

0.0%

County

of

Lincoln

RB

Refunding

for

The

Augustana

College

Association

Series

2021

A

(NR/BBB-)

1,050,000

4.000

08/01/2056

875,472

1,450,000

4.000

08/01/2061

1,185,504

2,060,976

Tennessee

-

0.1%

City

of

Chattanooga

Health,

Educational

&

Housing

Board

RB

for

Commonspirit

Health

Series

2019A-2

(Baa1/A-)

3,235,000

5.000

08/01/2049

3,327,739

Greeneville

Health

&

Educational

Facilities

Board

RB

for

Ballad

Health

Obligated

Group

Series

2018

A

(A3/A-)

1,230,000

4.000

07/01/2040

1,230,843

Industrial

Development

Board

of

The

Metropolitan

Government

of

Davidson

County

Senior

Special

Assessment

RB

Series

2021A

(NR/NR)

1,150,000

4.000

(c)

06/01/2051

962,804

Industrial

Development

Board

of

The

Metropolitan

Government

of

Davidson

County

Senior

Special

Assessment

Revenue

Capital

Appreciation

Bonds

Series

2021B

(NR/NR)

2,825,000

0.000

(c)(e)

06/01/2043

1,031,135

Memphis-Shelby

County

Industrial

Development

Board

Tax

Allocation

Refunding

Bonds

Series

2017

A

(NR/NR)

100,000

4.750

*

07/01/2027

85,844

4,100,000

5.625

01/01/2046

2,427,348

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

RB

Refunding

for

Trevecca

Nazarene

University

Project

Series

2019

(NR/NR)

335,000

5.000

10/01/2029

351,028

410,000

5.000

10/01/2039

423,019

500,000

5.000

10/01/2048

504,304

Nashville

Metropolitan

Development

&

Housing

Agency

RB

for

Fifth+

Broadway

Development

Project

Series

2018

(NR/NR)

850,000

5.125

(c)

06/01/2036

863,190

11,207,254

Texas

-

8.4%

Argyle

Special

Assessment

RB

for

Waterbrook

of

Argyle

Public

Improvement

District

Project

Series

2018

(NR/NR)

500,000

4.625

(c)

09/01/2028

504,437

2,340,000

5.125

(c)

09/01/2038

2,354,934

2,580,000

5.250

(c)

09/01/2047

2,584,165

Arlington

Higher

Education

Finance

Corp.

Education

RB

for

Legacy

Traditional

Schools

Project

Series

2022A

(NR/NR)

5,500,000

6.750

(c)

02/15/2062

5,261,140

Arlington

Higher

Education

Finance

Corp.

Education

RB

Series

2022A

(NR/NR)

1,495,000

5.625

08/15/2052

1,343,688

1,780,000

5.750

08/15/2057

1,609,540

Arlington

Higher

Education

Finance

Corp.

RB

Refunding

for

Wayside

Schools

Series

2021

A

(NR/BB)

305,000

4.000

08/15/2036

271,952

560,000

4.000

08/15/2041

462,093

810,000

4.000

08/15/2046

629,266

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

Arlington

Higher

Education

Finance

Corporation

Education

RB

for

Basis

Texas

Charter

Schools

Series

2023

(Ba2/NR)

$

2,285,000

4.875%

(a)(b)(c)

06/15/2056

$

2,294,987

Aubrey

Independent

School

District

UT

School

Building

Bonds

Series

2022

(PSF-GTD)

(Aaa/AAA)

5,000,000

4.000

02/15/2052

5,017,671

Austin

Convention

Enterprises,

Inc.

Convention

Center

Hotel

First

Tier

RB

Refunding

Series

2017

A

(NR/BB+)

1,480,000

5.000

01/01/2029

1,525,640

Austin

Convention

Enterprises,

Inc.

Convention

Center

Hotel

First

Tier

RR

Bonds,

Series

2017A

(NR/BB+)

450,000

5.000

01/01/2032

463,216

450,000

5.000

01/01/2033

462,838

Bastrop

County

Special

Assessment

for

Double

Eagle

Ranch

Public

Improvement

District

Area

One

Project

RB

Series

2023

(NR/NR)

900,000

5.375

(c)

09/01/2053

908,081

Board

of

Managers,

Joint

Guadalupe

County

-

City

of

Seguin

Hospital

Mortgage

Improvement

RB

Refunding

Bonds

Series

2015

(NR/BB)

3,575,000

5.250

12/01/2035

3,604,765

2,435,000

5.000

12/01/2040

2,367,775

Brazoria

County

Industrial

Development

Corp.

Solid

Waste

Disposal

Facilities

RB

for

Aleon

Renewable

Metals

Project

(NR/NR)

6,600,000

10.000

(a)(b)(c)

06/01/2042

6,479,404

Caddo

Mills

Independent

School

District

Unlimited

Tax

School

Building

Bonds,

Series

2023

(PSF-GTD)

(Aaa/NR)

5,035,000

4.250

02/15/2053

5,087,196

Cedar

Bayou

Navigation

District

Special

Assessment

Series

2020

(NR/NR)

9,415,000

6.000

09/15/2051

7,818,926

Celina

Independent

School

District

Unlimited

Tax

School

Building

Bonds,

Series

2023

(PSF-GTD)

(Aaa/AAA)

10,000,000

4.000

02/15/2053

9,917,968

City

of

Anna

Special

Assessment

Bonds

for

Hurricane

Creek

Public

Improvement

District

Project

Series

2019

(NR/NR)

2,190,000

6.500

(c)

09/01/2048

2,272,475

City

of

Anna

Special

Assessment

Bonds

for

Sherley

Tract

Public

Improvement

District

No.

2

Series

2021

(NR/NR)

867,000

4.000

(c)

09/15/2041

751,456

1,271,000

4.250

(c)

09/15/2051

1,060,722

City

of

Anna

Special

Assessment

RB

for

Hurricane

Creek

Public

Improvement

District

Project

Series

2022

(NR/NR)

1,931,000

6.000

(c)

09/01/2052

1,962,078

City

of

Anna

Special

Assessment

RB

for

The

Woods

At

Lindsey

Place

Public

Improvement

District

Improvement

Area

#1

Project

Series

2023

(NR/NR)

1,375,000

5.875

(c)

09/15/2053

1,400,835

City

of

Anna,

Texas,

2,300,000

7.375

(c)

09/15/2052

2,382,560

City

of

Aubrey

Special

Assessment

for

Aubrey

Public

Improvement

District

No.

1

RB

Series

2023

(NR/NR)

1,425,000

5.875

(c)

09/01/2043

1,453,014

1,475,000

6.000

(c)

09/01/2053

1,499,281

City

of

Aubrey

Special

Assessment

RB

for

Jackson

Ridge

Public

Improvement

District

Project

Series

2022

(NR/NR)

1,620,000

6.000

(c)

09/01/2045

1,670,969

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

City

of

Austin

Special

Assessment

RB

for

Estancia

Hill

Country

Public

Improvement

District

Series

2018

(NR/NR)

$

4,150,000

5.125%

(c)

11/01/2033

$

4,152,331

City

of

Austin

Special

Assessment

RB

for

Whisper

Valley

Public

Improvement

District

Project

Series

2022

(NR/NR)

1,170,000

5.500

(c)

11/01/2051

1,177,217

City

of

Bee

Cave

Special

Assessment

RB

Series

2021

(NR/NR)

563,000

4.750

(c)

09/01/2031

524,011

1,540,000

5.000

(c)

09/01/2041

1,446,958

1,907,000

5.250

(c)

09/01/2051

1,798,649

City

of

Celina

Special

Assessment

Bonds

for

Wells

South

Public

Improvement

District

Series

2020

(NR/NR)

430,000

3.750

(c)

09/01/2040

362,272

1,451,000

4.000

(c)

09/01/2050

1,198,114

City

of

Celina

Special

Assessment

for

Edgewood

Creek

Public

Improvement

District

Phase#1

Project

Series

2021

(NR/NR)

450,000

4.250

(c)

09/01/2041

405,305

City

of

Celina

Special

Assessment

RB

for

Celina

Hills

Public

Improvement

District

Project

Series

2022

(NR/NR)

1,021,000

5.000

(c)

09/01/2051

955,672

City

of

Celina

Special

Assessment

RB

for

Chalk

Hill

Public

Improvement

District

No.

2

Phases

#2-3

Direct

Improvement

Project

Series

2023

(NR/NR)

1,624,000

6.000

(c)

09/01/2053

1,640,711

City

of

Celina

Special

Assessment

RB

for

Cross

Creek

Meadows

Public

Improvement

District

Improvement

Area

#1

Project

Series

2023

(NR/NR)

2,105,000

5.500

(c)

09/01/2053

2,113,952

1,424,000

6.125

(c)

09/01/2053

1,443,663

City

of

Celina

Special

Assessment

RB

for

Harper

Estates

Public

Improvement

District

Project

Series

2023

(NR/NR)

6,576,000

6.750

(c)

09/01/2052

6,635,514

City

of

Celina

Special

Assessment

RB

for

Hillside

Public

Improvement

District

Series

2022

(NR/NR)

812,000

3.375

(c)

09/01/2042

618,356

3,549,000

4.000

(c)

09/01/2052

2,878,006

City

of

Celina

Special

Assessment

RB

for

Mosaic

Public

Improvement

District

Phase

#1

Project

Series

2023

(NR/NR)

1,225,000

5.125

(c)

09/01/2043

1,212,196

1,676,000

5.500

(c)

09/01/2053

1,679,599

City

of

Celina

Special

Assessment

RB

for

Parks

At

Wilson

Creek

Series

2021

(NR/NR)

120,000

2.750

(c)

09/01/2026

114,148

221,000

3.500

(c)

09/01/2026

213,518

240,000

3.250

(c)

09/01/2031

216,952

446,000

4.000

(c)

09/01/2031

422,889

1,134,000

3.500

(c)

09/01/2041

948,933

959,000

4.250

(c)

09/01/2041

864,060

1,916,000

4.000

(c)

09/01/2051

1,597,809

1,410,000

4.500

(c)

09/01/2051

1,235,459

City

of

Celina

Special

Assessment

RB

for

Parvin

Public

Improvement

District

Project

Series

2023

(NR/NR)

1,604,000

6.500

(c)

09/01/2043

1,624,489

2,100,000

6.750

(c)

09/01/2053

2,126,551

City

of

Celina

Special

Assessment

RB

for

Ten

Mile

Creek

Public

Improvement

District

Project

Series

2023

(NR/NR)

701,000

6.250

(c)

09/01/2042

712,611

1,365,000

5.750

(c)

09/01/2052

1,388,149

1,175,000

6.500

(c)

09/01/2052

1,194,234

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

City

of

Celina

Special

Assessment

RB

for

Wells

South

Public

Improvement

District

Neighborhood

Improvement

Project

Series

2022

(NR/NR)

$

1,215,000

5.625%

(c)

09/01/2052

$

1,228,581

City

of

Celina

Special

Assessment

RB

Series

2022

(NR/NR)

910,000

4.000

(c)

09/01/2043

779,971

933,000

4.125

(c)

09/01/2051

775,712

City

of

Celina

Texas

Municipal

Corp.

Special

Assessment

RB

for

Glen

Crossing

Public

Improvement

District

Phase#1B

Project

Series

2018

(NR/NR)

400,000

5.500

(c)

09/01/2046

404,938

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

1,154,024

1,686,000

5.750

09/01/2047

1,716,139

City

of

Celina

Texas

Municipal

Corp.

Special

Assessment

RB

for

Sutton

Fields

II

Public

Improvement

District

Phase#2-3

Project

Series

2019

(NR/NR)

2,330,000

4.250

(c)

09/01/2049

2,009,922

City

of

Celina

Texas

Municipal

Corp.

Special

Assessment

RB

for

Sutton

Fields

II

Public

Improvement

District

Phase#4

Project

Series

2020

(NR/NR)

1,800,000

4.125

(c)

09/01/2050

1,497,252

City

of

Celina

Texas

Municipal

Corp.

Special

Assessment

RB

for

Wells

South

Public

Improvement

District

Major

Improvement

Area

Project

Series

2015

(NR/NR)

3,665,000

7.500

09/01/2045

3,697,472

City

of

Celina

Texas

Municipal

Corp.

Special

Assessment

RB

for

Wells

South

Public

Improvement

District

Neighborhood

Improvement

Area

#1

Project

Series

2015

(NR/NR)

1,610,000

6.250

09/01/2045

1,620,775

City

of

Celinac

Special

Assessment

for

Edgewood

Creek

Public

Improvement

District

Phase#1

Project

Series

2021

(NR/NR)

195,000

4.750

(c)

09/01/2031

188,794

370,000

5.250

(c)

09/01/2041

372,771

500,000

5.500

(c)

09/01/2050

505,596

City

of

Crandall

Cartwright

Ranch

Public

Improvement

District

Special

Assessment

Bond

Series

2021

(NR/NR)

242,000

4.125

(c)

09/15/2026

234,387

261,000

4.750

(c)

09/15/2031

242,830

900,000

4.250

(c)

09/15/2041

779,455

500,000

5.000

(c)

09/15/2041

465,427

1,400,000

4.500

(c)

09/15/2051

1,147,174

650,000

5.250

(c)

09/15/2051

600,952

City

of

Crandall

Special

Assessment

RB

for

River

Ridge

Public

Improvement

District

Project

Series

2022

(NR/NR)

4,500,000

6.125

(c)

09/15/2052

4,652,675

City

of

Crandall

Special

Assessment

RB

for

River

Ridge

Public

Improvement

District

Single

Family

Residential

Major

Improvement

Project

Series

2022

(NR/NR)

1,580,000

6.750

(c)

09/15/2052

1,651,604

City

of

Dayton

Junior

Lien

Special

Assessment

RB

for

Westpointe

Villages

Public

Improvement

District

Improvement

Area

#1

Project

Series

2022B

(NR/NR)

1,345,000

5.750

(c)

09/01/2052

1,351,322

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

City

of

Dayton

Senior

Lien

Special

Assessment

RB

for

Westpointe

Villages

Public

Improvement

District

Improvement

Area

#1

Project

Series

2022A

(NR/NR)

$

1,413,000

5.250%

(c)

09/01/2052

$

1,376,058

City

of

Decatur,

Texas,

1,963,000

6.875

(c)

09/15/2054

2,016,087

City

of

Dripping

Springs

Special

Assessment

RB

for

Heritage

Public

Improvement

District

Improvement

Area

#1

Project

Series

2023

(NR/NR)

1,219,000

5.500

(c)

09/01/2053

1,222,677

City

of

Elmendorf

Hickory

Ridge

Public

Improvement

District

Special

Assessment

Bond

for

Improvement

Area

No.

1

Series

2021

(NR/NR)

1,071,000

4.000

(c)

09/01/2051

862,482

City

of

Fate

Special

Assessment

for

Williamsburg

East

Public

Improvement

District

Area

No.

1

Series

2020

(NR/NR)

692,000

3.875

(c)

08/15/2040

583,019

994,000

4.125

(c)

08/15/2050

832,613

City

of

Fate

Special

Assessment

RB

for

Monterra

Public

Improvement

District

Series

2021

(NR/NR)

925,000

3.750

(c)

08/15/2041

781,562

1,656,000

4.000

(c)

08/15/2051

1,355,258

City

of

Fate

Special

Assessment

RB

for

Williamsburg

East

Public

Improvement

District

Project

Series

2022

(NR/NR)

2,275,000

6.000

(c)

08/15/2052

2,328,290

City

of

Fate

Special

Assessment

RB

for

Williamsburg

Public

Improvement

District

No.

1

Phase#1

Series

2019

(NR/NR)

1,360,000

4.250

(c)

08/15/2049

1,191,410

City

of

Fate

Special

Assessment

RB

for

Williamsburg

Public

Improvement

District

No.

1

Series

2018

(NR/NR)

910,000

4.350

(c)

08/15/2039

847,941

1,920,000

4.500

(c)

08/15/2048

1,729,556

City

of

Fate

Special

Assessment

RB

for

Williamsburg

Public

Improvement

District

Series

2022

(NR/NR)

1,000,000

4.375

(c)

08/15/2052

875,536

City

of

Fate,

Texas

Special

Assessment

RB

for

Williamsburg

Public

Improvement

District

No.

1

Phase

3B

Series

2023

(NR/NR)

1,286,000

5.375

(c)

08/15/2053

1,288,705

City

of

Forney

Special

Assessment

RB

RB

for

Bellagio

Public

Improvement

District

No.

1

RB

Series

2023

(NR/NR)

7,135,000

6.500

(c)

09/15/2053

7,014,351

City

of

Georgetown

Special

Assessment

RB

for

Parks

at

Westhaven

Public

Improvement

District

Project

Series

2022

(NR/NR)

961,000

4.125

(c)

09/15/2042

859,014

617,000

4.250

(c)

09/15/2047

540,679

City

of

Hackberry

Special

Assessment

RB

for

Riverdale

Lake

Public

Improvement

District

No.

2

Phases

4-6

Project

Series

2017

(NR/NR)

4,345,000

5.000

09/01/2047

4,251,101

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

1,343,846

2,435,000

5.000

09/01/2044

2,418,423

City

of

Hackberry

Special

Assessment

RB

Refunding

for

Hidden

Cove

Public

Improvement

District

No.

2

Project

Series

2017

(NR/BBB-)

2,235,000

4.500

09/01/2032

2,255,408

4,715,000

4.500

09/01/2038

4,595,865

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

City

of

Haslet

Special

Assessment

RB

for

Haslet

Public

Improvement

District

Series

2021

(NR/NR)

$

1,852,000

4.000%

(c)

09/01/2051

$

1,483,971

City

of

Haslet

Special

Assessment

RB

Refunding

for

Haslet

Public

Improvement

District

No.

5

1

Project

Series

2019

(NR/NR)

2,450,000

4.375

(c)

09/01/2049

2,147,776

City

of

Houston

Airport

System

Special

Facilities

RB

for

United

Airlines

Inc.

Airport

Improvement

Projects

Series

2018C

(AMT)

(NR/BB-)

9,895,000

5.000

07/15/2028

9,954,572

City

of

Houston

Airport

System

Special

Facilities

RB

for

United

Airlines

Technical

Operations

Center

Project

Series

2018

(NR/BB-)

2,530,000

5.000

07/15/2028

2,545,232

City

of

Houston

Airport

System

Special

Facilities

Refunding

RB

for

United

Airlines,

Inc.

Terminal

Improvement

Projects

Series

2015B-1

(AMT)

(NR/BB-)

900,000

5.000

07/15/2030

899,946

City

of

Hutto

Emory

Crossing

Public

Improvement

District

Special

Assessment

Bond

Series

2021

(NR/NR)

1,000,000

4.000

(c)

09/01/2056

829,755

City

of

Hutto

Special

Assessment

RB

for

Cottonwood

Creek

Public

Improvement

Series

2021

(NR/NR)

2,491,000

4.000

(c)

09/01/2051

2,103,294

City

of

Hutto

Special

Assessment

RB

for

Durango

Farms

Public

Improvement

District

Project

Series

2021

(NR/NR)

2,329,000

4.000

(c)

09/01/2056

1,912,362

City

of

Hutto

Special

Assessment

RB

for

Emory

Crossing

Public

Improvement

District

Improvement

Area

#2

Project

,

Series

2023

(NR/NR)

1,950,000

5.625

(c)

09/01/2058

1,986,870

City

of

Justin

Special

Assessment

for

Timberbrook

Public

Improvement

District

No.

1

Series

2021

(NR/NR)

1,978,000

4.000

(c)

09/01/2051

1,572,930

City

of

Kaufman

Special

Assessment

for

Public

Improvement

District

No.

1

Phases#1

Series

2021

(NR/NR)

575,000

3.625

(c)

09/15/2041

461,021

City

of

Kaufman

Special

Assessment

RB

for

Kaufman

Public

Improvement

District

Project

Series

2022

(NR/NR)

620,000

6.000

(c)

09/15/2052

642,716

City

of

Kyle

Special

Assessment

RB

for

6

Creeks

Public

Improvement

District

Project

Series

2023

(NR/NR)

2,050,000

5.250

(c)

09/01/2043

2,047,354

1,297,000

5.500

(c)

09/01/2047

1,300,750

City

of

Kyle

Special

Assessment

RB

for

6

Creeks

Public

Improvement

Project

Series

2021

(NR/NR)

700,000

3.750

(c)

09/01/2041

568,012

900,000

4.000

(c)

09/01/2046

747,702

City

of

Kyle

Special

Assessment

RB

for

Creeks

Public

Improvement

District

Series

2019

(NR/NR)

1,405,000

4.625

(c)

09/01/2039

1,350,965

900,000

4.750

(c)

09/01/2044

852,093

City

of

Kyle

Special

Assessment

RB

for

Creeks

Public

Improvement

District

Series

2020

(NR/NR)

1,310,000

3.625

(c)

09/01/2040

1,056,669

1,400,000

4.000

(c)

09/01/2046

1,109,767

City

of

Kyle

Special

Assessment

RB

for

Plum

Creek

North

Public

Improvement

District

Project

Series

2022

(NR/NR)

212,000

4.125

(c)

09/01/2027

208,142

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

City

of

Kyle

Special

Assessment

RB

for

Southwest

Kyle

Public

Improvement

District

No.

1

Series

2019

(NR/NR)

$

1,225,000

4.875%

(c)

09/01/2044

$

1,166,658

City

of

Kyle

Special

Assessment

RB

Porter

Country

Public

Improvement

District

Improvement

Area

#1

Project

Series

2023

(NR/NR)

3,507,000

6.000

(c)

09/01/2053

3,529,632

City

of

Kyle

Special

Assessment

RB

Series

2022

(NR/NR)

1,950,000

5.000

09/01/2042

1,898,724

City

of

Kyle,

Texas

Special

Assessment

RB

Limestone

Creek

Public

Improvement

District

Improvement

Area

#1

Project

Series

2023

(NR/NR)

1,680,000

5.750

(c)

09/01/2053

1,694,831

City

of

Lago

Vista

Tessera

on

Lake

Travis

Public

Improvement

District

Special

Assessment

Refunding

Bond

Series

2010

(NR/NR)

990,000

3.750

09/01/2042

834,583

City

of

Lavon

Special

Assessment

RB

for

Lakepointe

Public

Improvement

District

Improvement

Area#1

Project

Series

2019

(NR/NR)

565,000

4.250

(c)

09/15/2039

517,515

2,415,000

4.500

(c)

09/15/2049

2,137,107

City

of

Lavon

Special

Assessment

RB

for

Lakepointe

Public

Improvement

District

Major

Improvement

Area

Project

Series

2019

(NR/NR)

850,000

5.000

(c)

09/15/2049

806,223

City

of

Lavon

Special

Assessment

RB

Series

2022

(NR/NR)

2,123,000

4.000

(c)

09/15/2042

1,831,986

900,000

4.375

(c)

09/15/2042

793,336

4,978,000

4.125

(c)

09/15/2052

4,100,951

1,396,000

4.500

(c)

09/15/2052

1,198,157

City

of

Lewisville,

Texas,

1,500,000

8.000

(c)

09/01/2053

1,573,769

City

of

Liberty

Hill

Special

Assessment

Bonds

for

Summerlyn

West

Public

Improvement

District

Series

2020

(NR/NR)

1,890,000

4.000

(c)

09/01/2054

1,492,382

City

of

Liberty

Hill

Special

Assessment

RB

for

Butler

Farms

Public

Improvement

Project

Series

2022

(NR/NR)

145,000

3.500

(c)

09/01/2027

137,016

275,000

3.875

(c)

09/01/2032

248,321

550,000

4.125

(c)

09/01/2042

471,255

900,000

4.375

(c)

09/01/2052

751,557

City

of

Manor

Manor

Heights

Public

Improvement

District

Special

Assessment

Bond

Series

2021

(NR/NR)

700,000

3.500

(c)

09/15/2041

547,927

830,000

4.125

(c)

09/15/2041

726,648

900,000

4.000

(c)

09/15/2051

737,225

1,125,000

4.375

(c)

09/15/2051

957,516

City

of

Manor

Special

Assessment

RB

for

Lagos

Public

Improvement

District

Series

2020

(NR/NR)

295,000

4.500

(c)

09/15/2040

276,504

525,000

4.625

(c)

09/15/2049

475,182

City

of

Manor

Special

Assessment

RB

for

Manor

Heights

Public

Improvement

District

Improvement

Area

#3

Project

Series

2023

(NR/NR)

597,000

5.500

(c)

09/15/2053

599,112

City

of

Marble

Falls

Thunder

Rock

Public

Improvement

District

Special

Assessment

Bond

Series

2021

(NR/NR)

150,000

4.125

(c)

09/01/2026

145,255

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

City

of

Marble

Falls

Thunder

Rock

Public

Improvement

District

Special

Assessment

Bond

Series

2021

(NR/NR)

–

(continued)

$

150,000

4.625%

(c)

09/01/2031

$

139,395

900,000

4.125

(c)

09/01/2041

793,368

450,000

4.875

(c)

09/01/2041

406,418

1,370,000

4.375

(c)

09/01/2051

1,150,454

520,000

5.125

(c)

09/01/2051

489,437

City

of

Mclendon-Chisholm

Special

Assessment

Bonds

Sonoma

Public

Improvement

District

Area

#2

Project

Series

2019

(NR/NR)

780,000

4.250

(c)

09/15/2039

729,746

2,950,000

4.375

(c)

09/15/2049

2,633,638

City

of

Mclendon-Chisholm

Special

Assessment

Bonds

Sonoma

Public

Improvement

District

Area

#3

Project

Series

2021

(NR/NR)

585,000

3.625

(c)

09/15/2041

470,038

820,000

4.000

(c)

09/15/2051

669,117

City

of

McLendon-Chisholm

Special

Assessment

RB

for

Sonoma

Public

Improvement

District

Project

Series

2022

(NR/NR)

2,430,000

5.750

(c)

09/15/2052

2,433,056

City

of

Mesquite

Special

Assessment

RB

for

Iron

Horse

Public

Improvement

District

Project

Series

2019

(NR/NR)

1,155,000

5.750

(c)

09/15/2039

1,173,936

2,055,000

6.000

(c)

09/15/2049

2,100,466

City

of

Mesquite

Special

Assessment

RB

for

Polo

Ridge

Public

Improvement

District

No.

2

Phase

#1

Project

Series

2019

(NR/NR)

2,405,000

5.875

(c)

09/15/2039

2,442,238

5,200,000

5.125

(c)

09/15/2048

5,103,910

3,830,000

6.125

(c)

09/15/2048

3,911,307

City

of

Mesquite

Special

Assessment

RB

for

Solterra

Public

Improvement

District

Improvement

Area

A-1

Projects,

Series

2023

(NR/NR)

1,475,000

5.500

(c)

09/01/2043

1,481,469

4,570,000

5.750

(c)

09/01/2053

4,606,883

City

of

Mesquite

Special

Assessment

RB

for

Solterra

Public

Improvement

District

Improvement

Area

C-1

Projects,

Series

2023

(NR/NR)

452,000

5.375

(c)

09/01/2043

455,720

1,110,000

5.625

(c)

09/01/2053

1,119,011

City

of

Mesquite

Special

Assessment

RB

for

Solterra

Public

Improvement

District

Improvement

Area

C-2

Project,

Series

2023

(NR/NR)

916,000

5.625

(c)

09/01/2053

920,323

City

of

Midlothian

Special

Assessment

for

Redden

Farms

Public

Improvement

District

Series

2021

(NR/NR)

130,000

4.125

(c)

09/15/2031

121,918

420,000

4.500

(c)

09/15/2041

379,005

1,540,000

4.125

(c)

09/15/2051

1,277,670

510,000

4.750

(c)

09/15/2051

445,435

City

of

Midlothian

Special

Assessment

RB

for

Westside

Preserve

Public

Improvement

District

Major

Improvement

Area

Project

#1

Series

2022

(NR/NR)

2,310,000

5.375

(c)

09/15/2052

2,253,713

City

of

Midlothian

Special

Assessment

RB

for

Westside

Preserve

Public

Improvement

District

Major

Improvement

Area

Project

Series

2022

(NR/NR)

1,300,000

6.125

(c)

09/15/2052

1,316,898

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

City

of

Mustang

Ridge,

Texas

$

769,000

6.375%

(c)

09/01/2053

$

789,128

City

of

New

Braunfels

Special

Assessment

RB

for

Solms

Landing

Public

Improvement

Project

Series

2021

(NR/NR)

141,000

3.625

(c)

09/01/2026

134,372

320,000

4.250

(c)

09/01/2031

298,035

782,000

4.500

(c)

09/01/2041

693,168

1,355,000

4.750

(c)

09/01/2051

1,184,978

City

of

North

Richland

Hills

Special

Assessment

for

City

Point

Public

Improvement

District

Project

Series

2019

(NR/NR)

361,000

5.250

(c)

09/01/2040

360,205

355,000

5.625

(c)

09/01/2040

356,841

560,000

4.125

(c)

09/01/2049

480,585

932,000

5.375

(c)

09/01/2050

921,513

City

of

Oak

Point

Public

Improvement

District

No.

2

Special

Assessment

Series

2020

(NR/NR)

1,175,000

3.750

(c)

09/01/2040

1,006,103

City

of

Oak

Point

Special

Assessment

RB

for

Wildridge

Public

Improvement

District

No.

1

Series

2018

(NR/NR)

1,355,000

4.125

(c)

09/01/2048

1,179,282

1,440,000

4.500

(c)

09/01/2048

1,321,320

City

of

Pflugerville,

Texas

Travis

and

Williamson

Counties,

Texas

Combination

Tax

and

Limited

Revenue

Certificates

of

Obligation,

Series

2023

(Aa2/NR)

3,725,000

4.000

08/01/2049

3,675,627

City

of

Pilot

Point

Special

Assessment

RB

for

Creekview

Public

Improvement

Zone

A

Improvement

Project

Series

2022

(NR/NR)

600,000

5.500

(c)

09/15/2042

602,829

1,350,000

5.625

(c)

09/15/2052

1,357,250

1,928,000

6.125

(c)

09/15/2052

1,976,520

City

of

Pilot

Point

Special

Assessment

RB

for

Creekview

Public

Improvement

Zone

B

Improvement

Project

Series

2022

(NR/NR)

550,000

5.500

(c)

09/15/2042

552,593

1,200,000

5.625

(c)

09/15/2052

1,206,444

City

of

Pilot

Point

Special

Assessment

RB

for

Mobberly

Public

Improvement

District

Improvement

Area

#1B

Project

Series

2023

(NR/NR)

926,000

5.625

(c)

09/15/2048

939,313

City

of

Pilot

Point

Special

Assessment

RB

for

Mobberly

Public

Improvement

District

Major

Improvement

Area

Series

2022

(NR/NR)

3,701,000

6.000

(c)

09/15/2052

3,788,251

1,480,000

6.500

(c)

09/15/2052

1,526,211

City

of

Plano,

Texas,

1,285,000

7.500

(c)

09/15/2053

1,361,979

City

of

Plano,

Texas,

1,610,000

8.250

(c)

09/15/2043

1,703,251

2,575,000

8.500

(c)

09/15/2053

2,722,491

City

of

Princeton

Special

Assessment

RB

for

Arcadia

Farms

Public

Improvement

District

Phases

5-7

Project

Series

2022

(NR/NR)

1,040,000

4.375

(c)

09/01/2052

897,011

City

of

Princeton

Special

Assessment

RB

for

Arcadia

Farms

Public

Improvement

District

Series

2018

(NR/NR)

2,460,000

4.875

(c)

09/01/2048

2,347,523

City

of

Princeton

Special

Assessment

RB

for

Arcadia

Farms

Public

Improvement

District

Series

2020

(NR/NR)

126,000

3.875

(c)

09/01/2040

107,689

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

City

of

Princeton

Special

Assessment

RB

for

Arcadia

Farms

Public

Improvement

District

Series

2020

(NR/NR)

–

(continued)

$

175,000

4.125%

(c)

09/01/2050

$

146,514

City

of

Princeton

Special

Assessment

RB

for

Brookside

Public

Improvement

District

Series

2019

(NR/NR)

400,000

4.875

09/01/2039

393,650

835,000

5.000

09/01/2049

808,683

City

of

Princeton

Special

Assessment

RB

for

Brookside

Public

Improvement

District

Series

2021

(NR/NR)

398,000

4.000

(c)

09/01/2051

324,566

City

of

Princeton

Special

Assessment

RB

for

Eastridge

Public

Improvement

District

Improvement

Area

No.

2

Project,

Series

2023

(NR/NR)

1,055,000

5.250

(c)

09/01/2043

1,024,946

1,431,000

5.500

(c)

09/01/2053

1,404,204

City

of

Princeton

Special

Assessment

RB

for

Eastridge

Public

Improvement

District

Improvement

Area

Project

Series

2022

(NR/NR)

700,000

5.125

(c)

09/01/2042

677,488

1,300,000

5.250

(c)

09/01/2052

1,235,124

City

of

Princeton

Special

Assessment

RB

for

Sicily

Public

Improvement

District

Improvement

Area

No.

1

Project,

Series

2023

(NR/NR)

1,225,000

7.000

(c)

09/01/2043

1,251,551

2,750,000

7.000

(c)

09/01/2053

2,780,384

City

of

Princeton

Special

Assessment

RB

for

Sicily

Public

Improvement

District

Major

Improvement

Area

Project,

Series

2023

(NR/NR)

1,850,000

7.875

(c)

09/01/2053

1,889,151

City

of

Princeton

Special

Assessment

RB

for

Whitewing

Trails

Public

Improvement

District

No.

2

Series

2019

(NR/NR)

2,205,000

4.500

(c)

09/01/2039

2,074,848

1,185,000

5.500

(c)

09/01/2039

1,205,635

1,490,000

4.750

(c)

09/01/2049

1,367,851

2,140,000

5.750

(c)

09/01/2049

2,170,734

City

of

Princeton

Special

Assessment

RB

for

Whitewing

Trails

Public

Improvement

District

Project

Series

2023

(NR/NR)

2,041,000

5.375

(c)

09/01/2053

2,025,067

City

of

Princeton

Special

Assessment

RB

for

Winchester

Public

Improvement

District

Project

Series

2022

(NR/NR)

2,050,000

5.250

(c)

09/01/2052

1,995,887

City

of

Princeton

Special

Assessment

RB

for

Winchester

Public

Improvement

District

Series

2020

(NR/NR)

750,000

3.750

(c)

09/01/2040

628,537

1,250,000

4.000

(c)

09/01/2050

1,021,839

City

of

Princeton

Special

Assessment

RB

for

Winchester

Public

Improvement

District

Series

2021

(NR/NR)

1,449,000

4.000

(c)

09/01/2051

1,177,487

City

of

Princeton,

Texas

1,284,000

6.375

(c)

09/01/2053

1,328,220

City

of

Red

Oak

Public

Improvement

District

No.

1

Special

Assessment

Bonds

for

Improvement

Area

#1

Project

Series

2021

(NR/NR)

809,000

3.375

(c)

09/15/2041

630,913

565,000

4.000

(c)

09/15/2051

464,073

City

of

Rockdale,

Texas,

4,600,000

7.500

(c)

09/15/2054

4,798,752

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

City

of

Royse

City

Special

Assessment

for

Creekshaw

Public

Improvement

District

Area

#1

Series

2020

(NR/NR)

$

1,195,000

3.875%

(c)

09/15/2040

$

1,034,983

1,780,000

4.125

(c)

09/15/2050

1,488,992

City

of

Royse

City

Special

Assessment

for

Creekshaw

Public

Improvement

District

Series

2020

(NR/NR)

110,000

4.375

(c)

09/15/2030

106,444

500,000

4.125

(c)

09/15/2040

447,430

1,520,000

4.375

(c)

09/15/2050

1,323,299

600,000

5.125

(c)

09/15/2050

571,958

City

of

Royse

City

Special

Assessment

for

Waterscape

Public

Improvement

District

Improvement

Series

2019

(NR/NR)

1,760,000

4.750

(c)

09/15/2049

1,643,552

City

of

Sachse

Special

Assessment

for

Public

Improvement

District

No.

1

Series

2020

(NR/NR)

1,070,000

3.750

(c)

09/15/2040

885,746

1,490,000

4.000

(c)

09/15/2050

1,229,643

City

of

Sachse

Special

Assessment

RB

for

Sachse

Public

Improvement

District

Project

Series

2022

(NR/NR)

613,000

6.875

(c)

09/15/2042

633,148

1,350,000

7.000

(c)

09/15/2052

1,398,672

City

of

San

Marcos

Special

Assessment

for

Whisper

Public

Improvement

District

Series

2020

(NR/NR)

665,000

5.375

09/01/2040

668,495

1,500,000

5.625

09/01/2050

1,509,717

City

of

San

Marcos

Special

Assessment

RB

for

Whisper

South

Public

Improvement

Project

2022

(NR/NR)

1,522,000

4.500

(c)

09/01/2051

1,322,667

City

of

San

Marcos,

Texas

1,386,000

6.000

(c)(h)

09/01/2048

1,387,677

City

of

Shenandoah

Special

Assessment

RB

for

Metropark

Public

Improvement

District

Series

2018

(NR/NR)

780,000

5.000

09/01/2028

790,101

2,035,000

5.600

09/01/2038

2,078,812

2,470,000

5.700

09/01/2047

2,505,612

City

of

Sinton

Special

Assessment

RB

Series

2022

(NR/NR)

900,000

5.125

(c)

09/01/2042

874,456

1,150,000

5.250

(c)

09/01/2051

1,101,734

City

of

tomball

Special

Assessment

RB

for

Raburn

Reserve

Public

Improvement

District

Improvement

Area

Three,

Series

2023

(NR/NR)

1,237,000

6.000

(c)

09/15/2053

1,260,539

City

of

tomball

Special

Assessment

RB

for

Raburn

Reserve

Public

Improvement

District

Improvement

Area

Two,

Series

2023

(NR/NR)

1,000,000

5.750

(c)

09/15/2052

1,012,921

City

of

Uhland

Special

Assessment

RB

for

Watermill

Public

Improvement

District

Series

2022

(NR/NR)

2,000,000

6.625

(c)

09/01/2052

2,108,810

City

of

Waxahachie

Special

Assessment

RB

for

North

Grove

Public

Improvement

Area

Project

Series

2022

(NR/NR)

1,171,000

5.500

(c)

08/15/2052

1,176,504

Conroe

Local

Government

Corp.

Conroe

Convention

Center

Hotel

Series

2021

A

(NR/BBB-)

1,175,000

4.000

10/01/2050

959,838

Conroe

Local

Government

Corp.

Conroe

Convention

Center

Hotel

Series

2021

B

(NR/BB-)

1,100,000

5.000

(c)

10/01/2050

920,286

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

Conroe

Local

Government

Corp.

Conroe

Convention

Center

Hotel

Series

2021

C

(A2/NR)

$

625,000

4.000%

10/01/2050

$

593,283

County

of

Hays

Special

Assessment

for

La

Cima

Public

Improvement

District

Series

2020

(NR/NR)

800,000

3.750

(c)

09/15/2040

660,316

1,185,000

4.000

(c)

09/15/2050

947,498

County

of

Medina

Woodlands

Public

Improvement

District

Special

Assessment

for

Improvement

Area

#1

Project

Series

2021

(NR/NR)

985,000

4.500

(c)

09/01/2041

865,003

765,000

4.750

(c)

09/01/2050

671,377

Cypress-Fairbanks

Independent

School

District

UT

School

Building

Bonds

Series

2023

(PSF-GTD)

(Aaa/AAA)

6,000,000

4.000

02/15/2048

6,016,023

Edinburg

Economic

Development

Corp.

Sales

Tax

RB

Series

2019

(NR/NR)

100,000

3.750

(c)

08/15/2024

99,282

350,000

4.000

(c)

08/15/2029

334,725

1,150,000

4.500

(c)

08/15/2035

1,081,518

875,000

5.000

(c)

08/15/2044

837,647

Fort

Bend

County

Industrial

Development

Corp.

RB

for

NRG

Energy,

Inc.

Project

Series

2012

A

(Baa2/NR)

1,545,000

4.750

05/01/2038

1,545,210

Fort

Bend

County

Industrial

Development

Corp.

RB

for

NRG

Energy,

Inc.

Project

Series

2012

B

(Baa2/NR)

7,055,000

4.750

11/01/2042

7,055,472

Fort

Worth

Special

Assessment

RB

for

Fort

Worth

Public

Improvement

District

No.

17

Major

Improvement

Project

Series

2017

(NR/NR)

980,000

5.000

(c)

09/01/2027

977,880

895,000

5.000

(c)

09/01/2032

888,117

1,315,000

5.125

(c)

09/01/2037

1,294,635

Grand

Parkway

Transportation

Corp.

System

Toll

Convertible

RB

Series

2013

B

(NR/AA+)

12,620,000

5.800

10/01/2046

13,839,086

5,000,000

5.850

10/01/2047

5,483,884

Greater

Texoma

Authority

Contract

RB

for

City

of

Sherman

Project

Series

2023

(AGM)

(NR/AA)

2,000,000

4.250

10/01/2053

1,989,847

Harris

County-Houston

Sports

Authority

RB

Refunding

Series

2004

A

(NATL)

(Baa2/BB)

6,250,000

0.000

(e)

11/15/2036

2,972,676

Hays

County

Special

Assessment

RB

for

La

Cima

Public

Improvement

District

Neighborhood

Improvement

Project

Series

2022

(NR/NR)

1,789,000

5.500

(c)

09/15/2042

1,814,615

3,204,000

5.750

(c)

09/15/2052

3,243,410

Hickory

Creek

Texas

Special

Assessment

RB

for

Hickory

Farms

Public

Improvement

Series

2019

(NR/NR)

1,340,000

4.500

(c)

09/01/2039

1,293,440

Hickory

Creek

Texas

Special

Assessment

RB

for

Public

Improvement

District

No.

1

Series

2017

(NR/BBB-)

595,000

3.750

09/01/2032

592,076

510,000

3.875

09/01/2037

498,425

930,000

4.000

09/01/2047

845,050

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

Hidalgo

County

Regional

Mobility

Authority

Junior

Lien

toll

and

Vehicle

Registration

Fee

Revenue

and

Refunding

Bonds

Series

2022B

(Baa3/BB+)

$

6,105,000

0.000%

(e)

12/01/2049

$

1,275,018

6,365,000

0.000

(e)

12/01/2050

1,245,036

6,760,000

0.000

(e)

12/01/2051

1,234,729

6,925,000

0.000

(e)

12/01/2052

1,180,198

7,155,000

0.000

(e)

12/01/2053

1,137,474

7,300,000

0.000

(e)

12/01/2054

1,088,056

Highland

Park

Independent

School

District

UT

School

Building

Bonds,

Series

2023

(PSF-GTD)

(NR/AAA)

7,500,000

4.000

02/15/2048

7,537,155

Houston

Airport

System

RB

Refunding

for

United

Airlines,

Inc.

Series

2020

A

(NR/NR)

875,000

5.000

07/01/2027

879,389

Houston

Airport

System

RB

Refunding

for

United

Airlines,

Inc.

Series

2020

B-2

(NR/NR)

950,000

5.000

07/15/2027

954,880

Houston

Airport

System

RB

Refunding

for

United

Airlines,

Inc.

Series

2020

C

(NR/NR)

4,580,000

5.000

07/15/2027

4,603,527

Houston

Airport

System

Special

Facilities

RB

for

Continental

Airlines,

Inc.

Terminal

Improvement

Projects

Series

2011

A

(AMT)

(Ba3/BB-)

10,000,000

6.625

07/15/2038

10,004,143

Houston

Airport

System

Special

Facilities

RB

Refunding

for

United

Airlines,

Inc.

Terminal

E

Project

Series

2014

A

(AMT)

(Ba3/BB-)

9,250,000

5.000

07/01/2029

9,250,831

Houston

Airport

System

Special

Facilities

RB

Refunding

for

United

Airlines,

Inc.

Terminal

Improvement

Projects

Series

2015

B-1

(AMT)

(NR/BB-)

15,100,000

5.000

07/15/2035

15,089,589

Houston

Higher

Education

Finance

Corp.

RB

for

Houston

Baptist

University

Series

2021

(NR/BBB-)

1,585,000

4.000

10/01/2051

1,268,529

Joint

Guadalupe

County

RB

Refunding

and

Improvement

Bonds

for

City

of

Seguin

Hospital

Mortgage

Series

2015

(NR/BB)

1,950,000

5.000

12/01/2045

1,833,989

Joshua

Farms

Municipal

Management

District

No.

1

Special

Assessment

RB

for

Improvement

Areas

#1-2

Project

Series

2023

(NR/NR)

3,084,000

5.500

(c)

09/01/2053

3,066,772

Justin

Special

Assessment

RB

for

Timberbrook

Public

Improvement

District

No.

1

Major

Improvement

Area

Project

Series

2018

(NR/NR)

760,000

5.000

(c)

09/01/2028

772,344

1,170,000

5.375

(c)

09/01/2038

1,189,416

1,930,000

5.125

(c)

09/01/2047

1,921,375

1,500,000

5.500

(c)

09/01/2047

1,513,361

Kaufman

County

Fresh

Water

Supply

District

No.

1-D

GO

Bonds

Series

2021

(NR/NR)

165,000

2.375

09/01/2031

143,552

165,000

2.375

09/01/2032

141,523

175,000

2.375

09/01/2033

148,203

175,000

2.500

09/01/2034

147,001

365,000

2.500

09/01/2036

290,950

385,000

2.625

09/01/2038

289,252

370,000

3.000

09/01/2041

284,169

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

Kaufman

County

Fresh

Water

Supply

District

No.

1-D

GO

Bonds

Series

2021

(NR/NR)

–

(continued)

$

520,000

3.000%

09/01/2046

$

367,779

1,265,000

3.000

09/01/2051

843,765

Lake

Houston

Redevelopment

Authority

RB

Refunding

for

City

of

Houston

Reinvestment

Zone

No.

10

Series

2021

(NR/BBB-)

480,000

2.500

09/01/2041

337,729

590,000

3.000

09/01/2044

436,449

650,000

3.000

09/01/2047

461,522

Lamar

Consolidated

Independent

School

District

10,000,000

5.500

02/15/2058

11,369,813

Matagorda

County

Navigation

District

Number

One

Pollution

Control

Revenue

Refunding

Bonds

for

Central

Power

and

Light

Company

Project

Series

1996

(Baa2/A-)

3,065,000

4.250

05/01/2030

3,068,646

Mission

Economic

Development

Corp.

Senior

Lien

RB

for

Natgasoline

Project

Series

2018

(NR/BB-)

21,375,000

4.625

(c)

10/01/2031

21,079,632

Mitchell

County

Hospital

District

GO

Bonds

Series

2020

(NR/NR)

705,000

5.500

02/15/2040

712,318

1,325,000

5.250

02/15/2045

1,310,118

780,000

4.000

02/15/2051

617,421

Montgomery

County

toll

Road

Authority

Senior

Lien

RB

Series

2018

(NR/BBB-)

2,000,000

5.000

09/15/2043

2,019,013

2,200,000

5.000

09/15/2048

2,216,762

New

Hope

Cultural

Education

Facilities

Finance

Corp

Revenue

&

Refunding

Bonds

Series

2021

(Ba2/BB+)

2,850,000

4.000

(c)

08/15/2046

2,281,547

11,105,000

4.000

(c)

08/15/2056

8,295,776

New

Hope

Cultural

Education

Facilities

Finance

Corp.

RB

Refunding

for

Wichita

Falls

Retirement

Foundation

Obligated

Group

Series

2021

(NR/NR)

1,630,000

4.000

01/01/2036

1,441,009

1,600,000

4.000

01/01/2041

1,295,855

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Retirement

Facility

RB

for

Army

Retirement

Residence

Foundation

Project

Series

2022

(NR/BB+)

2,325,000

5.750

07/15/2052

2,162,330

3,055,000

6.000

07/15/2057

2,915,349

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Retirement

Facility

RB

for

the

Outlook

at

Windhaven

Project

Series

2022B-3

(NR/NR)

4,700,000

4.250

10/01/2026

4,617,408

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Senior

Living

RB

for

Sanctuary

LTC

Project

Series

2021A-1

(NR/NR)

11,320,000

5.500

01/01/2057

8,097,774

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Senior

Living

RB

Series

2021B

(NR/NR)

3,250,000

7.000

01/01/2057

1,780,741

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Student

Housing

RB

for

Cityscape

Schools,

Inc.

Series

2019

A

(NR/BBB-)

1,130,000

5.000

(c)

08/15/2039

1,136,332

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

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

(WR/NR)

$

375,000

4.000%

04/01/2026

$

384,224

North

Parkway

Municipal

Management

Contract

RB

for

Legacy

Hills

Public

Improvement

Project

Series

2021

(NR/NR)

1,395,000

4.000

(c)

09/15/2041

1,210,057

6,110,000

5.000

(c)

09/15/2051

5,702,261

North

Parkway

Municipal

Management

Special

Assessment

RB

for

Major

Improvements

Project

Series

2021

(NR/NR)

4,700,000

4.750

(c)

09/15/2041

4,462,083

North

Texas

tollway

Authority

RB

for

Second

Tier

Series

2021

B

(A1/A+)

11,955,000

3.000

01/01/2046

9,577,844

Northside

Independent

School

District

UT

School

Building

and

Refunding

Bonds

Series

2023A

(PSF-GTD)

(Aaa/NR)

2,320,000

4.000

08/15/2048

2,324,620

5,310,000

4.125

08/15/2053

5,339,542

Northside

Independent

School

District,

Bexar

County

UT

School

Building

and

Refunding

Bonds,

Series

2023A

(PSF-GTD)

(Aaa/NR)

2,070,000

4.000

08/15/2045

2,087,767

Port

Beaumont

Navigation

District

RB

for

Jefferson

2020

Bond

Lessee

&

Borrower

LLC

Obligated

Group

Series

2021

A

(AMT)

(NR/NR)

1,650,000

2.750

(c)

01/01/2036

1,198,364

3,675,000

2.875

(c)

01/01/2041

2,422,963

11,125,000

3.000

(c)

01/01/2050

6,537,578

Port

Beaumont

Navigation

District

RB

Refunding

for

Jefferson

2020

Bond

Lessee

&

Borrower

LLC

Obligated

Group

Series

2020

B

(NR/NR)

4,125,000

6.000

(c)

01/01/2025

3,892,901

Port

of

Beaumont

Industrial

Development

Authority

RB

for

Jefferson

2020

Bond

Lessee

&

Borrower

LLC

Obligated

Group

Series

2021

B

(NR/NR)

29,500,000

4.100

(c)

01/01/2028

24,524,276

Rowlett

Special

Assessment

RB

for

Bayside

Public

Improvement

District

North

Improvement

Area

Project

Series

2016

(NR/NR)

175,000

5.750

09/15/2036

175,250

455,000

6.000

09/15/2046

456,941

Royse

City

Special

Assessment

RB

for

Creekshaw

Public

Improvement

District

Improvement

Area

Project

Series

2022

(NR/NR)

1,166,000

6.000

(c)

09/15/2052

1,193,629

Royse

Special

Assessment

RB

for

Parkside

Village

Public

Improvement

District

Series

2019

(NR/NR)

825,000

4.125

(c)

09/15/2039

758,369

3,275,000

4.375

(c)

09/15/2049

2,915,120

South

Manvel

Development

Authority

1,375,000

5.000

04/01/2043

1,361,485

2,300,000

5.250

04/01/2050

2,277,171

Spring

Independent

School

District

UT

School

Building

Bonds

Series

2023

(Aa2/AA-)

5,275,000

4.000

08/15/2052

5,170,653

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

RB

Refunding

for

Air

Force

Village

Obligated

Group

Series

2016

(NR/NR)

9,850,000

5.000

05/15/2045

8,661,059

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

Tarrant

County

Hospital

District

LT

Bonds

Series

2023

(Aa1/NR)

$

2,445,000

4.250%

08/15/2053

$

2,450,618

Texas

Municipal

Gas

Acquisition

and

Supply

Corporation

Iii

Gas

Supply

RR

Bonds,

Series

2021

(A2/BBB+)

8,295,000

5.000

12/15/2031

8,919,446

Texas

Private

Activity

Bond

Surface

Transportation

Corporation

Senior

Lien

RB

for

NTE

Mobility

Partners

LLC

North

Tarrant

Express

Project,

Series

2023

(Baa1/NR)

23,950,000

5.500

12/31/2058

25,972,407

Texas

Private

Activity

Bonds

Surface

Transportation

Corp.

RB

Senior

Lien

for

Blueridge

Transportation

Group,

LLC

SH

288

toll

Lanes

Project

Series

2016

(AMT)

(Baa2/NR)

3,160,000

5.000

12/31/2050

3,170,307

3,900,000

5.000

12/31/2055

3,908,460

Texas

Private

Activity

Bonds

Surface

Transportation

Corp.

RB

Senior

Lien

for

Mobility

Partners

Segment

3

LLC

Series

2019

(Baa1/NR)

42,380,000

5.000

06/30/2058

42,825,486

town

of

Flower

Mound

River

Walk

Public

Improvement

District

No.

1

Special

Assessment

Refunding

Bonds

Series

2021

(NR/NR)

1,500,000

4.000

(c)

09/01/2043

1,288,190

town

of

Lakewood

Village

Special

Assessment

RB

for

Lakewood

Village

Public

Improvement

District

Project

Series

2022

(NR/NR)

2,225,000

5.375

(c)

09/15/2052

2,173,908

town

of

Little

Elm

Special

Assessment

RB

for

Spiritas

East

Public

Improvement

Project

Series

2022

(NR/NR)

429,000

3.750

(c)

09/01/2042

345,870

410,000

4.000

(c)

09/01/2051

332,006

town

of

Little

Elm

Special

Assessment

RB

for

Valencia

Public

Improvement

District

Project

Series

2022

(NR/NR)

2,000,000

6.875

(c)

09/01/2052

2,107,682

town

of

Little

Special

Assessment

RB

for

Hillstone

Pointe

Public

Improvement

District

No.

2

Phases

#2-3

Project

Series

2018

(NR/NR)

1,343,000

5.875

(c)

09/01/2047

1,382,437

town

of

Little

Special

Assessment

RB

for

Lakeside

Estates

Public

Improvement

District

No.

2

Project

Series

2017

(NR/NR)

1,400,000

5.000

(c)

09/01/2047

1,369,496

Travis

County

Development

Authority

Contract

Assessment

RB

for

Turner's

Crossing

Public

Improvement

District

Improvement

Area

Project

Series

2022

(NR/NR)

1,145,000

5.500

(c)

09/01/2052

1,150,356

Uptown

Development

Authority

Tax

Allocation

Refunding

Bonds

for

City

of

Houston

Reinvestment

Zone

No.

