GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
-
98.6%
Alabama
-
1.6%
Alabama
Economic
Settlement
Authority
RB
for
BP
Exploration
&
Production,
Inc.
Series
2016
A
(A1/A-)
$
5,000,000
4.000%
09/15/2033
$
5,038,657
Ascension
Health
RB
for
Ascension
Senior
Credit
Group
Series
2016C
(Aa2/AA+)
9,500,000
5.000
11/15/2046
9,603,982
Black
Belt
Energy
Gas
District
Gas
Prepay
RB
2019
Series
A
(A1/NR)
22,955,000
4.000
(a)(b)
12/01/2049
22,967,460
Energy
Southeast
a
Cooperative
District
Energy
Supply
RB
2024
Series
B
(A1/NR)
6,500,000
5.250
(a)(b)
07/01/2054
6,953,637
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
4,559,816
Health
Care
Authority
for
Baptist
Health
Series
2023
(A3/BBB+)
1,500,000
5.000
11/15/2029
1,589,769
1,500,000
5.000
11/15/2035
1,603,398
1,000,000
5.000
11/15/2036
1,065,737
325,000
5.000
11/15/2037
344,958
Hoover
Industrial
Development
Board
RB
for
United
States
Steel
Corp.
Series
2019
(B1/BB-)
4,920,000
5.750
10/01/2049
5,118,034
Houston
County
Health
Care
Authority
RB
for
Southeast
Alabama
Medical
Center
Series
2016
A
(NR/BBB+)
1,000,000
5.000
10/01/2025
1,009,840
Independent
Development
Board
City
of
Prattville
International
Paper
Company
Project
Environmental
Improvement
Revenue
Refunding
Bonds
Series
2019B
(Baa2/BBB)
(PUTABLE)
225,000
2.000
(a)(b)
11/01/2033
223,369
Industrial
Development
Board
City
of
Prattville
International
Paper
Company
Project
Recovery
Zone
Facility
Revenue
Refunding
Bonds
Series
2019C
(Baa2/BBB)
(PUTABLE)
225,000
2.000
(a)(b)
11/01/2033
223,369
Industrial
Development
Board
City
of
Selma
International
Paper
Company
Project
Gulf
Opportunity
Zone
Revenue
Refunding
Bonds
Series
2019A
(Baa2/BBB)
(PUTABLE)
1,750,000
2.000
(a)(b)
11/01/2033
1,737,317
Jefferson
County
Sewer
Revenue
Warrants
Series
2024
(Baa1/BBB+)
2,000,000
5.250
10/01/2040
2,217,573
2,000,000
5.250
10/01/2041
2,211,211
2,500,000
5.250
10/01/2044
2,735,441
10,130,000
5.250
10/01/2049
10,834,862
10,705,000
5.500
10/01/2053
11,585,049
Midcity
Improvement
District
Special
Assessment
RB
Series
2022
(NR/NR)
200,000
3.875
11/01/2027
187,595
500,000
4.250
11/01/2032
446,388
Southeast
Alabama
Gas
Supply
District
Gas
Supply
RB
Refunding
Series
2024B
(A1/NR)
20,000,000
5.000
(a)(b)
06/01/2049
21,082,376
Southeast
Energy
Authority
Commodity
Supply
RB
Series
2022A-
1
(A1/NR)
6,000,000
5.500
(a)(b)
01/01/2053
6,430,426
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
6,500,000
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Alabama
–
(continued)
The
Educational
Building
Authority
of
The
City
of
Homewood
Alabama
Lease
RB
Tax-Exempt
Series
2024-A
(Baa2/NR)
$
3,350,000
5.500%
10/01/2049
$
3,539,113
The
Educational
Building
Authority
of
The
City
of
Homewood
Alabama
RB
Tax-Exempt
Series
2024-C
(Baa2/NR)
4,175,000
5.500
10/01/2049
4,420,706
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
8,491,487
The
Industrial
Development
Authority
of
Mobile
County
Solid
Waste
Disposal
RB
Am
Ns
Calvert
LLC
Project
Series
2024A
(Baa3/BBB-)
12,650,000
5.000
06/01/2054
12,858,017
The
Industrial
Development
Board
of
the
City
of
Mobile
Pollution
Control
RB
for
Alabama
Power
Company
Barry
Plant
Project
Series
2007-C
(A1/A)
(PUTABLE)
3,470,000
3.780
(a)(b)
06/01/2034
3,473,699
Water
Works
Board
of
The
City
of
Birmingham
Senior
Water
RB
Refunding
Series
2016-B
(Aa3/NR)
1,250,000
5.000
(c)
01/01/2027
1,304,368
160,357,654
Alaska
-
0.0%
Northern
Tobacco
Securitization
Corp.
Tobacco
Settlement
Asset
Back
Bonds
Series
2021
(NR/A)
1,750,000
5.000
06/01/2031
1,895,435
a
a
American
Samoa
-
0.0%
American
Samoa
Economic
Development
Authority
RB
Refunding
Series
2021
B
(Ba3/NR)
1,125,000
2.470
(d)
09/01/2024
1,117,532
American
Samoa
Economic
Development
Authority
RB
Refunding
Series
2021
C
(Ba3/NR)
1,500,000
3.720
(d)
09/01/2027
1,382,016
2,499,548
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%)
31,455,000
4.520
(b)(e)
01/01/2037
30,737,911
Arizona
IDA
Education
RB
for
Academies
of
Math
&
Science
Projects
Series
2023
(NR/BB+)
515,000
4.500
(d)
07/01/2033
523,297
250,000
5.250
(d)
07/01/2043
254,688
Arizona
IDA
Lease
RB
for
Greenville
University
Student
Housing
and
Athletic
Facilities
Project
Series
2022
(NR/BB+)
8,000,000
6.500
(d)
11/01/2053
8,237,347
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
366,350
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
1,442,198
Arizona
Industrial
Development
Authority
RB
for
Great
Lakes
Senior
Living
Communities
LLC
Project
First
Tier
Series
2019
A
(NR/CC)
570,000
5.000
01/01/2043
379,831
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(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
First
Tier
Series
2019
A
(NR/CC)
–
(continued)
$
3,250,000
4.500%
01/01/2049
$
1,865,882
2,095,000
5.000
01/01/2054
1,276,015
Arizona
Industrial
Development
Authority
RB
for
Great
Lakes
Senior
Living
Communities
LLC
Project
Second
Tier
Series
2019
B
(NR/D)
1,565,000
5.000
01/01/2037
890,734
1,105,000
5.000
01/01/2038
606,300
300,000
5.000
01/01/2043
148,810
2,125,000
5.000
01/01/2049
1,026,018
600,000
5.125
01/01/2054
282,495
Arizona
Industrial
Development
Authority
RB
for
Kipp
New
York,
Inc.
Macombs
Facility
Series
2021
A
(NR/BBB-)
1,065,000
4.000
07/01/2051
948,156
Arizona
Industrial
Development
Authority
RB
for
Provident
Group
-
EMU
Properties
LLC
Series
2018
(Caa3/NR)
365,000
5.000
*
05/01/2024
200,750
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
(d)
12/15/2031
437,905
City
of
Chandler
IDA
Industrial
Development
RB
for
Intel
Corp.
Project
Series
2005
(NON-AMT)
(A3/A-)
3,350,000
3.800
(a)(b)
12/01/2035
3,365,715
City
of
Glendale,
Arizona
Subordinate
Excise
Tax
RR
Obligations,
Series
2017
(A1/AA+)
2,505,000
5.000
07/01/2029
2,630,331
City
of
Mesa,
Arizona
Utility
Systems
RR
Bonds,
Series
2021
(Aa2/AA-)
1,400,000
4.000
07/01/2035
1,452,839
City
of
Phoenix
Civic
Improvement
Corporation
RB
for
Junior
Lien
Airport
Series
2019
A
(Aa3/A+)
1,375,000
3.000
07/01/2049
1,058,847
City
of
Phoenix
Civic
Improvement
Corporation
RB
for
Junior
Lien
Airport
Series
2019
B
(Aa3/A+)
2,290,000
3.250
07/01/2049
1,831,938
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
2,310,880
City
of
Phoenix
Civic
Improvement
Corporation
Water
System
RB
Refunding
Junior
Lien
Series
2016
(Aa2/AAA)
7,000,000
5.000
07/01/2030
7,230,331
Coconino
County
Pollution
Control
Refunding
RB
for
Nevada
Power
Company
Projects
Pollution
Control
Corp.
Series
2017A
(A2/A)
(PUTABLE)
2,225,000
4.125
(a)(b)
09/01/2032
2,209,943
County
of
Maricopa
IDA
Education
RB
Series
2021A
(NR/BBB-)
550,000
3.000
(d)
07/01/2031
517,934
1,050,000
4.000
(d)
07/01/2041
962,299
County
of
Maricopa
IDA
Education
RB
Taxable
Convertible
Series
2021B
(NR/BBB-)
900,000
2.100
(d)
07/01/2026
869,098
3,225,000
2.625
(d)
07/01/2031
2,939,167
3,225,000
3.500
(d)
07/01/2044
2,655,606
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%
(d)
11/15/2042
$
2,715,374
County
of
Pima
IDA
Senior
Living
RB
for
La
Posada
at
Pusch
Ridge
Project
Series
2022B-3
(NR/NR)
4,500,000
5.125
(d)
11/15/2029
4,546,228
Entertainment
Center
Community
Facilities
District
RB
Series
2017
(NR/NR)
4,544,000
4.000
07/01/2037
4,523,480
Equitable
National
Charter
School
Revolving
Loan
Fund
RB
for
Arizona
IDA
Series
2019A
(NR/A)
1,055,000
5.000
11/01/2024
1,058,508
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
360,896
376,000
4.100
07/01/2034
345,758
1,096,000
4.750
07/01/2043
980,148
Glendale
Industrial
Development
Authority
RB
for
People
of
Faith,
Inc.
Obligated
Group
Series
2020
A
(NR/NR)
535,000
4.000
05/15/2031
513,806
900,000
5.000
05/15/2041
873,984
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
5,152,987
La
Paz
County
Industrial
Development
Authority
RB
for
Harmony
Public
Schools
Series
2021
A
(NR/BBB+)
380,000
4.000
02/15/2041
340,223
295,000
4.000
02/15/2046
253,616
Maricopa
County
Arizona
Pollution
Control
Corp.
Pollution
Control
Revenue
Refunding
Bonds
Public
Service
Company
of
New
Mexico
Palo
Verde
Project
2003
Series
A
(NON-AMT)
(Baa2/BBB)
(PUTABLE)
3,300,000
3.875
(a)(b)
01/01/2038
3,319,293
Maricopa
County
Industrial
Development
Authority
RB
for
Arizona
Autism
Charter
Schools
Obligated
Group
Series
2020
A
(NR/BB)
300,000
4.000
(d)
07/01/2030
297,129
600,000
5.000
(d)
07/01/2040
605,544
Maricopa
County
Industrial
Development
Authority
RB
for
Arizona
Autism
Charter
Schools
Obligated
Group
Series
2021
A
(NR/BB)
950,000
4.000
(d)
07/01/2051
777,266
Maricopa
County
Industrial
Development
Authority
RB
for
Ottawa
University
Series
2020
(NR/NR)
200,000
5.000
(d)
10/01/2026
198,672
400,000
5.125
(d)
10/01/2030
399,820
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
199,308
200,000
4.000
07/01/2026
199,952
200,000
4.000
07/01/2027
200,113
325,000
4.000
07/01/2028
325,348
250,000
4.000
07/01/2029
250,582
500,000
4.000
07/01/2034
496,983
700,000
5.000
07/01/2039
724,392
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Arizona
–
(continued)
Pima
County
IDA
RB
Refunding
for
Career
Success
Schools,
Inc.
Series
2020
(NR/NR)
$
315,000
4.750%
(d)
05/01/2030
$
315,295
225,000
5.500
(d)
05/01/2040
225,507
Salt
River
Agricultural
Improvement
and
Power
District
Project
Electric
System
RB
Series
2023B
(Aa1/AA+)
8,100,000
5.250
01/01/2053
8,954,546
Salt
Verde
Financial
Corp.
RB
Gas
Senior
Series
2007-1
(A3/BBB+)
9,130,000
5.000
12/01/2037
9,943,610
The
Industrial
Development
Authority
of
The
City
of
Chandler
Arizona
Industrial
Development
RB
Series
2019
(AMT)
(A3/A-)
2,850,000
4.000
(a)(b)
06/01/2049
2,867,914
132,148,397
Arkansas
-
0.3%
Arkansas
Development
Finance
Authority
Environmental
Improvement
RB
Series
2022
(AMT)
(NR/BB-)
2,000,000
5.450
09/01/2052
2,056,709
Arkansas
Development
Finance
Authority
RB
for
Baptist
Health
Obligated
Group
Series
2019
(NR/A)
5,790,000
5.000
12/01/2047
5,991,405
4,630,000
3.200
12/01/2049
3,622,141
Arkansas
Development
Finance
Authority
RB
for
Central
Arkansas
Radiation
Therapy
Institute,
Inc.
Series
2021
B
(NR/NR)
315,000
3.000
07/01/2032
267,263
310,000
3.125
07/01/2036
246,927
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
3,640,596
Batesville
Public
Facilities
Board
RB
Refunding
for
White
River
Health
System
Obligated
Group
Series
2020
(NR/BBB-)
1,380,000
5.000
06/01/2025
1,387,285
1,545,000
5.000
06/01/2026
1,547,200
1,815,000
5.000
06/01/2027
1,818,468
Rogers
School
District
No.
30
of
Benton
County
Arkansas
Construction
Bonds
Arkansas
School
District
Intercept
Program
(ST
AID
WITHHLDG)
(Aa2/NR)
4,050,000
4.000
02/01/2034
4,128,441
3,280,000
4.000
02/01/2037
3,339,056
28,045,491
California
-
8.4%
Airport
Commission
of
The
City
and
County
of
San
Francisco
San
Francisco
International
Airport
Series
2016B
(A1/A+)
7,000,000
5.000
05/01/2046
7,063,479
Airport
Commission
of
The
City
and
County
of
San
Francisco
Second
Series
RR
Bonds,
Series
2023C
(AMT)
(A1/NR)
12,500,000
5.750
05/01/2048
13,957,181
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
624,946
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
669,596
Atwater
Wastewater
RB
Refunding
Series
2017
A
(AGM)
(NR/AA)
1,000,000
5.000
05/01/2040
1,037,414
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
Bay
Area
Toll
Authority
Bridge
RB
2021
Series
D
(Aa3/AA)
(SIFMA
Municipal
Swap
Index
Yield
+
0.30%)
$
12,750,000
4.180%
(b)(e)
04/01/2056
$
12,552,636
Bay
Area
Toll
Authority
Bridge
RB
2021
Series
E
(Aa3/AA)
(SIFMA
Municipal
Swap
Index
Yield
+
0.41%)
8,450,000
4.290
(b)(e)
04/01/2056
8,286,285
Beaumont
Community
Facilities
District
No.
2016-2
Special
Tax
Series
2019
(NR/NR)
210,000
4.000
09/01/2024
209,905
220,000
4.000
09/01/2025
220,122
275,000
4.000
09/01/2031
273,526
290,000
4.000
09/01/2032
288,426
300,000
5.000
09/01/2033
310,076
215,000
5.000
09/01/2034
222,198
330,000
5.000
09/01/2035
340,945
345,000
3.000
09/01/2036
311,412
360,000
3.000
09/01/2037
321,005
370,000
3.000
09/01/2038
321,512
380,000
3.000
09/01/2039
324,496
1,160,000
5.000
09/01/2044
1,183,377
Burbank-Glendale-Pasadena
Airport
Authority
Airport
Senior
RB
2024
Series
A
(NON-AMT)
(AGM)
(A1/AA)
4,000,000
4.000
07/01/2054
3,927,099
Burbank-Glendale-Pasadena
Airport
Authority
Airport
Senior
RB
2024
Series
B
(AMT)
(AGM)
(A1/AA)
5,125,000
4.375
07/01/2049
5,061,097
Burbank-Glendale-Pasadena
Airport
Authority
Airport
Senior
RB
2024
Series
B
(AMT)
(A2/A)
8,075,000
5.250
07/01/2049
8,721,671
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
8,489,241
California
Community
Choice
Financing
Authority
Clean
Energy
Project
RB
Series
2022A
(A1/NR)
16,990,000
4.000
(a)(b)
05/01/2053
17,097,742
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
271,018
California
County
Tobacco
Securitization
Agency
RB
Refunding
for
Sonoma
County
Securitization
Corp.
Series
2020
A
(NR/BBB+)
950,000
4.000
06/01/2049
879,243
California
County
Tobacco
Securitization
Agency
RB
Refunding
for
Sonoma
County
Securitization
Corp.
Series
2020
B-1
(NR/BBB+)
525,000
5.000
06/01/2049
535,365
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
506,655
California
County
Tobacco
Securitization
Agency
RB
Refunding
Series
2020
B-1
(NR/BBB+)
455,000
5.000
06/01/2049
463,373
California
County
Tobacco
Securitization
Agency
RB
Refunding
Series
2020
B-2
(NR/NR)
12,130,000
0.000
(f)
06/01/2055
2,199,311
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
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
$
5,773,608
California
Educational
Facilities
Authority
RB
for
Stanford
University
Series
2010
U-1
(Aaa/AAA)
5,000,000
5.250
04/01/2040
6,229,702
California
Educational
Facilities
Authority
RB
for
Stanford
University
Series
2014
U-6
(Aaa/AAA)
3,500,000
5.000
05/01/2045
4,215,218
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
589,741
600,000
5.000
08/01/2045
612,687
California
Enterprise
Development
Authority
Student
Housing
RR
Bonds
for
Provident
Group
-
Pomona
Properties
L.L.C.
Project
Series
2024A
(Baa3/NR)
650,000
5.000
01/15/2039
699,316
1,000,000
5.000
01/15/2045
1,044,976
California
Health
Facilities
Financing
Authority
RB
Adventist
Health
System
West
Series
2024A
(NR/BBB+)
10,700,000
5.000
12/01/2028
11,394,120
3,100,000
5.250
12/01/2040
3,460,070
1,720,000
5.250
12/01/2041
1,910,963
3,000,000
5.250
12/01/2042
3,319,069
1,095,000
5.250
12/01/2043
1,205,708
2,750,000
5.250
12/01/2044
3,012,528
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
5,901,561
California
Health
Facilities
Financing
Authority
RB
for
El
Camino
Hospital
Series
2017
(Aa3/AA)
500,000
5.000
02/01/2042
517,362
California
Health
Facilities
Financing
Authority
RB
for
Lucile
Salter
Packard
Children's
Hospital
at
Stanford
2016
Series
B
(A1/A+)
10,760,000
5.000
08/15/2055
10,928,984
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
395,755
350,000
5.000
11/15/2029
369,086
565,000
5.000
11/15/2030
595,654
1,010,000
5.000
11/15/2042
1,048,411
California
Health
Facilities
Financing
Authority
RB
for
Providence
Health
&
Services
Series
2014B
(A2/A)
7,970,000
5.000
10/01/2044
7,971,281
California
Health
Facilities
Financing
Authority
Refunding
RB
Lucile
Salter
Packard
Children's
Hospital
At
Stanford
2022
Series
A
Forward
Delivery
(A1/NR)
5,300,000
4.000
05/15/2046
5,312,820
2,250,000
4.000
05/15/2051
2,241,670
California
Infrastructure
&
Economic
Development
Bank
for
Brightline
West
Passenger
Rail
Project
Series
RB
Series
2020A
(Aaa/NR)
11,810,000
3.950
(a)(b)(d)
01/01/2050
11,812,402
California
Infrastructure
&
Economic
Development
Bank
RB
for
California
Academy
of
Sciences
Series
2024A
(A2/NR)
11,690,000
3.250
08/01/2029
11,466,014
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
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
$
3,966,326
California
Infrastructure
&
Economic
Development
Bank
RB
Series
A
(A3/A-)
570,000
4.000
05/01/2039
574,200
California
Infrastructure
&
Economic
Development
Bank
RB
Series
B
(A3/A-)
4,315,000
4.000
05/01/2039
4,346,797
1,460,000
4.000
05/01/2040
1,460,513
California
Municipal
Finance
Authority
RB
for
California
Lutheran
University
Series
2018
(Baa1/NR)
240,000
5.000
10/01/2033
251,131
California
Municipal
Finance
Authority
RB
for
Community
Medical
Centers
Series
2017
A
(A3/BBB+)
1,300,000
5.000
02/01/2034
1,328,133
1,150,000
5.000
02/01/2035
1,174,904
325,000
5.000
02/01/2042
328,802
1,575,000
5.000
02/01/2047
1,584,745
California
Municipal
Finance
Authority
RB
for
The
Learning
Choice
Academy
Series
2021
A
(NR/BBB-)
630,000
4.000
07/01/2031
617,486
1,830,000
4.000
07/01/2041
1,653,359
California
Municipal
Finance
Authority
RB
Refunding
for
California
Lutheran
University
Series
2018
(Baa1/NR)
175,000
5.000
10/01/2025
177,020
350,000
5.000
10/01/2027
363,575
225,000
5.000
10/01/2029
236,378
125,000
5.000
10/01/2030
131,282
225,000
5.000
10/01/2031
236,010
California
Municipal
Finance
Authority
RB
Refunding
for
Claremont
Graduate
University
Series
2020
B
(NR/NR)
430,000
5.000
(d)
10/01/2034
442,478
1,125,000
5.000
(d)
10/01/2039
1,130,849
1,035,000
5.000
(d)
10/01/2049
1,011,691
California
Municipal
Finance
Authority
Revenue
Refunding
Bonds
for
Eisenhower
Medical
Center
Series
2017A
(Baa2/NR)
4,225,000
5.000
07/01/2047
4,243,437
California
Municipal
Finance
Authority
Senior
Lien
RB
for
Linxs
APM
Project
Series
2018A
(NR/NR)
800,000
5.000
12/31/2024
802,114
2,570,000
5.000
12/31/2026
2,613,715
2,005,000
5.000
06/30/2027
2,047,987
3,005,000
5.000
12/31/2027
3,081,375
12,225,000
5.000
12/31/2043
12,413,183
California
Municipal
Finance
Authority
Senior
Lien
RB
for
Linxs
APM
Project
Series
2018A
(A2/NR)
3,500,000
4.000
12/31/2047
3,162,219
California
Municipal
Finance
Authority
Senior
Living
RB
for
Mt.
San
Antonio
Gardens
Project
Series
2022B-1
(NR/NR)
330,000
2.750
11/15/2027
329,256
California
Municipal
Finance
Authority
Solid
Waste
Disposal
RB
for
Republic
Services,
Inc.
Project
Series
2024A
(NR/BBB+/A-2)
6,750,000
3.875
(a)(b)
03/01/2054
6,848,411
California
Municipal
Finance
Authority
Special
Facility
RB
For
United
Airlines
International
Airport
Project
Series
2019
(NR/BB-)
5,100,000
4.000
07/15/2029
5,094,717
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
California
Municipal
Finance
Authority
Student
Housing
RB
for
Bowles
Hall
Foundation
Series
2015
A
(Baa3/NR)
$
400,000
5.000%
06/01/2035
$
403,519
California
Pollution
Control
Financing
Authority
RB
for
American
Water
Capital
Corp.
Project
Series
2020
(NON-AMT)
(Baa1/A)
(PUTABLE)
1,625,000
3.700
(a)(b)
08/01/2040
1,606,085
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
4,074,123
California
Pollution
Control
Financing
Authority
Solid
Waste
Disposal
RB
for
Rialto
Bioenergy
Facility
LLC
Project
Series
2019
(NR/NR)
8,320,001
7.500
(d)(g)
*
12/01/2040
998,400
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
4,185,742
California
Pollution
Control
Financing
Authority
Water
Furnishing
RB
for
Poseidon
Resources
Desalination
Project
Series
2012
(Baa3/NR)
19,840,000
5.000
(d)
07/01/2037
19,912,852
California
Pollution
Control
Financing
Authority
Water
Furnishing
RB
for
Poseidon
Resources
Desalination
Project
Series
2023
(Baa3/NR)
2,725,000
5.000
(d)
07/01/2034
3,042,701
420,000
5.000
(d)
07/01/2035
465,543
2,605,000
5.000
(d)
07/01/2036
2,870,617
California
Pollution
Control
Financing
Authority
Water
Furnishing
RB
for
Poseidon
Resources
LP
Desalination
Project
Series
2012
(AMT)
(Baa3/NR)
1,440,000
5.000
(d)
11/21/2045
1,443,238
California
Pollution
Control
Financing
Authority
Water
Furnishing
RB
Refunding
for
San
Diego
County
Water
Desalination
Project
Series
2019
(Baa3/NR)
445,000
5.000
(d)
07/01/2024
445,000
1,330,000
5.000
(d)
07/01/2029
1,403,198
California
Public
Finance
Authority
RB
for
Excelsior
Charter
School
Project
Series
2020
A
(NR/NR)
1,055,000
5.000
(d)
06/15/2040
1,057,270
California
School
Finance
Authority
Charter
School
RB
for
Citizens
of
the
World
Obligated
Group
Series
2022A
(NR/BB-)
760,000
6.250
(d)
04/01/2052
776,808
California
School
Finance
Authority
Charter
School
RB
for
Classical
Academies
Oceanside
Project
Series
2022A
(NR/BBB-)
1,000,000
5.000
(d)
10/01/2042
1,019,336
California
School
Finance
Authority
Charter
School
RB
for
Classical
Academies
Vista
Project
Series
2021
(NR/BBB-)
450,000
4.000
(d)
10/01/2046
395,151
California
School
Finance
Authority
Charter
School
RB
for
Harbor
Springs
Obligated
Group
Series
2024A
(NR/BB+)
2,000,000
5.000
(d)
07/01/2039
2,089,880
California
School
Finance
Authority
Charter
School
RB
for
Hawking
Steam
Charter
School
Project
Series
2022
(NR/BB+)
950,000
5.250
(d)
07/01/2052
969,651
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
California
School
Finance
Authority
Charter
School
RB
for
Lighthouse
Community
Public
School
Obligated
Group
Series
2022A
(NR/NR)
$
1,000,000
6.250%
(d)
06/01/2042
$
1,049,403
California
School
Finance
Authority
Charter
School
RB
Orange
County
Educational
Arts
Academy
Project
Series
2023A
(NR/NR)
545,000
5.000
(d)
06/01/2033
558,097
California
School
Finance
Authority
Charter
School
Refunding
RB
Partnerships
To
Uplift
Communities
Project
Series
2023
Social
Bonds
(NR/BB+)
715,000
5.000
(d)
08/01/2033
749,406
California
School
Finance
Authority
Educational
Facilities
RB
New
Designs
Charter
School
Project
Series
2024A
(NR/BB+)
650,000
5.000
(d)
06/01/2054
656,405
California
School
Finance
Authority
RB
for
Classical
Academy
Obligated
Group
Series
2020
A
(NR/BBB-)
170,000
3.000
(d)
10/01/2030
158,086
500,000
5.000
(d)
10/01/2040
507,592
California
School
Finance
Authority
RB
for
Classical
Academy
Obligated
Group
Series
2021
A
(NR/BBB-)
290,000
2.000
(d)
10/01/2025
280,360
435,000
3.000
(d)
10/01/2031
399,760
California
School
Finance
Authority
RB
for
Fenton
Charter
Public
Schools
Series
2020
A
(NR/BB+)
1,280,000
4.000
(d)
07/01/2030
1,275,138
1,350,000
5.000
(d)
07/01/2040
1,360,835
California
School
Finance
Authority
RB
for
iLEAD
Lancaster
Series
2021
A
(ST
INTERCEPT)
(NR/NR)
435,000
5.000
(d)
06/01/2041
428,154
California
School
Finance
Authority
RB
for
Santa
Clarita
Valley
International
Charter
School
Series
2021
B
(NR/NR)
300,000
4.875
(d)
06/01/2027
284,925
California
School
Finance
Authority
RB
Refunding
Series
2016
(NR/BBB)
4,450,000
5.000
(d)
08/01/2046
4,461,164
California
School
Finance
Authority
School
Facility
Refunding
RB
Value
Schools,
Series
2023A
(ST
INTERCEPT)
(NR/BBB-)
930,000
5.000
(d)
07/01/2033
967,314
California
State
Various
Purpose
GO
Bonds
Series
2017
(Aa2/AA-)
1,250,000
5.000
08/01/2046
1,280,576
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
126,683
130,000
5.000
09/01/2037
131,593
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
(d)
09/01/2050
1,421,847
California
Statewide
Communities
Development
Authority
Community
Facilities
District
No.
2020-02
Atwell
Improvement
Area
No.
3
Special
Tax
Bonds
Series
2024
(NR/NR)
405,000
5.000
09/01/2049
415,802
500,000
5.000
09/01/2054
510,042
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
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
$
600,128
530,000
4.000
09/01/2051
478,375
California
Statewide
Communities
Development
Authority
Infrastructure
Program
RB
for
Pacific
Highlands
Ranch
Series
2019
(NR/NR)
875,000
5.000
09/02/2034
925,515
595,000
5.000
09/02/2039
620,736
California
Statewide
Communities
Development
Authority
Infrastructure
Program
Special
Assessment
Bonds
Series
2018
B
(NR/BBB+)
2,630,000
5.000
09/02/2033
2,734,013
2,370,000
5.000
09/02/2038
2,449,019
350,000
5.000
09/02/2043
357,963
California
Statewide
Communities
Development
Authority
Infrastructure
Programme
Special
Assessment
Bonds
Series
2019
A
(NR/NR)
3,313,000
5.000
09/02/2029
3,418,127
California
Statewide
Communities
Development
Authority
Infrastructure
Programme
Special
Assessment
Bonds
Series
2019
B
(NR/A-)
670,000
4.000
09/02/2024
669,867
1,500,000
5.000
09/02/2034
1,599,663
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
3,327,859
California
Statewide
Communities
Development
Authority
RB
for
Lancer
Educational
Housing
LLC
Project
Series
2019
A
(NR/NR)
550,000
3.000
(d)
06/01/2029
522,353
California
Statewide
Communities
Development
Authority
RB
for
Loma
Linda
University
Medical
Center
Series
2014A
(NR/BB)
2,975,000
5.250
12/01/2044
2,983,519
California
Statewide
Communities
Development
Authority
RB
for
Marin
General
Hospital
Obligated
Group
Series
2018
A
(NR/BBB)
300,000
5.000
08/01/2029
309,041
315,000
5.000
08/01/2030
324,756
California
Statewide
Communities
Development
Authority
RB
for
NCCD-Hooper
Street
LLC
Project
Series
2019
(NR/B)
300,000
5.000
(d)
07/01/2024
300,000
900,000
5.000
(d)
07/01/2029
923,602
California
Statewide
Communities
Development
Authority
RB
Refunding
for
Front
Porch
Communities
&
Services
Series
2017
A
(NR/A-)
150,000
5.000
04/01/2030
154,933
70,000
5.000
04/01/2031
72,328
385,000
4.000
04/01/2032
387,743
455,000
4.000
04/01/2034
457,987
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
2,901,605
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
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
$
10,164,896
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
6,964,262
California
Statewide
Communities
Development
Authority
RB
Refunding
for
Loma
Linda
University
Medical
Center
Series
2016
A
(NR/BB)
1,725,000
5.000
(d)
12/01/2031
1,755,084
California
Statewide
Communities
Development
Authority
Special
Assessment
Bond
Series
2020
(NR/NR)
1,455,000
4.000
09/02/2028
1,435,440
1,250,000
5.000
09/02/2040
1,298,839
California
Statewide
Communities
Development
Authority
Special
Assessment
for
Statewide
Community
Infrastructure
Program
Series
2019
C
(NR/NR)
355,000
4.000
09/02/2024
354,699
1,015,000
4.000
09/02/2029
1,018,386
California
Statewide
Communities
Development
Authority
Special
Tax
Bonds
Series
2022
(NR/NR)
450,000
5.125
09/01/2042
472,644
California
Statewide
Communities
Development
Authority
Statewide
Community
Infrastructure
Program
RB
Series
2018B
(NR/BBB+)
1,785,000
5.000
09/02/2048
1,813,113
California
Statewide
Communities
Development
Authority
Statewide
Community
Infrastructure
Program
RB
Series
2018C
(NR/NR)
1,040,000
5.000
09/02/2048
1,060,730
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
9,083,167
6,550,000
5.000
05/15/2047
6,624,182
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
1,191,220
California
Statewide
Community
Development
Authority
Pollution
Control
Refunding
RB
2010
Series
A
(A2/A-)
3,990,000
1.750
09/01/2029
3,496,868
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
3,763,303
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
1,031,161
Chino
Public
Financing
Authority
Tax
Exempt
RB
Series
2019
A
(NR/NR)
250,000
4.000
09/01/2028
248,424
165,000
3.000
09/01/2037
140,161
170,000
3.000
09/01/2038
140,437
175,000
3.000
09/01/2039
141,199
180,000
3.000
09/01/2040
142,225
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
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)
–
(continued)
$
620,000
3.125%
09/01/2044
$
476,239
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
2,466,569
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
560,573
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
823,968
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
(d)
09/01/2026
99,341
150,000
4.000
(d)
09/01/2031
147,731
700,000
4.000
(d)
09/01/2036
673,214
City
of
Alameda
Community
Facilities
District
2023
Special
Tax
Bonds
(NR/NR)
575,000
5.000
09/01/2048
582,305
City
of
Beaumont
CFD
No.
2016-3
Sundance
2023
Special
Tax
Bonds
(NR/NR)
745,000
5.000
09/01/2048
768,215
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
1,127,603
1,275,000
4.000
09/01/2032
1,277,838
City
of
Chino
Community
Facilities
Improvement
Area
Special
Tax
Bonds
Series
2022
(NR/NR)
2,000,000
5.250
09/01/2042
2,117,646
2,000,000
5.375
09/01/2047
2,101,354
City
of
Chino
Public
Financing
Authority
Local
Agency
Refunding
Bonds
Series
2019A
(NR/NR)
225,000
4.000
09/01/2025
224,947
City
of
Fairfield
Community
Facilities
District
No.
2019-1
for
Improvement
Area
No.
1
Series
2020
A
(NR/NR)
940,000
5.000
09/01/2035
992,643
City
of
Los
Angeles
Department
of
Airports
International
Airport
Series
RB
2022
Series
G
(Aa2/AA)
3,000,000
5.000
05/15/2026
3,078,493
City
of
Los
Angeles
Department
of
Airports
International
Airport
Subordinate
RB
2018
Series
F
(Aa3/AA-)
4,000,000
4.000
05/15/2049
3,777,754
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
1,045,191
City
of
Los
Angeles
Department
of
Airports
International
Airport
Subordinate
RB
2023
Series
A
(Aa3/AA-)
750,000
5.000
05/15/2025
758,798
5,000,000
5.000
05/15/2035
5,545,909
2,350,000
5.000
05/15/2036
2,599,222
1,250,000
5.000
05/15/2037
1,378,094
1,255,000
5.000
05/15/2038
1,375,830
5,500,000
5.250
05/15/2048
5,907,489
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
1,539,246
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
City
of
Los
Angeles,
LAX
Subordinate
RB
2022
Series
A
(Aa3/AA-)
$
9,155,000
4.000%
05/15/2038
$
9,163,485
City
of
Newport
Beach
Assessment
District
No.
124
Limited
Obligation
Improvement
Bonds
2023
Series
A
(NR/NR)
625,000
4.125
09/02/2038
626,629
725,000
5.000
09/02/2043
767,858
City
of
Ontario
CA
Community
Facilities
District
No.
43
Special
Tax
Bonds
Series
2020
(NR/NR)
250,000
4.000
09/01/2026
248,965
150,000
3.000
09/01/2038
120,998
160,000
3.000
09/01/2039
125,924
City
of
Oroville
RB
for
Oroville
Hospital
Series
2019
(NR/NR)
1,325,000
5.000
04/01/2027
958,336
1,000,000
5.000
04/01/2029
722,963
1,250,000
5.000
04/01/2030
905,211
1,500,000
5.000
04/01/2031
1,088,501
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
162,823
190,000
4.000
09/01/2033
185,989
225,000
4.000
09/01/2036
218,455
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
566,709
800,000
4.000
09/02/2031
787,405
City
of
Rancho
Cordova
Sunridge
Anatolia
Community
Facilities
District
Special
Tax
Bonds
Series
2016
(NR/NR)
1,280,000
4.000
09/01/2029
1,281,831
500,000
4.000
09/01/2030
499,043
City
of
Rocklin
Community
Facilities
District
No.
10
Special
Tax
Bonds
Series
2019
(NR/NR)
135,000
5.000
09/01/2031
137,621
245,000
5.000
09/01/2032
249,751
225,000
5.000
09/01/2033
229,358
145,000
5.000
09/01/2034
147,809
150,000
5.000
09/01/2035
152,877
680,000
5.000
09/01/2036
692,708
270,000
5.000
09/01/2037
274,886
245,000
5.000
09/01/2038
249,127
485,000
5.000
09/01/2039
492,818
City
of
Roseville
CA
ST
Series
2019
(NR/NR)
80,000
4.000
09/01/2024
79,946
150,000
4.000
09/01/2025
149,795
275,000
5.000
09/01/2026
283,466
210,000
5.000
09/01/2027
219,173
160,000
5.000
09/01/2028
168,049
170,000
5.000
09/01/2029
178,273
110,000
5.000
09/01/2030
115,216
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
608,953
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
303,275
815,000
5.000
09/01/2034
852,288
445,000
5.000
09/01/2039
457,759
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
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
$
69,942
95,000
4.000
09/01/2026
94,821
65,000
5.000
09/01/2030
68,574
190,000
4.000
09/01/2032
187,411
225,000
4.000
09/01/2034
221,488
265,000
4.000
09/01/2036
259,256
305,000
4.000
09/01/2038
289,763
330,000
4.000
09/01/2040
304,316
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
518,792
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
(d)
09/01/2028
441,663
City
of
San
Francisco
Airport
Commission
International
Airport
RB
Series
2022A
(A1/NR)
2,525,000
5.000
05/01/2052
2,629,365
City
of
San
Francisco
Airport
Commission
International
Airport
Revenue
Refunding
Bonds
Series
2023A
(A1/NR)
12,400,000
5.000
05/01/2038
13,553,508
City
of
San
Francisco
Airport
Commission
International
Airport
Second
Series
RB
Series
2018E
(A1/A+)
4,650,000
5.000
05/01/2048
4,842,242
City
of
San
Francisco
Airport
Commission
International
Airport
Second
Series
RB
Series
2019A
(A1/A+)
26,310,000
5.000
05/01/2049
26,853,246
City
of
Santa
Paula
Special
Tax
for
Harvest
Community
Facilities
District
No.
1
Series
2020
(NR/NR)
600,000
5.000
09/01/2035
632,930
1,000,000
5.000
09/01/2040
1,039,057
City
of
Stockton
Community
Facilities
District
No.
2005-1
Special
Tax
Bonds
Series
2019
(NR/NR)
320,000
2.000
09/01/2024
317,983
330,000
2.250
09/01/2026
311,333
350,000
2.375
09/01/2028
318,579
380,000
2.750
09/01/2031
340,768
405,000
3.000
09/01/2033
362,384
415,000
3.000
09/01/2034
368,995
270,000
3.000
09/01/2035
238,452
900,000
3.125
09/01/2037
786,085
740,000
3.125
09/01/2039
618,670
810,000
3.250
09/01/2041
667,160
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
84,899
700,000
3.250
09/01/2041
585,763
585,000
3.500
09/01/2049
473,035
Commerce
Community
Development
Commission
Successor
Agency
Tax
Allocation
Refunding
Series
2016
A
(AGM)
(NR/AA)
275,000
3.125
08/01/2035
252,397
Community
Facilities
District
of
the
Menifee
Union
School
District
Improvement
Area
Special
Tax
Bonds
(NR/NR)
850,000
5.000
09/01/2042
885,546
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
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
$
468,687
725,000
5.000
09/01/2039
745,169
County
of
Los
Angeles
CA
Community
Facilities
District
NO
2021-01
(NR/NR)
2,250,000
5.000
09/01/2047
2,307,178
County
of
Sacramento
RB
Refunding
for
Airport
System
Series
2018
C
(A2/A+)
1,745,000
5.000
07/01/2039
1,796,580
Department
of
Airports
of
The
City
of
Los
Angeles
LAX
Subordinate
RB
2018
Series
A
(AMT)
(Aa3/AA-)
4,000,000
5.250
05/15/2048
4,128,444
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
6,140,016
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
1,019,908
6,680,000
5.000
09/01/2047
6,780,705
East
Garrison
Public
Finance
Authority
Special
Tax
for
East
Garrison
Project
Series
2019
(NR/NR)
390,000
3.125
09/01/2044
297,631
1,610,000
3.125
09/01/2049
1,163,861
Eastern
Foothill
Transportation
Corridor
Agency
Senior
Lien
Toll
Road
Refunding
RB
Series
2021A
(Baa1/A)
3,255,000
4.000
01/15/2046
3,165,183
Folsom
Ranch
Financing
Authority
City
of
Folsom
Community
Facilities
District
No.
23
Improvement
Area
No.
2
California
Special
Tax
RB
Series
2024
(NR/NR)
400,000
5.000
09/01/2049
410,669
360,000
5.000
09/01/2053
367,741
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
369,661
500,000
4.000
09/01/2050
433,573
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
1,209,977
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
1,169,757
Golden
State
Securitization
Settlement
Corp
ABS
Bond
Series
2021
2021B-1
(NR/BBB-)
11,755,000
3.850
06/01/2050
11,024,736
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
21,508,812
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
10,171,799
Hayward
Unified
School
District
Election
of
2014
GO
Bonds
Series
2017
(AGM)
(NR/AA)
8,000,000
4.000
08/01/2042
8,004,174
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
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
$
2,420,701
Independent
Cities
Finance
Authority
RB
for
City
of
Compton
Sales
Tax
Series
2021
(AGM)
(NR/AA)
665,000
4.000
(d)
06/01/2036
678,791
Inland
Empire
Tobacco
Securitization
Authority
RB
Turbo
Asset-
Backed
Bonds
Series
2019
(NR/A-)
770,000
3.678
06/01/2038
724,865
Irvine
Unified
School
District
Community
Facilities
District
Special
Tax
Bonds
Series
2017
D
(NR/NR)
3,280,000
5.000
03/01/2057
3,328,028
Irvine
Unified
School
District
No.
09-1
Special
Tax
for
Community
Facilities
Series
2017
D
(NR/NR)
180,000
4.000
09/01/2025
180,039
175,000
4.000
09/01/2026
175,029
Irvine
Unified
School
District
No.
09-1
Special
Tax
for
Community
Facilities
Series
2019
A
(NR/NR)
350,000
5.000
09/01/2030
375,550
355,000
5.000
09/01/2032
380,678
360,000
5.000
09/01/2034
386,015
455,000
5.000
09/01/2036
486,554
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
794,995
2,500,000
5.000
09/01/2048
2,546,947
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
2,890,393
Lodi
Unified
School
District
GO
Bonds
Series
2021
(Aa2/NR)
3,300,000
3.000
08/01/2046
2,717,310
Los
Angeles
County
Public
Works
Financing
Authority
Lease
RB
2020
Series
A
(NR/AA+)
1,825,000
3.000
12/01/2050
1,437,073
Los
Angeles
Department
of
Airports
RB
Senior
Refunding
Series
2018
B
(Aa2/AA)
2,335,000
5.000
05/15/2034
2,437,097
Los
Angeles
Department
of
Airports
Subordinated
RB
Series
2018
C
(Aa3/AA-)
1,000,000
5.000
05/15/2035
1,036,517
Los
Angeles
Unified
School
District
2014
GO
Refunding
Bonds
Series
C
(Aa2/AA-)
4,520,000
5.000
07/01/2027
4,524,680
Los
Angeles
Unified
School
District
County
of
Los
Angeles
California
2024
GO
Refunding
Bonds
Series
A
(Aa2/NR)
3,500,000
5.000
07/01/2026
3,629,423
7,000,000
5.000
07/01/2027
7,395,901
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
1,238,701
4,500,000
0.000
(f)
08/01/2038
2,648,656
4,500,000
0.000
(f)
08/01/2039
2,516,222
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
1,122,093
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
$
1,684,421
Mountain
View
Whisman
School
District
2,000,000
4.000
(c)
09/01/2026
2,045,540
M-S-R
Energy
Authority
Gas
RB
Series
2009
A
(NR/BBB+)
1,750,000
6.500
11/01/2039
2,217,629
M-S-R
Energy
Authority
Gas
RB
Series
2009
C
(NR/BBB+)
2,875,000
6.125
11/01/2029
3,031,754
2,000,000
6.500
11/01/2039
2,534,433
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
5,129,042
Northern
California
Gas
Authority
No.
1
RB
for
Gas
Project
Series
2007
B
(A1/A-)
(3M
USD
LIBOR
+
0.72%)
3,380,000
4.448
(e)
07/01/2027
3,383,390
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
1,620,156
4,150,000
0.000
(f)
08/01/2032
2,993,105
3,550,000
0.000
(f)
08/01/2033
2,447,870
6,450,000
7.000
08/01/2038
7,358,148
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
319,796
1,490,000
4.000
09/01/2026
1,489,943
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
3,232,186
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
2,052,384
River
Islands
Public
Financing
Authority
Community
Facilities
District
No.
2021-1
Special
Tax
Series
2021
(NR/NR)
875,000
4.000
09/01/2041
816,010
Riverside
Unified
School
District
Community
Facilities
District
No.
32
Special
Tax
Series
2020
(NR/NR)
195,000
4.000
09/01/2027
194,541
205,000
4.000
09/01/2028
204,562
210,000
4.000
09/01/2029
209,327
220,000
4.000
09/01/2030
218,867
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
761,965
1,075,000
5.000
09/01/2026
1,108,093
1,000,000
5.000
09/01/2027
1,043,680
Roseville
California
Community
Facilities
District
No.
5
Special
Tax
for
Fiddyment
Ranch
Project
Series
2019
(NR/NR)
100,000
5.000
09/01/2031
104,591
185,000
5.000
09/01/2032
193,653
165,000
5.000
09/01/2033
172,387
175,000
4.000
09/01/2034
173,987
150,000
4.000
09/01/2035
148,576
125,000
3.000
09/01/2036
108,394
470,000
5.000
09/01/2039
485,891
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(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
2019
(NR/NR)
–
(continued)
$
250,000
3.250%
09/01/2041
$
203,875
Roseville
California
Community
Facilities
District
No.
5
Special
Tax
for
Fiddyment
Ranch
Project
Series
2021
(NR/NR)
850,000
2.500
09/01/2037
668,705
725,000
4.000
09/01/2041
681,887
1,000,000
4.000
09/01/2050
877,854
Sacramento
County
Financing
Authority
RB
Series
2007B
(NATL)
(Aa3/AA-)
(3M
USD
LIBOR
+
0.55%)
21,625,000
4.307
(e)
06/01/2034
20,776,749
San
Diego
County
Regional
Airport
Authority
Subordinate
Airport
RB
Series
2021B
(A2/NR)
2,850,000
4.000
07/01/2039
2,805,847
4,620,000
5.000
07/01/2046
4,826,273
San
Diego
Unified
School
District
2012
GO
Refunding
Bonds
Series
R-2
(Aa2/AA-)
4,700,000
0.000
(h)
07/01/2041
4,585,842
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
2,858,593
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
1,341,627
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
1,034,241
San
Jacinto
Unified
School
District
Financing
Authority
Special
Tax
RB
Series
2019
(NR/NR)
500,000
5.000
09/01/2036
517,690
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
1,620,340
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
1,009,957
State
of
California
Various
Purpose
GO
Bonds
(Aa2/AA-)
21,355,000
7.500
04/01/2034
24,647,832
State
of
California
Various
Purpose
GO
Refunding
Bonds
(Aa2/AA-)
15,915,000
4.000
09/01/2043
16,176,542
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
1,040,492
920,000
5.000
06/01/2028
969,080
2,035,000
5.000
06/01/2029
2,172,345
2,000,000
5.000
06/01/2032
2,148,626
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
1,071,262
1,000,000
5.000
06/01/2036
1,067,029
1,000,000
5.000
06/01/2039
1,056,534
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
B-1
(NR/BBB-)
$
2,225,000
5.000%
06/01/2048
$
2,244,858
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
1,557,945
Town
of
Tiburon
Special
Assessment
for
Assessment
District
No.
2017-1
Series
2021
A
(NR/NR)
475,000
2.375
09/02/2041
328,983
1,050,000
2.500
09/02/2046
682,886
Transbay
Joint
Powers
Authority
Senior
Tax
Allocation
Bonds
Series
2020A
Tax-Exempt
Green
Bonds
(NR/NR)
1,230,000
5.000
10/01/2025
1,245,849
Transbay
Joint
Powers
Authority
Tax
Allocation
for
Transbay
Redevelopment
Project
Series
2020
A
(NR/NR)
660,000
5.000
10/01/2029
693,929
555,000
5.000
10/01/2030
585,157
1,165,000
5.000
10/01/2031
1,225,683
1,000,000
5.000
10/01/2033
1,048,236
495,000
5.000
10/01/2035
518,362
705,000
5.000
10/01/2036
737,056
1,000,000
5.000
10/01/2037
1,042,638
880,000
5.000
10/01/2038
913,526
750,000
5.000
10/01/2039
777,115
980,000
5.000
10/01/2040
1,008,929
1,945,000
5.000
10/01/2049
1,978,017
Washington
Township
Health
Care
District
RB
2023
Series
A
(Baa3/NR)
825,000
5.750
07/01/2053
880,046
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
1,131,064
West
Patterson
Financing
Authority
California
Community
Facilities
Villages
of
Patterson
Special
Tax
Bonds
Series
2024
(NR/NR)
300,000
5.000
09/01/2039
318,259
825,000
4.375
09/01/2044
802,807
818,053,334
Colorado
-
4.3%
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
339,719
Allison
Valley
Metropolitan
District
No.
2
GO
Refunding
Bonds
Series
2020
(NR/NR)
1,425,000
4.700
12/01/2047
1,208,075
Belford
North
Metropolitan
District
GO
Bonds
Series
2020
A
(NR/NR)
2,975,000
5.500
12/01/2050
2,740,487
Bella
Mesa
Metropolitan
District
GO
Convertible
Capital
Appreciation
Bonds
Series
2020
A
(NR/NR)
1,855,000
0.000
(d)(h)
12/01/2049
1,691,472
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
10,177,387
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Colorado
–
(continued)
Board
of
Trustees
of
The
Colorado
School
of
Mines
Institutional
Enterprise
RB
Series
2024A
(ST
HGR
ED
INTERCEPT
PROG)
(Aa2/AA)
$
18,620,000
4.000%
12/01/2049
$
18,277,083
Brighton
Crossing
Metropolitan
District
No.
4
Limited
Tax
GO
Bonds
Series
2017
A
(NR/NR)
525,000
5.000
12/01/2037
525,153
Brighton
Crossing
Metropolitan
District
No.
6
GO
Bonds
Series
2020
A
(NR/NR)
525,000
5.000
12/01/2035
509,372
1,030,000
5.000
12/01/2040
955,629
Broadway
Park
North
Metropolitan
District
No.
2
GO
Bonds
Series
2020
(NR/NR)
1,120,000
5.000
(d)
12/01/2040
1,078,455
Buffalo
Highlands
Metropolitan
District
GO
Bonds
Series
2018
A
(NR/NR)
1,000,000
5.250
12/01/2038
989,985
Chambers
Highpoint
Metropolitan
District
No.
2
GO
Bonds
Series
2021
(NR/NR)
515,000
5.000
12/01/2041
451,509
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
3,834,014
10,805,000
6.000
12/15/2030
11,791,326
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
3,056,771
City
Center
West
Residential
Metropolitan
District
No.
2
GO
Bonds
Senior
Series
2019
A
(NR/NR)
1,035,000
5.000
12/01/2049
963,663
City
of
Denver
Airport
System
Subordinate
RB
Series
2018A
(A1/A+)
11,000,000
5.250
12/01/2043
11,436,428
City
of
Denver
Airport
System
Subordinate
RB
Series
2018A
(AMT)
(A1/A+)
5,000,000
5.000
12/01/2024
5,022,693
City
of
Denver
Aviation
Airport
System
RB
Series
2022D
(Aa3/AA-)
5,580,000
5.000
11/15/2053
5,773,652
City
of
Denver
RB
for
Department
of
Aviation
Airport
System
Series
2022A
(AMT)
(Aa3/AA-)
4,450,000
5.000
11/15/2027
4,622,154
Colorado
Bridge
and
Tunnel
Enterprise
Senior
Infrastructure
RB
Series
2024A
(AGM)
(A1/AA)
1,145,000
5.000
12/01/2043
1,257,437
1,000,000
5.000
12/01/2044
1,094,086
4,000,000
5.250
12/01/2049
4,422,435
Colorado
Education
&
Cultural
Facilities
Authority
Charter
School
RB
Series
2021
(Baa3/NR)
900,000
4.000
10/01/2056
725,206
Colorado
Educational
&
Cultural
Facilities
Authority
RB
for
Aspen
View
Academy,
Inc.
Series
2021
(Baa3/NR)
150,000
4.000
05/01/2036
146,656
150,000
4.000
05/01/2041
140,036
Colorado
Educational
&
Cultural
Facilities
Authority
RB
for
Vega
Collegiate
Academy
Series
2021
A
(ST
INTERCEPT)
(Ba2/NR)
300,000
5.000
(d)
02/01/2034
305,184
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%
(d)
10/01/2029
$
919,354
2,500,000
5.000
(d)
10/01/2039
2,516,864
Colorado
Educational
&
Cultural
Facilities
Authority
RB
Refunding
for
STEM
School
&
Academy
Project
Series
2019
(Baa3/NR)
265,000
4.000
11/01/2029
258,282
400,000
5.000
11/01/2039
400,250
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
325,028
350,000
5.000
06/01/2054
350,006
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
755,435
Colorado
Educational
and
Cultural
Facilities
Authority
Charter
School
RB
for
STEM
School
Project
Series
2019
(Baa3/NR)
790,000
5.000
11/01/2049
778,975
Colorado
Educational
and
Educational
Facilities
Authority
Charter
School
RB
Ascent
Classical
Academy
Charter
Schools,
Inc.
Series
2024A
(NR/BB)
1,900,000
5.500
(d)
04/01/2044
1,969,230
Colorado
Health
Facilities
Authority
(NR/A+)
1,275,000
5.000
11/01/2024
1,279,839
Colorado
Health
Facilities
Authority
American
Eagle
Delaware
Holding
Company
Series
2022A-1
(NR/NR)
3,040,000
6.000
07/01/2036
3,034,857
Colorado
Health
Facilities
Authority
American
Eagle
Delaware
Holding
Company
Series
2022A-2
(NR/NR)
1,925,000
6.000
07/01/2031
1,896,311
Colorado
Health
Facilities
Authority
Hospital
RB
for
Parkview
Medical
Center,
Inc.
Project
Series
2016
(Aa2/NR)
18,310,000
5.000
09/01/2046
18,493,702
Colorado
Health
Facilities
Authority
RB
for
Commonspirit
Health
Series
2019A-1
(A3/A-)
3,560,000
5.000
08/01/2025
3,615,803
1,275,000
5.000
08/01/2026
1,311,207
1,575,000
5.000
08/01/2027
1,644,068
5,000,000
5.000
08/01/2036
5,329,089
Colorado
Health
Facilities
Authority
RB
for
Commonspirit
Health
Series
2019A-2
(A3/A-)
325,000
5.000
08/01/2025
330,094
3,000,000
5.000
08/01/2037
3,186,077
Colorado
Health
Facilities
Authority
RB
for
Commonspirit
Health
Series
2022A
(A3/A-)
6,400,000
5.500
11/01/2047
7,010,520
8,000,000
5.250
11/01/2052
8,519,791
Colorado
Health
Facilities
Authority
RB
for
Commonspirit
Health
Series
2024A
(A3/A-)
12,275,000
5.000
12/01/2039
13,698,931
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
1,727,559
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Colorado
–
(continued)
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
$
5,696,167
Colorado
Health
Facilities
Authority
RB
for
Senior
Living
American
Eagle
Portfolio
Project
Series
2022B-1
(NR/NR)
21,534,543
5.000
(a)
07/01/2057
16,607,183
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
3,815,338
Colorado
Health
Facilities
Authority
RB
Refunding
for
CommonSpirit
Health
Obligated
Group
Series
2019
A-1
(A3/A-)
1,125,000
5.000
08/01/2035
1,201,313
6,010,000
4.000
08/01/2044
5,846,733
Colorado
Health
Facilities
Authority
RB
Refunding
for
CommonSpirit
Health
Obligated
Group
Series
2019
A-2
(A3/A-)
145,000
5.000
08/01/2035
154,489
3,350,000
5.000
08/01/2038
3,536,688
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
1,207,538
Colorado
Health
Facilities
Authority
RB
Refunding
for
Sanford
Obligated
Group
Series
2019
A
(NR/A+)
1,730,000
4.000
11/01/2039
1,683,355
12,310,000
5.000
11/01/2039
13,064,801
6,105,000
5.000
11/01/2044
6,356,958
Colorado
Health
Facilities
Authority
RB
Series
2019A-2
(A3/A-)
3,495,000
4.000
08/01/2049
3,314,890
Colorado
Health
Facilities
Authority
RB
Series
2019B
Series
2019B-1
(A3/A-)
8,500,000
5.000
(a)(b)
08/01/2049
8,582,009
Colorado
Health
Facilities
Authority
Revenue
Refunding
Bonds
Series
2019A
Scl
Health
System
(Aa1/AA+)
4,000,000
4.000
01/01/2037
4,025,332
Colorado
Housing
and
Finance
Authority
Multifamily
Housing
RB
for
The
Reserves
at
Eagle
Point
Project
Series
2024
(Aaa/NR)
2,350,000
3.500
(a)(b)
11/01/2043
2,344,701
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
8,739,451
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
6,337,192
Conestoga
Metropolitan
District
LT
GO
Refunding
&
Improvement
Bonds
Series
2021A3
(NR/NR)
775,000
5.250
12/01/2051
706,942
Copper
Ridge
Metropolitan
District
RB
Series
2019
(NR/NR)
3,454,000
4.000
12/01/2029
3,267,641
Creekside
Village
Metropolitan
District
GO
Bonds
Series
2019
A
(NR/NR)
889,000
5.000
12/01/2039
871,152
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Colorado
–
(continued)
Creekwalk
Marketplace
Business
Improvement
District
LT
Supported
&
Special
Revenue
Senior
Bonds
Series
2021A
(NR/NR)
$
740,000
5.000%
(d)
12/01/2029
$
664,809
1,940,000
5.500
(d)
12/01/2039
1,681,196
Creekwalk
Marketplace
Business
Improvement
District
RB
Series
2019
A
(NR/NR)
2,485,000
5.000
(d)
12/01/2029
2,232,502
3,105,000
5.500
(d)
12/01/2039
2,690,780
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
27,297,678
Denver
Colorado
Health
and
Hospital
Authority
Healthcare
RB
Refunding
Series
2017
A
(NR/BBB)
5,505,000
5.000
(d)
12/01/2027
5,662,325
Denver
Convention
Center
Hotel
Authority
Convention
Center
Hotel
Senior
Revenue
Refunding
Bonds
Series
2016
(Baa2/BBB-)
1,460,000
5.000
12/01/2033
1,489,361
Denver
Convention
Center
Hotel
Authority
Convention
Center
Hotel
Senior
RR
Bonds,
Series
2016
(Baa2/BBB-)
2,370,000
5.000
12/01/2035
2,413,426
Denver
Convention
Center
Hotel
Authority
RB
Refunding
Series
2016
(Baa2/BBB-)
640,000
5.000
12/01/2030
654,022
Denver
Convention
Center
Hotel
Authority
Senior
Revenue
Refunding
Bonds
Series
2016
(Baa2/BBB-)
300,000
5.000
12/01/2031
306,470
Denver
Health
&
Hospital
Authority
COPS
Series
2018
(NR/BBB)
765,000
5.000
12/01/2024
767,079
425,000
5.000
12/01/2032
438,296
Denver
Health
&
Hospital
Authority
Healthcare
Revenue
Refunding
Bonds
Series
2017A
(NR/BBB)
4,760,000
5.000
(d)
12/01/2024
4,772,936
4,995,000
5.000
(d)
12/01/2025
5,052,921
1,000,000
5.000
(d)
12/01/2034
1,025,209
1,675,000
4.000
(d)
12/01/2035
1,564,764
2,000,000
4.000
(d)
12/01/2036
1,848,569
Denver
Health
&
Hospital
Authority
RB
Series
2019
A
(NR/BBB)
120,000
5.000
12/01/2030
123,561
Denver
Health
and
Hospital
Authority
Colorado
Healthcare
RB
Series
2019A
(NR/BBB)
2,255,000
5.000
12/01/2031
2,321,382
475,000
5.000
12/01/2032
489,621
1,360,000
5.000
12/01/2033
1,399,177
Denver
Urban
Renewal
Authority
9th
&
Colorado
Urban
Redevelopment
Area
RB
Series
2018
A
(NR/NR)
4,255,000
5.250
(d)
12/01/2039
4,286,405
E-470
Public
Highway
Authority
RB
Refunding
Series
2010
A
(AGM-CR)
(A1/AA)
1,500,000
0.000
(f)
09/01/2035
988,193
E-470
Public
Highway
Authority
RB
Series
2010
A
(A1/A+)
6,000,000
0.000
(f)
09/01/2040
3,015,739
Fiddler's
Business
Improvement
District
GO
Refunding
Bonds
Series
2022
(NR/NR)
2,800,000
5.550
(d)
12/01/2047
2,868,376
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Colorado
–
(continued)
First
Creek
Village
Metropolitan
District
GO
Bonds
Series
2019
A
(Baa3/NR)
$
20,000
3.000%
12/01/2029
$
18,478
Glen
Metropolitan
District
GO
LT
Bonds
Series
2021
(NR/NR)
570,000
3.750
12/01/2034
472,415
Highlands
Metropolitan
District
No.
1
GO
Bonds
Series
2021
(NR/NR)
648,000
4.000
12/01/2031
577,548
Hogback
Metropolitan
District
LT
GO
Bonds
Series
2021A3
(NR/NR)
725,000
5.000
12/01/2041
666,836
1,550,000
5.000
12/01/2051
1,361,249
Hunters
Overlook
Metropolitan
District
No.
5
GO
Bonds
Series
2019
A
(NR/NR)
878,000
5.000
12/01/2039
860,373
Indy
Oak
TOD
Metropolitan
District
GO
Bonds
Series
2020
A
(NR/NR)
1,065,000
5.500
(c)(d)
06/01/2025
1,080,343
Johnstown
Plaza
Metropolitan
District
LT
GO
Refunding
and
Improvement
Bonds
Series
2022
(NR/NR)
8,731,000
4.250
12/01/2046
7,644,449
Lanterns
Metropolitan
District
No.
1
GO
Bonds
Series
2019
A
(NR/NR)
1,375,000
5.000
12/01/2039
1,363,224
1,000,000
5.000
12/01/2049
960,126
Mayfield
Metropolitan
District
GO
Bonds
Series
2020
A
(NR/NR)
1,184,000
5.750
12/01/2050
1,186,222
Meridian
Ranch
Metropolitan
District
GO
LT
Bonds
Series
2022
(NR/NR)
1,105,000
6.500
12/01/2042
1,122,228
Mirabelle
Metropolitan
District
No.
2
GO
Bonds
Series
2020
A
(NR/NR)
1,380,000
5.000
12/01/2039
1,374,018
Morgan
Hill
Metropolitan
District
GO
LT
Refunding
&
Improvement
Bonds
Senior
Series
2021A
(NR/NR)
2,940,000
3.500
12/01/2041
2,298,872
Mulberry
Metropolitan
District
LT
GO
Bonds
Series
2022A
(NR/NR)
2,450,000
7.000
12/01/2052
2,523,817
North
Holly
Metropolitan
District
Limited
Tax
GO
Bonds
Series
2018
A
(NR/NR)
500,000
5.500
12/01/2048
496,519
Northglenn
Urban
Renewal
Authority
Tax
Allocation
for
Urban
Renewal
Plan
2
Series
2019
(NR/BBB-)
175,000
4.000
12/01/2024
174,848
100,000
4.000
12/01/2025
99,866
315,000
4.000
12/01/2026
315,732
290,000
4.000
12/01/2029
289,268
205,000
4.000
12/01/2030
203,482
225,000
4.000
12/01/2031
221,774
Pinon
Pines
Metropolitan
District
No.
2
GO
Bonds
Series
2020
(NR/NR)
925,000
5.000
12/01/2040
901,538
Pomponio
Terrace
Metropolitan
District
GO
Bonds
Series
2019
A
(NR/NR)
646,000
5.000
12/01/2049
615,903
Public
Authority
Colorado
Energy
RB
for
Natural
Gas
Purchase
Series
2008
(A1/A-)
2,000,000
6.250
11/15/2028
2,096,254
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Colorado
–
(continued)
Raindance
Metropolitan
District
No.
2
GO
Bonds
Series
2019
A
(NR/NR)
$
5,000,000
5.000%
12/01/2039
$
4,878,901
Rampart
Range
Metropolitan
District
No.
5
RB
Series
2021
(NR/NR)
1,250,000
4.000
12/01/2036
1,154,467
2,000,000
4.000
12/01/2041
1,705,822
Reata
Ridge
Village
Metropolitan
District
No.
2
GO
Bonds
Series
2019
A
(NR/NR)
893,000
5.000
12/01/2049
846,641
Regional
Transportation
District
Private
Activity
Bonds
for
Denver
Transit
Partners
Eagle
P3
Project
Series
2020
(Baa1/NR)
715,000
5.000
01/15/2029
753,290
400,000
5.000
07/15/2029
424,130
500,000
5.000
01/15/2030
532,947
350,000
5.000
07/15/2030
375,167
Regional
Transportation
District
Tax
Exempt
Private
Activity
Bonds
Series
2020
(Baa1/NR)
500,000
5.000
07/15/2027
517,375
Ritoro
Metropolitan
District
GO
Bonds
Series
2019
A
(NR/NR)
850,000
5.000
12/01/2049
811,536
Second
Creek
Farm
Metropolitan
District
No.
3
GO
Bonds
Series
2019
A
(NR/NR)
2,875,000
5.000
12/01/2039
2,817,281
Settler's
Crossing
Metropolitan
District
No.
1
GO
Bonds
Series
2020
A
(NR/NR)
2,080,000
5.000
(d)
12/01/2040
2,079,514
Sky
Ranch
Community
Authority
Board
District
No.
1
RB
Senior
Lien
Series
2019
A
(NR/NR)
1,235,000
5.000
12/01/2049
1,221,511
South
Sloan's
Lake
Metropolitan
District
No.
2
GO
Improvement
Bonds
Series
2019
(AGM)
(Baa1/AA)
375,000
4.000
12/01/2032
382,948
220,000
4.000
12/01/2034
223,761
South
Timnath
Metropolitan
District
No.
1
GO
Limited
Taxable
Bonds
Series
2019
A
(NR/NR)
500,000
5.500
12/01/2048
428,333
Southlands
Metropolitan
District
No.
1
GO
Refunding
Bonds
Series
2017
A-1
(Ba1/NR)
1,000,000
5.000
12/01/2037
1,004,776
Southlands
Metropolitan
District
No.
1
GO
Refunding
Bonds
Series
2017
A-2
(Ba1/NR)
100,000
3.500
12/01/2027
95,349
115,000
5.000
12/01/2037
115,549
Southlands
Metropolitan
District
No.
1
GO
Refunding
Bonds
Series
2017A-1
(Ba1/NR)
325,000
5.000
12/01/2047
320,218
St.
Vrain
Lakes
Metropolitan
District
No.
2
Limited
Tax
GO
Bonds
Series
2017
A
(NR/NR)
1,000,000
5.000
12/01/2037
1,001,374
Sterling
Hills
West
Metropolitan
District
GO
Refunding
Bonds
Series
2017
(A2/NR)
350,000
5.000
12/01/2032
366,081
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
1,602,340
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Colorado
–
(continued)
The
Lakes
At
Centerra
Metropolitan
District
No.2
In
The
City
of
Loveland
Colorado
Limited
Tax
GO
Refunding
Bonds
Series
2024A
(AGM)
(NR/AA)
$
5,300,000
4.500%
12/01/2054
$
5,304,598
The
Village
Metropolitan
District
GO
Refunding
Bonds
Series
2020
(NR/NR)
850,000
4.150
12/01/2030
821,556
Vauxmont
Metropolitan
District
GO
Refunding
Bonds
Series
2020
(AGM)
(NR/AA)
195,000
5.000
12/01/2026
201,551
205,000
5.000
12/01/2027
214,695
210,000
5.000
12/01/2028
222,620
210,000
5.000
12/01/2029
225,726
215,000
5.000
12/01/2030
231,818
230,000
5.000
12/01/2031
248,170
250,000
5.000
12/01/2032
269,848
255,000
5.000
12/01/2033
275,168
285,000
5.000
12/01/2034
307,498
100,000
5.000
12/01/2035
107,724
Vauxmont
Metropolitan
District
Limited
Tax
Convertible
to
Unlimited
Tax
GO
Refunding
Bonds
Series
2019
(AGM)
(NR/AA)
135,000
5.000
12/15/2026
139,498
125,000
5.000
12/15/2028
129,531
125,000
5.000
12/15/2029
129,502
125,000
5.000
12/15/2030
129,466
135,000
5.000
12/15/2031
139,785
160,000
5.000
12/15/2032
165,663
Vauxmont
Metropolitan
District
Senior
LT
GO
Special
Revenue
Refunding
Bonds
Series
2020
(AGM)
(NR/AA)
200,000
5.000
12/01/2024
200,976
180,000
5.000
12/01/2025
183,537
Vauxmont
Metropolitan
District
Subordinate
LT
GO
Special
Revenue
Refunding
Bonds
Series
2019
(AGM)
(NR/AA)
125,000
5.000
12/15/2025
127,682
Village
Metropolitan
District
No.
2
Limited
Tax
GO
and
Special
RB
Series
2019
(NR/NR)
1,194,000
4.375
12/01/2044
1,147,898
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
7,110,402
West
Meadow
Metropolitan
District
Town
of
Fraser,
Grand
County,
Colorado
LT
GO
Senior
Bonds
Series
2023A
(NR/NR)
1,000,000
6.000
(d)
12/01/2038
1,035,595
Westerly
Metropolitan
District
No.
4
GO
Bonds
Series
2021
A
(NR/NR)
1,000,000
5.000
12/01/2040
904,988
Wild
Plum
Metropolitan
District
GO
Bonds
Series
2019
A
(NR/NR)
595,000
5.000
(c)
12/01/2024
616,104
Wildwing
Metropolitan
District
No.
5
In
the
Town
of
Timnath
Larimer
County
Colorado
LT
Go
Refunding
and
Improvement
Bonds
Series
2024
(AGM)
(NR/AA)
700,000
4.500
12/01/2053
707,070
420,185,371
Connecticut
-
0.9%
City
of
New
Haven
GO
Bonds
Series
2018
A
(NR/A-)
815,000
5.000
08/01/2027
841,239
1,615,000
5.000
08/01/2028
1,682,077
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Connecticut
–
(continued)
City
of
New
Haven
GO
Bonds
Series
2018
A
(NR/A-)
–
(continued)
$
900,000
5.500%
08/01/2029
$
958,938
725,000
5.500
08/01/2031
770,663
500,000
5.500
08/01/2032
531,669
405,000
5.500
08/01/2033
430,646
City
of
New
Haven
GO
Refunding
Bonds
Series
2019
B
(AGM)
(A1/AA)
1,050,000
5.000
02/01/2028
1,101,106
City
of
New
Haven
GO
Refunding
Bonds
Series
B
(AGM)
(A1/AA)
450,000
5.000
02/01/2030
483,561
City
of
Stamford
Housing
Authority
RB
Anticipation
Notes
for
Dogwoods
Project
Series
2022
(NR/NR)
1,500,000
11.000
(d)
12/01/2027
1,717,059
Connecticut
Health
&
Educational
Facilities
Authority
RB
for
University
of
Hartford
Series
N
(NR/BB+)
375,000
5.000
07/01/2024
375,000
Connecticut
Housing
Finance
Authority
Housing
Mortgage
Finance
Program
Bonds
2024
Series
D
(Aaa/AAA/A-1+)
8,210,000
3.850
(a)(b)
11/15/2064
8,228,943
Connecticut
State
GO
Bonds
Series
2018
C
(Aa3/AA-)
825,000
5.000
06/15/2028
883,676
Connecticut
State
GO
Refunding
Bonds
Series
2017
B
(Aa3/AA-)
5,000,000
5.000
04/15/2028
5,340,107
Connecticut
State
Health
&
Educational
Facilities
Authority
RB
for
McLean
Affiliates
Obligated
Group
Series
2020
A
(NR/NR)
400,000
5.000
(d)
01/01/2030
395,464
Connecticut
State
Health
&
Educational
Facilities
Authority
RB
Refunding
for
The
University
of
Hartford
Series
2019
(NR/BB+)
575,000
5.000
07/01/2026
574,103
440,000
5.000
07/01/2027
440,816
530,000
5.000
07/01/2028
532,620
485,000
5.000
07/01/2029
488,574
875,000
5.000
07/01/2030
881,848
645,000
5.000
07/01/2031
649,481
575,000
5.000
07/01/2032
578,237
475,000
5.000
07/01/2033
476,840
450,000
5.000
07/01/2034
450,955
890,000
4.000
07/01/2039
748,292
Great
Pond
Improvement
District
RB
for
Great
Pond
Phase
1
Project
Series
2019
(NR/NR)
3,585,000
4.750
(d)
10/01/2048
3,393,545
Mohegan
Tribal
Finance
Authority
Tribal
RB
Economic
Development
Bonds
Series
2015
(NR/B-)
3,750,000
7.000
(d)
02/01/2045
3,759,388
South
Central
Connecticut
Regional
Water
Authority
Water
System
RB
Thirty-Sixth
Series
A-1
(Aa3/AA-)
265,000
4.000
08/01/2038
267,158
State
of
Connecticut
GO
Bonds
2020
Series
A
(Aa3/AA-)
5,000,000
4.000
01/15/2036
5,142,180
State
of
Connecticut
GO
Bonds
Series
2018
(Aa3/AA-)
1,770,000
5.000
06/15/2027
1,863,352
755,000
5.000
06/15/2029
804,144
State
of
Connecticut
GO
Unlimited
Bonds
Series
2019
A
(Aa3/AA-)
135,000
5.000
04/15/2028
144,183
1,000,000
5.000
04/15/2035
1,078,089
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Connecticut
–
(continued)
State
of
Connecticut
GO
Unlimited
Bonds
Series
2019
A
(Aa3/AA-)
–
(continued)
$
1,000,000
5.000%
04/15/2036
$
1,076,138
1,000,000
5.000
04/15/2039
1,066,112
State
of
Connecticut
Health
&
Educational
Facilities
Authority
RB
Series
B
(A1/AA-)
2,290,000
1.800
(a)(b)
07/01/2049
2,290,000
State
of
Connecticut
Health
and
Educational
Facilities
Authority
for
Yale
University
Issue
RB
Series
U-2
(Aaa/AAA)
(PUTABLE)
15,000,000
1.100
(a)(b)
07/01/2033
14,708,835
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
2,181,721
State
of
Connecticut
Health
and
Educational
Facilities
Authority
Revenue
Bonds
Goodwin
University
Obligated
Group
Issue
Series
A-1
(NR/BBB-)
2,400,000
5.000
(i)
07/01/2044
2,397,326
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
1,526,604
State
of
Connecticut
State
Revolving
Fund
General
RB
(Green
Bonds,
2017
Series
A)
(Aaa/AAA)
3,945,000
5.000
05/01/2032
4,152,456
State
of
Connecticut
State
Revolving
Fund
RB
Series
2017
A
(Aaa/AAA)
5,000,000
5.000
05/01/2036
5,228,702
Steel
Point
Infrastructure
Improvement
District
Tax
Allocation
for
Steelpointe
Harbor
Project
Series
2021
(NR/NR)
480,000
4.000
(d)
04/01/2036
442,175
400,000
4.000
(d)
04/01/2041
351,869
West
Haven
GO
Bonds
Series
2017
A
(Baa3/BBB+)
325,000
5.000
11/01/2025
330,978
325,000
5.000
11/01/2026
334,246
325,000
5.000
11/01/2027
337,900
West
Haven
GO
Bonds
Series
2017
B
(Baa3/BBB+)
645,000
5.000
11/01/2024
647,598
240,000
5.000
11/01/2026
246,828
83,333,441
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
333,559
450,000
4.000
06/01/2042
400,076
Delaware
Economic
Development
Authority
Charter
Schools
RB
Series
2021
(NR/BBB+)
1,425,000
4.000
09/01/2041
1,330,711
Delaware
Health
Facilities
Authority
RB
for
Beebee
Medical
Center
Project
Series
2018
(NR/BBB)
760,000
5.000
06/01/2026
773,457
600,000
5.000
06/01/2029
621,019
Delaware
Health
Facilities
Authority
Revenue
Refunding
Bonds
for
Christiana
Care
Health
System
Series
2020A
(Aa2/AA+)
5,000,000
5.000
10/01/2040
5,255,853
Delaware
State
Economic
Development
Authority
RB
for
First
State
Montessori
Academy,
Inc.
Series
2019
A
(NR/BBB-)
345,000
4.000
08/01/2029
336,830
1,050,000
5.000
08/01/2039
1,061,232
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Delaware
–
(continued)
Delaware
State
Economic
Development
Authority
RB
for
Newark
Charter
School,
Inc.
Series
2020
(NR/BBB+)
$
530,000
4.000%
09/01/2030
$
528,818
1,550,000
5.000
09/01/2040
1,599,598
State
of
Delaware
GO
Bonds
Series
2023A
(Aaa/AAA)
7,550,000
5.000
05/01/2036
8,749,255
Town
of
Bridgeville
Delaware
Special
Obligation
Bonds
Heritage
Shores
Special
Development
District
Series
2024
(NR/NR)
1,535,000
5.625
(d)
07/01/2053
1,610,929
Town
of
Bridgeville
Special
Tax
Refunding
for
Heritage
Shores
Special
Development
District
Series
2020
(Baa3/NR)
492,000
4.000
07/01/2024
492,000
506,000
4.000
07/01/2025
503,226
551,000
4.000
07/01/2026
547,629
611,000
4.000
07/01/2027
606,658
2,030,000
4.000
07/01/2030
1,990,076
26,740,926
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
3,789,000
District
of
Columbia
GO
Refunding
Bonds
Series
2017
A
(Aaa/AA+)
10,000,000
5.000
06/01/2035
10,449,668
District
of
Columbia
Housing
Finance
Agency
Collateralized
Multifamily
Housing
RB
One
Hawaii
Avenue
Project
Series
2024
(Aaa/NR)
3,275,000
3.650
(a)(b)
07/01/2028
3,268,847
District
of
Columbia
Metropolitan
Airport
Authority
Airport
System
Revenue
Refunding
Bonds
Series
2015A
(NR/AA-)
12,000,000
5.000
10/01/2034
12,040,106
District
of
Columbia
Private
Activity
RB
Series
2022A
(A3/NR)
1,750,000
5.500
02/28/2037
2,008,363
District
of
Columbia
RB
for
International
School
Series
2019
(NR/BBB)
860,000
5.000
07/01/2039
885,669
District
of
Columbia
RB
for
KIPP
DC
Obligated
Group
Series
2019
(NR/BBB+)
1,275,000
4.000
07/01/2039
1,228,979
District
of
Columbia
Union
Market
Project
Tax
Increment
RB
Convertible
Capital
Appreciation
Bonds.
Series
2024B
(NR/NR)
2,400,000
0.000
(d)(h)
06/01/2041
1,377,748
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
2,813,123
Metro
Washington
Airports
Authority
Airport
System
Revenue
and
Refunding
Bonds
Series
2015B
(AMT)
(Aa3/AA-)
5,815,000
5.000
10/01/2032
5,881,667
Metropolitan
Washington
Airport
Authority
Revenue
&
Refunding
Bonds
Series
2018A
(Aa3/AA-)
7,500,000
5.000
10/01/2043
7,691,434
Metropolitan
Washington
Airports
Authority
Airport
System
Revenue
Refunding
Bonds
Series
2018A
(Aa3/AA-)
6,375,000
5.000
10/01/2033
6,663,012
Metropolitan
Washington
Airports
Authority
Airport
System
Revenue
Refunding
Bonds
Series
2020B
(Aa3/AA-)
1,555,000
5.000
10/01/2029
1,703,996
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
District
of
Columbia
–
(continued)
Metropolitan
Washington
Airports
Authority
Airport
System
Revenue
Refunding
Bonds,
Series
2022A
(AMT)
(Aa3/NR)
$
1,100,000
5.000%
10/01/2026
$
1,131,789
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
1,125,121
395,000
5.000
10/01/2033
419,338
3,025,000
5.000
10/01/2035
3,213,542
1,000,000
5.000
10/01/2037
1,057,942
2,065,000
5.000
10/01/2039
2,169,132
Metropolitan
Washington
Airports
Authority
Dulles
Toll
Road
RB
Series
2019
B
(Baa2/A-)
925,000
5.000
10/01/2047
955,892
1,550,000
4.000
10/01/2053
1,444,305
Metropolitan
Washington
Airports
Authority
Dulles
Toll
Road
RB
Series
2019
B
(AGM)
(A1/AA)
2,130,000
3.000
10/01/2050
1,606,969
2,960,000
4.000
10/01/2053
2,789,953
Metropolitan
Washington
Airports
Authority
Dulles
Toll
Road
Subordinate
Lien
Revenue
Refunding
Bonds
for
Dulles
Metrorail
&
Capital
Improvement
Projects
Series
2019B
(Baa2/A-)
13,315,000
4.000
10/01/2049
12,510,593
Washington
Metropolitan
Airports
Authority
Airport
System
Revenue
Refunding
Bonds
Series
2015B
(Aa3/AA-)
1,325,000
5.000
10/01/2035
1,339,042
89,565,230
Florida
-
12.1%
Abbott
Square
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
915,000
5.375
06/15/2042
937,999
Aberdeen
Community
Development
District
Special
Assessment
Refunding
Series
2020
A-1
(AGM)
(NR/AA)
4,990,000
3.250
05/01/2036
4,543,867
Aberdeen
Community
Development
District
Special
Assessment
Refunding
Series
2020
A-2
(NR/NR)
240,000
4.000
05/01/2025
239,613
Aberdeen
Community
Development
District
Special
Assessment
Series
2018
(NR/NR)
210,000
4.500
05/01/2029
212,511
Academical
Village
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
1,420,000
3.625
05/01/2040
1,226,521
Academical
Village
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
165,000
2.875
05/01/2025
162,705
1,725,000
4.000
05/01/2051
1,446,067
Alachua
County
Health
Facilities
Authority
Continuing
Care
Retirement
Community
RB
Series
2022
(NR/NR)
2,250,000
4.000
10/01/2040
2,027,128
Anthem
Park
Community
Development
District
Special
Assessment
RB
Refunding
Senior
Series
2016
A-1
(NR/A-)
370,000
3.000
05/01/2025
362,784
380,000
3.000
05/01/2026
367,465
395,000
3.125
05/01/2027
379,511
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Anthem
Park
Community
Development
District
Special
Assessment
RB
Refunding
Subordinate
Series
2016
A-2
(NR/NR)
$
100,000
4.250%
05/01/2027
$
100,157
280,000
4.750
05/01/2036
280,758
Antillia
Community
Development
District
Miami-Dade
County
Florida
Special
Assessment
Bonds
Series
2024
(NR/NR)
500,000
5.000
05/01/2031
503,534
Arbors
Community
Development
District
Capital
Improvement
RB
Series
2023
(NR/NR)
525,000
4.500
05/01/2030
531,655
1,000,000
5.400
05/01/2043
1,036,807
Arlington
Ridge
Community
Development
District
Special
Assessment
RB
Series
2019
(NR/NR)
175,000
3.600
05/01/2029
171,609
310,000
4.000
05/01/2036
295,739
Armstrong
Community
Development
District
Special
Assessment
for
Assessment
Area
Two
Project
Series
2019
A
(NR/NR)
70,000
3.125
11/01/2024
69,794
990,000
3.500
11/01/2030
939,687
1,705,000
4.000
11/01/2040
1,542,747
Artisan
Lakes
East
Community
Development
District
RB
for
Capital
Improvement
Series
2018
(NR/NR)
630,000
4.550
(d)
05/01/2029
638,178
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
711,237
Astonia
Community
Development
District
Polk
County,
Florida
Special
Assessment
Bonds,
Series
2024
Assessment
Area
Four
Project
(NR/NR)
810,000
5.375
05/01/2044
830,437
Astonia
Community
Development
District
Special
Assessment
for
Assessment
Area
2
Project
Series
2021
(NR/NR)
205,000
2.500
(d)
05/01/2026
198,979
500,000
3.000
(d)
05/01/2031
463,853
425,000
3.200
(d)
05/01/2041
348,057
Astonia
Community
Development
District
Special
Assessment
for
North
Parcel
Assessment
Area
Project
Series
2021
(NR/NR)
105,000
2.500
(d)
05/01/2026
101,916
315,000
3.000
(d)
05/01/2031
292,227
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
34,927
200,000
3.700
11/01/2029
196,715
695,000
4.125
11/01/2039
656,848
Avalon
Groves
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Project
Series
2017
(NR/NR)
95,000
5.000
05/01/2028
97,041
Avalon
Groves
Community
Development
District
Special
Assessment
for
Assessment
Area
Three
Project
Series
2021
(NR/NR)
200,000
3.000
05/01/2032
183,876
220,000
3.375
05/01/2041
182,030
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Avalon
Groves
Community
Development
District
Special
Assessment
for
Assessment
Area
Two
Project
Series
2017
A-1
(NR/NR)
$
265,000
5.375%
05/01/2028
$
272,966
Avalon
Groves
Community
Development
District
Special
Assessment
for
Phases
3
and
4
Sub
Assessment
Area
One
Series
2021
(NR/NR)
85,000
2.250
05/01/2026
82,145
435,000
2.750
05/01/2031
398,309
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
521,898
Avalon
Park
West
Community
Development
District
Special
Assessment
Refunding
Series
2020
(NR/NR)
115,000
2.500
(d)
05/01/2025
113,608
320,000
3.250
(d)
05/01/2030
313,415
Avelar
Creek
Community
Development
District
Special
Assessment
Refunding
Series
2016
(NR/A-)
180,000
3.000
05/01/2025
176,835
190,000
3.000
05/01/2026
183,668
Avenir
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
645,000
4.500
05/01/2030
653,156
1,130,000
5.375
05/01/2043
1,147,534
Aviary
at
Rutland
Ranch
Community
Development
District
Special
Assessment
Refunding
for
Area
1
Project
Series
2019
(NR/NR)
450,000
4.000
(d)
06/01/2030
445,370
Babcock
Ranch
Community
Independent
Special
District
Special
Assessment
Area
2C
Series
2020
(NR/NR)
105,000
2.500
05/01/2025
103,604
285,000
3.000
05/01/2030
273,593
775,000
4.000
05/01/2040
738,937
Babcock
Ranch
Community
Independent
Special
District
Special
Assessment
Area
3A
Series
2020
(NR/NR)
165,000
2.500
05/01/2025
162,807
250,000
3.000
05/01/2030
238,691
Babcock
Ranch
Community
Independent
Special
District
Special
Assessment
Area
3B
Series
2020
(NR/NR)
55,000
2.500
05/01/2025
54,269
145,000
3.000
05/01/2030
138,449
385,000
4.000
05/01/2040
367,085
Babcock
Ranch
Community
Independent
Special
District
Special
Assessment
RB
Series
2015
(NR/NR)
205,000
5.000
11/01/2031
207,306
100,000
5.250
11/01/2046
100,470
Babcock
Ranch
Community
Independent
Special
District
Special
Assessment
RB
Series
2018
(NR/NR)
70,000
4.000
(d)
11/01/2024
69,989
360,000
4.500
(d)
11/01/2029
365,654
Babcock
Ranch
Community
Independent
Special
District
Special
Assessment
RB
Series
2022
(NR/NR)
2,000,000
4.250
05/01/2032
1,991,781
Babcock
Ranch
Community
Independent
Special
District
Special
Assessment
Series
2021
(NR/NR)
185,000
2.375
05/01/2026
178,925
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Bannon
Lakes
Community
Development
District
Special
Assessment
RB
for
St.
Johns
County
Series
2016
(NR/NR)
$
35,000
4.500%
11/01/2025
$
35,114
Bannon
Lakes
Community
Development
District
Special
Assessment
RB
Series
2016
(NR/NR)
175,000
5.000
11/01/2036
178,435
305,000
5.000
11/01/2048
301,182
Bannon
Lakes
Community
Development
District
Special
Assessment
RB
Series
2022
(NR/NR)
345,000
3.300
05/01/2032
324,659
1,370,000
4.000
05/01/2042
1,227,722
Bartram
Park
Community
Development
District
Special
Assessment
RB
Refunding
for
City
of
Jacksonville
Florida
Senior
Lien
Series
2015
A-1
(NR/A)
445,000
4.250
05/01/2029
447,434
460,000
4.500
05/01/2035
460,582
Bartram
Park
Community
Development
District
Special
Assessment
RB
Refunding
for
City
of
Jacksonville
Subordinate
Lien
Series
2015
A-2
(NR/NR)
155,000
4.500
05/01/2025
155,485
Bay
Laurel
Center
Community
Development
District
Special
Assessment
RB
Refunding
Series
2016
Candler
(NR/BBB+)
90,000
3.000
05/01/2025
88,404
Baywinds
Community
Development
District
Senior
Special
Assessment
Refunding
Bonds
Series
2017
A-1
(NR/A+)
340,000
3.500
05/01/2025
337,395
350,000
3.500
05/01/2026
345,493
365,000
3.500
05/01/2027
358,423
Bellagio
Community
Development
District
Special
Assessment
Bonds
Series
2016
(NR/BBB)
170,000
3.000
11/01/2025
164,576
Belmond
Reserve
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
215,000
2.625
05/01/2025
212,237
1,075,000
3.250
05/01/2030
1,029,911
Belmont
II
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
130,000
2.500
12/15/2025
127,289
325,000
3.125
12/15/2030
311,311
Berry
Bay
Community
Development
District
Special
Assessment
RB
Series
2023
(NR/NR)
1,130,000
5.500
05/01/2043
1,168,963
Black
Creek
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
25,000
3.000
06/15/2025
24,707
465,000
3.250
06/15/2030
438,530
Blue
Lake
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
1,000,000
4.000
06/15/2032
976,531
Boggy
Branch
Community
Development
District
Special
Assessment
Series
2021
(NR/NR)
180,000
2.500
05/01/2026
174,092
455,000
3.000
05/01/2031
415,987
Botaniko
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
85,000
2.875
05/01/2025
83,920
1,130,000
3.250
05/01/2031
1,057,128
500,000
3.625
05/01/2040
429,235
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Bradbury
Community
Development
District
City
of
Haines
City,
Florida
Special
Assessment
Bonds,
Series
2023
(NR/NR)
$
655,000
4.375%
05/01/2030
$
659,254
Bridgewalk
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
Two
Project
Series
2023
(NR/NR)
700,000
6.250
12/15/2043
742,998
Bridgewater
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
One
Project
Series
2022
(NR/NR)
400,000
3.000
06/15/2032
359,717
1,095,000
3.250
06/15/2042
868,401
Bridgewater
North
Community
Development
District
Capital
Improvement
RB
Series
2022
(NR/NR)
1,000,000
4.000
05/01/2042
885,385
Brightwater
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
One
Series
2021
(NR/NR)
215,000
2.375
05/01/2026
208,036
485,000
2.850
05/01/2031
440,290
Brookstone
Community
Development
District
Special
Assessment
RB
for
Manatee
County
Series
2022
(NR/NR)
205,000
4.375
05/01/2027
205,666
350,000
4.750
05/01/2032
355,537
Broward
County
Port
Facilities
RB
Series
2019A
(A1/A)
1,005,000
5.000
09/01/2037
1,078,039
1,050,000
5.000
09/01/2038
1,119,004
Broward
County
Port
Facilities
RB
Series
2019B
(A1/A)
3,520,000
4.000
09/01/2039
3,417,453
4,700,000
4.000
09/01/2049
4,295,735
Broward
County
Port
Facilities
RB
Series
2019B
(AMT)
(A1/A)
1,750,000
4.000
09/01/2044
1,660,537
Broward
County
Port
Facilities
RB
Series
2022
(A1/NR)
4,960,000
5.250
09/01/2047
5,257,194
3,000,000
5.500
09/01/2052
3,210,914
Buckhead
Trails
Community
Development
District
Special
Assessment
Bonds
for
Manatee
County
Project
Series
2022
(NR/NR)
250,000
4.750
05/01/2027
251,027
400,000
5.250
05/01/2032
409,357
Buckhead
Trails
Community
Development
District
Special
Assessment
Bonds
for
Manatee
County
Project
Series
2024
(NR/NR)
600,000
4.700
05/01/2031
601,468
450,000
5.600
05/01/2044
452,677
Buena
Lago
Community
Development
District
Capital
Improvement
RB
Series
2022
(NR/NR)
665,000
5.250
05/01/2042
685,585
Campo
Bello
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
50,000
3.250
12/15/2024
49,790
1,280,000
3.500
12/15/2030
1,214,142
Capital
Projects
Finance
Authority
Educational
Facilities
RB
Kissimmee
Charter
Academy
Project
Series
2024
(NR/NR)
300,000
6.125
(d)
06/15/2044
307,628
Capital
Trust
Agency
Student
Housing
RB
for
University
Bridge
LLC
Series
2018
A
(Ba2/NR)
28,215,000
5.250
(d)
12/01/2058
28,020,198
Capital
Trust
Agency,
Inc.
RB
for
AcadeMir
Charter
School
West
Series
2021
A-2
(Ba2/NR)
610,000
4.000
(d)
07/01/2041
537,495
760,000
4.000
(d)
07/01/2051
615,253
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Capital
Trust
Agency,
Inc.
RB
for
Imagine
Charter
School
at
North
Manatee
Series
2021
A
(NR/NR)
$
230,000
3.250%
(d)
06/01/2031
$
207,304
Capital
Trust
Agency,
Inc.
RB
for
Imagine-Pasco
County
LLC
Series
2020
A
(Ba2/NR)
320,000
3.000
(d)
12/15/2029
297,263
645,000
5.000
(d)
12/15/2039
646,359
Capital
Trust
Agency,
Inc.
RB
for
University
Bridge
LLC
Series
2018
A
(Ba2/NR)
900,000
4.000
(d)
12/01/2028
880,719
1,375,000
5.250
(d)
12/01/2043
1,380,845
Capital
Trust
Agency,
Inc.
RB
for
WFCS
Holdings
LLC
Series
2020
A-1
(NR/NR)
880,000
4.500
(d)
01/01/2035
884,981
Capital
Trust
Authority
Educational
Facilities
Revenue
Refunding
Bonds
Southeastern
University
Inc
Project
Series
2023A
(NR/BB)
2,500,000
6.000
(d)
05/01/2043
2,549,518
2,500,000
6.250
(d)
05/01/2048
2,557,592
Caribe
Palm
Community
Development
District
Special
Assessment
Refunding
Series
2017
(NR/A-)
558,000
4.250
05/01/2031
556,740
Caymas
Community
Development
District
Capital
Improvement
RB,
Series
2024
(Assessment
Area
One)
(NR/NR)
800,000
5.300
05/01/2044
802,956
Celebration
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Project
Series
2021
(NR/NR)
70,000
2.250
05/01/2026
67,941
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
1,557,956
Central
Parc
Community
Development
District
City
Of
North
Port
Florida
Special
Assessment
RB
Series
2024
(NR/NR)
380,000
4.900
05/01/2031
380,406
Century
Gardens
at
Tamiami
Community
Development
District
Special
Assessment
Bonds
Series
2018
(NR/BBB)
110,000
3.500
11/01/2025
107,733
115,000
3.500
11/01/2026
111,531
Century
Gardens
at
Tamiami
Community
Development
District
Special
Assessment
Refunding
Series
2016
(NR/BBB)
250,000
3.000
05/01/2025
245,334
255,000
3.000
05/01/2026
246,502
630,000
4.250
05/01/2037
602,935
Century
Gardens
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
34,000
3.875
(d)
11/01/2024
33,963
189,000
4.200
(d)
11/01/2029
189,623
750,000
5.000
(d)
11/01/2049
740,356
Century
Park
South
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
30,000
3.000
05/01/2025
29,642
625,000
3.375
05/01/2031
586,599
590,000
3.750
05/01/2040
514,244
CFM
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
100,000
2.400
05/01/2026
96,755
650,000
2.875
05/01/2031
589,972
740,000
3.350
05/01/2041
605,718
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Chapel
Creek
Community
Development
District
Special
Assessment
Series
2021
(NR/NR)
$
140,000
2.500%
(d)
05/01/2026
$
135,750
205,000
3.000
(d)
05/01/2031
187,841
Chapel
Crossings
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
120,000
2.625
(d)
05/01/2025
118,315
Charles
Cove
Community
Development
District
Special
Assessment
bond
Series
2020
(NR/NR)
360,000
3.750
05/01/2030
347,627
975,000
4.250
05/01/2040
907,778
Charles
Cove
Community
Development
District
Special
Assessment
RB
Series
2021
(NR/NR)
1,430,000
3.250
05/01/2041
1,147,244
Charlotte
County
Industrial
Development
Authority
Utility
System
RB
for
Town
&
Country
Utilities
Project
Series
2015
(NR/NR)
1,250,000
5.500
(d)
10/01/2036
1,266,766
Charlotte
County
Industrial
Development
Authority
Utility
System
RB
for
Town
&
Country
Utilities
Project
Series
2019
(NR/NR)
800,000
5.000
(d)
10/01/2029
815,752
1,000,000
5.000
(d)
10/01/2034
1,016,499
City
of
Cape
Coral
Water
&
Sewer
RB
Refunding
Series
2015
(A1/A+)
1,000,000
4.000
10/01/2034
1,001,321
City
of
Fort
Lauderdale,
Florida
Series
2023B
(Prospect
Lake
Water
Treatment
Plant
Project)
(Aa1/AA+)
17,250,000
5.500
09/01/2053
19,376,050
City
of
Palmetto
Educational
Facilities
Refunding
RB
Series
2022A
(NR/BBB-)
2,000,000
5.125
06/01/2042
2,051,342
950,000
5.250
06/01/2052
965,869
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
1,410,806
City
of
Pompano
Beach
RB
Series
2021B-2
(NR/NR)
1,220,000
1.450
01/01/2027
1,219,468
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
903,537
750,000
5.000
07/01/2040
792,471
City
of
Venice
RB
for
Southwest
Florida
Retirement
Center,
Inc.
Obligated
Group
Project
Series
2019
(NR/NR)
415,000
5.000
01/01/2037
415,994
1,485,000
5.000
01/01/2047
1,378,978
1,395,000
5.000
01/01/2052
1,263,788
City
of
West
Palm
Beach
Utility
System
RB
Series
2017
A
(Aa2/AA+)
15,000,000
5.000
10/01/2042
15,510,691
CityPlace
Community
Development
District
Special
Assessment
Convertible
Capital
Appreciation
RB
Series
2018
(AGM)
(A1/AA)
5,000,000
0.000
(h)
05/01/2038
4,748,025
Coco
Palms
Community
Development
District
Special
Assessment
Bonds
Expansion
Area
Project
Series
2019
(NR/NR)
295,000
4.000
(d)
06/15/2029
293,813
Coconut
Cay
Community
Development
District
Special
Assessment
Series
2006
(NR/NR)
585,000
5.375
05/01/2036
585,542
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Coddington
Community
Development
District
Capital
Improvement
RB
Series
2022
(NR/NR)
$
615,000
5.750%
05/01/2042
$
645,232
Concord
Station
Community
Development
District
Capital
Improvement
RB
Refunding
Senior
Lien
Series
2016
A-1
(NR/A)
925,000
2.750
05/01/2025
907,815
915,000
3.000
05/01/2026
884,662
980,000
3.200
05/01/2027
940,582
1,015,000
3.250
05/01/2028
982,465
1,500,000
3.750
05/01/2046
1,298,934
Connerton
East
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
1,580,000
5.250
06/15/2043
1,632,265
Cope's
Landing
Community
Development
District
Capital
Improvement
RB
2023
Project
Area
Series
2023
(NR/NR)
1,225,000
5.750
05/01/2043
1,288,752
Copperspring
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
45,000
3.200
12/15/2024
44,849
600,000
3.500
12/15/2029
584,253
325,000
4.000
12/15/2039
297,091
Coral
Bay
Community
Development
District
Capital
Improvement
RB
Series
2022
(NR/NR)
315,000
4.750
05/01/2032
319,145
250,000
5.500
05/01/2042
255,061
Coral
Bay
of
Lee
County
Community
Development
District
Lee
County
Florida
Capital
Improvement
RB
Series
2024
Assessment
Area
Two
(NR/NR)
645,000
4.700
05/01/2031
646,136
1,045,000
5.250
05/01/2044
1,048,193
Coral
Creek
Community
Development
District
Special
Assessment
RB
for
Charlotte
County
Project
Series
2024
(NR/NR)
1,470,000
4.600
05/01/2031
1,481,110
Coral
Keys
Homes
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
55,000
2.750
05/01/2025
54,327
Coral
Lakes
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
One
Project
Series
2024
(NR/NR)
505,000
4.625
11/01/2031
510,001
Cordoba
Ranch
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2021
(NR/NR)
940,000
3.000
05/01/2031
891,057
820,000
3.000
05/01/2037
706,613
Corkscrew
Crossing
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
675,000
5.100
05/01/2043
678,717
Corkscrew
Farms
Community
Development
District
Special
Assessment
for
Assessment
Area
Two
Project
Series
2017
(NR/NR)
350,000
4.500
(d)
11/01/2028
351,961
Coronado
Community
Development
District
Special
Assessment
Refunding
&
Improvement
Bonds
Series
2017
(NR/BBB+)
138,000
3.500
05/01/2025
136,279
143,000
3.625
05/01/2026
140,643
Country
Walk
Community
Development
District
Special
Assessment
RB
Refunding
Senior
Lien
Series
2015
A-1
(NR/AA)
210,000
3.500
05/01/2025
208,492
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Country
Walk
Community
Development
District
Special
Assessment
RB
Refunding
Senior
Lien
Series
2015
A-1
(NR/AA)
–
(continued)
$
210,000
4.125%
05/01/2035
$
210,123
County
of
Broward
RB
for
Port
Facilities
Senior
Bonds
Series
2019
B
(A1/A)
1,610,000
4.000
09/01/2036
1,622,421
County
of
Miami-Dade
Aviation
RB
Series
2019
A
(NR/A+)
4,500,000
4.000
10/01/2044
4,260,152
6,000,000
5.000
10/01/2044
6,183,756
County
of
Osceola
Transportation
RB
Refunding
Series
2019
A-1
(NR/BBB+)
475,000
5.000
10/01/2027
494,736
525,000
5.000
10/01/2028
553,099
450,000
5.000
10/01/2029
479,602
770,000
5.000
10/01/2030
819,718
415,000
5.000
10/01/2032
440,683
350,000
5.000
10/01/2033
371,284
265,000
5.000
10/01/2034
280,897
435,000
5.000
10/01/2035
459,907
600,000
5.000
10/01/2036
633,065
525,000
5.000
10/01/2037
552,394
805,000
5.000
10/01/2038
844,117
1,000,000
5.000
10/01/2039
1,046,279
3,160,000
5.000
10/01/2049
3,255,383
County
of
Osceola
Transportation
RB
Refunding
Series
2019
A-2
(NR/BBB+)
155,000
0.000
(f)
10/01/2025
146,986
275,000
0.000
(f)
10/01/2026
250,464
360,000
0.000
(f)
10/01/2027
315,430
500,000
0.000
(f)
10/01/2028
420,744
700,000
0.000
(f)
10/01/2029
564,292
Creek
Preserve
Community
Development
District
Special
Assessment
RB
Series
2019
(NR/NR)
120,000
3.875
(d)
11/01/2024
119,863
740,000
4.250
(d)
11/01/2030
738,976
Creek
Preserve
Community
Development
District
Special
Assessment
RB
Series
2020
(NR/NR)
100,000
3.125
(d)
11/01/2030
92,220
Creekview
Community
Development
District
Special
Assessment
RB
Series
2022
(NR/NR)
345,000
3.875
05/01/2027
342,973
755,000
4.250
05/01/2032
755,695
2,185,000
4.625
05/01/2042
2,145,463
Cresswind
Deland
Community
Development
District
City
of
Deland
Florida
Special
Assessment
Bonds
Series
2024
Assessment
Area
One
(NR/NR)
545,000
4.700
05/01/2031
546,622
945,000
5.375
05/01/2044
944,439
Cross
Creek
North
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
2,000,000
4.250
05/01/2042
1,883,693
Cross
Creek
North
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
1,040,000
5.125
05/01/2043
1,055,716
Crystal
Cay
Community
Development
District
Special
Assessment
for
2021
Project
Series
2021
(NR/NR)
95,000
2.250
05/01/2026
92,135
400,000
2.700
05/01/2031
369,299
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)
$
590,000
4.625%
05/01/2030
$
596,348
600,000
5.250
05/01/2043
610,087
Cypress
Mill
Community
Development
District
Special
Assessment
Bonds
for
Bank
Qualified
2023
Project
Series
2023
(NR/BBB)
950,000
5.000
05/01/2053
940,579
Cypress
Mill
Community
Development
District
Special
Assessment
for
Area
Two
Project
Series
2020
(NR/NR)
145,000
2.625
06/15/2025
142,782
615,000
3.000
06/15/2031
564,468
Cypress
Park
Estates
Community
Development
District
Special
Assessment
Area
1
Project
Series
2020
(NR/NR)
55,000
2.625
(d)
05/01/2025
54,296
295,000
3.250
(d)
05/01/2030
278,606
Cypress
Park
Estates
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
135,000
4.375
05/01/2027
134,939
350,000
4.750
05/01/2032
354,061
450,000
5.000
05/01/2042
444,918
Davenport
Road
South
Community
Development
District
Special
Assessment
Bonds
Series
2018
(NR/NR)
730,000
4.500
(d)
11/01/2028
737,256
Deer
Run
Community
Development
District
Special
Assessment
RB
Refunding
Series
2018
(NR/NR)
2,285,000
5.400
05/01/2039
2,373,986
Deerbrook
Community
Development
District
Pasco
County,
Florida
Special
Assessment
Bonds,
Series
2023
2023
Project
(NR/NR)
1,095,000
5.250
05/01/2043
1,114,978
Del
Webb
Bexley
Community
Development
District
Special
Assessment
Series
2018
(NR/NR)
1,670,000
5.300
05/01/2039
1,712,872
Del
Webb
Oak
Creek
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
435,000
4.125
05/01/2030
437,095
DG
Farms
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
155,000
3.250
05/01/2030
147,869
Downtown
Doral
South
Community
Development
District
Special
Assessment
Bonds
Series
2018
(NR/NR)
1,545,000
4.600
(d)
05/01/2028
1,563,507
745,000
4.250
(d)
12/15/2028
745,458
2,395,000
4.750
(d)
12/15/2038
2,398,779
Durbin
Crossing
Community
Development
District
Special
Assessment
Refunding
Senior
Series
2017
A-1
(AGM)
(NR/AA)
690,000
3.750
05/01/2034
685,001
955,000
4.000
05/01/2037
958,986
DW
Bayview
Community
Development
District
Special
Assessment
Bond
Series
2021
(NR/NR)
150,000
2.375
(d)
05/01/2026
145,908
470,000
3.000
(d)
05/01/2032
446,437
DW
Bayview
Community
Development
District
Special
Assessment
Bonds
for
Manatee
County
Series
2022
(NR/NR)
175,000
4.500
05/01/2032
178,839
500,000
5.125
05/01/2042
511,658
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(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)
$
80,000
4.375%
05/01/2027
$
80,342
Eagle
Pointe
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
60,000
3.000
(d)
05/01/2025
59,408
440,000
3.625
(d)
05/01/2031
418,231
East
547
Community
Development
District
Special
Assessment
Bond
for
Assessment
Area
One
Project
Series
2021
(NR/NR)
50,000
2.500
05/01/2026
48,476
260,000
3.000
05/01/2031
238,382
425,000
3.300
05/01/2041
345,894
East
547
Community
Development
District
Special
Assessment
Bond
for
Assessment
Area
Two
Project
Series
2023
(NR/NR)
650,000
6.250
05/01/2043
689,572
East
Bonita
Beach
Road
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
Two
Series
2021
(NR/NR)
205,000
2.250
05/01/2026
198,465
460,000
3.000
05/01/2032
432,750
East
Homestead
Community
Development
District
Special
Assessment
Bonds
Expansion
Area
Project
Series
2019
(NR/NR)
50,000
3.750
11/01/2024
49,946
East
Homestead
Community
Development
District
Special
Assessment
Expansion
Bonds
Area
Project
Series
2019
(NR/NR)
280,000
4.125
11/01/2029
280,305
Eden
Hills
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
270,000
3.250
05/01/2027
266,137
530,000
3.625
05/01/2032
513,649
780,000
4.000
05/01/2042
708,033
Eden
Hills
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
35,000
2.750
05/01/2025
34,634
110,000
3.250
05/01/2030
107,098
Edgewater
East
Community
Development
District
Special
Assessment
for
Assessment
Area
Once
Series
2021
(NR/NR)
195,000
2.500
05/01/2026
188,985
700,000
3.100
05/01/2031
648,176
Edgewater
East
Community
Development
District
Special
Assessment
RB
Series
2022
(NR/NR)
650,000
3.000
05/01/2027
626,232
1,870,000
3.375
05/01/2032
1,747,006
1,870,000
4.000
05/01/2042
1,664,933
Enbrook
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
430,000
3.000
(d)
05/01/2030
398,590
Entrada
Community
Development
District
Capital
Improvement
RB
Series
2023
(NR/NR)
625,000
4.875
05/01/2033
645,583
400,000
5.600
05/01/2043
418,899
Entrada
Community
Development
District
Special
Assessment
Bond
Series
2021
(NR/NR)
375,000
2.625
(d)
05/01/2031
347,532
1,860,000
3.125
(d)
05/01/2041
1,614,003
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)
$
125,000
2.450%
11/01/2026
$
120,130
245,000
3.100
11/01/2031
224,420
Epperson
North
Community
Development
District
Special
Assessment
for
Assessment
Area
#2
Series
2021
(NR/NR)
85,000
2.500
05/01/2026
82,276
315,000
3.000
05/01/2031
288,258
325,000
3.500
05/01/2041
269,583
Escambia
County
Health
Facilities
Authority
Health
Care
Facilities
RB
Series
2020A
(Baa2/BBB)
3,705,000
4.000
08/15/2045
3,343,450
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
1,414,456
3,140,000
5.000
08/15/2032
3,265,426
355,000
5.000
08/15/2033
368,236
2,045,000
5.000
08/15/2034
2,116,191
2,595,000
5.000
08/15/2035
2,676,804
9,500,000
5.000
08/15/2036
9,778,911
4,080,000
5.000
08/15/2040
4,157,660
Escambia
County
International
Paper
Company
Environmental
Improvement
Revenue
Refunding
Bonds
Series
2019B
(Baa2/BBB)
(PUTABLE)
400,000
2.000
(a)(b)
11/01/2033
397,101
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
459,457
1,375,000
3.625
11/01/2030
1,305,320
Esplanade
Lake
Club
Community
Development
District
Special
Assessment
for
Capital
Improvement
Program
Series
2019
A-2
(NR/NR)
5,000
3.250
11/01/2025
4,940
Evergreen
Community
Development
District
Special
Assessment
RB
Series
2019
(NR/NR)
70,000
4.125
(d)
11/01/2024
69,972
445,000
4.250
(d)
11/01/2029
446,924
Everlands
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
Two
–
2024
Project
Area
Series
2024
(NR/NR)
850,000
4.400
06/15/2031
854,927
Fallschase
Community
Development
District
Special
Assessment
Bonds
for
Leon
County
Series
2021
(NR/NR)
1,000,000
4.000
05/01/2052
826,266
Fallschase
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
700,000
2.625
05/01/2026
680,278
1,220,000
3.125
05/01/2031
1,124,070
Fiddlers
Creek
Community
Development
District
No.
2
Special
Assessment
Refunding
Series
2019
(NR/NR)
1,575,000
4.250
05/01/2029
1,584,146
3,020,000
5.000
05/01/2035
3,097,333
Finley
Woods
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Series
2020
(NR/NR)
355,000
3.500
05/01/2030
338,143
165,000
4.000
05/01/2040
149,111
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
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)
$
1,450,000
2.750%
11/01/2035
$
1,225,641
Florida
Development
Finance
Corp.
Educational
Facilities
RB
Series
2022A
(Ba3/NR)
1,265,000
5.000
(d)
07/01/2032
1,229,141
3,000,000
5.375
(d)
07/01/2042
2,836,312
Florida
Development
Finance
Corp.
Educational
RB
for
Cornerstone
Charter
Academy
Project
Series
2022
(NR/BB+)
2,005,000
5.000
(d)
10/01/2042
2,033,484
Florida
Development
Finance
Corp.
RB
Brightline
Florida
Passenger
Rail
Project
Brightline
Trains
Florida
LLC
Issue
Series
2024
(AMT)
(NR/BBB-)
6,700,000
5.250
07/01/2047
6,920,125
9,000,000
5.500
07/01/2053
9,373,681
Florida
Development
Finance
Corp.
RB
Brightline
Florida
Passenger
Rail
Project
Brightline
Trains
Florida
LLC
Issue
Series
2024
(AMT)
(AGM)
(NR/AA)
30,000,000
5.000
07/01/2044
31,574,949
12,400,000
5.250
07/01/2047
13,043,256
23,000,000
5.250
07/01/2053
24,058,262
Florida
Development
Finance
Corp.
RB
Brightline
Florida
Passenger
Rail
Project
Brightline
Trains
Florida
LLC
Issue
Series
2024
(AMT)
(NR/NR)
44,390,000
12.000
(a)(b)(d)
07/15/2032
47,225,567
Florida
Development
Finance
Corp.
RB
for
Brightline
Florida
Passenger
Rail
Expansion
Project
Series
2023C
(NR/BBB-)
10,750,000
8.250
(a)(b)(d)
07/01/2057
11,146,581
Florida
Development
Finance
Corp.
RB
for
Discovery
High
School
&
Discovery
Academy
of
Lake
Alfred
Obligated
Group
Series
2020
A
(NR/NR)
1,280,000
4.000
(d)
06/01/2030
1,158,648
Florida
Development
Finance
Corp.
RB
for
Imagine
School
at
Broward
Series
2019
A
(Baa3/NR)
425,000
4.000
(d)
12/15/2029
412,089
725,000
5.000
(d)
12/15/2034
736,419
770,000
5.000
(d)
12/15/2039
776,941
Florida
Development
Finance
Corp.
RB
for
Mayflower
Retirement
Center,
Inc.
Obligated
Group
Series
2020
A
(NR/NR)
1,670,000
5.125
(d)
06/01/2040
1,600,649
Florida
Development
Finance
Corp.
RB
for
River
City
Education
Obligated
Group
Series
2021
A
(Baa3/NR)
320,000
4.000
07/01/2035
314,259
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
385,620
Florida
Development
Finance
Corp.
RB
Refunding
for
Glenridge
on
Palmer
Ranch
Obligated
Group
Series
2021
(NR/NR)
275,000
5.000
(d)
06/01/2031
274,194
200,000
5.000
(d)
06/01/2035
198,994
Florida
Development
Finance
Corp.
RB
Refunding
for
Global
Outreach
Charter
Academy
Obligated
Group
Series
2021
A
(B1/NR)
630,000
4.000
(d)
06/30/2036
556,356
660,000
4.000
(d)
06/30/2041
542,650
Florida
Development
Finance
Corp.
RB
Refunding
for
Mayflower
Retirement
Center,
Inc.
Obligated
Group
Series
2020
A
(NR/NR)
415,000
4.000
(d)
06/01/2026
404,245
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Florida
Development
Finance
Corp.
RB
Refunding
for
Nova
Southeastern
University,
Inc.
Series
2020
A
(A3/A-)
$
300,000
5.000%
04/01/2027
$
311,670
250,000
5.000
04/01/2029
266,338
Florida
Development
Finance
Corp.
RB
Refunding
for
Renaissance
Charter
School,
Inc.
Series
2020
C
(NR/NR)
470,000
4.000
(d)
09/15/2030
450,922
1,050,000
5.000
(d)
09/15/2040
1,008,211
Florida
Development
Finance
Corp.
Student
Housing
RB
Senior
Series
2024A-1
(NR/NR)
1,600,000
5.000
(d)
06/01/2044
1,631,278
Florida
Higher
Educational
Facilities
Financial
Authority
RB
for
Florida
Institute
of
Technology,
Inc.
Series
2019
(NR/BBB-)
350,000
5.000
10/01/2024
350,248
Florida
Higher
Educational
Facilities
Financial
Authority
RB
for
Jacksonville
University
Project
Series
2018
A-1
(NR/NR)
2,000,000
4.500
(d)
06/01/2033
2,006,937
250,000
4.750
(d)
06/01/2038
248,203
4,500,000
5.000
(d)
06/01/2048
4,341,620
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
2,030,617
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
2,769,485
Florida
Housing
Finance
Corp.
Multifamily
Mortgage
RB
for
Brownsville
Transit
Village
V
2024
Series
B
(GNMA
COLL)
(NR/AA+)
(PUTABLE)
1,445,000
3.350
(a)(b)
10/01/2027
1,424,975
Florida
Insurance
Assistance
Interlocal
Agency
Insurance
Assessment
RB
Series
2023A-1
(A2/A)
8,795,000
5.000
09/01/2025
8,873,009
4,530,000
5.000
09/01/2026
4,622,136
3,305,000
5.000
09/01/2027
3,404,926
Flow
Way
Community
Development
District
Special
Assessment
Bonds
for
Phase
5
Project
Series
2016
(NR/NR)
1,540,000
4.875
11/01/2037
1,548,103
Flow
Way
Community
Development
District
Special
Assessment
Bonds
for
Phase
6
Project
Series
2017
(NR/NR)
200,000
4.000
11/01/2028
199,498
1,065,000
5.000
11/01/2038
1,080,705
Flow
Way
Community
Development
District
Special
Assessment
Bonds
for
Phase
7
&
8
Project
Series
2019
(NR/NR)
95,000
3.350
11/01/2024
94,704
1,785,000
4.125
11/01/2039
1,653,445
Forest
Brooke
Community
Development
District
Special
Assessment
Subordinated
Bonds
Series
2019
A-2
(NR/NR)
465,000
3.750
11/01/2039
409,955
Forest
Lake
Community
Development
District
Special
Assessment
for
Assessment
Area1
Series
2020
(NR/NR)
180,000
2.625
(d)
05/01/2025
177,761
495,000
3.250
(d)
05/01/2030
477,984
Gardens
at
Hammock
Beach
Community
Development
District
Flagler
County
Florida
Special
Assessment
Bonds
Assessment
Area
One
Series
2024-1
(NR/NR)
525,000
5.650
05/01/2054
522,777
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Gardens
at
Hammock
Beach
Community
Development
District
Flagler
County
Florida
Special
Assessment
Bonds
Assessment
Area
Two
Series
2024-2
(NR/NR)
$
270,000
5.000%
05/01/2031
$
268,884
Gracewater
Sarasota
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
615,000
2.950
05/01/2031
559,875
1,595,000
3.350
05/01/2041
1,302,382
Grand
Bay
at
Doral
Community
Development
District
Special
Assessment
for
South
Parcel
Assessment
Area
Project
Series
2016
(NR/NR)
360,000
4.250
05/01/2026
361,510
Grand
Oaks
Community
Development
District
Special
Assessment
Bonds
Assessment
Area
2
Series
2020
(NR/NR)
285,000
3.250
05/01/2025
282,789
1,355,000
4.000
05/01/2030
1,334,420
Grand
Oaks
Community
Development
District
Special
Assessment
RB
Series
2019
A
(NR/NR)
100,000
3.750
11/01/2024
99,849
555,000
4.125
11/01/2029
555,387
1,195,000
4.750
11/01/2039
1,186,603
1,930,000
5.000
11/01/2050
1,896,759
Grand
Oaks
Community
Development
District
Special
Assessment
RB
Series
2021
(NR/NR)
215,000
3.200
11/01/2031
198,083
500,000
3.500
11/01/2041
413,651
Grande
Pines
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
295,000
2.500
05/01/2026
286,075
Grande
Pines
Community
Development
District
Special
Assessment
RB
for
Assessment
Area
Two
Series
2024
(NR/NR)
515,000
4.650
05/01/2034
518,225
755,000
5.450
05/01/2044
762,978
Greater
Orlando
Aviation
Authority
Airport
Facilities
RB
Refunding
for
Jetblue
Airways
Corp.
Project
Series
2013
(NR/NR)
990,000
5.000
11/15/2036
990,410
Grove
Resort
Community
Development
District
Special
Assessment
RB
Series
2022
(NR/NR)
170,000
3.300
05/01/2032
156,371
440,000
3.550
05/01/2042
364,131
Gulfstream
Polo
Community
Development
District
Special
Assessment
Phase#2
Project
Series
2019
(NR/NR)
55,000
3.000
11/01/2024
54,805
1,195,000
3.500
11/01/2030
1,146,349
Hacienda
Lakes
Community
Development
District
Special
Assessment
Refunding
Series
2016
(NR/NR)
250,000
3.875
05/01/2026
248,540
Hacienda
North
Community
Development
District
Special
Assessment
RB
Series
2023
(NR/NR)
1,650,000
6.300
05/01/2043
1,776,976
Hamilton
Bluff
Community
Development
District
Special
Assessment
Bonds,
Series
2024
(Assessment
Area
One
Project)
(NR/NR)
1,000,000
4.700
05/01/2031
1,004,626
Hammock
oaks
Community
Development
District
Special
Assessment
Area
One
Bonds
Series
2023
(NR/NR)
700,000
5.625
05/01/2043
723,033
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Hammock
Oaks
Community
Development
District
Town
of
Lady
Lake
Florida
Special
Assessment
Bonds
Series
2024
Assessment
Area
Two
(NR/NR)
$
900,000
5.850%
05/01/2044
$
914,213
Hammock
Reserve
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
280,000
4.200
05/01/2027
279,323
435,000
4.400
05/01/2032
437,163
565,000
4.700
05/01/2042
541,187
Hammock
Reserve
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Project
Series
2020
(NR/NR)
110,000
2.625
05/01/2025
108,561
510,000
3.250
05/01/2030
489,635
Hammock
Reserve
Community
Development
District
Special
Assessment
for
Assessment
Area
Two
Project
Series
2021
(NR/NR)
85,000
2.375
05/01/2026
82,280
205,000
3.000
05/01/2031
188,321
Harbor
Bay
Community
Development
District
Special
Assessment
RB
Refunding
Series
2019
A-2
(NR/NR)
1,880,000
3.300
05/01/2029
1,812,378
365,000
3.700
05/01/2033
342,745
Harbor
Bay
Community
Development
District
Special
Assessment
RB
Series
2019
A-1
(NR/NR)
1,140,000
3.300
05/01/2029
1,098,589
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
816,693
Hawks
Point
Community
Development
District
Special
Assessment
Refunding
Senior
Series
2017
A-1
(NR/A-)
265,000
4.000
05/01/2025
265,049
140,000
4.000
05/01/2026
140,227
Hawkstone
Community
Development
District
Special
Assessment
Area
1
RB
Series
2019
(NR/NR)
35,000
3.250
11/01/2024
34,887
400,000
3.500
11/01/2030
379,407
1,000,000
3.875
11/01/2039
896,567
Hawkstone
Community
Development
District
Special
Assessment
Area
2
RB
Series
2019
(NR/NR)
125,000
3.625
11/01/2030
119,419
Hawkstone
Community
Development
District
Special
Assessment
RB
Series
2021
(NR/NR)
185,000
2.600
05/01/2026
179,550
435,000
3.200
05/01/2031
404,364
1,000,000
3.450
05/01/2041
841,052
Hawthorne
Mill
North
Community
Development
District
City
of
Lakeland
Florida
Capital
Improvement
RB
Series
2024
Assessment
Area
Two
(NR/NR)
635,000
4.600
(d)(i)
05/01/2031
633,317
1,000,000
5.200
(d)(i)
05/01/2044
994,291
Heritage
Harbour
North
Community
Development
District
Special
Assessment
Series
2014
(NR/NR)
785,000
5.000
05/01/2034
812,924
Heritage
Isle
at
Viera
Community
Development
District
Special
Assessment
Refunding
Series
2017
(AGM)
(NR/AA)
225,000
4.000
05/01/2025
225,778
230,000
4.000
05/01/2026
232,285
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Heritage
Isle
at
Viera
Community
Development
District
Special
Assessment
Refunding
Series
2017
(AGM)
(NR/AA)
–
(continued)
$
240,000
4.000%
05/01/2027
$
243,865
250,000
4.000
05/01/2028
254,209
Heritage
Landing
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2015
(NR/BBB)
625,000
3.625
05/01/2025
619,635
650,000
3.750
05/01/2026
641,088
1,005,000
4.200
05/01/2031
984,623
1,000,000
4.350
05/01/2036
982,288
Herons
Glen
Recreation
District
Special
Assessment
Refunding
Bonds
Series
2020
(BAM)
(NR/AA)
365,000
2.500
05/01/2030
334,338
375,000
2.500
05/01/2031
338,740
300,000
3.000
05/01/2032
281,219
300,000
3.000
05/01/2033
278,511
245,000
3.000
05/01/2034
224,055
255,000
3.000
05/01/2035
231,705
260,000
3.000
05/01/2036
233,092
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
1,335,719
Highland
Meadows
West
Community
Development
District
Special
Assessment
for
Assessment
Area
2
Series
2020
A
(NR/NR)
60,000
2.875
05/01/2025
59,266
200,000
3.250
05/01/2031
185,731
Highland
Meadows
West
Community
Development
District
Special
Assessment
for
Assessment
Area
3
Series
2020
A
(NR/NR)
140,000
3.250
05/01/2031
130,012
Highlands
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Areas
3B
and
5
Project
Series
2018
(NR/NR)
60,000
4.000
(d)
12/15/2024
59,969
550,000
4.250
(d)
12/15/2029
552,986
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
19,837
220,000
3.875
11/01/2031
213,446
300,000
4.200
11/01/2039
280,311
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
299,199
865,000
5.375
11/01/2037
882,920
775,000
5.500
11/01/2047
784,894
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
60,848
335,000
5.500
11/01/2047
339,277
Hillcrest
Community
Development
District
Special
Assessment
Bonds
for
Capital
Improvement
Program
Series
2018
(NR/NR)
790,000
4.000
11/01/2028
789,078
700,000
4.500
11/01/2038
682,698
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Hills
Minneola
Community
Development
District
Special
Assessments
for
South
Parcel
Assessment
Area
Series
2020
(NR/NR)
$
345,000
3.000%
(d)
05/01/2025
$
341,542
1,020,000
3.500
(d)
05/01/2031
971,297
Hills
Minneola
Community
Development
District
Special
Assessments
for
South
Parcel
Assessment
Area
Series
2021
(NR/NR)
250,000
2.800
05/01/2031
226,612
1,000,000
3.200
05/01/2041
805,923
Hills
of
Minneola
Community
Development
District
City
of
Minneola
Florida
Special
Assessment
RB
Series
2024
(NR/NR)
420,000
4.700
05/01/2031
423,088
Hillsborough
County
Aviation
Authority
Revenue
Refunding
Bonds
Series
2015-A
(NR/AA-)
6,275,000
5.000
10/01/2040
6,279,200
Hobe-St.
Lucie
Conservancy
District
Improvement
Bonds
Unit
of
Development
No.
1A
Series
2024
(NR/NR)
800,000
5.600
05/01/2044
824,739
Holly
Hill
Road
East
Community
Development
District
Special
Assessment
for
Area
3
Project
Series
2020
(NR/NR)
45,000
4.000
11/01/2025
44,908
165,000
4.500
11/01/2031
174,445
170,000
5.000
11/01/2041
180,111
Homestead
50
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2021
(NR/NR)
747,000
3.000
05/01/2031
682,818
933,000
3.000
05/01/2037
772,982
Housing
Finance
Authority
of
Broward
County
Multifamily
Housing
RB
for
Pinnacle
441
Phase
2
Series
2023
(Aaa/NR)
(PUTABLE)
1,705,000
4.050
(a)(b)
09/01/2056
1,707,080
Housing
Finance
Authority
of
Miami-Dade
County
Multifamily
Housing
RB
for
St.
Mary
Towers
Apartments
Series
2024
(HUD
SECT
8)
(Aaa/NR)
1,000,000
3.400
(a)(b)
04/01/2041
986,910
Hunt
Club
Grove
Community
Development
District
City
of
Lake
Wales
Florida
Special
Assessment
Bonds
Series
2024
Assessment
Area
One
(NR/NR)
330,000
4.850
06/15/2031
330,464
1,040,000
5.375
06/15/2044
1,041,925
Hunters
Ridge
Community
Development
District
No.