16

Series

2021

(Baa2/NR)

1,630,000

3.000

09/01/2036

1,417,154

860,000

3.000

09/01/2037

727,563

625,000

3.000

09/01/2039

504,642

600,000

3.000

09/01/2040

476,597

Viridian

Municipal

Management

District

Special

Assessment

Bonds

Series

2020

(NR/NR)

390,000

3.125

12/01/2035

324,810

457,000

3.375

12/01/2040

362,194

786,000

3.500

12/01/2047

592,596

Viridian

Municipal

Management

District

Tarrant

County

Special

Assessment

RB

Series

2015

(NR/NR)

346,000

4.000

12/01/2027

343,386

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

Viridian

Municipal

Management

District

Tarrant

County

Special

Assessment

RB

Series

2015

(NR/NR)

–

(continued)

$

1,545,000

4.750%

12/01/2035

$

1,547,394

Westpointe

Special

Improvement

District

Limited

Ad

Valorem

Tax

Bonds

Series

2023A

(BAM)

(Baa3/AA)

2,700,000

4.750

08/15/2049

2,776,872

Westpointe

Special

Improvement

District

Limited

Ad

Valorem

Tax

Bonds,

Series

2023A

(BAM)

(Baa3/AA)

1,175,000

4.500

08/15/2041

1,207,961

1,345,000

4.625

08/15/2044

1,385,258

792,680,843

Utah

-

0.8%

Black

Desert

Public

Infrastructure

District

GO

Bonds

Series

2021

A

(NR/NR)

2,010,000

3.750

(c)

03/01/2041

1,628,283

7,125,000

4.000

(c)

03/01/2051

5,381,297

Black

Desert

Public

Infrastructure

District

GO

Bonds

Series

2021

B

(NR/NR)

5,000,000

7.375

(c)

09/15/2051

4,171,158

Coral

Junction

Public

Infrastructure

District

Special

Assessment

Bonds

Series

2022A-2

(NR/NR)

2,350,000

5.500

(c)

06/01/2041

2,288,290

Medical

School

Campus

Public

Infrastructure

District

GO

Bonds

Series

2020

A

(NR/NR)

10,250,000

5.500

(c)

02/01/2050

8,837,657

Medical

School

Campus

Public

Infrastructure

District

GO

Bonds

Series

2020

B

(NR/NR)

1,954,000

7.875

(c)

08/15/2050

1,689,912

Military

Installation

Development

Authority

RB

Series

2021

A-1

(NR/NR)

1,500,000

4.000

06/01/2036

1,289,839

2,050,000

4.000

06/01/2041

1,658,019

15,675,000

4.000

06/01/2052

11,680,585

Military

Installation

Development

Authority

RB

Series

2021

A-2

(NR/NR)

1,250,000

4.000

06/01/2036

1,074,865

Red

Bridge

Public

Infrastructure

District

No.

1

GO

Bonds

Series

2021

A

(NR/NR)

1,180,000

3.625

(c)

02/01/2035

982,259

500,000

4.125

(c)

02/01/2041

399,289

500,000

4.375

(c)

02/01/2051

384,739

Red

Bridge

Public

Infrastructure

District

No.

1

GO

Bonds

Series

2021

B

(NR/NR)

600,000

7.375

(c)

08/15/2051

494,540

ROAM

Public

Infrastructure

District

No.

1

GO

Bonds

Series

2021

A

(NR/NR)

1,625,000

4.250

(c)

03/01/2051

1,243,614

Salt

Lake

City

Airport

RB

290,000

5.000

07/01/2047

295,582

Salt

Lake

City

Airport

RB

925,000

5.000

07/01/2051

963,368

Salt

Lake

City

Airport

RB

for

Salt

Lake

City

International

Airport

Series

2023A

(AMT)

(A2/A+)

2,640,000

5.500

07/01/2053

2,898,990

Salt

Lake

City

Apartment

RB

Series

2021

A

(AGM-CR)

(A1/AA)

10,000,000

4.000

07/01/2051

9,556,911

Salt

Lake

City

International

Airport

RB

Series

2023A

(A2/A+)

2,800,000

5.250

07/01/2048

3,017,977

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Utah

–

(continued)

Utah

Charter

School

Finance

Authority

Charter

School

RB

for

Beehive

Science

&

Technology

Academy

Project

Series

2021A

(NR/NR)

$

1,800,000

4.000%

(c)

10/15/2051

$

1,235,082

4,240,000

4.000

(c)

10/15/2056

2,825,901

Utah

Charter

School

Finance

Authority

Charter

School

RB

Series

2022A

(NR/BB+)

6,365,000

5.750

(c)

06/15/2052

6,259,734

Utah

Charter

School

Finance

Authority

Charter

School

Revenue

Refunding

Bonds

Series

2022A

(NR/BB)

3,630,000

4.250

(c)

07/15/2050

2,783,852

Utah

Charter

School

Finance

Authority

RB

for

Bridge

Elementary

Project

Series

2021A

(NR/NR)

1,220,000

4.250

(c)

06/15/2051

882,831

Utah

Charter

School

Finance

Authority

RB

for

Technology

Academy

Project

Series

2021A

(NR/NR)

6,600,000

4.000

(c)

10/15/2061

4,280,944

78,205,518

Vermont

-

0.1%

Vermont

Economic

Development

Authority

RB

Refunding

for

Wake

Robin

Corp.

Series

2017

A

(NR/NR)

1,000,000

5.000

05/01/2047

938,400

Vermont

Economic

Development

Authority

Solid

Waste

Disposal

RB

for

Casella

Waste

System

Project

Series

2022

(B1/B+)

2,250,000

5.000

(a)(b)(c)

06/01/2052

2,255,721

Vermont

Educational

and

Health

Buildings

Financing

Agency

RB

for

Saint

Michael’S

College

Project

Series

2023

(NR/BBB-)

4,600,000

5.250

(c)

10/01/2052

4,450,255

Vermont

Educational

and

Health

Buildings

Financing

Agency

RB

Saint

Michael’S

College

Project,

Series

2023

(NR/BBB-)

3,075,000

5.500

(c)

10/01/2043

3,154,160

10,798,536

Virgin

Islands

-

0.1%

Virgin

Islands

Public

Finance

Authority

RB

Refunding

for

Virgin

Islands

Gross

Receipts

Taxes

Loan

Note

Series

2014

C

(NR/NR)

9,850,000

5.000

(c)

10/01/2039

8,189,016

a

a

Virginia

-

1.5%

Ablemarle

County

Economic

Development

Authority

Residential

Care

Facility

Revenue

Refunding

Bonds

Series

2022B

(NR/NR)

4,000,000

4.000

06/01/2054

3,345,241

City

of

Roanoke

Economic

Development

Authority

Hospital

RB

for

Carilion

Clinic

Obligated

Group

Series

2020A

(Aa3/AA-)

2,030,000

3.000

07/01/2045

1,643,523

City

of

Virginia

Beach

Development

Authority

Residential

Care

Facility

RB

4,550,000

7.000

09/01/2059

4,838,287

Farmville

Industrial

Development

Authority

RB

Refunding

for

Longwood

Housing

Foundation

LLC

Series

2020

A

(NR/BBB-)

7,360,000

5.000

01/01/2050

7,114,470

5,000,000

5.000

01/01/2059

4,728,685

James

City

County

Economic

Development

Authority

RB

Refunding

for

Virginia

United

Methodist

Homes,

Inc.

Obligated

Group

Series

2021

A

(NR/NR)

580,000

4.000

06/01/2041

483,871

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Virginia

–

(continued)

James

City

County

Economic

Development

Authority

RB

Refunding

for

Virginia

United

Methodist

Homes,

Inc.

Obligated

Group

Series

2021

A

(NR/NR)

–

(continued)

$

940,000

4.000%

06/01/2047

$

720,756

Salem

Economic

Development

Authority

RB

Refunding

for

Roanoke

College

Series

2020

(NR/BBB+)

710,000

4.000

04/01/2045

641,956

Tobacco

Settlement

Financing

Corp.

RB

for

Capital

Appreciation

Subseries

2007

A-1

(B3/B-)

10,705,000

6.706

06/01/2046

9,196,578

Tobacco

Settlement

Financing

Corp.

RB

for

Capital

Appreciation

Subseries

2007

C

(NR/CCC-)

236,845,000

0.000

(e)

06/01/2047

63,974,250

Tobacco

Settlement

Financing

Corp.

RB

for

Capital

Appreciation

Subseries

2007

D

(NR/CCC-)

34,250,000

0.000

(e)

06/01/2047

9,043,086

Virginia

Beach

Development

Authority

Residential

Care

Facility

Tax

Exempt

Fixed

Rate

RB

for

Westminster-Canterbury

On

Chesapeake

Bay

Series

2023A

(NR/NR)

2,900,000

7.000

09/01/2053

3,105,588

Virginia

College

Building

Authority

RB

Refunding

for

Regent

University

Project

Series

2021

(NR/BBB)

1,525,000

3.000

06/01/2041

1,232,057

1,050,000

4.000

06/01/2046

948,400

Virginia

Small

Business

Financing

Authority

Private

Activity

Tax

Exempt

Senior

Lien

RB

for

Transform

66

P3

Project

Series

2017

(Baa3/NR)

14,170,000

5.000

12/31/2056

14,192,620

Virginia

Small

Business

Financing

Authority

Senior

Lien

RB

Refunding

for

I-495

Hot

Lanes

Project,

Series

2022

(Tax

Exempt/AMT)

(Baa1/NR)

1,000,000

5.000

12/31/2057

1,036,321

Virginia

Small

Business

Financing

Authority

Solid

Waste

Disposal

RB

Series

2018

(NR/B)

1,000,000

5.000

(a)(b)(c)

01/01/2048

934,376

Virginia

Small

Business

Financing

Authority

Tax

Exempt

Senior

Lien

Private

Activity

RB

Series

2017

(Baa3/NR)

5,415,000

5.000

12/31/2049

5,439,017

4,765,000

5.000

12/31/2052

4,780,100

137,399,182

Washington

-

1.4%

Grant

County

Public

Hospital

District

UT

GO

Bonds

Series

2023

(Baa1/NR)

14,405,000

5.000

12/01/2044

14,873,092

Port

of

Seattle

Industrial

Development

Corp.

RB

Refunding

for

Delta

Air

Lines,

Inc.

Series

2012

(NR/BB+)

3,880,000

5.000

04/01/2030

3,880,050

Port

of

Seattle

Intermediate

Lien

Revenue

and

Refunding

Bonds

Series

2022B

(A1/AA-)

3,000,000

5.500

08/01/2047

3,297,742

Port

of

Seattle

Intermediate

Lien

Revenue

Refunding

Bonds

Series

2022B

(AMT)

(A1/AA-)

2,765,000

4.000

08/01/2047

2,617,418

Washington

Higher

Education

Facilities

Authority

RB

for

Seattle

University

Project,

Series

2020

(NR/A)

925,000

4.000

05/01/2045

895,548

Washington

State

Convention

Center

Public

Facilities

District

Lodging

Tax

Bonds

Series

2018

(AGM-CR)

(A1/AA)

19,805,000

4.000

07/01/2058

18,591,538

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Washington

–

(continued)

Washington

State

Convention

Center

Public

Facilities

District

RB

Series

2018

(Baa1/BBB)

$

40,975,000

5.000%

07/01/2048

$

42,313,030

35,000,000

4.000

07/01/2058

31,981,058

Washington

State

Convention

Center

Public

Facilities

District

Subordinate

Lodging

Tax

Refunding

Bonds

Series

2021B

(Baa3/BBB-)

9,675,000

4.000

07/01/2058

8,699,961

Washington

State

Housing

Finance

Commission

Nonprofit

Housing

RB

for

Presbyterian

Retirement

Communities

Northwest

Obligated

Group

Transforming

Age

Projects

Series

2019

A

(NR/NR)

1,350,000

5.000

(c)

01/01/2049

911,786

3,800,000

5.000

(c)

01/01/2055

2,466,763

Washington

State

Housing

Finance

Commission

Non-Profit

Housing

Tax

Exempt

RB

Refunding

for

Emerald

Heights

Project,

Series

2023A

(NR/NR)

2,050,000

5.000

07/01/2043

2,095,541

1,935,000

5.000

07/01/2048

1,948,308

134,571,835

West

Virginia

-

0.7%

City

of

South

Charleston

Special

District

Excise

Tax

Revenue

Improvement

Bonds

Series

2022

A

(NR/NR)

1,345,000

4.250

(c)

06/01/2042

1,090,638

2,350,000

4.500

(c)

06/01/2050

1,840,767

City

of

South

Charleston

Special

District

Excise

Tax

Revenue

Improvement

Bonds

Series

2022

B

(NR/NR)

2,450,000

5.500

(c)

06/01/2032

2,155,247

2,725,000

6.000

(c)

06/01/2037

2,277,928

County

of

Ohio

Special

District

Excise

Tax

RB

Refunding

for

Fort

Henry

Economic

Opportunity

Development

District

The

Highlands

Project

Series

2019

B

(NR/BBB-)

955,000

3.000

03/01/2035

855,899

2,685,000

3.000

03/01/2037

2,253,799

775,000

3.250

03/01/2041

606,461

Monongalia

County

Commission

Excise

Tax

District

RB

Refunding

Series

2021

A

(NR/NR)

2,580,000

4.125

(c)

06/01/2043

2,370,762

Monongalia

County

Commission

Excise

Tax

District

RB

Series

2021

B

(NR/NR)

1,650,000

4.875

(c)

06/01/2043

1,628,730

Monongalia

County

Commission

Senior

Tax

Increment

Revenue,

Refunding

and

Improvement

Bonds

for

Development

District

No.

4

–

University

town

Centre

Series

2023

A

(NR/NR)

900,000

5.750

(c)

06/01/2043

952,976

1,350,000

6.000

(c)

06/01/2053

1,446,836

The

County

Commission

of

Monongalia

County

Subordinate

Special

District

Excise

Tax

Convertible

Capital

Appreciation

Revenue,

Refunding

and

Improvement

Bonds,

Series

2023

B

15,000,000

0.000

(c)(g)

06/01/2053

3,417,573

West

Virginia

Economic

Development

Authority

RB

for

Arch

Resources,

Inc.

Series

2020

(B2/BB)

9,300,000

5.000

(a)(b)

07/01/2045

9,334,834

West

Virginia

Economic

Development

Authority

RB

for

Arch

Resources,

Inc.

Series

2021

(AMT)

(B2/BB)

4,850,000

4.125

(a)(b)

07/01/2045

4,816,391

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

West

Virginia

–

(continued)

West

Virginia

Economic

Development

Authority

Solid

Waste

Disposal

Facilities

Revenue

Refunding

Bonds

Kentucky

Power

Company

-

Mitchell

Project,

Series

2014A

(Baa3/BBB)

$

4,085,000

4.700%

(a)(b)

04/01/2036

$

4,098,057

West

Virginia

Hospital

Finance

Authority

Hospital

Refunding

and

Improvement

RB

for

Vandalia

Health

Group

Series

2023B

(AGM)

(A1/AA)

3,340,000

5.500

09/01/2048

3,711,095

West

Virginia

Hospital

Finance

Authority

RB

Refunding

for

Cabell

Huntington

Hospital

Obligated

Group

Series

2018

A

(Baa2/BBB+)

6,120,000

5.000

01/01/2043

6,258,414

13,000,000

4.125

01/01/2047

10,967,181

West

Virginia

Hospital

Finance

Authority

RB

Refunding

for

Charleston

Area

Medical

Center,

Inc.

Obligated

Group

Series

2019

A

(Baa1/NR)

1,750,000

5.000

09/01/2038

1,818,850

1,600,000

5.000

09/01/2039

1,650,168

63,552,606

Wisconsin

-

2.4%

Public

Finance

Authority

Beyond

Boone

LLC-Appalachian

State

University

Project

RB

Bonds

Series

2019

A

(AGM)

(A1/AA)

2,350,000

4.125

07/01/2049

2,320,086

1,600,000

5.000

07/01/2058

1,641,753

Public

Finance

Authority

Charter

School

RB

1,025,000

6.500

(c)

06/15/2043

1,051,851

1,310,000

7.000

(c)

06/15/2053

1,364,531

1,395,000

7.000

(c)

06/15/2058

1,440,628

Public

Finance

Authority

Charter

School

RB

for

Coral

Academy

of

Science

Reno

Series

2022A

(NR/NR)

1,400,000

6.000

(c)

06/01/2062

1,379,240

Public

Finance

Authority

Charter

School

RB

Series

2021A

(Ba2/NR)

1,250,000

5.000

(c)

06/15/2051

1,027,804

Public

Finance

Authority

Education

RB

for

Clove

Garden

School

Series

2022

(NR/NR)

1,630,000

5.500

(c)

06/15/2052

1,558,932

2,700,000

5.750

(c)

06/15/2062

2,633,788

Public

Finance

Authority

Education

RB

for

North

Carolina

Leadership

Charter

Academy,

Inc.

Series

2019

A

(NR/NR)

215,000

4.000

(c)

06/15/2029

206,036

385,000

5.000

(c)

06/15/2039

368,213

Public

Finance

Authority

Education

RB

for

Triad

Educational

Services

Series

2022

(NR/BBB-)

600,000

5.500

06/15/2050

602,512

1,450,000

5.250

06/15/2052

1,405,114

1,400,000

5.375

06/15/2057

1,376,606

Public

Finance

Authority

Education

RB

for

Uwharrie

Charter

Academy

Project

Series

2022A

(Ba2/NR)

1,400,000

5.000

(c)

06/15/2052

1,234,221

1,850,000

5.000

(c)

06/15/2057

1,605,675

1,850,000

5.000

(c)

06/15/2062

1,583,106

Public

Finance

Authority

Education

RB

Series

2022

(NR/NR)

3,925,000

5.000

(c)

01/01/2057

3,149,334

Public

Finance

Authority

Exempt

Facilities

RB

Refunding

for

Celanese

Project

Series

2016

C

(Baa3/BBB-)

5,900,000

4.300

11/01/2030

5,729,603

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Wisconsin

–

(continued)

Public

Finance

Authority

Founders

Academy

Charter

School

RB

Series

2023A

(NR/BB-)

$

550,000

6.625%

(c)

07/01/2053

$

563,510

500,000

6.750

(c)

07/01/2058

514,476

Public

Finance

Authority

Hotel

RB

for

Grand

Hyatt

San

Antonio

Hotel

Acquisition

Project

Subordinate

Lien

Series

2022B

(NR/NR)

900,000

5.625

(c)

02/01/2046

917,619

Public

Finance

Authority

Limited

Obligation

Grant

RB

20,500,000

6.750

(c)

08/01/2031

14,965,000

Public

Finance

Authority

Quality

Education

Academy

Project

Charter

School

RB

Series

2023A

(Ba2/NR)

475,000

6.250

(c)

07/15/2053

479,397

1,175,000

6.500

(c)

07/15/2063

1,192,455

Public

Finance

Authority

RB

for

Beyond

Boone

LLC

Series

2020

A

(AGM)

(A1/AA)

950,000

4.000

07/01/2050

915,923

1,185,000

4.000

07/01/2055

1,127,042

1,520,000

4.000

07/01/2059

1,433,585

Public

Finance

Authority

RB

for

Charter

Day

School

Obligated

Group

Series

2020

A

(Ba2/NR)

1,230,000

5.000

(c)

12/01/2035

1,157,947

12,380,000

5.000

(c)

12/01/2055

10,019,713

Public

Finance

Authority

RB

for

Coral

Academy

of

Science

Las

Vegas

Series

2021

A

(NR/BBB-)

4,115,000

4.000

07/01/2061

2,928,080

Public

Finance

Authority

RB

for

Eno

River

Academy

Holdings,

Inc.

Series

2020

A

(Ba1/NR)

1,300,000

5.000

(c)

06/15/2054

1,181,314

Public

Finance

Authority

RB

for

Founders

Academy

of

Las

Vegas

Series

2020

A

(NR/BB-)

495,000

4.000

(c)

07/01/2030

462,613

700,000

5.000

(c)

07/01/2040

638,271

1,875,000

5.000

(c)

07/01/2055

1,558,423

Public

Finance

Authority

RB

for

High

Desert

Montessori

Charter

School

Series

2021

A

(NR/NR)

300,000

5.000

(c)

06/01/2036

282,246

900,000

5.000

(c)

06/01/2051

777,463

1,075,000

5.000

(c)

06/01/2061

900,198

Public

Finance

Authority

RB

for

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group

Series

2020

A

(NR/NR)

3,100,000

5.250

(c)

03/01/2045

2,724,667

7,110,000

5.250

(c)

03/01/2055

6,002,819

Public

Finance

Authority

RB

for

McLemore

Resort

Manager

LLC

Series

2021

A

(NR/NR)

15,750,000

4.500

(c)

06/01/2056

12,163,108

Public

Finance

Authority

RB

for

Noorda

College

of

Osteopathic

Medicine

LLC

Series

2021

A

(Ba2/NR)

12,925,000

5.625

(c)

06/01/2050

11,550,493

Public

Finance

Authority

RB

for

Noorda

College

of

Osteopathic

Medicine

LLC

Series

2021

B

(Ba2/NR)

14,840,000

6.500

(c)

06/01/2045

13,192,709

Public

Finance

Authority

RB

for

Prime

Healthcare

Foundation,

Inc.

Series

2018

A

(NR/NR)

2,600,000

5.200

12/01/2037

2,672,233

1,525,000

5.350

12/01/2045

1,549,149

Public

Finance

Authority

RB

for

Rider

University

A

New

Jersey

Non-Profit

Corp.

Series

2021

B

(NR/BB)

4,470,000

6.000

(c)

07/01/2031

3,971,653

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Wisconsin

–

(continued)

Public

Finance

Authority

RB

Refunding

for

Blue

Ridge

Healthcare

Obligated

Group

Series

2020

A

(A3/A)

$

1,425,000

4.000%

01/01/2045

$

1,375,453

1,900,000

3.000

01/01/2050

1,393,543

Public

Finance

Authority

RB

Refunding

for

Coral

Academy

of

Science

Reno

Series

2019

A

(NR/NR)

1,950,000

5.000

(c)

06/01/2050

1,697,736

Public

Finance

Authority

RB

Refunding

for

Penick

Village

Obligated

Group

Series

2019

(NR/NR)

1,450,000

5.000

(c)

09/01/2049

1,105,057

1,360,000

5.000

(c)

09/01/2054

1,010,327

Public

Finance

Authority

RB

Refunding

for

Rider

University

A

New

Jersey

Non-Profit

Corp.

Series

2021

A

(NR/BB)

9,950,000

4.500

(c)

07/01/2048

7,517,501

Public

Finance

Authority

RB

Refunding

for

UMA

Education,

Inc.

Project

Series

2019

B

(NR/BB+)

3,205,000

6.125

(c)

10/01/2049

2,827,366

Public

Finance

Authority

RB

Refunding

for

UMA

Education,

Inc.

Series

2019

A

(NR/BB+)

1,020,000

5.000

(c)

10/01/2034

1,042,903

350,000

5.000

(c)

10/01/2039

348,840

Public

Finance

Authority

Retirement

Communities

RB

Refunding

for

The

Evergreens

Obligated

Group

Series

2019

A

(NR/NR)

765,000

5.000

11/15/2049

771,142

Public

Finance

Authority

Revenue

Refunding

Bonds

for

Roseman

University

of

Health

Sciences

Series

2022

(NR/BB)

800,000

4.000

(c)

04/01/2042

660,423

1,400,000

4.000

(c)

04/01/2052

1,045,587

Public

Finance

Authority

Revenue

Refunding

Bonds

for

Roseman

University

of

Health

Sciences

Series

2022

(NR/NR)

100,000

4.000

(c)(d)

04/01/2042

111,641

Public

Finance

Authority

Senior

Living

Revenue

Refunding

Bonds

for

Fellowship

Senior

Living

Project

Series

2019A

(NR/NR)

12,080,000

4.000

01/01/2052

9,087,461

Public

Finance

Authority

Senior

RB

for

Fargo-Moorhead

Metropolitan

Area

Flood

Risk

Management

Project

Series

2021

(AMT)

(Baa3/NR)

3,800,000

4.000

03/31/2056

3,134,273

Public

Finance

Authority

Special

Facility

RB

for

Million

Air

Two

LLC

General

Aviation

Facilities

Project

Series

2017B

(NR/NR)

14,160,000

7.125

(c)

06/01/2041

13,183,692

Public

Finance

Authority

Student

Housing

RB

for

CHF-Cullowhee,

LLC-Western

Carolina

University

Project

Series

2015

A

(NR/BBB-)

3,250,000

5.250

07/01/2047

3,215,527

Public

Finance

Authority

Student

Housing

RB

Series

2021A-1

(Ba1/NR)

8,815,000

4.000

(c)

07/01/2061

6,804,949

Public

Finance

Authority

Student

Housing

RB

Subordinate

Series

2021B

(NR/NR)

1,875,000

5.250

(c)

07/01/2061

1,562,972

Wisconsin

Health

&

Educational

Facilities

Authority

RB

Refunding

for

Lawrence

University

of

Wisconsin

Series

2020

(Baa1/NR)

1,315,000

3.000

02/01/2042

1,035,895

435,000

4.000

02/01/2045

400,620

Wisconsin

Health

&

Educational

Facilities

Authority

RB

Series

2021

for

Hope

Christian

Schools

(NR/NR)

950,000

4.000

12/01/2051

650,455

GOLDMAN

SACHS

HIGH

YIELD

MUNICIPAL

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Wisconsin

–

(continued)

Wisconsin

Health

&

Educational

Facilities

Authority

RB

Series

2021

for

Hope

Christian

Schools

(NR/NR)

–

(continued)

$

950,000

4.000%

12/01/2056

$

629,073

Wisconsin

Public

Finance

Authority

Hotel

RB

for

Grand

Hyatt

San

Antonion

Hotel

Acquisition

Project

Senior

Lien

Series

2022B

(NR/NR)

32,525,000

6.000

(c)

02/01/2062

33,435,124

221,568,699

Wyoming

-

0.3%

County

of

Campbell

RB

Refunding

for

Basin

Electric

Power

Cooperative

Series

2019

A

(A3/A)

28,040,000

3.625

07/15/2039

25,826,808

a

a

TOTAL

MUNICIPAL

BONDS

(Cost

$9,252,627,359)

8,974,345,375

a

Bank

Loans

(j)

-

0.4%

Engineering

&

Construction

-

0.4%

Rialto

Bioenergy

Facility,

LLC

(

SOFR+

0.1%

)

37,995,000

5.330%

04/30/24

37,995,000

37,995,000

TOTAL

BANK

LOANS

(Cost

$37,816,043)

37,995,000

a

U.S.

Treasury

Obligations

-

0.5%

United

States

Treasury

Bills

47,492,400

5.395%

(g)

03/28/24

46,903,399

(Cost

$46,891,097)

a

Corporate

Bonds

-

0.9%

Healthcare-Services

-

0.3%

Prime

Healthcare

Foundation,

Inc.

Series

16,525,000

7.000

12/01/27

16,573,817

Toledo

Hospital

RB

Series

2022

B

4,988,000

5.325

11/15/28

4,570,255

Tower

Health

Series

12,854,000

4.451

02/01/50

6,073,515

27,217,587

Real

Estate

-

0.6%

Benloch

Ranch

Improvement

Association

No.

1

Series

2020

5,959,805

9.750

(k)

12/01/39

5,818,200

Benloch

Ranch

Improvement

Association

No.

1

Series

2021

3,674,355

9.750

(c)(k)

12/01/39

3,587,053

Benloch

Ranch

Improvement

Association

No.

2

29,700,000

10.000

(c)(k)

12/01/51

27,190,053

Brixton

Park

Improvement

Association

No.

1

Series

27,165,373

6.875

(c)(k)

12/01/51

23,238,890

59,834,196

TOTAL

CORPORATE

BONDS

(Cost

$95,147,248)

87,051,783

TOTAL

INVESTMENTS

-

97.1%

(Cost

$9,432,481,747)

$

9,146,295,557

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

2.9%

271,303,608

NET

ASSETS

-

100.0%

$

9,417,599,165

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Security

is

currently

in

default

and/or

non-income

producing.

(a)

Variable

Rate

Demand

Instruments

–

rate

shown

is

that

which

is

in

effect

on

December

31,

2023.

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.

(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,

2023.

(c)

Exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

(d)

Pre-refunded

security.

Maturity

date

disclosed

is

pre-refunding

date.

(e)

Issued

with

a

zero

coupon.

Income

is

recognized

through

the

accretion

of

discount.

(f)

Variable

or

floating

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,

2023.

(g)

Zero

coupon

bond

until

next

reset

date.

(h)

When-issued

security.

(i)

Contingent

value

instrument

that

only

pays

out

if

a

portion

of

the

territory’s

Sales

and

Use

Tax

outperforms

the

projections

in

the

Oversight

Board’s

Certified

Fiscal

Plan.

(j)

Bank

Loans

often

require

prepayments

from

excess

cash

flows

or

permit

the

borrower

to

repay

at

its

election.

The

degree

to

which

borrowers

repay,

whether

as

a

contractual

requirement

or

at

their

election,

cannot

be

predicted

with

accuracy.

As

a

result,

the

actual

remaining

maturity

may

be

substantially

less

than

the

stated

maturities

shown.

As

bank

loan

positions

may

involve

multiple

underlying

tranches

for

which

the

aggregate

position

is

presented,

the

stated

interest

rate

represents

the

weighted

average

interest

rate

of

all

contracts

on

September

30,

2023.

Bank

Loans

typically

have

rates

of

interest

which

are

predetermined

either

daily,

monthly,

quarterly

or

semi-

annually

by

reference

to

a

base

lending

rate,

plus

a

premium.

These

base

lending

rates

are

primarily

the

Secured

Overnight

Financing

Rate

(“SOFR”),

and

secondarily

the

prime

rate

offered

by

one

or

more

major

United

States

banks

(the

“Prime

Rate”)

and

the

certificate

of

deposit

(“CD”)

rate

or

other

base

lending

rates

used

by

commercial

lenders.

(k)

Significant

unobservable

inputs

were

used

in

the

valuation

of

this

portfolio

security;

i.e.

Level

3.

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,

2023

(Unaudited)

**End

swaps

header**

Investment

Abbreviations:

ABS

-

Asset-Backed

Security

AGC

-

Insured

by

Assured

Guaranty

Corp.

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

(subject

to)

BAM

-

Build

America

Mutual

Assurance

Co.

CFD

-

Community

Facilities

District

COPS

-

Certificates

of

Participation

ETM

-

Escrowed

to

Maturity

GO

-

General

Obligation

IDA

-

Industrial

Development

Agency

LIBOR

-

London

Interbank

Offered

Rates

LP

-

Limited

Partnership

LT

-

Limited

Tax

MUN

GOVT

GTD

-

Municipal

Government

Guaranteed

NATL

NATL

-

National

Public

Finance

Guarantee

Corp.

NR

-

Not

Rated

PSF-GTD

-

Guaranteed

by

Permanent

School

Fund

RB

-

Revenue

Bond

RMKT

-

Remarketed

RR

-

Revenue

Refunding

SD

CRED

PROG

-

School

District

Credit

Program

SOFR

-

Secured

Overnight

Financing

Rate

TCRS

-

Transferable

Custody

Receipts

USD

-

United

States

Dollar

UT

-

Unlimited

Tax

WR

-

Withdrawn

Rating

GOLDMAN

SACHS

MUNICIPAL

INCOME

COMPLETION

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

-

97.0%

Alabama

-

0.9%

Black

Belt

Energy

Gas

District

Gas

Prepay

RB

2019

Series

A

(A1/NR)

$

1,000,000

4.000%

(a)(b)

12/01/2049

$

1,002,402

County

of

Jefferson

AL

Sewer

Revenue

(NR/BBB)

125,000

7.900

10/01/2050

131,251

Hoover

Industrial

Development

Board

RB

for

United

States

Steel

Corp.

Series

2019

(B1/BB-)

100,000

5.750

10/01/2049

101,601

Jefferson

County

Subordinate

Lien

Sewer

RB

Warrants

Series

2013

D

(NR/BBB)

30,000

6.500

10/01/2053

31,511

Midcity

Improvement

District

Special

Assessment

RB

Series

2022

(NR/NR)

100,000

3.875

11/01/2027

94,023

100,000

4.250

11/01/2032

89,466

1,450,254

Arizona

-

1.4%

Arizona

Health

Facilities

Authority

Hospital

RB

for

Banner

Health

Series

2007

B

(NR/AA-)

(S&P

7

Day

Municipal

Intermediate

Grade

Rate

+

0.81%)

525,000

4.970

(c)

01/01/2037

482,976

Arizona

IDA

Lease

RB

for

Greenville

University

Student

Housing

and

Athletic

Facilities

Project

Series

2022

(NR/BB+)

485,000

6.500

(d)

11/01/2053

471,882

Arizona

Industrial

Development

Authority

Hospital

RB

Phoenix

Children'S

Hospital

Series

2020A

(A1/A+)

300,000

4.000

02/01/2050

292,929

Arizona

Industrial

Development

Authority

RB

for

Candeo

Schools

Obligated

Group

Project

Series

2020

A

(SD

CRED

PROG)

(NR/AA-)

25,000

3.375

07/01/2041

21,654

Arizona

Industrial

Development

Authority

RB

for

Great

Lakes

Senior

Living

Communities

LLC

Project

First

Tier

Series

2019

A

(NR/CCC-)

180,000

4.500

01/01/2049

103,132

Arizona

Industrial

Development

Authority

RB

for

Somerset

Academy

of

Las

Vegas

Series

2021

A

(NR/BB)

25,000

4.000

(d)

12/15/2051

18,810

Arizona

Industrial

Development

Authority

RB

Refunding

for

Doral

Academy

of

Northern

Nevada

Obligated

Group

Series

2021

A

(Ba1/NR)

265,000

4.000

(d)

07/15/2041

218,732

County

of

Maricopa

IDA

Education

RB

Series

2021A

(NR/BB+)

75,000

4.000

(d)

07/01/2041

64,201

County

of

Maricopa

IDA

Education

RB

Taxable

Convertible

Series

2021B

(NR/BB+)

50,000

2.100

(a)(d)

07/01/2026

47,415

150,000

2.625

(a)(d)

07/01/2031

131,375

150,000

3.500

(a)(d)

07/01/2044

114,273

Estrella

Mountain

Ranch

Community

Facilities

District

Lucero

Assessment

District

No.

1

Special

Assessment

RB

Series

2019

(NR/NR)

99,000

4.750

07/01/2043

88,810

Glendale

Industrial

Development

Authority

RB

for

People

of

Faith,

Inc.

Obligated

Group

Series

2020

A

(NR/NR)

100,000

5.000

05/15/2041

90,397

La

Paz

County

Industrial

Development

Authority

RB

for

Harmony

Public

Schools

Series

2021

A

(NR/BBB+)

50,000

4.000

02/15/2046

42,737

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Arizona

–

(continued)

Maricopa

County

Industrial

Development

Authority

RB

for

Arizona

Autism

Charter

Schools

Obligated

Group

Series

2021

A

(NR/BB)

$

100,000

4.000%

(d)

07/01/2051

$

75,187

Maricopa

County

Industrial

Development

Authority

RB

for

Ottawa

University

Series

2020

(NR/NR)

25,000

5.125

(d)

10/01/2030

25,708

2,290,218

Arkansas

-

0.1%

Arkansas

Development

Finance

Authority

RB

for

Central

Arkansas

Radiation

Therapy

Institute,

Inc.

Series

2021

B

(NR/NR)

50,000

4.250

07/01/2041

46,060

25,000

3.500

07/01/2046

19,037

Arkansas

Development

Finance

Authority

RB

Refunding

for

Central

Arkansas

Radiation

Therapy

Institute,

Inc.

Series

2021

(NR/NR)

100,000

3.500

07/01/2038

79,936

145,033

California

-

8.6%

Bay

Area

Toll

Authority

Bridge

RB

2021

Series

D

(Aa3/AA)

(SIFMA

Municipal

Swap

Index

Yield

+

0.30%)

500,000

4.170

(b)(c)

04/01/2056

487,758

Bay

Area

Toll

Authority

Bridge

RB

2021

Series

E

(Aa3/AA)

(SIFMA

Municipal

Swap

Index

Yield

+

0.41%)

350,000

4.280

(b)(c)

04/01/2056

340,143

California

Community

Choice

Financing

Authority

Clean

Energy

Project

RB

Fixed

Rate

Green

Bonds

Series

2023E-1

(A1/NR)

575,000

5.000

(a)(b)

02/01/2054

620,741

California

Community

Housing

Agency

RB

Series

2021A-1

Senior

Bonds

(NR/NR)

150,000

4.000

(d)

02/01/2056

123,258

California

County

Tobacco

Securitization

Agency

RB

Refunding

for

Gold

Country

Settlement

Funding

Corp.

Series

2020

B-1

(NR/BBB+)

10,000

4.000

06/01/2049

9,979

California

County

Tobacco

Securitization

Agency

RB

Refunding

for

Sonoma

County

Securitization

Corp.

Series

2020

A

(NR/BBB+)

50,000

4.000

06/01/2049

47,917

California

County

Tobacco

Securitization

Agency

RB

Refunding

for

Sonoma

County

Securitization

Corp.

Series

2020

B-1

(NR/BBB+)

15,000

5.000

06/01/2049

15,477

California

County

Tobacco

Securitization

Agency

RB

Refunding

for

Sonoma

County

Securitization

Corp.

Series

2020

B-2

(NR/NR)

250,000

0.000

(e)

06/01/2055

50,616

California

County

Tobacco

Securitization

Agency

Tobacco

Settlement

RB

Capital

Appreciation

Subordinate

Series

2006

C

(NR/NR)

400,000

0.000

(e)

06/01/2055

50,480

California

Health

Facilities

Financing

Authority

RB

for

Lucile

Salter

Packard

Childrens

Hospital

at

Stanford

2016

Series

B

(A1/A+)

760,000

5.000

08/15/2055

777,449

California

Health

Facilities

Financing

Authority

RB

for

Providence

Health

&

Services

Series

2014B

(A2/A)

410,000

5.000

10/01/2044

412,986

GOLDMAN

SACHS

MUNICIPAL

INCOME

COMPLETION

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

California

–

(continued)

California

Health

Facilities

Financing

Authority

Refunding

RB

Lucile

Salter

Packard

Children'S

Hospital

At

Stanford

2022

Series

A

Forward

Delivery

(A1/A+)

$

135,000

4.000%

05/15/2051

$

133,805

California

Municipal

Finance

Authority

RB

for

The

Learning

Choice

Academy

Series

2021

A

(NR/BBB-)

100,000

4.000

07/01/2041

91,296

California

Municipal

Finance

Authority

Revenue

Refunding

Bonds

for

Eisenhower

Medical

Center

Series

2017A

(Baa2/NR)

150,000

5.000

07/01/2047

152,063

California

Municipal

Finance

Authority

Senior

Lien

RB

for

Linxs

APM

Project

Series

2018A

(NR/NR)

1,000,000

5.000

12/31/2043

1,026,284

California

Municipal

Finance

Authority

Special

Facility

RB

For

United

Airlines

International

Airport

Project

Series

2019

(NR/BB-)

150,000

4.000

07/15/2029

147,441

California

Pollution

Control

Financing

Authority

Water

Furnishing

RB

for

Poseidon

Resources

Desalination

Project

Series

2012

(Baa3/NR)

300,000

5.000

(d)

07/01/2037

300,215

California

Pollution

Control

Financing

Authority

Water

Furnishing

RB

for

Poseidon

Resources

Desalination

Project

Series

2023

(Baa3/NR)

275,000

5.000

(d)

07/01/2034

296,998

250,000

5.000

(d)

07/01/2035

267,955

California

Pollution

Control

Financing

Authority

Water

Furnishing

RB

for

Poseidon

Resources

LP

Desalination

Project

Series

2012

(AMT)

(Baa3/NR)

250,000

5.000

(d)

11/21/2045

250,022

California

School

Finance

Authority

Charter

School

RB

for

Citizens

of

the

World

Obligated

Group

Series

2022A

(NR/BB-)

250,000

6.250

(d)

04/01/2052

250,866

California

School

Finance

Authority

Charter

School

RB

for

Lighthouse

Community

Public

School

Obligated

Group

Series

2022A

(NR/NR)

250,000

6.375

(d)

06/01/2052

256,928

California

School

Finance

Authority

RB

for

Lifeline

Education

Charter

School,

Inc.

Series

2020

A

(NR/BB+)

365,000

3.000

(d)

07/01/2030

329,471

California

School

Finance

Authority

RB

for

Santa

Clarita

Valley

International

Charter

School

Series

2021

A

(NR/NR)

260,000

4.000

(d)

06/01/2031

247,772

California

Statewide

Communities

Development

Authority

CFD

No.

2022-03

Sheldon

Farms

Special

Tax

Bonds,

Series

2023

(NR/NR)

250,000

5.000

09/01/2053

250,090

California

Statewide

Communities

Development

Authority

Pollution

Control

RB

Refunding

for

Southern

California

Edison

Company

Series

2006

D

(NON-AMT)

(A2/A-)

150,000

4.500

11/01/2033

163,405

California

Statewide

Communities

Development

Authority

RB

for

Loma

Linda

University

Medical

Center

Series

2016A

(NR/BB)

250,000

5.250

(d)

12/01/2056

250,748

California

Statewide

Communities

Development

Authority

RB

Refunding

for

Loma

Linda

University

Medical

Center

Series

2014

A

(NR/BB)

275,000

5.500

12/01/2054

274,402

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

California

–

(continued)

California

Statewide

Communities

Development

Authority

Special

Tax

Bonds

Series

2022

(NR/NR)

$

50,000

5.125%

09/01/2042

$

52,202

California

Statewide

Communities

Development

Authority

Student

Housing

Refunding

RB

for

University

of

California

Irvine

East

Campus

Apartments

Series

2016

(Baa1/NR)

100,000

5.000

05/15/2040

101,132

California

Statewide

Community

Development

Authority

Pollution

Control

Refunding

RB

2010

Series

A

(A2/A-)

190,000

1.750

09/01/2029

167,978

City

of

Alameda

Community

Facilities

District

2023

Special

Tax

Bonds

(NR/NR)

50,000

5.000

09/01/2048

49,890

City

of

Chula

Vista

CA

Community

Facilities

District

No.

16-1

Special

Tax

for

Improvement

Area

No.

2

Series

2021

(NR/NR)

250,000

4.000

09/01/2046

244,410

City

of

Ontario

CA

Community

Facilities

District

No.

43

Special

Tax

Bonds

Series

2020

(NR/NR)

25,000

3.000

09/01/2039

20,186

City

of

Palm

Desert

Community

Facilities

District

No.

2021-1

Special

Tax

Refunding

Bonds

Series

2021

(NR/NR)

100,000

3.000

09/01/2031

94,306

City

of

Roseville

Special

Tax

Villages

at

Sierra

Vista

Community

Facilities

District

No.

1

Series

2020

(NR/NR)

25,000

4.000

09/01/2040

23,607

City

of

San

Francisco

Airport

Commission

International

Airport

Second

Series

RB

Series

2018E

(A1/A+)

400,000

5.000

05/01/2048

422,645

City

of

San

Francisco

Airport

Commission

International

Airport

Second

Series

RB

Series

2019A

(A1/A+)

490,000

5.000

05/01/2049

507,166

CMFA

Special

Finance

Agency

VIII

Essential

Housing

RB

2021A-

1

(NR/NR)

150,000

3.000

(d)

08/01/2056

98,451

County

of

Los

Angeles

CA

Community

Facilities

District

NO

2021-01

(NR/NR)

100,000

5.000

09/01/2047

103,623

Eastern

Foothill

Transportation

Corridor

Agency

Senior

Lien

Toll

Road

Refunding

RB

Series

2021A

(Baa1/A)

750,000

4.000

01/15/2046

739,938

Golden

State

Securitization

Settlement

Corp

ABS

Bond

Series

2021

2021B-1

(NR/BBB-)

625,000

3.850

06/01/2050

578,117

Inland

Empire

Tobacco

Securitization

Authority

RB

Turbo

Asset-

Backed

Bonds

for

Capital

Appreciation

Series

2007

C-1

(NR/CCC)

250,000

0.000

(e)

06/01/2036

111,344

Los

Angeles

Department

of

Airports

Subordinated

RB

Series

2018

A

(Aa3/AA-)

500,000

5.250

05/15/2048

522,239

Modesto

Financing

Authority

Domestic

Project

RB

2007F

(NATL)

(Baa2/AA)

(3M

USD

LIBOR

+

0.63%)

525,000

4.408

(c)

09/01/2037

490,681

Rancho

Cordova

Community

Facilities

District

No.

2003-1

Special

Tax

Refunding

for

Sunridge

Anatolia

Series

2016

(NR/NR)

125,000

3.000

09/01/2034

116,860

GOLDMAN

SACHS

MUNICIPAL

INCOME

COMPLETION

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

California

–

(continued)

Roseville

California

Community

Facilities

District

No.

5

Special

Tax

for

Fiddyment

Ranch

Project

Series

2021

(NR/NR)

$

25,000

2.500%

09/01/2037

$

20,295

275,000

4.000

09/01/2050

247,975

Sacramento

County

Financing

Authority

RB

Series

2007B

(NATL)

(Aa3/AA-)

(3M

USD

LIBOR

+

0.55%)

1,180,000

4.328

(c)

06/01/2034

1,101,654

San

Diego

County

Regional

Airport

Authority

Subordinate

Airport

RB

Series

2021B

(A2/NR)

150,000

4.000

07/01/2039

150,312

San

Francisco

City

&

County

Airport

Commission

RB

Refunding

for

San

Francisco

Airport

Second

Series

2023

C

(AMT)

(A1/NR)

500,000

5.750

05/01/2048

566,070

San

Gorgonio

Memorial

Health

Care

District

GO

Refunding

Bonds

Series

2020

(Ba2/NR)

100,000

4.000

08/01/2032

93,052

Town

of

Tiburon

Special

Assessment

for

Assessment

District

No.

2017-1

Series

2021

A

(NR/NR)

50,000

2.500

09/02/2046

33,548

Washington

Township

Health

Care

District

RB

2023

Series

A

(Baa3/NR)

50,000

5.750

07/01/2053

54,647

14,338,893

Colorado

-

4.2%

Citadel

on

Colfax

Business

Improvement

District

Senior

RB

Series

2020

A

(NR/NR)

125,000

5.350

12/01/2050

113,746

Citadel

on

Colfax

Business

Improvement

District

Senior

RB

Series

2020

B

(NR/NR)

100,000

7.875

12/15/2050

93,370

City

of

Denver

Airport

System

Subordinate

RB

Series

2018A

(A1/A+)

575,000

5.250

12/01/2043

604,400

Colorado

Education

&

Cultural

Facilities

Authority

Charter

School

RB

Series

2021

(Baa3/NR)

100,000

4.000

10/01/2056

79,701

Colorado

Health

Facilities

Authority

American

Eagle

Delaware

Holding

Company

Series

2022A-1

(NR/NR)

695,000

6.000

07/01/2036

677,148

Colorado

Health

Facilities

Authority

American

Eagle

Delaware

Holding

Company

Series

2022A-2

(NR/NR)

440,000

6.000

07/01/2031

434,684

Colorado

Health

Facilities

Authority

Hospital

RB

Boulder

Community

Health

Project

Series

2020

(A3/A-)

275,000

4.000

10/01/2038

276,878

300,000

4.000

10/01/2039

300,621

300,000

4.000

10/01/2040

298,149

Colorado

Health

Facilities

Authority

RB

for

Parkview

Medical

Center,

Inc.

Obligated

Group

Series

2020

A

(Aa2/NR)

200,000

4.000

09/01/2050

191,557

Colorado

Health

Facilities

Authority

RB

for

Senior

Living

American

Eagle

Portfolio

Project

Series

2022B-1

(NR/NR)

101,026

5.000

(a)

07/01/2057

78,186

Colorado

Health

Facilities

Authority

RB

Refunding

for

Adventist

Health

System/Sunbelt

Obligated

Group

Series

2019

A

(Aa2/AA)

100,000

4.000

11/15/2043

99,264

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Colorado

–

(continued)

Colorado

Health

Facilities

Authority

RB

Series

2019A-2

(Baa1/A-)

$

885,000

4.000%

08/01/2049

$

848,828

Denver

Colorado

City

&

County

Special

Facilities

Airport

RB

Refunding

for

United

Air

Lines,

Inc.

Project

Series

2017

(NR/BB-)

650,000

5.000

10/01/2032

649,950

Denver

Health

&

Hospital

Authority

Healthcare

Revenue

Refunding

Bonds

Series

2017A

(NR/BBB)

175,000

4.000

(d)

12/01/2035

170,996

185,000

4.000

(d)

12/01/2036

178,094

Fiddler's

Business

Improvement

District

GO

Refunding

Bonds

Series

2022

(NR/NR)

150,000

5.000

(d)

12/01/2032

152,883

Rampart

Range

Metropolitan

District

No.

5

RB

Series

2021

(NR/NR)

500,000

4.000

12/01/2041

396,262

Senac

South

Metropolitan

District

GO

LT

Bonds

Series

2021A3

(NR/NR)

915,000

5.250

12/01/2051

803,324

Sterling

Ranch

Community

Authority

Board

RB

Refunding

for

Sterling

Ranch

Colorado

Metropolitan

District

No.

2

Series

2020

A

(NR/NR)

575,000

3.375

12/01/2030

542,092

6,990,133

Connecticut

-

0.3%

City

of

Stamford

Housing

Authority

RB

Anticipation

Notes

for

Dogwoods

Project

Series

2022

(NR/NR)

100,000

11.000

(d)

12/01/2027

108,948

State

of

Connecticut

Health

&

Educational

Facilities

Authority

RB

Series

E

(NR/NR)

230,000

4.000

07/01/2041

188,396

State

of

Connecticut

Health

and

Educational

Facilities

Authority

RB

for

University

of

Hartford

2022

Series

P

(NR/BB+)

55,000

5.375

07/01/2052

50,194

Steel

Point

Infrastructure

Improvement

District

Tax

Allocation

for

Steelpointe

Harbor

Project

Series

2021

(NR/NR)

100,000

4.000

(d)

04/01/2041

86,541

434,079

Delaware

-

0.0%

Delaware

Economic

Development

Authority

Charter

School

RB

for

Aspira

of

Delaware

Charter

Operations

Project

Series

2022A

(NR/BB)

50,000

3.000

06/01/2032

42,458

50,000

4.000

06/01/2042

39,945

82,403

District

of

Columbia

-

1.1%

District

of

Columbia

Private

Activity

RB

Series

2022A

(A3/NR)

100,000

5.500

02/28/2037

118,673

Metropolitan

Washington

Airport

Authority

Revenue

&

Refunding

Bonds

Series

2018A

(Aa3/AA-)

1,450,000

5.000

10/01/2043

1,512,048

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

RB

Series

2019

B

(AGM)

(A1/AA)

125,000

3.000

10/01/2050

98,212

100,000

4.000

10/01/2053

96,127

1,825,060

GOLDMAN

SACHS

MUNICIPAL

INCOME

COMPLETION

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

-

18.9%

Abbott

Square

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

$

200,000

5.000%

06/15/2032

$

202,359

AH

at

Turnpike

South

Community

Development

District

Special

Assessment

Phase

3

Project

Series

2021

(NR/NR)

500,000

4.000

05/01/2051

396,314

Alachua

County

Health

Facilities

Authority

Continuing

Care

Retirement

Community

RB

Series

2022

(NR/NR)

250,000

4.000

10/01/2046

199,166

Astonia

Community

Development

District

Polk

County,

Florida

Special

Assessment

Bonds,

Series

2023

Assessment

Area

Three

Project

(NR/NR)

65,000

5.125

06/15/2043

64,800

Astonia

Community

Development

District

Special

Assessment

for

Assessment

Area

2

Project

Series

2021

(NR/NR)

55,000

3.200

(d)

05/01/2041

43,571

Astonia

Community

Development

District

Special

Assessment

for

North

Parcel

Assessment

Area

Project

Series

2021

(NR/NR)

15,000

2.500

(d)

05/01/2026

14,420

50,000

3.200

(d)

05/01/2041

39,597

Avalon

Groves

Community

Development

District

Special

Assessment

for

Assessment

Area

Three

Project

Series

2021

(NR/NR)

95,000

2.375

05/01/2026

91,086

Avalon

Groves

Community

Development

District

Special

Assessment

for

Phases

3

and

4

Sub

Assessment

Area

One

Series

2021

(NR/NR)

25,000

3.125

05/01/2041

19,757

Avenir

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

50,000

4.500

05/01/2030

50,229

Babcock

Ranch

Community

Independent

Special

District

Special

Assessment

Series

2021

(NR/NR)

660,000

2.875

05/01/2031

583,493

Bannon

Lakes

Community

Development

District

Special

Assessment

Series

2021

(NR/NR)

200,000

3.000

(d)

05/01/2031

183,002

Bellagio

Community

Development

District

Special

Assessment

Bonds

Series

2013

(NR/BBB)

30,000

6.000

11/01/2027

31,763

Belmont

II

Community

Development

District

Special

Assessment

Series

2020

(NR/NR)

100,000

3.625

12/15/2040

87,002

Berry

Bay

Community

Development

District

Special

Assessment

for

Assessment

Area

1

Project

Series

2021

(NR/NR)

500,000

3.125

05/01/2031

452,505

Black

Creek

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

205,000

4.800

06/15/2027

206,224

Bridgewalk

Community

Development

District

Special

Assessment

Bonds

for

Assessment

Area

Two

Project

Series

2023

(NR/NR)

60,000

6.250

12/15/2043

62,431

Bridgewater

Community

Development

District

Special

Assessment

Bonds

for

Assessment

Area

One

Project

Series

2022

(NR/NR)

100,000

3.250

06/15/2042

75,857

Broward

County

Port

Facilities

RB

Series

2019B

(A1/A)

300,000

4.000

09/01/2049

291,239

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Buckhead

Trails

Community

Development

District

Special

Assessment

Bonds

for

Manatee

County

Project

Series

2022

(NR/NR)

$

45,000

4.750%

05/01/2027

$

44,997

Buena

Lago

Community

Development

District

Capital

Improvement

RB

Series

2022

(NR/NR)

165,000

4.000

05/01/2027

163,188

Capital

Trust

Agency

Student

Housing

RB

for

University

Bridge

LLC

Series

2018

A

(Ba2/NR)

625,000

5.250

(d)

12/01/2058

582,560

Capital

Trust

Agency,

Inc.

RB

for

AcadeMir

Charter

School

West

Series

2021

A-2

(Ba2/NR)

100,000

4.000

(d)

07/01/2051

73,227

Capital

Trust

Agency,

Inc.

RB

for

University

Bridge

LLC

Series

2018

A

(Ba2/NR)

100,000

4.000

(d)

12/01/2028

96,110

300,000

5.250

(d)

12/01/2043

289,220

Celebration

Community

Development

District

Special

Assessment

for

Assessment

Area

One

Project

Series

2021

(NR/NR)

235,000

2.750

05/01/2031

213,301

CFM

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

100,000

3.350

05/01/2041

78,355

Chapel

Creek

Community

Development

District

Special

Assessment

Series

2021

(NR/NR)

85,000

3.375

(d)

05/01/2041

67,401

Chapel

Crossings

Community

Development

District

Special

Assessment

Series

2020

(NR/NR)

95,000

3.700

(d)

05/01/2040

79,074

Charles

Cove

Community

Development

District

Special

Assessment

RB

Series

2021

(NR/NR)

105,000

2.400

05/01/2026

100,194

City

of

Jacksonville

RB

Refunding

for

Genesis

Health,

Inc.

Obligated

Group

Series

2020

(NR/A-)

145,000

4.000

11/01/2039

141,796

City

of

Palmetto

Educational

Facilities

Refunding

RB

Series

2022A

(NR/BBB-)

100,000

5.125

06/01/2042

104,154

Coddington

Community

Development

District

(NR/NR)

260,000

5.000

05/01/2032

265,649

Connerton

East

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

100,000

5.250

06/15/2043

101,410

Cope's

Landing

Community

Development

District

Capital

Improvement

RB

2023

Project

Area

Series

2023

(NR/NR)

100,000

5.750

05/01/2043

102,980

Copper

Oaks

Community

Development

District

Special

Assesstment

Refunding

and

Improvement

Bonds

Series

2021

(NR/NR)

175,000

3.000

05/01/2031

155,940

175,000

3.000

05/01/2035

144,671

Corkscrew

Crossing

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

200,000

4.300

05/01/2033

197,870

Creekview

Community

Development

District

Special

Assessment

RB

Series

2022

(NR/NR)

50,000

3.875

05/01/2027

49,239

50,000

4.250

05/01/2032

48,907

270,000

4.625

05/01/2042

252,526

GOLDMAN

SACHS

MUNICIPAL

INCOME

COMPLETION

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Cross

Creek

North

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

$

340,000

4.250%

05/01/2042

$

309,609

Cross

Creek

North

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

100,000

5.125

05/01/2043

98,844

Crossings

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

165,000

4.250

05/01/2027

164,349

255,000

4.750

05/01/2032

255,866

Cypress

Bluff

Community

Development

District

Special

Assessment

for

Del

WEBB

Project

Series

2020

A

(NR/NR)

145,000

2.700

(d)

05/01/2025

141,901

310,000

3.125

(d)

05/01/2030

294,740

Cypress

Mill

Community

Development

District

Special

Assessment

Bonds

for

Bank

Qualified

2023

Project

Series

2023

(NR/BBB)

50,000

5.000

05/01/2053

50,063

Cypress

Park

Estates

Community

Development

District

Special

Assessment

Area

1

Project

Series

2020

(NR/NR)

50,000

2.625

(d)

05/01/2025

48,868

Deerbrook

Community

Development

District

Pasco

County,

Florida

Special

Assessment

Bonds,

Series

2023

2023

Project

(NR/NR)

100,000

5.250

05/01/2043

99,512

DG

Farms

Community

Development

District

Special

Assessment

Series

2020

(NR/NR)

275,000

3.750

05/01/2040

236,350

DW

Bayview

Community

Development

District

Sepcial

Assessment

Bonds

for

Manatee

County

Series

2022

(NR/NR)

140,000

4.300

05/01/2027

139,774

DW

Bayview

Community

Development

District

Special

Assessment

Bond

Series

2021

(NR/NR)

50,000

3.375

(d)

05/01/2041

41,317

Eagle

Hammock

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

210,000

4.875

05/01/2032

212,531

East

547

Community

Development

District

Special

Assessment

Bond

for

Assessment

Area

One

Project

Series

2021

(NR/NR)

40,000

3.300

05/01/2041

31,194

Eden

Hills

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

75,000

3.625

05/01/2032

71,107

Eden

Hills

Community

Development

District

Special

Assessment

Series

2020

(NR/NR)

100,000

4.000

05/01/2040

92,832

Edgewater

East

Community

Development

District

Special

Assessment

for

Assessment

Area

Once

Series

2021

(NR/NR)

130,000

3.600

05/01/2041

107,472

Edgewater

East

Community

Development

District

Special

Assessment

RB

Series

2022

(NR/NR)

125,000

3.375

05/01/2032

112,885

Escambia

County

Health

Facilities

Authority

Health

Care

Facilities

RB

Series

2020A

(Baa2/BBB)

760,000

4.000

08/15/2045

698,042

Eureka

Grove

Community

Development

District

Special

Assessment

Bonds

for

2021

Project

Series

2021

(NR/NR)

685,000

3.500

05/01/2041

545,636

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Fiddlers

Creek

Community

Development

District

No.

2

Special

Assessment

Refunding

Series

2019

(NR/NR)

$

195,000

5.000%

05/01/2035

$

197,800

Florida

Development

Finance

Corp.

Educational

Facilities

RB

Series

2022A

(Ba3/NR)

100,000

5.000

(d)

07/01/2032

94,629

135,000

5.375

(d)

07/01/2042

122,018

Florida

Development

Finance

Corp.

Educational

RB

for

Cornerstone

Charter

Academy

Project

Series

2022

(NR/BB+)

100,000

5.000

(d)

10/01/2042

95,199

Florida

Development

Finance

Corp.

RB

for

Brightline

Passenger

Rail

Expansion

Project

Series

2023C

(NR/NR)

500,000

8.000

(a)(b)(d)

07/01/2057

510,383

Florida

Development

Finance

Corp.

RB

for

Discovery

High

School

&

Discovery

Academy

of

Lake

Alfred

Obligated

Group

Series

2020

A

(NR/NR)

100,000

4.000

(d)

06/01/2030

93,317

Florida

Development

Finance

Corp.

RB

for

Mayflower

Retirement

Center,

Inc.

Obligated

Group

Series

2020

A

(NR/NR)

100,000

5.125

(d)

06/01/2040

87,526

Florida

Development

Finance

Corp.

RB

for

United

Cerebral

Palsy

of

Central

Florida,

Inc.

Series

2020

A

(NR/NR)

100,000

4.000

06/01/2030

93,369

Florida

Development

Finance

Corp.

RB

Refunding

for

Brightline

Trains

Florida

LLC

Series

2019

B

(NR/NR)

700,000

7.375

(d)

01/01/2049

704,106

Florida

Development

Finance

Corp.

RB

Refunding

for

Global

Outreach

Charter

Academy

Obligated

Group

Series

2021

A

(B1/NR)

100,000

4.000

(d)

06/30/2041

79,910

Florida

Development

Finance

Corp.

Surface

Transportation

Facility

RB

for

Brightline

Florida

Passenger

Rail

Project

Series

2019A-2

(NR/NR)

100,000

6.250

(a)(b)(d)(f)

01/01/2049

99,989

Florida

Development

Finance

Corp.

Surface

Transportation

Facility

RB

for

Virgin

Trains

USA

Passenger

Rail

Project

Series

2019A

(NR/NR)

400,000

6.500

(a)(b)(d)

01/01/2049

391,561

Florida

Development

Finance

Corp.

Surface

Transportation

Facility

RB

Series

2019A

(NR/NR)

100,000

6.375

(a)(b)(d)

01/01/2049

96,955

Florida

Higher

Educational

Facilities

Financial

Authority

RB

Ringling

College

of

Art

and

Design,

Inc.

Series

2017

(NR/BBB)

150,000

5.000

03/01/2047

150,818

Forest

Lake

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

40,000

4.750

(d)

05/01/2027

40,184

90,000

5.000

(d)

05/01/2032

91,132

Gracewater

Sarasota

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

165,000

2.950

05/01/2031

146,577

75,000

3.350

05/01/2041

58,839

Grand

Oaks

Community

Development

District

Special

Assessment

Bonds

Assessment

Area

2

Series

2020

(NR/NR)

100,000

4.000

05/01/2030

96,882

Grand

Oaks

Community

Development

District

Special

Assessment

RB

Series

2019

A

(NR/NR)

50,000

4.750

11/01/2039

48,050

GOLDMAN

SACHS

MUNICIPAL

INCOME

COMPLETION

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Grand

Oaks

Community

Development

District

Special

Assessment

RB

Series

2021

(NR/NR)

$

60,000

3.500%

11/01/2041

$

47,580

Grande

Pines

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

710,000

3.750

05/01/2041

584,025

Hacienda

North

Community

Development

District

Special

Assessment

RB

Series

2023

(NR/NR)

100,000

6.300

05/01/2043

105,767

Hammock

Reserve

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

30,000

4.200

05/01/2027

29,673

Harmony

On

Lake

Eloise

Community

Development

District

City

of

Winter

Haven,

Florida

Capital

Improvement

RB,

Series

2023

Assessment

Area

One

(NR/NR)

80,000

5.125

05/01/2043

79,945

Harmony

West

Community

Development

District

Special

Assessment

RB

Series

2023

(NR/NR)

300,000

5.300

05/01/2053

301,072

Hawkstone

Community

Development

District

Special

Assessment

RB

Series

2021

(NR/NR)

125,000

3.450

05/01/2041

100,456

Hawkstone

Community

Development

District

Special

Assessment

RB

Series

2023

(NR/NR)

485,000

4.375

05/01/2030

483,906

Highland

Meadows

West

Community

Development

District

Special

Assessment

for

Assessment

Area

3

Series

2020

A

(NR/NR)

40,000

2.875

05/01/2025

39,131

Hills

Minneola

Community

Development

District

Special

Assessments

for

South

Parcel

Assessment

Area

Series

2020

(NR/NR)

25,000

3.500

(d)

05/01/2031

23,234

Hills

Minneola

Community

Development

District

Special

Assessments

for

South

Parcel

Assessment

Area

Series

2021

(NR/NR)

135,000

2.375

05/01/2026

128,834

Hillsborough

County

Aviation

Authority

Revenue

Refunding

Bonds

Series

2015-A

(NR/AA-)

350,000

5.000

10/01/2040

350,739

Homestead

50

Community

Development

District

Special

Assessment

Refunding

Bonds

Series

2021

(NR/NR)

125,000

3.000

05/01/2037

99,596

Island

Lake

Estates

Community

Development

District

2023

Project

Special

Assessment

Bonds

Series

2023

(NR/NR)

100,000

5.750

12/15/2043

102,896

K-Bar

Ranch

II

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

100,000

3.125

05/01/2041

75,725

Kindred

Community

Development

District

II

Special

Assessment

Bonds

Series

2020

(NR/NR)

100,000

3.500

05/01/2040

86,009

Kindred

Community

Development

District

II

Special

Assessment

Bonds

Series

2021

(NR/NR)

100,000

2.700

05/01/2031

90,330

Kingman

Gate

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

50,000

3.600

06/15/2041

42,909

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Lake

Deer

Community

Development

District

Special

Assessment

Bonds

for

Polk

County

Series

2022

(NR/NR)

$

175,000

5.500%

05/01/2042

$

172,996

Lakewood

Ranch

Stewardship

District

Special

Assessment

for

Azario

Project

Series

2019

(NR/NR)

85,000

3.400

05/01/2030

79,569

Lakewood

Ranch

Stewardship

District

Special

Assessment

for

Azario

Project

Series

2020

A

(NR/NR)

100,000

3.200

05/01/2030

91,827

Lakewood

Ranch

Stewardship

District

Special

Assessment

for

Northeast

Sector

Phase

2A

Project

Series

2019

(NR/NR)

125,000

3.250

05/01/2029

117,918

Lakewood

Ranch

Stewardship

District

Special

Assessment

RB

Series

2021

(NR/NR)

135,000

2.300

05/01/2026

128,559

Landings

at

Miami

Community

Development

District

Special

Assessment

Bonds

Series

2018

(NR/NR)

100,000

4.750

(d)

11/01/2048

90,832

Landmark

at

Doral

Community

Development

District

Subordinate

Special

Assessment

Refunding

for

North

Parcel

Assessment

Area

Series

2019

A-2

(NR/NR)

75,000

4.000

05/01/2038

67,063

Lawson

Dunes

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

85,000

4.750

05/01/2032

84,899

45,000

5.000

05/01/2042

44,150

Live

Oak

Lake

Community

Development

District

Special

Assessment

Series

2020

(NR/NR)

110,000

3.125

05/01/2025

108,210

LTC

Ranch

West

Residential

Community

Development

District

Special

Assessment

Bonds

Series

2021

B

(NR/NR)

75,000

3.250

05/01/2031

67,979

LTC

Ranch

West

Residential

Community

Development

District

Special

Assessment

for

Assessment

Area

One

Project

Series

2021

A

(NR/NR)

50,000

3.450

05/01/2041

39,925

Mangrove

Point

Community

Development

District

Capital

Improvement

RB

Series

2022

(NR/NR)

75,000

4.250

05/01/2042

66,674

Meadow

View

at

Twin

Creeks

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

160,000

3.250

05/01/2041

122,954

Miami

Dade

County

Avaiation

Revenue

Refunding

Bonds

Series

2017B

(AMT)

(NR/A)

175,000

5.000

10/01/2040

180,418

Miami-Dade

County

IDA

Educational

Facilities

RB

for

Academir

Charter

Schools

Project

Series

2022A

(Ba2/NR)

100,000

5.000

(d)

07/01/2037

98,077

100,000

5.250

(d)

07/01/2042

97,121

Midtown

Miami

Community

Development

District

Special

Assessment

Revenue

Refunding

Bonds

for

Parking

Garage

Project

Series

2014A

(NR/NR)

240,000

5.000

05/01/2037

238,829

Mirada

II

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

100,000

3.500

05/01/2041

79,694

100,000

4.000

05/01/2051

78,406

GOLDMAN

SACHS

MUNICIPAL

INCOME

COMPLETION

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

North

Park

Isle

Community

Development

District

Special

Assessment

RB

Series

2021

(NR/NR)

$

200,000

3.375%

11/01/2041

$

157,462

North

Powerline

Road

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

160,000

4.750

(d)

05/01/2027

159,990

North

Powerline

Road

Community

Development

District

Special

Assessment

Series

2020

(NR/NR)

100,000

3.625

05/01/2040

82,709

Ocala

Preserve

Community

Development

District

Capital

Improvement

RB

Series

2021

(NR/NR)

115,000

2.375

11/01/2026

108,362

330,000

2.875

11/01/2031

288,543

Orange

Blossom

Groves

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

50,000

5.250

06/15/2043

50,705

Palm

Beach

County

Health

Facilities

Authority

RB

Refunding

for

Lifespace

Communities,

Inc.

Series

2023

C

(NR/NR)

50,000

7.500

05/15/2053

51,174

Palm

Beach

County

Health

Facilities

Authority

Revenue

Refunding

Bonds

Series

2022

(NR/NR)

175,000

4.000

06/01/2036

154,934

Palm

Glades

Community

Development

District

Special

Assessment

Bonds

Series

2020

(NR/NR)

15,000

3.250

(d)

05/01/2024

14,949

Park

East

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

40,000

3.150

11/01/2041

30,055

Parkview

at

Long

Lake

Ranch

Community

Development

District

Special

Assessment

Series

2020

(NR/NR)

155,000

3.750

05/01/2040

129,557

Pine

Ridge

Plantation

Community

Development

District

Special

Assessment

Refunding

Bonds

2020

A-1

(AGM)

(NR/AA)

210,000

2.625

05/01/2034

187,072

Portico

Community

Development

District

Special

Assessment

Refunding

Series

2020-1

(NR/NR)

125,000

3.500

05/01/2037

105,578

Preserve

at

South

Branch

Community

Development

District

Special

Assessment

Phase

2

RB

Series

2019

(NR/NR)

100,000

3.500

11/01/2030

96,352

Preston

Cove

Community

Development

District

Special

Assessment

RB

Series

2022

(NR/NR)

675,000

3.600

05/01/2032

619,938

Quail

Roost

Community

Development

District

Special

Assessment

for

Expansion

Area

Project

Series

2021

(NR/NR)

25,000

2.200

12/15/2026

23,699

Reunion

West

Community

Development

District

Special

Assessment

Refunding

Bonds

Series

2022

(NR/NR)

100,000

3.000

05/01/2036

84,984

Rhodine

Road

North

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

90,000

3.300

05/01/2042

72,333

Rolling

Hills

Community

Development

District

Capital

Improvement

RB

Series

2022A-1

(NR/NR)

205,000

3.125

05/01/2027

196,945

365,000

3.400

05/01/2032

330,264

Rutland

Ranch

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

120,000

2.450

11/01/2026

113,863

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Rye

Crossing

Community

Development

District

Capital

Improvement

RB

Series

2023

(NR/NR)

$

75,000

5.000%

05/01/2043

$

73,989

Rye

Ranch

Community

Development

District

Special

Assessment

Bonds

for

Assessment

Area

One,

Series

2023

(NR/NR)

50,000

5.750

(d)

11/01/2043

50,457

Sampson

Creek

Community

Development

District

Special

Assessment

Bonds

Series

2020

(AGM)

(NR/AA)

100,000

2.625

05/01/2040

82,241

Sandmine

Road

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

85,000

3.300

11/01/2041

69,127

Sarasota

County

Public

Hospital

District

Fixed

Rate

Hospital

RB

Series

2018

(A1/NR)

250,000

4.000

07/01/2048

247,777

Sawgrass

Village

Community

Development

District

Manatee

County,

Assessment

Area

Two

Florida

Special

Assessment

Bonds

Series

2023

(NR/NR)

100,000

6.125

11/01/2043

103,201

Scenic

Highway

Community

Development

District

Special

Assessment

Series

2020

(NR/NR)

50,000

3.750

05/01/2040

44,663

Scenic

Terrace

South

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

45,000

4.125

05/01/2032

43,306

65,000

4.500

05/01/2042

59,175

Seaton

Creek

Reserve

Community

Development

District

City

of

Jacksonville,

Florida

Special

Assessment

Bonds,

Series

2023

Assessment

Area

One

(NR/NR)

100,000

5.250

(d)

06/15/2043

100,440

Sedona

Point

Community

Development

District

Miami-Dade

County,

Florida

Special

Assessment

Bonds,

Series

2023

2023

Project

(NR/NR)

225,000

5.000

06/15/2043

224,741

Seminole

Improvement

District

Utilities

RB

for

City

of

Westlake

Series

2022

(NR/NR)

100,000

5.000

10/01/2032

100,627

Seminole

Palms

Community

Development

District

City

of

Palm

Coast,

Florida

Special

Assessment

Bonds,

Series

2023

2023

Project

Area

(NR/NR)

90,000

5.500

05/01/2043

90,777

Sherwood

Manor

Community

Development

District

Special

Assessment

RB

Series

2023

(NR/NR)

50,000

4.625

05/01/2030

50,195

70,000

5.500

05/01/2043

70,963

Siena

North

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

50,000

4.000

06/15/2042

42,657

Silver

Palms

West

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

100,000

3.000

06/15/2032

87,488

100,000

3.250

06/15/2042

77,191

Six

Mile

Creek

Community

Development

District

Capital

Improvement

&

Refunding

RB

Series

2021

(NR/NR)

235,000

4.000

05/01/2052

186,231

Six

Mile

Creek

Community

Development

District

Special

Assessment

for

Assessment

Area

3

Phase

1

Series

2021

(NR/NR)

200,000

3.500

05/01/2041

159,451

GOLDMAN

SACHS

MUNICIPAL

INCOME

COMPLETION

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Six

Mile

Creek

Community

Development

District

St.

Johns

County,

Florida

Capital

Improvement

RB,

Series

2023

2023

Project

Area

(NR/NR)

$

100,000

5.500%

05/01/2043

$

100,717

Sorrento

Pines

Community

Development

District

Lake

County,

Florida

Special

Assessment

Bonds,

Series

2023

Assessment

Area

One

(NR/NR)

70,000

5.250

05/01/2043

70,097

South

Creek

Community

Development

District

Special

Assessment

for

Assessment

Area

One

Series

2021

(NR/NR)

25,000

3.250

06/15/2041

20,173

St.

Augustine

Lakes

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

520,000

5.375

06/15/2042

523,815

St.

Johns

County

Industrial

Development

Authority

RB

Refunding

for

Life

Care

Ponte

Vedra

Obligated

Group

Obligated

Group

Series

2021

A

(NR/NR)

100,000

4.000

12/15/2036

86,232

St.

Johns

County

Industrial

Development

Authority

RB

Refunding

for

Presbyterian

Retirement

Communities,

Inc.

Obligated

Group

Series

2020

A

(NR/NR)

150,000

4.000

08/01/2055

125,587

Stellar

North

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

445,000

3.000

05/01/2031

396,534

Stonegate

Preserve

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

325,000

5.125

12/15/2030

330,341

Stonewater

Community

Development

District

Special

Assestment

RB

Series

2021

(NR/NR)

130,000

3.000

(d)

11/01/2032

113,487

50,000

3.300

(d)

11/01/2041

39,044

Stoneybrook

South

at

Championsgate

Community

Development

District

Special

Assessment

Bonds

Series

2019

(NR/NR)

50,000

4.500

06/15/2039

49,043

Storey

Creek

Community

Development

District

(NR/NR)

240,000

5.000

06/15/2032

244,967

Storey

Drive

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

100,000

3.000

06/15/2032

88,352

Storey

Park

Community

Development

District

Special

Assessment

Bonds

for

Assessment

Area

Four

Project

Series

2021

(NR/NR)

25,000

2.875

(d)

06/15/2031

22,947

Summer

Woods

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

75,000

3.450

05/01/2041

59,685

Summer

Woods

Community

Development

District

Special

Assessment

for

Assessment

Area

Two

Project

Series

2020

(NR/NR)

80,000

3.750

05/01/2040

67,101

Talis

Park

Community

Development

District

Capital

Improvement

RB

Refunding

Subordinate

Series

2016

A-2

(NR/NR)

45,000

4.000

05/01/2033

42,855

Tamarindo

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

50,000

3.375

05/01/2041

39,662

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Timber

Creek

Southwest

Community

Development

District

Special

Assessment

Bonds

for

Assessment

Area

Two

Project

Series

2021

(NR/NR)

$

50,000

3.300%

12/15/2041

$

38,840

Tohoqua

Community

Development

District

Special

Assessment

Phase

4A/5A

Project

Series

2021

(NR/NR)

30,000

2.500

05/01/2026

28,805

Towne

Park

Community

Development

District

Special

Assessment

Area

3D

Project

Series

2020

(NR/NR)

75,000

3.625

(d)

05/01/2040

64,716

Towns

at

Woodsdale

Community

Development

District

Capital

Improvement

RB

for

Pasco

County

Series

2023

(NR/NR)

200,000

5.375

(d)

11/01/2030

203,834

Tradition

Community

Development

District

No.

9

Special

Assessment

Bonds

Series

2021

(NR/NR)

540,000

2.700

05/01/2031

472,762

Trevesta

Community

Development

District

Special

Assessment

Area

2

Project

Series

2020

(NR/NR)

100,000

3.250

(d)

05/01/2030

96,057

Triple

Creek

Community

Development

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

230,000

2.375

(d)

11/01/2026

217,049

Triple

Creek

Community

Development

District

Special

Assessment

for

Villages

N&P

Projects

Series

2021

(NR/NR)

20,000

2.500

11/01/2026

18,939

50,000

3.000

11/01/2031

44,368

40,000

3.500

11/01/2041

32,164

TSR

Community

Development

District

Special

Assessment

RB

for

Downtown

Neighborhood

Assessment

Area

Series

2019

(NR/NR)

100,000

3.375

11/01/2030

92,301

Tuckers

Pointe

Community

Development

District

Special

Assessment

RB

Series

2022

(NR/NR)

75,000

4.000

05/01/2042

63,928

Two

Rivers

East

Community

Development

District

Pasco

County,

Florida

Special

Assessment

Bonds,

Series

2023

Series

2023

Project

(NR/NR)

200,000

5.750

05/01/2043

202,429

Two

Rivers

North

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

100,000

5.125

05/01/2042

98,186

University

Park

Recreation

District

Special

Assessment

Series

2019

(BAM)

(NR/AA)

85,000

3.375

05/01/2045

75,869

Varrea

South

Community

Development

District

City

of

Plant

City,

Florida

Capital

Improvement

RB,

Series

2023

2023

Assessment

Area

(NR/NR)

75,000

5.125

05/01/2043

75,188

V-Dana

Community

Development

District

Lee

County,

Florida

Special

Assessment

Bonds,

Series

2023

Assessment

Area

Two

–

2023

Project

Area

(NR/NR)

75,000

5.250

05/01/2043

75,544

V-Dana

Community

Development

District

Special

Assessment

for

Assessment

Area

One

Series

2021

(NR/NR)

250,000

3.625

05/01/2041

206,319

Veranda

Community

Development

District

II

Special

Assessment

Refunding

for

Veranda

Oaks

Project

Series

2021

(NR/NR)

20,000

3.600

(d)

05/01/2041

16,334

GOLDMAN

SACHS

MUNICIPAL

INCOME

COMPLETION

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Veranda

Landing

Community

Development

District

Special

Assessment

Bonds,

Series

2023

(NR/NR)

$

90,000

5.250%

06/15/2043

$

90,330

Verandah

East

Community

Development

District

Special

Assessment

Refunding

&

Improvement

RB

Series

2016

(NR/NR)

100,000

4.125

05/01/2034

95,404

Verano

Community

Development

District

Special

Assessment

Bonds

Series

2022

(NR/NR)

270,000

5.875

11/01/2029

276,157

Villa

Portofino

East

Community

Development

District

Special

Assessment

Refunding

Series

2019

(NR/NR)

100,000

3.750

05/01/2037

87,828

Village

Community

Development

District

No.

13

Special

Assessment

RB

Series

2020

(NR/NR)

50,000

2.625

(d)

05/01/2030

45,376

50,000

3.000

(d)

05/01/2035

42,956

Village

Community

Development

District

Special

Assessment

RB

Series

2021

(NR/NR)

50,000

2.550

05/01/2031

44,374

100,000

2.850

05/01/2036

82,751

100,000

3.000

05/01/2041

76,411

Villages

of

Glen

Creek

Community

Development

District

Capital

Improvement

RB

Series

2022A

(NR/NR)

100,000

5.125

05/01/2042

98,187

Villages

of

Glen

Creek

Community

Development

District

Capital

Improvement

Revenue

and

Refunding

Bonds

Series

2022

(NR/NR)

45,000

3.450

05/01/2042

35,044

Villamar

Community

Development

District

Special

Assessment

Bonds

for

Phase

4

Project

Series

2022

(NR/NR)

670,000

4.000

05/01/2042

569,605

Villamar

Community

Development

District

Special

Assessment

Bonds

Series

2020

(NR/NR)

100,000

3.750

05/01/2040

89,249

West

Port

Community

Development

District

Special

Assessment

Bonds

for

Charlotte

County

Series

2022

(NR/NR)

60,000

5.125

05/01/2042

58,007

West

Port

Community

Development

District

Special

Assessment

Bonds

Series

2020

(NR/NR)

125,000

4.000

(d)

05/01/2040

109,079

100,000

4.000

(d)

05/01/2051

79,502

West

Port

Community

Development

District

Special

Assessment

for

Assessment

Area

One

Series

2021

(NR/NR)

75,000

2.400

05/01/2026

71,583

25,000

3.000

05/01/2031

22,335

West

Villages

Improvement

District

Special

Assessment

RB

Series

2023

(NR/NR)

100,000

4.625

05/01/2030

100,386

West

Villages

Improvement

District

Unit

of

Development

No.

7

Master

Infrastructure

Special

Assessment

RB

Series

2019

(NR/NR)

50,000

4.750

05/01/2039

47,085

West

Villages

Improvement

District

Unit

of

Development

No.

7

Special

Assessment

RB

Series

2021

(NR/NR)

60,000

3.500

05/01/2041

48,027

West

Villages

Improvement

District

Unit

of

Development

No.

8

Special

Assessment

RB

Series

2021

(NR/NR)

100,000

3.500

05/01/2041

80,045

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Westside

Haines

City

Community

Development

District

Special

Assessment

Bond

for

Assessment

Area

One

Project

Series

2021

(NR/NR)

$

100,000

3.250%

05/01/2041

$

78,177

Westwood

of

Pasco

Community

Development

District

Capital

Improvement

RB,

Series

2023

(NR/NR)

200,000

4.625

05/01/2030

200,481

Whispering

Pines

Community

Development

District

Special

Assessment

Bonds

Series

2023

(NR/NR)

145,000

4.500

05/01/2030

145,797

Wildblue

Community

Development

District

Special

Assessment

Bonds

Series

2019

(NR/NR)

150,000

4.250

(d)

06/15/2039

134,991

Willows

Community

Development

District

Special

Assessment

RB

for

Manatee

County

Series

2022

(NR/NR)

135,000

5.625

05/01/2042

138,232

Wind

Meadows

South

Community

Development

District

City

of

Bartow,

Florida

Special

Assessment

Bonds,

Series

2023

Assessment

Area

Two

Project

(NR/NR)

265,000

4.500

05/01/2030

265,425

Wind

Meadows

South

Community

Development

District

Special

Assessment

Bond

for

Assessment

Area

One

Project

Series

2021

(NR/NR)

35,000

2.400

05/01/2026

33,406

150,000

2.950

05/01/2031

133,252

75,000

3.350

05/01/2041

58,911

Windward

at

Lakewood

Ranch

Community

Development

District

Capital

Improvement

RB

Series

2022

(NR/NR)

5,000

4.000

05/01/2042

4,270

Wiregrass

II

Community

Development

District

Special

Assessment

Series

2020

(NR/NR)

100,000

3.700

05/01/2040

83,962

Zephyr

Lakes

Community

Development

District

Special

Assessment

for

Assessment

Area

Two

Series

2021

(NR/NR)

25,000

3.375

05/01/2041

19,683

31,442,391

Georgia

-

1.7%

Columbia

County

Hospital

Authority

Revenue

Anticipation

Certificates

for

Wellstar

Health

System,

Inc.

Project

Series

2023A

(A2/A+)

120,000

5.750

04/01/2053

136,981

Development

Authority

of

Fulton

County

RB

Wellstar

Health

System,

Inc.

Project,

Series

2020A

(A2/A+)

750,000

4.000

04/01/2050

726,031

George

L

Smith

II

Congress

Center

Authority

RB

for

Signia

Hotel

Management

LLC

Series

2021

(NR/NR)

130,000

5.000

(d)

01/01/2054

113,237

George

L

Smith

II

Congress

Center

Authority

RB

for

Signia

Hotel

Management

LLC

Series

2021

(NR/BBB-)

35,000

2.375

01/01/2031

31,153

Main

Street

Natural

Gas

Gas

Supply

RB

Series

2021A

(Aa1/NR)

975,000

4.000

(a)(b)

07/01/2052

980,721

Main

Street

Natural

Gas

Inc.

Gas

Supply

RB

Series

2021C

(A3/NR)

500,000

4.000

(a)(b)

05/01/2052

503,414

GOLDMAN

SACHS

MUNICIPAL

INCOME

COMPLETION

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Georgia

–

(continued)

Main

Street

Natural

Gas

Inc.,

Gas

Supply

RB,

Series

2023E-1

(Aa1/NR)

$

365,000

5.000%

(a)(b)

12/01/2053

$

392,816

2,884,353

Guam

-

0.6%

A.B.

Won

Pat

International

Airport

Authority

Guam

General

RB

2023

Series

A

(Baa2/NR)

100,000

5.250

10/01/2029

104,202

100,000

5.250

10/01/2030

104,242

Antonio

B

Won

Pat

International

Airport

Authority

Taxable

RB

Refunding

Series

2021

A

(Baa2/NR)

50,000

4.460

10/01/2043

38,511

Guam

Department

of

Education

COPS

Refunding

for

John

F.

Kennedy

High

School

&

Energy

Efficiency

Project

Series

2020

A

(Ba2/B+)

20,000

3.625

02/01/2025

19,852

60,000

4.250

02/01/2030

60,271

Guam

Government

RB

Refunding

Series

2021

E

(Ba1/NR)

210,000

3.250

11/15/2026

202,365

Guam

Government

RB

Refunding

Series

2021

F

(Ba1/NR)

450,000

4.000

01/01/2042

430,793

Guam

Waterworks

Authority

Water

&

Wastewater

RB

Series

2016

(Baa2/A-)

65,000

5.000

01/01/2046

65,984

1,026,220

Hawaii

-

0.2%

Hawaii

State

Department

of

Budget

&

Finance

RB

Refunding

for

Hawaiian

Electric

Co.,

Inc.

Series

2019

(Ba3/NR)

100,000

3.200

07/01/2039

66,891

Hawaii

State

Department

of

Budget

and

Finance

for

Hawaiian

Electric

Company

Inc.

Special

Purpose

RB

Series

2017A

(Ba3/NR)

100,000

3.500

10/01/2049

64,209

State

of

Hawaii

Department

of

Budget

and

Finance

Special

Purpose

RB

Refunding

Series

2017A

(Ba3/NR)

200,000

3.100

05/01/2026

150,708

281,808

Idaho

-

0.2%

City

of

Boise

City,

Idaho

Airport

Revenue

and

Revenue

Refunding

Bonds,

Series

2021A

(A1/NR)

275,000

5.000

09/01/2051

297,968

a

a

Illinois

-

7.3%

Board

of

Education

of

The

City

of

Chicago

UT

GO

Bonds

Dedicated

Revenues,

Series

2021A

(NR/BB+)

100,000

5.000

12/01/2039

102,204

Board

of

Education

of

The

City

of

Chicago

UT

GO

Bonds

Dedicated

Revenues,

Series

2022A

(NR/BB+)

175,000

5.000

12/01/2047

174,023

Board

of

Education

of

The

City

of

Chicago

UT

GO

Refunding

Bonds

Dedicated

Revenues,

Series

2017G

(NR/BB+)

100,000

5.000

12/01/2034

101,904

250,000

5.000

12/01/2044

248,359

Chicago

Illinois

Board

of

Education

Unlimited

Tax

GO

Bonds

for

Capital

Appreciation

Boards

School

Reform

Series

1998

B-1

(NATL)

(Baa2/BB+)

85,000

0.000

(e)

12/01/2025

78,879

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Illinois

–

(continued)

Chicago

Illinois

Board

of

Education

Unlimited

Tax

GO

Refunding

Bonds

for

Dedicated

Revenues

Series

2009

E

(Ba2/BB+)

$

500,000

6.038%

12/01/2029

$

493,848

Chicago

Illinois

Board

of

Education

Unlimited

Tax

GO

Refunding

Bonds

for

Dedicated

Revenues

Series

2016

A

(NR/BB+)

100,000

7.000

12/01/2044

104,114

Chicago

Illinois

Board

of

Education

Unlimited

Tax

GO

Refunding

Bonds

for

Dedicated

Revenues

Series

2016

B

(NR/BB+)

100,000

6.500

12/01/2046

104,645

Chicago

Illinois

Board

of

Education

Unlimited

Tax

GO

Refunding

Bonds

for

Dedicated

Revenues

Series

2019

B

(NR/BB+)

500,000

5.000

12/01/2025

509,094

City

of

Chicago

Board

of

Education

Dedicated

Capital

Improvement

Tax

Bonds

Series

2023

(NR/NR)

150,000

5.000

04/01/2045

156,534

City

of

Chicago

Board

of

Education

UT

GO

Bonds

Series

2012A

(Ba2/BB+)

710,000

5.000

12/01/2042

700,934

City

of

Chicago

Board

of

Education

UT

GO

Bonds

Series

2021A

(NR/BB+)

210,000

5.000

12/01/2036

218,776

250,000

5.000

12/01/2038

256,819

City

of

Chicago

Board

of

Education

UT

GO

Bonds

Series

2022A

(NR/BB+)

500,000

4.000

12/01/2047

433,659

City

of

Chicago

Board

of

Education

UT

GO

Refunding

Bonds

Series

2018C

(NR/BB+)

100,000

5.000

12/01/2024

100,716

City

of

Chicago

Board

of

Education

UT

GO

Series

2015E

Project

Bonds

(NR/BB+)

100,000

5.125

12/01/2032

100,197

City

of

Chicago

GO

Bonds

Project

&

Refunding

Series

2014A

(Baa3/BBB+)

500,000

5.000

01/01/2036

500,000

City

of

Chicago

GO

Bonds

Series

2021B

(NR/BBB+)

826,000

4.000

01/01/2049

721,880

City

of

Chicago

GO

Bonds

Series

2023A

(Baa3/BBB+)

200,000

5.500

01/01/2043

212,506

City

of

Chicago

Midway

Airport

RB

Refunding

for

Senior

Lein

Airport

Series

2023C

(AMT)

(NR/A)

300,000

5.000

(f)

01/01/2037

333,089

250,000

5.000

(f)

01/01/2038

275,611

175,000

5.000

(f)

01/01/2039

192,359

City

of

Chicago

O'Hare

International

Airport

General

Airport

Senior

Lien

RB

Series

2022A

(NR/A+)

150,000

4.500

01/01/2048

151,658

City

of

Chicago

O'Hare

International

Airport

General

Airport

Senior

Lien

Revenue

Refunding

Bonds

Series

2022D

(NR/A+)

100,000

4.000

01/01/2042

102,030

Eastern

Illinois

Economic

Development

Authority,

Illinois

Business

District

RB

Remington

Road

&

I-57

Business

District

Series

2023

(NR/NR)

100,000

5.000

11/01/2033

98,544

Illinois

Finance

Authority

RB

for

Depaul

College

Prep

Foundation

Series

2023A

(NR/BB+)

125,000

5.500

(d)

08/01/2043

127,795

Illinois

Finance

Authority

RB

for

Dominican

University

Series

2022

(NR/BBB-)

165,000

5.000

03/01/2040

165,244

GOLDMAN

SACHS

MUNICIPAL

INCOME

COMPLETION

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Illinois

–

(continued)

Illinois

Finance

Authority

RB

for

Northwestern

Memorial

Healthcare

Obligation

Group

Series

2017

A

(Aa2/AA+)

$

250,000

4.000%

07/15/2047

$

242,097

Illinois

Finance

Authority

RB

for

Plymouth

Place

Series

2022B-3

(NR/NR)

250,000

4.750

11/15/2027

249,201

Illinois

Finance

Authority

RB

for

Roosevelt

University

Series

2019

A

(NR/NR)

100,000

6.125

(d)

04/01/2049

94,071

Illinois

Finance

Authority

RB

for

University

of

Illinois

Series

2020

(NR/BBB+)

305,000

5.000

10/01/2033

330,733

Illinois

Finance

Authority

RB

Refunding

for

Plymouth

Place

Obligated

Group

Series

2021

A

(NR/NR)

25,000

5.000

05/15/2041

21,454

Illinois

Finance

Authority

RB

Series

2015A

(NR/NR)

1,060,000

5.000

05/15/2028

1,018,943

Illinois

Finance

Authority

RB

Series

2021

(NR/BB+)

250,000

4.000

(d)

10/01/2042

205,949

Illinois

State

GO

Bonds

Series

2017

D

(A3/A-)

600,000

5.000

11/01/2028

644,079

Illinois

State

GO

Bonds

Series

2020

(A3/A-)

50,000

5.500

05/01/2039

55,358

150,000

5.750

05/01/2045

165,081

Illinois

State

GO

Refunding

Bonds

Series

2018

B

(A3/A-)

375,000

5.000

10/01/2031

405,354

Metropolitan

Pier

&

Exposition

Authority

RB

Refunding

Capital

Appreciation

for

McCormick

Place

Expansion

Project

Series

2002

A

(NATL)

(Baa2/A)

200,000

0.000

(e)

06/15/2033

145,894

Metropolitan

Pier

&

Exposition

Authority

RB

Refunding

for

McCormick

Place

Expansion

Project

Series

2017

B

(NR/A)

185,000

0.000

(e)

12/15/2054

42,179

Metropolitan

Pier

and

Exposition

Authority

Dedicated

State

Tax

RB

Series

2002A

(NATL)

(Baa2/A)

800,000

0.000

(e)

12/15/2034

552,679

Metropolitan

Pier

and

Exposition

Authority

McCormick

Place

Expansion

Project

Refunding

Bonds

Series

2022A

(NR/A)

30,000

4.000

06/15/2052

28,223

State

of

Illinois

GO

Bonds

Series

2016

(A3/A-)

1,000,000

4.000

06/01/2033

1,014,841

State

of

Illinois

GO

Bonds

Series

2017

D

(A3/A-)

30,000

3.250

11/01/2026

29,906

Upper

Illinois

River

Valley

Development

Authority

Educational

Facility

RB

for

Elgin

Math

&

Science

Academy

Charter

School

Project

Series

2023A

(Ba2/NR)

150,000

5.625

(d)

03/01/2043

147,144

12,158,607

Indiana

-

0.5%

Indiana

Finance

Authority

CHF

-

Tippecanoe,

LLC

-

Student

Housing

Project

Student

Housing

RB

Series

2023A

(NR/BBB-)

100,000

5.125

06/01/2058

100,892

Indiana

Finance

Authority

Environmental

Improvement

Revenue

Refunding

Bonds

Series

2021A

(B1/BB-)

400,000

4.125

12/01/2026

394,758

Indiana

Finance

Authority

RB

for

Goshen

Health

Obligated

Group

Series

2019

B

(NR/BBB+)

35,000

2.100

(a)(b)

11/01/2049

33,493

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Indiana

–

(continued)

Indiana

Finance

Authority

RB

Refunding

for

BHI

Senior

Living

Obligated

Group

Series

2021

B

(NR/NR)

$

50,000

2.520%

11/15/2026

$

46,229

50,000

2.920

11/15/2027

45,806

50,000

3.210

11/15/2028

45,252

50,000

3.260

11/15/2029

44,246

50,000

3.300

11/15/2030

43,301

Town

of

Upland

Economic

Development

RB

for

Taylor

University

Project

Series

2021

(NR/A-)

85,000

4.000

09/01/2033

86,311

840,288

Iowa

-

0.8%

City

of

Coralville

GO

Annual

Appopriation

Refunding

Bonds

Series

2022C

(NR/NR)

575,000

5.000

05/01/2042

572,617

Iowa

Finance

Authority

Midwestern

Disaster

Area

Revenue

Refunding

Bonds

Series

2022

(Baa3/BBB-)

300,000

4.000

(a)(b)

12/01/2050

303,811

Iowa

Finance

Authority

RB

for

Lifespace

Communities,

Inc.

Series

2018A

(NR/NR)

200,000

5.000

05/15/2048

152,577

Iowa

Higher

Education

Loan

Authority

Private

College

Facility

RB

Series

2022

(Baa1/BBB+)

310,000

5.000

10/01/2034

335,401

1,364,406

Kansas

-

0.1%

City

of

Manhattan

RB

Refunding

for

Meadowlark

Hills

Retirement

Community

Obligated

Group

Series

2021

A

(NR/NR)

50,000

4.000

06/01/2036

45,372

Salina

Airport

Authority

GO

Bonds

2023B

(AGM-CR)

(Aa3/AA)

200,000

4.000

09/01/2036

207,729

253,101

Kentucky

-

0.8%

City

of

Henderson

Exempt

Facilities

RB

for

Pratt

Paper,

LLC

Project

Series

2022A

(NR/NR)

200,000

4.450

(d)

01/01/2042

190,238

County

of

Carroll

RB

Refunding

for

Kentucky

Utilities

Co.

Series

2006

B

(A1/A)

150,000

2.125

10/01/2034

121,351

County

of

Carroll

RB

Refunding

for

Kentucky

Utilities

Co.

Series

2008

A

(A1/A)

150,000

2.000

02/01/2032

126,142

Kentucky

Economic

Development

Finance

Authority

Hospital

RB

Refunding

for

Owensboro

Medical

Health

System,

Inc.

Series

2017

A

(AGM)

(A1/AA)

75,000

4.000

06/01/2045

72,832

Louisville

&

Jefferson

County

Metropolitan

Government

RB

Refunding

for

Louisville

Gas

&

Electric

Co.

Series

2003

A

(A1/A)

500,000

2.000

10/01/2033

427,992

Louisville

Jefferson

County

Metro

Government

Health

System

RB

for

Norton

Healthcare

Series

2023A

(NR/A)

215,000

5.000

10/01/2041

234,320

150,000

5.000

10/01/2042

162,780

1,335,655

GOLDMAN

SACHS

MUNICIPAL

INCOME

COMPLETION

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Louisiana

-

1.1%

Lakeshore

Villages

Master

Community

Development

District

Special

Assessment

RB

Series

2022

(NR/NR)

$

225,000

4.450%

06/01/2027

$

225,333

250,000

5.000

06/01/2032

253,185

Lakeshore

Villages

Master

Community

Development

District

Special

Assessment

Series

2021

(NR/NR)

695,000

2.875

06/01/2031

610,865

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

RB

for

Downsville

Community

Charter

School

Project

Series

2023

(NR/NR)

100,000

6.500

(d)

06/15/2038

102,530

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Refunding

Bonds

for

Westlake

Chemical

Corp.

Project

Series

2017

(Baa2/BBB)

250,000

3.500

11/01/2032

237,015

Louisiana

Public

Facilities

Authority

RB

for

Jefferson

Rise

Charter

School

Project

Series

2022A

(NR/NR)

100,000

6.000

(d)

06/01/2037

96,777

Louisiana

Public

Facilities

Authority

RB

for

Lincoln

Prepatory

School

Project

Series

2022A

(NR/NR)

100,000

6.125

(d)

06/01/2037

100,141

Louisiana

Public

Facilities

Authority

RB

Series

2021A

(NR/NR)

100,000

4.000

(d)

06/01/2041

79,215

Louisiana

Public

Facilities

Authority

RB

Series

2021C

(NR/NR)

100,000

4.000

(d)

06/01/2041

79,215

1,784,276

Maine

-

0.5%

Maine

Health

&

Higher

Educational

Facilities

Authority

RB

for

MaineHealth

Series

2020A

(A1/A+)

200,000

4.000

07/01/2050

192,814

Maine

Health

and

Higher

Education

Facilities

Authority

RB

Series

2021A

(AGM

State

Intercept

State

Reserve

Bond

Guarantee)

(A1/AA)

375,000

4.000

07/01/2037

388,887

325,000

4.000

07/01/2041

329,457

911,158

Maryland

-

1.0%

City

of

Gaithersburg

Economic

Development

Project

RB

Series

2022

(NR/NR)

75,000

5.000

01/01/2037

75,501

100,000

5.125

01/01/2042

99,130

Frederick

County

Urbana

Community

Development

Authority

Special

Tax

Refunding

Series

2020

B

(NR/NR)

85,000

4.000

07/01/2040

79,056

Maryland

Economic

Development

Corp.

RB

for

United

States

Social

Security

Administration

Series

2021

(Baa3/NR)

195,000

3.997

04/01/2034

156,542

Maryland

Economic

Development

Corp.

Senior

Student

Housing

RB

for

Morgan

State

University

Project

Series

2022A

(NR/BBB-)

250,000

5.625

07/01/2043

271,337

Maryland

Health

and

Higher

Educational

Facilities

Authority

RB

Imagine

Andrews

Public

Charter

School

Issue

Series

2022A

(NR/NR)

100,000

5.500

(d)

05/01/2042

96,088

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Maryland

–

(continued)

Maryland

Health

and

Higher

Educational

Facilities

Authority

RB

Monocacy

Montessori

Communities

Issue

Series

2023

(NR/NR)

$

100,000

5.875%

(d)

07/01/2043

$

100,668

Maryland

Stadium

Authority

Baltimore

City

Public

Schools

Construction

and

Revitalization

Program

Revenue

Bonds

Series

2022C

(ST

INTERCEPT)

(Aa3/AA-)

700,000

0.000

(e)

05/01/2051

203,863

700,000

0.000

(e)

05/01/2052

193,255

Mayor

and

City

Council

of

Baltimore

City

of

Baltimore,

Maryland

Convention

Center

Hotel

Revenue

Refunding

Bonds,

Series

2017

(NR/B)

150,000

5.000

09/01/2032

152,767

100,000

5.000

09/01/2035

101,345

Mayor

and

City

Council

of

Baltimore

Subordinate

Special

Obligation

RB

for

Harbor

Point

Project

Series

2022

(NR/NR)

100,000

4.875

06/01/2042

100,422

1,629,974

Michigan

-

2.3%

City

of

Detroit

Financial

Recovery

GO

Bonds

Series

2014

B-1

(NR/NR)

1,665,000

4.000

(a)

04/01/2044

1,232,798

City

of

Detroit

GO

Bonds

Series

2020

(Ba1/BB+)

205,000

5.500

04/01/2045

217,309

City

of

Detroit

GO

Bonds

Series

2021

A

(Ba1/BB+)

45,000

5.000

04/01/2030

48,685

105,000

5.000

04/01/2034

113,724

City

of

Detroit

GO

Bonds

Series

2021

B

(Ba1/BB+)

50,000

2.711

04/01/2026

45,986

City

of

Detroit,

County

of

Wayne,

UT

GO

Social

Bonds

Series

2021A

(Tax

Exempt)

(Ba1/BB+)

50,000

5.000

04/01/2035

53,933

City

of

Kalamazoo

Economic

Development

Corporation

Limited

obligation

RB

for

Revel

Creek

Project,

Series

2020A

(Ba1/BB+)

300,000

5.250

05/01/2027

315,167

Detroit

Financial

Recovery

Bonds

LT

Series

B-2

(NR/NR)

400,000

4.000

(a)

04/01/2044

296,168

Detroit

Michigan

Sewage

Disposal

System

RB

Refunding

Series

2006

D

(AGM)

(Aa3/AA)

(3M

USD

LIBOR

+

0.60%)

415,000

4.390

(c)

07/01/2032

394,512

Michigan

Finance

Authority

Higher

Education

Facilities

Limited

Obligation

Revenue

Refunding

Bonds

for

Lawrence

Technology

University

Series

2022

(NR/BBB-)

100,000

4.000

02/01/2042

85,472

Michigan

Finance

Authority

Tobacco

Settlement

Asset-Backed

Bonds

Series

2020A-2

(NR/BBB+)

225,000

5.000

06/01/2040

237,156

Michigan

Finance

Authority

Tobacco

Settlement

RB

Refunding

Series

2020

A-1

(NR/A-)

325,000

3.267

06/01/2039

298,733

Michigan

Finance

Authority

Tobacco

Settlement

RB

Refunding

Series

2020

B-2

Class

2

(NR/NR)

3,505,000

0.000

(e)

06/01/2065

376,611

GOLDMAN

SACHS

MUNICIPAL

INCOME

COMPLETION

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Michigan

–

(continued)

Michigan

Tobacco

Settlement

Finance

Authority

Tobacco

Settlement

Asset

Backed

RB

Series

C

(NR/NR)

$

1,150,000

0.000%

(e)

06/01/2058

$

48,359

3,764,613

Minnesota

-

1.1%

City

of

Independence

RB

for

Global

Academy,

Inc.

Series

2021

A

(NR/BB)

75,000

4.000

07/01/2031

69,165

Duluth

Economic

Development

Authority

Health

Care

Facilities

RB

Refunding

for

St.

Luke's

Hospital

Series

2022

(NR/BB+)

380,000

4.000

06/15/2037

364,521

390,000

4.000

06/15/2038

366,254

250,000

4.000

06/15/2039

231,766

Duluth

Economic

Development

Authority

Health

Care

Facilities

RB

St.

Luke'S

Hospital

of

Duluth

Obligated

Group

Series

2022A

(NR/BB+)

425,000

4.000

06/15/2035

420,102

Duluth

Independent

School

District

No.709

COPS

Refunding

Series

2019

A

(Baa1/NR)

25,000

4.000

03/01/2032

24,437

Minnesota

Municipal

Gas

Agency

Commodity

Supply

RB

Series

2022

(Aa1/NR)

330,000

4.000

12/01/2026

334,773

1,811,018

Mississippi

-

0.3%

Mississippi

Business

Finance

Corp.

System

Energy

Resources

Inc.

RB

Series

2021

(Baa2/BBB)

200,000

2.375

06/01/2044

124,594

Mississippi

Development

Bank

Special

Obligation

Bonds

Series

2021

(NR/BB)

100,000

5.000

(d)

10/01/2033

105,236

200,000

4.000

(d)

10/01/2041

173,985

Warren

County

RB

Refunding

for

International

Paper

Company,

Series

2020

B

(AMT)

(Baa2/BBB)

75,000

1.600

(a)(b)

08/01/2027

72,167

475,982

Missouri

-

0.6%

Cape

Girardeau

County

IDA

Health

Facilities

RB

for

SoutheastHEALTH

Obligated

Group

Series

2021

(A1/A+)

50,000

4.000

03/01/2041

50,192

City

of

St.

Louis

IDA

Tax

Increment

Financing

RB

for

St.

Louis

Innovation

District

Project

Series

2022

(NR/NR)

100,000

5.000

05/15/2041

100,367

Joplin

Industrial

Development

Authority

RB

for

32nd

Street

Place

Community

Improvement

District

Series

2021

(NR/NR)

95,000

3.500

11/01/2040

87,373

100,000

4.250

11/01/2050

84,758

Missouri

Health

&

Educational

Facilities

Authority

RB

Refunding

for

Bethesda

Health

Group,

Inc.

Obligated

Group

Series

2021

(NR/NR)

25,000

4.000

08/01/2036

21,463

25,000

4.000

08/01/2041

19,614

State

of

Missouri

Environmental

Improvement

and

Energy

Resources

Authority

Environmental

Improvement

RB

Series

2008

(Baa1/A-)

250,000

3.500

(a)(b)

05/01/2038

248,347

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Missouri

–

(continued)

State

of

Missouri

Health

&

Educational

Facilities

Authority

Health

Facilities

RB

for

Mosaic

Health

System

Series

2019A

(A1/NR)

$

275,000

4.000%

02/15/2038

$

278,396

The

Industrial

Development

Authority

of

The

County

of

Taney,

Missouri

Sales

Tax

Revenue

Improvement

Bonds

Big

Cedar

Infrastructure

Project

Series

2023

(NR/NR)

100,000

5.000

(d)

10/01/2033

100,162

990,672

Nevada

-

0.1%

City

of

Las

Vegas

Special

Improvement

District

No.

816

Special

Assessment

Series

2021

(NR/NR)

50,000

3.125

06/01/2051

32,800

Henderson

Local

Improvement

District

No.