1
Assessment
Area
Special
Assessment
Bonds
Series
2019
(NR/NR)
40,000
4.000
(d)
11/01/2024
39,969
210,000
5.000
(d)
11/01/2039
212,419
Island
Lake
Estates
Community
Development
District
2023
Project
Special
Assessment
Bonds
Series
2023
(NR/NR)
1,360,000
5.750
12/15/2043
1,428,640
K-Bar
Ranch
II
Community
Development
District
Special
Assessment
Bonds
Series
2017
A
(NR/NR)
1,175,000
4.500
(d)
05/01/2038
1,145,731
1,855,000
4.625
(d)
05/01/2048
1,726,780
K-Bar
Ranch
II
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
670,000
2.750
05/01/2031
602,135
765,000
3.125
05/01/2041
605,181
Kelly
Park
Community
Development
District
915,000
6.000
11/01/2043
952,033
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(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)
$
55,000
2.625%
05/01/2025
$
54,311
155,000
3.000
05/01/2030
147,997
Kindred
Community
Development
District
II
Special
Assessment
Bonds
Series
2021
(NR/NR)
600,000
3.125
05/01/2041
520,646
Kindred
Community
Development
District
II
Special
Assessment
RB
Series
2023
(NR/NR)
640,000
4.900
05/01/2033
662,070
Kindred
Community
Development
District
Special
Assessment
Bond
Series
2017
(NR/NR)
1,000,000
4.625
05/01/2037
998,645
Kingman
Gate
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
155,000
2.750
06/15/2025
153,294
485,000
3.125
06/15/2030
472,384
375,000
4.000
06/15/2040
367,574
Kingman
Gate
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
700,000
3.600
06/15/2041
647,721
Knightsbridge
Community
Development
District
Special
Assessment
Bonds
Series
2024
(NR/NR)
245,000
4.250
(d)
06/15/2031
244,790
Lake
Deer
Community
Development
District
Special
Assessment
Bonds
for
Polk
County
Series
2022
(NR/NR)
230,000
4.500
05/01/2027
229,533
305,000
5.000
05/01/2032
306,173
890,000
5.500
05/01/2042
906,263
Lake
Emma
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
Two
Series
2023
(NR/NR)
545,000
4.500
(d)
05/01/2030
549,604
550,000
5.250
(d)
05/01/2043
560,426
Lake
Harris
Community
Development
District
2023
Project
Area
Special
Assessment
Bonds
Series
2023
(NR/NR)
175,000
4.700
05/01/2030
177,328
Lake
Hideaway
Community
Development
District
Hernando
County
Florida
Capital
Improvement
RB
Series
2024
Assessment
Area
One
(NR/NR)
750,000
4.750
05/01/2031
751,018
Lakeshore
Ranch
Community
Development
District
Special
Assessment
Refunding
Series
2019
A-2
(NR/NR)
355,000
3.500
05/01/2030
338,143
325,000
4.000
05/01/2035
311,400
Lakewood
Park
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
625,000
5.625
05/01/2043
651,391
Lakewood
Park
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Series
2021
(NR/NR)
70,000
2.625
05/01/2026
68,028
125,000
3.200
05/01/2031
116,701
Lakewood
Ranch
Stewardship
District
Special
Assessment
for
Azario
Project
Series
2019
(NR/NR)
95,000
3.125
05/01/2025
94,219
370,000
3.400
05/01/2030
354,114
Lakewood
Ranch
Stewardship
District
Special
Assessment
for
Lorraine
Lakes
Project
Series
2020
(NR/NR)
225,000
2.500
(d)
05/01/2025
221,837
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)
$
225,000
3.250%
05/01/2029
$
216,205
200,000
3.850
05/01/2039
180,939
Lakewood
Ranch
Stewardship
District
Special
Assessment
for
Northeast
Sector
Project
-
Phase
2C
Series
2020
(NR/NR)
470,000
3.000
05/01/2030
437,144
750,000
3.500
05/01/2040
639,484
Lakewood
Ranch
Stewardship
District
Special
Assessment
for
Sweetwater
Project
Series
2021
(NR/NR)
295,000
2.625
05/01/2031
264,227
1,000,000
3.100
05/01/2041
797,104
Lakewood
Ranch
Stewardship
District
Special
Assessment
RB
for
Cresswind
Project
Series
2019
(NR/NR)
285,000
3.800
05/01/2029
282,217
Lakewood
Ranch
Stewardship
District
Special
Assessment
RB
for
Del
Webb
Project
Series
2017
(NR/NR)
320,000
4.300
(d)
05/01/2027
322,643
Lakewood
Ranch
Stewardship
District
Special
Assessment
RB
for
Indigo
Expansion
Area
Project
Series
2019
(NR/NR)
570,000
3.200
(d)
05/01/2029
549,551
Lakewood
Ranch
Stewardship
District
Special
Assessment
RB
for
Lake
Club
Phase
4
Project
Series
2019
(NR/NR)
220,000
3.800
05/01/2029
217,852
Lakewood
Ranch
Stewardship
District
Special
Assessment
RB
for
Lakewood
Centre
North
Project
Series
2015
(NR/NR)
240,000
4.250
05/01/2025
240,325
1,605,000
4.875
05/01/2035
1,611,419
905,000
4.875
05/01/2045
901,679
Lakewood
Ranch
Stewardship
District
Special
Assessment
RB
for
Lakewood
National
&
Polo
Run
Projects
Series
2017
(NR/NR)
515,000
4.625
05/01/2027
521,775
1,000,000
5.250
05/01/2037
1,020,392
Lakewood
Ranch
Stewardship
District
Special
Assessment
RB
for
North
East
Sector
Project
-
Phase
1A
Series
2018
(NR/NR)
870,000
4.250
05/01/2028
874,788
Lakewood
Ranch
Stewardship
District
Special
Assessment
RB
for
North
East
Sector
Project
-
Phase
1B
Series
2018
(NR/NR)
1,970,000
4.750
05/01/2029
2,008,788
2,250,000
5.300
05/01/2039
2,313,421
Lakewood
Ranch
Stewardship
District
Special
Assessment
RB
for
Taylor
Ranch
Project
Series
2023
(NR/NR)
2,400,000
6.125
05/01/2043
2,550,886
Lakewood
Ranch
Stewardship
District
Special
Assessment
RB
for
Villages
of
Lakewood
Ranch
South
Project
Series
2016
(NR/NR)
120,000
4.250
05/01/2026
120,142
5,470,000
5.000
05/01/2036
5,535,868
3,945,000
5.125
05/01/2046
3,956,650
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
458,873
500,000
2.000
05/01/2029
448,392
Lakewood
Ranch
Stewardship
District
Special
Assessment
RB
Series
2021
(NR/NR)
425,000
3.000
05/01/2041
335,183
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Lakewood
Ranch
Stewardship
District
Special
Assessment
RB
Series
2024
(NR/NR)
$
485,000
5.300%
05/01/2044
$
489,806
Lakewood
Ranch
Stewardship
District
Special
Assessment
Refunding
for
Northeast
Sector
Project
-
Phase
2B
Series
2020
(NR/NR)
135,000
2.500
(d)
05/01/2025
133,101
440,000
3.200
(d)
05/01/2030
414,061
Lakewood
Ranch
Stewardship
District
The
Isles
at
Lakewood
Ranch
Project
Phase
1
Special
Assessment
Bonds
Series
2019
(NR/NR)
275,000
3.875
05/01/2029
273,180
Landings
at
Miami
Community
Development
District
Special
Assessment
Bonds
Series
2018
(NR/NR)
560,000
4.125
(d)
11/01/2028
561,262
250,000
4.750
(d)
11/01/2048
238,521
Landings
Community
Development
District
City
of
Palm
Coast
Florida
Special
Assessment
Bonds
North
Tract
Series
2024
(NR/NR)
275,000
5.000
05/01/2031
275,655
1,025,000
5.500
05/01/2044
1,027,969
860,000
5.800
05/01/2055
863,805
Landmark
at
Doral
Community
Development
District
Senior
Special
Assessment
Refunding
for
North
Parcel
Assessment
Area
Series
2019
A-1
(NR/AA-)
490,000
3.000
05/01/2025
480,619
500,000
3.000
05/01/2026
483,337
520,000
3.000
05/01/2027
496,909
535,000
3.000
05/01/2028
505,011
550,000
3.000
05/01/2029
515,376
1,605,000
3.000
05/01/2035
1,414,721
Landmark
at
Doral
Community
Development
District
Subordinate
Special
Assessment
Refunding
for
North
Parcel
Assessment
Area
Series
2019
A-2
(NR/NR)
535,000
3.375
05/01/2030
507,512
925,000
4.000
05/01/2038
855,278
Lawson
Dunes
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
235,000
4.375
05/01/2027
235,329
435,000
4.750
05/01/2032
441,027
370,000
5.000
05/01/2042
373,292
Lee
County
Industrial
Development
Authority
Florida
Healthcare
Facilities
RB
Series
2024
Shell
Point
Obligated
Group
Series
2024A
(NR/BBB+)
2,375,000
5.250
(i)
11/15/2044
2,552,138
Lee
County
Industrial
Development
Authority
Florida
Healthcare
Facilities
RB
Series
2024
Shell
Point
Obligated
Group
Series
2024B-1
(NR/BBB+)
1,850,000
4.750
(i)
11/15/2029
1,853,918
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
327,604
340,000
3.500
05/01/2026
334,974
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
4,656,616
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Live
Oak
Lake
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
$
200,000
3.125%
05/01/2025
$
198,246
Long
Lake
Reserve
Community
Development
District
Special
Assessment
Bonds
Series
2018
(NR/NR)
1,210,000
5.000
05/01/2038
1,225,056
Longleaf
Community
Development
District
(NR/NR)
391,000
5.375
05/01/2030
391,183
Longleaf
Community
Development
District
Capital
Improvement
RB
Series
2024
(NR/NR)
405,000
4.500
(d)
05/01/2031
408,633
LT
Ranch
Community
Development
District
Capital
Improvement
RB
Series
2022-1
(NR/NR)
100,000
5.300
05/01/2032
103,271
285,000
5.750
05/01/2042
296,487
460,000
5.900
05/01/2053
474,779
LT
Ranch
Community
Development
District
Special
Assessment
Series
2019
(NR/NR)
255,000
3.000
05/01/2025
252,477
975,000
3.400
05/01/2030
925,851
1,420,000
4.000
05/01/2040
1,296,328
LTC
Ranch
West
Residential
Community
Development
District
City
of
Port
St.
Lucie
Florida
Special
Assessment
RB
Series
2024
(NR/NR)
500,000
4.875
05/01/2031
502,182
315,000
5.700
05/01/2044
318,053
1,150,000
5.750
05/01/2044
1,161,117
LTC
Ranch
West
Residential
Community
Development
District
Special
Assessment
Bonds
Series
2021
B
(NR/NR)
1,100,000
3.250
05/01/2031
1,020,332
LTC
Ranch
West
Residential
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Project
Series
2021
A
(NR/NR)
185,000
2.500
05/01/2026
179,223
700,000
3.125
05/01/2031
644,203
775,000
3.450
05/01/2041
639,847
Lucerne
Park
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
290,000
4.000
05/01/2029
289,203
Lynwood
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
885,000
3.625
06/15/2030
848,052
Mandarin
Grove
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
1,345,000
6.625
(d)
05/01/2053
1,463,347
Mangrove
Point
Community
Development
District
Capital
Improvement
RB
Series
2022
(NR/NR)
350,000
4.000
05/01/2032
344,699
1,050,000
4.250
05/01/2042
969,744
Marion
Ranch
Community
Development
District
Marion
County
Florida
Special
Assessment
Bonds
Series
2024
(NR/NR)
250,000
5.100
05/01/2031
251,694
450,000
5.700
05/01/2044
456,242
McJunkin
Parkland
Community
Development
District
Special
Assessment
Bonds
Series
2018
(NR/NR)
1,000,000
4.750
(d)
11/01/2029
1,018,716
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Meadow
Pines
Community
Development
District
Special
Assessment
Refunding
Bonds
Senior
Lien
Series
2014
1
(NR/A)
$
745,000
4.450%
05/01/2030
$
745,093
Meadow
View
at
Twin
Creeks
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
505,000
3.000
05/01/2031
462,170
1,785,000
3.250
05/01/2041
1,435,568
Merrick
Square
Community
Development
District
Capital
Improvement
RB
Series
2023
(NR/NR)
750,000
5.400
05/01/2043
773,803
Miami
Dade
County
Aviation
Revenue
Refunding
Bonds
Series
2015A
(NR/A+)
30,000,000
5.000
10/01/2038
30,181,182
Miami
Dade
County
Aviation
Revenue
Refunding
Bonds
Series
2017B
(AMT)
(NR/A+)
11,565,000
5.000
10/01/2040
11,764,962
Miami
RB
Refunding
Parking
System
Series
2019
(BAM)
(A1/AA)
1,000,000
4.000
10/01/2038
1,003,055
Miami
World
Center
Community
Development
District
Special
Assessment
Bonds
Series
2017
(NR/NR)
1,000,000
4.750
11/01/2027
1,017,418
850,000
5.125
11/01/2039
865,355
2,350,000
5.250
11/01/2049
2,390,714
Miami-Dade
County
Aviation
Revenue
Refunding
Bonds
Series
2019A
(NR/A+)
2,225,000
5.000
10/01/2049
2,274,450
Miami-Dade
County
Capital
Asset
Acquisition
Special
Obligation
Bonds
Series
2023A
(Aa2/AA)
3,770,000
5.000
04/01/2045
4,023,280
9,810,000
5.000
04/01/2048
10,396,883
Miami-Dade
County
IDA
Educational
Facilities
RB
for
Academir
Charter
Schools
Project
Series
2022A
(Ba2/NR)
430,000
5.000
(d)
07/01/2037
442,819
670,000
5.250
(d)
07/01/2042
688,043
Miami-Dade
County
Seaport
Revenue
Refunding
Bonds
Series
2021A
(AGM)
(A3/AA)
10,000,000
4.000
10/01/2041
9,654,671
Miami-Dade
County
Seaport
Revenue
Refunding
Bonds,
Series
2022A
(AMT)
(A3/NR)
2,715,000
5.250
10/01/2052
2,868,628
Miami-Dade
County
Water
&
Sewer
Revenue
System
Bonds
Series
2021
(BAM-TCRS)
(Aa3/AA)
1,425,000
4.000
10/01/2051
1,391,175
Miami-Dade
County,
Florida
Seaport
RR
Bonds,
Series
2022A
(AMT)
(A3/NR)
2,030,000
5.000
10/01/2042
2,159,145
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
4,500,510
Mirada
Community
Development
District
Pasco
County
Florida
Capital
Improvement
RB
Series
2024
Assessment
Area
Five
(NR/NR)
1,000,000
5.000
05/01/2034
1,008,157
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Mirada
Community
Development
District
Pasco
County
Florida
Capital
Improvement
Revenue
and
Refunding
Bonds
Series
2024
Assessment
Area
Three
(NR/NR)
$
500,000
4.750%
05/01/2031
$
501,111
Mirada
II
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
210,000
2.500
05/01/2026
203,083
740,000
3.125
05/01/2031
666,711
Miranda
II
Community
Development
District
Capital
Improvement
RB
Series
2022
(NR/NR)
440,000
4.625
05/01/2027
442,744
295,000
5.125
05/01/2032
304,416
Mitchell
Ranch
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
65,000
3.125
12/15/2024
64,734
675,000
3.375
12/15/2030
643,669
1,500,000
4.000
12/15/2039
1,371,609
Naples
Reserve
Community
Development
District
Special
Assessment
Bonds
Series
2014
(NR/NR)
1,545,000
5.250
11/01/2035
1,548,912
New
Port
Tampa
Bay
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
500,000
3.500
05/01/2031
471,858
New
River
Community
Development
District
Special
Assessment
Refunding
Senior
Lien
Series
2020
A-1
(NR/A)
125,000
3.500
(d)
05/01/2026
121,749
130,000
3.500
(d)
05/01/2027
125,651
135,000
3.500
(d)
05/01/2028
130,741
140,000
3.500
(d)
05/01/2029
135,076
700,000
3.500
(d)
05/01/2038
631,162
New
River
Community
Development
District
Special
Assessment
Refunding
Senior
Lien
Series
2020
A-1
(NR/NR)
10,000
3.125
(d)
05/01/2025
9,913
30,000
3.500
(d)
05/01/2031
28,416
North
AR-1
of
Pasco
Community
Development
District
Pasco
County
Florida
Capital
Improvement
RB
Series
2024A
Assessment
Area
Five
(NR/NR)
750,000
4.875
05/01/2031
754,914
715,000
5.750
05/01/2044
725,150
North
AR-1
Pasco
Community
Development
District
Capital
Improvement
RB
for
Assessment
Area
Four
Series
2024
(NR/NR)
370,000
4.625
05/01/2031
371,705
495,000
5.450
05/01/2044
499,488
North
AR-1
Pasco
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
135,000
2.625
05/01/2026
131,173
280,000
3.125
05/01/2031
258,920
North
Loop
Community
Development
District
250,000
5.625
05/01/2030
258,612
525,000
6.375
05/01/2043
564,811
North
Park
Isle
Community
Development
District
Special
Assessment
RB
Series
2021
(NR/NR)
280,000
2.450
11/01/2026
268,917
500,000
3.000
11/01/2031
458,425
North
Powerline
Road
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
215,000
5.250
(d)
05/01/2032
218,232
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
North
Powerline
Road
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
$
135,000
2.625%
05/01/2025
$
133,118
495,000
3.125
05/01/2030
462,289
430,000
3.625
05/01/2040
370,035
North
Sumter
County
Utility
Dependent
District
RB
for
Central
Sumter
Utility
Series
2019
(BAM)
(NR/AA)
655,000
5.000
10/01/2030
705,466
575,000
5.000
10/01/2031
620,081
1,025,000
5.000
10/01/2033
1,103,790
1,205,000
5.000
10/01/2034
1,298,789
1,000,000
5.000
10/01/2036
1,075,083
1,975,000
5.000
10/01/2037
2,114,985
2,075,000
5.000
10/01/2038
2,210,011
2,180,000
5.000
10/01/2039
2,313,942
2,630,000
5.000
10/01/2044
2,737,703
Ocala
Preserve
Community
Development
District
Capital
Improvement
RB
Series
2023
(NR/NR)
285,000
4.875
05/01/2030
290,252
Old
Hickory
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
60,000
2.500
06/15/2025
59,122
300,000
3.000
06/15/2030
284,174
315,000
4.000
06/15/2040
288,409
Orange
Blossom
Groves
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
350,000
4.250
06/15/2030
354,335
585,000
5.250
06/15/2043
604,351
Orange
Blossom
Ranch
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
825,000
4.100
05/01/2029
823,693
Orlando
Utilities
Commission
RB
Series
2021
B
(Aa2/AA)
4,325,000
1.250
(a)(b)
10/01/2046
3,793,336
Osceola
Chain
Lakes
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
350,000
3.500
05/01/2030
333,900
Osceola
County
Expressway
System
Senior
Lien
Convertible
Capital
Appreciation
RB
Series
2014B-2
(NR/NR)
5,000,000
0.000
(c)(h)
10/01/2031
5,820,542
Osceola
County
Rolling
Oaks
Community
Development
District
Special
Assessment
Bonds
Series
2016
(NR/NR)
3,280,000
5.875
11/01/2037
3,405,746
3,495,000
6.000
11/01/2047
3,604,009
Osceola
County
Rolling
Oaks
Community
Development
District
Special
Assessment
Bonds
Series
2018
(NR/NR)
640,000
4.875
(d)
11/01/2028
651,540
Osceola
County
Transportation
Improvement
&
Refunding
RB
Series
2019A-1
(NR/BBB+)
400,000
5.000
10/01/2026
410,974
Osceola
Village
Center
Community
Development
District
Special
Assessment
Bond
Series
2021
(NR/NR)
80,000
2.375
(d)
05/01/2026
77,397
180,000
2.875
(d)
05/01/2031
163,576
365,000
3.300
(d)
05/01/2041
296,698
Palermo
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
525,000
4.125
06/15/2030
528,738
950,000
5.000
06/15/2043
962,223
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Palm
Beach
County
Educational
Facilities
Authority
RB
Palm
Beach
Atlantic
University,
Inc.
Series
2024
(NR/NR)
$
4,000,000
5.000%
10/01/2034
$
4,317,644
1,810,000
5.000
10/01/2043
1,882,959
3,280,000
5.250
10/01/2053
3,396,913
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
239,105
1,030,000
5.000
11/15/2042
1,069,183
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
1,754,616
1,825,000
5.000
05/15/2053
1,649,757
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
588,839
8,190,000
4.000
05/15/2036
7,518,160
Palm
Beach
County
Health
Facilities
Authority
RB
Refunding
for
Lifespace
Communities,
Inc.
Series
2023
C
(NR/NR)
945,000
7.500
05/15/2053
1,050,179
Palm
Coast
Park
Community
Development
District
Special
Assessment
Bond
for
Somerset
at
Palm
Coast
Park,
Series
2023
(NR/NR)
820,000
4.700
05/01/2033
834,010
400,000
5.400
05/01/2043
410,424
Palm
Coast
Park
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
275,000
2.800
05/01/2031
248,551
730,000
3.125
05/01/2041
577,493
Palm
Coast
Park
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Series
2019
(NR/NR)
45,000
3.400
05/01/2025
44,715
245,000
3.750
05/01/2030
237,436
965,000
4.150
05/01/2040
894,489
Palm
Glades
Community
Development
District
Senior
Special
Assessment
Bonds
Series
2018
A-1
(NR/A)
215,000
3.500
11/01/2025
212,669
225,000
3.500
11/01/2026
221,502
230,000
3.500
11/01/2027
225,368
240,000
3.500
11/01/2028
233,818
Palm
Glades
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
785,000
4.000
(d)
05/01/2050
656,512
Palm
Glades
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2016
(NR/A)
350,000
3.750
05/01/2031
340,558
1,045,000
4.000
05/01/2036
1,031,896
Palm
Glades
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2017
(NR/BBB-)
160,000
4.000
05/01/2027
159,714
3,575,000
5.000
05/01/2039
3,609,219
Park
East
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
655,000
2.875
11/01/2031
582,588
1,150,000
3.150
11/01/2041
904,112
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Parker
Pointe
Community
Development
District
Miami-Dade
County
Florida
Special
Assessment
Bonds
Series
2024
(NR/NR)
$
700,000
5.500%
(i)
05/01/2044
$
704,350
Parkland
Preserve
Community
Development
District
Special
Assessment
RB
Series
2019
A
(NR/NR)
465,000
4.750
05/01/2030
472,140
Parkview
at
Long
Lake
Ranch
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
625,000
3.125
05/01/2030
583,371
800,000
3.750
05/01/2040
696,705
Parkway
Center
Community
Development
District
Special
Assessment
for
Amenity
Projects
Series
2018-2
(NR/A-)
345,000
4.250
05/01/2031
341,002
1,030,000
4.500
05/01/2038
1,008,615
Parkway
Center
Community
Development
District
Special
Assessment
Refunding
Series
2018-1
(NR/BBB)
265,000
4.000
05/01/2026
262,427
275,000
4.000
05/01/2027
271,586
285,000
4.125
05/01/2028
281,732
Parrish
Lakes
Community
Development
District
Capital
Improvement
RB
for
Special
Assessment
Area
Two
Series
2023A
(NR/NR)
355,000
4.625
05/01/2030
357,824
515,000
5.375
05/01/2043
524,162
Parrish
Lakes
Community
Development
District
Capital
Improvement
RB
Series
2023
(NR/NR)
435,000
4.000
05/01/2030
431,760
Parrish
Plantation
Community
Development
District
Manatee
County
Florida
Special
Assessment
RB
Series
2024
Assessment
Area
Four
Project
(NR/NR)
250,000
5.625
05/01/2044
254,142
Parrish
Plantation
Community
Development
District
Manatee
County
Florida
Special
Assessment
RB
Series
2024
Assessment
Area
Three
Project
(NR/NR)
375,000
4.875
05/01/2031
377,711
700,000
5.800
05/01/2044
716,238
Parrish
Plantation
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
130,000
2.500
05/01/2026
126,061
335,000
3.125
05/01/2031
310,167
Pasco
Community
Development
District
Capital
Improvement
RB
Series
2021A
(NR/NR)
210,000
3.250
05/01/2031
195,724
750,000
3.550
05/01/2041
632,425
Pasco
County
Capital
Improvement
Cigarette
Tax
Allocation
Bonds
Series
2023A
(AGM)
(A1/AA)
480,000
5.250
09/01/2035
544,113
500,000
5.250
09/01/2036
565,457
250,000
5.500
09/01/2037
286,295
210,000
5.500
09/01/2038
239,018
3,665,000
5.750
09/01/2054
4,108,664
Paseo
Community
Development
District
Capital
Improvement
RB
Refunding
Series
2018
(NR/A-)
475,000
4.000
05/01/2026
473,194
515,000
4.000
05/01/2028
512,945
1,315,000
4.500
05/01/2031
1,317,893
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)
$
390,000
4.250%
06/15/2030
$
393,116
Pentathlon
Community
Development
District
Special
Assessment
Revenue
Refunding
Series
2012
(NR/A-)
1,330,000
4.500
11/01/2033
1,330,217
Pine
Isle
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
225,000
3.000
(d)
12/15/2031
214,477
Pine
Ridge
Plantation
Community
Development
District
Special
Assessment
Refunding
Bonds
2020
A-1
(AGM)
(NR/AA)
545,000
2.000
05/01/2028
490,447
555,000
2.000
05/01/2029
489,238
565,000
2.125
05/01/2030
487,230
1,000,000
2.625
05/01/2034
846,406
990,000
2.800
05/01/2037
814,467
Pine
Ridge
Plantation
Community
Development
District
Special
Assessment
Refunding
Bonds
2020
A-2
(NR/NR)
145,000
2.750
05/01/2025
143,304
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
1,941,756
Portico
Community
Development
District
Special
Assessment
Bonds
Series
2020-2
(NR/NR)
20,000
2.875
05/01/2025
19,756
170,000
3.250
05/01/2031
158,234
Portico
Community
Development
District
Special
Assessment
Refunding
Series
2020-1
(NR/NR)
435,000
2.800
05/01/2025
429,436
3,325,000
3.200
05/01/2031
3,094,562
1,870,000
3.500
05/01/2037
1,651,234
Preserve
At
Savannah
Lakes
Community
Development
District
Special
Assessment
Bonds
Phase
1
Series
2024
(NR/NR)
250,000
4.600
05/01/2031
251,887
Preserve
at
South
Branch
Community
Development
District
Special
Assessment
Phase
1
Series
2018
(NR/NR)
275,000
4.750
11/01/2029
282,012
Preserve
at
South
Branch
Community
Development
District
Special
Assessment
Phase
2
RB
Series
2019
(NR/NR)
30,000
3.250
11/01/2024
29,907
555,000
3.500
11/01/2030
543,854
Preserve
at
South
Branch
Community
Development
District
Special
Assessment
Phase
3
Series
2021
(NR/NR)
110,000
2.500
05/01/2026
107,422
Preston
Cove
Community
Development
District
Special
Assessment
RB
Series
2022
(NR/NR)
310,000
3.250
05/01/2027
302,238
1,820,000
4.000
05/01/2042
1,612,485
Prosperity
Lakes
Community
Development
District
690,000
5.875
12/15/2043
725,946
Quail
Roost
Community
Development
District
Special
Assessment
for
Expansion
Area
Project
Series
2021
(NR/NR)
90,000
2.200
12/15/2026
86,296
485,000
2.700
12/15/2031
442,222
735,000
3.125
12/15/2041
589,709
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
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
$
641,097
Randal
Park
Community
Development
District
Randal
Walk
Special
Assessment
RB
Series
2018
(NR/NR)
185,000
4.500
(d)
05/01/2029
187,189
Randal
Park
Community
Development
District
Special
Assessment
RB
Series
2015
(NR/NR)
185,000
4.250
11/01/2025
185,226
Regal-Village
Community
Development
District
Capital
Improvement
Revenue
Bonds
Series
2024
(NR/NR)
370,000
4.250
05/01/2031
369,893
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
685,432
Reunion
East
Community
Development
District
Special
Assessment
Refunding
Bonds
for
Osceola
County
Series
2015A
(NR/NR)
165,000
5.000
05/01/2025
167,349
Reunion
West
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
5
Project
Series
2019
(NR/NR)
425,000
4.000
05/01/2030
421,494
Reunion
West
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2022
(NR/NR)
1,150,000
3.000
05/01/2036
1,011,110
Rhodine
Road
North
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
405,000
4.000
05/01/2030
407,488
615,000
4.500
05/01/2040
607,303
610,000
4.750
05/01/2050
581,987
Rhodine
Road
North
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
190,000
3.000
05/01/2032
178,376
400,000
3.300
05/01/2042
334,108
Ridge
at
Apopka
Community
Development
District
Special
Assessment
Bonds
for
Parcel
Two
Project
Series
2023
(NR/NR)
290,000
4.750
05/01/2030
292,833
Ridge
at
Apopka
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
280,000
4.750
05/01/2027
282,629
700,000
5.000
05/01/2032
721,558
Ridge
at
Health
Brook
Community
Development
District
Capital
Improvement
RB
Series
2023
(NR/NR)
125,000
4.375
05/01/2030
125,988
275,000
5.250
05/01/2043
281,992
River
Bend
Community
Development
District
Special
Assessment
RB
Refunding
Senior
Series
2016
A-1
(NR/A-)
2,390,000
4.000
05/01/2031
2,346,763
890,000
4.000
05/01/2035
868,001
River
Glen
Community
Development
District
Special
Assessment
Bond
for
Assessment
Area
Two
Series
2021
(NR/NR)
295,000
2.375
05/01/2026
285,106
600,000
3.000
05/01/2031
552,026
River
Hall
Community
Development
District
700,000
6.250
05/01/2043
743,780
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
River
Hall
Community
Development
District
Special
Assessment
for
Assessment
Area
3
Series
2020
A
(NR/NR)
$
155,000
2.750%
05/01/2025
$
152,918
690,000
3.250
05/01/2031
644,571
River
Hall
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2021
A-2
(NR/NR)
80,000
3.000
05/01/2026
78,229
1,000,000
3.000
05/01/2031
919,534
1,000,000
3.000
05/01/2036
850,800
River
Landing
Community
Development
District
Special
Assessment
Series
2020
A
(NR/NR)
70,000
3.000
05/01/2025
69,327
470,000
3.600
05/01/2030
450,115
Rivers
Edge
II
Community
Development
District
Special
Assessment
Bond
Series
2021
(NR/NR)
100,000
2.400
05/01/2026
96,773
300,000
3.000
05/01/2031
275,390
Rivers
Edge
III
Community
Development
District
Special
Assessment
Bond
Series
2021
(NR/NR)
125,000
2.400
(d)
05/01/2026
121,008
300,000
3.000
(d)
05/01/2031
275,108
Riverwalk
Community
Development
District
City
of
Orlando
Florida
Special
Assessment
Bonds
Series
2024
(NR/NR)
1,000,000
5.500
05/01/2044
1,011,242
Rivington
Community
Development
District
Special
Assessment
RB
Series
2022
(NR/NR)
4,065,000
4.000
05/01/2052
3,346,059
Rolling
Hills
Community
Development
District
Capital
Improvement
and
Refunding
Bonds
Series
2022A-2
(NR/NR)
1,000,000
3.650
05/01/2032
942,219
Rolling
Hills
Community
Development
District
Capital
Improvement
RB
Series
2022A-1
(NR/NR)
965,000
3.750
05/01/2042
818,502
Rolling
Oaks
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
170,000
5.625
(d)
05/01/2029
173,361
830,000
6.250
(d)
05/01/2042
875,331
Rustic
Oaks
Community
Development
District
Capital
Improvement
RB
Series
2022
(NR/NR)
615,000
2.850
05/01/2027
586,800
1,100,000
3.200
05/01/2032
1,004,174
Rutland
Ranch
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
410,000
3.400
11/01/2041
340,106
Rye
Crossing
Community
Development
District
Capital
Improvement
RB
Series
2023
(NR/NR)
820,000
5.000
05/01/2043
829,890
Rye
Ranch
Community
Development
District
235,000
5.700
05/01/2030
243,182
1,000,000
6.500
05/01/2043
1,083,775
Rye
Ranch
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
One,
Series
2023
(NR/NR)
660,000
5.750
(d)
11/01/2043
680,241
Saddle
Creek
Preserve
of
Polk
County
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
120,000
2.500
06/15/2025
118,087
320,000
3.000
06/15/2030
305,304
290,000
4.000
06/15/2040
276,122
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Saddle
Creek
Preserve
of
Polk
County
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
$
215,000
2.625%
12/15/2027
$
205,082
355,000
3.100
12/15/2032
331,568
Saltleaf
Community
Development
District
Lee
County
Florida
Capital
Improvement
RB
Series
2024
(NR/NR)
450,000
4.750
05/01/2031
450,429
Saltmeadows
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
585,000
5.250
05/01/2042
594,833
Sampson
Creek
Community
Development
District
Special
Assessment
Bonds
Series
2020
(AGM)
(NR/AA)
670,000
2.375
05/01/2035
556,070
1,425,000
2.625
05/01/2040
1,113,214
San
Simeon
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
1,000,000
3.750
(d)
06/15/2031
961,163
Sandmine
Road
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
450,000
3.000
11/01/2031
429,524
1,100,000
3.300
11/01/2041
962,694
Sandmine
Road
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
500,000
5.750
11/01/2042
528,017
Savanna
Lakes
Community
Development
District
Lee
County,
Florida
Special
Assessment
Bonds,
Series
2023
Assessment
Area
One
(NR/NR)
815,000
5.125
(d)
06/15/2043
832,230
Sawgrass
Village
Community
Development
District
415,000
5.250
11/01/2030
423,732
Sawgrass
Village
Community
Development
District
Manatee
County
Florida
Special
Assessment
Bonds
Series
2024
Assessment
Area
Three
(NR/NR)
300,000
4.700
(d)
05/01/2031
301,348
700,000
5.550
(d)
05/01/2044
706,935
Sawgrass
Village
Community
Development
District
Manatee
County,
Florida
Special
Assessment
Bonds,
Series
2023
Series
2023
Project
(NR/NR)
525,000
4.875
05/01/2030
531,305
1,260,000
5.500
05/01/2043
1,286,302
Sawgrass
Village
Community
Development
District
Special
Assessment
Bonds
Series
2023
(Assessment
Area
Two)
(NR/NR)
1,100,000
6.125
11/01/2043
1,159,837
Scenic
Highway
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
170,000
2.750
05/01/2025
168,082
465,000
3.250
05/01/2030
451,186
560,000
3.750
05/01/2040
514,347
Scenic
Terrace
North
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
645,000
5.125
05/01/2030
655,562
Scenic
Terrace
South
Community
Development
District
400,000
6.500
11/01/2043
426,721
Scenic
Terrace
South
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
260,000
3.750
05/01/2027
256,650
565,000
4.125
05/01/2032
555,195
1,240,000
4.500
05/01/2042
1,168,187
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Seaton
Creek
Reserve
Community
Development
District
City
of
Jacksonville,
Florida
Special
Assessment
Bonds,
Series
2023
Assessment
Area
One
(NR/NR)
$
725,000
5.250%
(d)
06/15/2043
$
743,668
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
611,256
Seminole
Improvement
District
Utilities
RB
for
City
of
Westlake
Series
2022
(NR/NR)
400,000
4.400
10/01/2027
400,905
550,000
5.000
10/01/2032
561,840
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
1,029,445
Shadowlawn
Community
Development
District
Special
Assessment
Revenue
Bonds
Series
2024
(NR/NR)
3,300,000
4.700
05/01/2034
3,309,112
Shell
Point
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
70,000
4.000
(d)
11/01/2024
69,953
735,000
4.500
(d)
11/01/2029
742,315
Sherwood
Manor
Community
Development
District
Special
Assessment
RB
Series
2023
(NR/NR)
395,000
4.625
05/01/2030
400,002
725,000
5.500
05/01/2043
749,999
Shingle
Creek
at
Bronson
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
1,000,000
3.500
06/15/2041
897,498
Shingle
Creek
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
1,895,000
4.000
05/01/2029
1,891,921
5,000,000
4.750
05/01/2039
4,968,411
Siena
North
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
160,000
3.300
06/15/2032
147,823
450,000
4.000
06/15/2042
399,349
Silver
Oaks
Community
Development
District
Special
Assessment
Bonds
Series
2024
(NR/NR)
1,000,000
5.550
05/01/2044
1,015,880
Silver
Palms
West
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
900,000
3.000
06/15/2032
823,351
1,905,000
3.250
06/15/2042
1,627,771
Silverlake
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
695,000
5.375
05/01/2043
714,581
Six
Mile
Creek
Community
Development
District
Capital
Improvement
&
Refunding
RB
Series
2021
(NR/NR)
120,000
2.500
05/01/2026
116,586
325,000
3.100
05/01/2031
300,776
Six
Mile
Creek
Community
Development
District
Special
Assessment
for
Assessment
Area
3
Phase
1
Series
2021
(NR/NR)
155,000
2.500
05/01/2026
150,732
720,000
3.000
05/01/2031
662,925
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Six
Mile
Creek
Community
Development
District
Special
Assessment
Refunding
for
Area
2
Phase
3A
Project
Series
2020
(NR/NR)
$
140,000
3.125%
11/01/2025
$
138,764
495,000
3.625
11/01/2031
496,568
300,000
4.125
11/01/2040
292,801
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
1,135,551
Solaeris
Community
Development
District
St.
Lucie
County
Florida
Special
Assessment
Bonds
Series
2024
(NR/NR)
500,000
5.200
05/01/2031
504,391
Somerset
Bay
Community
Development
District
Hernando
County
Florida
Capital
Improvement
RB
Series
2024
Assessment
Area
One
(NR/NR)
950,000
5.625
(d)
05/01/2044
955,741
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
715,783
South
Creek
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Series
2021
(NR/NR)
120,000
2.375
06/15/2026
116,328
175,000
2.875
06/15/2031
163,816
475,000
3.250
06/15/2041
398,021
South
Fork
East
Community
Development
District
Capital
Improvement
RB
Refunding
Series
2017
(NR/BBB)
445,000
3.450
05/01/2025
437,997
465,000
3.625
05/01/2026
453,673
975,000
4.125
05/01/2036
933,515
South
Fork
III
Community
Development
District
Parcels
V
and
W
Special
Assessment
Bonds
Series
2019
(NR/NR)
125,000
4.250
(d)
11/01/2024
125,027
730,000
4.500
(d)
11/01/2029
739,091
South
Fork
III
Community
Development
District
Special
Assessment
RB
Refunding
Series
2018
(NR/NR)
590,000
4.625
05/01/2029
598,870
South
Kendall
Community
Development
District
Special
Assessment
Refunding
Series
2016
(NR/BBB)
355,000
2.750
11/01/2024
351,852
370,000
3.000
11/01/2025
359,958
Southern
Groves
Community
Development
District
No.
5
Special
Assessment
Bond
Series
2021
(NR/NR)
185,000
2.400
05/01/2026
179,727
Southern
Groves
Community
Development
District
No.
5
Special
Assessment
Refunding
Series
2019
(NR/NR)
300,000
3.250
05/01/2029
288,070
Southern
Groves
Community
Development
District
No.
5
Special
Assessment
Series
2020
(NR/NR)
35,000
3.375
05/01/2025
34,802
610,000
4.000
05/01/2030
615,444
330,000
4.300
05/01/2040
324,633
300,000
4.500
05/01/2046
285,774
Southshore
Bay
Community
Development
District
Hillsborough
County
Florida
Capital
Improvement
Revenue
Bonds
Series
2024
Assessment
Area
Two
(NR/NR)
580,000
5.375
05/01/2044
0
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Springs
at
Lake
Alfred
Community
Development
District
Special
Assessment
Bonds
Series
2024
(NR/NR)
$
470,000
4.375%
05/01/2031
$
471,326
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
815,728
St.
Johns
County
Water
&
Sewer
RB
Series
2022
(Aa2/AAA)
7,065,000
5.000
06/01/2047
7,644,342
St.
Johns
County,
Florida
Water
and
Sewer
RB,
Series
2022
(Aa2/AAA)
14,955,000
5.000
06/01/2052
15,948,471
State
of
Florida
State
Board
of
Education
Public
Education
Capital
Outlay
Refunding
Bonds
2024
Series
A
(Aaa/AAA)
3,645,000
5.000
06/01/2026
3,771,045
Stellar
North
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
95,000
2.450
05/01/2026
91,888
Stillwater
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
155,000
2.375
(d)
06/15/2026
149,563
Stonebrier
Community
Development
District
Special
Assessment
Refunding
Series
2016
(NR/A-)
280,000
3.000
05/01/2025
276,769
290,000
3.000
05/01/2026
284,170
Stonewater
Community
Development
District
Special
Assessment
RB
Series
2021
(NR/NR)
330,000
3.000
(d)
11/01/2032
296,460
585,000
3.300
(d)
11/01/2041
477,028
Stoneybrook
North
Community
Development
District
Capital
Improvement
Revenue
Refunding
Bonds
Series
2022
(NR/NR)
855,000
6.375
11/01/2052
933,830
Stoneybrook
South
at
Championsgate
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
500,000
4.000
06/15/2030
504,413
Stoneybrook
South
at
Championsgate
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
825,000
5.375
06/15/2043
870,161
Stoneybrook
South
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
280,000
2.500
(d)
12/15/2025
274,287
500,000
3.000
(d)
12/15/2030
480,395
1,000,000
3.500
(d)
12/15/2040
915,069
Storey
Creek
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
One
Project
Series
2019
(NR/NR)
500,000
3.625
12/15/2030
478,590
870,000
4.000
12/15/2039
794,691
Storey
Creek
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
110,000
3.125
12/15/2025
108,222
Storey
Creek
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
220,000
4.300
06/15/2027
220,996
Storey
Creek
Community
Development
District
Special
Assessment
Bonds
Series
2024
(NR/NR)
300,000
4.450
06/15/2031
303,678
550,000
5.250
06/15/2044
562,814
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Storey
Drive
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
$
250,000
3.000%
06/15/2032
$
225,168
1,000,000
3.250
06/15/2042
797,134
Storey
Park
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
Four
Project
Series
2021
(NR/NR)
125,000
2.375
(d)
06/15/2026
121,424
225,000
2.875
(d)
06/15/2031
213,275
275,000
3.300
(d)
06/15/2041
244,543
Storey
Park
Community
Development
District
Special
Assessment
Bonds
for
City
of
Orlando
Series
2022
(NR/NR)
85,000
4.250
06/15/2027
85,260
260,000
4.500
06/15/2032
265,150
585,000
5.000
06/15/2042
592,993
Stuart
Crossing
Community
Development
District
Special
Assessment
Bonds
Series
2024
(NR/NR)
545,000
5.250
(d)
05/01/2044
547,464
Summer
Woods
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
275,000
3.150
05/01/2031
253,601
650,000
3.450
05/01/2041
536,982
Summer
Woods
Community
Development
District
Special
Assessment
for
Assessment
Area
Two
Project
Series
2020
(NR/NR)
75,000
3.000
05/01/2025
74,242
455,000
3.300
05/01/2031
424,590
750,000
3.750
05/01/2040
654,145
Summer
Woods
Community
Development
District
Special
Assessment
for
Assessment
Area
Two
Project
Series
2021
(NR/NR)
75,000
2.400
05/01/2026
72,767
160,000
3.000
05/01/2031
150,996
Summerstone
Community
Development
District
Special
Assessment
Bond
for
Phase
Two
Series
2021
(NR/NR)
375,000
2.750
(d)
05/01/2031
354,277
700,000
3.150
(d)
05/01/2041
608,590
Summerstone
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
165,000
3.250
05/01/2030
161,350
Sunbridge
Stewardship
District
Special
Assessment
RB
for
Weslyn
Park
Project
Series
2022
(NR/NR)
340,000
4.200
05/01/2027
339,129
460,000
4.600
05/01/2032
462,499
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
362,261
715,000
2.875
05/01/2033
635,813
1,430,000
3.000
05/01/2038
1,213,661
Sweetwater
Creek
Community
Development
District
Capital
Improvement
Special
Assessment
RB
Refunding
Series
2019
A-2
(NR/NR)
680,000
3.500
05/01/2029
663,111
Talis
Park
Community
Development
District
Capital
Improvement
RB
Refunding
Senior
Series
2016
A-1
(NR/A+)
195,000
3.000
05/01/2025
191,688
200,000
3.000
05/01/2026
193,486
1,120,000
3.500
05/01/2031
1,062,125
1,355,000
4.000
05/01/2036
1,326,827
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Tamarindo
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
$
160,000
2.375%
05/01/2026
$
154,680
285,000
3.000
05/01/2031
261,104
Tampa
Bay
Water
Utility
System
Refunding
RB
Series
2015A
(Aa1/AA+)
7,090,000
4.000
10/01/2028
7,119,877
Tapestry
Community
Development
District
Special
Assessment
RB
Series
2016
(NR/NR)
1,115,000
4.800
05/01/2036
1,118,987
Tern
Bay
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
1,655,000
3.400
06/15/2032
1,549,649
Terreno
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
1,415,000
5.000
05/01/2043
1,428,032
The
School
Board
of
Sumter
County
Florida
Certificates
of
Participation
Series
2024
(AGM)
(NR/AA)
3,100,000
5.250
01/01/2049
3,371,070
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
383,296
750,000
3.000
12/15/2031
681,468
2,000,000
3.300
12/15/2041
1,622,647
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
196,834
210,000
3.125
05/01/2028
201,162
230,000
3.375
05/01/2032
217,086
Tohoqua
Community
Development
District
Special
Assessment
Phase
4A/5A
Project
Series
2021
(NR/NR)
735,000
3.600
05/01/2041
644,851
Tolomato
Community
Development
District
Special
Assessment
GO
Refunding
Bonds
Subordinate
Lien
Series
2018
A-2
(NR/NR)
330,000
5.200
(d)
05/01/2028
337,892
Tolomato
Community
Development
District
Special
Assessment
GO
Refunding
Bonds
Subordinate
Lien
Series
2018
B-2
(NR/NR)
300,000
4.625
05/01/2028
303,793
Tolomato
Community
Development
District
Special
Assessment
RB
Refunding
Series
2019
A-1
(AGM)
(NR/AA)
4,695,000
3.000
05/01/2033
4,333,758
5,280,000
3.000
05/01/2037
4,688,545
Tolomato
Community
Development
District
Special
Assessment
RB
Refunding
Series
2019
A-2
(NR/NR)
760,000
3.850
05/01/2029
754,261
Tolomato
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2019
B
(AGM)
(NR/AA)
2,025,000
3.000
05/01/2033
1,864,675
4,925,000
3.000
05/01/2040
4,189,224
Tolomato
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2019
C
(NR/NR)
2,965,000
3.750
(d)
05/01/2029
2,929,573
Toscana
Isles
Community
Development
District
Special
Assessment
RB
Series
2018
(NR/NR)
1,875,000
5.000
11/01/2029
1,915,782
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Toscana
Isles
Community
Development
District
Special
Assessment
RB
Series
2018
(NR/NR)
–
(continued)
$
95,000
5.375%
11/01/2039
$
98,954
Touchstone
Community
Development
District
Special
Assessment
Bonds
Series
2018
(NR/NR)
410,000
4.250
(d)
06/15/2028
411,307
Touchstone
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
130,000
3.125
12/15/2025
127,783
735,000
3.625
12/15/2031
694,901
450,000
4.000
12/15/2040
400,338
Town
of
Davie
RB
Refunding
for
Nova
Southeastern
University,
Inc.
Series
2018
(A3/A-)
750,000
5.000
04/01/2030
786,044
650,000
5.000
04/01/2031
681,397
10,430,000
5.000
04/01/2048
10,678,923
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
575,457
Town
of
Palm
Beach
GO
Bonds
for
Underground
Utility
Project
Series
2018
(Aaa/AAA)
2,000,000
4.000
07/01/2043
2,009,852
7,000,000
4.000
07/01/2047
7,009,608
Towne
Park
Community
Development
District
Special
Assessment
Area
3B
Project
Series
2019
(NR/NR)
360,000
4.000
05/01/2030
356,950
595,000
4.375
05/01/2039
573,807
Towne
Park
Community
Development
District
Special
Assessment
Area
3D
Project
Series
2020
(NR/NR)
415,000
3.125
(d)
05/01/2030
395,548
475,000
3.625
(d)
05/01/2040
424,237
Towns
At
Woodsdale
Community
Development
District
645,000
6.125
(d)
11/01/2043
681,244
Tradition
Community
Development
District
No.
9
Special
Assessment
Bonds
Series
2021
(NR/NR)
200,000
2.300
05/01/2026
193,337
Trevesta
Community
Development
District
Special
Assessment
Area
1
Phase
2
Project
Series
2018
(NR/NR)
70,000
4.375
(d)
11/01/2024
70,053
485,000
5.250
(d)
11/01/2039
509,499
Trevesta
Community
Development
District
Special
Assessment
Area
2
Project
Series
2020
(NR/NR)
120,000
2.500
(d)
05/01/2025
118,501
235,000
3.250
(d)
05/01/2030
228,596
Triple
Creek
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
1,190,000
3.125
(d)
11/01/2041
941,625
Triple
Creek
Community
Development
District
Special
Assessment
for
Villages
N&P
Projects
Series
2021
(NR/NR)
105,000
2.500
11/01/2026
100,770
200,000
3.000
11/01/2031
181,750
Triple
Creek
Community
Development
District
Special
Assessment
Series
2019
A
(NR/NR)
490,000
4.125
05/01/2029
490,923
TSR
Community
Development
District
Special
Assessment
Bonds
for
Northwest
Assessment
Area
Series
2017
(NR/NR)
3,955,000
4.625
(d)
11/01/2038
3,904,771
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
TSR
Community
Development
District
Special
Assessment
Bonds
for
Northwest
Assessment
Area
Series
2018
(NR/NR)
$
55,000
4.000%
11/01/2024
$
54,934
495,000
4.500
11/01/2029
501,064
TSR
Community
Development
District
Special
Assessment
RB
for
2016
Project
Series
2016
(NR/NR)
2,000,000
4.750
11/01/2047
1,903,076
TSR
Community
Development
District
Special
Assessment
RB
for
Downtown
Neighborhood
Assessment
Area
Series
2019
(NR/NR)
110,000
3.000
11/01/2024
109,508
700,000
3.375
11/01/2030
659,574
TSR
Community
Development
District
Special
Assessment
RB
for
Village
1
Project
Series
2015
(NR/NR)
215,000
4.375
11/01/2025
215,181
Tuckers
Pointe
Community
Development
District
Special
Assessment
RB
Series
2022
(NR/NR)
150,000
3.000
05/01/2027
144,864
465,000
3.375
05/01/2032
431,551
1,430,000
4.000
05/01/2042
1,276,315
Turnbull
Creek
Community
Development
District
Senior
Special
Assessment
Refunding
Bonds
Series
2015
A-1
(NR/A)
995,000
4.250
05/01/2031
986,939
Twisted
Oaks
Pointe
Community
Development
District
City
of
Wildwood
Florida
Special
Assessment
Bonds
Series
2024
Assessment
Area
Three
Project
(NR/NR)
440,000
4.800
05/01/2031
442,381
1,065,000
5.625
05/01/2044
1,077,709
Twisted
Oaks
Pointe
Community
Development
District
City
of
Wildwood,
Florida
Special
Assessment
Bonds,
Series
2023
Assessment
Area
One
Project
(NR/NR)
270,000
4.500
05/01/2030
271,513
500,000
5.375
05/01/2043
508,539
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
228,712
Two
Creeks
Community
Development
District
RB
Refunding
for
Capital
Improvement
Senior
Lien
Series
2016
A-1
(NR/A)
375,000
2.625
05/01/2025
367,898
385,000
3.000
05/01/2026
373,141
400,000
3.125
05/01/2027
388,929
410,000
3.250
05/01/2028
397,282
Two
Creeks
Community
Development
District
RB
Refunding
for
Capital
Improvement
Subordinate
Lien
Series
2016
A-2
(NR/NR)
20,000
4.200
05/01/2026
20,026
Two
Lakes
Community
Development
District
Special
Assessment
Expansion
Area
Series
2019
(NR/NR)
115,000
3.000
12/15/2024
114,286
1,000,000
3.375
12/15/2030
943,232
Two
Lakes
Community
Development
District
Special
Assessment
Series
2017
(NR/NR)
1,370,000
5.000
(d)
12/15/2032
1,416,304
2,000,000
5.000
(d)
12/15/2037
2,044,472
4,470,000
5.000
(d)
12/15/2047
4,444,817
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
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
$
2,891,519
Two
Rivers
North
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
1,440,000
5.125
05/01/2042
1,453,427
Two
Rivers
Two
Rivers
West
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
600,000
5.125
11/01/2030
610,357
2,000,000
6.000
11/01/2043
2,083,910
Two
Rivers
West
Community
Development
District
Pasco
County
Florida
Special
Assessment
Bonds
Series
2024
(NR/NR)
485,000
4.800
(d)
05/01/2031
486,251
700,000
5.625
(d)
05/01/2044
703,663
Two
Rivers
West
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
600,000
5.375
05/01/2033
622,518
Union
Park
East
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
3
Project
Series
2021
(NR/NR)
205,000
3.350
(d)
05/01/2041
166,983
225,000
4.000
(d)
05/01/2051
186,984
University
Park
Recreation
District
Special
Assessment
Series
2019
(BAM)
(NR/AA)
300,000
2.500
05/01/2027
287,526
310,000
2.500
05/01/2028
291,571
315,000
2.625
05/01/2029
295,708
1,060,000
3.000
05/01/2034
969,381
2,130,000
3.125
05/01/2038
1,902,419
1,725,000
3.250
05/01/2040
1,547,821
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
1,021,588
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
893,655
965,000
5.250
05/01/2043
990,234
V-Dana
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Series
2020
(NR/NR)
120,000
3.000
(d)
05/01/2025
118,870
525,000
3.500
(d)
05/01/2031
497,470
975,000
4.000
(d)
05/01/2040
885,771
V-Dana
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Series
2021
(NR/NR)
1,000,000
3.625
05/01/2041
862,876
Ventana
Community
Development
District
Special
Assessment
RB
Series
2018
(NR/NR)
1,000,000
4.625
(d)
05/01/2029
1,013,588
1,000,000
5.000
(d)
05/01/2038
1,022,314
Veranda
Community
Development
District
II
Special
Assessment
Area
1
Gardens
East
Project
Series
2018
A
(NR/NR)
60,000
4.000
11/01/2024
59,974
320,000
4.500
11/01/2029
324,299
Veranda
Community
Development
District
II
Special
Assessment
Area
1
Preserve
West
Project
Series
2018
A
(NR/NR)
65,000
4.000
11/01/2024
64,971
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Veranda
Community
Development
District
II
Special
Assessment
Area
1
Preserve
West
Project
Series
2018
A
(NR/NR)
–
(continued)
$
365,000
4.500%
11/01/2029
$
369,920
Veranda
Community
Development
District
II
Special
Assessment
Refunding
for
Veranda
Estates
Project
Series
2021
(NR/NR)
45,000
2.500
(d)
05/01/2026
43,611
130,000
3.100
(d)
05/01/2031
119,767
Veranda
Community
Development
District
II
Special
Assessment
Refunding
for
Veranda
Oaks
Project
Series
2021
(NR/NR)
95,000
2.500
(d)
05/01/2026
92,067
260,000
3.100
(d)
05/01/2031
239,534
Veranda
Community
Development
District
Special
Assessment
Area
Five
Phase
2
Veranda
Estates
Project
RB
Refunding
Series
2024
(NR/NR)
375,000
4.500
05/01/2031
378,388
Veranda
Community
Development
District
Special
Assessment
Area
Five
Phase
3
Preserve
East
Project
RB
Refunding
Series
2024
(NR/NR)
660,000
4.250
05/01/2031
664,261
Veranda
Landing
Community
Development
District
Special
Assessment
Bonds,
Series
2023
(NR/NR)
800,000
5.250
06/15/2043
820,023
Verandah
East
Community
Development
District
Special
Assessment
Refunding
&
Improvement
RB
Series
2016
(NR/NR)
1,000,000
4.250
05/01/2037
958,948
Verandah
East
Community
Development
District
Special
Assessment
Revenue
Refunding
Improvement
Bonds
for
Lee
County
Series
2016
(NR/NR)
650,000
3.750
05/01/2026
645,126
Verano
#1
Community
Development
District
Senior
Special
Assessment
Refunding
for
Community
Infrastructure
Project
Series
2017
A-1
(NR/BBB+)
355,000
3.500
(d)
05/01/2025
349,929
370,000
3.625
(d)
05/01/2026
364,314
Verano
#1
Community
Development
District
Special
Assessment
Bonds
for
District
#1
Project
Series
2015
(NR/NR)
195,000
4.750
11/01/2025
195,997
Verano
#2
Community
Development
District
City
of
Port
St.
Lucie
Florida
Special
Assessment
Bonds
Series
2024
(NR/NR)
850,000
4.625
05/01/2031
854,688
750,000
5.500
05/01/2044
759,077
Verano
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
1,000,000
6.450
11/01/2042
1,066,787
Verano
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
285,000
4.625
05/01/2030
289,037
450,000
5.375
05/01/2043
464,134
Verano
No
3
Community
Development
District
Special
Assessment
for
Phase
1
Assessment
Area
Series
2021
(NR/NR)
165,000
2.375
05/01/2026
159,874
300,000
3.000
05/01/2031
276,781
Verano
No.
2
Community
Development
District
Special
Assessment
Bonds
for
POD
C
Project
Series
2020
(NR/NR)
250,000
3.250
05/01/2031
232,304
235,000
4.000
05/01/2040
212,592
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Verano
No.
2
Community
Development
District
Special
Assessment
Bonds
for
POD
D
Project
Series
2020
(NR/NR)
$
50,000
2.875%
05/01/2025
$
49,221
250,000
3.250
05/01/2031
232,304
1,050,000
4.000
05/01/2040
949,880
Verano
No.
2
Community
Development
District
Special
Assessment
Bonds
for
POD
E
Project
Series
2020
(NR/NR)
40,000
2.875
05/01/2025
39,376
250,000
3.250
05/01/2031
232,304
815,000
4.000
05/01/2040
737,288
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
495,010
Viera
East
Community
Development
District
Special
Assessment
Bonds
Series
2020
(AGM)
(NR/AA)
380,000
2.000
05/01/2027
348,259
385,000
2.000
05/01/2028
343,433
395,000
2.000
05/01/2029
344,889
150,000
2.125
05/01/2030
128,010
Viera
Stewardship
District
Special
Assessment
RB
Series
2021
(NR/NR)
300,000
2.300
05/01/2026
289,641
930,000
2.800
05/01/2031
837,130
Viera
Stewardship
District
Special
Assessment
RB
Series
2023
(NR/NR)
1,465,000
4.600
05/01/2033
1,488,798
900,000
5.300
05/01/2043
922,835
Villa
Portofino
East
Community
Development
District
Special
Assessment
Refunding
Series
2019
(NR/NR)
170,000
3.125
05/01/2025
168,795
500,000
3.500
05/01/2030
478,491
930,000
3.750
05/01/2037
845,102
Village
Community
Development
District
No.
12
Special
Assessment
RB
Series
2018
(NR/NR)
735,000
3.800
05/01/2028
735,980
1,795,000
4.000
05/01/2033
1,795,107
Village
Community
Development
District
No.
13
Special
Assessment
RB
Series
2019
(NR/NR)
1,200,000
3.000
05/01/2029
1,151,253
1,420,000
3.375
05/01/2034
1,345,433
3,765,000
3.550
05/01/2039
3,453,293
Village
Community
Development
District
No.
13
Special
Assessment
RB
Series
2020
(NR/NR)
575,000
1.875
(d)
05/01/2025
565,924
2,845,000
2.625
(d)
05/01/2030
2,640,004
3,280,000
3.000
(d)
05/01/2035
2,936,426
Village
Community
Development
District
No.
15
City
of
Wildwood,
Florida
Special
Assessment
RB,
Series
2023
(NR/NR)
825,000
4.250
(d)
05/01/2028
829,626
1,250,000
4.375
(d)
05/01/2033
1,264,514
1,025,000
4.850
(d)
05/01/2038
1,047,432
Village
Community
Development
District
No.
6
Special
Assessment
RB
Refunding
Series
2017
(BAM)
(NR/AA)
1,670,000
3.500
05/01/2032
1,637,767
1,965,000
4.000
05/01/2037
1,971,630
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Village
Community
Development
District
No.
6
Special
Assessment
RB
Refunding
Series
2017
(NR/NR)
$
305,000
4.000%
05/01/2026
$
307,058
290,000
4.000
05/01/2027
293,262
305,000
4.000
05/01/2028
310,632
320,000
4.000
05/01/2029
326,248
Village
Community
Development
District
Special
Assessment
RB
Series
2021
(NR/NR)
885,000
2.550
05/01/2031
806,199
1,900,000
2.850
05/01/2036
1,642,816
2,400,000
3.000
05/01/2041
1,958,368
Villages
of
Glen
Creek
Community
Development
District
Capital
Improvement
RB
Series
2022A
(NR/NR)
100,000
4.625
05/01/2027
100,322
235,000
4.875
05/01/2032
239,542
610,000
5.125
05/01/2042
616,812
Villages
of
Glen
Creek
Community
Development
District
Capital
Improvement
Revenue
and
Refunding
Bonds
Series
2022
(NR/NR)
210,000
3.150
05/01/2032
192,444
500,000
3.450
05/01/2042
408,653
Villamar
Community
Development
District
Special
Assessment
Bonds
for
Phase
3
Project
Series
2022
(NR/NR)
105,000
3.125
11/01/2027
101,554
Villamar
Community
Development
District
Special
Assessment
Bonds
for
Phase
4
Project
Series
2022
(NR/NR)
110,000
3.250
05/01/2027
107,178
Villamar
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
220,000
4.000
05/01/2029
219,182
Villamar
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
65,000
2.625
05/01/2025
64,272
245,000
3.200
05/01/2030
237,313
Villamar
Community
Development
District
Special
Assessment
Bonds,
Series
2024
(NR/NR)
325,000
4.625
05/01/2031
328,567
Vizcaya
In
Kendall
Community
Development
District
Special
Assessment
Bonds
Series
2016
(NR/BBB)
220,000
2.750
11/01/2024
217,805
225,000
3.000
11/01/2025
217,750
230,000
3.200
11/01/2026
220,638
1,400,000
4.125
11/01/2046
1,242,079
Waterford
Landing
Community
Development
District
Capital
Improvement
RB
Series
2014
(NR/NR)
510,000
5.500
05/01/2034
510,381
925,000
5.750
05/01/2044
925,479
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
2,082,692
Waterset
Central
Community
Development
District
Special
Assessment
Bonds
Series
2018
(NR/NR)
500,000
5.125
(d)
11/01/2038
508,268
Waterset
North
Community
Development
District
Special
Assessment
RB
Series
2014
(NR/NR)
2,340,000
5.500
11/01/2045
2,343,425
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Wellness
Ridge
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
$
400,000
4.250%
06/15/2030
$
403,500
Wesbridge
Community
Development
District
Special
Assessment
Series
2019
(NR/NR)
65,000
3.250
11/01/2024
64,821
375,000
3.625
11/01/2029
365,734
1,000,000
4.000
11/01/2039
912,526
West
Hillcrest
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
900,000
5.250
06/15/2043
926,468
West
Port
Community
Development
District
Special
Assessment
Area
Two
Series
2020
(NR/NR)
255,000
2.750
(d)
05/01/2026
247,760
415,000
3.250
(d)
05/01/2031
385,478
515,000
3.625
(d)
05/01/2041
435,758
West
Port
Community
Development
District
Special
Assessment
Bonds
for
Charlotte
County
Series
2022
(NR/NR)
170,000
4.750
05/01/2032
171,565
300,000
5.125
05/01/2042
300,200
West
Port
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
95,000
2.650
(d)
05/01/2025
93,282
630,000
3.000
(d)
05/01/2031
566,420
1,725,000
4.000
(d)
05/01/2040
1,561,564
1,595,000
4.000
(d)
05/01/2051
1,329,556
West
Port
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Series
2021
(NR/NR)
200,000
2.400
05/01/2026
193,511
575,000
3.000
05/01/2031
526,872
West
Villages
Improvement
District
Capital
Improvement
RB
for
Unit
Of
Development
No.
10
Series
2024
(Assessment
Area
One)
(NR/NR)
1,000,000
5.375
05/01/2044
1,006,344
West
Villages
Improvement
District
Special
Assessment
RB
for
Neighborhood
Infrastructure
Series
2022
(NR/NR)
435,000
4.625
05/01/2029
440,091
475,000
5.375
05/01/2042
491,361
West
Villages
Improvement
District
Special
Assessment
RB
Series
2023
(NR/NR)
490,000
4.625
05/01/2030
496,085
770,000
5.375
05/01/2043
794,742
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
2,585,174
1,930,000
4.500
05/01/2034
1,939,541
3,390,000
5.000
05/01/2037
3,437,647
West
Villages
Improvement
District
Unit
of
Development
No.
7
Master
Infrastructure
Special
Assessment
RB
Series
2019
(NR/NR)
750,000
4.250
05/01/2029
753,566
West
Villages
Improvement
District
Unit
of
Development
No.
7
Special
Assessment
RB
Series
2021
(NR/NR)
105,000
2.500
05/01/2026
101,820
West
Villages
Improvement
District
Unit
of
Development
No.
7
Special
Assessment
RB
Series
2023
(NR/NR)
465,000
6.000
05/01/2043
493,645
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
West
Villages
Improvement
District
Unit
of
Development
No.
8
Special
Assessment
RB
Series
2021
(NR/NR)
$
225,000
2.500%
05/01/2026
$
218,185
Westside
Community
Development
District
Solara
Phase
2
Assessment
Area
Special
Assessment
RB
Series
2019
(NR/NR)
355,000
3.900
05/01/2029
352,064
Westside
Community
Development
District
Special
Assessment
RB
Refunding
Series
2019
(NR/NR)
810,000
3.750
(d)
05/01/2029
799,124
Westside
Haines
City
Community
Development
District
Polk
County
Florida
Special
Assessment
Bonds
Series
2024
Assessment
Area
Two
Project
(NR/NR)
900,000
4.875
05/01/2031
906,264
Westside
Haines
City
Community
Development
District
Special
Assessment
Bond
for
Assessment
Area
One
Project
Series
2021
(NR/NR)
130,000
2.500
05/01/2026
125,999
650,000
3.000
05/01/2031
594,119
1,400,000
3.250
05/01/2041
1,129,731
Westview
North
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
75,000
5.000
06/15/2029
76,132
1,000,000
5.750
06/15/2042
1,041,311
Westview
South
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
One,
Series
2023
(NR/NR)
520,000
4.875
05/01/2028
523,915
975,000
5.375
05/01/2043
993,061
Westview
South
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
Two,
Series
2023
(NR/NR)
550,000
5.375
05/01/2043
560,175
Whispering
Pines
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
575,000
5.375
05/01/2043
594,726
Whispering
Pines
Community
Development
District
Special
Assessment
Bonds
Series
2024
(NR/NR)
135,000
4.250
05/01/2031
134,882
Wildblue
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
1,285,000
3.750
(d)
06/15/2030
1,244,641
3,350,000
4.250
(d)
06/15/2039
3,119,978
Willowbrook
Community
Development
District
City
of
Winter
Haven
Florida
Special
Assessment
Bonds
Series
2024
Assessment
Area
One
Project
(NR/NR)
750,000
5.625
05/01/2044
754,901
Willows
Community
Development
District
Special
Assessment
RB
for
Manatee
County
Series
2022
(NR/NR)
1,300,000
5.625
05/01/2042
1,354,935
Willows
Community
Development
District
Special
Assessment
RB
Series
2019
(NR/NR)
500,000
4.370
05/01/2029
503,929
Wind
Meadows
South
Community
Development
District
Special
Assessment
Bond
for
Assessment
Area
One
Project
Series
2021
(NR/NR)
85,000
2.400
05/01/2026
82,242
300,000
2.950
05/01/2031
273,441
865,000
3.350
05/01/2041
708,901
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
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
$
200,914
680,000
4.875
11/01/2039
681,863
Windsor
Cay
Community
Development
District
Lake
County
Florida
Special
Assessment
Bonds
Series
2024
Assessment
Area
One
Project
(NR/NR)
315,000
4.600
05/01/2031
316,493
Windward
at
Lakewood
Ranch
Community
Development
District
Capital
Improvement
RB
Series
2022
(NR/NR)
900,000
4.000
05/01/2042
784,804
Windward
Community
Development
District
Special
Assessment
Series
2020
A-1
(NR/NR)
25,000
3.000
05/01/2025
24,725
230,000
3.650
05/01/2030
220,854
Wiregrass
Community
Development
District
Capital
Improvement
RB
Series
2016
(NR/NR)
775,000
4.875
05/01/2036
779,017
250,000
5.000
05/01/2047
248,622
Wiregrass
II
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
235,000
2.500
05/01/2025
231,595
640,000
3.125
05/01/2030
597,550
Wynnfield
Lakes
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2014
(NR/BBB+)
1,450,000
4.500
05/01/2036
1,441,430
Zephyr
Lakes
Community
Development
District
Special
Assessment
for
Assessment
Area
Two
Series
2021
(NR/NR)
90,000
2.500
05/01/2026
87,222
340,000
3.000
05/01/2031
310,787
1,181,340,588
Georgia
-
2.1%
Bartow
County
Development
Authority
Pollution
Control
RB
for
Georgia
Power
Company
Plant
Bown
Project
Series
2009
(Baa1/A/A-2)
(PUTABLE)
3,920,000
3.950
(a)(b)
12/01/2032
3,982,647
Burke
County
Development
Authority
Pollution
Control
RB
for
Georgia
Power
Company
Plant
Vogtle
Project
Series
1996
(Baa1/A)
(PUTABLE)
1,665,000
3.875
(a)(b)
10/01/2032
1,670,632
Cherokee
County
Water
and
Sewerage
Authority
Georgia
Water
and
Sewerage
RB,
Series
2023
(Aa1/AA)
1,050,000
4.000
08/01/2053
1,015,085
City
of
Atlanta
RB
for
Water
&
Wastewater
Series
2018
B
(Aa2/AA-)
4,750,000
3.500
11/01/2043
4,309,034
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
2,659,534
County
of
Fulton
RB
Refunding
for
Water
&
Sewerage
Series
2013
A
(Aa2/AA)
7,585,000
4.000
01/01/2035
7,551,711
Coweta
County
Water
and
Sewerage
Authority
RB
Series
2024
(NR/AA+)
840,000
4.000
06/01/2046
827,017
1,675,000
5.000
06/01/2049
1,833,944
1,635,000
5.000
06/01/2054
1,774,972
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Georgia
–
(continued)
Development
Authority
of
Bartow
County
Pollution
Control
RB
First
Series
1997
(Baa1/A)
$
5,000,000
1.800%
(a)
09/01/2029
$
4,251,740
Development
Authority
of
Burke
County
Pollution
Control
RB
for
Georgia
Power
Company
Plant
Vogtle
Project
First
Series
2013
(Baa1/A)
(PUTABLE)
4,355,000
3.375
(a)(b)
11/01/2053
4,321,420
Development
Authority
of
Burke
County
Pollution
Control
RB
for
Georgia
Power
Company
Plant
Vogtle
Project
Second
Series
2008
(Baa1/BBB+)
(PUTABLE)
3,055,000
3.375
(a)(b)
11/01/2048
3,031,444
Development
Authority
of
Burke
County
Pollution
Control
RB
Georgia
Power
Company
Plant
Vogtle
Project
Fifth
Series
1994
(Baa1/A)
(PUTABLE)
3,800,000
3.700
(a)(b)
10/01/2032
3,830,167
Development
Authority
of
Fulton
County
RB
Wellstar
Health
System,
Inc.
Project,
Series
2020A
(A2/A+)
4,000,000
4.000
04/01/2050
3,793,555
Downtown
Smyrna
Development
Authority,
Georgia
RB
(City
of
Smyrna
Projects),
Series
2021
(NR/AAA)
2,645,000
5.000
02/01/2027
2,770,707
Gainesville
&
Hall
County
Development
Authority
RB
Refunding
for
Riverside
Military
Academy
Series
2017
(NR/NR)
290,000
5.000
03/01/2027
272,653
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
1,989,836
1,850,000
4.000
01/01/2036
1,832,035
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
741,516
500,000
4.000
08/01/2036
475,893
750,000
4.000
08/01/2037
704,669
745,000
4.000
08/01/2038
695,994
Main
Street
Natural
Gas
Inc.
Gas
Supply
RB
Series
2019A
(A1/NR)
2,800,000
5.000
05/15/2030
2,899,412
Main
Street
Natural
Gas
Inc.
Gas
Supply
RB
Series
2019B
(Aa2/NR)
24,050,000
4.000
(a)(b)
08/01/2049
24,060,734
Main
Street
Natural
Gas
Inc.
Gas
Supply
RB
Series
2021A
(Aa1/NONR)
15,875,000
4.000
(a)(b)
07/01/2052
15,939,843
Main
Street
Natural
Gas
Inc.
Gas
Supply
RB
Series
2021C
(A3/NR)
10,295,000
4.000
(a)(b)
05/01/2052
10,327,708
Main
Street
Natural
Gas
Inc.
Gas
Supply
RB
Series
2022A
(A3/NR)
2,185,000
4.000
12/01/2026
2,168,416
Main
Street
Natural
Gas
Inc.
Gas
Supply
RB
Series
2023B
(Aa1/NR)
7,745,000
5.000
(a)(b)
07/01/2053
8,215,558
Main
Street
Natural
Gas
Inc.,
Gas
Supply
RB
Series
2023E-1
(Aa1/NR)
2,760,000
5.000
(a)(b)
12/01/2053
2,950,495
Main
Street
Natural
Gas
Inc.,
Gas
Supply
RB,
Series
2019A
(A1/NR)
1,215,000
5.000
05/15/2028
1,240,356
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Georgia
–
(continued)
Main
Street
Natural
Gas
Inc.,
Gas
Supply
RB,
Series
2023C
(Aa1/NR)
$
24,500,000
5.000%
(a)(b)
09/01/2053
$
26,011,184
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
2,898,297
Monroe
County
Development
Authority
Pollution
Control
RB
First
Series
2009
(Baa1/A/A-1)
(PUTABLE)
1,850,000
1.000
(a)(b)
07/01/2049
1,692,956
Monroe
County
Development
Authority
Pollution
Control
RB
for
Georgia
Power
Company
Plant
Scherer
Project
Series
2006
(Baa1/A)
(PUTABLE)
1,940,000
3.875
(a)(b)
12/01/2041
1,946,562
Monroe
County
Development
Authority
Pollution
Control
RB
for
Georgia
Power
Company
Plant
Scherer
Project
Series
2012
(Baa1/A)
(PUTABLE)
3,520,000
3.875
(a)(b)
06/01/2042
3,531,906
Monroe
County
Development
Authority
Pollution
Control
RB
for
Georgia
Power
Company
Plant
Scherer
Project
Series
2013
(Baa1/A)
(PUTABLE)
1,940,000
3.875
(a)(b)
04/01/2043
1,946,562
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
2,422,391
Municipal
Electric
Authority
RB
Georgia
Plant
Vogtle
Units
3
&
4
Project
Series
2019
A
(A3/A)
4,360,000
5.000
01/01/2025
4,386,324
4,575,000
5.000
01/01/2026
4,670,482
4,805,000
5.000
01/01/2027
4,949,446
5,040,000
5.000
01/01/2028
5,259,104
5,295,000
5.000
01/01/2029
5,566,071
1,080,000
5.000
01/01/2034
1,137,956
Private
Colleges
&
Universities
Authority
RB
Refunding
for
Agnes
Scott
College,
Inc.
Series
2021
(NR/A-)
495,000
5.000
06/01/2031
531,665
400,000
5.000
06/01/2032
430,674
500,000
5.000
06/01/2033
538,851
400,000
4.000
06/01/2034
404,543
500,000
4.000
06/01/2035
502,956
1,000,000
4.000
06/01/2045
951,727
Rockdale
County
Development
Authority
RB
Refunding
for
Pratt
Paper
LLC
Project
Series
2018
(NR/NR)
2,615,000
4.000
(d)
01/01/2038
2,577,427
Savanah
Economic
Development
Authority
Recovery
Zone
Facility
Revenue
Refunding
Bonds
Series
2019A
(Baa2/BBB)
(PUTABLE)
400,000
2.000
(a)(b)
11/01/2033
397,101
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
1,918,208
State
of
Georgia
GO
Bonds
Series
2021A
(Aaa/AAA)
4,745,000
5.000
07/01/2025
4,828,687
201,639,807
Guam
-
0.7%
A.B.
Won
Pat
International
Airport
Authority
Guam
General
RB
2023
Series
A
(Baa2/NR)
1,285,000
5.250
10/01/2030
1,301,991
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Guam
–
(continued)
A.B.
Won
Pat
International
Airport
Authority
Guam
General
RB
2023
Series
A
(Baa2/NR)
$
1,265,000
5.250%
10/01/2029
$
1,283,328
Antonio
B
Won
Pat
International
Airport
Authority
Taxable
RB
Refunding
Series
2021
A
(Baa2/NR)
765,000
3.099
10/01/2028
698,598
550,000
3.189
10/01/2029
493,612
740,000
3.489
10/01/2031
646,084
Guam
Department
of
Education
COPS
Refunding
for
John
F.
Kennedy
High
School
&
Energy
Efficiency
Project
Series
2020
A
(Ba1/B+)
335,000
3.625
02/01/2025
332,541
2,045,000
4.250
02/01/2030
1,975,554
Guam
Government
GO
Bonds
Series
2019
(Baa3/BB-)
1,970,000
5.000
11/15/2031
1,998,563
Guam
Government
Limited
Obligation
RB
Section
30
Series
2016
A
(NR/BB)
2,755,000
5.000
12/01/2025
2,794,272
2,255,000
5.000
12/01/2026
2,309,416
2,000,000
5.000
12/01/2027
2,048,645
Guam
Government
RB
Refunding
Series
2021
E
(Baa3/NR)
5,945,000
3.250
11/15/2026
5,760,806
Guam
Government
RB
Refunding
Series
2021
F
(Baa3/NR)
525,000
5.000
01/01/2028
544,935
1,250,000
5.000
01/01/2030
1,321,591
950,000
5.000
01/01/2031
1,013,030
7,065,000
4.000
01/01/2042
6,794,989
Guam
Power
Authority
RB
Series
2014
A
(AGM)
(A1/AA)
325,000
5.000
10/01/2039
325,764
250,000
5.000
10/01/2044
250,356
Guam
Power
Authority
Refunding
RB
Series
2022
A
(Baa2/BBB)
1,825,000
5.000
10/01/2029
1,920,992
Guam
Waterworks
Authority
RB
for
Water
&
Wastewater
System
Series
2020
A
(Baa2/A-)
6,995,000
5.000
01/01/2050
7,185,936
Guam
Waterworks
Authority
RB
Refunding
for
Water
&
Wastewater
System
Series
2017
(Baa2/A-)
125,000
5.000
07/01/2025
126,466
785,000
5.000
07/01/2026
803,900
500,000
5.000
07/01/2027
518,732
525,000
5.000
07/01/2028
544,956
345,000
5.000
07/01/2029
358,537
1,000,000
5.000
07/01/2035
1,038,743
Guam
Waterworks
Authority
RB
Refunding
for
Water
&
Wastewater
System
Series
2024A
(Baa2/A-)
1,375,000
5.000
07/01/2035
1,518,992
1,350,000
5.000
07/01/2036
1,495,797
1,325,000
5.000
07/01/2037
1,463,973
1,200,000
5.000
07/01/2039
1,308,475
1,000,000
5.000
07/01/2042
1,079,760
1,000,000
5.000
07/01/2044
1,072,384
1,100,000
5.000
07/01/2045
1,175,368
1,125,000
5.000
01/01/2046
1,196,388
Guam
Waterworks
Authority
Water
&
Wastewater
RB
Series
2016
(Baa2/A-)
8,650,000
5.000
01/01/2046
8,788,773
Port
Authority
of
Guam
Port
RB,
2018
Series
B
(AMT)
(Baa2/A)
200,000
5.000
07/01/2037
206,701
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Guam
–
(continued)
Port
Authority
of
Guam
Private
Activity
RB
Series
2018
B
(Baa2/A)
$
400,000
5.000%
07/01/2029
$
414,678
600,000
5.000
07/01/2031
621,483
250,000
5.000
07/01/2033
258,905
225,000
5.000
07/01/2034
233,038
225,000
5.000
07/01/2036
233,004
Port
Authority
of
Guam
RB
Series
2018
A
(Baa2/A)
2,500,000
5.000
07/01/2048
2,528,090
Territory
of
Guam
Hotel
Occupancy
Tax
RB
Refunding
Series
2021
A
(Baa3/NR)
300,000
5.000
11/01/2027
308,911
450,000
5.000
11/01/2028
466,813
450,000
5.000
11/01/2029
470,089
1,000,000
5.000
11/01/2030
1,048,637
70,282,596
Hawaii
-
0.4%
City
and
County
of
Honolulu
Multifamily
Housing
RB
Maunakea
Tower
Apartments
Series
2023
(HUD
SECT
8)
(Aaa/NR)
(PUTABLE)
220,000
5.000
(a)(b)
06/01/2027
224,370
Department
of
Budget
and
Finance
of
The
State
of
Hawaii
Special
Purpose
Refunding
RB
Hawaii
Pacific
University
Project
Series
2024
(NR/BB)
2,900,000
5.000
(d)
07/01/2034
2,969,241
Hawaii
State
Department
of
Budget
&
Finance
for
Hawaii
Pacific
Health
Obligated
Group
Special
Purpose
RB
Series
2023C
(A1/NR)
10,000,000
4.000
07/01/2047
9,632,989
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
4,369,028
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
8,333,062
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
656,470
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
29,951
35,000
5.000
05/15/2030
36,137
150,000
5.000
05/15/2031
154,795
180,000
5.000
05/15/2032
185,992
60,000
3.000
05/15/2033
52,195
100,000
3.000
05/15/2034
85,779
150,000
3.000
05/15/2035
126,701
670,000
3.250
05/15/2039
552,757
575,000
5.000
05/15/2044
582,519
1,000,000
5.000
05/15/2049
1,004,422
State
of
Hawaii
Airports
System
RB
Series
2022A
(A1/AA-)
9,000,000
5.000
07/01/2051
9,322,003
State
of
Hawaii
Department
of
Budget
and
Finance
Special
Purpose
RB
Refunding
Series
2017A
(Ba3/NR)
4,775,000
3.100
05/01/2026
3,898,408
42,216,819
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
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
$
4,084,364
Nez
Perce
County
PCRB
Refunding
for
Potlatch
Corp.
Project
Series
2016
(Baa3/BBB-)
4,515,000
2.750
10/01/2024
4,492,437
8,576,801
Illinois
-
9.7%
Barrington
Community
Unit
School
District
GO
School
Bonds
Series
2021
(NR/AAA)
2,255,000
5.000
12/01/2029
2,459,792
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
1,612,896
Berwyn
Municipal
Securitization
Corp.
RB
Refunding
Series
2019
(AGM-CR)
(NR/AA)
7,200,000
5.000
01/01/2035
7,716,146
Board
of
Education
of
The
City
of
Chicago
Dedicated
Capital
Improvement
Series
2017
(NR/NR)
3,900,000
5.000
04/01/2046
3,947,029
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
5,291,850
Board
of
Education
of
The
City
of
Chicago
UT
GO
Bonds
Dedicated
Revenues,
Series
2012A
(Ba1/BB+)
10,975,000
5.000
12/01/2042
10,974,104
Board
of
Education
of
The
City
of
Chicago
UT
GO
Bonds
Dedicated
Revenues,
Series
2021A
(NR/BB+)
900,000
5.000
12/01/2039
925,172
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
3,303,131
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
1,942,945
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
4,625,882
Board
of
Trustee
of
Northern
Illinois
University
Auxiliary
Facilities
System
RB
Series
2021
(BAM)
(Baa3/AA)
650,000
4.000
10/01/2043
608,625
Champaign
County
Community
Unit
School
District
No.
4
Champaign
GO
Bonds
Series
2020
A
(NR/AA)
350,000
0.000
(f)
01/01/2026
328,957
165,000
0.000
(f)
01/01/2027
148,736
240,000
0.000
(f)
01/01/2028
207,646
330,000
5.000
01/01/2029
349,978
110,000
5.000
01/01/2031
116,519
1,570,000
5.000
01/01/2032
1,658,999
630,000
5.000
01/01/2033
663,965
1,270,000
5.000
01/01/2034
1,335,252
Chicago
Board
of
Education
GO
Bonds
for
Build
America
Bonds
Series
2009
E
(Ba1/BB+)
7,690,000
5.482
12/01/2024
7,659,718
Chicago
GO
Bonds
2019A
(NR/NR)
1,025,000
5.000
01/01/2027
1,068,328
100,000
5.000
01/01/2028
106,045
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Illinois
–
(continued)
Chicago
GO
Bonds
2019A
(NR/BBB+)
$
2,750,000
5.000%
01/01/2027
$
2,829,595
590,000
5.000
01/01/2028
615,153
Chicago
Illinois
Board
of
Education
Dedicated
Capital
Improvement
Series
2016
(NR/NR)
3,550,000
6.000
04/01/2046
3,717,808
Chicago
Illinois
Board
of
Education
Dedicated
Capital
Improvement
Series
2017
(NR/NR)
835,000
5.000
04/01/2034
859,110
500,000
5.000
04/01/2035
514,249
335,000
5.000
04/01/2036
344,193
1,300,000
5.000
04/01/2037
1,334,105
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
1,901,492
1,625,000
0.000
(f)
12/01/2027
1,403,577
3,005,000
0.000
(f)
12/01/2029
2,365,439
4,465,000
0.000
(f)
12/01/2030
3,364,791
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
401,639
1,040,000
0.000
(f)
12/01/2028
857,584
90,000
0.000
(f)
12/01/2029
70,845
Chicago
Illinois
Board
of
Education
GO
Bonds
Capital
Appreciation
Series
2009
C
(Baa3/BBB+)
510,000
0.000
(f)
01/01/2031
381,971
Chicago
Illinois
Board
of
Education
GO
Bonds
Series
2015
C
(NR/BB+)
2,500,000
6.000
12/01/2035
2,513,305
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
2,925,298
Chicago
Illinois
Board
of
Education
GO
Refunding
Bonds
Series
2005
A
(AMBAC)
(Ba1/BB+)
2,530,000
5.500
12/01/2026
2,564,958
11,080,000
5.500
12/01/2029
11,488,588
Chicago
Illinois
Board
of
Education
Unlimited
Tax
GO
Bonds
for
Capital
Appreciation
Boards
School
Reform
Series
1998
B-1
(NATL)
(Baa2/BB+)
205,000
0.000
(f)
12/01/2025
193,323
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
2,870,432
Chicago
Illinois
Board
of
Education
Unlimited
Tax
GO
Refunding
Bonds
for
Dedicated
Revenues
Series
2009
E
(Ba1/BB+)
10,380,000
6.038
12/01/2029
10,408,831
2,500,000
6.138
12/01/2039
2,421,375
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
5,326,267
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
7,404,061
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
2018
A
(AGM)
(NR/AA)
$
1,825,000
5.000%
12/01/2024
$
1,830,570
3,500,000
5.000
12/01/2025
3,537,274
1,270,000
5.000
12/01/2026
1,301,737
2,375,000
5.000
12/01/2027
2,448,811
2,500,000
5.000
12/01/2028
2,602,562
2,750,000
5.000
12/01/2030
2,870,441
4,700,000
5.000
12/01/2031
4,906,860
1,350,000
5.000
12/01/2032
1,409,291
3,800,000
5.000
12/01/2033
3,966,813
1,500,000
5.000
12/01/2034
1,565,669
1,000,000
5.000
12/01/2035
1,042,763
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
2,264,064
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
1,882,942
2,000,000
0.000
(f)
12/01/2026
1,798,968
300,000
0.000
(f)
12/01/2027
257,998
2,500,000
4.000
12/01/2027
2,487,310
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
1,254,367
1,000,000
5.000
12/01/2026
1,022,816
3,060,000
5.000
12/01/2028
3,179,700
1,000,000
5.000
12/01/2029
1,046,664
3,000,000
5.000
12/01/2030
3,126,395
1,000,000
5.000
12/01/2031
1,039,416
1,000,000
5.000
12/01/2032
1,039,284
1,000,000
5.000
12/01/2033
1,039,201
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
1,169,697
Chicago
Illinois
Capital
Appreciation
Refunding
&
Project
Series
2009
C
(Baa3/BBB+)
880,000
0.000
(f)
01/01/2032
627,381
Chicago
Illinois
GO
Bonds
Project
and
Refunding
RMKT
06/08/15
Series
2005
D
(Baa3/BBB+)
430,000
5.500
01/01/2037
431,964
2,920,000
5.500
01/01/2040
2,927,893
Chicago
Illinois
GO
Bonds
Series
2015
A
(NR/BBB+)
1,320,000
5.500
01/01/2039
1,324,163
Chicago
Illinois
GO
Bonds
Series
2019
(NR/BBB+)
4,280,000
5.000
01/01/2029
4,514,163
1,135,000
5.000
01/01/2031
1,192,350
Chicago
Illinois
GO
Refunding
Bonds
Series
2015
C
(NR/BBB+)
4,435,000
5.000
01/01/2025
4,457,116
5,600,000
5.000
01/01/2038
5,628,052
Chicago
Illinois
GO
Refunding
Bonds
Series
2017
A
(NR/BBB+)
375,000
6.000
01/01/2038
390,052
Chicago
Illinois
O’Hare
International
Airport
RB
General
Airport
Senior
Lien
Series
2017D
(AMT)
(NR/A+)
4,340,000
5.000
01/01/2047
4,373,272
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Illinois
–
(continued)
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
$
3,672,351
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
9,309,666
Chicago
Illinois
Sales
Tax
Refunding
Series
2002
(NR/NR)
1,105,000
5.000
01/01/2025
1,112,491
Chicago
Illinois
Wastewater
Transmission
RB
Second
Lien
Series
2017
A
(AGM)
(NR/AA)
550,000
5.250
01/01/2042
567,260
1,330,000
4.000
01/01/2052
1,256,876
Chicago
Park
District
GO
LT
Park
Bonds
Series
2024A
(NR/AA-)
855,000
5.000
01/01/2039
950,540
515,000
5.000
01/01/2040
566,453
500,000
5.000
01/01/2041
544,994
Chicago
Park
District
GO
LT
Refunding
Bonds
Series
2024B
(NR/AA-)
3,350,000
5.000
01/01/2038
3,745,735
Chicago
Transit
Authority
Sales
Tax
Receipts
RB
Series
2014
(NR/AA)
25,240,000
5.250
12/01/2049
25,298,325
City
of
Belleville
Sales
Tax
Revenue
Tax
Allocation
Refunding
for
Carlyle
and
Green
Mount
Redevelopment
Project
Series
2021
B
(NR/NR)
270,000
3.250
07/01/2029
263,012
City
of
Chicago
Board
of
Education
Dedicated
Capital
Improvement
Tax
Bonds
Series
2016
(NR/NR)
1,400,000
5.750
04/01/2034
1,475,779
City
of
Chicago
Board
of
Education
Dedicated
Capital
Improvement
Tax
Bonds
Series
2023
(NR/NR)
2,500,000
5.000
04/01/2045
2,656,319
City
of
Chicago
Board
of
Education
GO
Bonds
Series
1999
A
(NATL)
(Baa2/BB+)
4,725,000
5.500
12/01/2026
4,810,756
City
of
Chicago
Board
of
Education
UT
GO
Bonds
for
Dedicated
Revenues
Series
2018D
(NR/BB+)
2,550,000
5.000
12/01/2046
2,543,074
City
of
Chicago
Board
of
Education
UT
GO
Bonds
Series
2018D
(NR/BB+)
2,750,000
5.000
12/01/2046
2,757,441
City
of
Chicago
Board
of
Education
UT
GO
Bonds
Series
2021A
(NR/BB+)
2,300,000
5.000
12/01/2036
2,389,444
750,000
5.000
12/01/2038
772,498
City
of
Chicago
Board
of
Education
UT
GO
Refunding
Bonds
Series
2017C
(NR/BB+)
500,000
5.000
12/01/2025
506,459
City
of
Chicago
Board
of
Education
UT
GO
Refunding
Bonds
Series
2017H
(NR/BB+)
4,500,000
5.000
12/01/2036
4,590,481
City
of
Chicago
Board
of
Education
UT
GO
Refunding
Bonds
Series
2018A
(AGM)
(NR/AA)
2,450,000
5.000
12/01/2029
2,555,306
City
of
Chicago
Board
of
Education
UT
GO
Refunding
Bonds
Series
2018C
(NR/BB+)
2,000,000
5.000
12/01/2024
2,006,986
6,495,000
5.000
12/01/2025
6,578,901
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Illinois
–
(continued)
City
of
Chicago
Board
of
Education
UT
GO
Refunding
Bonds
Series
2018C
(AGM)
(NR/AA)
$
15,000,000
5.000%
12/01/2027
$
15,466,172
5,450,000
5.000
12/01/2029
5,670,797
4,365,000
5.000
12/01/2030
4,552,573
City
of
Chicago
Board
of
Education
UT
GO
Refunding
Bonds
Series
2022B
(NR/BB+)
3,000,000
4.000
12/01/2037
2,904,572
City
of
Chicago
Board
of
Education
UT
GO
Series
2015E
Project
Bonds
(NR/BB+)
1,300,000
5.125
12/01/2032
1,300,603
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
2,022,750
City
of
Chicago
GO
Bonds
Refunding
Series
2020A
(NR/BBB+)
4,675,000
5.000
01/01/2026
4,753,392
670,000
5.000
01/01/2027
689,321
8,835,000
5.000
01/01/2028
9,202,206
940,000
5.000
01/01/2032
998,129
City
of
Chicago
GO
Bonds
Refunding
Series
2021A
(NR/BBB+)
1,260,000
5.000
01/01/2027
1,296,469
City
of
Chicago
GO
Bonds
Refunding
Series
2021B
(NR/BBB+)
301,000
4.000
01/01/2028
304,136
City
of
Chicago
GO
Bonds
Series
2015A
(NR/BBB+)
2,700,000
5.250
(c)
01/01/2025
2,718,280
City
of
Chicago
GO
Bonds
Series
2019A
(NR/BBB+)
10,995,000
5.500
01/01/2049
11,361,368
City
of
Chicago
GO
Bonds
Series
2021B
(NR/BBB+)
2,456,000
4.000
01/01/2038
2,402,503
5,330,000
4.000
01/01/2044
4,967,164
1,000,000
4.000
01/01/2049
898,167
City
of
Chicago
GO
Bonds
Series
2023A
(Baa3/BBB+)
1,000,000
5.000
01/01/2029
1,054,711
1,950,000
4.000
01/01/2035
1,952,863
3,250,000
5.000
01/01/2035
3,501,847
1,560,000
5.500
01/01/2043
1,643,662
City
of
Chicago
GO
Refunding
Bonds
Series
2020
A
(NR/BBB+)
2,745,000
5.000
01/01/2025
2,758,689
2,670,000
5.000
01/01/2029
2,816,078
10,215,000
5.000
01/01/2030
10,866,100
City
of
Chicago
IL
Waterworks
Revenue
RB
Series
1999
(Baa1/A+)
1,560,000
5.000
11/01/2028
1,602,914
2,010,000
5.000
11/01/2029
2,066,514
1,000,000
5.000
11/01/2030
1,027,689
City
of
Chicago
Midway
Airport
RB
Refunding
for
Senior
Lien
Airport
Series
2023C
(AMT)
(NR/A)
6,000,000
5.000
01/01/2037
6,509,454
4,750,000
5.000
01/01/2038
5,128,276
3,935,000
5.000
01/01/2039
4,214,653
City
of
Chicago
Midway
Airport
Second
Lien
Revenue
Refunding
Bonds
Series
2016B
(NR/A)
8,000,000
5.000
01/01/2041
8,097,966
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
4,796,256
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(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)
(NR/A+)
$
1,500,000
5.250%
01/01/2053
$
1,572,507
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
12,086,664
City
of
Chicago
O'Hare
International
Airport
General
Airport
Senior
Lien
RB
Series
2017D
(NR/A+)
5,660,000
5.000
01/01/2052
5,691,626
City
of
Chicago
O'Hare
International
Airport
General
Airport
Senior
Lien
RB
Series
2022A
(NR/A+)
2,250,000
4.500
01/01/2048
2,247,136
City
of
Chicago
O'Hare
International
Airport
General
Airport
Senior
Lien
Revenue
Amt
Series
2016G
(AMT)
(NR/A+)
2,375,000
5.000
01/01/2042
2,394,779
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
1,003,624
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
4,327,073
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
2,489,614
City
of
Chicago
Second
Lien
Wastewater
Transmission
RB,
Refunding
Series
2023B
(AGM)
(NR/AA)
3,350,000
5.000
01/01/2035
3,740,409
1,300,000
5.000
01/01/2036
1,449,842
200,000
5.000
01/01/2037
222,401
1,660,000
5.000
01/01/2038
1,836,236
City
of
Chicago
Second
Lien
Wastewater
Transmission
Revenue
Refunding
Bonds
Series
2008C
(NR/A+)
2,000,000
5.000
01/01/2035
2,008,044
City
of
Chicago
Second
Lien
Water
Revenue
Refunding
Bonds
Series
2004
(NR/A+)
1,645,000
5.000
11/01/2026
1,700,690
Cook
County
Community
School
District
No.
97
Oak
Park
GO
Bonds
Series
2020
(Aa2/NR)
200,000
4.000
01/01/2029
203,898
145,000
4.000
01/01/2030
147,727
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
11,214,047
Cook
County
Sales
Tax
RB
Series
2018
(NR/AA-)
3,500,000
4.000
11/15/2037
3,532,872
County
of
Cook
Sales
Tax
RB
Refunding
Series
2021
A
(NR/AA-)
3,750,000
4.000
11/15/2039
3,669,665
County
of
Will
Illinois
GO
Bonds
Series
2019
(Aa1/AA+)
1,500,000
4.000
11/15/2047
1,431,726
District
of
Greater
Chicago
Metropolitan
Water
Reclamation
GO
UT
Bonds
2016
Series
E
(NR/AA+)
7,520,000
5.000
12/01/2045
7,565,729
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
618,817
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Illinois
–
(continued)
Illinois
Finance
Authority
RB
for
Columbia
College
Chicago
Series
2019
(NR/BBB-)
$
1,320,000
5.000%
12/01/2034
$
1,304,269
1,695,000
5.000
12/01/2039
1,643,605
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
2,339,848
1,420,000
4.000
12/01/2037
1,421,996
4,230,000
4.000
12/01/2042
4,216,767
Illinois
Finance
Authority
RB
for
Cook
County
School
District
No.
95
Brookfield
Series
2018
(Aa2/NR)
500,000
4.000
12/01/2038
500,513
400,000
4.000
12/01/2040
400,616
1,085,000
4.000
12/01/2042
1,086,551
Illinois
Finance
Authority
RB
for
Depaul
College
Prep
Foundation
Series
2023A
(NR/BB+)
1,235,000
5.500
(d)
08/01/2043
1,330,975
Illinois
Finance
Authority
RB
for
Dominican
University
Series
2022
(NR/BBB-)
1,000,000
5.000
03/01/2040
964,066
685,000
5.000
03/01/2042
656,009
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
1,315,976
3,740,000
4.000
12/15/2033
3,776,793
1,700,000
4.000
12/15/2034
1,716,427
1,395,000
4.000
12/15/2035
1,414,263
2,750,000
3.000
12/15/2036
2,510,258
2,000,000
3.000
12/15/2037
1,796,194
Illinois
Finance
Authority
RB
for
Mercy
Health
Corporation
Series
2016
(A2/NR)
15,205,000
5.000
12/01/2046
15,307,368
Illinois
Finance
Authority
RB
for
Northwestern
Memorial
Healthcare
Obligation
Group
Series
2017
A
(Aa2/AA+)
24,305,000
4.000
07/15/2047
22,998,886
Illinois
Finance
Authority
RB
for
Plymouth
Place
Series
2022A
(NR/NR)
685,000
5.500
05/15/2026
691,371
725,000
5.500
05/15/2027
735,121
765,000
5.500
05/15/2028
777,728
Illinois
Finance
Authority
RB
for
Roosevelt
University
Series
2019
A
(NR/NR)
5,600,000
6.125
(d)
04/01/2049
5,567,583
Illinois
Finance
Authority
RB
Refunding
for
American
Water
Capital
Corp.
Project
Series
2020
(NON-AMT)
(Baa1/A)
(PUTABLE)
1,000,000
3.875
(a)(b)
05/01/2040
998,090
Illinois
Finance
Authority
RB
Refunding
for
Christian
Homes,
Inc.
Obligated
Group
Series
2021
B
(NR/NR)
1,645,203
3.250
*
05/15/2027
658,081
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
4,143,135
Illinois
Finance
Authority
RB
Refunding
for
Franciscan
Communities
Project
Series
2017
A
(NR/NR)
875,000
4.000
05/15/2027
865,616
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Illinois
–
(continued)
Illinois
Finance
Authority
RB
Refunding
for
Illinois
Institute
of
Technology
Series
2019
(Ba2/NR)
$
750,000
5.000%
09/01/2026
$
748,382
500,000
5.000
09/01/2027
500,361
500,000
5.000
09/01/2028
501,036
1,600,000
5.000
09/01/2030
1,604,078
1,000,000
5.000
09/01/2031
1,001,199
1,000,000
5.000
09/01/2032
1,000,302
1,035,000
5.000
09/01/2033
1,032,546
1,150,000
5.000
09/01/2034
1,141,644
Illinois
Finance
Authority
RB
Refunding
for
Illinois
Wesleyan
University
Series
2016
(Baa3/A-)
900,000
4.000
09/01/2041
848,074
4,100,000
5.000
09/01/2046
4,116,392
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
597,581
Illinois
Finance
Authority
RB
Refunding
for
Plymouth
Place
Obligated
Group
Series
2021
A
(NR/NR)
375,000
5.000
05/15/2041
339,962
Illinois
Finance
Authority
RB
Refunding
for
University
of
Chicago
Series
2018
A
(Aa2/AA-)
3,025,000
5.000
10/01/2041
3,116,523
Illinois
Finance
Authority
RB
Refunding
for
University
of
Chicago
Series
2021
A
(Aa2/AA-)
1,380,000
5.000
10/01/2037
1,627,585
Illinois
Finance
Authority
RB
Series
2021
(NR/BB+)
375,000
4.000
(d)
10/01/2042
332,492
Illinois
Finance
Authority
RB
The
University
of
Chicago
Series
2024A
(Aa2/AA-)
625,000
5.250
04/01/2041
713,021
735,000
5.250
04/01/2042
835,016
900,000
5.250
04/01/2043
1,018,440
1,300,000
5.250
04/01/2044
1,463,603
1,600,000
5.250
04/01/2045
1,794,993
Illinois
Finance
Authority
RB,
Columbia
College
Chicago,
Series
2019
(NR/BBB-)
1,000,000
5.000
12/01/2049
914,302
Illinois
Finance
Authority
Revenue
Refunding
Bonds
Bradley
University
Project
Series
2024
(NR/BBB+)
1,000,000
5.000
08/01/2029
1,062,279
Illinois
Housing
Development
Authority
RB
2024
Series
C
(NON-AMT)
(GNMA/FNMA/FHLMC)
(Aaa/NR)
3,765,000
4.250
10/01/2039
3,816,457
3,000,000
4.700
10/01/2044
3,028,207
Illinois
Sales
Tax
Securitization
Corp.
RB
Refunding
Second
Lien
Series
2020
A
(NR/AA-)
1,230,000
5.000
01/01/2036
1,321,057
5,290,000
4.000
01/01/2038
5,306,639
Illinois
Sales
Tax
Securitization
Corp.
RB
Refunding
Series
2018
C
(NR/AA-)
5,985,000
5.000
01/01/2027
6,214,534
9,605,000
5.000
01/01/2028
10,120,118
11,500,000
5.000
01/01/2029
12,270,857
Illinois
Sport
Facilities
Authority
Sport
Facilities
Refunding
Bonds
Series
2021
(NR/BBB+)
1,500,000
5.000
06/15/2030
1,599,332
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Illinois
–
(continued)
Illinois
Sports
Facilities
Authority
Refunding
Bonds
Series
2014
(AGM)
(NR/AA)
$
4,160,000
5.000%
06/15/2027
$
4,172,928
Illinois
Sports
Facilities
Authority
Sports
Facilities
Refunding
Bonds
Series
2021
(NR/BBB+)
480,000
5.000
06/15/2032
509,484
Illinois
State
GO
Bonds
Series
2017
A
(A3/A-)
375,000
4.500
12/01/2041
377,603
Illinois
State
GO
Bonds
Series
2017
D
(A3/A-)
2,000,000
5.000
11/01/2025
2,036,999
13,250,000
5.000
11/01/2026
13,678,032
24,005,000
5.000
11/01/2028
25,030,626
Illinois
State
GO
Bonds
Series
2018
A
(A3/A-)
16,380,000
5.000
05/01/2031
17,150,456
1,760,000
5.000
05/01/2042
1,812,023
1,760,000
5.000
05/01/2043
1,807,745
Illinois
State
GO
Bonds
Series
2019
A
(A3/A-)
8,000,000
5.000
11/01/2024
8,030,947
Illinois
State
GO
Bonds
Series
2019
C
(A3/A-)
3,980,000
4.000
11/01/2042
3,780,811
Illinois
State
GO
Bonds
Series
2020
(A3/A-)
1,525,000
5.500
05/01/2039
1,669,376
4,240,000
5.750
05/01/2045
4,605,074
Illinois
State
GO
Refunding
Bonds
Series
2016
(AGM)
(A1/AA)
1,185,000
4.000
02/01/2031
1,190,946
Illinois
State
GO
Refunding
Bonds
Series
2018
B
(A3/A-)
2,340,000
5.000
10/01/2031
2,459,603
Illinois
State
Taxable
Pension
Funding
GO
Bonds
Series
2003
(A3/A-)
11,454,118
5.100
06/01/2033
11,238,895
Illinois
State
Toll
Highway
Authority
Toll
Highway
Senior
RB
2019
Series
C
(Aa3/AA-)
5,000,000
5.000
01/01/2025
5,040,878
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
1,334,681
1,860,000
0.000
(f)
06/15/2038
1,029,683
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
4,907,733
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
1,012,094
2,190,000
0.000
(f)
06/15/2033
1,521,713
Metropolitan
Pier
&
Exposition
Authority
RB
Refunding
for
McCormick
Place
Expansion
Project
Series
2017
B
(NR/A)
2,000,000
5.000
12/15/2028
2,079,325
300,000
5.000
12/15/2032
312,567
600,000
5.000
12/15/2033
625,128
500,000
5.000
12/15/2034
520,883
1,260,000
0.000
(h)
12/15/2037
942,156
3,500,000
0.000
(h)
12/15/2042
2,554,036
3,850,000
0.000
(h)
12/15/2047
2,737,404
Metropolitan
Pier
and
Exposition
Authority
McCormick
Place
Expansion
Project
Refunding
Bonds
Series
2022A
(NR/A)
5,355,000
4.000
06/15/2052
4,955,235
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Illinois
–
(continued)
Regional
Transportation
Authority
Illinois
GO
Bonds
Series
2016
A
(Aa3/AA)
$
2,730,000
4.000%
06/01/2046
$
2,623,107
Regional
Transportation
Authority
Illinois
GO
Refunding
Bonds
Series
2017
A
(NR/AA)
4,430,000
5.000
07/01/2029
4,645,622
Sales
Tax
Securitization
Corp
Bonds
Series
2018C
(NR/AA-)
2,705,000
5.000
01/01/2026
2,767,422
Sales
Tax
Securitization
Corp.
Bonds
Series
2018C
(NR/AA-)
4,180,000
5.000
01/01/2025
4,208,335
Sales
Tax
Securitization
Corp.
Second
Lien
Sales
Tax
Securitization
Bonds
Series
2020A
(NR/AA-)
2,240,000
5.000
01/01/2025
2,255,185
3,535,000
5.000
01/01/2026
3,616,575
4,000,000
5.000
01/01/2027
4,153,406
10,905,000
5.000
01/01/2028
11,489,837
485,000
5.000
01/01/2029
517,510
Sales
Tax
Securitization
Corp.
Second
Lien
Sales
Tax
Securitization
Bonds
Series
2021A
(NR/AA-)
2,000,000
5.000
01/01/2026
2,046,153
7,500,000
5.000
01/01/2029
8,002,733
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
1,115,795
Sales
Tax
Securitization
Corporation
Second
Lien
Sales
Tax
Securitization
Bonds,
Refunding
Series
2023C
Forward
Delivery
(NR/AA-)
100,000
5.000
01/01/2036
111,445
South
Sangamon
Water
Commission
GO
Refunding
Bonds
for
Alternative
Revenue
Source
Series
2020
(AGM)
(A3/AA)
1,000,000
4.000
01/01/2032
1,013,460
325,000
4.000
01/01/2033
329,330
475,000
4.000
01/01/2034
481,328
420,000
4.000
01/01/2035
425,492
470,000
4.000
01/01/2037
473,430
Southwestern
Ill
Dev
Authority
Local
Govt
Revenue
Bonds
Edwardsville
Cusd
#7
2007
(AGM)
(NR/AA)
6,055,000
0.000
(f)
12/01/2025
5,745,987
Springfield
Illinois
Senior
Lien
Electric
RB
Refunding
Series
2015
(AGM)
(A1/AA)
4,000,000
3.500
03/01/2030
3,944,628
State
of
Illinois
GO
Bonds
Series
2016
(A3/A-)
1,115,000
3.500
06/01/2031
1,055,588
State
of
Illinois
GO
Bonds
Series
2017
A
(A3/A-)
1,455,000
4.250
12/01/2040
1,444,765
State
of
Illinois
GO
Bonds
Series
2017
D
(A3/A-)
925,000
3.250
11/01/2026
907,481
State
of
Illinois
GO
Bonds
Series
2017C
(A3/A-)
12,830,000
5.000
11/01/2029
13,367,787
State
of
Illinois
GO
Bonds
Series
2017D
(A3/A-)
10,000,000
5.000
11/01/2027
10,459,201
State
of
Illinois
GO
Bonds
Series
2019B
(A3/A-)
2,000,000
4.000
11/01/2034
2,001,617
State
of
Illinois
GO
Bonds
Series
2020D
(A3/A-)
5,425,000
5.000
10/01/2024
5,440,167
State
of
Illinois
GO
Bonds
Series
2021A
(A3/A-)
4,195,000
4.000
03/01/2041
4,032,908
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Illinois
–
(continued)
State
of
Illinois
GO
Bonds
Series
2022A
(A3/A-)
$
875,000
5.500%
03/01/2047
$
951,175
State
of
Illinois
GO
Bonds
Series
2023B
(A3/A-)
3,000,000
5.500
05/01/2047
3,264,469
State
of
Illinois
GO
Bonds
Series
of
May
2024B
(A3/A-)
7,220,000
5.000
05/01/2040
7,906,883
6,415,000
5.000
05/01/2041
6,986,964
State
of
Illinois
GO
Bonds,
Series
of
May
2023B
(A3/A-)
1,760,000
5.250
05/01/2038
1,951,863
2,195,000
5.250
05/01/2039
2,424,314
2,700,000
5.250
05/01/2040
2,968,870
State
of
Illinois
GO
Refunding
Bonds
Series
2018A
(A3/A-)
500,000
5.000
10/01/2028
528,858
State
of
Illinois
GO
Unlimited
Bonds
Series
2017
A
(A3/A-)
1,500,000
4.000
12/01/2033
1,503,654
10,700,000
4.250
12/01/2037
10,728,003
State
of
Illinois
GO
Unlimited
Refunding
Bonds
Series
2018
B
(A3/A-)
5,100,000
5.000
10/01/2027
5,328,708
State
of
Illinois
RB
Refunding
Series
2016
C
(BAM-TCRS)
(NR/AA)
5,580,000
4.000
06/15/2028
5,624,157
State
of
Illinois
Sales
Tax
RB
Junior
Obligation
Series
C
(NR/A)
16,365,000
5.000
06/15/2044
17,518,174
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
(d)
03/01/2043
2,261,497
Upper
Illinois
River
Valley
Development
Authority
RB
Refunding
for
Prairie
Crossing
Charter
School
Series
2020
(NR/NR)
265,000
4.000
(d)
01/01/2031
258,744
1,050,000
5.000
(d)
01/01/2045
1,028,899
Village
of
Hillside
Illinois
Tax
Increment
RB
Refunding
Series
2018
(NR/NR)
2,690,000
5.000
01/01/2030
2,695,325
Village
of
Morton
Grove
Tax
Increment
Senior
Lien
RB
for
Sawmill
Station
Redevelopment
Project
Series
2019
(NR/NR)
1,200,000
4.250
01/01/2029
1,153,616
Village
of
Romeoville
GO
Refunding
Bonds
Series
2019
(Aa2/NR)
3,055,000
5.000
12/30/2027
3,240,160
3,235,000
5.000
12/30/2028
3,490,574
Village
of
Romeoville
RB
Refunding
for
Lewis
University
Series
2018
B
(NR/BBB)
210,000
4.125
10/01/2041
186,028
1,420,000
4.125
10/01/2046
1,207,402
Will
County
Community
High
School
District
No.
210
Lincoln-
Way
GO
Refunding
Bonds
Series
2020
(AGM)
(A1/AA)
650,000
4.000
01/01/2034
647,689
946,502,771
Indiana
-
0.6%
City
of
Mishawaka
RB
for
Sewerage
Works
Series
2018
(AGM)
(NR/AA)
1,845,000
2.000
09/01/2038
1,462,745
City
of
Valparaiso
Indiana
Exempt
Facilities
Refunding
RB
Pratt
Paper
LIC
Project
Series
2024
(NR/NR)
2,550,000
4.875
(d)
01/01/2044
2,635,218
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(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
$
1,593,217
Indiana
Finance
Authority
Educational
Facilities
RB
for
Marian
University,
Inc.
Series
2019
A
(NR/BBB)
540,000
5.000
09/15/2034
550,453
680,000
5.000
09/15/2039
685,537
445,000
4.000
09/15/2044
378,183
Indiana
Finance
Authority
Environmental
Improvement
Revenue
Refunding
Bonds
Series
2021A
(B1/BB-)
2,165,000
4.125
12/01/2026
2,169,135
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
1,423,575
1,000,000
5.000
10/01/2036
1,135,150
1,000,000
5.000
10/01/2037
1,130,493
75,000
5.000
10/01/2038
84,484
Indiana
Finance
Authority
First
Lien
Wastewater
Utility
RB
Refunding
for
CWA
Authority
Project
Series
2024A
forward
Delivery
(Aa3/AA)
1,000,000
5.000
(i)
10/01/2040
1,126,033
1,500,000
5.000
(i)
10/01/2041
1,674,171
1,700,000
5.000
(i)
10/01/2043
1,879,808
1,600,000
5.000
(i)
10/01/2044
1,762,682
1,250,000
5.000
(i)
10/01/2045
1,372,077
Indiana
Finance
Authority
First
Lien
Wastewater
Utility
RB
Series
2015A
(NR/AA)
16,825,000
5.000
10/01/2045
16,868,600
Indiana
Finance
Authority
RB
for
Goshen
Health
Obligated
Group
Series
2019
B
(NR/BBB+)
2,300,000
2.100
(a)(b)
11/01/2049
2,183,770
Indiana
Finance
Authority
RB
for
KIPP
Indianapolis,
Inc.
Series
2020
A
(Ba1/NR)
185,000
4.000
07/01/2030
181,307
300,000
5.000
07/01/2040
301,943
Indiana
Finance
Authority
RB
Ohio
Valley
Electric
Corp.
Series
2012
B
(Baa3/NR)
2,110,000
3.000
11/01/2030
1,976,145
Indiana
Finance
Authority
RB
Ohio
Valley
Electric
Corp.
Series
2012
C
(Baa3/NR)
2,350,000
3.000
11/01/2030
2,200,920
Indiana
Finance
Authority
RB
Refunding
for
BHI
Senior
Living
Obligated
Group
Series
2021
B
(NR/NR)
350,000
1.990
11/15/2024
344,676
360,000
2.450
11/15/2025
342,898
465,000
2.520
11/15/2026
430,243
610,000
2.920
11/15/2027
556,953
850,000
3.210
11/15/2028
767,099
880,000
3.260
11/15/2029
777,104
670,000
3.300
11/15/2030
577,594
South
Bend
Redevelopment
Authority
Lease
Rental
RB
of
2024
(NR/AA)
2,850,000
4.000
08/01/2039
2,810,938
2,855,000
4.000
08/01/2040
2,804,015
3,080,000
4.000
08/01/2041
2,986,382
3,210,000
4.000
08/01/2042
3,087,495
1,400,000
4.250
08/01/2043
1,380,758
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Indiana
–
(continued)
Town
of
Upland
Economic
Development
RB
for
Taylor
University
Project
Series
2021
(NR/A-)
$
1,300,000
4.000%
09/01/2033
$
1,299,601
62,941,402
Iowa
-
0.4%
City
of
Coralville
GO
Annual
Appropriation
Refunding
Bonds
Series
2022C
(NR/NR)
11,195,000
5.000
05/01/2042
10,706,139
City
of
Davenport
GO
Corporate
Bonds
Series
2019
IA
(Aa2/AA)
1,060,000
4.000
06/01/2031
1,079,134
City
of
Waterloo
Black
Hawk
County
Iowa
GO
Capital
Loan
Notes
Series
2024D
(Aa2/NR)
3,650,000
4.500
06/01/2027
3,711,418
Iowa
Finance
Authority
Midwestern
Disaster
Area
Revenue
Refunding
Bonds
Series
2022
(Baa3/BBB-)
5,800,000
4.000
(a)(b)
12/01/2050
6,078,547
Iowa
Finance
Authority
RB
for
Lifespace
Communities,
Inc.
Obligated
Group
Series
2019
A-1
(NR/NR)
1,700,000
4.000
05/15/2055
1,280,330
2,300,000
5.000
05/15/2055
2,064,149
Iowa
Finance
Authority
RB
for
Lifespace
Communities,
Inc.
Series
2018A
(NR/NR)
2,150,000
5.000
05/15/2043
2,056,220
3,300,000
5.000
05/15/2048
3,048,972
Iowa
Finance
Authority
Single
Family
Mortgage
Bonds
2024
Series
C
(NON-AMT)
(GNMA/FNMA/FHLMC)
(Aaa/AAA)
5,750,000
4.500
07/01/2044
5,757,824
Iowa
Higher
Education
Loan
Authority
Private
College
Facility
RB
Series
2022
(Baa1/BBB+)
925,000
5.375
10/01/2052
956,366
Iowa
Tobacco
Settlement
Authority
RB
Refunding
Series
2021
B-1
(NR/BBB+)
825,000
4.000
06/01/2049
818,140
37,557,239
Kansas
-
0.3%
City
of
Manhattan
RB
Refunding
for
Meadowlark
Hills
Retirement
Community
Obligated
Group
Series
2021
A
(NR/NR)
825,000
4.000
06/01/2036
783,589
City
of
Topeka
Health
Care
Facilities
RB
for
Brewster
Place
Series
2022A
(NR/NR)
1,750,000
6.500
12/01/2052
1,791,965
City
of
Wichita
Health
Care
Facilities
RB
for
Presbyterian
Manors
Obligated
Group
Series
III-2019
(NR/NR)
1,060,000
5.000
05/15/2025
1,048,315
City
of
Wichita
Health
Care
Facilities
RB
Presbyterian
Manors,
Inc.
Series
III,
2019
(NR/NR)
1,110,000
5.000
05/15/2026
1,084,996
Salina
Airport
Authority
GO
Bonds
2023B
(AGM-CR)
(Aa3/AA)
3,565,000
4.000
09/01/2036
3,580,939
Unified
School
District
No.
500
Wyandotte
County
GO
Improvement
Bonds
Series
2016-A
(Aa3/AA-)
15,850,000
5.250
(c)
09/01/2026
16,552,499
24,842,303
Kentucky
-
1.4%
City
of
Henderson
Exempt
Facilities
RB
for
Pratt
Paper,
LLC
Project
Series
2022A
(NR/NR)
1,925,000
4.450
(d)
01/01/2042
1,915,735
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Kentucky
–
(continued)
City
of
Henderson
Exempt
Facilities
RB
for
Pratt
Paper,
LLC
Project
Series
2022B
(NR/NR)
$
1,945,000
3.700%
(d)
01/01/2032
$
1,941,213
City
of
Henderson,
Kentucky
Exempt
Facilities
RB
Pratt
Paper
KY,
LLC
Project
Series
2022A
(NR/NR)
525,000
4.700
(d)
01/01/2052
513,890
County
of
Carroll
RB
Refunding
for
Kentucky
Utilities
Co.
Series
2006
B
(A1/A)
4,525,000
2.125
10/01/2034
3,488,892
County
of
Carroll
RB
Refunding
for
Kentucky
Utilities
Co.
Series
2008
A
(A1/A)
6,100,000
2.000
02/01/2032
4,916,374
County
of
Owen
Water
Facilities
Refunding
RB
Series
2020
(NON-AMT)
(Baa1/A)
(PUTABLE)
1,000,000
3.875
(a)(b)
06/01/2040
1,001,978
Fayette
County
School
District
Finance
Corp.
School
Building
RB
Series
2023A
(ST
INTERCEPT)
(Aa3/AA-)
4,145,000
4.000
03/01/2045
3,995,012
4,400,000
4.000
03/01/2048
4,177,431
Kentucky
Bond
Development
Corp.
RB
Refunding
for
Transylvania
University
Series
2021
A
(NR/A-)
280,000
4.000
03/01/2046
249,455
330,000
4.000
03/01/2049
287,866
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
3,162,853
400,000
4.000
06/01/2045
379,150
Kentucky
Economic
Development
Finance
Authority
RB
Series
2019A-2
(A3/A-)
1,675,000
5.000
08/01/2044
1,724,707
Kentucky
Interlocal
School
Transportation
Association
Kista
Equipment
Lease
Certificates
of
Participation
Series
of
2024
(ST
INTERCEPT)
(A1/NR)
1,070,000
4.000
03/01/2026
1,075,196
1,000,000
4.000
03/01/2027
1,009,980
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
1,984,190
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
13,719,182
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
9,859,124
Louisville
Jefferson
County
Metro
Government
Health
System
RB
for
Norton
Healthcare
Series
2023A
(NR/A)
3,600,000
5.000
10/01/2040
3,890,738
2,455,000
5.000
10/01/2041
2,632,118
830,000
5.000
10/01/2042
884,233
Louisville
Jefferson
County
Metro
Government
Health
System
RB
Series
2016A
(Norton
Healthcare,
Inc.)
(NR/A)
2,125,000
5.000
10/01/2033
2,157,742
Public
Energy
Authority
of
Kentucky
Gas
Supply
RB
Series
2020A
(A1/NR)
32,050,000
4.000
(a)(b)
12/01/2050
32,186,488
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Kentucky
–
(continued)
Public
Energy
Authority
of
Kentucky
Gas
Supply
RB
Series
2022
A-1
(A1/NR)
$
17,730,000
4.000%
(a)(b)
08/01/2052
$
17,672,397
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
6,207,894
Public
Energy
Authority
of
Kentucky
Gas
Supply
RR
Bonds
2024
Series
B
(A1/NR)
14,000,000
5.000
(a)(b)
01/01/2055
14,783,842
University
of
Kentucky
General
Receipts
Refunding
Bonds
Series
2015
A
(ST
INTERCEPT)
(Aa2/AA+)
3,260,000
4.000
04/01/2026
3,268,314
139,085,994
Louisiana
-
1.7%
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
1,144,648
4,155,000
5.000
12/01/2025
4,123,179
3,555,000
5.000
12/01/2027
3,509,477
1,600,000
5.000
12/01/2028
1,577,239
City
of
New
Orleans
Sewerage
Service
RB
Series
2020
B
(AGM)
(NR/AA)
310,000
4.000
06/01/2036
315,310
285,000
4.000
06/01/2037
288,295
310,000
4.000
06/01/2038
311,780
400,000
4.000
06/01/2039
401,290
Lake
Charles
Harbor
&
Terminal
District
RB
Series
2021
(A3/NR)
(PUTABLE)
17,000,000
1.000
(a)(b)
12/01/2051
16,776,654
Lakeshore
Villages
Master
Community
Development
District
Special
Assessment
Series
2019
(NR/NR)
2,540,000
3.750
(d)
06/01/2030
2,397,099
5,070,000
4.375
(d)
06/01/2048
4,465,272
Lakeshore
Villages
Master
Community
Development
District
Special
Assessment
Series
2021
(NR/NR)
245,000
2.375
06/01/2026
234,158
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
1,984,116
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
RB
for
Downsville
Community
Charter
School
Project
Series
2023
(NR/NR)
1,690,000
6.500
(d)
06/15/2038
1,762,505
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
RB
Refunding
for
City
of
Shreveport
Series
2008
(NR/BBB+)
16,840,000
5.000
(d)
04/01/2035
17,026,567
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
17,617,670
Louisiana
Offshore
Terminal
Authority
Deepwater
Port
RB
for
Loop
LLC
Project
Series
2007A
(A3/NR)
7,110,000
4.150
09/01/2027
7,103,892
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(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)
(PUTABLE)
$
6,325,000
4.200%
(a)(b)
09/01/2033
$
6,370,502
Louisiana
Offshore
Terminal
Authority
Deepwater
Port
RB
for
Loop
LLC
Project
Series
2013C
(NON-AMT)
(A3/NR)
(PUTABLE)
7,900,000
4.200
(a)(b)
09/01/2034
7,966,049
Louisiana
Public
Facilities
Authority
RB
for
Geo
Academies
Mid-
City
Project
Series
2022
(NR/NR)
320,000
5.625
(d)
06/01/2037
331,347
Louisiana
Public
Facilities
Authority
RB
for
Jefferson
Rise
Charter
School
Project
Series
2022A
(NR/NR)
400,000
6.000
(d)
06/01/2037
400,396
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
1,212,371
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
2,748,988
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
845,751
Louisiana
Public
Facilities
Authority
RB
Refunding
for
Loyola
University
New
Orleans
Series
2021
(Baa1/BBB)
1,625,000
4.000
10/01/2036
1,621,883
1,000,000
4.000
10/01/2037
992,416
Louisiana
Public
Facilities
Authority
RB
Refunding
for
Ochsner
Clinic
Foundation
Project
Series
2017
(A3/A)
3,695,000
4.000
05/15/2042
3,620,592
600,000
5.000
05/15/2046
605,820
Louisiana
Public
Facilities
Authority
RB
Series
2021A
(NR/NR)
870,000
4.000
(d)
06/01/2031
810,833
1,235,000
4.000
(d)
06/01/2041
1,011,297
Louisiana
Public
Facilities
Authority
RB
Series
2021C
(NR/NR)
490,000
4.000
(d)
06/01/2031
456,677
1,225,000
4.000
(d)
06/01/2041
1,003,108
Louisiana
Public
Facilities
Authority
Revenue
Refunding
Bonds
for
Ochsner
Clinic
Foundation
Project
Series
2017
(A3/A)
2,400,000
5.000
05/15/2042
2,434,725
Louisiana
Stadium
and
Exposition
District
Senior
RB,
Tax-Exempt
Series
2023A
(A2/NR)
2,250,000
5.000
07/01/2035
2,531,082
1,400,000
5.000
07/01/2036
1,571,108
200,000
5.000
07/01/2037
223,534
1,425,000
5.000
07/01/2038
1,578,473
Parish
of
St.
John
the
Baptist
RB
Refunding
for
Marathon
Oil
Corp.
Series
2017
A-1
(Baa3/BBB-)
(PUTABLE)
7,210,000
4.050
(a)(b)
06/01/2037
7,210,000
Parish
of
St.
John
the
Baptist
Revenue
Refunding
Bonds
for
Marathon
Oil
Project
Series
2017
(Baa3/BBB-)
(PUTABLE)
21,235,000
2.200
(a)(b)
06/01/2037
20,487,526
Parish
of
St.
John
The
Baptist
Revenue
Refunding
Bonds
Series
2017
(Baa3/BBB-)
(PUTABLE)
15,505,000
2.100
(a)(b)
06/01/2037
15,505,000
162,578,629
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Maine
-
0.3%
City
of
Portland
General
Airport
RB
Refunding
Green
Bonds
Series
2019
(Baa1/A-)
$
800,000
3.000%
01/01/2027
$
778,046
300,000
5.000
01/01/2028
315,401
225,000
5.000
01/01/2029
240,100
270,000
5.000
01/01/2030
292,130
370,000
5.000
01/01/2031
401,450
810,000
5.000
01/01/2032
874,795
890,000
5.000
01/01/2033
960,171
620,000
5.000
01/01/2034
668,880
City
of
Portland,
Maine
General
Airport
Refunding
RB
Series
2016
(NON-AMT)
(Baa1/A-)
1,295,000
5.000
01/01/2038
1,313,017
Finance
Authority
of
Maine
RB
Refunding
for
Supplemental
Education
Loan
Series
2019
A-1
(AMT)
(AGM)
(Aa3/AA)
500,000
5.000
12/01/2024
501,856
450,000
5.000
12/01/2025
456,643
1,530,000
5.000
12/01/2026
1,552,355
1,500,000
5.000
12/01/2027
1,537,466
1,000,000
5.000
12/01/2028
1,030,154
Maine
Health
&
Higher
Educational
Facilities
Authority
RB
for
Maine
Medical
Center
Series
2020
A
(A1/A+)
200,000
4.000
07/01/2045
194,022
Maine
Health
&
Higher
Educational
Facilities
Authority
RB
for
MaineHealth
Series
2020A
(A1/A+)
6,785,000
4.000
07/01/2050
6,523,394
Maine
Health
&
Higher
Educational
Facilities
Authority
RB
Refunding
for
Northern
Light
Health
Obligated
Group
Series
2021
A
(AGM
ST
INTRCPT
ST
RES
BD
GTY)
(Aa3/AA)
500,000
2.500
07/01/2029
483,761
Maine
State
Housing
Authority
Mortgage
Purchase
Bonds
2024
Series
B
(Aa1/AA+)
3,700,000
4.650
11/15/2049
3,673,725
Maine
State
Housing
Authority
Mortgage
Purchase
Bonds
2024
Series
C
(HUD
SECT
8)
(Aa1/AA+)
5,045,000
4.550
(i)
11/15/2044
5,062,008
26,859,374
Maryland
-
1.0%
Baltimore
County
RB
for
Riderwood
Village
Facility
Series
2020
(NR/NR)
155,000
4.000
01/01/2036
155,328
900,000
4.000
01/01/2039
887,362
Baltimore
Maryland
Special
Obligation
Refunding
for
Baltimore
Research
Park
Project
Series
2017
A
(NR/NR)
425,000
4.000
09/01/2027
418,852
650,000
4.500
09/01/2033
639,297
City
of
Baltimore
Project
RB
for
Stormwater
Projects
Series
2019A
(Aa2/AA-)
4,465,000
5.000
07/01/2049
4,667,424
City
of
Baltimore
Tax
Allocation
Refunding
for
Harbor
Point
Special
Taxing
District
Project
Series
2019
A
(NR/NR)
125,000
2.800
(d)
06/01/2025
122,762
135,000
2.850
(d)
06/01/2026
130,151
175,000
2.950
(d)
06/01/2027
165,841
190,000
3.050
(d)
06/01/2028
176,682
200,000
3.150
(d)
06/01/2029
183,848
300,000
3.375
(d)
06/01/2029
277,119
200,000
3.200
(d)
06/01/2030
181,955
200,000
3.250
(d)
06/01/2031
181,930
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Maryland
–
(continued)
City
of
Baltimore
Tax
Allocation
Refunding
for
Harbor
Point
Special
Taxing
District
Project
Series
2019
A
(NR/NR)
–
(continued)
$
250,000
3.300%
(d)
06/01/2032
$
226,330
270,000
3.350
(d)
06/01/2033
240,765
City
of
Brunswick
Special
Tax
Refunding
for
Brunswick
Crossing
Special
Taxing
District
Series
2019
(NR/NR)
245,000
3.000
07/01/2024
245,000
945,000
4.000
07/01/2029
920,191
City
of
Gaithersburg
Economic
Development
Project
RB
for
Asbury
Maryland
Obligated
Group
Series
2022
(NR/NR)
1,675,000
5.000
01/01/2037
1,704,791
County
of
Baltimore
RB
Refunding
for
Oak
Crest
Village,
Inc.
Series
2020
(NR/NR)
440,000
4.000
01/01/2038
434,811
370,000
4.000
01/01/2039
363,220
1,330,000
4.000
01/01/2040
1,282,169
County
of
Baltimore
RB
Refunding
for
Riderwood
Village
Obligated
Group
Series
2020
(NR/NR)
615,000
4.000
01/01/2032
620,054
530,000
4.000
01/01/2033
534,029
450,000
4.000
01/01/2034
453,418
150,000
4.000
01/01/2035
150,739
1,380,000
4.000
01/01/2037
1,375,869
1,045,000
4.000
01/01/2038
1,033,743
1,725,000
4.000
01/01/2040
1,685,846
Frederick
County
Maryland
Special
Tax
for
Lake
Linganore
Village
Community
Development
Series
2001
A
(AGC)
(NR/AA)
410,000
5.700
07/01/2029
410,646
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
1,258,494
Frederick
County
Urbana
Community
Development
Authority
Special
Tax
Refunding
Series
2020
B
(NR/NR)
255,000
4.000
07/01/2040
236,083
Hagerstown
Stadium
Authority
Multi-Use
Sports
and
Events
Facility
Lease
RB
Series
2022A
(Aa2/NR)
1,990,000
5.000
06/01/2040
2,174,064
2,085,000
5.000
06/01/2041
2,270,553
2,190,000
5.000
06/01/2042
2,374,912
Howard
County
Consolidated
Public
Improvement
Refunding
Bonds
2017
Series
D
(Aaa/AAA)
2,355,000
5.000
02/15/2027
2,468,901
Maryland
Economic
Development
Corp.
Adjustable
Mode
Revenue
Refunding
Bonds
for
Constellation
Energy
Group
Inc.
Project
Series
2006B
(Baa1/BBB+)
(PUTABLE)
1,625,000
4.100
(a)(b)
10/01/2036
1,659,454
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
3,194,365
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
1,020,973
Maryland
Economic
Development
Corp.
RB
for
United
States
Social
Security
Administration
Series
2021
(Ba2/NR)
5,475,000
3.997
04/01/2034
4,338,681
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Maryland
–
(continued)
Maryland
Health
&
Higher
Educational
Facilities
Authority
RB
for
Adventist
Healthcare
Obligated
Group
Series
2016
A
(Baa3/NR)
$
12,975,000
5.500%
01/01/2046
$
13,157,261
Maryland
Health
&
Higher
Educational
Facilities
Authority
RB
for
St.
John's
College
Series
2020
(NR/BBB+)
390,000
4.000
10/01/2025
389,328
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
651,353
350,000
4.000
07/01/2040
339,097
750,000
4.000
07/01/2045
712,546
Maryland
Health
&
Higher
Educational
Facilities
Authority
RB
Refunding
for
St.
John's
College
Series
2020
(NR/BBB+)
425,000
4.000
10/01/2027
423,824
440,000
4.000
10/01/2028
438,701
355,000
4.000
10/01/2029
353,957
475,000
4.000
10/01/2030
472,910
795,000
3.000
10/01/2034
709,602
475,000
4.000
10/01/2040
447,767
Maryland
Health
and
Higher
Educational
Facilities
Authority
RB
Adventist
Healthcare
Issue
Series
2020
(Baa3/NR)
865,000
4.000
01/01/2038
833,927
Maryland
Health
and
Higher
Educational
Facilities
Authority
RB
Imagine
Andrews
Public
Charter
School
Issue
Series
2022A
(NR/NR)
650,000
5.500
(d)
05/01/2042
651,231
Maryland
Health
and
Higher
Educational
Facilities
Authority
RB
Monocacy
Montessori
Communities
Issue
Series
2023
(NR/NR)
250,000
5.250
(d)
07/01/2033
258,679
300,000
5.875
(d)
07/01/2043
308,923
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
3,345,602
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
2,756,528
10,300,000
0.000
(f)
05/01/2052
2,612,286
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
2,961,399
1,250,000
5.000
09/01/2035
1,219,374
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
388,016
675,000
4.875
06/01/2042
676,325
Prince
George
County
Special
Obligation
Bonds
Series
2018
(NR/NR)
3,295,000
5.125
(d)
07/01/2039
3,318,968
Prince
George's
County
GO
Bonds
Consolidated
Public
Improvement
Bonds
Series
2014A
(Aaa/AAA)
5,555,000
4.000
(c)
09/03/2024
5,558,019
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Maryland
–
(continued)
State
of
Maryland
GO
Bonds
for
State
&
Local
Facilities
Loan
Series
2022A
(Aaa/AAA)
$
10,000,000
5.000%
06/01/2037
$
11,354,111
95,206,386
Massachusetts
-
1.0%
Commonwealth
of
Massachusetts
GO
Bonds
Consolidated
Loan
of
2023,
Series
A
(Aa1/AA+)
2,240,000
5.000
05/01/2053
2,403,949
Commonwealth
of
Massachusetts
GO
Bonds
Consolidated
Loan
of
2024
Series
A
(Aa1/AA+)
33,000,000
5.000
01/01/2049
35,781,811
Massachusetts
Bay
Transportation
Authority
Subordinated
Sales
Tax
Bonds
2021
Series
A
(Aa3/AA+)
10,000,000
4.000
07/01/2051
9,688,151
Massachusetts
Development
Finance
Agency
RB
for
Harvard
University
Series
2016
A
(Aaa/AAA)
5,000,000
5.000
07/15/2036
6,014,557
Massachusetts
Development
Finance
Agency
RB
for
Linden
Ponds,
Inc.
Series
2018
(NR/NR)
1,500,000
5.000
(d)
11/15/2028
1,564,919
Massachusetts
Development
Finance
Agency
RB
Refunding
for
Carleton-Willard
Homes,
Inc.