T-18

Limited

Obligation

Series

2016

(NR/NR)

100,000

4.000

09/01/2035

92,660

Tahoe-Douglas

Visitors

Authority

RB

Series

2020

(NR/NR)

100,000

5.000

07/01/2040

102,688

228,148

New

Hampshire

-

0.4%

National

Finance

Authority

Hospital

RB

Series

2021B

(AGM)

(A1/AA)

500,000

3.000

08/15/2046

415,322

New

Hampshire

Business

Finance

Authority

RB

Refunding

for

Springpoint

Senior

Living

Obligated

Group

Series

2021

(NR/NR)

225,000

4.000

01/01/2041

185,644

600,966

New

Jersey

-

3.0%

Atlantic

County

Improvement

GO

Lease

RB

for

Stockton

University

Altantic

City

Campus

Project

Series

2021A

(AGM)

(A1/AA)

140,000

4.000

07/01/2053

133,806

New

Jersey

Economic

Development

Authority

Special

Facility

RB

for

Continental

Airlines

Project

Series

1999

(Ba3/BB-)

875,000

5.250

09/15/2029

876,611

New

Jersey

Health

Care

Facilities

Financing

Authority

RB

for

St..

Joseph's

Healthcare

System

Obligated

Group

Issue

Series

2016

(Baa3/BBB-)

325,000

5.000

07/01/2041

328,813

New

Jersey

State

Transportation

Trust

Fund

Authority

Transportation

System

Bonds

Series

2006C

(AGM)

(A1/AA)

975,000

0.000

(e)

12/15/2034

689,732

New

Jersey

Transportation

Trust

Fund

Authority

RB

for

Transportation

System

Series

2009

A

(A2/A-)

2,450,000

0.000

(e)

12/15/2038

1,391,395

New

Jersey

Transportation

Trust

Fund

Authority

RB

Refunding

for

Transportation

System

Bonds

Series

2018

A

(A2/A-)

70,000

5.000

12/15/2032

77,170

New

Jersey

Transportation

Trust

Fund

Authority

RB

Series

2020

AA

(A2/A-)

75,000

3.000

06/15/2050

60,075

New

Jersey

Transportation

Trust

Fund

Authority

Transportation

Program

RB

Series

2019

BB

(A2/A-)

400,000

3.500

06/15/2046

358,972

New

Jersey

Turnpike

Authority

Turnpike

RB

Series

2017

G

(A1/AA-)

615,000

4.000

01/01/2043

613,007

GOLDMAN

SACHS

MUNICIPAL

INCOME

COMPLETION

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

New

Jersey

–

(continued)

New

Jersey

Turnpike

Authority

Turnpike

RB

Series

2022

B

(A1/AA-)

$

100,000

4.500%

01/01/2048

$

103,518

Passaic

County

Improvement

Authority

Charter

School

RB

for

Paterson

Arts

&

Science

Charter

School

Project

Series

2023

(NR/BBB-)

100,000

5.375

07/01/2053

102,922

South

Jersey

Transport

Corp.

Subordinated

Marine

Terminal

RB

Series

2017B

(A3/NR)

100,000

5.000

01/01/2048

102,107

Union

County

Improvement

Authority

RB

Aries

Linden

LLC

Project

Series

2019

(NR/NR)

200,000

6.750

(d)

12/01/2041

129,484

4,967,612

New

Mexico

-

0.6%

City

of

Farmington

Pollution

Control

Refunding

RB

2005

Series

A

(A2/A-)

200,000

1.800

04/01/2029

178,924

City

of

Farmington,

New

Mexico

Pollution

Control

Revenue

Refunding

Bonds

Public

Service

Company

of

New

Mexico

San

Juan

Project

2010

Series

D

(Baa2/BBB)

380,000

3.900

(a)(b)

06/01/2040

384,941

Winrock

Town

Center

Tax

Increment

Development

District

1

Senior

Lien

Gross

Recepits

Tax

Increment

Bonds

Series

2022

(NR/NR)

500,000

4.250

(d)

05/01/2040

431,245

995,110

New

York

-

6.2%

Brooklyn

Arena

Local

Development

Corp.

Pilot

Revenue

Refunding

Bonds

for

Barclays

Center

Series

2016A

(Ba1/NR)

100,000

5.000

07/15/2042

100,389

Build

NYC

Resource

Corp.

RB

for

Academic

Leadership

Charter

School

Project

Series

2021

(NR/BBB-)

100,000

4.000

06/15/2030

97,450

Build

NYC

Resource

Corp.

RB

for

Hellenic

Classical

Charter

Schools

Series

2021

A

(NR/NR)

100,000

5.000

(d)

12/01/2041

90,432

Build

NYC

Resource

Corp.

RB

for

NEW

World

Preparatory

Charter

School

Series

2021

A

(NR/NR)

100,000

4.000

(d)

06/15/2041

80,785

Build

NYC

Resource

Corp.

RB

for

Shefa

School

Series

2021

B

(NR/NR)

100,000

4.000

(d)

06/15/2027

94,310

Build

NYC

Resource

Corp.

RB

for

Unity

Preparatory

Charter

School

of

Brooklyn

Project

Series

2023A

(NR/BB)

100,000

5.250

(d)

06/15/2043

99,755

Build

NYC

Resource

Corp.

Tax

Exempt

RB

Series

2022A

(NR/NR)

100,000

6.500

(d)

07/01/2032

102,654

150,000

6.500

(d)

07/01/2042

150,484

100,000

6.500

(d)

07/01/2052

99,294

Build

NYC

Resource

Corp.

Taxable

RB

Taxable

Series

2022A

(NR/NR)

100,000

9.750

(d)

07/01/2032

97,937

Build

NYC

Resource

Corporation

RB

Classical

Charter

Schools

Project

Series

2023A

(NR/BBB-)

100,000

4.750

06/15/2053

99,929

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

New

York

–

(continued)

Chautauqua

County

Capital

Resource

Corp.

Exempt

Facilities

Revenue

Refunding

Bonds

for

NRG

Energy

Project

Series

2020

(Baa3/BBB-)

$

100,000

4.250%

(a)(b)

04/01/2042

$

100,861

City

of

New

York

GO

Tax

Exempt

Bonds

2020

Series

D

(Aa2/AA)

290,000

4.000

03/01/2050

290,359

Erie

Tobacco

Asset

Securitization

Corp.

RB

Asset-Backed

Bonds

Series

2006

A

(NR/NR)

800,000

0.000

(d)(e)

06/01/2060

51,989

Genesee

County

Funding

Corp.

Tax

Exempt

RB

for

Rochester

Regional

Health

Project

Series

2022A

(NR/BBB+)

250,000

5.000

12/01/2041

264,590

Metropolitan

Transportation

Authority

RB

Green

Bond

Series

2020

C-1

(A3/A-)

225,000

4.750

11/15/2045

231,710

125,000

5.000

11/15/2050

131,312

75,000

5.250

11/15/2055

79,482

Metropolitan

Transportation

Authority

RB

Refunding

Series

2016

D

(A3/A-)

175,000

5.250

11/15/2031

184,254

Metropolitan

Transportation

Authority

RB

Refunding

Series

2017

D

(A3/A-)

250,000

5.000

11/15/2032

270,503

Metropolitan

Transportation

Authority

Transportation

Revenue

Green

Bonds

Series

2020D

(A3/A-)

100,000

5.000

11/15/2045

106,339

Nassau

County

Tobacco

Settlement

Corp.

RB

for

Asset

Backed

Bonds

Series

2006

D

(NR/NR)

2,255,000

0.000

(e)

06/01/2060

139,233

New

York

City

Industrial

Development

Agency

RB

Refunding

for

Queens

Ballpark

Co.

LLC

Series

2021

A

(AGM)

(A1/AA)

220,000

3.000

01/01/2046

175,566

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Tax

Exempt

Subordinate

Bonds

Fiscal

2019

Series

B-4

(Aa1/AAA/A-1)

130,000

4.100

(a)(b)

08/01/2042

130,000

New

York

Counties

Tobacco

Trust

IV

RB

Series

2005

F

(NR/NR)

3,500,000

0.000

(e)

06/01/2060

243,151

New

York

Housing

Development

Corp.

Multi-Family

Mortgage

RB

for

8

Spruce

Street

Series

2014

Class

E

(NR/BBB-)

100,000

3.500

02/15/2048

99,054

New

York

Liberty

Development

Corp.

RB

for

World

Trade

Center

Project

Series

2014

(NR/NR)

125,000

5.150

(d)

11/15/2034

125,149

100,000

5.375

(d)

11/15/2040

100,123

New

York

Liberty

Development

Corp.

RB

for

World

Trade

Center

Project

Series

2014

Class

3

(NR/NR)

275,000

7.250

(d)

11/15/2044

276,864

New

York

Liberty

Development

Corp.

RB

Refunding

for

3

World

Trade

Center

LLC

Series

2014

(NR/NR)

740,000

5.000

(d)

11/15/2044

733,332

New

York

State

Dormitory

Authority

RB

for

Brooklyn

St.

Joseph's

College

Series

2021

(NR/NR)

225,000

4.000

07/01/2040

195,616

New

York

State

Dormitory

Authority

RB

Refunding

for

Catholic

Health

System

Obligated

Group

Series

2019

A

(Caa1/B-)

200,000

5.000

07/01/2035

170,889

GOLDMAN

SACHS

MUNICIPAL

INCOME

COMPLETION

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

New

York

–

(continued)

New

York

State

Dormitory

Authority

RB

Refunding

for

Montefiore

Obligated

Group

Series

2020

A

(Baa3/BBB-)

$

250,000

4.000%

09/01/2037

$

250,082

New

York

State

Environmental

Facilities

Corp.

RB

for

Casella

Waste

Systems,

Inc.

Series

2020

R-1

(B1/B+)

250,000

2.750

(a)(b)

09/01/2050

241,077

New

York

State

Housing

Finance

Agency

2021

Series

J-2

(SONYMA

HUD

SECT

8)

(Aa2/NR)

150,000

1.100

(a)(b)

11/01/2061

136,897

New

York

Transportation

Development

Corp.

for

Terminal

4

John

F.

Kennedy

International

Airport

Project

Special

Facilities

RB

Series

2020C

(AGM-CR)

(A1/AA)

75,000

4.000

12/01/2040

76,232

New

York

Transportation

Development

Corp.

RB

for

Delta

Air

Lines,

Inc.

Series

2018

(Baa3/NR)

400,000

5.000

01/01/2027

409,251

190,000

5.000

01/01/2033

193,876

100,000

4.000

01/01/2036

95,632

New

York

Transportation

Development

Corp.

RB

for

Delta

Air

Lines,

Inc.

Series

2020

(Baa3/NR)

795,000

4.375

10/01/2045

755,835

New

York

Transportation

Development

Corp.

RB

for

Empire

State

Thruway

Partners

LLC

Series

2021

(NR/NR)

25,000

2.500

10/31/2031

21,539

New

York

Transportation

Development

Corp.

Special

Facilities

Bonds

for

Laguardia

Airport

Terminal

B

Redevelopment

Project

Series

2016A

(Baa2/NR)

100,000

5.000

07/01/2034

100,343

100,000

5.000

07/01/2046

99,827

New

York

Transportation

Development

Corp.

Special

Facilities

RB

for

John

F.

Kennedy

International

Airport

New

Terminal

One

Project

Green

Bonds

Series

2023

(AMT)

(AGM)

(A1/AA)

100,000

5.000

06/30/2049

104,463

New

York

Transportation

Development

Corp.

Special

Facilities

RB

for

John

F.

Kennedy

International

Airport

New

Terminal

One

Project

Green

Bonds

Series

2023

(AMT)

(Baa3/NR)

125,000

6.000

06/30/2054

138,029

New

York

Transportation

Development

Corp.

Special

Facility

RB

for

Delta

Air

Lines

Inc.

Laguardia

Airport

Terminals

C&D

Redevelopment

Project

Series

2023

(Baa3/BB+)

250,000

6.000

04/01/2035

278,499

New

York

Transportation

Development

Corp.

Special

Facility

RB

Refunding

for

American

Airlines,

Inc.

John

F.

Kennedy

International

Airport

Project

Series

2020

(NR/B+)

230,000

5.250

08/01/2031

239,321

15,000

5.375

08/01/2036

15,448

New

York

Transportation

Development

Corp.

Special

Facility

Revenue

Refunding

Bonds

for

American

Airlines

John

F.

Kennedy

International

Airport

Project

Series

2016

(NR/B+)

315,000

5.000

08/01/2026

315,043

Oneida

County

Local

Development

Corp.

RB

Refunding

for

Utica

College

Project

Series

2019

(NR/NR)

135,000

3.000

07/01/2044

100,317

Orange

County

Funding

Corp.

Tax

Exempt

Revenue

Refunding

Bonds

for

Mount

Saint

Mary

College

Project

Series

2022A

(NR/NR)

250,000

4.000

07/01/2035

247,259

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

New

York

–

(continued)

State

of

New

York

Dormitory

Authority

Northwell

Health

Obligated

Group

RB

Series

2022A

(A3/A-)

$

325,000

4.250%

05/01/2052

$

325,008

385,000

5.000

05/01/2052

410,831

The

Port

Authority

of

New

York

and

New

Jersey

Consolidated

Bonds

,

Two

Hundred

Twenty-Third

Series

(Aa3/AA-)

430,000

4.000

07/15/2046

420,713

100,000

5.000

07/15/2056

104,434

10,293,751

North

Carolina

-

0.6%

Columbus

County

Industrial

Facilities

and

Pollution

Control

Financing

Authority

RB

Refunding

for

International

Paper

Co.

Series

2020

A

(Baa2/BBB)

75,000

1.375

(a)(b)

05/01/2034

71,931

Greater

Asheville

Regional

Airport

Authority

Airport

System

RB

Series

2022A

(AMT)

(AGM)

(A1/AA)

100,000

5.500

07/01/2052

109,465

Greater

Asheville

Regional

Airport

Authority

Airport

System

RB

Series

2023

(AGM)

(A1/AA)

200,000

5.250

07/01/2053

215,745

North

Carolina

Department

of

Transportation

Tax

Exempt

Private

Activity

Bonds

Series

2015

(NR/NR)

200,000

5.000

12/31/2037

202,755

North

Carolina

Medical

Care

Commission

Health

Care

Facilities

First

Mortgage

Revenue

Refunding

Bonds

Pennybyrn

At

Maryfield

Series

2015

(NR/NR)

250,000

5.000

10/01/2035

241,154

North

Carolina

Medical

Care

Commission

RB

for

Forest

at

Duke,

Inc.

Obligated

Group

Series

2021

(NR/NR)

50,000

4.000

09/01/2041

41,841

North

Carolina

Medical

Care

Commission

RB

for

Lutheran

Services

for

the

Aging,

Inc.

Obligated

Group

Series

2021

A

(NR/NR)

75,000

4.000

03/01/2036

65,845

100,000

4.000

03/01/2051

70,962

North

Carolina

Medical

Care

Commission

RB

Refunding

for

EveryAge

Obligated

Group

Series

2021

A

(NR/NR)

50,000

4.000

09/01/2041

41,741

1,061,439

North

Dakota

-

0.2%

City

of

Horace,

North

Dakota

Temporary

Refunding

Improvement

Bonds,

Series

2023B

(Baa3/NR)

300,000

5.125

07/01/2025

302,383

a

a

Ohio

-

3.8%

Buckeye

Tobacco

Settlement

Financing

Authority

RB

Refunding

for

Senior

Asset-Backed

Bonds

Series

2020

A-2

Class

1

(NR/NR)

875,000

5.000

06/01/2055

822,286

Buckeye

Tobacco

Settlement

Financing

Authority

RB

Refunding

for

Senior

Asset-Backed

Bonds

Series

2020

B-3

Class

2

(NR/NR)

1,000,000

0.000

(e)

06/01/2057

107,221

Cleveland

Airport

Special

RB

for

Continental

Airlines,

Inc.

Project

Series

1998

(Ba3/BB-)

280,000

5.375

09/15/2027

279,995

GOLDMAN

SACHS

MUNICIPAL

INCOME

COMPLETION

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Ohio

–

(continued)

County

of

Cuyahoga

Health

Care

and

Independent

Living

Facilities

Refunding

RB

for

Eliza

Jennings

Senior

Health

Care

Network

Series

2022A

(NR/NR)

$

310,000

5.375%

05/15/2037

$

293,700

County

of

Franklin

Healthcare

Facilities

RB

for

Ohio

Living

Communities

Series

2023

(NR/NR)

200,000

5.000

07/01/2035

199,653

225,000

5.000

07/01/2036

221,714

County

Of

Franklin

Healthcare

Facilities

Refunding

RB

Series

2022

(NR/NR)

200,000

4.000

07/01/2040

166,405

County

of

Franklin

RB

Refunding

for

Wesley

Communities

Obligated

Group

Series

2020

(NR/NR)

100,000

5.250

11/15/2040

92,604

County

of

Franklin

RB

Series

OH

2019A

(Aa3/AA-)

500,000

4.000

12/01/2044

495,304

County

of

Lucas

Hospital

RB

for

Promedica

Healthcare

Obligated

Group

Series

2018A

(Ba2/BB)

400,000

5.250

11/15/2048

368,472

County

of

Summit

Green

Local

School

District

Improvement

Bonds

Series

2022A

(SD

CRED

PROG)

(NR/AA+)

500,000

5.000

11/01/2052

533,520

Cuyahoga

County

Ohio

Hospital

RB

for

Metrohealth

System

Series

2017

(Baa2/BBB)

200,000

5.250

02/15/2047

201,761

225,000

5.000

02/15/2052

223,794

100,000

5.000

02/15/2057

99,603

Evans

Farm

New

Community

Authority

Special

Assessment

Bonds

Series

2020

(NR/NR)

170,000

3.750

12/01/2038

141,610

Franklin

County

Finance

Authority

Lease

RB

for

The

Cornerstone

Academy

Community

School

Series

2023

(NR/NR)

125,000

7.000

(d)

07/01/2053

125,257

Ohio

Air

Quality

Development

Authority

Air

Quality

Development

Refunding

Bonds

for

Duke

Energy

Corp.

Project

Series

2022B

(Baa2/BBB)

250,000

4.250

(a)(b)

11/01/2039

254,881

Ohio

Air

Quality

Development

Authority

Collateralized

Air

Quality

Revenue

Refunding

Bonds

for

Dayton

Power

and

Light

Company

Project

2015

Series

A

(Baa1/BBB)

750,000

4.250

(a)(b)

11/01/2040

756,250

Ohio

Higher

Educational

Facility

Commission

RB

Refunding

for

Judson

Obligated

Group

Series

2020

A

(NR/NR)

100,000

5.000

12/01/2042

94,275

100,000

5.000

12/01/2045

92,002

Ohio

State

Higher

Education

Facilities

RB

Series

2020

(A3/NR)

100,000

5.000

01/15/2050

98,708

Ohio

State

Higher

Education

Facility

Commission

RB

Series

2020

(A3/NR)

100,000

5.000

01/15/2040

100,879

Port

of

Greater

Cincinnati

Development

Authority

Education

RB

Series

2021

(NR/NR)

100,000

4.375

(a)(b)

06/15/2056

96,852

Port

of

Greater

Cincinnati

Development

Authority

RB

Series

2021

(NR/NR)

100,000

4.250

(d)

12/01/2050

85,543

Port

of

Greater

Cincinnati

Development

Authority

Special

Obligation

Development

TIF

RB,

Series

2016B

(NR/NR)

200,000

5.000

12/01/2046

190,657

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Ohio

–

(continued)

Southern

Ohio

Port

Authority

RB

for

PureCycle

Ohio

LLC

Series

2020

A

(AMT)

(NR/NR)

$

100,000

6.500%

(d)

12/01/2030

$

75,641

Toledo-Lucas

County

Port

Authority

Parking

System

RB

Series

2021

(Baa3/NR)

175,000

4.000

01/01/2038

158,191

6,376,778

Oklahoma

-

0.3%

Oklahoma

Development

Finance

Authority

Health

System

RB

for

OU

Medicine

Project

Series

2018

B

(Ba3/BB-)

35,000

5.000

08/15/2038

34,356

50,000

5.500

08/15/2057

50,109

Oklahoma

Development

Finance

Authority

Health

System

RB

for

OU

Medicine

Project

Series

2018B

(Ba3/BB-)

375,000

5.500

08/15/2052

376,558

461,023

Oregon

-

0.1%

Yamhill

County

Hospital

Authority

Revenue

and

Refunding

Tax

Exempt

Bonds

Series

2021A

(NR/NR)

125,000

5.000

11/15/2051

94,035

a

a

Pennsylvania

-

2.2%

Allegheny

County

Higher

Education

Building

Authority

University

Revenue

Refunding

Bonds

Series

2022

(NR/BBB-)

90,000

5.250

09/01/2035

91,612

Allegheny

County

Industrial

Development

Authority

RB

Refunding

for

United

States

Steel

Corp.

Project

Series

2019

(B1/BB-)

75,000

5.125

05/01/2030

76,189

Allentown

Neighborhood

Improvement

Zone

Development

Authority

RB

Refunding

Series

2022

(Baa3/NR)

100,000

2.100

05/01/2024

98,619

Berks

County

Industrial

Development

Authority

RB

Refunding

for

Tower

Health

Obligated

Group

Series

2017

(WR/CCC+)

100,000

4.000

11/01/2047

52,083

Bucks

County

IDA

Hospital

RB

for

Grand

View

Hospital

Project

Series

2021

(NR/BB-)

275,000

4.000

07/01/2051

207,511

City

of

Wilkes-Barre

Finance

Authority

University

Revenue

Refunding

Bonds

Series

2021

(NR/BBB-)

100,000

4.000

03/01/2042

82,960

Dauphin

County

General

Authority

RB

for

The

Harrisburg

University

of

Science

&

Technology

Series

2020

(NR/BB-)

100,000

5.875

(d)

10/15/2040

85,809

200,000

6.250

(d)

10/15/2053

165,282

Lancaster

County

Hospital

Authority

RB

Refunding

for

St.

Anne's

Retirement

Community

Obligated

Group

Series

2020

(NR/NR)

100,000

5.000

03/01/2040

86,019

Lancaster

County

Hospital

Authority

RB

Series

2020

(NR/NR)

250,000

5.000

03/01/2050

198,632

Latrobe

Industrial

Development

Authority

RB

Refunding

for

Seton

Hill

University

Series

2021

(NR/BBB-)

250,000

4.000

03/01/2038

227,429

Lincoln

University

of

The

Commonwealth

System

of

Higher

Education

RB

Refunding

Tax

Exempt

Social

Bonds

2023

Series

A

(Baa3/NR)

150,000

5.250

07/01/2044

144,323

GOLDMAN

SACHS

MUNICIPAL

INCOME

COMPLETION

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Pennsylvania

–

(continued)

Montgomery

County

IDA

Retirement

Communities

RB

for

Acts

Retirement

Life

Communitiies

Obligated

Group

Series

2020C

(NR/NR)

$

100,000

5.000%

11/15/2045

$

101,796

Pennsylvania

Economic

Development

Financing

Authority

RB

Refunding

for

Presbyterian

Homes

Obligated

Group

Series

2021

(NR/NR)

55,000

4.000

07/01/2041

49,953

Pennsylvania

Economic

Development

Financing

Authority

Solid

Waste

Disposal

Refunding

RB

Series

2021B

(NR/A-/A-2)

260,000

1.100

(a)(b)

06/01/2031

239,023

Pennsylvania

Economic

Development

Financing

Authority

Tax

Exempt

Private

Activity

RB

for

Penndot

Major

Bridges

Package

One

Project

Series

2022

(AGM)

(A1/AA)

250,000

5.000

12/31/2057

258,041

Pennsylvania

Economic

Development

Financing

Authority

Tax

Exempt

Private

Activity

RB

for

Penndot

Major

Bridges

Package

One

Project

Series

2022

(Baa2/NR)

350,000

5.750

06/30/2048

383,850

100,000

5.250

06/30/2053

104,669

Pennsylvania

Economic

Development

Financing

Authority

UPMC

RB,

Series

2020A

(A2/A)

100,000

4.000

04/15/2036

103,417

Philadelphia

Authority

for

Industrial

Development

Charter

School

RB

for

Green

Woods

Charter

School

Project

Series

2022A

(NR/BB+)

100,000

5.125

06/15/2042

94,686

Philadelphia

Authority

for

Industrial

Developmnet

Tacony

Charter

School

Project

Social

Bond

RB

Series

2023

(NR/BB+)

100,000

5.000

(d)

06/15/2033

101,275

Susquehanna

Area

Regional

Airport

Authority

Airport

System

RB

Series

2017

(Baa3/NR)

420,000

5.000

01/01/2038

429,593

The

Berks

County

Municipal

Authority

RB

for

Alvernia

University

Project

Series

2020

(NR/BB+)

100,000

5.000

10/01/2049

89,119

The

Berks

County

Municipal

Authority

RB

for

Tower

Health

Obligated

Group

Series

2012

A

(WR/CCC+)

290,000

5.000

11/01/2040

151,895

Upper

Dauphin

IDA

RB

for

Pennsylvania

Steam

Academy

Charter

School

Project

Series

2022B

(NR/NR)

30,000

6.000

(d)

07/01/2029

29,241

3,653,026

Puerto

Rico

-

10.9%

HTA

Trust

Certificates

Class

L-2028

Units

(NR/NR)

91,406

5.250

07/01/2038

91,428

Puerto

Rico

Aqueduct

and

Sewer

Authority

Revenue

Refunding

Bonds

Series

2020A

(NR/NR)

750,000

5.000

(d)

07/01/2035

757,033

Puerto

Rico

Aqueduct

and

Sewer

Authority

Revenue

Refunding

Bonds

Series

2022A

(NR/NR)

250,000

5.000

(d)

07/01/2037

251,202

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

RB

Refunding

for

Senior

Lien

Series

2020

A

(NR/NR)

500,000

5.000

(d)

07/01/2047

491,182

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

RB

Refunding

Series

2022

A

(NR/NR)

250,000

5.000

(d)

07/01/2033

253,822

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Puerto

Rico

–

(continued)

Puerto

Rico

Commonwealth

Aqueduct

and

Sewer

Authority

Revenue

Refunding

Bonds

Series

2021B

(NR/NR)

$

600,000

4.000%

(d)

07/01/2042

$

529,465

Puerto

Rico

Commonwealth

GO

Bonds

(NR/NR)

652,160

0.000

(a)(g)(h)

11/01/2043

355,428

Puerto

Rico

Commonwealth

GO

Clawback

Bonds

(NR/NR)

136,656

0.000

(a)(g)(h)

11/01/2051

55,858

Puerto

Rico

Commonwealth

GO

Clawback

CVIs

(NR/NR)

95,413

0.000

(a)(g)(h)

11/01/2051

52,000

Puerto

Rico

Commonwealth

GO

Restructured

Bonds

Series

2022

A-1

(NR/NR)

23,891

0.000

(e)

07/01/2024

23,422

163,993

5.375

07/01/2025

167,615

322,380

5.625

07/01/2029

349,644

755,281

5.750

07/01/2031

840,142

514,493

0.000

(e)

07/01/2033

320,744

322,248

4.000

07/01/2033

315,514

132,356

4.000

07/01/2035

127,968

223,596

4.000

07/01/2037

213,469

729,448

4.000

07/01/2041

669,003

435,624

4.000

07/01/2046

387,998

Puerto

Rico

Electric

Power

Authority

Power

RB

Series

2012A

(WR/NR)

200,000

5.000

*

07/01/2042

52,000

250,000

5.050

*

07/01/2042

65,000

Puerto

Rico

Electric

Power

Authority

Power

RB

Series

2013A

(WR/NR)

50,000

7.000

*

07/01/2033

13,000

150,000

7.000

*

07/01/2040

39,000

Puerto

Rico

Electric

Power

Authority

Power

RB

Series

AAA

(WR/NR)

100,000

5.250

*

07/01/2031

26,000

Puerto

Rico

Electric

Power

Authority

Power

RB

Series

CCC

(WR/NR)

250,000

5.250

*

07/01/2026

65,000

340,000

5.250

*

07/01/2027

88,400

415,000

5.000

*

07/01/2028

107,900

Puerto

Rico

Electric

Power

Authority

Power

RB

Series

TT

(WR/NR)

100,000

5.000

*

07/01/2032

26,000

Puerto

Rico

Electric

Power

Authority

Power

RB

Series

XX

(WR/NR)

675,000

5.250

*

07/01/2040

175,500

Puerto

Rico

Electric

Power

Authority

Power

RB

Series

ZZ

(WR/NR)

145,000

4.250

*

07/01/2020

37,700

50,000

5.250

*

07/01/2026

13,000

Puerto

Rico

Electric

Power

Authority

RB

Series

TT

(WR/NR)

175,000

5.000

*

07/01/2037

45,500

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax

Revenue

Restructued

Bonds

Series

A-2

(NR/NR)

1,203,000

4.329

07/01/2040

1,194,235

Puerto

Rico

Sales

Tax

Financing

Corporation

Sales

Tax

Capital

Appreciation

Restructured

RB

Series

2018

A-1

(NR/NR)

8,000

0.000

(e)

07/01/2024

7,843

27,000

0.000

(e)

07/01/2027

23,501

91,000

0.000

(e)

07/01/2029

72,772

451,000

0.000

(e)

07/01/2031

330,075

599,000

0.000

(e)

07/01/2033

398,972

GOLDMAN

SACHS

MUNICIPAL

INCOME

COMPLETION

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Puerto

Rico

–

(continued)

Puerto

Rico

Sales

Tax

Financing

Corporation

Sales

Tax

Capital

Appreciation

Restructured

RB

Series

2018

A-1

(NR/NR)

–

(continued)

$

1,776,000

0.000%

(e)

07/01/2046

$

556,818

409,000

0.000

(e)

07/01/2051

95,507

Puerto

Rico

Sales

Tax

Financing

Corporation

Sales

Tax

Capital

Appreciation

Restructured

RB

Series

2019

A-2

(NR/NR)

2,722,000

4.329

07/01/2040

2,702,167

19,000

4.536

07/01/2053

18,166

2,929,000

4.784

07/01/2058

2,887,085

Puerto

Rico

Sales

Tax

Financing

Corporation

Sales

Tax

Restructured

RB

Series

2018

A-1

(NR/NR)

389,000

4.500

07/01/2034

389,868

270,000

4.750

07/01/2053

267,206

2,210,000

5.000

07/01/2058

2,217,711

18,168,863

Rhode

Island

-

0.2%

Rhode

Island

Housing

&

Mortgage

Finance

Corp.

Homeownership

Opportunity

Bonds

Series

78-A

(Aa1/AA+)

250,000

5.000

10/01/2042

270,258

a

a

South

Carolina

-

0.8%

Richland

County

at

Sandhill

Improvement

District

Refunding

Assessment

RB

Series

2021

(NR/NR)

100,000

3.625

(d)

11/01/2031

86,179

100,000

3.750

(d)

11/01/2036

80,603

South

Carolina

Economic

Development

Authority

Educational

Facilities

Tax

Exempt

RB

for

Polaris

Tech

Charter

School

Project

Series

2022A

(NR/NR)

100,000

5.125

(d)

06/15/2042

93,269

South

Carolina

Public

Service

Authority

Revenue

Obligations

2022

Tax

Exempt

Series

E

(A3/A-)

480,000

5.750

12/01/2047

537,096

Spartanburg

Regional

Health

Services

District

Obligated

Group

RB

Series

2020

A

(AGM)

(A1/AA)

795,000

3.000

04/15/2049

603,917

1,401,064

South

Dakota

-

0.0%

County

of

Lincoln

RB

Refunding

for

The

Augustana

College

Association

Series

2021

A

(NR/BBB-)

50,000

4.000

08/01/2051

42,723

a

a

Texas

-

9.3%

Arlington

Higher

Education

Finance

Corp.

Education

RB

Series

2022A

(NR/NR)

100,000

5.625

08/15/2052

89,879

City

of

Anna

Special

Assessment

Bonds

for

Sherley

Tract

Public

Improvement

District

No.

2

Series

2021

(NR/NR)

301,000

3.750

(d)

09/15/2031

265,671

157,000

4.500

(d)

09/15/2031

147,663

City

of

Anna

Special

Assessment

RB

for

Hurricane

Creek

Public

Improvement

District

Project

Series

2022

(NR/NR)

100,000

5.750

(d)

09/01/2042

101,765

City

of

Anna

Special

Assessment

RB

for

Woods

At

Lindsey

Place

Public

and

District

Improvement

Area

#1

Project

Series

2023

(NR/NR)

100,000

5.625

(d)

09/15/2043

101,645

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

City

of

Celina

Special

Assessment

Bonds

for

Wells

South

Public

Improvement

District

Series

2021

(NR/NR)

$

50,000

3.375%

(d)

09/01/2041

$

40,388

City

of

Celina

Special

Assessment

for

Edgewood

Creek

Public

Improvement

District

Phase#1

Project

Series

2021

(NR/NR)

50,000

4.250

(d)

09/01/2041

45,034

City

of

Celina

Special

Assessment

RB

for

Celina

Hills

Public

Improvement

District

Project

Series

2022

(NR/NR)

100,000

4.875

(d)

09/01/2042

95,816

City

of

Celina

Special

Assessment

RB

for

North

Sky

Public

Improvement

District

Project

Series

2023

(NR/NR)

440,000

4.375

09/01/2030

441,051

225,000

4.875

(d)

09/01/2030

225,992

City

of

Celina

Special

Assessment

RB

Series

2022

(NR/NR)

100,000

3.625

(d)

09/01/2032

88,953

City

of

Celina,

Collin

and

Denton

Counties

Special

Assessment

RB,

Series

2023

Cross

Creek

Meadows

Public

Improvement

District

Improvement

Area

1

Project

(NR/NR)

100,000

5.375

(d)

09/01/2043

101,126

City

of

Crandall

Special

Assessment

RB

for

River

Ridge

Public

Improvement

District

Project

Series

2022

(NR/NR)

530,000

5.500

(d)

09/15/2032

546,633

City

of

Dayton

Senior

Lien

Special

Assessment

RB

for

Westpointe

Villages

Public

Improvement

District

Improvement

Area

#1

Project

Series

2022A

(NR/NR)

350,000

4.625

(d)

09/01/2027

347,193

City

of

Dripping

Springs,

Hays

County

Special

Assessment

RB,

Series

2023

Heritage

Public

Improvement

District

Improvement

Area

1

Project

(NR/NR)

300,000

5.375

(d)

09/01/2043

302,500

City

of

Fate

Special

Assessment

for

Williamsburg

East

Public

Improvement

District

Area

No.

1

Series

2020

(NR/NR)

100,000

3.375

(d)

08/15/2030

90,253

City

of

Fate

Special

Assessment

RB

for

Monterra

Public

Improvement

District

Series

2021

(NR/NR)

100,000

3.375

(d)

08/15/2031

89,437

City

of

Fate

Special

Assessment

RB

for

Williamsburg

East

Public

Improvement

District

Project

Series

2022

(NR/NR)

317,000

5.875

(d)

08/15/2042

320,544

City

of

Fate

Special

Assessment

RB

for

Williamsburg

Public

Improvement

District

Series

2022

(NR/NR)

75,000

4.250

(d)

08/15/2042

68,147

City

of

Fate,

Rockwall

County

Special

Assessment

RB,

Series

2023

Williamsburg

Public

Improvement

District

No.

1

Phase

3B

(NR/NR)

100,000

5.125

(d)

08/15/2043

100,025

City

of

Georgetown

Special

Assessment

RB

for

Parks

at

Westhaven

Public

Improvement

District

Project

Series

2022

(NR/NR)

100,000

3.625

(d)

09/15/2027

96,989

City

of

Haslet

Special

Assessment

RB

for

Haslet

Public

Improvement

District

Series

2021

(NR/NR)

100,000

2.625

(d)

09/01/2026

93,832

City

of

Houston

Airport

System

Special

Facilities

RB

for

United

Airlines

Technical

Operations

Center

Project

Series

2018

(NR/BB-)

200,000

5.000

07/15/2028

201,204

City

of

Hutto

Emory

Crossing

Public

Improvement

District

Special

Assessment

Bond

Series

2021

(NR/NR)

519,000

3.625

(d)

09/01/2041

435,886

GOLDMAN

SACHS

MUNICIPAL

INCOME

COMPLETION

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

City

of

Hutto

Special

Assessment

RB

for

Cottonwood

Creek

Public

Improvement

Series

2021

(NR/NR)

$

100,000

3.500%

(d)

09/01/2041

$

82,825

City

of

Hutto

Special

Assessment

RB

for

Durango

Farms

Public

Improvement

District

Project

Series

2021

(NR/NR)

100,000

3.875

(d)

09/01/2041

85,734

City

of

Kyle

Special

Assessment

RB

for

6

Creeks

Public

Improvement

Project

Series

2021

(NR/NR)

100,000

3.375

(d)

09/01/2031

87,792

City

of

Kyle

Special

Assessment

RB

for

Plum

Creek

North

Public

Improvement

District

Area

#1

Project

Series

2022

(NR/NR)

200,000

4.125

(d)

09/01/2041

181,395

City

of

Kyle

Special

Assessment

RB,

Series

2023

Porter

Country

Public

Improvement

District

Improvement

Area

1

Project

(NR/NR)

188,000

4.875

(d)

09/01/2030

189,308

City

of

Kyle,

Hays

County

Special

Assessment

RB,

Series

2023

Limestone

Creek

Public

Improvement

District

Improvement

Area

1

Project

(NR/NR)

177,000

4.750

(d)

09/01/2033

178,348

City

of

Lavon

Heritage

Public

Improvement

District

No.

1

Special

Assessment

Refunding

Series

2021

(BAM)

(NR/AA)

500,000

2.500

09/15/2039

389,160

City

of

McLendon-Chisholm

Special

Assessment

RB

for

Sonoma

Public

Improvement

District

Project

Series

2022

(NR/NR)

400,000

5.000

(d)

09/15/2027

400,664

City

of

Mclendon-Chisholm

Special

Assessment

Refunding

Bonds

Sonoma

Public

Improvement

District

Series

2020

(BAM)

(NR/AA)

50,000

2.500

09/15/2035

42,897

City

of

Mesquite

Special

Assessment

RB

for

Solterra

Public

Improvement

District

Improvement

Area

A-1

Projects

Series

2023

(NR/NR)

100,000

4.750

(d)

09/01/2030

100,216

City

of

Mesquite

Special

Assessment

RB

for

Solterra

Public

Improvement

District

Improvement

Area

A-1

Projects,

Series

2023

(NR/NR)

122,000

5.500

(d)

09/01/2043

122,535

City

of

Mesquite,

Dallas

and

Kaufman

Counties

Special

Assessment

RB,

Series

2023

Heartland

Town

Center

Public

Improvement

District

Phase

2

Specific

Improvements

Project

(NR/NR)

75,000

5.125

(d)

09/01/2052

74,493

City

of

Midlothian

Special

Assessment

for

Redden

Farms

Public

Improvement

District

Series

2021

(NR/NR)

100,000

3.875

(d)

09/15/2041

83,566

City

of

Midlothian

Special

Assessment

RB

for

Westside

Preserve

Public

Improvement

District

Major

Improvement

Area

Project

#1

Series

2022

(NR/NR)

100,000

5.250

(d)

09/15/2042

97,779

City

of

Midlothian

Special

Assessment

RB

for

Westside

Preserve

Public

Improvement

District

Major

Improvement

Area

Project

Series

2022

(NR/NR)

150,000

6.000

(d)

09/15/2042

151,502

City

of

Mustang

Ridge

Special

Assessment

RB

for

Durango

Public

Improvement

District

Improvement

Area

#1

Project

Series

2023

(NR/NR)

50,000

6.125

(d)

09/01/2043

51,321

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

City

of

Oak

Point

Special

Assessment

for

Wildridge

Public

Improvement

District

No.

1

Project

Series

2021

(NR/NR)

$

265,000

2.750%

(d)

09/01/2031

$

227,870

City

of

Pilot

Point

Special

Assessment

RB

for

Creekview

Public

Improvement

Zone

A

Improvement

Project

Series

2022

(NR/NR)

100,000

5.750

(d)

09/15/2032

100,888

100,000

5.500

(d)

09/15/2042

100,471

City

of

Pilot

Point

Special

Assessment

RB

for

Creekview

Public

Improvement

Zone

B

Improvement

Project

Series

2022

(NR/NR)

100,000

5.500

(d)

09/15/2042

100,471

City

of

Pilot

Point

Special

Assessment

RB

for

Mobberly

Public

Improvement

District

Major

Improvement

Area

Series

2022

(NR/NR)

350,000

5.375

(d)

09/15/2027

352,195

410,000

5.625

(d)

09/15/2032

419,031

City

of

Plano

Collin

Creek

East

Public

Improvement

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

125,000

4.375

(d)

09/15/2051

101,910

City

of

Plano

Collin

Creek

West

Public

Improvement

District

Special

Assessment

Bonds

Series

2021

(NR/NR)

125,000

4.000

(d)

09/15/2051

98,040

City

of

Princeton

Special

Assessment

RB

for

Arcadia

Farms

Public

Improvement

District

Phases

5-7

Project

Series

2022

(NR/NR)

52,000

4.250

(d)

09/01/2042

46,700

City

of

Princeton

Special

Assessment

RB

for

Brookside

Public

Improvement

District

Series

2019

(NR/NR)

100,000

4.875

09/01/2039

98,413

City

of

Princeton

Special

Assessment

RB

for

Brookside

Public

Improvement

District

Series

2021

(NR/NR)

25,000

3.375

(d)

09/01/2041

19,614

City

of

Princeton

Special

Assessment

RB

for

Eastridge

Public

Improvement

District

Improvement

Area

Project

Series

2022

(NR/NR)

75,000

5.125

(d)

09/01/2042

72,588

City

of

Princeton

Special

Assessment

RB

for

Sicily

Public

Improvement

District

Improvement

Area

No.

1

Project,

Series

2023

(NR/NR)

100,000

7.000

(d)

09/01/2043

102,167

City

of

Princeton

Special

Assessment

RB

for

Southridge

Public

Improvement

District

Improvement

Area

No.

1

Project,

Series

2023

(NR/NR)

100,000

6.250

(d)

09/01/2043

103,932

City

of

Princeton

Special

Assessment

RB

for

Whitewing

Trails

Public

Improvement

District

Project

Series

2023

(NR/NR)

100,000

5.125

(d)

09/01/2043

99,198

City

of

Princeton

Special

Assessment

RB

for

Winchester

Public

Improvement

District

Series

2020

(NR/NR)

100,000

3.750

(d)

09/01/2040

83,805

City

of

Princeton

Special

Assessment

RB

for

Winchester

Public

Improvement

District

Series

2021

(NR/NR)

50,000

3.250

(d)

09/01/2041

38,123

City

of

Red

Oak

Public

Improvement

District

No.

1

Special

Assessment

Bonds

for

Improvement

Area

#1

Project

Series

2021

(NR/NR)

409,000

3.375

(d)

09/15/2041

318,966

GOLDMAN

SACHS

MUNICIPAL

INCOME

COMPLETION

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

City

of

Royse

City

Special

Assessment

for

Creekshaw

Public

Improvement

District

Area

#1

Series

2020

(NR/NR)

$

50,000

2.625%

(d)

09/15/2025

$

48,589

50,000

3.375

(d)

09/15/2030

46,051

City

of

Royse

City

Special

Assessment

RB

for

Liberty

Crossing

Public

Improvement

District

Improvement

Area

#1

Project

Series

2023

(NR/NR)

100,000

6.375

(d)

09/15/2053

103,457

City

of

Sachse

Special

Assessment

for

Public

Improvement

District

No.

1

Series

2020

(NR/NR)

100,000

3.250

(d)

09/15/2030

89,948

City

of

Santa

Fe

Special

Assessment

RB

for

Mulberry

Farms

Public

Improvement

District

Series

2022

(NR/NR)

291,000

4.625

(d)

09/01/2032

283,885

City

of

Uhland

Special

Assessment

RB

for

Watermill

Public

Improvement

District

Series

2022

(NR/NR)

250,000

6.625

(d)

09/01/2052

263,601

City

of

Venus

Special

Assessment

RB

for

Patriot

Estates

Public

Improvement

Project

Series

2021

(NR/NR)

128,000

2.625

(d)

09/15/2026

120,178

City

of

Waxahachie

Special

Assessment

RB

for

North

Grove

Public

Improvement

Area

Project

Series

2022

(NR/NR)

302,000

5.125

(d)

08/15/2032

306,429

Club

Municipal

Management

District

Special

Assessment

RB

Series

2021

(NR/NR)

50,000

3.250

(d)

09/01/2041

38,921

Conroe

Local

Government

Corp.

Conroe

Convention

Center

Hotel

Series

2021

A

(NR/BBB-)

25,000

2.500

10/01/2031

21,631

Conroe

Local

Government

Corp.

Conroe

Convention

Center

Hotel

Series

2021

B

(NR/BB-)

100,000

3.500

(d)

10/01/2031

87,250

County

of

Medina

Woodlands

Public

Improvement

District

Special

Assessment

for

Improvement

Area

#1

Project

Series

2021

(NR/NR)

100,000

4.500

(d)

09/01/2041

87,818

Edinburg

Economic

Development

Corp.

Sales

Tax

RB

Series

2019

(NR/NR)

100,000

5.000

(d)

08/15/2044

95,731

Edinburg

Economic

Development

Corp.

Sales

Tax

RB

Series

2021

A

(NR/NR)

75,000

3.125

08/15/2036

60,670

70,000

3.250

08/15/2041

53,227

Harris

County

Industrial

Development

Corporation

Marine

Terminal

Refunding

RB

Energy

Transfer

LP

Project

Series

2023

(Baa3/BBB)

500,000

4.050

(a)(b)

11/01/2050

510,883

Hays

County

Special

Assessment

RB

for

La

Cima

Public

Improvement

District

Neighborhood

Improvement

Project

Series

2022

(NR/NR)

283,000

4.875

(d)

09/15/2032

285,507

Houston

Airport

System

RB

Refunding

for

United

Airlines,

Inc.

Series

2020

B-2

(NR/NR)

250,000

5.000

07/15/2027

251,284

Kaufman

County

Fresh

Water

Supply

District

No.

1-D

GO

Bonds

Series

2021

(NR/NR)

320,000

2.250

09/01/2030

281,428

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

Matagorda

County

Navigation

District

Number

One

Pollution

Control

Revenue

Refunding

Bonds

for

Central

Power

and

Light

Company

Project

Series

1996

(Baa2/A-)

$

135,000

4.250%

05/01/2030

$

135,161

Mission

Economic

Development

Corp.

Senior

Lien

RB

for

Natgasoline

Project

Series

2018

(NR/BB-)

100,000

4.625

(d)

10/01/2031

98,618

Mitchell

County

Hospital

District

GO

Bonds

Series

2020

(NR/NR)

90,000

5.250

02/15/2030

90,742

New

Hope

Cultural

Education

Facilities

Finance

Corp

Revenue

&

Refunding

Bonds

Series

2021

(Ba2/BB+)

75,000

4.000

(d)

08/15/2036

68,436

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Senior

Living

RB

for

Sanctuary

LTC

Project

Series

2021A-1

(NR/NR)

225,000

5.500

01/01/2057

160,954

North

Parkway

Municipal

Management

Contract

RB

for

Legacy

Hills

Public

Improvement

Project

Series

2021

(NR/NR)

150,000

3.000

(d)

09/15/2026

142,471

300,000

3.625

(d)

09/15/2031

270,513

Port

Beaumont

Navigation

District

RB

for

Jefferson

2020

Bond

Lessee

&

Borrower

LLC

Obligated

Group

Series

2021

A

(NR/NR)

100,000

1.875

(d)

01/01/2026

93,347

150,000

2.500

(d)

01/01/2030

126,323

Port

Beaumont

Navigation

District

RB

for

Jefferson

2020

Bond

Lessee

&

Borrower

LLC

Obligated

Group

Series

2021

A

(AMT)

(NR/NR)

175,000

3.000

(d)

01/01/2050

102,838

Port

of

Beaumont

Industrial

Development

Authority

RB

for

Jefferson

2020

Bond

Lessee

&

Borrower

LLC

Obligated

Group

Series

2021

B

(NR/NR)

500,000

4.100

(d)

01/01/2028

415,666

South

Manvel

Development

Authority

Tax

Increment

Contract

RB

Series

2023

(NR/NR)

50,000

4.500

04/01/2030

49,782

75,000

5.000

04/01/2038

75,538

Tarrant

County

Hospital

District

LT

Bonds

Series

2023

(Aa1/NR)

125,000

4.250

08/15/2053

125,287

Texas

Private

Activity

Bonds

Surface

Transportation

Corp.

RB

Senior

Lien

for

Mobility

Partners

Segment

3

LLC

Series

2019

(Baa1/NR)

200,000

5.000

06/30/2058

202,102

Town

of

Flower

Mound

River

Walk

Public

Improvement

District

No.

1

Special

Assessment

Refunding

Bonds

Series

2021

(NR/NR)

490,000

2.625

(d)

09/01/2026

460,361

Town

of

Lakewood

Village

Special

Assessment

RB

for

Lakewood

Village

Public

Improvement

District

Project

Series

2022

(NR/NR)

200,000

5.250

(d)

09/15/2042

195,788

Town

of

Little

Elm

Special

Assessment

RB

for

Valencia

Public

Improvement

Project

Series

2021

(NR/NR)

281,000

2.875

(d)

09/01/2031

239,663

Uptown

Development

Authority

Tax

Allocation

Refunding

Bonds

for

City

of

Houston

Reinvestment

Zone

No.

16

Series

2021

(Baa2/NR)

100,000

3.000

09/01/2034

90,040

GOLDMAN

SACHS

MUNICIPAL

INCOME

COMPLETION

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

Viridian

Municipal

Management

District

Special

Assessment

Bonds

Series

2020

(NR/NR)

$

50,000

2.875%

12/01/2030

$

43,699

15,465,360

Utah

-

0.5%

Black

Desert

Public

Infrastructure

District

GO

Bonds

Series

2021

A

(NR/NR)

500,000

3.500

(d)

03/01/2036

425,823

Utah

Charter

School

Finance

Authority

Charter

School

RB

Series

2022A

(NR/BB+)

250,000

5.750

(d)

06/15/2052

245,866

Utah

Charter

School

Finance

Authority

Charter

School

Revenue

Refunding

Bonds

Series

2022A

(NR/BB)

100,000

4.000

(d)

07/15/2037

83,445

755,134

Vermont

-

0.2%

Vermont

Economic

Development

Authority

Solid

Waste

Disposal

RB

for

Casella

Waste

System

Project

Series

2022

(B1/B+)

150,000

5.000

(a)(b)(d)

06/01/2052

150,381

Vermont

Educational

and

Health

Buildings

Financing

Agency

RB

Saint

Michael’S

College

Project,

Series

2023

(NR/BBB-)

175,000

5.500

(d)

10/01/2043

179,505

329,886

Virginia

-

0.6%

Norfolk

Redevelopment

and

Housing

Authority

Multifamily

Housing

RB

Braywood

Manor

Apartments,

Series

2023

(HUD

SECT

8)

(Aaa/NR)

120,000

5.000

(a)(b)

05/01/2043

123,864

Tobacco

Settlement

Financing

Corp.

RB

for

Capital

Appreciation

Subseries

2007

C

(NR/CCC-)

300,000

0.000

(e)

06/01/2047

81,033

Virginia

Beach

Development

Authority

Residential

Care

Facility

Tax

Exempt

Fixed

Rate

RB

for

Westminster-Canterbury

On

Chesapeake

Bay

Series

2023A

(NR/NR)

125,000

7.000

09/01/2053

133,862

Virginia

Beach

Development

Authority

Residential

Care

Facility

Tax

Exempt

Mandatory

Paydown

Securities

RB

for

Westminster-Canterbury

On

Chesapeake

Bay

Series

2023B-3

(NR/NR)

200,000

5.375

09/01/2029

205,137

Virginia

Housing

Development

Authority

RB

Series

2019

E

(Aa1/AA+)

250,000

3.100

12/01/2045

205,975

Virginia

Small

Business

Financing

Authority

Senior

Lien

Revenue

Refunding

Bonds

Series

2022

(Baa1/NR)

125,000

5.000

12/31/2052

130,187

Virginia

Small

Business

Financing

Authority

Tax

Exempt

Senior

Lien

Private

Activity

RB

Series

2017

(Baa3/NR)

50,000

5.000

12/31/2052

50,158

930,216

Washington

-

0.3%

Port

of

Seattle

Intermediate

Lien

RB

Series

2017C

(A1/AA-)

215,000

5.000

05/01/2042

219,840

Port

of

Seattle

Intermediate

Lien

RB

Series

2019

(A1/AA-)

225,000

5.000

04/01/2039

238,674

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Washington

–

(continued)

Washington

State

Housing

Finance

Commission

Nonprofit

Refunding

RB

for

Seattle

Academy

of

Arts

&

Sciences

Project

Series

2023

(NR/BBB)

$

100,000

5.625%

(d)

07/01/2038

$

110,737

569,251

West

Virginia

-

0.4%

Monongalia

County

Commission

Excise

Tax

District

RB

Refunding

Series

2021

A

(NR/NR)

95,000

4.125

(d)

06/01/2043

87,296

Monongalia

County

Commission

Subordinate

Special

District

Excise

Tax

Revenue

&

Improvement

Bonds

for

University

Town

Centre

Economic

Opportunity

Development

District

Series

2023

A

(NR/NR)

125,000

7.000

(d)

06/01/2043

134,378

West

Virginia

Economic

Development

Authority

RB

for

Arch

Resources,

Inc.

Series

2021

(AMT)

(B2/BB)

100,000

4.125

(a)(b)

07/01/2045

99,307

West

Virginia

Hospital

Finance

Authority

Hospital

Refunding

and

Improvement

RB

for

Vandalia

Health

Group

Series

2023B

(AGM)

(A1/AA)

145,000

5.125

09/01/2042

159,369

150,000

5.500

09/01/2048

166,666

647,016

Wisconsin

-

1.7%

Public

Finance

Authority

Charter

School

RB

for

Coral

Academy

of

Science

Reno

Series

2022A

(NR/NR)

100,000

5.875

(d)

06/01/2052

98,299

Public

Finance

Authority

Charter

School

RB

for

Founders

Academy

of

Las

Vegas

Series

2023A

(NR/BB-)

25,000

6.375

(d)

07/01/2043

25,589

Public

Finance

Authority

Charter

School

RB

Series

2021A

(Ba2/NR)

510,000

5.000

(d)

06/15/2041

453,762

Public

Finance

Authority

Education

RB

for

Clove

Garden

School

Series

2022

(NR/NR)

360,000

5.000

(d)

06/15/2032

354,875

Public

Finance

Authority

Education

RB

Series

2022

(NR/NR)

200,000

5.000

(d)

01/01/2042

175,175

Public

Finance

Authority

Exempt

Facilities

RB

Refunding

for

Celanese

Project

Series

2016

C

(Baa3/BBB-)

190,000

4.300

11/01/2030

184,513

Public

Finance

Authority

RB

for

Charter

Day

School

Obligated

Group

Series

2020

A

(Ba2/NR)

50,000

5.000

(d)

12/01/2045

42,594

Public

Finance

Authority

RB

for

High

Desert

Montessori

Charter

School

Series

2021

A

(NR/NR)

100,000

5.000

(d)

06/01/2061

83,739

Public

Finance

Authority

RB

for

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group

Series

2020

A

(NR/NR)

100,000

4.000

(d)

03/01/2030

93,537

Public

Finance

Authority

RB

for

Noorda

College

of

Osteopathic

Medicine

LLC

Series

2021

A

(Ba2/NR)

250,000

5.625

(d)

06/01/2050

223,414

Public

Finance

Authority

RB

for

Noorda

College

of

Osteopathic

Medicine

LLC

Series

2021

B

(Ba2/NR)

290,000

6.500

(d)

06/01/2045

257,809

GOLDMAN

SACHS

MUNICIPAL

INCOME

COMPLETION

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Wisconsin

–

(continued)

Public

Finance

Authority

RB

for

Rider

University

A

New

Jersey

Non-Profit

Corp.