Series
2019
(NR/A-)
225,000
4.000
12/01/2042
210,116
245,000
5.000
12/01/2042
250,505
Massachusetts
Development
Finance
Agency
RB
Refunding
for
Milford
Regional
Medical
Center
Obligated
Group
Series
2020
G
(NR/B)
125,000
5.000
(d)
07/15/2024
124,969
125,000
5.000
(d)
07/15/2025
124,655
Massachusetts
Development
Finance
Agency
RB
Refunding
for
Wellforce
Obligated
Group
Series
2020
C
(AGM)
(NR/AA)
425,000
5.000
10/01/2029
458,023
325,000
5.000
10/01/2030
355,006
450,000
5.000
10/01/2031
491,334
400,000
5.000
10/01/2032
433,934
500,000
5.000
10/01/2033
539,314
450,000
5.000
10/01/2034
483,280
Massachusetts
Development
Finance
Agency
Sustainability
RB
for
Boston
Medical
Center
Issue
Series
2023
G
(Baa2/BBB)
665,000
5.000
07/01/2025
673,429
Massachusetts
Development
Finance
Agency
Wellforce
Obligation
Group
RB
Refunding
Series
2019
A
(NR/BBB-)
425,000
5.000
07/01/2038
427,280
2,250,000
5.000
07/01/2039
2,256,309
Massachusetts
School
Building
Authority
Senior
Dedicated
Sales
Tax
Bonds
2016
Series
B
(Aa2/AA+)
3,500,000
5.000
11/15/2039
3,610,986
Massachusetts
School
Building
Authority
Subordinated
Dedicated
Sales
Tax
Bonds
2018
Series
B
(Aa3/AA)
10,735,000
4.000
02/15/2041
10,733,430
Massachusetts
State
GO
Bonds
Consolidated
Loan
Series
2018
D
(Aa1/AA+)
4,030,000
4.000
05/01/2039
4,045,377
Massachusetts
Water
Resources
Authority
General
Revenue
Refunding
Bonds,
2014
Series
F
(Aa1/AA+)
7,915,000
4.000
(c)
08/01/2024
7,917,997
The
Commonwealth
of
Massachusetts
GO
Bonds
Consolidated
Loan
of
2018
Series
E
(Aa1/AA+)
7,525,000
5.250
09/01/2043
8,002,659
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Massachusetts
–
(continued)
The
Commonwealth
of
Massachusetts
GO
Bonds
Consolidated
Loan
of
2022,
Series
C
(Aa1/AA+)
$
2,760,000
5.000%
10/01/2052
$
2,954,099
99,546,089
Michigan
-
2.4%
City
of
Detroit
Downtown
Development
Authority
Tax
Increment
RR
Bonds
Series
2024
(NR/BBB+)
7,100,000
5.000
07/01/2048
7,436,348
City
of
Detroit
Downtown
Development
Authority
Tax
Increment
RR
Bonds,
Series
2018A
(AGM)
(NR/AA)
700,000
5.000
07/01/2030
702,133
1,785,000
5.000
07/01/2031
1,790,438
City
of
Detroit
Financial
Recovery
GO
Bonds
Series
2014
B-1
(NR/NR)
50,843,183
4.000
(a)
04/01/2044
39,992,973
City
of
Detroit
GO
Bonds
Series
2020
(Baa2/BBB)
275,000
5.000
04/01/2025
276,565
290,000
5.000
04/01/2026
294,699
615,000
5.000
04/01/2027
631,282
645,000
5.000
04/01/2028
669,020
455,000
5.000
04/01/2029
477,216
710,000
5.000
04/01/2030
748,773
City
of
Detroit
GO
Bonds
Series
2021
A
(Baa2/BBB)
1,365,000
5.000
04/01/2030
1,439,543
2,280,000
5.000
04/01/2036
2,405,636
250,000
5.000
04/01/2038
262,003
1,500,000
5.000
04/01/2039
1,564,454
City
of
Detroit
GO
Bonds
Series
2021
B
(Baa2/BBB)
500,000
2.511
04/01/2025
487,346
675,000
2.711
04/01/2026
640,559
City
of
Detroit
Tax
Exempt
UT
GO
Bonds,
Series
2023A
Social
Bonds
(Baa2/BBB)
1,750,000
5.250
05/01/2025
1,764,954
1,250,000
5.250
05/01/2026
1,276,577
City
of
Detroit,
County
of
Wayne,
State
of
Michigan
Unlimited
Tax
GO
Bonds,
Series
2021A
(Tax-Exempt)
(Social
Bonds)
(Baa2/BBB)
1,880,000
5.000
04/01/2037
1,978,548
City
of
Detroit,
County
of
Wayne,
UT
GO
Social
Bonds
Series
2021A
(Tax
Exempt)
(Baa2/BBB)
1,250,000
5.000
04/01/2035
1,321,535
Detroit
Downtown
Development
Authority
RB
Refunding
for
Catalyst
Development
Project
Series
2018
A
(AGM)
(NR/AA)
1,075,000
5.000
07/01/2026
1,078,275
1,130,000
5.000
07/01/2027
1,133,443
1,000,000
5.000
07/01/2028
1,003,046
300,000
5.000
07/01/2029
300,914
1,650,000
5.000
07/01/2033
1,655,027
3,495,000
5.000
07/01/2037
3,505,647
Detroit
Financial
Recovery
Bonds
LT
Series
B-2
(NR/NR)
2,556,114
4.000
(a)
04/01/2044
2,010,625
Detroit
Michigan
Sewage
Disposal
System
RB
Refunding
Series
2006
D
(AGM)
(Aa3/AA)
(3M
USD
LIBOR
+
0.60%)
11,250,000
4.328
(e)
07/01/2032
10,740,423
Great
Lakes
Water
Authority
Sewage
Disposal
System
RR
Senior
Lien
Bonds
Series
2018B
(Aa3/AA-)
5,125,000
5.000
07/01/2029
5,579,528
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Michigan
–
(continued)
Great
Lakes
Water
Authority
Water
Supply
System
Revenue
Refunding
Senior
Lien
Bonds
Series
2016C
(Aa3/AA-)
$
10,525,000
5.250%
07/01/2035
$
10,849,122
Great
Lakes
Water
Authority
Water
Supply
System
RR
Senior
Lien
Bonds,
Series
2016C
(Aa3/AA-)
17,775,000
5.250
07/01/2034
18,409,752
Ivywood
Classical
Academy
Public
School
Academy
Bonds,
Series
2023
(NR/NR)
1,000,000
5.875
01/01/2044
1,015,899
Kentwood
Economic
Development
Corp.
RB
Refunding
for
Holland
Home
Obligated
Group
Series
2022
(NR/NR)
485,000
4.000
11/15/2031
466,958
Michigan
Finance
Authority
Act
38
Facilities
Senior
RB
for
The
Henry
Ford
Health
Detroit
South
Campus
Central
Utility
Plant
Project
Series
2024
(Green
Bonds)
(A3/NR)
1,850,000
5.500
02/28/2049
2,037,389
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
543,062
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
3,463,231
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
6,026,473
13,070,000
4.000
02/15/2050
12,169,473
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
1,000,762
400,000
5.000
07/01/2034
400,305
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
3,032,278
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
650,496
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
325,248
250,000
5.000
07/01/2033
250,190
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
2,120,539
Michigan
Finance
Authority
RB
Refunding
for
Hanley
International
Academy,
Inc.
Series
2021
(NR/BB+)
995,000
3.500
09/01/2030
943,849
Michigan
Finance
Authority
RB
Refunding
for
Kettering
University
Series
2020
(NR/A-)
450,000
4.000
09/01/2045
418,015
475,000
4.000
09/01/2050
426,864
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Michigan
–
(continued)
Michigan
Finance
Authority
Tobacco
Settlement
Asset-Backed
Bonds
Series
2020A-2
(NR/BBB+)
$
6,600,000
5.000%
06/01/2040
$
6,878,985
Michigan
Finance
Authority
Tobacco
Settlement
RB
Refunding
Series
2020
B-1
Class
2
(NR/BBB+)
745,000
5.000
06/01/2049
761,367
Michigan
Finance
Authority
Tobacco
Settlement
RB
Refunding
Series
2020
B-2
Class
2
(NR/NR)
101,825,000
0.000
(f)
06/01/2065
10,884,064
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
7,434,021
Michigan
Strategic
Fund
Limited
Obligation
RB
for
I-75
Improvement
Project
Series
2018
(AMT)
(AGM)
(A1/AA)
24,500,000
4.250
12/31/2038
24,295,802
Michigan
Strategic
Fund
RB
Refunding
for
DTE
Electric
Co.
Series
1995
(Aa3/A)
7,500,000
1.450
09/01/2030
6,194,845
Michigan
Strategic
Fund
RB
Refunding
for
DTE
Electric
Co.
Series
2008
(Aa3/A)
7,175,000
1.350
08/01/2029
6,089,146
Michigan
Tobacco
Settlement
Finance
Authority
Tobacco
Settlement
Asset
Backed
RB
Series
C
(NR/NR)
40,075,000
0.000
(f)
06/01/2058
1,283,330
Universal
Academy
RB
Refunding
Series
2021
(NR/BBB-)
265,000
2.000
12/01/2026
253,238
500,000
4.000
12/01/2031
491,110
Van
Buren
Public
Schools
Michigan
GO
Unlimited
Refunding
Bonds
Series
2019
(Q-SBLF)
(NR/AA)
2,485,000
4.000
11/01/2026
2,518,374
2,585,000
4.000
11/01/2027
2,636,481
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
3,811,116
Warren
Consolidated
Schools
GO
Bonds Series
2016
(Q-SBLF)
(NR/AA)
1,215,000
5.000
05/01/2026
1,251,700
Warren
Consolidated
Schools
GO
Bonds
Series
2016
(Q-SBLF)
(NR/AA)
1,145,000
5.000
05/01/2025
1,159,660
Washtenaw
County
Ypsilanti
Community
Schools
GO
Refunding
Bonds
Series
2020
(Q-SBLF)
(NR/AA)
580,000
2.019
05/01/2025
564,752
Wayne
County
Airport
Authority
RB
for
Detroit
Metropolitan
Wayne
County
Airport
Series
2017
B
(A1/A)
400,000
5.000
12/01/2033
413,342
1,065,000
5.000
12/01/2034
1,100,421
650,000
5.000
12/01/2035
671,103
800,000
5.000
12/01/2036
824,845
880,000
5.000
12/01/2037
905,604
238,140,741
Minnesota
-
0.3%
City
of
Independence
RB
for
Global
Academy,
Inc.
Series
2021
A
(NR/BB)
1,315,000
4.000
07/01/2031
1,265,043
City
of
Minneapolis
GO
Green
Bonds
Series
2019
(NR/AAA)
2,390,000
2.000
12/01/2029
2,117,571
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Minnesota
–
(continued)
City
of
Minneapolis
GO
Green
Bonds
Series
2019
(NR/AAA)
–
(continued)
$
2,940,000
2.000%
12/01/2030
$
2,566,311
City
of
St
Cloud
RB
Refunding
for
CentraCare
Health
System
Obligated
Group
Series
2019
(A2/NR)
675,000
5.000
05/01/2048
696,741
City
of
Woodbury
RB
Refunding
for
Math
&
Science
Academy
Series
2020
A
(NR/BB+)
355,000
3.000
12/01/2030
320,754
Duluth
Economic
Development
Authority
Health
Care
Facilities
RB
(St.
Luke's
Hospital
of
Duluth
Obligated
Group)
Series
2022A
(NR/AA-)
450,000
5.000
06/15/2031
492,730
475,000
5.000
06/15/2033
525,596
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
2,073,113
Duluth
Economic
Development
Authority
Health
Care
Facilities
RB
Refunding
for
St.
Luke's
Hospital
Series
2022
(NR/AA-)
325,000
5.000
06/15/2027
337,705
460,000
5.000
06/15/2028
484,015
400,000
5.000
06/15/2029
426,874
Duluth
Economic
Development
Authority
RB
Refunding
for
Benedictine
Health
System
Obligated
Group
Series
2021
A
(NR/NR)
370,000
3.000
07/01/2024
370,000
400,000
3.000
07/01/2025
391,267
360,000
3.000
07/01/2026
345,731
Duluth
Independent
School
District
No.709
COPS
Refunding
Series
2019
B
(SD
CRED
PROG)
(Aa1/NR)
350,000
5.000
02/01/2028
368,469
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
377,828
Minnesota
Higher
Education
Facilities
Authority
RB
Refunding
for
Bethel
University
Project
Series
2017
(NR/BB+)
500,000
5.000
05/01/2047
442,764
Minnesota
Higher
Education
Facilities
Authority
RB
Refunding
for
College
of
St.
Scholastica,
Inc.
Series
2019
(Baa2/NR)
165,000
4.000
12/01/2026
163,193
165,000
4.000
12/01/2027
162,698
205,000
4.000
12/01/2028
201,455
125,000
4.000
12/01/2029
122,449
250,000
4.000
12/01/2030
243,802
170,000
4.000
12/01/2031
164,970
Minnesota
Municipal
Gas
Agency
Commodity
Supply
RB
Series
2022
(Aa1/NR)
5,650,000
4.000
12/01/2026
5,692,229
Minnesota
State
Trunk
Highway
GO
Refunding
Bonds
Series
2017
E
(Aaa/AAA)
1,680,000
3.000
10/01/2029
1,641,845
State
of
Minnesota
GO
State
Various
Purpose
Bonds
Series
2015A
(Aaa/AAA)
5,500,000
5.000
08/01/2035
5,573,990
27,569,143
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Mississippi
-
0.2%
Lowndes
County
Solid
Waste
Disposal
and
Pollution
Control
Refunding
RB
Series
2022
(Baa2/BBB)
(PUTABLE)
$
9,500,000
2.650%
(a)(b)
04/01/2037
$
9,207,318
Mississippi
Development
Bank
Special
Obligation
Bonds
Series
2021
(NR/BB)
440,000
5.000
(d)
10/01/2024
440,091
660,000
5.000
(d)
10/01/2025
659,723
750,000
5.000
(d)
10/01/2026
753,624
700,000
5.000
(d)
10/01/2027
705,990
950,000
5.000
(d)
10/01/2028
961,331
700,000
5.000
(d)
10/01/2029
711,191
175,000
5.000
(d)
10/01/2030
178,186
1,400,000
5.000
(d)
10/01/2031
1,424,382
Mississippi
State
GO
Bonds
Series
2015
F
(Aa2/AA)
1,000,000
4.000
(c)
11/01/2025
1,011,355
16,053,191
Missouri
-
0.5%
Cape
Girardeau
County
IDA
Health
Facilities
RB
for
Southeast
HEALTH
Obligated
Group
Series
2021
(A1/A+)
1,200,000
4.000
03/01/2041
1,165,263
City
of
Poplar
Bluff
COPS
Series
2021
(NR/BBB+)
875,000
2.500
10/01/2041
582,587
1,060,000
2.625
10/01/2046
655,140
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
1,658,904
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
357,805
Health
and
Educational
Facilities
Authority
of
The
State
of
Missouri
Senior
Living
Facilities
RB
Lutheran
Senior
Services
Projects
Series
2024A
(NR/NR)
800,000
5.000
02/01/2032
863,235
515,000
5.000
02/01/2033
560,263
555,000
5.000
02/01/2034
607,126
I-470
Western
Gateway
Transportation
Development
District
RB
Series
2019
A
(NR/NR)
700,000
4.500
(d)
12/01/2029
679,554
Kansas
City
Industrial
Development
Authority
RB
for
Kansas
City
International
Airport
Series
2019
C
(A2/A)
2,000,000
5.000
03/01/2033
2,139,062
3,200,000
5.000
03/01/2034
3,421,207
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
5,224,725
Metropolitan
St.
Louis
Sewer
District
Wastewater
System
Improvement
and
Refunding
RB
Series
2017A
(Aa1/AAA)
3,850,000
5.000
05/01/2047
3,958,189
Missouri
Health
&
Educational
Facilities
Authority
RB
for
Kansas
City
Art
Institute
Series
2018
(NR/A-)
2,585,000
5.000
09/01/2043
2,639,314
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
337,992
475,000
4.000
08/01/2041
397,173
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Missouri
–
(continued)
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
$
864,345
1,065,000
5.000
09/01/2031
1,071,072
Missouri
Health
&
Educational
Facilities
Authority
RB
Refunding
for
Mosaic
Health
System
Series
2019
A
(A1/NR)
520,000
4.000
02/15/2037
522,477
615,000
4.000
02/15/2039
612,106
1,850,000
4.000
02/15/2044
1,809,475
Missouri
Southern
State
University
Auxiliary
Enterprise
System
RB
Refunding
Series
2021
(NR/NR)
495,000
3.000
10/01/2026
487,411
875,000
4.000
10/01/2031
860,255
Missouri
Southern
State
University
Auxiliary
System
RB
Series
2019
A
(AGM)
(NR/AA)
275,000
5.000
10/01/2030
294,993
Missouri
Southern
State
University
RB
Series
2019
A
(AGM)
(NR/AA)
210,000
5.000
10/01/2026
216,028
210,000
5.000
10/01/2029
224,752
150,000
5.000
10/01/2032
161,166
240,000
4.000
10/01/2034
242,514
125,000
4.000
10/01/2035
126,254
150,000
4.000
10/01/2036
151,695
170,000
4.000
10/01/2037
171,178
145,000
4.000
10/01/2038
144,807
110,000
4.000
10/01/2039
108,931
Plaza
at
Noah's
Ark
Community
Improvement
District
RB
Refunding
Series
2021
(NR/NR)
250,000
3.000
05/01/2026
243,074
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
6,203,432
State
of
Missouri
Environmental
Improvement
and
Energy
Resources
Authority
Environmental
Improvement
RB
Series
2008
(Baa1/A-)
(PUTABLE)
4,000,000
3.500
(a)(b)
05/01/2038
3,961,158
State
of
Missouri
Health
&
Educational
Facilities
Authority
Health
Facilities
RB
for
Mosaic
Health
System
Series
2019A
(A1/NR)
460,000
4.000
02/15/2038
460,529
State
of
Missouri
Health
&
Educational
Facilities
Authority
Long
Term
Health
Facilities
RB
for
BJC
Health
System
Series
2021B
(Aa2/AA)
2,515,000
4.000
(a)(b)
05/01/2051
2,529,399
The
Industrial
Development
Authority
of
The
City
of
Kansas
City,
Missouri
Airport
Special
Obligation
Bonds
2,775,000
5.000
03/01/2049
2,839,893
The
Industrial
Development
Authority
of
The
City
of
Lee’s
Summit
Missouri
Senior
Living
Facilities
RB
John
Knox
Village
Series
2024B-1
(NR/NR)
1,155,000
4.825
08/15/2047
1,158,755
The
Industrial
Development
Authority
of
The
City
of
Lee’s
Summit
Missouri
Senior
Living
Facilities
RB
John
Knox
Village
Series
2024B-2
(NR/NR)
1,160,000
4.325
08/15/2047
1,163,799
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Missouri
–
(continued)
The
Industrial
Development
Authority
of
the
City
of
St.
Louis
Missouri
Tax
Increment
and
Special
District
RB
Union
Station
Phase
2
Redevelopment
Project
Series
2024A
(NR/NR)
$
375,000
4.875%
06/15/2034
$
380,842
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
(d)
10/01/2033
988,038
53,245,917
Montana
-
0.0%
City
of
Billings
RB
for
Sewer
System
Series
2017
(Aa3/NR)
575,000
5.000
07/01/2029
602,929
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
3,886,925
4,489,854
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
419,674
2,000,000
4.000
01/01/2035
2,010,244
1,250,000
4.000
01/01/2036
1,253,229
1,185,000
4.000
01/01/2037
1,184,348
1,500,000
4.000
01/01/2038
1,484,621
2,000,000
4.000
01/01/2039
1,970,169
8,322,285
Nevada
-
0.6%
City
of
Las
Vegas
Nevada
Special
Improvement
District
No.
613
Sunstone
Phases
III
and
IV
Local
Improvement
Bonds
Series
2024
(NR/NR)
550,000
5.250
12/01/2047
550,932
City
of
Las
Vegas
Special
Improvement
District
No.
814
Special
Assessment
Series
2019
(NR/NR)
195,000
3.500
06/01/2025
192,018
180,000
3.500
06/01/2026
174,318
190,000
3.500
06/01/2027
181,345
140,000
3.500
06/01/2028
131,541
155,000
3.500
06/01/2029
143,550
160,000
3.250
06/01/2030
143,715
290,000
3.250
06/01/2031
257,019
390,000
3.500
06/01/2032
347,238
435,000
3.500
06/01/2033
382,822
935,000
3.500
06/01/2034
814,716
City
of
Las
Vegas
Special
Improvement
District
No.
816
Special
Assessment
Series
2021
(NR/NR)
415,000
2.750
06/01/2033
343,447
730,000
2.750
06/01/2036
567,741
City
of
North
Las
Vegas
Special
Improvement
District
No.
64
Special
Assessment
Bonds
Series
2019
(NR/NR)
230,000
4.250
06/01/2034
223,856
230,000
4.625
06/01/2043
223,890
365,000
4.625
06/01/2049
347,766
City
of
Sparks
RB
Refunding
for
Nevada
Tourism
Improvement
District
No.
1
Senior
Project
Series
2019
A
(Baa2/NR)
930,000
2.750
(d)
06/15/2028
888,982
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Nevada
–
(continued)
Clark
County
Pollution
Control
Refunding
RB
for
Nevada
Power
Company
Projects
Series
2017
(A2/A)
(PUTABLE)
$
1,300,000
3.750%
(a)(b)
01/01/2036
$
1,288,909
Clark
County
School
District
GO
Bonds
Series
2018
A
(A1/AA-)
3,745,000
5.000
06/15/2030
3,985,506
Clark
County
School
District
GO
Bonds
Series
2020
A
(AGM)
(A1/AA)
615,000
5.000
06/15/2033
672,506
850,000
5.000
06/15/2034
930,555
855,000
4.000
06/15/2038
859,292
950,000
4.000
06/15/2039
950,450
700,000
4.000
06/15/2040
692,703
Clark
County
School
District,
Nevada
GO
(Limited
Tax)
Building
Bonds
Series
2020A
(AGM)
(A1/AA)
105,000
5.000
06/15/2030
115,453
105,000
5.000
06/15/2032
114,478
Clark
County,
Nevada
Airport
System
Subordinate
Lien
Refunding
RB
2,600,000
5.000
07/01/2026
2,686,834
Henderson
Local
Improvement
District
No.
T-18
Limited
Obligation
RB
Series
2016
(NR/NR)
1,650,000
4.000
09/01/2035
1,503,661
Henderson
Nevada
Local
Improvement
District
No.
T-18
(NR/NR)
1,245,000
4.000
09/01/2025
1,238,530
Humboldt
County
Pollution
Control
Refunding
RB
for
Sierra
Pacific
Power
Company
Projects
Series
2016A
(NON-AMT)
(A3/A)
3,000,000
3.550
10/01/2029
2,982,080
Humboldt
County
Pollution
Control
Refunding
RB
for
Sierra
Pacific
Power
Company
Projects
Series
2016B
(NON-AMT)
(A3/A)
2,845,000
3.550
10/01/2029
2,828,006
Las
Vegas
Convention
&
Visitors
Authority
Convention
Center
Expansion
RB
Series
2018B
(Aa3/AA-)
3,270,000
4.000
07/01/2049
3,086,702
Las
Vegas
Convention
&
Visitors
Authority
RB
Refunding
Series
2016
C
(Aa3/AA-)
1,180,000
5.000
07/01/2026
1,216,915
Las
Vegas
Convention
&
Visitors
Authority
RB
Refunding
Series
2017
B
(Aa3/AA-)
640,000
5.000
07/01/2026
660,022
Las
Vegas
Convention
&
Visitors
Authority
RB
Series
2018
B
(Aa3/AA-)
2,685,000
5.000
07/01/2043
2,788,578
Las
Vegas
Convention
&
Visitors
Authority
RB
Series
2019
B
(Aa3/AA-)
1,195,000
5.000
07/01/2027
1,254,836
Las
Vegas
Valley
Water
District
GO
LT
Water
Refunding
Bonds
Series
2021C
(Aa1/AA)
7,305,000
5.000
06/01/2025
7,421,341
State
of
Nevada
GO
Refunding
Bonds
for
Capital
Improvements
&
Cultural
Affairs
Series
2015
B
(Aa1/AA+)
5,000,000
5.000
11/01/2026
5,067,383
Tahoe-Douglas
Visitors
Authority
RB
Series
2020
(NR/NR)
1,700,000
5.000
07/01/2040
1,742,401
Washoe
County
Nevada
Gas
and
Water
Facilities
Refunding
RB
Series
2016B
(NON-AMT)
(A3/A)
(PUTABLE)
3,845,000
3.625
(a)(b)
03/01/2036
3,824,471
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Nevada
–
(continued)
Washoe
County
Nevada
Gas
and
Water
Facilities
Refunding
RB
Series
2016G
(NON-AMT)
(A3/A)
(PUTABLE)
$
2,000,000
3.625%
(a)(b)
03/01/2036
$
1,989,322
55,815,830
New
Hampshire
-
0.7%
National
Finance
Authority
Hospital
RB
Series
2021B
(AGM)
(A1/AA)
3,500,000
3.000
08/15/2046
2,806,989
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
8,557,351
National
Finance
Authority
Special
RB
Caldwell
Ranch
Project
Brazoria
and
Fort
Bend
Counties
Texas
Series
2024
(NR/NR)
3,000,000
4.875
(d)(i)
12/01/2033
2,981,570
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
4,181,005
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
9,058,037
1,135,000
5.000
08/01/2033
1,179,161
4,200,000
5.000
08/01/2034
4,369,107
7,085,000
5.000
08/01/2035
7,364,713
5,430,000
5.000
08/01/2036
5,638,461
5,975,000
5.000
08/01/2037
6,194,380
5,945,000
5.000
08/01/2038
6,142,665
2,535,000
5.000
08/01/2039
2,609,545
2,790,000
5.000
08/01/2040
2,858,118
New
Hampshire
Health
and
Education
Facilities
Authority
RB,
Dartmouth
College
Issue,
Series
2017
(Aa1/AAA)
2,225,000
5.000
06/01/2028
2,401,324
66,342,426
New
Jersey
-
4.1%
Atlantic
City
New
Jersey
Tax
Appeal
Refunding
Bonds
Series
2017
A
(BAM
ST
AID
WITHHLDG)
(A2/AA)
250,000
5.000
03/01/2026
255,941
Atlantic
County
Improvement
GO
Lease
RB
for
Stockton
University
Atlantic
City
Campus
Project
Series
2021A
(AGM)
(A1/AA)
3,840,000
4.000
07/01/2053
3,573,536
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
1,180,517
1,455,000
3.000
02/15/2050
1,173,145
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
456,637
Hawthorne
School
District
GO
Bonds
Series
2019
(BAM
SCH
BD
RES
FD)
(NR/AA)
1,100,000
3.000
09/01/2034
1,004,132
1,350,000
3.000
09/01/2035
1,209,617
1,350,000
3.000
09/01/2036
1,193,305
1,350,000
3.000
09/01/2037
1,182,048
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
Jersey
–
(continued)
Hawthorne
School
District
GO
Bonds
Series
2019
(BAM
SCH
BD
RES
FD)
(NR/AA)
–
(continued)
$
1,350,000
3.000%
09/01/2038
$
1,166,795
1,100,000
3.000
09/01/2039
944,417
New
Jersey
Economic
Development
Authority
RB
for
Provident
Group
-
Kean
Properties
L.L.C.
-
Kean
University
Student
Housing
Project
Series
2017
A
(NR/BB-)
500,000
5.000
07/01/2032
506,085
New
Jersey
Economic
Development
Authority
RB
for
School
Facilities
Construction
Series
2016
AAA
(A2/A-)
4,000,000
5.500
(c)
12/15/2026
4,221,942
New
Jersey
Economic
Development
Authority
RB
for
School
Facilities
Construction
Series
2018
EEE
(A2/A-)
5,805,000
5.000
06/15/2028
6,155,407
10,295,000
5.000
06/15/2029
10,946,533
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
1,332,373
New
Jersey
Economic
Development
Authority
RB
Refunding
for
School
Facilities
Construction
Series
2018
FFF
(A2/A-)
9,340,000
5.000
06/15/2029
9,943,006
New
Jersey
Economic
Development
Authority
RB
Refunding
for
The
Seeing
Eye,
Inc.
Project
Series
2017
(NR/A+)
785,000
3.000
06/01/2032
740,909
1,545,000
5.000
06/01/2032
1,602,764
New
Jersey
Economic
Development
Authority
School
Facilities
Construction
Bonds
2016
Series
AAA
(A2/A-)
6,415,000
5.000
(c)
12/15/2026
6,695,707
New
Jersey
Economic
Development
Authority
School
Facilities
Construction
Refunding
Bonds,
2024
Series
SSS
(A2/A-)
1,610,000
5.250
06/15/2036
1,862,613
1,675,000
5.250
06/15/2038
1,915,772
New
Jersey
Economic
Development
Authority
School
Facilities
Construction
Refunding
Bonds,
2024
Series
SSS
Forward
Delivery
(A2/A-)
1,465,000
5.250
06/15/2037
1,686,187
1,675,000
5.250
06/15/2039
1,905,493
New
Jersey
Economic
Development
Authority
Special
Facility
RB
for
Continental
Airlines
Project
Series
1999
(Ba3/BB-)
6,125,000
5.250
09/15/2029
6,130,818
New
Jersey
Economic
Development
Authority
Special
Facility
RB
for
Continental
Airlines
Project
Series
2000
(Ba3/BB-)
1,100,000
5.625
11/15/2030
1,109,613
New
Jersey
Economic
Development
Authority
Special
Facility
Revenue
and
Refunding
Bonds
Series
2017
(Baa2/NR)
4,040,000
5.000
10/01/2047
4,096,445
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
5,572,062
New
Jersey
Economic
Development
Authority
Tax
Exempt
Private
Activity
Bonds
for
Goethals
Bridge
Replacement
Project
Series
2013
(NR/A-)
10,325,000
5.375
01/01/2043
10,332,151
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
Jersey
–
(continued)
New
Jersey
Economic
Development
Authority
Water
Facilities
Refunding
RB
New
Jersey-
American
Water
Company,
Inc.
Project
Series
2020B
Bonds
(A1/A+)
(PUTABLE)
$
4,850,000
3.750%
(a)(b)
11/01/2034
$
4,785,069
New
Jersey
Educational
Facilities
Authority
RB
for
Rider
University
A
New
Jersey
Non-Profit
Corp.
Series
2017
F
(Caa1/BB)
1,600,000
4.000
07/01/2042
1,168,266
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
1,044,915
New
Jersey
Housing
&
Mortgage
Finance
Agency
Multi-Family
RB
2021
Series
B
(NON-AMT)
(HUD
SECT
8)
(HUD
SECT
8)
(NR/AA-)
2,555,000
0.750
11/01/2024
2,512,360
1,910,000
0.900
11/01/2025
1,810,926
New
Jersey
State
Transportation
Trust
Fund
Authority
Transportation
System
Bonds
Series
2006C
(AMBAC)
(A2/A-)
19,370,000
0.000
(f)
12/15/2036
11,989,182
New
Jersey
State
Turnpike
Authority
RB
Series
2015
E
(A1/AA-)
1,675,000
5.000
01/01/2032
1,683,874
5,000,000
5.000
01/01/2045
5,026,488
New
Jersey
Transportation
Trust
Fund
Authority
Bonds
Series
2006
C
(AMBAC)
(A2/A-)
290,000
0.000
(f)
12/15/2025
274,970
New
Jersey
Transportation
Trust
Fund
Authority
Federal
Highway
Reimbursement
Revenue
Notes
Series
2016A-1
(A2/A+)
2,200,000
5.000
06/15/2027
2,257,681
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
3,106,126
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
1,939,309
11,270,000
0.000
(f)
12/15/2038
6,370,789
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
8,895,128
1,325,000
0.000
(f)
12/15/2031
1,001,289
5,000,000
0.000
(f)
12/15/2036
3,094,781
1,495,000
0.000
(f)
12/15/2037
885,409
New
Jersey
Transportation
Trust
Fund
Authority
RB
for
Transportation
Program
Bonds
Series
2015
AA
(A2/A-)
755,000
5.000
06/15/2046
759,828
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
15,419,850
New
Jersey
Transportation
Trust
Fund
Authority
RB
for
Transportation
System
Series
2008
A
(A2/A-)
26,425,000
0.000
(f)
12/15/2036
16,355,918
33,225,000
0.000
(f)
12/15/2037
19,677,400
New
Jersey
Transportation
Trust
Fund
Authority
RB
for
Transportation
System
Series
2009
A
(A2/A-)
230,000
0.000
(f)
12/15/2033
160,886
30,275,000
0.000
(f)
12/15/2038
17,114,076
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
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
$
1,716,344
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
752,760
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
2,946,218
2,070,000
5.000
12/15/2032
2,188,839
7,775,000
5.000
12/15/2034
8,214,967
8,840,000
5.000
12/15/2035
9,326,813
3,455,000
5.000
12/15/2036
3,636,079
2,410,000
4.250
12/15/2038
2,443,222
New
Jersey
Transportation
Trust
Fund
Authority
RB
Series
2016
(A2/A+)
2,435,000
5.000
06/15/2030
2,493,838
New
Jersey
Transportation
Trust
Fund
Authority
RB
Series
2018
(A2/A-)
8,320,000
5.000
12/15/2033
8,792,313
New
Jersey
Transportation
Trust
Fund
Authority
RB
Series
2020
AA
(A2/A-)
120,000
3.000
06/15/2050
91,720
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
Program
Bonds
2019
Series
BB
(A2/A-)
1,645,000
5.000
06/15/2032
1,740,568
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
Program
Bonds
2020
Series
AA
(A2/A-)
4,600,000
4.000
06/15/2045
4,450,953
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
Program
Bonds,
2023
Series
AA
(A2/A-)
4,675,000
4.250
06/15/2044
4,698,359
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
Program
Notes
2014
Series
BB-1
(A2/A-)
3,190,000
5.000
06/15/2032
3,375,327
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
Program
RB
Series
2014
BB-1
(A2/A-)
1,320,000
5.000
06/15/2030
1,403,438
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
Program
RB
Series
2019
AA
(A2/A-)
3,060,000
5.000
06/15/2034
3,233,846
10,000,000
5.000
06/15/2037
10,510,274
3,000,000
5.250
06/15/2043
3,133,407
10,000,000
4.500
06/15/2049
9,949,025
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
Program
RB
Series
2019
BB
(A2/A-)
2,000,000
4.000
06/15/2044
1,948,313
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
RB
Series
2009
A
(A2/A-)
6,255,000
0.000
(f)
12/15/2032
4,544,067
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
System
Bonds
2010
Series
A
(A2/A-)
3,190,000
0.000
(f)
12/15/2029
2,605,267
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
System
Bonds
2019
Series
A
(A2/A-)
2,500,000
5.000
12/15/2032
2,701,020
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
Jersey
–
(continued)
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
System
Bonds
2023
Series
A
(A2/A-)
$
4,550,000
4.250%
06/15/2040
$
4,644,326
2,000,000
5.250
06/15/2041
2,237,392
3,000,000
5.250
06/15/2042
3,342,945
New
Jersey
Turnpike
Authority
Turnpike
RB
Series
2014
A
(A1/AA-)
10,000,000
5.000
01/01/2034
9,999,992
New
Jersey
Turnpike
Authority
Turnpike
RB
Series
2017
G
(A1/AA-)
3,000,000
4.000
01/01/2043
2,963,087
New
Jersey
Turnpike
Authority
Turnpike
RB
Series
2022
B
(A1/AA-)
1,400,000
4.500
01/01/2048
1,434,692
4,725,000
5.250
01/01/2052
5,167,455
New
Jersey
Turnpike
Authority
Turnpike
RB
Series
2024
C
(A1/AA-)
16,750,000
5.000
(i)
01/01/2045
18,281,119
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
923,082
Salem
County
Pollution
Control
Financing
Authority
Pollution
Control
RB
for
Philadelphia
Electric
Company
Project
1993
Series
A
(Baa1/BBB+)
2,740,000
4.450
03/01/2025
2,745,154
South
Jersey
Port
Corp.
Subordinated
Marine
Terminal
RB
Series
2017
B
(A3/NR)
1,020,000
5.000
01/01/2037
1,060,940
South
Jersey
Transport
Corp.
Subordinated
Marine
Terminal
RB
Series
2017B
(A3/NR)
5,585,000
5.000
01/01/2048
5,696,037
South
Jersey
Transportation
Authority
RB
Refunding
Series
2019
A
(AGM)
(A1/AA)
725,000
5.000
11/01/2033
781,262
Tobacco
Settlement
Financing
Corp.
RB
Series
2018
B
(NR/BBB-)
16,445,000
5.000
06/01/2046
16,595,431
Union
County
Improvement
Authority
RB
Aries
Linden
LLC
Project
Series
2019
(NR/NR)
6,455,000
6.750
(d)
12/01/2041
4,220,540
394,420,921
New
Mexico
-
0.3%
City
of
Farmington
Pollution
Control
Refunding
RB
2005
Series
A
(A2/A-)
6,000,000
1.800
04/01/2029
5,322,555
City
of
Farmington,
New
Mexico
Pollution
Control
Revenue
Refunding
Bonds
Public
Service
Company
of
New
Mexico
San
Juan
Project
2010
Series
B
(Baa2/BBB)
(PUTABLE)
2,975,000
3.875
(a)(b)
06/01/2040
2,992,393
City
of
Farmington,
New
Mexico
Pollution
Control
Revenue
Refunding
Bonds
Public
Service
Company
of
New
Mexico
San
Juan
Project
2010
Series
C
(Baa2/BBB)
(PUTABLE)
2,570,000
3.875
(a)(b)
06/01/2040
2,585,025
City
of
Farmington,
New
Mexico
Pollution
Control
Revenue
Refunding
Bonds
Public
Service
Company
of
New
Mexico
San
Juan
Project
2010
Series
D
(Baa2/BBB)
(PUTABLE)
6,835,000
3.900
(a)(b)
06/01/2040
6,873,282
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
Mexico
–
(continued)
City
of
Farmington,
New
Mexico
Pollution
Control
Revenue
Refunding
Bonds
Public
Service
Company
of
New
Mexico
San
Juan
Project
2010
Series
E
(Baa2/BBB)
(PUTABLE)
$
3,800,000
3.875%
(a)(b)
06/01/2040
$
3,822,216
New
Mexico
Mortgage
Finance
Authority
Single
Family
Mortgage
Program
Class
I
Bonds
2024
Series
C
(NON-AMT)
(GNMA/FNMA/FHLMC)
(Aaa/NR)
3,750,000
4.700
09/01/2049
3,752,782
Village
of
Los
Ranchos
de
Albuquerque
RB
Refunding
for
Albuquerque
Academy
Series
2020
(NR/A-)
175,000
4.000
09/01/2025
175,465
200,000
5.000
09/01/2029
213,303
450,000
5.000
09/01/2030
485,727
300,000
5.000
09/01/2031
323,007
350,000
5.000
09/01/2032
376,636
Winrock
Town
Center
Tax
Increment
Development
District
1
Senior
Lien
Gross
Receipts
Tax
Increment
Bonds
Series
2022
(NR/NR)
633,000
3.750
(d)
05/01/2028
617,286
2,070,000
4.000
(d)
05/01/2033
1,978,006
2,345,000
4.250
(d)
05/01/2040
2,181,252
31,698,935
New
York
-
8.1%
Allegany
County
Capital
Resource
Corp.
RB
Alfred
University
Project
Series
2024
(NR/BBB+)
2,000,000
5.250
04/01/2049
2,080,615
1,925,000
5.250
04/01/2054
1,989,217
Brooklyn
Arena
Local
Development
Corp.
Pilot
RB
Series
2009
(Ba1/NR)
1,800,000
0.000
(f)
07/15/2044
706,762
Brooklyn
Arena
Local
Development
Corp.
Pilot
Revenue
Refunding
Bonds
for
Barclays
Center
Series
2016A
(Ba1/NR)
1,400,000
5.000
07/15/2042
1,422,262
Build
NYC
Resource
Corp.
RB
for
Academic
Leadership
Charter
School
Project
Series
2021
(NR/BBB-)
110,000
4.000
06/15/2025
109,236
Build
NYC
Resource
Corp.
RB
for
Academic
Leadership
Charter
School
Series
2021
(NR/BBB-)
200,000
4.000
06/15/2027
196,049
200,000
4.000
06/15/2028
194,416
Build
NYC
Resource
Corp.
RB
for
Global
Community
Charter
School
Project
Series
2022A
(NR/BB+)
725,000
5.000
06/15/2042
742,666
Build
NYC
Resource
Corp.
RB
for
Grand
Concourse
Academy
Charter
School
Project
Series
2022A
(NR/BBB-)
600,000
5.000
07/01/2042
612,986
Build
NYC
Resource
Corp.
RB
for
Hellenic
Classical
Charter
Schools
Series
2021
A
(NR/NR)
1,425,000
5.000
(d)
12/01/2041
1,362,658
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
2,594,546
Build
NYC
Resource
Corp.
RB
for
NEW
World
Preparatory
Charter
School
Series
2021
A
(NR/NR)
300,000
4.000
(d)
06/15/2031
289,351
425,000
4.000
(d)
06/15/2041
372,352
Build
NYC
Resource
Corp.
RB
for
Shefa
School
Series
2021
B
(NR/NR)
2,465,000
4.000
(d)
06/15/2027
2,340,182
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
Build
NYC
Resource
Corp.
RB
for
Unity
Preparatory
Charter
School
of
Brooklyn
Project
Series
2023A
(NR/BB)
$
350,000
5.000%
(d)
06/15/2033
$
374,987
425,000
5.250
(d)
06/15/2043
440,658
Build
NYC
Resource
Corp.
Tax
Exempt
RB
Series
2022A
(NR/NR)
260,000
6.500
(d)
07/01/2032
272,759
2,500,000
6.500
(d)
07/01/2042
2,568,928
850,000
6.500
(d)
07/01/2052
867,772
Build
NYC
Resource
Corp.
Taxable
RB
Taxable
Series
2022A
(NR/NR)
900,000
9.750
(d)
07/01/2032
881,257
Build
NYC
Resource
Corporation
RB
Classical
Charter
Schools
Project
Series
2023A
(NR/BBB-)
750,000
4.750
06/15/2053
728,472
Chautauqua
County
Capital
Resource
Corp.
Exempt
Facilities
Revenue
Refunding
Bonds
for
NRG
Energy
Project
Series
2020
(Baa3/BBB-)
(PUTABLE)
7,920,000
4.250
(a)(b)
04/01/2042
7,957,695
City
of
New
Rochelle
RB
for
Iona
College
Project
Series
2015
A
(Baa2/BBB)
325,000
5.000
07/01/2025
328,037
335,000
5.000
07/01/2026
338,539
425,000
5.000
07/01/2027
429,792
City
of
New
York
GO
Bonds
2023
Series
C
(Aa2/AA)
2,845,000
5.000
08/01/2026
2,949,561
City
of
New
York
GO
Bonds
Fiscal
2008
Series
A
Subseries
A-4
(AGM)
(Aa2/AA)
1,945,000
5.000
08/01/2026
2,018,078
City
of
New
York
GO
Bonds
Fiscal
2008
Series
C
Subseries
C-4
(AGM)
(Aa2/AA)
5,760,000
5.000
10/01/2026
5,994,933
City
of
New
York
GO
Bonds
Fiscal
2009
Series
B
Subseries
B-3
(Aa2/AA)
1,905,000
5.000
09/01/2026
1,977,995
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
2,796,871
3,900,000
4.500
05/01/2049
3,985,309
City
of
New
York
GO
Tax
Exempt
Bonds
2020
Series
D
(Aa2/AA)
4,750,000
4.000
03/01/2050
4,640,123
Dormitory
Authority
of
The
State
of
New
York
New
York
Institute
of
Technology
RB
Series
2024
(Baa2/BBB)
2,300,000
5.250
07/01/2049
2,470,617
2,750,000
5.250
07/01/2054
2,929,172
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
13,964,949
Dormitory
Authority
of
The
State
of
New
York
State
Personal
Income
Tax
RB
General
Purpose,
Series
2024A
(Tax-Exempt)
(Aa1/NR)
10,000,000
5.250
03/15/2052
11,055,074
Dutchess
County
Local
Development
Corp.
RB
Refunding
for
Bard
College
Project
Series
2020
A
(NR/BBB-)
1,000,000
5.000
07/01/2045
1,013,667
Empire
State
Urban
Development
Corp.
State
Personal
Income
Tax
RB
Series
2020E
(NR/AA+)
500,000
4.000
03/15/2039
502,682
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
Erie
Tobacco
Asset
Securitization
Corp.
RB
Asset-Backed
Bonds
Series
2006
A
(NR/NR)
$
29,200,000
0.000%
(d)(f)
06/01/2060
$
1,339,661
Essex
County
IDA
Environmental
Improvement
Revenue
Refunding
Bonds
Series
2019A
(Baa2/BBB)
(PUTABLE)
500,000
2.100
(a)(b)
03/01/2027
496,498
Freddie
Mac
Multifamily
ML
Certificates
RB
Pass
Through
Series
2017
A
(Aaa/NR)
(SOFR
+
0.614%)
6,697,848
5.935
(d)(e)
01/25/2033
6,741,509
Genesee
County
Funding
Corp.
Tax
Exempt
RB
for
Rochester
Regional
Health
Project
Series
2022A
(NR/BBB+)
200,000
5.000
12/01/2025
202,182
Metropolitan
Transportation
Authority
RB
Green
Bond
Series
2015
A-2
(A3/NR)
2,500,000
5.000
(a)(b)
11/15/2045
2,680,826
Metropolitan
Transportation
Authority
RB
Green
Bond
Series
2016
A-1
(A3/A-)
645,000
5.000
11/15/2027
662,646
Metropolitan
Transportation
Authority
RB
Green
Bond
Series
2020
C-1
(A3/A-)
9,325,000
4.750
11/15/2045
9,569,091
4,445,000
5.000
11/15/2050
4,629,673
1,800,000
5.250
11/15/2055
1,893,205
Metropolitan
Transportation
Authority
RB
Refunding
for
Climate
Bond
Certified
Series
2020
E
(A3/A-)
3,275,000
5.000
11/15/2029
3,541,777
1,450,000
5.000
11/15/2030
1,585,651
Metropolitan
Transportation
Authority
RB
Refunding
Green
Bond
Series
2017
A-2
(A3/A-)
1,340,000
5.000
11/15/2027
1,408,615
Metropolitan
Transportation
Authority
RB
Refunding
Green
Bond
Series
2017
C-1
(A3/A-)
2,465,000
4.000
11/15/2032
2,483,108
Metropolitan
Transportation
Authority
RB
Refunding
Green
Bond
Series
2024A
(A3/A-)
7,785,000
5.000
11/15/2037
8,700,550
8,605,000
5.000
11/15/2039
9,520,670
5,445,000
5.000
11/15/2040
5,981,212
4,190,000
4.000
11/15/2043
4,128,853
14,200,000
5.250
11/15/2049
15,456,667
Metropolitan
Transportation
Authority
RB
Refunding
Series
2016
B
(A3/A-)
545,000
5.000
11/15/2027
564,475
Metropolitan
Transportation
Authority
RB
Refunding
Series
2016
D
(A3/A-)
530,000
5.000
11/15/2029
547,410
755,000
5.250
11/15/2031
782,242
Metropolitan
Transportation
Authority
RB
Series
2016
C-1
(A3/A-)
595,000
5.000
11/15/2028
615,173
Metropolitan
Transportation
Authority
Transportation
RB
Series
2015A-1
(A3/A-)
475,000
5.000
11/15/2025
481,479
Metropolitan
Transportation
Authority
Transportation
RB
Series
2015B
(A3/A-)
2,340,000
5.250
11/15/2055
2,360,599
Metropolitan
Transportation
Authority
Transportation
Revenue
Green
Bonds
Series
2019A
(AGM)
(A1/AA)
11,050,000
5.000
11/15/2044
11,510,158
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
Metropolitan
Transportation
Authority
Transportation
Revenue
Green
Bonds
Series
2019C
(AGM)
(A1/AA)
$
4,980,000
4.000%
11/15/2047
$
4,851,620
Metropolitan
Transportation
Authority
Transportation
Revenue
Green
Bonds
Series
2020D
(A3/A-)
3,000,000
4.000
11/15/2047
2,890,651
Metropolitan
Transportation
Authority
Transportation
Revenue
Green
Bonds
Subseries
2021A-1
(A3/A-)
5,000,000
4.000
11/15/2047
4,817,751
Metropolitan
Transportation
Authority
Transportation
Revenue
Refunding
Bonds
Series
2020E
(A3/A-)
3,750,000
5.000
11/15/2027
3,947,346
400,000
5.000
11/15/2028
426,779
Metropolitan
Transportation
Authority
Transportation
Revenue
Refunding
Green
Bonds
Series
2017B
(A3/A-)
1,655,000
5.000
11/15/2025
1,689,999
Metropolitan
Transportation
Authority
Transportation
Revenue
Refunding
Green
Bonds
Series
2017C-1
(A3/A-)
2,765,000
5.000
11/15/2027
2,910,510
MTA
Hudson
Rail
Yards
Trust
Obligations
Series
2016A
(A3/NR)
2,000,000
5.000
11/15/2056
1,999,960
Nassau
County
Tobacco
Settlement
Corp.
RB
for
Asset
Backed
Bonds
Series
2006
D
(NR/NR)
82,790,000
0.000
(f)
06/01/2060
5,181,901
New
York
City
Housing
Development
Corp.
Multi-Family
Housing
RB
2024
Series
B-2
(NON-AMT)
(HUD
SECT
8)
(Aa2/AA+)
10,000,000
3.700
(a)(b)
05/01/2064
10,047,517
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
964,565
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
3,493,819
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
2,158,170
2,555,000
3.000
03/01/2040
2,172,191
1,925,000
4.000
03/01/2045
1,870,349
New
York
City
Industrial
Development
Agency
RB
Refunding
for
Yankee
Stadium
LLC
Series
2020
A
(Baa1/AA)
2,175,000
4.000
03/01/2045
2,073,692
New
York
City
Municipal
Water
Finance
Authority
Water
&
Sewer
Second
General
Resolution
RB
Adjustable
Rate
2011
Series
DD
(Aa1/AA+/A-1)
4,875,000
4.900
(a)(b)
06/15/2043
4,875,000
New
York
City
Municipal
Water
Finance
Authority
Water
&
Sewer
Second
General
Resolution
RB
Adjustable
Rate
2021
Series
Ee
Subseries
Ee-1
and
Ee-2
(Aa1/AA+/A-1+)
17,860,000
4.900
(a)(b)
06/15/2045
17,860,000
New
York
City
Municipal
Water
Finance
Authority
Water
and
Sewer
System
Second
General
Resolution
RB
Fiscal
2018
Series
Bb
(Aa1/AA+)
11,150,000
5.000
06/15/2046
11,458,778
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
988,530
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
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
$
5,099,881
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
18,897,812
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
6,811,166
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
816,395
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Tax-Exempt
Subordinate
Bonds
Adjustable
Rate
Bonds
Fiscal
2011
Subseries
A-4
(Aa1/AAA/A-1)
10,590,000
4.900
(a)(b)
08/01/2039
10,590,000
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Tax-Exempt
Subordinate
Bonds
Adjustable
Rate
Bonds
Fiscal
2019
Subseries
B-4
(Aa1/AAA/A-1)
7,470,000
4.700
(a)(b)
08/01/2042
7,470,000
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Tax-Exempt
Subordinate
Bonds
Adjustable
Rate
BondsFiscal
2019
Subseries
A-4
(Aa1/AAA/A-1)
18,360,000
4.700
(a)(b)
08/01/2045
18,360,000
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
7,529,749
3,500,000
5.500
05/01/2053
3,955,448
New
York
Convention
Center
Development
Corp.
Revenue
Refunding
Bonds
Series
2015
(A2/NR)
3,755,000
5.000
11/15/2030
3,817,058
New
York
Counties
Tobacco
Trust
IV
RB
Series
2005
F
(NR/NR)
143,440,000
0.000
(f)
06/01/2060
8,691,116
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
4,813,963
New
York
Liberty
Development
Corp.
RB
for
World
Trade
Center
Project
Series
2014
(NR/NR)
4,050,000
5.150
(d)
11/15/2034
4,062,288
9,000,000
5.375
(d)
11/15/2040
9,024,117
New
York
Liberty
Development
Corp.
RB
for
World
Trade
Center
Project
Series
2014
Class
3
(NR/NR)
4,175,000
7.250
(d)
11/15/2044
4,196,851
New
York
Liberty
Development
Corp.
RB
Refunding
for
3
World
Trade
Center
LLC
Series
2014
(NR/NR)
20,610,000
5.000
(d)
11/15/2044
20,629,565
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
779,858
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
961,914
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
New
York
NY
GO
Bonds
2018
E-1
(Aa2/AA)
$
9,725,000
5.000%
03/01/2044
$
10,066,062
New
York
Port
Authority
Consolidated
Bonds
273rd
Series
(Aa3/AA-)
7,835,000
4.000
07/15/2051
7,232,116
New
York
St
Dorm
Auth
St
Pers
Income
Tax
Rev
General
Purpose
Bonds
2022
A
(NR/NR)
450,000
5.000
03/15/2027
471,391
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
2,653,805
New
York
State
Dormitory
Authority
Personal
Income
Tax
General
Purpose
RB
Series
2020A
(Aa1/NR)
25,000,000
4.000
03/15/2043
24,624,280
New
York
State
Dormitory
Authority
Personal
Income
Tax
RB
Series
2021E
(NR/AA+)
10,000,000
4.000
03/15/2038
10,083,772
New
York
State
Dormitory
Authority
RB
Refunding
for
Brooklyn
Law
School
Series
2019
A
(Baa1/NR)
1,400,000
5.000
07/01/2033
1,465,659
New
York
State
Dormitory
Authority
RB
Refunding
for
Brooklyn
Law
School
Series
2019
B
(Baa1/NR)
100,000
3.560
07/01/2026
96,641
100,000
3.670
07/01/2027
95,888
40,000
3.760
07/01/2028
38,076
200,000
3.820
07/01/2029
188,569
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
976,509
1,185,000
5.000
07/01/2029
1,188,730
745,000
5.000
07/01/2030
747,601
100,000
4.000
07/01/2031
94,087
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
497,369
465,000
5.000
07/01/2034
421,614
1,005,000
5.000
07/01/2035
904,657
440,000
5.000
07/01/2036
391,656
545,000
4.000
07/01/2040
418,864
590,000
5.000
07/01/2041
509,560
2,315,000
4.000
07/01/2045
1,695,253
New
York
State
Dormitory
Authority
RB
Refunding
for
Montefiore
Obligated
Group
Series
2020
A
(Baa3/BBB-)
530,000
4.000
09/01/2036
517,700
500,000
4.000
09/01/2037
485,149
575,000
4.000
09/01/2038
552,294
615,000
4.000
09/01/2039
586,009
750,000
4.000
09/01/2040
706,332
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
2,647,696
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
4,004,108
New
York
State
Dormitory
Authority
RB
Series
2020
B
(Aa2/NR)
1,100,000
3.000
04/01/2042
925,424
1,550,000
3.000
04/01/2048
1,199,875
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
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
7.403%
(a)(b)
07/01/2034
$
5,350,000
New
York
State
Environmental
Facilities
Corp
Solid
Waste
Disposal
RB
Series
2014
(B1/B+)
(PUTABLE)
1,440,000
2.875
(a)(b)(d)
12/01/2044
1,331,766
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
735,434
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
2,753,987
New
York
State
Thruway
Authority
General
RB
Series
P
(A1/A+)
1,800,000
5.000
01/01/2049
1,952,778
1,865,000
5.250
01/01/2054
2,052,506
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
5,379,044
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
11,628,509
New
York
State
Urban
Development
Corporation
State
Sales
Tax
RB,
Series
2023A
(Tax-Exempt)
(Aa1/NR)
8,000,000
5.000
03/15/2051
8,704,346
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
1,001,616
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
2,702,293
New
York
Transportation
Development
Corp.
RB
for
Delta
Air
Lines,
Inc.
Series
2018
(Baa3/NR)
4,750,000
5.000
01/01/2027
4,883,855
310,000
5.000
01/01/2031
320,351
8,645,000
5.000
01/01/2033
8,917,864
3,800,000
5.000
01/01/2034
3,918,403
9,625,000
4.000
01/01/2036
9,627,106
New
York
Transportation
Development
Corp.
RB
for
Delta
Air
Lines,
Inc.
Series
2018
(AMT)
(Baa3/NR)
2,850,000
5.000
01/01/2036
2,934,519
New
York
Transportation
Development
Corp.
RB
for
Delta
Air
Lines,
Inc.
Series
2020
(Baa3/NR)
2,580,000
4.000
10/01/2030
2,585,467
4,815,000
5.000
10/01/2035
5,061,973
8,140,000
5.000
10/01/2040
8,468,952
8,775,000
4.375
10/01/2045
8,592,941
New
York
Transportation
Development
Corp.
RB
for
Empire
State
Thruway
Partners
LLC
Series
2021
(NR/NR)
1,225,000
2.500
10/31/2031
1,013,973
600,000
4.000
10/31/2034
577,906
4,780,000
4.000
10/31/2041
4,307,330
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
1,406,768
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
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
$
523,861
500,000
5.000
12/01/2029
529,929
2,200,000
5.000
12/01/2036
2,323,738
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
179,653
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
690,685
15,675,000
5.000
07/01/2041
15,675,083
4,050,000
5.000
07/01/2046
4,049,782
New
York
Transportation
Development
Corp.
Special
Facilities
Bonds
Series
2016A
(Baa2/NR)
8,425,000
5.250
01/01/2050
8,425,184
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)
3,125,000
6.000
06/30/2054
3,431,966
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)
2,490,000
5.000
06/30/2049
2,580,926
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
518,000
New
York
Transportation
Development
Corp.
Special
Facilities
RB
Series
2024
John
F.
Kennedy
International
Airport
New
Terminal
One
Project
(AMT)
(Baa3/NR)
5,350,000
5.500
06/30/2054
5,670,666
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
847,668
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
2,250,422
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
6,968,262
5,675,000
5.375
08/01/2036
6,042,506
New
York
Transportation
Development
Corp.
Special
Facility
RB
Series
2021
(NR/NR)
4,060,000
3.000
08/01/2031
3,825,399
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
3,476,413
New
York
Transportation
Development
Corporation
(Terminal
4
John
F.
Kennedy
International
Airport
Project)
Special
Facility
RB,
Series
2020C
(Baa1/BBB)
1,250,000
5.000
12/01/2029
1,343,836
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
Oneida
County
Local
Development
Corp.
RB
Mohawk
Valley
Health
System
Project
Series
2019
(Tax-Exempt)
(AGM)
(NR/AA)
$
420,000
4.000%
12/01/2033
$
419,799
Oneida
County
Local
Development
Corp.
RB
Refunding
for
Mohawk
Valley
Health
System
Obligated
Group
Project
Series
2019
A
(AGM)
(NR/AA)
1,065,000
4.000
12/01/2034
1,064,182
670,000
4.000
12/01/2035
667,960
1,135,000
4.000
12/01/2036
1,130,902
1,260,000
3.000
12/01/2039
1,044,062
840,000
3.000
12/01/2040
684,531
1,680,000
4.000
12/01/2049
1,575,733
Oneida
County
Local
Development
Corp.
RB
Refunding
for
Utica
College
Project
Series
2019
(NR/NR)
345,000
4.000
07/01/2039
311,617
4,225,000
3.000
07/01/2044
2,961,486
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
4,171,721
Port
Authority
of
New
York
&
New
Jersey
Consolidated
RB
Series
221
(Aa3/AA-)
2,000,000
4.000
07/15/2045
1,912,918
1,500,000
4.000
07/15/2050
1,390,541
Port
Authority
of
New
York
and
New
Jersey
Consolidated
Bonds
242nd
Series
(Aa3/AA-)
1,500,000
5.000
12/01/2026
1,546,212
Port
Authority
of
New
York
Consolidated
Bonds
227th
Series
(Aa3/AA-)
8,975,000
3.000
10/01/2027
8,621,695
1,555,000
3.000
10/01/2028
1,479,025
Port
Authority
of
New
York
Consolidated
Bonds
234th
Series
(Aa3/AA-)
1,520,000
5.250
08/01/2047
1,621,691
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
1,626,046
State
of
New
York
Dormitory
Authority
Northwell
Health
Obligated
Group
RB
Series
2022A
(A3/A-)
6,200,000
4.250
05/01/2052
6,203,478
5,225,000
5.000
05/01/2052
5,479,665
State
of
New
York
Dormitory
Authority
Personal
Income
Tax
RB
Series
2018A
(Aa1/NR)
10,200,000
4.000
03/15/2048
9,948,110
State
of
New
York
Dormitory
Authority
Personal
Income
Tax
RB
Series
2019D
(Aa1/NR)
10,000,000
4.000
02/15/2047
9,781,881
State
of
New
York
Dormitory
Authority
Personal
Income
Tax
RB
Series
2021A
(NR/AA+)
10,215,000
4.000
03/15/2038
10,290,788
8,175,000
4.000
03/15/2040
8,101,491
State
of
New
York
Dormitory
Authority
Personal
Income
Tax
RB
Series
2021E
(NR/AA+)
6,800,000
4.000
03/15/2046
6,663,407
8,700,000
4.000
03/15/2047
8,506,169
State
of
New
York
Dormitory
Authority
RB
for
St.
Joseph's
College
Series
2020A
(NR/NR)
1,070,000
5.000
07/01/2027
1,071,186
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
Suffolk
Tobacco
Asset
Securitization
Corp.
RB
Series
2021
B-1
(NR/BBB-)
$
3,430,000
4.000%
06/01/2050
$
3,420,184
Triborough
Bridge
&
Tunnel
Authority
General
Revenue
Bond
Series
2022A
(Aa3/AA-)
5,900,000
5.500
11/15/2057
6,534,265
Triborough
Bridge
&
Tunnel
Authority
Sales
Tax
RB
for
TBTA
Capital
Lockbox
City
Sales
Tax
Series
2023A
(NR/AA+)
8,150,000
4.250
05/15/2058
8,024,362
Triborough
Bridge
&
Tunnel
Authority
Sales
Tax
RB
Subseries
2024A-1
(NR/AA+)
4,000,000
5.000
05/15/2049
4,378,428
3,000,000
5.000
05/15/2054
3,263,758
Westchester
County
Local
Development
Corporation
RB
for
New
York
Blood
Center
Project
Series
2024
(Baa1/NR)
2,555,000
5.000
07/01/2035
2,799,267
1,345,000
5.000
07/01/2038
1,459,699
Westchester
County
Local
Development
Corporation
RB
for
Westchester
Medical
Center
Obligated
Group
Project
Series
2016
(B1/BBB-)
1,000,000
5.000
11/01/2024
999,809
Yonkers
Economic
Development
Corp.
RB
for
Charter
School
of
Educational
Excellence
Project
Series
2019
A
(NR/NR)
200,000
4.000
10/15/2029
198,838
Yonkers
Economic
Development
Corp.
RB
Refunding
for
Charter
School
of
Educational
Excellence
Series
2020
A
(NR/BB)
300,000
4.000
10/15/2030
300,097
789,276,879
North
Carolina
-
0.9%
Charlotte
Douglas
International
Airport
RB
Series
2023A
(NON-AMT)
Series
2023B
(AMT)
(Aa3/NR)
6,525,000
5.000
07/01/2048
7,107,441
Charlotte-Mecklenburg
Hospital
Authority
Variable
Rate
Health
Care
RB
for
Atrium
Health
Series
2021B
(Aa3/AA)
(PUTABLE)
20,000,000
5.000
(a)(b)
01/15/2050
20,114,240
Columbus
County
Industrial
Facilities
&
Pollution
Control
Financing
Authority
Revenue
Refunding
Bonds
Series
2019A
(Baa2/BBB)
(PUTABLE)
375,000
2.000
(a)(b)
11/01/2033
372,282
Columbus
County
Industrial
Facilities
&
Pollution
Control
Financing
Authority
Revenue
Refunding
Bonds
Series
2019B
(Baa2/BBB)
(PUTABLE)
400,000
2.000
(a)(b)
11/01/2033
397,101
Columbus
County
Industrial
Facilities
and
Pollution
Control
Financing
Authority
RB
Refunding
for
International
Paper
Co.
Series
2019
C
(Baa2/BBB)
(PUTABLE)
1,750,000
2.100
(a)(b)
03/01/2027
1,737,744
County
of
Mecklenburg
GO
Bonds
for
Public
Improvement
Series
2018
(Aaa/AAA)
5,250,000
5.000
03/01/2029
5,613,210
County
of
Wake
GO
Public
Improvement
Bonds
Series
2022A
(Aaa/AAA)
5,000,000
5.000
02/01/2025
5,049,048
County
of
Wake
GO
Refunding
Bonds
Series
2023B
(Aaa/AAA)
1,810,000
5.000
05/01/2026
1,871,607
Greater
Asheville
Regional
Airport
Authority
Airport
System
RB
Series
2022A
(AMT)
(AGM)
(A1/AA)
1,000,000
5.000
07/01/2028
1,046,361
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
North
Carolina
–
(continued)
Greater
Asheville
Regional
Airport
Authority
Airport
System
RB
Series
2022A
(AMT)
(AGM)
(A1/AA)
–
(continued)
$
1,900,000
5.500%
07/01/2052
$
2,054,259
Greater
Asheville
Regional
Airport
Authority
Airport
System
RB
Series
2023
(AGM)
(A1/AA)
1,150,000
5.250
07/01/2053
1,221,369
North
Carolina
Department
of
Transportation
Tax
Exempt
Private
Activity
Bonds
Series
2015
(NR/NR)
2,735,000
5.000
12/31/2037
2,760,282
North
Carolina
Housing
Finance
Agency
Home
Ownership
RB
Series
54-A
(NON-AMT)
(GNMA/FNMA/FHLMC)
(Aa1/AA+)
1,500,000
4.550
07/01/2044
1,506,197
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
3,874,499
North
Carolina
Medical
Care
Commission
RB
for
Forest
at
Duke,
Inc.
Obligated
Group
Series
2021
(NR/NR)
680,000
4.000
09/01/2041
598,636
325,000
4.000
09/01/2046
274,776
North
Carolina
Medical
Care
Commission
RB
for
Lutheran
Services
for
the
Aging,
Inc.
Obligated
Group
Series
2021
A
(NR/NR)
235,000
4.000
03/01/2025
233,632
220,000
5.000
03/01/2026
220,543
270,000
5.000
03/01/2027
271,386
255,000
5.000
03/01/2028
257,020
250,000
4.000
03/01/2029
242,832
260,000
4.000
03/01/2030
251,778
270,000
4.000
03/01/2031
260,324
725,000
4.000
03/01/2036
681,649
North
Carolina
Medical
Care
Commission
RB
for
Maryfield,
Inc.
Obligated
Group
Series
2020
A
(NR/NR)
1,355,000
5.000
10/01/2040
1,334,165
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
4,715,030
North
Carolina
Medical
Care
Commission
RB
Refunding
for
EveryAge
Obligated
Group
Series
2021
A
(NR/NR)
910,000
4.000
09/01/2041
792,573
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
570,520
1,785,000
3.000
07/01/2027
1,696,215
1,040,000
4.000
07/01/2030
991,328
1,080,000
5.000
07/01/2031
1,084,264
1,110,000
5.000
07/01/2032
1,111,945
1,375,000
5.000
07/01/2033
1,375,000
North
Carolina
Medical
Care
Commission
Retirement
Facilities
First
Mortgage
RB
Series
2024A
(NR/NR)
750,000
5.000
10/01/2044
781,881
North
Carolina
Turnpike
Authority
RB
Senior
Lien
for
Triangle
Expressway
Series
2019
(AGM)
(NR/AA)
3,000,000
3.000
01/01/2042
2,464,607
3,500,000
5.000
01/01/2049
3,657,065
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
North
Carolina
–
(continued)
North
Carolina
Turnpike
Authority
Triangle
Expressway
System
Senior
Lien
Turnpike
RB
Series
2019
(NR/BBB)
$
9,500,000
5.000%
01/01/2049
$
9,823,486
88,416,295
North
Dakota
-
0.1%
City
of
Grand
Forks
Health
Care
System
RB
for
Altru
Health
System
Series
2021
(Baa3/NR)
4,125,000
4.000
12/01/2035
3,902,306
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
1,409,433
City
of
Horace
GO
Refunding
Bonds
Series
2021
(Baa3/NR)
1,100,000
3.000
05/01/2041
809,806
2,750,000
3.000
05/01/2046
1,857,974
City
of
Horace,
North
Dakota
Temporary
Refunding
Improvement
Bonds,
Series
2023B
(Baa3/NR)
5,300,000
5.125
07/01/2025
5,302,639
13,282,158
Ohio
-
2.2%
American
Municipal
Power
RB
for
Prairie
State
Energy
Campus
Project
Refunding
Series
2019B
(A1/A)
1,255,000
5.000
02/15/2025
1,264,198
Bon
Secours
Mercy
Health
Hospital
Facilities
RB
Series
2022B-1
(A2/A+)
7,110,000
5.000
(a)(b)
10/01/2049
7,413,048
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
471,822
310,000
4.000
06/01/2037
311,911
2,655,000
4.000
06/01/2038
2,658,477
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
3,845,787
Buckeye
Tobacco
Settlement
Financing
Authority
RB
Refunding
for
Senior
Asset-Backed
Bonds
Series
2020
A-2
Class
1
(NR/NR)
26,565,000
5.000
06/01/2055
24,489,179
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
3,524,128
Buckeye
Tobacco
Settlement
Financing
Authority
Tobacco
Settlement
Asset
Backed
Refunding
Bonds
Series
2020
(NR/BBB+)
6,710,000
4.000
06/01/2048
6,184,438
Cleveland
Airport
Special
RB
for
Continental
Airlines,
Inc.
Project
Series
1998
(Ba3/BB-)
7,195,000
5.375
09/15/2027
7,197,695
Columbus-Franklin
County
Finance
Authority
Lease
RB
for
The
Cornerstone
Academy
Community
School
Series
2023
(NR/NR)
2,525,000
7.000
(d)
07/01/2053
2,596,172
County
of
Cuyahoga
Health
Care
and
Independent
Living
Facilities
Refunding
RB
for
Eliza
Jennings
Senior
Health
Care
Network
Series
2022A
(NR/NR)
2,185,000
5.000
05/15/2032
2,179,249
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Ohio
–
(continued)
County
of
Cuyahoga
Hospital
RB
Series
2017
(Baa2/BBB)
$
6,500,000
5.000%
02/15/2037
$
6,623,182
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
343,561
625,000
4.000
09/01/2045
501,491
850,000
5.000
09/01/2049
761,715
County
of
Franklin
Healthcare
Facilities
RB
for
Ohio
Living
Communities
Series
2023
(NR/NR)
3,210,000
5.000
07/01/2035
3,254,131
3,915,000
5.000
07/01/2036
3,954,574
County
of
Franklin
Ohio
Health
Care
Facilities
Refunding
RB
Series
2022
(NR/NR)
5,000
4.000
(c)
07/01/2028
5,283
4,220,000
4.000
07/01/2040
3,580,246
County
of
Franklin
RB
Refunding
for
Wesley
Communities
Obligated
Group
Series
2020
(NR/NR)
2,480,000
5.250
11/15/2040
2,447,691
County
of
Franklin
RB
Series
OH
2019A
(Aa3/AA-)
5,500,000
4.000
12/01/2044
5,287,871
County
of
Lucas
Hospital
RB
for
Promedica
Healthcare
Obligated
Group
Series
2018A
(Ba2/BB)
11,225,000
5.250
11/15/2048
11,444,072
Cuyahoga
County
Ohio
Hospital
RB
for
Metrohealth
System
Series
2017
(Baa2/BBB)
7,325,000
5.250
02/15/2047
7,383,008
2,825,000
5.000
02/15/2052
2,830,976
760,000
5.000
02/15/2057
760,203
Cuyahoga
County
Ohio
Hospital
RB
Refunding
for
Metrohealth
System
Series
2009
B
(Baa2/BBB)
10,000,000
8.223
02/15/2040
11,151,083
Cuyahoga
County
Ohio
Hospital
RB
Refunding
for
Metrohealth
System
Series
2017
(Baa2/BBB)
1,000,000
5.000
02/15/2025
1,003,220
2,865,000
5.500
02/15/2057
2,913,929
Cuyahoga
Metropolitan
Housing
Authority
RB
for
Social
Bonds
Series
2021
(HUD
SECT
8)
(NR/A+)
3,550,000
2.000
12/01/2031
2,935,903
Evans
Farm
New
Community
Authority
Special
Assessment
Bonds
Series
2020
(NR/NR)
2,000,000
3.750
12/01/2038
1,658,135
Franklin
County
Convention
Facilities
Authority
RB
for
Greater
Columbus
Convention
Center
Project
Series
2019
(NR/BBB-)
250,000
5.000
12/01/2025
250,691
325,000
5.000
12/01/2026
326,513
325,000
5.000
12/01/2027
327,587
425,000
5.000
12/01/2028
429,937
400,000
5.000
12/01/2029
405,907
680,000
5.000
12/01/2030
690,349
800,000
5.000
12/01/2031
811,607
660,000
5.000
12/01/2032
669,186
1,170,000
5.000
12/01/2033
1,189,045
1,725,000
5.000
12/01/2035
1,750,808
650,000
5.000
12/01/2037
655,250
1,630,000
5.000
12/01/2038
1,636,634
2,000,000
5.000
12/01/2051
1,966,707
Lakewood
City
School
District
GO
Refunding
Bonds
Series
2014
C
(Aa2/AA)
3,215,000
5.000
12/01/2027
3,236,333
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Ohio
–
(continued)
Lancaster
Port
Authority
Gas
Supply
Revenue
Refunding
Bonds
Series
2019
(Aa1/NR)
$
1,860,000
5.000%
(a)(b)
08/01/2049
$
1,870,147
Northeast
Ohio
Medical
University
RB
Refunding
Series
2021
A
(Baa1/NR)
250,000
4.000
12/01/2035
245,201
Ohio
Air
Quality
Development
Authority
Air
Quality
Development
Refunding
Bonds
for
Duke
Energy
Corp.
Project
Series
2022B
(Baa2/BBB)
(PUTABLE)
3,500,000
4.250
(a)(b)
11/01/2039
3,518,316
Ohio
Air
Quality
Development
Authority
Collateralized
Air
Quality
Revenue
Refunding
Bonds
for
Dayton
Power
and
Light
Company
Project
2015
Series
A
(Baa1/BBB)
(PUTABLE)
14,000,000
4.250
(a)(b)
11/01/2040
14,050,320
Ohio
Air
Quality
Development
Authority
Exempt
Facilities
RB
for
Pratt
Paper
LLC
Project
Series
2017
(NR/NR)
700,000
4.500
(d)
01/15/2048
691,971
Ohio
Air
Quality
Development
Authority
Pollution
Control
RB
Refunding
Series
2009-D
(NON-AMT)
(WR/BBB-)
1,100,000
3.375
08/01/2029
1,061,458
Ohio
Air
Quality
Development
Authority
RB
for
Ohio
Valley
Electric
Corp.
Series
2009
A
(Baa3/NR)
925,000
2.875
02/01/2026
895,265
Ohio
Air
Quality
Development
Authority
RB
for
Ohio
Valley
Electric
Corp.
Series
2009
D
(Baa3/NR)
2,305,000
2.875
02/01/2026
2,230,904
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
3,005,183
Ohio
Air
Quality
Development
Authority
Revenue
Refunding
Bonds
Series
2014A
(Baa2/BBB)
2,500,000
2.400
(a)(b)
12/01/2038
2,207,082
Ohio
Air
Quality
Development
Authority
Revenue
Refunding
Bonds
Series
2014B
(Baa2/BBB)
3,500,000
2.600
(a)(b)
06/01/2041
3,102,497
Ohio
Air
Quality
Development
Authority
Revenue
Refunding
Bonds
Series
2014C
(NR/BBB)
(PUTABLE)
8,000,000
2.100
(a)(b)
12/01/2027
7,931,519
Ohio
Higher
Educational
Facility
Commission
RB
for
University
Circle,
Inc.
Series
2020
(A3/NR)
1,445,000
5.000
01/15/2035
1,557,497
Ohio
Higher
Educational
Facility
Commission
RB
Refunding
for
Judson
Obligated
Group
Series
2020
A
(NR/NR)
1,260,000
5.000
12/01/2042
1,236,163
1,250,000
5.000
12/01/2045
1,203,809
Ohio
Higher
Educational
Facility
Commission
RB
Refunding
for
Xavier
University
Series
2020
(A3/NR)
695,000
4.000
05/01/2037
696,370
Ohio
State
Higher
Education
Facility
Commission
RB
Series
2020
(A3/NR)
900,000
5.000
01/15/2040
954,348
Ohio
State
Hospital
RB
Refunding
for
Aultman
Health
Foundation
Obligated
Group
Series
2018
(NR/NR)
925,000
5.000
(d)
12/01/2033
904,881
1,795,000
5.000
(d)
12/01/2038
1,723,175
2,725,000
5.000
(d)
12/01/2048
2,475,505
Port
of
Greater
Cincinnati
Development
Authority
Education
RB
Series
2021
(NR/NR)
1,500,000
4.375
(a)(b)
06/15/2056
1,476,685
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Ohio
–
(continued)
Port
of
Greater
Cincinnati
Development
Authority
RB
Series
2021
(NR/NR)
$
390,000
3.750%
(d)
12/01/2031
$
368,556
Port
of
Greater
Cincinnati
Development
Authority
Special
Obligation
Development
TIF
RB,
Series
2016B
(NR/NR)
3,725,000
5.000
12/01/2046
3,543,620
State
of
Ohio
Higher
Educational
Facilities
Senior
Lien
Hospital
Bonds
Series
2020
(A3/NR)
1,140,000
5.000
01/15/2037
1,222,247
State
of
Ohio
Higher
Educational
Facility
RB
for
Capital
University
2022
Project
(NR/BBB-)
1,500,000
5.750
09/01/2037
1,559,173
1,500,000
6.000
09/01/2042
1,552,634
State
of
Ohio
Hospital
RB,
Series
2020
Premier
Health
Partners
Obligated
Group
(Baa1/NR)
1,270,000
4.000
11/15/2041
1,161,016
Toledo-Lucas
County
Port
Authority
Parking
System
RB
Series
2021
(Baa3/NR)
3,500,000
4.000
01/01/2038
3,459,294
960,000
4.000
01/01/2041
921,711
212,149,479
Oklahoma
-
0.4%
City
of
Tulsa
GO
Bonds
Series
2021
(Aa1/AA)
3,800,000
2.000
11/01/2029
3,398,217
Norman
Regional
Hospital
Authority
RB
Norman
Regional
Hospital
Authority
Obligated
Group
Series
2019
(Ba1/BBB-)
925,000
4.000
09/01/2045
759,148
Oklahoma
Capitol
Improvement
Authority
State
Facilities
Refunding
RB
Series
2024A
(NR/AA-)
3,300,000
5.000
07/01/2026
3,407,760
3,400,000
5.000
07/01/2027
3,572,451
Oklahoma
Capitol
Improvement
Authority
State
Facilities
Refunding
RB
Series
2024B
(NR/AA-)
650,000
5.000
07/01/2026
671,226
500,000
5.000
07/01/2027
525,360
Oklahoma
Development
Finance
Authority
Health
System
RB
for
OU
Medicine
Project
Series
2018
B
(Ba3/BB-)
2,125,000
5.000
08/15/2029
2,186,589
5,400,000
5.500
08/15/2057
5,540,251
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
3,365,378
Oklahoma
Development
Finance
Authority
Health
System
RB
for
OU
Medicine
Project
Series
2018B
(Ba3/BB-)
2,725,000
5.500
08/15/2052
2,802,537
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
774,761
Oklahoma
Turnpike
Authority
Oklahoma
Turnpike
System
Second
Senior
RB
Series
2023
(Aa3/AA-)
4,000,000
5.500
01/01/2053
4,415,539
Payne
County
Economic
Development
Authority
Educational
Facilities
Lease
RB
Stillwater
Public
Schools
Project
Series
2024
(BAM)
(A2/AA)
2,105,000
5.000
09/01/2026
2,168,120
1,740,000
5.000
09/01/2027
1,818,227
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Oklahoma
–
(continued)
Tulsa
Municipal
Airport
Trust
RB
Refunding
for
American
Airlines,
Inc.
Series
2015
(NR/B+)
$
1,785,000
5.000%
(a)(b)
06/01/2035
$
1,800,334
37,205,898
Oregon
-
0.4%
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
6,323,607
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
237,756
120,000
5.250
11/15/2050
114,081
Forest
Grove
Oregon
Student
Housing
RB
Refunding
for
Oak
Tree
Foundation
Project
Series
2017
(NR/BBB)
1,385,000
3.500
03/01/2029
1,309,091
1,540,000
3.750
03/01/2032
1,422,454
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
1,956,354
Oregon
State
Facilities
Authority
RB
Refunding
for
Reed
College
Project
Series
2017
A
(Aa2/NR)
8,895,000
5.000
(c)
07/01/2027
9,367,288
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
545,530
225,000
5.000
10/01/2035
235,848
Port
of
Portland
International
Airport
RB
Series
28
(NR/AA-)
2,145,000
4.000
07/01/2047
2,030,126
Port
of
Portland
RB
for
International
Airport
Series
2019
25-B
(NR/AA-)
2,365,000
5.000
07/01/2033
2,485,761
1,000,000
5.000
07/01/2034
1,051,195
1,000,000
5.000
07/01/2035
1,050,669
State
of
Oregon
GO
Refunding
Bonds
for
Higher
Education
Series
2021
H
(Aa1/AA+)
1,175,000
1.250
08/01/2027
1,073,657
860,000
1.375
08/01/2028
768,060
875,000
1.500
08/01/2029
769,709
The
Hospital
Facilities
Authority
of
The
City
of
Astoria
Oregon
RB
Columbia
Memorial
Hospital
Project
Series
2024
(NR/BBB)
4,500,000
5.250
08/01/2049
4,775,243
Warm
Springs
Reservation
Confederated
Tribe
Hydroelectric
RB
Refunding
for
Pelton-Round
Butte
Project
Series
2019
B
(A3/NR)
190,000
5.000
(d)
11/01/2034
205,303
500,000
5.000
(d)
11/01/2036
538,677
Washington
County
School
District
No.
1
GO
Bonds
Series
2017
(SCH
BD
GTY)
(Aa1/NR)
4,155,000
5.000
06/15/2029
4,360,850
Yamhill
County
Hospital
Authority
Revenue
and
Refunding
Tax
Exempt
Bonds
Series
2021A
(NR/NR)
1,625,000
5.000
11/15/2051
1,306,218
41,927,477
Pennsylvania
-
3.3%
Allegheny
County
Higher
Education
Building
Authority
University
Revenue
Refunding
Bonds
Series
2022
(NR/BBB-)
1,000,000
5.250
09/01/2035
970,139
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Pennsylvania
–
(continued)
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
$
17,350,479
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
5,381,231
Allegheny
County
Hospital
Development
Authority
UPMC
RB
Series
2019A
(A2/A)
6,230,000
4.000
07/15/2038
6,125,466
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
1,854,697
2,750,000
5.125
05/01/2030
2,900,611
Allentown
Neighborhood
Improvement
Zone
Development
Authority
RB
Refunding
Series
2022
(Baa3/NR)
75,000
5.000
05/01/2026
76,316
525,000
5.000
05/01/2027
538,911
700,000
5.000
05/01/2029
730,670
750,000
5.000
05/01/2030
788,219
750,000
5.000
05/01/2031
793,146
Allentown
Neighborhood
Improvement
Zone
Development
Authority
Tax
RB
for
City
Center
Refunding
Project
Series
2017
(Ba3/NR)
1,380,000
5.000
(d)
05/01/2027
1,407,722
1,600,000
5.000
(d)
05/01/2032
1,627,577
Allentown
Neighborhood
Improvement
Zone
Development
Authority
Tax
RB
for
City
Center
Refunding
Project
Series
2018
(Ba3/NR)
800,000
5.000
(d)
05/01/2028
815,290
Allentown
Neighborhood
Improvement
Zone
Development
Authority
Tax
Revenue
Refunding
Bonds
Series
2022
(Baa3/NR)
500,000
5.000
05/01/2025
502,310
900,000
5.000
05/01/2033
956,218
1,000,000
5.000
05/01/2034
1,061,231
900,000
5.000
05/01/2035
953,315
1,000,000
5.000
05/01/2036
1,055,296
Allentown
Neighborhood
Improvement
Zone
Development
Authority
Tax
Revenue
Refunding
Bonds
Series
2022
forward
Delivery
(Baa3/NR)
750,000
5.000
05/01/2032
797,516
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
322,208
420,000
5.000
07/01/2026
416,757
425,000
5.000
07/01/2027
419,424
450,000
5.000
07/01/2028
441,529
475,000
5.000
07/01/2029
463,965
650,000
5.000
07/01/2030
631,899
Bucks
County
Industrial
Development
Authority
RB
Refunding
for
Pennswood
Village
Obligated
Group
Series
2018
A
(NR/NR)
100,000
5.000
10/01/2030
103,268
350,000
5.000
10/01/2031
361,445
410,000
5.000
10/01/2033
423,344
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Pennsylvania
–
(continued)
Chester
County
IDA
RB
for
Collegium
Charter
School
Project
Series
2022
(NR/BB)
$
900,000
6.000%
(d)
10/15/2052
$
930,150
Chester
County
IDA
RB
Series
2021
(Aa2/NR)
10,000,000
4.000
12/01/2046
9,663,726
City
of
Erie
Higher
Education
Building
Authority
RB
for
Gannon
University
Series
2021
(Baa2/BBB+)
500,000
4.000
05/01/2036
459,880
595,000
4.000
05/01/2041
510,745
380,000
5.000
05/01/2047
357,243
City
of
Wilkes-Barre
Finance
Authority
University
Revenue
Refunding
Bonds
Series
2021
(NR/BBB-)
2,075,000
4.000
03/01/2042
1,733,558
Coatesville
School
District
GO
Refunding
Bonds
Series
2017
(AGM
ST
AID
WITHHLDG)
(A1/AA)
1,000,000
5.000
08/01/2025
1,015,889
Commonwealth
Financing
Authority
Tobacco
Master
Settlement
Payment
RB
Series
2018
(AGM)
(A1/AA)
21,580,000
4.000
06/01/2039
21,711,942
Commonwealth
of
Pennsylvania
COPS
Series
2018
A
(A2/A)
1,250,000
4.000
07/01/2046
1,195,511
Commonwealth
of
Pennsylvania
GO
Bonds
1st
Series
2015
(Aa3/A+)
6,500,000
5.000
03/15/2033
6,564,659
Dauphin
County
General
Authority
RB
for
The
Harrisburg
University
of
Science
&
Technology
Series
2020
(NR/BB-)
2,000,000
5.875
(d)
10/15/2040
1,641,686
6,375,000
6.250
(d)
10/15/2053
4,981,096
Dauphin
County
General
Authority
University
RB
for
Harrisburg
University
of
Science
&
Technology
Project
Series
2017
(NR/BB-)
950,000
5.000
(d)
10/15/2034
791,897
Delaware
County
Authority
RB
for
Villanova
University
Series
2015
(Aa3/AA-)
1,120,000
5.000
08/01/2040
1,131,348
Doylestown
Hospital
Authority
Commonwealth
of
Pennsylvania
Doylestown
Hospital
RB
Series
2024
(NR/NR)
1,400,000
5.000
(d)
07/01/2031
1,437,681
Doylestown
Hospital
Authority
Taxable
RB
for
Doylestown
Health
Series
2019
B
(B3/CCC)
500,000
3.950
07/01/2024
500,000
Doylestown
Hospital
Authority
Taxable
RB
for
Doylestown
Health
Series
2019
B
(NR/NR)
455,000
3.950
07/01/2024
455,000
Franklin
County
Industrial
Development
Authority
RB
Refunding
for
Menno-Haven,
Inc.
Obligated
Group
Series
2018
(NR/NR)
750,000
5.000
12/01/2038
742,376
Geisinger
Authority
Health
System
RB
for
Geisinger
Health
System
Series
2007
(WR/AA-)
(3M
USD
LIBOR
+
0.77%)
15,800,000
4.514
(e)
05/01/2037
14,832,765
General
Authority
of
Southcentral
Pennsylvania
RB
Refunding
WellSpan
Health
Obligation
Group
Series
2019
A
(Aa3/NR)
725,000
4.000
06/01/2044
694,386
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
816,136
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Pennsylvania
–
(continued)
Latrobe
Industrial
Development
Authority
RB
Refunding
for
Seton
Hill
University
Series
2021
(NR/BBB-)
$
150,000
5.000%
03/01/2025
$
150,166
185,000
5.000
03/01/2026
185,552
150,000
5.000
03/01/2027
151,370
135,000
5.000
03/01/2028
136,640
160,000
5.000
03/01/2029
162,457
Latrobe
Industrial
Development
Authority
University
RB
Refunding
for
Seton
Hill
University
Series
2021
(NR/BBB-)
175,000
5.000
03/01/2031
178,212
300,000
5.000
03/01/2033
305,839
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
3,177,145
Montgomery
County
Higher
Education
&
Health
Authority
RB
Refunding
for
Thomas
Jefferson
University
Obligated
Group
Series
2019
(A3/A)
1,000,000
4.000
09/01/2037
994,990
550,000
4.000
09/01/2038
542,466
1,000,000
4.000
09/01/2039
980,947
Montgomery
County
IDA
Exempt
Facilities
Revenue
Refunding
Bonds
2023
Series
A
(Baa1/BBB+)
(PUTABLE)
2,250,000
4.100
(a)(b)
04/01/2053
2,293,846
Montgomery
County
IDA
Exempt
Facilities
Revenue
Refunding
Bonds
2023
Series
B
(Baa1/BBB+)
1,645,000
4.100
06/01/2029
1,687,517
Montgomery
County
IDA
Exempt
Facilities
Revenue
Refunding
Bonds
2023
Series
C
(Baa1/BBB+)
(PUTABLE)
2,665,000
4.450
(a)(b)
10/01/2034
2,720,131
Montgomery
County
IDA
Retirement
Communities
RB
for
Acts
Retirement
Life
Communities
Obligated
Group
Series
2020C
(NR/NR)
1,035,000
5.000
11/15/2045
1,062,763
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
564,422
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
380,233
400,000
4.000
10/01/2041
360,565
Northampton
County
General
Purpose
Authority
Hospital
RB
Series
2016A
(A3/A-)
24,840,000
5.000
08/15/2046
25,022,867
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
941,663
Pennsylvania
Economic
Development
Financing
Authority
RB
for
Presbyterian
Senior
Living
Project
Series
2021
(NR/NR)
1,600,000
4.000
07/01/2030
1,616,514
1,900,000
4.000
07/01/2033
1,916,295
Pennsylvania
Economic
Development
Financing
Authority
RB
for
Presbyterian
Senior
Living
Series
2023B-2
(NR/NR)
4,140,000
5.000
07/01/2038
4,406,478
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Pennsylvania
–
(continued)
Pennsylvania
Economic
Development
Financing
Authority
RB
for
The
Pennsylvania
Rapid
Bridge
Replacement
Project
Series
2015
(NR/BBB)
$
750,000
5.000%
06/30/2042
$
754,052
Pennsylvania
Economic
Development
Financing
Authority
RB
Refunding
for
American
Water
Co.
Project
Series
2019
(A1/A+)
8,250,000
3.000
04/01/2039
7,097,473
Pennsylvania
Economic
Development
Financing
Authority
RB
Refunding
for
Presbyterian
Homes
Obligated
Group
Series
2021
(NR/NR)
1,800,000
4.000
07/01/2041
1,722,768
Pennsylvania
Economic
Development
Financing
Authority
RB
Refunding
for
UPMC
Obligated
Group
Series
2021
A
(A2/A)
1,200,000
4.000
10/15/2040
1,183,636
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
10,143,408
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
5,643,096
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
7,206,251
1,350,000
5.250
06/30/2053
1,400,485
10,000,000
6.000
06/30/2061
10,960,919
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
5,160,529
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
1,804,217
Pennsylvania
Economic
Development
Financing
Authority
UPMC
RB
Series
2021A
(A2/A)
1,220,000
4.000
10/15/2037
1,224,506
Pennsylvania
Economic
Development
Financing
Authority
UPMC
RB,
Series
2020A
(A2/A)
2,200,000
4.000
04/15/2036
2,231,343
Pennsylvania
Higher
Educational
Facilities
Authority
Duquesne
University
of
the
Holy
Spirit
RB
Series
2019
A
(A2/A)
350,000
4.000
03/01/2037
352,082
675,000
5.000
03/01/2038
707,975
500,000
5.000
03/01/2039
521,088
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
4.328
(e)
07/01/2027
751,416
Pennsylvania
Turnpike
Commission
Oil
Franchise
Tax
Subordinated
RB
Series
2018
B
(A2/NR)
9,995,000
5.250
12/01/2048
10,427,889
Pennsylvania
Turnpike
Commission
RB
Series
2018
A
(Aa3/NR)
23,255,000
5.250
12/01/2044
24,543,062
Pennsylvania
Turnpike
Commission
RB
Series
2019
A
(A2/NR)
4,250,000
5.000
12/01/2036
4,525,016
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Pennsylvania
–
(continued)
Pennsylvania
Turnpike
Commission
RB
Series
2019
A
(A2/NR)
–
(continued)
$
4,275,000
5.000%
12/01/2038
$
4,547,658
Pennsylvania
Turnpike
Commission
Registration
Fee
Revenue
Refunding
Bonds
Series
of
2023
(A1/AA-)
(SIFMA
Municipal
Swap
Index
Yield
+
0.85%)
2,075,000
3.880
(b)(e)
07/15/2041
2,075,706
Philadelphia
Airport
Revenue
and
Refunding
Bonds
Series
2021
(A2/NR)
5,750,000
5.000
07/01/2026
5,873,734
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
654,790
Philadelphia
Authority
for
Industrial
Development
RB
for
Independence
Charter
School
Series
2019
(NR/NR)
345,000
4.000
06/15/2029
333,801
1,000,000
5.000
06/15/2039
982,316
Philadelphia
Authority
for
Industrial
Development
RB
for
MaST
Community
Charter
School
II
Series
2020
A
(NR/BBB-)
445,000
5.000
08/01/2030
454,945
290,000
5.000
08/01/2040
294,995
Philadelphia
Authority
for
Industrial
Development
RB
Refunding
for
Philadelphia
Performing
Arts
Charter
School
Series
2020
(NR/BB+)
900,000
5.000
(d)
06/15/2040
915,794
Philadelphia
Authority
for
Industrial
Development
Tacony
Charter
School
Project
Social
Bond
RB
Series
2023
(NR/BB+)
1,400,000
5.000
(d)
06/15/2033
1,478,394
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
2,343,939
Philadelphia
IDA
University
RB
for
St.
Joseph's
University
Project
Series
2022
(NR/A-)
2,500,000
5.250
11/01/2052
2,621,387
Philadelphia
School
District
GO
Bonds
Series
2015
A
(ST
AID
WITHHLDG)
(A1/NR)
2,415,000
5.000
09/01/2027
2,452,337
Pittsburgh
Water
&
Sewer
Authority
First
Lien
RB
Series
2019
A
(AGM)
(A1/AA)
1,000,000
5.000
09/01/2034
1,085,047
1,720,000
5.000
09/01/2035
1,873,969
1,285,000
5.000
09/01/2036
1,394,825
2,000,000
5.000
09/01/2037
2,159,894
Pittsburgh
Water
&
Sewer
Authority
Subordinate
RB
Refunding
Series
2019
B
(AGM)
(NR/AA)
2,500,000
4.000
09/01/2034
2,532,871
Scranton
Redevelopment
Authority
RB
Refunding
for
Guaranteed
Lease
Series
2016
A
(MUN
GOVT
GTD)
(NR/BBB+)
335,000
5.000
11/15/2028
335,124
Susquehanna
Area
Regional
Airport
Authority
RB
Refunding
for
Airport
System
Series
2017
(Baa3/NR)
1,100,000
5.000
01/01/2035
1,115,864
The
Berks
County
Municipal
Authority
RB
for
Alvernia
University
Project
Series
2020
(NR/BB+)
750,000
4.000
10/01/2029
717,956
425,000
5.000
10/01/2039
408,263
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Pennsylvania
–
(continued)
The
Berks
County
Municipal
Authority
RB
for
Tower
Health
Obligated
Group
Series
2012
A
(WR/CC)
$
4,100,000
5.000%
11/01/2044
$
2,583,000
The
Berks
County
Municipal
Authority
RB
Refunding
for
Tower
Health
Obligated
Group
Series
2020
B-2
(NR/CC)
1,915,000
5.000
(a)(b)
02/01/2040
1,206,450
The
Berks
County
Municipal
Authority
RB
Refunding
for
Tower
Health
Obligated
Group
Series
2020
B-3
(NR/CC)
2,800,000
5.000
(a)(b)
02/01/2040
1,764,000
The
Hospitals
and
Higher
Education
Facilities
Authority
of
Philadelphia
Hospital
RB
3,190,000
5.000
07/01/2027
3,248,610
Upper
Dauphin
IDA
RB
for
Pennsylvania
Steam
Academy
Charter
School
Project
Series
2022B
(NR/NR)
200,000
6.000
(d)
07/01/2029
194,918
Westmoreland
County
Industrial
Development
Authority
RB
Refunding
for
Excela
Health
Obligated
Group
Series
2020
A
(Baa3/NR)
490,000
5.000
07/01/2030
502,445
316,891,194
Puerto
Rico
-
5.8%
GDB
Debt
Recovery
Authority
Bonds
(NR/NR)
6,325,000
7.500
08/20/2040
6,135,250
HTA
Trust
Certificates
Class
L-2028
Units
(NR/NR)
1,287,868
5.250
07/01/2038
1,288,183
Puerto
Rico
Aqueduct
and
Sewer
Authority
Revenue
Refunding
Bonds
Series
2020A
(NR/NR)
16,475,000
5.000
(d)
07/01/2035
17,214,431
Puerto
Rico
Aqueduct
and
Sewer
Authority
Revenue
Refunding
Bonds
Series
2022A
(NR/NR)
5,580,000
5.000
(d)
07/01/2037
5,849,864
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Authority
RB
Refunding
for
Senior
Lien
Series
2020
A
(NR/NR)
20,865,000
5.000
(d)
07/01/2047
21,112,398
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Authority
RB
Senior
Lien
Series
2008
A
(WR/NR)
555,000
6.125
07/01/2024
555,000
Puerto
Rico
Commonwealth
Aqueduct
and
Sewer
Authority
Revenue
Refunding
Bonds
2021
B
(NR/NR)
900,000
5.000
(d)
07/01/2037
938,857
Puerto
Rico
Commonwealth
Aqueduct
and
Sewer
Authority
Revenue
Refunding
Bonds
Series
2021B
(NR/NR)
9,700,000
4.000
(d)
07/01/2042
9,083,218
Puerto
Rico
Commonwealth
GO
Bonds
(NR/NR)
19,472,866
0.000
(a)(h)(j)
11/01/2043
11,927,130
Puerto
Rico
Commonwealth
GO
Clawback
Bonds
(NR/NR)
6,854,908
0.000
(a)(h)(j)
11/01/2051
3,547,415
Puerto
Rico
Commonwealth
GO
Clawback
CVIs
(NR/NR)
12,461,820
0.000
(a)(h)(j)
11/01/2051
7,850,947
Puerto
Rico
Commonwealth
GO
Restructured
Bonds
Series
2022
A-1
(NR/NR)
1,480,236
0.000
(f)
07/01/2024
1,480,236
4,299,889
5.375
07/01/2025
4,335,862
1,750,000
5.625
07/01/2027
1,825,823
10,915,508
5.625
07/01/2029
11,707,050
13,899,948
5.750
07/01/2031
15,435,040
19,245,062
0.000
(f)
07/01/2033
12,841,454
4,598,951
4.000
07/01/2033
4,605,852
3,601,382
4.000
07/01/2035
3,535,339
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(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)
$
7,727,039
4.000%
07/01/2037
$
7,438,341
12,189,086
4.000
07/01/2041
11,360,325
15,453,596
4.000
07/01/2046
13,980,252
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
2012A
(WR/NR)
5,465,000
5.000
*
07/01/2042
2,739,331
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
2013A
(WR/NR)
1,350,000
7.000
*
07/01/2033
676,688
11,365,000
6.750
*
07/01/2036
5,696,706
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
4
(NR/NR)
196,972
10.000
*
07/01/2022
98,732
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
AAA
(WR/NR)
1,050,000
5.250
*
07/01/2031
526,313
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
CCC
(WR/NR)
4,075,000
5.250
*
07/01/2026
2,042,594
1,555,000
5.000
*
07/01/2028
779,444
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
E-1
(NR/NR)
590,915
10.000
*
01/01/2021
296,196
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
E-2
(NR/NR)
590,915
10.000
*
07/01/2021
296,196
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
E-3
(NR/NR)
196,972
10.000
*
01/01/2022
98,732
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
TT
(WR/NR)
220,000
5.000
*
07/01/2025
110,275
5,550,000
5.000
*
07/01/2032
2,781,937
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
VV
(NATL)
(NR/NR)
350,000
5.250
07/01/2029
345,919
215,000
5.250
07/01/2030
212,177
1,150,000
5.250
07/01/2032
1,142,333
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
WW
(WR/NR)
4,585,000
5.500
*
07/01/2038
2,298,231
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
XX
(WR/NR)
17,660,000
5.250
*
07/01/2040
8,852,075
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
ZZ
(WR/NR)
1,000,000
5.250
*
07/01/2019
501,250
1,365,000
5.250
*
07/01/2026
684,206
Puerto
Rico
Electric
Power
Authority
RB
Refunding
Series
2007
UU
(AGM)
(A1/AA)
(3M
USD
LIBOR
+
0.52%)
21,915,000
4.245
(e)
07/01/2029
21,425,329
Puerto
Rico
Electric
Power
Authority
RB
Series
TT
(WR/NR)
3,250,000
5.000
*
07/01/2037
1,629,063
Puerto
Rico
Sales
Tax
Financing
Corp
Sales
Tax
Revenue
Restructured
Bonds
Series
2019A-2B
(NR/NR)
8,420,000
4.550
07/01/2040
8,451,461
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Puerto
Rico
–
(continued)
Puerto
Rico
Sales
Tax
Financing
Corp.
Sales
Tax
Revenue
Restructured
Bonds
Series
A-2
(NR/NR)
$
4,000,000
4.329%
07/01/2040
$
3,946,372
Puerto
Rico
Sales
Tax
Financing
Corporation
Sales
Tax
Capital
Appreciation
Restructured
RB
Series
2018
A-1
(NR/NR)
17,210,000
0.000
(f)
07/01/2027
15,340,550
11,021,000
0.000
(f)
07/01/2029
9,094,414
19,009,000
0.000
(f)
07/01/2031
14,429,314
28,145,000
0.000
(f)
07/01/2033
19,567,400
50,454,000
0.000
(f)
07/01/2046
16,225,214
16,872,000
0.000
(f)
07/01/2051
3,947,862
Puerto
Rico
Sales
Tax
Financing
Corporation
Sales
Tax
Capital
Appreciation
Restructured
RB
Series
2019
A-2
(NR/NR)
147,640,000
4.329
07/01/2040
145,660,590
143,000
4.536
07/01/2053
136,177
20,205,000
4.784
07/01/2058
19,884,682
Puerto
Rico
Sales
Tax
Financing
Corporation
Sales
Tax
Restructured
RB
Series
2018
A-1
(NR/NR)
30,664,000
4.500
07/01/2034
30,708,536
13,699,000
4.750
07/01/2053
13,499,510
39,744,000
5.000
07/01/2058
39,589,277
567,763,353
Rhode
Island
-
0.4%
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
3,950,983
Rhode
Island
Health
and
Educational
Building
Corporation
Hospital
Financing
RB
Lifespan
Obligated
Group
Issue
Series
2024
(NR/BBB+)
3,500,000
5.250
05/15/2049
3,730,703
4,500,000
5.250
05/15/2054
4,775,165
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
4,988,638
Rhode
Island
Health
and
Educational
Building
Corporation
Public
Schools
RB
Financing
Program
RB
Series
2024
A
(NR/AA)
7,500,000
5.000
05/15/2049
8,112,830
Rhode
Island
Housing
&
Mortgage
Finance
Corp.
Homeownership
Opportunity
Bonds
Series
78-A
(Aa1/AA+)
4,970,000
5.000
10/01/2042
5,242,940
Rhode
Island
Housing
&
Mortgage
Finance
Corp.
Homeownership
Opportunity
Bonds
Series
82-A
(NON-AMT)
(GNMA
COLL)
(Aa1/AA+)
4,060,000
4.450
10/01/2044
4,065,526
34,866,785
South
Carolina
-
0.7%
City
of
Charleston
Waterworks
&
Sewer
System
Capital
Improvement
RB
Series
2022
(Aaa/AAA)
7,145,000
5.000
01/01/2052
7,756,354
Clemson
University
Athletic
Facilities
RB
Series
2015
(Aa3/NR)
1,570,000
4.000
05/01/2026
1,577,640
Lexington
County
School
District
No.
1/SC
GO
Refunding
Bonds
Series
2019
A
(SCSDE)
(Aa1/AA)
2,495,000
5.000
02/01/2031
2,680,422
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
South
Carolina
–
(continued)
Lexington
County
School
District
No.
2
GO
Bonds
Series
2017
C
(SCSDE)
(Aa1/AA)
$
2,000,000
5.000%
03/01/2031
$
2,086,078
1,615,000
4.000
03/01/2032
1,633,406
Richland
County
at
Sandhill
Improvement
District
Refunding
Assessment
RB
Series
2021
(NR/NR)
610,000
3.000
(d)
11/01/2026
574,034
900,000
3.625
(d)
11/01/2031
775,891
1,170,000
3.750
(d)
11/01/2036
945,422
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
(d)
06/15/2042
1,874,818
South
Carolina
Jobs-Economic
Development
Authority
Economic
Development
RB
Wofford
College
Project
Series
2024
(NR/A-)
8,350,000
5.000
04/01/2034
9,296,103
South
Carolina
Jobs-Economic
Development
Authority
Health
Care
Facilities
RB
Novant
Health
Obligated
Group
Series
2024A
(A1/A+)
4,125,000
4.000
11/01/2042
4,070,271
4,125,000
5.250
11/01/2043
4,617,414
South
Carolina
Ports
Authority
RB
Series
2018
(A1/A+)
3,750,000
5.000
07/01/2037
3,903,149
South
Carolina
Public
Service
Authority
Revenue
Obligations
2022
Tax
Exempt
Series
E
(A3/A-)
10,000,000
5.750
12/01/2047
11,147,586
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
8,747,863
Spartanburg
Regional
Health
Services
District
Obligated
Group
RB
Series
2020
A
(AGM)
(A1/AA)
500,000
5.000
04/15/2032
539,475
500,000
5.000
04/15/2033
539,394
500,000
5.000
04/15/2034
539,931
525,000
5.000
04/15/2035
566,977
600,000
4.000
04/15/2036
604,563
550,000
4.000
04/15/2037
550,090
525,000
4.000
04/15/2038
520,975
700,000
4.000
04/15/2039
690,977
750,000
4.000
04/15/2040
732,732
66,971,565
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
589,858
1,200,000
4.000
08/01/2051
1,006,797
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
1,083,074
730,000
5.000
01/01/2026
748,437
3,428,166
Tennessee
-
0.6%
City
of
Johnson
GO
Refunding
Bonds
Series
2019
B
(Aa2/NR)
1,225,000
4.000
06/01/2037
1,241,758
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Tennessee
–
(continued)
Greeneville
Health
&
Educational
Facilities
Board
RB
for
Ballad
Health
Obligated
Group
Series
2018
A
(A3/A-)
$
1,800,000
4.000%
07/01/2040
$
1,713,746
Health,
Educational
and
Housing
Facility
Board
of
The
County
of
Knox
Student
Housing
RB
Series
2024A-1
(Tax-Exempt)
(BAM)
(NR/AA)
1,000,000
5.250
07/01/2049
1,071,158
1,250,000
5.500
07/01/2054
1,359,356
Health,
Educational
and
Housing
Facility
Board
of
The
County
of
Shelby
Series
2008B
(AGM)
(A1/AA/A-1)
23,630,000
4.700
(a)(b)
06/01/2042
23,630,000
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
705,479
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
19,890
Metropolitan
Nashville
Airport
Authority
Airport
Improvement
RB
Series
2022B
(AMT)
(A1/NR)
1,700,000
5.000
07/01/2026
1,738,226
Nashville
Metropolitan
Development
&
Housing
Agency
RB
for
Fifth+
Broadway
Development
Project
Series
2018
(NR/NR)
455,000
4.500
(d)
06/01/2028
453,147
Tennergy
Corp.
Gas
Supply
RB
Series
2024
Sub-Series
2024A
(Aa1/NR)
14,250,000
5.000
(a)(b)(i)
10/01/2054
14,976,923
Tennergy
Corporation
Gas
Supply
RB,
Series
2019A
(Aa1/NR)
9,465,000
5.000
(a)(b)(c)
10/01/2024
9,496,669
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)
(PUTABLE)
1,550,000
3.850
(a)(b)
02/01/2048
1,546,966
57,953,318
Texas
-
9.6%
Arlington
Higher
Education
Finance
Corp.
Education
RB
Basis
Texas
Charter
Schools,
Inc.
Series
2024
(Ba2/NR)
925,000
4.250
(d)(i)
06/15/2039
906,819
830,000
4.500
(d)(i)
06/15/2044
800,308
915,000
4.750
(d)(i)
06/15/2049
897,921
Arlington
Higher
Education
Finance
Corp.
Education
RB
Series
2022A
(NR/NR)
1,425,000
5.625
08/15/2052
1,350,871
Arlington
Higher
Education
Finance
Corp.
Great
Hearts
America
-
Texas
Education
RB
Series
2024A
(Baa3/NR)
1,050,000
4.500
08/15/2039
1,050,567
1,075,000
4.750
08/15/2044
1,063,961
750,000
5.000
08/15/2049
746,955
Arlington
Higher
Education
Finance
Corp.
Harmony
Public
Schools
Education
RB
Series
2024
(PSF-GTD)
(NR/AAA)
8,000,000
4.000
02/15/2049
7,653,270
Arlington
Higher
Education
Finance
Corp.
RB
Refunding
for
Wayside
Schools
Series
2021
A
(NR/BB)
195,000
5.000
08/15/2024
195,069
205,000
5.000
08/15/2025
206,092
190,000
5.000
08/15/2026
192,496
200,000
5.000
08/15/2027
204,434
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
Arlington
Higher
Education
Finance
Corp.
RB
Refunding
for
Wayside
Schools
Series
2021
A
(NR/BB)
–
(continued)
$
80,000
5.000%
08/15/2028
$
82,266
160,000
4.000
08/15/2029
158,008
165,000
4.000
08/15/2030
162,337
180,000
4.000
08/15/2031
176,149
Arlington
Independent
School
District
UT
School
Building
and
Refunding
Bonds
Series
2023
(PSF-GTD)
(Aaa/AAA)
1,970,000
5.000
02/15/2025
1,988,708
1,125,000
5.000
02/15/2027
1,177,194
Austin
Community
College
District
Limited
Tax
Bonds
Series
2023
(Aa1/AA+)
3,750,000
5.250
08/01/2053
4,113,524
Austin
Convention
Enterprises,
Inc.
Convention
Center
Hotel
First
Tier
RB
Refunding
Series
2017
A
(NR/BB+)
1,355,000
5.000
01/01/2029
1,365,139
Austin
Independent
School
District
UT
School
Building
Bonds
Series
2023
(NON-PSF)
(Aaa/NR)
5,670,000
5.000
08/01/2043
6,234,010
Bastrop
County,
Special
Assessment
RB,
Series
2023
Double
Eagle
Ranch
Public
Improvement
District
Improvement
Area
1
Project
(NR/NR)
1,000,000
5.250
(d)
09/01/2043
1,012,834
Boerne
Independent
School
District
A
Political
Subdivision
of
The
State
of
Texas
Located
In
Kendall
Bexar
and
Comal
Counties
Texas
Fixed
and
Variable
Rate
Unlimited
Tax
School
Building
Bonds
Series
2024
(PSF-GTD)
(Aaa/NR)
3,075,000
4.000
(a)(b)
02/01/2054
3,149,050
Carrollton-Farmers
Branch
Independent
School
District
UT
School
Building
Bonds
Series
2023
(PSF-GTD)
(Aaa/AAA)
1,600,000
5.000
02/15/2026
1,644,678
1,925,000
5.000
02/15/2027
2,013,320
Central
Texas
Regional
Mobility
Authority
RB
Refunding
Senior
Lien
Series
2020
A
(A3/A)
620,000
5.000
01/01/2028
649,129
650,000
5.000
01/01/2029
690,010
1,115,000
5.000
01/01/2034
1,198,858
610,000
5.000
01/01/2036
654,573
645,000
5.000
01/01/2037
690,667
675,000
5.000
01/01/2038
722,304
1,420,000
5.000
01/01/2039
1,511,859
Central
Texas
Regional
Mobility
Authority
RB
Refunding
Senior
Lien
Series
2021D
(A3/A)
2,330,000
3.000
01/01/2046
1,847,345
Central
Texas
Regional
Mobility
Authority
Senior
Lien
Revenue
Refunding
Bonds
Series
2021D
(A3/A)
1,100,000
4.000
01/01/2040
1,103,955
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
4,603,008
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
1,104,812
City
of
Anna
Special
Assessment
Bonds
for
Hurricane
Creek
Public
Improvement
District
Project
Series
2019
(NR/NR)
140,000
5.750
(d)
09/01/2029
141,818
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
City
of
Anna
Special
Assessment
Bonds
for
Sherley
Tract
Public
Improvement
District
No.
2
Series
2021
(NR/NR)
$
287,000
3.250%
(d)
09/15/2026
$
271,973
City
of
Anna
Special
Assessment
RB
for
Hurricane
Creek
Public
Improvement
District
Project
Series
2022
(NR/NR)
1,402,000
5.750
(d)
09/01/2042
1,424,205
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
(d)
09/15/2043
791,995
City
of
Aubrey
Special
Assessment
RB
for
Aubrey
Public
Improvement
District
No.
1
Project
Series
2023
(NR/NR)
1,000,000
5.000
(d)
09/01/2030
1,002,052
City
of
Aubrey
Special
Assessment
RB
for
Jackson
Ridge
Public
Improvement
District
Project
Series
2022
(NR/NR)
852,000
5.250
(d)
09/01/2032
863,162
City
of
Aubrey
Special
Assessment
Revenue
Refunding
Bonds
Series
2024
1,350,000
5.000
09/01/2037
1,486,423
1,250,000
5.000
09/01/2045
1,334,631
City
of
Austin
Airport
System
RB
Series
2019B
(AMT)
(A1/A+)
4,000,000
5.000
11/15/2031
4,212,588
City
of
Austin
Airport
System
RB
Series
2022
(A1/A+)
7,435,000
5.000
11/15/2052
7,701,909
City
of
Austin
RB
for
Airport
System
Series
2019
B
(A1/A+)
1,980,000
5.000
11/15/2032
2,085,005
City
of
Austin
Special
Assessment
RB
for
Estancia
Hill
Country
Public
Improvement
District
Series
2018
(NR/NR)
325,000
4.500
(d)
11/01/2024
324,340
2,815,000
4.000
(d)
11/01/2028
2,718,844
City
of
Austin
Special
Assessment
RB
for
Whisper
Valley
Public
Improvement
District
Project
Series
2022
(NR/NR)
777,000
5.375
(d)
11/01/2042
784,712
City
of
Austin
Water
&
Wastewater
System
Revenue
Refunding
Bonds
Series
2022
(Aa2/AA)
1,300,000
5.000
11/15/2038
1,456,712
2,250,000
5.000
11/15/2039
2,518,027
2,000,000
5.000
11/15/2040
2,223,107
City
of
Boyd
Special
Assessment
RB,
Series
2024
(City
of
Boyd
Public
Improvement
District
No.
1
Improvement
Area
#1
Project)
(NR/NR)
1,405,000
5.500
(d)
09/15/2053
1,405,713
City
of
Celina
Special
Assessment
Bonds
for
Wells
South
Public
Improvement
District
Series
2020
(NR/NR)
250,000
2.500
(d)
09/01/2025
242,888
140,000
3.125
(d)
09/01/2030
127,617
180,000
3.250
(d)
09/01/2030
161,897
355,000
4.000
(d)
09/01/2040
315,408
City
of
Celina
Special
Assessment
Bonds
for
Wells
South
Public
Improvement
District
Series
2021
(NR/NR)
144,000
2.500
(d)
09/01/2026
136,363
158,000
3.000
(d)
09/01/2031
138,717
329,000
3.375
(d)
09/01/2041
267,518
City
of
Celina
Special
Assessment
RB
for
Celina
Hills
Public
Improvement
District
Project
Series
2022
(NR/NR)
430,000
4.625
(d)
09/01/2032
421,182
704,000
4.875
(d)
09/01/2042
682,475
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(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%
(d)
09/01/2043
$
772,153
City
of
Celina
Special
Assessment
RB
for
Hillside
Public
Improvement
District
Series
2022
(NR/NR)
240,000
2.750
(d)
09/01/2027
217,975
432,000
3.125
(d)
09/01/2032
363,172
City
of
Celina
Special
Assessment
RB
for
North
Sky
Public
Improvement
District
Project
Series
2023
(NR/NR)
812,000
5.375
09/01/2043
817,882
1,006,000
5.625
09/01/2052
1,016,747
1,000,000
6.125
(d)
09/01/2052
1,009,032
City
of
Celina
Special
Assessment
RB
for
Parvin
Public
Improvement
District
Project
Series
2023
(NR/NR)
459,000
5.750
(d)
09/01/2030
457,119
City
of
Celina
Special
Assessment
RB
for
Ten
Mile
Creek
Public
Improvement
District
Project
Series
2023
(NR/NR)
492,000
4.750
(d)
09/01/2030
490,974
235,000
5.500
(d)
09/01/2030
234,516
1,169,000
5.500
(d)
09/01/2042
1,185,264
City
of
Celina
Special
Assessment
RB
for
Wells
South
Public
Improvement
District
Neighborhood
Improvement
Project
Series
2022
(NR/NR)
255,000
4.875
(d)
09/01/2032
257,485
495,000
5.500
(d)
09/01/2042
501,610
City
of
Celina
Special
Assessment
RB
Series
2022
(NR/NR)
192,000
2.875
(d)
09/01/2027
176,643
227,000
3.250
(d)
09/01/2027
210,149
250,000
3.250
(d)
09/01/2032
215,813
235,000
3.625
(d)
09/01/2032
207,989
1,175,000
3.500
(d)
09/01/2042
929,543
City
of
Celina
Texas
A
Municipal
Corp.
of
The
State
of
Texas
Located
In
Collin
and
Denton
Counties
Special
Assessment
RB
Series
2024
(NR/NR)
475,000
5.500
(d)
09/01/2044
481,233
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
147,707
570,000
4.800
09/01/2037
563,814
647,000
5.250
09/01/2046
640,717
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
(d)
09/01/2038
304,146
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
367,618
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
(d)
09/01/2030
679,112
1,524,000
5.375
(d)
09/01/2043
1,536,142
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
(d)
09/01/2030
214,086
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
City
of
Celinac
Special
Assessment
for
Edgewood
Creek
Public
Improvement
District
Phase#1
Project
Series
2021
(NR/NR)
$
145,000
3.250%
(d)
09/01/2026
$
138,523
185,000
3.750
(d)
09/01/2031
167,578
City
of
Crandall
Cartwright
Ranch
Public
Improvement
District
Special
Assessment
Bond
Series
2021
(NR/NR)
314,000
3.375
(d)
09/15/2026
302,967
410,000
4.000
(d)
09/15/2031
390,890
City
of
Crandall
Special
Assessment
RB
for
River
Ridge
Public
Improvement
District
Project
Series
2022
(NR/NR)
484,000
5.375
(d)
09/15/2027
487,281
City
of
Dallas
Fort
Worth
International
Airport
Joint
Revenue
Refunding
Bonds
Series
2021A
(A1/NR)
3,975,000
4.000
11/01/2039
4,023,754
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
6,120,512
City
of
Dallas
fort
Worth
International
Airport
Joint
Revenue
Refunding
Bonds
Series
2023C
(A1/A+)
6,400,000
5.000
11/01/2026
6,570,999
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
2,989,944
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
1,766,230
City
of
Dallas
International
Airport
Joint
Revenue
Refunding
Bonds
Series
2022B
(A1/A+)
4,000,000
4.000
11/01/2041
4,005,590
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
(d)
09/01/2032
270,177
765,000
5.125
(d)
09/01/2042
767,464
City
of
Dayton
Senior
Lien
Special
Assessment
RB
for
Westpointe
Villages
Public
Improvement
District
Improvement
Area
#2
Project
Series
2024A
(NR/NR)
793,000
4.500
(d)
09/01/2031
774,435
1,220,000
5.375
(d)
09/01/2044
1,192,920
City
of
Decatur,
Texas,
417,000
5.750
(d)
09/15/2030
418,837
City
of
Denton
Texas
Certificates
of
Obligation
Series
2024
(NR/AA+)
13,085,000
4.000
(i)
02/15/2042
12,806,983
13,620,000
4.000
(i)
02/15/2043
13,275,629
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
(d)
09/01/2043
990,687
City
of
Elmendorf
Hickory
Ridge
Public
Improvement
District
Special
Assessment
Bond
for
Improvement
Area
No.
1
Series
2021
(NR/NR)
528,000
2.875
(d)
09/01/2026
498,077
398,000
3.375
(d)
09/01/2031
353,615
1,206,000
3.750
(d)
09/01/2041
978,599
City
of
Fate
Special
Assessment
for
Williamsburg
East
Public
Improvement
District
Area
No.
1
Series
2020
(NR/NR)
198,000
2.625
(d)
08/15/2025
192,092
171,000
3.375
(d)
08/15/2030
152,277
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
City
of
Fate
Special
Assessment
RB
for
Monterra
Public
Improvement
District
Improvement
Area
#2
Project
Series
2024
(NR/NR)
$
570,000
4.500%
(d)
08/15/2031
$
556,427
City
of
Fate
Special
Assessment
RB
for
Monterra
Public
Improvement
District
Series
2021
(NR/NR)
397,000
2.750
(d)
08/15/2026
375,882
612,000
3.375
(d)
08/15/2031
548,943
846,000
3.750
(d)
08/15/2041
710,188
City
of
Fate
Special
Assessment
RB
for
Williamsburg
East
Public
Improvement
District
Project
Series
2022
(NR/NR)
483,000
4.875
(d)
08/15/2027
479,162
778,000
5.250
(d)
08/15/2032
783,226
1,300,000
5.875
(d)
08/15/2042
1,310,945
City
of
Fate
Special
Assessment
RB
for
Williamsburg
Public
Improvement
District
No.
1
Phase#1
Series
2019
(NR/NR)
50,000
3.125
(d)
08/15/2024
49,865
340,000
3.500
(d)
08/15/2029
317,172
1,905,000
4.000
(d)
08/15/2039
1,722,589
1,825,000
4.250
(d)
08/15/2049
1,596,884
City
of
Fate
Special
Assessment
RB
for
Williamsburg
Public
Improvement
District
Series
2022
(NR/NR)
295,000
4.000
(d)
08/15/2032
279,436
1,129,000
4.250
(d)
08/15/2042
1,023,451
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
166,026
170,000
4.000
08/15/2029
171,196
925,000
3.000
08/15/2034
815,152
City
of
Fate,
Rockwall
County
Special
Assessment
RB,
Series
2023
Williamsburg
Public
Improvement
District
No.
1
Phase
3B
(NR/NR)
417,000
4.250
(d)
08/15/2030
412,162
761,000
5.125
(d)
08/15/2043
758,540
City
of
Fort
Worth
Texas
A
Municipal
Corp.
of
The
State
of
Texas
Located
In
Tarrant
Denton
Parker
Johnson
and
Wise
Counties
Special
Assessment
RB
Series
2024
Project
(BAM)
(NR/AA)
688,000
4.000
(i)
09/01/2036
688,767
1,073,000
4.125
(i)
09/01/2039
1,067,856
1,168,000
4.250
(i)
09/01/2041
1,162,253
City
of
Georgetown
Special
Assessment
RB
for
Parks
at
Westhaven
Public
Improvement
District
Project
Series
2022
(NR/NR)
282,000
3.625
(d)
09/15/2027
270,707
409,000
3.875
(d)
09/15/2032
378,393
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
276,809
1,350,000
4.625
09/01/2037
1,316,478
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
489,779
1,800,000
4.500
09/01/2037
1,733,641
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
424,581
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
City
of
Hackberry
Special
Assessment
RB
Refunding
for
Hidden
Cove
Public
Improvement
District
No.
2
Project
Series
2017
(NR/BBB-)
–
(continued)
$
440,000
4.000%
09/01/2025
$
438,420
460,000
4.000
09/01/2026
457,531
480,000
4.000
09/01/2027
476,900
City
of
Haslet
Special
Assessment
RB
for
Haslet
Public
Improvement
District
Series
2021
(NR/NR)
256,000
3.250
(d)
09/01/2031
221,926
1,271,000
3.625
(d)
09/01/2041
1,015,835
City
of
Haslet
Special
Assessment
RB
Refunding
for
Haslet
Public
Improvement
District
No.
5
1
Project
Series
2019
(NR/NR)
30,000
3.250
(d)
09/01/2024
29,888
290,000
3.625
(d)
09/01/2029
271,090
785,000
4.125
(d)
09/01/2039
715,848
City
of
Horseshoe
Bay
Special
Assessment
Refunding
Bonds
for
Public
Improvement
District
Series
2020
(NR/NR)
465,000
3.000
10/01/2025
453,430
645,000
3.000
10/01/2030
572,643
440,000
3.250
10/01/2033
381,038
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
1,199,585
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
2,178,734
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
4,248,239
City
of
Houston
Airport
System
Subordinate
Lien
Revenue
Refunding
Bonds
Series
2018D
(A1/NR)
1,655,000
5.000
07/01/2032
1,756,805
City
of
Houston
Airport
System
Subordinate
Lien
Revenue
Refunding
Bonds
Series
2020A
(AMT)
(A1/A+)
1,000,000
4.000
07/01/2047
945,057
City
of
Houston
Texas
Combined
Utility
System
First
Lien
Revenue
Refunding
Bonds
Series
2024A
(Aa2/NR)
8,750,000
5.000
11/15/2026
9,111,259
8,750,000
5.000
11/15/2027
9,261,624
City
of
Houston,
Texas
Airport
System
Subordinate
Lien
RR
Bonds
Series
2018D
(A1/NR)
2,185,000
5.000
07/01/2031
2,323,760
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
1,768,620
City
of
Hutto
Emory
Crossing
Public
Improvement
District
Special
Assessment
Bond
Series
2021
(NR/NR)
120,000
2.625
(d)
09/01/2026
113,679
206,000
3.250
(d)
09/01/2031
184,008
City
of
Hutto
Special
Assessment
RB
for
Cottonwood
Creek
Public
Improvement
Series
2021
(NR/NR)
360,000
3.125
(d)
09/01/2031
323,760
939,000
3.500
(d)
09/01/2041
772,552
City
of
Hutto
Special
Assessment
RB
for
Durango
Farms
Public
Improvement
District
Project
Series
2021
(NR/NR)
178,000
2.750
(d)
09/01/2026
168,777
392,000
3.500
(d)
09/01/2031
355,133
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
City
of
Hutto
Special
Assessment
RB
for
Durango
Farms
Public
Improvement
District
Project
Series
2021
(NR/NR)
–
(continued)
$
900,000
3.875%
(d)
09/01/2041
$
775,808
City
of
Hutto
Special
Assessment
RB
for
Emory
Crossing
Public
Improvement
District
Improvement
Area
#2
Project
Series
2023
(NR/NR)
270,000
4.500
(d)
09/01/2030
271,235
859,000
5.250
(d)
09/01/2043
871,572
City
of
Irving
RB
Refunding
for
Hotel
Occupancy
Tax
Series
2019
(NR/BBB+)
130,000
5.000
08/15/2024
129,985
130,000
5.000
08/15/2025
130,408
150,000
5.000
08/15/2026
151,017
100,000
5.000
08/15/2027
101,189
125,000
5.000
08/15/2028
127,166
150,000
5.000
08/15/2029
153,424
200,000
5.000
08/15/2030
204,696
280,000
5.000
08/15/2032
286,017
300,000
5.000
08/15/2034
307,531
175,000
5.000
08/15/2035
179,351
250,000
5.000
08/15/2036
255,377
250,000
5.000
08/15/2037
254,234
300,000
5.000
08/15/2038
304,124
300,000
5.000
08/15/2039
302,684
City
of
Justin
Special
Assessment
for
Timberbrook
Public
Improvement
District
No.
1
Series
2021
(NR/NR)
366,000
2.500
(d)
09/01/2026
350,490
729,000
3.000
(d)
09/01/2031
655,947
1,484,000
3.375
(d)
09/01/2041
1,226,227
City
of
Justin
Texas
Special
Assessment
RB
Series
2024
Timberbrook
Public
Improvement
District
No.
2
Improvement
Area
#1
Project
(NR/NR)
353,000
4.500
(d)
09/01/2031
354,634
578,000
5.500
(d)
09/01/2044
586,100
City
of
Kaufman
Special
Assessment
for
Public
Improvement
District
No.
1
Phases#1
Series
2021
(NR/NR)
240,000
2.625
(d)
09/15/2026
224,783
230,000
3.125
(d)
09/15/2031
198,280
City
of
Kaufman
Special
Assessment
RB
for
Kaufman
Public
Improvement
District
Project
Series
2022
(NR/NR)
722,000
5.625
(d)
09/15/2042
735,569
City
of
Kyle
Special
Assessment
RB
for
6
Creeks
Public
Improvement
District
Project
Series
2023
(NR/NR)
817,000
4.375
(d)
09/01/2028
814,037
750,000
4.500
(d)
09/01/2033
753,989
City
of
Kyle
Special
Assessment
RB
for
6
Creeks
Public
Improvement
Project
Series
2021
(NR/NR)
431,000
3.375
(d)
09/01/2031
398,554
628,000
3.750
(d)
09/01/2041
547,406
City
of
Kyle
Special
Assessment
RB
for
Creeks
Public
Improvement
District
Series
2019
(NR/NR)
210,000
3.875
(d)
09/01/2024
209,613
1,180,000
4.750
(d)
09/01/2044
1,125,591
City
of
Kyle
Special
Assessment
RB
for
Creeks
Public
Improvement
District
Series
2020
(NR/NR)
123,000
2.625
(d)
09/01/2025
119,517
610,000
3.125
(d)
09/01/2030
550,924
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
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%
(d)
09/01/2041
$
904,148
City
of
Kyle
Special
Assessment
RB
for
Southwest
Kyle
Public
Improvement
District
No.
1
Series
2019
(NR/NR)
255,000
4.250
(d)
09/01/2029
251,066
1,000,000
4.875
(d)
09/01/2044
984,324
City
of
Kyle
Special
Assessment
RB
Series
2022
(NR/NR)
406,000
4.375
09/01/2027
404,691
535,000
4.750
09/01/2032
535,197
City
of
Kyle
Special
Assessment
RB,
Series
2023
Porter
Country
Public
Improvement
District
Improvement
Area
1
Project
(NR/NR)
1,229,000
5.750
(d)
09/01/2043
1,233,818
City
of
Kyle
Texas
A
Municipal
Corp.
of
The
State
of
Texas
Located
In
Hays
County
Special
Assessment
RB
Series
2024
(NR/NR)
560,000
5.500
(d)
09/01/2044
562,405
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
(d)
09/01/2043
682,151
City
of
Kyle,
Texas,
Special
Assessment
RB
for
Southwest
Kyle
Public
Improvement
District
Project
Series
2023
(NR/NR)
1,500,000
6.750
(d)
09/01/2048
1,578,856
City
of
Lago
Vista
Special
Assessment
RB
for
Tessera
On
Lake
Travis
Public
Improvement
District
Improvement
Area
#3
Project
Series
2024
(NR/NR)
474,000
4.750
(d)
09/01/2030
468,284
1,210,000
5.625
(d)
09/01/2043
1,210,985
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
308,450
430,000
3.125
09/01/2030
390,675
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
1,794,052
City
of
Lavon
Special
Assessment
RB
for
Lakepointe
Public
Improvement
District
Improvement
Area#1
Project
Series
2019
(NR/NR)
245,000
3.750
(d)
09/15/2029
229,223
City
of
Lavon
Special
Assessment
RB
for
Lakepointe
Public
Improvement
District
Major
Improvement
Area
Project
Series
2019
(NR/NR)
105,000
4.375
(d)
09/15/2029
102,588
City
of
Lavon
Special
Assessment
RB
for
Lakepointe
Public
Improvement
District
Project
Series
2022
(NR/NR)
1,500,000
5.875
(d)
09/15/2042
1,526,913
2,126,000
6.125
(d)
09/15/2052
2,161,403
City
of
Lavon
Special
Assessment
RB
Series
2022
(NR/NR)
500,000
3.500
(d)
09/15/2027
479,180
305,000
3.750
(d)
09/15/2027
289,921
1,000,000
3.875
(d)
09/15/2032
936,143
455,000
4.125
(d)
09/15/2032
427,183
City
of
Liberty
Hill
Special
Assessment
Bonds
for
Summerlyn
West
Public
Improvement
District
Series
2020
(NR/NR)
240,000
2.500
(d)
09/01/2025
233,927
330,000
3.125
(d)
09/01/2030
300,061
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
City
of
Liberty
Hill
Special
Assessment
Bonds
for
Summerlyn
West
Public
Improvement
District
Series
2020
(NR/NR)
–
(continued)
$
845,000
4.000%
(d)
09/01/2040
$
764,709
City
of
Liberty
Hill
Special
Assessment
RB
for
Butler
Farms
Public
Improvement
Project
Series
2022
(NR/NR)
656,000
2.625
(d)
09/01/2027
619,616
750,000
3.125
(d)
09/01/2032
673,832
1,772,000
3.375
(d)
09/01/2042
1,415,304
City
of
Lubbock
Texas
Combination
Tax
and
Revenue
Certificates
of
Obligation
Series
2024
(NR/AA+)
1,895,000
5.000
02/15/2041
2,112,185
City
of
Manor
Manor
Heights
Public
Improvement
District
Special
Assessment
Bond
Series
2021
(NR/NR)
270,000
2.500
(d)
09/15/2026
252,951
135,000
3.125
(d)
09/15/2026
125,730
250,000
3.125
(d)
09/15/2031
216,968
310,000
3.750
(d)
09/15/2031
271,034
City
of
Manor
Special
Assessment
RB
for
Lagos
Public
Improvement
District
Series
2020
(NR/NR)
85,000
3.750
(d)
09/15/2025
83,871
City
of
Manor
Texas
A
Municipal
Corp.
of
The
State
of
Texas
Located
In
Travis
County
Special
Assessment
RB
Series
2024
(NR/NR)
500,000
4.625
(d)
09/15/2031
497,061
408,000
5.375
(d)
09/15/2044
408,618
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
(d)
09/15/2043
524,475
City
of
Marble
Falls
Thunder
Rock
Public
Improvement
District
Special
Assessment
Bond
Series
2021
(NR/NR)
243,000
3.375
(d)
09/01/2026
232,169
350,000
3.875
(d)
09/01/2031
319,187
City
of
McLendon-Chisholm
Special
Assessment
Bonds
Sonoma
Public
Improvement
District
Area
#2
Project
Series
2019
(NR/NR)
50,000
3.500
(d)
09/15/2024
49,829
280,000
3.750
(d)
09/15/2029
265,183
City
of
McLendon-Chisholm
Special
Assessment
Bonds
Sonoma
Public
Improvement
District
Area
#3
Project
Series
2021
(NR/NR)
165,000
2.625
(d)
09/15/2026
154,491
480,000
3.125
(d)
09/15/2031
414,840
City
of
McLendon-Chisholm
Special
Assessment
RB
for
Sonoma
Public
Improvement
District
Project
Series
2022
(NR/NR)
400,000
5.375
(d)
09/15/2032
402,557
City
of
Mesquite
Special
Assessment
RB
for
Iron
Horse
Public
Improvement
District
Project
Series
2019
(NR/NR)
400,000
5.250
(d)
09/15/2029
401,428
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
(d)
09/15/2024
139,836
130,000
5.125
(d)
09/15/2024
129,966
795,000
4.500
(d)
09/15/2029
785,568
775,000
5.375
(d)
09/15/2029
776,712
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
City
of
Mesquite
Special
Assessment
RB
for
Solterra
Public
Improvement
District
Improvement
Area
A-1
Projects
Series
2023
(NR/NR)
$
900,000
4.750%
(d)
09/01/2030
$
891,027
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
(d)
09/01/2043
1,277,328
City
of
Mesquite
Special
Assessment
RB
for
Solterra
Public
Improvement
District
Improvement
Area
C-1
Projects
Series
2023
(NR/NR)
411,000
4.625
(d)
09/01/2030
407,861
City
of
Mesquite
Special
Assessment
RB
for
Solterra
Public
Improvement
District
Improvement
Area
C-1
Projects,
Series
2023
(NR/NR)
400,000
5.375
(d)
09/01/2043
402,031
City
of
Mesquite
Special
Assessment
RB
for
Solterra
Public
Improvement
District
Improvement
Area
C-2
Projects
Series
2023
(NR/NR)
392,000
4.625
(d)
09/01/2030
387,975
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
(d)
09/01/2052
554,917
City
of
Midlothian
Special
Assessment
for
Redden
Farms
Public
Improvement
District
Series
2021
(NR/NR)
410,000
3.500
(d)
09/15/2031
367,273
1,000,000
3.875
(d)
09/15/2041
837,118
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
(d)
09/15/2027
554,373
626,000
4.750
(d)
09/15/2032
612,515
1,417,000
5.250
(d)
09/15/2042
1,383,171
City
of
Midlothian
Special
Assessment
RB
for
Westside
Preserve
Public
Improvement
District
Major
Improvement
Area
Project
Series
2022
(NR/NR)
292,000
5.125
(d)
09/15/2027
287,409
310,000
5.500
(d)
09/15/2032
305,492
600,000
6.000
(d)
09/15/2042
605,433
City
of
Mustang
Ridge
Special
Assessment
RB
for
Durango
Public
Improvement
District
Improvement
Area
#1
Project
Series
2023
(NR/NR)
676,000
6.125
(d)
09/01/2043
691,321
City
of
North
Richland
Hills
Special
Assessment
for
City
Point
Public
Improvement
District
Project
Series
2019
(NR/NR)
100,000
4.500
(d)
09/01/2025
99,537
50,000
4.875
(d)
09/01/2025
49,783
254,000
4.875
(d)
09/01/2030
250,223
265,000
5.250
(d)
09/01/2030
263,215
381,000
5.250
(d)
09/01/2040
382,473
310,000
5.625
(d)
09/01/2040
310,941
815,000
4.125
(d)
09/01/2049
699,690
City
of
Oak
Point
Public
Improvement
District
No.
2
Special
Assessment
Series
2020
(NR/NR)
160,000
2.500
(d)
09/01/2025
155,361
455,000
3.250
(d)
09/01/2030
408,937
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
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
2019
(NR/NR)
$
25,000
3.125%
(d)
09/01/2024
$
24,910
140,000
3.500
(d)
09/01/2029
130,693
360,000
4.000
(d)
09/01/2039
327,115
City
of
Oak
Point
Special
Assessment
for
Wildridge
Public
Improvement
District
No.
1
Project
Series
2021
(NR/NR)
209,000
2.375
(d)
09/01/2026
196,664
City
of
Oak
Point
Special
Assessment
RB
for
Wildridge
Public
Improvement
District
No.
1
Series
2018
(NR/NR)
250,000
4.000
(d)
09/01/2028
246,033
1,560,000
4.500
(d)
09/01/2048
1,407,726
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
3,077,653
City
of
Pilot
Point
Special
Assessment
RB
for
Creekview
Public
Improvement
Zone
A
Improvement
Project
Series
2022
(NR/NR)
404,000
4.875
(d)
09/15/2027
399,257
350,000
5.250
(d)
09/15/2032
352,154
245,000
5.750
(d)
09/15/2032
245,915
City
of
Pilot
Point
Special
Assessment
RB
for
Creekview
Public
Improvement
Zone
B
Improvement
Project
Series
2022
(NR/NR)
366,000
4.875
(d)
09/15/2027
361,703
300,000
5.250
(d)
09/15/2032
301,847
City
of
Pilot
Point
Special
Assessment
RB
for
Mobberly
Public
Improvement
District
Major
Improvement
Area
Series
2022
(NR/NR)
1,000,000
5.500
(d)
09/15/2048
1,004,818
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
(d)
09/15/2030
367,564
City
of
Plano
Collin
Creek
East
Public
Improvement
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
2,875,000
4.375
(d)
09/15/2051
2,345,274
City
of
Plano
Collin
Creek
West
Public
Improvement
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
1,969,000
4.000
(d)
09/15/2051
1,597,969
City
of
Princeton
Special
Assessment
RB
for
Arcadia
Farms
Public
Improvement
District
Phases
5-7
Project
Series
2022
(NR/NR)
700,000
4.250
(d)
09/01/2042
626,558
City
of
Princeton
Special
Assessment
RB
for
Arcadia
Farms
Public
Improvement
District
Series
2019
(NR/NR)
33,000
3.500
(d)
09/01/2024
32,902
321,000
3.750
(d)
09/01/2029
302,392
846,000
4.250
(d)
09/01/2039
783,507
City
of
Princeton
Special
Assessment
RB
for
Arcadia
Farms
Public
Improvement
District
Series
2020
(NR/NR)
180,000
3.375
(d)
09/01/2030
163,277
City
of
Princeton
Special
Assessment
RB
for
Brookside
Public
Improvement
District
Series
2019
(NR/NR)
75,000
4.000
09/01/2024
74,904
415,000
4.250
09/01/2029
406,730
655,000
4.875
09/01/2039
642,393
1,000,000
5.000
09/01/2049
966,292
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)
$
289,000
3.375%
(d)
09/01/2041
$
229,458
City
of
Princeton
Special
Assessment
RB
for
Eastridge
Public
Improvement
District
Improvement
Area
No.
2
Project
Series
2023
(NR/NR)
500,000
4.500
(d)
09/01/2030
496,564
City
of
Princeton
Special
Assessment
RB
for
Eastridge
Public
Improvement
District
Improvement
Area
Project
Series
2022
(NR/NR)
379,000
4.250
(d)
09/01/2027
374,196
382,000
4.750
(d)
09/01/2032
380,898
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
(d)
09/01/2043
1,094,976
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
(d)
09/01/2043
1,331,352
City
of
Princeton
Special
Assessment
RB
for
Whitewing
Trails
Public
Improvement
District
No.
2
Series
2019
(NR/NR)
365,000
4.000
(d)
09/01/2029
349,220
555,000
5.000
(d)
09/01/2029
554,522
City
of
Princeton
Special
Assessment
RB
for
Whitewing
Trails
Public
Improvement
District
Project
Series
2023
(NR/NR)
1,000,000
5.125
(d)
09/01/2043
988,118
City
of
Princeton
Special
Assessment
RB
for
Winchester
Public
Improvement
District
Project
Series
2022
(NR/NR)
412,000
4.250
(d)
09/01/2027
406,658
460,000
4.750
(d)
09/01/2032
458,674
City
of
Princeton
Special
Assessment
RB
for
Winchester
Public
Improvement
District
Series
2020
(NR/NR)
305,000
3.250
(d)
09/01/2030
273,919
City
of
Princeton
Special
Assessment
RB
for
Winchester
Public
Improvement
District
Series
2021
(NR/NR)
185,000
2.375
(d)
09/01/2026
172,656
469,000
3.250
(d)
09/01/2041
356,600
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
(d)
09/15/2026
220,033
355,000
3.125
(d)
09/15/2031
305,530
City
of
Royse
City
Special
Assessment
for
Creekshaw
Public
Improvement
District
Area
#1
Series
2020
(NR/NR)
275,000
2.625
(d)
09/15/2025
268,670
405,000
3.375
(d)
09/15/2030
371,076
City
of
Royse
City
Special
Assessment
for
Creekshaw
Public
Improvement
District
Series
2020
(NR/NR)
225,000
3.625
(d)
09/15/2030
204,559
140,000
4.375
(d)
09/15/2030
133,940
500,000
4.125
(d)
09/15/2040
446,268
400,000
4.875
(d)
09/15/2040
379,658
City
of
Royse
City
Special
Assessment
for
Waterscape
Public
Improvement
District
Improvement
Series
2019
(NR/NR)
75,000
3.750
(d)
09/15/2024
74,797
370,000
4.125
(d)
09/15/2029
359,613
1,050,000
4.625
(d)
09/15/2039
1,004,954
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
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%
(d)
09/15/2053
$
1,230,913
City
of
Royse
City
Texas
A
Municipal
Corp.
of
The
State
of
Texas
Located
In
Rockwall
Collin
and
Hunt
Counties
Special
Assessment
RB
Series
2024
(NR/NR)
342,000
4.625
(d)
09/15/2031
339,372
City
of
Sachse
Special
Assessment
for
Public
Improvement
District
No.
1
Series
2020
(NR/NR)
295,000
2.500
(d)
09/15/2025
288,011
305,000
3.250
(d)
09/15/2030
273,964
City
of
Sachse
Special
Assessment
RB
for
Sachse
Public
Improvement
District
Project
Series
2022
(NR/NR)
665,000
6.000
(d)
09/15/2050
683,973
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
26,189,330
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
30,256,856
City
of
San
Marcos
Special
Assessment
for
Whisper
Public
Improvement
District
Series
2020
(NR/NR)
265,000
4.375
09/01/2025
264,650
500,000
4.875
09/01/2030
495,163
635,000
5.375
09/01/2040
641,934
City
of
San
Marcos
Special
Assessment
RB
for
Whisper
South
Public
Improvement
Project
2022
(NR/NR)
300,000
3.750
(d)
09/01/2027
289,182
425,000
4.000
(d)
09/01/2032
403,549
City
of
San
Marcos,
Texas
382,000
4.875
(d)
09/01/2030
377,310
City
of
Santa
Fe
Special
Assessment
RB
for
Mulberry
Farms
Public
Improvement
District
Series
2022
(NR/NR)
146,000
4.375
(d)
09/01/2027
142,542
City
of
Sinton
Special
Assessment
RB
Series
2022
(NR/NR)
382,000
4.375
(d)
09/01/2027
370,248
659,000
4.750
(d)
09/01/2032
630,875
City
of
Tomball
Special
Assessment
RB
for
Raburn
Reserve
Public
Improvement
District
Improvement
Area
No.
2
Series
2023
(NR/NR)
250,000
4.875
(d)
09/15/2033
251,470
City
of
Tomball
Special
Assessment
RB
for
Raburn
Reserve
Public
Improvement
District
Improvement
Area
No.
3
Series
2023
(NR/NR)
283,000
5.000
(d)
09/15/2033
284,441
City
of
Venus
Special
Assessment
RB
for
Patriot
Estates
Public
Improvement
Project
Series
2021
(NR/NR)
1,010,000
3.375
(d)
09/15/2041
802,948
City
of
Waxahachie
Special
Assessment
RB
for
North
Grove
Public
Improvement
Area
Project
Series
2022
(NR/NR)
1,125,000
5.500
(d)
08/15/2052
1,129,797
Clifton
Higher
Education
Finance
Corp.
Education
Revenue
and
Refunding
Bonds
Series
2024
(PSF-GTD)
(NR/AAA)
1,000,000
5.000
08/15/2037
1,105,145
1,000,000
5.000
08/15/2039
1,096,567
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
714,111
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
Clifton
Higher
Education
Finance
Corp.
RB
for
YES
Prep
Public
Schools,
Inc.
Series
2020
(PSF-GTD)
(Aaa/NR)
–
(continued)
$
575,000
4.000%
04/01/2035
$
583,612
1,345,000
4.000
04/01/2037
1,361,885
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
4,407,715
3,875,000
4.000
08/15/2037
3,902,907
Club
Municipal
Management
District
Special
Assessment
RB
Series
2021
(NR/NR)
470,000
3.000
(d)
09/01/2031
410,304
930,000
3.250
(d)
09/01/2041
727,859
Comal
Independent
School
District
GO
Refunding
Bonds
Series
2017
(PSF-GTD)
(Aaa/NR)
495,000
5.000
02/01/2026
508,246
Conroe
Local
Government
Corp.
Conroe
Convention
Center
Hotel
Series
2021
A
(NR/B)
475,000
2.500
10/01/2031
400,073
Conroe
Local
Government
Corp.
Conroe
Convention
Center
Hotel
Series
2021
C
(A2/NR)
100,000
5.000
10/01/2028
105,884
115,000
5.000
10/01/2029
123,240
120,000
5.000
10/01/2030
129,872
100,000
5.000
10/01/2031
109,232
100,000
5.000
10/01/2032
109,050
170,000
5.000
10/01/2033
185,174
185,000
5.000
10/01/2034
200,767
200,000
5.000
10/01/2036
215,426
500,000
4.000
10/01/2041
492,090
County
of
Hays
Special
Assessment
for
La
Cima
Public
Improvement
District
Series
2020
(NR/NR)
215,000
2.500
(d)
09/15/2025
207,673
350,000
3.250
(d)
09/15/2030
309,512
County
of
Medina
Woodlands
Public
Improvement
District
Special
Assessment
for
Improvement
Area
#1
Project
Series
2021
(NR/NR)
195,000
3.500
(d)
09/01/2026
185,891
395,000
4.125
(d)
09/01/2031
371,642
Crandall
Independent
School
District
1,315,000
5.000
08/15/2048
1,420,212
Crane
Independent
School
District
UT
School
Building
Bonds
Series
2023
(PSF-GTD)
(NR/AAA)
1,770,000
4.125
02/15/2048
1,734,456
Crowley
Independent
School
District
UT
Refunding
Bonds
Series
2016B
(PSF-GTD)
(Aaa/NR)
500,000
5.000
(c)
08/01/2025
508,478
Cypress-Fairbanks
Independent
School
District
UT
School
Building
and
Refunding
Bonds
Series
2020A
(PSF-GTD)
(Aaa/AAA)
7,000,000
5.000
02/15/2026
7,187,639
Ector
County
Hospital
District
GO
Refunding
Bonds
Series
2020
(Baa2/BBB-)
320,000
5.000
09/15/2025
321,356
Edinburg
Economic
Development
Corp.
Sales
Tax
RB
Series
2019
(NR/NR)
235,000
4.000
(d)
08/15/2029
222,080
775,000
4.500
(d)
08/15/2035
720,529
575,000
5.000
(d)
08/15/2044
527,345
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
Edinburg
Economic
Development
Corp.
Sales
Tax
RB
Series
2021
A
(NR/NR)
$
1,175,000
3.125%
08/15/2036
$
916,314
950,000
3.250
08/15/2041
690,197
Fort
Worth
Special
Assessment
RB
for
Fort
Worth
Public
Improvement
District
No.
17
Major
Improvement
Project
Series
2017
(NR/NR)
285,000
5.000
(d)
09/01/2027
281,917
225,000
5.000
(d)
09/01/2032
221,842
330,000
5.125
(d)
09/01/2037
323,564
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
1,781,200
1,430,000
5.000
02/15/2036
1,629,148
600,000
5.000
02/15/2037
681,103
Grand
Parkway
Transportation
Corp.
System
RB
Subordinate
Tier
Series
2018
A
(NR/AA+)
14,225,000
5.000
10/01/2037
15,015,240
Grand
Parkway
Transportation
Corp.
System
Toll
Convertible
RB
Series
2013
B
(NR/AA+)
5,095,000
5.800
10/01/2046
5,489,536
6,075,000
5.850
10/01/2047
6,552,051
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
4,206,697
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
485,160
500,000
5.000
09/01/2028
519,730
745,000
5.000
09/01/2029
782,071
465,000
4.000
09/01/2031
467,486
415,000
4.000
09/01/2033
416,231
650,000
4.000
09/01/2034
653,007
580,000
4.000
09/01/2036
583,323
Harlandale
Independent
School
District
UT
Refunding
Bonds
Series
2015A
(PSF-GTD)
(NR/AAA)
5,855,000
4.000
(c)
08/15/2025
5,893,832
Harris
County
Cultural
Education
Facilities
Finance
Corp.
Hospital
Revenue
Refunding
Bonds
for
Memorial
Hermann
Health
System
Series
2020C
(Aa3/AA-)
2,335,000
5.000
(a)(b)
06/01/2032
2,346,584
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
3,008,695
Harris
County
Industrial
Development
Corporation
Marine
Terminal
Refunding
RB
Energy
Transfer
LP
Project
Series
2023
(Baa2/BBB)
10,425,000
4.050
(a)(b)
11/01/2050
10,541,215
Harris
County
UT
Road
Refunding
Bonds
Series
2023A
(Aaa/NR)
3,335,000
4.250
09/15/2048
3,326,877
Harris
County,
Texas
Permanent
Improvement
Refunding
Bonds,
Series
2023A
(Aaa/NR)
2,000,000
5.000
09/15/2048
2,157,520
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
Hays
County
Special
Assessment
RB
for
La
Cima
Public
Improvement
District
Neighborhood
Improvement
Project
Series
2022
(NR/NR)
$
615,000
4.750%
(d)
09/15/2027
$
610,540
700,000
4.875
(d)
09/15/2032
698,633
Hickory
Creek
Texas
Special
Assessment
RB
for
Hickory
Farms
Public
Improvement
Series
2019
(NR/NR)
580,000
4.000
(d)
09/01/2029
559,535
Hickory
Creek
Texas
Special
Assessment
RB
for
Public
Improvement
District
No.
1
Series
2017
(NR/BBB-)
95,000
3.000
09/01/2024
94,585
100,000
3.500
09/01/2025
98,228
100,000
3.500
09/01/2026
97,076
105,000
3.500
09/01/2027
100,788
Highland
Park
Independent
School
District
2,000,000
5.250
02/15/2041
2,249,304
Highland
Park
Independent
School
District
UT
School
Building
Bonds
Series
2023
(PSF-GTD)
(NR/AAA)
600,000
5.250
02/15/2039
681,388
2,340,000
5.250
02/15/2042
2,612,907
2,390,000
5.250
02/15/2043
2,657,845
Houston
Airport
System
RB
Refunding
for
United
Airlines,
Inc.
Series
2020
A
(NR/NR)
830,000
5.000
07/01/2027
845,180
Houston
Airport
System
RB
Refunding
for
United
Airlines,
Inc.
Series
2020
B-2
(NR/NR)
5,880,000
5.000
07/15/2027
5,988,731
Houston
Airport
System
RB
Refunding
for
United
Airlines,
Inc.
Series
2020
C
(NR/NR)
3,600,000
5.000
07/15/2027
3,666,570
Houston
Higher
Education
Finance
Corp.
RB
for
Houston
Baptist
University
Series
2021
(NR/BBB-)
440,000
3.375
10/01/2037
368,491
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
2,481,622
Houston
Independent
School
District
Limited
Tax
GO
Refunding
Bonds
Series
2017
(PSF-GTD)
(Aaa/AAA)
3,425,000
4.000
02/15/2042
3,397,676
Hutto
Independent
School
District
UT
School
Building
Bonds
Series
2023
(PSF-GTD)
(Aaa/AAA)
2,750,000
5.000
08/01/2048
2,974,183
2,500,000
5.000
08/01/2053
2,684,322
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
(d)
09/01/2043
1,630,976
Judson
Independent
School
District
UT
School
Building
Bonds
Series
2024
(PSF-GTD)
(Aaa/NR)
4,760,000
4.000
02/01/2053
4,544,604
Justin
Special
Assessment
RB
for
Timberbrook
Public
Improvement
District
No.
1
Major
Improvement
Area
Project
Series
2018
(NR/NR)
1,315,000
5.000
(d)
09/01/2038
1,329,119
Kaufman
County
Fresh
Water
Supply
District
No.
1-D
GO
Bonds
Series
2021
(NR/NR)
145,000
2.000
09/01/2024
144,024
150,000
2.000
09/01/2025
143,938
150,000
2.000
09/01/2026
138,936
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(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)
$
150,000
2.000%
09/01/2027
$
134,726
155,000
2.000
09/01/2028
134,916
160,000
2.000
09/01/2029
136,047
Kennedale
Independent
School
District
1,795,000
5.000
02/15/2038
2,021,951
Kermit
Independent
School
District
UT
School
Building
Bonds
Series
2023
(PSF-GTD)
(NR/AAA)
1,000,000
5.000
02/15/2048
1,084,389
1,960,000
5.000
02/15/2053
2,100,722
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
5,580,758
Leander
Independent
School
District
UT
School
Building
Bonds
Series
2022
(PSF-GTD)
(NR/AAA)
1,145,000
5.000
08/15/2026
1,186,756
Love
Field
Airport
Modernization
Corp.
General
Airport
Revenue
Refunding
Bonds
Series
2021
(NR/A)
3,620,000
5.000
11/01/2027
3,745,687
Lower
Colorado
River
Authority
LCRA
Transmission
Services
Corp.
Project
RB
Refunding
Series
2019
(NR/A)
2,035,000
5.000
05/15/2030
2,183,679
1,520,000
5.000
05/15/2031
1,630,243
Lubbock
Independent
School
District
GO
Bonds
Series
2019
(PSF-GTD)
(Aaa/AAA)
1,250,000
4.000
02/15/2040
1,253,263
Mansfield
Independent
School
District
Unlimited
Tax
School
Building
Bonds,
Series
2015
(PSF-GTD)
(Aaa/NR)
1,360,000
5.000
(c)
02/15/2025
1,372,868
Mansfield
Independent
School
District
UT
School
Building
Bonds
Series
2015
(PSF-GTD)
(Aaa/NR)
3,855,000
5.000
(c)
02/15/2025
3,891,475
Matagorda
County
Navigation
District
Number
One
Pollution
Control
Revenue
Refunding
Bonds
for
Central
Power
and
Light
Company
Project
Series
1996
(Baa2/BBB+)
2,660,000
4.250
05/01/2030
2,637,329
Matagorda
County
Texas
Navigation
District
No.
1
PCRB
Refunding
for
Central
Power
&
Light
Co.
Project
Series
2001
A
(Baa2/BBB+)
6,350,000
2.600
11/01/2029
5,851,776
Maypearl
Independent
School
District
1,000,000
5.000
02/15/2037
1,129,541
Maypearl
Independent
School
District
Unlimited
Tax
School
Building
Bonds
Series
2023
(PSF-GTD)
(NR/AAA)
1,350,000
5.000
02/15/2048
1,457,752
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
2,017,821
1,500,000
3.000
09/01/2048
1,145,934
Mission
Economic
Development
Corp.
Senior
Lien
RB
for
Natgasoline
Project
Series
2018
(NR/BB-)
5,575,000
4.625
(d)
10/01/2031
5,528,295
Mitchell
County
Hospital
District
GO
Bonds
Series
2020
(NR/NR)
625,000
5.250
02/15/2030
613,596
405,000
5.375
02/15/2035
405,245
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
Montgomery
County
Toll
Road
Authority
Senior
Lien
RB
Series
2018
(NR/BBB+)
$
710,000
5.000%
09/15/2033
$
718,347
750,000
5.000
09/15/2034
758,729
790,000
5.000
09/15/2035
799,028
Montgomery
County
Toll
Road
Authority
Senior
Lien
Toll
Road
RB
Series
2018
(NR/BBB+)
1,650,000
5.000
09/15/2030
1,669,523
New
Hope
Cultural
Education
Facilities
Finance
Corp
Revenue
&
Refunding
Bonds
Series
2021
(Ba2/BB+)
1,585,000
4.000
(d)
08/15/2036
1,512,731
New
Hope
Cultural
Education
Facilities
Finance
Corp.
Education
Revenue
Refunding
Bonds
for
Jubilee
Academic
Center
Series
2021
(Ba2/BB+)
1,950,000
4.000
(d)
08/15/2041
1,754,392
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
250,001
New
Hope
Cultural
Education
Facilities
Finance
Corp.
RB
Refunding
for
Wichita
Falls
Retirement
Foundation
Obligated
Group
Series
2021
(NR/NR)
345,000
2.000
01/01/2026
332,720
1,200,000
4.000
01/01/2031
1,154,720
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
4,227,539
New
Hope
Cultural
Education
Facilities
Finance
Corp.
Student
Housing
RB
for
Cityscape
Schools,
Inc.
Series
2019
A
(NR/BBB-)
335,000
4.000
(d)
08/15/2029
323,902
610,000
5.000
(d)
08/15/2039
610,320
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
801,884
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)
365,000
4.000
04/01/2025
365,936
335,000
5.000
(c)
04/01/2026
343,496
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
252,657
North
Texas
Tollway
Authority
RB
Convertible
Capital
Appreciation
Special
Project
System
Series
2011
(NR/NR)
1,000,000
7.000
(c)
09/01/2031
1,212,756
North
Texas
tollway
Authority
RB
for
First
Tier
Series
2008
D
(AGC)
(Aa3/AA)
4,900,000
0.000
(f)
01/01/2037
3,079,407
North
Texas
Tollway
Authority
RB
for
Second
Tier
Series
2021
B
(A1/A+)
1,950,000
4.000
01/01/2040
1,935,254
North
Texas
Tollway
Authority
RB
Refunding
for
First
Tier
Series
2017
A
(Aa3/AA-)
5,000,000
5.000
01/01/2038
5,256,676
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
North
Texas
Tollway
Authority
RB
Refunding
for
Second
Tier
Series
2017
B
(A1/A+)
$
2,000,000
5.000%
01/01/2032
$
2,074,866
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
6,089,957
Northside
Independent
School
District
650,000
5.000
08/15/2037
734,027
Northside
Independent
School
District
Texas
Bexar
County
Hill
Variable
Rate
Unlimited
Tax
School
Building
and
Refunding
Bonds
Series
2024B
(PSF-GTD)
(Aaa/NR)
10,300,000
3.450
(a)(b)
08/01/2054
10,296,249
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
1,919,691
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
4,924,715
Pasadena
Independent
School
District
Variable
Rate
UT
School
Building
Bonds
(PSF-GTD)
(Aaa/AAA)
3,280,000
1.500
(a)(b)
02/15/2044
3,267,902
Perryton
Independent
School
District
Unlimited
Tax
School
Building
Bonds
Series
2023
(PSF-GTD)
(NR/AAA)
2,775,000
4.125
08/15/2048
2,732,526
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
2,102,739
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
10,469,968
Port
Beaumont
Navigation
District
RB
for
Jefferson
2020
Bond
Lessee
&
Borrower
LLC
Obligated
Group
Series
2021
A
(NR/NR)
750,000
1.875
(d)
01/01/2026
722,008
550,000
2.000
(d)
01/01/2027
517,518
575,000
2.125
(d)
01/01/2028
529,916
800,000
2.250
(d)
01/01/2029
723,616
850,000
2.500
(d)
01/01/2030
761,277
800,000
2.625
(d)
01/01/2031
706,952
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
(d)
01/01/2035
3,143,796
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
(d)
01/01/2025
3,690,000
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
(d)
01/01/2028
11,337,624
Port
of
Beaumont
Navigation
District
of
Jefferson
County
Texas
Dock
and
Wharf
Facility
RB
Series
2024A
(NR/NR)
2,100,000
5.000
(d)
01/01/2039
2,124,869
Port
of
Beaumont
Navigation
District
of
Jefferson
County
Texas
Facility
RB
Series
2024B
(NR/NR)
3,400,000
10.000
(d)
07/01/2026
3,405,744
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
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
$
2,608,649
Rockwall
Independent
School
District
UT
Refunding
Bonds
Series
2015
(PSF-GTD)
(Aaa/AAA)
5,140,000
5.000
(c)
02/15/2025
5,185,465
Royse
City
Special
Assessment
RB
for
Creekshaw
Public
Improvement
District
Improvement
Area
Project
Series
2022
(NR/NR)
140,000
4.875
(d)
09/15/2027
139,047
284,000
5.250
(d)
09/15/2032
285,746
590,000
5.875
(d)
09/15/2042
597,875
Royse
Special
Assessment
RB
for
Parkside
Village
Public
Improvement
District
Series
2019
(NR/NR)
75,000
3.250
(d)
09/15/2024
74,677
355,000
3.625
(d)
09/15/2029
333,189
1,250,000
4.125
(d)
09/15/2039
1,146,740
Sherman
Independent
School
District
Unlimited
Tax
School
Building
Bonds
Series
2023-B
(PSF-GTD)
(Aaa/AAA)
13,000,000
5.000
02/15/2048
14,037,609
5,500,000
5.000
02/15/2053
5,894,884
SMHA
Finance
Public
Facility
Corporation
Texas
Multifamily
Housing
Revenue
Bonds
Centerpoint
Depot
Series
2024
(NR/NR)
(PUTABLE)
5,335,000
3.700
(a)(b)(i)
07/01/2028
5,334,053
South
Manvel
Development
Authority
Tax
Increment
Contract
RB
Series
2023
(NR/NR)
1,200,000
4.500
04/01/2030
1,180,194
1,600,000
5.000
04/01/2038
1,598,914
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
336,365
380,000
5.000
09/01/2029
400,727
450,000
4.000
09/01/2032
457,047
395,000
4.000
09/01/2034
399,419
615,000
4.000
09/01/2036
620,203
1,040,000
2.625
09/01/2038
827,299
1,230,000
2.750
09/01/2039
972,845
1,200,000
2.750
09/01/2040
928,542
Spring
Independent
School
District
UT
School
Building
Bonds
Series
2023
(Aa2/AA-)
4,725,000
4.000
08/15/2052
4,500,736
State
of
Texas
College
Student
Loan
GO
Unlimited
Bonds
Series
2019
(Aaa/AAA)
5,905,000
5.000
08/01/2026
6,071,241
5,010,000
5.000
08/01/2028
5,294,055
6,835,000
5.000
08/01/2029
7,242,433
Strategic
Housing
Finance
Corporation
of
Travis
County
Multifamily
Housing
RB
Series
2024
(Aaa/NR)
4,740,000
3.350
(a)(b)
03/01/2046
4,627,779
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
RB
for
Christus
Health
Series
2018B
(A1/A+)
8,770,000
5.000
07/01/2035
9,326,294
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
Refunding
Bonds
Christus
Health
Series
2024B
(A1/NR)
1,025,000
5.000
07/01/2026
1,053,821
1,550,000
5.000
07/01/2027
1,615,231
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
Refunding
Bonds
Christus
Health
Series
2024B
(A1/NR)
–
(continued)
$
1,650,000
5.000%
07/01/2028
$
1,744,744
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
5,183,841
Tarrant
County
Hospital
District
LT
Bonds
Series
2023
(Aa1/NR)
2,200,000
4.250
08/15/2053
2,164,536
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
1,903,905
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
922,887
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
I
RB
Senior
Lien
Series
2006
B
(A1/A-)
(3M
USD
LIBOR
+
0.70%)
2,760,000
4.453
(e)
12/15/2026
2,763,129
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
I
RB
Senior
Lien
Series
2008
D
(A1/A-)
4,410,000
6.250
12/15/2026
4,539,530
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
II
RB
Series
2007
B
(A1/A-)
(SIFMA
Municipal
Swap
Index
Yield
+
0.55%)
1,865,000
4.430
(e)
09/15/2027
1,854,122
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
III
Gas
Supply
Revenue
Refunding
Bonds
Series
2021
(A1/BBB+)
2,000,000
5.000
12/15/2024
2,010,197
2,500,000
5.000
12/15/2025
2,528,222
Texas
Municipal
Gas
Acquisition
and
Supply
Corp.
II
RB
for
LIBOR
Index
Rate
Series
2012
C
(A1/A-)
(3M
USD
LIBOR
+
0.86%)
77,435,000
4.391
(e)
09/15/2027
77,397,444
Texas
Municipal
Gas
Acquisition
and
Supply
Corp.
III
Gas
Supply
Revenue
Refunding
Bonds
Series
2021
(A1/BBB+)
3,260,000
5.000
12/15/2028
3,347,239
Texas
Municipal
Gas
Acquisition
and
Supply
Corporation
Iii
Gas
Supply
RR
Bonds,
Series
2021
(A1/BBB+)
8,740,000
5.000
12/15/2031
9,113,360
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
4,515,526
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
2,470,160
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
7,522,268
7,030,000
5.000
12/31/2036
7,466,414
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
12,651,893
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
Texas
Public
Finance
Authority
Texas
Southern
University
Revenue
Financing
System
Bonds,
Series
2023
(BAM)
(NR/AA)
$
1,335,000
5.250%
05/01/2040
$
1,433,329
Texas
Transportation
Commission
Central
Texas
Turnpike
System
RB
2nd
Tier
Revenue
Refunding
Bonds
Series
2015-C
(A3/A-)
1,495,000
5.000
08/15/2042
1,495,563
Texas
Transportation
Commission
Central
Texas
Turnpike
System
RB
Second
Tier
Revenue
Refunding
Bonds
Series
2015-C
(A3/A-)
1,525,000
5.000
08/15/2028
1,527,087
Texas
Transportation
Commission
State
Highway
Improvement
GO
Refunding
Bonds
Series
2024
(Aaa/AAA)
5,000,000
5.000
04/01/2026
5,145,017
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
2,457,802
Town
of
Lakewood
Village
Special
Assessment
RB
for
Lakewood
Village
Public
Improvement
District
Project
Series
2022
(NR/NR)
400,000
4.375
(d)
09/15/2027
391,783
445,000
4.750
(d)
09/15/2032
434,831
1,200,000
5.250
(d)
09/15/2042
1,170,000
Town
of
Little
Elm
Special
Assessment
RB
for
Spiritas
East
Public
Improvement
Project
Series
2022
(NR/NR)
139,000
3.250
(d)
09/01/2027
130,988
205,000
3.500
(d)
09/01/2032
180,417
Town
of
Little
Elm
Special
Assessment
RB
for
Valencia
Public
Improvement
District
Project
Series
2022
(NR/NR)
424,000
6.000
(d)
09/01/2027
427,128
712,000
6.125
(d)
09/01/2032
737,904
Town
of
Little
Elm
Special
Assessment
RB
for
Valencia
Public
Improvement
Project
Series
2021
(NR/NR)
831,000
4.000
(d)
09/01/2047
697,682
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
(d)
09/01/2028
365,208
Town
of
Little
Special
Assessment
RB
for
Lakeside
Estates
Public
Improvement
District
No.
2
Project
Series
2017
(NR/NR)
170,000
4.500
(d)
09/01/2027
169,775
Travis
County
Development
Authority
Contract
Assessment
RB
for
Bella
Fortuna
Public
Improvement
District
Series
2024
(NR/NR)
843,000
5.375
(d)
09/01/2044
843,278
750,000
5.625
(d)
09/01/2051
751,295
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
(d)
09/01/2042
869,622
Travis
County
Texas
Permanent
Improvement
Bonds
Series
2024
(Aaa/AAA)
840,000
4.000
03/01/2043
842,686
Travis
County
Texas
Unlimited
Tax
Road
Bonds
Series
2024
(Aaa/AAA)
965,000
4.000
03/01/2044
959,756
University
Houston
Consolidated
RB
Refunding
Series
2017
C
(Aa2/AA)
8,500,000
3.250
02/15/2041
7,411,093
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
Uptown
Development
Authority
Tax
Allocation
Refunding
Bonds
for
City
of
Houston
Reinvestment
Zone
No.
16
Series
2021
(Baa2/NR)
$
755,000
5.000%
09/01/2031
$
790,751
950,000
3.000
09/01/2034
827,663
Viridian
Municipal
Management
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
131,000
2.375
12/01/2025
125,513
308,000
2.875
12/01/2030
266,418
Viridian
Municipal
Management
District
Tarrant
County
Special
Assessment
RB
Series
2018
(NR/NR)
520,000
4.250
12/01/2029
508,820
1,159,000
4.625
12/01/2035
1,144,165
1,604,000
5.000
12/01/2045
1,564,100
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
752,315
1,000,000
5.625
08/15/2052
1,015,134
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
287,188
345,000
3.000
08/15/2036
296,457
745,000
3.000
08/15/2039
593,520
Williamson
County
Texas
Unlimited
Tax
Road
Bonds
Limited
Tax
Notes
Series
2024
(NR/AAA)
3,500,000
5.000
02/15/2026
3,601,652
Wise
County
Texas
Tax
Notes
Series
2024
(NR/AA+)
1,070,000
5.000
02/15/2026
1,095,103
1,130,000
5.000
02/15/2027
1,174,230
1,070,000
5.000
02/15/2028
1,130,572
Yoakum
Independent
School
District
Unlimited
Tax
School
Building
Bonds
Series
2023
(PSF-GTD)
(NR/AAA)
1,000,000
4.250
02/15/2048
1,004,692
935,744,960
Utah
-
0.8%
Black
Desert
Public
Infrastructure
District
GO
Bonds
Series
2021
A
(NR/NR)
1,675,000
3.250
(d)
03/01/2031
1,557,029
1,875,000
3.500
(d)
03/01/2036
1,689,599
1,900,000
3.750
(d)
03/01/2041
1,657,189
Black
Desert
Public
Infrastructure
District
In
Ivins
City
Washington
County
Utah
Special
Assessment
Bonds
Series
2024
(NR/NR)
2,300,000
5.625
(d)
12/01/2053
2,363,252
Medical
School
Campus
Public
Infrastructure
District
GO
Bonds
Series
2020
A
(NR/NR)
3,875,000
5.250
(d)
02/01/2040
3,382,696
Salt
Lake
City
Airport
RB
1,060,000
5.000
07/01/2047
1,069,642
Salt
Lake
City
Airport
RB
for
Salt
Lake
City
International
Airport
Series
2023A
(AMT)
(A2/A+)
1,500,000
5.250
07/01/2053
1,597,678
6,300,000
5.500
07/01/2053
6,904,998
Salt
Lake
City
International
Airport
RB
Series
2018A
(A2/A+)
10,525,000
5.000
07/01/2036
10,911,172
5,000,000
5.000
07/01/2038
5,159,653
7,500,000
5.250
07/01/2048
7,701,434
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Utah
–
(continued)
Salt
Lake
City
International
Airport
RB
Series
2018A
(AMT)
(A2/A+)
$
4,000,000
5.000%
07/01/2029
$
4,172,240
Salt
Lake
City
International
Airport
RB
Series
2021A
(A2/A+)
5,950,000
5.000
07/01/2046
6,193,725
1,500,000
4.000
07/01/2051
1,378,340
Salt
Lake
City
International
Airport
RB
Series
2023A
(A2/A+)
200,000
5.250
07/01/2048
213,923
Salt
Lake
City
RB
for
International
Airport
Series
2018
A
(A2/A+)
5,500,000
5.000
07/01/2030
5,742,251
Salt
Lake
City,
Utah
Airport
RB,
Series
2017A
(AMT)
Salt
Lake
City
International
Airport
(A2/A+)
5,200,000
5.000
07/01/2042
5,281,929
Utah
Charter
School
Finance
Authority
Charter
School
RB
for
Beehive
Science
&
Technology
Academy
Project
Series
2021A
(NR/NR)
2,325,000
4.000
(d)
10/15/2041
1,891,622
Utah
Charter
School
Finance
Authority
Charter
School
RB
Series
2022A
(NR/BB+)
1,610,000
5.625
(d)
06/15/2042
1,643,789
Utah
Charter
School
Finance
Authority
Charter
School
Revenue
Refunding
Bonds
Series
2022A
(NR/BB)
500,000
4.000
(d)
07/15/2037
437,154
3,485,000
4.250
(d)
07/15/2050
2,852,446
Utah
Charter
School
Finance
Authority
Charter
School
Revenue
Refunding
Bonds
Series
2022B
(NR/BB)
95,000
5.750
(d)
07/15/2026
93,273
Utah
Charter
School
Finance
Authority
RB
for
Bridge
Elementary
Project
Series
2021A
(NR/NR)
890,000
4.000
(d)
06/15/2041
717,708
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
727,108
625,000
5.000
04/15/2044
640,995
1,150,000
5.000
04/15/2049
1,169,579
Utah
Transit
Authority
Sales
Tax
RB
Refunding
Subordinate
Series
2015
A
(Aa2/AA+)
3,065,000
4.000
(c)
06/15/2025
3,085,212
80,235,636
Vermont
-
0.1%
University
of
Vermont
State
Agricultural
College
GO
Bonds
Series
2017
(Aa3/A+)
365,000
5.000
10/01/2043
374,893
Vermont
Economic
Development
Authority
RB
Refunding
for
Wake
Robin
Corp.
Series
2017
A
(NR/NR)
745,000
5.000
05/01/2025
751,128
585,000
5.000
05/01/2026
594,900
Vermont
Economic
Development
Authority
Solid
Waste
Disposal
RB
for
Casella
Waste
System
Project
Series
2022
(B1/B+)
2,175,000
5.000
(a)(b)(d)
06/01/2052
2,204,692
Vermont
Educational
and
Health
Buildings
Financing
Agency
RB
Saint
Michael’s
College
Project,
Series
2023
(NR/BBB-)
2,700,000
5.500
(d)
10/01/2043
2,738,013
6,663,626
Virgin
Islands
-
0.1%
Matching
Fund
Special
Purpose
Securitization
Corp.
Matching
Fund
Securitization
Bonds
Series
2022A
(NR/NR)
825,000
5.000
10/01/2039
851,962
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Virgin
Islands
–
(continued)
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%
(d)
10/01/2039
$
4,422,072
Virgin
Islands
Public
Finance
Authority
RB
Series
2014
A
(AGM-CR)
(A1/AA)
5,000,000
5.000
(d)
10/01/2034
5,017,581
10,291,615
Virginia
-
1.3%
City
of
Virginia
Beach
Development
Authority
Residential
Care
Facility
RB
2,700,000
7.000
09/01/2053
3,088,136
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
1,275,252
Farmville
Industrial
Development
Authority
RB
Refunding
for
Longwood
Housing
Foundation
LLC
Series
2020
A
(NR/BBB-)
3,000,000
5.000
01/01/2040
3,032,109
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
4,274,524
Salem
Economic
Development
Authority
RB
Refunding
for
Roanoke
College
Series
2020
(NR/BBB+)
350,000
5.000
04/01/2027
357,709
400,000
5.000
04/01/2028
411,800
460,000
5.000
04/01/2029
477,000
350,000
5.000
04/01/2030
364,903
740,000
5.000
04/01/2031
770,513
300,000
5.000
04/01/2032
311,767
650,000
5.000
04/01/2033
674,389
395,000
5.000
04/01/2034
410,463
110,000
5.000
04/01/2035
114,376
430,000
5.000
04/01/2036
446,327
1,030,000
5.000
04/01/2037
1,064,622
410,000
4.000
04/01/2039
384,273
265,000
4.000
04/01/2040
245,321
Tobacco
Settlement
Financing
Corp.
RB
for
Capital
Appreciation
Subseries
2007
A-1
(B3/B-)
8,510,000
6.706
06/01/2046
7,197,431
Tobacco
Settlement
Financing
Corp.
RB
for
Capital
Appreciation
Subseries
2007
C
(NR/CCC-)
122,865,000
0.000
(f)
06/01/2047
34,116,600
Tobacco
Settlement
Financing
Corp.
RB
for
Capital
Appreciation
Subseries
2007
D
(NR/CCC-)
13,500,000
0.000
(f)
06/01/2047
3,666,022
University
of
Virginia
Rector
&
Visitors
General
Revenue
Pledge
Refunding
Bonds
Series
2015A
(Aaa/AAA)
20,705,000
5.000
04/01/2045
20,843,827
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
4,132,386
Virginia
College
Building
Authority
RB
Refunding
for
Regent
University
Project
Series
2021
(NR/BBB)
300,000
5.000
06/01/2028
307,874
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Virginia
–
(continued)
Virginia
College
Building
Authority
RB
Refunding
for
Regent
University
Project
Series
2021
(NR/BBB)
–
(continued)
$
375,000
5.000%
06/01/2029
$
387,799
300,000
5.000
06/01/2031
313,850
875,000
4.000
06/01/2036
843,995
Virginia
Housing
Development
Authority
RB
Series
2019
E
(Aa1/AA+)
5,000,000
3.100
12/01/2045
3,938,475
Virginia
Housing
Development
Authority
Rental
Housing
Bonds
2024
Series
C
(NON-AMT)
(Aa1/AA+)
1,000,000
4.800
12/01/2049
1,012,100
Virginia
Port
Authority
Commonwealth
Port
Fund
RB
Series
2015
(Aa1/AA+)
5,000,000
5.000
(c)
07/01/2025
5,063,433
Virginia
Port
Authority
Port
Facilities
RB
Refunding
Series
2015
A
(AMT)
(WR/NR)
750,000
5.000
(c)
07/01/2025
759,884
Virginia
Port
Authority
Port
Facilities
Revenue
Refunding
Bonds
Series
2015A
(WR/NR)
2,000,000
5.000
(c)
07/01/2025
2,026,356
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
1,060,170
Virginia
Small
Business
Financing
Authority
Senior
Lien
Revenue
Refunding
Bonds
Series
2022
(Baa1/NR)
1,875,000
5.000
12/31/2052
1,927,237
Virginia
Small
Business
Financing
Authority
Senior
Lien
Revenue
Refunding
Bonds
Series
2022
(AMT)
(NR/BBB)
6,500,000
4.000
01/01/2048
5,944,513
Virginia
Small
Business
Financing
Authority
Solid
Waste
Disposal
RB
Series
2018
(NR/B)
300,000
5.000
(a)(b)(d)
01/01/2048
299,987
Virginia
Small
Business
Financing
Authority
Tax
Exempt
Senior
Lien
Private
Activity
RB
Series
2017
(Baa3/NR)
5,385,000
5.000
12/31/2049
5,455,186
4,950,000
5.000
12/31/2052
5,004,842
122,005,451
Washington
-
2.4%
Bethel
School
District
No.
403
Pierce
County
Washington
Unlimited
Tax
GO
Bonds
2024
(SCH
BD
GTY)
(Aaa/NR)
5,865,000
5.000
12/01/2041
6,579,454
6,700,000
5.000
12/01/2042
7,484,179
4,600,000
5.000
12/01/2043
5,113,681
City
of
Seattle
Drainage
and
Wastewater
System
Improvement
and
Refunding
RB
Series
2022
(Aa1/AA+)
1,200,000
4.000
09/01/2036
1,244,254
2,665,000
4.000
09/01/2037
2,749,574
City
of
Seattle
RB
for
Municipal
Light
&
Power
Improvement
Series
2018
A
(Aa2/AA)
3,340,000
4.000
01/01/2033
3,396,788
6,715,000
4.000
01/01/2034
6,815,862
11,655,000
4.000
01/01/2043
11,568,534
City
of
Seattle
RB
Refunding
for
Drainage
&
Wastewater
Series
2014
(Aa1/AA+)
13,715,000
4.000
05/01/2044
13,359,838
City
of
Seattle
RB
Refunding
for
Drainage
&
Wastewater
Series
2017
(Aa1/AA+)
6,555,000
4.000
07/01/2035
6,636,403
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Washington
–
(continued)
City
of
Tacoma
Electric
System
RB
Green
Bonds
Series
2024A
(NR/AA)
$
1,000,000
5.000%
01/01/2049
$
1,079,145
Energy
Northwest
Columbia
Generating
Station
Electric
Revenue
Refunding
Bonds
Series
2021-A
(Aa1/AA-)
8,830,000
4.000
07/01/2042
8,777,161
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
3,077,351
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
8,687,071
Port
of
Seattle
Intermediate
Lien
RB
Series
2017C
(A1/AA-)
4,740,000
5.000
05/01/2042
4,812,868
Port
of
Seattle
Intermediate
Lien
RB
Series
2019
(A1/AA-)
7,000,000
5.000
04/01/2039
7,282,867
Port
of
Seattle
Intermediate
Lien
Revenue
and
Refunding
Bonds
Series
2021C
(A1/AA-)
4,000,000
5.000
08/01/2037
4,294,604
700,000
4.000
08/01/2041
670,921
Port
of
Seattle
Intermediate
Lien
Revenue
Bonds
Series
2018A
(A1/AA-)
2,500,000
5.000
05/01/2043
2,534,443
Port
of
Seattle
Intermediate
Lien
Revenue
Refunding
Bond
Series
2022A
(A1/AA-)
865,000
5.000
08/01/2028
924,502
Port
of
Seattle
RB
Refunding
for
Intermediate
Lien
Series
2021
C
(A1/AA-)
5,000,000
5.000
08/01/2039
5,346,638
Port
of
Tacoma
Revenue
and
Refunding
Bonds
2016B
(Aa3/AA)
12,455,000
5.000
12/01/2043
12,567,840
State
of
Washington
Various
Purpose
GO
Bonds
Series
2024C
(Aaa/AA+)
15,000,000
5.000
02/01/2047
16,403,618
32,000,000
5.000
02/01/2049
34,815,683
State
of
Washington
Various
Purpose
GO
Bonds
Series
R-2022A
(Aaa/AA+)
2,490,000
5.000
02/01/2027
2,605,745
State
of
Washington
Various
Purpose
GO
Refunding
Bonds
Series
R-2018C
(Aaa/AA+)
2,710,000
5.000
08/01/2024
2,713,273
Washington
Health
Care
Facilities
Authority
RB
(Commonspirit
Health)
Series
2019A-2
(A3/A-)
5,000,000
5.000
08/01/2037
5,310,128
1,000,000
5.000
08/01/2039
1,051,282
Washington
Health
Care
Facilities
Authority
RB
for
Commonspirit
Health
Series
2019A-1
(A3/A-)
3,370,000
4.000
08/01/2044
3,278,451
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
1,521,243
Washington
Health
Care
Facilities
Authority
RB
Refunding
for
CommonSpirit
Health
Obligated
Group
Series
2019
A-1
(A3/A-)
2,000,000
5.000
08/01/2037
2,124,051
1,000,000
5.000
08/01/2038
1,055,728
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Washington
–
(continued)
Washington
Health
Care
Facilities
Authority
RB
Refunding
for
CommonSpirit
Health
Obligated
Group
Series
2019
A-2
(A3/A-)
$
570,000
5.000%
08/01/2036
$
607,516
Washington
Health
Care
Facilities
Authority
RB
Refunding
for
Providence
St.
Joseph
Health
Obligated
Group
Series
2021
B
(A2/A)
900,000
4.000
(a)(b)
10/01/2042
902,868
Washington
Higher
Education
Facilities
Authority
RB
for
Seattle
University
Project
Series
2020
(NR/A)
1,200,000
4.000
05/01/2050
1,089,150
Washington
State
Convention
Center
Public
Facilities
District
RB
Series
2018
(Baa1/BBB)
320,000
5.000
07/01/2029
334,147
18,275,000
5.000
07/01/2048
18,734,693
Washington
State
Convention
Center
Public
Facilities
District
Subordinate
Lodging
Tax
Refunding
Bonds
Series
2021B
(Baa3/BBB-)
2,925,000
4.000
07/01/2043
2,752,302
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
(d)
01/01/2034
719,324
1,400,000
5.000
(d)
01/01/2039
1,291,180
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
1,410,286
Washington
State
Housing
Finance
Commission
Nonprofit
RB
Refunding
Series
2023
(NR/BBB)
900,000
5.625
(d)
07/01/2038
989,667
Washington
State
Motor
Vehicle
Fuel
Tax
GO
Refunding
Bonds
Series
2015
C
(AMBAC)
(Aaa/AA+)
6,855,000
0.000
(f)
06/01/2028
5,985,277
230,699,590
West
Virginia
-
0.7%
County
of
Ohio
Special
District
Excise
Tax
RB
Refunding
for
Fort
Henry
Economic
Opportunity
Development
District
The
Highlands
Project
Series
2019
B
(NR/BBB-)
770,000
3.000
03/01/2035
675,655
1,285,000
3.000
03/01/2037
1,069,323
Monongalia
County
Commission
Senior
Tax
Increment
Revenue,
Refunding
and
Improvement
Bonds
for
Development
District
No.
4
–
University
Town
Centre
Series
2023
A
(NR/NR)
460,000
5.000
(d)
06/01/2033
480,097
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
(d)
06/01/2043
1,842,368
State
of
West
Virginia
GO
Bonds
Series
2018
B
(Aa2/AA-)
7,140,000
5.000
06/01/2035
7,561,242
State
of
West
Virginia
GO
State
Road
Bonds
Series
2019
A
(Aa2/AA-)
605,000
5.000
06/01/2035
651,642
State
of
West
Virginia,
West
Virginia
GO
State
Road
Bonds,
Series
2019
A
(Aa2/AA-)
1,600,000
5.000
12/01/2036
1,718,313
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
West
Virginia
–
(continued)
West
Virginia
Economic
Development
Authority
RB
for
Arch
Resources,
Inc.
Series
2020
(B2/BB)
$
1,575,000
5.000%
(a)(b)
07/01/2045
$
1,580,319
West
Virginia
Economic
Development
Authority
RB
Refunding
for
Appalachian
Power
Company
Series
2015A
(Baa1/BBB+)
(PUTABLE)
7,445,000
3.375
(a)(b)
03/01/2040
7,318,300
West
Virginia
Economic
Development
Authority
Solid
Waste
Disposal
Facilities
Revenue
Refunding
Bonds
for
Wheeling
Power
Company
Project
Series
2013A
(NR/BBB+)
(PUTABLE)
9,150,000
3.000
(a)(b)
06/01/2037
8,913,106
West
Virginia
Economic
Development
Authority
Solid
Waste
Disposal
Facilities
Revenue
Refunding
Bonds
Kentucky
Power
Company
-
Mitchell
Project,
Series
2014A
(Baa3/BBB)
(PUTABLE)
3,565,000
4.700
(a)(b)
04/01/2036
3,604,087
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
3,126,070
West
Virginia
Hospital
Finance
Authority
Hospital
Refunding
and
Improvement
RB
Vandalia
Health
Group
Series
2023B
(AGM)
(A1/AA)
2,970,000
5.500
09/01/2048
3,270,886
West
Virginia
Hospital
Finance
Authority
RB
Refunding
for
Cabell
Huntington
Hospital
Obligated
Group
Series
2018
A
(Baa3/BBB)
1,000,000
5.000
01/01/2033
1,001,379
950,000
5.000
01/01/2034
951,306
825,000
5.000
01/01/2035
825,997
2,330,000
5.000
01/01/2036
2,330,290
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
2,470,803
4,775,000
5.000
09/01/2030
4,963,886
1,520,000
5.000
09/01/2032
1,576,270
West
Virginia
Housing
Development
Fund
Housing
Finance
Bonds
2024
Series
B
(NON-AMT)
(Aaa/AAA)
3,825,000
4.350
11/01/2039
3,911,996
4,685,000
4.700
11/01/2044
4,725,183
64,568,518
Wisconsin
-
1.4%
City
of
Milwaukee
Wisconsin
General
Obligation
Promissory
Notes
Series
2022
N3
(AGM)
(NR/AA)
4,100,000
5.000
04/01/2026
4,207,343
City
of
Milwaukee
Wisconsin
General
Obligation
Promissory
Notes
Series
2022
N7
(BAM)
(NR/AA)
1,475,000
5.000
04/01/2026
1,513,617
Public
Finance
Authority
Charter
School
RB
for
Coral
Academy
of
Science
Reno
Series
2022A
(NR/NR)
800,000
5.875
(d)
06/01/2052
811,308
Public
Finance
Authority
Charter
School
RB
for
Founders
Academy
of
Las
Vegas
Series
2023A
(NR/BB-)
300,000
6.375
(d)
07/01/2043
313,489
Public
Finance
Authority
Charter
School
RB
Series
2021A
(Ba2/NR)
165,000
4.250
(d)
06/15/2031
157,131
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Wisconsin
–
(continued)
Public
Finance
Authority
Charter
School
Revenue
and
Refunding
Bonds
North
East
Carolina
Preparatory
School
Project
Series
2024A
(Baa3/NR)
$
700,000
5.000%
06/15/2044
$
706,388
Public
Finance
Authority
Education
RB
for
Clove
Garden
School
Series
2022
(NR/NR)
1,060,000
5.375
(d)
06/15/2042
1,060,654
Public
Finance
Authority
Education
RB
Series
2022
(NR/NR)
1,290,000
5.000
(d)
01/01/2042
1,182,800
Public
Finance
Authority
Exempt
Facilities
RB
Refunding
for
Celanese
Project
Series
2016
C
(Baa3/BBB-)
1,000,000
4.300
11/01/2030
993,927
Public
Finance
Authority
RB
for
Appalachian
Regional
Healthcare
System
Obligated
Group
Series
2021
A
(NR/BBB-)
265,000
5.000
07/01/2035
272,917
310,000
5.000
07/01/2036
317,455
265,000
5.000
07/01/2037
270,248
310,000
5.000
07/01/2038
314,018
310,000
5.000
07/01/2039
311,714
285,000
5.000
07/01/2040
285,772
310,000
5.000
07/01/2041
310,008
Public
Finance
Authority
RB
for
Beyond
Boone
LLC
Series
2020
A
(AGM)
(A1/AA)
220,000
4.000
07/01/2026
220,791
220,000
4.000
07/01/2027
221,392
220,000
4.000
07/01/2028
222,143
220,000
4.000
07/01/2029
221,352
265,000
4.000
07/01/2030
266,888
355,000
4.000
07/01/2031
357,009
420,000
4.000
07/01/2032
421,579
175,000
4.000
07/01/2033
175,638
130,000
4.000
07/01/2034
130,488
155,000
4.000
07/01/2035
155,517
220,000
4.000
07/01/2036
220,389
220,000
4.000
07/01/2037
220,429
265,000
4.000
07/01/2038
264,187
265,000
4.000
07/01/2039
262,267
265,000
4.000
07/01/2040
261,247
Public
Finance
Authority
RB
for
Charter
Day
School
Obligated
Group
Series
2020
A
(Ba2/NR)
1,685,000
5.000
(d)
12/01/2035
1,699,219
1,950,000
5.000
(d)
12/01/2045
1,853,982
Public
Finance
Authority
RB
for
Coral
Academy
Of
Science
Las
Vegas
Series
2021
A
(NR/BBB-)
875,000
4.000
07/01/2041
789,598
1,000,000
4.000
07/01/2051
821,505
Public
Finance
Authority
RB
for
Eno
River
Academy
Holdings,
Inc.
Series
2020
A
(Ba1/NR)
395,000
4.000
(d)
06/15/2030
391,238
815,000
5.000
(d)
06/15/2040
825,443
Public
Finance
Authority
RB
for
Masonic
&
Eastern
Star
Home
of
NC,
Inc.
Obligated
Group
Series
2020
A
(NR/NR)
1,450,000
4.000
(d)
03/01/2030
1,408,368
Public
Finance
Authority
RB
for
Noorda
College
of
Osteopathic
Medicine
LLC
Series
2021
A
(Ba2/NR)
6,950,000
5.625
(d)
06/01/2050
6,375,928
Public
Finance
Authority
RB
for
Noorda
College
of
Osteopathic
Medicine
LLC
Series
2021
B
(Ba2/NR)
7,575,000
6.500
(d)
06/01/2045
6,550,779
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Wisconsin
–
(continued)
Public
Finance
Authority
RB
for
Prime
Healthcare
Foundation,
Inc.
Series
2018
A
(NR/NR)
$
500,000
5.200%
12/01/2037
$
508,760
Public
Finance
Authority
RB
for
Rider
University
A
New
Jersey
Non-Profit
Corp.
Series
2021
B
(NR/BB)
2,470,000
6.000
(d)
07/01/2031
2,197,709
Public
Finance
Authority
RB
Refunding
for
Blue
Ridge
Healthcare
Obligated
Group
Series
2020
A
(A3/A)
750,000
5.000
01/01/2029
781,883
1,400,000
5.000
01/01/2032
1,465,124
950,000
5.000
01/01/2033
993,837
900,000
5.000
01/01/2036
941,243
500,000
5.000
01/01/2037
521,690
2,000,000
5.000
01/01/2039
2,066,617
875,000
5.000
01/01/2040
899,284
Public
Finance
Authority
RB
Refunding
for
Coral
Academy
of
Science
Reno
Series
2019
A
(NR/NR)
285,000
5.000
(d)
06/01/2029
288,670
710,000
5.000
(d)
06/01/2039
700,356
Public
Finance
Authority
RB
Refunding
for
Fellowship
Senior
Living
Obligated
Group
Series
2019
A
(NR/NR)
1,000,000
4.000
01/01/2030
969,717
Public
Finance
Authority
RB
Refunding
for
Penick
Village
Obligated
Group
Series
2019
(NR/NR)
440,000
4.000
(d)
09/01/2029
415,366
770,000
5.000
(d)
09/01/2039
732,203
Public
Finance
Authority
RB
Refunding
for
Rider
University
A
New
Jersey
Non-Profit
Corp.
Series
2021
A
(NR/BB)
5,900,000
4.500
(d)
07/01/2048
4,737,294
Public
Finance
Authority
RB
Refunding
for
UMA
Education,
Inc.
Project
Series
2019
B
(NR/BB+)
2,770,000
6.125
(d)
10/01/2049
2,412,270
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
1,925,698
Public
Finance
Authority
RB
Roseman
University
of
Health
Sciences
2020
(NR/BB)
110,000
3.000
(d)
04/01/2025
108,877
500,000
5.000
(d)
04/01/2030
519,050
Public
Finance
Authority
RB
Roseman
University
of
Health
Sciences
2020
(NR/NR)
5,000
3.000
(d)
04/01/2025
4,983
Public
Finance
Authority
Refunding
RB
Series
2021C
(A2/A)
600,000
4.000
(a)(b)
10/01/2041
601,912
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
1,254,246
Public
Finance
Authority
Retirement
Communities
RB
Refunding
for
The
Evergreens
Obligated
Group
Series
2019
A
(NR/NR)
985,000
5.000
11/15/2044
1,010,110
570,000
5.000
11/15/2049
579,078
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
4,741,838
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
7,094,056
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Wisconsin
–
(continued)
Public
Finance
Authority
Student
Housing
RB
Series
2021A-1
(Ba1/NR)
$
630,000
4.000%
(d)
07/01/2041
$
571,880
2,725,000
4.000
(d)
07/01/2051
2,316,488
Public
Finance
Authority
Tax
Increment
Revenue
Senior
Bonds
for
Miami
Worldcenter
Project
Series
2024A
(NR/NR)
5,000,000
5.000
(d)
06/01/2041
5,060,556
Public
Finance
Authority,
Wisconsin
Special
Revenue
Bonds
Signorelli
Projects
Municipal
Utility
Districts
Montgomery
and
Waller
Counties,
Texas
Series
2024
(NR/NR)
2,775,000
5.375
(d)(i)
12/15/2032
0
Racine
Unified
School
District
Racine
County
Wisconsin
GO
Promissory
Notes
(BAM)
(Aa3/AA)
1,250,000
5.000
04/01/2038
1,383,446
1,340,000
5.000
04/01/2039
1,477,197
1,750,000
5.000
04/01/2040
1,920,263
1,675,000
5.000
04/01/2041
1,825,339
State
of
Wisconsin
GO
Bonds
of
Series
2024
A
(Aa1/AA+)
2,220,000
5.000
05/01/2027
2,334,109
Wisconsin
Health
&
Educational
Facilities
Authority
RB
for
Hmong
American
Peace
Academy
Ltd.
Series
2020
(NR/BBB)
350,000
4.000
03/15/2030
344,899
Wisconsin
Health
&
Educational
Facilities
Authority
RB
for
Three
Pillars
Senior
Living
Communities
Series
2024A
(NR/NR)
1,165,000
5.250
08/15/2039
1,230,500
Wisconsin
Health
&
Educational
Facilities
Authority
RB
for
Three
Pillars
Senior
Living
Communities
Series
2024B-1
(NR/NR)
1,385,000
4.400
08/15/2029
1,384,962
Wisconsin
Health
&
Educational
Facilities
Authority
RB
for
Three
Pillars
Senior
Living
Communities
Series
2024B-2
(NR/NR)
4,200,000
4.200
08/15/2028
4,168,468
Wisconsin
Health
&
Educational
Facilities
Authority
RB
Refunding
for
Lawrence
University
of
Wisconsin
Series
2020
(Baa1/NR)
1,185,000
3.000
02/01/2042
896,777
390,000
4.000
02/01/2045
343,616
Wisconsin
Health
&
Educational
Facilities
Authority
RB
Series
2021
for
Hope
Christian
Schools
(NR/NR)
465,000
3.000
12/01/2031
401,085
775,000
4.000
12/01/2041
621,117
Wisconsin
Health
&
Educational
Facilities
Authority
Refunding
RB
Series
2021B
(NR/NR)
475,000
4.000
09/15/2036
452,426
460,000
4.000
09/15/2041
413,706
425,000
4.000
09/15/2045
366,302
Wisconsin
Health
&
Educational
Facilities
Authority
Refunding
RB
Series
2022
(NR/NR)
700,000
4.000
09/15/2036
666,733
680,000
4.000
09/15/2041
611,565
575,000
4.000
09/15/2045
495,585
Wisconsin
Health
and
Educational
Facilities
Authority
RB
for
Forensic
Science
and
Protective
Medicine
Collaboration,
Inc.
Project
Series
2024
(Baa2/NR)
7,680,000
5.000
(d)
08/01/2027
7,820,719
Wisconsin
Health
and
Educational
Facilities
Authority
RB
Series
2018C
(Aa3/AA)
(SIFMA
Municipal
Swap
Index
Yield
+
0.18%)
2,775,000
4.060
(b)(e)
08/15/2054
2,742,735
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Wisconsin
–
(continued)
Wisconsin
Health
and
Educational
Facilities
Authority
RB
Series
2024A
(BAM)
(NR/AA)
$
5,675,000
4.500%
(i)
02/15/2054
$
5,623,158
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
4.030
(b)(e)
03/01/2042
5,485,847
Wisconsin
Public
Finance
Authority
Hotel
RB
for
Grand
Hyatt
San
Antonion
Hotel
Acquisition
Project
Senior
Lien
Series
2022A
(NR/BBB-)
5,700,000
5.000
02/01/2042
5,924,498
132,722,012
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
16,895,614
a
a
TOTAL
MUNICIPAL
BONDS
(Cost
$9,705,592,884)
9,588,060,457
Shares
Dividend
Rate
Value
a
Bank
Loans
(k)
-
0.0%
Engineering
&
Construction
-
0.0%
Rialto
Bioenergy
Facility,
LLC
(
SOFR
+
0.1%
)
9,842,619
5.330%
(g)
07/30/24
2,023,578
2,023,578
TOTAL
BANK
LOANS
(Cost
$9,776,091)
2,023,578
a
Corporate
Bonds
-
0.4%
Healthcare-Services
-
0.1%
Prime
Healthcare
Foundation,
Inc.
Series
4,975,000
7.000
12/01/27
4,695,565
Toledo
Hospital
RB
Series
2022
B
1,895,000
5.325
11/15/28
1,809,725
Tower
Health
Series
6,130,000
4.451
02/01/50
2,904,088
9,409,378
Real
Estate
-
0.3%
Benloch
Ranch
Improvement
Association
No.
1
Series
2020
2,853,750
9.750
(d)(g)
12/01/39
2,591,148
Benloch
Ranch
Improvement
Association
No.
1
Series
2021
1,655,909
9.750
(d)(g)
12/01/39
1,503,532
Benloch
Ranch
Improvement
Association
No.
2
14,700,000
10.000
(d)(g)
12/01/51
11,975,796
Shares
Dividend
Rate
Value
a
Corporate
Bonds
–
(continued)
Brixton
Park
Improvement
Association
No.
1
Series
$
16,042,697
6.875%
(d)(g)
12/01/51
$
12,931,858
29,002,334
TOTAL
CORPORATE
BONDS
(Cost
$45,638,593)
38,411,712
TOTAL
INVESTMENTS
-
99.0%
(Cost
$9,761,007,568)
$
9,628,495,747
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
-
1.0%
98,545,903
NET
ASSETS
-
100.0%
$
9,727,041,650
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
June
30,
2024.
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
June
30,
2024.
(c)
Pre-refunded
security.
Maturity
date
disclosed
is
pre-refunding
date.
(d)
Exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
(e)
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
June
30,
2024.
(f)
Issued
with
a
zero
coupon.
Income
is
recognized
through
the
accretion
of
discount.
(g)
Significant
unobservable
inputs
were
used
in
the
valuation
of
this
portfolio
security;
i.e.
Level
3.
(h)
Zero
coupon
bond
until
next
reset
date.
(i)
When-issued
security.
(j)
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.
(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.
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
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.
Investment
Abbreviations:
(continued)
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
TCRS
-
Transferable
Custody
Receipts
UPMC
-
University
of
Pittsburgh
Medical
Center
USD
-
United
States
Dollar
UT
-
Unlimited
Tax
WR
-
Withdrawn
Rating
FUTURES
CONTRACTS
—
At
June
30,
2024,
the
Portfolio
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Short
position
contracts:
U.S.
Treasury
Ultra
Bond
(2,769)
09/19/24
$
(344,827,032)
$
(1,961,901)
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
-
97.5%
Alabama
-
2.2%
Black
Belt
Energy
Gas
District
Gas
Prepay
RB
2019
Series
A
(A1/NR)
$
1,275,000
4.000%
(a)(b)
12/01/2049
$
1,275,692
Black
Belt
Energy
Gas
District
Gas
Project
RB
Series
2022C-1
(A1/NR)
10,000,000
5.250
(a)(b)
02/01/2053
10,553,365
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
5,857,888
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
2,485,467
Energy
Southeast
a
Cooperative
District
Energy
Supply
RB
2024
Series
B
(A1/NR)
3,150,000
5.250
(a)(b)
07/01/2054
3,369,839
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
2,774,346
Hoover
Industrial
Development
Board
RB
for
United
States
Steel
Corp.
Series
2019
(B1/BB-)
25,350,000
5.750
10/01/2049
26,370,360
Jefferson
County
Sewer
Revenue
Warrants
Series
2024
(Baa1/BBB+)
22,340,000
5.250
10/01/2049
23,894,453
23,620,000
5.500
10/01/2053
25,561,781
Midcity
Improvement
District
Special
Assessment
RB
Series
2022
(NR/NR)
1,085,000
4.500
11/01/2042
904,861
1,000,000
4.750
11/01/2049
821,882
Southeast
Alabama
Gas
Supply
District
Gas
Supply
RB
Refunding
Series
2024B
(A1/NR)
80,000,000
5.000
(a)(b)
06/01/2049
84,329,504
Southeast
Energy
Authority
Commodity
Supply
RB
for
Project
No.
6
Series
2023B
(Aa1/NR)
10,000,000
5.000
(a)(b)
01/01/2054
10,556,874
Sumter
County
IDA
Exempt
Facilities
RB
for
Enviva
Project
Series
2022
(NR/NR)
10,073,131
6.000
(a)(b)
07/15/2052
4,835,103
The
Black
Belt
Energy
Gas
District
Gas
Supply
RB,
Series
2023B
(Aa1/NR)
18,620,000
5.250
(a)(b)
12/01/2053
20,131,021
The
Educational
Building
Authority
of
The
City
of
Homewood
Alabama
Lease
RB
CHF
–
Horizons
I
L.L.C.
Recreation
Center
Project
At
Samford
University
Tax-Exempt
Series
2024-A
(Baa2/NR)
3,000,000
5.500
10/01/2054
3,148,351
The
Educational
Building
Authority
of
The
City
of
Homewood
Alabama
RB
CHF
–
Horizons
II
L.L.C.
Student
Housing
&
Parking
Project
At
Samford
University
Tax-Exempt
Series
2024-C
(Baa2/NR)
2,930,000
5.500
10/01/2054
3,081,865
1,100,000
5.000
10/01/2056
1,101,918
The
Industrial
Development
Authority
of
Mobile
County
Solid
Waste
Disposal
RB
Am
Ns
Calvert
LLC
Project
Series
2024A
(Baa3/BBB-)
14,400,000
5.000
06/01/2054
14,636,794
245,691,364
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
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
$
2,497,201
a
a
American
Samoa
-
0.1%
American
Samoa
Economic
Development
Authority
General
RB
Series
2021A
(Ba3/NR)
6,375,000
5.000
(c)
09/01/2038
6,398,753
American
Samoa
Economic
Development
Authority
RB
Refunding
Series
2021
C
(Ba3/NR)
1,800,000
3.720
(c)
09/01/2027
1,658,419
8,057,172
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
4.520
(b)(f)
01/01/2037
34,202,095
Arizona
IDA
Education
RB
for
Academies
of
Math
&
Science
Projects
Series
2023
(NR/BB+)
900,000
5.375
(c)
07/01/2053
911,776
1,000,000
5.500
(c)
07/01/2058
1,018,002
Arizona
IDA
Education
RB
for
Benjamin
Franklin
Charter
School
Projects
Series
2023A
(Ba1/NR)
1,000,000
5.250
(c)
07/01/2053
1,002,500
1,000,000
5.500
(c)
07/01/2058
1,009,632
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
17,504,363
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
1,383,541
Arizona
Industrial
Development
Authority
RB
for
Great
Lakes
Senior
Living
Communities
LLC
Project
First
Tier
Series
2019
A
(NR/CC)
1,000,000
5.000
01/01/2043
666,370
5,250,000
4.500
01/01/2049
3,014,117
3,300,000
5.000
01/01/2054
2,009,952
Arizona
Industrial
Development
Authority
RB
for
Great
Lakes
Senior
Living
Communities
LLC
Project
Second
Tier
Series
2019
B
(NR/D)
275,000
5.000
01/01/2037
156,519
200,000
5.000
01/01/2038
109,738
650,000
5.000
01/01/2043
322,420
3,450,000
5.000
01/01/2049
1,665,770
1,100,000
5.125
01/01/2054
517,908
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
814,166
2,115,000
4.000
(c)
12/15/2051
1,698,740
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
386,824
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Arizona
–
(continued)
Arizona
Industrial
Development
Authority
RB
Refunding
for
Doral
Academy
of
Northern
Nevada
Obligated
Group
Series
2021
A
(Ba1/NR)
–
(continued)
$
445,000
4.000%
(c)
07/15/2056
$
356,266
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
10,649,128
City
of
Phoenix
Civic
Improvement
Corporation
RB
for
Junior
Lien
Airport
Series
2019
A
(Aa3/A+)
1,625,000
3.000
07/01/2049
1,251,365
City
of
Phoenix
Civic
Improvement
Corporation
RB
for
Junior
Lien
Airport
Series
2019
B
(Aa3/A+)
2,710,000
3.250
07/01/2049
2,167,926
County
of
Maricopa
IDA
Education
RB
Series
2021A
(NR/BBB-)
1,250,000
4.000
(c)
07/01/2056
1,035,909
County
of
Maricopa
IDA
Education
RB
Taxable
Convertible
Series
2021B
(NR/BBB-)
3,400,000
3.500
(c)
07/01/2044
2,799,708
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
7,490,802
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
4,847,692
2,750,000
7.000
(c)
11/15/2057
2,968,866
Equitable
School
Revolving
Fund
National
Charter
School
Revolving
Loan
Fund
RB
(NR/A)
4,325,000
4.000
11/01/2051
3,971,785
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
571,038
595,000
4.100
07/01/2034
547,144
1,848,000
4.750
07/01/2043
1,652,659
Glendale
Industrial
Development
Authority
RB
for
People
of
Faith,
Inc.
Obligated
Group
Series
2020
A
(NR/NR)
17,705,000
5.000
05/15/2056
15,868,266
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
477,116
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
686,030
1,340,000
5.000
(c)
07/01/2054
1,293,593
Maricopa
County
Industrial
Development
Authority
RB
for
Ottawa
University
Series
2020
(NR/NR)
1,885,000
5.250
(c)
10/01/2040
1,807,275
1,885,000
5.500
(c)
10/01/2051
1,740,130
Maricopa
County
Pollution
Control
Corp
Pollution
Control
Revenue
Refunding
Bonds
Series
A
(A2/A-)
2,000,000
2.400
06/01/2035
1,650,886
Pima
County
IDA
RB
Refunding
for
Career
Success
Schools,
Inc.
Series
2020
(NR/NR)
250,000
5.500
(c)
05/01/2040
250,563
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Arizona
–
(continued)
Pima
County
IDA
RB
Refunding
for
Career
Success
Schools,
Inc.
Series
2020
(NR/NR)
–
(continued)
$
950,000
5.750%
(c)
05/01/2050
$
953,356
Salt
River
Agricultural
Improvement
and
Power
District
Project
Electric
System
RB
Series
2023B
(Aa1/AA+)
9,260,000
5.250
01/01/2053
10,236,925
Tempe
Industrial
Development
Authority
RB
for
Tempe
Life
Care
Village
Obligated
Group
Series
2019
(NR/NR)
1,520,000
5.000
12/01/2050
1,461,764
1,900,000
5.000
12/01/2054
1,803,292
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
874,238
1,000,000
5.000
07/01/2042
1,020,126
The
Industrial
Development
Authority
of
The
County
of
Maricopa
Education
RB
1,150,000
4.000
(c)
07/01/2051
974,591
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
1,742,622
1,800,000
6.375
(c)
07/01/2058
1,850,904
167,126,398
Arkansas
-
0.2%
Arkansas
Development
Finance
Authority
Environmental
Improvement
RB
Series
2022
(AMT)
(NR/BB-)
16,175,000
5.450
09/01/2052
16,633,636
Arkansas
Development
Finance
Authority
RB
for
Baptist
Health
Obligated
Group
Series
2019
(NR/A)
5,370,000
3.200
12/01/2049
4,201,057
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
1,139,070
775,000
3.500
07/01/2046
525,176
500,000
4.000
07/01/2052
355,695
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
3,942,688
26,797,322
California
-
8.9%
ABC
Unified
School
District
GO
Bonds
Series
2001
C
(NATL)
(Aa2/AA-)
1,600,000
0.000
(e)
08/01/2026
1,492,971
Airport
Commission
of
The
City
and
County
of
San
Francisco
Second
Series
RB
Series
2019A
(AMT)
(A1/A+)
3,980,000
4.000
05/01/2049
3,753,267
Airport
Commission
of
The
City
and
County
of
San
Francisco
Second
Series
RB
Series
2019A
(AMT)
(NR/NR)
45,000
4.000
(d)
05/01/2049
45,471
Airport
Commission
of
The
City
and
County
of
San
Francisco
Second
Series
RB
Series
2019E
(AMT)
(NR/NR)
145,000
4.000
(d)
05/01/2050
146,519
Airport
Commission
of
The
City
and
County
of
San
Francisco
Second
Series
RB
Series
2019E
(AMT)
(NR/A+)
1,535,000
4.000
05/01/2050
1,443,832
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
California
–
(continued)
Alameda
Corridor
Transportation
Authority
Convertible
Capital
Appreciation
Bonds
Series
2022A
(AGM)
(A1/AA)
$
3,225,000
0.000%
(g)
10/01/2051
$
1,784,805
Alameda
Corridor
Transportation
Authority
Convertible
Capital
Appreciation
Bonds
Series
2022A
(A3/A-)
1,850,000
0.000
(g)
10/01/2047
1,058,945
1,850,000
0.000
(g)
10/01/2048
1,053,464
2,300,000
0.000
(g)
10/01/2049
1,292,837
1,375,000
0.000
(g)
10/01/2050
771,890
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
3,121,605
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
1,233,744
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
3,835,811
Burbank-Glendale-Pasadena
Airport
Authority
Airport
Senior
RB
2024
Series
B
(AMT)
(A2/A)
5,875,000
5.250
07/01/2054
6,316,751
Burbank-Glendale-Pasadena
Airport
Authority
Airport
Senior
RB
2024
Series
B
(AMT)
(AGM)
(A1/AA)
5,000,000
4.500
07/01/2054
4,962,369
Calaveras
Unified
School
District
GO
Bonds
for
Capital
Appreciation
Series
2000
(AGM)
(A1/AA)
1,055,000
0.000
(e)
08/01/2025
1,016,092
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
3,179,491
California
Community
Choice
Financing
Authority
Clean
Energy
Project
RB
Green
Bonds
Series
2024A
(A1/NR)
24,500,000
5.000
(a)(b)
05/01/2054
26,167,051
California
Community
Choice
Financing
Authority
Clean
Energy
Project
RB
Series
2023B
(A1/NR)
2,000,000
5.000
(a)(b)
07/01/2053
2,099,656
California
Community
College
Financing
Authority
RB
for
NCCD-
Orange
Coast
Properties
LLC
Series
2018
(NR/BB+)
2,755,000
5.250
05/01/2048
2,818,070
2,850,000
5.250
05/01/2053
2,907,216
California
Community
College
Financing
Authority
Student
Housing
RB
for
Napa
Valley
College
Project
Series
2022A
(NR/NR)
9,275,000
5.750
(c)
07/01/2060
9,441,460
California
Community
Housing
Agency
Aster
Apartments
RB
Series
2021
A-1
(NR/NR)
9,775,000
4.000
(c)
02/01/2056
8,616,510
California
Community
Housing
Agency
Essential
Housing
Junior
RB
Series
2021A-2
(NR/NR)
2,300,000
4.000
(c)
08/01/2050
1,841,228
California
Community
Housing
Agency
Essential
Housing
RB
Series
2021A-1
(NR/NR)
1,825,000
3.000
(c)
02/01/2057
1,272,592
California
Community
Housing
Agency
RB
Series
2021A-1
Senior
Bonds
(NR/NR)
6,450,000
4.000
(c)
02/01/2056
5,439,919
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
California
–
(continued)
California
County
Tobacco
Securitization
Agency
RB
Refunding
for
Merced
County
Tobacco
Funding
Corp.
Series
2020
B
(NR/NR)
$
1,345,000
5.000%
06/01/2050
$
1,350,069
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
1,573,298
California
County
Tobacco
Securitization
Agency
RB
Refunding
Series
2020
B-1
(NR/BBB+)
205,000
5.000
06/01/2049
208,772
California
County
Tobacco
Securitization
Agency
RB
Refunding
Series
2020
B-2
(NR/NR)
145,960,000
0.000
(e)
06/01/2055
26,464,256
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
18,541,428
California
Enterprise
Development
Authority
RB
Refunding
for
Rocklin
Academy
Obligated
Group
Series
2021
A
(NR/BB+)
595,000
4.000
(c)
06/01/2061
497,813
California
Health
Facilities
Financing
Authority
RB
for
Commonspirit
Health
Series
2020A
(A3/A-)
5,705,000
4.000
04/01/2049
5,484,665
California
Health
Facilities
Financing
Authority
RB
for
Commonspirit
Health
Series
2024A
(A3/A-)
4,600,000
5.000
12/01/2054
4,859,020
California
Health
Facilities
Financing
Authority
Refunding
RB
Lucile
Salter
Packard
Children's
Hospital
At
Stanford
2022
Series
A
Forward
Delivery
(A1/NR)
2,525,000
4.000
05/15/2051
2,515,651
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
858,082
California
Infrastructure
&
Economic
Development
Bank
for
Brightline
West
Passenger
Rail
Project
Series
RB
Series
2020A
(Aaa/NR)
11,810,000
3.950
(a)(b)(c)
01/01/2050
11,812,402
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
15,007,232
California
Municipal
Finance
Authority
Charter
School
Leave
Revenue
Refunding
Bonds
Series
2022
(NR/BB+)
750,000
5.000
07/01/2052
755,408
3,725,000
5.000
07/01/2062
3,727,433
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
2,806,984
5,250,000
5.000
09/01/2057
5,356,671
California
Municipal
Finance
Authority
RB
(California
Lutheran
University)
Series
2018
(Baa1/NR)
225,000
5.000
10/01/2035
234,808
California
Municipal
Finance
Authority
RB
for
Community
Medical
Centers
Series
2017
A
(A3/BBB+)
3,800,000
5.000
02/01/2042
3,844,449
10,000,000
5.000
02/01/2047
10,061,874
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
California
–
(continued)
California
Municipal
Finance
Authority
RB
for
P3
Claremont
Holdings
LLC
Series
2020
A
(NR/NR)
$
1,135,000
5.000%
(c)
07/01/2052
$
1,066,724
California
Municipal
Finance
Authority
RB
for
The
Learning
Choice
Academy
Series
2021
A
(NR/BBB-)
1,510,000
4.000
07/01/2051
1,251,867
1,035,000
4.000
07/01/2055
839,866
California
Municipal
Finance
Authority
RB
Refunding
for
California
Lutheran
University
Series
2018
(Baa1/NR)
250,000
5.000
10/01/2034
261,189
300,000
5.000
10/01/2037
312,027
300,000
5.000
10/01/2038
311,103
California
Municipal
Finance
Authority
RB
Refunding
for
Claremont
Graduate
University
Series
2020
B
(NR/NR)
1,090,000
5.000
(c)
10/01/2049
1,065,452
1,740,000
5.000
(c)
10/01/2054
1,681,955
California
Municipal
Finance
Authority
Senior
Lien
RB
for
Linxs
APM
Project
Series
2018A
(A2/NR)
14,040,000
4.000
12/31/2047
12,685,014
California
Municipal
Finance
Authority
Senior
Lien
RB
for
Linxs
APM
Project
Series
2018A
(NR/NR)
7,395,000
5.000
12/31/2043
7,508,833
California
Municipal
Finance
Authority
Special
Facility
RB
For
United
Airlines
International
Airport
Project
Series
2019
(NR/BB-)
11,425,000
4.000
07/15/2029
11,413,165
California
Pollution
Control
Financing
Authority
Solid
Waste
Disposal
RB
for
Rialto
Bioenergy
Facility
LLC
Project
Series
2019
(NR/NR)
26,895,001
7.500
(c)(h)
*
12/01/2040
3,227,400
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
1,329,865
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
2,610,365
1,730,000
5.000
(c)
07/01/2037
1,893,897
1,750,000
5.000
(c)
07/01/2038
1,904,634
1,200,000
5.000
(c)
11/21/2045
1,267,648
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
12,688,471
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
8,762,137
California
Pollution
Control
Financing
Authority
Water
Furnishing
RR
Bonds,
Series
2019
550,000
5.000
(c)
07/01/2039
574,981
California
Public
Finance
Authority
RB
for
Excelsior
Charter
School
Project
Series
2020
A
(NR/NR)
1,540,000
5.000
(c)
06/15/2050
1,489,968
1,030,000
5.000
(c)
06/15/2055
986,235
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
California
–
(continued)
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
$
883,001
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
4,714,330
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
2,058,934
3,250,000
5.000
(c)
10/01/2061
3,213,858
California
School
Finance
Authority
Charter
School
RB
for
Classical
Academies
Vista
Project
Series
2021
(NR/BBB-)
1,450,000
4.000
(c)
10/01/2046
1,273,263
California
School
Finance
Authority
Charter
School
RB
for
Harbor
Springs
Obligated
Group
Series
2024A
(NR/BB+)
2,235,000
5.500
(c)
07/01/2054
2,323,050
2,200,000
5.625
(c)
07/01/2063
2,284,321
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
1,076,823
745,000
5.375
(c)
07/01/2056
763,178
1,525,000
5.500
(c)
07/01/2062
1,566,504
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
1,878,093
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
573,536
700,000
5.875
(c)
06/01/2053
716,791
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
2,891,985
4,190,000
5.000
(c)
07/01/2061
4,106,924
California
School
Finance
Authority
Charter
School
RB
for
Valley
International
Preparatory
High
School
Project
Series
2022A
(NR/NR)
2,230,000
5.250
(c)
03/01/2062
1,688,378
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
525,742
550,000
5.500
(c)
08/01/2043
583,038
400,000
5.500
(c)
08/01/2047
419,800
California
School
Finance
Authority
Educational
Facilities
RB
New
Designs
Charter
School
Project
Series
2024A
(NR/BB+)
1,475,000
5.000
(c)
06/01/2064
1,481,065
California
School
Finance
Authority
RB
for
Classical
Academy
Obligated
Group
Series
2020
A
(NR/BBB-)
3,500,000
5.000
(c)
10/01/2050
3,508,201
California
School
Finance
Authority
RB
for
Fenton
Charter
Public
Schools
Series
2020
A
(NR/BB+)
2,770,000
5.000
(c)
07/01/2058
2,747,606
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
California
–
(continued)
California
School
Finance
Authority
RB
for
iLEAD
Lancaster
Series
2021
A
(ST
INTERCEPT)
(NR/NR)
$
600,000
5.000%
(c)
06/01/2051
$
570,198
2,440,000
5.000
(c)
06/01/2061
2,266,095
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
1,351,589
1,240,000
5.000
(c)
07/01/2055
1,243,562
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
504,037
700,000
4.000
(c)
06/01/2051
523,198
1,220,000
4.000
(c)
06/01/2061
870,193
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
2,370,550
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
841,628
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
709,460
California
Statewide
Communities
Development
Authority
500,000
5.000
08/01/2038
509,970
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
1,014,063
California
Statewide
Communities
Development
Authority
Community
Facilities
District
No.
2007-01
Special
Tax
Refunding
for
Orinda
Wilder
Project
Series
2015
(NR/NR)
740,000
5.000
09/01/2037
749,068
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
2,978,124
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
2,902,578
California
Statewide
Communities
Development
Authority
Community
Facilities
District
Special
Tax
Bonds
Series
2022
(NR/NR)
4,500,000
5.000
09/01/2052
4,593,246
California
Statewide
Communities
Development
Authority
Infrastructure
Program
Special
Assessment
Bonds
Series
2018
B
(NR/BBB+)
575,000
5.000
09/02/2043
588,082
California
Statewide
Communities
Development
Authority
Infrastructure
Program
Special
Assessment
Bonds
Series
2019
A
(NR/NR)
1,345,000
5.000
09/02/2039
1,405,729
895,000
5.000
09/02/2044
924,954
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
390,047
475,000
5.000
(c)
06/01/2039
484,304
1,340,000
5.000
(c)
06/01/2051
1,341,099
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
California
–
(continued)
California
Statewide
Communities
Development
Authority
RB
for
Lancer
Plaza
Project
Series
2013
(NR/NR)
$
1,875,000
5.875%
11/01/2043
$
1,877,134
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
10,345,420
California
Statewide
Communities
Development
Authority
RB
for
Loma
Linda
University
Medical
Center
Series
2014A
(NR/BB)
18,325,000
5.250
12/01/2044
18,377,475
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
1,616,519
2,080,000
5.000
(c)
12/01/2046
2,094,395
10,030,000
5.250
(c)
12/01/2056
10,108,210
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
2,638,221
California
Statewide
Communities
Development
Authority
RB
for
Marin
General
Hospital
Series
2018A
(NR/BBB)
175,000
5.000
08/01/2037
179,427
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
2,407,001
3,125,000
5.250
(c)
07/01/2049
3,161,942
1,900,000
5.250
(c)
07/01/2052
1,919,950
California
Statewide
Communities
Development
Authority
RB
Green
Bonds
for
Marin
General
Hospital
Series
2018A
(NR/BBB)
365,000
5.000
08/01/2028
375,883
California
Statewide
Communities
Development
Authority
RB
Refunding
for
California
Baptist
University
Series
2017
A
(NR/NR)
935,000
5.000
(c)
11/01/2032
962,319
1,875,000
5.000
(c)
11/01/2041
1,887,450
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
13,805,604
California
Statewide
Communities
Development
Authority
Special
Assessment
Bond
Series
2020
(NR/NR)
1,230,000
4.000
09/02/2050
1,043,141
California
Statewide
Communities
Development
Authority
Special
Assessment
Bonds
Series
2018
C
(NR/NR)
3,245,000
5.000
09/02/2038
3,372,099
California
Statewide
Communities
Development
Authority
Special
Assessment
Series
2021
A
(NR/NR)
1,990,000
4.000
09/02/2051
1,713,477
California
Statewide
Communities
Development
Authority
Special
Tax
Bonds
Series
2022
(NR/NR)
1,525,000
5.250
09/01/2052
1,582,215
California
Statewide
Communities
Development
Authority
Statewide
Community
Infrastructure
Program
RB
Series
2018B
(NR/BBB+)
1,040,000
5.000
09/02/2048
1,056,380
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
California
–
(continued)
California
Statewide
Communities
Development
Authority
Statewide
Community
Infrastructure
Program
RB
Series
2018C
(NR/NR)
$
2,960,000
5.000%
09/02/2048
$
3,019,000
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
3,109,826
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
6,118,920
Capistrano
Unified
School
District
Special
Tax
for
Capital
Appreciation
Series
2005
(NATL)
(Baa2/NR)
7,000,000
0.000
(e)
09/01/2033
4,774,829
Chino
Public
Financing
Authority
Tax
Exempt
RB
Series
2019
A
(NR/NR)
190,000
3.000
09/01/2037
161,398
195,000
3.000
09/01/2038
161,089
205,000
3.000
09/01/2039
165,405
210,000
3.000
09/01/2040
165,929
715,000
3.125
09/01/2044
549,211
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
821,808
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
1,256,107
City
and
County
of
San
Francisco
Special
Tax
District
No.
2020-1
1,345,000
5.750
(c)
09/01/2053
1,437,979
City
and
County
of
San
Francisco
Special
Tax
District
No.
2020-1
1,650,000
5.750
(c)
09/01/2053
1,776,740
City
of
Alameda
Community
Facilities
District
2023
Special
Tax
Bonds
(NR/NR)
1,050,000
5.000
09/01/2053
1,070,550
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
919,352
City
of
Chino
Community
Facilities
Improvement
Area
Special
Tax
Bonds
Series
2022
(NR/NR)
2,700,000
5.375
09/01/2052
2,818,389
City
of
Dublin,
Community
Facilities
District
No.
2015-1
1,150,000
5.375
09/01/2051
1,188,379
City
of
Fairfield
Community
Facilities
District
No.
2019-1
for
Improvement
Area
No.
1
Series
2020
A
(NR/NR)
850,000
5.000
09/01/2050
865,437
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
3,017,830
City
of
Los
Angeles
Department
of
Airports
International
Airport
Subordinate
RB
2018
Series
F
(Aa3/AA-)
4,500,000
4.000
05/15/2049
4,249,974
City
of
Los
Angeles
Department
of
Airports
International
Airport
Subordinate
RB
2023
Series
A
(Aa3/AA-)
450,000
4.125
05/15/2043
445,370
City
of
Oroville
RB
for
Oroville
Hospital
Series
2019
(NR/NR)
1,900,000
5.250
04/01/2034
1,387,303
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
California
–
(continued)
City
of
Oroville
RB
for
Oroville
Hospital
Series
2019
(NR/NR)
–
(continued)
$
3,565,000
5.250%
04/01/2039
$
2,571,589
16,065,000
5.250
04/01/2049
11,581,053
11,685,000
5.250
04/01/2054
8,363,645
City
of
Palm
Desert
Community
Facilities
District
No.
2021-1
Special
Tax
Bonds
Series
2024
(NR/NR)
600,000
5.000
09/01/2049
616,003
525,000
5.000
09/01/2053
536,289
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
389,332
450,000
4.000
09/01/2041
415,118
550,000
4.000
09/01/2051
472,108
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
1,633,976
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
541,641
City
of
Rancho
Cordova
Sunridge
Anatolia
Community
Facilities
District
Special
Tax
Bonds
Series
2016
(NR/NR)
500,000
4.000
09/01/2029
500,715
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
1,709,989
City
of
Roseville
Special
Tax
The
Ranch
at
Sierra
Vista
Community
Facilities
District
No.
1
Series
2020
(NR/NR)
350,000
4.000
09/01/2035
342,990
375,000
4.000
09/01/2040
353,123
425,000
4.000
09/01/2045
381,349
950,000
4.000
09/01/2050
820,020
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
416,420
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
288,880
700,000
5.000
(c)
09/01/2037
722,075
1,745,000
5.000
(c)
09/01/2047
1,770,278
City
of
San
Francisco
Airport
Commission
International
Airport
Second
Series
RB
Series
2019A
(A1/A+)
2,000,000
5.000
05/01/2049
2,041,296
City
of
San
Francisco
Improvement
Area
Community
Facilities
District
Special
Tax
Bonds
Series
2021
(NR/NR)
925,000
4.000
09/01/2046
832,117
City
of
San
Jose,
California
Airport
Revenue
Refunding
Bonds
Series
2017A
(A2/A)
4,310,000
5.000
03/01/2047
4,360,995
CMFA
Special
Finance
Agency
Essential
Housing
RB
Seres
2021A-1
(NR/NR)
4,465,000
3.000
(c)
12/01/2056
3,231,644
CMFA
Special
Finance
Agency
VIII
Essential
Housing
RB
2021A-
1
(NR/NR)
5,500,000
3.000
(c)
08/01/2056
3,901,695
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
California
–
(continued)
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
$
1,634,404
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
1,333,282
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
2,648,698
200,000
4.000
09/01/2045
183,712
County
of
Los
Angeles
Community
Facilities
District
Special
Tax
Bonds
Series
2022
(NR/NR)
2,775,000
5.000
09/01/2052
2,832,502
County
of
San
Diego
Community
Facilities
District
No.
2008-01
Special
Tax
Series
2020
A
(NR/NR)
695,000
3.000
09/01/2050
484,872
CSCDA
Community
Improvement
Authority
Essential
Housing
RB
Series
2021A-2
(NR/NR)
11,225,000
3.000
(c)
12/01/2056
8,124,345
CSCDA
Community
Improvement
Authority
Essential
Housing
Senior
Lien
RB
Series
2021A-1
(NR/NR)
6,725,000
3.600
(c)
05/01/2047
5,754,716
CSCDA
Community
Improvement
Authority
Essential
Housing
Senior
Lien
RB
Series
2021A-2
(NR/NR)
900,000
3.250
(c)
04/01/2057
674,086
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
1,161,779
Department
of
Airports
of
The
City
of
Los
Angeles
LAX
Subordinate
RB
2021
Series
D
(Private
Activity/AMT)
(Aa3/AA-)
11,895,000
4.000
05/15/2051
11,143,086
Department
of
Airports
of
The
City
of
Los
Angeles
LAX
Subordinate
RB
2022
Series
A
(Private
Activity/AMT)
(Aa3/AA-)
7,955,000
4.000
05/15/2049
7,513,009
Dublin
Unified
School
District
GO
Bonds
Election
of
2020
Series
B
(Aa1/AA+)
15,000,000
4.250
08/01/2053
15,248,809
East
Garrison
Public
Finance
Authority
Special
Tax
for
East
Garrison
Project
Series
2019
(NR/NR)
445,000
3.125
09/01/2044
339,604
Eastern
Foothill
Transportation
Corridor
Agency
Senior
Lien
Toll
Road
Refunding
RB
Series
2021A
(Baa1/A)
1,000,000
4.000
01/15/2046
972,407
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
4,023,343
Fairfield
COPS
Capital
Appreciation
for
Water
Financing
Series
2007
A
(AGC)
(NR/AA)
4,180,000
0.000
(e)
04/01/2029
3,523,618
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
2,596,026
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
California
–
(continued)
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
$
6,805,222
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
20,485,838
Golden
State
Securitization
Settlement
Corp
ABS
Bond
Series
2021
2021B-1
(NR/BBB-)
16,310,000
3.850
06/01/2050
15,296,762
Golden
State
tobacco
Securitization
Corp.
tobacco
Settlement
Asset
Backed
Bonds
Series
2022A-1
(NR/BBB+)
5,375,000
5.000
06/01/2051
5,568,743
Golden
State
tobacco
Securitization
Settlement
Corp
ABS
Bond
Series
2021B-2
(NR/NR)
130,250,000
0.000
(e)
06/01/2066
14,479,228
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
220,507
750,000
4.000
09/01/2056
624,682
Improvement
Area
3
of
The
City
of
Stockton
Community
Facilities
District
No.
2018-2
Westlake
Villages
II
Special
Tax
Bonds
Series
2024
(NR/NR)
650,000
5.000
09/01/2054
664,172
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
3,575,258
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
1,068,244
1,000,000
5.625
09/01/2053
1,067,594
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
46,429,865
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
11,038,407
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
24,395,005
Irvine
Unified
School
District
Community
Facilities
District
Special
Tax
Bonds
Series
2017
D
(NR/NR)
4,600,000
5.000
03/01/2057
4,667,356
Lemoore
Redevelopment
Agency
Tax
Allocation
for
Lemoore
Redevelopment
Project
Series
2011
(NR/A-)
75,000
6.625
08/01/2024
75,136
Lodi
Unified
School
District
GO
Bonds
Series
2021
(Aa2/NR)
3,700,000
3.000
08/01/2046
3,046,681
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
14,463,218
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
California
–
(continued)
Los
Angeles
County
Public
Works
Financing
Authority
Lease
RB
2020
Series
A
(NR/AA+)
$
2,125,000
3.000%
12/01/2050
$
1,673,304
Merced-Union
High
School
District
Election
of
2008
GO
Bonds
Series
2011
C
(Aa3/NR)
3,760,000
0.000
(e)
08/01/2035
2,523,275
M-S-R
Energy
Authority
Gas
RB
Series
2009
A
(NR/BBB+)
12,950,000
6.500
11/01/2039
16,410,451
M-S-R
Energy
Authority
Gas
RB
Series
2009
B
(NR/BBB+)
3,000,000
6.500
11/01/2039
3,801,649
M-S-R
Energy
Authority
Gas
RB
Series
2009
C
(NR/BBB+)
8,200,000
6.125
11/01/2029
8,647,090
20,315,000
6.500
11/01/2039
25,743,499
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
5,112,433
New
Haven
Unified
School
District
GO
Refunding
Bonds
for
Capital
Appreciation
Series
2009
(AGC)
(Aa2/AA)
860,000
0.000
(e)
08/01/2025
829,077
1,105,000
0.000
(e)
08/01/2026
1,029,817
5,550,000
0.000
(e)
08/01/2030
4,512,077
7,855,000
0.000
(e)
08/01/2032
5,932,014
7,000,000
0.000
(e)
08/01/2034
4,891,502
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
1,008,544
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
209,943
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
12,263,581
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
687,471
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
829,593
820,000
3.000
09/01/2033
749,252
750,000
3.000
09/01/2034
679,634
Rancho
Cordova
Community
Facilities
District
No.
2018-1
Special
Tax
for
Grantline
208
Series
2019
(NR/NR)
400,000
5.000
09/01/2049
408,575
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
3,978,076
Rialto
Unified
School
District
GO
Election
of
2010
Series
2011
A
(AGM)
(Aa3/AA)
6,200,000
0.000
(e)
08/01/2036
3,756,897
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
2,892,259
3,875,000
5.000
09/01/2052
3,955,295
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
California
–
(continued)
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
$
1,558,755
2,220,000
0.000
(e)
10/01/2035
1,445,078
1,840,000
0.000
(e)
10/01/2037
1,091,120
5,100,000
0.000
(e)
10/01/2038
2,850,561
8,425,000
0.000
(e)
10/01/2039
4,456,710
13,395,000
0.000
(e)
10/01/2040
6,684,149
7,275,000
0.000
(e)
10/01/2041
3,430,431
6,360,000
0.000
(e)
10/01/2042
2,847,767
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
1,364,578
San
Diego
County
Regional
Airport
Authority
Subordinate
Airport
RB
Series
2021B
(A2/NR)
1,755,000
5.000
07/01/2046
1,833,357
2,165,000
5.000
07/01/2056
2,237,763
San
Diego
County
Regional
Airport
Authority
Subordinate
Airport
RB
Series
2021B
(AMT)
(A2/NR)
6,080,000
5.000
07/01/2051
6,311,368
San
Diego
Unified
School
District
2010
GO
Bonds
(Aa2/AA-)
900,000
0.000
(e)
07/01/2043
418,464
San
Diego
Unified
School
District
GO
Refunding
Bonds
Series
2012
R-1
(Aa2/AA-)
10,000,000
0.000
(e)
07/01/2030
8,197,150
3,305,000
0.000
(e)
07/01/2031
2,617,315
San
Gorgonio
Memorial
Health
Care
District
GO
Refunding
Bonds
Series
2020
(Ba2/NR)
1,370,000
4.000
08/01/2032
1,227,839
1,560,000
4.000
08/01/2033
1,372,229
1,680,000
4.000
08/01/2034
1,461,413
1,810,000
4.000
08/01/2035
1,555,763
1,945,000
4.000
08/01/2036
1,648,041
San
Juan
Unified
School
District
GO
Bonds
for
Capital
Appreciation
Series
2000
(NATL)
(Aa2/A+)
1,595,000
0.000
(e)
08/01/2025
1,536,177
Santa
Monica
Redevelopment
Agency
Tax
Allocation
for
Earthquake
Recovery
Redevelopment
Project
Series
2011
(NR/AA)
2,000,000
5.000
07/01/2042
2,001,961
Silicon
Valley
tobacco
Securitization
Authority
tobacco
Settlement
ABS
Series
2007D
(NR/NR)
27,250,000
0.000
(e)
06/01/2056
2,575,836
Silicon
Valley
tobacco
Securitization
Authority
tobacco
Settlement
Asset
Backed
RB
Series
2007
C
(NR/NR)
91,400,000
0.000
(e)
06/01/2056
9,472,751
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
4,003,112
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
4,157,012
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(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
B-2
(NR/NR)
$
9,510,000
0.000%
(e)
06/01/2054
$
1,857,813
Transbay
Joint
Powers
Authority
Tax
Allocation
for
Transbay
Redevelopment
Project
Series
2020
A
(NR/NR)
2,155,000
5.000
10/01/2049
2,191,582
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
756,704
West
Patterson
Financing
Authority
California Community
Facilities
Villages
of
Patterson
Special
Tax
Bonds
Series
2024
(NR/NR)
780,000
4.625
09/01/2049
763,635
2,435,000
5.000
09/01/2054
2,483,902
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
5,894,176
Yosemite
Community
College
District
GO
Bonds
Election
of
2004
Series
2010
D
(Aa2/AA-)
19,135,000
0.000
(g)
08/01/2042
16,027,709
992,438,044
Colorado
-
5.3%
Allison
Valley
Metropolitan
District
No.
2
GO
Refunding
Bonds
Series
2020
(NR/NR)
1,575,000
4.700
12/01/2047
1,335,240
Amber
Creek
Metropolitan
District
GO
Refunding
&
Improvement
Bonds
Series
2017
A
(NR/NR)
595,000
5.000
12/01/2037
548,645
613,000
5.125
12/01/2047
541,890
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
2,332,722
Aurora
Crossroads
Metropolitan
District
No.
2
GO
Bonds
Series
2020
B
(NR/NR)
4,000,000
7.750
12/15/2050
3,819,186
Banning
Lewis
Ranch
Metropolitan
District
No.
8
GO
Bonds
Series
2021
(NR/NR)
4,000,000
4.875
(c)
12/01/2051
3,142,095
Banning
Lewis
Ranch
Regional
Metropolitan
District
No.
2
GO
Bonds
Series
2021
(NR/NR)
4,690,000
5.750
12/01/2051
4,247,834
Belford
North
Metropolitan
District
GO
Bonds
Series
2020
A
(NR/NR)
3,250,000
5.500
12/01/2050
2,993,809
Belford
North
Metropolitan
District
GO
Bonds
Series
2020
B
(NR/NR)
6,000,000
8.500
12/15/2050
5,750,318
Bella
Mesa
Metropolitan
District
GO
Convertible
Capital
Appreciation
Bonds
Series
2020
A
(NR/NR)
1,930,000
0.000
(c)(g)
12/01/2049
1,759,861
Bent
Grass
Metropolitan
District
Refunding
GO
Bonds
Series
2020
(NR/NR)
1,185,000
5.250
(c)
12/01/2049
1,140,460
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Colorado
–
(continued)
Board
of
Trustees
of
The
Colorado
School
of
Mines
Institutional
Enterprise
RB
Series
2024A
(ST
HGR
ED
INTERCEPT
PROG)
(Aa2/AA)
$
21,250,000
4.000%
12/01/2049
$
20,858,647
Brighton
Crossing
Metropolitan
District
No.
4
Limited
Tax
GO
Bonds
Subordinate
Series
2017
B
(NR/NR)
670,000
7.000
12/15/2047
635,937
Brighton
Crossing
Metropolitan
District
No.
6
Limited
Tax
GO
Bonds
Series
2020A(3)
(NR/NR)
3,835,000
5.000
12/01/2050
3,392,387
Buffalo
Highlands
Metropolitan
District
GO
Bonds
Series
2018
A
(NR/NR)
2,250,000
5.375
12/01/2048
2,223,654
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
9,106,299
Canyons
Metropolitan
District
No.
5
GO
Refunding
&
Improvement
Bonds
Senior
Series
2017
A
(NR/NR)
1,750,000
6.000
12/01/2037
1,751,175
4,000,000
6.125
12/01/2047
4,006,546
Canyons
Metropolitan
District
No.
5
GO
Refunding
&
Improvement
Bonds
Series
2017
A
(NR/NR)
2,000,000
6.125
12/01/2047
2,001,396
Cascade
Ridge
Metropolitan
District
GO
Bonds
Series
2021
(NR/NR)
2,500,000
5.000
12/01/2051
2,187,458
Castleview
Metropolitan
District
LT
GO
Bonds
Series
2021A3
(NR/NR)
4,220,000
5.000
12/01/2050
3,500,347
Chambers
Highpoint
Metropolitan
District
No.
2
GO
Bonds
Series
2021
(NR/NR)
835,000
5.000
12/01/2051
692,106
Cherry
Creek
South
Metropolitan
District
Lt
Go
Bonds
Series
2021
(NR/NR)
9,400,000
6.000
12/01/2051
7,876,165
Citadel
on
Colfax
Business
Improvement
District
Senior
RB
Series
2020
A
(NR/NR)
2,575,000
5.350
12/01/2050
2,372,215
City
and
County
of
Denver,
Colorado,
For
and
On
Behalf
of
Its
Department
of
Aviation
Airport
System
RB
Series
2022A
(AMT)
(Aa3/AA-)
1,915,000
5.000
11/15/2047
1,999,894
City
of
Denver
Airport
System
Subordinate
RB
Series
2018A
(A1/A+)
7,000,000
4.000
12/01/2043
6,811,375
Cloverleaf
Metropolitan
District
GO
LT
Bonds
Series
2022A
(NR/NR)
1,825,000
6.000
12/01/2051
1,843,402
Colorado
Bridge
and
Tunnel
Enterprise
Senior
Infrastructure
RB
Series
2024A
(AGM)
(A1/AA)
1,500,000
5.250
12/01/2049
1,658,413
6,000,000
5.500
12/01/2054
6,772,425
Colorado
Education
&
Cultural
Facilities
Authority
Charter
School
RB
Series
2021
(Baa3/NR)
2,075,000
4.000
10/01/2061
1,636,683
Colorado
Educational
&
Cultural
Facilities
Authority
RB
for
Aspen
View
Academy,
Inc.
Series
2021
(Baa3/NR)
475,000
4.000
05/01/2051
414,527
1,000,000
4.000
05/01/2061
838,800
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Colorado
–
(continued)
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
$
851,889
2,335,000
5.000
(c)
02/01/2061
2,158,666
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
5,722,801
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
1,589,767
1,955,000
5.000
09/01/2062
1,960,559
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
4,442,089
Colorado
Educational
and
Cultural
Facilities
Authority
Charter
School
RB
Refunding
for
Rocky
Mountain
Classical
Academy
Project
Series
2019
(Ba1/NR)
6,140,000
5.000
(c)
10/01/2049
5,993,255
Colorado
Educational
and
Educational
Facilities
Authority
Charter
School
RB
Ascent
Classical
Academy
Charter
Schools
Inc.
Series
2024A
(NR/BB)
3,500,000
5.800
(c)
04/01/2054
3,638,324
2,050,000
5.750
(c)
04/01/2059
2,112,286
Colorado
Health
Facilities
Authority
American
Eagle
Delaware
Holding
Company
Series
2022A-1
(NR/NR)
3,245,000
6.000
07/01/2036
3,239,510
Colorado
Health
Facilities
Authority
American
Eagle
Delaware
Holding
Company
Series
2022A-2
(NR/NR)
2,055,000
6.000
07/01/2031
2,024,373
Colorado
Health
Facilities
Authority
RB
for
Commonspirit
Health
Series
2022A
(A3/A-)
2,500,000
5.250
11/01/2052
2,662,435
Colorado
Health
Facilities
Authority
RB
for
Commonspirit
Health
Series
2024A
(A3/A-)
4,600,000
5.250
12/01/2054
4,958,790
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
2,543,351
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
25,743,184
Colorado
Health
Facilities
Authority
RB
Refunding
for
Christian
Living
Neighborhoods
Obligated
Group
Series
2021
(NR/NR)
950,000
4.000
01/01/2042
829,977
Colorado
Health
Facilities
Authority
RB
Refunding
for
CommonSpirit
Health
Obligated
Group
Series
2019
A-2
(A3/A-)
2,135,000
3.250
08/01/2049
1,674,219
Colorado
High
Performance
Transportation
Enterprise
C-470
Express
Lanes
Senior
RB
Series
2017
(NR/NR)
900,000
5.000
12/31/2051
900,649
9,680,000
5.000
12/31/2056
9,682,003
Colorado
Springs
Urban
Renewal
Authority
RB
for
Canyon
Creek
Project
Series
2018
A
(NR/NR)
3,000,000
5.750
*
12/01/2047
2,480,649
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Colorado
–
(continued)
Conestoga
Metropolitan
District
LT
GO
Refunding
&
Improvement
Bonds
Series
2021A3
(NR/NR)
$
850,000
5.250%
12/01/2051
$
775,356
Constitution
Heights
Metropolitan
District
GO
Refunding
Bonds
Series
2020
(NR/NR)
1,760,000
5.000
12/01/2049
1,666,301
Copper
Ridge
Metropolitan
District
RB
Series
2019
(NR/NR)
6,615,000
5.000
12/01/2039
6,319,948
1,750,000
5.000
12/01/2043
1,623,707
Copperleaf
Metropolitan
District
GO
LT
Bonds
Series
2021
(NR/NR)
3,600,000
4.875
12/01/2051
2,920,522
Copperleaf
Metropolitan
District
No.
6
Arapoe
County
Subordinate
LT
GO
Bonds
Series
2022B
(NR/NR)
725,000
6.000
12/15/2041
712,022
Cornerstar
Metropolitan
District
GO
Refunding
Bonds
Series
2017
A
(NR/NR)
1,000,000
5.125
12/01/2037
1,000,356
2,100,000
5.250
12/01/2047
2,067,059
Creekside
Village
Metropolitan
District
GO
Bonds
Series
2019
A
(NR/NR)
3,261,000
5.000
12/01/2049
3,061,660
Creekwalk
Marketplace
Business
Improvement
District
LT
Supported
&
Special
Revenue
Senior
Bonds
Series
2021A
(NR/NR)
2,045,000
5.500
(c)
12/01/2039
1,772,188
5,790,000
5.750
(c)
12/01/2049
4,895,459
Creekwalk
Marketplace
Business
Improvement
District
LT
Supported
&
Special
Revenue
Subordinate
Bonds
Series
2021B
(NR/NR)
2,350,000
8.000
(c)
12/15/2049
2,082,865
Creekwalk
Marketplace
Business
Improvement
District
RB
Series
2019
A
(NR/NR)
5,490,000
5.500
(c)
12/01/2039
4,757,611
10,900,000
5.750
(c)
12/01/2049
9,215,976
Creekwalk
Marketplace
Business
Improvement
District
RB
Series
2019
B
(NR/NR)
2,370,000
8.000
(c)
12/15/2049
2,100,591
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
34,163,351
Denver
Convention
Center
Hotel
Authority
RB
Refunding
Series
2016
(Baa2/BBB-)
665,000
5.000
12/01/2030
679,570
2,500,000
5.000
12/01/2032
2,552,043
Denver
Convention
Center
Hotel
Authority
Senior
Revenue
Refunding
Bonds
Series
2016
(Baa2/BBB-)
325,000
5.000
12/01/2031
332,009
Denver
Health
&
Hospital
Authority
COPS
Series
2018
(NR/BBB)
1,825,000
4.000
12/01/2038
1,682,768
1,690,000
5.000
12/01/2048
1,621,232
Denver
Health
&
Hospital
Authority
Healthcare
Revenue
Refunding
Bonds
Series
2017A
(NR/BBB)
7,200,000
5.000
(c)
12/01/2034
7,381,505
7,300,000
4.000
(c)
12/01/2035
6,819,572
7,300,000
4.000
(c)
12/01/2036
6,747,276
Denver
Health
&
Hospital
Authority
RB
Series
2019
A
(NR/BBB)
415,000
5.000
12/01/2030
427,315
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Colorado
–
(continued)
Denver
Health
&
Hospital
Authority
RB
Series
2019
A
(NR/BBB)
–
(continued)
$
950,000
4.000%
12/01/2040
$
852,239
Dinosaur
Ridge
Metropolitan
District
RB
Refunding
and
Improvement
Bonds
Series
2019
A
(NR/NR)
3,925,000
5.000
06/01/2049
3,839,037
E-470
Public
Highway
Authority
RB
Refunding
Capital
Appreciation
Series
2006
B
(NATL)
(A1/A+)
3,000,000
0.000
(e)
09/01/2039
1,425,467
E-470
Public
Highway
Authority
RB
Series
2004
A
(NATL)
(A1/A+)
15,000,000
0.000
(e)
09/01/2028
12,859,104
4,120,000
0.000
(e)
09/01/2034
2,774,816
E-470
Public
Highway
Authority
RB
Series
2010
A
(A1/A+)
20,000,000
0.000
(e)
09/01/2040
10,052,464
Eagle
Brook
Meadows
Metropolitan
District
No.
3
GO
Bonds
Series
2021
(NR/NR)
1,600,000
5.000
12/01/2051
1,423,550
El
Paso
County
Waterview
II
Metropolitan
LT
GO
Bonds
Series
2022A
(NR/NR)
2,000,000
5.000
12/01/2051
1,891,242
Fiddler's
Business
Improvement
District
GO
Refunding
Bonds
Series
2022
(NR/NR)
2,950,000
5.550
(c)
12/01/2047
3,022,039
First
Creek
Village
Metropolitan
District
GO
Bonds
Series
2019
A
(Baa3/NR)
1,580,000
5.000
08/01/2049
1,570,839
First
Creek
Village
Metropolitan
District
GO
Bonds
Series
2019
B
(NR/NR)
515,000
6.750
08/01/2049
516,836
Four
Corners
Business
Improvement
District
LT
Supported
RB
Series
2022
(NR/NR)
2,500,000
6.000
12/01/2052
2,547,627
Glen
Metropolitan
District
GO
LT
Bonds
Series
2021
(NR/NR)
2,370,000
4.250
12/01/2051
1,807,195
Greenspire
Metropolitan
District
GO
LT
Bonds
Series
2022
(NR/NR)
1,430,000
5.125
12/01/2051
1,310,784
Hidden
Creek
Metropolitan
District
GO
Bonds
Series
2021
A
(NR/NR)
1,140,000
4.625
(c)
12/01/2045
929,468
High
Plains
Metropolitan
District
GO
Refunding
Bonds
Series
2017
(NATL)
(A2/NR)
3,680,000
4.000
12/01/2047
3,578,539
Highlands
Metropolitan
District
No.
1
GO
Bonds
Series
2021
(NR/NR)
570,000
5.000
12/01/2051
484,881
Hunters
Overlook
Metropolitan
District
No.
5
GO
Bonds
Series
2019
A
(NR/NR)
2,000,000
5.000
12/01/2049
1,877,743
Jay
Grove
Metropolitan
District
GO
Bonds
Series
2021
(NR/NR)
1,225,000
4.250
12/01/2051
947,574
Jefferson
Center
Metropolitan
District
No.
1
RB
Series
2020
A-2
(B1/NR)
580,000
4.125
12/01/2040
529,577
900,000
4.375
12/01/2047
820,761
Johnstown
Farms
East
Metropolitan
District
GO
LT
Bonds
Series
2021
(NR/NR)
1,000,000
5.000
12/01/2051
867,752
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Colorado
–
(continued)
Johnstown
Plaza
Metropolitan
District
LT
GO
Refunding
and
Improvement
Bonds
Series
2022
(NR/NR)
$
12,627,000
4.250%
12/01/2046
$
11,055,601
Johnstown
Village
Metropolitan
District
No.
2
GO
Bonds
Series
2020
A
(NR/NR)
1,980,000
5.000
12/01/2050
1,734,685
Jones
District
Community
Authority
Board
RB
for
Convertible
Capital
Appreciation
Bonds
Series
2020
(NR/NR)
7,800,000
0.000
(g)
12/01/2050
7,171,645
Kremmling
Memorial
Hospital
District Certificates
of
Participation
Series
2024
(NR/NR)
11,000,000
6.625
(c)
12/01/2056
10,573,388
Lanterns
Metropolitan
District
No.
1
GO
Bonds
Series
2019
A
(NR/NR)
4,190,000
5.000
12/01/2049
4,022,926
Lanterns
Metropolitan
District
No.
1
GO
Bonds
Series
2019
B
(NR/NR)
683,000
7.750
12/15/2049
658,639
Ledge
Rock
Center
Residential
Metropolitan
District
No.
1
in
The
Town
of
Johnstown
Weld
County
Colorado
LT
GO
Bonds
Series
2024A
(NR/NR)
3,550,000
6.375
12/01/2054
3,606,563
Lochbuie
Station
Residential
Metropolitan
District
GO
Bonds
Series
2020
A
(NR/NR)
1,180,000
5.750
12/01/2050
1,180,573
Loretto
Heights
Community
Authority
RB
Series
2021
(NR/NR)
4,500,000
4.875
12/01/2051
3,611,422
Meadowlark
Metropolitan
District
GO
Bonds
Series
2020
A
(NR/NR)
525,000
4.875
12/01/2040
530,153
750,000
5.125
12/01/2050
758,090
Meridian
Ranch
Metropolitan
District
GO
LT
Bonds
Series
2022
(NR/NR)
2,925,000
6.750
12/01/2052
2,962,918
Mirabelle
Metropolitan
District
No.
2
GO
Bonds
Series
2020
A
(NR/NR)
2,665,000
5.000
12/01/2049
2,650,964
Mirabelle
Metropolitan
District
No.
2
GO
Bonds
Series
2020
B
(NR/NR)
1,473,000
7.375
12/15/2049
1,424,398
Morgan
Hill
Metropolitan
District
GO
LT
Refunding
&
Improvement
Bonds
Senior
Series
2021A
(NR/NR)
2,900,000
4.000
12/01/2051
2,290,667
Mountain
Sky
Metropolitan
District
GO
Bonds
Series
2020
A
(NR/NR)
980,000
5.000
12/01/2049
912,454
Muegge
Farms
Metropolitan
District
No.
1
GO
Bonds
Series
2021
(NR/NR)
3,225,000
5.000
12/01/2051
2,802,367
Mulberry
Metropolitan
District
LT
GO
Bonds
Series
2022A
(NR/NR)
2,550,000
7.000
12/01/2052
2,626,830
Murphy
Creek
Metropolitan
District
GO
LT
Bonds
Series
2021
(NR/NR)
12,788,000
5.000
12/01/2051
11,081,510
Murphy
Creek
Metropolitan
District
GO
LT
Bonds
Series
2022A
(NR/NR)
2,140,000
6.000
12/01/2052
2,146,529
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Colorado
–
(continued)
Nexus
North
at
DIA
Metropolitan
District
GO
Bonds
Series
2021
(NR/NR)
$
1,140,000
5.000%
12/01/2051
$
1,002,577
Nine
Mile
Metropolitan
District
In
The
Town
of
Erie
Boulder
County
RB
Series
2020
(NR/NR)
5,760,000
5.125
12/01/2040
5,798,913
North
Holly
Metropolitan
District
Limited
Tax
GO
Bonds
Series
2018
A
(NR/NR)
1,260,000
5.500
12/01/2048
1,251,227
North
Range
Metropolitan
District
No.
2
GO
Refunding
Bonds
Series
2017
A
(NR/NR)
3,180,000
5.625
12/01/2037
3,183,238
7,855,000
5.750
12/01/2047
7,866,372
North
Range
Metropolitan
District
Subordinate
LT
GO
Special
RB
Series
2017B
(NR/NR)
2,322,000
7.750
12/15/2047
2,325,322
Northglenn
Urban
Renewal
Authority
Tax
Allocation
for
Urban
Renewal
Plan
2
Series
2019
(NR/BBB-)
350,000
4.000
12/01/2032
343,149
340,000
4.000
12/01/2033
331,659
190,000
4.000
12/01/2034
184,590
550,000
4.000
12/01/2036
529,084
215,000
4.000
12/01/2038
201,167
Palisade
Metropolitan
District
No.
2
GO
Refunding
Limited
Tax
Bonds
Series
2019
(NR/NR)
4,711,000
7.250
12/15/2049
4,440,764
Palisade
Park
West
Metropolitan
District
GO
Bonds
Series
2019
A
(NR/NR)
1,500,000
5.125
12/01/2049
1,431,962
Parkdale
Community
Authority
for
Parkdale
Metropolitan
District
No.
1
Series
2020
A
(NR/NR)
2,140,000
5.000
12/01/2040
2,051,590
3,335,000
5.250
12/01/2050
3,090,848
Parkdale
Community
Authority
for
Parkdale
Metropolitan
District
No.
1
Series
2020
B
(NR/NR)
1,924,000
7.750
12/15/2050
1,794,127
Parkdale
Community
Authority
Limited
Tax
Supported
Convertible
Capital
Appreciation
RB
Series
2024A
(NR/NR)
5,170,000
0.000
(c)(g)
12/01/2053
3,904,895
Parkdale
Community
Authority
Subordinate
Limited
Tax
Supported
RB
Series
2024B
(NR/NR)
1,392,000
9.000
(c)
12/15/2053
1,382,594
Patriot
Park
Metropolitan
District
No.
2
GO
Bonds
Series
2021
(NR/NR)
1,011,000
4.300
12/01/2050
835,142
Pinon
Pines
Metropolitan
District
No.
2
GO
Bonds
Series
2020
(NR/NR)
1,200,000
5.000
12/01/2050
1,103,697
Plaza
Metropolitan
District
No.
1
RB
Refunding
Series
2013
(NR/NR)
1,000,000
5.000
(c)
12/01/2040
992,030
Pomponio
Terrace
Metropolitan
District
GO
Bonds
Series
2019
A
(NR/NR)
796,000
5.000
12/01/2049
758,915
Powhaton
Community
Authority
LT
Supported
RB
Series
2021
(NR/NR)
5,460,000
5.000
12/01/2051
4,764,193
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Colorado
–
(continued)
Prairie
Center
Metropolitan
District
No.
3
In
The
City
of
Brighton
Adams
County
Colorado
Limited
Property
Tax
Supported
District
Improvements
RB
Series
2024B
(NR/NR)
$
1,000,000
5.875%
12/15/2046
$
1,068,538
Prairie
Center
Metropolitan
District
No.
3
In
The
City
of
Brighton
Adams
County
Colorado
Limited
Property
Tax
Supported
Primary
Improvements
RB
Series
2024A
(NR/NR)
1,600,000
5.875
12/15/2046
1,709,661
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
6,525,730
Prairie
Center
Metropolitan
District
No.
7
GO
Bonds
Series
2020
(NR/NR)
725,000
4.875
12/15/2044
644,302
Pueblo
Urban
Renewal
Authority
Tax
Allocation
Series
2021
A
(NR/NR)
5,400,000
4.750
(c)
12/01/2045
3,668,248
Pueblo
Urban
Renewal
Authority
Tax
Allocation
Series
2021
B
(NR/NR)
150,000
0.000
(c)(e)
12/01/2025
136,069
Raindance
Metropolitan
District
No.
2
GO
Bonds
Series
2019
A
(NR/NR)
9,930,000
5.000
12/01/2049
9,271,278
Rampart
Range
Metropolitan
District
No.
5
RB
Series
2021
(NR/NR)
1,750,000
4.000
12/01/2051
1,343,525
Reunion
Metropolitan
District
RB
Series
2021
A
(NR/NR)
2,160,861
3.625
12/01/2044
1,656,370
Ridgeline
Vista
Metropolitan
District
GO
Bonds
Series
2021
A
(NR/NR)
1,000,000
5.250
12/01/2060
833,893
Ritoro
Metropolitan
District
GO
Bonds
Series
2019
A
(NR/NR)
1,150,000
5.000
12/01/2049
1,097,960
Riverview
Metropolitan
District
GO
Refunding
Bonds
Series
2021
(NR/NR)
500,000
5.000
12/01/2051
440,342
RRC
Metropolitan
District
LT
GO
Bonds
Series
2021
(NR/NR)
5,125,000
5.250
12/01/2051
4,457,818
Sabell
Metropolitan
District
GO
Bonds
Series
2020
A
(NR/NR)
1,055,000
5.000
(c)
12/01/2050
962,206
Second
Creek
Farm
Metropolitan
District
No.
3
GO
Bonds
Series
2019
A
(NR/NR)
3,450,000
5.000
12/01/2039
3,380,738
5,695,000
5.000
12/01/2049
5,346,873
Senac
South
Metropolitan
District
GO
LT
Bonds
Series
2021A3
(NR/NR)
9,375,000
5.250
12/01/2051
8,321,281
Settler's
Crossing
Metropolitan
District
No.
1
GO
Bonds
Series
2020
A
(NR/NR)
2,200,000
5.000
(c)
12/01/2040
2,199,486
1,625,000
5.125
(c)
12/01/2050
1,601,958
Sky
Ranch
Community
Authority
Board
District
No.
1
RB
Senior
Lien
Series
2019
A
(NR/NR)
1,453,000
5.000
12/01/2049
1,437,130
Sky
Ranch
Community
Authority
Board
LT
Support
District
Bonds
Series
2022A
(NR/NR)
4,345,000
5.750
12/01/2052
4,221,500
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(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
$
718,869
2,210,000
3.000
12/01/2049
1,658,529
South
Timnath
Metropolitan
District
No.
1
GO
Limited
Subordinate
Tax
Bonds
Series
2019
B
(NR/NR)
2,208,000
8.000
12/15/2048
1,940,066
South
Timnath
Metropolitan
District
No.
1
GO
Limited
Taxable
Bonds
Series
2019
A
(NR/NR)
500,000
5.500
12/01/2048
428,333
Southlands
Metropolitan
District
No.
1
GO
Refunding
Bonds
Series
2017A-1
(Ba1/NR)
1,750,000
5.000
12/01/2047
1,724,254
St.
Vrain
Lakes
Metropolitan
District
No.
2
Limited
Tax
GO
Bonds
Series
2017
A
(NR/NR)
2,550,000
5.125
12/01/2047
2,494,397
Sterling
Hills
West
Metropolitan
District
GO
Refunding
Bonds
Series
2017
(A2/NR)
650,000
5.000
12/01/2039
674,484
Sterling
Ranch
Community
Authority
Board
Douglas
County
Colorado
LT
Supported
and
Special
Revenue
District
No.
4
Subdistrict
-
A
Refunding
Senior
Bonds
Series
2024A
(NR/NR)
1,000,000
6.500
12/01/2054
1,035,726
Sterling
Ranch
Community
Authority
Board
Douglas
County
Colorado
Special
Improvement
District
No.
1
Special
Assessment
RB
Series
2024
(NR/NR)
1,000,000
5.625
12/01/2043
1,029,553
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
705,834
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
2,252,292
Takoda
Metropolitan
District
Limited
Tax
GO
Refunding
Bonds
Series
2018
(Baa3/NR)
8,000,000
6.000
12/01/2050
8,359,312
The
Village
Metropolitan
District
GO
Refunding
Bonds
Series
2020
(NR/NR)
1,100,000
5.000
12/01/2040
1,102,470
1,750,000
5.000
12/01/2049
1,740,783
Timberleaf
Metropolitan
District
GO
Bonds
Series
2020
A
(NR/NR)
1,730,000
5.750
12/01/2050
1,728,909
Timnath
Ranch
Metropolitan
District
No.
4
Limited
Tax
GO
Refunding
Improvement
Bonds
Series
2018
A
(NR/NR)
545,000
5.250
12/01/2037
547,238
2,400,000
5.375
12/01/2047
2,348,860
Village
Metropolitan
District
No.