Series

2021

B

(NR/BB)

$

100,000

6.000%

(d)

07/01/2031

$

88,851

Public

Finance

Authority

RB

Refunding

for

Rider

University

A

New

Jersey

Non-Profit

Corp.

Series

2021

A

(NR/BB)

150,000

4.500

(d)

07/01/2048

113,329

Public

Finance

Authority

RB

Refunding

for

UMA

Education,

Inc.

Project

Series

2019

B

(NR/BB+)

25,000

6.125

(d)

10/01/2049

22,054

Public

Finance

Authority

Student

Housing

RB

Series

2021A-1

(Ba1/NR)

50,000

4.000

(d)

07/01/2041

43,737

150,000

4.000

(d)

07/01/2051

121,382

Wisconsin

Health

&

Educational

Facilities

Authority

RB

Series

2021

for

Hope

Christian

Schools

(NR/NR)

40,000

3.000

12/01/2031

33,699

75,000

4.000

12/01/2041

57,165

Wisconsin

Health

and

Educational

Facilities

Authority

RB

Series

2018C

(Aa3/AA)

(SIFMA

Municipal

Swap

Index

Yield

+

0.18%)

175,000

4.050

(b)(c)

08/15/2054

172,105

Wisconsin

Public

Finance

Authority

Hotel

RB

for

Grand

Hyatt

San

Antonion

Hotel

Acquisition

Project

Senior

Lien

Series

2022A

(NR/BBB-)

200,000

5.000

02/01/2042

209,124

2,854,752

TOTAL

MUNICIPAL

BONDS

(Cost

$168,376,433)

161,277,357

a

Corporate

Bonds

-

0.9%

Healthcare-Services

-

0.1%

Toledo

Hospital

RB

Series

2022

B

75,000

5.325%

11/15/28

68,719

Tower

Health

Series

50,000

4.451

02/01/50

23,625

92,344

Real

Estate

-

0.8%

Benloch

Ranch

Improvement

Association

No.

1

Series

2020

48,991

9.750

(i)

12/01/39

47,827

Benloch

Ranch

Improvement

Association

No.

1

Series

2021

48,991

9.750

(d)(i)

12/01/39

47,827

Benloch

Ranch

Improvement

Association

No.

2

700,000

10.000

(d)(i)

12/01/51

640,843

Brixton

Park

Improvement

Association

No.

1

Series

782,571

6.875

(d)(i)

12/01/51

669,458

1,405,955

TOTAL

CORPORATE

BONDS

(Cost

$1,640,830)

1,498,299

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

U.S.

Treasury

Obligations

-

0.5%

United

States

Treasury

Bills

845,700

5.395%

03/28/24

$

835,195

(Cost

$834,993)

TOTAL

INVESTMENTS

-

98.4%

(Cost

$170,852,256)

$

163,610,851

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

1.6%

2,621,662

NET

ASSETS

-

100.0%

$

166,232,513

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Security

is

currently

in

default

and/or

non-income

producing.

(a)

Variable

Rate

Demand

Instruments

–

rate

shown

is

that

which

is

in

effect

on

December

31,

2023.

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.

(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,

2023.

(c)

Variable

or

floating

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,

2023.

(d)

Exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

(e)

Issued

with

a

zero

coupon.

Income

is

recognized

through

the

accretion

of

discount.

(f)

When-issued

security.

(g)

Contingent

value

instrument

that

only

pays

out

if

a

portion

of

the

territory’s

Sales

and

Use

Tax

outperforms

the

projections

in

the

Oversight

Board’s

Certified

Fiscal

Plan.

(h)

Zero

coupon

bond

until

next

reset

date.

(i)

Significant

unobservable

inputs

were

used

in

the

valuation

of

this

portfolio

security;

i.e.

Level

3.

GOLDMAN

SACHS

MUNICIPAL

INCOME

COMPLETION

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

**End

swaps

header**

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:

ABS

-

Asset-Backed

Security

AGM

-

Insured

by

Assured

Guaranty

Municipal

Corp.

AGM-CR

-

Insured

by

Assured

Guaranty

Municipal

Corp.

Insured

Custodial

receipts

AMT

-

Alternative

Minimum

Tax

(subject

to)

BAM

-

Build

America

Mutual

Assurance

Co.

CFD

-

Community

Facilities

District

COPS

-

Certificates

of

Participation

GO

-

General

Obligation

HUD

SECT

8

-

Hud

Section

8

IDA

-

Industrial

Development

Agency

LIBOR

-

London

Interbank

Offered

Rates

LP

-

Limited

Partnership

LT

-

Limited

Tax

NATL

-

National

Public

Finance

Guarantee

Corp.

NR

-

Not

Rated

RB

-

Revenue

Bond

SD

CRED

PROG

-

School

District

Credit

Program

SIFMA

-

Securities

Industry

and

Financial

Markets

Association

SONYMA

-

State

of

New

York

Mortgage

Agency

UPMC

-

University

of

Pittsburgh

Medical

Center

USD

-

United

States

Dollar

UT

-

Unlimited

Tax

WR

-

Withdrawn

Rating

GOLDMAN

SACHS

SHORT

DURATION

TAX

-

FREE

FUND

Schedule

of

Investments

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

-

99.4%

Alabama

-

3.2%

Black

Belt

Energy

Gas

District

Gas

Prepay

RB

2019

Series

A

(A1/NR)

$

24,725,000

4.000%

(a)(b)

12/01/2049

$

24,784,392

Black

Belt

Energy

Gas

District

Gas

Supply

RB

Series

2022

(Aa1/NR)

15,000,000

4.000

(a)(b)

07/01/2052

15,082,557

Chatom

Industrial

Development

Board

Gulf

Opportunity

Zone

Refunding

Bonds

for

Powersouth

Energy

Cooperative

Projects

Series

2020

(AGM)

(A1/AA)

425,000

5.000

08/01/2025

436,182

550,000

5.000

08/01/2027

586,423

485,000

5.000

08/01/2028

525,766

485,000

5.000

08/01/2029

533,118

425,000

5.000

08/01/2030

475,112

Health

Care

Authority

for

Baptist

Health

Series

2023

(A3/BBB+)

690,000

5.000

11/15/2024

699,323

675,000

5.000

11/15/2025

696,114

1,405,000

5.000

11/15/2026

1,477,648

1,480,000

5.000

11/15/2027

1,586,190

2,675,000

5.000

11/15/2028

2,912,344

1,335,000

5.000

11/15/2029

1,470,581

Houston

County

Health

Care

Authority

RB

for

Southeast

Alabama

Medical

Center

Series

2016

A

(NR/BBB+)

1,000,000

5.000

10/01/2024

1,008,432

Houston

County

Healthcare

Authority

Hospital

RB

for

Southeast

Alabama

Medical

Center

Series

2016-A

(NR/BBB+)

2,000,000

5.000

10/01/2030

2,052,693

Independent

Development

Board

City

of

Prattville

International

Paper

Company

Project

Environmental

Improvement

Revenue

Refunding

Bonds

Series

2019B

(Baa2/BBB)

225,000

2.000

(a)(b)

11/01/2033

221,113

Industrial

Development

Board

City

of

Prattville

International

Paper

Company

Project

Recovery

Zone

Facility

Revenue

Refunding

Bonds

Series

2019C

(Baa2/BBB)

675,000

2.000

(a)(b)

11/01/2033

663,340

Industrial

Development

Board

City

of

Selma

Gulf

Opportunity

Zone

Revenue

Refunding

Bonds

Series

2020A

(NON-AMT)

(Baa2/BBB)

6,500,000

1.375

(a)(b)

05/01/2034

6,234,071

Industrial

Development

Board

City

of

Selma

International

Paper

Company

Project

Gulf

Opportunity

Zone

Revenue

Refunding

Bonds

Series

2019A

(Baa2/BBB)

1,875,000

2.000

(a)(b)

11/01/2033

1,842,611

Industrial

Development

Board

of

the

City

of

Mobile

Alabama

RB

for

Alabama

Power

Co.

Series

2007

A

(A1/A-)

3,335,000

1.000

(a)(b)

06/01/2034

3,218,880

Jacksonville

State

University

RB

Refunding

Series

2020

(A3/BBB)

275,000

4.000

12/01/2024

276,553

Jefferson

County

Subordinate

Lien

Sewer

RB

Warrants

Series

2013

D

(NR/BBB)

10,220,000

6.500

10/01/2053

10,734,749

Southeast

Alabama

Gas

Supply

District

Gas

Supply

RB

Series

2018A

(A1/NR)

27,465,000

4.000

(a)(b)

06/01/2049

27,478,268

Southeast

Energy

Authority

Commodity

Supply

RB

for

Project

No.

6

Series

2023B

(Aa1/NR)

8,590,000

5.000

(a)(b)

01/01/2054

9,168,340

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Alabama

–

(continued)

The

Black

Belt

Energy

Gas

District

Gas

Supply

RB,

Series

2023B

(Aa1/NR)

$

3,220,000

5.250%

(a)(b)

12/01/2053

$

3,503,537

The

Board

of

Trustees

of

The

University

of

Alabama

General

RB,

The

University

of

Alabama,

Series

2014-B

(Aa2/AA)

3,015,000

4.000

(c)

07/01/2024

3,030,669

The

Industrial

Board

of

the

Town

of

West

Jefferson

Pollution

Control

Revenue

Refunding

Bonds

for

Alabama

Power

Company

Project

Series

1998

(A1/A-)

6,230,000

3.650

06/01/2028

6,240,407

The

Industrial

Development

Board

of

the

City

of

Mobile

Pollution

Control

RB

for

Alabama

Power

Company

Barry

Plant

Project

Series

2007-C

(A1/A-)

2,530,000

3.780

(a)(b)

06/01/2034

2,553,470

The

Southeast

Alabama

Gas

Supply

District

RB

for

Project

No.

2

Series

2018

B

(A1/NR)

(1M

USD

LIBOR

+

0.85%)

25,105,000

4.506

(b)(d)

06/01/2049

25,064,922

Water

Works

Board

of

the

City

of

Birmingham

Water

Revenue

Refunding

Bonds

Series

2015-A

(Aa2/AA)

10,000,000

5.000

(c)

01/01/2025

10,209,619

164,767,424

Alaska

-

0.3%

Alaska

Municipal

Bond

Bank

GO

Refunding

Bonds

2016

Series

4

(AMT)

(NR/A+)

1,755,000

5.000

12/01/2030

1,828,231

1,960,000

5.000

12/01/2032

2,037,926

North

Slope

Borough

General

Purpose

GO

Bonds

Series

2023A

(NR/AA)

800,000

5.000

06/30/2026

846,721

2,000,000

5.000

06/30/2027

2,163,487

North

Slope

Borough

GO

Bonds

Series

2022A

(NR/AA)

4,700,000

5.000

06/30/2027

5,084,194

State

of

Alaska

International

Airports

System

Private

Activity

Revenue

Refunding

Bonds

Series

2021C

(AMT)

(A1/NR)

1,975,000

5.000

10/01/2025

2,027,938

13,988,497

Arizona

-

4.0%

Arizona

Health

Facilities

Authority

Hospital

RB

for

Banner

Health

Series

2007

B

(NR/AA-)

(S&P

7

Day

Municipal

Intermediate

Grade

Rate

+

0.81%)

82,960,000

4.970

(d)

01/01/2037

76,319,442

Arizona

Industrial

Development

Authority

RB

for

Great

Lakes

Senior

Living

Communities

LLC

Project

First

Tier

Series

2019

A

(NR/CCC-)

575,000

5.000

01/01/2024

575,000

Arizona

Industrial

Development

Authority

RB

for

Great

Lakes

Senior

Living

Communities

LLC

Project

Second

Tier

Series

2019

B

(NR/CCC-)

560,000

5.000

01/01/2024

560,000

Arizona

Transportation

Board

Highway

Revenue

and

Revenue

Refunding

Bonds

Series

2023

(Aa1/AA+)

4,000,000

5.000

07/01/2025

4,136,848

2,370,000

5.000

07/01/2026

2,512,104

3,800,000

5.000

07/01/2027

4,126,785

City

of

Chandler

IDA

Industrial

Development

RB

for

Intel

Corp.

Project

Series

2022

(A2/A)

10,100,000

5.000

(a)(b)

09/01/2042

10,503,034

GOLDMAN

SACHS

SHORT

DURATION

TAX

-

FREE

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Arizona

–

(continued)

City

of

Chandler

IDA

RB

for

Intel

Corp.

Project

Series

2022-2

(A2/A)

$

40,615,000

5.000%

(a)(b)

09/01/2052

$

42,241,846

City

of

Phoenix

Civic

Improvement

Corp.

Junior

Lien

Airport

RB

Series

2019B

(Aa3/A+)

1,215,000

5.000

07/01/2025

1,245,773

City

of

Phoenix

Civic

Improvement

Corp.

Junior

Lien

Water

System

Revenue

Refunding

Bonds

Series

2014B

(Aa2/AAA)

11,000,000

5.000

07/01/2026

11,105,898

Coconino

County

Pollution

Control

Refunding

RB

for

Nevada

Power

Company

Projects

Pollution

Control

Corp.

Series

2017A

(A2/A)

1,775,000

4.125

(a)(b)

09/01/2032

1,790,768

County

of

Pinal

IDA

Correctional

Facility

Contract

Refunding

Bonds

Series

2020A

(NR/BBB)

3,900,000

2.000

10/01/2024

3,841,230

1,540,000

2.000

10/01/2025

1,488,778

Equitable

Senior

National

Charter

School

Revolving

Loan

Fund

RB

for

Arizona

IDA

Series

2023A

Social

Bonds

(NR/A)

10,000,000

5.000

11/01/2028

10,832,302

Maricopa

County

Industrial

Development

Authority

RB

Refunding

for

Legacy

Traditional

School

Obligated

Group

Series

2019

A

(SD

CRED

PROG)

(Ba2/AA-)

135,000

4.000

07/01/2024

135,240

Maricopa

County

Pollution

Control

Corp.

RB

Refunding

for

Public

Service

Co.

of

New

Mexico

Series

2010

A

(Baa2/BBB)

3,750,000

0.875

(a)(b)

06/01/2043

3,407,946

Maricopa

County

Pollution

Control

Corp.

RB

Refunding

for

Public

Service

Co.

of

New

Mexico

Series

2010

B

(Baa2/BBB)

1,790,000

0.875

(a)(b)

06/01/2043

1,626,726

Maricopa

County

Pollution

Control

Revenue

Refunding

Bonds

2003

Series

A

(NON-AMT)

(Baa2/BBB)

10,000,000

3.000

(a)(b)

01/01/2038

9,952,761

Pima

County

Sewer

System

Revenue

Refunding

Obligations

Series

2022

(NR/AA)

1,500,000

5.000

07/01/2025

1,550,871

1,905,000

5.000

07/01/2026

2,018,748

2,000,000

5.000

07/01/2027

2,170,593

Salt

River

Agricultural

Improvement

and

Power

District

Project

Electric

System

RB

2015

Series

A

(Aa1/AA+)

6,625,000

5.000

12/01/2045

6,814,345

The

Industrial

Development

Authority

of

The

County

of

Maricopa

RB

Banner

Health,

Series

2023A

(NR/AA-)

3,410,000

5.000

(a)(b)

01/01/2053

3,555,660

202,512,698

Arkansas

-

0.0%

Conway

Health

Facilities

Board

RB

Refunding

for

Conway

Regional

Medical

Center,

Inc.

Series

2019

(NR/BBB+)

400,000

5.000

08/01/2024

403,418

550,000

5.000

08/01/2026

573,454

976,872

California

-

6.7%

Anaheim

Community

Facilities

District

No.

08-1

Special

Tax

Refunding

Bonds

for

Platinum

Triangle

Series

2016

(NR/NR)

500,000

4.000

09/01/2025

503,198

370,000

4.000

09/01/2026

374,966

415,000

4.000

09/01/2027

420,683

410,000

4.000

09/01/2028

415,198

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

California

–

(continued)

Anaheim

Community

Facilities

District

No.

08-1

Special

Tax

Refunding

Bonds

for

Platinum

Triangle

Series

2016

(NR/NR)

–

(continued)

$

345,000

4.000%

09/01/2029

$

348,791

Bay

Area

Toll

Authority

RB

Refunding

for

San

Francisco

Bay

Area

Series

2021

C

(Aa3/AA)

(SIFMA

Municipal

Swap

Index

Yield

+

0.45%)

7,000,000

4.320

(b)(d)

04/01/2056

6,908,597

Bay

Area

Toll

Authority

Toll

Bridge

Authority

RB

for

San

Francisco

Bay

Area

Series

2001

A

(NR/AA)

(SIFMA

Municipal

Swap

Index

Yield

+

1.25%)

15,000,000

5.120

(b)(d)

04/01/2036

15,058,782

Beaumont

Community

Facilities

District

No.

2016-2

Special

Tax

Series

2019

(NR/NR)

230,000

4.000

09/01/2026

233,849

235,000

4.000

09/01/2027

240,413

255,000

4.000

09/01/2029

260,286

California

Community

Choice

Financing

Authority

Clean

Energy

Project

RB

Fixed

Rate

Green

Bonds

Series

2023E-1

(A1/NR)

6,140,000

5.000

(a)(b)

02/01/2054

6,628,433

California

Community

Choice

Financing

Authority

Clean

Energy

Project

RB

Series

2022A

(A1/NR)

13,010,000

4.000

(a)(b)

05/01/2053

13,201,948

California

Community

College

Financing

Authority

RB

for

NCCD-

Orange

Coast

Properties

LLC

Series

2018

(NR/BB+)

535,000

5.000

05/01/2024

536,601

California

Housing

Finance

Agency

Limited

Obligation

Multifamily

Housing

Issue

V

RB

2023

(Aaa/NR)

1,043,000

5.000

(a)(b)

05/01/2054

1,091,925

California

Infrastructure

&

Economic

Development

Bank

for

Brightline

West

Passenger

Rail

Project

Series

RB

Series

2020A

(Aaa/NR)

12,900,000

3.650

(a)(b)(e)

01/01/2050

12,885,863

California

Infrastructure

&

Economic

Development

Bank

RB

Refunding

for

California

Academy

of

Sciences

Series

2018

B

(A2/NR)

(SIFMA

Municipal

Swap

Index

Yield

+

0.35%)

32,000,000

4.220

(b)(d)

08/01/2047

31,789,619

California

Infrastructure

&

Economic

Development

Bank

RB

Refunding

for

Museum

Associates

Series

2021

A

(A3/NR)

20,000,000

1.200

(a)(b)

12/01/2050

17,772,118

California

Infrastructure

&

Economic

Development

Bank

RB

Refunding

for

Museum

Associates

Series

2021

B

(A3/NR)

(SIFMA

Municipal

Swap

Index

Yield

+

0.70%)

5,000,000

4.570

(b)(d)

12/01/2050

4,872,051

California

Municipal

Finance

Authority

Insured

Revenue

and

Refunding

Bonds

Aldersly

Project,

Series

2023B-2

Tax

Exempt

Mandatory

Paydown

Securities

(CA

MTG

INS)

(NR/AA-)

2,990,000

3.750

11/15/2028

2,999,969

California

Municipal

Finance

Authority

RB

for

Waste

Management,

Inc.

Series

2009

A

(NR/A-/A-2)

1,800,000

1.300

(a)(b)(e)

02/01/2039

1,748,956

California

Municipal

Finance

Authority

RB

Refunding

for

California

Lutheran

University

Series

2018

(Baa1/NR)

300,000

5.000

10/01/2026

313,330

GOLDMAN

SACHS

SHORT

DURATION

TAX

-

FREE

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

California

–

(continued)

California

Municipal

Finance

Authority

Senior

Lien

RB

for

LAX

Integrated

Express

Solutions

LLC

Project

Series

2018

A

(AMT)

(NR/NR)

$

1,000,000

5.000%

06/30/2026

$

1,030,302

California

Municipal

Finance

Authority

Senior

Lien

RB

for

Linxs

APM

Project

Series

2018A

(NR/NR)

4,265,000

5.000

06/30/2028

4,524,419

3,235,000

5.000

12/31/2028

3,435,234

California

Pollution

Control

Financing

Authority

RB

for

American

Water

Capital

Corp.

Project

Series

2020

(NON-AMT)

(Baa1/A)

1,150,000

3.700

(a)(b)

08/01/2040

1,169,416

California

Pollution

Control

Financing

Authority

Solid

Waste

Disposal

Refunding

RB

for

Waste

Management

Project

Series

2015A-1

(NR/A-/A-2)

10,000,000

3.375

07/01/2025

9,994,927

California

Pollution

Control

Financing

Authority

Water

Furnishing

RB

for

Poseidon

Resources

Desalination

Project

Series

2023

(Baa3/NR)

2,700,000

5.000

(e)

07/01/2026

2,791,363

4,665,000

5.000

(e)

07/01/2028

4,919,915

4,610,000

5.000

(e)

07/01/2029

4,900,787

California

Pollution

Control

Financing

Authority

Water

Furnishing

RB

for

Poseidon

Resources

LP

Desalination

Project

Series

2012

(AMT)

(Baa3/NR)

5,010,000

5.000

(e)

11/21/2045

5,010,450

California

Public

Finance

Authority

RB

for

Henry

Mayo

Newhall

Hospital

Series

2021A

(NR/BBB-)

400,000

4.000

10/15/2027

407,927

California

Public

Finance

Authority

RB

Refunding

for

Henry

Mayo

Newhall

Hospital

Obligated

Group

Series

2021

A

(NR/BBB-)

390,000

4.000

10/15/2025

392,028

California

State

University

RB

Refunding

Series

2016

B-2

(Aa2/AA-)

12,100,000

0.550

(a)(b)

11/01/2049

10,931,747

California

Statewide

Communities

Development

Authority

Community

Facilities

District

No.

2007-01

Special

Tax

Refunding

for

Orinda

Wilder

Project

Series

2015

(NR/NR)

720,000

5.000

09/01/2030

739,934

California

Statewide

Community

Development

Authority

Pollution

Control

Refunding

RB

2006

Series

B

(NON-AMT)

(A2/A-)

8,500,000

1.450

04/01/2028

7,616,131

Chino

Public

Financing

Authority

Tax

Exempt

RB

Series

2019

A

(NR/NR)

215,000

3.000

09/01/2024

213,249

Chino

Public

Financing

Authority

Tax

Exempt

RB

Series

2019

A

(NR/NR)

245,000

4.000

09/01/2027

249,204

City

of

Chino

Community

Facilities

Improvement

Area

Special

Tax

Bonds

Series

2022

(NR/NR)

1,080,000

4.000

09/01/2025

1,084,657

1,285,000

5.000

09/01/2030

1,397,689

City

of

Chino

Public

Financing

Authority

Local

Agency

Refunding

Bonds

Series

2019A

(NR/NR)

230,000

4.000

09/01/2026

233,029

City

of

Los

Angeles

Department

of

Airports

International

Airport

Series

RB

2022

Series

G

(Aa2/AA)

750,000

5.000

05/15/2026

783,691

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

California

–

(continued)

City

of

Los

Angeles

Department

of

Airports

International

Airport

Series

RB

2022

Series

G

(AMT)

(Aa2/AA)

$

3,150,000

5.000%

05/15/2028

$

3,405,896

City

of

Los

Angeles

Department

of

Airports

International

Airport

Subordinate

RB

2016

Series

B

(Aa3/AA-)

1,000,000

5.000

05/15/2029

1,037,189

City

of

Los

Angeles

Department

of

Airports

International

Airport

Subordinate

RB

2018

Series

C

(Aa3/AA-)

5,060,000

5.000

05/15/2030

5,404,193

City

of

Los

Angeles

Department

of

Airports

International

Airport

Subordinate

RB

2018

Series

D

(Aa3/AA-)

7,425,000

5.000

05/15/2025

7,599,604

City

of

Ontario

CA

Community

Facilities

District

No.

43

Special

Tax

Bonds

Series

2020

(NR/NR)

305,000

4.000

09/01/2028

311,292

330,000

4.000

09/01/2030

335,565

City

of

Rocklin

Community

Facilities

District

No.

10

Special

Tax

Bonds

Series

2019

(NR/NR)

100,000

5.000

09/01/2026

103,368

100,000

5.000

09/01/2027

103,550

95,000

5.000

09/01/2028

98,436

95,000

5.000

09/01/2029

98,456

City

of

San

Francisco

Infrastructure

and

Revitalization

Financing

District

Tax

Increment

RB

Series

2022A

(NR/NR)

260,000

5.000

(e)

09/01/2027

270,327

City

of

San

José

Multifamily

Housing

RB

for

Parkmoor

Series

2023F-2

(Cash

Collateralized)

(HUD

SECT

8)

(Aaa/NR)

1,450,000

5.000

(a)(b)

06/01/2027

1,507,327

Coachella

Valley

Water

District

Drinking

Water

System

Revenue

Notes

Series

2022A

(NR/AA+)

12,015,000

1.375

06/01/2025

11,657,714

Golden

State

Tobacco

Securitization

Corp.

Enhanced

Tobacco

Settlement

Asset

Backed

Bonds

Series

2015A

(ST

APPROP)

(Aa3/A+)

25,405,000

5.000

(c)

06/01/2025

26,238,114

Inland

Empire

Tobacco

Securitization

Authority

RB

Turbo

Asset-

Backed

Bonds

Series

2019

(NR/A-)

2,410,000

3.678

06/01/2038

2,273,305

Irvine

Facilities

Financing

Authority

Gateway

Preserve

Land

Acquisition

Project

Lease

RB,

Series

2023A

(NR/AA+)

7,000,000

5.250

05/01/2048

7,259,823

Irvine

Unified

School

District

No.

09-1

Special

Tax

for

Community

Facilities

Series

2017

A

(NR/NR)

645,000

5.000

09/01/2025

663,003

645,000

5.000

09/01/2026

676,279

Irvine

Unified

School

District

No.

09-1

Special

Tax

for

Community

Facilities

Series

2017

B

(NR/NR)

475,000

5.000

09/01/2025

488,258

Irvine

Unified

School

District

No.

09-1

Special

Tax

for

Community

Facilities

Series

2017

C

(NR/NR)

425,000

5.000

09/01/2026

444,945

Los

Angeles

County

Development

Authority

Multifamily

Housing

RB

West

La

Va

-

Building

156

&

157

Apartments,

2023

Series

C

(HUD

SECT

8)

(Aaa/NR)

2,370,000

3.750

(a)(b)

12/01/2046

2,387,187

Modesto

Financing

Authority

Domestic

Project

RB

2007F

(NATL)

(Baa2/AA)

(3M

USD

LIBOR

+

0.63%)

7,000,000

4.408

(d)

09/01/2037

6,542,417

GOLDMAN

SACHS

SHORT

DURATION

TAX

-

FREE

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

California

–

(continued)

Northern

California

Gas

Authority

No.

1

RB

for

Gas

Project

Series

2007

B

(A1/A-)

(3M

USD

LIBOR

+

0.72%)

$

6,700,000

4.510%

(d)

07/01/2027

$

6,614,589

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

266,575

Peralta

Community

College

District

GO

Bonds

2022

Series

B

(NR/AA-)

2,720,000

5.000

08/01/2024

2,755,285

Rancho

Cordova

Community

Facilities

District

No.

2003-1

Special

Tax

Refunding

for

Sunridge

Anatolia

Series

2016

(NR/NR)

400,000

4.000

09/01/2025

402,301

305,000

4.000

09/01/2027

309,409

500,000

4.000

09/01/2028

507,357

Riverside

Unified

School

District

Community

Facilities

District

No.

32

Special

Tax

Series

2020

(NR/NR)

205,000

4.000

09/01/2025

205,851

210,000

4.000

09/01/2026

212,073

Rocklin

City

of

CFD

No.

10

Whitney

Ranch

Special

Tax

Bonds,

Series

2019

(NR/NR)

100,000

5.000

09/01/2030

103,623

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

810,087

Sacramento

City

Financing

Authority

RB

Series

2007B

(NATL)

(Aa3/AA-)

(3M

USD

LIBOR

+

0.57%)

10,000,000

4.348

(d)

06/01/2039

8,647,836

Sacramento

County

Financing

Authority

RB

Series

2007B

(NATL)

(Aa3/AA-)

(3M

USD

LIBOR

+

0.55%)

14,390,000

4.328

(d)

06/01/2034

13,434,583

San

Francisco

City

&

County

Airport

Commission

RB

Refunding

for

San

Francisco

International

Airport

Second

Series

2019

H

(AMT)

(A1/A+)

4,000,000

5.000

05/01/2027

4,229,040

San

Gorgonio

Memorial

Healthcare

District

2020

GO

Refunding

Bonds

(Ba2/NR)

855,000

4.000

08/01/2024

848,546

930,000

4.000

08/01/2025

915,286

1,020,000

3.000

08/01/2026

960,141

Sierra

View

Local

Health

Care

District

RB

Refunding

for

Tulare

County

Series

2020

(NR/NR)

320,000

4.000

07/01/2026

325,204

State

of

California

GO

Bonds

(Aa2/AA-)

5,760,000

5.000

03/01/2026

5,918,667

State

of

California

Various

Purpose

GO

Refunding

Bonds

(Aa2/AA-)

1,600,000

5.000

04/01/2025

1,646,293

2,350,000

5.000

04/01/2026

2,475,307

2,350,000

5.000

04/01/2027

2,540,413

20,000,000

5.000

12/01/2028

22,500,984

Transbay

Joint

Powers

Authority

Senior

Tax

Allocation

Bonds

Series

2020A

(NR/NR)

1,200,000

5.000

10/01/2026

1,253,961

1,435,000

5.000

10/01/2028

1,551,000

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

California

–

(continued)

Transbay

Joint

Powers

Authority

Senior

Tax

Allocation

Bonds

Series

2020A

Tax-Exempt

Green

Bonds

(NR/NR)

$

1,260,000

5.000%

10/01/2027

$

1,339,882

Washington

Township

Healthcare

District

Revenue

Refunding

Bonds

2020

Series

A

(Baa3/NR)

200,000

5.000

07/01/2024

201,132

225,000

5.000

07/01/2025

229,379

250,000

5.000

07/01/2026

259,699

340,802,426

Colorado

-

3.1%

City

of

Denver

Aviation

Airport

System

RB

Series

2022C

(Aa3/AA-)

1,260,000

5.000

11/15/2026

1,346,593

1,215,000

5.000

11/15/2027

1,330,058

1,380,000

5.000

11/15/2028

1,546,209

City

of

Denver

Aviation

Airport

System

RB

Series

2022D

(Aa3/AA-)

1,000,000

5.000

11/15/2025

1,031,831

3,750,000

5.250

11/15/2026

3,967,304

4,500,000

5.250

11/15/2027

4,861,927

6,500,000

5.500

11/15/2028

7,244,554

City

of

Denver

RB

for

Department

of

Aviation

Airport

System

Series

2022A

(AMT)

(Aa3/AA-)

1,850,000

5.000

11/15/2025

1,902,788

9,980,000

5.000

11/15/2026

10,490,425

Colorado

Health

Facilities

Authority

RB

for

AdventHealth

Obligated

Group

Series

2019B

(NR/NR)

1,585,000

5.000

(a)(c)

11/19/2026

1,689,458

Colorado

Health

Facilities

Authority

RB

for

Commonspirit

Health

Series

2019A-1

(Baa1/A-)

405,000

5.000

08/01/2025

414,525

1,715,000

5.000

08/01/2026

1,788,565

4,325,000

5.000

08/01/2027

4,585,780

Colorado

Health

Facilities

Authority

RB

for

Commonspirit

Health

Series

2019A-2

(Baa1/A-)

2,575,000

5.000

08/01/2026

2,685,455

Colorado

Health

Facilities

Authority

RB

for

Commonspirit

Health

Series

2019B-2

(Baa1/A-)

7,520,000

5.000

(a)(b)

08/01/2049

7,776,295

Colorado

Health

Facilities

Authority

RB

for

Commonspirit

Health

Series

2022A

(Baa1/A-)

50,000

5.000

11/01/2024

50,573

125,000

5.000

11/01/2025

128,453

100,000

5.000

11/01/2026

104,696

125,000

5.000

11/01/2027

133,215

Colorado

Health

Facilities

Authority

RB

for

Intermountain

Healthcare

Series

2022C

(Aa1/AA+)

22,000,000

5.000

(a)(b)

05/15/2062

24,114,145

Colorado

Health

Facilities

Authority

RB

for

Sanford

Series

2019A

(NR/A+)

500,000

5.000

11/01/2025

517,409

Colorado

Health

Facilities

Authority

RB

Refunding

for

CommonSpirit

Health

Obligated

Group

Series

2019

A-1

(Baa1/A-)

1,000,000

5.000

08/01/2030

1,094,576

Colorado

Health

Facilities

Authority

RB

Series

2019B

Series

2019B-1

(Baa1/A-)

8,015,000

5.000

(a)(b)

08/01/2049

8,148,453

GOLDMAN

SACHS

SHORT

DURATION

TAX

-

FREE

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Colorado

–

(continued)

Colorado

High

Performance

Transportation

Enterprise

C-470

Express

Lanes

Senior

RB

Series

2017

(NR/NR)

$

1,000,000

5.000%

12/31/2047

$

1,002,397

1,000,000

5.000

12/31/2051

1,002,013

Denver

Colorado

Health

and

Hospital

Authority

Healthcare

RB

Refunding

Series

2017

A

(NR/BBB)

5,245,000

5.000

(e)

12/01/2026

5,472,267

Denver

Convention

Center

Hotel

Authority

Senior

Revenue

Refunding

Bonds

Series

2016

(Baa2/BBB-)

2,000,000

5.000

12/01/2026

2,068,700

Denver

Health

&

Hospital

Authority

COPS

Series

2018

(NR/BBB)

205,000

5.000

12/01/2025

210,443

E-470

Public

Highway

Authority

Colorado

Revenue

Refunding

Bonds

Series

2004

A

(NATL)

(A1/A+)

16,250,000

0.000

(f)

09/01/2027

14,568,715

E-470

Public

Highway

Authority

RB

Refunding

Series

2021

B

(A1/A+)

(SOFR

+

0.35%)

7,250,000

3.961

(b)(d)

09/01/2039

7,230,931

E-470

Public

Highway

Authority

RB

Series

2004

A

(NATL)

(A1/A+)

4,040,000

0.000

(f)

09/01/2028

3,518,800

Maiker

Housing

Partners

Multifamily

Housing

RB

for

Overlook

at

Thornton

Series

2023

(Aaa/NR)

2,500,000

4.500

(a)(b)

05/01/2042

2,502,149

Regional

Transportation

District

Private

Activity

Bonds

for

Denver

Transit

Partners

Eagle

P3

Project

Series

2020

(Baa1/NR)

450,000

5.000

07/15/2028

479,388

Regional

Transportation

District

Sales

Tax

RB

for

Fastracks

Project

Series

2016A

(Aa2/AAA)

19,445,000

5.000

11/01/2046

20,125,410

Regional

Transportation

District

Tax

Exempt

NON-AMT

Private

Activity

Bonds

Series

2020A

Taxable

Private

Activity

Bonds

Series

2020B

(Baa1/NR)

385,000

5.000

01/15/2024

385,111

350,000

3.000

01/15/2026

345,944

Regional

Transportation

District

Tax

Exempt

Private

Activity

Bonds

Series

2020

(Baa1/NR)

250,000

5.000

07/15/2026

258,901

500,000

5.000

01/15/2027

521,325

South

Sloan

Lake

Metropolitan

District

LT

GO

Refunding

&

Improvement

Bonds

Series

2019

(AGM)

(Baa1/AA)

150,000

5.000

12/01/2024

152,181

South

Sloan's

Lake

Metropolitan

District

No.

2

GO

Improvement

Bonds

Series

2019

(AGM)

(Baa1/AA)

75,000

5.000

12/01/2025

77,525

190,000

5.000

12/01/2026

200,282

150,000

5.000

12/01/2027

160,957

235,000

5.000

12/01/2028

256,839

175,000

5.000

12/01/2029

194,293

300,000

4.000

12/01/2030

317,143

300,000

4.000

12/01/2031

316,533

University

of

Colorado

Hospital

Authority

Refunding

RB

Series

2019C

(Aa2/AA)

5,000,000

5.000

(a)(b)

11/15/2047

5,028,317

University

of

Colorado

Regents

Enterprise

Refunding

RB

Series

2021C3B

(Aa1/NR)

5,000,000

2.000

(a)(b)

06/01/2051

4,808,477

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Colorado

–

(continued)

Vauxmont

Metropolitan

District

Limited

Tax

Convertible

to

Unlimited

Tax

GO

Refunding

Bonds

Series

2019

(AGM)

(NR/AA)

$

125,000

5.000%

12/15/2027

$

131,120

Vauxmont

Metropolitan

District

Subordinate

LT

GO

Special

Revenue

Refunding

Bonds

Series

2019

(AGM)

(NR/AA)

130,000

5.000

12/15/2024

132,264

158,421,712

Connecticut

-

1.9%

City

of

New

Haven

GO

Bonds

Series

2018

A

(NR/A-)

945,000

5.000

08/01/2024

953,997

600,000

5.000

08/01/2025

617,093

City

of

New

Haven

GO

Bonds

Series

2023

(Baa1/A-)

500,000

5.000

08/01/2025

514,244

City

of

New

Haven

GO

Bonds

Series

2023

(BAM)

(Baa1/AA)

700,000

5.000

08/01/2026

736,943

650,000

5.000

08/01/2027

698,069

900,000

5.000

08/01/2028

984,512

City

of

New

Haven

GO

Refunding

Bonds

Series

B

(AGM)

(A1/AA)

1,350,000

5.000

02/01/2024

1,351,763

Connecticut

Health

&

Educational

Facilities

Authority

RB

for

University

of

Hartford

Series

N

(NR/BB+)

390,000

5.000

07/01/2025

389,500

Connecticut

State

Health

&

Educational

Facilities

Authority

RB

Refunding

for

Yale

University

Series

2015

A

(Aaa/AAA)

40,000,000

0.375

(a)(b)

07/01/2035

39,153,808

Hartford

County

Metropolitan

District

GO

Bonds

Series

2016

C

(AGM)

(Aa2/AA)

5,540,000

5.000

11/01/2026

5,908,323

State

of

Connecticut

GO

Bonds

2014

Series

A

(Aa3/AA-)

5,380,000

5.000

03/01/2030

5,407,707

State

of

Connecticut

GO

Bonds

2016

Series

A

(Aa3/AA-)

7,500,000

4.000

03/15/2034

7,640,529

State

of

Connecticut

GO

Unlimited

Bonds

Series

2019

A

(Aa3/AA-)

1,500,000

5.000

04/15/2025

1,541,437

State

of

Connecticut

Health

&

Educational

Facilities

Authority

RB

for

Hartford

Healthcare

Series

2020B

(WR/A)

5,205,000

5.000

(a)(b)

07/01/2053

5,466,196

State

of

Connecticut

Health

and

Educational

Facilities

Authority

for

Yale

University

Issue

RB

Series

U-2

(Aaa/AAA)

15,000,000

1.100

(a)(b)

07/01/2033

14,578,917

State

of

Connecticut

Special

Tax

Obligation

Bonds

for

Transportation

Infrastructure

Purposes

2022

Series

A

(Aa3/AA)

1,950,000

5.000

07/01/2025

2,013,812

2,415,000

5.000

07/01/2026

2,559,200

1,500,000

5.000

07/01/2027

1,628,994

State

of

Connecticut

Special

Tax

Obligation

Refunding

Bonds

for

Transportation

Infrastructure

Purposes

2022

Series

B

(Aa3/AA)

500,000

5.000

01/01/2024

500,000

1,410,000

5.000

07/01/2025

1,456,141

1,750,000

5.000

07/01/2026

1,854,493

2,150,000

5.000

07/01/2027

2,334,891

98,290,569

GOLDMAN

SACHS

SHORT

DURATION

TAX

-

FREE

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Delaware

-

0.5%

Delaware

Economic

Development

Authority

Gas

Facilities

RB

Refunding

for

Delmarva

Power

&

Light

Co.

Project

Series

2020

(A2/A)

$

5,425,000

1.050%

(a)(b)

01/01/2031

$

5,211,766

Delaware

Health

Facilities

Authority

RB

for

Beebee

Medical

Center

Project

Series

2018

(NR/BBB)

305,000

5.000

06/01/2024

306,651

700,000

5.000

06/01/2025

714,157

725,000

5.000

06/01/2027

764,786

Delaware

State

Economic

Development

Authority

RB

Refunding

for

NRG

Energy,

Inc.

Series

2020

A

(Baa3/BBB-)

14,650,000

1.250

(a)(b)

10/01/2045

13,714,665

New

Castle

County

GO

Bonds

Series

2015

(Aaa/AAA)

5,000,000

5.000

(c)

10/01/2025

5,198,704

University

of

Delaware

RB

Series

2015

(WR/NR)

1,805,000

5.000

(c)

05/01/2025

1,857,953

27,768,682

District

of

Columbia

-

2.2%

District

of

Columbia

Housing

Finance

Agency

Collateralized

Multifamily

Housing

RB

for

Paxton

Project

Series

2022

(Aaa/NR)

3,750,000

4.000

(a)(b)

09/01/2040

3,773,937

District

of

Columbia

Housing

Finance

Agency

Multifamily

Housing

RB

for

Edgewood

Commons

V

Apartments

Project

Series

2023

(HUD

SECT

8

FHA

221(D4))

(Aaa/NR)

4,820,000

5.000

(a)(b)

06/01/2027

4,956,332

District

of

Columbia

Metropolitan

Airport

Authority

Airport

System

Revenue

Refunding

Bonds

Series

2014A

(Aa3/AA-)

3,250,000

5.000

10/01/2027

3,272,955

District

of

Columbia

Metropolitan

Airport

Authority

Airport

System

Revenue

Refunding

Bonds

Series

2015A

(NR/AA-)

10,000,000

5.000

10/01/2034

10,020,320

Metropolitan

Washington

Airports

Authority

Airport

System

Revenue

Refunding

Bonds

Series

2017A

(Aa3/AA-)

5,505,000

5.000

10/01/2028

5,867,582

Metropolitan

Washington

Airports

Authority

Airport

System

Revenue

Refunding

Bonds

Series

2017A

(AMT)

(Aa3/AA-)

15,185,000

5.000

10/01/2029

16,189,978

Metropolitan

Washington

Airports

Authority

Airport

System

Revenue

Refunding

Bonds

Series

2021A

(Aa3/AA-)

24,325,000

5.000

10/01/2026

25,503,670

Metropolitan

Washington

Airports

Authority

Airport

System

Revenue

Refunding

Bonds

Series

2022A

(AMT)

(Aa3/NR)

2,395,000

5.000

10/01/2027

2,559,938

Metropolitan

Washington

Airports

Authority

Dulles

toll

Road

RB

Third

Senior

Lien

Convertible

Capital

Appreciation

Bonds

Series

2009C

(AGC)

(A2/AA)

25,000,000

6.500

(c)

10/01/2026

27,557,158

Washington

Metropolitan

Airports

Authority

Airport

System

Revenue

Refunding

Bonds

Series

2014A

(AMT)

(Aa3/AA-)

4,500,000

5.000

10/01/2028

4,532,039

Washington

Metropolitan

Airports

Authority

Airport

System

Revenue

Refunding

Bonds

Series

2015B

(Aa3/AA-)

4,295,000

5.000

10/01/2035

4,388,089

Washington

Metropolitan

Area

Transit

Authority

Second

Lien

RB

for

Sustainability

Climate

Transition

Bonds

Series

2023A

(NR/AA)

950,000

5.000

07/15/2025

982,420

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

District

of

Columbia

–

(continued)

Washington

Metropolitan

Area

Transit

Authority

Second

Lien

RB

for

Sustainability

Climate

Transition

Bonds

Series

2023A

(NR/AA)

–

(continued)

$

625,000

5.000%

07/15/2026

$

662,673

110,267,091

Florida

-

3.7%

Aberdeen

Community

Development

District

Special

Assessment

Refunding

Series

2020

A-1

(AGM)

(NR/AA)

945,000

5.000

05/01/2024

949,815

990,000

5.000

05/01/2025

1,010,061

1,045,000

5.000

05/01/2026

1,085,289

1,095,000

5.000

05/01/2027

1,155,926

1,155,000

5.000

05/01/2028

1,238,720

1,195,000

2.375

05/01/2029

1,128,190

1,225,000

2.625

05/01/2030

1,149,895

Alta

Lakes

Community

Development

District

Special

Assessment

Bonds

Series

2019

(NR/NR)

555,000

3.750

05/01/2029

539,601

Bannon

Lakes

Community

Development

District

Special

Assessment

RB

for

St.

Johns

County

Series

2016

(NR/NR)

115,000

4.500

11/01/2025

115,361

Beach

Road

Golf

Estates

Community

Development

District

Special

Assessment

Series

2015

(NR/NR)

2,500,000

4.700

11/01/2029

2,516,390

Bexley

Community

Development

District

Special

Assessment

RB

for

Pasco

County

Series

2016

(NR/NR)

300,000

4.100

05/01/2026

298,335

Broward

County

School

Board

Certificates

of

Participation

Series

2015A

(Aa3/A+)

16,915,000

5.000

07/01/2025

17,455,962

Capital

Trust

Agency,

Inc.

RB

for

Liza

Jackson

Preparatory

School,

Inc.

Series

2020

A

(Baa3/NR)

360,000

4.000

08/01/2030

361,221

Caribe

Palm

Community

Development

District

Special

Assessment

Refunding

Series

2017

(NR/A-)

40,000

4.000

05/01/2024

40,095

Carlton

Lakes

Community

Development

District

Special

Assessment

RB

for

Hillsborough

County

Series

2018

(NR/NR)

75,000

4.000

05/01/2024

74,931

Century

Gardens

at

Tamiami

Community

Development

District

Special

Assessment

Bonds

Series

2018

(NR/BBB)

105,000

3.500

11/01/2024

104,159

City

of

Fort

Lauderdale

Special

Assessment

Bonds

for

Las

Olas

Isles

Underground

Project

Series

2022

(NR/NR)

220,000

5.000

(e)

07/01/2029

226,488

City

of

Ft.

Lauderdale

Special

Assessment

Bonds

for

Las

Olas

Isles

Undergrounding

Project

Series

2022

(NR/NR)

175,000

5.000

(e)

07/01/2024

175,856

180,000

5.000

(e)

07/01/2025

182,273

190,000

5.000

(e)

07/01/2026

193,428

200,000

5.000

(e)

07/01/2027

204,367

City

of

Jacksonville

Special

Revenue

Refunding

Bonds

Series

2023A

(NR/AA)

700,000

5.000

10/01/2025

728,306

City

of

Jacksonville

Special

Revenue

Refunding

Bonds

Series

2023B

(NR/AA)

1,250,000

5.000

10/01/2025

1,300,546

GOLDMAN

SACHS

SHORT

DURATION

TAX

-

FREE

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

City

of

Orlando

Community

Redevelopment

Agency

Tax

Increment

Revenue

Refunding

Bonds

Series

2012

(NR/NR)

$

1,765,000

5.000%

04/01/2025

$

1,766,114

City

of

Pompano

Beach

RB

Refunding

for

John

Knox

Village

of

Florida,

Inc.

Obligated

Group

Series

2020

(NR/NR)

1,380,000

3.250

09/01/2024

1,363,634

Cityplace

Community

Development

District

Special

Assessment

Revenue

Refunding

Bonds

Series

2012

(NR/NR)

3,530,000

5.000

05/01/2026

3,602,402

Copper

Creek

Community

Development

District

Special

Assessment

Bonds

for

City

of

Port

St.

Lucie

Series

2019

(NR/NR)

45,000

3.875

(e)

11/01/2024

44,790

Copper

Oaks

Community

Development

District

Special

Assessment

Refunding

and

Improvement

Bonds

Series

2021

(NR/NR)

100,000

3.000

05/01/2024

99,455

183,000

3.000

05/01/2025

179,109

Coral

Keys

Homes

Community

Development

District

Miami-

Dade

County,

Florida

Special

Assessment

Bonds,

Series

2020

(NR/NR)

170,000

3.125

05/01/2030

159,570

Cordoba

Ranch

Community

Development

District

Special

Assessment

Refunding

Bonds

Series

2021

(NR/NR)

325,000

3.000

05/01/2024

323,619

150,000

3.000

05/01/2025

147,501

315,000

3.000

05/01/2026

306,668

Country

Greens

Community

Development

District

Special

Assessment

RB

Refunding

Senior

Lien

Series

2016

A-1

(NR/A+)

160,000

3.000

05/01/2024

159,737

Cypress

Mill

Community

Development

District

Special

Assessment

Bonds

for

Bank

Qualified

2023

Project

Series

2023

(NR/BBB)

300,000

4.000

05/01/2028

303,701

250,000

4.000

05/01/2033

252,158

Cypress

Shadows

Community

Development

District

Capital

Improvement

Revenue

Refunding

Bonds

Series

2022

(NR/NR)

34,000

4.000

11/01/2024

33,949

37,000

4.000

11/01/2026

36,716

Duval

County

School

Board

Certificates

of

Participation

Series

2022A

(AGM)

(NR/AA)

3,185,000

5.000

07/01/2026

3,362,514

5,105,000

5.000

07/01/2027

5,515,515

Entrada

Community

Development

District

St

Johns

County,

Florida

Capital

Improvement

RB,

Series

2021

(NR/NR)

250,000

2.125

(e)

05/01/2026

237,455

Escambia

County

International

Paper

Company

Environmental

Improvement

Revenue

Refunding

Bonds

Series

2019B

(Baa2/BBB)

425,000

2.000

(a)(b)

11/01/2033

417,659

Fiddlers

Creek

Community

Development

District

No.

2

Special

Assessment

Refunding

Series

2019

(NR/NR)

2,590,000

4.250

05/01/2029

2,585,987

Fishhawk

Ranch

Community

Development

District

Special

Assessment

Refunding

Bonds

Series

2020

(AGM)

(NR/AA)

270,000

2.000

11/01/2024

264,764

275,000

2.000

11/01/2025

264,697

280,000

2.000

11/01/2026

265,504

290,000

2.000

11/01/2027

270,788

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Fishhawk

Ranch

Community

Development

District

Special

Assessment

Refunding

Bonds

Series

2020

(AGM)

(NR/AA)

–

(continued)

$

295,000

2.000%

11/01/2028

$

270,987

300,000

2.000

11/01/2029

272,240

305,000

2.125

11/01/2030

268,930

Florida

Development

Finance

Corp.

RB

for

Imagine

School

at

Broward

Series

2019

A

(Baa3/NR)

95,000

2.625

(e)

12/15/2024

93,511

Florida

Insurance

Assistance

Interlocal

Agency

Insurance

Assessment

RB

Series

2023A-1

(A2/A)

6,425,000

5.000

09/01/2025

6,550,513

5,510,000

5.000

09/01/2026

5,759,564

4,020,000

5.000

09/01/2027

4,234,296

Flow

Way

Community

Development

District

Collier

County,

Florida

Special

Assessment

Bonds,

Series

2019

Phase

7

and

Phase

8

Projects

Bank

Qualified

(NR/NR)

995,000

3.700

11/01/2029

964,335

Fontainbleau

Lakes

Community

Development

District

Special

Assessment

RB

Refunding

Series

2016

(NR/BBB+)

245,000

2.500

05/01/2024

244,092

255,000

2.750

05/01/2025

250,044

260,000

3.000

05/01/2026

254,943

Gateway

Services

Community

Development

District

Special

Assessment

Bonds

Series

2023-1

(AGM)

(NR/AA)

1,730,000

3.250

05/01/2028

1,741,667

Hawks

Point

Community

Development

District

Special

Assessment

Refunding

Senior

Series

2017

A-1

(NR/A-)

1,000,000

4.000

05/01/2031

1,007,477

Herons

Glen

Recreation

District

Special

Assessment

Refunding

Bonds

Series

2020

(BAM)

(NR/AA)

200,000

2.500

05/01/2024

199,079

175,000

2.500

05/01/2025

172,218

200,000

2.500

05/01/2026

196,153

Highlands

Community

Development

District

Special

Assessment

Refunding

Series

2016

(NR/BBB)

315,000

2.750

05/01/2024

314,075

320,000

3.000

05/01/2025

313,803

Homestead

50

Community

Development

District

Special

Assessment

Refunding

Bonds

Series

2021

(NR/NR)

130,000

3.000

05/01/2024

129,417

132,000

3.000

05/01/2025

129,642

139,000

3.000

05/01/2026

134,700

Housing

Finance

Authority

of

Broward

County

Multifamily

Housing

RB

for

Pinnacle

441

Phase

2

Series

2023

(Aaa/NR)

1,200,000

4.050

(a)(b)

09/01/2056

1,215,484

Housing

Finance

Authority

of

Miami-Dade

County

Multifamily

Housing

RB

for

Emerald

Dunes

Series

2023B

(Aaa/NR)

1,155,000

4.050

(a)(b)

09/01/2026

1,165,354

Housing

Finance

Authority

of

Polk

County

Multifamily

Housing

RB

for

Episcopal

Catholic

Apartments

Series

2023

(HUD

SECT

8)

(Aaa/NR)

1,643,000

4.150

(a)(b)

12/01/2040

1,674,695

Julington

Creek

Plantation

Community

Development

District

St.