2
Limited
Tax
GO
and
Special
RB
Series
2019
(NR/NR)
500,000
4.375
12/01/2044
480,694
Villages
at
Johnstown
Metropolitan
District
No.
3
GO
Bonds
Series
2020
A
(NR/NR)
580,000
5.000
12/01/2040
552,393
1,020,000
5.000
12/01/2050
914,853
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Colorado
–
(continued)
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
$
2,343,121
Westerly
Metropolitan
District
No.
4
GO
Bonds
Series
2021
A
(NR/NR)
1,500,000
5.000
12/01/2050
1,296,289
Westerly
Metropolitan
District
No.
4
GO
Bonds
Series
2021
A-2
(NR/NR)
1,000,000
0.000
(g)
12/01/2050
725,009
Westerly
Metropolitan
District
No.
4
GO
Bonds
Series
2021
B-3
(NR/NR)
4,238,000
8.000
12/15/2050
3,844,881
Wildgrass
at
Rockrimmon
Metropolitan
District
GO
Bonds
Series
2020
A
(NR/NR)
960,000
5.000
(c)
12/01/2050
886,690
Wildgrass
at
Rockrimmon
Metropolitan
District
GO
Bonds
Series
2020
B
(NR/NR)
181,000
7.750
12/15/2050
174,325
Windshire
Park
Metropolitan
District
No.
2
GO
Refunding
&
Improvement
Bonds
Senior
Series
2017
A
(NR/NR)
1,500,000
6.500
12/01/2047
1,529,193
Winsome
Metropolitan
District
No.
3
GO
Bonds
Series
2021
A
(NR/NR)
2,184,000
5.125
(c)
12/01/2050
1,868,248
Woodmen
Heights
Metropolitan
District
No.
2
GO
Refunding
Bonds
Series
2020
B-1
(NR/NR)
1,764,000
6.250
12/15/2040
1,710,580
589,219,951
Connecticut
-
0.6%
City
of
New
Haven
CT
GO
Bonds Series
2018
(NR/A-)
310,000
5.500
08/01/2038
328,942
City
of
New
Haven
GO
Bonds
Series
2018
A
(NR/A-)
900,000
5.500
08/01/2034
959,439
500,000
5.500
08/01/2035
533,353
420,000
5.500
08/01/2036
447,982
500,000
5.500
08/01/2037
532,739
City
of
Stamford
Housing
Authority
RB
Anticipation
Notes
for
Dogwoods
Project
Series
2022
(NR/NR)
3,925,000
11.000
(c)
12/01/2027
4,492,972
Connecticut
Airport
Authority
Customer
Facility
Charge
RB
for
Ground
Transportation
Center
Project
Series
2019A
(NR/A)
1,750,000
4.000
07/01/2049
1,585,725
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
1,021,582
3,065,000
5.000
(c)
01/01/2055
2,582,214
Connecticut
State
Health
&
Educational
Facilities
Authority
RB
Refunding
for
The
University
of
Hartford
Series
2019
(NR/BB+)
1,045,000
4.000
07/01/2039
878,612
3,500,000
4.000
07/01/2044
2,770,521
5,325,000
4.000
07/01/2049
4,027,985
Great
Pond
Improvement
District
RB
for
Great
Pond
Phase
1
Project
Series
2019
(NR/NR)
2,500,000
4.750
(c)
10/01/2048
2,366,489
Mohegan
Tribal
Finance
Authority
Tribal
RB
Economic
Development
Bonds
Series
2015
(NR/B-)
28,300,000
7.000
(c)
02/01/2045
28,370,846
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Connecticut
–
(continued)
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
$
2,344,037
State
of
Connecticut
Health
and
Educational
Facilities
Authority
Revenue
Bonds
Goodwin
University
Obligated
Group
Issue
Series
A-1
(NR/BBB-)
4,600,000
5.375
(i)
07/01/2054
4,588,610
Steel
Point
Infrastructure
Improvement
District
Special
Obligation
RB
Series
2024
(NR/NR)
2,300,000
6.000
(c)
04/01/2052
2,441,472
Steel
Point
Infrastructure
Improvement
District
Special
Obligation
RB
Series
2024
Steelpointe
Harbor
Project
(NR/NR)
925,000
5.625
(c)
04/01/2044
965,498
Steel
Point
Infrastructure
Improvement
District
Tax
Allocation
for
Steelpointe
Harbor
Project
Series
2021
(NR/NR)
2,025,000
4.000
(c)
04/01/2051
1,686,167
town
of
Hamden
RB
for
Whitney
Center
Project
Series
2022A
(NR/NR)
6,925,000
7.000
01/01/2053
7,470,104
70,395,289
Delaware
-
0.1%
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
880,603
1,125,000
4.000
06/01/2057
896,864
Delaware
Economic
Development
Authority
RB
for
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group
Series
2018
B
(NR/NR)
2,000,000
5.000
11/15/2048
2,028,880
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
3,022,977
Delaware
State
Economic
Development
Authority
RB
for
First
State
Montessori
Academy,
Inc.
Series
2019
A
(NR/BBB-)
855,000
5.000
08/01/2049
837,224
835,000
5.000
08/01/2054
808,936
Delaware
State
Economic
Development
Authority
RB
for
Newark
Charter
School,
Inc.
Series
2020
(NR/BBB+)
1,900,000
5.000
09/01/2050
1,922,358
town
of
Bridgeville
Special
Tax
Refunding
for
Heritage
Shores
Special
Development
District
Series
2020
(Baa3/NR)
4,865,000
4.000
07/01/2035
4,771,926
15,169,768
District
of
Columbia
-
0.7%
District
Columbia
Tobacco
Settlement
Filing
Corp
/
Tobacco
Asset
Backed
Bds
2006
A
(NR/NR)
59,750,000
0.000
(e)
06/15/2046
14,208,962
District
of
Columbia
(Washington,
D.C.)
Income
Tax
Secured
RB,
Series
2023A
(Tax-Exempt)
(Aa1/AAA)
3,000,000
5.250
05/01/2048
3,318,832
District
of
Columbia
Metropolitan
Airport
Authority
Airport
System
Revenue
Refunding
Bonds
Series
2021A
(Aa3/AA-)
5,000,000
4.000
10/01/2051
4,674,021
District
of
Columbia
Union
Market
Project
Tax
Increment
RB
Convertible
Capital
Appreciation
Bonds
Series
2024B
(NR/NR)
3,675,000
0.000
(c)(g)
06/01/2049
2,065,228
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
District
of
Columbia
–
(continued)
Metropolitan
Washington
Airports
Authority
Airport
System
Revenue
Refunding
Bonds
Series
2019A
(AMT)
(Aa3/AA-)
$
2,500,000
5.000%
10/01/2049
$
2,566,139
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
40,613,400
Metropolitan
Washington
Airports
Authority
Dulles
Toll
Road
RB
Series
2019
B
(AGM)
(A1/AA)
3,000,000
3.000
10/01/2050
2,263,336
3,170,000
4.000
10/01/2053
2,987,889
Metropolitan
Washington
Airports
Authority
Dulles
Toll
Road
RB
Series
2019
B
(Baa2/A-)
1,115,000
4.000
10/01/2053
1,038,968
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
5,854,922
79,591,697
Florida
-
14.7%
Abbott
Square
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
1,385,000
5.500
06/15/2052
1,416,217
Aberdeen
Community
Development
District
Special
Assessment
Refunding
Series
2020
A-2
(NR/NR)
3,560,000
4.750
05/01/2036
3,584,854
Aberdeen
Community
Development
District
Special
Assessment
Series
2018
(NR/NR)
615,000
5.000
05/01/2039
622,776
1,025,000
5.100
05/01/2049
1,026,003
Academical
Village
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
5,755,000
4.000
05/01/2051
4,824,415
Academical
Village
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
1,580,000
3.625
05/01/2040
1,364,720
Anthem
Park
Community
Development
District
Special
Assessment
RB
Refunding
Senior
Series
2016
A-1
(NR/A-)
1,715,000
3.500
05/01/2031
1,629,560
Antillia
Community
Development
District
Miami-Dade
County
Florida
Special
Assessment
Bonds
Series
2024
(NR/NR)
900,000
5.600
05/01/2044
913,114
1,295,000
5.875
05/01/2054
1,313,629
Arbors
Community
Development
District
Capital
Improvement
RB
Series
2023
(NR/NR)
1,125,000
5.400
05/01/2043
1,166,408
2,050,000
5.625
05/01/2053
2,127,771
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
3,896,016
6,695,000
3.700
05/01/2036
6,590,459
Arborwood
Community
Development
District
RB
Capital
Improvement
Refunding
Subordinate
Lien
Series
2018
A-2
(NR/NR)
635,000
4.625
05/01/2028
642,162
1,770,000
5.000
05/01/2036
1,803,417
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Arborwood
Community
Development
District
Special
Assessment
Capital
Improvement
Refunding
Series
2014
B
A-1
(NR/NR)
$
3,005,000
6.900%
05/01/2036
$
3,006,511
Arborwood
Community
Development
District
Special
Assessment
Capital
Improvement
Refunding
Series
2014
B
A-2
(NR/NR)
435,000
6.900
05/01/2036
435,142
Armstrong
Community
Development
District
Special
Assessment
for
Assessment
Area
Two
Project
Series
2019
A
(NR/NR)
500,000
4.000
11/01/2040
452,418
3,155,000
4.000
11/01/2050
2,633,831
Artisan
Lakes
East
Community
Development
District
RB
for
Capital
Improvement
Series
2018
(NR/NR)
1,845,000
5.100
(c)
05/01/2039
1,873,032
3,080,000
5.200
(c)
05/01/2049
3,092,771
Artisan
Lakes
East
Community
Development
District
Special
Assessment
Bond
Series
2021-2
(NR/NR)
270,000
2.750
(c)
05/01/2031
245,363
515,000
3.125
(c)
05/01/2041
417,122
Astonia
Community
Development
District
Polk
County,
Florida
Special
Assessment
Bonds,
Series
2024
Assessment
Area
Four
Project
(NR/NR)
1,715,000
5.700
05/01/2054
1,757,606
Astonia
Community
Development
District
Special
Assessment
for
Assessment
Area
2
Project
Series
2021
(NR/NR)
500,000
3.200
(c)
05/01/2041
409,479
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
1,061,641
Astonia
Community
Development
District
Special
Assessment
for
North
Parcel
Assessment
Area
Project
Series
2021
(NR/NR)
775,000
3.200
(c)
05/01/2041
634,693
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
592,353
Avalon
Groves
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Project
Series
2017
(NR/NR)
740,000
5.750
05/01/2048
768,491
Avalon
Groves
Community
Development
District
Special
Assessment
for
Assessment
Area
Three
Project
Series
2021
(NR/NR)
250,000
3.375
05/01/2041
206,852
Avalon
Groves
Community
Development
District
Special
Assessment
for
Assessment
Area
Two
Project
Series
2017
A-1
(NR/NR)
1,785,000
6.000
05/01/2048
1,886,978
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
533,727
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
801,977
Avalon
Park
West
Community
Development
District
Special
Assessment
Refunding
Series
2020
(NR/NR)
580,000
3.750
(c)
05/01/2040
559,057
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Avenir
Community
Development
District
City
of
Palm
Beach
Gardens
Florida
Senior
Special
Assessment
Bonds
Series
2021A-1
(NR/NR)
$
4,495,000
3.400%
05/01/2052
$
3,375,540
Avenir
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
Two
-
2021B
Project
Series
2021B
(NR/NR)
7,000,000
5.000
(c)
05/01/2041
7,094,367
Avenir
Community
Development
District
Special
Assessment
Bonds
Series
2019B-
Parcel
A-4
Project
(NR/NR)
1,665,000
5.250
05/01/2029
1,670,272
Avenir
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
1,175,000
5.375
05/01/2043
1,193,231
4,855,000
5.625
05/01/2054
4,964,008
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
872,901
1,630,000
4.625
(c)
06/01/2049
1,518,719
Babcock
Ranch
Community
Independent
Special
District
Special
Assessment
RB
Series
2015
(NR/NR)
525,000
4.750
11/01/2026
530,159
700,000
5.000
11/01/2031
707,876
5,975,000
5.250
11/01/2046
6,003,063
Babcock
Ranch
Community
Independent
Special
District
Special
Assessment
RB
Series
2022
(NR/NR)
3,500,000
5.000
05/01/2042
3,505,091
Bannon
Lakes
Community
Development
District
Special
Assessment
RB
Series
2016
(NR/NR)
955,000
5.000
11/01/2036
973,744
1,055,000
5.000
11/01/2048
1,041,793
Bannon
Lakes
Community
Development
District
Special
Assessment
Series
2021
(NR/NR)
705,000
3.500
(c)
05/01/2041
609,467
Bartram
Park
Community
Development
District
Special
Assessment
RB
Refunding
for
City
of
Jacksonville
Florida
Senior
Lien
Series
2015
A-1
(NR/A)
1,555,000
4.250
05/01/2029
1,563,504
Bartram
Park
Community
Development
District
Special
Assessment
RB
Refunding
for
City
of
Jacksonville
Subordinate
Lien
Series
2015
A-2
(NR/NR)
895,000
5.000
05/01/2035
899,421
Bay
Laurel
Center
Community
Development
District
Special
Assessment
RB
Refunding
Series
2016
Candler
(NR/BBB+)
855,000
3.750
05/01/2031
812,747
995,000
4.000
05/01/2037
952,565
Baywinds
Community
Development
District
Senior
Special
Assessment
Refunding
Bonds
Series
2017
A-1
(NR/A+)
2,810,000
4.250
05/01/2037
2,799,131
Beaumont
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
Two-Commercial
Project
Series
2019
(NR/NR)
1,225,000
6.375
(c)
11/01/2049
1,273,255
Bellagio
Community
Development
District
Special
Assessment
Bonds
Series
2013
(NR/BBB)
325,000
6.000
11/01/2027
336,214
490,000
3.750
11/01/2031
468,224
2,970,000
6.500
11/01/2043
3,192,171
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Bellagio
Community
Development
District
Special
Assessment
Bonds
Series
2013
(NR/BBB)
–
(continued)
$
1,490,000
4.125%
11/01/2046
$
1,287,527
Belmond
Reserve
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
1,045,000
4.000
05/01/2040
1,010,260
Belmont
Community
Development
District
Capital
Improvement
Phase
1
Project
Series
2013
A
(NR/NR)
770,000
6.125
11/01/2033
828,004
1,000,000
6.500
11/01/2043
1,102,438
Belmont
II
Community
Development
District
Special
Assessment
RB
Series
2020
(NR/NR)
1,500,000
4.000
12/15/2050
1,294,942
Belmont
II
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
1,285,000
3.625
12/15/2040
1,197,677
Berry
Bay
Community
Development
District
Special
Assessment
for
Assessment
Area
1
Project
Series
2021
(NR/NR)
1,250,000
3.625
05/01/2041
1,064,679
Berry
Bay
Community
Development
District
Special
Assessment
RB
Series
2023
(NR/NR)
1,525,000
5.750
05/01/2053
1,582,543
Bexley
Community
Development
District
Special
Assessment
Bonds
Series
2016
(NR/NR)
1,680,000
4.700
05/01/2036
1,683,087
3,200,000
4.875
05/01/2047
3,087,831
Biscayne
Drive
Estates
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
890,000
6.000
06/15/2052
925,865
Black
Creek
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
325,000
3.750
06/15/2040
284,331
950,000
4.000
06/15/2050
798,844
Blue
Lake
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
900,000
4.250
06/15/2039
845,085
Boggy
Branch
Community
Development
District
Special
Assessment
Series
2021
(NR/NR)
1,165,000
3.500
05/01/2041
965,862
1,360,000
4.000
05/01/2051
1,115,805
Botaniko
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
565,000
3.625
05/01/2040
485,035
Bradbury
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
1,800,000
5.250
05/01/2043
1,825,251
2,250,000
5.500
05/01/2053
2,281,776
Bridgewalk
Community
Development
District
675,000
6.500
12/15/2053
716,539
Bridgewater
Community
Development
District
Special
Assessment
Refunding
Bonds
for
Assessment
Area
Two
Series
2015
(NR/NR)
5,660,000
5.750
05/01/2035
5,871,617
Brightwater
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
One
Series
2021
(NR/NR)
960,000
3.150
05/01/2041
766,657
Brookstone
Community
Development
District
Special
Assessment
RB
for
Manatee
County
Series
2022
(NR/NR)
1,000,000
5.500
05/01/2042
1,029,390
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Brookstone
Community
Development
District
Special
Assessment
RB
for
Manatee
County
Series
2022
(NR/NR)
–
(continued)
$
1,500,000
5.625%
05/01/2052
$
1,536,169
Buckhead
Trails
Community
Development
District
Special
Assessment
Bonds
for
Manatee
County
Project
Series
2022
(NR/NR)
900,000
5.625
05/01/2042
929,473
1,305,000
5.750
05/01/2052
1,336,961
Buckhead
Trails
Community
Development
District
Special
Assessment
Bonds
for
Manatee
County
Project
Series
2024
(NR/NR)
550,000
5.600
05/01/2044
553,272
1,550,000
5.875
05/01/2054
1,559,102
Buena
Lago
Community
Development
District
Capital
Improvement
RB
Series
2022
(NR/NR)
1,040,000
5.500
05/01/2052
1,084,690
Cabot
Citrus
Farms
Community
Development
District
Special
RB
Anticipation
Notes
for
Hernando
County
Project
Series
2024
(NR/NR)
12,500,000
5.250
03/01/2029
12,605,446
Campo
Bello
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
1,000,000
4.000
12/15/2039
912,415
1,350,000
4.000
12/15/2049
1,131,556
Capital
Projects
Finance
Authority
Educational
Facilities
RB
Kissimmee
Charter
Academy
Project
Series
2024
(NR/NR)
175,000
6.500
(c)
06/15/2054
179,372
445,000
6.625
(c)
06/15/2059
456,054
Capital
Trust
Agency
Educational
Facilities
RB
Series
2021A
(NR/NR)
2,210,000
5.000
(c)
12/01/2056
1,723,800
Capital
Trust
Agency
Student
Housing
RB
for
University
Bridge
LLC
Series
2018
A
(Ba2/NR)
63,655,000
5.250
(c)
12/01/2058
63,215,513
Capital
Trust
Agency,
Inc.
RB
for
AcadeMir
Charter
School
West
Series
2021
A-2
(Ba2/NR)
595,000
4.000
(c)
07/01/2056
469,535
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
2,752,580
Capital
Trust
Agency,
Inc.
RB
for
Imagine-Pasco
County
LLC
Series
2020
A
(Ba2/NR)
1,155,000
5.000
(c)
12/15/2049
1,105,301
1,075,000
5.000
(c)
12/15/2054
1,014,116
Capital
Trust
Agency,
Inc.
RB
for
University
Bridge
LLC
Series
2018
A
(Ba2/NR)
2,025,000
5.250
(c)
12/01/2043
2,033,609
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
4,586,259
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
4,885,002
Carlton
Lakes
Community
Development
District
Special
Assessment
RB
Series
2018
(NR/NR)
495,000
5.125
05/01/2038
503,237
1,000,000
5.250
05/01/2049
1,006,781
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Caymas
Community
Development
District
Capital
Improvement
RB,
Series
2024
(Assessment
Area
One)
(NR/NR)
$
900,000
5.625%
05/01/2054
$
903,605
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
2,365,489
Central
Parc
Community
Development
District
City
of
North
Port
Florida
Special
Assessment
RB
Series
2024
(NR/NR)
650,000
5.700
05/01/2044
652,368
650,000
6.000
05/01/2054
653,321
Centre
Lake
Community
Development
District
Special
Assessment
Series
2016
(NR/NR)
260,000
4.125
12/15/2027
260,789
500,000
4.500
12/15/2032
503,925
975,000
4.700
12/15/2037
978,356
Century
Parc
Community
Development
District
Special
Assessment
Refunding
Series
2012
(NR/A)
1,705,000
4.500
11/01/2031
1,705,943
Century
Park
South
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
630,000
3.750
05/01/2040
549,108
CFM
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
820,000
3.350
05/01/2041
671,201
Chapel
Creek
Community
Development
District
300,000
4.625
05/01/2031
302,264
750,000
5.500
05/01/2044
762,509
1,055,000
5.750
05/01/2054
1,068,309
Chapel
Creek
Community
Development
District
Special
Assessment
Series
2021
(NR/NR)
565,000
3.375
(c)
05/01/2041
467,351
815,000
4.000
(c)
05/01/2052
672,926
Chapel
Crossings
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
1,605,000
3.700
(c)
05/01/2040
1,392,719
2,815,000
4.000
(c)
05/01/2051
2,313,615
Charles
Cove
Community
Development
District
Special
Assessment
bond
Series
2020
(NR/NR)
1,510,000
4.375
05/01/2050
1,342,082
Charles
Cove
Community
Development
District
Special
Assessment
RB
Series
2021
(NR/NR)
1,055,000
4.000
05/01/2052
871,711
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
709,389
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
5,910,370
City
of
Palmetto
Educational
Facilities
Refunding
RB
Series
2022A
(NR/BBB-)
975,000
5.250
06/01/2052
991,287
1,750,000
5.375
06/01/2057
1,785,310
1,375,000
5.625
06/01/2062
1,416,624
City
of
Venice
RB
for
Southwest
Florida
Retirement
Center,
Inc.
Obligated
Group
Project
Series
2019
(NR/NR)
480,000
5.000
01/01/2037
481,149
1,725,000
5.000
01/01/2047
1,601,843
1,615,000
5.000
01/01/2052
1,463,095
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Florida
–
(continued)
CityPlace
Community
Development
District
Special
Assessment
Convertible
Capital
Appreciation
RB
Series
2018
(AGM)
(A1/AA)
$
25,620,000
0.000%
(g)
05/01/2046
$
24,262,798
Coco
Palms
Community
Development
District
Expansion
Area
Project
Special
Assessment
Bonds
Series
2019
(NR/NR)
500,000
4.750
(c)
06/15/2039
500,328
Coddington
Community
Development
District
Capital
Improvement
RB
Series
2022
(NR/NR)
900,000
5.750
05/01/2052
933,420
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
3,985,915
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
2,830,415
1,495,000
3.625
05/01/2035
1,432,716
1,750,000
3.750
05/01/2046
1,515,423
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)
915,000
5.850
05/01/2035
827,416
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
2,099,706
Cope's
Landing
Community
Development
District
Capital
Improvement
RB
Series
2023
(NR/NR)
1,675,000
5.875
05/01/2053
1,753,102
Copper
Creek
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
270,000
4.000
(c)
11/01/2029
268,009
500,000
4.750
(c)
11/01/2038
496,525
Copperspring
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
425,000
4.000
12/15/2039
388,503
Coral
Bay
Community
Development
District
Capital
Improvement
RB
Series
2022
(NR/NR)
495,000
5.625
05/01/2052
504,199
Coral
Bay
of
Lee
County
Community
Development
District
Lee
County
Florida
Capital
Improvement
RB
Series
2024
(NR/NR)
1,500,000
5.550
05/01/2054
1,506,849
Coral
Creek
Community
Development
District
Special
Assessment
RB
for
Charlotte
County
Project
Series
2024
(NR/NR)
2,315,000
5.450
05/01/2044
2,353,701
1,720,000
5.750
05/01/2054
1,745,599
Coral
Keys
Homes
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
535,000
4.000
05/01/2040
493,978
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Coral
Lakes
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
One
Project
Series
2024
(NR/NR)
$
1,165,000
5.500%
11/01/2044
$
1,198,275
1,000,000
5.750
11/01/2053
1,024,136
Corkscrew
Crossing
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
1,600,000
5.300
05/01/2053
1,608,672
Corkscrew
Farms
Community
Development
District
Special
Assessment
for
Assessment
Area
Two
Project
Series
2017
(NR/NR)
2,180,000
5.125
(c)
11/01/2050
2,181,350
Coronado
Community
Development
District
Special
Assessment
Refunding
&
Improvement
Bonds
Series
2017
(NR/BBB+)
782,000
4.000
05/01/2031
761,978
1,407,000
4.250
05/01/2038
1,339,569
Country
Walk
Community
Development
District
Special
Assessment
RB
Refunding
Senior
Lien
Series
2015
A-1
(NR/AA)
930,000
3.750
05/01/2029
921,732
County
of
Lake
RB
Refunding
for
Waterman
Communities,
Inc.
Series
2020
A
(NR/NR)
4,000,000
5.750
08/15/2050
3,778,120
2,100,000
5.750
08/15/2055
1,956,572
County
of
Miami-Dade
Aviation
RB
Series
2019
A
(NR/A+)
5,220,000
5.000
10/01/2044
5,379,868
Covington
Park
Community
Development
District
Special
Assessment
RB
for
Capital
Improvement
Series
2018
(NR/BBB)
500,000
4.000
05/01/2038
472,202
1,175,000
4.125
05/01/2048
1,066,301
Creek
Preserve
Community
Development
District
Special
Assessment
RB
Series
2019
(NR/NR)
1,565,000
4.700
(c)
11/01/2039
1,532,588
2,495,000
4.750
(c)
11/01/2049
2,361,178
Cresswind
Deland
Community
Development
District
City
of
Deland
Florida
Special
Assessment
Bonds
Series
2024
(NR/NR)
1,075,000
5.750
05/01/2054
1,081,445
Cross
Creek
North
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
1,675,000
4.500
05/01/2052
1,558,538
Cross
Creek
North
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
1,375,000
5.375
05/01/2053
1,394,639
Crossings
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
2,440,000
5.125
05/01/2052
2,429,282
Crosswinds
East
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
One
Project
Series
2024
(NR/NR)
955,000
4.625
05/01/2031
962,554
1,430,000
5.500
05/01/2044
1,454,945
1,500,000
5.750
05/01/2054
1,520,053
Crystal
Cay
Community
Development
District
Special
Assessment
for
2021
Project
Series
2021
(NR/NR)
1,000,000
4.000
05/01/2051
885,414
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)
$
670,000
5.250%
05/01/2043
$
681,264
1,150,000
5.500
05/01/2053
1,171,616
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
1,025,231
Cypress
Park
Estates
Community
Development
District
Special
Assessment
Area
1
Project
Series
2020
(NR/NR)
1,175,000
3.875
(c)
05/01/2040
1,052,214
1,210,000
4.000
(c)
05/01/2051
1,006,332
Cypress
Park
Estates
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
480,000
5.000
05/01/2042
474,579
975,000
5.125
05/01/2052
962,734
Cypress
Ridge
Community
development
District
Special
Assessment
Bonds
for
Assessment
Area
1
Series
2023
(NR/NR)
825,000
4.875
05/01/2030
836,610
1,570,000
5.625
05/01/2043
1,615,409
1,890,000
5.875
05/01/2053
1,948,171
Davenport
Road
South
Community
Development
District
Special
Assessment
Bonds
Series
2018
(NR/NR)
3,170,000
5.125
(c)
11/01/2048
3,188,056
Deer
Run
Community
Development
District
Special
Assessment
RB
Refunding
Series
2018
(NR/NR)
1,460,000
5.400
05/01/2039
1,516,858
2,575,000
5.500
05/01/2044
2,655,292
Deerbrook
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
1,150,000
5.500
05/01/2053
1,174,883
Del
Webb
Bexley
Community
Development
District
Special
Assessment
Series
2018
(NR/NR)
2,645,000
5.400
05/01/2049
2,681,702
Del
Webb
Oak
Creek
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
1,500,000
5.000
05/01/2043
1,513,652
1,650,000
5.250
05/01/2053
1,673,117
DG
Farms
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
700,000
4.000
05/01/2051
580,909
Downtown
Doral
South
Community
Development
District
Special
Assessment
Bonds
Series
2018
(NR/NR)
1,000,000
4.750
(c)
12/15/2038
1,001,578
Durbin
Crossing
Community
Development
District
Special
Assessment
Refunding
Senior
Series
2017
A-1
(AGM)
(NR/AA)
3,090,000
3.750
05/01/2034
3,067,613
4,260,000
4.000
05/01/2037
4,277,782
DW
Bayview
Community
Development
District
Special
Assessment
Bond
Series
2021
(NR/NR)
1,035,000
3.375
(c)
05/01/2041
915,279
DW
Bayview
Community
Development
District
Special
Assessment
Bonds
for
Manatee
County
Series
2022
(NR/NR)
750,000
5.250
05/01/2052
761,005
Eagle
Hammock
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
2,110,000
5.375
05/01/2052
2,140,339
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Eagle
Pointe
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
$
1,195,000
4.125%
(c)
05/01/2040
$
1,093,965
3,785,000
4.125
(c)
05/01/2051
3,218,036
East
547
Community
Development
District
Special
Assessment
Bond
for
Assessment
Area
Two
Series
2023
(NR/NR)
925,000
6.500
05/01/2054
985,800
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
822,934
East
Bonita
Beach
Road
Community
Development
District
Special
Assessment
Bonds
Series
2018
(NR/NR)
1,000,000
5.000
(c)
11/01/2048
1,002,784
East
Homestead
Community
Development
District
Special
Assessment
Expansion
Area
Bonds
Project
Series
2019
(NR/NR)
500,000
4.750
11/01/2039
496,580
920,000
5.000
11/01/2049
918,573
Eden
Hills
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
805,000
4.000
05/01/2042
730,726
2,390,000
4.125
05/01/2052
2,017,213
Eden
Hills
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
190,000
4.000
05/01/2040
181,576
500,000
4.125
05/01/2051
432,925
Edgewater
East
Community
Development
District
Special
Assessment
for
Assessment
Area
Once
Series
2021
(NR/NR)
1,425,000
3.600
05/01/2041
1,227,360
Edgewater
East
Community
Development
District
Special
Assessment
RB
Series
2022
(NR/NR)
1,970,000
4.000
05/01/2042
1,753,967
4,710,000
4.000
05/01/2052
3,847,191
Entrada
Community
Development
District
Capital
Improvement
RB
Series
2023
(NR/NR)
1,740,000
5.800
05/01/2053
1,812,083
Epperson
North
Community
Development
District
Special
Assessment
for
Assessment
Area
#2
Series
2021
(NR/NR)
375,000
3.500
05/01/2041
311,057
Escambia
County
Health
Facilities
Authority
Health
Care
Facilities
RB
Series
2020A
(Baa2/BBB)
15,210,000
4.000
08/15/2045
13,725,741
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
1,299,993
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
897,367
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
95,658
905,000
4.125
11/01/2050
776,650
Estancia
at
Wiregrass
Community
Development
District
Capital
Improvement
RB
Series
2013
(NR/NR)
435,000
6.375
11/01/2026
438,176
3,225,000
7.000
11/01/2045
3,395,663
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Estancia
at
Wiregrass
Community
Development
District
Capital
Improvement
RB
Series
2015
(NR/NR)
$
805,000
5.250%
11/01/2035
$
810,229
1,305,000
5.375
11/01/2046
1,309,078
Evergreen
Community
Development
District
Special
Assessment
RB
Series
2019
(NR/NR)
1,345,000
5.000
(c)
11/01/2039
1,365,929
1,800,000
5.125
(c)
11/01/2049
1,803,948
Everlands
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
Two
–
2024
Project
Area
Series
2024
(NR/NR)
750,000
5.250
06/15/2044
759,823
1,000,000
5.550
06/15/2054
1,012,912
Fallschase
Community
Development
District
Special
Assessment
Bonds
for
Leon
County
Series
2021
(NR/NR)
6,645,000
4.000
05/01/2052
5,490,539
Fallschase
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
1,445,000
3.375
05/01/2041
1,194,147
Fiddlers
Creek
Community
Development
District
No.
2
Special
Assessment
Refunding
Series
2019
(NR/NR)
2,405,000
5.000
05/01/2035
2,466,585
Finley
Woods
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Series
2020
(NR/NR)
185,000
4.000
05/01/2040
167,185
500,000
4.200
05/01/2050
431,988
Fishhawk
Community
Development
District
II
Special
Assessment
RB
Refunding
Series
2013
A
(NR/A-)
1,445,000
4.375
05/01/2034
1,445,077
Fishhawk
Ranch
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2020
(AGM)
(NR/AA)
1,250,000
3.000
11/01/2041
976,319
Florida
Development
Finance
Corp.
Educational
Facilities
RB
Series
2022A
(Ba3/NR)
5,000,000
5.500
(c)
07/01/2052
4,605,901
3,825,000
5.625
(c)
07/01/2056
3,545,476
Florida
Development
Finance
Corp.
Educational
RB
for
Cornerstone
Charter
Academy
Project
Series
2022
(NR/BB+)
3,770,000
5.125
(c)
10/01/2052
3,786,236
1,725,000
5.250
(c)
10/01/2056
1,739,014
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
2,737,407
2,430,000
6.000
(c)
08/15/2057
2,439,090
Florida
Development
Finance
Corp.
Healthcare
Facilities
RB
for
Tampa
General
Hospital
Project
Series
2024A
(Fixed
Mode)
(NR/A-)
6,000,000
5.250
08/01/2049
6,290,878
4,000,000
4.500
08/01/2055
4,005,923
2,000,000
5.250
08/01/2055
2,088,051
Florida
Development
Finance
Corp.
RB
Brightline
Florida
Passenger
Rail
Project
Brightline
Trains
Florida
LLC
Issue
Series
2024
(AMT)
(AGM)
(NR/AA)
5,500,000
5.250
07/01/2047
5,785,315
10,000,000
5.250
07/01/2053
10,460,114
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Florida
Development
Finance
Corp.
RB
Brightline
Florida
Passenger
Rail
Project
Brightline
Trains
Florida
LLC
Issue
Series
2024
(AMT)
(NR/BBB-)
$
26,000,000
5.250%
07/01/2047
$
26,854,217
35,000,000
5.500
07/01/2053
36,453,203
Florida
Development
Finance
Corp.
RB
Brightline
Florida
Passenger
Rail
Project
Brightline
Trains
Florida
LLC
Issue
Series
2024
(AMT)
(NR/NR)
102,110,000
12.000
(a)(b)(c)
07/15/2032
108,632,634
Florida
Development
Finance
Corp.
RB
for
Brightline
Florida
Passenger
Rail
Expansion
Project
Series
2023C
(NR/BBB-)
35,750,000
8.250
(a)(b)(c)
07/01/2057
37,068,864
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
1,400,879
2,595,000
5.000
(c)
06/01/2055
1,944,376
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
1,818,174
3,560,000
5.250
(c)
06/01/2055
3,168,149
Florida
Development
Finance
Corp.
RB
for
River
City
Education
Obligated
Group
Series
2021
A
(Baa3/NR)
600,000
4.000
07/01/2045
540,195
800,000
4.000
07/01/2055
673,925
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
792,250
1,850,000
5.000
06/01/2050
1,668,729
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
1,674,124
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
640,498
2,580,000
4.000
(c)
06/30/2056
1,863,980
Florida
Development
Finance
Corp.
RB
Refunding
for
Mayflower
Retirement
Center,
Inc.
Obligated
Group
Series
2020
A
(NR/NR)
2,090,000
4.000
(c)
06/01/2055
1,484,903
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
1,890,102
Florida
Development
Finance
Corp.
Student
Housing
RB
SFP
-
Tampa
I
-
The
Henry
Project
Senior
Series
2024A-1
(NR/NR)
2,750,000
5.250
(c)
06/01/2054
2,805,274
1,925,000
5.250
(c)
06/01/2059
1,956,116
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
1,737,421
3,000,000
5.000
(c)
06/01/2048
2,894,413
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
3,087,938
7,900,000
5.000
03/01/2049
5,619,038
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Florida
–
(continued)
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
$
6,102,938
Flow
Way
Community
Development
District
Special
Assessment
Bonds
for
Phase
7
&
8
Project
Series
2019
(NR/NR)
885,000
4.125
11/01/2039
819,775
Forest
Brooke
Community
Development
District
Special
Assessment
Bonds
Series
2019
A-1
(NR/A+)
1,850,000
3.250
11/01/2049
1,424,837
Forest
Brooke
Community
Development
District
Special
Assessment
Subordinated
Bonds
Series
2019
A-2
(NR/NR)
250,000
4.000
11/01/2049
209,855
Gardens
at
Hammock
Beach
Community
Development
District
Flagler
County
Florida
Special
Assessment
Bonds
Assessment
Area
Two
Series
2024-2
(NR/NR)
895,000
5.600
05/01/2044
890,636
1,150,000
5.875
05/01/2055
1,142,530
Grand
Oaks
Community
Development
District
Special
Assessment
Bonds
Assessment
Area
2
Series
2020
(NR/NR)
1,090,000
4.250
05/01/2040
1,014,687
1,375,000
4.500
05/01/2052
1,236,794
Grand
Oaks
Community
Development
District
Special
Assessment
RB
Series
2021
(NR/NR)
1,105,000
4.000
11/01/2051
916,696
Grande
Pines
Community
Development
District
Special
Assessment
RB
for
Assessment
Area
Two
Series
2024
(NR/NR)
860,000
5.450
05/01/2044
869,087
1,010,000
5.800
05/01/2054
1,020,499
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
3,166,819
5,000,000
5.000
11/15/2036
5,002,071
Greater
Orlando
Aviation
Authority
Priority
Subordinated
Airport
Facilities
RB
Series
2017
A
(A1/AA-)
6,380,000
5.000
10/01/2047
6,478,574
Grove
Resort
Community
Development
District
Special
Assessment
RB
Series
2022
(NR/NR)
585,000
4.000
05/01/2052
480,051
Hacienda
Lakes
Community
Development
District
Special
Assessment
Refunding
Series
2016
(NR/NR)
1,515,000
4.500
05/01/2036
1,497,715
2,275,000
4.625
05/01/2046
2,130,570
Hacienda
North
Community
Development
District
2,750,000
6.500
05/01/2053
2,956,433
Hamilton
Bluff
Community
Development
District
Special
Assessment
Bonds,
Series
2024
(Assessment
Area
One
Project)
(NR/NR)
1,000,000
5.500
05/01/2044
1,008,957
1,150,000
5.800
05/01/2054
1,158,429
Hammock
Oaks
Community
Development
District
Special
Assessment
Area
One
Bonds
Series
2023
(NR/NR)
1,000,000
5.750
05/01/2053
1,022,846
Hammock
Oaks
Community
Development
District
Town
of
Lady
Lake
Florida
Special
Assessment
Bonds
Series
2024
Assessment
Area
Two
(NR/NR)
1,125,000
6.150
05/01/2054
1,142,475
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Hammock
Reserve
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
$
590,000
4.700%
05/01/2042
$
565,133
940,000
5.000
05/01/2052
909,971
Hammock
Reserve
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Project
Series
2020
(NR/NR)
540,000
4.000
05/01/2040
503,626
860,000
4.000
05/01/2051
736,295
Hammock
Reserve
Community
Development
District
Special
Assessment
for
Assessment
Area
Two
Project
Series
2021
(NR/NR)
525,000
3.375
05/01/2041
438,230
Harbor
Bay
Community
Development
District
Special
Assessment
RB
Refunding
Series
2019
A-2
(NR/NR)
915,000
3.750
05/01/2034
853,518
Harbor
Bay
Community
Development
District
Special
Assessment
RB
Series
2019
A-1
(NR/NR)
2,010,000
3.875
05/01/2039
1,818,650
1,400,000
4.100
05/01/2048
1,203,942
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
1,132,960
Hawks
Point
Community
Development
District
Special
Assessment
Refunding
Senior
Series
2017
A-1
(NR/A-)
1,335,000
4.250
05/01/2035
1,336,169
1,810,000
4.250
05/01/2039
1,743,714
Hawkstone
Community
Development
District
Special
Assessment
Area
1
RB
Series
2019
(NR/NR)
640,000
3.875
11/01/2039
573,803
1,150,000
4.000
11/01/2051
946,214
Hawkstone
Community
Development
District
Special
Assessment
Area
2
RB
Series
2019
(NR/NR)
200,000
4.000
11/01/2039
182,481
495,000
4.250
11/01/2051
425,641
Hawkstone
Community
Development
District
Special
Assessment
RB
Series
2023
(NR/NR)
1,530,000
5.375
05/01/2043
1,567,935
1,265,000
5.500
05/01/2053
1,289,889
Hawthorne
Mill
North
Community
Development
District
City
of
Lakeland
Florida
Capital
Improvement
RB
Series
2024
Assessment
Area
Two
(NR/NR)
1,290,000
5.500
(c)(i)
05/01/2054
1,284,995
Heritage
Harbour
North
Community
Development
District
Special
Assessment
Series
2014
(NR/NR)
625,000
5.000
05/01/2034
647,233
2,170,000
5.125
05/01/2045
2,198,714
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
500,557
500,000
5.150
05/01/2034
500,588
Heritage
Lake
Park
Community
Development
District
Special
Assessment
Series
2005
(NR/NR)
1,305,000
5.700
05/01/2036
1,310,292
Heritage
Landing
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2015
(NR/BBB)
2,190,000
4.200
05/01/2031
2,145,597
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Heritage
Landing
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2015
(NR/BBB)
–
(continued)
$
1,990,000
4.350%
05/01/2036
$
1,954,753
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
1,296,433
Highland
Meadows
West
Community
Development
District
Special
Assessment
for
Assessment
Area
3
Series
2020
A
(NR/NR)
475,000
3.625
05/01/2040
408,759
665,000
4.000
05/01/2050
555,680
Highland
Trails
Community
Development
District
Capital
Improvement
RB
for
Assessment
Area
One
Series
2024
(NR/NR)
250,000
4.700
05/01/2031
251,597
810,000
5.500
05/01/2044
818,490
890,000
5.850
05/01/2054
902,512
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
1,006,062
1,000,000
5.000
(c)
12/15/2048
994,126
Highlands
Community
Development
District
Special
Assessment
Refunding
Series
2016
(NR/BBB)
2,150,000
4.250
05/01/2036
2,086,661
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
524,227
Hills
Minneola
Community
Development
District
Special
Assessments
for
South
Parcel
Assessment
Area
Series
2020
(NR/NR)
1,965,000
4.000
(c)
05/01/2040
1,787,262
3,275,000
4.000
(c)
05/01/2050
2,770,441
Hills
of
Minneola
Community
Development
District
City
of
Minneola
Florida
Special
Assessment
RB
Series
2024
(NR/NR)
600,000
5.550
05/01/2044
609,570
900,000
5.875
05/01/2054
914,123
Hobe-St.
Lucie
Conservancy
District
Improvement
Bonds
Unit
of
Development
No.
1A
Series
2024
(NR/NR)
900,000
5.600
05/01/2044
927,831
2,750,000
5.875
05/01/2055
2,828,671
Holly
Hill
Road
East
Community
Development
District
Special
Assessment
for
Area
3
Project
Series
2020
(NR/NR)
180,000
5.000
11/01/2041
190,705
Hunt
Club
Grove
Community
Development
District
City
of
Lake
Wales
Florida
Special
Assessment
Bonds
Series
2024
Assessment
Area
One
(NR/NR)
1,250,000
5.625
06/15/2054
1,248,978
Hunters
Ridge
Community
Development
District
No.
1
Assessment
Area
Special
Assessment
Bonds
Series
2019
(NR/NR)
410,000
5.125
(c)
11/01/2049
410,400
Island
Lake
Estates
Community
Development
District
1,550,000
6.000
12/15/2053
1,619,509
Isles
Bartram
Park
Community
Development
District
Special
Assessment
Bonds
Series
2017
(NR/NR)
975,000
5.000
11/01/2047
968,576
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Florida
–
(continued)
JEA Water
And
Sewer
System
Revenue
Bonds,
2024
Series
A
(Aa2/AA+)
$
5,000,000
5.500%
10/01/2054
$
5,625,423
K-Bar
Ranch
II
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
955,000
3.125
05/01/2041
755,487
Kelly
Park
Community
Development
District
1,120,000
6.250
11/01/2053
1,160,688
Kindred
Community
Development
District
II
Special
Assessment
Bonds
Series
2020
(NR/NR)
290,000
3.500
05/01/2040
263,023
470,000
3.750
05/01/2050
399,587
Kindred
Community
Development
District
II
Special
Assessment
RB
Series
2023
(NR/NR)
600,000
5.650
05/01/2043
628,793
1,000,000
5.875
05/01/2054
1,040,509
Kindred
Community
Development
District
Special
Assessment
Bond
Series
2017
(NR/NR)
1,000,000
5.000
05/01/2048
998,494
Kingman
Gate
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
1,340,000
4.000
06/15/2040
1,313,466
1,060,000
4.000
06/15/2050
959,652
Lake
Deer
Community
Development
District
Special
Assessment
Bonds
for
Polk
County
Series
2022
(NR/NR)
1,625,000
5.625
05/01/2053
1,646,816
Lake
Emma
Community
Development
District
Lake
County,
Fl
Special
Assessment
Bonds,
Series
2023
Assessment
Area
Two
(NR/NR)
900,000
5.500
(c)
05/01/2053
915,920
Lake
Emma
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
Two
Series
2023
(NR/NR)
635,000
5.250
(c)
05/01/2043
647,037
Lake
Harris
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
795,000
5.375
05/01/2043
818,822
585,000
5.625
05/01/2053
603,413
Lake
Hideaway
Community
Development
District
Hernando
County
Florida
Capital
Improvement
RB
Series
2024
Assessment
Area
One
(NR/NR)
1,665,000
5.650
05/01/2044
1,671,134
2,555,000
5.900
05/01/2054
2,554,613
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
225,418
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
284,158
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
891,554
Lakeside
Preserve
Community
Development
District
300,000
5.250
05/01/2030
306,462
785,000
6.000
05/01/2043
823,492
1,235,000
6.375
05/01/2054
1,304,153
Lakewood
Park
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
810,000
5.750
05/01/2053
840,564
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Lakewood
Park
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Series
2021
(NR/NR)
$
325,000
3.625%
05/01/2041
$
276,151
Lakewood
Ranch
Stewardship
District
Special
Assessment
for
Azario
Project
Series
2020
A
(NR/NR)
525,000
3.200
05/01/2030
496,194
525,000
3.750
05/01/2040
469,013
670,000
3.900
05/01/2050
576,330
Lakewood
Ranch
Stewardship
District
Special
Assessment
for
Lorraine
Lakes
Project
Series
2020
(NR/NR)
1,085,000
3.625
(c)
05/01/2040
959,305
Lakewood
Ranch
Stewardship
District
Special
Assessment
for
Northeast
Sector
Phase
2A
Project
Series
2019
(NR/NR)
250,000
3.850
05/01/2039
226,174
Lakewood
Ranch
Stewardship
District
Special
Assessment
RB
for
Country
Club
East
Project
Series
2014
(NR/NR)
6,295,000
5.600
05/01/2044
6,498,571
Lakewood
Ranch
Stewardship
District
Special
Assessment
RB
for
Cresswind
Project
Series
2019
(NR/NR)
530,000
4.400
05/01/2039
514,658
1,615,000
4.500
05/01/2049
1,492,597
Lakewood
Ranch
Stewardship
District
Special
Assessment
RB
for
Del
Webb
Project
Series
2017
(NR/NR)
1,000,000
5.000
(c)
05/01/2037
1,014,608
2,365,000
5.125
(c)
05/01/2047
2,383,335
Lakewood
Ranch
Stewardship
District
Special
Assessment
RB
for
Indigo
Expansion
Area
Project
Series
2019
(NR/NR)
575,000
3.750
(c)
05/01/2039
519,261
Lakewood
Ranch
Stewardship
District
Special
Assessment
RB
for
Lake
Club
Phase
4
Project
Series
2019
(NR/NR)
435,000
4.400
05/01/2039
422,408
505,000
4.500
05/01/2049
466,725
Lakewood
Ranch
Stewardship
District
Special
Assessment
RB
for
Lakewood
National
&
Polo
Run
Projects
Series
2017
(NR/NR)
765,000
4.625
05/01/2027
775,065
2,500,000
5.250
05/01/2037
2,550,980
6,265,000
5.375
05/01/2047
6,373,805
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
1,194,085
2,545,000
5.100
05/01/2048
2,561,643
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
3,836,982
Lakewood
Ranch
Stewardship
District
Special
Assessment
RB
for
Taylor
Ranch
Project
2023
(NR/NR)
3,575,000
6.300
05/01/2054
3,772,685
Lakewood
Ranch
Stewardship
District
Special
Assessment
RB
for
Villages
of
Lakewood
Ranch
South
Project
Series
2016
(NR/NR)
420,000
4.250
05/01/2026
420,495
4,625,000
5.000
05/01/2036
4,680,693
1,600,000
5.125
05/01/2046
1,604,725
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
1,588,132
1,685,000
2.625
05/01/2037
1,403,022
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Lakewood
Ranch
Stewardship
District
Special
Assessment
RB
Series
2024
(NR/NR)
$
430,000
5.550%
05/01/2054
$
433,231
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
1,866,359
Lakewood
Ranch
Stewardship
District
Special
Assessment
The
Isles
at
Lakewood
Ranch
Project
Series
2021
(NR/NR)
650,000
3.125
05/01/2041
524,505
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
1,161,769
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
1,701,191
1,990,000
3.000
05/01/2038
1,653,555
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
611,861
895,000
4.000
05/01/2038
827,539
Lawson
Dunes
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
360,000
5.000
05/01/2042
363,203
1,145,000
5.125
05/01/2052
1,137,291
Lee
County
IDA
Florida
Healthcare
Facilities
RB
Series
2024
Shell
Point
Obligated
Group
Series
2024A
Bonds
(NR/BBB+)
3,700,000
5.250
(i)
11/15/2054
3,900,120
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
2,327,170
8,800,000
5.250
10/01/2057
7,616,788
Live
Oak
Lake
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
1,610,000
4.400
05/01/2040
1,525,417
2,840,000
4.600
05/01/2051
2,605,915
Long
Lake
Reserve
Community
Development
District
Special
Assessment
Bonds
Series
2018
(NR/NR)
985,000
5.125
05/01/2048
987,122
1,775,000
5.125
05/01/2049
1,777,600
Longleaf
Community
Development
District
(NR/NR)
864,000
5.375
05/01/2030
864,405
Longleaf
Community
Development
District
Capital
Improvement
RB
Series
2024
(NR/NR)
1,270,000
5.400
(c)
05/01/2044
1,299,041
1,330,000
5.750
(c)
05/01/2054
1,362,964
Longleaf
Community
Development
District
Special
Assessment
Refunding
Series
2005
(NR/NR)
2,315,000
5.400
05/01/2030
2,316,074
Los
Cayos
Community
Development
District
Special
Assessment
Bonds,
Series
2024
(2024
Project)
(NR/NR)
800,000
5.550
06/15/2054
809,172
LT
Ranch
Community
Development
District
Special
Assessment
Series
2019
(NR/NR)
3,800,000
4.000
05/01/2050
3,224,664
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Florida
–
(continued)
LTC
Ranch
West
Residential
Community
Development
District
City
of
Port
St.
Lucie
Florida
Special
Assessment
RB
Series
2024-AA2
(NR/NR)
$
510,000
6.000%
05/01/2054
$
513,638
LTC
Ranch
West
Residential
Community
Development
District
City
of
Port
St.
Lucie
Florida
Special
Assessment
RB
Series
2024-AA3
(NR/NR)
1,305,000
6.050
05/01/2054
1,317,371
LTC
Ranch
West
Residential
Community
Development
District
Special
Assessment
Bonds
Series
2021
B
(NR/NR)
2,650,000
3.250
05/01/2031
2,458,072
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
689,383
Lucerne
Park
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
855,000
4.625
05/01/2039
838,358
1,340,000
4.750
05/01/2050
1,263,295
Lynwood
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
1,755,000
4.000
06/15/2039
1,604,133
2,920,000
4.375
06/15/2049
2,607,003
Mandarin
Grove
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
1,420,000
6.625
(c)
05/01/2053
1,544,946
Marion
Ranch
Community
Development
District
Marion
County
Florida
Special
Assessment
Bonds
Series
2024
(NR/NR)
500,000
5.700
05/01/2044
506,935
1,630,000
5.950
05/01/2054
1,652,351
McJunkin
Parkland
Community
Development
District
Special
Assessment
Bonds
Series
2018
(NR/NR)
2,800,000
5.125
(c)
11/01/2038
2,873,122
4,750,000
5.250
(c)
11/01/2049
4,794,138
Meadow
Pointe
IV
Community
Development
District
RB
for
Capital
Improvement
Series
2014
A
(NR/NR)
475,000
7.250
05/01/2035
478,372
Meadow
View
at
Twin
Creeks
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
530,000
3.750
05/01/2052
420,874
Mediterranean
Community
Development
District
Special
Assessment
Refunding
&
Improvement
Bonds
for
Area
Two
Project
Series
2017
(NR/NR)
1,000,000
4.750
05/01/2037
1,002,421
1,700,000
5.000
05/01/2048
1,695,237
Merrick
Square
Community
Development
District
Capital
Improvement
RB
Series
2023
(NR/NR)
900,000
5.625
05/01/2053
929,616
Miami
World
Center
Community
Development
District
Special
Assessment
Bonds
Series
2017
(NR/NR)
600,000
4.750
11/01/2027
610,451
4,000,000
5.125
11/01/2039
4,072,258
4,135,000
5.250
11/01/2049
4,206,639
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
1,602,534
2,000,000
5.500
(c)
07/01/2061
2,041,813
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Miami-Dade
County
Seaport
Revenue
Refunding
Bonds,
Series
2022A
(AMT)
(A3/NR)
$
3,035,000
5.250%
10/01/2052
$
3,206,735
Miami-Dade
County
Water
&
Sewer
Revenue
System
Bonds
Series
2021
(BAM-TCRS)
(Aa3/AA)
1,575,000
4.000
10/01/2051
1,537,614
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
3,441,204
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
3,515,399
Mirada
Community
Development
District
Capital
Improvement
RB
Series
2021
(NR/NR)
1,810,000
3.250
05/01/2032
1,669,044
Mirada
Community
Development
District
Pasco
County
Florida
Capital
Improvement
Revenue
and
Refunding
Bonds
Series
2024
Assessment
Area
Three
(NR/NR)
1,125,000
5.625
05/01/2044
1,130,357
1,500,000
6.000
05/01/2055
1,513,162
Mirada
II
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
1,860,000
3.500
05/01/2041
1,551,081
2,430,000
4.000
05/01/2051
2,007,071
Miranda
II
Community
Development
District
Capital
Improvement
RB
Series
2022
(NR/NR)
910,000
5.600
05/01/2042
941,918
1,440,000
5.750
05/01/2053
1,484,842
Miromar
Lakes
Community
Development
District
RB
Refunding
for
Capital
Improvement
Series
2015
(NR/NR)
1,075,000
5.000
05/01/2028
1,081,384
1,200,000
5.000
05/01/2035
1,204,848
Naples
Reserve
Community
Development
District
Special
Assessment
Bonds
Series
2014
(NR/NR)
740,000
5.250
11/01/2035
741,874
1,225,000
5.625
11/01/2045
1,227,690
Naples
Reserve
Community
Development
District
Special
Assessment
Bonds
Series
2018
(NR/NR)
1,185,000
5.125
(c)
11/01/2048
1,189,964
New
Port
Tampa
Bay
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
565,000
3.875
05/01/2041
493,668
2,250,000
4.125
05/01/2052
1,898,994
New
River
Community
Development
District
Special
Assessment
Refunding
Senior
Lien
Series
2020
A-1
(NR/NR)
30,000
3.500
(c)
05/01/2031
28,416
85,000
4.000
(c)
05/01/2038
79,099
New
River
Community
Development
District
Special
Assessment
Refunding
Senior
Lien
Series
2020
A-1
(NR/A)
815,000
3.500
(c)
05/01/2038
734,853
New
River
Community
Development
District
Special
Assessment
Series
2006
B
(NR/NR)
3,260,000
5.000
*
05/01/2013
33
North
Ar-1
of
Pasco
Community
Development
District
Pasco
County
Florida
Capital
Improvement
RB
Series
2024A
Assessment
Area
Five
(NR/NR)
815,000
5.750
05/01/2044
826,570
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Florida
–
(continued)
North
AR-1
of
Pasco
Community
Development
District
Pasco
County
Florida
Capital
Improvement
RB
Series
2024A
Assessment
Area
Five
(NR/NR)
$
2,330,000
6.000%
05/01/2054
$
2,362,529
North
AR-1
Pasco
Community
Development
District
Capital
Improvement
RB
for
Assessment
Area
Four
Series
2024
(NR/NR)
540,000
5.450
05/01/2044
544,896
1,135,000
5.750
05/01/2054
1,143,607
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
613,025
1,000,000
5.750
05/01/2043
1,030,633
1,500,000
6.000
05/01/2054
1,543,428
North
Loop
Community
Development
District
1,850,000
6.625
05/01/2054
1,996,008
North
Park
Isle
Community
Development
District
Special
Assessment
RB
Series
2021
(NR/NR)
1,200,000
3.375
11/01/2041
995,814
3,770,000
4.000
11/01/2051
3,148,723
North
Powerline
Road
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
1,275,000
5.625
(c)
05/01/2052
1,295,023
North
Powerline
Road
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
465,000
3.625
05/01/2040
400,154
Ocala
Preserve
Community
Development
District
Capital
Improvement
RB
Series
2023
(NR/NR)
1,240,000
5.700
05/01/2043
1,296,846
1,250,000
5.875
05/01/2053
1,304,388
Old
Hickory
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
340,000
4.000
06/15/2040
311,298
Orange
Blossom
Groves
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
665,000
5.250
06/15/2043
686,998
1,275,000
5.375
06/15/2053
1,309,107
Orange
Blossom
Ranch
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
2,200,000
4.850
05/01/2039
2,202,229
3,625,000
5.000
05/01/2049
3,582,911
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
1,005,522
Osceola
Chain
Lakes
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
840,000
4.000
05/01/2040
761,883
905,000
4.000
05/01/2050
753,095
Osceola
County
Rolling
Oaks
Community
Development
District
Special
Assessment
Bonds
Series
2018
(NR/NR)
1,680,000
5.375
(c)
11/01/2038
1,728,566
3,300,000
5.500
(c)
11/01/2049
3,360,716
Palermo
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
1,050,000
5.000
06/15/2043
1,063,510
1,375,000
5.250
06/15/2053
1,397,512
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Palm
Beach
County
Educational
Facilities
Authority
RB
Palm
Beach
Atlantic
University,
Inc.
Series
2024
(NR/NR)
$
1,800,000
5.250%
10/01/2048
$
1,876,778
2,850,000
5.250
10/01/2053
2,951,586
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
1,719,344
Palm
Beach
County
Health
Facilities
Authority
RB
(Lifespace
Communities,
Inc.),
Series
2023C
(NR/NR)
1,225,000
7.625
05/15/2058
1,364,977
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
8,594,224
Palm
Beach
County
Health
Facilities
Authority
RB
for
Lifespace
Communities,
Inc.
Obligated
Group
Series
2019
B
(NR/NR)
4,600,000
4.000
05/15/2053
3,509,231
2,175,000
5.000
05/15/2053
1,966,149
Palm
Beach
County
Health
Facilities
Authority
Revenue
Refunding
Bonds
Series
2022
(NR/NR)
1,650,000
4.000
06/01/2036
1,570,099
1,700,000
4.250
06/01/2056
1,399,541
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
513,030
1,000,000
5.600
05/01/2053
1,025,176
Palm
Coast
Park
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Series
2019
(NR/NR)
1,175,000
4.300
05/01/2050
1,029,662
Palm
Glades
Community
Development
District
Senior
Special
Assessment
Bonds
Series
2018
A-1
(NR/A)
625,000
4.000
11/01/2038
594,738
3,290,000
4.200
11/01/2048
3,008,651
Palm
Glades
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2016
(NR/A)
3,155,000
3.750
05/01/2031
3,069,887
2,140,000
4.000
05/01/2036
2,113,166
Palm
Glades
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2017
(NR/BBB-)
375,000
4.000
05/01/2027
374,329
2,380,000
5.000
05/01/2039
2,402,781
Parkland
Preserve
Community
Development
District
Special
Assessment
RB
Series
2019
A
(NR/NR)
1,855,000
5.250
05/01/2039
1,900,445
5,090,000
5.375
05/01/2050
5,155,715
Parkview
at
Long
Lake
Ranch
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
800,000
4.000
05/01/2051
667,940
Parkway
Center
Community
Development
District
Special
Assessment
for
Amenity
Projects
Series
2018-2
(NR/A-)
2,285,000
4.700
05/01/2049
2,172,807
Parkway
Center
Community
Development
District
Special
Assessment
Refunding
Series
2018-1
(NR/BBB)
1,065,000
4.500
05/01/2034
1,044,367
Parrish
Lakes
Community
Development
District
Capital
Improvement
RB
for
Special
Assessment
Area
Two
Series
2023A
(NR/NR)
590,000
5.375
05/01/2043
600,497
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)
–
(continued)
$
1,475,000
5.625%
05/01/2053
$
1,505,828
Parrish
Lakes
Community
Development
District
Capital
Improvement
RB
Series
2023
(NR/NR)
1,375,000
5.125
05/01/2043
1,382,164
1,525,000
5.400
05/01/2053
1,537,625
Parrish
Plantation
Community
Development
District
Manatee
County
Florida
Special
Assessment
RB
Series
2024
Assessment
Area
Four
Project
(NR/NR)
375,000
5.875
05/01/2054
382,104
Parrish
Plantation
Community
Development
District
Manatee
County
Florida
Special
Assessment
RB
Series
2024
Assessment
Area
Three
Project
(NR/NR)
1,445,000
6.050
05/01/2054
1,478,125
Parrish
Plantation
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
795,000
3.500
05/01/2041
663,444
Paseo
Community
Development
District
Capital
Improvement
RB
Refunding
Series
2018
(NR/A-)
3,165,000
4.375
05/01/2036
3,130,389
Peace
Creek
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
1,375,000
5.125
06/15/2043
1,410,101
1,900,000
5.375
06/15/2053
1,953,590
Peace
Creek
Village
Community
Development
District Special
Assessment
Bonds
Series
2024
(NR/NR)
405,000
4.625
05/01/2031
407,511
1,325,000
5.500
05/01/2044
1,346,086
905,000
5.750
05/01/2054
914,368
Pine
Isle
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
1,000,000
3.250
(c)
12/15/2041
869,422
Pine
Ridge
Plantation
Community
Development
District
Special
Assessment
Refunding
Bonds
2020
A-2
(NR/NR)
650,000
3.300
05/01/2030
630,540
690,000
3.750
05/01/2037
657,841
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
1,112,551
Portico
Community
Development
District
Special
Assessment
Bonds
Series
2020-2
(NR/NR)
555,000
3.625
05/01/2040
479,555
Portico
Community
Development
District
Special
Assessment
Refunding
Series
2020-1
(NR/NR)
1,915,000
3.500
05/01/2037
1,690,969
Portofino
Isles
Community
Development
District
Special
Assessment
RB
Refunding
Series
2013
(NR/BBB)
2,790,000
4.750
05/01/2033
2,790,146
Preserve
At
Savannah
Lakes
Community
Development
District
Special
Assessment
Bonds
Phase
1
Series
2024
(NR/NR)
1,000,000
5.750
05/01/2054
1,014,879
Preserve
at
South
Branch
Community
Development
District
Special
Assessment
Phase
1
Series
2018
(NR/NR)
1,045,000
5.375
11/01/2049
1,066,183
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Preserve
at
South
Branch
Community
Development
District
Special
Assessment
Phase
2
RB
Series
2019
(NR/NR)
$
250,000
4.000%
11/01/2039
$
235,432
1,205,000
4.000
11/01/2050
1,045,404
Preserve
at
South
Branch
Community
Development
District
Special
Assessment
Phase
3
Series
2021
(NR/NR)
750,000
3.500
05/01/2041
683,579
Prosperity
Lakes
Community
Development
District
1,060,000
6.125
12/15/2053
1,114,652
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
748,631
Regal-Village
Community
Development
District
Capital
Improvement
Revenue
Bonds
Series
2024
(NR/NR)
700,000
5.200
05/01/2044
704,788
575,000
5.500
05/01/2054
578,873
Reserve
At
Van
Oaks
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
965,000
5.375
05/01/2053
987,029
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
459,045
1,520,000
4.625
05/01/2050
1,415,899
Rhodine
Road
North
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
825,000
4.500
05/01/2040
814,674
825,000
4.750
05/01/2050
787,114
Ridge
at
Apopka
Community
Development
District
Special
Assessment
Bonds
for
Parcel
Two
Project
Series
2023
(NR/NR)
590,000
5.500
05/01/2043
603,578
700,000
5.750
05/01/2053
713,506
Ridge
at
Apopka
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
2,150,000
5.500
05/01/2052
2,159,270
Ridge
at
Health
Brook
Community
Development
District
Capital
Improvement
RB
Series
2023
(NR/NR)
300,000
5.250
05/01/2043
307,628
550,000
5.500
05/01/2053
562,683
River
Glen
Community
Development
District
Special
Assessment
Bond
for
Assessment
Area
Two
Series
2021
(NR/NR)
1,000,000
3.375
05/01/2041
838,627
2,390,000
4.000
05/01/2051
1,977,307
River
Hall
Community
Development
District
1,555,000
6.500
05/01/2054
1,651,148
River
Hall
Community
Development
District
Special
Assessment
for
Assessment
Area
3
Series
2020
A
(NR/NR)
1,030,000
3.625
05/01/2040
884,315
River
Landing
Community
Development
District
Special
Assessment
Series
2020
A
(NR/NR)
1,100,000
4.350
05/01/2051
971,193
River
Landing
Community
Development
District
Special
Assessment
Series
2020
B
(NR/NR)
290,000
4.250
11/01/2035
276,074
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Rivers
Edge
II
Community
Development
District
Special
Assessment
Bond
Series
2021
(NR/NR)
$
1,035,000
3.500%
05/01/2041
$
868,980
Rivers
Edge
III
Community
Development
District
Special
Assessment
Bond
Series
2021
(NR/NR)
815,000
3.500
(c)
05/01/2041
678,818
905,000
4.000
(c)
05/01/2051
747,655
Riverwalk
Community
Development
District
City
of
Orlando
Florida
Special
Assessment
Bonds
Series
2024
(NR/NR)
1,350,000
5.800
05/01/2054
1,363,941
Rolling
Oaks
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
1,350,000
6.500
(c)
05/01/2053
1,422,055
Rustic
Oaks
Community
Development
District
Capital
Improvement
RB
Series
2022
(NR/NR)
2,435,000
3.450
05/01/2042
2,005,874
Rye
Crossing
Community
Development
District
Capital
Improvement
RB
Series
2023
(NR/NR)
1,075,000
5.250
05/01/2053
1,090,061
Rye
Ranch
Community
Development
District
1,745,000
6.625
05/01/2054
1,875,871
Rye
Ranch
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
One,
Series
2023
(NR/NR)
710,000
6.000
(c)
11/01/2053
733,988
Saddle
Creek
Preserve
of
Polk
County
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
320,000
4.000
06/15/2040
304,687
780,000
4.000
06/15/2050
666,810
Saddle
Creek
Preserve
of
Polk
County
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
1,315,000
4.000
12/15/2051
1,100,430
Saltleaf
Community
Development
District
Lee
County
Florida
Capital
Improvement
RB
Series
2024
(NR/NR)
1,500,000
5.625
05/01/2044
1,509,394
2,700,000
6.000
05/01/2056
2,731,836
Saltmeadows
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
1,020,000
5.500
05/01/2053
1,042,070
San
Simeon
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
1,410,000
4.125
(c)
06/15/2039
1,298,883
Sandmine
Road
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
650,000
6.000
11/01/2052
687,433
Sandmine
Road
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Series
2020
(NR/NR)
375,000
3.125
(c)
05/01/2030
364,840
980,000
3.625
(c)
05/01/2040
928,212
950,000
3.750
(c)
05/01/2050
824,162
Sarasota
County
Public
Hospital
District
Fixed
Rate
Hospital
RB
Series
2018
(A1/NR)
4,350,000
4.000
07/01/2048
4,125,330
Savanna
Lakes
Community
Development
District
Special
Assessment
Area
One
Bonds,
Series
2023
(NR/NR)
1,065,000
5.375
(c)
06/15/2053
1,088,091
Sawgrass
Village
Community
Development
District
1,365,000
6.375
11/01/2053
1,438,467
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Sawgrass
Village
Community
Development
District
Manatee
County
Florida
Special
Assessment
Bonds
Series
2024
Assessment
Area
Three
(NR/NR)
$
1,380,000
5.875%
(c)
05/01/2054
$
1,396,268
Sawgrass
Village
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
2,300,000
5.750
05/01/2053
2,345,987
Scenic
Highway
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
620,000
3.750
05/01/2040
569,456
1,250,000
4.000
05/01/2051
1,054,628
Scenic
Terrace
North
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
1,975,000
5.875
05/01/2043
2,038,501
2,210,000
6.125
05/01/2054
2,288,162
Scenic
Terrace
South
Community
Development
District
900,000
6.750
11/01/2053
962,874
Scenic
Terrace
South
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
1,300,000
4.500
05/01/2042
1,224,712
2,930,000
4.625
05/01/2053
2,679,393
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
1,005,011
Sedona
Point
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
1,185,000
5.000
06/15/2053
1,187,481
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
299,393
425,000
4.000
(c)
06/15/2041
380,830
2,270,000
4.000
(c)
06/15/2051
1,894,679
1,105,000
4.000
(c)
06/15/2056
900,893
Seminole
Improvement
District
Utilities
RB
for
City
of
Westlake
Series
2022
(NR/NR)
900,000
5.300
10/01/2037
927,182
Seminole
Palms
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
900,000
5.700
05/01/2053
924,391
Shadowlawn
Community
Development
District
Special
Assessment
Revenue
Bonds
Series
2024
(NR/NR)
2,600,000
5.500
05/01/2044
2,613,573
3,300,000
5.850
05/01/2054
3,316,937
Shell
Point
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
2,200,000
5.250
(c)
11/01/2039
2,248,693
2,815,000
5.375
(c)
11/01/2049
2,850,812
Sherwood
Manor
Community
Development
District
Special
Assessment
Bonds
Series
2018
(NR/NR)
3,800,000
5.250
(c)
11/01/2049
3,843,701
Sherwood
Manor
Community
Development
District
Special
Assessment
RB
Series
2023
(NR/NR)
825,000
5.500
05/01/2043
853,446
1,435,000
5.625
05/01/2053
1,476,579
Shingle
Creek
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
4,000,000
5.000
05/01/2049
3,972,706
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Silver
Oaks
Community
Development
District
Special
Assessment
Bonds
Series
2024
(NR/NR)
$
1,600,000
5.850%
05/01/2054
$
1,625,060
Silverlake
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
885,000
5.500
05/01/2053
903,856
Six
Mile
Creek
Community
Development
District
Capital
Improvement
RB
Series
2021
(NR/NR)
655,000
4.000
05/01/2052
545,974
Six
Mile
Creek
Community
Development
District
Capital
Improvement
RB
Series
2023
(NR/NR)
1,375,000
5.700
05/01/2054
1,416,179
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
1,111,571
Six
Mile
Creek
Community
Development
District
Special
Assessment
Refunding
for
Area
2
Phase
3A
Project
Series
2020
(NR/NR)
305,000
4.125
11/01/2040
297,681
940,000
4.250
11/01/2050
875,034
Solaeris
Community
Development
District
St.
Lucie
County
Florida
Special
Assessment
Bonds
Series
2024
(NR/NR)
1,650,000
6.000
05/01/2044
1,687,229
2,525,000
6.250
05/01/2055
2,563,731
Somerset
Bay
Community
Development
District
Hernando
County
Florida
Capital
Improvement
RB
Series
2024
Assessment
Area
One
(NR/NR)
1,305,000
5.900
(c)
05/01/2054
1,312,761
Sorrento
Pines
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
One
Series
2023
(NR/NR)
525,000
5.500
05/01/2053
537,480
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
2,135,294
3,480,000
5.250
(c)
11/01/2049
3,505,404
South
Fork
III
Community
Development
District
Special
Assessment
RB
Refunding
Series
2018
(NR/NR)
1,310,000
5.000
05/01/2038
1,326,246
2,505,000
5.375
05/01/2049
2,528,704
South
Kendall
Community
Development
District
Special
Assessment
Refunding
Series
2016
(NR/BBB)
330,000
4.125
11/01/2040
306,668
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
730,373
485,000
3.625
05/01/2035
456,843
1,695,000
3.750
05/01/2038
1,600,966
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
473,110
95,000
5.000
05/01/2038
95,583
South-Dade
Venture
Community
Development
District
Special
Assessment
RB
Refunding
Series
2013
(NR/NR)
2,010,000
5.250
05/01/2034
2,021,360
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Southern
Groves
Community
Development
District
No.
5
Special
Assessment
Refunding
Series
2019
(NR/NR)
$
365,000
3.600%
05/01/2034
$
336,185
600,000
4.000
05/01/2043
527,456
Southern
Groves
Community
Development
District
No.
5
Special
Assessment
Series
2020
(NR/NR)
415,000
4.300
05/01/2040
408,251
175,000
4.500
05/01/2046
166,701
Southern
Hills
Plantation
I
Community
Development
District
Special
Assessment
for
Capital
Improvement
Series
2011
A-1
(NR/NR)
2,875,000
5.800
05/01/2035
2,714,412
Southern
Hills
Plantation
I
Community
Development
District
Special
Assessment
for
Capital
Improvement
Series
2011
A-2
(NR/NR)
2,505,000
5.800
*
05/01/2035
1,709,057
Southshore
Bay
Community
Development
District
Hillsborough
County
Florida
Capital
Improvement
Revenue
Bonds
Series
2024
Assessment
Area
Two
(NR/NR)
830,000
5.625
05/01/2054
0
Spencer
Creek
Community
Development
District
Special
Assessment
RB
Series
2019
(NR/NR)
425,000
4.375
05/01/2029
428,596
1,000,000
5.000
05/01/2039
1,013,356
1,750,000
5.250
05/01/2049
1,762,750
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
1,262,861
1,785,000
5.250
(c)
11/01/2047
1,794,589
Spring
Ridge
Community
Development
District
Special
Assessment
RB
Series
A-1
(NR/NR)
910,000
4.800
05/01/2035
910,813
Springs
at
Lake
Alfred
Community
Development
District
Special
Assessment
Bonds
Series
2024
(NR/NR)
450,000
5.250
05/01/2044
453,070
900,000
5.600
05/01/2054
906,033
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
583,123
475,000
4.000
12/15/2046
371,404
2,350,000
4.000
12/15/2050
1,771,006
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
6,400,105
Sterling
Hill
Community
Development
District
RB
for
Capital
Improvement
Series
2003
B
(NR/NR)
418,112
5.500
*
11/01/2010
192,332
Stonegate
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2013
(NR/NR)
2,130,000
5.000
05/01/2034
2,131,146
Stonegate
Preserve
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
1,000,000
5.875
12/15/2043
1,050,564
1,200,000
6.125
12/15/2053
1,258,255
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
1,206,632
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)
$
875,000
6.375%
11/01/2052
$
955,674
Stoneybrook
South
at
Championsgate
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
1,100,000
4.500
06/15/2039
1,108,333
1,100,000
4.625
06/15/2049
1,088,336
Stoneybrook
South
at
Championsgate
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
555,000
5.500
06/15/2053
583,063
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
1,863,692
3,495,000
5.500
11/01/2044
3,649,809
Stoneybrook
South
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
2,875,000
3.750
(c)
12/15/2050
2,459,034
Storey
Creek
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
One
Project
Series
2019
(NR/NR)
420,000
4.000
12/15/2039
383,644
860,000
4.125
12/15/2049
737,579
Storey
Creek
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
575,000
5.200
06/15/2042
583,549
925,000
5.375
06/15/2052
937,191
Storey
Creek
Community
Development
District
Special
Assessment
Bonds
Series
2024
(NR/NR)
1,000,000
5.500
06/15/2054
1,017,577
Storey
Drive
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
1,000,000
4.000
06/15/2052
815,234
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
289,006
Storey
Park
Community
Development
District
Special
Assessment
Bonds
for
City
of
Orlando
Series
2022
(NR/NR)
1,000,000
5.150
06/15/2052
1,007,720
Stuart
Crossing
Community
Development
District
Special
Assessment
Bonds
Series
2024
(NR/NR)
900,000
5.500
(c)
05/01/2054
898,555
Summer
Woods
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
1,600,000
4.000
05/01/2052
1,319,060
Summer
Woods
Community
Development
District
Special
Assessment
for
Assessment
Area
Two
Project
Series
2020
(NR/NR)
870,000
3.750
05/01/2040
758,808
1,150,000
4.000
05/01/2050
953,844
Summer
Woods
Community
Development
District
Special
Assessment
for
Assessment
Area
Two
Project
Series
2021
(NR/NR)
405,000
3.400
05/01/2041
345,508
275,000
4.000
05/01/2051
230,209
Summerstone
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
705,000
3.750
05/01/2040
659,482
875,000
4.000
05/01/2051
785,745
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Sunbridge
Stewardship
District
Special
Assessment
RB
for
Weslyn
Park
Project
Series
2022
(NR/NR)
$
1,000,000
5.200%
05/01/2042
$
1,011,860
1,800,000
5.350
05/01/2052
1,813,313
Sunbridge
Stewardship
District
Special
Assessment
RB
Series
2022
(NR/NR)
1,550,000
5.500
05/01/2052
1,582,420
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
1,493,659
Talis
Park
Community
Development
District
Capital
Improvement
RB
Refunding
Subordinate
Series
2016
A-2
(NR/NR)
405,000
3.750
05/01/2026
401,963
1,550,000
4.000
05/01/2033
1,510,687
Talis
Park
Community
Development
District
Capital
Improvement
RB
Series
2013
(NR/NR)
1,325,000
5.250
11/01/2034
1,325,837
2,295,000
6.000
11/01/2044
2,296,935
Tamarindo
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
715,000
3.375
05/01/2041
591,644
Tapestry
Community
Development
District
Special
Assessment
RB
Series
2016
(NR/NR)
1,110,000
4.800
05/01/2036
1,113,969
1,715,000
5.000
05/01/2046
1,715,165
Tern
Bay
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
4,400,000
4.000
06/15/2042
3,964,149
Terreno
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
900,000
5.250
05/01/2053
907,496
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
1,663,213
Timber
Creek
Southwest
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
1,000,000
4.000
06/15/2040
905,602
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
646,537
1,345,000
3.600
05/01/2037
1,283,666
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
1,691,453
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
385,906
Tolomato
Community
Development
District
Special
Assessment
GO
Refunding
Bonds
Subordinate
Lien
Series
2018
B-2
(NR/NR)
300,000
5.125
05/01/2039
304,441
Tolomato
Community
Development
District
Special
Assessment
RB
Refunding
Series
2019
A-2
(NR/NR)
1,155,000
4.250
05/01/2037
1,121,179
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Tolomato
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2019
C
(NR/NR)
$
8,310,000
4.400%
(c)
05/01/2040
$
8,003,187
Toscana
Isles
Community
Development
District
Special
Assessment
RB
Series
2014
(NR/NR)
185,000
5.750
11/01/2027
190,509
1,955,000
6.250
11/01/2044
2,044,620
Toscana
Isles
Community
Development
District
Special
Assessment
RB
Series
2018
(NR/NR)
2,645,000
5.375
11/01/2039
2,755,089
5,390,000
5.500
11/01/2049
5,535,235
Touchstone
Community
Development
District
Special
Assessment
Bonds
Series
2018
(NR/NR)
1,560,000
4.625
(c)
06/15/2038
1,543,525
2,440,000
4.750
(c)
06/15/2048
2,324,590
Touchstone
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
550,000
4.000
12/15/2040
489,302
1,145,000
4.125
12/15/2049
976,598
Towne
Park
Community
Development
District
Special
Assessment
Area
3B
Project
Series
2019
(NR/NR)
1,085,000
4.625
05/01/2050
1,009,931
Towne
Park
Community
Development
District
Special
Assessment
Area
3D
Project
Series
2020
(NR/NR)
525,000
3.625
(c)
05/01/2040
468,894
1,000,000
4.000
(c)
05/01/2051
874,436
Towns
At
Woodsdale
Community
Development
District
1,220,000
6.375
(c)
11/01/2053
1,292,399
Tradition
Community
Development
District
No.
9
Special
Assessment
Bonds
Series
2021
(NR/NR)
1,700,000
3.000
05/01/2041
1,315,881
1,300,000
4.000
05/01/2052
1,060,224
Trevesta
Community
Development
District
Special
Assessment
Area
1
Phase
2
Project
Series
2018
(NR/NR)
975,000
5.375
(c)
11/01/2049
1,001,160
Trevesta
Community
Development
District
Special
Assessment
Area
2
Project
Series
2020
(NR/NR)
875,000
3.750
(c)
05/01/2040
810,492
Triple
Creek
Community
Development
District
Special
Assessment
for
Villages
N&P
Projects
Series
2021
(NR/NR)
700,000
3.500
11/01/2041
584,249
Triple
Creek
Community
Development
District
Special
Assessment
Series
2017
A
(NR/NR)
770,000
5.250
11/01/2027
783,194
2,735,000
6.125
11/01/2046
2,860,739
Triple
Creek
Community
Development
District
Special
Assessment
Series
2018
A
(NR/NR)
785,000
4.700
(c)
11/01/2029
799,526
1,525,000
5.125
(c)
11/01/2038
1,563,070
2,165,000
5.375
(c)
11/01/2048
2,199,509
Triple
Creek
Community
Development
District
Special
Assessment
Series
2019
A
(NR/NR)
1,000,000
4.625
05/01/2039
987,473
1,990,000
4.750
05/01/2050
1,873,035
TSR
Community
Development
District
Special
Assessment
Bonds
for
Northwest
Assessment
Area
Series
2017
(NR/NR)
4,625,000
4.750
(c)
11/01/2048
4,383,863
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Florida
–
(continued)
TSR
Community
Development
District
Special
Assessment
Bonds
for
Northwest
Assessment
Area
Series
2018
(NR/NR)
$
1,200,000
5.000%
11/01/2039
$
1,216,367
1,850,000
5.125
11/01/2049
1,852,993
TSR
Community
Development
District
Special
Assessment
RB
for
2016
Project
Series
2016
(NR/NR)
930,000
4.000
11/01/2027
926,996
3,160,000
4.625
11/01/2037
3,138,092
2,790,000
4.750
11/01/2047
2,654,791
TSR
Community
Development
District
Special
Assessment
RB
for
Village
4
Project
Series
2015
A
(NR/NR)
2,420,000
5.625
11/01/2045
2,477,624
Tuckers
Pointe
Community
Development
District
Special
Assessment
RB
Series
2022
(NR/NR)
1,400,000
4.000
05/01/2052
1,163,219
Tuckers
Pointe
Community
Development
District
Special
Assessment
Revenue
Note
Series
2022
(NR/NR)
4,200,000
3.625
05/01/2032
3,955,760
Turnbull
Creek
Community
Development
District
Senior
Special
Assessment
Refunding
Series
2015
A-1
(NR/A)
2,245,000
4.375
05/01/2035
2,246,666
Twisted
Oaks
Pointe
Community
Development
District
City
of
Wildwood
Florida
Special
Assessment
Bonds
Series
2024
Assessment
Area
Three
Project
(NR/NR)
1,250,000
6.000
05/01/2055
1,264,645
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
584,820
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
700,343
650,000
6.125
05/01/2054
674,178
Twisted
Oaks
Pointe
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
One
Series
2023
(NR/NR)
750,000
5.625
05/01/2053
764,286
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
1,628,776
2,535,000
3.625
05/01/2037
2,415,909
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
616,209
Two
Lakes
Community
Development
District
Special
Assessment
Expansion
Area
Series
2019
(NR/NR)
2,300,000
3.750
12/15/2039
2,029,241
Two
Lakes
Community
Development
District
Special
Assessment
Series
2017
(NR/NR)
1,000,000
5.000
(c)
12/15/2032
1,033,799
1,705,000
5.000
(c)
12/15/2037
1,742,912
5,330,000
5.000
(c)
12/15/2047
5,299,972
Two
Rivers
East
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
3,190,000
5.875
05/01/2053
3,272,443
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Two
Rivers
North
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
$
1,850,000
5.250%
05/01/2052
$
1,866,365
Two
Rivers
Two
Rivers
West
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
2,000,000
6.125
11/01/2053
2,072,327
Two
Rivers
West
Community
Development
District
Pasco
County
Florida
Special
Assessment
Bonds
Series
2024
Series
2024
Project
(NR/NR)
1,375,000
5.875
(c)
05/01/2054
1,382,062
Two
Rivers
West
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
1,600,000
6.000
05/01/2043
1,669,906
2,545,000
6.250
05/01/2053
2,656,561
Union
Park
East
Community
Development
District
Capital
Improvement
RB
for
Assessment
Area
One
Series
2017
A-1
(NR/NR)
2,410,000
5.500
(c)
11/01/2047
2,455,143
University
Park
Recreation
District
Special
Assessment
Series
2019
(BAM)
(NR/AA)
2,800,000
3.375
05/01/2045
2,422,473
Varrea
South
Community
Development
District
Capital
Improvement
RB
Series
2023
(NR/NR)
1,375,000
5.400
05/01/2053
1,409,799
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
1,118,503
V-Dana
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
Two
Series
2023
(NR/NR)
2,305,000
5.500
05/01/2054
2,359,794
V-Dana
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Series
2020
(NR/NR)
1,400,000
4.000
(c)
05/01/2051
1,171,863
Venetian
Parc
Community
Development
District
Special
Assessment
Area
One
Project
Series
2013
(NR/NR)
260,000
6.000
11/01/2027
269,109
2,050,000
6.500
11/01/2043
2,213,471
Venetian
Parc
Community
Development
District
Special
Assessment
Area
Two
Project
Series
2013
(NR/NR)
375,000
6.375
11/01/2027
377,566
2,295,000
7.125
11/01/2044
2,311,711
Ventana
Community
Development
District
Special
Assessment
RB
Series
2018
(NR/NR)
4,655,000
5.125
(c)
05/01/2049
4,662,016
Veranda
Community
Development
District
II
Special
Assessment
Area
1
Gardens
East
Project
Series
2018
A
(NR/NR)
810,000
5.000
11/01/2039
821,516
1,375,000
5.125
11/01/2049
1,377,779
Veranda
Community
Development
District
II
Special
Assessment
Area
2
Preserve
West
Project
Series
2018
A
(NR/NR)
960,000
5.000
11/01/2039
973,649
1,560,000
5.125
11/01/2049
1,563,153
Veranda
Community
Development
District
II
Special
Assessment
Refunding
for
Veranda
Estates
Project
Series
2021
(NR/NR)
245,000
3.600
(c)
05/01/2041
208,485
Veranda
Community
Development
District
II
Special
Assessment
Refunding
for
Veranda
Oaks
Project
Series
2021
(NR/NR)
530,000
3.600
(c)
05/01/2041
451,008
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Veranda
Community
Development
District
II
Special
Assessment
Refunding
for
Veranda
Oaks
Project
Series
2021
(NR/NR)
–
(continued)
$
870,000
4.000%
(c)
05/01/2051
$
720,430
Veranda
Community
Development
District
Special
Assessment
Area
Five
Phase
2
Veranda
Estates
Project
RB
Refunding
Series
2024
(NR/NR)
1,025,000
5.375
05/01/2044
1,045,371
475,000
5.625
05/01/2054
481,569
Veranda
Community
Development
District
Special
Assessment
Area
Five
Phase
3
Preserve
East
Project
RB
Refunding
Series
2024
(NR/NR)
1,600,000
5.125
05/01/2044
1,626,452
3,250,000
5.375
05/01/2054
3,285,960
Veranda
Landing
Community
Development
District
Special
Assessment
Bonds,
Series
2023
(NR/NR)
900,000
5.500
06/15/2053
923,693
Verandah
East
Community
Development
District
Special
Assessment
Refunding
&
Improvement
RB
Series
2016
(NR/NR)
4,355,000
4.000
05/01/2031
4,291,472
1,700,000
4.125
05/01/2034
1,662,308
1,000,000
4.250
05/01/2037
958,948
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
1,912,307
2,940,000
4.000
(c)
05/01/2037
2,811,837
Verano
#1
Community
Development
District
Special
Assessment
Bonds
for
District
#1
Project
Series
2015
(NR/NR)
735,000
5.125
11/01/2035
755,207
990,000
5.250
11/01/2046
999,573
Verano
#2
Community
Development
District
City
of
Port
St.
Lucie
Florida
Special
Assessment
Bonds
Series
2024
(NR/NR)
875,000
5.500
05/01/2044
885,589
1,910,000
5.800
05/01/2054
1,932,598
Verano
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
1,000,000
6.625
11/01/2052
1,069,105
Verano
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
500,000
5.375
05/01/2043
515,705
800,000
5.625
05/01/2053
827,473
Verano
No.
2
Community
Development
District
Special
Assessment
Bonds
for
POD
C
Project
Series
2020
(NR/NR)
265,000
4.000
05/01/2040
239,732
1,700,000
4.000
05/01/2050
1,423,879
Verano
No.
2
Community
Development
District
Special
Assessment
Bonds
for
POD
D
Project
Series
2020
(NR/NR)
370,000
4.000
05/01/2040
334,720
2,015,000
4.000
05/01/2050
1,686,276
Verano
No.
2
Community
Development
District
Special
Assessment
Bonds
for
POD
E
Project
Series
2020
(NR/NR)
265,000
4.000
05/01/2040
239,732
1,740,000
4.000
05/01/2050
1,456,139
Viera
East
Community
Development
District
Special
Assessment
Bonds
Series
2020
(AGM)
(NR/AA)
1,625,000
2.600
05/01/2034
1,353,159
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Viera
Stewardship
District
Special
Assessment
RB
Series
2023
(NR/NR)
$
1,000,000
5.300%
05/01/2043
$
1,025,372
2,750,000
5.500
05/01/2054
2,809,846
Villa
Portofino
East
Community
Development
District
Special
Assessment
Refunding
Series
2019
(NR/NR)
1,000,000
3.750
05/01/2037
908,712
Village
Community
Development
District
No.
13
Special
Assessment
RB
Series
2019
(NR/NR)
9,510,000
3.700
05/01/2050
8,052,892
Village
Community
Development
District
No.
13
Special
Assessment
RB
Series
2020
(NR/NR)
4,100,000
3.250
(c)
05/01/2040
3,537,644
9,105,000
3.500
(c)
05/01/2051
7,351,677
Village
Community
Development
District
No.
15
Special
Assessment
Rb
Series
2023
(NR/NR)
4,600,000
5.250
(c)
05/01/2054
4,728,888
Village
Community
Development
District
No.
15
Special
Assessment
RB
Series
2023
(NR/NR)
2,050,000
5.000
(c)
05/01/2043
2,099,225
Village
Community
Development
District
Special
Assessment
RB
Series
2021
(NR/NR)
4,425,000
3.250
05/01/2052
3,356,300
Villages
of
Glen
Creek
Community
Development
District
Capital
Improvement
RB
Series
2022A
(NR/NR)
1,150,000
5.250
05/01/2053
1,158,386
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
939,487
Villamar
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
885,000
4.625
05/01/2039
867,775
1,355,000
4.875
05/01/2050
1,301,162
Villamar
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
555,000
3.750
05/01/2040
512,290
1,000,000
4.000
05/01/2051
836,201
Villamar
Community
Development
District
Special
Assessment
Bonds,
Series
2024
(NR/NR)
570,000
5.500
05/01/2044
584,788
1,000,000
5.750
05/01/2054
1,020,960
Vizcaya
In
Kendall
Community
Development
District
Special
Assessment
Bonds
Series
2016
(NR/BBB)
1,000,000
3.750
11/01/2031
939,204
1,000,000
4.000
11/01/2036
950,585
1,300,000
4.125
11/01/2046
1,153,359
Waterford
Community
Development
District
Capital
Improvement
RB
Series
2023
(NR/NR)
535,000
5.375
05/01/2043
547,599
670,000
5.600
05/01/2053
686,333
Waterford
Landing
Community
Development
District
Capital
Improvement
RB
Series
2014
(NR/NR)
2,230,000
5.500
05/01/2034
2,231,665
3,810,000
5.750
05/01/2044
3,811,976
Watergrass
Community
Development
District
II
Special
Assessment
Bonds
Series
2018
(NR/NR)
4,040,000
5.250
05/01/2049
4,063,301
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Florida
–
(continued)
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
$
3,146,140
Waterset
Central
Community
Development
District
Special
Assessment
Bonds
Series
2018
(NR/NR)
1,640,000
5.125
(c)
11/01/2038
1,667,120
2,800,000
5.250
(c)
11/01/2049
2,816,978
Waterset
North
Community
Development
District
Special
Assessment
RB
Series
2014
(NR/NR)
1,200,000
5.125
11/01/2035
1,202,495
1,930,000
5.500
11/01/2045
1,932,825
Wellness
Ridge
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
1,320,000
5.125
06/15/2043
1,351,764
1,215,000
5.375
06/15/2053
1,247,502
Wesbridge
Community
Development
District
Special
Assessment
Series
2019
(NR/NR)
1,215,000
4.250
11/01/2049
1,063,505
West
Hillcrest
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
1,150,000
5.500
06/15/2053
1,182,594
West
Port
Community
Development
District
Special
Assessment
Area
Two
Series
2020
(NR/NR)
570,000
3.625
(c)
05/01/2041
482,295
1,545,000
4.000
(c)
05/01/2051
1,276,276
West
Port
Community
Development
District
Special
Assessment
Bonds
for
Charlotte
County
Series
2022
(NR/NR)
550,000
5.250
05/01/2052
550,845
West
Port
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Series
2021
(NR/NR)
1,445,000
3.400
05/01/2041
1,188,075
West
Villages
Improvement
District
Capital
Improvement
RB
for
Unit
of
Development
No.
10
Series
2024
(Assessment
Area
One)
(NR/NR)
1,150,000
5.625
05/01/2054
1,152,880
West
Villages
Improvement
District
Special
Assessment
RB
for
Neighborhood
Infrastructure
Series
2022
(NR/NR)
475,000
5.375
05/01/2042
491,361
1,350,000
5.500
05/01/2053
1,382,320
West
Villages
Improvement
District
Special
Assessment
RB
Series
2023
(NR/NR)
850,000
5.375
05/01/2043
877,313
2,265,000
5.625
05/01/2053
2,339,105
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
2,305,965
3,790,000
5.000
05/01/2050
3,756,941
West
Villages
Improvement
District
Unit
of
Development
No.
7
Special
Assessment
RB
Series
2023
(NR/NR)
570,000
6.250
05/01/2054
605,259
Westside
Community
Development
District
Special
Assessment
RB
for
Solara
Phase
1
Assessment
Area
Series
2018
(NR/NR)
440,000
5.000
(c)
05/01/2038
446,920
600,000
5.200
(c)
05/01/2048
604,689
Westside
Community
Development
District
Special
Assessment
RB
for
Solara
Phase
2
Assessment
Area
Series
2019
(NR/NR)
990,000
4.625
05/01/2039
970,730
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Westside
Community
Development
District
Special
Assessment
RB
for
Solara
Phase
2
Assessment
Area
Series
2019
(NR/NR)
–
(continued)
$
1,590,000
4.850%
05/01/2049
$
1,525,680
Westside
Community
Development
District
Special
Assessment
RB
Refunding
Series
2019
(NR/NR)
800,000
4.100
(c)
05/01/2037
756,882
795,000
4.125
(c)
05/01/2038
744,907
Westside
Community
Development
District
Special
Assessment
RB
Series
2019
(NR/NR)
1,200,000
5.000
05/01/2039
1,214,992
2,000,000
5.200
05/01/2050
2,007,078
Westside
Haines
City
Community
Development
District
Polk
County
Florida
Special
Assessment
Bonds
Series
2024
Assessment
Area
Two
Project
(NR/NR)
2,050,000
5.750
05/01/2044
2,080,715
2,550,000
6.000
05/01/2054
2,587,584
Westview
North
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
1,150,000
6.000
06/15/2052
1,196,343
Westview
South
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
One,
Series
2023
(NR/NR)
1,115,000
5.375
05/01/2043
1,135,654
3,505,000
5.600
05/01/2053
3,571,929
1,415,000
5.625
05/01/2053
1,449,962
Westview
South
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
Two,
Series
2023
(NR/NR)
600,000
5.375
05/01/2043
611,100
Westwood
of
Pasco
Community
Development
District
Capital
Improvement
RB,
Series
2023
(NR/NR)
675,000
5.625
05/01/2053
691,677
Whispering
Pines
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
830,000
5.500
05/01/2053
852,100
Whispering
Pines
Community
Development
District
Special
Assessment
Bonds
Series
2024
(NR/NR)
420,000
5.200
05/01/2044
422,550
490,000
5.500
05/01/2054
492,161
Willowbrook
Community
Development
District
City
of
Winter
Haven
Florida
Special
Assessment
Bonds
Series
2024
Assessment
Area
One
Project
(NR/NR)
1,000,000
5.900
05/01/2055
1,006,072
Willows
Community
Development
District
Special
Assessment
RB
for
Manatee
County
Series
2022
(NR/NR)
1,100,000
5.750
05/01/2052
1,141,968
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
974,431
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
1,135,836
Winding
Cypress
Community
Development
District
Phase
3
Assessment
Area
Special
Assessment
Bonds
Series
2019
(NR/NR)
970,000
5.000
11/01/2049
959,224
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Florida
–
(continued)
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
$
1,772,055
Windsor
Cay
Community
Development
District
Lake
County
Florida
Special
Assessment
Bonds
Series
2024
(NR/NR)
1,000,000
5.450
05/01/2044
1,010,573
1,000,000
5.750
05/01/2054
1,011,860
Windward
at
Lakewood
Ranch
Community
Development
District
Capital
Improvement
RB
Series
2022
(NR/NR)
1,040,000
4.250
05/01/2052
879,220
Windward
Community
Development
District
Special
Assessment
Series
2020
A-1
(NR/NR)
500,000
4.400
11/01/2035
493,069
625,000
4.250
05/01/2040
580,146
1,000,000
4.500
05/01/2051
902,534
Wiregrass
Community
Development
District
Capital
Improvement
RB
Series
2014
(NR/NR)
380,000
5.375
05/01/2035
382,932
3,010,000
5.625
05/01/2045
3,025,661
Wiregrass
Community
Development
District
Capital
Improvement
RB
Series
2016
(NR/NR)
780,000
4.875
05/01/2036
784,043
Wiregrass
II
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
1,585,000
3.700
05/01/2040
1,378,202
3,450,000
3.875
05/01/2050
2,795,525
Zephyr
Lakes
Community
Development
District
Special
Assessment
for
Assessment
Area
Two
Series
2021
(NR/NR)
560,000
3.375
05/01/2041
458,288
890,000
4.000
05/01/2051
736,254
1,632,730,029
Georgia
-
1.4%
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
1,521,561
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
976,666
Cherokee
County
Water
and
Sewerage
Authority
Georgia
Water
and
Sewerage
RB,
Series
2023
(Aa1/AA)
1,200,000
4.000
08/01/2053
1,160,097
Columbia
County
Hospital
Authority
Revenue
Anticipation
Certificates,
(Wellstar
Health
System,
Inc.
Project)
Series
2023A
(A2/A+)
1,495,000
5.125
04/01/2053
1,574,517
Coweta
County
Water
and
Sewerage
Authority
RB
Series
2024
(NR/AA+)
1,865,000
5.000
06/01/2054
2,024,663
Development
Authority
of
Dekalb
County
RB
for
The
Globe
Academy,
Inc.,
Project
Series
2024A
(Baa2/NR)
300,000
5.000
06/01/2050
301,074
480,000
5.000
06/01/2055
478,016
2,635,000
5.000
06/01/2063
2,570,382
Gainesville
&
Hall
County
Development
Authority
RB
Refunding
for
Riverside
Military
Academy
Series
2017
(NR/NR)
900,000
5.125
03/01/2052
620,823
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Georgia
–
(continued)
George
L
Smith
II
Congress
Center
Authority
RB
for
Convention
Center
Hotel
Second
Tier
Series
2021B
(NR/NR)
$
18,210,000
5.000%
(c)
01/01/2054
$
16,873,066
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
10,468,070
George
L
Smith
II
Congress
Center
Authority
RB
for
Signia
Hotel
Management
LLC
Series
2021
(NR/NR)
3,690,000
3.625
(c)
01/01/2031
3,516,390
1,340,000
5.000
(c)
01/01/2036
1,340,972
Main
Street
Natural
Gas
Inc.
Gas
Supply
RB
Series
2022C
(NR/BBB-)
2,400,000
4.000
(c)
11/01/2024
2,392,942
2,990,000
4.000
(c)
11/01/2025
2,957,401
3,115,000
4.000
(c)
11/01/2026
3,058,399
Main
Street
Natural
Gas
Inc.
Gas
Supply
RB
Series
2023B
(Aa1/NR)
7,000,000
5.000
(a)(b)
07/01/2053
7,425,294
Main
Street
Natural
Gas
Inc.,
Gas
Supply
RB
Series
2023E-1
(Aa1/NR)
7,235,000
5.000
(a)(b)
12/01/2053
7,734,360
Main
Street
Natural
Gas
Inc.,
Gas
Supply
RB,
Series
2023C
(Aa1/NR)
500,000
5.000
(a)(b)
09/01/2053
530,840
Main
Street
Natural
Gas,
Inc.
Gas
Supply
RB
Series
2019
A
(A1/NR)
3,300,000
5.000
05/15/2043
3,382,294
17,350,000
5.000
05/15/2049
18,625,541
Main
Street
Natural
Gas,
Inc.
Gas
Supply
RB,
Series
2022B
(A3/NR)
25,000,000
5.000
(a)(b)
12/01/2052
26,210,422
Main
Street
Natural
Gas,
Inc.,
Gas
Supply
RB
Series
2024A
(Aa1/NR)
13,750,000
5.000
(a)(b)
05/01/2054
14,599,980
Main
Street
Natural
Gas,
Inc.,
Gas
Supply
RB
Series
2024B
(Aa1/NR)
7,500,000
5.000
(a)(b)
12/01/2054
7,946,788
Municipal
Electric
Authority
of
Georgia
Plant
Vogtle
Project
J
Bonds
Series
2019A
(A3/A)
5,000,000
5.000
01/01/2059
5,094,874
Municipal
Electric
Authority
RB
Georgia
Plant
Vogtle
Units
3
&
4
Project
Series
2019
A
(A3/A)
2,500,000
5.000
01/01/2039
2,611,048
7,000,000
5.000
01/01/2049
7,181,261
Rockdale
County
Development
Authority
RB
Refunding
for
Pratt
Paper
LLC
Project
Series
2018
(NR/NR)
1,500,000
4.000
(c)
01/01/2038
1,478,448
154,656,189
Guam
-
0.2%
A.B.
Won
Pat
International
Airport
Authority
Guam
General
RB
2023
Series
A
(AMT)
(Baa2/NR)
610,000
5.125
10/01/2034
611,205
220,000
5.250
10/01/2035
221,970
510,000
5.250
10/01/2036
513,320
300,000
5.375
10/01/2040
301,586
A.B.
Won
Pat
International
Airport
Authority
Guam
General
RB
2023
Series
A
(AMT)
(Baa2/NR)
975,000
5.375
10/01/2043
969,225
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Guam
–
(continued)
Antonio
B
Won
Pat
International
Airport
Authority
Taxable
RB
Refunding
Series
2021
A
(Baa2/NR)
$
1,500,000
3.839%
10/01/2036
$
1,267,605
1,925,000
4.460
10/01/2043
1,573,677
Guam
Department
of
Education
COPS
Refunding
for
John
F.
Kennedy
High
School
&
Energy
Efficiency
Project
Series
2020
A
(Ba1/B+)
7,680,000
5.000
02/01/2040
7,597,183
Guam
Government
Limited
Obligation
RB
Section
30
Series
2016
A
(NR/BB)
500,000
5.000
12/01/2031
510,783
Guam
Government
Limited
Obligation
Section
30
Bond
Series
2016A
(NR/BB)
3,000,000
5.000
12/01/2046
3,008,277
Guam
Waterworks
Authority
RB
for
Water
&
Wastewater
System
Series
2020
A
(Baa2/A-)
1,540,000
5.000
01/01/2050
1,582,036
Guam
Waterworks
Authority
Water
&
Wastewater
RB
Series
2016
(Baa2/A-)
5,000,000
5.000
01/01/2046
5,080,216
23,237,083
Hawaii
-
0.7%
Department
of
Budget
and
Finance
of
The
State
of
Hawaii
Special
Purpose
Refunding
RB
Hawai'I
Pacific
University
Project
Series
2024
(NR/BB)
2,750,000
5.000
(c)
07/01/2039
2,758,375
2,750,000
5.125
(c)
07/01/2043
2,705,739
Hawaii
State
Department
of
Budget
&
Finance
for
Hawaii
Pacific
Health
Obligated
Group
Special
Purpose
RB
Series
2023C
(A1/NR)
21,965,000
4.000
07/01/2047
21,158,860
Hawaii
State
Department
of
Budget
&
Finance
RB
Refunding
for
Hawaiian
Electric
Co.,
Inc.
Series
2017
B
(Ba3/NR)
1,200,000
4.000
03/01/2037
797,389
Hawaii
State
Department
of
Budget
&
Finance
RB
Refunding
for
Hawaiian
Electric
Co.,
Inc.
Series
2019
(Ba3/NR)
15,755,000
3.200
07/01/2039
10,260,836
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
596,504
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
2,482,036
State
of
Hawaii
Airports
System
RB
Series
2022A
(A1/AA-)
2,750,000
5.000
07/01/2047
2,863,739
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
13,386,261
State
of
Hawaii
Department
of
Budget
and
Finance
Special
Purpose
RB
Refunding
Series
2017A
(Ba3/NR)
18,675,000
3.100
05/01/2026
15,246,655
72,256,394
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Idaho
-
0.0%
Avimor
Community
Infrastructure
District
No.
1
in
The
City
of
Eagle
Idaho
in
The
Counties
of
Ada
Boise
and
Gem
Idaho
Special
Assessment
Bonds
Series
2024
(NR/NR)
$
2,350,000
5.875%
(c)
09/01/2053
$
2,431,515
a
a
Illinois
-
6.6%
Belleville
Tax
Increment
&
Sales
Tax
Refunding
RB
for
Carlyle
Green
Mount
Redevelopment
Project
Series
2021B
(NR/NR)
915,000
3.750
07/01/2041
863,041
Board
of
Education
of
The
City
of
Chicago
Dedicated
Capital
Improvement
Series
2017
(NR/NR)
1,725,000
5.000
04/01/2046
1,745,801
Board
of
Education
of
The
City
of
Chicago
UT
GO
Bonds
Dedicated
Revenues,
Series
2012A
(Ba1/BB+)
2,500,000
5.000
12/01/2042
2,499,796
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
6,722,250
Board
of
Education
of
The
City
of
Chicago
UT
GO
Bonds
Dedicated
Revenues,
Series
2023A
(NR/BB+)
2,925,000
6.000
12/01/2049
3,218,538
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
8,038,078
Chicago
Illinois
Board
of
Education
Dedicated
Capital
Improvement
Series
2016
(NR/NR)
16,000,000
6.000
04/01/2046
16,756,318
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
7,328,530
6,345,000
0.000
(e)
12/01/2030
4,781,546
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
145,626
Chicago
Illinois
Board
of
Education
GO
Bonds
Capital
Appreciation
Series
2009
C
(Baa3/BBB+)
160,000
0.000
(e)
01/01/2031
119,834
Chicago
Illinois
Board
of
Education
GO
Bonds
Series
2017
A
(NR/BB+)
5,500,000
7.000
(c)
12/01/2046
5,923,320
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
16,958,821
Chicago
Illinois
Board
of
Education
GO
Refunding
Bonds
Series
2005
A
(AMBAC)
(Ba1/BB+)
6,330,000
5.500
12/01/2027
6,464,550
3,000,000
5.500
12/01/2028
3,086,505
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
20,134,344
10,410,000
5.250
12/01/2039
10,411,568
Chicago
Illinois
Board
of
Education
Unlimited
Tax
GO
Refunding
Bonds
for
Dedicated
Revenues
Series
2005
A
(AMBAC)
(Ba1/BB+)
2,300,000
5.500
12/01/2030
2,402,129
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(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
2009
E
(Ba1/BB+)
$
13,525,000
6.038%
12/01/2029
$
13,562,567
Chicago
Illinois
Board
of
Education
Unlimited
Tax
GO
Refunding
Bonds
for
Dedicated
Revenues
Series
2012
B
(Ba1/BB+)
11,675,000
4.000
12/01/2035
11,472,677
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
56,127,082
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
63,425,527
Chicago
Illinois
Board
of
Education
Unlimited
Tax
GO
Refunding
Bonds
for
Dedicated
Revenues
Series
2017H
(NR/BB+)
16,390,000
5.000
12/01/2046
16,424,983
Chicago
Illinois
Capital
Appreciation
Refunding
&
Project
Series
2009
C
(Baa3/BBB+)
11,415,000
0.000
(e)
01/01/2032
8,138,129
Chicago
Illinois
GO
Bonds
Project
and
Refunding
RMKT
06/08/15
Series
2005
D
(Baa3/BBB+)
1,700,000
5.500
01/01/2037
1,707,765
100,000
5.500
01/01/2040
100,270
Chicago
Illinois
GO
Bonds
Series
2015
A
(NR/BBB+)
4,180,000
5.500
01/01/2039
4,193,184
Chicago
Illinois
GO
Refunding
Bonds
RMKT
06/08/15
Series
2007
E
(Baa3/BBB+)
3,775,000
5.500
01/01/2042
3,783,122
Chicago
Illinois
GO
Refunding
Bonds
RMKT
06/08/15
Series
2007
F
(Baa3/BBB+)
2,500,000
5.500
01/01/2042
2,505,379
Chicago
Illinois
GO
Refunding
Bonds
Series
2015
C
(NR/BBB+)
14,455,000
5.000
01/01/2038
14,527,409
Chicago
Illinois
O’Hare
International
Airport
RB
General
Airport
Senior
Lien
Series
2017D
(AMT)
(NR/A+)
255,000
5.000
01/01/2047
256,955
Chicago
Illinois
Wastewater
Transmission
RB
Second
Lien
Series
2017
A
(AGM)
(NR/AA)
5,460,000
4.000
01/01/2052
5,159,808
Chicago
Park
District
GO
Bonds
Limited
Tax
Series
2018
A
(NR/AA-)
2,585,000
4.000
01/01/2041
2,530,081
City
of
Chicago
Board
of
Education
Dedicated
Capital
Improvement
Tax
Bonds
Series
2023
(NR/NR)
6,850,000
5.750
04/01/2048
7,620,259
City
of
Chicago
Board
of
Education
UT
GO
Bonds
for
Dedicated
Revenues
Series
2018D
(NR/BB+)
14,270,000
5.000
12/01/2046
14,231,244
City
of
Chicago
Board
of
Education
UT
GO
Bonds
Series
2018D
(NR/BB+)
15,205,000
5.000
12/01/2046
15,246,143
City
of
Chicago
Board
of
Education
UT
GO
Bonds
Series
2022A
(NR/BB+)
4,700,000
4.000
12/01/2047
4,121,297
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
7,759,671
City
of
Chicago
GO
Bonds
Series
2019A
(NR/BBB+)
5,000,000
5.500
01/01/2049
5,166,607
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Illinois
–
(continued)
City
of
Chicago
GO
Bonds
Series
2021B
(NR/BBB+)
$
2,383,000
4.000%
01/01/2049
$
2,140,333
City
of
Chicago
IL
GO
Bonds Series
2019
(NR/BBB+)
5,000,000
5.000
01/01/2044
5,102,862
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
1,221,314
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
21,316,696
City
of
Chicago
O'Hare
International
Airport
General
Airport
Senior
Lien
RB
Series
2017D
(NR/A+)
7,450,000
5.000
01/01/2052
7,491,628
City
of
Chicago
O'Hare
International
Airport
General
Airport
Senior
Lien
RB
Series
2022A
(NR/A+)
2,400,000
4.500
01/01/2048
2,396,946
1,000,000
5.500
01/01/2055
1,071,193
City
of
Chicago
O'Hare
International
Airport
General
Airport
Senior
Lien
Revenue
and
RR
Bonds
Series
2018A
(AMT)
(NR/A+)
3,500,000
5.000
01/01/2053
3,522,796
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
2,422,295
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
1,000,362
Cortland
Illinois
Special
Service
Area
No.
9
Special
Tax
Bonds
for
Richland
Trails
Project
Series
2007-1
(NR/NR)
1,675,000
5.800
03/01/2037
1,416,773
County
of
Will
Illinois
GO
Bonds
Series
2019
(Aa1/AA+)
2,500,000
4.000
11/15/2047
2,386,209
Du
Page
County
Special
Service
Area
No.
31
Special
Tax
for
Monarch
Landing
Project
Series
2006
(NR/NR)
963,000
5.625
03/01/2036
962,898
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
4,926,197
Illinois
Finance
Authority
RB
for
Clark-Lindsey
Series
2022A
(NR/NR)
950,000
5.375
06/01/2042
880,389
Illinois
Finance
Authority
RB
for
Depaul
College
Prep
Foundation
Series
2023A
(NR/BB+)
4,000,000
5.625
(c)
08/01/2053
4,240,469
Illinois
Finance
Authority
RB
for
Dominican
University
Series
2022
(NR/BBB-)
1,200,000
5.000
03/01/2047
1,121,013
1,050,000
5.000
03/01/2052
957,671
Illinois
Finance
Authority
RB
for
Lake
Forest
College
Series
2022A
(NR/BBB)
2,250,000
5.500
10/01/2047
2,318,733
1,925,000
5.250
10/01/2052
1,936,324
Illinois
Finance
Authority
RB
for
Plymouth
Place
Series
2022A
(NR/NR)
1,750,000
6.625
05/15/2052
1,830,371
3,700,000
6.750
05/15/2058
3,897,614
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Illinois
–
(continued)
Illinois
Finance
Authority
RB
for
Roosevelt
University
Series
2019
A
(NR/NR)
$
12,425,000
6.125%
(c)
04/01/2049
$
12,353,074
Illinois
Finance
Authority
RB
for
Roosevelt
University
Series
2019A
(NR/NR)
1,400,000
6.125
(c)
04/01/2058
1,361,927
Illinois
Finance
Authority
RB
for
University
of
Illinois
Series
2020
(NR/BBB+)
1,000,000
4.000
10/01/2040
937,174
950,000
4.000
10/01/2050
848,116
Illinois
Finance
Authority
RB
Refunding
for
Franciscan
Communities
Project
Series
2017
A
(NR/NR)
1,015,000
4.000
05/15/2027
1,004,115
2,825,000
5.000
05/15/2037
2,852,658
1,055,000
5.000
05/15/2047
1,029,657
Illinois
Finance
Authority
RB
Refunding
for
Illinois
Institute
of
Technology
Series
2019
(Ba2/NR)
1,500,000
4.000
09/01/2035
1,343,977
1,725,000
5.000
09/01/2036
1,681,703
2,000,000
4.000
09/01/2037
1,721,214
2,000,000
4.000
09/01/2039
1,668,309
1,500,000
5.000
09/01/2040
1,406,495
1,500,000
4.000
09/01/2041
1,217,315
Illinois
Finance
Authority
RB
Refunding
for
Illinois
Wesleyan
University
Series
2016
(Baa3/A-)
500,000
5.000
09/01/2036
506,787
3,470,000
5.000
09/01/2046
3,483,874
Illinois
Finance
Authority
RB
Refunding
for
Plymouth
Place
Obligated
Group
Series
2021
A
(NR/NR)
950,000
5.000
05/15/2051
812,703
765,000
5.000
05/15/2056
639,870
Illinois
Finance
Authority
RB
Series
2021
(NR/BB+)
2,125,000
4.000
(c)
10/01/2042
1,884,121
Illinois
Finance
Authority
RB
Series
2022A
(NR/NR)
13,050,000
5.500
06/01/2057
11,773,304
Illinois
Finance
Authority
RB,
Columbia
College
Chicago,
Series
2019
(NR/BBB-)
4,325,000
5.000
12/01/2049
3,954,358
Illinois
Finance
Authority
Revenue
Refunding
Bonds
for
The
Admiral
at
The
Lake
Project
Series
2017
(NR/NR)
10,995,000
5.000
05/15/2033
10,383,589
Illinois
State
GO
Bonds
Series
2014
(A3/A-)
2,525,000
5.000
05/01/2029
2,526,741
5,000,000
5.000
05/01/2039
4,999,905
Illinois
State
GO
Bonds
Series
2017
A
(A3/A-)
9,500,000
5.000
12/01/2035
9,849,690
1,805,000
4.500
12/01/2041
1,817,528
4,730,000
5.000
12/01/2042
4,842,167
Illinois
State
GO
Bonds
Series
2017
D
(A3/A-)
2,740,000
5.000
11/01/2028
2,857,068
Illinois
State
GO
Bonds
Series
2018
A
(A3/A-)
5,280,000
5.000
05/01/2042
5,436,070
5,280,000
5.000
05/01/2043
5,423,234
Illinois
State
GO
Bonds
Series
2019
C
(A3/A-)
1,500,000
4.000
11/01/2042
1,424,929
Illinois
State
GO
Bonds
Series
2020
(A3/A-)
1,575,000
5.500
05/01/2039
1,724,109
4,250,000
5.750
05/01/2045
4,615,935
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Illinois
–
(continued)
Illinois
State
GO
Bonds
Series
2020
C
(A3/A-)
$
1,975,000
4.250%
10/01/2045
$
1,943,232
Lincolnshire
Special
Service
Area
No.
1
Special
Tax
for
Sedgebrook
Project
Series
2004
A
(NR/NR)
1,466,000
6.250
03/01/2034
1,467,041
Metropolitan
Pier
&
Exposition
Auth
Ill
Dedicated
St
Tax
Rev
Bonds
McCormick
Place
Expansion
2002
A
(NATL)
(Baa2/A)
3,665,000
0.000
(e)
12/15/2029
2,942,381
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
1,039,358
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
6,587,758
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
9,574,334
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
431,708
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
975,157
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
1,298,819
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
12,421,961
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
20,258,398
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
3,768,055
Metropolitan
Pier
and
Exposition
Authority
Dedicated
State
Tax
RB
Series
2002A
(NATL)
(Baa2/A)
2,200,000
0.000
(e)
12/15/2034
1,437,892
Metropolitan
Pier
and
Exposition
Authority
McCormick
Place
Expansion
Project
RB,
Series
2010B1
(AGM)
(A1/AA)
3,455,000
0.000
(e)
06/15/2045
1,319,741
Metropolitan
Pier
and
Exposition
Authority
McCormick
Place
Expansion
Project
Refunding
Bonds
Series
2022A
(NR/A)
2,125,000
4.000
06/15/2052
1,966,363
Plano
Special
Service
Area
No.
5
Special
Tax
Bonds
for
Lakewood
Springs
Club
Series
2006
(NR/NR)
1,412,000
6.000
03/01/2036
1,348,581
Regional
Transportation
Authority
Illinois
GO
Bonds
Series
2016
A
(Aa3/AA)
5,000,000
4.000
06/01/2046
4,804,226
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Illinois
–
(continued)
Southwestern
Illinois
Development
Authority
Environmental
Improvement
RB
Series
2012
(United
States
Steel
Corporation
Project)
(B1/BB-)
$
3,300,000
5.750%
08/01/2042
$
3,301,214
State
of
Illinois
GO
Bonds
Series
2014
(A3/A-)
3,435,000
5.250
02/01/2033
3,437,646
2,665,000
5.250
02/01/2034
2,666,610
State
of
Illinois
GO
Bonds
Series
2017
A
(A3/A-)
9,500,000
4.250
12/01/2040
9,433,170
State
of
Illinois
GO
Bonds
Series
2017
D
(A3/A-)
4,910,000
3.250
11/01/2026
4,817,009
State
of
Illinois
GO
Bonds
Series
2017C
(A3/A-)
10,000,000
5.000
11/01/2029
10,419,164
State
of
Illinois
GO
Bonds
Series
2020C
(A3/A-)
1,000,000
4.000
10/01/2041
955,759
State
of
Illinois
GO
Bonds
Series
2021A
(A3/A-)
4,520,000
4.000
03/01/2041
4,345,350
9,000,000
5.000
03/01/2046
9,384,458
State
of
Illinois
GO
Bonds
Series
2022A
(A3/A-)
3,000,000
5.500
03/01/2047
3,261,172
State
of
Illinois
GO
Bonds
Series
of
May
2024B
(A3/A-)
3,500,000
5.250
05/01/2048
3,785,691
4,000,000
5.250
05/01/2049
4,316,340
State
of
Illinois
GO
Refunding
Bonds
Series
2018A
(A3/A-)
2,000,000
5.000
10/01/2028
2,115,433
State
of
Illinois
GO
Unlimited
Bonds
Series
2017
A
(A3/A-)
2,750,000
4.000
12/01/2033
2,756,698
7,950,000
4.250
12/01/2037
7,970,806
State
of
Illinois
Sales
Tax
RB
Junior
Obligation
Series
C
(NR/A)
10,000,000
5.000
06/15/2044
10,704,659
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
3,246,563
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
470,354
1,800,000
5.000
(c)
01/01/2055
1,721,396
Village
of
Bellwood
Cook
County
Illinois
Tax
Increment
RB
Series
2024
(NR/BBB)
2,525,000
5.000
12/01/2050
2,556,256
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
1,899,997
Village
of
Romeoville
RB
Refunding
for
Lewis
University
Series
2018
B
(NR/BBB)
540,000
4.125
10/01/2041
478,357
2,330,000
4.125
10/01/2046
1,981,161
728,213,824
Indiana
-
0.2%
City
of
Valparaiso
Indiana
Exempt
Facilities
Refunding
RB
Pratt
Paper
LIC
Project
Series
2024
(NR/NR)
4,755,000
5.000
(c)
01/01/2054
4,922,273
Indiana
Finance
Authority
Educational
Facilities
RB
for
Marian
University,
Inc.
Series
2019
A
(NR/BBB)
400,000
4.000
09/15/2049
325,322
Indiana
Finance
Authority
Environmental
Improvement
Revenue
Refunding
Bonds
Series
2021A
(B1/BB-)
2,415,000
4.125
12/01/2026
2,419,612
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Indiana
–
(continued)
Indiana
Finance
Authority
Midwestern
Disaster
Relief
RB
Series
2012A
(Baa3/NR)
$
1,000,000
4.250%
11/01/2030
$
1,003,331
Indiana
Finance
Authority
RB
for
KIPP
Indianapolis,
Inc.
Series
2020
A
(Ba1/NR)
1,780,000
5.000
07/01/2055
1,736,183
Indiana
Finance
Authority
RB
Ohio
Valley
Electric
Corp.
Series
2012
B
(Baa3/NR)
1,000,000
3.000
11/01/2030
936,562
Indiana
Finance
Authority
RB
Ohio
Valley
Electric
Corp.
Series
2012
C
(Baa3/NR)
1,000,000
3.000
11/01/2030
936,562
Indiana
Finance
Authority
Student
Housing
RB
Series
2023A
(NR/BBB-)
2,100,000
5.000
06/01/2053
2,154,858
5,500,000
5.375
06/01/2064
5,711,859
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
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
3,016,824
Town
of
Upland
RB
Refunding
for
Taylor
University,
Inc.
Series
2021
(NR/A-)
3,300,000
2.500
09/01/2050
1,956,457
25,119,918
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
2,429,125
Iowa
Finance
Authority
Midwestern
Disaster
Area
Revenue
Refunding
Bonds
Series
2022
(Baa3/BBB-)
15,800,000
5.000
12/01/2050
16,744,861
Iowa
Finance
Authority
RB
for
Lifespace
Communities,
Inc.
Obligated
Group
Series
2019
A-1
(NR/NR)
2,050,000
4.000
05/15/2055
1,543,927
3,600,000
5.000
05/15/2055
3,230,842
Iowa
Finance
Authority
RB
for
Lifespace
Communities,
Inc.
Series
2018A
(NR/NR)
6,180,000
5.000
05/15/2043
5,910,437
3,350,000
5.000
05/15/2048
3,095,168
Iowa
Higher
Education
Loan
Authority
Private
College
Facility
RB
Series
2022
(Baa1/BBB+)
975,000
5.375
10/01/2052
1,008,062
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
2,693,916
36,656,338
Kansas
-
0.1%
City
of
Manhattan
Health
Care
Facilities
RB
Series
2022A
(NR/NR)
2,070,000
4.000
06/01/2052
1,636,950
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
896,293
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Kansas
–
(continued)
City
of
Prairie
Village
Special
Obligation
Tax
Increment
Revenue
Refunding
Bonds
Series
2021
(NR/NR)
$
390,000
2.875%
04/01/2030
$
377,771
940,000
3.125
04/01/2036
867,718
City
of
Topeka
Health
Care
Facilities
RB
for
Brewster
Place
Series
2022A
(NR/NR)
1,775,000
6.500
12/01/2052
1,817,565
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
1,107,846
1,215,000
5.000
05/15/2029
1,156,850
2,850,000
5.000
05/15/2034
2,605,983
1,190,000
5.000
05/15/2050
903,786
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
1,021,611
12,392,373
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
3,134,839
3,375,000
4.700
(c)
01/01/2052
3,303,582
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
1,507,412
County
of
Carroll
RB
Refunding
for
Kentucky
Utilities
Co.
Series
2006
B
(A1/A)
2,000,000
2.125
10/01/2034
1,542,052
County
of
Carroll
RB
Refunding
for
Kentucky
Utilities
Co.
Series
2008
A
(A1/A)
3,000,000
2.000
02/01/2032
2,417,889
Kentucky
Bond
Development
Corp.
RB
for
Centre
College
of
Kentucky
Series
2021
(A3/A)
750,000
4.000
06/01/2046
713,718
Kentucky
Bond
Development
Corp.
RB
Refunding
for
Transylvania
University
Series
2021
A
(NR/A-)
205,000
4.000
03/01/2046
182,636
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
876,861
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
2,772,532
Kentucky
Economic
Development
Finance
Authority
RB
Refunding
for
CommonSpirit
Health
Obligated
Group
Series
2019
A-2
(A3/A-)
3,600,000
5.000
08/01/2049
3,697,470
Louisville
&
Jefferson
County
Metropolitan
Government
RB
for
Norton
Healthcare
Obligated
Group
Series
2020
A
(NR/A)
1,500,000
3.000
10/01/2043
1,174,242
21,323,233
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
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
$
1,562,045
4,765,000
5.000
12/01/2039
4,552,798
City
of
New
Orleans
Public
Improvement
Bonds
Series
2021A
(A2/A+)
5,000,000
5.000
12/01/2050
5,204,183
Juban
Crossing
Economic
Development
District
Revenue
and
Refunding
Bonds
for
General
Infrastructure
Projects
Series
2015C
(NR/NR)
6,585,000
7.000
(c)
09/15/2044
6,591,200
Lakeshore
Villages
Master
Community
Development
District
Special
Assessment
RB
Series
2022
(NR/NR)
1,410,000
5.500
06/01/2052
1,427,988
Lakeshore
Villages
Master
Community
Development
District
Special
Assessment
Series
2019
(NR/NR)
1,900,000
4.125
(c)
06/01/2039
1,751,818
2,300,000
4.375
(c)
06/01/2048
2,025,666
Lakeshore
Villages
Master
Community
Development
District
Special
Assessment
Series
2021
(NR/NR)
1,810,000
3.200
06/01/2041
1,461,417
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
5,501,911
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
8,553,157
Louisiana
Public
Facilities
Authority
RB
for
Geo
Academies
Mid-
City
Project
Series
2022
(NR/NR)
930,000
6.125
(c)
06/01/2052
961,934
1,325,000
6.250
(c)
06/01/2062
1,372,218
Louisiana
Public
Facilities
Authority
RB
for
Jefferson
Rise
Charter
School
Project
Series
2022A
(NR/NR)
900,000
6.250
(c)
06/01/2052
902,942
1,850,000
6.375
(c)
06/01/2062
1,851,406
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
1,557,500
Louisiana
Public
Facilities
Authority
RB
Refunding
for
Ochsner
Clinic
Foundation
Project
Series
2017
(A3/A)
7,725,000
4.000
05/15/2042
7,569,438
3,100,000
5.000
05/15/2046
3,130,070
Louisiana
Public
Facilities
Authority
RB
Series
2021A
(NR/NR)
2,470,000
4.000
(c)
06/01/2051
1,835,424
2,070,000
4.000
(c)
06/01/2056
1,489,047
Louisiana
Public
Facilities
Authority
RB
Series
2021C
(NR/NR)
1,640,000
4.000
(c)
06/01/2051
1,218,662
1,065,000
4.000
(c)
06/01/2056
766,104
Louisiana
Public
Facilities
Authority
Revenue
Bonds
Series
2024A
(NR/NR)
4,730,000
7.375
(c)
06/01/2054
4,925,258
4,600,000
7.500
(c)
06/01/2059
4,812,277
Louisiana
Public
Facilities
Authority
Revenue
Refunding
Bonds
for
Ochsner
Clinic
Foundation
Project
Series
2017
(A3/A)
10,000,000
5.000
05/15/2042
10,144,686
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Louisiana
–
(continued)
New
Orleans
Aviation
Board
General
Airport
RB
for
North
Terminal
Project
Series
2015
B
(A2/A)
$
4,455,000
5.000%
01/01/2040
$
4,461,077
Parish
of
St.
James
RB
for
NuStar
Logistics
LP
Series
2008
(Ba1/BB+)
(PUTABLE)
1,400,000
6.100
(a)(b)(c)
06/01/2038
1,546,415
Parish
of
St.
James
RB
for
NuStar
Logistics
LP
Series
2010
(Ba1/BB+)
2,375,000
6.350
(c)
07/01/2040
2,608,660
Plaquemines
Port
Harbor
and
Terminal
District
Dock
and
Wharf
Facilities
RB
Nola
Terminal
LLC
Project
Series
2024A
(NR/NR)
6,450,000
9.000
(c)
12/01/2044
6,389,512
96,174,813
Maine
-
0.1%
Finance
Authority
of
Maine
RB
Series
2021
(NR/NR)
10,175,000
8.000
(c)
12/01/2051
6,097,087
Maine
Health
&
Higher
Educational
Facilities
Authority
RB
for
Maine
Medical
Center
Series
2018
A
(A1/A+)
4,000,000
5.000
07/01/2048
4,096,177
10,193,264
Maryland
-
0.8%
Baltimore
County
RB
for
Riderwood
Village
Facility
Series
2020
(NR/NR)
3,000,000
4.000
01/01/2039
2,957,875
Baltimore
Maryland
Special
Obligation
Refunding
for
Baltimore
Research
Park
Project
Series
2017
A
(NR/NR)
2,950,000
4.500
09/01/2033
2,901,424
1,500,000
5.000
09/01/2038
1,505,495
City
Council
of
Baltimore
Convention
Center
Hotel
Revenue
Refunding
Bonds
Series
2017
(NR/B+)
7,775,000
5.000
09/01/2042
7,379,885
City
of
Baltimore
RB
Refunding
for
Baltimore
Hotel
Corp.
Series
2017
(NR/B+)
1,400,000
5.000
09/01/2028
1,394,690
2,235,000
5.000
09/01/2039
2,149,851
14,715,000
5.000
09/01/2046
13,520,713
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
287,178
200,000
3.700
(c)
06/01/2039
172,040
300,000
3.875
(c)
06/01/2046
250,828
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
255,602
310,000
3.450
(c)
06/01/2035
273,383
550,000
3.500
(c)
06/01/2039
470,955
1,650,000
3.625
(c)
06/01/2046
1,371,269
City
of
Brunswick
Special
Tax
Refunding
for
Brunswick
Crossing
Special
Taxing
District
Series
2019
(NR/NR)
1,450,000
5.000
07/01/2036
1,472,624
County
of
Baltimore
RB
Refunding
for
Oak
Crest
Village,
Inc.
Series
2020
(NR/NR)
2,370,000
4.000
01/01/2050
2,094,051
County
of
Baltimore
RB
Refunding
for
Riderwood
Village
Obligated
Group
Series
2020
(NR/NR)
1,850,000
4.000
01/01/2045
1,732,738
9,765,000
4.000
01/01/2050
8,827,871
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Maryland
–
(continued)
County
of
Prince
George's
Special
Obligation
Bonds
for
Westphalia
town
Center
Project
Series
2018
(NR/NR)
$
4,535,000
5.250%
(c)
07/01/2048
$
4,565,898
Frederick
County
Urbana
Community
Development
Authority
Special
Tax
Series
2020
C
(NR/NR)
3,755,000
4.000
(c)
07/01/2050
3,359,164
Maryland
Economic
Development
Corp.
RB
for
Baltimore
City
Project
Series
2018
A
(NR/BBB)
2,375,000
5.000
06/01/2058
2,402,545
Maryland
Economic
Development
Corp.
RB
for
Morgan
State
University
Project
Series
2020
(NR/BBB-)
925,000
4.000
07/01/2040
888,720
1,400,000
4.250
07/01/2050
1,300,576
1,025,000
5.000
07/01/2050
1,050,204
2,415,000
5.000
07/01/2056
2,465,479
Maryland
Economic
Development
Corp.
RB
for
Ports
America
Chesapeake
LLC
Project
Series
2019
A
(Baa2/NR)
1,000,000
5.000
06/01/2044
1,027,551
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
2,297,189
Maryland
Economic
Development
Corp.
RB
for
United
States
Social
Security
Administration
Series
2021
(Ba2/NR)
6,085,000
3.997
04/01/2034
4,822,077
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
1,088,217
2,000,000
6.000
07/01/2058
2,207,118
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
931,633
Maryland
Health
&
Higher
Educational
Facilities
Authority
RB
Refunding
for
St.
John's
College
Series
2020
(NR/BBB+)
840,000
3.000
10/01/2034
749,768
500,000
4.000
10/01/2040
471,334
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
927,030
900,000
6.250
(c)
07/01/2063
928,081
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
1,337,773
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
3,315,810
10,125,000
0.000
(e)
05/01/2054
2,302,632
8,750,000
0.000
(e)
05/01/2055
1,882,203
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
1,365,699
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Maryland
–
(continued)
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
$
1,447,214
92,152,387
Massachusetts
-
0.8%
Commonwealth
of
Massachusetts
GO
Bonds
Consolidated
Loan
of
2023
Series
D
(Aa1/AA+)
50,000,000
5.000
10/01/2050
54,007,020
Commonwealth
of
Massachusetts
GO
Limited
Bonds
Series
2016
E
(Aa1/AA+)
2,130,000
3.000
04/01/2044
1,765,284
Massachusetts
Development
Finance
Agency
RB
for
Boston
Medical
Center
Series
G
(Baa2/BBB)
1,740,000
5.250
07/01/2052
1,858,235
Massachusetts
Development
Finance
Agency
RB
for
Linden
Ponds,
Inc.
Series
2018
(NR/NR)
1,000,000
5.000
(c)
11/15/2033
1,043,711
900,000
5.000
(c)
11/15/2038
936,101
2,350,000
5.125
(c)
11/15/2046
2,419,258
Massachusetts
Development
Finance
Agency
RB
for
Merrimack
College
Series
2022
(NR/BBB-)
2,075,000
5.000
07/01/2052
2,087,194
Massachusetts
Development
Finance
Agency
RB
for
Simmons
College
Issue
Series
2015
K-1
(Baa2/BBB-)
1,950,000
5.000
10/01/2036
1,969,403
Massachusetts
Development
Finance
Agency
RB
for
Simmons
University
issue,
Series
2023
N
(Baa2/BBB-)
580,000
5.250
10/01/2039
609,007
1,450,000
5.000
10/01/2043
1,467,653
Massachusetts
Development
Finance
Agency
Wellforce
Obligation
Group
RB
Refunding
Series
2019
A
(NR/BBB-)
24,315,000
5.000
07/01/2044
24,223,838
92,386,704
Michigan
-
2.1%
City
of
Detroit
Financial
Recovery
GO
Bonds
Series
2014
B-1
(NR/NR)
106,985,536
4.000
(a)
04/01/2044
84,154,245
City
of
Detroit
GO
Bonds
Series
2020
(Baa2/BBB)
665,000
5.500
04/01/2031
717,002
470,000
5.500
04/01/2033
506,710
280,000
5.500
04/01/2034
301,891
300,000
5.500
04/01/2035
323,333
245,000
5.500
04/01/2036
263,597
465,000
5.500
04/01/2037
499,198
495,000
5.500
04/01/2038
529,483
355,000
5.500
04/01/2039
378,153
690,000
5.500
04/01/2040
732,070
1,360,000
5.500
04/01/2045
1,424,224
City
of
Detroit
GO
Bonds
Series
2021
A
(Baa2/BBB)
900,000
5.000
04/01/2050
911,440
City
of
Detroit
GO
Bonds
Series
2021
B
(Baa2/BBB)
1,145,000
2.960
04/01/2027
1,068,480
950,000
3.110
04/01/2028
873,324
450,000
3.244
04/01/2029
407,604
125,000
3.344
04/01/2030
111,180
475,000
3.644
04/01/2034
405,404
City
of
Detroit
MI
GO
Bonds Series
2020
(Baa2/BBB)
295,000
5.500
04/01/2032
318,087
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Michigan
–
(continued)
City
of
Detroit
Unlimited
Tax
GO
Bonds
Series
2021A
Tax-Exempt
Social
Bonds
(Baa2/BBB)
$
675,000
4.000%
04/01/2042
$
631,016
City
of
Detroit
UT
GO
Bonds
Series
2021A
(Baa2/BBB)
2,750,000
5.000
04/01/2046
2,805,698
City
of
Detroit,
County
of
Wayne,
Unlimited
Tax
GO Bonds
Series
2023C
(Tax
Exempt)
(Baa2/BBB)
1,200,000
6.000
05/01/2043
1,369,924
City
of
Detroit,
County
of
Wayne,
Unlimited
Tax
GO
Bonds
Series
2021A
(Baa2/BBB)
725,000
4.000
04/01/2041
684,449
City
of
Detroit,
County
of
Wayne,
Unlimited
Tax
GO
Social
Bonds
Series
2023A
(Tax
Exempt)
(Baa2/BBB)
3,675,000
6.000
05/01/2039
4,270,749
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
3,280,079
Detroit
Downtown
Development
Authority
RB
Refunding
for
Catalyst
Development
Project
Series
2018
A
(AGM)
(NR/AA)
3,330,000
5.000
07/01/2036
3,340,145
11,250,000
5.000
07/01/2048
11,284,273
Detroit
Financial
Recovery
Bonds
LT
Series
B-2
(NR/NR)
3,401,333
4.000
(a)
04/01/2044
2,675,470
Detroit
Michigan
Sewage
Disposal
System
RB
Refunding
Series
2006
D
(AGM)
(Aa3/AA)
(3M
USD
LIBOR
+
0.60%)
4,675,000
4.328
(f)
07/01/2032
4,463,243
Grand
Rapids
Charter
township
Economic
Development
Corp.
RB
Refunding
for
United
Methodist
Retirement
Communities,
Inc.
Obligated
Group
Series
2020
(NR/NR)
7,875,000
5.000
05/15/2037
7,599,122
4,125,000
5.000
05/15/2044
3,711,452
Ivywood
Classical
Academy
Public
School
Academy
Bonds,
Series
2023
(NR/NR)
900,000
6.000
01/01/2054
908,180
900,000
6.250
01/01/2059
914,138
Kentwood
Economic
Development
Corp.
RB
for
Holland
Home
Obligated
Group
Series
2021
(NR/NR)
475,000
4.000
11/15/2045
392,312
Kentwood
Economic
Development
Corp.
RB
Refunding
for
Holland
Home
Obligated
Group
Series
2022
(NR/NR)
1,725,000
4.000
11/15/2043
1,459,106
Michigan
Finance
Authority
Act
38
Facilities
Senior
RB
for
the
Henry
Ford
Health
Detroit
South
Campus
Central
Utility
Plant
Project
Series
2024
(Green
Bonds)
(A3/NR)
2,790,000
4.375
02/28/2054
2,752,621
Michigan
Finance
Authority
Hospital
RB
for
Henry
Ford
Health
System
Obligated
Group
Series
2019
A
(A2/A)
975,000
4.000
11/15/2050
912,608
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
1,443,205
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
1,601,220
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Michigan
–
(continued)
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
$
2,176,658
1,750,000
5.000
07/01/2033
1,751,334
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
1,617,215
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
1,000,762
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
756,168
Michigan
Finance
Authority
Public
School
Academy
Limited
Obligation
Revenue
&
Revenue
Refunding
Bonds
Series
2021
(NR/BB+)
800,000
4.000
12/01/2041
680,207
1,230,000
4.000
12/01/2051
968,827
Michigan
Finance
Authority
Public
School
Academy
Limited
Obligation
Revenue
Refunding
Bonds
Series
2021
(NR/NR)
1,515,000
4.250
12/01/2039
1,253,217
1,190,000
5.000
12/01/2046
1,018,216
Michigan
Finance
Authority
RB
Refunding
for
Hanley
International
Academy,
Inc.
Series
2021
(NR/BB+)
1,000,000
5.000
09/01/2040
1,004,105
Michigan
Finance
Authority
RB
Refunding
for
Kettering
University
Series
2020
(NR/A-)
475,000
4.000
09/01/2045
441,237
500,000
4.000
09/01/2050
449,331
Michigan
Finance
Authority
Tobacco
Settlement
RB
Refunding
Series
2020
A-1
(NR/A-)
7,225,000
3.267
06/01/2039
6,694,535
Michigan
Finance
Authority
Tobacco
Settlement
RB
Refunding
Series
2020
B-2
Class
2
(NR/NR)
252,800,000
0.000
(e)
06/01/2065
27,021,767
Michigan
Mathematics
&
Science
Initiative
RB
Refunding
Series
2021
(NR/BB+)
805,000
4.000
01/01/2031
782,008
1,115,000
4.000
01/01/2041
1,003,511
1,695,000
4.000
01/01/2051
1,432,190
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
2,540,447
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
1,809,315
1,400,000
5.000
05/15/2044
1,259,644
Michigan
Strategic
Fund
Variable
Rate
Limited
Obligation
RB
for
Graphic
Packaging
International
Coated
Recycled
Board
Machine
Project
Green
Bonds
Series
2021
(Ba2/BB)
(PUTABLE)
6,700,000
4.000
(a)(b)
10/01/2061
6,708,248
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Michigan
–
(continued)
Michigan
tobacco
Settlement
Finance
Authority
RB
for
Capital
Appreciation
Series
2007
B
(NR/CCC-)
$
42,935,000
0.000%
(e)
06/01/2052
$
5,453,016
Michigan
Tobacco
Settlement
Finance
Authority
Tobacco
Settlement
Asset
Backed
RB
Series
C
(NR/NR)
360,835,000
0.000
(e)
06/01/2058
11,555,091
Star
International
Academy
RB
Refunding
Series
2020
(NR/BBB)
4,080,000
5.000
03/01/2033
4,100,523
Tipton
Academy
Michigan
Public
School
Academy
RB
Series
2021
(NR/BB)
4,955,000
4.000
06/01/2051
3,698,105
Universal
Academy
RB
Refunding
Series
2021
(NR/BBB-)
1,035,000
4.000
12/01/2040
954,951
238,555,063
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
1,677,879
City
of
Woodbury
RB
Refunding
for
Math
&
Science
Academy
Series
2020
A
(NR/BB+)
540,000
4.000
12/01/2040
477,770
425,000
4.000
12/01/2050
347,960
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
18,999,853
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
1,310,092
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
1,245,646
Duluth
Independent
School
District
No.709
COPS
Refunding
Series
2019
A
(Baa1/NR)
755,000
4.000
(d)
03/01/2029
767,171
1,260,000
4.000
(d)
03/01/2032
1,280,311
685,000
4.200
(d)
03/01/2034
699,508
Minnesota
Higher
Education
Facilities
Authority
RB
Refunding
for
Bethel
University
Project
Series
2017
(NR/BB+)
1,525,000
5.000
05/01/2032
1,509,161
2,400,000
5.000
05/01/2047
2,125,268
Minnesota
Higher
Education
Facilities
Authority
RB
Refunding
for
College
of
St.
Scholastica,
Inc.
Series
2019
(Baa2/NR)
425,000
4.000
12/01/2034
405,810
650,000
4.000
12/01/2040
581,756
31,428,185
Mississippi
-
0.1%
Mississippi
Business
Finance
Corp.
System
Energy
Resources
Inc.
RB
Series
2021
(Baa2/BBB)
4,000,000
2.375
06/01/2044
2,466,656
Mississippi
Development
Bank
Special
Obligation
Bonds
Series
2021
(NR/BB)
1,225,000
5.000
(c)
10/01/2030
1,247,303
1,530,000
5.000
(c)
10/01/2033
1,548,792
850,000
4.000
(c)
10/01/2034
769,552
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Mississippi
–
(continued)
Mississippi
Development
Bank
Special
Obligation
Bonds
Series
2021
(NR/BB)
–
(continued)
$
700,000
4.000%
(c)
10/01/2035
$
633,320
750,000
4.000
(c)
10/01/2036
674,524
3,000,000
4.000
(c)
10/01/2041
2,490,659
9,830,806
Missouri
-
0.5%
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
Southeast
HEALTH
Obligated
Group
Series
2021
(A1/A+)
950,000
4.000
03/01/2041
922,500
2,825,000
3.000
03/01/2046
2,207,130
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
1,972,936
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
1,983,361
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
2,563,760
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
1,073,416
Health
and
Educational
Facilities
Authority
of
The
State
of
Missouri
Senior
Living
Facilities
RB
Lutheran
Senior
Services
Projects
Series
2024A
(NR/NR)
1,850,000
5.250
02/01/2048
1,937,891
1,130,000
5.250
02/01/2054
1,175,669
I-470
Western
Gateway
Transportation
Development
District
RB
Series
2019
A
(NR/NR)
4,750,000
5.250
(c)
12/01/2048
4,751,691
Joplin
Industrial
Development
Authority
RB
for
32nd
Street
Place
Community
Improvement
District
Series
2021
(NR/NR)
870,000
3.500
11/01/2040
786,418
2,450,000
4.250
11/01/2050
2,040,469
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
963,858
1,150,000
5.000
(c)
04/01/2046
1,034,806
Missouri
Health
&
Educational
Facilities
Authority
RB
for
Kansas
City
Art
Institute
Series
2018
(NR/A-)
830,000
5.000
09/01/2038
859,208
2,600,000
5.000
09/01/2048
2,641,786
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
1,337,332
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Missouri
–
(continued)
Missouri
Southern
State
University
RB
Series
2019
A
(AGM)
(NR/AA)
$
400,000
3.000%
10/01/2044
$
330,189
500,000
3.125
10/01/2049
402,209
Plaza
at
Noah's
Ark
Community
Improvement
District
RB
Refunding
Series
2021
(NR/NR)
1,375,000
3.125
05/01/2035
1,188,067
St.
Louis
IDA
Financing
RB
Refunding
for
Ballpark
Village
Development
Project
Series
2017
A
(NR/NR)
3,250,000
4.750
11/15/2047
2,495,875
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
4,170,897
The
IDA
of
The
City
of
Lee’S
Summit
Missouri
Senior
Living
Facilities
RB
John
Knox
Village
Series
2024A
(NR/NR)
4,725,000
5.000
08/15/2039
4,934,702
The
IDA
of
The
City
of
St.
Louis
Missouri
Tax
Increment
and
Special
District
RB
Union
Station
Phase
2
Redevelopment
Project
Series
2024A
(NR/NR)
2,300,000
5.750
06/15/2054
2,334,166
University
City
IDA
Tax
Increment
Special
District
RB
for
Markets
at
Olive
Project
Series
2023A
(NR/NR)
2,035,000
4.875
06/15/2036
2,054,831
5,500,000
5.500
06/15/2042
5,541,267
51,915,882
Nevada
-
0.4%
City
of
Henderson
Local
Improvement
District
No.
T-21
Local
Improvement
Bonds
Series
2022
(NR/NR)
690,000
3.500
09/01/2045
546,097
470,000
4.000
09/01/2051
401,976
City
of
Las
Vegas
Nevada
Special
Improvement
District
No.
613
Sunstone
Phases
III
and
IV
Local
Improvement
Bonds
Series
2024
(NR/NR)
550,000
5.500
12/01/2053
550,573
City
of
Las
Vegas
Special
Improvement
District
No.
813
for
Summerlin
Village
26
Local
Improvement
Bonds
Series
2017
(NR/NR)
280,000
4.250
06/01/2037
273,675
405,000
4.375
06/01/2042
392,476
460,000
4.500
06/01/2047
442,234
City
of
Las
Vegas
Special
Improvement
District
No.
814
Special
Assessment
Series
2019
(NR/NR)
475,000
4.000
06/01/2039
429,363
1,300,000
4.000
06/01/2044
1,102,510
1,290,000
4.000
06/01/2049
1,046,170
City
of
Las
Vegas
Special
Improvement
District
No.
815
Special
Assessment
Series
2020
(NR/NR)
920,000
5.000
12/01/2049
872,239
City
of
Las
Vegas
Special
Improvement
District
No.
816
Special
Assessment
Series
2021
(NR/NR)
600,000
3.000
06/01/2041
456,845
1,270,000
3.125
06/01/2051
895,808
City
of
North
Las
Vegas
Special
Improvement
District
No.
64
Special
Assessment
Bonds
Series
2019
(NR/NR)
325,000
4.250
06/01/2034
316,319
320,000
4.625
06/01/2043
311,499
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Nevada
–
(continued)
City
of
North
Las
Vegas
Special
Improvement
District
No.
64
Special
Assessment
Bonds
Series
2019
(NR/NR)
–
(continued)
$
560,000
4.625%
06/01/2049
$
533,558
City
of
Sparks
RB
Refunding
for
Nevada
Tourism
Improvement
District
No.
1
Senior
Project
Series
2019
A
(Baa2/NR)
1,070,000
2.750
(c)
06/15/2028
1,022,807
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
9,566,006
Henderson
Local
Improvement
District
No.
T-16
Special
Assessment
Limited
Obligation
Series
2005
(NR/NR)
685,000
5.125
03/01/2025
681,887
Henderson
Local
Improvement
District
No.
T-18
Limited
Obligation
RB
Series
2016
(NR/NR)
2,130,000
4.000
09/01/2035
1,941,090
Las
Vegas
Convention
&
Visitors
Authority
Convention
Center
Expansion
RB
Series
2018B
(Aa3/AA-)
3,700,000
4.000
07/01/2049
3,492,598
Las
Vegas
Convention
&
Visitors
Authority
RB
Refunding
Series
2017
B
(Aa3/AA-)
700,000
5.000
07/01/2030
729,525
Tahoe-Douglas
Visitors
Authority
RB
Series
2020
(NR/NR)
2,635,000
5.000
07/01/2045
2,664,158
2,825,000
5.000
07/01/2051
2,833,234
Washoe
County
Nevada
Gas
and
Water
Facilities
Refunding
RB
Series
2016B
(Non-AMT)
(A3/A)
(PUTABLE)
5,000,000
4.125
(a)(b)
03/01/2036
5,008,623
Washoe
County
Nevada
Gas
and
Water
Facilities
Refunding
RB
Series
2016C
(AMT)
(A3/A)
(PUTABLE)
3,000,000
4.125
(a)(b)
03/01/2036
3,005,174
39,516,444
New
Hampshire
-
0.8%
National
Finance
Authority
RB
for
Presbyterian
Senior
Living
Project
Series
2023A
(NR/NR)
2,300,000
5.250
07/01/2048
2,410,099
National
Finance
Authority
Special
RB
Caldwell
Ranch
Project
Brazoria
and
Fort
Bend
Counties
Texas
Series
2024
(NR/NR)
3,525,000
4.875
(c)(i)
12/01/2033
3,503,344
National
Finance
Authority
Specialty
Pharmacy
Limited
Obligation
RB
University
Hospitals
Home
Care
Services
Inc.
Series
2024A
(NR/NR)
16,505,000
5.625
(c)
12/15/2033
16,870,081
6,965,000
6.250
(c)
12/15/2038
7,191,200
New
Hampshire
Business
Finance
Authority
RB
for
Casella
Waste
Systems,
Inc.
Series
2013
(B1/B+)
1,800,000
2.950
(c)
04/01/2029
1,685,294
New
Hampshire
Business
Finance
Authority
RB
Refunding
for
Covanta
Holding
Corp.
Series
2020
A
(B3/B)
6,800,000
3.625
(a)(b)(c)
07/01/2043
5,646,126
New
Hampshire
Business
Finance
Authority
RB
Refunding
for
Covanta
Holding
Corp.
Series
2020
B
(AMT)
(B3/B)
10,545,000
3.750
(a)(b)(c)
07/01/2045
8,796,290
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
9,993,739
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
New
Hampshire
–
(continued)
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
$
5,372,666
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
2,233,654
3,170,000
5.000
08/01/2035
3,295,151
2,000,000
5.000
08/01/2036
2,076,781
5,350,000
5.000
08/01/2037
5,546,432
2,935,000
5.000
08/01/2038
3,032,585
4,235,000
5.000
08/01/2039
4,359,535
1,710,000
5.000
08/01/2040
1,751,750
83,764,727
New
Jersey
-
4.1%
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
1,000,018
1,000,000
5.000
06/15/2037
1,000,059
1,000,000
5.125
06/15/2043
1,000,010
New
Jersey
Economic
Development
Authority
RB
for
Provident
Group
-
Kean
Properties
L.L.C.
-
Kean
University
Student
Housing
Project
Series
2017
A
(NR/BB-)
500,000
5.000
07/01/2037
502,329
1,150,000
5.000
07/01/2047
1,136,066
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
4,907,125
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
5,043,694
New
Jersey
Economic
Development
Authority
Special
Facility
RB
for
Continental
Airlines
Project
Series
1999
(Ba3/BB-)
23,275,000
5.250
09/15/2029
23,297,109
New
Jersey
Economic
Development
Authority
Special
Facility
RB
for
Continental
Airlines
Project
Series
2000
(Ba3/BB-)
5,000,000
5.625
11/15/2030
5,043,694
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
2,519,440
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
5,137,669
New
Jersey
Economic
Development
Authority
Tax
Exempt
Private
Activity
Bonds
for
Goethals
Bridge
Replacement
Project
Series
2013
(NR/A-)
1,000,000
5.375
01/01/2043
1,000,693
New
Jersey
Educational
Facilities
Authority
RB
for
Rider
University
A
New
Jersey
Non-Profit
Corp.
Series
2017
F
(Caa1/BB)
3,450,000
4.000
07/01/2042
2,519,073
New
Jersey
Educational
Facilities
Authority
RB
for
Seton
Hall
University
Series
2020
C
(AGM)
(A1/AA)
1,110,000
3.250
07/01/2049
915,787
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
New
Jersey
–
(continued)
New
Jersey
Educational
Facilities
Authority
RB
for
Stevens
Institute
of
Technology
2020
Series
A
(NR/BBB+)
$
1,710,000
5.000%
07/01/2045
$
1,746,800
New
Jersey
Educational
Facilities
Authority
RB
for
Stevens
Institute
of
Technology
Series
2020
A
(NR/BBB+)
3,350,000
3.000
07/01/2050
2,449,244
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
9,696,417
New
Jersey
State
Transportation
Trust
Fund
Authority
Transportation
System
Bonds
Series
2006C
(AMBAC)
(A2/A-)
93,770,000
0.000
(e)
12/15/2036
58,039,523
New
Jersey
State
Transportation
Trust
Fund
Authority
Transportation
System
Bonds
Series
2006C
(AGM)
(A1/AA)
25,400,000
0.000
(e)
12/15/2034
17,172,447
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
74,695,714
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
30,754,207
35,245,000
0.000
(e)
12/15/2038
19,923,554
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
3,654,906
1,900,000
0.000
(e)
12/15/2034
1,279,292
New
Jersey
Transportation
Trust
Fund
Authority
RB
for
Transportation
Program
Bonds
Series
2014
AA
(A2/A-)
15,000,000
5.000
06/15/2038
15,007,502
New
Jersey
Transportation
Trust
Fund
Authority
RB
for
Transportation
Program
Bonds
Series
2015
AA
(A2/A-)
1,000,000
5.250
06/15/2041
1,010,818
2,500,000
5.000
06/15/2045
2,517,682
1,770,000
5.000
06/15/2046
1,781,318
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
7,853,863
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
7,835,722
New
Jersey
Transportation
Trust
Fund
Authority
RB
for
Transportation
System
Series
2008
A
(A2/A-)
52,985,000
0.000
(e)
12/15/2036
32,795,394
5,470,000
0.000
(e)
12/15/2037
3,239,590
New
Jersey
Transportation
Trust
Fund
Authority
RB
for
Transportation
System
Series
2009
A
(A2/A-)
3,280,000
0.000
(e)
12/15/2033
2,294,367
1,565,000
0.000
(e)
12/15/2036
968,667
5,000,000
0.000
(e)
12/15/2038
2,826,437
16,175,000
0.000
(e)
12/15/2039
8,743,967
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
1,157,305
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
New
Jersey
–
(continued)
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
$
5,347,716
New
Jersey
Transportation
Trust
Fund
Authority
RB
Series
2018
(A2/A-)
3,500,000
5.000
12/15/2033
3,698,689
New
Jersey
Transportation
Trust
Fund
Authority
RB
Series
2020
AA
(A2/A-)
935,000
3.000
06/15/2050
714,653
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
Program
Bonds
2020
Series
AA
(A2/A-)
5,000,000
4.000
06/15/2050
4,761,000
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
Program
Bonds,
2023
Series
AA
(A2/A-)
5,325,000
4.250
06/15/2044
5,351,606
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
Program
RB
Series
2019
AA
(A2/A-)
7,000,000
5.250
06/15/2043
7,311,282
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
RB
Series
2009
A
(A2/A-)
230,000
0.000
(e)
12/15/2032
167,088
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
System
Bonds
2023
Series
A
(A2/A-)
5,200,000
4.250
06/15/2040
5,307,801
New
Jersey
Turnpike
Authority
RB
Series
2024
B
(A1/AA-)
10,000,000
4.125
01/01/2054
9,936,492
New
Jersey
Turnpike
Authority
Turnpike
RB
Series
2022
B
(A1/AA-)
1,500,000
4.500
01/01/2048
1,537,170
3,000,000
5.250
01/01/2052
3,280,924
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
927,043
South
Jersey
Transport
Corp.
Subordinated
Marine
Terminal
RB
Series
2017B
(A3/NR)
20,000,000
5.000
01/01/2048
20,397,626
South
Jersey
Transportation
Authority
Transportation
System
RB
2022
Series
A
(Baa2/BBB+)
1,500,000
4.625
11/01/2047
1,528,333
Tobacco
Settlement
Financing
Corp.
RB
Series
2018
B
(NR/BBB-)
14,070,000
5.000
06/01/2046
14,198,705
Union
County
Improvement
Authority
RB
Aries
Linden
LLC
Project
Series
2019
(NR/NR)
11,570,000
6.750
(c)
12/01/2041
7,564,935
Union
County
Improvement
Authority
Solid
Waste
Disposal
RB
Series
2019
(AMT)
(NR/NR)
1,940,000
6.000
(c)
12/01/2025
1,805,396
456,303,961
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
477,537
1,000,000
5.000
05/15/2049
923,697
Village
of
Los
Ranchos
de
Albuquerque
RB
Refunding
for
Albuquerque
Academy
Series
2020
(NR/A-)
500,000
4.000
09/01/2033
503,287
375,000
4.000
09/01/2034
376,454
300,000
4.000
09/01/2035
300,134
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
New
Mexico
–
(continued)
Village
of
Los
Ranchos
de
Albuquerque
RB
Refunding
for
Albuquerque
Academy
Series
2020
(NR/A-)
–
(continued)
$
1,200,000
4.000%
09/01/2040
$
1,158,563
Winrock
Town
Center
Tax
Increment
Development
District
1
Senior
Lien
Gross
Receipts
Tax
Increment
Bonds
Series
2022
(NR/NR)
4,825,000
4.250
(c)
05/01/2040
4,488,078
8,227,750
New
York
-
7.6%
Brooklyn
Arena
Local
Development
Corp.
Pilot
RB
for
Barclays
Center
Project
Series
2009
(Ba1/NR)
9,610,000
0.000
(e)
07/15/2045
3,586,564
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
964,806
Brooklyn
Arena
Local
Development
Corp.
Pilot
Revenue
Refunding
Bonds
for
Barclays
Center
Series
2016A
(Ba1/NR)
19,300,000
5.000
07/15/2042
19,606,903
Brooklyn
Arena
Local
Development
Corp.
RB
for
Brooklyn
Events
Center
LLC
Series
2009
(Ba1/NR)
5,740,000
0.000
(e)
07/15/2046
2,035,410
Build
NYC
Resource
Corp.
RB
for
Global
Community
Charter
School
Project
Series
2022A
(NR/BB+)
1,175,000
5.000
06/15/2052
1,182,636
950,000
5.000
06/15/2057
953,069
Build
NYC
Resource
Corp.
RB
for
Grand
Concourse
Academy
Charter
School
Project
Series
2022A
(NR/BBB-)
670,000
5.000
07/01/2052
674,475
505,000
5.000
07/01/2056
506,655
Build
NYC
Resource
Corp.
RB
for
Hellenic
Classical
Charter
Schools
Series
2021
A
(NR/NR)
4,920,000
5.000
(c)
12/01/2051
4,444,966
1,100,000
5.000
(c)
12/01/2055
979,184
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
2,844,278
2,000,000
5.250
07/01/2057
2,063,737
5,000,000
5.250
07/01/2062
5,142,595
Build
NYC
Resource
Corp.
RB
for
NEW
World
Preparatory
Charter
School
Series
2021
A
(NR/NR)
590,000
4.000
(c)
06/15/2051
475,544
450,000
4.000
(c)
06/15/2056
352,872
Build
NYC
Resource
Corp.
RB
for
Shefa
School
Series
2021
A
(NR/NR)
850,000
2.500
(c)
06/15/2031
757,811
4,965,000
5.000
(c)
06/15/2051
4,871,174
Build
NYC
Resource
Corp.
Tax
Exempt
RB
Series
2022A
(NR/NR)
6,125,000
6.500
(c)
07/01/2042
6,293,874
1,900,000
6.500
(c)
07/01/2052
1,939,725
1,850,000
6.500
(c)
07/01/2057
1,875,290
Build
NYC
Resource
Corp.
Taxable
RB
Taxable
Series
2022A
(NR/NR)
1,900,000
9.750
(c)
07/01/2032
1,860,431
Build
NYC
Resource
Corporation
RB
for
Classical
Charter
Schools
Project
Series
2023A
(NR/BBB-)
800,000
4.750
06/15/2058
769,200
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
New
York
–
(continued)
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
$
751,953
1,275,000
5.500
(c)
06/15/2063
1,311,266
City
of
Albany
Capital
Resource
Corp.
Tax-Exempt
RB
Kipp
Capital
Region
Public
Charter
Schools
Project
Series
2024
(NR/BBB-)
1,100,000
4.750
06/01/2054
1,086,757
2,400,000
5.000
06/01/2064
2,409,541
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
4,189,684
City
of
New
York
GO
Bonds
Fiscal
2024
Series
C
(Aa2/AA)
10,000,000
4.125
03/01/2054
9,844,593
City
of
New
York
GO
Tax
Exempt
Bonds
2020
Series
D
(Aa2/AA)
5,250,000
4.000
03/01/2050
5,128,556
Dormitory
Authority
of
The
State
of
New
York
State
Personal
Income
Tax
RB
General
Purpose,
Series
2024A
(Tax-Exempt)
(Aa1/NR)
16,565,000
4.000
03/15/2054
15,965,453
Dutchess
County
Local
Development
Corp.
RB
for
Health
QuestSystems,
Inc.
Project
Series
2016B
(Baa3/BBB)
18,375,000
5.000
07/01/2046
18,417,795
Dutchess
County
Local
Development
Corp.
RB
Refunding
for
Bard
College
Project
Series
2020
A
(NR/BBB-)
1,000,000
5.000
07/01/2040
1,027,586
2,565,000
5.000
07/01/2045
2,600,057
5,775,000
5.000
07/01/2051
5,797,780
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
1,314,024
Erie
Tobacco
Asset
Securitization
Corp.
RB
Asset-Backed
Bonds
Series
2006
A
(NR/NR)
66,000,000
0.000
(c)(e)
06/01/2060
3,028,001
Hempstead
town
Local
Development
Corp.
RB
Refunding
for
Molloy
College
Project
Series
2017
(NR/BBB)
900,000
5.000
07/01/2033
915,099
850,000
5.000
07/01/2035
861,675
670,000
5.000
07/01/2036
677,464
Huntington
Local
Development
Corp.
RB
for
Gurwin
Independent
Housing
Obligated
Group
Series
2021
A
(NR/NR)
5,060,000
5.250
07/01/2056
4,166,073
Metropolitan
Transportation
Authority
RB
Green
Bond
Series
2016
A-1
(A3/A-)
625,000
5.000
11/15/2027
642,099
Metropolitan
Transportation
Authority
RB
Green
Bond
Series
2020
C-1
(A3/A-)
7,950,000
4.750
11/15/2045
8,158,099
2,000,000
5.000
11/15/2050
2,083,093
2,000,000
5.250
11/15/2055
2,103,561
Metropolitan
Transportation
Authority
RB
Green
Bond
Series
2020
D-3
(A3/A-)
5,285,000
4.000
11/15/2050
5,033,928
Metropolitan
Transportation
Authority
RB
Refunding
Green
Bond
Series
2017
C-1
(A3/A-)
950,000
4.000
11/15/2035
954,095
Metropolitan
Transportation
Authority
RB
Refunding
Green
Bond
Series
2017
C-2
(A3/A-)
650,000
0.000
(e)
11/15/2040
316,676
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
New
York
–
(continued)
Metropolitan
Transportation
Authority
RB
Refunding
Green
Bond
Series
2024A
(A3/A-)
$
16,330,000
5.250%
11/15/2049
$
17,775,168
Metropolitan
Transportation
Authority
RB
Refunding
Green
Bond
Series
2024A
(BAM)
(A3/AA)
27,600,000
4.000
11/15/2048
26,912,078
Metropolitan
Transportation
Authority
RB
Refunding
Series
2016
D
(A3/A-)
735,000
5.000
11/15/2029
759,144
Metropolitan
Transportation
Authority
Transportation
Revenue
Green
Bonds
Series
2019C
(AGM)
(A1/AA)
1,785,000
4.000
11/15/2048
1,735,177
Metropolitan
Transportation
Authority
Transportation
Revenue
Green
Bonds
Series
2020A-1
(A3/A-)
4,435,000
4.000
11/15/2040
4,435,828
Metropolitan
Transportation
Authority
Transportation
Revenue
Green
Bonds
Series
2020D
(A3/A-)
5,000,000
5.000
11/15/2045
5,271,208
Metropolitan
Transportation
Authority
Transportation
Revenue
Green
Bonds
Subseries
2020A-1
(AGM)
(A1/AA)
10,000,000
4.000
11/15/2050
9,708,173
Metropolitan
Transportation
Authority
Transportation
Revenue
Refunding
Bonds
Series
2015C
(A3/A-)
550,000
5.250
11/15/2028
561,566
Metropolitan
Transportation
Authority
Transportation
Revenue
Refunding
Bonds
Series
2020E
(A3/A-)
4,415,000
4.000
11/15/2045
4,302,733
Nassau
County
Tobacco
Settlement
Corp.
RB
for
Asset
Backed
Bonds
Series
2006
D
(NR/NR)
202,665,000
0.000
(e)
06/01/2060
12,684,985
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
1,995,025
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
9,039,561
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
1,461,550
New
York
City
Industrial
Development
Agency
RB
Refunding
for
Yankee
Stadium
LLC
Series
2020
A
(AGM)
(A1/AA)
16,470,000
3.000
03/01/2049
12,417,084
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
4,764,890
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Tax-Exempt
Subordinate
Bonds
Adjustable
Rate
BondsFiscal
2019
Subseries
A-4
(Aa1/AAA/A-1)
2,500,000
4.700
(a)(b)
08/01/2045
2,500,000
New
York
Counties
Tobacco
Trust
IV
RB
Series
2005
F
(NR/NR)
178,305,000
0.000
(e)
06/01/2060
10,803,607
New
York
Liberty
Development
Corp.
RB
for
World
Trade
Center
Project
Series
2014
(NR/NR)
6,250,000
5.150
(c)
11/15/2034
6,268,962
21,095,000
5.375
(c)
11/15/2040
21,151,528
New
York
Liberty
Development
Corp.
RB
for
World
Trade
Center
Project
Series
2014
Class
3
(NR/NR)
29,525,000
7.250
(c)
11/15/2044
29,679,528
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
New
York
–
(continued)
New
York
Liberty
Development
Corp.
RB
Refunding
for
3
World
Trade
Center
LLC
Series
2014
(NR/NR)
$
42,270,000
5.000%
(c)
11/15/2044
$
42,310,127
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
7,890,391
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
1,231,355
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
1,285,549
New
York
State
Dormitory
Authority
Personal
Income
Tax
General
Purpose
RB
Series
2020A
(Aa1/NR)
1,695,000
4.000
03/15/2043
1,669,526
New
York
State
Dormitory
Authority
RB
Refunding
for
Brooklyn
Law
School
Series
2019
B
(Baa1/NR)
150,000
3.560
07/01/2026
144,962
150,000
3.670
07/01/2027
143,832
60,000
3.760
07/01/2028
57,113
300,000
3.820
07/01/2029
282,853
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
672,721
870,000
4.000
07/01/2032
810,829
925,000
4.000
07/01/2033
854,376
845,000
4.000
07/01/2035
766,457
New
York
State
Dormitory
Authority
RB
Refunding
for
Montefiore
Obligated
Group
Series
2020
A
(Baa3/BBB-)
3,160,000
4.000
09/01/2045
2,906,818
2,325,000
4.000
09/01/2050
2,085,741
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
6,378,401
New
York
State
Dormitory
Authority
Revenues
Non
State
Supported
Debt
Series
2022
1-
A
(NR/AA-)
8,000,000
4.000
07/01/2051
7,688,894
New
York
State
Environmental
Facilities
Corp
Solid
Waste
Disposal
RB
Series
2014
(B1/B+)
(PUTABLE)
1,685,000
2.875
(a)(b)(c)
12/01/2044
1,558,352
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
2,848,580
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
2,561,049
New
York
State
Thruway
Authority
General
RB
Series
P
(A1/A+)
2,070,000
5.000
01/01/2049
2,245,695
2,135,000
5.250
01/01/2054
2,349,652
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
5,380,214
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
New
York
–
(continued)
New
York
State
Urban
Development
Corporation
State
Personal
Income
Tax
RB
(General
Purpose)
Series
2023A
(Tax-Exempt)
(Aa1/NR)
$
18,900,000
5.000%
03/15/2058
$
20,346,944
30,000,000
5.000
03/15/2063
32,177,241
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
976,576
New
York
Transportation
Development
Corp.
RB
for
Delta
Air
Lines,
Inc.
Series
2018
(Baa3/NR)
1,315,000
5.000
01/01/2031
1,358,910
4,665,000
5.000
01/01/2033
4,812,242
2,075,000
5.000
01/01/2034
2,139,654
10,465,000
4.000
01/01/2036
10,467,290
New
York
Transportation
Development
Corp.
RB
for
Delta
Air
Lines,
Inc.
Series
2018
(AMT)
(Baa3/NR)
7,150,000
5.000
01/01/2036
7,362,038
New
York
Transportation
Development
Corp.
RB
for
Delta
Air
Lines,
Inc.
Series
2020
(Baa3/NR)
9,000,000
4.000
10/01/2030
9,019,071
7,580,000
5.000
10/01/2035
7,968,797
12,975,000
5.000
10/01/2040
13,499,343
5,405,000
4.375
10/01/2045
5,292,860
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
8,298,641
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
691,277
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
7,590,040
8,500,000
5.000
07/01/2046
8,499,542
New
York
Transportation
Development
Corp.
Special
Facilities
Bonds
Series
2016A
(Baa2/NR)
22,935,000
5.250
01/01/2050
22,935,500
New
York
Transportation
Development
Corp.
Special
Facilities
Bonds
Series
2016A
(AMT)
(Baa2/NR)
10,000,000
4.000
07/01/2046
9,064,790
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)
3,425,000
6.000
06/30/2054
3,761,435
New
York
Transportation
Development
Corp.
Special
Facilities
RB
Series
2024
John
F.
Kennedy
International
Airport
New
Terminal
One
Project
(AMT)
(Baa3/NR)
6,115,000
5.500
06/30/2054
6,481,518
New
York
Transportation
Development
Corp.
Special
Facilities
RB
Series
2024
John
F.
Kennedy
International
Airport
New
Terminal
One
Project
Green
Bonds
(Baa3/NR)
17,250,000
5.000
06/30/2060
17,429,041
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
2,463,410
2,500,000
4.000
07/01/2041
2,364,107
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
New
York
–
(continued)
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
$
7,673,573
9,565,000
5.375
08/01/2036
10,184,417
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
7,475,999
New
York
Transportation
Development
Corporation
Special
Facilities
RB,
Series
2023
17,110,000
5.375
06/30/2060
17,661,977
Oneida
County
Local
Development
Corp.
RB
Mohawk
Valley
Health
System
Project
Series
2019
(Tax-Exempt)
(AGM)
(NR/AA)
420,000
4.000
12/01/2032
419,835
710,000
4.000
12/01/2033
709,661
Oneida
County
Local
Development
Corp.
RB
Refunding
for
Mohawk
Valley
Health
System
Obligated
Group
Project
Series
2019
A
(AGM)
(NR/AA)
910,000
4.000
12/01/2038
894,052
1,470,000
3.000
12/01/2039
1,218,073
980,000
3.000
12/01/2040
798,620
Oneida
County
Local
Development
Corp.
RB
Refunding
for
Utica
College
Project
Series
2019
(NR/NR)
405,000
4.000
07/01/2039
365,811
4,835,000
3.000
07/01/2044
3,389,062
Oneida
Indian
Nation
Tax
RB
Series
2024B
(Federally
Tax-Exempt)
(NR/NR)
2,300,000
6.000
(c)
09/01/2043
2,518,850
Onondaga
Civic
Development
Corp.
New
York
Tax-Exempt
RR
Bonds
Crouse
Health
Hospital
Inc.
Project
Series
2024A
(NR/NR)
900,000
5.125
(i)
08/01/2044
913,760
900,000
5.375
(i)
08/01/2054
923,083
Port
Authority
of
New
York
Consolidated
Bonds
234th
Series
(Aa3/AA-)
1,850,000
5.250
08/01/2047
1,973,768
2,300,000
5.500
08/01/2052
2,478,372
State
of
New
York
Dormitory
Authority
Northwell
Health
Obligated
Group
RB
Series
2022A
(A3/A-)
6,510,000
4.250
05/01/2052
6,513,651
Suffolk
Regional
Off-Track
Betting
Corporation
Tax
Exempt
GO
RB
Series
2024
(NR/NR)
13,800,000
5.750
12/01/2044
14,373,650
13,800,000
6.000
12/01/2053
14,383,799
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
5,318,928
Triborough
Bridge
&
Tunnel
Authority
Payroll
Mobility
Tax
Senior
Lien
Green
Bonds
Series
2024A
(NR/AA+)
48,695,000
5.000
05/15/2054
52,851,595
Triborough
Bridge
&
Tunnel
Authority
Sales
Tax
RB
for
TBTA
Capital
Lockbox
City
Sales
Tax
Series
2023A
(NR/AA+)
10,000,000
4.250
05/15/2058
9,845,843
Triborough
Bridge
&
Tunnel
Authority
Sales
Tax
RB
Subseries
2024A-1
(NR/AA+)
15,000,000
4.125
05/15/2064
14,426,130
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
New
York
–
(continued)
Westchester
County
Local
Development
Corp.
RB
Series
2016
(B1/BBB-)
$
900,000
5.000%
11/01/2033
$
876,643
965,000
5.000
11/01/2034
939,296
Westchester
County
Local
Development
Corporation
RB
for
Westchester
Medical
Center
Obligated
Group
Project
Series
2016
(B1/BBB-)
5,845,000
5.000
11/01/2046
5,453,058
Westchester
County
Local
Development
Corporation
RB,
Series
2023
900,000
6.250
11/01/2052
1,015,211
Western
Regional
off-Track
Betting
Corp.
RB
Refunding
Series
2021
(NR/NR)
1,785,000
4.125
(c)
12/01/2041
1,437,778
Yonkers
Economic
Development
Corp.
RB
for
Charter
School
of
Educational
Excellence
Project
Series
2019
A
(NR/NR)
475,000
5.000
10/15/2039
484,669
1,180,000
5.000
10/15/2049
1,182,084
1,225,000
5.000
10/15/2054
1,217,338
Yonkers
Economic
Development
Corp.
RB
Refunding
for
Charter
School
of
Educational
Excellence
Series
2020
A
(NR/BB)
2,820,000
5.000
10/15/2040
2,890,087
1,325,000
5.000
10/15/2050
1,333,425
840,459,754
North
Carolina
-
0.4%
Greater
Asheville
Regional
Airport
Authority
Airport
System
RB
Series
2022A
(AMT)
(AGM)
(A1/AA)
4,565,000
5.500
07/01/2047
4,973,924
Greater
Asheville
Regional
Airport
Authority
Airport
System
RB
Series
2023
(AGM)
(A1/AA)
6,740,000
5.250
07/01/2053
7,158,283
North
Carolina
Department
of
Transportation
Tax
Exempt
Private
Activity
Bonds
Series
2015
(NR/NR)
3,345,000
5.000
12/31/2037
3,375,921
North
Carolina
Department
of
Transportation
Tax
Exempt
Private
Activity
RB
Series
2015
(NR/NR)
5,000,000
5.000
06/30/2054
5,003,058
North
Carolina
Medical
Care
Commission
RB
for
Forest
at
Duke,
Inc.
Obligated
Group
Series
2021
(NR/NR)
365,000
4.000
09/01/2046
308,595
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
887,760
6,025,000
4.000
03/01/2051
4,847,088
North
Carolina
Medical
Care
Commission
RB
for
Maryfield,
Inc.
Obligated
Group
Series
2020
A
(NR/NR)
1,400,000
5.000
10/01/2045
1,327,909
3,260,000
5.000
10/01/2050
3,004,984
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
1,572,987
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
1,265,373
1,650,000
5.000
07/01/2039
1,574,577
1,035,000
4.000
07/01/2044
808,944
1,160,000
5.000
07/01/2044
1,061,250
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
North
Carolina
–
(continued)
North
Carolina
Medical
Care
Commission
Retirement
Facilities
First
Mortgage
RB Series
2024A
(NR/NR)
$
1,460,000
5.000%
10/01/2049
$
1,502,812
2,745,000
5.125
10/01/2054
2,827,677
41,501,142
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
1,447,018
a
a
Ohio
-
4.3%
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
6,220,011
Buckeye
Tobacco
Settlement
Financing
Authority
RB
Refunding
for
Senior
Asset-Backed
Bonds
Series
2020
A-2
Class
1
(NR/NR)
141,475,000
5.000
06/01/2055
130,419,974
Buckeye
Tobacco
Settlement
Financing
Authority
RB
Refunding
for
Senior
Asset-Backed
Bonds
Series
2020
B-3
Class
2
(NR/NR)
336,480,000
0.000
(e)
06/01/2057
31,466,062
Buckeye
Tobacco
Settlement
Financing
Authority
Tobacco
Settlement
Asset
Backed
Refunding
Bonds
Series
2020
(NR/BBB+)
3,330,000
4.000
06/01/2048
3,069,177
Centerville
Ohio
Health
Care
RB
Refunding
and
Improvement
for
Graceworks
Lutheran
Services
Series
2017
(NR/NR)
2,400,000
5.250
11/01/2037
2,401,271
1,000,000
5.250
11/01/2047
931,274
2,320,000
5.250
11/01/2050
2,125,269
Cleveland
Airport
Special
RB
for
Continental
Airlines,
Inc.
Project
Series
1998
(Ba3/BB-)
22,500,000
5.375
09/15/2027
22,508,426
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
2,143,659
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
1,109,562
Columbus-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
6,606,100
County
of
Cuyahoga
Health
Care
and
Independent
Living
Facilities
Refunding
RB
for
Eliza
Jennings
Senior
Health
Care
Network
Series
2022A
(NR/NR)
1,505,000
5.000
05/15/2032
1,501,039
2,775,000
5.375
05/15/2037
2,779,223
3,910,000
5.500
05/15/2042
3,827,052
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
472,396
825,000
4.000
09/01/2045
661,968
1,075,000
5.000
09/01/2049
963,346
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Ohio
–
(continued)
County
of
Franklin
Health
Care
Facilities
RB
for
Ohio
Living
Communities
Series
2023
(NR/NR)
$
4,600,000
5.250%
07/01/2041
$
4,603,267
12,065,000
5.500
07/01/2041
12,331,234
County
of
Franklin
RB
Refunding
for
Wesley
Communities
Obligated
Group
Series
2020
(NR/NR)
8,280,000
5.250
11/15/2055
7,536,275
County
of
Lucas
Hospital
RB
for
Promedica
Healthcare
Obligated
Group
Series
2015B
(Ba2/BB)
1,470,000
4.000
11/15/2045
1,157,924
County
of
Lucas
Hospital
RB
for
Promedica
Healthcare
Obligated
Group
Series
2018A
(Ba2/BB)
50,060,000
5.250
11/15/2048
51,036,991
County
of
Summit
Green
Local
School
District
Improvement
Bonds
Series
2022A
(SD
CRED
PROG)
(NR/AA+)
4,205,000
5.500
11/01/2059
4,535,347
Cuyahoga
County
Ohio
Hospital
RB
for
Metrohealth
System
Series
2017
(Baa2/BBB)
9,110,000
5.250
02/15/2047
9,182,143
3,450,000
5.000
02/15/2057
3,450,922
Cuyahoga
County
Ohio
Hospital
RB
Refunding
for
Metrohealth
System
Series
2009
B
(Baa2/BBB)
29,500,000
8.223
02/15/2040
32,895,695
Cuyahoga
County
Ohio
Hospital
RB
Refunding
for
Metrohealth
System
Series
2017
(Baa2/BBB)
7,520,000
5.000
02/15/2042
7,594,271
7,500,000
4.750
02/15/2047
7,426,210
Franklin
County
Convention
Facilities
Authority
RB
for
Greater
Columbus
Convention
Center
Project
Series
2019
(NR/BBB-)
13,400,000
5.000
12/01/2051
13,176,938
Hamilton
County
Health
Care
RB
Refunding
for
Life
Enriching
Community
Project
Series
2012
(NR/NR)
2,000,000
5.000
01/01/2042
1,979,310
1,610,000
5.000
01/01/2046
1,562,531
Muskingum
County
Hospital
Facilities
RB
Refunding
for
Genesis
Healthcare
System
Project
Series
2013
(Ba2/BB+)
10,050,000
5.000
02/15/2048
9,291,064
Northeast
Ohio
Medical
University
RB
Refunding
Series
2021
A
(Baa1/NR)
450,000
3.000
12/01/2040
363,109
200,000
4.000
12/01/2045
179,580
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
10,488,306
Ohio
Air
Quality
Development
Authority
Exempt
Facilities
RB
for
Pratt
Paper
LLC
Project
Series
2017
(AMT)
(NR/NR)
2,135,000
3.750
(c)
01/15/2028
2,132,170
4,230,000
4.250
(c)
01/15/2038
4,245,105
Ohio
Higher
Educational
Facility
Commission
RB
Refunding
for
Judson
Obligated
Group
Series
2020
A
(NR/NR)
4,790,000
5.000
12/01/2050
4,495,719
Ohio
State
Higher
Education
Facilities
RB
Series
2020
(A3/NR)
10,060,000
5.000
01/15/2050
10,428,508
Ohio
State
Hospital
RB
Refunding
for
Aultman
Health
Foundation
Obligated
Group
Series
2018
(NR/NR)
1,075,000
5.000
(c)
12/01/2033
1,051,618
2,085,000
5.000
(c)
12/01/2038
2,001,571
5,000,000
5.000
(c)
12/01/2048
4,542,212
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Ohio
–
(continued)
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
$
1,576,757
Port
of
Greater
Cincinnati
Development
Authority
Education
RB
Series
2021
(NR/NR)
2,750,000
4.375
(a)(b)
06/15/2056
2,707,255
Port
of
Greater
Cincinnati
Development
Authority
RB
Series
2021
(NR/NR)
2,090,000
4.250
(c)
12/01/2050
1,864,170
Port
of
Greater
Cincinnati
Development
Authority
Special
Obligation
Development
TIF
RB,
Series
2016B
(NR/NR)
4,225,000
5.000
12/01/2046
4,019,274
State
of
Ohio
Higher
Educational
Facility
RB
for
Capital
University
2022
Project
(NR/BBB-)
1,800,000
6.000
09/01/2047
1,841,506
3,225,000
6.000
09/01/2052
3,279,389
State
of
Ohio
Hospital
RB
for
University
Hospital
Health
System
Series
2021A
(A2/A)
22,915,000
4.000
01/15/2046
21,934,630
State
of
Ohio
Hospital
RB
Series
2020A
(A2/A)
3,000,000
4.000
01/15/2050
2,785,389
toledo-Lucas
County
Port
Authority
Parking
System
RB
Series
2021
(Baa3/NR)
1,475,000
4.000
01/01/2043
1,391,730
950,000
4.000
01/01/2046
881,229
950,000
4.000
01/01/2051
851,095
2,520,000
4.000
01/01/2057
2,200,962
472,227,215
Oklahoma
-
0.9%
Norman
Regional
Hospital
Authority
RB
Norman
Regional
Hospital
Authority
Obligated
Group
Series
2019
(Ba1/BBB-)
1,075,000
4.000
09/01/2045
882,253
Oklahoma
County
Finance
Authority
Charter
School
Lease
RB
Astec
Project
Series
2024
(NR/NR)
900,000
6.000
(c)
06/15/2044
921,237
1,550,000
6.250
(c)
06/15/2054
1,580,379
Oklahoma
Development
Finance
Authority
Health
System
RB
for
OU
Medicine
Project
Series
2018
B
(Ba3/BB-)
31,535,000
5.500
08/15/2057
32,354,039
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
2,156,096
2,000,000
4.125
08/15/2057
1,843,576
Oklahoma
Development
Finance
Authority
Health
System
RB
for
OU
Medicine
Project
Series
2018B
(Ba3/BB-)
2,050,000
5.250
08/15/2048
2,085,630
8,005,000
5.500
08/15/2052
8,232,773
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
982,936
4,000,000
4.125
04/01/2053
3,914,704
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
6,488,683
Tulsa
Municipal
Airport
Trust
RB
Refunding
for
American
Airlines,
Inc.
Series
2001
A
(AMT)
(NR/NR)
4,680,000
5.500
12/01/2035
4,684,033
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Oklahoma
–
(continued)
Tulsa
Municipal
Airport
Trust
RB
Refunding
for
American
Airlines,
Inc.
Series
2001
B
(AMT)
(NR/NR)
$
25,675,000
5.500%
12/01/2035
$
25,697,127
Tulsa
Municipal
Airport
Trust
RB
Refunding
for
American
Airlines,
Inc.
Series
2015
(NR/B+)
5,670,000
5.000
(a)(b)
06/01/2035
5,718,709
97,542,175
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
123,588
225,000
5.375
11/15/2055
214,986
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
278,148
Port
of
Portland
International
Airport
RB
Series
28
(NR/AA-)
2,400,000
4.000
07/01/2047
2,271,470
The
Hospital
Facilities
Authority
of
The
City
of
Astoria
Oregon
RB
Columbia
Memorial
Hospital
Project
Series
2024
(NR/BBB)
5,175,000
5.250
08/01/2054
5,475,806
Yamhill
County
Hospital
Authority
Revenue
and
Refunding
Tax
Exempt
Bonds
Series
2021A
(NR/NR)
1,825,000
5.000
11/15/2051
1,466,984
9,830,982
Pennsylvania
-
3.0%
Allegheny
County
Airport
Authority
Airport
RB
Series
2021A
(AMT)
(A2/NR)
3,000,000
5.000
01/01/2056
3,080,969
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
30,174,746
Allegheny
County
IDA
Penn
Hills
Charter
School
of
Entrepeneurship
Series
A
(NR/BB)
1,225,000
4.000
06/15/2041
1,080,892
975,000
4.000
06/15/2051
794,213
1,070,000
4.000
06/15/2056
849,940
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
3,909,901
3,150,000
5.125
05/01/2030
3,322,518
Allentown
Neighborhood
Improvement
Zone
Development
Authority
Subordinate
Tax
RB
for
City
Center
Project
Series
2022
(NR/NR)
6,075,000
5.250
(c)
05/01/2042
6,049,424
Allentown
Neighborhood
Improvement
Zone
Development
Authority
Tax
RB
for
City
Center
Project
Series
2024
(Ba3/NR)
7,750,000
5.000
(c)
05/01/2042
7,839,936
Allentown
Neighborhood
Improvement
Zone
Development
Authority
Tax
RB
for
City
Center
Refunding
Project
Series
2017
(Ba3/NR)
150,000
5.000
(c)
05/01/2027
153,013
1,400,000
5.000
(c)
05/01/2032
1,424,130
15,735,000
5.000
(c)
05/01/2042
15,780,843
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Pennsylvania
–
(continued)
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
$
1,015,686
3,000,000
5.000
(c)
05/01/2042
3,013,696
Berks
County
IDA
Health
System
RB
for
tower
Health
Project
Series
2017
(NR/CC)
8,745,000
5.000
11/01/2050
5,509,350
Berks
County
Industrial
Development
Authority
Health
System
RB
for
tower
Health
Project
Series
2017
(NR/CC)
1,450,000
3.750
11/01/2042
913,500
Berks
County
Industrial
Development
Authority
RB
Refunding
for
tower
Health
Obligated
Group
Series
2017
(NR/CC)
950,000
5.000
11/01/2029
598,500
1,745,000
5.000
11/01/2030
1,099,350
1,425,000
5.000
11/01/2034
897,750
Berks
County
Industrial
Development
Authority
RB
Refunding
for
Tower
Health
Obligated
Group
Series
2017
(NR/CC)
9,500,000
4.000
11/01/2047
5,985,000
Bucks
County
IDA
Hospital
RB
for
Grand
View
Hospital
Project
Series
2021
(NR/BB-)
11,200,000
4.000
07/01/2051
8,425,350
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
3,517,984
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
1,290,359
Cheltenham
Township
IDA
Arcadia
University
RB
Series
of
2024
(NR/BBB-)
5,100,000
5.000
04/01/2044
5,146,672
1,800,000
5.750
04/01/2054
1,843,506
Chester
County
IDA
RB
for
Collegium
Charter
School
Project
Series
2022
(NR/BB)
2,850,000
6.000
(c)
10/15/2052
2,945,476
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
500,026
1,000,000
5.000
08/01/2045
967,067
Commonwealth
Financing
Authority
Tobacco
Master
Settlement
Payment
RB
Series
2018
(AGM)
(A1/AA)
2,325,000
4.000
06/01/2039
2,339,215
Cumberland
County
Municipal
Authority
RB
Series
2015
(NR/NR)
745,000
5.000
01/01/2038
746,201
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
4,186,301
17,325,000
6.250
(c)
10/15/2053
13,536,859
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
791,897
Doylestown
Hospital
Authority
Commonwealth
of
Pennsylvania
Doylestown
Hospital
RB
Series
2024
(NR/NR)
2,375,000
5.375
(c)
07/01/2039
2,446,305
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Pennsylvania
–
(continued)
Doylestown
Hospital
Authority
Commonwealth
of
Pennsylvania
Hospital
RB
2013
Series
A
(B3/CCC)
$
2,000,000
5.000%
07/01/2025
$
1,999,927
2,095,000
5.000
07/01/2026
2,095,166
555,000
5.000
07/01/2027
555,076
1,000,000
5.000
07/01/2028
1,000,208
Doylestown
Hospital
Authority
RB
Series
2016A
(B3/NR)
180,000
4.000
(d)
07/01/2045
185,934
Doylestown
Hospital
Authority
RB
Series
2016A
(B3/CCC)
445,000
5.000
07/01/2041
443,487
1,620,000
4.000
07/01/2045
1,371,519
1,340,000
5.000
07/01/2046
1,303,409
Doylestown
Hospital
Authority
RB
Series
2019A
(NR/NR)
105,000
5.000
(d)
07/01/2041
108,281
310,000
5.000
(d)
07/01/2046
319,685
Franklin
County
Industrial
Development
Authority
RB
Refunding
for
Menno-Haven,
Inc.
Obligated
Group
Series
2018
(NR/NR)
1,100,000
5.000
12/01/2043
1,044,887
900,000
5.000
12/01/2048
825,207
1,750,000
5.000
12/01/2053
1,564,726
Geisinger
Authority
Health
System
RB
for
Geisinger
Health
System
Series
2007
(WR/AA-)
(3M
USD
LIBOR
+
0.77%)
52,950,000
4.514
(f)
05/01/2037
49,708,539
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
649,799
Latrobe
Industrial
Development
Authority
RB
for
Seton
Hill
University
Series
of
2021
(NR/BBB-)
285,000
5.000
03/01/2032
290,102
Latrobe
Industrial
Development
Authority
RB
Refunding
for
Seton
Hill
University
Series
2021
(NR/BBB-)
450,000
4.000
03/01/2035
420,501
465,000
4.000
03/01/2036
431,097
275,000
4.000
03/01/2037
252,609
335,000
4.000
03/01/2039
299,498
250,000
4.000
03/01/2040
220,296
250,000
4.000
03/01/2041
217,586
625,000
4.000
03/01/2046
519,903
675,000
4.000
03/01/2051
537,118
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
3,353,653
Mercer
County
Industrial
Development
Authority
College
RB
for
Thiel
College
Project
Series
2020
(NR/NR)
2,385,000
6.125
(c)
10/01/2050
1,450,750
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
1,715,526
2,100,000
5.000
11/01/2049
1,840,454
Northeastern
Pennsylvania
Hospital
&
Education
Authority
RB
for
King's
College
Project
Series
2019
(NR/BBB)
945,000
5.000
05/01/2044
902,587
1,245,000
5.000
05/01/2049
1,150,338
Pennsylvania
Economic
Development
Financing
Authority
Exempt
Facilities
RR
Bonds
Series
2009B
(NR/BB-)
3,675,000
5.250
(a)(b)
12/01/2038
3,711,306
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Pennsylvania
–
(continued)
Pennsylvania
Economic
Development
Financing
Authority
Exempt
Facilities
RR
Bonds
Series
2009C
(NR/BB-)
$
6,450,000
5.250%
(a)(b)
12/01/2037
$
6,513,103
Pennsylvania
Economic
Development
Financing
Authority
RB
for
Presbyterian
Senior
Living
Project,
Series
2023B-1
(NR/NR)
1,850,000
5.250
07/01/2049
1,934,768
Pennsylvania
Economic
Development
Financing
Authority
RB
for
Presbyterian
Senior
Living
Project,
Series
2023B-2
(NR/NR)
2,750,000
5.000
07/01/2042
2,877,251
2,300,000
5.250
07/01/2046
2,422,717
Pennsylvania
Economic
Development
Financing
Authority
RB
Refunding
for
Presbyterian
Homes
Obligated
Group
Series
2021
(NR/NR)
2,250,000
4.000
07/01/2046
2,049,889
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
5,160,529
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
1,426,420
6,825,000
6.000
06/30/2061
7,480,827
Pennsylvania
Higher
Educational
Facilities
Authority
La
Salle
University
RB
Series
2012
(NR/BB-)
1,375,000
5.000
05/01/2037
1,190,512
Pennsylvania
Higher
Educational
Facilities
Authority
RB
for
Foundation
for
Indiana
University
of
Pennsylvania
Series
2007
A
(AGC)
(NR/AA)
(3M
USD
LIBOR
+
0.65%)
10,850,000
4.375
(f)
07/01/2039
10,086,573
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
4.328
(f)
07/01/2027
5,818,527
Pennsylvania
Higher
Educational
Facilities
Authority
RB
for
La
Salle
University
Series
2012
(NR/BB-)
5,645,000
5.000
05/01/2042
4,628,928
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
360,192
400,000
5.000
07/01/2035
386,208
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
1,716,209
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
1,203,520
1,600,000
5.500
(c)
06/15/2043
1,667,700
Philadelphia
Authority
For
Industrial
Development
La
Salle
University
RB
Series
2017
(NR/BB-)
3,480,000
4.000
05/01/2042
2,495,931
Philadelphia
Authority
For
Industrial
Development
La
Salle
University
RB
Series
2024
(NR/BB-)
18,735,000
6.250
(c)
05/01/2042
17,769,718
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Pennsylvania
–
(continued)
Philadelphia
Authority
for
Industrial
Development
RB
for
Independence
Charter
School
Series
2019
(NR/NR)
$
2,225,000
5.000%
06/15/2050
$
2,048,781
Philadelphia
Authority
for
Industrial
Development
RB
for
MaST
Community
Charter
School
II
Series
2020
A
(NR/BBB-)
310,000
5.000
08/01/2040
315,339
1,075,000
5.000
08/01/2050
1,085,833
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
3,037,082
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
4,549,314
Scranton
Redevelopment
Authority
RB
Refunding
for
Guaranteed
Lease
Series
2016
A
(MUN
GOVT
GTD)
(NR/BBB+)
1,820,000
5.000
11/15/2028
1,820,673
Susquehanna
Area
Regional
Airport
Authority
Airport
System
RB
Series
2017
(Baa3/NR)
2,325,000
5.000
01/01/2038
2,352,149
Susquehanna
Area
Regional
Airport
Authority
RB
Refunding
for
Airport
System
Series
2017
(Baa3/NR)
1,100,000
5.000
01/01/2035
1,115,864
The
Berks
County
Municipal
Authority
RB
for
Alvernia
University
Project
Series
2020
(NR/BB+)
475,000
5.000
10/01/2039
456,293
1,125,000
5.000
10/01/2049
1,007,726
The
Berks
County
Municipal
Authority
RB
for
Tower
Health
Obligated
Group
Series
2012
A
(WR/CC)
5,195,000
5.000
11/01/2044
3,272,850
Upper
Dauphin
IDA
RB
for
Pennsylvania
Steam
Academy
Charter
School
Project
Series
2022A
(NR/NR)
4,485,000
6.250
(c)
07/01/2057
4,435,567
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
994,744
1,000,000
5.000
07/01/2035
995,045
Westmoreland
County
Industrial
Development
Authority
RB
Refunding
for
Excela
Health
Obligated
Group
Series
2020
A
(Baa3/NR)
1,400,000
4.000
07/01/2037
1,279,454
Westmoreland
County
Industrial
Development
Authority
Tax
Exempt
RB
for
Excela
Health
Project
Series
2020A
(Baa2/NR)
(Baa3/NR)
620,000
5.000
07/01/2028
633,485
329,255,470
Puerto
Rico
-
9.5%
GDB
Debt
Recovery
Authority
Bonds
(NR/NR)
17,425,000
7.500
08/20/2040
16,902,250
HTA
Trust
Certificates
Class
L-2028
Units
(NR/NR)
3,919,542
5.250
07/01/2038
3,920,500
Puerto
Rico
Aqueduct
and
Sewer
Authority
Revenue
Refunding
Bonds
Series
2020A
(NR/NR)
7,950,000
5.000
(c)
07/01/2035
8,306,812
Puerto
Rico
Aqueduct
and
Sewer
Authority
Revenue
Refunding
Bonds
Series
2022A
(NR/NR)
9,270,000
5.000
(c)
07/01/2037
9,718,322
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Puerto
Rico
–
(continued)
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
$
42,917,919
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Authority
RB
Refunding
Series
2021
C
(NR/NR)
9,400,000
3.500
(c)
07/01/2026
8,930,236
9,400,000
3.750
(c)
07/01/2027
8,771,361
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Authority
RB
Refunding
Series
2022
A
(NR/NR)
2,000,000
4.000
(c)
07/01/2042
1,872,828
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Authority
RB
Series
2021
A
(NR/NR)
2,500,000
4.000
(c)
07/01/2042
2,341,522
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Authority
RB
Series
2021
B
(NR/NR)
495,000
5.000
(c)
07/01/2025
499,254
Puerto
Rico
Commonwealth
Aqueduct
and
Sewer
Authority
Revenue
Refunding
Bonds
2021
B
(NR/NR)
1,035,000
5.000
(c)
07/01/2037
1,079,686
Puerto
Rico
Commonwealth
Aqueduct
and
Sewer
Authority
Revenue
Refunding
Bonds
Series
2021B
(NR/NR)
33,370,000
4.000
(c)
07/01/2042
31,248,142
Puerto
Rico
Commonwealth
GO
Bonds
(NR/NR)
51,585,662
0.000
(a)(g)(j)
11/01/2043
31,596,218
Puerto
Rico
Commonwealth
GO
Clawback
Bonds
(NR/NR)
24,024,650
0.000
(a)(g)(j)
11/01/2051
12,432,756
Puerto
Rico
Commonwealth
GO
Clawback
CVIs
(NR/NR)
38,246,940
0.000
(a)(g)(j)
11/01/2051
24,095,572
Puerto
Rico
Commonwealth
GO
CVIs
(NR/NR)
2,012,047
0.010
(a)(g)(j)
11/01/2051
583,494
Puerto
Rico
Commonwealth
GO
Restructured
Bonds
Series
2022
A-1
(NR/NR)
9,811,379
5.625
07/01/2029
10,522,855
16,610,960
5.750
07/01/2031
18,445,453
61,106,206
0.000
(e)
07/01/2033
40,773,709
3,435,196
4.000
07/01/2033
3,440,350
7,201,113
4.000
07/01/2035
7,069,058
10,253,482
4.000
07/01/2037
9,870,390
19,508,950
4.000
07/01/2041
18,182,496
51,667,776
4.000
07/01/2046
46,741,775
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
2012A
(NR/NR)
1,905,000
4.800
*
07/01/2029
954,881
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
2012A
(WR/NR)
31,935,000
5.000
*
07/01/2042
16,007,419
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
2013A
(NR/NR)
715,000
7.250
*
07/01/2030
358,394
6,190,000
7.000
*
07/01/2040
3,102,738
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
2013A
(WR/NR)
6,760,000
7.000
*
07/01/2033
3,388,450
14,065,000
6.750
*
07/01/2036
7,050,081
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
4
(NR/NR)
1,678,950
10.000
*
07/01/2022
841,574
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
A-4
(NR/NR)
747,236
10.000
*
07/01/2019
374,552
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Puerto
Rico
–
(continued)
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
AAA
(WR/NR)
$
3,420,000
5.250%*
07/01/2031
$
1,714,275
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
AAA
(NR/NR)
130,000
5.250
*
07/01/2023
65,162
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
B-4
(NR/NR)
747,235
10.000
*
07/01/2019
374,552
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
BBB
(NR/NR)
90,000
5.400
*
07/01/2028
45,112
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
CCC
(WR/NR)
10,000,000
5.250
*
07/01/2026
5,012,500
4,980,000
5.000
*
07/01/2028
2,496,225
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
CCC
(NR/NR)
80,000
5.000
*
07/01/2022
40,100
90,000
4.250
*
07/01/2023
45,113
60,000
4.500
*
07/01/2023
30,075
50,000
4.600
*
07/01/2024
25,062
210,000
4.625
*
07/01/2025
105,263
900,000
5.000
*
07/01/2025
451,125
25,000
5.000
*
07/01/2026
12,531
65,000
4.800
*
07/01/2027
32,581
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
E-1
(NR/NR)
5,036,850
10.000
*
01/01/2021
2,524,721
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
E-2
(NR/NR)
5,036,850
10.000
*
07/01/2021
2,524,721
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
E-3
(NR/NR)
1,678,950
10.000
*
01/01/2022
841,574
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
EEE
(NR/NR)
1,175,000
5.950
*
07/01/2030
588,969
4,620,000
6.050
*
07/01/2032
2,315,775
115,000
6.250
*
07/01/2040
57,643
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
SS
(NR/NR)
130,000
4.625
*
07/01/2030
65,163
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
TT
(NR/NR)
300,000
4.200
*
07/01/2019
150,375
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
TT
(WR/NR)
700,000
5.000
*
07/01/2025
350,875
9,895,000
5.000
*
07/01/2032
4,959,869
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
VV
(NATL)
(NR/NR)
1,250,000
5.250
07/01/2032
1,241,666
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
WW
(NR/NR)
2,000,000
5.500
*
07/01/2020
1,002,500
3,765,000
5.250
*
07/01/2033
1,887,206
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Puerto
Rico
–
(continued)
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
WW
(WR/NR)
$
16,115,000
5.500%*
07/01/2038
$
8,077,644
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
XX
(WR/NR)
42,715,000
5.250
*
07/01/2040
21,410,894
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
XX
(NR/NR)
20,000
4.875
*
07/01/2027
10,025
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
YY
(NR/NR)
2,460,000
6.125
*
07/01/2040
1,233,075
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
ZZ
(WR/NR)
1,575,000
5.250
*
07/01/2026
789,469
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
ZZ
(NR/NR)
65,000
3.700
*
07/01/2017
32,581
1,230,000
5.000
*
07/01/2017
616,538
145,000
4.250
*
07/01/2018
72,681
3,130,000
5.000
*
07/01/2019
1,568,913
260,000
4.250
*
07/01/2020
130,325
25,000
5.250
*
07/01/2020
12,531
80,000
4.375
*
07/01/2021
40,100
100,000
4.375
*
07/01/2022
50,125
65,000
5.000
*
07/01/2022
32,581
190,000
4.500
*
07/01/2023
95,237
135,000
4.625
*
07/01/2025
67,669
Puerto
Rico
Electric
Power
Authority
Power
Revenue
Refunding
Bonds
Series
DDD
(NR/NR)
215,000
3.300
*
07/01/2019
107,769
80,000
3.500
*
07/01/2020
40,100
155,000
3.625
*
07/01/2021
77,694
60,000
3.750
*
07/01/2022
30,075
730,000
3.875
*
07/01/2023
365,912
Puerto
Rico
Electric
Power
Authority
RB
Refunding
Series
2007
UU
(AGM)
(A1/AA)
(3M
USD
LIBOR
+
0.52%)
52,372,000
4.245
(f)
07/01/2029
51,201,795
Puerto
Rico
Electric
Power
Authority
RB
Refunding
Series
2010
ZZ
(NR/NR)
126,000
5.000
*
07/01/2024
63,157
Puerto
Rico
Electric
Power
Authority
RB
Series
2010
AAA
(NR/NR)
1,489,000
5.250
*
07/01/2027
746,361
2,119,000
5.250
*
07/01/2028
1,062,149
Puerto
Rico
Electric
Power
Authority
RB
Series
TT
(WR/NR)
5,135,000
5.000
*
07/01/2037
2,573,919
Puerto
Rico
Electric
Power
Authority
RB
Series
WW
(NR/NR)
4,625,000
5.000
*
07/01/2028
2,318,281
Puerto
Rico
Industrial
Tourist
Educational,
Medical
and
Environmental
Control
Facilities
Financing
Authority
Dock
and
Wharf
RB
1,355,000
6.500
01/01/2042
1,594,020
6,375,000
6.750
01/01/2045
7,548,138
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
9,077
4,301,000
0.000
(e)
07/01/2031
3,264,794
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(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)
$
5,295,000
0.000%
(e)
07/01/2033
$
3,681,271
364,146,000
0.000
(e)
07/01/2046
117,103,637
206,225,000
0.000
(e)
07/01/2051
48,254,382
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
107,214,048
562,000
4.536
07/01/2053
535,184
13,175,000
4.784
07/01/2058
12,966,131
Puerto
Rico
Sales
Tax
Financing
Corporation
Sales
Tax
Restructured
RB
Series
2018
A-1
(NR/NR)
3,939,000
4.500
07/01/2034
3,944,721
54,641,000
4.750
07/01/2053
53,845,296
178,371,000
5.000
07/01/2058
177,676,602
1,051,766,681
Rhode
Island
-
0.6%
Rhode
Island
Health
and
Educational
Building
Corporation
Hospital
Financing
RB
Lifespan
Obligated
Group
Issue
Series
2024
(NR/BBB+)
21,500,000
5.250
05/15/2054
22,814,675
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
9,927,638
Rhode
Island
Housing
&
Mortgage
Finance
Corp.
Homeownership
Opportunity
Bonds
Series
82-A
(Non-AMT)
(GNMA
COLL)
(Aa1/AA+)
7,290,000
4.600
10/01/2049
7,195,029
tobacco
Settlement
Financing
Corp.
RB
Asset-Backed
Bonds
Series
2007
B
(NR/CCC-)
124,220,000
0.000
(e)
06/01/2052
21,163,734
61,101,076
South
Carolina
-
0.4%
Lancaster
County
Assessment
RB
for
Edgewater
Improvement
District
Series
2003
A
(NR/NR)
2,520,000
6.875
11/01/2035
2,522,036
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
5,949,781
5,615,000
5.250
(c)
06/15/2057
5,336,908
South
Carolina
Jobs-Economic
Development
Authority
Health
Care
Facilities
RB
Novant
Health
Obligated
Group
Series
2024A
(A1/A+)
6,925,000
4.500
11/01/2054
6,917,538
4,550,000
5.500
11/01/2054
5,050,782
South
Carolina
Jobs-Economic
Development
Authority
RB
for
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group
Series
2018
C
(NR/NR)
2,150,000
5.000
11/15/2047
2,184,448
South
Carolina
Public
Service
Authority
Revenue
Obligations
2015
Tax
Exempt
Series
E
(NR/A-)
5,000,000
5.250
12/01/2055
5,018,931
South
Carolina
Public
Service
Authority
Revenue
Obligations
2022
Tax
Exempt
Series
E
(AGM)
(A1/AA)
9,000,000
5.000
12/01/2052
9,369,219
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
South
Carolina
–
(continued)
Spartanburg
Regional
Health
Services
District
Obligated
Group
RB
Series
2020
A
(AGM)
(A1/AA)
$
2,000,000
3.000%
04/15/2049
$
1,490,624
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
4,590,739
48,431,006
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
860,493
1,450,000
4.000
08/01/2061
1,163,951
2,024,444
Tennessee
-
0.2%
City
of
Chattanooga
Health,
Educational
&
Housing
Board
RB
for
Commonspirit
Health
Series
2019A-2
(A3/A-)
4,750,000
5.000
08/01/2049
4,876,429
Greeneville
Health
&
Educational
Facilities
Board
RB
for
Ballad
Health
Obligated
Group
Series
2018
A
(A3/A-)
1,230,000
4.000
07/01/2040
1,171,059
Health,
Educational
and
Housing
Facility
Board
of
The
County
of
Knox
Student
Housing
RB
Series
2024A-1
(Tax-Exempt)
(BAM)
(NR/AA)
2,000,000
5.500
07/01/2059
2,165,663
4,000,000
5.000
07/01/2064
4,108,933
Health,
Educational
and
Housing
Facility
Board
of
The
County
of
Shelby
Series
2008B
(AGM)
(A1/AA/A-1)
105,000
4.700
(a)(b)
06/01/2042
105,000
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
956,634
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
1,042,556
Memphis-Shelby
County
Industrial
Development
Board
Tax
Allocation
Refunding
Bonds
Series
2017
A
(NR/NR)
100,000
4.750
07/01/2027
88,745
4,100,000
5.625
01/01/2046
2,865,853
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
340,114
410,000
5.000
10/01/2039
416,594
500,000
5.000
10/01/2048
498,661
Metropolitan
Nashville
Airport
Authority
Airport
Subordinate
RB
Series
2022B
(AMT)
(A2/NR)
6,950,000
5.000
07/01/2054
7,125,002
Nashville
Metropolitan
Development
&
Housing
Agency
RB
for
Fifth+
Broadway
Development
Project
Series
2018
(NR/NR)
850,000
5.125
(c)
06/01/2036
861,306
26,622,549
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
500,127
2,340,000
5.125
(c)
09/01/2038
2,348,843
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Texas
–
(continued)
Argyle
Special
Assessment
RB
for
Waterbrook
of
Argyle
Public
Improvement
District
Project
Series
2018
(NR/NR)
–
(continued)
$
2,580,000
5.250%
(c)
09/01/2047
$
2,581,827
Arlington
Higher
Education
Finance
Corp.
Education
RB
for
Basis
Texas
Charter
Schools
Inc.
Series
2024
(Ba2/NR)
970,000
4.875
(c)(i)
06/15/2054
961,669
900,000
4.875
(c)(i)
06/15/2059
884,401
1,100,000
5.000
(c)(i)
06/15/2064
1,084,981
Arlington
Higher
Education
Finance
Corp.
Education
RB
for
Great
Hearts
America
-
Texas
Series
2024A
(Baa3/NR)
1,100,000
5.000
08/15/2054
1,082,065
Arlington
Higher
Education
Finance
Corp.
Education
RB
for
Harmony
Public
Schools
Series
2024
(PSF-GTD)
(NR/AAA)
10,500,000
4.000
02/15/2054
9,843,949
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
5,555,631
Arlington
Higher
Education
Finance
Corp.
Education
RB
Series
2022A
(NR/NR)
1,495,000
5.625
08/15/2052
1,417,230
1,780,000
5.750
08/15/2057
1,701,407
Arlington
Higher
Education
Finance
Corp.
RB
Refunding
for
Wayside
Schools
Series
2021
A
(NR/BB)
305,000
4.000
08/15/2036
288,360
560,000
4.000
08/15/2041
500,819
810,000
4.000
08/15/2046
694,522
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
2,310,071
Aubrey
Independent
School
District
UT
School
Building
Bonds
Series
2022
(PSF-GTD)
(Aaa/AAA)
5,000,000
4.000
02/15/2052
4,756,326
Austin
Convention
Enterprises,
Inc.
Convention
Center
Hotel
First
Tier
RB
Refunding
Series
2017
A
(NR/BB+)
1,480,000
5.000
01/01/2029
1,491,075
Austin
Convention
Enterprises,
Inc.
Convention
Center
Hotel
First
Tier
RR
Bonds,
Series
2017A
(NR/BB+)
450,000
5.000
01/01/2032
453,647
450,000
5.000
01/01/2033
453,726
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
907,576
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
3,561,713
2,435,000
5.000
12/01/2040
2,276,692
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
6,607,583
Caddo
Mills
Independent
School
District
Unlimited
Tax
School
Building
Bonds,
Series
2023
(PSF-GTD)
(Aaa/NR)
5,035,000
4.250
02/15/2053
4,939,588
Cedar
Bayou
Navigation
District
Special
Assessment
Series
2020
(NR/NR)
9,415,000
6.000
09/15/2051
7,743,230
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Texas
–
(continued)
Celina
Independent
School
District
Unlimited
Tax
School
Building
Bonds,
Series
2023
(PSF-GTD)
(Aaa/AAA)
$
10,000,000
4.000%
02/15/2053
$
9,545,873
Central
Texas
Regional
Mobility
Authority
RB
Refunding
Senior
Lien
Series
2021D
(A3/A)
3,670,000
3.000
01/01/2046
2,909,766
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
2,263,818
City
Of
Anna
Special
Assessment
RB
for
Anacapri
Public
Improvement
District
Improvement
Area
1
Project,
Series
2023
(NR/NR)
2,300,000
7.375
(c)
09/15/2052
2,417,182
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
1,961,421
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
1,400,122
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
1,448,313
1,475,000
6.000
(c)
09/01/2053
1,497,886
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
1,665,763
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
4,092,629
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
1,176,124
City
of
Bee
Cave
Special
Assessment
RB
Series
2021
(NR/NR)
563,000
4.750
(c)
09/01/2031
521,513
1,540,000
5.000
(c)
09/01/2041
1,441,968
1,907,000
5.250
(c)
09/01/2051
1,797,256
City
of
Celina
Special
Assessment
Bonds
for
Wells
South
Public
Improvement
District
Series
2020
(NR/NR)
430,000
3.750
(c)
09/01/2040
364,127
1,451,000
4.000
(c)
09/01/2050
1,201,317
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
403,214
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
976,091
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
1,638,758
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
2,113,649
1,424,000
6.125
(c)
09/01/2053
1,445,155
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
6,635,922
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Texas
–
(continued)
City
of
Celina
Special
Assessment
RB
for
Hillside
Public
Improvement
District
Series
2022
(NR/NR)
$
812,000
3.375%
(c)
09/01/2042
$
621,854
3,549,000
4.000
(c)
09/01/2052
2,858,281
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
1,201,722
1,676,000
5.500
(c)
09/01/2053
1,676,897
City
of
Celina
Special
Assessment
RB
for
Parks
At
Wilson
Creek
Series
2021
(NR/NR)
120,000
2.750
(c)
09/01/2026
114,385
221,000
3.500
(c)
09/01/2026
214,371
240,000
3.250
(c)
09/01/2031
216,161
446,000
4.000
(c)
09/01/2031
420,410
1,134,000
3.500
(c)
09/01/2041
951,029
959,000
4.250
(c)
09/01/2041
868,437
1,916,000
4.000
(c)
09/01/2051
1,606,102
1,410,000
4.500
(c)
09/01/2051
1,245,319
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
1,619,985
2,100,000
6.750
(c)
09/01/2053
2,125,277
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
710,423
1,365,000
5.750
(c)
09/01/2052
1,386,833
1,175,000
6.500
(c)
09/01/2052
1,193,165
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
1,225,255
City
of
Celina
Special
Assessment
RB
Series
2022
(NR/NR)
910,000
4.000
(c)
09/01/2043
781,107
933,000
4.125
(c)
09/01/2051
771,720
City
of
Celina
Texas
a
Municipal
Corp.
of
The
State
of
Texas
Located
in
Collin
and
Denton
Counties
Special
Assessment
RB
Series
2024
(NR/NR)
1,200,000
5.750
(c)
09/01/2054
1,218,868
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
404,195
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
1,151,005
1,686,000
5.750
09/01/2047
1,700,186
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
2,017,555
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
1,502,365
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
3,673,268
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Texas
–
(continued)
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
$
1,612,142
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
189,336
370,000
5.250
(c)
09/01/2041
367,473
500,000
5.500
(c)
09/01/2050
500,839
City
of
Crandall
Cartwright
Ranch
Public
Improvement
District
Special
Assessment
Bond
Series
2021
(NR/NR)
242,000
4.125
(c)
09/15/2026
237,196
261,000
4.750
(c)
09/15/2031
255,206
900,000
4.250
(c)
09/15/2041
816,591
500,000
5.000
(c)
09/15/2041
486,316
1,400,000
4.500
(c)
09/15/2051
1,239,912
650,000
5.250
(c)
09/15/2051
632,716
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
4,687,883
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
1,668,836
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
1,286,417
City
of
Dayton
Junior
Lien
Special
Assessment
RB
for
Westpointe
Villages
Public
Improvement
District
Improvement
Area
#2
Project
Series
2024B
(NR/NR)
2,250,000
6.250
(c)
09/01/2054
2,232,542
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
1,397,713
City
of
Dayton
Senior
Lien
Special
Assessment
RB
for
Westpointe
Villages
Public
Improvement
District
Improvement
Area
#2
Project
Series
2024A
(NR/NR)
1,595,000
5.750
(c)
09/01/2054
1,577,500
City
of
Decatur,
Texas,
1,963,000
6.875
(c)
09/15/2054
2,012,181
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
1,208,169
City
of
Elmendorf
Hickory
Ridge
Public
Improvement
District
Special
Assessment
Bond
for
Improvement
Area
No.
1
Series
2021
(NR/NR)
2,571,000
4.000
(c)
09/01/2051
2,037,249
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
580,995
994,000
4.125
(c)
08/15/2050
832,337
City
of
Fate
Special
Assessment
RB
for
Monterra
Public
Improvement
District
Improvement
Area
#2
Project
Series
2024
(NR/NR)
900,000
5.375
(c)
08/15/2044
888,853
1,350,000
5.750
(c)
08/15/2054
1,348,551
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Texas
–
(continued)
City
of
Fate
Special
Assessment
RB
for
Monterra
Public
Improvement
District
Series
2021
(NR/NR)
$
925,000
3.750%
(c)
08/15/2041
$
776,506
1,656,000
4.000
(c)
08/15/2051
1,350,840
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
2,325,628
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
1,190,007
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
844,635
1,920,000
4.500
(c)
08/15/2048
1,725,796
City
of
Fate
Special
Assessment
RB
for
Williamsburg
Public
Improvement
District
Series
2022
(NR/NR)
1,000,000
4.375
(c)
08/15/2052
875,632
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
1,288,515
City
of
Forney
Special
Assessment
RB
for
Bellagio
Public
Improvement
District
No.
1
RB
Series
2023
(NR/NR)
7,135,000
6.500
(c)
09/15/2053
7,013,087
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
857,201
617,000
4.250
(c)
09/15/2047
539,967
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
4,240,552
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
1,338,756
2,435,000
5.000
09/01/2044
2,410,808
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
2,190,277
4,715,000
4.500
09/01/2038
4,454,700
City
of
Haslet
Special
Assessment
RB
for
Haslet
Public
Improvement
District
Series
2021
(NR/NR)
1,852,000
4.000
(c)
09/01/2051
1,485,310
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
2,145,458
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
10,145,212
City
of
Houston
Airport
System
Special
Facilities
RB
for
United
Airlines
Technical
Operations
Center
Project
Series
2018
(NR/BB-)
4,430,000
5.000
07/15/2028
4,542,020
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
904,295
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Texas
–
(continued)
City
of
Hutto
Emory
Crossing
Public
Improvement
District
Special
Assessment
Bond
Series
2021
(NR/NR)
$
1,000,000
4.000%
(c)
09/01/2056
$
812,501
City
of
Hutto
Special
Assessment
RB
for
Cottonwood
Creek
Public
Improvement
Series
2021
(NR/NR)
2,491,000
4.000
(c)
09/01/2051
2,065,778
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
1,907,922
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
1,984,083
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
1,694,346
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
460,268
City
of
Kaufman
Special
Assessment
RB
for
Kaufman
Public
Improvement
District
Project
Series
2022
(NR/NR)
620,000
6.000
(c)
09/15/2052
639,169
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
2,091,214
1,297,000
5.500
(c)
09/01/2047
1,322,253
City
of
Kyle
Special
Assessment
RB
for
6
Creeks
Public
Improvement
Project
Series
2021
(NR/NR)
700,000
3.750
(c)
09/01/2041
610,166
City
of
Kyle
Special
Assessment
RB
for
Creeks
Public
Improvement
District
Series
2019
(NR/NR)
1,405,000
4.625
(c)
09/01/2039
1,373,072
900,000
4.750
(c)
09/01/2044
858,501
City
of
Kyle
Special
Assessment
RB
for
Creeks
Public
Improvement
District
Series
2020
(NR/NR)
1,310,000
3.625
(c)
09/01/2040
1,111,307
1,400,000
4.000
(c)
09/01/2046
1,191,122
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
206,717
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
1,205,797
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
3,528,425
City
of
Kyle
Special
Assessment
RB
Series
2022
(NR/NR)
1,950,000
5.000
09/01/2042
1,939,447
City
of
Kyle
Texas
A
Municipal
Corp.
of
The
State
of
Texas
Located
In
Hays
County
Special
Assessment
RB
Series
2024
(NR/NR)
1,000,000
5.750
(c)
09/01/2053
1,005,474
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
1,693,975
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Texas
–
(continued)
City
of
Lago
Vista
Special
Assessment
RB
for
Tessera
On
Lake
Travis
Public
Improvement
District
Improvement
Area
#3
Project
Series
2024
(NR/NR)
$
2,000,000
6.000%
(c)
09/01/2054
$
2,024,540
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
817,904
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
515,623
2,415,000
4.500
(c)
09/15/2049
2,122,549
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
794,214
City
of
Lavon
Special
Assessment
RB
Series
2022
(NR/NR)
2,123,000
4.000
(c)
09/15/2042
1,883,231
900,000
4.375
(c)
09/15/2042
823,368
4,978,000
4.125
(c)
09/15/2052
4,155,233
1,396,000
4.500
(c)
09/15/2052
1,256,958
City
of
Lewisville,
Texas,
Special
Assessment
RB,
Series
2023
(Lakeside
Crossing
Public
Improvement
District)
(NR/NR)
1,500,000
8.000
(c)
09/01/2053
1,570,954
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
1,557,129
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
136,936
275,000
3.875
(c)
09/01/2032
248,562
550,000
4.125
(c)
09/01/2042
473,140
900,000
4.375
(c)
09/01/2052
757,586
City
of
Manor
Manor
Heights
Public
Improvement
District
Special
Assessment
Bond
Series
2021
(NR/NR)
700,000
3.500
(c)
09/15/2041
551,417
830,000
4.125
(c)
09/15/2041
721,368
900,000
4.000
(c)
09/15/2051
718,346
1,125,000
4.375
(c)
09/15/2051
929,816
City
of
Manor
Special
Assessment
RB
for
Lagos
Public
Improvement
District
Series
2020
(NR/NR)
295,000
4.500
(c)
09/15/2040
275,391
525,000
4.625
(c)
09/15/2049
474,438
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
591,621
City
of
Manor
Texas
a
Municipal
Corp.
of
The
State
of
Texas
Located
In
Travis
County
Special
Assessment
RB
Series
2024
(NR/NR)
600,000
5.625
(c)
09/15/2054
599,769
City
of
Marble
Falls
Thunder
Rock
Public
Improvement
District
Special
Assessment
Bond
Series
2021
(NR/NR)
150,000
4.125
(c)
09/01/2026
145,134
150,000
4.625
(c)
09/01/2031
139,189
900,000
4.125
(c)
09/01/2041
806,038
450,000
4.875
(c)
09/01/2041
407,800
1,370,000
4.375
(c)
09/01/2051
1,192,617
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)
$
520,000
5.125%
(c)
09/01/2051
$
494,237
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
726,724
2,950,000
4.375
(c)
09/15/2049
2,624,167
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
466,624
820,000
4.000
(c)
09/15/2051
658,459
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
2,411,401
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
1,170,863
2,055,000
6.000
(c)
09/15/2049
2,094,911
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
2,435,203
5,200,000
5.125
(c)
09/15/2048
5,086,083
3,830,000
6.125
(c)
09/15/2048
3,901,025
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
1,477,693
4,570,000
5.750
(c)
09/01/2053
4,604,761
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
454,295
1,110,000
5.625
(c)
09/01/2053
1,118,097
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
920,066
City
of
Midlothian
Special
Assessment
for
Redden
Farms
Public
Improvement
District
Series
2021
(NR/NR)
130,000
4.125
(c)
09/15/2031
124,921
420,000
4.500
(c)
09/15/2041
393,959
1,540,000
4.125
(c)
09/15/2051
1,267,738
510,000
4.750
(c)
09/15/2051
464,480
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
2,267,117
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
1,318,270
City
of
Mustang
Ridge,
Texas,
Special
Assessment
RB,
Series
2023
769,000
6.375
(c)
09/01/2053
788,155
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
134,624
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Texas
–
(continued)
City
of
New
Braunfels
Special
Assessment
RB
for
Solms
Landing
Public
Improvement
Project
Series
2021
(NR/NR)
–
(continued)
$
320,000
4.250%
(c)
09/01/2031
$
296,547
782,000
4.500
(c)
09/01/2041
690,978
1,355,000
4.750
(c)
09/01/2051
1,183,678
City
of
New
Braunfels
Utility
System
RB
Refunding
Series
2024
(Aa1/NR)
17,500,000
4.000
07/01/2055
16,358,302
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
362,396
355,000
5.625
(c)
09/01/2040
356,077
560,000
4.125
(c)
09/01/2049
480,769
932,000
5.375
(c)
09/01/2050
932,653
City
of
Oak
Point
Public
Improvement
District
No.
2
Special
Assessment
Series
2020
(NR/NR)
1,175,000
3.750
(c)
09/01/2040
1,003,246
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
1,176,887
1,440,000
4.500
(c)
09/01/2048
1,299,440
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
3,500,536
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
601,210
1,350,000
5.625
(c)
09/15/2052
1,356,056
1,928,000
6.125
(c)
09/15/2052
1,973,967
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
551,109
1,200,000
5.625
(c)
09/15/2052
1,205,383
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
937,466
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
3,783,593
1,480,000
6.500
(c)
09/15/2052
1,523,876
City
of
Plano
Special
Assessment
RB,
Series
2023
1,285,000
7.500
(c)
09/15/2053
1,358,923
City
of
Plano
Special
Assessment
RB,
Series
2023
1,610,000
8.250
(c)
09/15/2043
1,696,047
2,575,000
8.500
(c)
09/15/2053
2,716,894
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
887,330
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
2,378,583
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)
$
126,000
3.875%
(c)
09/01/2040
$
107,301
175,000
4.125
(c)
09/01/2050
146,498
City
of
Princeton
Special
Assessment
RB
for
Brookside
Public
Improvement
District
Series
2019
(NR/NR)
400,000
4.875
09/01/2039
392,301
835,000
5.000
09/01/2049
806,854
City
of
Princeton
Special
Assessment
RB
for
Brookside
Public
Improvement
District
Series
2021
(NR/NR)
398,000
4.000
(c)
09/01/2051
325,058
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
1,056,590
1,431,000
5.500
(c)
09/01/2053
1,432,447
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
686,150
1,300,000
5.250
(c)
09/01/2052
1,245,723
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
1,247,764
2,750,000
7.000
(c)
09/01/2053
2,778,994
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
1,887,577
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
2,069,055
1,185,000
5.500
(c)
09/01/2039
1,202,033
1,490,000
4.750
(c)
09/01/2049
1,364,702
2,140,000
5.750
(c)
09/01/2049
2,167,221
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
2,024,104
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
1,995,743
City
of
Princeton
Special
Assessment
RB
for
Winchester
Public
Improvement
District
Series
2020
(NR/NR)
750,000
3.750
(c)
09/01/2040
626,472
1,250,000
4.000
(c)
09/01/2050
1,021,331
City
of
Princeton
Special
Assessment
RB
for
Winchester
Public
Improvement
District
Series
2021
(NR/NR)
1,449,000
4.000
(c)
09/01/2051
1,178,054
City
of
Princeton
Special
Assessment
RB,
Series
2023
1,284,000
6.375
(c)
09/01/2053
1,325,804
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
638,719
565,000
4.000
(c)
09/15/2051
464,864
City
of
Rockdale,
Texas,
Special
Assessment
RB,
Series
2023
4,600,000
7.500
(c)
09/15/2054
4,789,200
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(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)
$
1,195,000
3.875%
(c)
09/15/2040
$
1,031,542
1,750,000
4.125
(c)
09/15/2050
1,458,102
City
of
Royse
City
Special
Assessment
for
Creekshaw
Public
Improvement
District
Series
2020
(NR/NR)
110,000
4.375
(c)
09/15/2030
105,239
500,000
4.125
(c)
09/15/2040
446,268
1,520,000
4.375
(c)
09/15/2050
1,321,832
600,000
5.125
(c)
09/15/2050
571,251
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
1,639,293
City
of
Royse
City
Texas
A
Municipal
Corp.
of
The
State
of
Texas
Located
In
Rockwall
Collin
and
Hunt
Counties
Special
Assessment
RB
Series
2024
(NR/NR)
900,000
5.875
(c)
09/15/2054
911,471
City
of
Sachse
Special
Assessment
for
Public
Improvement
District
No.
1
Series
2020
(NR/NR)
1,070,000
3.750
(c)
09/15/2040
904,275
1,490,000
4.000
(c)
09/15/2050
1,242,959
City
of
Sachse
Special
Assessment
RB
for
Sachse
Public
Improvement
District
Project
Series
2022
(NR/NR)
613,000
6.875
(c)
09/15/2042
630,977
1,350,000
7.000
(c)
09/15/2052
1,396,145
City
of
San
Marcos
Special
Assessment
for
Whisper
Public
Improvement
District
Series
2020
(NR/NR)
665,000
5.375
09/01/2040
672,261
1,500,000
5.625
09/01/2050
1,510,347
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
1,324,555
City
of
San
Marcos,
Texas,
Special
Assessment
RB,
Series
2024
(Trace
Public
Improvement
District)
(NR/NR)
1,386,000
6.000
(c)
09/01/2048
1,385,049
City
of
Seagoville
Special
Assessment
RB
for
Santorini
Public
Improvement
District
Improvement
Area
#1
Project
Series
2024
(NR/NR)
1,877,000
6.000
(c)
09/15/2044
1,880,964
2,300,000
6.250
(c)
09/15/2054
2,297,555
City
of
Seagoville
Special
Assessment
RB
for
Santorini
Public
Improvement
District
Major
Improvement
Area
Project
Series
2024
(NR/NR)
3,675,000
7.000
(c)
09/15/2054
3,625,833
City
of
Seguin
Texas
A
Political
Subdivision
of
The
State
of
Texas
Located
In
Guadalupe
County
Combination
Tax
and
Limited
Pledge
Revenue
Certificates
of
Obligation
Series
2024
(NR/AA)
1,715,000
4.250
09/01/2054
1,692,780
City
of
Shenandoah
Special
Assessment
RB
for
Metropark
Public
Improvement
District
Series
2018
(NR/NR)
780,000
5.000
09/01/2028
782,782
2,035,000
5.600
09/01/2038
2,070,966
2,470,000
5.700
09/01/2047
2,499,972
City
of
Sinton
Special
Assessment
RB
Series
2022
(NR/NR)
900,000
5.125
(c)
09/01/2042
870,976
1,150,000
5.250
(c)
09/01/2051
1,100,700
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Texas
–
(continued)
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
$
1,272,797
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
1,013,146
City
of
Uhland
Special
Assessment
RB
for
Watermill
Public
Improvement
District
Series
2022
(NR/NR)
2,000,000
6.625
(c)
09/01/2052
2,102,731
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
1,175,993
Clifton
Higher
Education
Finance
Corporation
(International
Leadership
of
Texas,
Inc.)
Education
Revenue
And
Refunding
Bonds
Series
2024A
(PSF-GTD)
(Aaa/NR)
5,000,000
4.250
08/15/2053
4,955,463
Conroe
Local
Government
Corp.
Conroe
Convention
Center
Hotel
Series
2021
A
(NR/B)
1,175,000
4.000
10/01/2050
937,654
Conroe
Local
Government
Corp.
Conroe
Convention
Center
Hotel
Series
2021
C
(A2/NR)
625,000
4.000
10/01/2050
589,245
County
of
Hays
Special
Assessment
for
La
Cima
Public
Improvement
District
Series
2020
(NR/NR)
800,000
3.750
(c)
09/15/2040
661,474
1,185,000
4.000
(c)
09/15/2050
965,074
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
903,027
Cypress-Fairbanks
Independent
School
District
UT
School
Building
Bonds
Series
2023
(PSF-GTD)
(Aaa/AAA)
6,000,000
4.000
02/15/2048
5,861,506
Edinburg
Economic
Development
Corp.
Sales
Tax
RB
Series
2019
(NR/NR)
100,000
3.750
(c)
08/15/2024
99,794
350,000
4.000
(c)
08/15/2029
330,757
1,150,000
4.500
(c)
08/15/2035
1,069,172
875,000
5.000
(c)
08/15/2044
802,483
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
1,545,115
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
7,055,018
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
969,398
895,000
5.000
(c)
09/01/2032
882,437
1,315,000
5.125
(c)
09/01/2037
1,289,356
Grand
Parkway
Transportation
Corp.
System
Toll
Convertible
RB
Series
2013
B
(NR/AA+)
12,620,000
5.800
10/01/2046
13,597,241
5,000,000
5.850
10/01/2047
5,392,635
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Texas
–
(continued)
Greater
Texoma
Authority
Contract
RB
for
City
of
Sherman
Project
Series
2023
(AGM)
(NR/AA)
$
2,000,000
4.250%
10/01/2053
$
1,935,775
Harris
County-Houston
Sports
Authority
RB
Refunding
Series
2004
A
(NATL)
(Baa2/BB)
6,250,000
0.000
(e)
11/15/2036
3,033,452
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
1,809,212
3,204,000
5.750
(c)
09/15/2052
3,240,428
Hickory
Creek
Texas
Special
Assessment
RB
for
Hickory
Farms
Public
Improvement
Series
2019
(NR/NR)
1,340,000
4.500
(c)
09/01/2039
1,258,735
Hickory
Creek
Texas
Special
Assessment
RB
for
Public
Improvement
District
No.
1
Series
2017
(NR/BBB-)
595,000
3.750
09/01/2032
563,494
510,000
3.875
09/01/2037
478,225
930,000
4.000
09/01/2047
812,223
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
1,564,330
6,365,000
0.000
(e)
12/01/2050
1,537,831
6,760,000
0.000
(e)
12/01/2051
1,527,248
6,925,000
0.000
(e)
12/01/2052
1,473,727
7,155,000
0.000
(e)
12/01/2053
1,425,562
7,300,000
0.000
(e)
12/01/2054
1,360,635
Highland
Park
Independent
School
District
UT
School
Building
Bonds,
Series
2023
(PSF-GTD)
(NR/AAA)
7,500,000
4.000
02/15/2048
7,271,923
Houston
Airport
System
RB
Refunding
for
United
Airlines,
Inc.
Series
2020
A
(NR/NR)
875,000
5.000
07/01/2027
891,003
Houston
Airport
System
RB
Refunding
for
United
Airlines,
Inc.
Series
2020
B-2
(NR/NR)
950,000
5.000
07/15/2027
967,567
Houston
Airport
System
RB
Refunding
for
United
Airlines,
Inc.
Series
2020
C
(NR/NR)
8,580,000
5.000
07/15/2027
8,738,659
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
10,013,191
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
9,252,079
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
15,163,005
Houston
Higher
Education
Finance
Corp.
RB
for
Houston
Baptist
University
Series
2021
(NR/BBB-)
1,585,000
4.000
10/01/2051
1,252,434
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
1,758,740
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Texas
–
(continued)
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
$
3,092,553
Judson
Independent
School
District
UT
School
Building
Bonds
Series
2024
(PSF-GTD)
(Aaa/NR)
5,240,000
4.000
02/01/2053
5,002,883
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
765,301
1,170,000
5.375
(c)
09/01/2038
1,187,927
1,930,000
5.125
(c)
09/01/2047
1,943,971
1,500,000
5.500
(c)
09/01/2047
1,512,145
Kaufman
County
Fresh
Water
Supply
District
No.
1-D
GO
Bonds
Series
2021
(NR/NR)
165,000
2.375
09/01/2031
137,042
165,000
2.375
09/01/2032
134,399
175,000
2.375
09/01/2033
140,086
175,000
2.500
09/01/2034
138,695
365,000
2.500
09/01/2036
276,438
385,000
2.625
09/01/2038
277,689
370,000
3.000
09/01/2041
270,916
520,000
3.000
09/01/2046
350,195
1,265,000
3.000
09/01/2051
803,680
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
336,146
590,000
3.000
09/01/2044
437,439
650,000
3.000
09/01/2047
463,428
Lamar
Consolidated
Independent
School
District
10,000,000
5.500
02/15/2058
11,094,315
Matagorda
County
Navigation
District
Number
One
Pollution
Control
Revenue
Refunding
Bonds
for
Central
Power
and
Light
Company
Project
Series
1996
(Baa2/BBB+)
3,065,000
4.250
05/01/2030
3,038,877
Mission
Economic
Development
Corp.
Senior
Lien
RB
for
Natgasoline
Project
Series
2018
(NR/BB-)
21,375,000
4.625
(c)
10/01/2031
21,195,931
Mitchell
County
Hospital
District
GO
Bonds
Series
2020
(NR/NR)
705,000
5.500
02/15/2040
693,302
1,325,000
5.250
02/15/2045
1,256,874
780,000
4.000
02/15/2051
592,165
Montgomery
County
toll
Road
Authority
Senior
Lien
RB
Series
2018
(NR/BBB+)
2,000,000
5.000
09/15/2043
2,013,711
2,200,000
5.000
09/15/2048
2,212,654
New
Hope
Cultural
Education
Facilities
Finance
Corp
Revenue
&
Refunding
Bonds
Series
2021
(Ba2/BB+)
2,850,000
4.000
(c)
08/15/2046
2,460,731
11,105,000
4.000
(c)
08/15/2056
9,064,131
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
1,492,762
1,600,000
4.000
01/01/2041
1,354,268
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Texas
–
(continued)
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
$
2,302,565
3,055,000
6.000
07/15/2057
3,074,855
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
4,685,777
New
Hope
Cultural
Education
Facilities
Finance
Corp.
Retirement
Facility
RB
Series
2016
(NR/NR)
2,100,000
5.000
11/01/2040
2,127,062
New
Hope
Cultural
Education
Facilities
Finance
Corp.
Senior
Living
RB
for
Sanctuary
LTC
Project
Series
2021A-1
(NR/NR)
38,525,000
5.500
01/01/2057
35,992,471
New
Hope
Cultural
Education
Facilities
Finance
Corp.
Senior
Living
RB
Series
2021B
(NR/NR)
3,250,000
7.000
01/01/2057
1,742,557
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
1,130,592
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
(NR/NR)
375,000
4.000
04/01/2026
378,202
New
Hope
Cultural
Education
Facilities
Finance
Corp.
Texas
Senior
Living
RB
Series
2021A-1
(NR/NR)
2,750,000
5.250
01/01/2042
2,617,010
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
1,251,193
6,110,000
5.000
(c)
09/15/2051
5,917,328
North
Parkway
Municipal
Management
Special
Assessment
RB
for
Major
Improvements
Project
Series
2021
(NR/NR)
4,700,000
4.750
(c)
09/15/2041
4,569,002
North
Texas
tollway
Authority
RB
for
Second
Tier
Series
2021
B
(A1/A+)
11,955,000
3.000
01/01/2046
9,501,267
Northside
Independent
School
District
UT
School
Building
and
Refunding
Bonds
Series
2023A
(PSF-GTD)
(Aaa/NR)
2,320,000
4.000
08/15/2048
2,254,585
5,310,000
4.125
08/15/2053
5,161,706
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
2,058,944
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
1,353,271
3,675,000
2.875
(c)
01/01/2041
2,807,678
11,125,000
3.000
(c)
01/01/2050
7,701,134
Port
Beaumont
Navigation
District
RB
Refunding
for
Jefferson
2020
Bond
Lessee
&
Borrower
LLC
Obligated
Group
Series
2020
B
(NR/NR)
11,125,000
6.000
(c)
01/01/2025
11,125,000
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)
$
29,500,000
4.100%
(c)
01/01/2028
$
25,531,291
Port
of
Beaumont
Navigation
District
of
Jefferson
County
Texas
Dock
and
Wharf
Facility
RB
Series
2024A
(NR/NR)
2,400,000
5.000
(c)
01/01/2039
2,428,422
1,700,000
5.125
(c)
01/01/2044
1,703,118
2,650,000
5.250
(c)
01/01/2054
2,657,785
Port
of
Beaumont
Navigation
District
of
Jefferson
County
Texas
Facility
RB
Series
2024B
(NR/NR)
10,475,000
10.000
(c)
07/01/2026
10,492,695
Rowlett
Special
Assessment
RB
for
Bayside
Public
Improvement
District
North
Improvement
Area
Project
Series
2016
(NR/NR)
316,000
5.750
09/15/2036
316,458
928,000
6.000
09/15/2046
930,333
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
1,192,021
Royse
Special
Assessment
RB
for
Parkside
Village
Public
Improvement
District
Series
2019
(NR/NR)
825,000
4.125
(c)
09/15/2039
756,848
3,275,000
4.375
(c)
09/15/2049
2,909,046
South
Manvel
Development
Authority
1,375,000
5.000
04/01/2043
1,332,513
2,300,000
5.250
04/01/2050
2,257,552
Spring
Independent
School
District
UT
School
Building
Bonds
Series
2023
(Aa2/AA-)
5,275,000
4.000
08/15/2052
5,024,632
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
9,093,052
Tarrant
County
Hospital
District
LT
Bonds
Series
2023
(Aa1/NR)
2,445,000
4.250
08/15/2053
2,405,586
Texas
Municipal
Gas
Acquisition
and
Supply
Corporation
Iii
Gas
Supply
RR
Bonds,
Series
2021
(A1/BBB+)
8,295,000
5.000
12/15/2031
8,649,350
Texas
Private
Activity
Bond
Surface
Transportation
Corporation
Senior
Lien
RB
for
NTE
Mobility
Partners
LLC
North
Tarrant
Express
Project,
Series
2023
(Baa1/NR)
25,800,000
5.500
12/31/2058
27,971,323
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
3,178,293
3,900,000
5.000
12/31/2055
3,922,576
Texas
Private
Activity
Bonds
Surface
Transportation
Corp.
RB
Senior
Lien
for
Mobility
Partners
Segment
3
LLC
Series
2019
(Baa1/NR)
47,380,000
5.000
06/30/2058
48,322,990
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
1,274,518
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Texas
–
(continued)
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
$
2,174,350
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
343,313
410,000
4.000
(c)
09/01/2051
327,336
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
2,101,717
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
1,377,528
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
1,366,346
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
1,112,344
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
1,372,779
860,000
3.000
09/01/2037
709,386
625,000
3.000
09/01/2039
490,756
600,000
3.000
09/01/2040
463,384
Village
of
Salado
Texas
A
Municipal
Corp.
of
The
State
of
Texas
Located
In
Bell
County
Special
Assessment
RB
Series
2024
(NR/NR)
720,000
6.250
(c)
09/01/2044
725,917
610,000
6.500
(c)
09/01/2054
613,668
Viridian
Municipal
Management
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
390,000
3.125
12/01/2035
320,067
457,000
3.375
12/01/2040
361,299
786,000
3.500
12/01/2047
592,025
Viridian
Municipal
Management
District
Tarrant
County
Special
Assessment
RB
Series
2015
(NR/NR)
346,000
4.000
12/01/2027
340,204
1,545,000
4.750
12/01/2035
1,546,078
Westpointe
Special
Improvement
District
Limited
Ad
Valorem
Tax
Bonds
Series
2023A
(BAM)
(Baa3/AA)
2,700,000
4.750
08/15/2049
2,727,480
Westpointe
Special
Improvement
District
Limited
Ad
Valorem
Tax
Bonds,
Series
2023A
(BAM)
(Baa3/AA)
1,175,000
4.500
08/15/2041
1,185,069
1,345,000
4.625
08/15/2044
1,364,415
931,105,845
Utah
-
0.9%
Black
Desert
Public
Infrastructure
District
GO
Bonds
Series
2021
A
(NR/NR)
2,010,000
3.750
(c)
03/01/2041
1,753,131
Black
Desert
Public
Infrastructure
District
GO
Bonds
Series
2021
B
(NR/NR)
5,000,000
7.375
(c)
09/15/2051
4,357,164
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Utah
–
(continued)
Black
Desert
Public
Infrastructure
District
In
Ivins
City
Washington
County
Utah
Special
Assessment
Bonds
Series
2024
(NR/NR)
$
7,000,000
5.625%
(c)
12/01/2053
$
7,192,505
Coral
Junction
Public
Infrastructure
District
Special
Assessment
Bonds
Series
2022A-2
(NR/NR)
2,274,000
5.500
(c)
06/01/2041
2,204,332
Firefly
Public
Infrastructure
Disrict
No.
1
Limited
Tax
GO
Bonds
Series
2024A-1
(NR/NR)
1,870,000
6.625
(c)
03/01/2054
1,920,513
Firefly
Public
Infrastructure
Disrict
No.
1
Special
Assessment
Bonds
Series
2024A-2
(NR/NR)
6,450,000
5.625
(c)
12/01/2043
6,627,968
Medical
School
Campus
Public
Infrastructure
District
GO
Bonds
Series
2020
A
(NR/NR)
10,250,000
5.500
(c)
02/01/2050
8,564,386
Medical
School
Campus
Public
Infrastructure
District
GO
Bonds
Series
2020
B
(NR/NR)
1,954,000
7.875
(c)
08/15/2050
1,640,706
Military
Installation
Development
Authority
RB
Series
2021
A-1
(NR/NR)
1,500,000
4.000
06/01/2036
1,348,021
2,050,000
4.000
06/01/2041
1,790,920
15,675,000
4.000
06/01/2052
12,703,062
Olympia
Public
Infrastructure
Distict
No.
1
Limited
Tax
GO
Bonds
Series
2024A-1
(NR/NR)
985,000
6.375
(c)
03/01/2055
1,002,271
Olympia
Public
Infrastructure
Distict
No.
1
Special
RB
Series
2024A-2
(NR/NR)
3,445,000
5.125
(c)
12/01/2029
3,447,358
Red
Bridge
Public
Infrastructure
District
No.
1
GO
Bonds
Series
2021
A
(NR/NR)
1,180,000
3.625
(c)
02/01/2035
948,786
500,000
4.125
(c)
02/01/2041
387,215
500,000
4.375
(c)
02/01/2051
363,030
Red
Bridge
Public
Infrastructure
District
No.
1
GO
Bonds
Series
2021
B
(NR/NR)
600,000
7.375
(c)
08/15/2051
483,472
ROAM
Public
Infrastructure
District
No.
1
GO
Bonds
Series
2021
A
(NR/NR)
1,625,000
4.250
(c)
03/01/2051
1,195,595
Salt
Lake
City
Airport
RB
290,000
5.000
07/01/2047
292,638
Salt
Lake
City
Airport
RB
3,925,000
5.000
07/01/2051
4,050,465
Salt
Lake
City
Airport
RB
for
Salt
Lake
City
International
Airport
Series
2023A
(AMT)
(A2/A+)
2,640,000
5.500
07/01/2053
2,893,523
Salt
Lake
City
Apartment
RB
Series
2021
A
(AGM-CR)
(A1/AA)
10,000,000
4.000
07/01/2051
9,321,823
Salt
Lake
City
International
Airport
RB
Series
2023A
(A2/A+)
2,800,000
5.250
07/01/2048
2,994,920
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
1,311,772
4,240,000
4.000
(c)
10/15/2056
2,985,184
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Utah
–
(continued)
Utah
Charter
School
Finance
Authority
Charter
School
RB
Series
2022A
(NR/BB+)
$
6,365,000
5.750%
(c)
06/15/2052
$
6,464,039
Utah
Charter
School
Finance
Authority
Charter
School
Revenue
Refunding
Bonds
Series
2022A
(NR/BB)
3,630,000
4.250
(c)
07/15/2050
2,971,127
Utah
Charter
School
Finance
Authority
RB
for
Bridge
Elementary
Project
Series
2021A
(NR/NR)
1,220,000
4.250
(c)
06/15/2051
935,107
Utah
Charter
School
Finance
Authority
RB
for
Technology
Academy
Project
Series
2021A
(NR/NR)
6,600,000
4.000
(c)
10/15/2061
4,526,161
96,677,194
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
978,611
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
2,280,716
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
4,378,558
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
3,118,292
10,756,177
Virgin
Islands
-
0.1%
Matching
Fund
Special
Purpose
Securitization
Corp.
Matching
Fund
Securitization
Bonds
Series
2022A
(NR/NR)
1,950,000
5.000
10/01/2039
2,013,727
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
9,267,533
11,281,260
Virginia
-
1.3%
Ablemarle
County
Economic
Development
Authority
Residential
Care
Facility
Revenue
Refunding
Bonds
Series
2022B
(NR/NR)
4,000,000
4.000
06/01/2054
3,552,539
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
1,666,013
City
of
Virginia
Beach
Development
Authority
Residential
Care
Facility
RB
2,900,000
7.000
09/01/2053
3,316,887
4,550,000
7.000
09/01/2059
5,185,604
Farmville
Industrial
Development
Authority
RB
Refunding
for
Longwood
Housing
Foundation
LLC
Series
2020
A
(NR/BBB-)
7,360,000
5.000
01/01/2050
7,156,008
5,000,000
5.000
01/01/2059
4,757,922
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
501,707
940,000
4.000
06/01/2047
751,276
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+)
$
710,000
4.000%
04/01/2045
$
626,830
Tobacco
Settlement
Financing
Corp.
RB
for
Capital
Appreciation
Subseries
2007
A-1
(B3/B-)
10,510,000
6.706
06/01/2046
8,888,954
Tobacco
Settlement
Financing
Corp.
RB
for
Capital
Appreciation
Subseries
2007
C
(NR/CCC-)
236,845,000
0.000
(e)
06/01/2047
65,766,054
Tobacco
Settlement
Financing
Corp.
RB
for
Capital
Appreciation
Subseries
2007
D
(NR/CCC-)
34,250,000
0.000
(e)
06/01/2047
9,300,834
Virginia
College
Building
Authority
RB
Refunding
for
Regent
University
Project
Series
2021
(NR/BBB)
1,525,000
3.000
06/01/2041
1,184,012
1,050,000
4.000
06/01/2046
907,867
Virginia
Small
Business
Financing
Authority
Private
Activity
Tax
Exempt
Senior
Lien
RB
for
Transform
66
P3
Project
Series
2017
(Baa3/NR)
19,870,000
5.000
12/31/2056
20,062,459
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
1,026,732
Virginia
Small
Business
Financing
Authority
Solid
Waste
Disposal
RB
Series
2018
(NR/B)
1,000,000
5.000
(a)(b)(c)
01/01/2048
999,958
Virginia
Small
Business
Financing
Authority
Tax
Exempt
Senior
Lien
Private
Activity
RB
Series
2017
(Baa3/NR)
5,415,000
5.000
12/31/2049
5,485,577
4,765,000
5.000
12/31/2052
4,817,792
145,955,025
Washington
-
1.3%
City
of
Tacoma
Electric
System
RB
Green
Bonds
Series
2024A
(NR/AA)
1,000,000
5.000
01/01/2054
1,071,952
Grant
County
Public
Hospital
District
UT
GO
Bonds
Series
2023
(Baa1/NR)
14,405,000
5.000
12/01/2044
14,424,052
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
3,880,925
Port
of
Seattle
Intermediate
Lien
Revenue
and
Refunding
Bonds
Series
2022B
(A1/AA-)
3,000,000
5.500
08/01/2047
3,244,222
Port
of
Seattle
Intermediate
Lien
Revenue
Refunding
Bonds
Series
2022B
(AMT)
(A1/AA-)
2,765,000
4.000
08/01/2047
2,508,478
Public
Hospital
District
Hospital
RB
Series
2024
(Baa3/NR)
2,500,000
5.500
12/01/2054
2,659,235
Washington
Higher
Education
Facilities
Authority
RB
for
Seattle
University
Project,
Series
2020
(NR/A)
925,000
4.000
05/01/2045
864,934
Washington
State
Convention
Center
Public
Facilities
District
Lodging
Tax
Bonds
Series
2018
(AGM-CR)
(A1/AA)
19,805,000
4.000
07/01/2058
18,230,528
Washington
State
Convention
Center
Public
Facilities
District
Lodging
Tax
Refunding
Bonds
Series
2021B
(Baa1/BBB)
3,715,000
3.000
07/01/2058
2,615,861
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(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
$
42,005,693
35,000,000
4.000
07/01/2058
31,650,871
Washington
State
Convention
Center
Public
Facilities
District
Subordinate
Lodging
Tax
Refunding
Bonds
Series
2021B
(Baa3/BBB-)
3,320,000
4.000
07/01/2043
3,123,980
11,620,000
4.000
07/01/2058
10,199,268
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
1,133,849
3,800,000
5.000
(c)
01/01/2055
3,120,912
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
2,137,813
1,935,000
5.000
07/01/2048
1,988,926
144,861,499
West
Virginia
-
0.6%
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
1,089,874
2,350,000
4.500
(c)
06/01/2050
1,839,028
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
2,164,900
2,725,000
6.000
(c)
06/01/2037
2,278,180
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
837,987
1,595,000
3.000
03/01/2037
1,327,292
Monongalia
County
Commission
Excise
Tax
District
RB
Refunding
Series
2021
A
(NR/NR)
2,550,000
4.125
(c)
06/01/2043
2,258,767
Monongalia
County
Commission
Excise
Tax
District
RB
Series
2021
B
(NR/NR)
1,605,000
4.875
(c)
06/01/2043
1,548,094
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
964,041
1,350,000
6.000
(c)
06/01/2053
1,445,427
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
3,355,523
West
Virginia
Economic
Development
Authority
RB
for
Arch
Resources,
Inc.
Series
2020
(B2/BB)
9,300,000
5.000
(a)(b)
07/01/2045
9,331,408
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
4,841,309
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)
(PUTABLE)
$
4,085,000
4.700%
(a)(b)
04/01/2036
$
4,129,788
West
Virginia
Hospital
Finance
Authority
Hospital
Refunding
and
Improvement
RB
Vandalia
Health
Group
Series
2023B
(AGM)
(A1/AA)
3,340,000
5.500
09/01/2048
3,678,370
West
Virginia
Hospital
Finance
Authority
RB
Refunding
for
Cabell
Huntington
Hospital
Obligated
Group
Series
2018
A
(Baa3/BBB)
6,120,000
5.000
01/01/2043
6,080,434
13,000,000
4.125
01/01/2047
10,750,411
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
1,786,872
1,600,000
5.000
09/01/2039
1,626,109
61,333,814
Wisconsin
-
2.6%
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
2,256,520
1,600,000
5.000
07/01/2058
1,620,424
Public
Finance
Authority
Charter
School
RB
1,025,000
6.500
(c)
06/15/2043
1,121,706
1,310,000
7.000
(c)
06/15/2053
1,452,795
1,395,000
7.000
(c)
06/15/2058
1,534,120
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
1,426,386
Public
Finance
Authority
Charter
School
RB
Series
2021A
(Ba2/NR)
1,250,000
5.000
(c)
06/15/2051
1,085,459
Public
Finance
Authority
Charter
School
Revenue
and
Refunding
Bonds
North
East
Carolina
Preparatory
School
Project
Series
2024A
(Baa3/NR)
900,000
5.250
06/15/2054
911,873
Public
Finance
Authority
Education
RB
for
Clove
Garden
School
Series
2022
(NR/NR)
1,630,000
5.500
(c)
06/15/2052
1,609,326
2,700,000
5.750
(c)
06/15/2062
2,706,823
Public
Finance
Authority
Education
RB
for
North
Carolina
Leadership
Charter
Academy,
Inc.
Series
2019
A
(NR/NR)
180,000
4.000
(c)
06/15/2029
176,412
385,000
5.000
(c)
06/15/2039
385,125
Public
Finance
Authority
Education
RB
for
Triad
Educational
Services
Series
2022
(NR/BBB-)
600,000
5.500
06/15/2050
621,845
1,450,000
5.250
06/15/2052
1,480,149
1,400,000
5.375
06/15/2057
1,435,904
Public
Finance
Authority
Education
RB
for
Uwharrie
Charter
Academy
Project
Series
2022A
(Ba2/NR)
1,400,000
5.000
(c)
06/15/2052
1,373,096
1,850,000
5.000
(c)
06/15/2057
1,797,584
1,850,000
5.000
(c)
06/15/2062
1,780,059
Public
Finance
Authority
Education
RB
Series
2022
(NR/NR)
3,925,000
5.000
(c)
01/01/2057
3,334,984
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
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-)
$
5,900,000
4.300%
11/01/2030
$
5,864,169
Public
Finance
Authority
Founders
Academy
Charter
School
RB
Series
2023A
(NR/BB-)
550,000
6.625
(c)
07/01/2053
575,161
500,000
6.750
(c)
07/01/2058
524,962
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
923,349
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
510,239
1,175,000
6.500
(c)
07/15/2063
1,269,939
Public
Finance
Authority
RB
for
Beyond
Boone
LLC
Series
2020
A
(AGM)
(A1/AA)
950,000
4.000
07/01/2050
890,566
1,185,000
4.000
07/01/2055
1,081,828
1,520,000
4.000
07/01/2059
1,392,534
Public
Finance
Authority
RB
for
Charter
Day
School
Obligated
Group
Series
2020
A
(Ba2/NR)
1,230,000
5.000
(c)
12/01/2035
1,240,379
12,380,000
5.000
(c)
12/01/2055
11,372,282
Public
Finance
Authority
RB
for
Coral
Academy
of
Science
Las
Vegas
Series
2021
A
(NR/BBB-)
4,115,000
4.000
07/01/2061
3,309,656
Public
Finance
Authority
RB
for
Eno
River
Academy
Holdings,
Inc.
Series
2020
A
(Ba1/NR)
1,300,000
5.000
(c)
06/15/2054
1,280,116
Public
Finance
Authority
RB
for
Founders
Academy
of
Las
Vegas
Series
2020
A
(NR/BB-)
495,000
4.000
(c)
07/01/2030
473,521
700,000
5.000
(c)
07/01/2040
666,652
1,875,000
5.000
(c)
07/01/2055
1,650,585
Public
Finance
Authority
RB
for
High
Desert
Montessori
Charter
School
Series
2021
A
(NR/NR)
300,000
5.000
(c)
06/01/2036
277,558
900,000
5.000
(c)
06/01/2051
728,413
1,075,000
5.000
(c)
06/01/2061
842,892
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
2,881,865
7,110,000
5.250
(c)
03/01/2055
6,311,360
Public
Finance
Authority
RB
for
McLemore
Resort
Manager
LLC
Series
2021
A
(NR/NR)
16,200,000
4.500
(c)
06/01/2056
13,042,074
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
11,857,391
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
12,833,473
Public
Finance
Authority
RB
for
Prime
Healthcare
Foundation,
Inc.
Series
2018
A
(NR/NR)
2,600,000
5.200
12/01/2037
2,645,550
1,525,000
5.350
12/01/2045
1,532,663
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)
$
4,470,000
6.000%
(c)
07/01/2031
$
3,977,231
Public
Finance
Authority
RB
Refunding
for
Blue
Ridge
Healthcare
Obligated
Group
Series
2020
A
(A3/A)
1,425,000
4.000
01/01/2045
1,341,564
1,900,000
3.000
01/01/2050
1,447,026
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
1,801,469
Public
Finance
Authority
RB
Refunding
for
Penick
Village
Obligated
Group
Series
2019
(NR/NR)
1,450,000
5.000
(c)
09/01/2049
1,266,191
1,360,000
5.000
(c)
09/01/2054
1,159,625
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
7,989,165
Public
Finance
Authority
RB
Refunding
for
UMA
Education,
Inc.
Project
Series
2019
B
(NR/BB+)
3,205,000
6.125
(c)
10/01/2049
2,791,092
Public
Finance
Authority
RB
Refunding
for
UMA
Education,
Inc.
Series
2019
A
(NR/BB+)
1,020,000
5.000
(c)
10/01/2034
1,056,004
350,000
5.000
(c)
10/01/2039
355,933
Public
Finance
Authority
Retirement
Communities
RB
Refunding
for
The
Evergreens
Obligated
Group
Series
2019
A
(NR/NR)
765,000
5.000
11/15/2049
777,184
Public
Finance
Authority
Revenue
Refunding
Bonds
for
Roseman
University
of
Health
Sciences
Series
2022
(NR/BB)
800,000
4.000
(c)
04/01/2042
746,765
1,400,000
4.000
(c)
04/01/2052
1,227,202
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
106,546
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
9,569,648
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
3,157,943
Public
Finance
Authority
Special
Facility
RB
for
Million
Air
Two
LLC
General
Aviation
Facilities
Project
Series
2017B
(NR/NR)
13,780,000
7.125
(c)
06/01/2041
12,719,719
Public
Finance
Authority
Special
RB
Series
2024
(NR/NR)
9,500,000
5.500
(c)
12/15/2028
9,524,220
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
3,254,609
Public
Finance
Authority
Student
Housing
RB
Series
2021A-1
(Ba1/NR)
8,815,000
4.000
(c)
07/01/2061
7,183,747
Public
Finance
Authority
Student
Housing
RB
Subordinate
Series
2021B
(NR/NR)
1,875,000
5.250
(c)
07/01/2061
1,637,104
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
A
Municipal
Bonds
–
(continued)
Wisconsin
–
(continued)
Public
Finance
Authority
Tax
Increment
Revenue
Senior
Bonds
for
Miami
Worldcenter
Project
Series
2024A
(NR/NR)
$
13,850,000
5.000%
(c)
06/01/2041
$
14,017,739
Public
Finance
Authority
Tax
Increment
Revenue
Subordinate
Bonds
for
Miami
Worldcenter
Project
Series
2024B
(NR/NR)
7,375,000
8.000
(c)
06/15/2042
7,389,699
Public
Finance
Authority,
Wisconsin
Special
Revenue
Bonds
Signorelli
Projects
Municipal
Utility
Districts
Montgomery
and
Waller
Counties,
Texas
Series
2024
(NR/NR)
6,525,000
5.375
(c)(i)
12/15/2032
0
Wisconsin
Health
&
Educational
Facilities
Authority
RB
Refunding
for
Lawrence
University
of
Wisconsin
Series
2020
(Baa1/NR)
1,315,000
3.000
02/01/2042
995,158
435,000
4.000
02/01/2045
383,264
Wisconsin
Health
&
Educational
Facilities
Authority
RB
Series
2021
for
Hope
Christian
Schools
(NR/NR)
950,000
4.000
12/01/2051
691,875
950,000
4.000
12/01/2056
668,520
Wisconsin
Health
and
Educational
Facilities
Authority
RB
for
Forensic
Science
and
Protective
Medicine
Collaboration,
Inc.
Project
Series
2024
(Baa2/NR)
8,740,000
5.000
(c)
08/01/2027
8,900,141
Wisconsin
Health
and
Educational
Facilities
Authority
RB
for
Three
Pillars
Senior
Living
Communities
Series
2024A
(NR/NR)
2,875,000
5.750
08/15/2054
3,021,142
4,600,000
5.750
08/15/2059
4,815,300
Wisconsin
Health
and
Educational
Facilities
Authority
RB
Series
2024A
(NR/BBB)
9,200,000
5.500
(i)
02/15/2054
9,781,226
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
33,855,315
286,664,133
Wyoming
-
0.2%
County
of
Campbell
RB
Refunding
for
Basin
Electric
Power
Cooperative
Series
2019
A
(A3/A)
28,040,000
3.625
07/15/2039
25,368,301
a
a
TOTAL
MUNICIPAL
BONDS
(Cost
$10,954,985,662)
10,812,663,848
a
Corporate
Bonds
-
0.7%
Healthcare-Services
-
0.2%
Prime
Healthcare
Foundation,
Inc.
Series
16,525,000
7.000%
12/01/27
15,596,827
Toledo
Hospital
RB
Series
2022
B
4,988,000
5.325
11/15/28
4,763,540
Tower
Health
Series
12,854,000
4.451
02/01/50
6,089,583
26,449,950
Real
Estate
-
0.5%
Benloch
Ranch
Improvement
Association
No.
1
Series
2020
5,959,805
9.750
(c)(h)
12/01/39
5,411,384
Benloch
Ranch
Improvement
Association
No.
1
Series
2021
3,674,355
9.750
(c)(h)
12/01/39
3,336,241
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Benloch
Ranch
Improvement
Association
No.
2
$
29,700,000
10.000%
(c)(h)
12/01/51
$
24,195,996
Brixton
Park
Improvement
Association
No.
1
Series
27,165,373
6.875
(c)(h)
12/01/51
21,897,735
54,841,356
TOTAL
CORPORATE
BONDS
(Cost
$95,272,726)
81,291,306
a
Bank
Loans
(k)
-
0.1%
Engineering
&
Construction
-
0.1%
Rialto
Bioenergy
Facility,
LLC
(
SOFR
+
0.1%
)
32,012,632
5.330
(h)
07/30/24
6,581,527
6,581,527
TOTAL
BANK
LOANS
(Cost
$31,796,253)
6,581,527
TOTAL
INVESTMENTS
-
98.3%
(Cost
$11,082,054,641)
$
10,900,536,681
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
-
1.7%
191,487,204
NET
ASSETS
-
100.0%
$
11,092,023,885
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
June
30,
2024.
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
June
30,
2024.
(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
June
30,
2024.
(g)
Zero
coupon
bond
until
next
reset
date.
(h)
Significant
unobservable
inputs
were
used
in
the
valuation
of
this
portfolio
security;
i.e.
Level
3.
(i)
When-issued
security.
(j)
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.