Johns

County,

Florida

Special

Assessment

RB,

Series

2023

(AGM)

(NR/AA)

4,090,000

5.000

05/01/2032

4,616,798

GOLDMAN

SACHS

SHORT

DURATION

TAX

-

FREE

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Lake

Frances

Community

Development

District

Special

Assessment

Refunding

Series

2018

(NR/BBB-)

$

81,000

3.000%

05/01/2024

$

80,825

84,000

3.000

05/01/2025

82,468

Lakeshore

Ranch

Community

Development

District

Senior

Special

Assessment

Refunding

Series

2019

A-1

(NR/A)

355,000

3.000

05/01/2024

354,232

Lakewood

Ranch

Stewardship

District

Special

Assessment

RB

Refunding

for

Country

Club

East

Project

Series

2020

(AGM)

(NR/AA)

60,000

2.000

05/01/2028

55,949

70,000

2.000

05/01/2029

64,226

Lee

County

Moody

River

Estates

Community

Development

District

Special

Assessment

Refunding

Senior

Series

2017

A-1

(NR/A-)

320,000

3.500

05/01/2024

320,115

Lee

Memorial

Health

System

Hospital

Revenue

&

Revenue

Refunding

Bonds

2019

Series

A-2

(A2/A+)

8,410,000

5.000

(a)(b)

04/01/2033

8,621,048

Marshall

Creek

Community

Development

District

Special

Assessment

Refunding

Series

2015

A

(NR/NR)

1,550,000

5.000

05/01/2032

1,556,704

Miami

Dade

County

Educational

Facility

Authority

RB

for

University

of

Miami

(AMBAC)

(A2/A-)

10,995,000

5.250

04/01/2027

11,793,133

Miami-Dade

County

Aviation

Revenue

Refunding

Bonds

Series

2014A

(AMT)

(A1/A)

20,000,000

5.000

10/01/2035

20,073,626

New

River

Community

Development

District

Special

Assessment

Refunding

Senior

Lien

Series

2020

A-1

(NR/A)

120,000

3.500

(e)

05/01/2024

119,774

125,000

3.500

(e)

05/01/2025

123,181

Oak

Creek

Community

Development

District

Special

Assessment

Refunding

Bonds

Series

2015

A-1

(NR/A+)

185,000

3.750

05/01/2024

185,022

1,150,000

4.450

05/01/2031

1,159,237

Orange

County

Health

Facilities

Authority

Revenue

Hospital

Bonds

for

AdventHealth

Obligated

Group

Series

2021

C

(NR/AA)

15,575,000

5.000

(a)(b)

11/15/2052

16,459,302

Osceola

County

Transportation

Improvement

&

Refunding

RB

Series

2019A-1

(NR/BBB+)

780,000

5.000

10/01/2024

786,532

Osceola

County

Transportation

Improvement

Refunding

RB

Series

2019A-1

(NR/BBB+)

275,000

5.000

10/01/2025

280,394

Palm

Beach

County

Health

Facilities

Authority

RB

Refunding

for

Lifespace

Communities,

Inc.

Obligated

Group

Series

2021

C

(NR/NR)

1,105,000

4.000

05/15/2026

1,054,042

Palm

Glades

Community

Development

District

Senior

Special

Assessment

Bonds

Series

2018A-1

(NR/A)

210,000

3.000

11/01/2024

208,490

Parkway

Center

Community

Development

District

Special

Assessment

Bonds

Series

2018-2

(NR/A-)

90,000

3.500

05/01/2024

89,921

Parkway

Center

Community

Development

District

Special

Assessment

Refunding

Bonds

Series

2018-1

(NR/BBB)

245,000

3.500

05/01/2024

244,546

255,000

3.500

05/01/2025

252,344

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Pasco

County

Capital

Improvement

Cigarette

Tax

Allocation

Bonds

Series

2023A

(AGM)

(A1/AA)

$

250,000

5.250%

09/01/2025

$

258,760

250,000

5.250

09/01/2026

264,891

300,000

5.250

09/01/2027

324,141

300,000

5.250

09/01/2028

329,757

Pine

Ridge

Plantation

Community

Development

District

Capital

Improvement

Revenue

&

Refunding

Bonds

Series

2021A-1

(AGM)

(NR/AA)

500,000

3.000

05/01/2024

498,755

510,000

2.000

05/01/2025

495,235

520,000

2.000

05/01/2026

496,702

530,000

2.000

05/01/2027

498,325

Reunion

East

Community

Development

District

Special

Assessment

Refunding

Bonds

for

Osceola

County

Series

2015A

(NR/NR)

1,325,000

5.000

05/01/2025

1,341,573

Reunion

East

Community

Development

District

Special

Assessment

Refunding

Bonds

Series

2015

A

(NR/NR)

6,820,000

5.000

05/01/2033

6,878,908

Reunion

West

Community

Development

District

Special

Assessment

Refunding

Bonds

Series

2022

(NR/NR)

225,000

3.000

05/01/2024

224,049

225,000

3.000

05/01/2025

221,492

285,000

3.000

05/01/2026

278,027

390,000

3.000

05/01/2027

374,749

River

Bend

Community

Development

District

Senior

Special

Assessment

Revenue

Refunding

Bonds

Series

2016A-1

(NR/A-)

405,000

2.500

05/01/2024

403,788

415,000

2.750

05/01/2025

407,407

425,000

3.000

05/01/2026

416,187

River

Glen

Community

Development

District

Capital

Improvement

Revenue

&

Refunding

Bonds

Series

2021

(NR/BBB+)

136,000

2.500

05/01/2024

135,186

139,000

2.500

05/01/2025

135,763

143,000

2.500

05/01/2026

137,389

146,000

2.500

05/01/2027

138,865

148,000

2.500

05/01/2028

139,214

157,000

2.500

05/01/2030

142,643

River

Hall

Community

Development

District

Special

Assessment

Refunding

Bonds

Series

2021

A-1

(NR/NR)

235,000

3.000

05/01/2024

233,879

180,000

3.000

05/01/2025

176,582

225,000

3.000

05/01/2026

217,608

San

Simeon

Community

Development

District

Special

Assessment

Bonds

Series

2019

(NR/NR)

110,000

3.375

(e)

06/15/2024

109,552

Sandmine

Road

Community

Development

District

Special

Assessment

Bonds

for

Polk

County

Series

2020

(NR/NR)

200,000

2.625

(e)

05/01/2025

195,503

Sarasota

National

Community

Development

District

Special

Assessment

Refunding

Bonds

Series

2020

(NR/NR)

380,000

3.000

05/01/2024

378,464

240,000

3.000

05/01/2025

236,366

South

Village

Community

Development

District

Capital

Improvement

Revenue

&

Refunding

Bonds

Series

2016A-1

(NR/A)

95,000

2.500

05/01/2024

94,635

GOLDMAN

SACHS

SHORT

DURATION

TAX

-

FREE

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

South

Village

Community

Development

District

Capital

Improvement

Revenue

&

Refunding

Bonds

Series

2016A-1

(NR/A)

–

(continued)

$

100,000

2.750%

05/01/2025

$

98,851

95,000

3.000

05/01/2026

93,497

South

Village

Community

Development

District

Capital

Improvement

Revenue

Refunding

Bonds

Series

2016A-2

(NR/NR)

100,000

4.350

05/01/2026

100,033

Spencer

Creek

Community

Development

District

Special

Assessment

RB

for

Hillsborough

County

Series

2019

(NR/NR)

75,000

3.750

05/01/2024

74,850

Storey

Creek

Community

Development

District

Special

Assessment

Bonds

Series

2019

(NR/NR)

190,000

3.125

12/15/2025

185,189

Storey

Park

Community

Development

District

Special

Assessment

Bonds

for

Assessment

Area

Three

Project

Series

2019

(NR/NR)

460,000

3.750

(e)

06/15/2029

446,788

Summerstone

Community

Development

District

Pasco

County,

Florida

Special

Assessment

RB,

Series

2020

Phase

One

(NR/NR)

65,000

2.500

05/01/2025

63,560

Summerville

Community

Development

District

Special

Assessment

Refunding

Series

2020

(NR/NR)

118,000

3.000

05/01/2024

117,471

121,000

3.000

05/01/2025

118,839

725,000

3.500

05/01/2031

672,474

Tampa

Bay

Water

Utility

System

Refunding

RB

Series

2015A

(Aa1/AA+)

4,225,000

4.000

10/01/2029

4,297,733

Tapestry

Community

Development

District

Special

Assessment

RB

for

City

of

Kissimmee

Series

2016

(NR/NR)

285,000

4.250

05/01/2026

284,541

The

Preserve

At

South

Branch

Community

Development

District

Pasco

County,

Florida

Special

Assessment

RB,

Series

2021

Phase

3

(NR/NR)

250,000

3.000

05/01/2031

232,436

Tolomato

Community

Development

District

Special

Assessment

Refunding

Bonds

Series

2022A

(AGM)

(NR/AA)

760,000

3.000

05/01/2025

755,864

1,605,000

3.000

05/01/2027

1,613,981

Touchstone

Community

Development

District

Senior

Special

Assessment

Bonds

Series

2022A-1

(NR/BBB+)

105,000

4.500

05/01/2026

107,053

115,000

4.500

05/01/2028

119,472

120,000

4.500

05/01/2029

125,660

Trails

at

Monterey

Community

Development

District

Special

Assessment

Refunding

Bonds

Series

2012

(NR/A-)

135,000

4.125

05/01/2024

135,104

140,000

4.150

05/01/2025

140,103

145,000

4.250

05/01/2026

145,130

Ventana

Community

Development

District

Special

Assessment

RB

for

Hillsborough

County

Series

2018

(NR/NR)

70,000

4.000

(e)

05/01/2024

69,936

Verandah

East

Community

Development

District

Special

Assessment

Revenue

Refunding

Improvement

Bonds

for

Lee

County

Series

2016

(NR/NR)

1,525,000

3.750

05/01/2026

1,503,179

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Florida

–

(continued)

Viera

East

Community

Development

District

Special

Revenue

Assessment

Bonds

Series

2020

(AGM)

(NR/AA)

$

490,000

2.000%

05/01/2024

$

487,158

500,000

2.000

05/01/2025

482,709

795,000

2.000

05/01/2026

752,119

Villa

Portofino

West

Community

District

Special

Assessment

Refunding

Series

2020

(NR/NR)

171,000

3.000

05/01/2024

170,234

177,000

3.000

05/01/2025

173,838

973,000

3.500

05/01/2030

908,277

Village

Community

Development

District

No.

13

Special

Assessment

RB

Series

2020

(NR/NR)

25,000

1.875

(e)

05/01/2025

24,285

Village

Community

Development

District

No.

6

Special

Assessment

RB

Refunding

Series

2017

(NR/NR)

355,000

4.000

05/01/2024

355,491

285,000

4.000

05/01/2025

287,923

Village

Community

Development

District

Special

Assessment

Revenue

Refunding

Bonds

Series

2020

(AGM)

(NR/AA)

1,330,000

5.000

05/01/2025

1,361,655

1,400,000

5.000

05/01/2026

1,464,229

Watergrass

Community

Development

District

Special

Assessment

Revenue

Refunding

Bonds

Series

2021

(NR/NR)

(NR/NR)

305,000

2.000

05/01/2026

288,374

Waterset

Central

Community

Development

District

Special

Assessment

Bonds

for

Hillsborough

County

Series

2018

(NR/NR)

95,000

4.000

(e)

11/01/2024

94,765

Wildblue

Community

Development

District

Special

Assessment

Bonds

Series

2019

(NR/NR)

2,000,000

3.750

(e)

06/15/2030

1,902,796

Winding

Cypress

Community

Development

District

Special

Assessment

Bonds

for

Collier

County

Series

2015

(NR/NR)

170,000

4.375

11/01/2025

169,649

186,947,990

Georgia

-

2.4%

Bartow

County

Development

Authority

Pollution

Control

RB

for

Georgia

Power

Company

Plant

Bown

Project

Series

2009

(Baa1/BBB+/A-2)

3,130,000

3.950

(a)(b)

12/01/2032

3,181,810

Burke

County

Development

Authority

Pollution

Control

RB

Fifth

Series

1994

(Baa1/BBB+)

2,855,000

2.150

(a)(b)

10/01/2032

2,821,129

Burke

County

Development

Authority

Pollution

Control

RB

for

Georgia

Power

Company

Plant

Vogtle

Project

Series

1996

(Baa1/BBB+)

1,335,000

3.875

(a)(b)

10/01/2032

1,346,160

Burke

County

Development

Authority

Pollution

Control

RB

for

Oglethorpe

Power

Corp.

Series

2013

A

(Baa1/BBB+)

2,000,000

1.500

(a)(b)

01/01/2040

1,921,798

Burke

County

Development

Authority

Pollution

Control

RB

Second

Series

2008

(NR/BBB+)

4,700,000

2.925

(a)(b)

11/01/2048

4,684,548

City

of

Atlanta

GO

Public

Improvement

Bonds

Series

2022A-1

(Aa1/NR)

835,000

5.000

12/01/2024

851,674

545,000

5.000

12/01/2025

569,128

1,000,000

5.000

12/01/2026

1,072,303

525,000

5.000

12/01/2027

577,188

GOLDMAN

SACHS

SHORT

DURATION

TAX

-

FREE

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Georgia

–

(continued)

City

of

Atlanta

GO

Public

Improvement

Bonds

Series

2022A-2

(Aa1/NR)

$

2,245,000

5.000%

12/01/2024

$

2,289,830

1,105,000

5.000

12/01/2025

1,153,920

1,100,000

5.000

12/01/2026

1,179,533

2,375,000

5.000

12/01/2027

2,611,089

Colquitt

County

School

District

GO

Bonds

Series

2023

(ST

AID

WITHHLDG)

(Aa1/NR)

585,000

5.000

12/01/2025

610,676

935,000

5.000

12/01/2026

1,001,513

Development

Authority

of

Bartow

County

Pollution

Control

RB

for

Georgia

Power

Company

Plant

Bowen

Project

First

Series

2013

(Baa1/BBB+)

6,000,000

2.875

(a)(b)

08/01/2043

5,893,208

Development

Authority

of

Burke

County

Pollution

Control

RB

for

Georgia

Power

Company

Plant

Vogtle

Project

First

Series

2012

(Baa1/BBB+)

4,850,000

2.875

(a)(b)

12/01/2049

4,763,676

Main

Street

Natural

Gas

Gas

Supply

RB

Series

2021A

(Aa1/NR)

3,000,000

4.000

(a)(b)

07/01/2052

3,017,604

Main

Street

Natural

Gas

Inc.

Gas

Supply

RB

Series

2019A

(A2/NR)

2,500,000

5.000

05/15/2025

2,533,662

3,000,000

5.000

05/15/2026

3,071,906

500,000

5.000

05/15/2027

518,152

1,975,000

5.000

05/15/2030

2,107,972

Main

Street

Natural

Gas

Inc.

Gas

Supply

RB

Series

2019C

(A3/NR)

5,230,000

4.000

(a)(b)

03/01/2050

5,255,191

Main

Street

Natural

Gas

Inc.

Gas

Supply

RB

Series

2021C

(A3/NR)

1,000,000

4.000

12/01/2025

1,000,903

Main

Street

Natural

Gas

Inc.

Gas

Supply

RB

Series

2022B

(A3/NR)

1,740,000

5.000

06/01/2027

1,804,162

Main

Street

Natural

Gas

Inc.

Gas

Supply

RB

Series

2022C

(NR/BBB-)

1,000,000

4.000

(e)

11/01/2024

993,714

1,705,000

4.000

(e)

11/01/2025

1,687,612

3,665,000

4.000

(e)

11/01/2026

3,621,739

Main

Street

Natural

Gas

Inc.

Gas

Supply

RB

Series

2023B

(Aa1/NR)

13,040,000

5.000

(a)(b)

07/01/2053

13,903,248

Main

Street

Natural

Gas

Inc.,

Gas

Supply

RB,

Series

2019A

(A2/NR)

1,500,000

5.000

05/15/2024

1,505,039

3,740,000

5.000

05/15/2028

3,923,409

Main

Street

Natural

Gas

Inc.,

Gas

Supply

RB,

Series

2023E-1

(Aa1/NR)

4,000,000

5.000

(a)(b)

12/01/2053

4,304,836

Main

Street

Natural

Gas,

Inc.

Gas

Supply

RB

Series

2022A

(A3/NR)

500,000

4.000

12/01/2025

500,452

Main

Street

Natural

Gas,

Inc.

Gas

Supply

RB

Series

2022C

(NR/BBB-)

3,810,000

4.000

(e)

11/01/2027

3,739,266

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Georgia

–

(continued)

Medical

Center

Hospital

Authority

Revenue

Anticipation

Certificates

for

Piedmont

Healthcare

Project

Series

2019A

(A1/AA-)

$

7,150,000

5.000%

(a)(b)

07/01/2054

$

7,393,546

Monroe

County

Development

Authority

Pollution

Control

RB

First

Series

2009

(Baa1/BBB+/A-2)

2,275,000

1.000

(a)(b)

07/01/2049

2,064,500

Monroe

County

Development

Authority

Pollution

Control

RB

for

Georgia

Power

Company

Plant

Scherer

Project

Series

2006

(Baa1/BBB+)

1,560,000

3.875

(a)(b)

12/01/2041

1,573,040

Monroe

County

Development

Authority

Pollution

Control

RB

for

Georgia

Power

Company

Plant

Scherer

Project

Series

2012

(Baa1/BBB+)

2,825,000

3.875

(a)(b)

06/01/2042

2,848,615

Monroe

County

Development

Authority

Pollution

Control

RB

for

Georgia

Power

Company

Plant

Scherer

Project

Series

2013

(Baa1/BBB+)

1,560,000

3.875

(a)(b)

04/01/2043

1,573,040

Richmond

County

Board

of

Education

GO

Sales

Tax

Bonds

Series

2023

(ST

AID

WITHHLDG)

(Aa1/AA+)

875,000

5.000

10/01/2025

909,469

2,850,000

5.000

10/01/2026

3,040,750

650,000

5.000

10/01/2027

711,156

Savanah

Economic

Development

Authority

Recovery

Zone

Facility

Revenue

Refunding

Bonds

Series

2019A

(Baa2/BBB)

425,000

2.000

(a)(b)

11/01/2033

417,659

Savannah

Economic

Development

Authority

Pollution

Control

RB

Refunding

for

International

Paper

Company

Series

2019

B

(Baa2/BBB)

6,090,000

1.900

08/01/2024

5,971,641

State

of

Georgia

GO

Bonds

Series

2021A

(Aaa/AAA)

4,585,000

5.000

07/01/2024

4,635,691

121,157,157

Guam

-

0.1%

A.B.

Won

Pat

International

Airport

Authority

Taxable

Refunding

RB

General

Series

2019

B

(ETM)

(Baa2/NR)

2,000,000

3.319

10/01/2025

1,936,848

Antonio

B

Won

Pat

International

Airport

Authority

Taxable

RB

Refunding

Series

2019

B

(Baa2/NR)

1,100,000

3.133

10/01/2024

1,077,469

Antonio

B

Won

Pat

International

Airport

Authority

Taxable

RB

Refunding

Series

2021

A

(Baa2/NR)

1,120,000

2.499

10/01/2025

1,060,511

1,650,000

2.899

10/01/2027

1,503,662

Guam

Power

Authority

Refunding

RB

Series

2022

A

(Baa2/BBB)

1,300,000

5.000

10/01/2029

1,413,129

Guam

Waterworks

Authority

RB

Refunding

for

Water

&

Wastewater

System

Series

2017

(Baa2/A-)

400,000

5.000

07/01/2024

402,243

7,393,862

Hawaii

-

0.5%

City

and

County

of

Honolulu

Multifamily

Housing

RB

Maunakea

Tower

Apartments

Series

2023

(HUD

SECT

8)

(Aaa/NR)

7,040,000

5.000

(a)(b)

06/01/2027

7,321,651

City

of

Honolulu

GO

Bonds

Series

A

(Aa2/NR)

10,575,000

4.000

10/01/2034

10,725,708

GOLDMAN

SACHS

SHORT

DURATION

TAX

-

FREE

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Hawaii

–

(continued)

Kauai

County

Community

Facilities

District

No.

2008-1

Special

Tax

RB

for

Kukui'ula

Development

Series

2019

(NR/NR)

$

75,000

5.000%

05/15/2029

$

78,329

State

of

Hawaii

Department

of

Budget

and

Finance

Special

Purpose

RB

Refunding

Series

2017A

(Ba3/NR)

10,735,000

3.100

05/01/2026

8,089,254

26,214,942

Illinois

-

7.8%

Board

of

Trustee

of

Northern

Illinois

University

Auxiliary

Facilities

System

RB

Series

2021

(BAM)

(Baa3/AA)

325,000

5.000

10/01/2025

334,602

250,000

5.000

10/01/2026

261,443

325,000

5.000

10/01/2028

350,380

Carol

Stream

Park

District

GO

Refunding

Park

Bonds

Series

2016

(BAM)

(NR/AA)

4,705,000

5.000

01/01/2037

4,873,555

Champaign

County

Community

Unit

School

District

No.

4

Champaign

GO

Bonds

Series

2020

A

(NR/AA)

385,000

0.000

(f)

01/01/2024

385,000

480,000

0.000

(f)

01/01/2025

463,372

Chicago

GO

Bonds

2019A

(NR/BBB+)

3,210,000

5.000

01/01/2028

3,393,609

Chicago

GO

Bonds

2019A

(NR/NR)

550,000

5.000

01/01/2028

603,074

Chicago

Illinois

Board

of

Education

GO

Bonds

Capital

Appreciation

for

School

Reform

Series

1998

B-1

(NATL)

(Baa2/BB+)

660,000

0.000

(f)

12/01/2026

590,275

4,615,000

0.000

(f)

12/01/2027

3,970,114

365,000

0.000

(f)

12/01/2029

290,270

Chicago

Illinois

Board

of

Education

GO

Bonds

Capital

Appreciation

for

School

Reform

Series

1999

A

(NATL)

(Baa2/BB+)

250,000

0.000

(f)

12/01/2027

215,066

95,000

0.000

(f)

12/01/2029

75,550

Chicago

Illinois

Board

of

Education

GO

Bonds

Series

1999

A

(NATL)

(Baa2/BB+)

9,285,000

0.000

(f)

12/01/2024

8,952,510

Chicago

Illinois

Board

of

Education

Unlimited

Tax

GO

Bonds

for

Capital

Appreciation

Boards

School

Reform

Series

1998

B-1

(NATL)

(Baa2/BB+)

640,000

0.000

(f)

12/01/2025

593,915

Chicago

Illinois

Board

of

Education

Unlimited

Tax

GO

Refunding

Bonds

for

Dedicated

Revenues

Series

2018

A

(AGM)

(NR/AA)

2,275,000

5.000

12/01/2024

2,303,169

1,825,000

5.000

12/01/2025

1,871,080

3,515,000

5.000

12/01/2026

3,665,323

Chicago

Illinois

Midway

Airport

RB

Refunding

Second

Lien

Series

2014

B

(A2/A)

10,000

5.000

01/01/2027

10,011

Chicago

O'Hare

International

Airport

RB

Refunding

Series

2015

A

(AMT)

(NR/A+)

11,000,000

5.000

01/01/2031

11,097,085

Chicago

Park

District

GO

LT

Refunding

Bonds

Series

2023C

(NR/AA-)

2,400,000

5.000

01/01/2026

2,491,172

2,780,000

5.000

01/01/2027

2,943,144

1,965,000

5.000

01/01/2028

2,121,951

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Illinois

–

(continued)

Chicago

Transit

Authority

Sales

Tax

Receipts

RB

Series

2014

(NR/AA)

$

11,750,000

5.250%

12/01/2049

$

11,812,254

City

of

Chicago

Board

of

Education

Capital

Appreciation

Bonds

for

School

Reform

Series

1998B-1

(NATL)

(Baa2/BB+)

685,000

0.000

(f)

12/01/2028

567,115

City

of

Chicago

Board

of

Education

GO

Bonds

Series

1999

A

(NATL)

(Baa2/BB+)

5,000,000

5.500

12/01/2026

5,203,654

1,755,000

0.000

(f)

12/01/2030

1,338,924

City

of

Chicago

Board

of

Education

UT

GO

Refunding

Bonds

Series

2018A

(AGM)

(NR/AA)

1,500,000

5.000

12/01/2029

1,601,142

City

of

Chicago

Board

of

Education

UT

GO

Refunding

Bonds

Series

2018C

(AGM)

(NR/AA)

5,000,000

5.000

12/01/2027

5,289,446

7,535,000

5.000

12/01/2029

8,015,080

1,000,000

5.000

12/01/2030

1,061,363

City

of

Chicago

Capital

Improvement

GO

Bonds

Series

1999

(NATL)

(Baa2/BBB+)

5,000,000

0.000

(f)

01/01/2024

5,000,000

City

of

Chicago

GO

Bonds

Project

&

Refunding

Series

2014A

(Baa3/BBB+)

10,000,000

5.000

01/01/2036

10,000,000

City

of

Chicago

GO

Bonds

Project

&

Refunding

Series

2017A

(NR/BBB+)

2,000,000

5.625

01/01/2031

2,096,756

City

of

Chicago

GO

Bonds

Refunding

Series

2020A

(NR/BBB+)

3,430,000

5.000

01/01/2027

3,590,969

5,245,000

5.000

01/01/2028

5,564,003

City

of

Chicago

GO

Refunding

Bonds

Series

2020

A

(NR/BBB+)

1,000,000

5.000

01/01/2029

1,073,823

City

of

Chicago

Midway

Airport

RB

Refunding

for

Senior

Lein

Airport

Series

2023B

(NON-AMT)

(BAM)

(NR/AA)

3,250,000

5.000

01/01/2026

3,397,233

2,345,000

5.000

01/01/2027

2,512,543

City

of

Chicago

Midway

Airport

RB

Refunding

for

Senior

Lein

Airport

Series

2023C

(AMT)

(NR/A)

5,000,000

5.000

(g)

01/01/2026

5,141,819

5,755,000

5.000

(g)

01/01/2027

6,016,764

City

of

Chicago

Midway

Airport

Second

Lien

Revenue

Refunding

Bonds

Series

2014A

(A2/A)

1,000,000

5.000

01/01/2029

1,004,572

City

of

Chicago

Midway

Airport

Second

Lien

Revenue

Refunding

Bonds

Series

2014B

(A2/A)

5,000,000

5.000

01/01/2035

5,005,415

City

of

Chicago

O’Hare

International

Airport

General

Airport

Senior

Lien

Revenue

Refunding

Bonds

Series

2022C

(AMT)

(NR/A+)

2,000,000

5.000

01/01/2025

2,028,538

City

of

Chicago

O'Hare

International

Airport

General

Airport

Senior

Lien

Revenue

Refunding

Bonds

Series

2015A

(NR/A+)

2,760,000

5.000

01/01/2024

2,760,000

5,000,000

5.000

01/01/2027

5,042,027

City

of

Chicago

Second

Lien

Water

Revenue

Refunding

Bonds

Series

2004

(NR/A+)

1,900,000

5.000

11/01/2026

2,011,910

GOLDMAN

SACHS

SHORT

DURATION

TAX

-

FREE

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Illinois

–

(continued)

City

of

Chicago

Special

Assessment

Improvement

Bonds

Refunding

Series

2022

(NR/NR)

$

314,000

2.270%

(e)

12/01/2024

$

309,049

329,000

2.530

(e)

12/01/2025

320,566

305,000

2.690

(e)

12/01/2026

293,767

255,000

2.870

(e)

12/01/2027

243,257

City

of

Chicago

Special

Assessment

Improvement

Bonds

Refunding

Series

2022

Lakeshore

East

Project

(NR/NR)

270,000

3.040

(e)

12/01/2028

255,338

City

of

Joliet

Waterworks

and

Sewerage

Senior

Lien

RB

Anticipation

Notes

Series

2022

(NR/NR)

12,000,000

5.000

01/01/2024

12,000,000

5,000,000

5.000

01/01/2025

5,061,566

Cook

County

Sales

Tax

RB

Refunding

Series

2022B

(NR/AA-)

550,000

5.000

11/15/2024

559,228

360,000

5.000

11/15/2026

382,173

Illinois

Community

College

District

No.

512

GO

Bonds

Series

2020

(Aaa/NR)

1,980,000

4.000

12/15/2025

2,026,234

Illinois

Finance

Authority

RB

for

OSF

Healthcare

System

Series

2020B-1

(WR/A)

4,560,000

5.000

(a)(b)

05/15/2050

4,575,983

Illinois

Finance

Authority

RB

for

Presbyterian

Homes

Obligated

Group

Series

2021

B

(NR/NR)

(SIFMA

Municipal

Swap

Index

Yield

+

0.70%)

2,250,000

4.570

(b)(d)

05/01/2042

2,203,535

Illinois

Finance

Authority

RB

for

University

of

Illinois

Series

2020

(NR/BBB+)

500,000

5.000

10/01/2026

521,281

Illinois

Finance

Authority

RB

Refunding

for

American

Water

Capital

Corp.

Project

Series

2020

(NON-AMT)

(Baa1/A)

700,000

3.875

(a)(b)

05/01/2040

709,432

Illinois

Finance

Authority

RB

Refunding

for

Illinois

Institute

of

Technology

Series

2019

(Ba2/NR)

1,000,000

5.000

09/01/2024

998,839

600,000

5.000

09/01/2025

598,920

Illinois

Finance

Authority

RB

Refunding

for

Lifespace

Communities,

Inc.

Obligated

Group

Series

2015

A

(NR/NR)

540,000

5.000

05/15/2026

526,821

Illinois

Finance

Authority

Taxable

RB

for

Theory

and

Computing

Sciences

Building

Trust

Series

2023

(A2/NR)

12,575,000

6.693

07/01/2033

12,755,790

Illinois

Housing

Development

Authority

Multifamily

Housing

RB,

Series

2023

(6900

Crandon)

(HUD

SECT

8

FHA

221

(d)

(4))

(Aaa/NR)

3,500,000

5.000

(a)(b)

02/01/2027

3,602,233

Illinois

Housing

Development

Authority

Multifamily

Housing

RB,

Series

2023

South

Shore

5,335,000

4.000

(a)(b)

06/01/2026

5,366,451

Illinois

Housing

Development

Authority

Multifamily

Housing

RB,

Series

2023

South

Shore

(HHDC)

(HUD

SECT

8)

(Aaa/NR)

2,170,000

5.000

(a)(b)

02/01/2027

2,233,384

Illinois

Sports

Facilities

Authority

RB

Bonds

Series

2001

(AMBAC)

(WR/BBB+)

3,235,000

0.000

(f)

06/15/2025

3,047,608

Illinois

State

GO

Bonds

Series

2017

D

(A3/A-)

5,425,000

5.000

11/01/2024

5,503,389

26,975,000

5.000

11/01/2025

27,892,371

34,065,000

5.000

11/01/2026

35,920,899

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Illinois

–

(continued)

Illinois

State

GO

Bonds

Series

2019

A

(A3/A-)

$

4,000,000

5.000%

11/01/2024

$

4,057,522

Illinois

State

GO

Bonds

Series

2020

(A3/A-)

2,100,000

5.500

05/01/2024

2,114,561

Illinois

State

Sales

Tax

RB

for

Build

Junior

Obligation

Series

2013

(NR/A)

115,000

5.000

06/15/2024

115,107

Northern

Illinois

University

Board

of

Trustees

Auxiliary

Facilities

System

RB

Series

2021

(BAM)

(Baa3/AA)

325,000

5.000

10/01/2030

355,839

Sales

Tax

Securitization

Corp

Bonds

Series

2018C

(NR/AA-)

10,900,000

5.000

01/01/2026

11,372,179

Sales

Tax

Securitization

Corp.

Second

Lien

Sales

Tax

Securitization

Bonds

Series

2020A

(NR/AA-)

3,320,000

5.000

01/01/2026

3,463,820

Sales

Tax

Securitization

Corp.

Second

Lien

Sales

Tax

Securitization

Bonds

Series

2021A

(NR/AA-)

4,000,000

5.000

01/01/2027

4,261,952

State

of

Illinois

Build

Illinois

Junior

Obligation

Bonds

Series

2021A

(NR/A)

2,460,000

4.000

06/15/2025

2,481,369

State

of

Illinois

GO

Bonds

Refunding

Series

2022B

(A3/A-)

4,265,000

5.000

03/01/2024

4,275,332

3,000,000

5.000

03/01/2025

3,062,088

State

of

Illinois

GO

Bonds

Series

2014

(A3/A-)

1,280,000

5.000

05/01/2028

1,286,294

2,220,000

5.250

02/01/2029

2,222,954

1,295,000

5.000

04/01/2031

1,299,456

State

of

Illinois

GO

Bonds

Series

2016

(A3/A-)

2,965,000

5.000

01/01/2026

3,072,998

5,700,000

5.000

11/01/2028

5,958,551

State

of

Illinois

GO

Bonds

Series

2017A

(A3/A-)

3,455,000

5.000

12/01/2027

3,714,015

State

of

Illinois

GO

Bonds

Series

2017C

(A3/A-)

6,435,000

5.000

11/01/2029

6,889,810

State

of

Illinois

GO

Bonds

Series

2017D

(A3/A-)

5,525,000

5.000

11/01/2027

5,938,083

State

of

Illinois

GO

Bonds

Series

2020

(A3/A-)

1,000,000

5.500

05/01/2030

1,121,201

State

of

Illinois

GO

Bonds

Series

2021A

(A3/A-)

2,500,000

5.000

03/01/2024

2,506,056

2,750,000

5.000

03/01/2026

2,859,165

State

of

Illinois

GO

Bonds

Series

2021B

(A3/A-)

4,460,000

5.000

03/01/2024

4,470,804

State

of

Illinois

GO

Bonds,

Refunding

Series

of

May

2023D

(A3/A-)

8,035,000

5.000

07/01/2025

8,254,215

State

of

Illinois

GO

Refunding

Bonds

Series

2016

(A3/A-)

4,215,000

5.000

02/01/2026

4,375,389

3,800,000

5.000

02/01/2028

4,027,265

2,075,000

5.000

02/01/2029

2,195,592

State

of

Illinois

GO

Refunding

Bonds

Series

2018A

(A3/A-)

6,490,000

5.000

10/01/2028

7,073,367

State

of

Illinois

GO

Refunding

Bonds

Series

2018B

(A3/A-)

6,000,000

5.000

10/01/2028

6,539,323

State

of

Illinois

GO

Refunding

Bonds

Series

2021C

(A3/A-)

6,550,000

4.000

03/01/2024

6,555,494

GOLDMAN

SACHS

SHORT

DURATION

TAX

-

FREE

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Illinois

–

(continued)

State

of

Illinois

GO

Unlimited

Refunding

Bonds

Series

2018

B

(A3/A-)

$

2,000,000

5.000%

10/01/2025

$

2,063,200

394,882,135

Indiana

-

0.9%

City

of

Rockport

Pollution

Control

Revenue

Refunding

Bonds

for

AEP

Generating

Company

Project

Series

1995

(NON-AMT)

(Baa2/A-)

4,150,000

3.125

07/01/2025

4,099,013

City

of

Rockport

Pollution

Control

Revenue

Refunding

Bonds

Series

1995

(NON-AMT)

(Baa2/A-)

3,335,000

3.125

07/01/2025

3,294,026

City

of

Rockport

Pollution

Control

Revenue

Refunding

Bonds

Series

2009

B

(NON-AMT)

(A3/A-)

10,000,000

3.050

06/01/2025

9,923,968

City

of

Rockport

Pollution

Control

Revenue

Refunding

Bonds

Series

D

(A3/A-)

11,000,000

0.750

04/01/2025

10,488,718

City

of

Whiting

Environmental

Facilities

Refunding

RB

for

BP

Products

North

America

Inc.

Project

Series

2019A

(A2/A-)

7,050,000

5.000

(a)(b)

12/01/2044

7,170,249

Indiana

Finance

Authority

RB

Refunding

for

Indianapolis

Power

&

Light

Co.

Series

2020

A

(A2/A-)

3,000,000

0.750

(a)(b)

12/01/2038

2,751,799

Indiana

Finance

Authority

RB

Refunding

for

Indianapolis

Power

&

Light

Co.

Series

2020

B

(AMT)

(A2/A-)

4,525,000

0.950

(a)(b)

12/01/2038

4,179,337

Indiana

Finance

Authority

RB

Refunding

for

Indianapolis

Power

&

Light

Co.

Series

2021

(A2/A-)

3,000,000

0.650

08/01/2025

2,824,478

Indiana

Housing

&

Community

Development

Authority

Multifamily

Housing

RB

Partners

Preservation

Projects

Series

2023

(FHA

221(D)(4))

(FHA

221(D)(4))

(Aaa/NR)

700,000

4.100

(a)(b)

09/01/2028

705,933

45,437,521

Iowa

-

0.0%

Iowa

Finance

Authority

RB

Refunding

for

Lifespace

Communities,

Inc.

Obligated

Group

Series

2021

A

(NR/NR)

2,105,000

4.000

05/15/2026

2,007,925

a

a

Kansas

-

0.5%

City

of

Burlington

Environmental

Improvement

RB

Refunding

for

Evergy

Metro,

Inc.

Project

Series

2023

(A2/A)

3,775,000

4.300

(a)(b)

03/01/2045

3,820,918

City

of

Manhattan

GO

Temporary

Notes

Series

2022-01

(Aa3/NR)

17,575,000

1.750

06/15/2025

17,093,818

Kansas

Development

Finance

Authority

Variable

Rate

Demand

Health

Facilities

RB

for

Ku

Health

System

Series

2011J

(NR/AA+/A-1)

3,800,000

3.950

(a)(b)

03/01/2041

3,800,000

24,714,736

Kentucky

-

1.5%

County

of

Boone

Pollution

Control

Revenue

Refunding

Bonds

Series

2008A

(NON-AMT)

(Baa1/BBB+)

5,000,000

3.700

08/01/2027

4,981,302

County

of

Owen

Water

Facilities

Refunding

RB

Series

2020

(NON-AMT)

(Baa1/A)

700,000

3.875

(a)(b)

06/01/2040

712,446

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Kentucky

–

(continued)

Kentucky

Economic

Development

Finance

Authority

Healthcare

Facilities

Refunding

RB

Series

2022

(NR/NR)

$

3,570,000

4.500%

10/01/2027

$

3,547,929

Kentucky

Public

Energy

Authority

Gas

Supply

RB

2018

Series

B

(A2/NR)

22,525,000

4.000

(a)(b)

01/01/2049

22,529,985

Kentucky

Public

Energy

Authority

Gas

Supply

RB

2018

Series

C-1

(A1/NR)

2,775,000

4.000

(a)(b)

12/01/2049

2,779,949

Louisville

&

Jefferson

County

Metropolitan

Government

RB

Refunding

for

Louisville

Gas

&

Electric

Co.

Series

2001

A

(A1/A)

3,800,000

0.900

09/01/2026

3,550,590

Louisville

Jefferson

County

Metro

Government

Health

System

RB

for

Norton

Healthcare

Series

2023A

(NR/A)

700,000

5.000

10/01/2026

738,641

1,700,000

5.000

10/01/2027

1,830,815

Public

Energy

Authority

of

Kentucky

Gas

Supply

RB

Series

2019

A-1

(A1/NR)

24,230,000

4.000

(a)(b)

12/01/2049

24,273,212

Public

Energy

Authority

of

Kentucky

Gas

Supply

RB

Series

2019C

(A1/NR)

9,350,000

4.000

(a)(b)

02/01/2050

9,375,487

74,320,356

Louisiana

-

2.8%

City

of

New

Orleans

GO

Refunding

Bonds

Series

2022

(A2/A+)

5,495,000

5.000

12/01/2024

5,590,777

3,000,000

5.000

12/01/2025

3,121,406

4,255,000

5.000

12/01/2026

4,523,145

1,715,000

5.000

12/01/2027

1,860,057

City

of

New

Orleans

Sewerage

Service

RB

Series

2015

(NR/A)

1,000,000

5.000

(c)

06/01/2025

1,031,386

East

Baton

Rouge

Sewerage

Commission

Tax

Exempt

Revenue

Refunding

Bonds

Series

2020A

(NR/AA-)

1,100,000

5.000

02/01/2026

1,151,486

Lake

Charles

Harbor

&

Terminal

District

RB

Series

2021

(A3/NR)

13,000,000

1.000

(a)(b)

12/01/2051

12,575,451

Louisiana

Local

Government

Community

Development

Authority

Subordinate

Lien

Revenue

Refunding

Bonds

Series

2020B

(NR/A+)

35,000,000

0.875

(a)(b)

02/01/2046

33,914,073

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Insurance

Assessment

RB

for

Louisiana

Insurance

Guaranty

Association

Project

Series

2022B

(A1/NR)

2,250,000

5.000

08/15/2025

2,321,295

3,300,000

5.000

08/15/2027

3,516,465

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

Revenue

Refunding

Bonds

for

Ragin'

Cajun

Facilities

Student

Housing

&

Parking

Project

Series

2017

(AGM)

(NR/AA)

1,230,000

5.000

10/01/2026

1,289,269

Louisiana

Offshore

Terminal

Authority

Deepwater

Port

RB

for

Loop

LLC

Project

Series

2007A

(A3/NR)

7,725,000

4.150

09/01/2027

7,902,376

Louisiana

Offshore

Terminal

Authority

Deepwater

Port

RB

for

Loop

LLC

Project

Series

2007-B-2A-2

(NON-AMT)

(A3/BBB+)

2,500,000

4.200

(a)(b)

10/01/2037

2,552,888

GOLDMAN

SACHS

SHORT

DURATION

TAX

-

FREE

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Louisiana

–

(continued)

Louisiana

Offshore

Terminal

Authority

Deepwater

Port

RB

for

Loop

LLC

Project

Series

2013A

(NON-AMT)

(A3/NR)

$

3,775,000

4.200%

(a)(b)

09/01/2033

$

3,899,280

Louisiana

Public

Facilities

Authority

Hospital

RB

Louisiana

Children's

Medical

Center

Project

Series

2015A3

RMKT

(NR/A)

6,250,000

5.000

(a)(b)

06/01/2045

6,715,053

New

Orleans

Aviation

Board

General

Airport

RB

for

North

Terminal

Project

Series

2015

B

(A2/A)

7,460,000

5.000

01/01/2040

7,475,886

New

Orleans

Aviation

Board

General

Airport

RB

for

North

Terminal

Project

Series

2015

B

(AMT)

(A2/A)

3,750,000

5.000

01/01/2034

3,773,339

Parish

of

St.

John

the

Baptist

RB

Refunding

for

Marathon

Oil

Corp.

Series

2017

A-1

(Baa3/BBB-)

5,755,000

4.050

(a)(b)

06/01/2037

5,690,517

Parish

of

St.

John

the

Baptist

RB

Refunding

for

Marathon

Oil

Corp.

Series

2017

B-1

(Baa3/BBB-)

10,000,000

2.125

(a)(b)

06/01/2037

9,860,297

Parish

of

St.

John

the

Baptist

Revenue

Refunding

Bonds

for

Marathon

Oil

Project

Series

2017

(Baa3/BBB-)

950,000

2.200

(a)(b)

06/01/2037

898,340

Parish

of

St.

John

The

Baptist

Revenue

Refunding

Bonds

Series

2017

(Baa3/BBB-)

15,000,000

2.100

(a)(b)

06/01/2037

14,797,205

State

of

Louisiana

Gasoline

and

Fuels

Tax

Revenue

Refunding

Bonds

2017

Series

B

(Aa2/AA-)

1,425,000

5.000

05/01/2026

1,499,914

State

of

Louisiana

Gasoline

and

Fuels

Tax

Second

Lien

Revenue

Refunding

Bonds

2022

Series

A

(Aa3/AA-)

(SOFR

+

0.50%)

4,380,000

4.273

(b)(d)

05/01/2043

4,293,910

State

of

Louisiana

Grant

Anticipation

RB

Series

2023

(NR/AA)

900,000

5.000

09/01/2026

955,013

141,208,828

Maine

-

0.0%

Maine

Turnpike

Authority

RB

Refunding

Series

2015

(Aa3/AA-)

1,575,000

5.000

07/01/2026

1,627,122

a

a

Maryland

-

1.0%

Frederick

County

Maryland

Tax

Allocation

Refunding

for

Oakdale-

Lake

Linganore

Development

District

Series

2019

B

(NR/NR)

245,000

2.625

07/01/2024

243,245

Maryland

Department

of

Transportation

Consolidated

Transportation

Bonds

Refunding

Series

2016

(Aa1/AAA)

3,025,000

4.000

09/01/2027

3,192,991

Maryland

Economic

Development

Corp.

Private

Activity

RB

for

Purple

Line

Light

Rail

Project

Series

2022A

(Baa3/NR)

2,550,000

5.000

11/12/2028

2,617,097

Maryland

Health

&

Higher

Educational

Facilities

Authority

RB

for

St.

John's

College

Series

2020

(NR/BBB+)

305,000

4.000

10/01/2026

309,251

Maryland

Health

&

Higher

Educational

Facilities

Authority

RB

Refunding

for

St.

John's

College

Series

2020

(NR/BBB+)

350,000

4.000

10/01/2024

351,024

Maryland

Stadium

Authority

RB

Football

Stadium

Issue

Series

2023A

(NR/AA)

1,850,000

5.000

03/01/2025

1,894,088

2,000,000

5.000

03/01/2026

2,093,990

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Maryland

–

(continued)

Montgomery

County

GO

Bonds

for

Consolidated

Public

Improvement

Project

Series

2021

A

(Aaa/AAA)

$

10,000,000

5.000%

08/01/2028

$

11,185,245

State

of

Maryland

GO

Bonds

for

State

&

Local

Facilities

Loan

Series

2020A

(Aaa/AAA)

10,290,000

5.000

03/15/2027

11,124,876

State

of

Maryland

GO

Bonds

for

State

&

Local

Facilities

Loan

Series

2021A

(Aaa/AAA)

17,825,000

5.000

08/01/2027

19,454,383

52,466,190

Massachusetts

-

1.7%

City

of

Boston

GO

Bonds

2017

Series

A

(Aaa/AAA)

2,015,000

5.000

04/01/2025

2,074,554

Massachusetts

Bay

Transportation

Authority

Sales

Tax

RB

Series

2005

A

(Aa2/AA+)

25,035,000

5.000

07/01/2026

26,567,295

Massachusetts

Development

Finance

Agency

RB

for

Boston

Medical

Center

Series

G

(Baa2/BBB)

500,000

5.000

07/01/2024

503,758

Massachusetts

Development

Finance

Agency

RB

for

Harvard

University

Series

2016A

(Aaa/AAA)

5,000,000

5.000

07/15/2033

5,277,311

Massachusetts

Development

Finance

Agency

RB

for

President

&

Trustees

of

Williams

College

Series

2011

(Aa1/AA+)

3,500,000

0.450

(a)(b)

07/01/2041

3,307,932

Massachusetts

Development

Finance

Agency

RB

for

Wellforce

Issue,

Serries

2020C

(AGM)

(NR/AA)

500,000

5.000

10/01/2028

545,716

Massachusetts

Health

and

Educational

Facilities

Authority

Variable

Rate

Demand

RB

for

Umass

Series

A

(Aa2/AA-)

7,000,000

2.450

(a)(b)

11/01/2030

6,918,513

Massachusetts

School

Building

Authority

Senior

Dedicated

Sales

Tax

Bonds

2016

Series

B

(Aa2/AA+)

5,165,000

5.000

11/15/2031

5,471,579

11,750,000

5.000

11/15/2032

12,404,212

Massachusetts

State

Development

Finance

Agency

RB

Mass

General

Brigham,

Inc.

Series

2019

T

1

(Aa3/AA-)

(SIFMA

Municipal

Swap

Index

Yield

+

0.60%)

6,250,000

4.470

(b)(d)(e)

07/01/2049

6,191,849

Massachusetts

Water

Resources

Authority

General

Revenue

Refunding

Bonds,

2014

Series

F

(Aa1/AA+)

6,025,000

4.000

(c)

08/01/2024

6,067,149

The

Commonwealth

of

Massachusetts

GO

Refunding

Bonds

Series

2016A

(Aa1/AA+)

8,110,000

5.000

07/01/2025

8,394,711

83,724,579

Michigan

-

1.9%

City

of

Detroit

Downtown

Development

Authority

RRB

Refunding

for

Tax

Increment

Series

2018A

(AGM)

(NR/AA)

14,000,000

5.000

07/01/2043

14,043,761

Detroit

Downtown

Development

Authority

RB

Refunding

for

Catalyst

Development

Project

Series

2018

A

(AGM)

(NR/AA)

3,750,000

5.000

07/01/2048

3,758,810

Detroit

Downtown

Development

Authority

Subordinate

General

RB

Refunding

for

Development

Area

No.

1

Projects

Series

2018

B

(AGM)

(NR/AA)

500,000

5.000

07/01/2024

504,420

550,000

5.000

07/01/2025

555,331

GOLDMAN

SACHS

SHORT

DURATION

TAX

-

FREE

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Michigan

–

(continued)

Detroit

Michigan

Sewage

Disposal

System

RB

Refunding

Series

2006

D

(AGM)

(Aa3/AA)

(3M

USD

LIBOR

+

0.60%)

$

28,240,000

4.390%

(d)

07/01/2032

$

26,845,814

Lansing

Board

of

Water

&

Light

Utility

System

RB

Series

2021B

(Aa3/AA-)

5,000,000

2.000

(a)(b)

07/01/2051

4,744,827

Michigan

Finance

Authority

Higher

Education

Facilities

Limited

Obligation

Revenue

Refunding

Bonds

for

Lawrence

Technology

University

Series

2022

(NR/BBB-)

185,000

4.000

02/01/2027

182,094

Michigan

Finance

Authority

Hospital

RB

for

Trinity

Health

Credit

Group

Series

2022B

(Aa3/AA-)

6,250,000

5.000

(a)(b)

12/01/2043

6,787,446

Michigan

Finance

Authority

Hospital

Revenue

Refunding

Bonds

Series

2015B

(A1/NR)

1,215,000

5.000

05/15/2034

1,235,848

Michigan

Finance

Authority

Hospital

Revenue

Refunding

Bonds

Series

2022B

(Aa3/AA)

(SIFMA

Municipal

Swap

Index

Yield

+

0.75%)

5,845,000

4.620

(b)(d)

04/15/2047

5,811,718

Michigan

Finance

Authority

Local

Government

Loan

Program

RB

Refunding

for

Detroit

Water

and

Sewer

Series

2014

D-1

(NATL)

(A1/A+)

1,000,000

5.000

07/01/2036

1,004,293

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)

(Aa3/AA)

2,000,000

5.000

07/01/2035

2,010,339

Michigan

Finance

Authority

Local

Government

Loan

Program

RB

Refunding

for

Detroit

Water

and

Sewerage

Department

Water

Supply

System

Series

2015

D-1

(Aa3/AA-)

1,000,000

5.000

07/01/2029

1,026,430

Michigan

Strategic

Fund

Limited

Obligation

RB

Dte

Electric

Company

Exempt

Facilities

Project,

Collateralized

Series

2023DT

(Aa3/A)

5,650,000

3.875

(a)(b)

06/01/2053

5,637,628

Michigan

Strategic

Fund

Limited

Obligation

RB

for

I-75

Improvement

Project

Series

2018

(AMT)

(WR/NR)

2,685,000

5.000

06/30/2024

2,691,006

3,500,000

5.000

12/31/2024

3,518,618

Star

International

Academy

RB

Refunding

Series

2020

(NR/BBB)

2,550,000

5.000

03/01/2030

2,639,880

Star

International

Academy

Refunding

Bonds

Series

2020

(NR/BBB)

690,000

4.000

03/01/2024

689,462

720,000

4.000

03/01/2025

715,338

745,000

4.000

03/01/2026

737,017

775,000

4.000

03/01/2027

766,692

State

of

Michigan

Building

Authority

RB

for

Facilities

Program

Multi-Modal

2023

Series

I

(Aa2/P-1/NR)

2,720,000

3.970

(a)(b)

04/15/2058

2,720,000

Wayne

County

Airport

Authority

Airport

RB

for

Detroit

Metropolitan

Wayne

County

Airport

Revenue

Refunding

Bonds

Series

2015F

(A1/A)

2,495,000

5.000

12/01/2025

2,560,320

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Michigan

–

(continued)

Wayne

County

Airport

Authority

Revenue

Refunding

Bonds

Series

2017

E

(A1/NR)

$

3,000,000

4.000%

(e)

12/01/2025

$

3,023,611

94,210,703

Minnesota

-

1.0%

City

of

Minneapolis

GO

Refunding

Bonds

Series

2020

(NR/AAA)

5,730,000

2.000

12/01/2029

5,335,155

City

of

Minneapolis

Health

Care

System

RB

for

Allina

Health

System

Series

2023A

(A1/AA-)

2,500,000

5.000

(a)(b)

11/15/2052

2,713,433

Duluth

Independent

School

District

Refunding

Certificates

of

Participation

Series

2019A

(Baa1/NR)

640,000

3.250

03/01/2025

633,227

700,000

4.000

03/01/2026

696,962

Metropolitan

Council

GO

Grant

Anticipation

Notes

Series

2021B

(Aaa/AAA)

1,590,000

5.000

12/01/2024

1,622,473

Minnesota

Higher

Education

Facilities

Authority

RB

Refunding

for

College

of

St.

Scholastica,

Inc.

Series

2019

(Baa2/NR)

100,000

4.000

12/01/2024

99,765

Minnesota

Special

School

District

Refunding

Certificates

of

Participation

for

Minnesota

School

District

Credit

Enhancement

Program

Series

2022C

(SD

CRED

PROG)

(Aa1/AAA)

2,000,000

5.000

02/01/2026

2,097,752

9,385,000

5.000

02/01/2027

10,101,216

Minnesota

State

Trunk

Highway

GO

Bonds

Series

2023B

(Aaa/AAA)

5,000,000

5.000

08/01/2025

5,182,363

Minnesota

State

Trunk

Highway

GO

Refunding

Bonds

Series

2023E

(Aaa/AAA)

5,000,000

5.000

08/01/2025

5,182,363

5,000,000

5.000

08/01/2026

5,313,858

Regents

of

University

of

Minnesota

GO

Bonds

Series

2013A

(Aa1/AA)

3,185,000

4.000

02/01/2029

3,187,320

State

of

Minnesota

GO

State

Various

Purpose

Bonds

Series

2023A

(Aaa/AAA)

7,815,000

5.000

08/01/2026

8,305,559

Western

Minnesota

Municipal

Power

Agency

Power

Supply

Revenue

Refunding

Bonds

2022

Series

A

(Aa2/NR)

250,000

5.000

01/01/2024

250,000

375,000

5.000

01/01/2025

382,823

825,000

5.000

01/01/2026

862,211

640,000

5.000

01/01/2027

686,109

52,652,589

Mississippi

-

0.6%

Lowndes

County

Solid

Waste

Disposal

and

Pollution

Control

Refunding

RB

Series

2022

(Baa2/BBB)

10,500,000

2.650

(a)(b)

04/01/2037

10,041,501

Mississippi

Business

Finance

Corp

Solid

Waste

Disposal

RB

Series

2002

(NR/A-/A-2)

1,000,000

2.200

(a)(b)

03/01/2027

992,185

Warren

County

Gulf

Opportunity

Zone

Revenue

Refunding

Bonds

Series

2020A

(NON-AMT)

(Baa2/BBB)

9,085,000

1.375

(a)(b)

05/01/2034

8,713,313

GOLDMAN

SACHS

SHORT

DURATION

TAX

-

FREE

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Mississippi

–

(continued)

Warren

County

Gulf

Opportunity

Zone

Revenue

Refunding

Bonds

Series

2020C

(NON-AMT)

(Baa2/BBB)

$

9,300,000

1.375%

(a)(b)

08/01/2027

$

8,919,516

Warren

County

RB

Refunding

for

International

Paper

Company,

Series

2020

B

(AMT)

(Baa2/BBB)

1,175,000

1.600

(a)(b)

08/01/2027

1,130,612

29,797,127

Missouri

-

1.1%

Health

and

Educational

Facilities

Authority

of

The

State

of

Missouri

Health

Facilities

RB

Wright

Memorial

Hospital

Series

2019

(NR/NR)

320,000

5.000

09/01/2025

324,678

Missouri

Health

&

Educational

Facilities

Authority

RB

Refunding

for

J.B.

Wright

&

Trenton

Trust

Obligated

Group

Series

2019

(NR/NR)

600,000

5.000

09/01/2024

602,924

State

of

Missouri

Environmental

Improvement

and

Energy

Resources

Authority

Environmental

Improvement

RB

Series

2008

(Baa1/A-)

4,000,000

3.500

(a)(b)

05/01/2038

3,973,555

State

of

Missouri

Health

&

Educational

Facilities

Authority

Long

Term

Health

Facilities

RB

for

BJC

Health

System

Series

2021B

(Aa2/AA)

40,000,000

4.000

(a)(b)

05/01/2051

40,769,984

State

of

Missouri

Health

&

Educational

Facilities

Authority

Long

Term

Health

Facilities

RB

for

BJC

Health

System

Series

2021C

(Aa2/AA)

2,200,000

5.000

(a)(b)

05/01/2052

2,384,466

The

Planned

Industrial

Expansion

Authority

of

Kansas

City

Multifamily

Housing

RB

for

The

Depot

on

Old

Santa

Fe

Series

2023

(Aaa/NR)

5,000,000

5.000

(a)(b)

07/01/2045

5,240,650

53,296,257

Montana

-

0.1%

City

of

Forsyth,

Rosebud

County,

Montana

Pollution

Control

Revenue

Refunding

Bonds

Northwestern

Corporation

Colstrip

Project

Series

2023

(A3/NR)

2,825,000

3.875

07/01/2028

2,883,800

a

a

Nebraska

-

0.4%

Omaha

Public

Power

District

Electric

System

Subordinated

RB

2014

Series

AA

(Aa3/AA-)

6,020,000

4.000

02/01/2034

6,024,253

Sarpy

County

School

District

0001

Bellevue

Public

School,

State

of

Nebraska

GO

School

Building

Bonds

Series

2017

(A1/NR)

1,420,000

5.000

(c)

12/15/2027

1,558,005

Sarpy

County

School

District

GO

Bonds

for

Gretna

Public

Schools

Series

2022B

(NR/AA-)

6,875,000

5.000

12/15/2027

7,154,670

Washington

County

Wastewater

&

Solid

Waste

Disposal

Facilities

Revenue

Refunding

Bonds

Series

2012

(NR/A)

4,700,000

0.900

(a)(b)

09/01/2030

4,523,677

19,260,605

Nevada

-

0.6%

City

of

Las

Vegas

Special

Improvement

District

Local

Improvement

Refunding

Bonds

Series

2013

(NR/NR)

45,000

4.250

06/01/2024

45,094

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Nevada

–

(continued)

City

of

Las

Vegas

Special

Improvement

District

No.

812

for

Summerlin

Village

24

Local

Improvement

Bonds

Series

2015

(NR/NR)

$

1,315,000

5.000%

12/01/2027

$

1,327,440

Clark

County

Harry

Reid

International

Airport

Passenger

Facility

Charge

Refunding

RB

Series

2022B

(Aa3/NR)

925,000

5.000

07/01/2025

954,583

675,000

5.000

07/01/2026

714,464

870,000

5.000

07/01/2027

942,992

Clark

County

Jet

Aviation

Fuel

Tax

Refunding

RB

Series

2022A

(A1/NR)

750,000

5.000

07/01/2024

755,490

1,275,000

5.000

07/01/2025

1,306,167

1,000,000

5.000

07/01/2026

1,040,501

Clark

County

Pollution

Control

Refunding

RB

for

Nevada

Power

Company

Projects

Series

2017

(A2/A)

1,025,000

3.750

(a)(b)

01/01/2036

1,036,551

County

of

Humboldt

Nevada

Pollution

Control

RB

Refunding

for

Idaho

Power

Co.

Series

2003

(A2/A-)

12,000,000

1.450

12/01/2024

11,739,149

Henderson

Nevada

Local

Improvement

District

No.

T-18

(NR/NR)

1,105,000

4.000

09/01/2025

1,101,560

Las

Vegas

Valley

Water

District

GO

LT

Water

Refunding

Bonds

Additionally

Secured

By

SNWA

Pledged

Revenues

Series

2022C

(Aa1/AA)

1,000,000

5.000

06/01/2028

1,110,488

Las

Vegas

Valley

Water

District

GO

LT

Water

Refunding

Bonds

Series

2021A

(Aa1/AA)

3,000,000

5.000

06/01/2024

3,024,850

Las

Vegas

Valley

Water

District

GO

LT

Water

Refunding

Bonds

Series

2021C

(Aa1/AA)

4,355,000

5.000

06/01/2025

4,486,183

29,585,512

New

Hampshire

-

0.4%

National

Finance

Authority

Solid

Waste

Disposal

Refunding

RB

Series

2019A-1

(NR/A-/A-2)

1,250,000

2.150

(a)(b)(h)

09/01/2025

1,239,927

National

Finance

Authority

Solid

Waste

Disposal

Refunding

RB

Series

2019A-2

(NR/A-/A-2)

5,000,000

2.150

(a)(b)(h)

07/01/2027

4,952,737

National

Finance

Authority

Solid

Waste

Disposal

Refunding

RB

Series

2019A-3

(NR/A-/A-2)

5,000,000

2.150

(a)(b)(h)

07/01/2033

4,952,738

National

Finance

Authority

Solid

Waste

Disposal

Refunding

RB

Series

2019A-4

(NR/A-/A-2)

3,000,000

2.150

(a)(b)(h)

08/01/2038

2,971,643

New

Hampshire

Business

Finance

Authority

RB

Refunding

for

Springpoint

Senior

Living

Obligated

Group

Series

2021

(NR/NR)

220,000

4.000

01/01/2024

220,000

285,000

4.000

01/01/2025

282,974

265,000

4.000

01/01/2026

261,062

250,000

4.000

01/01/2027

244,210

New

Hampshire

Housing

Finance

Authority

Multi-Family

Housing

RB

2022

Series

1

(NON-AMT)

(FHA

542(C))

(Aaa/NR)

1,010,000

2.650

08/01/2024

1,007,014

5,575,000

2.800

02/01/2025

5,532,692

21,664,997

GOLDMAN

SACHS

SHORT

DURATION

TAX

-

FREE

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

New

Jersey

-

4.4%

County

of

Morris

GO

Bonds

for

General

Improvement

and

County

College

Series

2021

(Aaa/AAA)

$

4,615,000

2.000%

02/01/2027

$

4,442,512

New

Jersey

Economic

Development

Authority

RB

for

Provident

Group

-

Kean

Properties

L.L.C.

-

Kean

University

Student

Housing

Project

Series

2017

A

(NR/B)

320,000

4.000

01/01/2024

320,000

325,000

4.000

07/01/2024

323,258

New

Jersey

Economic

Development

Authority

RB

Refunding

for

New

Jersey-American

Water

Co.,

Inc.

Series

2020

E

(AMT)

(A1/A+)

3,100,000

0.850

12/01/2025

2,884,656

New

Jersey

Economic

Development

Authority

RB

Refunding

for

School

Facilities

Construction

Series

2013

I

(ST

APPROP)

(A2/A-)

(SIFMA

Municipal

Swap

Index

Yield

+

1.25%)

13,315,000

5.120

(d)

09/01/2025

13,340,594

New

Jersey

Economic

Development

Authority

RB

Refunding

for

School

Facilities

Construction

Series

2018

FFF

(A2/A-)

4,545,000

5.000

06/15/2024

4,585,461

New

Jersey

Economic

Development

Authority

RB

Series

2005

(AMBAC)

(A2/A-)

10,000,000

5.500

09/01/2024

10,164,799

New

Jersey

Economic

Development

Authority

Refunding

RB

for

School

Facilities

Construction

Series

2005

N1

(AMBAC)

(A2/A-)

2,000,000

5.500

09/01/2026

2,138,605

New

Jersey

Economic

Development

Authority

School

Facilities

Construction

Refunding

Bonds

2016

Series

BBB

(A2/A-)

2,850,000

5.500

(c)

12/15/2026

3,096,537

New

Jersey

Economic

Development

Authority

School

Facilities

Construction

Refunding

Bonds,

2024

Series

SSS

Forward

Delivery

(A2/A-)

4,000,000

5.000

(g)

06/15/2026

4,175,171

2,480,000

5.000

(g)

06/15/2027

2,643,388

New

Jersey

Economic

Development

Authority

Special

Facility

Revenue

Refunding

Bonds

for

Port

Newark

Container

Terminal

Project

Series

2017

(Baa2/NR)

2,130,000

5.000

10/01/2026

2,179,148

1,680,000

5.000

10/01/2027

1,734,832

New

Jersey

Economic

Development

Authority

State

Lease

RB

for

Health

Department

&

Taxation

Division

Office

Project

2018

Series

A

(A2/A-)

1,955,000

5.000

06/15/2024

1,972,404

New

Jersey

Economic

Development

Authority

Water

Facilities

Refunding

RB

New

Jersey-

American

Water

Company,

Inc.

Project

Series

2020B

Bonds

(A1/A+)

3,495,000

3.750

(a)(b)

11/01/2034

3,530,087

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Refunding

Bonds

for

RWJ

Barnabas

Health

Obligated

Group

Issue

Series

2019B-2

(Aa3/AA-)

5,700,000

5.000

(a)(b)

07/01/2042

5,861,183

New

Jersey

Housing

&

Mortgage

Finance

Agency

Multi-Family

RB

2021

Series

B

(NON-AMT)

(HUD

SECT

8)

(NR/AA-)

1,595,000

0.650

05/01/2024

1,580,974

3,085,000

0.750

11/01/2024

2,983,947

2,310,000

0.900

11/01/2025

2,168,563

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

New

Jersey

–

(continued)

New

Jersey

Housing

and

Mortgage

Finance

Agency

Multi-Family

RB

2017

Series

A

(NON-AMT)

(NR/AA-)

$

1,830,000

2.850%

11/01/2025

$

1,816,362

New

Jersey

Housing

and

Mortgage

Finance

Agency

Single

Family

Housing

RB

2022

Series

I

(NON-AMT)

(Aa2/AA)

2,675,000

2.800

10/01/2025

2,631,468

2,600,000

2.900

04/01/2026

2,562,247

New

Jersey

State

Turnpike

Authority

RB

Refunding

Series

2017

D-1

(A1/AA-)

(1M

USD

LIBOR

+

0.70%)

5,000,000

4.520

(d)

01/01/2024

5,000,000

New

Jersey

Transportation

Trust

Fund

Authority

Bonds

Series

2006

C

(AMBAC)

(A2/A-)

10,765,000

0.000

(f)

12/15/2025

10,072,097

New

Jersey

Transportation

Trust

Fund

Authority

RB

Capital

Appreciation

for

Transportation

System

Bonds

Series

2010

A

(A2/A-)

365,000

0.000

(f)

12/15/2026

331,736

4,155,000

0.000

(f)

12/15/2027

3,667,791

24,420,000

0.000

(f)

12/15/2028

20,939,303

New

Jersey

Transportation

Trust

Fund

Authority

RB

for

Transportation

System

Bonds

Series

2006

C

(NATL)

(A2/A-)

46,470,000

0.000

(f)

12/15/2027

41,020,998

New

Jersey

Transportation

Trust

Fund

Authority

RB

for

Transportation

System

Series

2019

A

(A2/A-)

450,000

5.000

12/15/2024

458,627

New

Jersey

Transportation

Trust

Fund

Authority

RB

Refunding

for

Federal

Highway

Reimbursement

Notes

Series

2018

A

(A2/A+)

1,200,000

5.000

06/15/2030

1,260,973

New

Jersey

Transportation

Trust

Fund

Authority

Tax

Exempt

RB

for

Transportation

System

Bonds

Series

2019

A

(A2/A-)

7,430,000

5.000

12/15/2025

7,747,205

New

Jersey

Transportation

Trust

Fund

Authority

Transportation

Program

Bonds,

2023

Series

AA

(A2/A-)

2,000,000

5.000

06/15/2024

2,015,717

1,615,000

5.000

06/15/2025

1,664,076

New

Jersey

Transportation

Trust

Fund

Authority

Transportation

System

Bonds

2010

Series

A

(A2/A-)

9,240,000

0.000

(f)

12/15/2029

7,665,948

New

Jersey

Transportation

Trust

Fund

Authority

Transportation

System

Bonds

2021

Series

A

(A2/A-)

3,095,000

5.000

06/15/2026

3,262,069

New

Jersey

Turnpike

Authority

Turnpike

RB

Series

2014

A

(A1/AA-)

18,650,000

5.000

01/01/2033

18,777,682

Passaic

County

Improvement

Authority

Charter

School

RB

for

Paterson

Arts

&

Science

Charter

School

Project

Series

2023

(NR/BBB-)

620,000

4.250

07/01/2033

636,748

Salem

County

Pollution

Control

Financing

Authority

Pollution

Control

RB

for

Philadelphia

Electric

Company

Project

1993

Series

A

(Baa2/BBB+)

1,645,000

4.450

03/01/2025

1,647,496

South

Jersey

Port

Corp.

Subordinated

Marine

Terminal

RB

Series

2017B

(A3/NR)

1,390,000

5.000

01/01/2024

1,390,000

GOLDMAN

SACHS

SHORT

DURATION

TAX

-

FREE

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

New

Jersey

–

(continued)

State

of

New

Jersey

COVID

19

Emergency

GO

Bonds

Series

2020

A

(A1/A)

$

12,750,000

5.000%

06/01/2027

$

13,787,779

Tobacco

Settlement

Financing

Corp.

Tobacco

Settlement

Bonds

Series

2018A

(NR/A)

1,495,000

5.000

06/01/2027

1,581,227

Union

County

Utilities

Authority

Resource

Recovery

Facility

Lease

Revenue

Refunding

Bonds

for

Covanta

Union

Series

2011A

(AMT)

(CNTY

GTD)

(NR/AA+)

4,495,000

5.250

12/01/2031

4,500,849

224,564,517

New

Mexico

-

1.4%

City

of

Farmington

Pollution

Control

Revenue

Refunding

Bonds

2010

Series

B

(NON-AMT)

(Baa2/BBB)

12,500,000

3.000

(a)(b)

06/01/2040

12,440,951

City

of

Farmington,

New

Mexico

Pollution

Control

Revenue

Refunding

Bonds

Public

Service

Company

of

New

Mexico

San

Juan

Project

2010

Series

D

(Baa2/BBB)

5,195,000

3.900

(a)(b)

06/01/2040

5,262,549

Farmington

City

PCRB

Refunding

for

Public

Service

Co.

of

New

Mexico

Series

2010

A

(Baa2/BBB)

3,330,000

0.875

(a)(b)

06/01/2040

3,026,256

Farmington

City

PCRB

Refunding

for

Public

Service

Co.

of

New

Mexico

Series

2010

C

(Baa2/BBB)

10,000,000

1.150

(a)(b)

06/01/2040

9,860,704

Farmington

City

PCRB

Refunding

for

Public

Service

Co.

of

New

Mexico

Series

2010

E

(Baa2/BBB)

11,500,000

1.150

(a)(b)

06/01/2040

11,339,810

New

Mexico

Finance

Authority

State

Transportation

Refunding

RB

for

State

Transportation

Commission

Subordinate

Lien

Series

2018A

(Aa2/AA)

10,000,000

5.000

06/15/2024

10,093,396

New

Mexico

Hospital

Equipment

Loan

Council

Hospital

System

RB

for

Presbyterian

Healthcare

Services

Series

2019B

(Aa3/AA)

7,680,000

5.000

(a)(b)

08/01/2049

7,888,031

New

Mexico

Mortgage

Finance

Authority

Multifamily

Housing

RB

for

Mountain

View

II

&

III

Apartments

Project

Series

2023

(HUD

SECT

8)

(Aaa/NR)

2,600,000

5.000

(a)(b)

02/01/2042

2,648,941

New

Mexico

Mortgage

Finance

Authority

Multifamily

Housing

RB

for

Santa

Fe

Apartments

and

Sangre

De

Cristo

Project

Series

2023

(HUD

SECT

8)

(Aaa/NR)

3,555,000

5.000

(a)(b)

02/01/2042

3,590,359

State

of

New

Mexico

Severance

Tax

Bonds

Series

2022A

(Aa2/AA-)

4,880,000

5.000

07/01/2026

5,171,386

Village

of

Los

Ranchos

de

Albuquerque

RB

Refunding

for

Albuquerque

Academy

Series

2020

(NR/A-)

100,000

4.000

09/01/2024

100,381

175,000

5.000

09/01/2027

186,883

71,609,647

New

York

-

11.4%

Build

NYC

Resource

Corp.

RB

for

Academic

Leadership

Charter

School

Project

Series

2021

(NR/BBB-)

100,000

4.000

06/15/2026

98,799

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

New

York

–

(continued)

Build

NYC

Resource

Corp.

RB

for

Academic

Leadership

Charter

School

Series

2021

(NR/BBB-)

$

120,000

4.000%

06/15/2024

$

119,842

Build

NYC

Resource

Corp.

RB

for

Grand

Concourse

Academy

Charter

School

Project

Series

2022A

(NR/BBB-)

245,000

3.400

07/01/2027

242,938

Build

NYC

Resource

Corporation

RB

Classical

Charter

Schools

Project

Series

2023A

(NR/BBB-)

970,000

4.000

06/15/2033

987,769

Chautauqua

County

Capital

Resource

Corp.

Exempt

Facilities

Revenue

Refunding

Bonds

for

NRG

Energy

Project

Series

2020

(Baa3/BBB-)

5,185,000

4.250

(a)(b)

04/01/2042

5,229,651

City

of

New

York

GO

Bonds

2023

Series

C

(Aa2/AA)

3,000,000

5.000

08/01/2025

3,109,418

City

of

New

York

GO

Bonds

2023

Series

D

(Aa2/AA)

1,885,000

5.000

08/01/2025

1,953,751

City

of

New

York

GO

Bonds

Fiscal

2021

Series

A

(Aa2/AA)

10,260,000

5.000

08/01/2026

10,890,820

City

of

Yonkers

GO

Serial

Bonds

Series

2022F

(BAM)

(A3/AA)

175,000

5.000

11/15/2025

182,024

250,000

5.000

11/15/2026

267,181

200,000

5.000

11/15/2027

219,017

Empire

State

Development

Corp.

State

Personal

Income

Tax

RB

Series

2022A

(Aa1/NR)

21,000,000

5.000

09/15/2028

23,498,332

Genesee

County

Funding

Corp.

Tax

Exempt

RB

for

Rochester

Regional

Health

Project

Series

2022A

(NR/BBB+)

175,000

5.000

12/01/2024

176,916

275,000

5.000

12/01/2026

286,993

Long

Island

Power

Authority

RB

Refunding

Series

2020

B

(A2/A)

8,000,000

0.850

(a)(b)

09/01/2050

7,661,011

Long

Island

Power

Authority

RB

Refunding

Series

2021

B

(A2/A)

15,000,000

1.500

(a)(b)

09/01/2051

14,172,143

Long

Island

Power

Authority

RB

Series

2021

(A2/A)

10,000,000

1.000

09/01/2025

9,510,423

Metropolitan

Transportation

Authority

RB

Refunding

for

Climate

Bond

Certified

Series

2020

E

(A3/A-)

4,250,000

4.000

11/15/2026

4,378,939

Metropolitan

Transportation

Authority

Transportation

RB

Series

2012E

(NR/NR)

525,000

4.000

11/15/2038

525,063

Metropolitan

Transportation

Authority

Transportation

RB

Series

2012E

(A3/A-)

480,000

4.000

11/15/2038

479,996

Metropolitan

Transportation

Authority

Transportation

RB

Series

2013E

(A3/A-)

4,895,000

5.000

11/15/2038

4,896,150

Metropolitan

Transportation

Authority

Transportation

RB

Series

2014A-1

(A3/A-)

1,540,000

5.250

11/15/2039

1,540,414

Metropolitan

Transportation

Authority

Transportation

Revenue

Refunding

Bonds

Series

2015C

(A3/A-)

4,250,000

5.250

11/15/2028

4,386,525

Metropolitan

Transportation

Authority

Transportation

Revenue

Refunding

Bonds

Series

2015D-1

(A3/A-)

10,000,000

5.000

11/15/2033

10,266,533

GOLDMAN

SACHS

SHORT

DURATION

TAX

-

FREE

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

New

York

–

(continued)

Metropolitan

Transportation

Authority

Transportation

Revenue

Refunding

Bonds

Series

2017D

(A3/A-)

$

1,075,000

5.000%

11/15/2027

$

1,159,229

Metropolitan

Transportation

Authority

Transportation

Revenue

Refunding

Bonds

Series

2020E

(A3/A-)

3,000,000

5.000

11/15/2028

3,289,868

Metropolitan

Transportation

Authority

Transportation

Revenue

Variable

Rate

Bonds

for

Transportation

Revenue

Variable

Rate

Refunding

Bonds

Subseries

2002G-1H

(A3/A-)

(SOFR

+

0.60%)

16,750,000

4.211

(d)

11/01/2026

16,628,042

Metropolitan

Transportation

Authority

Transportation

Revenue

Variable

Rate

Bonds

Subseries

2015E-1

(Aa2/AA/A-1)

10,630,000

4.100

(a)(b)

11/15/2050

10,630,000

Metropolitan

Transportational

Authority

Revenue

Green

Bonds

Series

2019A

(A3/A-)

10,175,000

5.000

(a)(b)

11/15/2048

10,245,592

New

York

City

GO

Bonds

Subseries

2006

C-4

(AGM)

(Aa2/AA)

300,000

4.250

(a)(b)

01/01/2032

300,000

New

York

City

Housing

Development

Corp.

RB

Green

Bond

Series

2020

A-3

(Aa2/AA+)

7,965,000

1.125

(a)(b)

05/01/2060

7,784,871

New

York

City

Housing

Development

Corp.

RB

Series

2020

D-2

(FHA

542

(C))

(FHA

542

(C))

(Aa2/AA+)

2,000,000

0.700

(a)(b)

05/01/2060

1,933,264

New

York

City

Housing

Development

Corp.

Series

F-2-B

5,265,000

3.400

(a)(b)

11/01/2062

5,250,145

New

York

City

Industrial

Development

Agency

RB

for

Yankee

Stadium

LLC

Series

2006

(NATL)

(Baa1/NR)

(MUNI-CPI

+

0.86%)

2,405,000

4.101

(d)

03/01/2024

2,411,106

New

York

City

Industrial

Development

Agency

RB

for

Yankee

Stadium

LLC

Series

2006

(FGIC)

(Baa1/NR)

(MUNI-CPI

+

0.87%)

2,505,000

4.111

(d)

03/01/2025

2,526,551

(MUNI-CPI

+

0.88%)

2,610,000

4.121

(d)

03/01/2026

2,662,212

(MUNI-CPI

+

0.89%)

2,725,000

4.131

(d)

03/01/2027

2,817,682

New

York

City

Transitional

Finance

Authority

Building

Aid

RB

Fiscal

2015

Series

S-1

(ST

AID

WITHHLDG)

(Aa2/AA)

10,000,000

5.000

07/15/2033

10,169,100

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Subordinate

Bonds

Fiscal

1999

Series

A-1

(Aa1/AAA)

3,925,000

5.000

11/01/2024

3,995,768

3,000,000

5.000

11/01/2028

3,367,014

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Subordinate

Bonds

Fiscal

2023

Series

B

(Aa1/AAA)

8,020,000

5.000

11/01/2028

9,001,151

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Subordinate

Secured

RB

Series

2007

C-3

(AGM)

(Aa1/AAA)

100,000

4.020

(a)(b)

11/01/2027

100,000

New

York

City

Transitional

Finance

Authority

Variable

Refunding

RB

Series

2003-A4

(Aaa/AAA/A-1+)

975,000

4.000

(a)(b)

11/01/2029

975,000

New

York

Convention

Center

Development

Corp.

RB

Refunding

for

New

York

City

Hotel

Unit

Fee

Revenue

Series

2015

(A2/NR)

25,000

5.000

11/15/2024

25,385

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

New

York

–

(continued)

New

York

Liberty

Development

Corp.

RB

for

World

Trade

Center

Project

Series

2014

(NR/NR)

$

1,805,000

5.150%

(e)

11/15/2034

$

1,807,157

New

York

Port

Authority

Consolidated

Bonds

186th

Series

(Aa3/AA-)

4,000,000

5.000

10/15/2033

4,026,672

New

York

Port

Authority

Consolidated

Bonds

197th

Series

(Aa3/AA-)

4,000,000

5.000

11/15/2034

4,154,685

New

York

Port

Authority

Consolidated

Bonds

207th

Series

(Aa3/AA-)

6,035,000

5.000

09/15/2027

6,425,646

New

York

Port

Authority

Consolidated

Bonds

226th

Series

(Aa3/AA-)

3,750,000

5.000

10/15/2024

3,798,574

New

York

State

Dormitory

Authority

RB

Refunding

for

Bidding

Group

1

Series

2018

C

(Aa1/AA+)

2,150,000

5.000

03/15/2026

2,266,003

New

York

State

Dormitory

Authority

RB

Refunding

for

Brooklyn

St.

Joseph's

College

Series

2020

A

(NR/NR)

925,000

5.000

07/01/2024

930,143

1,130,000

5.000

07/01/2028

1,162,763

New

York

State

Energy

Research

&

Development

Authority

RB

Refunding

for

Central

Hudson

Gas

&

Electric

Corp.

Projects

Series

1999

B

(AMT)

(Baa1/BBB+)

27,750,000

2.805

(a)(b)

07/01/2034

27,750,000

New

York

State

Environmental

Facilities

Corp.

State

Clean

Water

&

Drinking

Water

Revolving

Funds

RB

for

Municipal

Water

Finance

Authority

Projects

-

Second

Resolution

Bonds

Series

2016

(Aaa/AAA)

3,000,000

5.000

06/15/2035

3,147,777

New

York

State

Housing

Finance

Agency

2021

Series

J-2

(SONYMA

HUD

SECT

8)

(Aa2/NR)

3,710,000

1.100

(a)(b)

11/01/2061

3,385,912

New

York

State

Housing

Finance

Agency

Affordable

Housing

2022

Series

D-2

(SONYMA

HUD

SECT

8)

(Aa2/NR)

22,000,000

3.100

(a)(b)

05/01/2062

22,002,224

New

York

State

Housing

Finance

Agency

Affordable

Housing

RB

2022

Series

F-2

(SONYMA

FHA

542(C))

(SONYMA

FHA

542

(c)

)

(Aa2/NR)

18,000,000

3.850

(a)(b)

05/01/2062

18,075,573

New

York

State

Housing

Finance

Agency

RB

Series

2021

D-2

(SONYMA)

(Aa2/NR)

8,500,000

0.650

(a)(b)

11/01/2056

7,969,347

New

York

State

Housing

Finance

Agency

RB

Series

2021

E-2

(SONYMA)

(Aa2/NR)

5,000,000

0.650

(a)(b)

11/01/2056

4,673,532

New

York

State

Thruway

Authority

Personal

Income

Tax

RB

Series

2021A-1

(NR/AA+)

40,000,000

5.000

03/15/2028

44,233,408

New

York

State

Thruway

Authority

Personal

Income

Tax

RB

Series

2022A

(NR/AA+)

11,920,000

5.000

03/15/2028

13,181,556

New

York

Transportation

Development

Corp.

for

Terminal

4

John

F.

Kennedy

International

Airport

Project

Special

Facilities

RB

Series

2022

(Baa1/NR)

360,000

5.000

12/01/2026

375,396

GOLDMAN

SACHS

SHORT

DURATION

TAX

-

FREE

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

New

York

–

(continued)

New

York

Transportation

Development

Corp.

RB

for

Delta

Air

Lines,

Inc.

Series

2018

(Baa3/NR)

$

6,195,000

5.000%

01/01/2029

$

6,380,839

New

York

Transportation

Development

Corp.

RB

for

Delta

Air

Lines,

Inc.

Series

2018

(AMT)

(Baa3/NR)

8,320,000

5.000

01/01/2030

8,538,982

New

York

Transportation

Development

Corp.

RB

for

Delta

Air

Lines,

Inc.

Series

2018

(AMT)

(Baa3/NR)

13,975,000

5.000

01/01/2024

13,975,000

8,000,000

5.000

01/01/2025

8,061,678

3,425,000

5.000

01/01/2026

3,471,656

New

York

Transportation

Development

Corp.

RB

Refunding

for

JFK

International

Air

Terminal

LLC

Series

2020

C

(Baa1/BBB)

1,300,000

5.000

12/01/2027

1,395,456

New

York

Transportation

Development

Corp.

Special

Facilities

Bonds

for

Laguardia

Airport

Terminal

B

Redevelopment

Project

Series

2016A

(Baa2/NR)

6,150,000

5.000

07/01/2041

6,156,277

New

York

Transportation

Development

Corp.

Special

Facilities

Bonds

Series

2016A

(Baa2/NR)

14,275,000

5.250

01/01/2050

14,290,304

New

York

Transportation

Development

Corp.

Special

Facilities

RB

for

Laguardia

Airport

Terminal

B

Redevelopment

Project

Series

2018

(Baa3/NR)

7,765,000

5.000

01/01/2028

8,014,209

New

York

Transportation

Development

Corp.

Special

Facilities

RB

for

Terminal

4

JFK

International

Airport

Project

Series

2020A

(Baa1/NR)

500,000

5.000

12/01/2027

529,885

Orange

County

Funding

Corp.

Tax

Exempt

Revenue

Refunding

Bonds

for

Mount

Saint

Mary

College

Project

Series

2022A

(NR/NR)

1,020,000

5.000

07/01/2025

1,026,998

1,080,000

5.000

07/01/2026

1,107,581

1,090,000

5.000

07/01/2027

1,131,748

Port

Authority

of

New

York

Consolidated

Bonds

185th

Series

(AMT)

(Aa3/AA-)

2,495,000

5.000

09/01/2028

2,510,367

Port

Authority

of

New

York

Consolidated

Bonds

227th

Series

(Aa3/AA-)

20,380,000

3.000

10/01/2028

20,217,983

Power

Authority

of

The

State

of

New

York

Green

Transmission

Project

RB

Series

2023A

(AGM)

(A1/AA)

500,000

5.000

11/15/2026

534,362

500,000

5.000

11/15/2027

546,189

State

of

New

York

Dormitory

Authority

Northwell

Health

Obligated

Group

RB

Series

2019B-3

(A3/A-)

2,295,000

5.000

(a)(b)

05/01/2048

2,365,400

State

of

New

York

Dormitory

Authority

Personal

Income

Tax

RB

Series

2020A

(Aa1/NR)

24,620,000

5.000

03/15/2025

25,267,151

State

of

New

York

Dormitory

Authority

RB

for

St.

Joseph's

College

Series

2020A

(NR/NR)

1,025,000

5.000

07/01/2026

1,039,249

State

of

New

York

Dormitory

Authority

Wagner

College

RB

Series

2022

(NR/NR)

675,000

5.000

07/01/2026

695,964

705,000

5.000

07/01/2027

737,403

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

New

York

–

(continued)

State

of

New

York

Dormitory

Authority

Wagner

College

RB

Series

2022

(NR/NR)

–

(continued)

$

740,000

5.000%

07/01/2028

$

783,459

The

City

of

New

York

GO

Bonds

Tax-Exempt

Bonds

Series

1

(Aa2/AA)

1,000,000

5.000

08/01/2028

1,114,836

The

City

of

New

York

GO

Bonds

Tax-Exempt

Bonds

Subseries

F-1

(Aa2/AA)

2,655,000

5.000

08/01/2025

2,751,835

1,000,000

5.000

08/01/2026

1,061,483

The

Port

Authority

of

New

York

and

New

Jersey

Consolidated

Bonds

Two

Hundred

forty-Second

Series

(Aa3/AA-)

1,750,000

5.000

12/01/2025

1,804,320

Triborough

Bridge

&

Tunnel

Authority

Payroll

Mobility

Tax

Senior

Lien

Bonds

Series

2021C

(NR/AA+)

40,900,000

5.000

(a)(b)

05/15/2051

42,651,583

Triborough

Bridge

&

Tunnel

Authority

Payroll

Mobility

Tax

Senior

Lien

Green

Bonds

Series

2022E

(NR/AA+)

26,915,000

5.000

11/15/2027

29,306,096

Westchester

County

Local

Development

Corp.

Revenue

Refunding

Bonds

for

Kendal

on

Hudson

Project

Series

2022B

(NR/NR)

275,000

5.000

01/01/2027

280,122

577,467,411

North

Carolina

-

1.8%

Charlotte-Mecklenburg

Hospital

Authority

Atrium

Health

Variable

Rate

Health

Care

RB

Series

2021C

(Aa3/AA)

5,300,000

5.000

(a)(b)

01/15/2050

5,846,073

Charlotte-Mecklenburg

Hospital

Authority

RB

Series

2018E

(Aa3/AA)

6,500,000

0.800

(a)(b)

01/15/2048

6,210,102

City

of

Charlotte

Water

&

Sewer

System

Refunding

RB

Series

2015

(Aaa/AAA)

10,000,000

5.000

07/01/2027

10,336,333

Columbus

County

Industrial

Facilities

&

Pollution

Control

Financing

Authority

Revenue

Refunding

Bonds

Series

2019A

(Baa2/BBB)

425,000

2.000

(a)(b)

11/01/2033

417,659

Columbus

County

Industrial

Facilities

&

Pollution

Control

Financing

Authority

Revenue

Refunding

Bonds

Series

2019B

(Baa2/BBB)

450,000

2.000

(a)(b)

11/01/2033

442,227

Columbus

County

Industrial

Facilities

and

Pollution

Control

Financing

Authority

RB

Refunding

for

International

Paper

Co.

Series

2019

C

(Baa2/BBB)

2,150,000

2.100

(a)(b)

03/01/2027

2,114,416

Columbus

County

Industrial

Facilities

and

Pollution

Control

Financing

Authority

RB

Refunding

for

International

Paper

Co.

Series

2020

A

(Baa2/BBB)

4,550,000

1.375

(a)(b)

05/01/2034

4,363,849

County

of

Wake

GO

Public

Improvement

Bonds

Series

2022A

(Aaa/AAA)

2,555,000

5.000

02/01/2025

2,616,385

Greater

Ashville

Regional

Airport

Authority

Airport

System

RB

Series

2022A

(AMT)

(AGM)

(A1/AA)

750,000

5.000

07/01/2027

794,585

North

Carolina

Capital

Facilities

Finance

Agency

RB

for

Duke

University

Project

Series

2015B

(Aa1/NR)

30,000,000

5.000

(c)

10/01/2025

31,140,108

GOLDMAN

SACHS

SHORT

DURATION

TAX

-

FREE

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

North

Carolina

–

(continued)

State

of

North

Carolina

Limited

Obligation

Bonds

Series

2020B

(Aa1/AA+)

$

13,610,000

5.000%

05/01/2026

$

14,363,398

The

Charlotte-Mecklenburg

Hospital

Authority

Atrium

Health

Variable

Rate

Health

Care

RB

Series

2018G

&

Series

2018H

(Aa3/AA/A-1)

10,000,000

4.050

(a)(b)

01/15/2048

10,000,000

The

Charlotte-Mecklenburg

Hospital

Authority

Atrium

Health

Variable

Rate

Health

Care

RB

Series

2021D

(Aa3/AA)

1,000,000

5.000

(a)(b)

01/15/2049

1,155,958

89,801,093

North

Dakota

-

0.4%

Cass

County

Joint

Water

Resource

District

GO

Bonds

Series

2021

A

(Aa3/NR)

10,000,000

0.480

05/01/2024

9,824,966

City

of

Grand

Forks

Health

Care

System

RB

for

Altru

Health

System

Series

2021

(Baa3/NR)

2,000,000

5.000

12/01/2028

2,091,692

City

of

Grand

Forks

RB

Refunding

for

Altru

Health

System

Obligated

Group

Series

2021

(Baa3/NR)

125,000

5.000

12/01/2024

125,810

165,000

5.000

12/01/2025

167,427

225,000

5.000

12/01/2026

230,730

City

of

Horace

Temporary

Refunding

Improvement

Bonds

Series

2022A

(Baa3/NR)

690,000

3.250

08/01/2024

690,135

City

of

Horace

Temporary

Refunding

Improvement

Bonds

Series

2022B

(Baa3/NR)

5,375,000

4.000

01/01/2025

5,375,634

18,506,394

Ohio

-

1.6%

Akron

Bath

Copley

Joint

Township

Hospital

District

RB

Refunding

for

Summa

Health

System

Obligated

Group

Series

2020

USA

(WR/NR)

125,000

5.000

11/15/2025

128,544

Akron

Bath

Copley

Joint

Township

Hospital

District

RB

Refunding

for

Summa

Health

System

Obligated

Group

Series

2020

(WR/NR)

175,000

5.000

11/15/2026

182,922

American

Municipal

Power

RB

for

Prairie

State

Energy

Campus

Project

Refunding

Series

2023A

(A1/A)

2,500,000

5.000

02/15/2026

2,605,359

2,750,000

5.000

02/15/2027

2,931,979

Buckeye

Tobacco

Settlement

Financing

Authority

RB

Refunding

for

Senior

Asset-Backed

Bonds

Series

2020

A-1

Class

1

(NR/A)

7,500,000

1.809

06/01/2025

7,161,986

City

of

Cleveland

Airport

System

RB

Series

2018A

(AMT)

(A2/A)

2,000,000

5.000

01/01/2026

2,057,973

County

of

Franklin

Healthcare

Facilities

RB

for

Ohio

Living

Communities

Series

2023

(NR/NR)

6,000,000

5.000

07/01/2031

6,015,540

Cuyahoga

County

Ohio

Hospital

RB

Refunding

for

Metrohealth

System

Series

2017

(Baa2/BBB)

500,000

5.000

02/15/2025

507,124

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Ohio

–

(continued)

Franklin

County

Finance

Authority

Multifamily

Housing

RB

for

Dering

Family

Homes

Project

Series

2023

(HUD

SECT

8)

(Aaa/NR)

$

5,000,000

5.000%

(a)(b)

07/01/2045

$

5,206,118

Ohio

Air

Quality

Development

Authority

Air

Quality

Development

Refunding

Bonds

for

Duke

Energy

Corp.

Project

Series

2022B

(Baa2/BBB)

3,750,000

4.250

(a)(b)

11/01/2039

3,823,221

Ohio

Air

Quality

Development

Authority

Air

Quality

Development

Refunding

Bonds

for

Duke

Energy

Corp.

Project

Series

2022B

(NON-AMT)

(Baa2/BBB)

6,500,000

4.000

(a)(b)

09/01/2030

6,604,465

Ohio

Air

Quality

Development

Authority

Collateralized

Air

Quality

Revenue

Refunding

Bonds

for

Dayton

Power

and

Light

Company

Project

2015

Series

A

(Baa1/BBB)

15,250,000

4.250

(a)(b)

11/01/2040

15,377,092

Ohio

Air

Quality

Development

Authority

RB

for

Ohio

Valley

Electric

Corp.

Series

2009

A

(Baa3/NR)

1,075,000

2.875

02/01/2026

1,036,810

Ohio

Air

Quality

Development

Authority

RB

for

Ohio

Valley

Electric

Corp.

Series

2009

D

(Baa3/NR)

2,695,000

2.875

02/01/2026

2,599,259

Ohio

Air

Quality

Development

Authority

RB

Refunding

for

American

Electric

Power

Co.,

Inc.

Series

2005

A

(AMT)

(NR/BBB+)

3,750,000

2.100

(a)(b)

01/01/2029

3,660,423

Ohio

Air

Quality

Development

Authority

Revenue

Refunding

Bonds

Series

2014D

(NR/BBB+)

5,000,000

1.900

(a)(b)

05/01/2026

4,875,144

Ohio

Housing

Finance

Agency

Multifamily

Housing

RB

for

Cherry

Blossom

Apartments

Project

Series

2023

(HUD

SECT

8)

(Aaa/NR)

1,700,000

5.000

(a)(b)

08/01/2026

1,734,733

Ohio

State

RB

Refunding

for

Premier

Health

Partners

Obligated

Group

Series

2020

(Baa1/NR)

140,000

5.000

11/15/2024

141,568

280,000

5.000

11/15/2025

286,917

Ohio

Water

Development

Authority

Drinking

Water

Assistance

Fund

RB

Series

2016

(Aaa/AAA)

4,080,000

4.000

12/01/2033

4,210,212

Ohio

Water

Development

Authority

Fresh

Water

Development

RB

Series

2016B

(Aaa/AAA)

1,000,000

5.000

06/01/2026

1,058,607

State

of

Ohio

Higher

Educational

Facility

Revenue

Refunding

Bonds

Series

2021B

(Aa3/AA-)

(SIFMA

Municipal

Swap

Index

Yield

+

0.23%)

4,400,000

4.100

(b)(d)

12/01/2042

4,308,644

Willoughby

Eastlake

City

School

District

GO

UT

School

Improvement

Bonds

Series

2016

(A2/NR)

2,500,000

5.000

(c)

12/01/2025

2,607,821

79,122,461

Oklahoma

-

0.9%

City

of

Tulsa

GO

Bonds

Series

2021

(Aa1/AA)

9,300,000

1.000

11/01/2026

8,606,508

Independent

School

District

Combined

Purpose

GO

Bonds

Series

2021B

(NR/AA)

10,000,000

1.000

09/01/2025

9,538,076

GOLDMAN

SACHS

SHORT

DURATION

TAX

-

FREE

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Oklahoma

–

(continued)

Independent

School

District

GO

Combined

Purposed

Bonds

Series

2021

(NR/AA+)

$

8,840,000

1.250%

06/01/2026

$

8,265,620

Independent

School

District

No.

6

GO

Combined

Purpose

Bonds

Series

2023

(NR/AA-)

9,925,000

5.000

09/01/2025

10,228,029

Oklahoma

County

Independent

School

District

Combined

Purpose

GO

Bonds

Series

2020A

(NR/AA)

10,000,000

1.250

07/01/2024

9,850,903

Oklahoma

Development

Finance

Authority

Health

System

RB

Series

2018B

(Ba3/BB-)

500,000

5.000

08/15/2024

499,906

Oklahoma

Housing

Finance

Agency

Collateralized

RB

Pioneer

Plaza

Apartments,

Series

2023A

575,000

4.000

(a)(b)

06/01/2028

577,397

47,566,439

Oregon

-

0.4%

Corvallis

School

District

No.

509J

GO

Convertible

Deferred

Interest

Bonds

Series

2018A

(SCH

BD

GTY)

(Aa1/AA+)

2,790,000

5.000

06/15/2026

2,949,771

Forest

Grove

Oregon

Student

Housing

RB

Refunding

for

Oak

Tree

Foundation

Project

Series

2017

(NR/BBB)

200,000

5.000

03/01/2024

200,368

200,000

5.000

03/01/2025

202,226

Oregon

Facilities

Authority

Revenue

Refunding

Bonds

2020

Series

A

(NR/BBB+)

400,000

5.000

10/01/2024

404,461

125,000

5.000

10/01/2026

129,655

Port

of

Portland

International

Airport

RB

Series

27A

(NR/AA-)

2,410,000

5.000

07/01/2028

2,594,032

Portland

Oregon

Water

System

RB

Refunding

First

Lien

Series

2016

A

(Aa1/NR)

7,090,000

4.000

04/01/2029

7,294,602

State

of

Oregon

GO

Bonds

2021

Series

H

(Aa1/AA+)

1,330,000

1.000

08/01/2026

1,254,156

State

of

Oregon

GO

Bonds

for

Oregon

Department

of

Veterans

Affairs

2020

Series

J

(Aa1/AA+/A-1)

3,205,000

3.850

(a)(b)

06/01/2039

3,205,000

18,234,271

Pennsylvania

-

3.1%

Allegheny

County

Higher

Education

Building

Authority

for

Carnegie

Mellon

University

for

RB

Series

2022A

(NR/AA)

(SOFR

+

0.29%)

5,330,000

4.063

(b)(d)

02/01/2033

5,268,563

Allentown

Neighborhood

Improvement

Zone

Development

Authority

RB

Refunding

Series

2022

(Baa3/NR)

480,000

5.000

05/01/2026

494,696

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Tax

Revenue

Refunding

Bonds

Series

2022

(Baa3/NR)

600,000

5.000

05/01/2028

634,284

City

of

Philadelphia

Airport

Revenue

Refunding

Bonds

Series

2017B

(AMT)

(A2/A+)

1,150,000

5.000

07/01/2025

1,175,748

City

of

Philadelphia

Airport

Revenue

Refunding

Bonds

Series

2021

(AMT)

(A2/NR)

2,800,000

5.000

07/01/2027

2,956,009

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Pennsylvania

–

(continued)

Commonwealth

of

Pennsylvania

GO

Bonds

Series

2015

(Aa3/A+)

$

3,925,000

5.000%

08/15/2025

$

4,071,444

County

of

Beaver

GO

Bonds

Series

2017

(BAM)

(NR/AA)

1,000,000

5.000

04/15/2025

1,027,880

County

of

Westmoreland

GO

Bonds

Tax

Exempt

2013

Series

A

(A2/NR)

55,000

5.000

12/01/2024

55,081

Cumberland

County

Municipal

Authority

RB

Refunding

for

Messiah

College

Series

2020

SS3

(NR/A-)

2,195,000

2.345

11/01/2026

2,048,414

Delaware

River

Port

Authority

Port

District

Project

Refunding

Bonds

Series

2022

(A3/A)

1,050,000

5.000

01/01/2026

1,097,776

1,000,000

5.000

01/01/2027

1,070,551

Delaware

Valley

Regional

Finance

Authority

Local

Government

RB

2022

Series

B

(A1/A+)

(SIFMA

Municipal

Swap

Index

Yield

+

0.40%)

17,860,000

4.270

(b)(d)

03/01/2057

17,461,709

Delaware

Valley

Regional

Finance

Authority

Local

Government

RB

2022

Series

C

(A1/A+)

(SOFR

+

0.49%)

13,580,000

4.101

(b)(d)

03/01/2057

13,144,292

Geisinger

Authority

Health

System

Long

Term

Rate

RB

Series

2020B

(A2/AA-)

16,590,000

5.000

(a)(b)

04/01/2043

17,319,003

General

Authority

of

Southcentral

Pennsylvania

RB

Series

2019B

(Aa3/NR)

(SIFMA

Municipal

Swap

Index

Yield

+

0.60%)

15,000,000

4.470

(b)(d)

06/01/2049

14,976,133

Lehigh

County

General

Purpose

Authority

RB

Refunding

for

The

Good

Shepherd

Obligated

Group

Series

2021

A

(NR/BBB+)

735,000

4.000

11/01/2024

737,187

525,000

4.000

11/01/2025

526,952

570,000

4.000

11/01/2026

574,422

Lehigh

County

IDA

Pollution

Control

Revenue

Refunding

Bonds

for

PPL

Electric

Utilities

Corp.

Project

Series

2016B

(NON-AMT)

(A1/A+)

19,615,000

2.625

02/15/2027

19,282,736

Monroeville

Finance

Authority

UPMC

RB

Series

2022B

(A2/A)

400,000

5.000

02/15/2024

400,817

Montgomery

County

IDA

Exempt

Facilities

Revenue

Refunding

Bonds

2023

Series

B

(Baa2/BBB+)

3,295,000

4.100

06/01/2029

3,373,632

Montgomery

County

IDA

Exempt

Facilities

Revenue

Refunding

Bonds

2023

Series

C

(Baa2/BBB+)

5,335,000

4.450

(a)(b)

10/01/2034

5,415,175

Pennsylvania

Economic

Development

Financing

Authority

RB

Refunding

for

Presbyterian

Homes

Obligated

Group

Series

2021

(NR/NR)

1,600,000

4.000

07/01/2030

1,596,372

Pennsylvania

Economic

Development

Financing

Authority

Solid

Waste

Disposal

RB

for

Waste

Management

Inc.

Project

Series

2021A-2

(NR/A-/A-2)

10,000,000

4.600

(a)(b)

10/01/2046

10,105,822

Pennsylvania

Economic

Development

Financing

Authority

Solid

Waste

Disposal

RB

Series

2009

(NR/A-/A-2)

14,680,000

0.950

(a)(b)

12/01/2033

13,404,160

GOLDMAN

SACHS

SHORT

DURATION

TAX

-

FREE

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Pennsylvania

–

(continued)

Pennsylvania

Economic

Development

Financing

Authority

Solid

Waste

Disposal

RB

Series

2019A

(NR/A-/A-2)

$

3,000,000

1.750%

(a)(b)

08/01/2038

$

2,958,438

Pennsylvania

Economic

Development

Financing

Authority

Solid

Waste

Disposal

Refunding

RB

Series

2021B

(NR/A-/A-2)

7,440,000

1.100

(a)(b)

06/01/2031

6,839,735

Pennsylvania

Economic

Financing

Development

Authority

Sewage

Sludge

Disposal

Revenue

Refunding

Bonds

Series

2020

(Baa2/NR)

430,000

3.000

01/01/2024

430,000

505,000

3.000

01/01/2025

500,138

615,000

4.000

01/01/2026

615,784

Pennsylvania

Housing

Finance

Agency

Special

Limited

Obligation

Multifamily

Housing

Development

Bonds

for

Cambridge

Square

Series

2023B

(HUD

SECT

8)

(Aaa/NR)

1,000,000

5.000

(a)(b)

11/01/2026

1,025,660

Pennsylvania

Turnpike

Commission

Turnpike

RB

Series

2022

B

(Aa3/NR)

155,000

5.000

12/01/2025

161,685

135,000

5.000

12/01/2026

144,211

185,000

5.000

12/01/2027

202,374

Southeastern

Pennsylvania

Transportation

Authority

RB

for

Asset

Improvement

Program

Series

2022

(Aa3/NR)

495,000

5.000

06/01/2024

499,141

570,000

5.000

06/01/2025

587,650

750,000

5.000

06/01/2026

791,429

500,000

5.000

06/01/2027

539,846

State

Public

School

Building

Authority

School

Lease

Revenue

Refunding

Bonds

for

Philadelphia

School

District

Project

Series

2016A

(AGM

ST

AID

WITHHLDG)

(A1/AA)

2,525,000

5.000

06/01/2031

2,654,558

The

Berks

County

Municipal

Authority

RB

Refunding

for

Tower

Health

Obligated

Group

Series

2020

A

(NR/CCC+)

450,000

5.000

02/01/2024

438,980

Westmoreland

County

IDA

Health

System

Tax

Exempt

RB

Series

2020A

(Baa2/NR)

450,000

4.000

07/01/2024

450,144

575,000

4.000

07/01/2025

574,092

625,000

4.000

07/01/2026

630,685

158,263,408

Puerto

Rico

-

4.7%

Puerto

Rico

Commonwealth

GO

Bonds

(NR/NR)

2,800,579

0.000

(a)(h)(i)

11/01/2043

1,526,315

Puerto

Rico

Commonwealth

GO

Restructured

Bonds

Series

2022

A-1

(NR/NR)

73,661

0.000

(f)

07/01/2024

72,215

505,630

5.375

07/01/2025

516,797

501,051

5.625

07/01/2027

529,870

492,922

5.625

07/01/2029

534,610

478,771

5.750

07/01/2031

532,564

584,255

0.000

(f)

07/01/2033

364,235

454,000

4.000

07/01/2033

444,513

408,086

4.000

07/01/2035

394,555

350,245

4.000

07/01/2037

334,382

476,200

4.000

07/01/2041

436,740

495,242

4.000

07/01/2046

441,098

Puerto

Rico

Electric

Power

Authority

Power

RB

Series

RR

(NATL)

(Baa2/NR)

220,000

5.000

07/01/2024

220,030

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Puerto

Rico

–

(continued)

Puerto

Rico

Electric

Power

Authority

Power

RB

Series

SS

(NATL)

(Baa2/NR)

$

525,000

5.000%

07/01/2025

$

525,157

Puerto

Rico

Electric

Power

Authority

Power

Revenue

Refunding

Bonds

PP

(NATL)

(Baa2/NR)

215,000

5.000

07/01/2024

215,026

700,000

5.000

07/01/2025

700,085

Puerto

Rico

Electric

Power

Authority

Power

Revenue

Refunding

Bonds

VV

(NATL)

(Baa2/NR)

190,000

5.250

07/01/2024

189,743

1,015,000

5.250

07/01/2025

1,006,911

145,000

5.250

07/01/2035

142,364

Puerto

Rico

Electric

Power

Authority

RB

Refunding

Series

2007

UU

(AGM)

(A1/AA)

(3M

USD

LIBOR

+

0.52%)

55,400,000

4.310

(d)

07/01/2029

51,475,857

Puerto

Rico

Electric

Power

Authority

RB

Refunding

Series

2007

VV

(NATL)

(Baa2/NR)

150,000

5.250

07/01/2032

148,346

Puerto

Rico

Financial

Corp

Commonwealth

Appropriation

Bonds

2001E

(AGC-ICC

AGM-CR)

(A1/AA)

2,030,000

6.000

08/01/2026

2,201,454

Puerto

Rico

Sales

Tax

Financing

Corporation

Sales

Tax

Capital

Appreciation

Restructured

RB

Series

2018

A-1

(NR/NR)

9,429,000

0.000

(f)

07/01/2024

9,243,732

34,368,000

0.000

(f)

07/01/2027

29,913,811

4,613,000

0.000

(f)

07/01/2029

3,688,963

15,837,000

0.000

(f)

07/01/2031

11,590,704

19,838,000

0.000

(f)

07/01/2033

13,213,376

4,705,000

0.000

(f)

07/01/2046

1,475,129

3,833,000

0.000

(f)

07/01/2051

895,059

Puerto

Rico

Sales

Tax

Financing

Corporation

Sales

Tax

Capital

Appreciation

Restructured

RB

Series

2019

A-2

(NR/NR)

2,050,000

4.329

07/01/2040

2,035,064

56,000

4.536

07/01/2053

53,540

747,000

4.784

07/01/2058

736,310

Puerto

Rico

Sales

Tax

Financing

Corporation

Sales

Tax

Restructured

RB

Series

2018

A-1

(NR/NR)

96,554,000

4.500

07/01/2034

96,769,402

1,345,000

4.750

07/01/2053

1,331,081

3,400,000

5.000

07/01/2058

3,411,864

State

of

Delaware

GO

Custodial

Receipts

Series

2017A

(NR/NR)

1,030,000

0.000

(h)

03/15/2049

38,357

237,349,259

Rhode

Island

-

0.1%

Rhode

Island

Health

and

Educational

Building

Corp.