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
**End
swaps
header**
(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
ETM
-
Escrowed
to
Maturity
GNMA
-
Insured
by
Government
National
Mortgage
Association
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
Investment
Abbreviations:
(continued)
TCRS
-
Transferable
Custody
Receipts
USD
-
United
States
Dollar
UT
-
Unlimited
Tax
WR
-
Withdrawn
Rating
FUTURES
CONTRACTS
—
At
June
30,
2024,
the
Portfolio
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Short
position
contracts:
U.S.
Treasury
Ultra
Bond
(753)
09/19/24
$
(93,772,031)
$
(533,186)
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
-
97.6%
Alabama
-
1.8%
Ascension
Health
RB
for
Ascension
Senior
Credit
Group
Series
2016C
(Aa2/AA+)
$
500,000
5.000%
11/15/2046
$
505,473
Black
Belt
Energy
Gas
District
Gas
Prepay
RB
2019
Series
A
(A1/NR)
1,000,000
4.000
(a)(b)
12/01/2049
1,000,543
Energy
Southeast
a
Cooperative
District
Energy
Supply
RB
2024
Series
B
(A1/NR)
350,000
5.250
(a)(b)
07/01/2054
374,427
Hoover
Industrial
Development
Board
RB
for
United
States
Steel
Corp.
Series
2019
(B1/BB-)
100,000
5.750
10/01/2049
104,025
Jefferson
County
Sewer
Revenue
Warrants
Series
2024
(Baa1/BBB+)
480,000
5.250
10/01/2049
513,399
505,000
5.500
10/01/2053
546,516
Midcity
Improvement
District
Special
Assessment
RB
Series
2022
(NR/NR)
100,000
3.875
11/01/2027
93,798
100,000
4.250
11/01/2032
89,277
The
Industrial
Development
Authority
of
Mobile
County
Solid
Waste
Disposal
RB
Am
Ns
Calvert
LLC
Project
Series
2024A
(Baa3/BBB-)
400,000
5.000
06/01/2054
406,577
3,634,035
Arizona
-
1.3%
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
4.520
(b)(c)
01/01/2037
513,031
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
499,389
Arizona
Industrial
Development
Authority
Hospital
RB
Phoenix
Children's
Hospital
Series
2020A
(A1/A+)
300,000
4.000
02/01/2050
285,083
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
21,550
Arizona
Industrial
Development
Authority
RB
for
Great
Lakes
Senior
Living
Communities
LLC
Project
First
Tier
Series
2019
A
(NR/CC)
180,000
4.500
01/01/2049
103,341
Arizona
Industrial
Development
Authority
RB
for
Somerset
Academy
of
Las
Vegas
Series
2021
A
(NR/BB)
25,000
4.000
(d)
12/15/2051
20,080
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
236,244
County
of
Maricopa
IDA
Education
RB
Series
2021A
(NR/BBB-)
75,000
4.000
(d)
07/01/2041
68,736
County
of
Maricopa
IDA
Education
RB
Taxable
Convertible
Series
2021B
(NR/BBB-)
50,000
2.100
(a)(d)
07/01/2026
48,283
150,000
2.625
(a)(d)
07/01/2031
136,705
150,000
3.500
(a)(d)
07/01/2044
123,517
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Arizona
–
(continued)
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
$
88,535
Glendale
Industrial
Development
Authority
RB
for
People
of
Faith,
Inc.
Obligated
Group
Series
2020
A
(NR/NR)
100,000
5.000
05/15/2041
97,109
La
Paz
County
Industrial
Development
Authority
RB
for
Harmony
Public
Schools
Series
2021
A
(NR/BBB+)
50,000
4.000
02/15/2046
42,986
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
81,818
Maricopa
County
Industrial
Development
Authority
RB
for
Ottawa
University
Series
2020
(NR/NR)
25,000
5.125
(d)
10/01/2030
24,989
Salt
Verde
Financial
Corp.
RB
Gas
Senior
Series
2007-1
(A3/BBB+)
105,000
5.000
12/01/2037
114,357
The
Industrial
Development
Authority
of
The
City
of
Chandler
Arizona
Industrial
Development
RB
Series
2019
(AMT)
(A3/A-)
150,000
4.000
(a)(b)
06/01/2049
150,943
2,656,696
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
43,811
25,000
3.500
07/01/2046
16,941
Arkansas
Development
Finance
Authority
RB
Refunding
for
Central
Arkansas
Radiation
Therapy
Institute,
Inc.
Series
2021
(NR/NR)
100,000
3.500
07/01/2038
77,459
138,211
California
-
8.5%
Airport
Commission
of
The
City
and
County
of
San
Francisco
Second
Series
RR
Bonds,
Series
2023C
(AMT)
(A1/NR)
500,000
5.750
05/01/2048
558,287
Bay
Area
Toll
Authority
Bridge
RB
2021
Series
D
(Aa3/AA)
(SIFMA
Municipal
Swap
Index
Yield
+
0.30%)
500,000
4.180
(b)(c)
04/01/2056
492,260
Bay
Area
Toll
Authority
Bridge
RB
2021
Series
E
(Aa3/AA)
(SIFMA
Municipal
Swap
Index
Yield
+
0.41%)
350,000
4.290
(b)(c)
04/01/2056
343,219
Burbank-Glendale-Pasadena
Airport
Authority
Airport
Senior
RB
2024
Series
B
(AMT)
(AGM)
(A1/AA)
250,000
4.375
07/01/2049
246,883
Burbank-Glendale-Pasadena
Airport
Authority
Airport
Senior
RB
2024
Series
B
(AMT)
(A2/A)
425,000
5.250
07/01/2049
459,035
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
609,402
California
Community
Housing
Agency
RB
Series
2021A-1
Senior
Bonds
(NR/NR)
150,000
4.000
(d)
02/01/2056
126,510
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
California
County
Tobacco
Securitization
Agency
RB
Refunding
for
Sonoma
County
Securitization
Corp.
Series
2020
A
(NR/BBB+)
$
50,000
4.000%
06/01/2049
$
46,276
California
County
Tobacco
Securitization
Agency
RB
Refunding
for
Sonoma
County
Securitization
Corp.
Series
2020
B-1
(NR/BBB+)
10,000
5.000
06/01/2049
10,197
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
53,332
California
County
Tobacco
Securitization
Agency
Tobacco
Settlement
RB
Capital
Appreciation
Subordinate
Series
2006
C
(NR/NR)
400,000
0.000
(e)
06/01/2055
51,071
California
Health
Facilities
Financing
Authority
RB
Adventist
Health
System
West
Series
2024A
(NR/BBB+)
600,000
5.250
12/01/2043
660,662
California
Health
Facilities
Financing
Authority
RB
for
Providence
Health
&
Services
Series
2014B
(A2/A)
410,000
5.000
10/01/2044
410,066
California
Health
Facilities
Financing
Authority
Refunding
RB
Lucile
Salter
Packard
Children's
Hospital
At
Stanford
2022
Series
A
Forward
Delivery
(A1/NR)
135,000
4.000
05/15/2051
134,500
California
Municipal
Finance
Authority
RB
for
The
Learning
Choice
Academy
Series
2021
A
(NR/BBB-)
100,000
4.000
07/01/2041
90,348
California
Municipal
Finance
Authority
Revenue
Refunding
Bonds
for
Eisenhower
Medical
Center
Series
2017A
(Baa2/NR)
150,000
5.000
07/01/2047
150,655
California
Municipal
Finance
Authority
Senior
Lien
RB
for
Linxs
APM
Project
Series
2018A
(NR/NR)
1,000,000
5.000
12/31/2043
1,015,393
California
Municipal
Finance
Authority
Special
Facility
RB
For
United
Airlines
International
Airport
Project
Series
2019
(NR/BB-)
150,000
4.000
07/15/2029
149,845
California
Pollution
Control
Financing
Authority
Solid
Waste
Disposal
Refunding
RB
for
Waste
Management
Project
Series
2015A-3
(NR/A-/A-2)
250,000
4.300
07/01/2040
248,855
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
301,102
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
307,061
250,000
5.000
(d)
07/01/2035
277,109
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
250,562
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
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
$
255,529
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
260,607
California
School
Finance
Authority
RB
for
Lifeline
Education
Charter
School,
Inc.
Series
2020
A
(NR/BB+)
365,000
3.000
(d)
07/01/2030
344,729
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
247,844
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
253,516
California
Statewide
Communities
Development
Authority
Community
Facilities
District
No.
2020-02
Atwell
Improvement
Area
No.
3
Special
Tax
Bonds
Series
2024
(NR/NR)
125,000
5.000
09/01/2054
127,510
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
158,470
California
Statewide
Communities
Development
Authority
RB
for
Loma
Linda
University
Medical
Center
Series
2016A
(NR/BB)
250,000
5.250
(d)
12/01/2056
251,949
California
Statewide
Communities
Development
Authority
RB
Refunding
for
Loma
Linda
University
Medical
Center
Series
2014
A
(NR/BB)
500,000
5.500
12/01/2054
501,475
California
Statewide
Communities
Development
Authority
Special
Tax
Bonds
Series
2022
(NR/NR)
50,000
5.125
09/01/2042
52,516
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
101,380
California
Statewide
Community
Development
Authority
Pollution
Control
Refunding
RB
2010
Series
A
(A2/A-)
190,000
1.750
09/01/2029
166,518
City
of
Alameda
Community
Facilities
District
2023
Special
Tax
Bonds
(NR/NR)
50,000
5.000
09/01/2048
50,635
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
229,403
City
of
Ontario
CA
Community
Facilities
District
No.
43
Special
Tax
Bonds
Series
2020
(NR/NR)
25,000
3.000
09/01/2039
19,676
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
91,608
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
23,054
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
City
of
San
Francisco
Airport
Commission
International
Airport
Second
Series
RB
Series
2018E
(A1/A+)
$
400,000
5.000%
05/01/2048
$
416,537
City
of
San
Francisco
Airport
Commission
International
Airport
Second
Series
RB
Series
2019A
(A1/A+)
490,000
5.000
05/01/2049
500,118
CMFA
Special
Finance
Agency
VIII
Essential
Housing
RB
2021A-
1
(NR/NR)
150,000
3.000
(d)
08/01/2056
106,410
County
of
Los
Angeles
CA
Community
Facilities
District
NO
2021-01
(NR/NR)
100,000
5.000
09/01/2047
102,541
Department
of
Airports
of
The
City
of
Los
Angeles
LAX
Subordinate
RB
2018
Series
A
(AMT)
(Aa3/AA-)
500,000
5.250
05/15/2048
516,056
Department
of
Airports
of
The
City
of
Los
Angeles
LAX
Subordinate
RB
2021
Series
D
(Private
Activity/AMT)
(Aa3/AA-)
500,000
4.000
05/15/2051
468,394
Eastern
Foothill
Transportation
Corridor
Agency
Senior
Lien
Toll
Road
Refunding
RB
Series
2021A
(Baa1/A)
750,000
4.000
01/15/2046
729,305
Folsom
Ranch
Financing
Authority
City
of
Folsom
Community
Facilities
District
No.
23
Improvement
Area
No.
2
California
Special
Tax
RB
Series
2024
(NR/NR)
100,000
5.000
09/01/2053
102,150
Golden
State
Securitization
Settlement
Corp
ABS
Bond
Series
2021
2021B-1
(NR/BBB-)
520,000
3.850
06/01/2050
487,696
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
114,988
Los
Angeles
County
Public
Works
Financing
Authority
Lease
RB
2020
Series
A
(NR/AA+)
125,000
3.000
12/01/2050
98,430
Modesto
Financing
Authority
Domestic
Project
RB
2007F
(NATL)
(Baa2/AA)
(3M
USD
LIBOR
+
0.63%)
525,000
4.387
(c)
09/01/2037
501,095
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
113,272
Roseville
California
Community
Facilities
District
No.
5
Special
Tax
for
Fiddyment
Ranch
Project
Series
2021
(NR/NR)
25,000
2.500
09/01/2037
19,668
275,000
4.000
09/01/2050
241,410
Sacramento
County
Financing
Authority
RB
Series
2007B
(NATL)
(Aa3/AA-)
(3M
USD
LIBOR
+
0.55%)
785,000
4.307
(c)
06/01/2034
754,208
San
Diego
County
Regional
Airport
Authority
Subordinate
Airport
RB
Series
2021B
(A2/NR)
150,000
4.000
07/01/2039
147,676
San
Gorgonio
Memorial
Health
Care
District
GO
Refunding
Bonds
Series
2020
(Ba2/NR)
100,000
4.000
08/01/2032
89,623
State
of
California
Various
Purpose
GO
Bonds
(Aa2/AA-)
1,100,000
7.500
04/01/2034
1,269,614
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
Town
of
Tiburon
Special
Assessment
for
Assessment
District
No.
2017-1
Series
2021
A
(NR/NR)
$
50,000
2.500%
09/02/2046
$
32,518
Washington
Township
Health
Care
District
RB
2023
Series
A
(Baa3/NR)
50,000
5.750
07/01/2053
53,336
16,994,094
Colorado
-
3.8%
Citadel
on
Colfax
Business
Improvement
District
Senior
RB
Series
2020
A
(NR/NR)
125,000
5.350
12/01/2050
115,156
Citadel
on
Colfax
Business
Improvement
District
Senior
RB
Series
2020
B
(NR/NR)
100,000
7.875
12/15/2050
94,302
City
of
Denver
Airport
System
Subordinate
RB
Series
2018A
(A1/A+)
575,000
5.250
12/01/2043
597,813
Colorado
Education
&
Cultural
Facilities
Authority
Charter
School
RB
Series
2021
(Baa3/NR)
100,000
4.000
10/01/2056
80,579
Colorado
Educational
and
Educational
Facilities
Authority
Charter
School
RB
Ascent
Classical
Academy
Charter
Schools,
Inc.
Series
2024A
(NR/BB)
100,000
5.500
(d)
04/01/2044
103,644
Colorado
Health
Facilities
Authority
American
Eagle
Delaware
Holding
Company
Series
2022A-1
(NR/NR)
695,000
6.000
07/01/2036
693,824
Colorado
Health
Facilities
Authority
American
Eagle
Delaware
Holding
Company
Series
2022A-2
(NR/NR)
440,000
6.000
07/01/2031
433,443
Colorado
Health
Facilities
Authority
Hospital
RB
Boulder
Community
Health
Project
Series
2020
(A3/A-)
275,000
4.000
10/01/2038
271,910
300,000
4.000
10/01/2039
294,337
300,000
4.000
10/01/2040
291,133
Colorado
Health
Facilities
Authority
RB
for
Parkview
Medical
Center,
Inc.
Obligated
Group
Series
2020
A
(Aa2/NR)
350,000
4.000
09/01/2050
335,914
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
77,910
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
97,829
Colorado
Health
Facilities
Authority
RB
Series
2019A-2
(A3/A-)
885,000
4.000
08/01/2049
839,393
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
650,064
Denver
Health
&
Hospital
Authority
Healthcare
Revenue
Refunding
Bonds
Series
2017A
(NR/BBB)
175,000
4.000
(d)
12/01/2035
163,483
185,000
4.000
(d)
12/01/2036
170,993
Fiddler's
Business
Improvement
District
GO
Refunding
Bonds
Series
2022
(NR/NR)
150,000
5.000
(d)
12/01/2032
153,664
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Colorado
–
(continued)
Rampart
Range
Metropolitan
District
No.
5
RB
Series
2021
(NR/NR)
$
500,000
4.000%
12/01/2041
$
426,455
Senac
South
Metropolitan
District
GO
LT
Bonds
Series
2021A3
(NR/NR)
915,000
5.250
12/01/2051
812,157
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
540,480
The
Lakes
At
Centerra
Metropolitan
District
No.2
In
The
City
of
Loveland
Colorado
Limited
Tax
GO
Refunding
Bonds
Series
2024A
(AGM)
(NR/AA)
300,000
4.500
12/01/2054
300,260
Wildwing
Metropolitan
District
No.
5
In
the
Town
of
Timnath
Larimer
County
Colorado
LT
Go
Refunding
and
Improvement
Bonds
Series
2024
(AGM)
(NR/AA)
50,000
4.500
12/01/2053
50,505
7,595,248
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
114,471
State
of
Connecticut
Health
&
Educational
Facilities
Authority
RB
Series
E
(NR/NR)
230,000
4.000
07/01/2041
202,662
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
52,514
State
of
Connecticut
Health
and
Educational
Facilities
Authority
Revenue
Bonds
Goodwin
University
Obligated
Group
Issue
Series
A-1
(NR/BBB-)
125,000
5.000
(f)
07/01/2044
124,861
Steel
Point
Infrastructure
Improvement
District
Tax
Allocation
for
Steelpointe
Harbor
Project
Series
2021
(NR/NR)
100,000
4.000
(d)
04/01/2041
87,967
582,475
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
45,075
50,000
4.000
06/01/2042
44,453
89,528
District
of
Columbia
-
1.2%
District
of
Columbia
Private
Activity
RB
Series
2022A
(A3/NR)
100,000
5.500
02/28/2037
114,764
District
of
Columbia
Union
Market
Project
Tax
Increment
RB
Convertible
Capital
Appreciation
Bonds.
Series
2024B
(NR/NR)
100,000
0.000
(d)(g)
06/01/2041
57,406
Metropolitan
Washington
Airport
Authority
Revenue
&
Refunding
Bonds
Series
2018A
(Aa3/AA-)
1,450,000
5.000
10/01/2043
1,487,010
Metropolitan
Washington
Airports
Authority
Dulles
Toll
Road
RB
Series
2019
B
(AGM)
(A1/AA)
125,000
3.000
10/01/2050
94,306
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
District
of
Columbia
–
(continued)
Metropolitan
Washington
Airports
Authority
Dulles
Toll
Road
RB
Series
2019
B
(AGM)
(A1/AA)
–
(continued)
$
100,000
4.000%
10/01/2053
$
94,255
Metropolitan
Washington
Airports
Authority
Dulles
Toll
Road
Subordinate
Lien
Revenue
Refunding
Bonds
for
Dulles
Metrorail
&
Capital
Improvement
Projects
Series
2019B
(Baa2/A-)
650,000
4.000
10/01/2049
610,731
2,458,472
Florida
-
20.2%
Abbott
Square
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
200,000
5.000
06/15/2032
205,230
AH
at
Turnpike
South
Community
Development
District
Special
Assessment
Phase
3
Project
Series
2021
(NR/NR)
500,000
4.000
05/01/2051
415,520
Alachua
County
Health
Facilities
Authority
Continuing
Care
Retirement
Community
RB
Series
2022
(NR/NR)
250,000
4.000
10/01/2046
210,410
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
66,043
Astonia
Community
Development
District
Special
Assessment
for
Assessment
Area
2
Project
Series
2021
(NR/NR)
55,000
3.200
(d)
05/01/2041
45,043
Astonia
Community
Development
District
Special
Assessment
for
North
Parcel
Assessment
Area
Project
Series
2021
(NR/NR)
10,000
2.500
(d)
05/01/2026
9,706
50,000
3.200
(d)
05/01/2041
40,948
Avalon
Groves
Community
Development
District
Special
Assessment
for
Assessment
Area
Three
Project
Series
2021
(NR/NR)
65,000
2.375
05/01/2026
63,086
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
20,528
Avenir
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
40,000
4.500
05/01/2030
40,506
Babcock
Ranch
Community
Independent
Special
District
Special
Assessment
Series
2021
(NR/NR)
660,000
2.875
05/01/2031
600,251
Bannon
Lakes
Community
Development
District
Special
Assessment
Series
2021
(NR/NR)
200,000
3.000
(d)
05/01/2031
186,076
Bellagio
Community
Development
District
Special
Assessment
Bonds
Series
2013
(NR/BBB)
30,000
6.000
11/01/2027
31,035
Belmont
II
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
100,000
3.625
12/15/2040
93,204
Berry
Bay
Community
Development
District
Special
Assessment
for
Assessment
Area
1
Project
Series
2021
(NR/NR)
500,000
3.125
05/01/2031
463,154
Black
Creek
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
160,000
4.800
06/15/2027
161,862
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Bridgewalk
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
Two
Project
Series
2023
(NR/NR)
$
60,000
6.250%
12/15/2043
$
63,686
Bridgewater
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
One
Project
Series
2022
(NR/NR)
100,000
3.250
06/15/2042
79,306
Broward
County
Port
Facilities
RB
Series
2019B
(A1/A)
300,000
4.000
09/01/2049
274,196
Buckhead
Trails
Community
Development
District
Special
Assessment
Bonds
for
Manatee
County
Project
Series
2022
(NR/NR)
35,000
4.750
05/01/2027
35,144
Buena
Lago
Community
Development
District
Capital
Improvement
RB
Series
2022
(NR/NR)
125,000
4.000
05/01/2027
124,559
Capital
Projects
Finance
Authority
Educational
Facilities
RB
Kissimmee
Charter
Academy
Project
Series
2024
(NR/NR)
100,000
6.125
(d)
06/15/2044
102,543
Capital
Trust
Agency
Student
Housing
RB
for
University
Bridge
LLC
Series
2018
A
(Ba2/NR)
625,000
5.250
(d)
12/01/2058
620,685
Capital
Trust
Agency,
Inc.
RB
for
AcadeMir
Charter
School
West
Series
2021
A-2
(Ba2/NR)
100,000
4.000
(d)
07/01/2051
80,954
Capital
Trust
Agency,
Inc.
RB
for
University
Bridge
LLC
Series
2018
A
(Ba2/NR)
100,000
4.000
(d)
12/01/2028
97,858
300,000
5.250
(d)
12/01/2043
301,275
Celebration
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Project
Series
2021
(NR/NR)
235,000
2.750
05/01/2031
219,858
Central
Parc
Community
Development
District
City
Of
North
Port
Florida
Special
Assessment
RB
Series
2024
(NR/NR)
100,000
4.900
05/01/2031
100,107
CFM
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
100,000
3.350
05/01/2041
81,854
Chapel
Creek
Community
Development
District
Special
Assessment
Series
2021
(NR/NR)
80,000
3.375
(d)
05/01/2041
66,174
Chapel
Crossings
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
95,000
3.700
(d)
05/01/2040
82,435
Charles
Cove
Community
Development
District
Special
Assessment
RB
Series
2021
(NR/NR)
105,000
2.400
05/01/2026
101,576
City
of
Jacksonville
RB
Refunding
for
Genesis
Health,
Inc.
Obligated
Group
Series
2020
(NR/A-)
145,000
4.000
11/01/2039
138,099
City
of
Palmetto
Educational
Facilities
Refunding
RB
Series
2022A
(NR/BBB-)
100,000
5.125
06/01/2042
102,567
Coddington
Community
Development
District
(NR/NR)
260,000
5.000
05/01/2032
270,316
Connerton
East
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
100,000
5.250
06/15/2043
103,308
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Cope's
Landing
Community
Development
District
Capital
Improvement
RB
2023
Project
Area
Series
2023
(NR/NR)
$
100,000
5.750%
05/01/2043
$
105,204
Copper
Oaks
Community
Development
District
Special
Assessment
Refunding
and
Improvement
Bonds
Series
2021
(NR/NR)
175,000
3.000
05/01/2031
159,964
175,000
3.000
05/01/2035
149,715
Corkscrew
Crossing
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
200,000
4.300
05/01/2033
201,736
Creekview
Community
Development
District
Special
Assessment
RB
Series
2022
(NR/NR)
35,000
3.875
05/01/2027
34,794
50,000
4.250
05/01/2032
50,046
270,000
4.625
05/01/2042
265,115
Cross
Creek
North
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
340,000
4.250
05/01/2042
320,228
Cross
Creek
North
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
100,000
5.125
05/01/2043
101,511
Crossings
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
125,000
4.250
05/01/2027
125,212
255,000
4.750
05/01/2032
259,589
Cypress
Bluff
Community
Development
District
Special
Assessment
for
Del
WEBB
Project
Series
2020
A
(NR/NR)
145,000
2.700
(d)
05/01/2025
143,422
310,000
3.125
(d)
05/01/2030
300,918
Cypress
Mill
Community
Development
District
Special
Assessment
Bonds
for
Bank
Qualified
2023
Project
Series
2023
(NR/BBB)
50,000
5.000
05/01/2053
49,504
Cypress
Park
Estates
Community
Development
District
Special
Assessment
Area
1
Project
Series
2020
(NR/NR)
25,000
2.625
(d)
05/01/2025
24,680
Deerbrook
Community
Development
District
Pasco
County,
Florida
Special
Assessment
Bonds,
Series
2023
2023
Project
(NR/NR)
100,000
5.250
05/01/2043
101,824
DG
Farms
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
270,000
3.750
05/01/2040
240,785
DW
Bayview
Community
Development
District
Special
Assessment
Bond
Series
2021
(NR/NR)
50,000
3.375
(d)
05/01/2041
44,216
DW
Bayview
Community
Development
District
Special
Assessment
Bonds
for
Manatee
County
Series
2022
(NR/NR)
105,000
4.300
05/01/2027
105,432
Eagle
Hammock
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
195,000
4.875
05/01/2032
200,097
East
547
Community
Development
District
Special
Assessment
Bond
for
Assessment
Area
One
Project
Series
2021
(NR/NR)
35,000
3.300
05/01/2041
28,485
Eden
Hills
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
75,000
3.625
05/01/2032
72,686
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Eden
Hills
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
$
100,000
4.000%
05/01/2040
$
95,567
Edgewater
East
Community
Development
District
Special
Assessment
for
Assessment
Area
Once
Series
2021
(NR/NR)
130,000
3.600
05/01/2041
111,970
Edgewater
East
Community
Development
District
Special
Assessment
RB
Series
2022
(NR/NR)
125,000
3.375
05/01/2032
116,778
Escambia
County
Health
Facilities
Authority
Health
Care
Facilities
RB
Series
2020A
(Baa2/BBB)
760,000
4.000
08/15/2045
685,836
Eureka
Grove
Community
Development
District
Special
Assessment
Bonds
for
2021
Project
Series
2021
(NR/NR)
685,000
3.500
05/01/2041
572,340
Everlands
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
Two
–
2024
Project
Area
Series
2024
(NR/NR)
525,000
5.250
06/15/2044
531,876
Fiddlers
Creek
Community
Development
District
No.
2
Special
Assessment
Refunding
Series
2019
(NR/NR)
190,000
5.000
05/01/2035
194,865
Florida
Development
Finance
Corp.
Educational
Facilities
RB
Series
2022A
(Ba3/NR)
100,000
5.000
(d)
07/01/2032
97,165
135,000
5.375
(d)
07/01/2042
127,634
Florida
Development
Finance
Corp.
Educational
RB
for
Cornerstone
Charter
Academy
Project
Series
2022
(NR/BB+)
100,000
5.000
(d)
10/01/2042
101,421
Florida
Development
Finance
Corp.
Healthcare
Facilities
RB
for
Tampa
General
Hospital
Project
Series
2024A
(Fixed
Mode)
(NR/A-)
600,000
5.250
08/01/2049
629,088
Florida
Development
Finance
Corp.
RB
Brightline
Florida
Passenger
Rail
Project
Brightline
Trains
Florida
LLC
Issue
Series
2024
(AMT)
(AGM)
(NR/AA)
1,000,000
5.000
07/01/2044
1,052,498
550,000
5.250
07/01/2047
578,532
1,000,000
5.250
07/01/2053
1,046,012
Florida
Development
Finance
Corp.
RB
Brightline
Florida
Passenger
Rail
Project
Brightline
Trains
Florida
LLC
Issue
Series
2024
(AMT)
(NR/BBB-)
300,000
5.250
07/01/2047
309,856
300,000
5.500
07/01/2053
312,456
Florida
Development
Finance
Corp.
RB
Brightline
Florida
Passenger
Rail
Project
Brightline
Trains
Florida
LLC
Issue
Series
2024
(AMT)
(NR/NR)
2,475,000
12.000
(a)(b)(d)
07/15/2032
2,633,099
Florida
Development
Finance
Corp.
RB
for
Brightline
Florida
Passenger
Rail
Expansion
Project
Series
2023C
(NR/BBB-)
500,000
8.250
(a)(b)(d)
07/01/2057
518,446
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
90,519
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
95,847
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Florida
Development
Finance
Corp.
RB
for
United
Cerebral
Palsy
of
Central
Florida,
Inc.
Series
2020
A
(NR/NR)
$
45,000
4.000%
06/01/2030
$
42,847
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
82,220
Florida
Development
Finance
Corp.
Student
Housing
RB
Senior
Series
2024A-1
(NR/NR)
100,000
5.000
(d)
06/01/2044
101,955
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
151,063
Forest
Lake
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
30,000
4.750
(d)
05/01/2027
30,239
90,000
5.000
(d)
05/01/2032
92,349
Gracewater
Sarasota
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
165,000
2.950
05/01/2031
150,210
75,000
3.350
05/01/2041
61,241
Grand
Oaks
Community
Development
District
Special
Assessment
Bonds
Assessment
Area
2
Series
2020
(NR/NR)
100,000
4.000
05/01/2030
98,481
Grand
Oaks
Community
Development
District
Special
Assessment
RB
Series
2019
A
(NR/NR)
50,000
4.750
11/01/2039
49,649
Grand
Oaks
Community
Development
District
Special
Assessment
RB
Series
2021
(NR/NR)
60,000
3.500
11/01/2041
49,638
Grande
Pines
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
710,000
3.750
05/01/2041
609,049
Grande
Pines
Community
Development
District
Special
Assessment
RB
for
Assessment
Area
Two
Series
2024
(NR/NR)
100,000
5.450
05/01/2044
101,057
Hacienda
North
Community
Development
District
Special
Assessment
RB
Series
2023
(NR/NR)
100,000
6.300
05/01/2043
107,696
Hamilton
Bluff
Community
Development
District
Special
Assessment
Bonds,
Series
2024
(Assessment
Area
One
Project)
(NR/NR)
100,000
5.800
05/01/2054
100,733
Hammock
Oaks
Community
Development
District
Town
of
Lady
Lake
Florida
Special
Assessment
Bonds
Series
2024
Assessment
Area
Two
(NR/NR)
100,000
5.850
05/01/2044
101,579
Hammock
Reserve
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
20,000
4.200
05/01/2027
19,952
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
81,669
Harmony
West
Community
Development
District
Special
Assessment
RB
Series
2023
(NR/NR)
300,000
5.300
05/01/2053
306,548
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Hawkstone
Community
Development
District
Special
Assessment
RB
Series
2021
(NR/NR)
$
125,000
3.450%
05/01/2041
$
105,131
Hawkstone
Community
Development
District
Special
Assessment
RB
Series
2023
(NR/NR)
420,000
4.375
05/01/2030
422,480
Highland
Meadows
West
Community
Development
District
Special
Assessment
for
Assessment
Area
3
Series
2020
A
(NR/NR)
20,000
2.875
05/01/2025
19,755
Hills
Minneola
Community
Development
District
Special
Assessments
for
South
Parcel
Assessment
Area
Series
2020
(NR/NR)
25,000
3.500
(d)
05/01/2031
23,806
Hills
Minneola
Community
Development
District
Special
Assessments
for
South
Parcel
Assessment
Area
Series
2021
(NR/NR)
90,000
2.375
05/01/2026
87,087
Hillsborough
County
Aviation
Authority
Revenue
Refunding
Bonds
Series
2015-A
(NR/AA-)
350,000
5.000
10/01/2040
350,234
Hobe-St.
Lucie
Conservancy
District
Improvement
Bonds
Unit
of
Development
No.
1A
Series
2024
(NR/NR)
100,000
5.600
05/01/2044
103,092
Homestead
50
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2021
(NR/NR)
125,000
3.000
05/01/2037
103,561
Island
Lake
Estates
Community
Development
District
2023
Project
Special
Assessment
Bonds
Series
2023
(NR/NR)
100,000
5.750
12/15/2043
105,047
K-Bar
Ranch
II
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
100,000
3.125
05/01/2041
79,109
Kindred
Community
Development
District
II
Special
Assessment
Bonds
Series
2020
(NR/NR)
100,000
3.500
05/01/2040
90,698
Kindred
Community
Development
District
II
Special
Assessment
Bonds
Series
2021
(NR/NR)
100,000
2.700
05/01/2031
93,070
Kingman
Gate
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
50,000
3.600
06/15/2041
46,266
Lake
Deer
Community
Development
District
Special
Assessment
Bonds
for
Polk
County
Series
2022
(NR/NR)
115,000
5.500
05/01/2042
117,101
Lakewood
Ranch
Stewardship
District
Special
Assessment
for
Azario
Project
Series
2019
(NR/NR)
85,000
3.400
05/01/2030
81,351
Lakewood
Ranch
Stewardship
District
Special
Assessment
for
Azario
Project
Series
2020
A
(NR/NR)
100,000
3.200
05/01/2030
94,513
Lakewood
Ranch
Stewardship
District
Special
Assessment
for
Northeast
Sector
Phase
2A
Project
Series
2019
(NR/NR)
125,000
3.250
05/01/2029
120,114
Lakewood
Ranch
Stewardship
District
Special
Assessment
RB
Series
2021
(NR/NR)
95,000
2.300
05/01/2026
91,754
Landings
at
Miami
Community
Development
District
Special
Assessment
Bonds
Series
2018
(NR/NR)
100,000
4.750
(d)
11/01/2048
95,408
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
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
$
69,347
Lawson
Dunes
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
80,000
4.750
05/01/2032
81,109
45,000
5.000
05/01/2042
45,400
Lee
County
Industrial
Development
Authority
Florida
Healthcare
Facilities
RB
Series
2024
Shell
Point
Obligated
Group
Series
2024A
(NR/BBB+)
150,000
5.250
(f)
11/15/2044
161,188
Lee
County
Industrial
Development
Authority
Florida
Healthcare
Facilities
RB
Series
2024
Shell
Point
Obligated
Group)Series
2024B-1
(NR/BBB+)
150,000
4.750
(f)
11/15/2029
150,318
Live
Oak
Lake
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
110,000
3.125
05/01/2025
109,035
Los
Cayos
Community
Development
District
Special
Assessment
Bonds,
Series
2024
(2024
Project)
(NR/NR)
325,000
4.400
06/15/2031
326,650
LTC
Ranch
West
Residential
Community
Development
District
City
of
Port
St.
Lucie
Florida
Special
Assessment
RB
Series
2024
(NR/NR)
100,000
5.750
05/01/2044
100,967
LTC
Ranch
West
Residential
Community
Development
District
Special
Assessment
Bonds
Series
2021
B
(NR/NR)
75,000
3.250
05/01/2031
69,568
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
41,280
Mangrove
Point
Community
Development
District
Capital
Improvement
RB
Series
2022
(NR/NR)
75,000
4.250
05/01/2042
69,267
Meadow
View
at
Twin
Creeks
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
160,000
3.250
05/01/2041
128,678
Miami
Dade
County
Aviation
Revenue
Refunding
Bonds
Series
2017B
(AMT)
(NR/A+)
175,000
5.000
10/01/2040
178,026
Miami-Dade
County
IDA
Educational
Facilities
RB
for
Academir
Charter
Schools
Project
Series
2022A
(Ba2/NR)
100,000
5.000
(d)
07/01/2037
102,981
100,000
5.250
(d)
07/01/2042
102,693
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
240,027
Mirada
II
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
100,000
3.500
05/01/2041
83,391
100,000
4.000
05/01/2051
82,596
North
Ar-1
of
Pasco
Community
Development
District
Pasco
County
Florida
Capital
Improvement
RB
Series
2024A
Assessment
Area
Five
(NR/NR)
100,000
5.750
05/01/2044
101,420
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
North
AR-1
Pasco
Community
Development
District
Capital
Improvement
RB
for
Assessment
Area
Four
Series
2024
(NR/NR)
$
100,000
5.450%
05/01/2044
$
100,907
North
Park
Isle
Community
Development
District
Special
Assessment
RB
Series
2021
(NR/NR)
200,000
3.375
11/01/2041
165,969
North
Powerline
Road
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
125,000
4.750
(d)
05/01/2027
125,512
North
Powerline
Road
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
100,000
3.625
05/01/2040
86,055
Ocala
Preserve
Community
Development
District
Capital
Improvement
RB
Series
2021
(NR/NR)
115,000
2.375
11/01/2026
110,037
330,000
2.875
11/01/2031
296,536
Orange
Blossom
Groves
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
50,000
5.250
06/15/2043
51,654
Palm
Beach
County
Educational
Facilities
Authority
RB
Palm
Beach
Atlantic
University,
Inc.
Series
2024
(NR/NR)
200,000
5.000
10/01/2034
215,882
150,000
5.000
10/01/2043
156,047
Palm
Beach
County
Health
Facilities
Authority
RB
for
Lifespace
Communities,
Inc.
Obligated
Group
Series
2019
B
(NR/NR)
100,000
4.000
05/15/2053
76,288
Palm
Beach
County
Health
Facilities
Authority
RB
Refunding
for
Lifespace
Communities,
Inc.
Series
2023
C
(NR/NR)
50,000
7.500
05/15/2053
55,565
Palm
Beach
County
Health
Facilities
Authority
Revenue
Refunding
Bonds
Series
2022
(NR/NR)
175,000
4.000
06/01/2036
166,526
Park
East
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
40,000
3.150
11/01/2041
31,447
Parkview
at
Long
Lake
Ranch
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
155,000
3.750
05/01/2040
134,987
Pine
Ridge
Plantation
Community
Development
District
Special
Assessment
Refunding
Bonds
2020
A-1
(AGM)
(NR/AA)
210,000
2.625
05/01/2034
177,745
Portico
Community
Development
District
Special
Assessment
Refunding
Series
2020-1
(NR/NR)
125,000
3.500
05/01/2037
110,377
Preserve
At
Savannah
Lakes
Community
Development
District
Special
Assessment
Bonds
Phase
1
Series
2024
(NR/NR)
510,000
5.450
05/01/2044
518,527
Preserve
at
South
Branch
Community
Development
District
Special
Assessment
Phase
2
RB
Series
2019
(NR/NR)
100,000
3.500
11/01/2030
97,992
Preston
Cove
Community
Development
District
Special
Assessment
RB
Series
2022
(NR/NR)
675,000
3.600
05/01/2032
635,070
Quail
Roost
Community
Development
District
Special
Assessment
for
Expansion
Area
Project
Series
2021
(NR/NR)
25,000
2.200
12/15/2026
23,971
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Reunion
West
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2022
(NR/NR)
$
100,000
3.000%
05/01/2036
$
87,923
Rhodine
Road
North
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
90,000
3.300
05/01/2042
75,174
Riverwalk
Community
Development
District
City
of
Orlando
Florida
Special
Assessment
Bonds
Series
2024
(NR/NR)
95,000
5.500
05/01/2044
96,068
Rolling
Hills
Community
Development
District
Capital
Improvement
RB
Series
2022A-1
(NR/NR)
195,000
3.125
05/01/2027
189,544
365,000
3.400
05/01/2032
338,884
Rutland
Ranch
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
120,000
2.450
11/01/2026
115,460
Rye
Crossing
Community
Development
District
Capital
Improvement
RB
Series
2023
(NR/NR)
75,000
5.000
05/01/2043
75,905
Rye
Ranch
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
One,
Series
2023
(NR/NR)
50,000
5.750
(d)
11/01/2043
51,533
Sampson
Creek
Community
Development
District
Special
Assessment
Bonds
Series
2020
(AGM)
(NR/AA)
100,000
2.625
05/01/2040
78,120
Sandmine
Road
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
85,000
3.300
11/01/2041
74,390
Sarasota
County
Public
Hospital
District
Fixed
Rate
Hospital
RB
Series
2018
(A1/NR)
250,000
4.000
07/01/2048
237,088
Sawgrass
Village
Community
Development
District
Special
Assessment
Bonds
Series
2023
(Assessment
Area
Two)
(NR/NR)
100,000
6.125
11/01/2043
105,440
Scenic
Highway
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
50,000
3.750
05/01/2040
45,924
Scenic
Terrace
South
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
45,000
4.125
05/01/2032
44,219
65,000
4.500
05/01/2042
61,236
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
102,575
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
229,221
Seminole
Improvement
District
Utilities
RB
for
City
of
Westlake
Series
2022
(NR/NR)
100,000
5.000
10/01/2032
102,153
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
92,650
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Shadowlawn
Community
Development
District
Special
Assessment
Revenue
Bonds
Series
2024
(NR/NR)
$
200,000
4.700%
05/01/2034
$
200,552
Sherwood
Manor
Community
Development
District
Special
Assessment
RB
Series
2023
(NR/NR)
40,000
4.625
05/01/2030
40,506
70,000
5.500
05/01/2043
72,414
Siena
North
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
50,000
4.000
06/15/2042
44,372
Silver
Palms
West
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
100,000
3.000
06/15/2032
91,484
140,000
3.250
06/15/2042
119,626
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
167,784
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
103,232
Somerset
Bay
Community
Development
District
Hernando
County
Florida
Capital
Improvement
RB
Series
2024
Assessment
Area
One
(NR/NR)
50,000
5.625
(d)
05/01/2044
50,302
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
71,578
South
Creek
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Series
2021
(NR/NR)
25,000
3.250
06/15/2041
20,948
Southshore
Bay
Community
Development
District
Hillsborough
County
Florida
Capital
Improvement
Revenue
Bonds
Series
2024
Assessment
Area
Two
(NR/NR)
100,000
5.375
05/01/2044
0
St.
Augustine
Lakes
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
520,000
5.375
06/15/2042
534,434
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
90,636
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
128,430
Stellar
North
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
430,000
3.000
05/01/2031
393,293
Stonegate
Preserve
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
325,000
5.125
12/15/2030
332,849
Stonewater
Community
Development
District
Special
Assessment
RB
Series
2021
(NR/NR)
130,000
3.000
(d)
11/01/2032
116,787
50,000
3.300
(d)
11/01/2041
40,772
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Stoneybrook
South
at
Championsgate
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
$
50,000
4.500%
06/15/2039
$
50,379
Storey
Creek
Community
Development
District
(NR/NR)
240,000
5.000
06/15/2032
249,346
Storey
Creek
Community
Development
District
Special
Assessment
Bonds
Series
2024
(NR/NR)
100,000
5.250
06/15/2044
102,330
Storey
Drive
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
100,000
3.000
06/15/2032
90,067
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
23,697
Stuart
Crossing
Community
Development
District
Special
Assessment
Bonds
Series
2024
(NR/NR)
100,000
5.250
(d)
05/01/2044
100,452
Summer
Woods
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
75,000
3.450
05/01/2041
61,959
Summer
Woods
Community
Development
District
Special
Assessment
for
Assessment
Area
Two
Project
Series
2020
(NR/NR)
80,000
3.750
05/01/2040
69,775
Talis
Park
Community
Development
District
Capital
Improvement
RB
Refunding
Subordinate
Series
2016
A-2
(NR/NR)
45,000
4.000
05/01/2033
43,859
Tamarindo
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
50,000
3.375
05/01/2041
41,374
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
40,566
Towne
Park
Community
Development
District
Special
Assessment
Area
3D
Project
Series
2020
(NR/NR)
75,000
3.625
(d)
05/01/2040
66,985
Towns
at
Woodsdale
Community
Development
District
Capital
Improvement
RB
for
Pasco
County
Series
2023
(NR/NR)
200,000
5.375
(d)
11/01/2030
205,230
Tradition
Community
Development
District
No.
9
Special
Assessment
Bonds
Series
2021
(NR/NR)
540,000
2.700
05/01/2031
484,116
Trevesta
Community
Development
District
Special
Assessment
Area
2
Project
Series
2020
(NR/NR)
100,000
3.250
(d)
05/01/2030
97,275
Triple
Creek
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
230,000
2.375
(d)
11/01/2026
220,102
Triple
Creek
Community
Development
District
Special
Assessment
for
Villages
N&P
Projects
Series
2021
(NR/NR)
20,000
2.500
11/01/2026
19,194
50,000
3.000
11/01/2031
45,437
40,000
3.500
11/01/2041
33,386
TSR
Community
Development
District
Special
Assessment
RB
for
Downtown
Neighborhood
Assessment
Area
Series
2019
(NR/NR)
100,000
3.375
11/01/2030
94,225
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Tuckers
Pointe
Community
Development
District
Special
Assessment
RB
Series
2022
(NR/NR)
$
75,000
4.000%
05/01/2042
$
66,940
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
206,537
Two
Rivers
North
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
100,000
5.125
05/01/2042
100,932
Two
Rivers
West
Community
Development
District
Pasco
County
Florida
Special
Assessment
Bonds
Series
2024
(NR/NR)
50,000
5.625
(d)
05/01/2044
50,262
University
Park
Recreation
District
Special
Assessment
Series
2019
(BAM)
(NR/AA)
85,000
3.375
05/01/2045
73,539
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
76,619
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
76,961
V-Dana
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Series
2021
(NR/NR)
250,000
3.625
05/01/2041
215,719
Veranda
Community
Development
District
II
Special
Assessment
Refunding
for
Veranda
Oaks
Project
Series
2021
(NR/NR)
20,000
3.600
(d)
05/01/2041
17,019
Veranda
Landing
Community
Development
District
Special
Assessment
Bonds,
Series
2023
(NR/NR)
90,000
5.250
06/15/2043
92,253
Verandah
East
Community
Development
District
Special
Assessment
Refunding
&
Improvement
RB
Series
2016
(NR/NR)
115,000
4.125
05/01/2034
112,450
Verano
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
270,000
5.875
11/01/2029
277,207
Villa
Portofino
East
Community
Development
District
Special
Assessment
Refunding
Series
2019
(NR/NR)
100,000
3.750
05/01/2037
90,871
Village
Community
Development
District
No.
13
Special
Assessment
RB
Series
2020
(NR/NR)
50,000
2.625
(d)
05/01/2030
46,397
50,000
3.000
(d)
05/01/2035
44,763
Village
Community
Development
District
Special
Assessment
RB
Series
2021
(NR/NR)
50,000
2.550
05/01/2031
45,548
100,000
2.850
05/01/2036
86,464
100,000
3.000
05/01/2041
81,599
Villages
of
Glen
Creek
Community
Development
District
Capital
Improvement
RB
Series
2022A
(NR/NR)
100,000
5.125
05/01/2042
101,117
Villages
of
Glen
Creek
Community
Development
District
Capital
Improvement
Revenue
and
Refunding
Bonds
Series
2022
(NR/NR)
45,000
3.450
05/01/2042
36,779
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Villamar
Community
Development
District
Special
Assessment
Bonds
for
Phase
4
Project
Series
2022
(NR/NR)
$
670,000
4.000%
05/01/2042
$
592,441
Villamar
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
100,000
3.750
05/01/2040
92,304
Villamar
Community
Development
District
Special
Assessment
Bonds,
Series
2024
(NR/NR)
100,000
5.500
05/01/2044
102,594
West
Port
Community
Development
District
Special
Assessment
Bonds
for
Charlotte
County
Series
2022
(NR/NR)
60,000
5.125
05/01/2042
60,040
West
Port
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
125,000
4.000
(d)
05/01/2040
113,157
100,000
4.000
(d)
05/01/2051
83,358
West
Port
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Series
2021
(NR/NR)
50,000
2.400
05/01/2026
48,378
25,000
3.000
05/01/2031
22,907
West
Villages
Improvement
District
Special
Assessment
RB
Series
2023
(NR/NR)
85,000
4.625
05/01/2030
86,056
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
49,273
West
Villages
Improvement
District
Unit
of
Development
No.
7
Special
Assessment
RB
Series
2021
(NR/NR)
60,000
3.500
05/01/2041
50,229
West
Villages
Improvement
District
Unit
of
Development
No.
8
Special
Assessment
RB
Series
2021
(NR/NR)
100,000
3.500
05/01/2041
83,715
Westside
Haines
City
Community
Development
District
Polk
County
Florida
Special
Assessment
Bonds
Series
2024
Assessment
Area
Two
Project
(NR/NR)
100,000
4.875
05/01/2031
100,696
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
80,695
Westwood
of
Pasco
Community
Development
District
Capital
Improvement
RB,
Series
2023
(NR/NR)
170,000
4.625
05/01/2030
171,908
Whispering
Pines
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
130,000
4.500
05/01/2030
131,726
Wildblue
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
150,000
4.250
(d)
06/15/2039
139,700
Willows
Community
Development
District
Special
Assessment
RB
for
Manatee
County
Series
2022
(NR/NR)
135,000
5.625
05/01/2042
140,705
Wind
Meadows
South
Community
Development
District
City
of
Bartow,
Florida
Special
Assessment
Bonds,
Series
2023
Assessment
Area
Two
Project
(NR/NR)
235,000
4.500
05/01/2030
237,448
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Wind
Meadows
South
Community
Development
District
Special
Assessment
Bond
for
Assessment
Area
One
Project
Series
2021
(NR/NR)
$
25,000
2.400%
05/01/2026
$
24,189
150,000
2.950
05/01/2031
136,721
75,000
3.350
05/01/2041
61,465
Wiregrass
II
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
100,000
3.700
05/01/2040
86,953
Zephyr
Lakes
Community
Development
District
Special
Assessment
for
Assessment
Area
Two
Series
2021
(NR/NR)
25,000
3.375
05/01/2041
20,459
40,415,210
Georgia
-
1.4%
Columbia
County
Hospital
Authority
Revenue
Anticipation
Certificates
for
Wellstar
Health
System,
Inc.
Project
Series
2023A
(A2/A+)
120,000
5.750
04/01/2053
134,094
Development
Authority
of
Fulton
County
RB
Wellstar
Health
System,
Inc.
Project,
Series
2020A
(A2/A+)
750,000
4.000
04/01/2050
711,292
George
L
Smith
II
Congress
Center
Authority
RB
for
Convention
Center
Hotel
Second
Tier
Series
2021B
(NR/NR)
130,000
5.000
(d)
01/01/2054
120,456
George
L
Smith
II
Congress
Center
Authority
RB
for
Signia
Hotel
Management
LLC
Series
2021
(NR/BBB-)
35,000
2.375
01/01/2031
31,442
Main
Street
Natural
Gas
Inc.
Gas
Supply
RB
Series
2021A
(Aa1/NONR)
975,000
4.000
(a)(b)
07/01/2052
978,982
Main
Street
Natural
Gas
Inc.
Gas
Supply
RB
Series
2021C
(A3/NR)
500,000
4.000
(a)(b)
05/01/2052
501,589
Main
Street
Natural
Gas
Inc.,
Gas
Supply
RB
Series
2023E-1
(Aa1/NR)
365,000
5.000
(a)(b)
12/01/2053
390,192
2,868,047
Guam
-
1.1%
A.B.
Won
Pat
International
Airport
Authority
Guam
General
RB
2023
Series
A
(Baa2/NR)
100,000
5.250
10/01/2029
101,449
100,000
5.250
10/01/2030
101,322
Antonio
B
Won
Pat
International
Airport
Authority
Taxable
RB
Refunding
Series
2021
A
(Baa2/NR)
50,000
4.460
10/01/2043
40,875
Guam
Department
of
Education
COPS
Refunding
for
John
F.
Kennedy
High
School
&
Energy
Efficiency
Project
Series
2020
A
(Ba1/B+)
15,000
3.625
02/01/2025
14,890
60,000
4.250
02/01/2030
57,962
Guam
Government
RB
Refunding
Series
2021
E
(Baa3/NR)
210,000
3.250
11/15/2026
203,494
Guam
Government
RB
Refunding
Series
2021
F
(Baa3/NR)
450,000
4.000
01/01/2042
432,802
Guam
Waterworks
Authority
RB
Refunding
for
Water
&
Wastewater
System
Series
2024A
(Baa2/A-)
500,000
5.000
07/01/2042
539,880
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Guam
–
(continued)
Guam
Waterworks
Authority
Water
&
Wastewater
RB
Series
2016
(Baa2/A-)
$
745,000
5.000%
01/01/2046
$
756,952
2,249,626
Hawaii
-
0.1%
Hawaii
State
Department
of
Budget
&
Finance
RB
Refunding
for
Hawaiian
Electric
Co.,
Inc.
Series
2019
(Ba3/NR)
100,000
3.200
07/01/2039
65,128
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
63,122
State
of
Hawaii
Department
of
Budget
and
Finance
Special
Purpose
RB
Refunding
Series
2017A
(Ba3/NR)
200,000
3.100
05/01/2026
163,284
291,534
Idaho
-
0.1%
City
of
Boise
City,
Idaho
Airport
Revenue
and
Revenue
Refunding
Bonds,
Series
2021A
(A1/NR)
275,000
5.000
09/01/2051
291,740
a
a
Illinois
-
6.8%
Board
of
Education
of
The
City
of
Chicago
UT
GO
Bonds
Dedicated
Revenues,
Series
2012A
(Ba1/BB+)
710,000
5.000
12/01/2042
709,942
Board
of
Education
of
The
City
of
Chicago
UT
GO
Bonds
Dedicated
Revenues,
Series
2021A
(NR/BB+)
100,000
5.000
12/01/2039
102,797
Board
of
Education
of
The
City
of
Chicago
UT
GO
Bonds
Dedicated
Revenues,
Series
2022A
(NR/BB+)
175,000
5.000
12/01/2047
176,503
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
102,260
250,000
5.000
12/01/2044
251,190
Chicago
Illinois
Board
of
Education
Unlimited
Tax
GO
Refunding
Bonds
for
Dedicated
Revenues
Series
2009
E
(Ba1/BB+)
500,000
6.038
12/01/2029
501,389
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
103,222
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
103,917
Chicago
Illinois
Board
of
Education
Unlimited
Tax
GO
Refunding
Bonds
for
Dedicated
Revenues
Series
2019
B
(NR/BB+)
975,000
5.000
12/01/2025
987,595
City
of
Chicago
Board
of
Education
Dedicated
Capital
Improvement
Tax
Bonds
Series
2023
(NR/NR)
150,000
5.000
04/01/2045
159,379
City
of
Chicago
Board
of
Education
UT
GO
Bonds
Series
2021A
(NR/BB+)
210,000
5.000
12/01/2036
218,167
250,000
5.000
12/01/2038
257,499
City
of
Chicago
Board
of
Education
UT
GO
Bonds
Series
2022A
(NR/BB+)
500,000
4.000
12/01/2047
438,436
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Illinois
–
(continued)
City
of
Chicago
Board
of
Education
UT
GO
Series
2015E
Project
Bonds
(NR/BB+)
$
100,000
5.125%
12/01/2032
$
100,046
City
of
Chicago
GO
Bonds
Series
2021B
(NR/BBB+)
500,000
4.000
01/01/2038
489,109
City
of
Chicago
GO
Bonds
Series
2023A
(Baa3/BBB+)
200,000
5.500
01/01/2043
210,726
City
of
Chicago
Midway
Airport
RB
Refunding
for
Senior
Lien
Airport
Series
2023C
(AMT)
(NR/A)
250,000
5.000
01/01/2038
269,909
175,000
5.000
01/01/2039
187,437
City
of
Chicago
O'Hare
International
Airport
General
Airport
Senior
Lien
RB
Series
2022A
(NR/A+)
150,000
4.500
01/01/2048
149,809
City
of
Chicago
O'Hare
International
Airport
General
Airport
Senior
Lien
Revenue
Amt
Series
2016G
(AMT)
(NR/A+)
125,000
5.000
01/01/2042
126,041
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
99,585
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
100,621
Illinois
Finance
Authority
RB
for
Depaul
College
Prep
Foundation
Series
2023A
(NR/BB+)
125,000
5.500
(d)
08/01/2043
134,714
Illinois
Finance
Authority
RB
for
Dominican
University
Series
2022
(NR/BBB-)
165,000
5.000
03/01/2040
159,071
Illinois
Finance
Authority
RB
for
Northwestern
Memorial
Healthcare
Obligation
Group
Series
2017
A
(Aa2/AA+)
250,000
4.000
07/15/2047
236,565
Illinois
Finance
Authority
RB
for
Roosevelt
University
Series
2019
A
(NR/NR)
100,000
6.125
(d)
04/01/2049
99,421
Illinois
Finance
Authority
RB
for
University
of
Illinois
Series
2020
(NR/BBB+)
305,000
5.000
10/01/2033
319,703
Illinois
Finance
Authority
RB
Refunding
for
Plymouth
Place
Obligated
Group
Series
2021
A
(NR/NR)
25,000
5.000
05/15/2041
22,664
Illinois
Finance
Authority
RB
Series
2015A
(NR/NR)
1,060,000
5.000
05/15/2028
1,060,565
Illinois
Finance
Authority
RB
Series
2021
(NR/BB+)
250,000
4.000
(d)
10/01/2042
221,661
Illinois
Housing
Development
Authority
RB
2024
Series
C
(NON-AMT)
(GNMA/FNMA/FHLMC)
(Aaa/NR)
200,000
4.250
10/01/2039
202,734
150,000
4.700
10/01/2044
151,410
Illinois
State
GO
Bonds
Series
2017
D
(A3/A-)
600,000
5.000
11/01/2028
625,635
Illinois
State
GO
Bonds
Series
2019
C
(A3/A-)
1,000,000
4.000
11/01/2042
949,953
Illinois
State
GO
Bonds
Series
2020
(A3/A-)
50,000
5.500
05/01/2039
54,734
150,000
5.750
05/01/2045
162,915
Illinois
State
GO
Refunding
Bonds
Series
2018
B
(A3/A-)
375,000
5.000
10/01/2031
394,167
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Illinois
–
(continued)
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
$
138,969
Metropolitan
Pier
&
Exposition
Authority
RB
Refunding
for
McCormick
Place
Expansion
Project
Series
2017
B
(NR/A)
185,000
0.000
(e)
12/15/2054
38,441
Metropolitan
Pier
and
Exposition
Authority
Dedicated
State
Tax
RB
Series
2002A
(NATL)
(Baa2/A)
800,000
0.000
(e)
12/15/2034
522,870
Metropolitan
Pier
and
Exposition
Authority
McCormick
Place
Expansion
Project
Refunding
Bonds
Series
2022A
(NR/A)
30,000
4.000
06/15/2052
27,760
State
of
Illinois
GO
Bonds
Series
2016
(A3/A-)
1,000,000
4.000
06/01/2033
993,505
State
of
Illinois
GO
Bonds
Series
2017
D
(A3/A-)
30,000
3.250
11/01/2026
29,432
State
of
Illinois
GO
Bonds
Series
of
May
2024B
(A3/A-)
375,000
5.000
05/01/2040
410,676
335,000
5.000
05/01/2041
364,869
State
of
Illinois
GO
Unlimited
Bonds
Series
2017
A
(A3/A-)
300,000
4.250
12/01/2037
300,785
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
154,193
13,622,991
Indiana
-
0.8%
City
of
Valparaiso
Indiana
Exempt
Facilities
Refunding
RB
Pratt
Paper
LIC
Project
Series
2024
(NR/NR)
200,000
4.875
(d)
01/01/2044
206,684
Indiana
Finance
Authority
CHF
-
Tippecanoe,
LLC
-
Student
Housing
Project
Student
Housing
RB
Series
2023A
(NR/BBB-)
100,000
5.125
06/01/2058
102,788
Indiana
Finance
Authority
Environmental
Improvement
Revenue
Refunding
Bonds
Series
2021A
(B1/BB-)
400,000
4.125
12/01/2026
400,764
Indiana
Finance
Authority
Health
System
RR
Bonds
for
Sisters
of
St.
Francis
Health
Services
Inc.
Obligated
Group
Series
2008I
(Aa1/NR)
545,000
4.900
(a)(b)
11/01/2037
545,000
Indiana
Finance
Authority
RB
for
Goshen
Health
Obligated
Group
Series
2019
B
(NR/BBB+)
35,000
2.100
(a)(b)
11/01/2049
33,231
Indiana
Finance
Authority
RB
Refunding
for
BHI
Senior
Living
Obligated
Group
Series
2021
B
(NR/NR)
50,000
2.520
11/15/2026
46,263
50,000
2.920
11/15/2027
45,652
50,000
3.210
11/15/2028
45,123
50,000
3.260
11/15/2029
44,154
50,000
3.300
11/15/2030
43,104
Town
of
Upland
Economic
Development
RB
for
Taylor
University
Project
Series
2021
(NR/A-)
85,000
4.000
09/01/2033
84,974
1,597,737
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Iowa
-
0.8%
City
of
Coralville
GO
Annual
Appropriation
Refunding
Bonds
Series
2022C
(NR/NR)
$
575,000
5.000%
05/01/2042
$
549,891
Iowa
Finance
Authority
Midwestern
Disaster
Area
Revenue
Refunding
Bonds
Series
2022
(Baa3/BBB-)
300,000
4.000
(a)(b)
12/01/2050
314,408
Iowa
Finance
Authority
RB
for
Lifespace
Communities,
Inc.
Series
2018A
(NR/NR)
200,000
5.000
05/15/2048
184,786
Iowa
Finance
Authority
Single
Family
Mortgage
Bonds
2024
Series
C
(NON-AMT)
(GNMA/FNMA/FHLMC)
(Aaa/AAA)
250,000
4.500
07/01/2044
250,340
Iowa
Higher
Education
Loan
Authority
Private
College
Facility
RB
Series
2022
(Baa1/BBB+)
310,000
5.000
10/01/2034
328,613
1,628,038
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
47,490
Salina
Airport
Authority
GO
Bonds
2023B
(AGM-CR)
(Aa3/AA)
200,000
4.000
09/01/2036
200,894
248,384
Kentucky
-
0.6%
City
of
Henderson
Exempt
Facilities
RB
for
Pratt
Paper,
LLC
Project
Series
2022A
(NR/NR)
200,000
4.450
(d)
01/01/2042
199,037
County
of
Carroll
RB
Refunding
for
Kentucky
Utilities
Co.
Series
2006
B
(A1/A)
150,000
2.125
10/01/2034
115,654
County
of
Carroll
RB
Refunding
for
Kentucky
Utilities
Co.
Series
2008
A
(A1/A)
150,000
2.000
02/01/2032
120,894
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
71,091
Louisville
&
Jefferson
County
Metropolitan
Government
RB
Refunding
for
Louisville
Gas
&
Electric
Co.
Series
2003
A
(A1/A)
500,000
2.000
10/01/2033
397,657
Louisville
Jefferson
County
Metro
Government
Health
System
RB
for
Norton
Healthcare
Series
2023A
(NR/A)
215,000
5.000
10/01/2041
230,512
150,000
5.000
10/01/2042
159,801
1,294,646
Louisiana
-
0.8%
Lakeshore
Villages
Master
Community
Development
District
Special
Assessment
RB
Series
2022
(NR/NR)
170,000
4.450
06/01/2027
168,907
250,000
5.000
06/01/2032
251,592
Lakeshore
Villages
Master
Community
Development
District
Special
Assessment
Series
2021
(NR/NR)
695,000
2.875
06/01/2031
609,304
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
104,290
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Louisiana
–
(continued)
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
$
241,206
Louisiana
Public
Facilities
Authority
RB
for
Jefferson
Rise
Charter
School
Project
Series
2022A
(NR/NR)
100,000
6.000
(d)
06/01/2037
100,099
Louisiana
Public
Facilities
Authority
RB
Series
2021A
(NR/NR)
100,000
4.000
(d)
06/01/2041
81,887
Louisiana
Public
Facilities
Authority
RB
Series
2021C
(NR/NR)
100,000
4.000
(d)
06/01/2041
81,886
1,639,171
Maine
-
0.6%
Maine
Health
&
Higher
Educational
Facilities
Authority
RB
for
MaineHealth
Series
2020A
(A1/A+)
340,000
4.000
07/01/2050
326,891
Maine
Health
and
Higher
Education
Facilities
Authority
RB
Series
2021A
375,000
4.000
07/01/2037
379,023
325,000
4.000
07/01/2041
321,836
Maine
State
Housing
Authority
Mortgage
Purchase
Bonds
2024
Series
B
(Aa1/AA+)
200,000
4.650
11/15/2049
198,579
1,226,329
Maryland
-
1.0%
Baltimore
County
RB
for
Riderwood
Village
Facility
Series
2020
(NR/NR)
100,000
4.000
01/01/2039
98,596
City
of
Gaithersburg
Economic
Development
Project
RB
for
Asbury
Maryland
Obligated
Group
Series
2022
(NR/NR)
175,000
5.000
01/01/2037
178,113
City
of
Gaithersburg
Economic
Development
Project
RB
Series
2022
(NR/NR)
100,000
5.125
01/01/2042
100,786
Frederick
County
Urbana
Community
Development
Authority
Special
Tax
Refunding
Series
2020
B
(NR/NR)
85,000
4.000
07/01/2040
78,694
Maryland
Economic
Development
Corp.
RB
for
United
States
Social
Security
Administration
Series
2021
(Ba2/NR)
195,000
3.997
04/01/2034
154,528
Maryland
Economic
Development
Corp.
Senior
Student
Housing
RB
for
Morgan
State
University
Project
Series
2022A
(NR/BBB-)
250,000
5.625
07/01/2043
274,599
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
100,189
Maryland
Health
and
Higher
Educational
Facilities
Authority
RB
Monocacy
Montessori
Communities
Issue
Series
2023
(NR/NR)
100,000
5.875
(d)
07/01/2043
102,974
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
187,337
700,000
0.000
(e)
05/01/2052
177,534
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Maryland
–
(continued)
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
$
148,070
100,000
5.000
09/01/2035
97,550
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
100,196
Prince
George
County
Special
Obligation
Bonds
Series
2018
(NR/NR)
175,000
5.125
(d)
07/01/2039
176,273
1,975,439
Massachusetts
-
0.8%
Commonwealth
of
Massachusetts
GO
Bonds
Consolidated
Loan
of
2024
Series
A
(Aa1/AA+)
1,545,000
5.000
01/01/2049
1,675,239
a
a
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
1,309,680
City
of
Detroit
GO
Bonds
Series
2020
(Baa2/BBB)
205,000
5.500
04/01/2045
214,681
City
of
Detroit
GO
Bonds
Series
2021
A
(Baa2/BBB)
45,000
5.000
04/01/2030
47,457
105,000
5.000
04/01/2034
111,058
City
of
Detroit
GO
Bonds
Series
2021
B
(Baa2/BBB)
50,000
2.711
04/01/2026
47,449
City
of
Detroit,
County
of
Wayne,
UT
GO
Social
Bonds
Series
2021A
(Tax
Exempt)
(Baa2/BBB)
75,000
5.000
04/01/2035
79,292
City
of
Kalamazoo
Economic
Development
Corporation
Limited
obligation
RB
for
Revel
Creek
Project,
Series
2020A
(Baa2/BBB)
300,000
5.250
05/01/2027
310,224
Detroit
Financial
Recovery
Bonds
LT
Series
B-2
(NR/NR)
400,000
4.000
(a)
04/01/2044
314,638
Detroit
Michigan
Sewage
Disposal
System
RB
Refunding
Series
2006
D
(AGM)
(Aa3/AA)
(3M
USD
LIBOR
+
0.60%)
585,000
4.328
(c)
07/01/2032
558,502
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
84,195
Michigan
Finance
Authority
Tobacco
Settlement
Asset-Backed
Bonds
Series
2020A-2
(NR/BBB+)
225,000
5.000
06/01/2040
234,511
Michigan
Finance
Authority
Tobacco
Settlement
RB
Refunding
Series
2020
A-1
(NR/A-)
325,000
3.267
06/01/2039
301,138
Michigan
Finance
Authority
Tobacco
Settlement
RB
Refunding
Series
2020
B-2
Class
2
(NR/NR)
3,505,000
0.000
(e)
06/01/2065
374,649
Michigan
Strategic
Fund
Limited
Obligation
RB
for
I-75
Improvement
Project
Series
2018
(AMT)
(AGM)
(A1/AA)
500,000
4.250
12/31/2038
495,833
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
$
36,827
4,520,134
Minnesota
-
1.0%
City
of
Independence
RB
for
Global
Academy,
Inc.
Series
2021
A
(NR/BB)
75,000
4.000
07/01/2031
72,151
Duluth
Economic
Development
Authority
Health
Care
Facilities
RB
(St.
Luke's
Hospital
Of
Duluth
Obligated
Group)
Series
2022A
(NR/AA-)
400,000
4.000
06/15/2036
412,756
Duluth
Economic
Development
Authority
Health
Care
Facilities
RB
Refunding
for
St.
Luke's
Hospital
Series
2022
(NR/AA-)
390,000
4.000
06/15/2038
397,929
250,000
4.000
06/15/2039
253,407
Duluth
Economic
Development
Authority
Health
Care
Facilities
RB
St.
Luke's
Hospital
of
Duluth
Obligated
Group
Series
2022A
(NR/AA-)
425,000
4.000
06/15/2035
440,093
Duluth
Independent
School
District
No.709
COPS
Refunding
Series
2019
A
(Baa1/NR)
25,000
4.000
(h)
03/01/2032
25,403
Minnesota
Municipal
Gas
Agency
Commodity
Supply
RB
Series
2022
(Aa1/NR)
330,000
4.000
12/01/2026
332,466
1,934,205
Mississippi
-
0.2%
Mississippi
Business
Finance
Corp.
System
Energy
Resources
Inc.
RB
Series
2021
(Baa2/BBB)
200,000
2.375
06/01/2044
123,333
Mississippi
Development
Bank
Special
Obligation
Bonds
Series
2021
(NR/BB)
100,000
5.000
(d)
10/01/2033
101,228
200,000
4.000
(d)
10/01/2041
166,044
Warren
County
RB
Refunding
for
International
Paper
Company,
Series
2020
B
(AMT)
(Baa2/BBB)
(PUTABLE)
75,000
1.600
(a)(b)
08/01/2027
73,317
463,922
Missouri
-
0.5%
Cape
Girardeau
County
IDA
Health
Facilities
RB
for
Southeast
HEALTH
Obligated
Group
Series
2021
(A1/A+)
50,000
4.000
03/01/2041
48,553
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
100,540
Joplin
Industrial
Development
Authority
RB
for
32nd
Street
Place
Community
Improvement
District
Series
2021
(NR/NR)
85,000
3.500
11/01/2040
76,834
100,000
4.250
11/01/2050
83,284
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
22,837
25,000
4.000
08/01/2041
20,904
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Missouri
–
(continued)
State
of
Missouri
Environmental
Improvement
and
Energy
Resources
Authority
Environmental
Improvement
RB
Series
2008
(Baa1/A-)
(PUTABLE)
$
250,000
3.500%
(a)(b)
05/01/2038
$
247,572
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
275,316
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
98,804
974,644
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
35,268
Henderson
Local
Improvement
District
No.
T-18
Limited
Obligation
RB
Series
2016
(NR/NR)
100,000
4.000
09/01/2035
91,131
Tahoe-Douglas
Visitors
Authority
RB
Series
2020
(NR/NR)
100,000
5.000
07/01/2040
102,494
228,893
New
Hampshire
-
0.3%
National
Finance
Authority
Hospital
RB
Series
2021B
(AGM)
(A1/AA)
500,000
3.000
08/15/2046
400,998
New
Hampshire
Business
Finance
Authority
RB
Refunding
for
Springpoint
Senior
Living
Obligated
Group
Series
2021
(NR/NR)
225,000
4.000
01/01/2041
200,155
601,153
New
Jersey
-
2.4%
Atlantic
County
Improvement
GO
Lease
RB
for
Stockton
University
Atlantic
City
Campus
Project
Series
2021A
(AGM)
(A1/AA)
140,000
4.000
07/01/2053
130,285
New
Jersey
Economic
Development
Authority
Special
Facility
RB
for
Continental
Airlines
Project
Series
1999
(Ba3/BB-)
775,000
5.250
09/15/2029
775,736
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
325,918
New
Jersey
State
Transportation
Trust
Fund
Authority
Transportation
System
Bonds
Series
2006C
(AGM)
(A1/AA)
975,000
0.000
(e)
12/15/2034
659,179
New
Jersey
Transportation
Trust
Fund
Authority
RB
for
Transportation
System
Series
2009
A
(A2/A-)
2,450,000
0.000
(e)
12/15/2038
1,384,954
New
Jersey
Transportation
Trust
Fund
Authority
RB
Refunding
for
Transportation
System
Bonds
Series
2018
A
(A2/A-)
70,000
5.000
12/15/2032
74,019
New
Jersey
Transportation
Trust
Fund
Authority
RB
Series
2020
AA
(A2/A-)
75,000
3.000
06/15/2050
57,325
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
Jersey
–
(continued)
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
Program
RB
Series
2019
BB
(A2/A-)
$
400,000
3.500%
06/15/2046
$
345,699
New
Jersey
Turnpike
Authority
Turnpike
RB
Series
2017
G
(A1/AA-)
615,000
4.000
01/01/2043
607,433
New
Jersey
Turnpike
Authority
Turnpike
RB
Series
2022
B
(A1/AA-)
100,000
4.500
01/01/2048
102,478
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
102,565
South
Jersey
Transport
Corp.
Subordinated
Marine
Terminal
RB
Series
2017B
(A3/NR)
100,000
5.000
01/01/2048
101,988
Union
County
Improvement
Authority
RB
Aries
Linden
LLC
Project
Series
2019
(NR/NR)
200,000
6.750
(d)
12/01/2041
130,768
4,798,347
New
Mexico
-
1.0%
City
of
Farmington
New
Mexico
Pollution
Control
Revenue
Refunding
Bonds
Public
Service
Company
of
New
Mexico
San
Juan
Project
2010
Series
C
(NON-AMT)
(Baa2/BBB)
(PUTABLE)
660,000
3.875
(a)(b)
06/01/2040
663,859
City
of
Farmington
Pollution
Control
Refunding
RB
2005
Series
A
(A2/A-)
200,000
1.800
04/01/2029
177,419
City
of
Farmington,
New
Mexico
Pollution
Control
Revenue
Refunding
Bonds
Public
Service
Company
of
New
Mexico
San
Juan
Project
2010
Series
D
(Baa2/BBB)
(PUTABLE)
380,000
3.900
(a)(b)
06/01/2040
382,128
New
Mexico
Mortgage
Finance
Authority
Single
Family
Mortgage
Program
Class
I
Bonds
2024
Series
C
(NON-AMT)
(GNMA/FNMA/FHLMC)
(Aaa/NR)
250,000
4.700
09/01/2049
250,185
Winrock
Town
Center
Tax
Increment
Development
District
1
Senior
Lien
Gross
Receipts
Tax
Increment
Bonds
Series
2022
(NR/NR)
500,000
4.250
(d)
05/01/2040
465,086
1,938,677
New
York
-
5.7%
Allegany
County
Capital
Resource
Corp.
RB
Alfred
University
Project
Series
2024
(NR/BBB+)
70,000
5.250
04/01/2049
72,821
80,000
5.250
04/01/2054
82,669
Brooklyn
Arena
Local
Development
Corp.
Pilot
RB
Series
2009
(Ba1/NR)
200,000
0.000
(e)
07/15/2044
78,529
Brooklyn
Arena
Local
Development
Corp.
Pilot
Revenue
Refunding
Bonds
for
Barclays
Center
Series
2016A
(Ba1/NR)
100,000
5.000
07/15/2042
101,590
Build
NYC
Resource
Corp.
RB
for
Academic
Leadership
Charter
School
Project
Series
2021
(NR/BBB-)
100,000
4.000
06/15/2030
96,383
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
Build
NYC
Resource
Corp.
RB
for
Hellenic
Classical
Charter
Schools
Series
2021
A
(NR/NR)
$
100,000
5.000%
(d)
12/01/2041
$
95,625
Build
NYC
Resource
Corp.
RB
for
NEW
World
Preparatory
Charter
School
Series
2021
A
(NR/NR)
100,000
4.000
(d)
06/15/2041
87,612
Build
NYC
Resource
Corp.
RB
for
Shefa
School
Series
2021
B
(NR/NR)
100,000
4.000
(d)
06/15/2027
94,936
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
103,684
Build
NYC
Resource
Corp.
Tax
Exempt
RB
Series
2022A
(NR/NR)
100,000
6.500
(d)
07/01/2032
104,907
150,000
6.500
(d)
07/01/2042
154,136
100,000
6.500
(d)
07/01/2052
102,091
Build
NYC
Resource
Corp.
Taxable
RB
Taxable
Series
2022A
(NR/NR)
100,000
9.750
(d)
07/01/2032
97,917
Build
NYC
Resource
Corporation
RB
Classical
Charter
Schools
Project
Series
2023A
(NR/BBB-)
100,000
4.750
06/15/2053
97,130
Chautauqua
County
Capital
Resource
Corp.
Exempt
Facilities
Revenue
Refunding
Bonds
for
NRG
Energy
Project
Series
2020
(Baa3/BBB-)
(PUTABLE)
100,000
4.250
(a)(b)
04/01/2042
100,476
City
of
New
York
GO
Tax
Exempt
Bonds
2020
Series
D
(Aa2/AA)
290,000
4.000
03/01/2050
283,292
Dormitory
Authority
of
The
State
of
New
York
New
York
Institute
of
Technology
RB
Series
2024
(Baa2/BBB)
200,000
5.250
07/01/2049
214,836
250,000
5.250
07/01/2054
266,289
Erie
Tobacco
Asset
Securitization
Corp.
RB
Asset-Backed
Bonds
Series
2006
A
(NR/NR)
800,000
0.000
(d)(e)
06/01/2060
36,703
Genesee
County
Funding
Corp.
Tax
Exempt
RB
for
Rochester
Regional
Health
Project
Series
2022A
(NR/BBB+)
250,000
5.000
12/01/2041
258,323
Metropolitan
Transportation
Authority
RB
Green
Bond
Series
2020
C-1
(A3/A-)
225,000
4.750
11/15/2045
230,890
125,000
5.000
11/15/2050
130,193
75,000
5.250
11/15/2055
78,883
Metropolitan
Transportation
Authority
RB
Refunding
Series
2016
D
(A3/A-)
175,000
5.250
11/15/2031
181,314
Metropolitan
Transportation
Authority
RB
Refunding
Series
2017
D
(A3/A-)
250,000
5.000
11/15/2032
263,821
Metropolitan
Transportation
Authority
Transportation
Revenue
Green
Bonds
Series
2020D
(A3/A-)
100,000
5.000
11/15/2045
105,424
Nassau
County
Tobacco
Settlement
Corp.
RB
for
Asset
Backed
Bonds
Series
2006
D
(NR/NR)
2,255,000
0.000
(e)
06/01/2060
141,143
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
171,219
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
New
York
Counties
Tobacco
Trust
IV
RB
Series
2005
F
(NR/NR)
$
3,500,000
0.000%
(e)
06/01/2060
$
212,067
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
99,462
New
York
Liberty
Development
Corp.
RB
for
World
Trade
Center
Project
Series
2014
(NR/NR)
125,000
5.150
(d)
11/15/2034
125,379
225,000
5.375
(d)
11/15/2040
225,603
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
276,439
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
740,703
New
York
State
Dormitory
Authority
RB
for
Brooklyn
St.
Joseph's
College
Series
2021
(NR/NR)
225,000
4.000
07/01/2040
193,256
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
180,031
New
York
State
Dormitory
Authority
RB
Refunding
for
Montefiore
Obligated
Group
Series
2020
A
(Baa3/BBB-)
250,000
4.000
09/01/2037
242,574
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
245,145
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
135,442
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
75,121
New
York
Transportation
Development
Corp.
RB
for
Delta
Air
Lines,
Inc.
Series
2018
(Baa3/NR)
400,000
5.000
01/01/2027
411,272
190,000
5.000
01/01/2033
195,997
100,000
4.000
01/01/2036
100,022
New
York
Transportation
Development
Corp.
RB
for
Delta
Air
Lines,
Inc.
Series
2020
(Baa3/NR)
100,000
5.000
10/01/2040
104,041
795,000
4.375
10/01/2045
778,506
New
York
Transportation
Development
Corp.
RB
for
Empire
State
Thruway
Partners
LLC
Series
2021
(NR/NR)
25,000
2.500
10/31/2031
20,693
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
100,100
200,000
5.000
07/01/2046
199,989
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)
200,000
5.000
06/30/2049
207,303
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)
225,000
6.000
06/30/2054
247,102
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
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
$
282,556
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
243,942
15,000
5.375
08/01/2036
15,972
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
315,128
Oneida
County
Local
Development
Corp.
RB
Refunding
for
Utica
College
Project
Series
2019
(NR/NR)
135,000
3.000
07/01/2044
94,627
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
220,960
State
of
New
York
Dormitory
Authority
Northwell
Health
Obligated
Group
RB
Series
2022A
(A3/A-)
325,000
4.250
05/01/2052
325,182
385,000
5.000
05/01/2052
403,765
The
City
Of
New
York
General
Obligation
Bonds
Fiscal
2023
Series
A
Subseries
A-4
Adjustable
Rate
Bonds
(Aa2/AA/A-1+)
500,000
4.750
(a)(b)
09/01/2049
0
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
406,563
100,000
5.000
07/15/2056
103,431
11,361,209
North
Carolina
-
0.5%
Columbus
County
Industrial
Facilities
and
Pollution
Control
Financing
Authority
RB
Refunding
for
International
Paper
Co.
Series
2020
A
(Baa2/BBB)
(PUTABLE)
75,000
1.375
(a)(b)
05/01/2034
73,159
Greater
Asheville
Regional
Airport
Authority
Airport
System
RB
Series
2022A
(AMT)
(AGM)
(A1/AA)
100,000
5.500
07/01/2052
108,119
Greater
Asheville
Regional
Airport
Authority
Airport
System
RB
Series
2023
(AGM)
(A1/AA)
200,000
5.250
07/01/2053
212,412
North
Carolina
Department
of
Transportation
Tax
Exempt
Private
Activity
Bonds
Series
2015
(NR/NR)
200,000
5.000
12/31/2037
201,849
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
249,968
North
Carolina
Medical
Care
Commission
RB
for
Forest
at
Duke,
Inc.
Obligated
Group
Series
2021
(NR/NR)
50,000
4.000
09/01/2041
44,017
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
70,515
100,000
4.000
03/01/2051
80,450
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
North
Carolina
–
(continued)
North
Carolina
Medical
Care
Commission
RB
Refunding
for
EveryAge
Obligated
Group
Series
2021
A
(NR/NR)
$
50,000
4.000%
09/01/2041
$
43,548
1,084,037
North
Dakota
-
0.1%
City
of
Horace,
North
Dakota
Temporary
Refunding
Improvement
Bonds,
Series
2023B
(Baa3/NR)
300,000
5.125
07/01/2025
300,149
a
a
Ohio
-
3.6%
Buckeye
Tobacco
Settlement
Financing
Authority
RB
Refunding
for
Senior
Asset-Backed
Bonds
Series
2020
A-2
Class
1
(NR/NR)
950,000
5.000
06/01/2055
875,766
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
93,515
Cleveland
Airport
Special
RB
for
Continental
Airlines,
Inc.
Project
Series
1998
(Ba3/BB-)
280,000
5.375
09/15/2027
280,105
Columbus-Franklin
County
Finance
Authority
Lease
RB
for
The
Cornerstone
Academy
Community
School
Series
2023
(NR/NR)
125,000
7.000
(d)
07/01/2053
128,523
County
of
Cuyahoga
Health
Care
and
Independent
Living
Facilities
Refunding
RB
for
Eliza
Jennings
Senior
Health
Care
Network
Series
2022A
(NR/NR)
95,000
5.000
05/15/2032
94,750
310,000
5.375
05/15/2037
310,472
County
of
Franklin
Healthcare
Facilities
RB
for
Ohio
Living
Communities
Series
2023
(NR/NR)
200,000
5.000
07/01/2035
202,750
225,000
5.000
07/01/2036
227,274
County
of
Franklin
Ohio
Health
Care
Facilities
Refunding
RB
Series
2022
(NR/NR)
200,000
4.000
07/01/2040
169,680
County
of
Franklin
RB
Refunding
for
Wesley
Communities
Obligated
Group
Series
2020
(NR/NR)
100,000
5.250
11/15/2040
98,697
County
of
Franklin
RB
Series
OH
2019A
(Aa3/AA-)
500,000
4.000
12/01/2044
480,716
County
of
Lucas
Hospital
RB
for
Promedica
Healthcare
Obligated
Group
Series
2018A
(Ba2/BB)
600,000
5.250
11/15/2048
611,710
County
of
Summit
Green
Local
School
District
Improvement
Bonds
Series
2022A
(SD
CRED
PROG)
(NR/AA+)
500,000
5.000
11/01/2052
525,172
Cuyahoga
County
Ohio
Hospital
RB
for
Metrohealth
System
Series
2017
(Baa2/BBB)
625,000
5.250
02/15/2047
629,949
225,000
5.000
02/15/2052
225,476
100,000
5.000
02/15/2057
100,027
Evans
Farm
New
Community
Authority
Special
Assessment
Bonds
Series
2020
(NR/NR)
170,000
3.750
12/01/2038
140,941
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Ohio
–
(continued)
Ohio
Air
Quality
Development
Authority
Air
Quality
Development
Refunding
Bonds
for
Duke
Energy
Corp.
Project
Series
2022B
(Baa2/BBB)
(PUTABLE)
$
250,000
4.250%
(a)(b)
11/01/2039
$
251,308
Ohio
Air
Quality
Development
Authority
Collateralized
Air
Quality
Revenue
Refunding
Bonds
for
Dayton
Power
and
Light
Company
Project
2015
Series
A
(Baa1/BBB)
(PUTABLE)
750,000
4.250
(a)(b)
11/01/2040
752,696
Ohio
Air
Quality
Development
Authority
Pollution
Control
RB
Refunding
Series
2009-D
(NON-AMT)
(WR/BBB-)
100,000
3.375
(a)
08/01/2029
96,496
Ohio
Higher
Educational
Facility
Commission
RB
Refunding
for
Judson
Obligated
Group
Series
2020
A
(NR/NR)
100,000
5.000
12/01/2042
98,108
100,000
5.000
12/01/2045
96,305
Ohio
State
Higher
Education
Facilities
RB
Series
2020
(A3/NR)
100,000
5.000
01/15/2050
103,663
Ohio
State
Higher
Education
Facility
Commission
RB
Series
2020
(A3/NR)
100,000
5.000
01/15/2040
106,039
Port
of
Greater
Cincinnati
Development
Authority
Education
RB
Series
2021
(NR/NR)
100,000
4.375
(a)(b)
06/15/2056
98,446
Port
of
Greater
Cincinnati
Development
Authority
RB
Series
2021
(NR/NR)
100,000
4.250
(d)
12/01/2050
89,195
Port
of
Greater
Cincinnati
Development
Authority
Special
Obligation
Development
TIF
RB,
Series
2016B
(NR/NR)
200,000
5.000
12/01/2046
190,261
Toledo-Lucas
County
Port
Authority
Parking
System
RB
Series
2021
(Baa3/NR)
175,000
4.000
01/01/2038
172,965
7,251,005
Oklahoma
-
0.4%
Oklahoma
Development
Finance
Authority
Health
System
RB
for
OU
Medicine
Project
Series
2018
B
(Ba3/BB-)
35,000
5.000
08/15/2038
35,803
50,000
5.500
08/15/2057
51,299
Oklahoma
Development
Finance
Authority
Health
System
RB
for
OU
Medicine
Project
Series
2018B
(Ba3/BB-)
375,000
5.500
08/15/2052
385,670
The
Oklahoma
Development
Finance
Authority
Health
System
RB
for
Ou
Medicine
Project
Series
2018B
(Ba3/BB-)
250,000
5.250
08/15/2043
256,455
729,227
Oregon
-
0.0%
Yamhill
County
Hospital
Authority
Revenue
and
Refunding
Tax
Exempt
Bonds
Series
2021A
(NR/NR)
125,000
5.000
11/15/2051
100,478
a
a
Pennsylvania
-
2.0%
Allegheny
County
Higher
Education
Building
Authority
University
Revenue
Refunding
Bonds
Series
2022
(NR/BBB-)
90,000
5.250
09/01/2035
87,313
Allegheny
County
Industrial
Development
Authority
RB
Refunding
for
United
States
Steel
Corp.
Project
Series
2019
(B1/BB-)
75,000
5.125
05/01/2030
79,108
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Pennsylvania
–
(continued)
Allentown
Neighborhood
Improvement
Zone
Development
Authority
Tax
RB
for
City
Center
Project
Series
2024
(Ba3/NR)
$
250,000
5.000%
(d)
05/01/2042
$
252,901
Berks
County
Industrial
Development
Authority
RB
Refunding
for
Tower
Health
Obligated
Group
Series
2017
(NR/CC)
100,000
4.000
11/01/2047
63,000
Bucks
County
IDA
Hospital
RB
for
Grand
View
Hospital
Project
Series
2021
(NR/BB-)
275,000
4.000
07/01/2051
206,872
City
of
Wilkes-Barre
Finance
Authority
University
Revenue
Refunding
Bonds
Series
2021
(NR/BBB-)
100,000
4.000
03/01/2042
83,545
Dauphin
County
General
Authority
RB
for
The
Harrisburg
University
of
Science
&
Technology
Series
2020
(NR/BB-)
100,000
5.875
(d)
10/15/2040
82,084
200,000
6.250
(d)
10/15/2053
156,270
Doylestown
Hospital
Authority
Commonwealth
of
Pennsylvania
Doylestown
Hospital
RB
Series
2024
(NR/NR)
100,000
5.000
(d)
07/01/2031
102,691
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
90,682
Lancaster
County
Hospital
Authority
RB
Series
2020
(NR/NR)
250,000
5.000
03/01/2050
209,723
Latrobe
Industrial
Development
Authority
RB
Refunding
for
Seton
Hill
University
Series
2021
(NR/BBB-)
250,000
4.000
03/01/2038
226,869
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
147,090
Montgomery
County
IDA
Retirement
Communities
RB
for
Acts
Retirement
Life
Communities
Obligated
Group
Series
2020C
(NR/NR)
100,000
5.000
11/15/2045
102,682
Pennsylvania
Economic
Development
Financing
Authority
RB
Refunding
for
Presbyterian
Homes
Obligated
Group
Series
2021
(NR/NR)
55,000
4.000
07/01/2041
52,640
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
242,513
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
379,276
100,000
5.250
06/30/2053
103,740
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
258,026
Pennsylvania
Economic
Development
Financing
Authority
UPMC
RB,
Series
2020A
(A2/A)
100,000
4.000
04/15/2036
101,425
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
100,737
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Pennsylvania
–
(continued)
Philadelphia
Authority
for
Industrial
Development
Tacony
Charter
School
Project
Social
Bond
RB
Series
2023
(NR/BB+)
$
100,000
5.000%
(d)
06/15/2033
$
105,600
Susquehanna
Area
Regional
Airport
Authority
Airport
System
RB
Series
2017
(Baa3/NR)
420,000
5.000
01/01/2038
424,904
The
Berks
County
Municipal
Authority
RB
for
Alvernia
University
Project
Series
2020
(NR/BB+)
100,000
5.000
10/01/2049
89,576
The
Berks
County
Municipal
Authority
RB
for
Tower
Health
Obligated
Group
Series
2012
A
(NR/CC)
290,000
5.000
11/01/2040
182,700
Upper
Dauphin
IDA
RB
for
Pennsylvania
Steam
Academy
Charter
School
Project
Series
2022B
(NR/NR)
30,000
6.000
(d)
07/01/2029
29,238
3,961,205
Puerto
Rico
-
10.3%
GDB
Debt
Recovery
Authority
Bonds
(NR/NR)
250,000
7.500
08/20/2040
242,500
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)
500,000
5.000
(d)
07/01/2035
522,441
Puerto
Rico
Aqueduct
and
Sewer
Authority
Revenue
Refunding
Bonds
Series
2022A
(NR/NR)
250,000
5.000
(d)
07/01/2037
262,091
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Authority
RB
Refunding
for
Senior
Lien
Series
2020
A
(NR/NR)
500,000
5.000
(d)
07/01/2047
505,929
Puerto
Rico
Commonwealth
Aqueduct
and
Sewer
Authority
Revenue
Refunding
Bonds
Series
2021B
(NR/NR)
600,000
4.000
(d)
07/01/2042
561,849
Puerto
Rico
Commonwealth
GO
Bonds
(NR/NR)
652,160
0.000
(a)(g)(i)
11/01/2043
399,448
Puerto
Rico
Commonwealth
GO
Clawback
Bonds
(NR/NR)
412,786
0.000
(a)(g)(i)
11/01/2051
213,617
Puerto
Rico
Commonwealth
GO
Clawback
CVIs
(NR/NR)
578,877
0.000
(a)(g)(i)
11/01/2051
364,692
Puerto
Rico
Commonwealth
GO
Restructured
Bonds
Series
2022
A-1
(NR/NR)
23,891
0.000
(e)
07/01/2024
23,891
322,380
5.625
07/01/2029
345,757
755,281
5.750
07/01/2031
838,693
514,493
0.000
(e)
07/01/2033
343,300
322,248
4.000
07/01/2033
322,732
132,356
4.000
07/01/2035
129,929
223,596
4.000
07/01/2037
215,242
729,448
4.000
07/01/2041
679,851
435,624
4.000
07/01/2046
394,092
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
2012A
(NR/NR)
250,000
5.050
*
07/01/2042
125,312
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
2012A
(WR/NR)
200,000
5.000
*
07/01/2042
100,250
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
2013A
(NR/NR)
150,000
7.000
*
07/01/2040
75,188
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Puerto
Rico
–
(continued)
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
2013A
(WR/NR)
$
50,000
7.000%*
07/01/2033
$
25,062
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
AAA
(WR/NR)
100,000
5.250
*
07/01/2031
50,125
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
CCC
(NR/NR)
340,000
5.250
*
07/01/2027
170,425
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
CCC
(WR/NR)
250,000
5.250
*
07/01/2026
125,312
415,000
5.000
*
07/01/2028
208,019
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
TT
(WR/NR)
100,000
5.000
*
07/01/2032
50,125
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
XX
(WR/NR)
675,000
5.250
*
07/01/2040
338,344
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
ZZ
(WR/NR)
50,000
5.250
*
07/01/2026
25,063
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
ZZ
(NR/NR)
145,000
4.250
*
07/01/2020
72,681
Puerto
Rico
Electric
Power
Authority
RB
Series
TT
(WR/NR)
175,000
5.000
*
07/01/2037
87,719
Puerto
Rico
Sales
Tax
Financing
Corp
Sales
Tax
Revenue
Restructured
Bonds
Series
2019A-2B
(NR/NR)
575,000
4.550
07/01/2040
577,148
Puerto
Rico
Sales
Tax
Financing
Corp.
Sales
Tax
Revenue
Restructured
Bonds
Series
A-2
(NR/NR)
1,403,000
4.329
07/01/2040
1,384,190
Puerto
Rico
Sales
Tax
Financing
Corporation
Sales
Tax
Capital
Appreciation
Restructured
RB
Series
2018
A-1
(NR/NR)
127,000
0.000
(e)
07/01/2027
113,204
451,000
0.000
(e)
07/01/2031
342,344
599,000
0.000
(e)
07/01/2033
416,446
1,976,000
0.000
(e)
07/01/2046
635,451
909,000
0.000
(e)
07/01/2051
212,696
Puerto
Rico
Sales
Tax
Financing
Corporation
Sales
Tax
Capital
Appreciation
Restructured
RB
Series
2019
A-2
(NR/NR)
2,487,000
4.329
07/01/2040
2,453,657
19,000
4.536
07/01/2053
18,094
2,929,000
4.784
07/01/2058
2,882,565
Puerto
Rico
Sales
Tax
Financing
Corporation
Sales
Tax
Restructured
RB
Series
2018
A-1
(NR/NR)
1,208,000
4.500
07/01/2034
1,209,755
270,000
4.750
07/01/2053
266,068
2,210,000
5.000
07/01/2058
2,201,396
20,624,121
Rhode
Island
-
0.6%
Rhode
Island
Health
and
Educational
Building
Corporation
Hospital
Financing
RB
Lifespan
Obligated
Group
Issue
Series
2024
(NR/BBB+)
150,000
5.250
05/15/2049
159,887
500,000
5.250
05/15/2054
530,574
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Rhode
Island
–
(continued)
Rhode
Island
Housing
&
Mortgage
Finance
Corp.
Homeownership
Opportunity
Bonds
Series
78-A
(Aa1/AA+)
$
250,000
5.000%
10/01/2042
$
263,730
Rhode
Island
Housing
&
Mortgage
Finance
Corp.
Homeownership
Opportunity
Bonds
Series
82-A
(NON-AMT)
(GNMA
COLL)
(Aa1/AA+)
200,000
4.450
10/01/2044
200,272
1,154,463
South
Carolina
-
1.0%
Richland
County
at
Sandhill
Improvement
District
Refunding
Assessment
RB
Series
2021
(NR/NR)
100,000
3.625
(d)
11/01/2031
86,210
100,000
3.750
(d)
11/01/2036
80,806
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
97,647
South
Carolina
Jobs-Economic
Development
Authority
Health
Care
Facilities
RB
Novant
Health
Obligated
Group
Series
2024A
(A1/A+)
250,000
4.000
11/01/2042
246,683
250,000
5.250
11/01/2043
279,843
South
Carolina
Public
Service
Authority
Revenue
Obligations
2022
Tax
Exempt
Series
E
(A3/A-)
480,000
5.750
12/01/2047
535,084
Spartanburg
Regional
Health
Services
District
Obligated
Group
RB
Series
2020
A
(AGM)
(A1/AA)
795,000
3.000
04/15/2049
592,523
1,918,796
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
41,950
a
a
Texas
-
9.0%
Arlington
Higher
Education
Finance
Corp.
Education
RB
Basis
Texas
Charter
Schools,
Inc.
Series
2024
(Ba2/NR)
150,000
4.250
(d)(f)
06/15/2039
147,052
Arlington
Higher
Education
Finance
Corp.
Education
RB
Series
2022A
(NR/NR)
100,000
5.625
08/15/2052
94,798
Boerne
Independent
School
District
A
Political
Subdivision
of
The
State
of
Texas
Located
In
Kendall
Bexar
and
Comal
Counties
Texas
Fixed
and
Variable
Rate
Unlimited
Tax
School
Building
Bonds
Series
2024
(PSF-GTD)
(Aaa/NR)
175,000
4.000
(a)(b)
02/01/2054
179,214
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
269,643
157,000
4.500
(d)
09/15/2031
147,742
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
101,584
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
101,408
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
City
of
Aubrey
Special
Assessment
Revenue
Refunding
Bonds
Series
2024
$
250,000
5.000%
09/01/2045
$
266,926
City
of
Celina
Special
Assessment
Bonds
for
Wells
South
Public
Improvement
District
Series
2021
(NR/NR)
50,000
3.375
(d)
09/01/2041
40,656
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
44,802
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
96,943
City
of
Celina
Special
Assessment
RB
for
North
Sky
Public
Improvement
District
Project
Series
2023
(NR/NR)
440,000
4.375
09/01/2030
435,683
225,000
4.875
(d)
09/01/2030
223,411
City
of
Celina
Special
Assessment
RB
Series
2022
(NR/NR)
100,000
3.625
(d)
09/01/2032
88,506
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
100,797
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
547,831
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
350,043
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
297,206
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
89,051
City
of
Fate
Special
Assessment
RB
for
Monterra
Public
Improvement
District
Series
2021
(NR/NR)
100,000
3.375
(d)
08/15/2031
89,697
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
319,669
City
of
Fate
Special
Assessment
RB
for
Williamsburg
Public
Improvement
District
Series
2022
(NR/NR)
75,000
4.250
(d)
08/15/2042
67,988
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
99,677
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
95,995
City
of
Haslet
Special
Assessment
RB
for
Haslet
Public
Improvement
District
Series
2021
(NR/NR)
100,000
2.625
(d)
09/01/2026
93,931
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
205,057
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
City
of
Hutto
Emory
Crossing
Public
Improvement
District
Special
Assessment
Bond
Series
2021
(NR/NR)
$
519,000
3.625%
(d)
09/01/2041
$
436,226
City
of
Hutto
Special
Assessment
RB
for
Cottonwood
Creek
Public
Improvement
Series
2021
(NR/NR)
100,000
3.500
(d)
09/01/2041
82,274
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
86,201
City
of
Kyle
Special
Assessment
RB
for
6
Creeks
Public
Improvement
Project
Series
2021
(NR/NR)
100,000
3.375
(d)
09/01/2031
92,472
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
180,830
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
186,869
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
176,175
City
of
Lavon
Heritage
Public
Improvement
District
No.
1
Special
Assessment
Refunding
Series
2021
(BAM)
(NR/AA)
500,000
2.500
09/15/2039
370,346
City
of
Manor
Texas
A
Municipal
Corp.
of
The
State
of
Texas
Located
In
Travis
County
Special
Assessment
RB
Series
2024
(NR/NR)
100,000
5.375
(d)
09/15/2044
100,151
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
398,272
City
of
McLendon-Chisholm
Special
Assessment
Refunding
Bonds
Sonoma
Public
Improvement
District
Series
2020
(BAM)
(NR/AA)
50,000
2.500
09/15/2035
40,464
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
99,003
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
122,223
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
74,452
City
of
Midlothian
Special
Assessment
for
Redden
Farms
Public
Improvement
District
Series
2021
(NR/NR)
100,000
3.875
(d)
09/15/2041
83,712
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
97,613
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
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
$
151,358
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
51,133
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
228,584
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
100,373
100,000
5.500
(d)
09/15/2042
100,202
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
100,202
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
349,764
410,000
5.625
(d)
09/15/2032
416,094
City
of
Plano
Collin
Creek
East
Public
Improvement
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
125,000
4.375
(d)
09/15/2051
101,968
City
of
Plano
Collin
Creek
West
Public
Improvement
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
125,000
4.000
(d)
09/15/2051
101,446
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
46,544
City
of
Princeton
Special
Assessment
RB
for
Brookside
Public
Improvement
District
Series
2019
(NR/NR)
100,000
4.875
09/01/2039
98,075
City
of
Princeton
Special
Assessment
RB
for
Brookside
Public
Improvement
District
Series
2021
(NR/NR)
25,000
3.375
(d)
09/01/2041
19,849
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
73,516
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
101,858
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
103,527
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
98,812
City
of
Princeton
Special
Assessment
RB
for
Winchester
Public
Improvement
District
Series
2020
(NR/NR)
100,000
3.750
(d)
09/01/2040
83,530
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
City
of
Princeton
Special
Assessment
RB
for
Winchester
Public
Improvement
District
Series
2021
(NR/NR)
$
50,000
3.250%
(d)
09/01/2041
$
38,017
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
322,912
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
48,849
50,000
3.375
(d)
09/15/2030
45,812
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
103,265
City
of
Sachse
Special
Assessment
for
Public
Improvement
District
No.
1
Series
2020
(NR/NR)
100,000
3.250
(d)
09/15/2030
89,824
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
282,179
City
of
Uhland
Special
Assessment
RB
for
Watermill
Public
Improvement
District
Series
2022
(NR/NR)
250,000
6.625
(d)
09/01/2052
262,841
City
of
Venus
Special
Assessment
RB
for
Patriot
Estates
Public
Improvement
Project
Series
2021
(NR/NR)
121,000
2.625
(d)
09/15/2026
113,643
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
304,436
Club
Municipal
Management
District
Special
Assessment
RB
Series
2021
(NR/NR)
50,000
3.250
(d)
09/01/2041
39,132
Conroe
Local
Government
Corp.
Conroe
Convention
Center
Hotel
Series
2021
A
(NR/B)
25,000
2.500
10/01/2031
21,056
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
91,678
Edinburg
Economic
Development
Corp.
Sales
Tax
RB
Series
2019
(NR/NR)
100,000
5.000
(d)
08/15/2044
91,712
Edinburg
Economic
Development
Corp.
Sales
Tax
RB
Series
2021
A
(NR/NR)
75,000
3.125
08/15/2036
58,488
70,000
3.250
08/15/2041
50,857
Harris
County
Industrial
Development
Corporation
Marine
Terminal
Refunding
RB
Energy
Transfer
LP
Project
Series
2023
(Baa2/BBB)
500,000
4.050
(a)(b)
11/01/2050
505,574
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
282,447
Houston
Airport
System
RB
Refunding
for
United
Airlines,
Inc.
Series
2020
B-2
(NR/NR)
250,000
5.000
07/15/2027
254,623
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)
$
320,000
2.250%
09/01/2030
$
269,983
Matagorda
County
Navigation
District
Number
One
Pollution
Control
Revenue
Refunding
Bonds
for
Central
Power
and
Light
Company
Project
Series
1996
(Baa2/BBB+)
135,000
4.250
05/01/2030
133,849
Mission
Economic
Development
Corp.
Senior
Lien
RB
for
Natgasoline
Project
Series
2018
(NR/BB-)
100,000
4.625
(d)
10/01/2031
99,162
Mitchell
County
Hospital
District
GO
Bonds
Series
2020
(NR/NR)
80,000
5.250
02/15/2030
78,540
New
Hope
Cultural
Education
Facilities
Finance
Corp
Revenue
&
Refunding
Bonds
Series
2021
(Ba2/BB+)
75,000
4.000
(d)
08/15/2036
71,580
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
210,209
North
Parkway
Municipal
Management
Contract
RB
for
Legacy
Hills
Public
Improvement
Project
Series
2021
(NR/NR)
150,000
3.000
(d)
09/15/2026
143,906
300,000
3.625
(d)
09/15/2031
274,680
North
Texas
tollway
Authority
RB
for
First
Tier
Series
2008
D
(AGC)
(Aa3/AA)
200,000
0.000
(e)
01/01/2037
125,690
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
96,268
150,000
2.500
(d)
01/01/2030
134,343
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
121,141
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
432,734
Port
of
Beaumont
Navigation
District
of
Jefferson
County
Texas
Dock
and
Wharf
Facility
RB
Series
2024A
(NR/NR)
100,000
5.000
(d)
01/01/2039
101,184
Port
of
Beaumont
Navigation
District
of
Jefferson
County
Texas
Facility
RB
Series
2024B
(NR/NR)
200,000
10.000
(d)
07/01/2026
200,338
South
Manvel
Development
Authority
Tax
Increment
Contract
RB
Series
2023
(NR/NR)
50,000
4.500
04/01/2030
49,175
75,000
5.000
04/01/2038
74,949
Tarrant
County
Hospital
District
LT
Bonds
Series
2023
(Aa1/NR)
125,000
4.250
08/15/2053
122,985
Texas
Municipal
Gas
Acquisition
and
Supply
Corp.
II
RB
for
LIBOR
Index
Rate
Series
2012
C
(A1/A-)
(3M
USD
LIBOR
+
0.86%)
1,500,000
4.391
(c)
09/15/2027
1,499,273
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
203,981
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
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
$
465,603
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
195,000
Town
of
Little
Elm
Special
Assessment
RB
for
Valencia
Public
Improvement
Project
Series
2021
(NR/NR)
281,000
2.875
(d)
09/01/2031
238,612
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
87,122
Viridian
Municipal
Management
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
50,000
2.875
12/01/2030
43,250
18,030,330
Utah
-
1.0%
Black
Desert
Public
Infrastructure
District
GO
Bonds
Series
2021
A
(NR/NR)
500,000
3.500
(d)
03/01/2036
450,560
Black
Desert
Public
Infrastructure
District
In
Ivins
City
Washington
County
Utah
Special
Assessment
Bonds
Series
2024
(NR/NR)
100,000
5.625
(d)
12/01/2053
102,750
Salt
Lake
City
International
Airport
RB
Series
2021A
(A2/A+)
1,000,000
5.000
07/01/2046
1,040,962
Utah
Charter
School
Finance
Authority
Charter
School
RB
Series
2022A
(NR/BB+)
250,000
5.750
(d)
06/15/2052
253,890
Utah
Charter
School
Finance
Authority
Charter
School
Revenue
Refunding
Bonds
Series
2022A
(NR/BB)
100,000
4.000
(d)
07/15/2037
87,431
1,935,593
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
152,048
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
177,464
329,512
Virgin
Islands
-
0.0%
Matching
Fund
Special
Purpose
Securitization
Corp.
Matching
Fund
Securitization
Bonds
Series
2022A
(NR/NR)
50,000
5.000
10/01/2039
51,634
a
a
Virginia
-
0.5%
City
of
Virginia
Beach
Development
Authority
Residential
Care
Facility
RB
125,000
7.000
09/01/2053
142,969
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
121,695
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Virginia
–
(continued)
Tobacco
Settlement
Financing
Corp.
RB
for
Capital
Appreciation
Subseries
2007
C
(NR/CCC-)
$
300,000
0.000%
(e)
06/01/2047
$
83,303
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
207,919
Virginia
Housing
Development
Authority
RB
Series
2019
E
(Aa1/AA+)
250,000
3.100
12/01/2045
196,924
Virginia
Small
Business
Financing
Authority
Senior
Lien
Revenue
Refunding
Bonds
Series
2022
(Baa1/NR)
125,000
5.000
12/31/2052
128,482
Virginia
Small
Business
Financing
Authority
Tax
Exempt
Senior
Lien
Private
Activity
RB
Series
2017
(Baa3/NR)
50,000
5.000
12/31/2052
50,554
931,846
Washington
-
0.3%
Port
of
Seattle
Intermediate
Lien
RB
Series
2017C
(A1/AA-)
215,000
5.000
05/01/2042
218,305
Port
of
Seattle
Intermediate
Lien
RB
Series
2019
(A1/AA-)
225,000
5.000
04/01/2039
234,092
Washington
State
Housing
Finance
Commission
Nonprofit
RB
Refunding
Series
2023
(NR/BBB)
100,000
5.625
(d)
07/01/2038
109,963
562,360
West
Virginia
-
0.5%
Monongalia
County
Commission
Excise
Tax
District
RB
Refunding
Series
2021
A
(NR/NR)
95,000
4.125
(d)
06/01/2043
84,150
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
133,505
West
Virginia
Economic
Development
Authority
RB
for
Arch
Resources,
Inc.
Series
2021
(AMT)
(B2/BB)
100,000
4.125
(a)(b)
07/01/2045
99,821
West
Virginia
Economic
Development
Authority
RB
Refunding
for
Appalachian
Power
Company
Series
2015A
(Baa1/BBB+)
(PUTABLE)
380,000
3.375
(a)(b)
03/01/2040
373,533
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
158,767
West
Virginia
Hospital
Finance
Authority
Hospital
Refunding
and
Improvement
RB
Vandalia
Health
Group
Series
2023B
(AGM)
(A1/AA)
150,000
5.500
09/01/2048
165,196
1,014,972
Wisconsin
-
1.9%
Public
Finance
Authority
Charter
School
RB
for
Coral
Academy
of
Science
Reno
Series
2022A
(NR/NR)
100,000
5.875
(d)
06/01/2052
101,414
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Wisconsin
–
(continued)
Public
Finance
Authority
Charter
School
RB
for
Founders
Academy
of
Las
Vegas
Series
2023A
(NR/BB-)
$
25,000
6.375%
(d)
07/01/2043
$
26,124
Public
Finance
Authority
Charter
School
RB
Series
2021A
(Ba2/NR)
510,000
5.000
(d)
06/15/2041
474,651
Public
Finance
Authority
Charter
School
Revenue
and
Refunding
Bonds
North
East
Carolina
Preparatory
School
Project
Series
2024A
(Baa3/NR)
100,000
5.000
06/15/2044
100,913
Public
Finance
Authority
Education
RB
for
Clove
Garden
School
Series
2022
(NR/NR)
360,000
5.000
(d)
06/15/2032
361,373
Public
Finance
Authority
Education
RB
Series
2022
(NR/NR)
200,000
5.000
(d)
01/01/2042
183,380
Public
Finance
Authority
Exempt
Facilities
RB
Refunding
for
Celanese
Project
Series
2016
C
(Baa3/BBB-)
190,000
4.300
11/01/2030
188,846
Public
Finance
Authority
RB
for
Charter
Day
School
Obligated
Group
Series
2020
A
(Ba2/NR)
50,000
5.000
(d)
12/01/2045
47,538
Public
Finance
Authority
RB
for
High
Desert
Montessori
Charter
School
Series
2021
A
(NR/NR)
100,000
5.000
(d)
06/01/2061
78,409
Public
Finance
Authority
RB
for
Masonic
&
Eastern
Star
Home
of
NC,
Inc.
Obligated
Group
Series
2020
A
(NR/NR)
75,000
4.000
(d)
03/01/2030
72,847
Public
Finance
Authority
RB
for
Noorda
College
of
Osteopathic
Medicine
LLC
Series
2021
A
(Ba2/NR)
250,000
5.625
(d)
06/01/2050
229,350
Public
Finance
Authority
RB
for
Noorda
College
of
Osteopathic
Medicine
LLC
Series
2021
B
(Ba2/NR)
290,000
6.500
(d)
06/01/2045
250,789
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
88,976
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
120,440
Public
Finance
Authority
RB
Refunding
for
UMA
Education,
Inc.
Project
Series
2019
B
(NR/BB+)
25,000
6.125
(d)
10/01/2049
21,771
Public
Finance
Authority
Student
Housing
RB
Series
2021A-1
(Ba1/NR)
50,000
4.000
(d)
07/01/2041
45,387
150,000
4.000
(d)
07/01/2051
127,513
Public
Finance
Authority,
Wisconsin
Special
Revenue
Bonds
Signorelli
Projects
Municipal
Utility
Districts
Montgomery
and
Waller
Counties,
Texas
Series
2024
(NR/NR)
150,000
5.375
(d)(f)
12/15/2032
0
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)
$
40,000
3.000%
12/01/2031
$
34,502
75,000
4.000
12/01/2041
60,108
Wisconsin
Health
and
Educational
Facilities
Authority
RB
for
Forensic
Science
and
Protective
Medicine
Collaboration,
Inc.
Project
Series
2024
(Baa2/NR)
370,000
5.000
(d)
08/01/2027
376,779
Wisconsin
Health
and
Educational
Facilities
Authority
RB
Series
2018C
(Aa3/AA)
(SIFMA
Municipal
Swap
Index
Yield
+
0.18%)
175,000
4.060
(b)(c)
08/15/2054
172,965
Wisconsin
Health
and
Educational
Facilities
Authority
RB
Series
2024A
(BAM)
(NR/AA)
250,000
4.500
(f)
02/15/2054
247,716
Wisconsin
Public
Finance
Authority
Hotel
RB
for
Grand
Hyatt
San
Antonion
Hotel
Acquisition
Project
Senior
Lien
Series
2022A
(NR/BBB-)
300,000
5.000
02/01/2042
311,816
3,723,607
TOTAL
MUNICIPAL
BONDS
(Cost
$201,244,317)
195,739,359
a
Corporate
Bonds
-
0.7%
Healthcare-Services
-
0.1%
Toledo
Hospital
RB
Series
2022
B
75,000
5.325%
11/15/28
71,625
Tower
Health
Series
50,000
4.451
02/01/50
23,687
95,312
Real
Estate
-
0.6%
Benloch
Ranch
Improvement
Association
No.
1
Series
2020
48,991
9.750
(d)(j)
12/01/39
44,483
Benloch
Ranch
Improvement
Association
No.
1
Series
2021
48,991
9.750
(d)(j)
12/01/39
44,483
Benloch
Ranch
Improvement
Association
No.
2
700,000
10.000
(d)(j)
12/01/51
570,276
Brixton
Park
Improvement
Association
No.
1
Series
782,571
6.875
(d)(j)
12/01/51
630,823
1,290,065
TOTAL
CORPORATE
BONDS
(Cost
$1,642,492)
1,385,377
TOTAL
INVESTMENTS
-
98.3%
(Cost
$202,886,809)
$
197,124,736
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
-
1.7%
3,363,422
NET
ASSETS
-
100.0%
$
200,488,158
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
**End
swaps
header**
*
Security
is
currently
in
default
and/or
non-income
producing.
(a)
Variable
Rate
Demand
Instruments
–
rate
shown
is
that
which
is
in
effect
on
June
30,
2024.
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
June
30,
2024.
(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
June
30,
2024.
(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)
Zero
coupon
bond
until
next
reset
date.
(h)
Pre-refunded
security.
Maturity
date
disclosed
is
pre-refunding
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.
(j)
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.
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
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
NATL
-
National
Public
Finance
Guarantee
Corp.
NR
-
Not
Rated
PSF-GTD
-
Guaranteed
by
Permanent
School
Fund
RB
-
Revenue
Bond
RR
-
Revenue
Refunding
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
FUTURES
CONTRACTS
—
At
June
30,
2024,
the
Portfolio
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Short
position
contracts:
U.S.
Treasury
Ultra
Bond
(67)
09/19/24
$
(8,343,594)
$
(47,180)
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
-
99.0%
Alabama
-
2.1%
Alabama
Federal
Aid
Highway
Finance
Authority
Special
Obligation
RB
Series
2016A
(WR/NR)
$
10,000,000
5.000%
(a)
09/01/2026
$
10,350,845
Black
Belt
Energy
Gas
District
Gas
Prepay
RB
2019
Series
A
(A1/NR)
24,725,000
4.000
(b)(c)
12/01/2049
24,738,421
Black
Belt
Energy
Gas
District
Gas
Supply
RB
Series
2022
(Aa1/NR)
15,000,000
4.000
(b)(c)
07/01/2052
15,089,821
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
430,204
550,000
5.000
08/01/2027
571,745
485,000
5.000
08/01/2028
510,740
485,000
5.000
08/01/2029
516,718
425,000
5.000
08/01/2030
458,296
Health
Care
Authority
for
Baptist
Health
Series
2023
(A3/BBB+)
690,000
5.000
11/15/2024
692,355
675,000
5.000
11/15/2025
685,256
1,405,000
5.000
11/15/2026
1,443,282
1,480,000
5.000
11/15/2027
1,539,186
2,675,000
5.000
11/15/2028
2,809,952
1,335,000
5.000
11/15/2029
1,414,895
Houston
County
Health
Care
Authority
RB
for
Southeast
Alabama
Medical
Center
Series
2016
A
(NR/BBB+)
1,000,000
5.000
10/01/2024
1,001,108
Houston
County
Healthcare
Authority
Hospital
RB
for
Southeast
Alabama
Medical
Center
Series
2016-A
(NR/BBB+)
2,000,000
5.000
10/01/2030
2,019,860
Independent
Development
Board
City
of
Prattville
International
Paper
Company
Project
Environmental
Improvement
Revenue
Refunding
Bonds
Series
2019B
(Baa2/BBB)
(PUTABLE)
225,000
2.000
(b)(c)
11/01/2033
223,369
Industrial
Development
Board
City
of
Prattville
International
Paper
Company
Project
Recovery
Zone
Facility
Revenue
Refunding
Bonds
Series
2019C
(Baa2/BBB)
(PUTABLE)
675,000
2.000
(b)(c)
11/01/2033
670,108
Industrial
Development
Board
City
of
Selma
Gulf
Opportunity
Zone
Revenue
Refunding
Bonds
Series
2020A
(NON-AMT)
(Baa2/BBB)
(PUTABLE)
6,500,000
1.375
(b)(c)
05/01/2034
6,340,504
Industrial
Development
Board
City
of
Selma
International
Paper
Company
Project
Gulf
Opportunity
Zone
Revenue
Refunding
Bonds
Series
2019A
(Baa2/BBB)
(PUTABLE)
1,875,000
2.000
(b)(c)
11/01/2033
1,861,411
Industrial
Development
Board
of
the
City
of
Mobile
Alabama
RB
for
Alabama
Power
Co.
Series
2007
A
(A1/A)
(PUTABLE)
3,335,000
1.000
(b)(c)
06/01/2034
3,236,380
Jacksonville
State
University
RB
Refunding
Series
2020
(A3/BBB)
275,000
4.000
12/01/2024
274,988
Jefferson
County
Sewer
Revenue
Warrants
Series
2024
(Baa1/BBB+)
500,000
5.000
10/01/2024
501,261
1,000,000
5.000
10/01/2025
1,016,106
1,250,000
5.000
10/01/2026
1,287,515
1,000,000
5.000
10/01/2027
1,044,707
1,000,000
5.000
10/01/2028
1,058,905
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Alabama
–
(continued)
Southeast
Energy
Authority
Commodity
Supply
RB
for
Project
No.
6
Series
2023B
(Aa1/NR)
$
8,590,000
5.000%
(b)(c)
01/01/2054
$
9,068,355
The
Black
Belt
Energy
Gas
District
Gas
Supply
RB,
Series
2023B
(Aa1/NR)
3,220,000
5.250
(b)(c)
12/01/2053
3,481,304
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
6,194,609
The
Industrial
Development
Board
of
the
City
of
Mobile
Pollution
Control
RB
for
Alabama
Power
Company
Barry
Plant
Project
Series
2007-C
(A1/A)
(PUTABLE)
2,530,000
3.780
(b)(c)
06/01/2034
2,532,697
103,064,903
Alaska
-
0.3%
Alaska
Municipal
Bond
Bank
GO
Refunding
Bonds
2016
Series
4
(AMT)
(NR/AA-)
1,755,000
5.000
12/01/2030
1,795,591
1,960,000
5.000
12/01/2032
2,002,612
North
Slope
Borough
General
Purpose
GO
Bonds
Series
2023A
(NR/AA)
800,000
5.000
06/30/2026
826,244
2,000,000
5.000
06/30/2027
2,105,903
North
Slope
Borough
GO
Bonds
Series
2022A
(NR/AA)
4,700,000
5.000
06/30/2027
4,948,870
State
of
Alaska
International
Airports
System
Private
Activity
Revenue
Refunding
Bonds
Series
2021C
(AMT)
(Aa3/NR)
1,975,000
5.000
10/01/2025
2,006,516
13,685,736
Arizona
-
4.0%
Arizona
Board
of
Regents
Acting
on
Behalf
and
For
the
Use
and
Benefit
of
Northern
Arizona
University
Refunding
Certificates
of
Participation
Northern
Arizona
University
Projects
Series
2024
(AGM)
(A1/AA)
1,400,000
5.000
09/01/2026
1,448,498
825,000
5.000
09/01/2027
868,685
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
4.520
(c)(d)
01/01/2037
81,068,736
Arizona
IDA
Multifamily
Housing
RB
for
Unity
At
West
Glendale
Project
Series
2024
(Aaa/NR)
680,000
5.000
(b)(c)
03/01/2045
691,867
Arizona
Industrial
Development
Authority
RB
for
Great
Lakes
Senior
Living
Communities
LLC
Project
Second
Tier
Series
2019
B
(NR/NR)
560,000
5.000
*
01/01/2024
504,000
Arizona
Transportation
Board
Highway
Revenue
and
Revenue
Refunding
Bonds
Series
2023
(Aa1/AA+)
4,000,000
5.000
07/01/2025
4,069,360
2,370,000
5.000
07/01/2026
2,457,171
3,800,000
5.000
07/01/2027
4,007,576
City
of
Chandler
IDA
Industrial
Development
RB
for
Intel
Corp.
Project
Series
2022
(A3/A-)
10,100,000
5.000
(b)(c)
09/01/2042
10,367,158
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(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
(A3/A-)
$
41,135,000
5.000%
(b)(c)
09/01/2052
$
42,227,599
City
of
Phoenix
Civic
Improvement
Corp.
Junior
Lien
Airport
RB
Series
2019B
(Aa3/A+)
1,215,000
5.000
07/01/2025
1,231,728
Coconino
County
Pollution
Control
Refunding
RB
for
Nevada
Power
Company
Projects
Pollution
Control
Corp.
Series
2017A
(A2/A)
(PUTABLE)
1,775,000
4.125
(b)(c)
09/01/2032
1,762,988
County
of
Pinal
IDA
Correctional
Facility
Contract
Refunding
Bonds
Series
2020A
(NR/BBB)
3,900,000
2.000
10/01/2024
3,873,411
1,540,000
2.000
10/01/2025
1,492,423
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
10,493,032
Maricopa
County
Arizona
Pollution
Control
Corp.
Pollution
Control
Revenue
Refunding
Bonds
Public
Service
Company
of
New
Mexico
Palo
Verde
Project
2003
Series
A
(NON-AMT)
(Baa2/BBB)
(PUTABLE)
1,700,000
3.875
(b)(c)
01/01/2038
1,709,939
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
135,000
Maricopa
County
Pollution
Control
Corp.
RB
Refunding
for
Public
Service
Co.
of
New
Mexico
Series
2010
A
(Baa2/BBB)
(PUTABLE)
3,750,000
0.875
(b)(c)
06/01/2043
3,463,127
Maricopa
County
Pollution
Control
Corp.
RB
Refunding
for
Public
Service
Co.
of
New
Mexico
Series
2010
B
(Baa2/BBB)
(PUTABLE)
1,790,000
0.875
(b)(c)
06/01/2043
1,653,066
Osborn
Elementary
School
District
No.
8
of
Maricopa
County
Arizona
School
Improvement
Bonds
Project
of
2023
Series
A
(2024)
(BAM)
(NR/AA)
1,000,000
5.000
07/01/2026
1,030,306
Pima
County
Sewer
System
Revenue
Refunding
Obligations
Series
2022
(NR/AA)
1,500,000
5.000
07/01/2025
1,526,010
1,905,000
5.000
07/01/2026
1,972,069
2,000,000
5.000
07/01/2027
2,105,998
Salt
River
Agricultural
Improvement
and
Power
District
Project
Electric
System
RB
2015
Series
A
(Aa1/AA+)
6,625,000
5.000
12/01/2045
6,726,176
The
Industrial
Development
Authority
of
The
County
of
Maricopa
RB
Banner
Health,
Series
2023A
(NR/AA-)
3,410,000
5.000
(b)(c)
01/01/2053
3,493,126
Tucson
Unified
School
District
No.
1
of
Pima
County
Arizona
School
Improvement
Bonds
Project
of
2023
Series
A
(2024)
(AGM)
(Aa3/AA)
415,000
5.000
07/01/2026
428,796
190,807,845
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
400,231
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Arkansas
–
(continued)
Conway
Health
Facilities
Board
RB
Refunding
for
Conway
Regional
Medical
Center,
Inc.
Series
2019
(NR/BBB+)
–
(continued)
$
550,000
5.000%
08/01/2026
$
561,726
961,957
California
-
7.1%
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
499,655
370,000
4.000
09/01/2026
369,758
415,000
4.000
09/01/2027
414,390
410,000
4.000
09/01/2028
408,346
345,000
4.000
09/01/2029
342,942
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
4.330
(c)(d)
04/01/2056
6,964,297
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
5.130
(c)(d)
04/01/2036
15,113,271
Beaumont
Community
Facilities
District
No.
2016-2
Special
Tax
Series
2019
(NR/NR)
230,000
4.000
09/01/2026
230,560
235,000
4.000
09/01/2027
235,695
255,000
4.000
09/01/2029
255,452
California
Community
Choice
Financing
Authority
Clean
Energy
Project
RB
Fixed
Rate
Green
Bonds
Series
2023E-1
(A1/NR)
6,140,000
5.000
(b)(c)
02/01/2054
6,507,358
California
Community
Choice
Financing
Authority
Clean
Energy
Project
RB
Green
Bonds
Series
2024A
(A1/NR)
27,500,000
5.000
(b)(c)
05/01/2054
29,371,180
California
Community
Choice
Financing
Authority
Clean
Energy
Project
RB
Series
2022A
(A1/NR)
13,010,000
4.000
(b)(c)
05/01/2053
13,092,503
California
Health
Facilities
Financing
Authority
RB
Adventist
Health
System
West
Series
2024A
(NR/BBB+)
11,425,000
5.000
12/01/2028
12,166,151
California
Housing
Finance
Agency
Limited
Obligation
Multifamily
Housing
Issue
V
RB
2023
(Aaa/NR)
1,043,000
5.000
(b)(c)
05/01/2054
1,067,959
California
Infrastructure
&
Economic
Development
Bank
for
Brightline
West
Passenger
Rail
Project
Series
RB
Series
2020A
(Aaa/NR)
11,810,000
3.950
(b)(c)(e)
01/01/2050
11,812,402
California
Infrastructure
&
Economic
Development
Bank
RB
for
California
Academy
of
Sciences
Series
2024A
(A2/NR)
6,160,000
3.250
08/01/2029
6,041,971
California
Infrastructure
&
Economic
Development
Bank
RB
Refunding
for
Museum
Associates
Series
2021
A
(A3/NR)
20,000,000
1.200
(b)(c)
12/01/2050
17,628,116
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
4.580
(c)(d)
12/01/2050
4,980,719
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
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
$
2,958,642
California
Municipal
Finance
Authority
RB
Refunding
for
California
Lutheran
University
Series
2018
(Baa1/NR)
300,000
5.000
10/01/2026
307,892
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
1,010,942
California
Municipal
Finance
Authority
Senior
Lien
RB
for
Linxs
APM
Project
Series
2018A
(NR/NR)
4,265,000
5.000
06/30/2028
4,390,726
3,235,000
5.000
12/31/2028
3,334,139
California
Pollution
Control
Financing
Authority
RB
for
American
Water
Capital
Corp.
Project
Series
2020
(NON-AMT)
(Baa1/A)
(PUTABLE)
1,150,000
3.700
(b)(c)
08/01/2040
1,136,614
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
9,934,496
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
2,800,340
4,665,000
5.000
(e)
07/01/2028
4,983,355
4,610,000
5.000
(e)
07/01/2029
4,986,182
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
5,021,267
California
Public
Finance
Authority
RB
for
Henry
Mayo
Newhall
Hospital
Series
2021A
(NR/BBB-)
400,000
4.000
10/15/2027
398,287
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
388,009
California
State
University
RB
Refunding
Series
2016
B-2
(Aa2/AA-)
12,100,000
0.550
(b)(c)
11/01/2049
10,953,880
California
Statewide
Communities
Development
Authority
Community
Facilities
District
No.
2007-01
Special
Tax
Refunding
for
Orinda
Wilder
Project
Series
2015
(NR/NR)
695,000
5.000
09/01/2030
704,358
California
Statewide
Community
Development
Authority
Pollution
Control
Refunding
RB
2006
Series
B
(NON-AMT)
(A2/A-)
8,500,000
1.450
04/01/2028
7,625,069
Chino
Public
Financing
Authority
Tax
Exempt
RB
Series
2019
A
(NR/NR)
215,000
3.000
09/01/2024
214,213
Chino
Public
Financing
Authority
Tax
Exempt
RB
Series
2019
A
(NR/NR)
245,000
4.000
09/01/2027
244,352
City
of
Chino
Community
Facilities
Improvement
Area
Special
Tax
Bonds
Series
2022
(NR/NR)
1,080,000
4.000
09/01/2025
1,079,012
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
City
of
Chino
Community
Facilities
Improvement
Area
Special
Tax
Bonds
Series
2022
(NR/NR)
–
(continued)
$
1,285,000
5.000%
09/01/2030
$
1,372,306
City
of
Chino
Public
Financing
Authority
Local
Agency
Refunding
Bonds
Series
2019A
(NR/NR)
230,000
4.000
09/01/2026
229,802
City
of
Laguna
Beach
Underground
Utility
Assessment
District
No.
2014-2
Woods
Cove
Limited
Obligation
Improvement
Bonds
(NR/NR)
600,000
5.000
09/02/2027
627,517
220,000
5.000
09/02/2028
232,210
230,000
5.000
09/02/2029
243,848
240,000
5.000
09/02/2030
256,313
1,095,000
5.000
09/02/2034
1,190,503
City
of
Los
Angeles
Department
of
Airports
International
Airport
Series
RB
2022
Series
G
(Aa2/AA)
750,000
5.000
05/15/2026
769,623
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
3,308,360
City
of
Los
Angeles
Department
of
Airports
International
Airport
Subordinate
RB
2016
Series
B
(Aa3/AA-)
1,000,000
5.000
05/15/2029
1,019,878
City
of
Los
Angeles
Department
of
Airports
International
Airport
Subordinate
RB
2018
Series
C
(Aa3/AA-)
5,060,000
5.000
05/15/2030
5,254,205
City
of
Los
Angeles
Department
of
Airports
International
Airport
Subordinate
RB
2018
Series
D
(Aa3/AA-)
7,425,000
5.000
05/15/2025
7,512,098
City
of
Ontario
CA
Community
Facilities
District
No.
43
Special
Tax
Bonds
Series
2020
(NR/NR)
305,000
4.000
09/01/2028
303,539
330,000
4.000
09/01/2030
325,646
City
of
Rocklin
Community
Facilities
District
No.
10
Special
Tax
Bonds
Series
2019
(NR/NR)
100,000
5.000
09/01/2026
101,730
100,000
5.000
09/01/2027
101,824
95,000
5.000
09/01/2028
96,758
95,000
5.000
09/01/2029
96,820
City
of
San
Francisco
Infrastructure
and
Revitalization
Financing
District
Tax
Increment
RB
Series
2022A
(NR/NR)
260,000
5.000
(e)
09/01/2027
271,357
City
of
San
José
Multifamily
Housing
RB
for
Parkmoor
Series
2023F-2
(Cash
Collateralized)
(HUD
SECT
8)
(Aaa/NR)
1,450,000
5.000
(b)(c)
06/01/2027
1,483,654
Coachella
Valley
Water
District
Drinking
Water
System
Revenue
Notes
Series
2022A
(NR/AA+)
12,015,000
1.375
06/01/2025
11,687,912
Community
Facilities
District
No.
2003-3
of
The
City
of
Chino
Improvement
Area
No.
10
2024
Special
Tax
Bonds
(NR/NR)
350,000
4.000
09/01/2029
348,234
Golden
State
Tobacco
Securitization
Corp.
Enhanced
Tobacco
Settlement
Asset
Backed
Bonds
Series
2015A
(ST
APPROP)
(Aa3/A+)
5,000,000
5.000
(a)
06/01/2025
5,085,900
Inland
Empire
Tobacco
Securitization
Authority
RB
Turbo
Asset-
Backed
Bonds
Series
2019
(NR/A-)
2,120,000
3.678
06/01/2038
1,995,733
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
Irvine
Facilities
Financing
Authority
Gateway
Preserve
Land
Acquisition
Project
Lease
RB,
Series
2023A
(NR/AA+)
$
7,000,000
5.250%
05/01/2048
$
7,149,755
Irvine
Unified
School
District
No.
09-1
Special
Tax
for
Community
Facilities
Series
2017
A
(NR/NR)
645,000
5.000
09/01/2025
653,223
645,000
5.000
09/01/2026
661,464
Irvine
Unified
School
District
No.
09-1
Special
Tax
for
Community
Facilities
Series
2017
B
(NR/NR)
475,000
5.000
09/01/2025
481,056
Irvine
Unified
School
District
No.