Revenue

Refunding

Bonds

for

Providence

Public

Schools

Series

2015

A

(AGM

ST

APPROP)

(Aa3/AA)

4,150,000

5.000

05/15/2025

4,253,756

State

of

Rhode

Island

GO

Bonds

Consolidated

Capital

Development

Loan

Series

2022

A

(Aa2/AA)

2,210,000

5.000

08/01/2026

2,346,447

6,600,203

South

Carolina

-

0.1%

City

of

Charleston

Waterworks

&

Sewer

System

Refunding

RB

Series

2021

(Aaa/AAA)

2,310,000

4.000

01/01/2029

2,492,158

GOLDMAN

SACHS

SHORT

DURATION

TAX

-

FREE

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

South

Carolina

–

(continued)

Housing

Authority

of

The

City

of

Greenville

Multifamily

Housing

RB

for

Cherokee

Landing

Apartments

Project

Series

2023

(Aaa/NR)

$

900,000

5.000%

(a)(b)

07/01/2027

$

933,170

3,425,328

Tennessee

-

0.5%

City

of

Memphis

Sanitary

Sewage

System

Revenue

Refunding

Bonds

Series

2018

(Aa2/AA+)

2,245,000

4.000

10/01/2035

2,285,104

County

of

Knox

Health,

Educational

&

Housing

Board

Collateralized

Multifamily

Housing

Bonds

for

Westview

Towers

Project

Series

2022

(HUD

SECT

8)

(NR/AA+)

3,500,000

3.950

(a)(b)

12/01/2027

3,512,771

Metropolitan

Nashville

Airport

Authority

Airport

Improvement

RB

Series

2022B

(A1/NR)

1,050,000

5.000

07/01/2028

1,130,180

Tennergy

Corporation

Gas

Supply

RB,

Series

2019A

(Aa1/NR)

2,000,000

5.000

(a)(b)

02/01/2050

2,017,390

Tennessee

State

School

Bond

Authority

Higher

Education

Facilities

Second

Program

Bonds

2015

Series

B

(ST

INTERCEPT)

(Aa1/AA+)

10,000,000

5.000

(c)

11/01/2025

10,418,949

The

Health

and

Educational

Facilities

Board

of

The

Metropolitan

Government

of

Nashville

and

Davidson

County,

Multifamily

Housing

RB

Ben

Allen

Ridge

Apartments

Project

Series

2022B

(FNMA

COLL)

(Aaa/NR)

1,135,000

3.850

(a)(b)

02/01/2048

1,144,270

The

Industrial

Development

Board

of

Williamson

County

Multifamily

Housing

RB

for

Wood

Duck

Court

Apartments

Series

2023

(HUD

SECT

8)

(Aaa/NR)

4,125,000

5.000

(a)(b)

05/01/2042

4,312,445

24,821,109

Texas

-

11.2%

Baytown

Municipal

Development

District

Combination

Limited

Sales

Tax

Revenue

3rd

Lien

Hotel

RB

Series

2021C

(NR/AA-)

1,375,000

5.000

10/01/2037

1,441,234

Bexar

County

Housing

Finance

Corp.

RB

Refunding

for

Westcliffe

Housing

Foundation,

Inc.

Series

2004

(Aa1/NR)

165,000

3.750

02/01/2035

165,078

City

of

Austin

RB

Refunding

for

Airport

System

Series

2019

(AMT)

(A1/A+)

2,000,000

5.000

11/15/2024

2,021,037

1,150,000

5.000

11/15/2025

1,179,666

City

of

Austin

Water

&

Wastewater

System

Revenue

Refunding

Bonds

Series

2022

(Aa2/AA)

1,000,000

5.000

11/15/2025

1,040,691

1,000,000

5.000

11/15/2026

1,070,158

1,500,000

5.000

11/15/2027

1,643,210

City

of

Celina

Special

Assessment

Bonds

for

The

Lake

at

Mustang

Ranch

Public

Improvement

District

Phase#1

Project

Series

2020

(BAM)

(NR/AA)

305,000

4.000

09/01/2025

309,216

320,000

4.000

09/01/2026

327,900

335,000

4.000

09/01/2027

346,340

350,000

4.000

09/01/2028

363,478

City

of

Dallas

fort

Worth

International

Airport

Joint

Revenue

Refunding

and

Improvement

Bonds

Series

2023B

(A1/A+)

2,000,000

5.000

11/01/2025

2,079,422

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

City

of

Dallas

fort

Worth

International

Airport

Joint

Revenue

Refunding

and

Improvement

Bonds

Series

2023B

(A1/A+)

–

(continued)

$

1,600,000

5.000%

11/01/2026

$

1,708,182

City

of

Dallas

Fort

Worth

International

Airport

Joint

Revenue

Refunding

Bonds

Series

2020A

(NON-AMT)

(A1/A+)

1,625,000

5.000

11/01/2024

1,652,020

City

of

Dallas

Housing

Finance

Corp.

Multifamily

Housing

RB

for

Highpoint

at

Wynnewood

Series

2022

(Aaa/NR)

2,900,000

3.500

(a)(b)

02/01/2044

2,879,446

City

of

Dallas

Housing

Finance

Corp.

Multifamily

Housing

RB

for

Positano

Series

2023

(FHA

221(D4))

(Aaa/NR)

845,000

5.000

(a)(b)

09/01/2026

867,486

City

of

Dallas

Housing

Finance

Corp.

Multifamily

Housing

RB

for

Rosemont

At

Ash

Creek

Apartments

Series

2023

(FHA

221(D4))

FHA

(Aaa/NR)

1,130,000

5.000

(a)(b)

07/01/2026

1,162,748

City

of

Dallas

Housing

Finance

Corp.

Multifamily

Housing

Revenue

Notes

for

Estates

at

Ferguson

Series

2023

(Aaa/NR)

1,045,000

5.000

(a)(b)

07/01/2042

1,095,600

City

of

Dallas

Waterworks

and

Sewer

System

Revenue

Refunding

Bonds

Series

2015A

(Aa2/AAA)

2,510,000

5.000

10/01/2026

2,591,067

City

of

Denton

Independent

School

District

Variable

Rate

UT

Building

Bonds

Series

2014-B

(CASH)

(PSF-GTD)

(NR/NR)

1,220,000

2.000

(a)(b)(c)

08/01/2024

1,213,134

City

of

El

Paso

Water

&

Sewer

RB

Refunding

Series

2015

(NR/AA+)

3,030,000

5.000

03/01/2025

3,039,645

City

of

Fate

Special

Assessment

Refunding

for

Williamsburg

Public

Improvement

District

No.

1

Project

Series

2019

(BAM)

(NR/AA)

140,000

4.000

08/15/2024

140,281

150,000

4.000

08/15/2025

151,598

155,000

4.000

08/15/2026

158,227

160,000

4.000

08/15/2027

164,837

City

of

Houston

Combined

Utility

System

First

Lien

Revenue

Refunding

Bonds

Series

2014C

(Aa2/AA)

6,550,000

5.000

05/15/2027

6,590,218

City

of

Kyle

Special

Assessment

RB

for

6

Creeks

Public

Improvement

District

Project

Series

2023

(NR/NR)

237,000

4.125

(e)

09/01/2028

237,203

City

of

Lavon

Heritage

Public

Improvement

District

No.

1

Special

Assessment

Refunding

Series

2021

(BAM)

(NR/AA)

310,000

3.000

09/15/2024

309,516

320,000

3.000

09/15/2025

320,205

City

of

Mclendon-Chisholm

Special

Assessment

Refunding

Bonds

Sonoma

Public

Improvement

District

Series

2020

(BAM)

(NR/AA)

285,000

4.000

09/15/2025

289,113

295,000

4.000

09/15/2026

302,055

305,000

4.000

09/15/2027

314,923

City

of

Mesquite,

Dallas

and

Kaufman

Counties

Special

Assessment

RB,

Series

2023

Heartland

Town

Center

Public

Improvement

District

Phase

2

Specific

Improvements

Project

(NR/NR)

235,000

4.000

(e)

09/01/2030

235,604

GOLDMAN

SACHS

SHORT

DURATION

TAX

-

FREE

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

City

of

Princeton

Special

Assessment

RB

for

Brookside

Public

Improvement

District

Series

2021

(NR/NR)

$

86,000

2.500%

(e)

09/01/2026

$

80,452

City

of

Princeton,

Collin

County

Special

Assessment

RB,

Series

2020

Arcadia

Farms

Public

Improvement

District

Phases

3

and

4

Project

(NR/NR)

77,000

2.875

(e)

09/01/2025

74,823

City

of

Princeton,

Collin

County

Special

Assessment

RB,

Series

2020

Winchester

Public

Improvement

District

Phase

1

and

2

Project

(NR/NR)

95,000

2.750

(e)

09/01/2025

92,094

City

of

Round

Rock

Utility

System

Revenue

Refunding

Bonds

Series

2017

(NR/AAA)

1,000,000

5.000

08/01/2024

1,011,819

City

of

Royse

City

Special

Assessment

for

Waterscape

Public

Improvement

District

Improvement

Series

2019

(NR/NR)

90,000

3.750

(e)

09/15/2024

89,631

City

of

Sachse

Special

Assessment

RB

for

Sachse

Public

Improvement

District

Project

Series

2022

(NR/NR)

150,000

5.000

(e)

09/15/2028

151,795

City

of

San

Antonio

Electric

&

Gas

Systems

Variable

Rate

Junior

Lien

Revenue

Refunding

Bonds

Series

2015A

(Aa3/A+)

27,875,000

1.750

(a)(b)

02/01/2033

27,345,049

City

of

San

Antonio

Electric

&

Gas

Systems

Variable

Rate

Junior

Lien

Revenue

Refunding

Bonds

Series

2015C

(Aa3/A+)

36,630,000

1.750

(a)(b)

12/01/2045

35,997,711

City

of

San

Antonio

Electric

&

Gas

Systems

Variable

Rate

Junior

Lien

Revenue

Refunding

Bonds

Series

2020

(Aa3/A+)

10,750,000

1.750

(a)(b)

02/01/2049

10,355,196

City

of

San

Antonio

Electric

and

Gas

Systems

Fixed

and

Variable

Rate

Junior

Lien

Revenue

Refunding

Bonds

Series

2022

(Aa3/A+)

12,000,000

2.000

(a)(b)

02/01/2049

11,277,659

City

of

San

Antonio

General

Improvement

Bonds

Series

2023

(Aaa/AAA)

5,000,000

5.000

02/01/2026

5,244,381

City

of

San

Antonio

Water

System

Variable

Rate

Junior

Lien

RB

Series

2013F

(Aa2/AA+)

20,000,000

1.000

(a)(b)

05/01/2043

18,206,640

Comal

Independent

School

District

GO

Refunding

Bonds

Series

2017

(PSF-GTD)

(Aaa/NR)

1,970,000

5.000

02/01/2025

2,015,003

1,600,000

5.000

02/01/2026

1,675,882

Conroe

Independent

School

District

UT

Refunding

Bonds

Series

2023A

(PSF-GTD)

(Aaa/AAA)

2,000,000

5.000

02/15/2026

2,099,426

2,035,000

5.000

02/15/2027

2,191,131

Crowley

Independent

School

District

UT

Refunding

Bonds

Series

2016B

(PSF-GTD)

(Aaa/NR)

2,550,000

5.000

(c)

08/01/2025

2,632,599

Cypress

Fairbanks

Independent

School

District

UT

Refunding

Bonds

Series

2015

(PSF-GTD)

(Aaa/AAA)

8,645,000

4.000

02/15/2034

8,687,634

Dallas

County

Flood

Control

District

No.

1

Unlimited

Tax

GO

Refunding

Bonds

Series

2015

(NR/NR)

3,250,000

5.000

(e)

04/01/2032

3,251,034

Denton

County

Permanent

Improvement

Refunding

Bonds

Series

2016

(Aaa/AAA)

2,000,000

4.000

07/15/2033

2,018,986

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

Denton

Independent

School

District

Variable

Rate

UT

Bonds

Series

2014-B

(PSF-GTD)

(NR/NR)

$

705,000

2.000%

(a)(b)(c)

08/01/2024

$

701,033

Ector

County

Hospital

District

GO

Refunding

Bonds

Series

2020

(Baa2/BBB-)

450,000

5.000

09/15/2024

452,681

130,000

5.000

09/15/2025

131,981

620,000

5.000

09/15/2026

637,621

El

Paso

Independent

School

District

Variable

Rate

Maintenance

Tax

Notes

Series

2020

(Aa2/NR)

1,750,000

5.000

(a)(b)

02/01/2040

1,814,220

Fort

Bend

Independent

School

District

GO

Bonds

Series

2020

B

(PSF-GTD)

(NR/AAA)

6,000,000

0.875

(a)(b)

08/01/2050

5,737,750

Goose

Creek

Consolidated

Independent

School

District

GO

Bonds

RMKT

08/16/21

Series

2014

B

(PSF-GTD)

(Aaa/AAA)

4,000,000

0.600

(a)(b)

02/15/2035

3,769,027

Hale

Center

Education

Facilities

Corp.

Revenue

Improvement

and

Revenue

Refunding

Bonds

Series

2022

(NR/BBB+)

475,000

5.000

03/01/2025

480,880

675,000

5.000

03/01/2026

692,556

990,000

5.000

03/01/2027

1,029,060

Harlandale

Independent

School

District

UT

Refunding

Bonds

Series

2015A

(PSF-GTD)

(NR/AAA)

4,130,000

4.000

(c)

08/15/2025

4,205,492

Harris

County

Cultural

Education

Facilities

Finance

Corp.

Hospital

Revenue

Refunding

Bonds

for

Memorial

Hermann

Health

System

Series

2020C

(Aa3/A+)

6,000,000

5.000

(a)(b)

06/01/2032

6,088,325

Harris

County

Cultural

Education

Facilities

Finance

Corp.

RB

for

Memorial

Hermann

Health

System

Obligated

Group

Series

2019

B-2

(Aa3/A+)

8,470,000

5.000

(a)(b)

07/01/2049

8,594,685

Harris

County

Cultural

Education

Facilities

Finance

Corp.

RB

Refunding

for

Memorial

Hermann

Health

System

Series

2013

B

(Aa3/A+)

(SIFMA

Municipal

Swap

Index

Yield

+

1.05%)

5,685,000

4.920

(d)

06/01/2024

5,692,593

Harris

County

Cultural

Education

Facilities

Finance

Corp.

RB

Refunding

for

Texas

Medical

Center

Obligated

Group

Series

2019

B

(A1/AA-)

8,940,000

0.900

(a)(b)

05/15/2050

8,578,950

Harris

County

Cultural

Education

Facilities

Finance

Corp.

RB

Refunding

for

Texas

Medical

Center

Series

2019

A

(A1/AA-)

1,575,000

5.000

05/15/2030

1,745,210

Hidalgo

County

Drainage

District

No.

1

UT

Improvement

Bonds

Series

2023

(Aa2/AA-)

3,000,000

5.000

09/01/2025

3,098,990

Houston

Water

&

Sewer

System

Junior

Lien

Revenue

Refunding

Bonds

Series

1998A

(AGM)

(Aa1/AA+)

5,755,000

0.000

(f)

12/01/2026

5,296,500

Jacksboro

Independent

School

District

Adjustable

Rate

UT

School

Building

Bonds

Series

2023

(PSF-GTD)

(NR/AAA)

2,470,000

4.000

(a)(b)

02/15/2048

2,570,532

Jim

Hogg

County

Independent

School

District

UT

Refunding

Bonds

Series

2023

(PSF-GTD)

(NR/AAA)

510,000

5.000

08/15/2026

540,973

GOLDMAN

SACHS

SHORT

DURATION

TAX

-

FREE

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

Klein

Independent

School

District

UT

Refunding

Bonds

Series

2016A

(PSF-GTD)

(Aaa/AAA)

$

2,805,000

4.000%

08/01/2034

$

2,831,400

Laredo

Independent

School

District

UT

Refunding

Bonds

Series

2023

(AGM)

(NR/AA)

350,000

5.000

08/01/2025

362,160

360,000

5.000

08/01/2026

379,826

735,000

5.000

08/01/2027

791,433

Leander

Independent

School

District

UT

School

Building

Bonds

Series

2022

(PSF-GTD)

(NR/AAA)

1,000,000

5.000

08/15/2027

1,088,842

Love

Field

Airport

Modernization

Corp.

General

Airport

Revenue

Refunding

Bonds

Series

2021

(NR/A)

3,615,000

5.000

11/01/2026

3,763,875

Lower

Colorado

River

Authority

Transmission

Contract

Refunding

RB

for

LCRA

Transmission

Services

Corp.

Project

Series

2022A

(NR/A)

500,000

5.000

05/15/2024

503,584

250,000

5.000

05/15/2025

257,233

1,000,000

5.000

05/15/2026

1,054,065

680,000

5.000

05/15/2027

733,660

Mansfield

Independent

School

District

Unlimited

Tax

School

Building

Bonds

Series

2015

(PSF-GTD)

(Aaa/NR)

3,145,000

5.000

(c)

02/15/2025

3,217,627

Matagorda

County

Navigation

District

Number

One

Pollution

Control

Revenue

Refunding

Bonds

for

Central

Power

and

Light

Company

Project

Series

1996

(Baa2/A-)

1,875,000

4.250

05/01/2030

1,877,230

Mission

Economic

Development

Corporation

Solid

Waste

Disposal

RB

Waste

Management,

Inc.

Project

Series

2023A

(NR/A-/A-2)

3,700,000

4.250

(a)(b)

06/01/2048

3,697,248

North

East

Independent

School

District

Variable

Rate

UT

Refunding

Bonds,

Series

2023

(PSF-GTD)

(Aaa/NR)

15,090,000

3.600

(a)(b)

08/01/2052

15,119,017

North

Texas

Tollway

Authority

System

Revenue

Refunding

Bonds

First

Tier

Bonds

Series

2015B

(Aa3/AA-)

3,065,000

5.000

01/01/2029

3,129,493

North

Texas

Tollway

Authority

System

Revenue

Refunding

Bonds

First

Tier

Bonds

Series

2023A

(Aa3/AA-)

6,500,000

5.000

01/01/2026

6,797,048

Northside

Independent

School

District

Variable

Rate

UT

School

Building

Bonds

Series

2020

(PSF-GTD)

(Aaa/NR)

32,150,000

0.700

(a)(b)

06/01/2050

31,111,478

Northside

Independent

School

District,

Bexar

County,

Variable

Rate

UT

School

Building

Bonds,

Series

2023B

(PSF-GTD)

(Aaa/NR)

4,000,000

3.000

(a)(b)

08/01/2053

3,979,244

Northwest

Independent

School

District

UT

School

Building

Bonds

Series

2022A

(PSF-GTD)

(Aaa/NR)

1,705,000

5.000

02/15/2024

1,708,926

Pasadena

Independent

School

District

UT

School

Building

Bonds

Series

2023

(PSF-GTD)

(Aaa/AAA)

200,000

5.000

02/15/2026

209,689

225,000

5.000

02/15/2027

241,842

Pasadena

Independent

School

District

Variable

Rate

UT

School

Building

Bonds

(PSF-GTD)

(Aaa/AAA)

3,845,000

1.500

(a)(b)

02/15/2044

3,803,924

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

Plainview

Independent

School

District

Adjustable

Rate

UT

School

Building

Bonds

Series

2020B

(PSF-GTD)

(Aaa/NR)

$

1,515,000

4.000%

(a)(b)

02/15/2050

$

1,542,719

Port

Arthur

Independent

School

District

Unlimited

Tax

School

Building

Bonds

Series

2015A

(PSF-GTD)

(Aaa/NR)

5,995,000

5.000

(c)

02/15/2025

6,130,113

Port

of

Houston

Authority

of

Harris

County

First

Lien

RB

Series

2023

(NON-AMT)

(Aa3/AA+)

950,000

5.000

10/01/2025

986,928

700,000

5.000

10/01/2026

745,891

Princeton

Independent

School

District

UT

School

Building

Bonds

Series

2015

(PSF-GTD)

(Aaa/NR)

8,200,000

5.000

(c)

02/15/2025

8,389,361

Prosper

Independent

School

District

Adjustable

Rate

UT

School

Building

Bonds

Series

2019B

(PSF-GTD)

(Aaa/NR)

1,875,000

4.000

(a)(b)

02/15/2050

1,914,032

Spring

Branch

Independent

School

District

UT

Schoolhouse

Bonds

Series

2022

(PSF-GTD)

(Aaa/AAA)

3,905,000

5.000

02/01/2025

3,996,303

1,230,000

5.000

02/01/2026

1,289,608

1,000,000

5.000

02/01/2027

1,075,390

State

of

Texas

College

Student

Loan

GO

Bonds

Series

2016

(Aaa/AAA)

4,275,000

5.500

08/01/2027

4,530,194

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Hospital

RB

for

Baylor

Scott

&

White

Health

Project

Series

2022E

(Aa3/AA-)

4,045,000

5.000

(a)(b)

11/15/2052

4,201,964

Texas

Department

of

Housing

and

Community

Affairs

Multifamily

Housing

Revenue

Notes

for

Aspen

Park

Series

2023

(Aaa/NR)

3,335,000

5.000

(a)(b)

03/01/2041

3,391,772

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

I

RB

Senior

Lien

Series

2006

B

(A1/A-)

(3M

USD

LIBOR

+

0.70%)

5,360,000

4.483

(d)

12/15/2026

5,322,226

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

II

RB

Series

2007

B

(A1/A-)

(SIFMA

Municipal

Swap

Index

Yield

+

0.55%)

6,370,000

4.420

(d)

09/15/2027

6,285,328

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

Gas

Supply

Revenue

Refunding

Bonds

Series

2021

(A2/BBB+)

450,000

5.000

12/15/2024

454,374

335,000

5.000

12/15/2025

342,094

Texas

Municipal

Gas

Acquisition

and

Supply

Corp.

II

RB

for

LIBOR

Index

Rate

Series

2012

C

(A1/A-)

(3M

USD

LIBOR

+

0.86%)

92,610,000

4.417

(d)

09/15/2027

91,190,668

Texas

Public

Finance

Authority

RB

Refunding

for

Southern

University

Series

2021

(NR/NR)

350,000

5.000

05/01/2024

351,370

490,000

5.000

05/01/2025

497,123

Texas

Public

Finance

Authority

Revenue

Financing

System

Bonds

for

Southern

University

Series

2023

(BAM)

(NR/AA)

665,000

5.000

05/01/2024

668,498

480,000

5.000

05/01/2025

490,732

500,000

5.000

05/01/2026

520,418

620,000

5.000

05/01/2027

657,717

640,000

5.000

05/01/2028

689,611

GOLDMAN

SACHS

SHORT

DURATION

TAX

-

FREE

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

Texas

State

Affordable

Housing

Corp.

Multifamily

Housing

RB

for

Eden

Court

Apartments

Project

Series

2023

(HUD

SECT

8)

(Aaa/NR)

$

1,360,000

5.000%

(a)(b)

04/01/2043

$

1,406,148

Texas

State

Affordable

Housing

Corp.

Multifamily

Housing

RB

for

Norman

Commons

Project

Series

2023

(Aaa/NR)

2,200,000

3.625

(a)(b)

01/01/2045

2,211,589

Texas

State

Technical

College

System

Revenue

Financing

System

Improvement

Bonds

Series

2022A

(AGM)

(A1/AA)

1,100,000

5.000

08/01/2024

1,111,483

1,450,000

5.000

08/01/2025

1,495,834

1,750,000

5.000

08/01/2026

1,847,270

1,300,000

5.000

08/01/2027

1,404,424

Texas

Transportation

Commission

Central

Texas

Turnpike

System

RB

2nd

Tier

Revenue

Refunding

Bonds

Series

2015-C

(Baa1/A-)

2,850,000

5.000

08/15/2042

2,853,198

Texas

Transportation

Commission

GO

Mobility

Fund

Refunding

Bonds,

Series

2014

(Aaa/AAA)

12,945,000

4.000

(c)

04/01/2024

12,976,467

Texas

Transportation

Commission

State

Highway

Fund

First

Tier

RB

Series

2016-B

(Aaa/AAA)

46,000,000

0.560

04/01/2026

42,917,425

Texas

Water

Development

Board

State

Water

Implementation

Revenue

Fund

for

Texas

RB

Series

2022

(NR/AAA)

500,000

5.000

04/15/2024

502,945

1,090,000

5.000

10/15/2024

1,108,450

1,300,000

5.000

04/15/2025

1,337,408

1,625,000

5.000

10/15/2025

1,692,370

1,265,000

5.000

04/15/2026

1,333,800

1,850,000

5.000

10/15/2026

1,976,397

1,200,000

5.000

04/15/2027

1,296,510

1,450,000

5.000

10/15/2027

1,585,755

Tomball

Independent

School

District

Variable

Rate

UT

School

Building

Bonds

Series

2014B

(PSF-GTD)

(Aaa/AAA)

4,700,000

0.260

(a)(b)

02/15/2039

4,608,664

Town

of

Little

Elm

Special

Assessment

RB

for

Valencia

Public

Improvement

Project

Series

2021

(NR/NR)

(NR/NR)

162,000

2.375

(e)

09/01/2026

150,459

Travis

County

Development

Authority

Contract

Assessment

RB

for

Turner's

Crossing

Public

Improvement

District

Improvement

Area

Project

Series

2022

(NR/NR)

301,000

4.375

(e)

09/01/2027

301,045

University

of

Houston

Board

of

Regents

System

Consolidated

Revenue

Refunding

Bonds

Series

2017C

(Aa2/AA)

10,000,000

4.000

02/15/2033

10,189,836

University

of

Texas

System

Revenue

Financing

System

RB

Refunding

Series

2017

C

(Aaa/AAA)

2,815,000

5.000

08/15/2026

2,998,470

Westpointe

Special

Improvement

District

Limited

Ad

Valorem

Tax

Bonds

Series

2023A

(BAM)

(Baa3/AA)

225,000

5.500

08/15/2024

227,695

185,000

5.500

08/15/2025

191,243

195,000

5.500

08/15/2026

205,494

210,000

5.500

08/15/2027

224,741

220,000

5.500

08/15/2028

239,895

230,000

5.500

08/15/2029

254,847

245,000

5.500

08/15/2030

275,544

255,000

5.500

08/15/2031

290,390

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Texas

–

(continued)

Westpointe

Special

Improvement

District

Limited

Ad

Valorem

Tax

Bonds

Series

2023A

(BAM)

(Baa3/AA)

–

(continued)

$

270,000

5.000%

08/15/2032

$

297,884

285,000

5.000

08/15/2033

313,791

300,000

5.000

08/15/2034

329,329

Westside

211

Special

Improvement

District

Limited

Ad

Valorem

Tax

and

Subordinate

Lien

Sales

and

Use

Tax

Road

Bonds,

Series

2021

(Baa3/NR)

285,000

2.000

08/15/2028

262,673

Westside

211

Special

Improvement

District

Limited

Ad

Valorem

Tax

Subordinate

Lien

Sales

Use

Tax

Road

Bonds

Series

2022

(Baa3/NR)

85,000

5.000

08/15/2024

85,503

85,000

5.000

08/15/2025

86,547

90,000

5.000

08/15/2026

92,631

90,000

5.000

08/15/2027

93,803

95,000

5.000

08/15/2028

99,751

100,000

5.000

08/15/2029

105,745

110,000

5.000

08/15/2030

116,921

115,000

5.000

08/15/2031

122,140

120,000

5.000

08/15/2032

127,152

Westside

211

Special

Improvement

Project

District

LT

&

Subordinate

Lien

Sales

&

Use

Tax

Road

Bonds

Series

2021

(Baa3/NR)

260,000

2.000

08/15/2024

255,217

270,000

2.000

08/15/2026

256,536

567,953,239

Utah

-

0.2%

Salt

Lake

City

International

Airport

RB

Series

2018A

(AMT)

(A2/A+)

1,000,000

5.000

07/01/2029

1,077,346

Salt

Lake

City

International

Airport

RB

Series

2021A

(A2/A+)

2,500,000

5.000

07/01/2027

2,651,166

7,420,000

5.000

07/01/2028

7,989,829

Utah

Telecommunication

Open

Infrastructure

Agency

Sales

Tax

&

Telecommunication

Revenue

Refunding

Bonds

Series

2022

(NR/AA-)

250,000

5.000

06/01/2025

256,621

250,000

5.000

06/01/2026

261,956

300,000

5.000

06/01/2027

320,865

12,557,783

Virginia

-

1.7%

Chesapeake

Redevelopment

and

Housing

Authority

Multifamily

Housing

RB

Hunters

Point

Apartments,

Series

2023

(HUD

SECT

8)

(Aaa/NR)

3,450,000

5.000

(a)(b)

05/01/2043

3,560,304

City

of

Bristol

GO

Bond

Anticipation

Notes

Series

2023

(ST

AID

WITHHLDG)

(A2/A+)

3,750,000

5.000

09/01/2027

3,870,349

Commonwealth

of

Virginia

Commonwealth

Transportation

Board

Capital

Projects

RB

Series

2016

(Aa1/AA+)

11,855,000

4.000

05/15/2032

12,161,039

Economic

Development

Authority

of

Isle

of

Wight

County

Health

System

RB

for

Riverside

Health

System

Series

2023

(AGM)

(NR/AA)

500,000

5.000

07/01/2026

525,395

500,000

5.000

07/01/2027

535,708

500,000

5.000

07/01/2028

546,729

GOLDMAN

SACHS

SHORT

DURATION

TAX

-

FREE

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Virginia

–

(continued)

Economic

Development

Authority

of

The

County

of

Spotsylvania

Public

Facilities

Refunding

RB

Series

2021

(NR/AA+)

$

2,960,000

5.000%

06/01/2026

$

3,129,912

Fairfax

County

Public

Improvement

Bonds

Series

2022A

(ST

AID

WITHHLDG)

(Aaa/AAA)

2,500,000

4.000

10/01/2025

2,559,180

Fairfax

County

Redevelopment

&

Housing

Authority

Multifamily

Housing

RB

for

Dominion

Square

North

Project

Series

2023

(Aaa/NR)

5,400,000

5.000

(a)(b)

01/01/2045

5,711,745

Halifax

County

IDA

Recovery

Zone

Facility

RB

Series

2010A

(NON-AMT)

(A2/BBB+)

5,000,000

1.650

(a)(b)

12/01/2041

4,931,033

Hampton

Roads

Transportation

Authority

Accountability

Commission

Transportation

Fund

Senior

Lien

Bond

Anticipation

Notes

Series

2021A

(WR/NR)

14,325,000

5.000

07/01/2026

15,073,773

Industrial

Development

Authority

of

Arlington

County

Hospital

RB

for

VHC

Health

Series

2023A

(NR/A+)

4,225,000

5.000

(a)(b)

07/01/2053

4,696,728

Louisa

Industrial

Development

Authority

RB

Virginia

Electric

and

Power

Co.

Series

2008

B

(A2/BBB+)

2,500,000

0.750

(a)(b)

11/01/2035

2,327,208

Norfolk

Redevelopment

and

Housing

Authority

Multifamily

Housing

RB

Braywood

Manor

Apartments,

Series

2023

(HUD

SECT

8)

(Aaa/NR)

125,000

5.000

(a)(b)

05/01/2043

129,025

Virginia

Housing

Development

Authority

Rental

Housing

Bonds

2018

Series

E-NON-AMT

(Aa1/AA+)

10,506,203

0.670

03/01/2025

10,059,881

Virginia

Port

Authority

Port

Facilities

RB

Refunding

Series

2015

A

(AMT)

(WR/NR)

2,000,000

5.000

(c)

07/01/2025

2,050,656

Virginia

Small

Business

Financing

Authority

RB

Refunding

National

Senior

Campuses,

Inc.

Obligated

Group

Series

2020

A

(NR/NR)

895,000

5.000

01/01/2025

903,665

Wise

County

IDA

Solid

Waste

&

Sewage

Disposal

RB

Series

2009A

(A2/BBB+)

12,500,000

0.750

(a)(b)

10/01/2040

11,636,039

Wise

County

IDA

Solid

Waste

&

Sewage

Disposal

RB

Series

2010A

(NON-AMT)

(A2/BBB+)

3,000,000

1.200

(a)(b)

11/01/2040

2,953,207

87,361,576

Washington

-

2.9%

City

of

Seattle

Limited

Tax

GO

Improvement

&

Refunding

Bonds

Series

2015

A

(Aaa/AAA)

5,000,000

5.000

06/01/2026

5,151,313

City

of

Seattle

Municipal

Light

&

Power

Refunding

RB

2021

Series

B

(Aa2/AA)

(SIFMA

Municipal

Swap

Index

Yield

+

0.25%)

10,000,000

4.120

(b)(d)

05/01/2045

9,727,397

Clark

County

Evergreen

School

District

UT

GO

Bonds

Series

2022

(SCH

BD

GTY)

(Aaa/NR)

1,615,000

5.000

12/01/2024

1,645,783

Issaquah

School

District

UT

GO

Refunding

Bonds

Series

2022

(SCH

BD

GTY)

(Aaa/AA+)

765,000

4.000

12/01/2024

773,236

960,000

5.000

12/01/2025

1,001,403

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Washington

–

(continued)

Issaquah

School

District

UT

GO

Refunding

Bonds

Series

2022

(SCH

BD

GTY)

(Aaa/AA+)

–

(continued)

$

1,975,000

5.000%

12/01/2026

$

2,110,326

1,500,000

4.000

12/01/2027

1,588,732

King

County

Housing

Authority

RB

Refunding

Series

2020

(NR/AA)

225,000

3.000

06/01/2024

224,300

280,000

3.000

06/01/2025

276,034

King

County

Junior

Lien

Sewer

RB

Refunding

Series

2020

A

(Aa2/AA)

10,000,000

0.625

(a)(b)

01/01/2032

10,000,000

King

County

Junior

Lien

Sewer

Revenue

Refunding

Bonds

2021

Series

A

(Aa2/AA)

(SIFMA

Municipal

Swap

Index

Yield

+

0.23%)

11,250,000

4.100

(b)(d)

01/01/2040

11,007,420

King

County

Renton

School

District

UT

GO

Bonds

Series

2023

(SCH

BD

GTY)

(Aaa/NR)

1,000,000

5.000

12/01/2025

1,043,128

King

County

Sewer

Improvement

Refunding

RB

2016

Series

B

(Aa1/AA+)

12,500,000

4.000

07/01/2033

12,806,816

Port

of

Seattle

Intermediate

Lien

Private

Activity

Revenue

and

Refunding

Bonds

2022B

(AMT)

(A1/AA-)

7,770,000

5.000

08/01/2027

8,243,902

Port

of

Seattle

Intermediate

Lien

RB

2017C

(AMT)

(A1/AA-)

4,000,000

5.000

05/01/2029

4,205,336

Port

of

Seattle

Intermediate

Lien

RB

2017D

(AMT)

(A1/AA-)

4,300,000

5.000

05/01/2027

4,542,038

Public

Utility

District

No.2

of

Grant

County

Electric

System

Revenue

Refunding

Bonds

Series

2023-U

(NR/AA+)

10,000,000

4.000

01/01/2026

10,224,150

State

of

Washington

GO

Bonds

Various

Purpose

Series

2017D

(Aaa/AA+)

7,835,000

5.000

02/01/2025

8,022,397

State

of

Washington

Motor

Vehicle

Fuel

Tax

GO

Refunding

Bonds

Series

R-2015B

(Aaa/AA+)

2,710,000

5.000

07/01/2025

2,741,074

State

of

Washington

Various

Purpose

GO

Bonds

Series

2022A

(Aaa/AA+)

5,885,000

5.000

08/01/2027

6,420,831

State

of

Washington

Various

Purpose

GO

Refunding

Bonds

Series

R-2018C

(Aaa/AA+)

3,280,000

5.000

08/01/2024

3,320,658

State

of

Washington

Various

Purpose

GO

Refunding

Bonds

Series

R-2022C

(Aaa/AA+)

3,300,000

4.000

07/01/2026

3,421,794

University

Of

Washington

General

Revenue

Refunding

Term

Rate

Bonds

Series

2022C

(Aaa/AA+)

2,500,000

4.000

(a)(b)

05/01/2048

2,583,505

Washington

Health

Care

Facilities

Authority

RB

for

Commonspirit

Health

Series

2019A-1

(Baa1/A-)

1,300,000

5.000

08/01/2025

1,330,576

Washington

Health

Care

Facilities

Authority

RB

for

Commonspirit

Health

Series

2019A-2

(Baa1/A-)

3,260,000

5.000

08/01/2025

3,336,674

Washington

Health

Care

Facilities

Authority

RB

for

Commonspirit

Health

Series

2019B-2

(Baa1/A-)

4,020,000

5.000

(a)(b)

08/01/2049

4,086,935

GOLDMAN

SACHS

SHORT

DURATION

TAX

-

FREE

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Washington

–

(continued)

Washington

Healthcare

Facilities

Authority

RB

Series

2019B-1

(Baa1/A-)

$

15,650,000

5.000%

(a)(b)

08/01/2049

$

15,666,714

Washington

State

Housing

Finance

Commission

Multifamily

Housing

RB

for

Ardea

at

Totem

Lake

Apartments

Project

Series

2023

(Aaa/NR)

3,800,000

5.000

(a)(b)

12/01/2043

3,945,597

Washington

State

Housing

Finance

Commission

Nonprofit

Housing

Revenue

and

Refunding

Tax

Exempt

Fixed

Rate

Bonds

for

Emerald

Heights

Project

Series

2023A

(NR/NR)

350,000

5.000

07/01/2024

351,304

350,000

5.000

07/01/2025

354,723

285,000

5.000

07/01/2026

292,451

350,000

5.000

07/01/2027

363,390

555,000

5.000

07/01/2028

582,746

Washington

State

Housing

Finance

Commission

Nonprofit

Housing

Tax

Exempt

Mandatory

Paydown

Securities

RB

for

Emerald

Heights

Project

Series

2023B-1

(NR/NR)

855,000

4.750

07/01/2027

854,991

Washington

State

Housing

Finance

Commission

Nonprofit

Housing

Tax

Exempt

Mandatory

Paydown

Securities

RB

for

Emerald

Heights

Project

Series

2023B-2

(NR/NR)

4,500,000

4.000

07/01/2026

4,500,042

Washington

State

Housing

Finance

Commission

Nonprofit

Refunding

RB

for

Seattle

Academy

of

Arts

&

Sciences

Project

Series

2023

(NR/BBB)

365,000

5.000

(e)

07/01/2028

387,370

740,000

5.125

(e)

07/01/2033

816,966

147,952,052

West

Virginia

-

0.5%

West

Virginia

Economic

Development

Authority

Solid

Waste

Disposal

Facilities

RB

Series

2010A

(Baa1/A-)

4,645,000

0.625

(a)(b)

12/01/2038

4,261,246

West

Virginia

Economic

Development

Authority

Solid

Waste

Disposal

Facilities

RB

Series

2011A

(Baa1/A-)

5,650,000

1.000

(a)(b)

01/01/2041

5,290,736

West

Virginia

Economic

Development

Authority

Solid

Waste

Disposal

Facilities

Revenue

Refunding

Bonds

for

Wheeling

Power

Company

Project

Series

2013A

(NR/A-)

10,850,000

3.000

(a)(b)

06/01/2037

10,661,211

West

Virginia

Economic

Development

Authority

Solid

Waste

Disposal

Facilities

Revenue

Refunding

Bonds

Kentucky

Power

Company

-

Mitchell

Project,

Series

2014A

(Baa3/BBB)

2,675,000

4.700

(a)(b)

04/01/2036

2,683,550

22,896,743

Wisconsin

-

1.2%

County

of

Dane

GO

Bonds

Series

2020

A

(NR/AAA)

3,290,000

2.000

04/01/2026

3,173,791

Oak

Creek-Franklin

Joint

School

District

GO

School

Building

Bonds

Series

2015A

(Aa2/AA)

5,745,000

3.750

(c)

04/01/2025

5,809,108

Public

Finance

Authority

Pollution

Control

Revenue

Refunding

Bonds

for

Duke

Energy

Progress

Project

Series

2022A

(NON-AMT)

(Aa3/A)

5,145,000

3.300

(a)(b)

10/01/2046

5,148,642

Public

Finance

Authority

RB

Refunding

for

Fellowship

Senior

Living

Obligated

Group

Series

2019

A

(NR/NR)

1,925,000

4.000

01/01/2026

1,892,812

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Municipal

Bonds

–

(continued)

Wisconsin

–

(continued)

Public

Finance

Authority

RB

Refunding

for

Fellowship

Senior

Living

Obligated

Group

Series

2019

A

(NR/NR)

–

(continued)

$

2,000,000

4.000%

01/01/2027

$

1,953,682

1,720,000

4.000

01/01/2028

1,670,517

1,790,000

4.000

01/01/2029

1,724,758

Public

Finance

Authority

Student

Housing

RB

Series

2020A

(AGM)

(A1/AA)

160,000

4.000

07/01/2024

160,480

Public

Finance

Authority

Tax

Increment

Reinvestment

Zone

No.

11

Tax

Allocation

Series

2019

(Baa3/NR)

9,579,000

0.000

(f)

12/15/2027

7,829,185

Waushara

County

Note

Anticipation

Notes

Series

2022A

(NR/A+)

5,260,000

4.500

06/01/2027

5,378,420

Wisconsin

Health

&

Educational

Facilities

Authority

RB

for

Advocate

Aurora

Health

Credit

Group

Series

2018C-3

(Aa3/AA)

625,000

5.000

(a)(b)

08/15/2054

652,042

Wisconsin

Health

&

Educational

Facilities

Authority

RB

for

Marshfield

Clinic

Health

System,

Inc.

Series

2020B-1

(NR/BBB+)

10,690,000

5.000

(a)(b)

02/15/2052

10,743,485

Wisconsin

Health

&

Educational

Facilities

Authority

RB

Series

2018C-4

(Aa3/AA)

(SIFMA

Municipal

Swap

Index

Yield

+

0.65%)

4,000,000

4.520

(b)(d)

08/15/2054

3,997,604

Wisconsin

Health

&

Educational

Facilities

Authority

RB

Series

2020

for

Hmong

American

Peace

Academy

(NR/BBB)

120,000

4.000

03/15/2024

119,851

125,000

4.000

03/15/2025

124,405

Wisconsin

Health

and

Educational

Facilities

Authority

RB

Series

2018C

(Aa3/AA)

(SIFMA

Municipal

Swap

Index

Yield

+

0.18%)

3,315,000

4.050

(b)(d)

08/15/2054

3,260,162

Wisconsin

Housing

&

Economic

Development

Authority

Home

Ownership

RB

2021

Series

D

(GNMA/FHLMC/FNMA

COLL)

(Aa2/AA+)

(SIFMA

Municipal

Swap

Index

Yield

+

0.15%)

6,755,000

4.020

(b)(d)

03/01/2042

6,729,169

60,368,113

TOTAL

MUNICIPAL

BONDS

(Cost

$5,038,932,865)

5,039,671,950

TOTAL

INVESTMENTS

-

99.4%

(Cost

$5,038,932,865)

$

5,039,671,950

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.6%

29,862,513

NET

ASSETS

-

100.0%

$

5,069,534,463

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

(a)

Variable

Rate

Demand

Instruments

–

rate

shown

is

that

which

is

in

effect

on

December

31,

2023.

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.

(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,

2023.

GOLDMAN

SACHS

SHORT

DURATION

TAX

-

FREE

FUND

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

(c)

Pre-refunded

security.

Maturity

date

disclosed

is

pre-refunding

date.

(d)

Variable

or

floating

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,

2023.

(e)

Exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

(f)

Issued

with

a

zero

coupon.

Income

is

recognized

through

the

accretion

of

discount.

(g)

When-issued

security.

(h)

Zero

coupon

bond

until

next

reset

date.

(i)

Contingent

value

instrument

that

only

pays

out

if

a

portion

of

the

territory’s

Sales

and

Use

Tax

outperforms

the

projections

in

the

Oversight

Board’s

Certified

Fiscal

Plan.

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

-

American

General

Contractors-Interstate

Commerce

Commission

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

(subject

to)

BAM

-

Build

America

Mutual

Assurance

Co.

CFD

-

Community

Facilities

District

COPS

-

Certificates

of

Participation

ETM

-

Escrowed

to

Maturity

FGIC

-

Insured

by

Financial

Guaranty

Insurance

Co.

FHA

-

Federal

Housing

Administration

FHLMC

-

Insured  by

Federal

Home

Loan

Mortgage

Corp.

FNMA

-

Insured

by

Federal

National

Mortgage

Association

GNMA

-

Insured

by

Government

National

Mortgage

Association

GO

-

General

Obligation

HUD

SECT

8

-

Hud

Section

8

IDA

-

Industrial

Development

Agency

LIBOR

-

London

Interbank

Offered

Rates

LP

-

Limited

Partnership

LT

-

Limited

Tax

NATL

-

National

Public

Finance

Guarantee

Corp.

NR

-

Not

Rated

PCRB

-

Pollution

Control

Revenue

Bond

PSF-GTD

-

Guaranteed

by

Permanent

School

Fund

RB

-

Revenue

Bond

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

RMKT

-

Remarketed

RR

-

Revenue

Refunding

SCH

BD

GTY

-

School

Bond

Guaranty

SD

CRED

PROG

-

School

District

Credit

Program

SIFMA

-

Securities

Industry

and

Financial

Markets

Association

SOFR

-

Secured

Overnight

Financing

Rate

SONYMA

-

State

of

New

York

Mortgage

Agency

ST

AID

WITHHLDG

-

State

Aid

Withholding

ST

APPROP

-

State

Appropriation

UPMC

-

University

of

Pittsburgh

Medical

Center

Investment

Abbreviations:

(continued)

USD

-

United

States

Dollar

UT

-

Unlimited

Tax

WR

-

Withdrawn

Rating

Goldman

Sachs

Municipal

Funds

Schedule

of

Investments

December

31,

2023

(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

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

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

in

its

entirety

falls

shall

be

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

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.

With

respect

to

the

Funds’

investments

that

do

not

have

readily

available

market

quotations,

the

Trustees

have

designated

the

Adviser

as

the

valuation

designee

to

perform

fair

valuations

pursuant

to

Rule

2a-5

under

the

Investment

Company

Act

of

1940

(the

“Valuation

Designees).

GSAM

has

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.

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.

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.

Bank

Loans

—

Bank

loans

(“Loans”)

are

interests

in

amounts

owed

by

corporate,

governmental,

or

other

borrowers

to

lenders

or

lending

syndicates.

Loans

are

arranged

through

private

negotiations

between

the

borrower

and

one

or

more

financial

institutions

(“Lenders”).

The

Fund’s

investments

in

Loans

are

in

the

form

of

either

participations

in

Loans

(“Participations”)

or

assignments

of

all

or

a

portion

of

Loans

from

third

parties

(“Assignments”).

With

respect

to

Participations,

the

Funds

have

the

right

to

receive

payments

of

principal,

interest

and

any

fees

to

which

it

is

entitled

from

the

Lender

selling

the

Participations

and

only

upon

receipt

by

the

Lender

of

the

payments

from

the

borrower.

The

Funds

generally

have

no

right

to

enforce

compliance

by

the

borrower

with

the

terms

of

the

loan

agreement

with

respect

to

Participations.

Conversely,

assignments

result

in

the

Funds

having

a

direct

contractual

relationship

with

the

borrower,

and

the

Funds

may

be

permitted

to

enforce

compliance

by

the

borrower

with

the

terms

of

the

loan

agreement.

Goldman

Sachs

Municipal

Funds

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

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.

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.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Municipal

Funds

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

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.

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.

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.

Fair

Value

Hierarchy

—

The

following

is

a

summary

of

the

Funds’

investments

and

derivatives

classified

in

the

fair

value

hierarchy

as

of

December

31,

2023:

Dynamic

Municipal

Income

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Fixed

Income

Bank

Loans

$

—

$

11,670,000

$

—

Corporate

Bond

—

9,622,415

31,584,099

Municipal

Bond

—

8,421,358,763

—

U.S.

Treasury

Obligations

43,543,887

—

—

Total

$

43,543,887

$

8,442,651,178

$

31,584,099

€

1.00

€

1.00

€

1.00

1.00

1.00

1.00

High

Yield

Municipal

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Fixed

Income

Bank

Loans

$

—

$

37,995,000

$

—

Corporate

Bond

—

27,217,587

59,834,196

Municipal

Bond

—

8,974,345,375

—

U.S.

Treasury

Obligations

46,903,399

—

—

Total

$

46,903,399

$

9,039,557,962

$

59,834,196

€

1.00

€

1.00

€

1.00

1.00

1.00

1.00

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Municipal

Funds

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

The

Funds’

risks

include,

but

are

not

limited

to,

the

following:

Derivatives

Risk

—

The

Funds’

use

of

derivatives

and

other

similar

instruments

(collectively,

referred

to

in

this

paragraph

as

“derivatives”)

may

result

in

loss,

including

due

to

adverse

market

movements.

Derivatives,

which

may

pose

risks

in

addition

to

and

greater

than

those

associated

with

investing

directly

in

securities,

currencies

or

other

assets

and

instruments,

may

increase

market

exposure

and

be

illiquid

or

less

liquid,

volatile,

difficult

to

price

and

leveraged

so

that

small

changes

in

the

value

of

the

underlying

assets

or

instruments

may

produce

disproportionate

losses

to

the

Funds.

Certain

derivatives

are

also

subject

to

counterparty

risk,

which

is

the

risk

that

the

other

party

in

the

transaction

will

not,

or

lacks

the

capacity

or

authority

to,

fulfill

its

contractual

obligations,

liquidity

risk,

which

included

the

risk

that

the

Funds

will

not

be

able

to

exit

the

derivative

when

it

is

advantageous

to

do

so,

and

risks

arising

from

margin

requirements,

which

include

the

risk

that

the

Funds

will

be

required

to

pay

additional

margin

or

set

aside

additional

collateral

to

maintain

open

derivative

positions.

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.

Geographic

and

Sector

Risk

—

If

the

Fund

invests

a

significant

portion

of

its

total

assets

in

certain

issuers

within

the

same

state,

geographic

region

or

economic

sector,

an

adverse

economic,

business,

political,

environmental

or

other

development

affecting

that

state,

region

or

sector

may

affect

the

value

of

the

Fund’s

investments

more

than

if

its

investments

were

not

so

focused.

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.

A

wide

variety

of

market

factors

can

cause

interest

rates

to

rise,

including

central

bank

monetary

policy,

rising

inflation

and

changes

in

general

economic

conditions.

Changing

interest

rates

may

have

unpredictable

effects

on

the

markets,

may

result

in

heightened

market

volatility

and

may

detract

from

Fund’s

performance.

In

addition,

changes

to

monetary

policy

may

exacerbate

the

risks

associated

with

changing

interest

rates.

Funds

with

longer

average

portfolio

durations

will

generally

be

more

sensitive

to

changes

in

interest

rates

than

funds

with

a

shorter

average

portfolio

duration.

Fluctuations

in

interest

rates

may

also

affect

the

liquidity

of

fixed

income

securities

and

instruments

held

by

the

Funds.

A

sudden

or

unpredictable

increase

in

interest

rates

may

cause

volatility

in

the

market

and

may

decrease

the

liquidity

of

the

Fund’s

investments,

which

would

make

it

harder

for

the

Fund

to

sell

its

investments

at

an

advantageous

time.

Municipal

Income

Completion

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Fixed

Income

Corporate

Bond

$

—

$

92,344

$

1,405,955

Municipal

Bond

—

161,277,357

—

U.S.

Treasury

Obligations

835,195

—

—

Total

$

835,195

$

161,369,701

$

1,405,955

€

1.00

€

1.00

€

1.00

1.00

1.00

1.00

Short

Duration

Tax-Free

Fund

Investment

Type

Level

1

Level

2

Level

3

Assets

Fixed

Income

Municipal

Bond

$

—

$

5,039,671,950

$

—

Total

$

—

$

5,039,671,950

$

—

€

1.00

€

1.00

€

1.00

1.00

1.00

1.00

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Municipal

Funds

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

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

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).

The

value

of

the

securities

in

which

a

Fund

invests

may

go

up

or

down

in

response

to

the

prospects

of

individual

companies,

particular

sectors

or

governments

and/or

general

economic

conditions

throughout

the

world

due

to

increasingly

interconnected

global

economies

and

financial

markets.

Events

such

as

war,

military

conflict,

acts

of

terrorism,

social

unrest,

natural

disasters,

recessions,

inflation,

rapid

interest

rate

changes,

supply

chain

disruptions,

sanctions,

the

spread

of

infectious

illness

or

other

public

health

threats

could

also

significantly

impact

a

Fund

and

its

investments.

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,

political,

environmental

or

other

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).

While

interest

earned

on

municipal

securities

is

generally

not

subject

to

federal

tax,

any

interest

earned

on

taxable

municipal

securities

is

fully

taxable

at

the

federal

level

and

may

be

subject

to

tax

at

the

state

level.

Non-Investment

Grade

Fixed

Income

Securities

Risk

—

Non-investment

grade

fixed

income

securities

and

unrated

securities

of

comparable

credit

quality

(commonly

known

as

“junk

bonds”)

are

considered

speculative

and

are

subject

to

the

increased

risk

of

an

issuer's

inability

to

meet

principal

and

interest

payment

obligations.

These

securities

may

be

subject

to

greater

price

volatility

due

to

such

factors

as

specific

issuer

developments,

interest

rate

sensitivity,

negative

perceptions

of

the

junk

bond

markets

generally

and

less

liquidity.

The

Fund

may

purchase

the

securities

of

issuers

that

are

in

default.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Municipal

Funds

Schedule

of

Investments

(continued)

December

31,

2023

(Unaudited)

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

—

Any

proposed

or

actual

changes

in

income

tax

rates

or

the

tax-exempt

status

of

interest

income

from

Municipal

Securities

can

significantly

affect

the

demand

for

and

supply,

liquidity

and

marketability

of

Municipal

Securities.

Such

changes

may

affect

the

Fund’s

net

asset

value

and

ability

to

acquire

and

dispose

of

Municipal

Securities

at

desirable

yield

and

price

levels.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)