09-1
Special
Tax
for
Community
Facilities
Series
2017
C
(NR/NR)
425,000
5.000
09/01/2026
435,848
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
(b)(c)
12/01/2046
2,368,809
Los
Angeles
Unified
School
District
County
of
Los
Angeles
California
2024
GO
Refunding
Bonds
Series
A
(Aa2/NR)
1,825,000
5.000
07/01/2026
1,892,485
3,645,000
5.000
07/01/2027
3,851,151
Modesto
Financing
Authority
Domestic
Project
RB
2007F
(NATL)
(Baa2/AA)
(3M
USD
LIBOR
+
0.63%)
7,000,000
4.387
(d)
09/01/2037
6,681,264
Northern
California
Gas
Authority
No.
1
RB
for
Gas
Project
Series
2007
B
(A1/A-)
(3M
USD
LIBOR
+
0.72%)
6,700,000
4.448
(d)
07/01/2027
6,706,721
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
260,764
Perris
Joint
Powers
Authority
Local
Agency
RB
2024
Series
(NR/NR)
820,000
5.000
09/01/2026
845,243
870,000
5.000
09/01/2027
908,001
900,000
5.000
09/01/2028
945,278
930,000
5.000
09/01/2029
985,961
1,005,000
5.000
09/01/2030
1,073,282
1,080,000
5.000
09/01/2031
1,157,343
1,145,000
5.000
09/01/2032
1,232,458
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
399,769
305,000
4.000
09/01/2027
305,185
500,000
4.000
09/01/2028
500,337
Riverside
Unified
School
District
Community
Facilities
District
No.
32
Special
Tax
Series
2020
(NR/NR)
205,000
4.000
09/01/2025
204,674
210,000
4.000
09/01/2026
209,517
Rocklin
City
of
CFD
No.
10
Whitney
Ranch
Special
Tax
Bonds,
Series
2019
(NR/NR)
100,000
5.000
09/01/2030
101,943
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
791,761
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
Sacramento
City
Financing
Authority
RB
Series
2007B
(NATL)
(Aa3/AA-)
(3M
USD
LIBOR
+
0.57%)
$
10,000,000
4.327%
(d)
06/01/2039
$
9,183,302
Sacramento
County
Financing
Authority
RB
Series
2007B
(NATL)
(Aa3/AA-)
(3M
USD
LIBOR
+
0.55%)
14,165,000
4.307
(d)
06/01/2034
13,609,371
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
4,128,084
San
Gorgonio
Memorial
Healthcare
District
2020
GO
Refunding
Bonds
(Ba2/NR)
855,000
4.000
08/01/2024
853,487
930,000
4.000
08/01/2025
914,458
1,020,000
3.000
08/01/2026
958,372
Sierra
View
Local
Health
Care
District
RB
Refunding
for
Tulare
County
Series
2020
(NR/NR)
320,000
4.000
07/01/2026
320,174
State
of
California
GO
Bonds
(Aa2/AA-)
5,760,000
5.000
03/01/2026
5,819,349
State
of
California
Various
Purpose
GO
Refunding
Bonds
(Aa2/AA-)
2,350,000
5.000
04/01/2026
2,429,023
2,350,000
5.000
04/01/2027
2,467,237
20,000,000
5.000
12/01/2028
21,604,270
Transbay
Joint
Powers
Authority
Senior
Tax
Allocation
Bonds
Series
2020A
(NR/NR)
1,200,000
5.000
10/01/2026
1,226,483
1,435,000
5.000
10/01/2028
1,497,336
Transbay
Joint
Powers
Authority
Senior
Tax
Allocation
Bonds
Series
2020A
Tax-Exempt
Green
Bonds
(NR/NR)
1,260,000
5.000
10/01/2027
1,301,648
Washington
Township
Healthcare
District
Revenue
Refunding
Bonds
2020
Series
A
(Baa3/NR)
200,000
5.000
07/01/2024
200,000
225,000
5.000
07/01/2025
226,751
250,000
5.000
07/01/2026
254,651
341,687,558
Colorado
-
3.3%
City
of
Denver
Aviation
Airport
System
RB
Series
2022C
(Aa3/AA-)
1,260,000
5.000
11/15/2026
1,311,174
1,215,000
5.000
11/15/2027
1,286,885
1,380,000
5.000
11/15/2028
1,487,111
City
of
Denver
Aviation
Airport
System
RB
Series
2022D
(Aa3/AA-)
1,000,000
5.000
11/15/2025
1,019,641
3,750,000
5.250
11/15/2026
3,893,945
4,500,000
5.250
11/15/2027
4,709,395
6,500,000
5.500
11/15/2028
6,990,385
City
of
Denver
RB
for
Department
of
Aviation
Airport
System
Series
2022A
(AMT)
(Aa3/AA-)
1,850,000
5.000
11/15/2025
1,886,337
9,980,000
5.000
11/15/2026
10,302,222
Colorado
Health
Facilities
Authority
RB
for
AdventHealth
Obligated
Group
Series
2019B
(NR/NR)
1,585,000
5.000
(a)(b)(c)
11/19/2026
1,644,686
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Colorado
–
(continued)
Colorado
Health
Facilities
Authority
RB
for
Commonspirit
Health
Series
2019A-1
(A3/A-)
$
405,000
5.000%
08/01/2025
$
411,349
1,715,000
5.000
08/01/2026
1,763,702
4,325,000
5.000
08/01/2027
4,514,663
Colorado
Health
Facilities
Authority
RB
for
Commonspirit
Health
Series
2019A-2
(A3/A-)
2,575,000
5.000
08/01/2026
2,648,125
Colorado
Health
Facilities
Authority
RB
for
Commonspirit
Health
Series
2019B-2
(A3/A-)
7,520,000
5.000
(b)(c)
08/01/2049
7,666,137
Colorado
Health
Facilities
Authority
RB
for
Commonspirit
Health
Series
2022A
(A3/A-)
50,000
5.000
11/01/2024
50,202
125,000
5.000
11/01/2025
127,430
950,000
5.000
11/01/2026
980,554
125,000
5.000
11/01/2027
130,938
Colorado
Health
Facilities
Authority
RB
for
Intermountain
Healthcare
Series
2022C
(Aa1/AA+)
22,000,000
5.000
(b)(c)
05/15/2062
23,312,417
Colorado
Health
Facilities
Authority
RB
for
Sanford
Series
2019A
(NR/A+)
500,000
5.000
11/01/2025
509,262
Colorado
Health
Facilities
Authority
RB
Refunding
for
CommonSpirit
Health
Obligated
Group
Series
2019
A-1
(A3/A-)
1,000,000
5.000
08/01/2030
1,064,808
Colorado
Health
Facilities
Authority
RB
Series
2019B
Series
2019B-1
(A3/A-)
8,015,000
5.000
(b)(c)
08/01/2049
8,092,329
Colorado
High
Performance
Transportation
Enterprise
C-470
Express
Lanes
Senior
RB
Series
2017
(NR/NR)
1,000,000
5.000
12/31/2047
1,001,172
1,000,000
5.000
12/31/2051
1,000,722
Colorado
Housing
and
Finance
Authority
Multifamily
Housing
RB
for
The
Reserves
at
Eagle
Point
Project
Series
2024
(Aaa/NR)
1,255,000
3.500
(b)(c)
11/01/2043
1,252,170
Denver
Colorado
Health
and
Hospital
Authority
Healthcare
RB
Refunding
Series
2017
A
(NR/BBB)
5,245,000
5.000
(e)
12/01/2026
5,350,868
Denver
Convention
Center
Hotel
Authority
Senior
Revenue
Refunding
Bonds
Series
2016
(Baa2/BBB-)
2,000,000
5.000
12/01/2026
2,037,170
Denver
Health
&
Hospital
Authority
COPS
Series
2018
(NR/BBB)
205,000
5.000
12/01/2025
207,377
E-470
Public
Highway
Authority
Colorado
Revenue
Refunding
Bonds
Series
2004
A
(NATL)
(A1/A+)
16,250,000
0.000
(f)
09/01/2027
14,458,348
E-470
Public
Highway
Authority
RB
Refunding
Series
2021
B
(A1/A+)
(SOFR
+
0.35%)
7,250,000
3.928
(c)(d)
09/01/2039
7,247,006
E-470
Public
Highway
Authority
RB
Series
2004
A
(NATL)
(A1/A+)
4,040,000
0.000
(f)
09/01/2028
3,463,385
Maiker
Housing
Partners
Multifamily
Housing
RB
for
Overlook
at
Thornton
Series
2023
(Aaa/NR)
2,500,000
4.500
(b)(c)
05/01/2042
2,501,042
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Colorado
–
(continued)
Regional
Transportation
District
Private
Activity
Bonds
for
Denver
Transit
Partners
Eagle
P3
Project
Series
2020
(Baa1/NR)
$
450,000
5.000%
07/15/2028
$
471,095
Regional
Transportation
District
Sales
Tax
RB
for
Fastracks
Project
Series
2016A
(Aa2/AAA)
19,445,000
5.000
11/01/2046
19,783,359
Regional
Transportation
District
Tax
Exempt
NON-AMT
Private
Activity
Bonds
Series
2020A
Taxable
Private
Activity
Bonds
Series
2020B
(Baa1/NR)
350,000
3.000
01/15/2026
344,531
Regional
Transportation
District
Tax
Exempt
Private
Activity
Bonds
Series
2020
(Baa1/NR)
250,000
5.000
07/15/2026
255,587
500,000
5.000
01/15/2027
514,130
South
Sloan
Lake
Metropolitan
District
LT
GO
Refunding
&
Improvement
Bonds
Series
2019
(AGM)
(Baa1/AA)
150,000
5.000
12/01/2024
150,608
South
Sloan's
Lake
Metropolitan
District
No.
2
GO
Improvement
Bonds
Series
2019
(AGM)
(Baa1/AA)
75,000
5.000
12/01/2025
76,266
190,000
5.000
12/01/2026
195,494
150,000
5.000
12/01/2027
156,112
235,000
5.000
12/01/2028
247,647
175,000
5.000
12/01/2029
186,769
300,000
4.000
12/01/2030
305,577
300,000
4.000
12/01/2031
305,357
University
of
Colorado
Hospital
Authority
Refunding
RB
Series
2019C
(Aa2/AA)
5,000,000
5.000
(b)(c)
11/15/2047
5,008,211
University
of
Colorado
Regents
Enterprise
Refunding
RB
Series
2021C3B
(Aa1/NR)
(PUTABLE)
5,000,000
2.000
(b)(c)
06/01/2051
4,769,195
Vauxmont
Metropolitan
District
Limited
Tax
Convertible
to
Unlimited
Tax
GO
Refunding
Bonds
Series
2019
(AGM)
(NR/AA)
125,000
5.000
12/15/2027
129,555
Vauxmont
Metropolitan
District
Subordinate
LT
GO
Special
Revenue
Refunding
Bonds
Series
2019
(AGM)
(NR/AA)
130,000
5.000
12/15/2024
130,679
157,353,129
Connecticut
-
1.3%
City
of
New
Haven
GO
Bonds
Series
2018
A
(NR/A-)
945,000
5.000
08/01/2024
945,586
600,000
5.000
08/01/2025
607,298
City
of
New
Haven
GO
Bonds
Series
2023
(Baa1/A-)
500,000
5.000
08/01/2025
506,082
City
of
New
Haven
GO
Bonds
Series
2023
(BAM)
(Baa1/AA)
700,000
5.000
08/01/2026
720,527
650,000
5.000
08/01/2027
678,421
900,000
5.000
08/01/2028
950,252
Connecticut
Health
&
Educational
Facilities
Authority
RB
for
University
of
Hartford
Series
N
(NR/BB+)
390,000
5.000
07/01/2025
389,088
Connecticut
Housing
Finance
Authority
Housing
Mortgage
Finance
Program
Bonds
2024
Series
D
(Aaa/AAA/A-1+)
4,185,000
3.850
(b)(c)
11/15/2064
4,194,656
Hartford
County
Metropolitan
District
GO
Bonds
Series
2016
C
(AGM)
(Aa2/AA)
5,540,000
5.000
11/01/2026
5,757,986
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Connecticut
–
(continued)
State
of
Connecticut
GO
Bonds
2016
Series
A
(Aa3/AA-)
$
7,500,000
4.000%
03/15/2034
$
7,527,088
State
of
Connecticut
GO
Unlimited
Bonds
Series
2019
A
(Aa3/AA-)
1,500,000
5.000
04/15/2025
1,520,089
State
of
Connecticut
Health
&
Educational
Facilities
Authority
RB
for
Hartford
Healthcare
Series
2020B
(WR/A)
5,205,000
5.000
(b)(c)
07/01/2053
5,336,829
State
of
Connecticut
Health
and
Educational
Facilities
Authority
for
Yale
University
Issue
RB
Series
U-2
(Aaa/AAA)
(PUTABLE)
15,000,000
1.100
(b)(c)
07/01/2033
14,708,835
State
of
Connecticut
Health
and
Educational
Facilities
Authority
RB
for
University
of
Yale
Series
2010A-3
(Aaa/AAA)
(PUTABLE)
5,270,000
2.950
(b)(c)
07/01/2049
5,180,797
State
of
Connecticut
Special
Tax
Obligation
Bonds
for
Transportation
Infrastructure
Purposes
2022
Series
A
(Aa3/AA)
1,950,000
5.000
07/01/2025
1,984,585
2,415,000
5.000
07/01/2026
2,500,974
1,500,000
5.000
07/01/2027
1,580,427
State
of
Connecticut
Special
Tax
Obligation
Refunding
Bonds
for
Transportation
Infrastructure
Purposes
2022
Series
B
(Aa3/AA)
1,410,000
5.000
07/01/2025
1,435,007
1,750,000
5.000
07/01/2026
1,812,300
2,150,000
5.000
07/01/2027
2,265,279
60,602,106
Delaware
-
0.6%
Delaware
Economic
Development
Authority
Gas
Facilities
RB
Refunding
for
Delmarva
Power
&
Light
Co.
Project
Series
2020
(A2/A)
(PUTABLE)
5,425,000
1.050
(b)(c)
01/01/2031
5,266,860
Delaware
Health
Facilities
Authority
RB
for
Beebee
Medical
Center
Project
Series
2018
(NR/BBB)
700,000
5.000
06/01/2025
705,945
725,000
5.000
06/01/2027
743,999
Delaware
State
Economic
Development
Authority
RB
Refunding
for
NRG
Energy,
Inc.
Series
2020
A
(Baa3/BBB-)
14,650,000
1.250
(b)(c)
10/01/2045
13,899,738
New
Castle
County
GO
Bonds
Series
2015
(Aaa/AAA)
5,000,000
5.000
(a)
10/01/2025
5,107,480
University
of
Delaware
RB
Series
2015
(WR/NR)
1,805,000
5.000
(a)
05/01/2025
1,828,142
27,552,164
District
of
Columbia
-
2.5%
District
of
Columbia
GO
Bonds
Series
2016A
(Aaa/AA+)
3,415,000
5.000
06/01/2027
3,522,072
District
of
Columbia
GO
Bonds
Series
2016D
(Aaa/AA+)
3,170,000
5.000
06/01/2027
3,293,609
District
of
Columbia
Housing
Finance
Agency
Collateralized
Multifamily
Housing
RB
for
Paxton
Project
Series
2022
(Aaa/NR)
3,750,000
4.000
(b)(c)
09/01/2040
3,751,534
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
(b)(c)
06/01/2027
4,887,544
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
District
of
Columbia
–
(continued)
District
of
Columbia
Metropolitan
Airport
Authority
Airport
System
Revenue
Refunding
Bonds
Series
2015A
(NR/AA-)
$
10,000,000
5.000%
10/01/2034
$
10,033,422
Metro
Washington
Airports
Authority
Airport
System
Revenue
and
Refunding
Bonds
Series
2015B
(AMT)
(Aa3/AA-)
5,000,000
5.000
10/01/2032
5,057,323
Metropolitan
Washington
Airports
Authority
Airport
System
Revenue
Refunding
Bonds
Series
2017A
(Aa3/AA-)
5,505,000
5.000
10/01/2028
5,705,617
Metropolitan
Washington
Airports
Authority
Airport
System
Revenue
Refunding
Bonds
Series
2017A
(AMT)
(Aa3/AA-)
15,185,000
5.000
10/01/2029
15,725,887
Metropolitan
Washington
Airports
Authority
Airport
System
Revenue
Refunding
Bonds
Series
2021A
(Aa3/AA-)
24,325,000
5.000
10/01/2026
25,027,961
Metropolitan
Washington
Airports
Authority
Airport
System
Revenue
Refunding
Bonds
Series
2022A
(AMT)
(Aa3/NR)
2,395,000
5.000
10/01/2027
2,484,098
Metropolitan
Washington
Airports
Authority
Dulles
toll
Road
RB
Third
Senior
Lien
Convertible
Capital
Appreciation
Bonds
Series
2009C
(AGC)
(A1/AA)
28,430,000
6.500
(a)
10/01/2026
30,424,404
Washington
Convention
and
Sports
Authority
Senior
Lien
Dedicated
Tax
Revenue
Refunding
Bonds
Series
2018A
(Aa3/A+)
3,535,000
5.000
10/01/2027
3,715,869
Washington
Metropolitan
Airports
Authority
Airport
System
Revenue
Refunding
Bonds
Series
2015B
(Aa3/AA-)
4,295,000
5.000
10/01/2035
4,340,518
Washington
Metropolitan
Area
Transit
Authority
Second
Lien
RB
for
Sustainability
Climate
Transition
Bonds
Series
2023A
(NR/AA)
950,000
5.000
07/15/2025
966,630
625,000
5.000
07/15/2026
647,330
119,583,818
Florida
-
4.5%
Aberdeen
Community
Development
District
Special
Assessment
Refunding
Series
2020
A-1
(AGM)
(NR/AA)
990,000
5.000
05/01/2025
997,887
1,045,000
5.000
05/01/2026
1,065,741
1,095,000
5.000
05/01/2027
1,127,566
1,155,000
5.000
05/01/2028
1,200,928
1,195,000
2.375
05/01/2029
1,088,392
1,225,000
2.625
05/01/2030
1,107,154
Alta
Lakes
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
555,000
3.750
05/01/2029
546,718
Bannon
Lakes
Community
Development
District
Special
Assessment
RB
for
St.
Johns
County
Series
2016
(NR/NR)
115,000
4.500
11/01/2025
115,375
Beach
Road
Golf
Estates
Community
Development
District
Special
Assessment
Series
2015
(NR/NR)
2,500,000
4.700
11/01/2029
2,519,966
Bellalago
Educational
Facilities
Benefit
District
Capital
Improvement
RB,
Series
2014
(A2/NR)
1,165,000
4.000
05/01/2025
1,152,794
1,220,000
4.125
05/01/2026
1,200,019
1,070,000
4.250
05/01/2027
1,042,478
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Bexley
Community
Development
District
Special
Assessment
RB
for
Pasco
County
Series
2016
(NR/NR)
$
200,000
4.100%
05/01/2026
$
199,898
Broward
County
School
Board
Certificates
of
Participation
Series
2015A
(Aa3/A+)
16,915,000
5.000
07/01/2025
17,187,896
Capital
Trust
Agency,
Inc.
RB
for
Liza
Jackson
Preparatory
School,
Inc.
Series
2020
A
(Baa3/NR)
360,000
4.000
08/01/2030
353,106
Century
Gardens
at
Tamiami
Community
Development
District
Special
Assessment
Bonds
Series
2018
(NR/BBB)
105,000
3.500
11/01/2024
104,302
Century
Gardens
Community
Development
District
Miami-Dade
County
Florida
Special
Assessment
Refunding
Bonds
Series
2024
(NR/NR)
118,000
5.000
05/01/2025
119,028
125,000
5.000
05/01/2026
127,173
131,000
5.000
05/01/2027
133,843
1,126,000
5.000
05/01/2034
1,186,898
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
228,421
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
175,000
180,000
5.000
(e)
07/01/2025
181,878
190,000
5.000
(e)
07/01/2026
193,598
200,000
5.000
(e)
07/01/2027
204,891
City
of
Jacksonville
Special
Revenue
Refunding
Bonds
Series
2023A
(NR/AA)
700,000
5.000
10/01/2025
714,701
City
of
Jacksonville
Special
Revenue
Refunding
Bonds
Series
2023B
(NR/AA)
1,250,000
5.000
10/01/2025
1,276,252
City
of
Orlando
Community
Redevelopment
Agency
Tax
Increment
Revenue
Refunding
Bonds
Series
2012
(NR/NR)
1,765,000
5.000
04/01/2025
1,765,716
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
1,377,427
City
of
South
Miami
Health
Facilities
Authority
Hospital
RB
Refunding
for
Baptist
Health
South
Florida
Obligated
Group
Series
2017
(A1/AA-)
3,000,000
5.000
08/15/2026
3,087,540
7,170,000
5.000
08/15/2027
7,494,934
Cityplace
Community
Development
District
Special
Assessment
Revenue
Refunding
Bonds
Series
2012
(NR/NR)
2,415,000
5.000
05/01/2026
2,444,814
Collier
County
Water-Sewer
District
Water
And
Sewer
Refunding
Revenue
Bonds
Series
2016
(Aaa/NR)
1,000,000
5.000
(a)
07/01/2026
1,035,165
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
44,940
Copper
Oaks
Community
Development
District
Special
Assessment
Refunding
and
Improvement
Bonds
Series
2021
(NR/NR)
183,000
3.000
05/01/2025
180,857
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Coral
Keys
Homes
Community
Development
District
Miami-
Dade
County,
Florida
Special
Assessment
Bonds,
Series
2020
(NR/NR)
$
170,000
3.125%
05/01/2030
$
162,544
Cordoba
Ranch
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2021
(NR/NR)
150,000
3.000
05/01/2025
148,648
315,000
3.000
05/01/2026
309,429
Cypress
Mill
Community
Development
District
Special
Assessment
Bonds
for
Bank
Qualified
2023
Project
Series
2023
(NR/BBB)
245,000
4.000
05/01/2028
243,441
250,000
4.000
05/01/2033
239,519
Cypress
Shadows
Community
Development
District
Capital
Improvement
Revenue
Refunding
Bonds
Series
2022
(NR/NR)
34,000
4.000
11/01/2024
33,999
37,000
4.000
11/01/2026
36,921
Duval
County
School
Board
Certificates
of
Participation
Series
2022A
(AGM)
(NR/AA)
3,185,000
5.000
07/01/2026
3,292,622
5,105,000
5.000
07/01/2027
5,372,896
Entrada
Community
Development
District
St
Johns
County,
Florida
Capital
Improvement
RB,
Series
2021
(NR/NR)
165,000
2.125
(e)
05/01/2026
159,491
Escambia
County
International
Paper
Company
Environmental
Improvement
Revenue
Refunding
Bonds
Series
2019B
(Baa2/BBB)
(PUTABLE)
425,000
2.000
(b)(c)
11/01/2033
421,920
Fiddlers
Creek
Community
Development
District
No.
2
Special
Assessment
Refunding
Series
2019
(NR/NR)
2,185,000
4.250
05/01/2029
2,197,688
Fishhawk
Ranch
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2020
(AGM)
(NR/AA)
270,000
2.000
11/01/2024
266,962
275,000
2.000
11/01/2025
264,326
280,000
2.000
11/01/2026
262,121
290,000
2.000
11/01/2027
264,660
295,000
2.000
11/01/2028
263,241
300,000
2.000
11/01/2029
263,228
305,000
2.125
11/01/2030
259,292
Florida
Development
Finance
Corp.
RB
for
Imagine
School
at
Broward
Series
2019
A
(Baa3/NR)
95,000
2.625
(e)
12/15/2024
94,012
Florida
Housing
Finance
Corp.
Multifamily
Mortgage
RB
for
Brownsville
Transit
Village
V
2024
Series
B
(GNMA
COLL)
(NR/AA+)
(PUTABLE)
780,000
3.350
(b)(c)
10/01/2027
769,190
Florida
Insurance
Assistance
Interlocal
Agency
Insurance
Assessment
RB
Series
2023A-1
(A2/A)
6,425,000
5.000
09/01/2025
6,481,988
5,510,000
5.000
09/01/2026
5,622,068
4,020,000
5.000
09/01/2027
4,141,544
Florida
Municipal
Power
Agency
All-Requirements
Power
Supply
Project
Refunding
RB
Series
2016A
(A2/NR)
2,285,000
5.000
10/01/2027
2,356,885
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
978,066
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Fontainbleau
Lakes
Community
Development
District
Special
Assessment
RB
Refunding
Series
2016
(NR/BBB+)
$
255,000
2.750%
05/01/2025
$
250,016
260,000
3.000
05/01/2026
251,924
Gardens
at
Hammock
Beach
Community
Development
District
Flagler
County
Florida
Special
Assessment
Bonds
Assessment
Area
One
Series
2024-1
(NR/NR)
190,000
4.800
05/01/2031
189,670
Gateway
Services
Community
Development
District
Special
Assessment
Bonds
Series
2023-1
(AGM)
(NR/AA)
1,730,000
3.250
05/01/2028
1,688,903
Hawks
Point
Community
Development
District
Special
Assessment
Refunding
Senior
Series
2017
A-1
(NR/A-)
1,000,000
4.000
05/01/2031
986,565
Herons
Glen
Recreation
District
Special
Assessment
Refunding
Bonds
Series
2020
(BAM)
(NR/AA)
175,000
2.500
05/01/2025
171,974
200,000
2.500
05/01/2026
193,631
Highlands
Community
Development
District
Special
Assessment
Refunding
Series
2016
(NR/BBB)
320,000
3.000
05/01/2025
313,759
Homestead
50
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2021
(NR/NR)
132,000
3.000
05/01/2025
130,709
139,000
3.000
05/01/2026
136,041
Housing
Finance
Authority
of
Broward
County
Multifamily
Housing
RB
for
Pinnacle
441
Phase
2
Series
2023
(Aaa/NR)
(PUTABLE)
1,200,000
4.050
(b)(c)
09/01/2056
1,201,464
Housing
Finance
Authority
of
Miami-Dade
County
Multifamily
Housing
RB
for
Emerald
Dunes
Series
2023B
(Aaa/NR)
(PUTABLE)
1,155,000
4.050
(b)(c)
09/01/2026
1,156,406
Housing
Finance
Authority
of
Polk
County
Multifamily
Housing
RB
for
Episcopal
Catholic
Apartments
Series
2023
(HUD
SECT
8)
(Aaa/NR)
(PUTABLE)
1,643,000
4.150
(b)(c)
12/01/2040
1,651,911
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
4,420,395
Lake
Frances
Community
Development
District
Miami-Dade
County
Florida
Special
Assessment
Refunding
Bonds
Series
2018
(NR/BBB-)
492,000
4.000
05/01/2031
474,619
Lake
Frances
Community
Development
District
Special
Assessment
Refunding
Series
2018
(NR/BBB-)
84,000
3.000
05/01/2025
82,422
Lakes
By
The
Bay
South
Community
Development
District
Miami-
Dade
County
Florida
Special
Assessment
Refunding
Bonds
Series
2024
(NR/NR)
4,000,000
5.000
05/01/2034
4,250,865
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
55,065
70,000
2.000
05/01/2029
62,775
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Lee
County
Industrial
Development
Authority
Florida
Healthcare
Facilities
RB
Series
2024
Shell
Point
Obligated
Group
Series
2024B-3
(NR/BBB+)
$
5,000,000
4.125%
(g)
11/15/2029
$
5,011,310
Lee
Memorial
Health
System
Hospital
Revenue
&
Revenue
Refunding
Bonds
2019
Series
A-2
(A2/A+)
8,410,000
5.000
(b)(c)
04/01/2033
8,532,056
Marshall
Creek
Community
Development
District
Special
Assessment
Refunding
Series
2015
A
(NR/NR)
1,350,000
5.000
05/01/2032
1,356,815
Miami
Dade
County
Educational
Facility
Authority
RB
for
University
of
Miami
(AMBAC)
(A2/A-)
10,995,000
5.250
04/01/2027
11,479,452
Miami-Dade
County
Aviation
Revenue
Refunding
Bonds
Series
2014A
(AMT)
(A1/A+)
20,000,000
5.000
10/01/2035
20,024,136
Miami-Dade
County
General
Obligation
Bonds
Building
Better
Communities
Program
Series
2015-D
(Aa2/AA)
3,710,000
5.000
07/01/2027
3,813,996
Moody
River
Estates
Community
Development
District
Lee
County
Florida
Senior
Special
Assessment
Refunding
Bonds
Series
2017A-1
(NR/A-)
500,000
4.000
05/01/2031
488,928
New
River
Community
Development
District
Special
Assessment
Refunding
Senior
Lien
Series
2020
A-1
(NR/A)
125,000
3.500
(e)
05/01/2025
122,943
Oak
Creek
Community
Development
District
Pasco
County
Florida
Bank
Qualified
Senior
Special
Assessment
Refunding
Bonds
Series
2015A-1
(NR/A+)
200,000
4.000
05/01/2026
199,999
Oak
Creek
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2015
A-1
(NR/A+)
1,150,000
4.450
05/01/2031
1,150,519
Orange
County
Health
Facilities
Authority
Revenue
Hospital
Bonds
for
AdventHealth
Obligated
Group
Series
2021
C
(NR/AA)
(PUTABLE)
15,575,000
5.000
(b)(c)
11/15/2052
16,059,562
Osceola
County
Transportation
Improvement
&
Refunding
RB
Series
2019A-1
(NR/BBB+)
780,000
5.000
10/01/2024
781,723
Osceola
County
Transportation
Improvement
Refunding
RB
Series
2019A-1
(NR/BBB+)
275,000
5.000
10/01/2025
279,052
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
1,084,080
Palm
Glades
Community
Development
District
Senior
Special
Assessment
Bonds
Series
2018A-1
(NR/A)
210,000
3.000
11/01/2024
208,925
Parkway
Center
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2018-1
(NR/BBB)
255,000
3.500
05/01/2025
252,104
Pasco
County
Capital
Improvement
Cigarette
Tax
Allocation
Bonds
Series
2023A
(AGM)
(A1/AA)
250,000
5.250
09/01/2025
254,562
250,000
5.250
09/01/2026
259,265
300,000
5.250
09/01/2027
316,270
300,000
5.250
09/01/2028
321,222
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Pine
Ridge
Plantation
Community
Development
District
Capital
Improvement
Revenue
&
Refunding
Bonds
Series
2021A-1
(AGM)
(NR/AA)
$
510,000
2.000%
05/01/2025
$
496,953
520,000
2.000
05/01/2026
493,398
530,000
2.000
05/01/2027
489,572
Reunion
East
Community
Development
District
Special
Assessment
Refunding
Bonds
for
Osceola
County
Series
2015A
(NR/NR)
680,000
5.000
05/01/2025
689,680
Reunion
East
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2015
A
(NR/NR)
6,820,000
5.000
05/01/2033
6,871,979
Reunion
West
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2022
(NR/NR)
225,000
3.000
05/01/2025
223,125
285,000
3.000
05/01/2026
280,412
390,000
3.000
05/01/2027
379,159
River
Bend
Community
Development
District
Senior
Special
Assessment
Revenue
Refunding
Bonds
Series
2016A-1
(NR/A-)
415,000
2.750
05/01/2025
407,187
425,000
3.000
05/01/2026
411,371
River
Glen
Community
Development
District
Capital
Improvement
Revenue
&
Refunding
Bonds
Series
2021
(NR/BBB+)
139,000
2.500
05/01/2025
135,943
143,000
2.500
05/01/2026
136,321
146,000
2.500
05/01/2027
136,500
148,000
2.500
05/01/2028
135,579
157,000
2.500
05/01/2030
137,669
River
Hall
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2021
A-1
(NR/NR)
180,000
3.000
05/01/2025
178,125
225,000
3.000
05/01/2026
220,019
Sandmine
Road
Community
Development
District
Special
Assessment
Bonds
for
Polk
County
Series
2020
(NR/NR)
105,000
2.625
(e)
05/01/2025
103,744
Sarasota
National
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2020
(NR/NR)
240,000
3.000
05/01/2025
238,089
School
Board
of
Miami-Dade
County
Florida
Certificates
of
Participation
Series
2016B
(A1/A+)
7,340,000
5.000
08/01/2027
7,552,089
South
Village
Community
Development
District
Capital
Improvement
Revenue
&
Refunding
Bonds
Series
2016A-1
(NR/A+)
100,000
2.750
05/01/2025
98,796
95,000
3.000
05/01/2026
92,817
State
of
Florida
Department
of
Transportation
Full
Faith
and
Credit
Right-of-Way
Acquisition
and
Bridge
Construction
Refunding
Bonds
Series
2016A
(Aaa/AAA)
2,500,000
4.000
07/01/2031
2,523,216
Storey
Creek
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
190,000
3.125
12/15/2025
186,928
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
455,037
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Summerstone
Community
Development
District
Pasco
County,
Florida
Special
Assessment
RB,
Series
2020
Phase
One
(NR/NR)
$
35,000
2.500%
05/01/2025
$
34,562
Summerville
Community
Development
District
Special
Assessment
Refunding
Series
2020
(NR/NR)
121,000
3.000
05/01/2025
119,817
725,000
3.500
05/01/2031
687,125
Tampa
Bay
Water
Utility
System
Refunding
RB
Series
2015A
(Aa1/AA+)
4,225,000
4.000
10/01/2029
4,249,019
Tapestry
Community
Development
District
Special
Assessment
RB
for
City
of
Kissimmee
Series
2016
(NR/NR)
230,000
4.250
05/01/2026
230,449
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
239,014
Tolomato
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2022A
(AGM)
(NR/AA)
760,000
3.000
05/01/2025
751,878
1,605,000
3.000
05/01/2027
1,572,694
Touchstone
Community
Development
District
Senior
Special
Assessment
Bonds
Series
2022A-1
(NR/BBB+)
105,000
4.500
05/01/2026
105,480
115,000
4.500
05/01/2028
116,195
120,000
4.500
05/01/2029
121,696
Trails
at
Monterey
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2012
(NR/A-)
140,000
4.150
05/01/2025
140,046
145,000
4.250
05/01/2026
145,071
Verandah
East
Community
Development
District
Special
Assessment
Revenue
Refunding
Improvement
Bonds
for
Lee
County
Series
2016
(NR/NR)
1,035,000
3.750
05/01/2026
1,027,239
Viera
East
Community
Development
District
Special
Revenue
Assessment
Bonds
Series
2020
(AGM)
(NR/AA)
500,000
2.000
05/01/2025
485,417
795,000
2.000
05/01/2026
748,614
Villa
Portofino
West
Community
District
Special
Assessment
Refunding
Series
2020
(NR/NR)
177,000
3.000
05/01/2025
175,269
973,000
3.500
05/01/2030
926,796
Village
Community
Development
District
No.
13
Special
Assessment
RB
Series
2020
(NR/NR)
10,000
1.875
(e)
05/01/2025
9,842
Village
Community
Development
District
No.
6
Special
Assessment
RB
Refunding
Series
2017
(NR/NR)
280,000
4.000
05/01/2025
280,465
Village
Community
Development
District
Special
Assessment
Revenue
Refunding
Bonds
Series
2020
(AGM)
(NR/AA)
1,315,000
5.000
05/01/2025
1,328,398
1,385,000
5.000
05/01/2026
1,419,432
Watergrass
Community
Development
District
Special
Assessment
Revenue
Refunding
Bonds
Series
2021
(NR/NR)
(NR/NR)
215,000
2.000
05/01/2026
206,488
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Waterset
Central
Community
Development
District
Special
Assessment
Bonds
for
Hillsborough
County
Series
2018
(NR/NR)
$
95,000
4.000%
(e)
11/01/2024
$
94,958
Wildblue
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
2,000,000
3.750
(e)
06/15/2030
1,937,185
Winding
Cypress
Community
Development
District
Special
Assessment
Bonds
for
Collier
County
Series
2015
(NR/NR)
170,000
4.375
11/01/2025
170,228
217,953,115
Georgia
-
2.5%
Bartow
County
Development
Authority
Pollution
Control
RB
for
Georgia
Power
Company
Plant
Bown
Project
Series
2009
(Baa1/A/A-2)
(PUTABLE)
3,130,000
3.950
(b)(c)
12/01/2032
3,180,022
Burke
County
Development
Authority
Pollution
Control
RB
for
Georgia
Power
Company
Plant
Vogtle
Project
Series
1996
(Baa1/A)
(PUTABLE)
1,335,000
3.875
(b)(c)
10/01/2032
1,339,515
Burke
County
Development
Authority
Pollution
Control
RB
for
Oglethorpe
Power
Corp.
Series
2013
A
(Baa1/BBB+)
(PUTABLE)
2,000,000
1.500
(b)(c)
01/01/2040
1,952,678
City
of
Atlanta
GO
Public
Improvement
Bonds
Series
2022A-1
(Aa1/NR)
835,000
5.000
12/01/2024
840,451
545,000
5.000
12/01/2025
558,352
1,000,000
5.000
12/01/2026
1,043,027
525,000
5.000
12/01/2027
557,651
City
of
Atlanta
GO
Public
Improvement
Bonds
Series
2022A-2
(Aa1/NR)
1,105,000
5.000
12/01/2025
1,132,072
1,100,000
5.000
12/01/2026
1,147,330
2,375,000
5.000
12/01/2027
2,522,708
Colquitt
County
School
District
GO
Bonds
Series
2023
(ST
AID
WITHHLDG)
(Aa1/NR)
585,000
5.000
12/01/2025
599,251
935,000
5.000
12/01/2026
975,008
Development
Authority
of
Bartow
County
Pollution
Control
RB
for
Georgia
Power
Company
Plant
Bowen
Project
First
Series
2013
(Baa1/A)
(PUTABLE)
6,000,000
2.875
(b)(c)
08/01/2043
5,912,468
Development
Authority
of
Burke
County
Pollution
Control
RB
for
Georgia
Power
Company
Plant
Vogtle
Project
First
Series
2012
(Baa1/A)
(PUTABLE)
4,850,000
2.875
(b)(c)
12/01/2049
4,779,245
Development
Authority
of
Burke
County
Pollution
Control
RB
for
Georgia
Power
Company
Plant
Vogtle
Project
First
Series
2013
(Baa1/A)
(PUTABLE)
2,395,000
3.375
(b)(c)
11/01/2053
2,376,533
Development
Authority
of
Burke
County
Pollution
Control
RB
for
Georgia
Power
Company
Plant
Vogtle
Project
Second
Series
2008
(Baa1/BBB+)
(PUTABLE)
2,020,000
3.375
(b)(c)
11/01/2048
2,004,424
Development
Authority
of
Burke
County
Pollution
Control
RB
Georgia
Power
Company
Plant
Vogtle
Project
Fifth
Series
1994
(Baa1/A)
(PUTABLE)
1,950,000
3.700
(b)(c)
10/01/2032
1,965,480
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Georgia
–
(continued)
Main
Street
Natural
Gas
Inc.
Gas
Supply
RB
Series
2019A
(A1/NR)
$
2,500,000
5.000%
05/15/2025
$
2,510,325
3,000,000
5.000
05/15/2026
3,025,956
500,000
5.000
05/15/2027
507,424
1,975,000
5.000
05/15/2030
2,045,121
Main
Street
Natural
Gas
Inc.
Gas
Supply
RB
Series
2019C
(A3/NR)
5,230,000
4.000
(b)(c)
03/01/2050
5,239,873
Main
Street
Natural
Gas
Inc.
Gas
Supply
RB
Series
2021A
(Aa1/NONR)
3,000,000
4.000
(b)(c)
07/01/2052
3,012,254
Main
Street
Natural
Gas
Inc.
Gas
Supply
RB
Series
2021C
(A3/NR)
1,000,000
4.000
12/01/2025
994,345
Main
Street
Natural
Gas
Inc.
Gas
Supply
RB
Series
2022B
(A3/NR)
1,740,000
5.000
06/01/2027
1,789,914
Main
Street
Natural
Gas
Inc.
Gas
Supply
RB
Series
2022C
(NR/BBB-)
1,000,000
4.000
(e)
11/01/2024
997,059
1,705,000
4.000
(e)
11/01/2025
1,686,411
3,665,000
4.000
(e)
11/01/2026
3,598,405
Main
Street
Natural
Gas
Inc.
Gas
Supply
RB
Series
2023B
(Aa1/NR)
13,040,000
5.000
(b)(c)
07/01/2053
13,832,262
Main
Street
Natural
Gas
Inc.,
Gas
Supply
RB
Series
2023E-1
(Aa1/NR)
4,000,000
5.000
(b)(c)
12/01/2053
4,276,080
Main
Street
Natural
Gas
Inc.,
Gas
Supply
RB,
Series
2019A
(A1/NR)
3,740,000
5.000
05/15/2028
3,818,050
Main
Street
Natural
Gas,
Inc.
Gas
Supply
RB
Series
2022A
(A3/NR)
500,000
4.000
12/01/2025
497,173
Main
Street
Natural
Gas,
Inc.
Gas
Supply
RB
Series
2022C
(NR/BBB-)
3,810,000
4.000
(e)
11/01/2027
3,718,325
Main
Street
Natural
Gas,
Inc.,
Gas
Supply
RB
Series
2024A
(Aa1/NR)
2,800,000
5.000
(b)(c)
05/01/2054
2,973,087
Medical
Center
Hospital
Authority
Revenue
Anticipation
Certificates
for
Piedmont
Healthcare
Project
Series
2019A
(A1/AA-)
7,150,000
5.000
(b)(c)
07/01/2054
7,271,167
Monroe
County
Development
Authority
Pollution
Control
RB
First
Series
2009
(Baa1/A/A-1)
(PUTABLE)
2,275,000
1.000
(b)(c)
07/01/2049
2,081,879
Monroe
County
Development
Authority
Pollution
Control
RB
for
Georgia
Power
Company
Plant
Scherer
Project
Series
2006
(Baa1/A)
(PUTABLE)
1,560,000
3.875
(b)(c)
12/01/2041
1,565,277
Monroe
County
Development
Authority
Pollution
Control
RB
for
Georgia
Power
Company
Plant
Scherer
Project
Series
2012
(Baa1/A)
(PUTABLE)
2,825,000
3.875
(b)(c)
06/01/2042
2,834,555
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
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
2013
(Baa1/A)
(PUTABLE)
$
1,560,000
3.875%
(b)(c)
04/01/2043
$
1,565,277
Richmond
County
Board
of
Education
GO
Sales
Tax
Bonds
Series
2023
(ST
AID
WITHHLDG)
(Aa1/AA+)
875,000
5.000
10/01/2025
892,729
2,850,000
5.000
10/01/2026
2,963,450
650,000
5.000
10/01/2027
688,401
Savanah
Economic
Development
Authority
Recovery
Zone
Facility
Revenue
Refunding
Bonds
Series
2019A
(Baa2/BBB)
(PUTABLE)
425,000
2.000
(b)(c)
11/01/2033
421,920
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
6,068,512
State
of
Georgia
GO
Bonds
Series
2021A
(Aaa/AAA)
4,585,000
5.000
07/01/2024
4,585,000
118,346,446
Guam
-
0.2%
Guam
Power
Authority
Refunding
RB
Series
2022
A
(Baa2/BBB)
1,300,000
5.000
10/01/2029
1,368,378
Guam
Waterworks
Authority
RB
Refunding
for
Water
&
Wastewater
System
Series
2017
(Baa2/A-)
400,000
5.000
07/01/2024
400,000
Guam
Waterworks
Authority
RB
Refunding
for
Water
&
Wastewater
System
Series
2024A
(Baa2/A-)
350,000
5.000
07/01/2025
354,688
350,000
5.000
07/01/2026
359,311
350,000
5.000
07/01/2027
364,021
750,000
5.000
07/01/2028
789,912
700,000
5.000
07/01/2029
746,187
1,125,000
5.000
07/01/2030
1,212,328
Guam
Waterworks
Authority
RB
Refunding
for
Water
&
Wastewater
System
Series
2024B
(Baa2/A-)
500,000
5.000
07/01/2025
506,698
600,000
5.000
07/01/2026
615,961
500,000
5.000
07/01/2027
520,030
1,000,000
5.000
07/01/2028
1,053,216
985,000
5.000
07/01/2029
1,049,992
1,000,000
5.000
07/01/2030
1,077,625
10,418,347
Hawaii
-
0.7%
City
and
County
of
Honolulu
GO
Bonds
for
Honolulu
Rail
Transit
Project
Series
2021E
(Aa2/NR)
5,315,000
5.000
03/01/2027
5,567,252
City
and
County
of
Honolulu
Multifamily
Housing
RB
Maunakea
Tower
Apartments
Series
2023
(HUD
SECT
8)
(Aaa/NR)
(PUTABLE)
7,040,000
5.000
(b)(c)
06/01/2027
7,179,857
City
of
Honolulu
GO
Bonds
Series
A
(Aa2/NR)
10,575,000
4.000
10/01/2034
10,582,312
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
77,510
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)
$
10,735,000
3.100%
05/01/2026
$
8,764,275
32,171,206
Illinois
-
7.2%
Board
of
Trustee
of
Northern
Illinois
University
Auxiliary
Facilities
System
RB
Series
2021
(BAM)
(Baa3/AA)
325,000
5.000
10/01/2025
329,589
250,000
5.000
10/01/2026
256,142
325,000
5.000
10/01/2028
339,829
Carol
Stream
Park
District
GO
Refunding
Park
Bonds
Series
2016
(BAM)
(NR/AA)
4,705,000
5.000
01/01/2037
4,779,380
Chicago
GO
Bonds
2019A
(NR/NR)
550,000
5.000
01/01/2028
583,247
Chicago
GO
Bonds
2019A
(NR/BBB+)
3,210,000
5.000
01/01/2028
3,346,849
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
596,192
4,615,000
0.000
(f)
12/01/2027
3,986,158
365,000
0.000
(f)
12/01/2029
287,316
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
215,935
95,000
0.000
(f)
12/01/2029
74,781
Chicago
Illinois
Board
of
Education
GO
Bonds
Series
1999
A
(NATL)
(Baa2/BB+)
9,285,000
0.000
(f)
12/01/2024
9,124,752
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
603,545
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
2,281,943
1,825,000
5.000
12/01/2025
1,844,436
3,515,000
5.000
12/01/2026
3,602,840
Chicago
O'Hare
International
Airport
RB
Refunding
Series
2015
A
(AMT)
(NR/A+)
11,000,000
5.000
01/01/2031
11,037,826
Chicago
Park
District
GO
LT
Refunding
Bonds
Series
2023C
(NR/AA-)
2,400,000
5.000
01/01/2026
2,450,441
2,780,000
5.000
01/01/2027
2,880,536
1,965,000
5.000
01/01/2028
2,063,755
Chicago
Transit
Authority
Sales
Tax
Receipts
RB
Series
2014
(NR/AA)
11,750,000
5.250
12/01/2049
11,777,152
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
565,828
City
of
Chicago
Board
of
Education
GO
Bonds
Series
1999
A
(NATL)
(Baa2/BB+)
5,000,000
5.500
12/01/2026
5,090,748
1,755,000
0.000
(f)
12/01/2030
1,322,555
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Illinois
–
(continued)
City
of
Chicago
Board
of
Education
UT
GO
Refunding
Bonds
Series
2018A
(AGM)
(NR/AA)
$
1,500,000
5.000%
12/01/2029
$
1,564,473
City
of
Chicago
Board
of
Education
UT
GO
Refunding
Bonds
Series
2018C
(AGM)
(NR/AA)
5,000,000
5.000
12/01/2027
5,155,391
7,535,000
5.000
12/01/2029
7,840,266
1,000,000
5.000
12/01/2030
1,042,972
City
of
Chicago
GO
Bonds
Project
&
Refunding
Series
2017A
(NR/BBB+)
2,000,000
5.625
01/01/2031
2,073,808
City
of
Chicago
GO
Bonds
Refunding
Series
2020A
(NR/BBB+)
3,430,000
5.000
01/01/2027
3,528,910
5,245,000
5.000
01/01/2028
5,462,996
City
of
Chicago
GO
Refunding
Bonds
Series
2020
A
(NR/BBB+)
1,000,000
5.000
01/01/2029
1,054,711
City
of
Chicago
Midway
Airport
RB
Refunding
for
Senior
Lien
Airport
Series
2023B
(NON-AMT)
(BAM)
(NR/AA)
3,250,000
5.000
01/01/2026
3,331,229
2,345,000
5.000
01/01/2027
2,445,335
City
of
Chicago
Midway
Airport
RB
Refunding
for
Senior
Lien
Airport
Series
2023C
(AMT)
(NR/A)
5,000,000
5.000
01/01/2026
5,084,579
5,755,000
5.000
01/01/2027
5,907,810
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
2,009,610
City
of
Chicago
O'Hare
International
Airport
General
Airport
Senior
Lien
Revenue
Refunding
Bonds
Series
2015A
(NR/A+)
5,000,000
5.000
01/01/2027
5,021,424
City
of
Chicago
Second
Lien
Wastewater
Transmission
RB
Refunding
Series
2024A
(NR/A+)
500,000
5.000
01/01/2026
512,217
600,000
5.000
01/01/2027
621,951
City
of
Chicago
Second
Lien
Water
Revenue
Refunding
Bonds
Series
2004
(NR/A+)
1,900,000
5.000
11/01/2026
1,964,323
City
of
Chicago
Special
Assessment
Improvement
Bonds
Refunding
Series
2022
(NR/NR)
314,000
2.270
(e)
12/01/2024
310,855
329,000
2.530
(e)
12/01/2025
320,485
305,000
2.690
(e)
12/01/2026
291,861
255,000
2.870
(e)
12/01/2027
240,327
City
of
Chicago
Special
Assessment
Improvement
Bonds
Refunding
Series
2022
Lakeshore
East
Project
(NR/NR)
270,000
3.040
(e)
12/01/2028
250,917
Illinois
Community
College
District
No.
512
GO
Bonds
Series
2020
(Aaa/NR)
1,980,000
4.000
12/15/2025
1,997,709
Illinois
Finance
Authority
RB
for
Presbyterian
Homes
Obligated
Group
Series
2021
B
(NR/NR)
(SIFMA
Municipal
Swap
Index
Yield
+
0.70%)
2,250,000
4.580
(c)(d)
05/01/2042
2,214,316
Illinois
Finance
Authority
RB
for
University
of
Illinois
Series
2020
(NR/BBB+)
500,000
5.000
10/01/2026
508,605
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Illinois
–
(continued)
Illinois
Finance
Authority
RB
Refunding
for
American
Water
Capital
Corp.
Project
Series
2020
(NON-AMT)
(Baa1/A)
(PUTABLE)
$
700,000
3.875%
(b)(c)
05/01/2040
$
698,663
Illinois
Finance
Authority
RB
Refunding
for
Illinois
Institute
of
Technology
Series
2019
(Ba2/NR)
1,000,000
5.000
09/01/2024
998,986
600,000
5.000
09/01/2025
598,192
Illinois
Finance
Authority
RB
Refunding
for
Lifespace
Communities,
Inc.
Obligated
Group
Series
2015
A
(NR/NR)
540,000
5.000
05/15/2026
539,301
Illinois
Finance
Authority
RB
The
University
of
Chicago
Series
2024B
(Aa2/AA-)
2,400,000
5.000
(g)
04/01/2027
2,513,515
2,700,000
5.000
(g)
04/01/2028
2,876,646
Illinois
Finance
Authority
Revenue
Refunding
Bonds
Bradley
University
Project
Series
2024
(NR/BBB+)
750,000
5.000
08/01/2024
750,713
430,000
5.000
08/01/2025
435,225
500,000
5.000
08/01/2026
512,378
500,000
5.000
08/01/2027
519,108
805,000
5.000
08/01/2028
845,060
Illinois
Finance
Authority
Taxable
RB
for
Theory
and
Computing
Sciences
Building
Trust
Series
2023
(A2/NR)
12,575,000
6.693
07/01/2033
12,674,501
Illinois
Housing
Development
Authority
Multifamily
Housing
RB,
Series
2023
(6900
Crandon)
(HUD
SECT
8
FHA
221
(d)
(4))
(Aaa/NR)
1,330,000
5.000
(b)(c)
02/01/2027
1,346,758
Illinois
Housing
Development
Authority
Multifamily
Housing
RB,
Series
2023
South
Shore
5,335,000
4.000
(b)(c)
06/01/2026
5,335,016
Illinois
Housing
Development
Authority
Multifamily
Housing
RB,
Series
2023
South
Shore
(HHDC)
(HUD
SECT
8)
(Aaa/NR)
4,340,000
5.000
(b)(c)
02/01/2027
4,394,684
Illinois
Sports
Facilities
Authority
RB
Bonds
Series
2001
(AMBAC)
(WR/BBB+)
3,235,000
0.000
(f)
06/15/2025
3,111,160
Illinois
State
GO
Bonds
Series
2017
D
(A3/A-)
5,425,000
5.000
11/01/2024
5,447,090
26,975,000
5.000
11/01/2025
27,474,024
34,465,000
5.000
11/01/2026
35,578,368
Illinois
State
GO
Bonds
Series
2019
A
(A3/A-)
4,000,000
5.000
11/01/2024
4,015,474
Metropolitan
Pier
&
Exposition
Authority
RB
Refunding
for
McCormick
Place
Expansion
Project
Series
2022
B
(NR/A)
3,000,000
5.000
12/15/2027
3,049,885
Northern
Illinois
University
Board
of
Trustees
Auxiliary
Facilities
System
RB
Series
2021
(BAM)
(Baa3/AA)
325,000
5.000
10/01/2030
346,506
Sales
Tax
Securitization
Corp
Bonds
Series
2018C
(NR/AA-)
10,900,000
5.000
01/01/2026
11,151,533
Sales
Tax
Securitization
Corp.
Second
Lien
Sales
Tax
Securitization
Bonds
Series
2020A
(NR/AA-)
3,320,000
5.000
01/01/2026
3,396,614
Sales
Tax
Securitization
Corp.
Second
Lien
Sales
Tax
Securitization
Bonds
Series
2021A
(NR/AA-)
5,105,000
5.000
01/01/2027
5,300,784
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Illinois
–
(continued)
State
of
Illinois
Build
Illinois
Junior
Obligation
Bonds
Series
2021A
(NR/A)
$
2,460,000
4.000%
06/15/2025
$
2,465,084
State
of
Illinois
General
Obligation
Bonds
Series
of
May
2024B
(A3/A-)
3,000,000
5.000
05/01/2026
3,075,101
3,000,000
5.000
05/01/2027
3,115,856
State
of
Illinois
GO
Bonds
Refunding
Series
2022B
(A3/A-)
3,000,000
5.000
03/01/2025
3,025,213
State
of
Illinois
GO
Bonds
Series
2014
(A3/A-)
1,280,000
5.000
05/01/2028
1,280,893
2,220,000
5.250
02/01/2029
2,222,315
1,295,000
5.000
04/01/2031
1,295,876
State
of
Illinois
GO
Bonds
Series
2016
(A3/A-)
2,965,000
5.000
01/01/2026
3,025,787
5,700,000
5.000
11/01/2028
5,847,721
State
of
Illinois
GO
Bonds
Series
2017A
(A3/A-)
3,455,000
5.000
12/01/2027
3,618,178
State
of
Illinois
GO
Bonds
Series
2017C
(A3/A-)
6,435,000
5.000
11/01/2029
6,704,732
State
of
Illinois
GO
Bonds
Series
2017D
(A3/A-)
5,525,000
5.000
11/01/2027
5,778,708
State
of
Illinois
GO
Bonds
Series
2020
(A3/A-)
1,000,000
5.500
05/01/2030
1,064,184
State
of
Illinois
GO
Bonds
Series
2021A
(A3/A-)
2,750,000
5.000
03/01/2026
2,812,620
State
of
Illinois
GO
Bonds,
Refunding
Series
of
May
2023D
(A3/A-)
8,035,000
5.000
07/01/2025
8,144,212
State
of
Illinois
GO
Refunding
Bonds
Series
2016
(A3/A-)
4,215,000
5.000
02/01/2026
4,306,167
3,800,000
5.000
02/01/2028
3,928,700
2,075,000
5.000
02/01/2029
2,144,916
State
of
Illinois
GO
Refunding
Bonds
Series
2018A
(A3/A-)
6,490,000
5.000
10/01/2028
6,864,581
State
of
Illinois
GO
Refunding
Bonds
Series
2018B
(A3/A-)
6,000,000
5.000
10/01/2028
6,346,300
State
of
Illinois
GO
Unlimited
Refunding
Bonds
Series
2018
B
(A3/A-)
2,000,000
5.000
10/01/2025
2,034,206
343,210,389
Indiana
-
0.9%
City
of
Rockport
Pollution
Control
Revenue
Refunding
Bonds
for
AEP
Generating
Company
Project
Series
1995
(NON-AMT)
(Baa2/BBB+)
4,150,000
3.125
07/01/2025
4,091,076
City
of
Rockport
Pollution
Control
Revenue
Refunding
Bonds
Series
1995
(NON-AMT)
(Baa2/BBB+)
3,445,000
3.125
07/01/2025
3,396,086
City
of
Rockport
Pollution
Control
Revenue
Refunding
Bonds
Series
2009
B
(NON-AMT)
(A3/BBB+)
10,000,000
3.050
06/01/2025
9,902,457
City
of
Rockport
Pollution
Control
Revenue
Refunding
Bonds
Series
D
(A3/BBB+)
11,000,000
0.750
04/01/2025
10,581,890
City
of
Whiting
Environmental
Facilities
Refunding
RB
for
BP
Products
North
America
Inc.
Project
Series
2019A
(A1/A-)
(PUTABLE)
7,050,000
5.000
(b)(c)
12/01/2044
7,180,655
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Indiana
–
(continued)
Indiana
Finance
Authority
RB
Refunding
for
Indianapolis
Power
&
Light
Co.
Series
2020
A
(A2/A-)
(PUTABLE)
$
3,000,000
0.750%
(b)(c)
12/01/2038
$
2,781,454
Indiana
Finance
Authority
RB
Refunding
for
Indianapolis
Power
&
Light
Co.
Series
2020
B
(AMT)
(A2/A-)
(PUTABLE)
4,525,000
0.950
(b)(c)
12/01/2038
4,217,963
Indiana
Finance
Authority
RB
Refunding
for
Indianapolis
Power
&
Light
Co.
Series
2021
(A2/A-)
3,000,000
0.650
08/01/2025
2,877,395
Indiana
Housing
&
Community
Development
Authority
Multifamily
Housing
RB
Partners
Preservation
Projects
Series
2023
(FHA
221(D)(4))
(FHA
221(D)(4))
(Aaa/NR)
(PUTABLE)
700,000
4.100
(b)(c)
09/01/2028
701,247
45,730,223
Iowa
-
0.1%
City
of
Waterloo
Black
Hawk
County
Iowa
GO
Capital
Loan
Notes
Series
2024D
(Aa2/NR)
1,900,000
4.500
06/01/2027
1,931,971
Iowa
Finance
Authority
RB
Refunding
for
Lifespace
Communities,
Inc.
Obligated
Group
Series
2021
A
(NR/NR)
2,105,000
4.000
05/15/2026
2,065,149
3,997,120
Kansas
-
0.6%
City
of
Burlington
Environmental
Improvement
RB
Refunding
for
Energy
Metro,
Inc.
Project
Series
2023
(A2/A)
3,775,000
4.300
(b)(c)
03/01/2045
3,773,249
City
of
Manhattan
GO
Temporary
Notes
Series
2022-01
(Aa3/NR)
17,410,000
1.750
06/15/2025
16,965,409
Unified
School
District
No.
500
Wyandotte
County
GO
Improvement
Bonds
Series
2016-A
(Aa3/AA-)
9,150,000
5.250
(a)
09/01/2026
9,555,544
30,294,202
Kentucky
-
1.8%
County
of
Boone
Pollution
Control
Revenue
Refunding
Bonds
Series
2008A
(NON-AMT)
(Baa1/BBB+)
5,000,000
3.700
08/01/2027
4,938,710
County
of
Owen
Water
Facilities
Refunding
RB
Series
2020
(NON-AMT)
(Baa1/A)
(PUTABLE)
700,000
3.875
(b)(c)
06/01/2040
701,385
Kentucky
Asset/Liability
Commission
Project
Notes
2024
Federal
Highway
Trust
Fund
First
Refunding
Series
A
(NR/AA)
7,985,000
5.000
09/01/2026
8,275,135
Kentucky
Economic
Development
Finance
Authority
Healthcare
Facilities
Refunding
RB
Series
2022
(NR/NR)
3,570,000
4.500
10/01/2027
3,570,178
Kentucky
Interlocal
School
Transportation
Association
Kista
Equipment
Lease
Certificates
of
Participation
Series
of
2024
(ST
INTERCEPT)
(A1/NR)
550,000
4.000
03/01/2026
552,671
520,000
4.000
03/01/2027
525,189
Kentucky
Public
Energy
Authority
Gas
Supply
RB
2018
Series
B
(A1/NR)
22,525,000
4.000
(b)(c)
01/01/2049
22,580,540
Kentucky
Public
Energy
Authority
Gas
Supply
RB
2018
Series
C-1
(A1/NR)
2,775,000
4.000
(b)(c)
12/01/2049
2,776,206
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Kentucky
–
(continued)
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
$
3,519,203
Louisville
Jefferson
County
Metro
Government
Health
System
RB
for
Norton
Healthcare
Series
2023A
(NR/A)
700,000
5.000
10/01/2026
721,468
1,700,000
5.000
10/01/2027
1,776,534
Public
Energy
Authority
of
Kentucky
Gas
Supply
RB
Series
2019
A-1
(A1/NR)
24,230,000
4.000
(b)(c)
12/01/2049
24,257,843
Public
Energy
Authority
of
Kentucky
Gas
Supply
RB
Series
2019C
(A1/NR)
9,350,000
4.000
(b)(c)
02/01/2050
9,360,205
Public
Energy
Authority
of
Kentucky
Gas
Supply
Revenue
Refunding
Bonds
2024
Series
B
(A1/NR)
500,000
5.000
08/01/2025
504,164
390,000
5.000
02/01/2026
394,688
800,000
5.000
08/01/2026
813,364
500,000
5.000
02/01/2027
510,073
1,150,000
5.000
08/01/2027
1,177,057
575,000
5.000
02/01/2028
590,951
87,545,564
Louisiana
-
1.7%
City
of
New
Orleans
GO
Refunding
Bonds
Series
2022
(A2/A+)
5,495,000
5.000
12/01/2024
5,528,084
3,000,000
5.000
12/01/2025
3,070,474
4,255,000
5.000
12/01/2026
4,412,936
1,715,000
5.000
12/01/2027
1,801,748
City
of
New
Orleans
Sewerage
Service
RB
Series
2015
(NR/A)
1,000,000
5.000
(a)
06/01/2025
1,015,272
East
Baton
Rouge
Sewerage
Commission
Tax
Exempt
Revenue
Refunding
Bonds
Series
2020A
(NR/AA-)
1,100,000
5.000
02/01/2026
1,128,847
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
2,287,115
3,300,000
5.000
08/15/2027
3,422,376
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
1,260,639
Louisiana
Offshore
Terminal
Authority
Deepwater
Port
RB
for
Loop
LLC
Project
Series
2007A
(A3/NR)
7,725,000
4.150
09/01/2027
7,718,364
Louisiana
Offshore
Terminal
Authority
Deepwater
Port
RB
for
Loop
LLC
Project
Series
2007-B-2A-2
(NON-AMT)
(A3/BBB+)
(PUTABLE)
2,500,000
4.200
(b)(c)
10/01/2037
2,525,699
Louisiana
Offshore
Terminal
Authority
Deepwater
Port
RB
for
Loop
LLC
Project
Series
2013A
(NON-AMT)
(A3/NR)
(PUTABLE)
3,775,000
4.200
(b)(c)
09/01/2033
3,802,157
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Louisiana
–
(continued)
Louisiana
Public
Facilities
Authority
Hospital
RB
Louisiana
Children's
Medical
Center
Project
Series
2015A3
RMKT
(NR/A)
$
6,250,000
5.000%
(b)(c)
06/01/2045
$
6,498,249
New
Orleans
Aviation
Board
General
Airport
RB
for
North
Terminal
Project
Series
2015
B
(A2/A)
7,460,000
5.000
01/01/2040
7,470,177
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
3,762,010
Parish
of
St.
John
the
Baptist
RB
Refunding
for
Marathon
Oil
Corp.
Series
2017
A-1
(Baa3/BBB-)
(PUTABLE)
5,755,000
4.050
(b)(c)
06/01/2037
5,755,000
Parish
of
St.
John
the
Baptist
Revenue
Refunding
Bonds
for
Marathon
Oil
Project
Series
2017
(Baa3/BBB-)
(PUTABLE)
950,000
2.200
(b)(c)
06/01/2037
916,560
Parish
of
St.
John
The
Baptist
Revenue
Refunding
Bonds
Series
2017
(Baa3/BBB-)
(PUTABLE)
15,000,000
2.100
(b)(c)
06/01/2037
15,000,000
State
of
Louisiana
Gasoline
and
Fuels
Tax
Revenue
Refunding
Bonds
2017
Series
B
(Aa2/AA)
1,425,000
5.000
05/01/2026
1,472,010
State
of
Louisiana
Gasoline
and
Fuels
Tax
Second
Lien
Revenue
Refunding
Bonds
2022
Series
A
(Aa3/AA)
(SOFR
+
0.50%)
4,330,000
4.238
(c)(d)
05/01/2043
4,307,637
State
of
Louisiana
Grant
Anticipation
RB
Series
2023
(NR/AA)
900,000
5.000
09/01/2026
932,107
84,087,461
Maine
-
0.0%
Maine
Turnpike
Authority
RB
Refunding
Series
2015
(Aa3/AA-)
1,575,000
5.000
07/01/2026
1,601,371
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
245,000
Maryland
Department
of
Transportation
Consolidated
Transportation
Bonds
Refunding
Series
2016
(Aa1/AAA)
3,025,000
4.000
09/01/2027
3,103,771
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
2,585,915
Maryland
Health
&
Higher
Educational
Facilities
Authority
RB
for
St.
John's
College
Series
2020
(NR/BBB+)
305,000
4.000
10/01/2026
304,096
Maryland
Health
&
Higher
Educational
Facilities
Authority
RB
Refunding
for
St.
John's
College
Series
2020
(NR/BBB+)
350,000
4.000
10/01/2024
349,742
Maryland
Stadium
Authority
RB
Football
Stadium
Issue
Series
2023A
(NR/AA)
1,850,000
5.000
03/01/2025
1,868,087
2,000,000
5.000
03/01/2026
2,053,810
Maryland
Transportation
Authority
Projects
RB
Refunding
Tax-
Exempt
Bonds
Series
2024A
(Aa2/NR)
5,725,000
5.000
07/01/2026
5,927,684
State
of
Maryland
GO
Bonds
for
State
&
Local
Facilities
Loan
Series
2020A
(Aaa/AAA)
10,290,000
5.000
03/15/2027
10,804,699
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Maryland
–
(continued)
State
of
Maryland
GO
Bonds
for
State
&
Local
Facilities
Loan
Series
2021A
(Aaa/AAA)
$
17,825,000
5.000%
08/01/2027
$
18,851,547
Washington
Suburban
Sanitary
District
Consolidated
Public
Improvement
Green
Bonds
of
Series
2024
(CNTY
GTD)
(Aaa/AAA)
490,000
5.000
06/01/2026
506,925
46,601,276
Massachusetts
-
1.7%
City
of
Boston
GO
Bonds
2017
Series
A
(Aaa/AAA)
2,015,000
5.000
04/01/2025
2,041,807
Massachusetts
Bay
Transportation
Authority
Sales
Tax
RB
Series
2005
A
(Aa2/AA+)
25,035,000
5.000
07/01/2026
25,926,246
Massachusetts
Development
Finance
Agency
RB
Children
Hospital
Issue
Series
U-2
(Aa1/AAA/A-1+)
7,715,000
4.950
(b)(c)
03/01/2048
7,715,000
Massachusetts
Development
Finance
Agency
RB
for
Boston
Medical
Center
Series
G
(Baa2/BBB)
500,000
5.000
07/01/2024
500,000
Massachusetts
Development
Finance
Agency
RB
for
President
&
Trustees
of
Williams
College
Series
2011
(Aa1/AA+)
3,500,000
0.450
(b)(c)
07/01/2041
3,352,277
Massachusetts
Development
Finance
Agency
RB
for
Wellforce
Issue,
Serries
2020C
(AGM)
(NR/AA)
500,000
5.000
10/01/2028
530,874
Massachusetts
Health
and
Educational
Facilities
Authority
Variable
Rate
Demand
RB
for
Umass
Series
A
(Aa2/AA-)
(PUTABLE)
7,000,000
2.450
(b)(c)
11/01/2030
6,842,385
Massachusetts
School
Building
Authority
Senior
Dedicated
Sales
Tax
Bonds
2016
Series
B
(Aa2/AA+)
5,165,000
5.000
11/15/2031
5,358,162
11,750,000
5.000
11/15/2032
12,188,801
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
4.480
(c)(d)(e)
07/01/2049
6,230,772
Massachusetts
Water
Resources
Authority
General
Revenue
Refunding
Bonds,
2014
Series
F
(Aa1/AA+)
3,075,000
4.000
(a)
08/01/2024
3,076,165
The
Commonwealth
of
Massachusetts
GO
Refunding
Bonds
Series
2016A
(Aa1/AA+)
8,110,000
5.000
07/01/2025
8,250,627
82,013,116
Michigan
-
1.8%
Birmingham
Public
Schools
County
of
Oakland
State
of
Michigan
2024
School
Building
and
Site
Bonds
(NR/AA+)
375,000
5.000
05/01/2026
386,395
500,000
5.000
05/01/2027
524,175
City
of
Detroit
Downtown
Development
Authority
RRB
Refunding
for
Tax
Increment
Series
2018A
(AGM)
(NR/AA)
14,000,000
5.000
07/01/2043
14,042,651
City
of
Detroit
Downtown
Development
Authority
Tax
Increment
Revenue
Refunding
Bonds
Series
2024
(NR/BBB+)
3,525,000
5.000
07/01/2048
3,691,990
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Michigan
–
(continued)
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
$
500,000
550,000
5.000
07/01/2025
550,000
Detroit
Michigan
Sewage
Disposal
System
RB
Refunding
Series
2006
D
(AGM)
(Aa3/AA)
(3M
USD
LIBOR
+
0.60%)
28,240,000
4.328
(d)
07/01/2032
26,960,849
Lansing
Board
of
Water
&
Light
Utility
System
RB
Series
2021B
(Aa3/AA-)
5,000,000
2.000
(b)(c)
07/01/2051
4,768,102
Michigan
Finance
Authority
Higher
Education
Facilities
Limited
Obligation
Revenue
Refunding
Bonds
for
Lawrence
Technology
University
Series
2022
(NR/BBB-)
140,000
4.000
02/01/2027
136,454
Michigan
Finance
Authority
Hospital
RB
for
Trinity
Health
Credit
Group
Series
2022B
(Aa3/AA-)
6,250,000
5.000
(b)(c)
12/01/2043
6,600,538
Michigan
Finance
Authority
Hospital
Revenue
Refunding
Bonds
Series
2015B
(A1/NR)
1,215,000
5.000
05/15/2034
1,224,716
Michigan
Finance
Authority
Hospital
Revenue
Refunding
Bonds
Series
2022B
(Aa3/AA)
(SIFMA
Municipal
Swap
Index
Yield
+
0.75%)
5,845,000
4.630
(c)(d)
04/15/2047
5,845,096
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
1,000,762
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
2,001,525
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
1,012,728
Michigan
Strategic
Fund
Limited
Obligation
RB
DTE
Electric
Company
Exempt
Facilities
Project,
Collateralized
Series
2023DT
(Aa3/A)
5,650,000
3.875
(b)(c)
06/01/2053
5,714,587
Michigan
Strategic
Fund
Limited
Obligation
RB
for
I-75
Improvement
Project
Series
2018
(AMT)
(WR/NR)
3,500,000
5.000
12/31/2024
3,498,792
Star
International
Academy
RB
Refunding
Series
2020
(NR/BBB)
2,550,000
5.000
03/01/2030
2,561,393
Star
International
Academy
Refunding
Bonds
Series
2020
(NR/BBB)
720,000
4.000
03/01/2025
714,464
745,000
4.000
03/01/2026
731,702
775,000
4.000
03/01/2027
754,714
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
2,536,696
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
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
$
3,009,147
88,767,476
Minnesota
-
1.1%
City
of
Minneapolis
GO
Refunding
Bonds
Series
2020
(NR/AAA)
5,730,000
2.000
12/01/2029
5,076,854
City
of
Minneapolis
Health
Care
System
RB
for
Allina
Health
System
Series
2023A
(A1/A+)
2,500,000
5.000
(b)(c)
11/15/2052
2,637,344
Duluth
Independent
School
District
Refunding
Certificates
of
Participation
Series
2019A
(Baa1/NR)
640,000
3.250
03/01/2025
638,440
700,000
4.000
03/01/2026
706,198
Metropolitan
Council
GO
Grant
Anticipation
Notes
Series
2021B
(Aaa/AAA)
1,590,000
5.000
12/01/2024
1,600,497
Minnesota
Higher
Education
Facilities
Authority
RB
Green
Bonds
Series
2024B
Subseries
2024B-1
(A2/NR)
3,000,000
5.000
(b)(c)
10/01/2053
3,106,333
Minnesota
Higher
Education
Facilities
Authority
RB
Refunding
for
College
of
St.
Scholastica,
Inc.
Series
2019
(Baa2/NR)
100,000
4.000
12/01/2024
99,627
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
2,054,321
9,385,000
5.000
02/01/2027
9,804,620
Minnesota
State
Trunk
Highway
GO
Bonds
Series
2023B
(Aaa/AAA)
5,000,000
5.000
08/01/2025
5,093,994
Minnesota
State
Trunk
Highway
GO
Refunding
Bonds
Series
2023E
(Aaa/AAA)
5,000,000
5.000
08/01/2025
5,093,994
5,000,000
5.000
08/01/2026
5,184,233
State
of
Minnesota
GO
State
Various
Purpose
Bonds
Series
2023A
(Aaa/AAA)
7,815,000
5.000
08/01/2026
8,102,956
Western
Minnesota
Municipal
Power
Agency
Power
Supply
Revenue
Refunding
Bonds
2022
Series
A
(Aa2/NR)
375,000
5.000
01/01/2025
377,946
825,000
5.000
01/01/2026
846,690
640,000
5.000
01/01/2027
667,942
51,091,989
Mississippi
-
0.6%
Lowndes
County
Solid
Waste
Disposal
and
Pollution
Control
Refunding
RB
Series
2022
(Baa2/BBB)
(PUTABLE)
10,500,000
2.650
(b)(c)
04/01/2037
10,176,510
Warren
County
Gulf
Opportunity
Zone
Revenue
Refunding
Bonds
Series
2020A
(NON-AMT)
(Baa2/BBB)
(PUTABLE)
9,085,000
1.375
(b)(c)
05/01/2034
8,862,074
Warren
County
Gulf
Opportunity
Zone
Revenue
Refunding
Bonds
Series
2020C
(NON-AMT)
(Baa2/BBB)
9,300,000
1.375
(b)(c)
08/01/2027
9,071,798
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Mississippi
–
(continued)
Warren
County
RB
Refunding
for
International
Paper
Company,
Series
2020
B
(AMT)
(Baa2/BBB)
(PUTABLE)
$
1,175,000
1.600%
(b)(c)
08/01/2027
$
1,148,629
29,259,011
Missouri
-
1.2%
Health
and
Educational
Facilities
Authority
of
The
State
of
Missouri
Health
Facilities
RB
The
Children's
Mercy
Hospital
Series
2016
(NR/AA-)
1,465,000
5.000
05/15/2027
1,506,731
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
321,256
Health
and
Educational
Facilities
Authority
of
The
State
of
Missouri
Senior
Living
Facilities
RB
Lutheran
Senior
Services
Projects
Series
2024A
(NR/NR)
265,000
5.000
02/01/2025
266,626
480,000
5.000
02/01/2026
488,456
760,000
5.000
02/01/2027
782,590
950,000
5.000
02/01/2028
988,468
590,000
5.000
02/01/2029
621,020
485,000
5.000
02/01/2030
515,013
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
600,002
State
of
Missouri
Environmental
Improvement
and
Energy
Resources
Authority
Environmental
Improvement
RB
Series
2008
(Baa1/A-)
(PUTABLE)
4,000,000
3.500
(b)(c)
05/01/2038
3,961,158
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
(b)(c)
05/01/2051
40,229,016
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
(b)(c)
07/01/2045
5,118,313
55,398,649
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
2,833,694
a
a
Nebraska
-
0.3%
Sarpy
County
School
District
0001
Bellevue
Public
School,
State
of
Nebraska
GO
School
Building
Bonds
Series
2017
(A1/NR)
1,420,000
5.000
(a)
12/15/2027
1,504,603
Sarpy
County
School
District
GO
Bonds
for
Gretna
Public
Schools
Series
2022B
(NR/A+)
6,875,000
5.000
12/15/2027
7,026,643
Washington
County
Wastewater
&
Solid
Waste
Disposal
Facilities
Revenue
Refunding
Bonds
Series
2012
(NR/A)
(PUTABLE)
4,700,000
0.900
(b)(c)
09/01/2030
4,545,759
13,077,005
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Nevada
-
0.6%
City
of
Las
Vegas
Special
Improvement
District
No.
812
for
Summerlin
Village
24
Local
Improvement
Bonds
Series
2015
(NR/NR)
$
1,295,000
5.000%
12/01/2027
$
1,300,322
Clark
County
Harry
Reid
International
Airport
Passenger
Facility
Charge
Refunding
RB
Series
2022B
(Aa2/NR)
925,000
5.000
07/01/2025
940,654
675,000
5.000
07/01/2026
697,543
870,000
5.000
07/01/2027
915,202
Clark
County
Jet
Aviation
Fuel
Tax
Refunding
RB
Series
2022A
(Aa3/NR)
750,000
5.000
07/01/2024
750,000
1,275,000
5.000
07/01/2025
1,292,052
1,000,000
5.000
07/01/2026
1,026,172
Clark
County
Pollution
Control
Refunding
RB
for
Nevada
Power
Company
Projects
Series
2017
(A2/A)
(PUTABLE)
1,025,000
3.750
(b)(c)
01/01/2036
1,016,255
County
of
Humboldt
Nevada
Pollution
Control
RB
Refunding
for
Idaho
Power
Co.
Series
2003
(A2/A-)
12,000,000
1.450
12/01/2024
11,831,531
Henderson
Nevada
Local
Improvement
District
No.
T-18
(NR/NR)
1,090,000
4.000
09/01/2025
1,084,336
Las
Vegas
Valley
Water
District
GO
LT
Water
Refunding
Bonds
Series
2021C
(Aa1/AA)
4,355,000
5.000
06/01/2025
4,424,359
State
of
Nevada
Highway
Improvement
Indexed
Tax
and
Subordinate
Motor
Vehicle
Fuel
Tax
RB
Series
2024B
(Aa1/AA+)
1,480,000
5.000
12/01/2026
1,540,325
26,818,751
New
Hampshire
-
0.4%
National
Finance
Authority
Solid
Waste
Disposal
Refunding
RB
Series
2019A-1
(NR/A-/A-2)
1,250,000
4.500
(b)(g)(h)
09/01/2025
1,249,930
National
Finance
Authority
Solid
Waste
Disposal
Refunding
RB
Series
2019A-2
(NR/A-/A-2)
5,000,000
4.250
(b)(g)(h)
07/01/2027
4,999,721
National
Finance
Authority
Solid
Waste
Disposal
Refunding
RB
Series
2019A-3
(NR/A-/A-2)
5,000,000
2.150
(b)(c)(g)(h)
07/01/2033
4,999,687
National
Finance
Authority
Solid
Waste
Disposal
Refunding
RB
Series
2019A-4
(NR/A-/A-2)
3,000,000
2.150
(b)(c)(g)(h)
08/01/2038
2,999,812
New
Hampshire
Business
Finance
Authority
RB
Refunding
for
Springpoint
Senior
Living
Obligated
Group
Series
2021
(NR/NR)
285,000
4.000
01/01/2025
283,970
265,000
4.000
01/01/2026
262,947
250,000
4.000
01/01/2027
247,832
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
1,007,800
5,575,000
2.800
02/01/2025
5,546,098
21,597,797
New
Jersey
-
4.4%
Camden
County
Improvement
Authority
Multi-Family
Housing
RB Series
2024
(HUD
SECT
8)
(Aaa/NR)
2,750,000
5.000
(b)(c)
03/01/2027
2,796,838
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
Jersey
–
(continued)
County
of
Morris
GO
Bonds
for
General
Improvement
and
County
College
Series
2021
(Aaa/AAA)
$
4,615,000
2.000%
02/01/2027
$
4,363,300
New
Jersey
Economic
Development
Authority
RB
for
Provident
Group
-
Kean
Properties
L.L.C.
-
Kean
University
Student
Housing
Project
Series
2017
A
(NR/BB-)
325,000
4.000
07/01/2024
325,000
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
2,901,790
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
5.130
(d)
09/01/2025
13,329,649
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
2,087,237
New
Jersey
Economic
Development
Authority
School
Facilities
Construction
Refunding
Bonds
2016
Series
BBB
(A2/A-)
2,850,000
5.500
(a)
12/15/2026
3,008,133
New
Jersey
Economic
Development
Authority
School
Facilities
Construction
Refunding
Bonds,
2024
Series
SSS
Forward
Delivery
(A2/A-)
4,000,000
5.000
06/15/2026
4,115,029
2,480,000
5.000
06/15/2027
2,592,166
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
2,174,101
1,680,000
5.000
10/01/2027
1,739,169
New
Jersey
Economic
Development
Authority
Water
Facilities
Refunding
RB
New
Jersey-
American
Water
Company,
Inc.
Project
Series
2020B
Bonds
(A1/A+)
(PUTABLE)
3,495,000
3.750
(b)(c)
11/01/2034
3,448,210
New
Jersey
Educational
Facilities
Authority
Princeton
University
RB
2022
Series
A
(Aaa/AAA)
3,130,000
5.000
03/01/2027
3,288,161
New
Jersey
Health
Care
Facilities
Financing
Authority
Revenue
Refunding
Bonds
for
RWJ
Barnabas
Health
Obligated
Group
Issue
Series
2019B-2
(A1/AA-)
5,700,000
5.000
(b)(c)
07/01/2042
5,775,792
New
Jersey
Housing
&
Mortgage
Finance
Agency
Multi-Family
RB
2021
Series
B
(NON-AMT)
(HUD
SECT
8)
(NR/AA-)
3,085,000
0.750
11/01/2024
3,033,515
2,310,000
0.900
11/01/2025
2,190,178
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
1,799,132
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
2,615,598
2,600,000
2.900
04/01/2026
2,529,586
New
Jersey
Transportation
Trust
Fund
Authority
Bonds
Series
2006
C
(AMBAC)
(A2/A-)
10,765,000
0.000
(f)
12/15/2025
10,207,068
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
Jersey
–
(continued)
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
$
333,510
4,155,000
0.000
(f)
12/15/2027
3,655,374
24,420,000
0.000
(f)
12/15/2028
20,701,652
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
40,951,530
New
Jersey
Transportation
Trust
Fund
Authority
RB
for
Transportation
System
Series
2019
A
(A2/A-)
450,000
5.000
12/15/2024
452,502
New
Jersey
Transportation
Trust
Fund
Authority
RB
Refunding
for
Federal
Highway
Reimbursement
Notes
Series
2018
A
(A2/A+)
1,565,000
5.000
06/15/2030
1,602,816
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
7,585,578
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
Program
Bonds,
2023
Series
AA
(A2/A-)
1,615,000
5.000
06/15/2025
1,636,632
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
System
Bonds
2010
Series
A
(A2/A-)
9,240,000
0.000
(f)
12/15/2029
7,546,290
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
System
Bonds
2021
Series
A
(A2/A-)
3,095,000
5.000
06/15/2026
3,184,004
New
Jersey
Turnpike
Authority
RB
Series
2024
A
(A1/AA-)
10,000,000
5.000
(g)
01/01/2027
10,437,122
New
Jersey
Turnpike
Authority
Turnpike
RB
Series
2014
A
(A1/AA-)
18,650,000
5.000
01/01/2033
18,649,987
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
624,911
Salem
County
Pollution
Control
Financing
Authority
Pollution
Control
RB
for
Philadelphia
Electric
Company
Project
1993
Series
A
(Baa1/BBB+)
1,645,000
4.450
(b)
03/01/2025
1,648,094
State
of
New
Jersey
COVID
19
Emergency
GO
Bonds
Series
2020
A
(A1/A)
12,750,000
5.000
06/01/2027
13,383,888
Tobacco
Settlement
Financing
Corp.
Tobacco
Settlement
Bonds
Series
2018A
(NR/A)
1,495,000
5.000
06/01/2027
1,550,557
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
4,499,017
212,763,116
New
Mexico
-
0.7%
City
of
Farmington
New
Mexico
Pollution
Control
Revenue
Refunding
Bonds
Public
Service
Company
of
New
Mexico
San
Juan
Project
2010
Series
B
(NON-AMT)
(Baa2/BBB)
(PUTABLE)
1,525,000
3.875
(b)(c)
06/01/2040
1,533,916
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
Mexico
–
(continued)
City
of
Farmington
New
Mexico
Pollution
Control
Revenue
Refunding
Bonds
Public
Service
Company
of
New
Mexico
San
Juan
Project
2010
Series
C
(NON-AMT)
(Baa2/BBB)
(PUTABLE)
$
1,315,000
3.875%
(b)(c)
06/01/2040
$
1,322,688
City
of
Farmington
New
Mexico
Pollution
Control
Revenue
Refunding
Bonds
Public
Service
Company
of
New
Mexico
San
Juan
Project
2010
Series
E
(NON-AMT)
(Baa2/BBB)
(PUTABLE)
1,950,000
3.875
(b)(c)
06/01/2040
1,961,400
City
of
Farmington,
New
Mexico
Pollution
Control
Revenue
Refunding
Bonds
Public
Service
Company
of
New
Mexico
San
Juan
Project
2010
Series
D
(Baa2/BBB)
(PUTABLE)
5,195,000
3.900
(b)(c)
06/01/2040
5,224,096
Farmington
City
PCRB
Refunding
for
Public
Service
Co.
of
New
Mexico
Series
2010
A
(Baa2/BBB)
(PUTABLE)
3,330,000
0.875
(b)(c)
06/01/2040
3,075,257
New
Mexico
Hospital
Equipment
Loan
Council
Hospital
System
RB
for
Presbyterian
Healthcare
Services
Series
2019B
(Aa3/AA-)
7,680,000
5.000
(b)(c)
08/01/2049
7,778,478
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
(b)(c)
02/01/2042
2,618,851
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
(b)(c)
02/01/2042
3,561,919
Santa
Fe
Public
School
District
Santa
Fe
County
Education
Technology
General
Obligation
Lease
Purchase
Notes
Series
2024A
(ST
AID
WITHHLDG)
(NR/AA-)
1,075,000
5.000
08/01/2027
1,128,712
Santa
Fe
Public
School
District
Santa
Fe
County
General
Obligation
School
Building
Bonds
Series
2024
(ST
AID
WITHHLDG)
(NR/AA-)
765,000
5.000
08/01/2026
789,905
735,000
5.000
08/01/2027
771,724
State
of
New
Mexico
Severance
Tax
Bonds
Series
2022A
(Aa2/AA-)
4,880,000
5.000
07/01/2026
5,051,808
Village
of
Los
Ranchos
de
Albuquerque
RB
Refunding
for
Albuquerque
Academy
Series
2020
(NR/A-)
100,000
4.000
09/01/2024
99,966
175,000
5.000
09/01/2027
181,850
35,100,570
New
York
-
11.0%
Allegany
County
Capital
Resource
Corp.
RB
Alfred
University
Project
Series
2024
(NR/BBB+)
285,000
5.000
04/01/2030
303,431
330,000
5.000
04/01/2031
354,697
425,000
5.000
04/01/2032
460,619
195,000
5.000
04/01/2033
212,631
220,000
5.000
04/01/2034
241,053
Build
NYC
Resource
Corp.
RB
for
Academic
Leadership
Charter
School
Project
Series
2021
(NR/BBB-)
100,000
4.000
06/15/2026
97,874
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
Build
NYC
Resource
Corp.
RB
for
Grand
Concourse
Academy
Charter
School
Project
Series
2022A
(NR/BBB-)
$
245,000
3.400%
07/01/2027
$
239,936
Build
NYC
Resource
Corporation
RB
Classical
Charter
Schools
Project
Series
2023A
(NR/BBB-)
970,000
4.000
06/15/2033
955,141
Chautauqua
County
Capital
Resource
Corp.
Exempt
Facilities
Revenue
Refunding
Bonds
for
NRG
Energy
Project
Series
2020
(Baa3/BBB-)
(PUTABLE)
5,185,000
4.250
(b)(c)
04/01/2042
5,209,678
City
of
Albany
Capital
Resource
Corp.
Tax-Exempt
RB
Kipp
Capital
Region
Public
Charter
Schools
Project
Series
2024
(NR/BBB-)
345,000
4.000
06/01/2034
339,600
City
of
New
York
GO
Bonds
2023
Series
C
(Aa2/AA)
3,000,000
5.000
08/01/2025
3,054,722
City
of
New
York
GO
Bonds
2023
Series
D
(Aa2/AA)
1,885,000
5.000
08/01/2025
1,919,383
City
of
New
York
GO
Bonds
Fiscal
2008
Series
A
Subseries
A-4
(AGM)
(Aa2/AA)
1,000,000
5.000
08/01/2026
1,037,572
City
of
New
York
GO
Bonds
Fiscal
2008
Series
C
Subseries
C-4
(AGM)
(Aa2/AA)
1,000,000
5.000
10/01/2026
1,040,787
City
of
New
York
GO
Bonds
Fiscal
2009
Series
B
Subseries
B-3
(Aa2/AA)
4,285,000
5.000
09/01/2026
4,449,191
City
of
New
York
GO
Bonds
Fiscal
2021
Series
A
(Aa2/AA)
10,260,000
5.000
08/01/2026
10,637,080
City
of
Yonkers
GO
Serial
Bonds
Series
2022F
(BAM)
(A2/AA)
175,000
5.000
11/15/2025
179,147
250,000
5.000
11/15/2026
260,477
200,000
5.000
11/15/2027
212,331
County
of
Monroe
Industrial
Development
Agency
Multifamily
Housing
RB
andrews
Terrace
Community
Partners
L.P.
Project
Series
2023B-1
(HUD
SECT
8)
(Aaa/NR)
4,300,000
5.000
(b)(c)
07/01/2028
4,409,912
Empire
State
Development
Corp.
State
Personal
Income
Tax
RB
Series
2022A
(Aa1/NR)
21,000,000
5.000
09/15/2028
22,595,044
Genesee
County
Funding
Corp.
Tax
Exempt
RB
for
Rochester
Regional
Health
Project
Series
2022A
(NR/BBB+)
175,000
5.000
12/01/2024
175,418
275,000
5.000
12/01/2026
280,868
Long
Island
Power
Authority
RB
Refunding
Series
2020
B
(A2/A)
8,000,000
0.850
(b)(c)
09/01/2050
7,688,974
Long
Island
Power
Authority
RB
Refunding
Series
2021
B
(A2/A)
15,000,000
1.500
(b)(c)
09/01/2051
14,118,658
Long
Island
Power
Authority
RB
Series
2021
(A2/A)
10,000,000
1.000
09/01/2025
9,590,694
Metropolitan
Transportation
Authority
RB
Refunding
for
Climate
Bond
Certified
Series
2020
E
(A3/A-)
4,250,000
4.000
11/15/2026
4,308,291
Metropolitan
Transportation
Authority
Transportation
Revenue
Refunding
Bonds
Series
2015C
(A3/A-)
4,250,000
5.250
11/15/2028
4,339,377
Metropolitan
Transportation
Authority
Transportation
Revenue
Refunding
Bonds
Series
2015D-1
(A3/A-)
10,000,000
5.000
11/15/2033
10,175,894
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
$
1,131,573
Metropolitan
Transportation
Authority
Transportation
Revenue
Refunding
Bonds
Series
2020E
(A3/A-)
3,000,000
5.000
11/15/2028
3,200,842
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
4.178
(d)
11/01/2026
16,724,001
Metropolitan
Transportational
Authority
Revenue
Green
Bonds
Series
2019A
(A3/A-)
10,175,000
5.000
(b)(c)
11/15/2048
10,212,198
New
York
City
GO
Bonds
Subseries
2006
C-4
(AGM)
(Aa2/AA)
300,000
3.000
(b)(c)
01/01/2032
300,000
New
York
City
Housing
Development
Corp.
RB
Series
2020
D-2
(FHA
542
(C))
(FHA
542
(C))
(Aa2/AA+)
2,000,000
0.700
(b)(c)
05/01/2060
1,972,561
New
York
City
Housing
Development
Corp.
Series
F-2-B
5,265,000
3.400
(b)(c)
11/01/2062
5,185,273
New
York
City
Industrial
Development
Agency
RB
for
Yankee
Stadium
LLC
Series
2006
(FGIC)
(Baa1/NR)
(MUNI-CPI
+
0.87%)
2,505,000
4.227
03/01/2025
2,495,066
(MUNI-CPI
+
0.88%)
2,610,000
4.237
03/01/2026
2,590,187
(MUNI-CPI
+
0.89%)
2,725,000
4.247
03/01/2027
2,695,668
New
York
City
Municipal
Water
Finance
Authority
Water
&
Sewer
Second
General
Resolution
RB
Adjustable
Rate
2011
Series
DD
(Aa1/AA+/A-1)
3,625,000
4.900
(b)(c)
06/15/2043
3,625,000
New
York
City
Municipal
Water
Finance
Authority
Water
&
Sewer
Second
General
Resolution
RB
Adjustable
Rate
2021
Series
Ee
Subseries
Ee-1
and
Ee-2
(Aa1/AA+/A-1+)
1,000,000
4.900
(b)(c)
06/15/2045
1,000,000
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
10,083,448
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Subordinate
Bonds
Fiscal
1999
Series
A-1
(Aa1/AAA)
3,000,000
5.000
11/01/2028
3,231,560
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Tax-Exempt
Subordinate
Bonds
Adjustable
Rate
BondsFiscal
2019
Subseries
A-4
(Aa1/AAA/A-1)
8,640,000
4.700
(b)(c)
08/01/2045
8,640,000
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
25,095
New
York
Liberty
Development
Corp.
RB
for
World
Trade
Center
Project
Series
2014
(NR/NR)
1,805,000
5.150
(e)
11/15/2034
1,810,476
New
York
Port
Authority
Consolidated
Bonds
186th
Series
(Aa3/AA-)
4,000,000
5.000
10/15/2033
4,007,575
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
New
York
Port
Authority
Consolidated
Bonds
197th
Series
(Aa3/AA-)
$
4,000,000
5.000%
11/15/2034
$
4,081,691
New
York
Port
Authority
Consolidated
Bonds
207th
Series
(Aa3/AA-)
6,035,000
5.000
09/15/2027
6,279,985
New
York
Port
Authority
Consolidated
Bonds
226th
Series
(Aa3/AA-)
3,750,000
5.000
10/15/2024
3,761,773
New
York
State
Dormitory
Authority
RB
Refunding
for
Bidding
Group
1
Series
2018
C
(Aa1/AA+)
3,960,000
5.000
03/15/2026
4,080,779
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
925,000
1,130,000
5.000
07/01/2028
1,131,589
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
7.403
(b)(c)
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
3,082,759
New
York
State
Housing
Finance
Agency
2021
Series
J-2
(SONYMA
HUD
SECT
8)
(Aa2/NR)
3,710,000
1.100
(b)(c)
11/01/2061
3,349,931
New
York
State
Housing
Finance
Agency
Affordable
Housing
2022
Series
D-2
(SONYMA
HUD
SECT
8)
(Aa2/NR)
22,000,000
3.100
(b)(c)
05/01/2062
21,543,425
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
(b)(c)
05/01/2062
17,998,348
New
York
State
Housing
Finance
Agency
RB
Series
2021
D-2
(SONYMA)
(Aa2/NR)
7,870,000
0.650
(b)(c)
11/01/2056
7,522,188
New
York
State
Thruway
Authority
General
RB Series
P
(A1/A+)
10,000,000
5.000
01/01/2027
10,463,567
New
York
State
Thruway
Authority
Personal
Income
Tax
RB
Series
2021A-1
(NR/AA+)
40,000,000
5.000
03/15/2028
42,574,468
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
368,765
New
York
Transportation
Development
Corp.
RB
for
Delta
Air
Lines,
Inc.
Series
2018
(Baa3/NR)
6,195,000
5.000
01/01/2029
6,427,727
New
York
Transportation
Development
Corp.
RB
for
Delta
Air
Lines,
Inc.
Series
2018
(AMT)
(Baa3/NR)
8,320,000
5.000
01/01/2030
8,632,558
New
York
Transportation
Development
Corp.
RB
for
Delta
Air
Lines,
Inc.
Series
2018
(AMT)
(Baa3/NR)
8,000,000
5.000
01/01/2025
8,037,907
3,425,000
5.000
01/01/2026
3,481,447
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
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
$
1,359,512
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
6,150,033
New
York
Transportation
Development
Corp.
Special
Facilities
Bonds
Series
2016A
(Baa2/NR)
14,275,000
5.250
01/01/2050
14,275,311
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
8,086,076
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
518,000
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
1,019,340
1,080,000
5.000
07/01/2026
1,068,248
1,090,000
5.000
07/01/2027
1,070,117
Port
Authority
of
New
York
Consolidated
Bonds
185th
Series
(AMT)
(Aa3/AA-)
2,495,000
5.000
09/01/2028
2,498,725
Port
Authority
of
New
York
Consolidated
Bonds
227th
Series
(Aa3/AA-)
10,000,000
3.000
10/01/2028
9,511,414
Power
Authority
of
The
State
of
New
York
Green
Transmission
Project
RB
Series
2023A
(AGM)
(A1/AA)
500,000
5.000
11/15/2026
522,237
500,000
5.000
11/15/2027
531,983
State
of
New
York
Dormitory
Authority
Northwell
Health
Obligated
Group
RB
Series
2019B-3
(A3/A-)
2,295,000
5.000
(b)(c)
05/01/2048
2,329,187
State
of
New
York
Dormitory
Authority
Personal
Income
Tax
RB
Series
2020A
(Aa1/NR)
24,620,000
5.000
03/15/2025
24,932,770
State
of
New
York
Dormitory
Authority
RB
for
St.
Joseph's
College
Series
2020A
(NR/NR)
1,025,000
5.000
07/01/2026
1,025,336
State
of
New
York
Dormitory
Authority
Wagner
College
RB
Series
2022
(NR/NR)
675,000
5.000
07/01/2026
684,575
705,000
5.000
07/01/2027
720,548
740,000
5.000
07/01/2028
761,294
The
City
of
New
York
GO
Bonds
Tax-Exempt
Bonds
Subseries
F-1
(Aa2/AA)
2,655,000
5.000
08/01/2025
2,703,429
1,000,000
5.000
08/01/2026
1,036,752
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
1,783,854
Triborough
Bridge
&
Tunnel
Authority
Payroll
Mobility
Tax
Senior
Lien
Bonds
Series
2021C
(NR/AA+)
40,900,000
5.000
(b)(c)
05/15/2051
41,859,751
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
Triborough
Bridge
&
Tunnel
Authority
Payroll
Mobility
Tax
Senior
Lien
Green
Bonds
Series
2022E
(NR/AA+)
$
26,915,000
5.000%
11/15/2027
$
28,409,593
Triborough
Bridge
and
Tunnel
Authority
Mta
Bridges
and
Tunnels
Payroll
Mobility
Tax
Bond
Anticipation
Notes
Series
2024B
(NR/SP-1+)
5,000,000
5.000
03/15/2027
5,236,685
Westchester
County
Local
Development
Corp.
Revenue
Refunding
Bonds
for
Kendal
on
Hudson
Project
Series
2022B
(NR/NR)
210,000
5.000
01/01/2027
215,553
527,623,233
North
Carolina
-
1.8%
Charlotte-Mecklenburg
Hospital
Authority
RB
Series
2018E
(Aa3/AA)
6,500,000
0.800
(b)(c)
01/15/2048
6,264,324
City
of
Charlotte
Water
&
Sewer
System
Refunding
RB
Series
2015
(Aaa/AAA)
10,000,000
5.000
07/01/2027
10,162,517
Columbus
County
Industrial
Facilities
&
Pollution
Control
Financing
Authority
Revenue
Refunding
Bonds
Series
2019A
(Baa2/BBB)
(PUTABLE)
425,000
2.000
(b)(c)
11/01/2033
421,920
Columbus
County
Industrial
Facilities
&
Pollution
Control
Financing
Authority
Revenue
Refunding
Bonds
Series
2019B
(Baa2/BBB)
(PUTABLE)
450,000
2.000
(b)(c)
11/01/2033
446,739
Columbus
County
Industrial
Facilities
and
Pollution
Control
Financing
Authority
RB
Refunding
for
International
Paper
Co.
Series
2019
C
(Baa2/BBB)
(PUTABLE)
2,150,000
2.100
(b)(c)
03/01/2027
2,134,942
Columbus
County
Industrial
Facilities
and
Pollution
Control
Financing
Authority
RB
Refunding
for
International
Paper
Co.
Series
2020
A
(Baa2/BBB)
(PUTABLE)
4,550,000
1.375
(b)(c)
05/01/2034
4,438,353
Greater
Ashville
Regional
Airport
Authority
Airport
System
RB
Series
2022A
(AMT)
(AGM)
(A1/AA)
750,000
5.000
07/01/2027
775,705
North
Carolina
Capital
Facilities
Finance
Agency
RB
for
Duke
University
Project
Series
2015B
(Aa1/NR)
30,000,000
5.000
(a)
10/01/2025
30,626,352
North
Carolina
Housing
Finance
Agency
Multifamily
Housing
RB
Series
2024
(Aaa/NR)
(PUTABLE)
2,205,000
5.000
(b)(c)
04/01/2029
2,307,011
North
Carolina
Medical
Care
Commission
Retirement
Facilities
First
Mortgage
RB
Tax-Exempt
Mandatory
Paydown
Securities
Series
2024B-1
(NR/NR)
350,000
4.250
10/01/2028
351,632
North
Carolina
Medical
Care
Commission
Retirement
Facilities
First
Mortgage
RB
Tax-Exempt
Mandatory
Paydown
Securities
Series
2024B-2
(NR/NR)
525,000
3.750
10/01/2028
522,123
State
of
North
Carolina
Limited
Obligation
Bonds
Series
2020B
(Aa1/AA+)
13,610,000
5.000
05/01/2026
14,049,155
State
of
North
Carolina
Limited
Obligation
Refunding
Bonds
Series
2017B
(Aa1/AA+)
12,190,000
5.000
05/01/2026
12,583,336
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
North
Carolina
–
(continued)
The
Charlotte-Mecklenburg
Hospital
Authority
Atrium
Health
Variable
Rate
Health
Care
RB
Series
2021D
(Aa3/AA)
$
1,000,000
5.000%
(b)(c)
01/15/2049
$
1,098,974
86,183,083
North
Dakota
-
0.2%
City
of
Grand
Forks
Health
Care
System
RB
for
Altru
Health
System
Series
2021
(Baa3/NR)
2,000,000
5.000
12/01/2028
2,026,397
City
of
Grand
Forks
RB
Refunding
for
Altru
Health
System
Obligated
Group
Series
2021
(Baa3/NR)
125,000
5.000
12/01/2024
125,042
165,000
5.000
12/01/2025
165,471
225,000
5.000
12/01/2026
226,299
City
of
Horace
Temporary
Refunding
Improvement
Bonds
Series
2022B
(Baa3/NR)
5,375,000
4.000
01/01/2025
5,367,432
7,910,641
Ohio
-
1.4%
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
126,632
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
178,850
American
Municipal
Power
RB
for
Prairie
State
Energy
Campus
Project
Refunding
Series
2023A
(A1/A)
2,500,000
5.000
02/15/2026
2,558,569
2,750,000
5.000
02/15/2027
2,872,170
City
of
Cleveland
Airport
System
RB
Series
2018A
(AMT)
(A2/A)
2,000,000
5.000
01/01/2026
2,034,416
County
of
Franklin
Healthcare
Facilities
RB
for
Ohio
Living
Communities
Series
2023
(NR/NR)
6,000,000
5.000
07/01/2031
6,046,726
Cuyahoga
County
Ohio
Hospital
RB
Refunding
for
Metrohealth
System
Series
2017
(Baa2/BBB)
500,000
5.000
02/15/2025
501,610
Franklin
County
Finance
Authority
Multifamily
Housing
RB
for
Dering
Family
Homes
Project
Series
2023
(HUD
SECT
8)
(Aaa/NR)
5,000,000
5.000
(b)(c)
07/01/2045
5,094,057
Ohio
Air
Quality
Development
Authority
Air
Quality
Development
Refunding
Bonds
for
Duke
Energy
Corp.
Project
Series
2022B
(Baa2/BBB)
(PUTABLE)
3,750,000
4.250
(b)(c)
11/01/2039
3,769,624
Ohio
Air
Quality
Development
Authority
Air
Quality
Development
Refunding
Bonds
for
Duke
Energy
Corp.
Project
Series
2022B
(NON-AMT)
(Baa2/BBB)
(PUTABLE)
6,500,000
4.000
(b)(c)
09/01/2030
6,507,478
Ohio
Air
Quality
Development
Authority
Collateralized
Air
Quality
Revenue
Refunding
Bonds
for
Dayton
Power
and
Light
Company
Project
2015
Series
A
(Baa1/BBB)
(PUTABLE)
15,250,000
4.250
(b)(c)
11/01/2040
15,304,813
Ohio
Air
Quality
Development
Authority
RB
for
Ohio
Valley
Electric
Corp.
Series
2009
A
(Baa3/NR)
1,075,000
2.875
02/01/2026
1,040,443
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Ohio
–
(continued)
Ohio
Air
Quality
Development
Authority
RB
for
Ohio
Valley
Electric
Corp.
Series
2009
D
(Baa3/NR)
$
2,695,000
2.875%
02/01/2026
$
2,608,367
Ohio
Housing
Finance
Agency
Multifamily
Housing
RB
for
Cherry
Blossom
Apartments
Project
Series
2023
(HUD
SECT
8)
(Aaa/NR)
(PUTABLE)
1,700,000
5.000
(b)(c)
08/01/2026
1,713,935
Ohio
State
RB
Refunding
for
Premier
Health
Partners
Obligated
Group
Series
2020
(Baa1/NR)
140,000
5.000
11/15/2024
140,339
280,000
5.000
11/15/2025
282,908
Ohio
Water
Development
Authority
Drinking
Water
Assistance
Fund
RB
Series
2016
(Aaa/AAA)
4,080,000
4.000
12/01/2033
4,102,071
Ohio
Water
Development
Authority
Fresh
Water
Development
RB
Series
2016B
(Aaa/AAA)
1,000,000
5.000
06/01/2026
1,033,825
State
of
Ohio
Higher
Educational
Facility
Revenue
Refunding
Bonds
Series
2021B
(Aa3/AA-)
(SIFMA
Municipal
Swap
Index
Yield
+
0.23%)
4,400,000
4.110
(c)(d)
12/01/2042
4,323,321
State
of
Ohio
Major
Infrastructure
RB
Series
2016-1
(Aa1/AA)
4,335,000
5.000
12/15/2027
4,475,207
Willoughby
Eastlake
City
School
District
GO
UT
School
Improvement
Bonds
Series
2016
(A2/NR)
2,500,000
5.000
(a)
12/01/2025
2,559,503
67,274,864
Oklahoma
-
0.9%
City
of
Tulsa
GO
Bonds
Series
2021
(Aa1/AA)
9,300,000
1.000
11/01/2026
8,521,194
Independent
School
District
Combined
Purpose
GO
Bonds
Series
2021B
(NR/AA)
10,000,000
1.000
09/01/2025
9,576,791
Independent
School
District
GO
Combined
Purposed
Bonds
Series
2021
(NR/AA+)
8,840,000
1.250
06/01/2026
8,227,097
Independent
School
District
No.
6
GO
Combined
Purpose
Bonds
Series
2023
(NR/AA-)
9,925,000
5.000
09/01/2025
10,074,385
Oklahoma
Capitol
Improvement
Authority
State
Facilities
Refunding
RB
Series
2024A
(NR/AA-)
1,725,000
5.000
07/01/2026
1,781,329
1,775,000
5.000
07/01/2027
1,865,030
Oklahoma
Capitol
Improvement
Authority
State
Facilities
Refunding
RB
Series
2024B
(NR/AA-)
340,000
5.000
07/01/2026
351,103
250,000
5.000
07/01/2027
262,680
Oklahoma
Development
Finance
Authority
Health
System
RB
Series
2018B
(Ba3/BB-)
500,000
5.000
08/15/2024
499,502
Oklahoma
Housing
Finance
Agency
Collateralized
RB
Pioneer
Plaza
Apartments,
Series
2023A
(HUD
SECT
8
FHA
221(D)(4))
(Aaa/NR)
575,000
4.000
(b)(c)
06/01/2028
574,823
41,733,934
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Oregon
-
0.3%
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
$
2,883,214
Forest
Grove
Oregon
Student
Housing
RB
Refunding
for
Oak
Tree
Foundation
Project
Series
2017
(NR/BBB)
200,000
5.000
03/01/2025
200,529
Oregon
Facilities
Authority
Revenue
Refunding
Bonds
2020
Series
A
(NR/BBB+)
400,000
5.000
10/01/2024
400,814
125,000
5.000
10/01/2026
127,017
Port
of
Portland
International
Airport
RB
Series
27A
(NR/AA-)
2,410,000
5.000
07/01/2028
2,521,730
Portland
Oregon
Water
System
RB
Refunding
First
Lien
Series
2016
A
(Aa1/NR)
7,090,000
4.000
04/01/2029
7,171,142
State
of
Oregon
GO
Bonds
2021
Series
H
(Aa1/AA+)
1,330,000
1.000
08/01/2026
1,240,734
14,545,180
Pennsylvania
-
3.3%
Allegheny
County
Higher
Education
Building
Authority
for
Carnegie
Mellon
University
for
RB
Series
2022A
(NR/AA+)
(SOFR
+
0.29%)
5,330,000
4.028
(c)(d)
02/01/2033
5,255,432
Allentown
Neighborhood
Improvement
Zone
Development
Authority
RB
Refunding
Series
2022
(Baa3/NR)
480,000
5.000
05/01/2026
488,420
Allentown
Neighborhood
Improvement
Zone
Development
Authority
Tax
Revenue
Refunding
Bonds
Series
2022
(Baa3/NR)
600,000
5.000
05/01/2028
621,046
Cheltenham
Township
Industrial
Development
Authority
Arcadia
University
RB
Series
of
2024
(NR/BBB-)
6,900,000
5.000
04/01/2034
7,190,377
City
of
Philadelphia
Airport
Revenue
Refunding
Bonds
Series
2017B
(AMT)
(A2/A+)
1,150,000
5.000
07/01/2025
1,162,897
City
of
Philadelphia
Airport
Revenue
Refunding
Bonds
Series
2021
(AMT)
(A2/NR)
2,800,000
5.000
07/01/2027
2,895,966
Commonwealth
of
Pennsylvania
GO
Bonds
Series
2015
(Aa3/A+)
3,925,000
5.000
08/15/2025
3,998,437
County
of
Beaver
GO
Bonds
Series
2017
(BAM)
(NR/AA)
1,000,000
5.000
04/15/2025
1,012,594
County
of
Westmoreland
GO
Bonds
Tax
Exempt
2013
Series
A
(A2/NR)
55,000
5.000
12/01/2024
55,059
Cumberland
County
Municipal
Authority
RB
Refunding
for
Messiah
College
Series
2020
SS3
(NR/A-)
2,195,000
2.345
11/01/2026
2,053,629
Delaware
River
Port
Authority
Port
District
Project
Refunding
Bonds
Series
2022
(A3/A)
1,050,000
5.000
01/01/2026
1,076,553
1,000,000
5.000
01/01/2027
1,042,435
Delaware
Valley
Regional
Finance
Authority
Local
Government
RB
2022
Series
B
(A1/A+)
(SIFMA
Municipal
Swap
Index
Yield
+
0.40%)
17,860,000
4.280
(c)(d)
03/01/2057
17,658,513
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Pennsylvania
–
(continued)
Delaware
Valley
Regional
Finance
Authority
Local
Government
RB
2022
Series
C
(A1/A+)
(SOFR
+
0.49%)
$
13,580,000
4.068%
(c)(d)
03/01/2057
$
13,488,660
Geisinger
Authority
Health
System
Long
Term
Rate
RB
Series
2020B
(WR/AA-)
16,590,000
5.000
(b)(c)
04/01/2043
17,069,954
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
733,897
525,000
4.000
11/01/2025
521,275
570,000
4.000
11/01/2026
562,894
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
18,853,936
Monroeville
Finance
Authority
UPMC
RB
Series
2012
(A2/A)
2,360,000
5.000
02/15/2027
2,453,103
Montgomery
County
IDA
Exempt
Facilities
Revenue
Refunding
Bonds
2023
Series
B
(Baa1/BBB+)
3,295,000
4.100
06/01/2029
3,380,164
Montgomery
County
IDA
Exempt
Facilities
Revenue
Refunding
Bonds
2023
Series
C
(Baa1/BBB+)
(PUTABLE)
5,335,000
4.450
(b)(c)
10/01/2034
5,445,366
Pennsylvania
Economic
Development
Financing
Authority
RB
for
Presbyterian
Senior
Living
Project
Series
2021
(NR/NR)
1,600,000
4.000
07/01/2033
1,613,722
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
(b)(c)
10/01/2046
10,143,408
Pennsylvania
Economic
Development
Financing
Authority
Solid
Waste
Disposal
RB
Series
2009
(NR/A-/A-2)
(PUTABLE)
14,680,000
0.950
(b)(c)
12/01/2033
13,451,758
Pennsylvania
Economic
Development
Financing
Authority
Solid
Waste
Disposal
Refunding
RB
Series
2021B
(NR/A-/A-2)
7,440,000
1.100
(b)(c)
06/01/2031
6,939,609
Pennsylvania
Economic
Financing
Development
Authority
Sewage
Sludge
Disposal
Revenue
Refunding
Bonds
Series
2020
(Baa2/NR)
505,000
3.000
01/01/2025
501,000
615,000
4.000
01/01/2026
610,237
Pennsylvania
Go
Bonds
First
2023
(Aa3/A+)
11,135,000
5.000
09/01/2026
11,548,537
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
(b)(c)
11/01/2026
1,011,170
Pennsylvania
Turnpike
Commission
Turnpike
RB
Series
2022
B
(Aa3/NR)
155,000
5.000
12/01/2025
158,824
135,000
5.000
12/01/2026
140,837
185,000
5.000
12/01/2027
196,561
Southeastern
Pennsylvania
Transportation
Authority
RB
for
Asset
Improvement
Program
Series
2022
(Aa3/NR)
570,000
5.000
06/01/2025
578,446
750,000
5.000
06/01/2026
774,491
500,000
5.000
06/01/2027
524,685
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Pennsylvania
–
(continued)
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
$
2,596,667
Westmoreland
County
IDA
Health
System
Tax
Exempt
RB
Series
2020A
(Baa3/NR)
450,000
4.000
07/01/2024
450,000
575,000
4.000
07/01/2025
573,067
625,000
4.000
07/01/2026
621,059
159,454,685
Puerto
Rico
-
5.1%
Puerto
Rico
Commonwealth
GO
Bonds
(NR/NR)
2,800,579
0.000
(b)(h)(i)
11/01/2043
1,715,354
Puerto
Rico
Commonwealth
GO
Restructured
Bonds
Series
2022
A-1
(NR/NR)
73,661
0.000
(f)
07/01/2024
73,661
505,630
5.375
07/01/2025
509,860
501,051
5.625
07/01/2027
522,760
492,922
5.625
07/01/2029
528,666
478,771
5.750
07/01/2031
531,646
584,255
0.000
(f)
07/01/2033
389,850
454,000
4.000
07/01/2033
454,681
408,086
4.000
07/01/2035
400,603
350,245
4.000
07/01/2037
337,159
476,200
4.000
07/01/2041
443,822
495,242
4.000
07/01/2046
448,026
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
VV
(NATL)
(NR/NR)
190,000
5.250
07/01/2024
190,000
1,015,000
5.250
07/01/2025
1,010,582
150,000
5.250
07/01/2032
149,000
145,000
5.250
07/01/2035
142,918
Puerto
Rico
Electric
Power
Authority
Power
Revenue
Refunding
Bonds
PP
(NATL)
(NR/NR)
215,000
5.000
07/01/2024
215,000
700,000
5.000
07/01/2025
700,126
Puerto
Rico
Electric
Power
Authority
Power
Revenue
Refunding
Bonds
RR
(NATL)
(NR/NR)
220,000
5.000
07/01/2024
220,000
Puerto
Rico
Electric
Power
Authority
Power
Revenue
Refunding
Bonds
SS
(NATL)
(NR/NR)
525,000
5.000
07/01/2025
525,194
Puerto
Rico
Electric
Power
Authority
RB
Refunding
Series
2007
UU
(AGM)
(A1/AA)
(3M
USD
LIBOR
+
0.52%)
55,400,000
4.245
(d)
07/01/2029
54,162,137
Puerto
Rico
Financial
Corp
Commonwealth
Appropriation
Bonds
2001E
(AGC-ICC
AGM-CR)
(A1/AA)
2,030,000
6.000
08/01/2026
2,130,876
Puerto
Rico
Sales
Tax
Financing
Corporation
Sales
Tax
Capital
Appreciation
Restructured
RB
Series
2018
A-1
(NR/NR)
45,168,000
0.000
(f)
07/01/2027
40,261,590
4,613,000
0.000
(f)
07/01/2029
3,806,599
15,837,000
0.000
(f)
07/01/2031
12,021,518
19,838,000
0.000
(f)
07/01/2033
13,792,080
4,705,000
0.000
(f)
07/01/2046
1,513,054
3,833,000
0.000
(f)
07/01/2051
896,880
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(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
2019
A-2
(NR/NR)
$
2,050,000
4.329%
07/01/2040
$
2,022,516
56,000
4.536
07/01/2053
53,328
747,000
4.784
07/01/2058
735,157
Puerto
Rico
Sales
Tax
Financing
Corporation
Sales
Tax
Restructured
RB
Series
2018
A-1
(NR/NR)
96,554,000
4.500
07/01/2034
96,694,235
1,345,000
4.750
07/01/2053
1,325,414
3,400,000
5.000
07/01/2058
3,386,764
State
of
Delaware
GO
Custodial
Receipts
Series
2017A
(NR/NR)
1,030,000
0.000
(h)
03/15/2049
99,040
242,410,096
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
4,200,899
State
of
Rhode
Island
GO
Bonds
Consolidated
Capital
Development
Loan
Series
2022
A
(Aa2/AA)
2,210,000
5.000
08/01/2026
2,291,028
6,491,927
South
Carolina
-
0.0%
Housing
Authority
of
The
City
of
Greenville
Multifamily
Housing
RB
for
Cherokee
Landing
Apartments
Project
Series
2023
(Aaa/NR)
900,000
5.000
(b)(c)
07/01/2027
915,301
a
a
Tennessee
-
0.4%
City
of
Memphis
Sanitary
Sewage
System
Revenue
Refunding
Bonds
Series
2018
(Aa2/AA+)
2,245,000
4.000
10/01/2035
2,255,972
County
of
Knox
Health,
Educational
&
Housing
Board
Collateralized
Multifamily
Housing
Bonds
for
Westview
Towers
Project
Series
2022
(HUD
SECT
8)
(NR/AA+)
(PUTABLE)
3,500,000
3.950
(b)(c)
12/01/2027
3,501,353
Metropolitan
Nashville
Airport
Authority
Airport
Improvement
RB
Series
2022B
(A1/NR)
1,050,000
5.000
07/01/2028
1,098,679
Tennessee
State
School
Bond
Authority
Higher
Education
Facilities
Second
Program
Bonds
2015
Series
B
(ST
INTERCEPT)
(Aa1/AA+)
10,000,000
5.000
(a)
11/01/2025
10,229,893
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)
(PUTABLE)
1,135,000
3.850
(b)(c)
02/01/2048
1,132,778
18,218,675
Texas
-
11.6%
Alvin
Independent
School
District
Unlimited
Tax
Schoolhouse
and
RB
Series
2024
(PSF-GTD)
(Aaa/NR)
725,000
5.000
02/15/2026
745,013
Arlington
Higher
Education
Finance
Corp.
Great
Hearts
America
-
Texas
Education
RB
Series
2024A
(Baa3/NR)
2,000,000
4.250
08/15/2034
1,990,894
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
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
$
1,412,303
Bexar
County
Housing
Finance
Corp.
RB
Refunding
for
Westcliffe
Housing
Foundation,
Inc.
Series
2004
(Aa1/NR)
160,000
3.750
(b)
02/01/2035
157,585
Board
of
Regents
of
The
University
of
Texas
System
Revenue
Financing
System
Bonds
Series
2024A
(Aaa/AAA)
5,000,000
5.000
08/15/2026
5,181,893
10,000,000
5.000
08/15/2027
10,549,411
Boerne
Independent
School
District
A
Political
Subdivision
of
The
State
of
Texas
Located
In
Kendall
Bexar
and
Comal
Counties
Texas
Fixed
and
Variable
Rate
Unlimited
Tax
School
Building
Bonds
Series
2024
(PSF-GTD)
(Aaa/NR)
1,750,000
4.000
(b)(c)
02/01/2054
1,792,142
City
of
Austin
RB
Refunding
for
Airport
System
Series
2019
(AMT)
(A1/A+)
2,000,000
5.000
11/15/2024
2,006,695
1,150,000
5.000
11/15/2025
1,167,952
City
of
Austin
Water
&
Wastewater
System
Revenue
Refunding
Bonds
Series
2022
(Aa2/AA)
1,000,000
5.000
11/15/2025
1,023,723
1,000,000
5.000
11/15/2026
1,041,985
1,500,000
5.000
11/15/2027
1,591,162
City
of
Boyd
Special
Assessment
RB,
Series
2024
(City
of
Boyd
Public
Improvement
District
No.
1
Improvement
Area
#1
Project)
(NR/NR)
415,000
4.250
(e)
09/15/2030
414,429
City
of
Bryan
Rural
Electric
System
RB,
Series
2024
(AGM)
(NR/AA)
265,000
5.000
07/01/2027
276,520
245,000
5.000
07/01/2028
258,866
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
306,087
320,000
4.000
09/01/2026
321,991
335,000
4.000
09/01/2027
337,810
350,000
4.000
09/01/2028
352,366
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
2,045,189
1,600,000
5.000
11/01/2026
1,662,711
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
1,632,684
City
of
Dallas
Housing
Finance
Corp.
Multifamily
Housing
RB
for
Highpoint
at
Wynnewood
Series
2022
(Aaa/NR)
2,900,000
3.500
(b)(c)
02/01/2044
2,860,587
City
of
Dallas
Housing
Finance
Corp.
Multifamily
Housing
RB
for
Positano
Series
2023
(FHA
221(D4))
(Aaa/NR)
845,000
5.000
(b)(c)
09/01/2026
854,992
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
(b)(c)
07/01/2026
1,145,068
City
of
Dallas
Housing
Finance
Corp.
Multifamily
Housing
Revenue
Notes
for
Estates
at
Ferguson
Series
2023
(Aaa/NR)
1,045,000
5.000
(b)(c)
07/01/2042
1,069,977
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
City
of
Dallas
Waterworks
and
Sewer
System
Revenue
Refunding
Bonds
Series
2015A
(Aa2/AAA)
$
2,510,000
5.000%
10/01/2026
$
2,556,827
City
of
Denton
Independent
School
District
Variable
Rate
UT
Building
Bonds
Series
2014-B
(CASH)
(PSF-GTD)
(NR/NR)
(PUTABLE)
1,220,000
2.000
(a)(b)(c)
08/01/2024
1,218,260
City
of
El
Paso
Water
&
Sewer
RB
Refunding
Series
2015
(NR/AA)
3,030,000
5.000
03/01/2025
3,033,073
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
139,893
150,000
4.000
08/15/2025
150,199
155,000
4.000
08/15/2026
155,526
160,000
4.000
08/15/2027
160,895
City
of
Fort
Worth
Texas
A
Municipal
Corp.
of
The
State
of
Texas
Located
In
Tarrant
Denton
Parker
Johnson
and
Wise
Counties
Special
Assessment
RB
Series
2024
Project
(BAM)
(NR/AA)
300,000
5.000
(g)
09/01/2025
303,618
576,000
5.000
(g)
09/01/2026
589,659
606,000
5.000
(g)
09/01/2027
627,997
640,000
5.000
(g)
09/01/2028
670,917
City
of
Houston
Combined
Utility
System
First
Lien
Revenue
Refunding
Bonds
Series
2014C
(Aa2/AA)
6,550,000
5.000
05/15/2027
6,558,115
City
of
Houston
Texas
Combined
Utility
System
First
Lien
Revenue
Refunding
Bonds
Series
2024A
(Aa2/NR)
1,800,000
5.000
11/15/2025
1,840,753
4,560,000
5.000
11/15/2026
4,748,267
4,560,000
5.000
11/15/2027
4,826,629
1,000,000
5.000
11/15/2029
1,092,295
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
235,244
City
of
Lavon
Heritage
Public
Improvement
District
No.
1
Special
Assessment
Refunding
Series
2021
(BAM)
(NR/AA)
310,000
3.000
09/15/2024
309,180
320,000
3.000
09/15/2025
317,028
City
of
Lubbock
Texas
General
Obligation
Bonds
Series
2024
(NR/AA+)
1,385,000
5.000
02/15/2025
1,398,238
City
of
McLendon-Chisholm
Special
Assessment
Refunding
Bonds
Sonoma
Public
Improvement
District
Series
2020
(BAM)
(NR/AA)
285,000
4.000
09/15/2025
286,025
295,000
4.000
09/15/2026
296,579
305,000
4.000
09/15/2027
307,143
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
232,732
City
of
Princeton
Special
Assessment
RB
for
Brookside
Public
Improvement
District
Series
2021
(NR/NR)
86,000
2.500
(e)
09/01/2026
81,644
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
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
$
75,080
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
92,478
City
of
Round
Rock
Utility
System
Revenue
Refunding
Bonds
Series
2017
(NR/AAA)
1,000,000
5.000
08/01/2024
1,001,072
City
of
Royse
City
Special
Assessment
for
Waterscape
Public
Improvement
District
Improvement
Series
2019
(NR/NR)
90,000
3.750
(e)
09/15/2024
89,756
City
of
Sachse
Special
Assessment
RB
for
Sachse
Public
Improvement
District
Project
Series
2022
(NR/NR)
150,000
5.000
(e)
09/15/2028
151,230
City
of
San
Antonio
Electric
&
Gas
Systems
Variable
Rate
Junior
Lien
Revenue
Refunding
Bonds
Series
2020
(Aa3/A+)
10,750,000
1.750
(b)(c)
02/01/2049
10,369,429
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
(b)(c)
02/01/2049
11,103,348
City
of
San
Antonio
General
Improvement
Bonds
Series
2023
(Aaa/AAA)
5,000,000
5.000
02/01/2026
5,141,603
City
of
San
Antonio
Water
System
Variable
Rate
Junior
Lien
RB
Series
2013F
(Aa2/AA+)
20,000,000
1.000
(b)(c)
05/01/2043
18,219,758
Clifton
Higher
Education
Finance
Corp.
Education
Revenue
and
Refunding
Bonds
Idea
Public
Schools
Series
2024
(PSF-GTD)
(NR/AAA)
600,000
5.000
08/15/2026
619,760
1,000,000
5.000
08/15/2027
1,049,591
Clifton
Higher
Education
Finance
Corporation
(International
Leadership
of
Texas,
Inc.)
Education
Revenue
And
Refunding
Bonds
Series
2024A
(PSF-GTD)
(Aaa/NR)
1,000,000
5.000
08/15/2026
1,032,933
Comal
Independent
School
District
GO
Refunding
Bonds
Series
2017
(PSF-GTD)
(Aaa/NR)
1,970,000
5.000
02/01/2025
1,987,525
1,600,000
5.000
02/01/2026
1,642,815
Conroe
Independent
School
District
UT
Refunding
Bonds
Series
2023A
(PSF-GTD)
(Aaa/AAA)
2,000,000
5.000
02/15/2026
2,059,368
2,035,000
5.000
02/15/2027
2,128,367
Crowley
Independent
School
District
UT
Refunding
Bonds
Series
2016B
(PSF-GTD)
(Aaa/NR)
2,550,000
5.000
(a)
08/01/2025
2,593,239
Cypress
Fairbanks
Independent
School
District
UT
Refunding
Bonds
Series
2015
(PSF-GTD)
(Aaa/AAA)
8,645,000
4.000
02/15/2034
8,602,793
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
3,234,643
Denton
County
Permanent
Improvement
Refunding
Bonds
Series
2016
(Aaa/AAA)
2,000,000
4.000
07/15/2033
1,984,931
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
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)
(PUTABLE)
$
705,000
2.000%
(a)(b)(c)
08/01/2024
$
703,995
Ector
County
Hospital
District
GO
Refunding
Bonds
Series
2020
(Baa2/BBB-)
450,000
5.000
09/15/2024
450,130
130,000
5.000
09/15/2025
130,551
620,000
5.000
09/15/2026
625,742
El
Paso
Independent
School
District
Variable
Rate
Maintenance
Tax
Notes
Series
2020
(Aa2/NR)
1,750,000
5.000
(b)(c)
02/01/2040
1,782,769
Fort
Bend
Independent
School
District
GO
Bonds
Series
2020
B
(PSF-GTD)
(NR/AAA)
6,000,000
0.875
(b)(c)
08/01/2050
5,810,620
Goose
Creek
Consolidated
Independent
School
District
GO
Bonds
RMKT
08/16/21
Series
2014
B
(PSF-GTD)
(Aaa/AAA)
4,000,000
0.600
(b)(c)
02/15/2035
3,758,244
Gulf
Coast
Industrial
Development
Authority
Texas
RB
Exxonmobil
Project
Series
2012
(Aa2/AA-/A-1+)
4,945,000
4.700
(b)(c)
11/01/2041
4,945,000
Hale
Center
Education
Facilities
Corp.
Revenue
Improvement
and
Revenue
Refunding
Bonds
Series
2022
(NR/BBB+)
475,000
5.000
03/01/2025
476,515
675,000
5.000
03/01/2026
682,076
990,000
5.000
03/01/2027
1,005,995
Harlandale
Independent
School
District
UT
Refunding
Bonds
Series
2015A
(PSF-GTD)
(NR/AAA)
4,130,000
4.000
(a)
08/15/2025
4,157,391
Harris
County
Cultural
Education
Facilities
Finance
Corp.
Hospital
Revenue
Refunding
Bonds
for
Memorial
Hermann
Health
System
Series
2020C
(Aa3/AA-)
6,000,000
5.000
(b)(c)
06/01/2032
6,029,767
Harris
County
Cultural
Education
Facilities
Finance
Corp.
RB
for
Memorial
Hermann
Health
System
Obligated
Group
Series
2019
B-2
(Aa3/AA-)
8,470,000
5.000
(b)(c)
07/01/2049
8,512,021
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
(b)(c)
05/15/2050
8,665,077
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
1,677,531
Harris
County
Toll
Road
Senior
Lien
Revenue
Refunding
Bonds,
Series
2016A
(Aa1/NR)
3,010,000
5.000
08/15/2026
3,119,554
Hidalgo
County
Drainage
District
No.
1
UT
Improvement
Bonds
Series
2023
(Aa2/AA-)
3,000,000
5.000
09/01/2025
3,050,464
Houston
Housing
Finance
Corp.
Multifamily
Housing
RB
Cordova
Apartments
Series
2024
(Aaa/NR)
2,650,000
3.650
(b)(c)(g)
02/01/2048
2,647,021
Houston
Water
&
Sewer
System
Junior
Lien
Revenue
Refunding
Bonds
Series
1998A
(AGM)
(Aa1/AA+)
5,755,000
0.000
(f)
12/01/2026
5,284,342
Jacksboro
Independent
School
District
Adjustable
Rate
UT
School
Building
Bonds
Series
2023
(PSF-GTD)
(NR/AAA)
2,470,000
4.000
(b)(c)
02/15/2048
2,522,822
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
Jim
Hogg
County
Independent
School
District
UT
Refunding
Bonds
Series
2023
(PSF-GTD)
(NR/AAA)
$
510,000
5.000%
08/15/2026
$
528,068
Klein
Independent
School
District
UT
Refunding
Bonds
Series
2016A
(PSF-GTD)
(Aaa/AAA)
2,805,000
4.000
08/01/2034
2,807,137
Laredo
Independent
School
District
A
Political
Subdivision
of
The
State
of
Texas
Located
In
Webb
County
UnLT
Refunding
Bonds
Series
2024
(PSF-GTD)
(NR/AAA)
1,250,000
5.000
08/01/2027
1,316,085
Laredo
Independent
School
District
UT
Refunding
Bonds
Series
2023
(AGM)
(NR/AA)
350,000
5.000
08/01/2025
356,730
360,000
5.000
08/01/2026
371,223
735,000
5.000
08/01/2027
768,476
Leander
Independent
School
District
UT
School
Building
Bonds
Series
2022
(PSF-GTD)
(NR/AAA)
1,000,000
5.000
08/15/2027
1,055,370
Love
Field
Airport
Modernization
Corp.
General
Airport
Revenue
Refunding
Bonds
Series
2021
(NR/A)
3,615,000
5.000
11/01/2026
3,698,595
Lower
Colorado
River
Authority
LCRA
Transmission
Services
Corp.
Project
RB
Refunding
Series
2019
(NR/A)
4,400,000
5.000
05/15/2027
4,604,091
Lower
Colorado
River
Authority
LCRA
Transmission
Services
Corp.
Project
RB
Refunding
Series
2024
(AGM)
(NR/AA)
1,750,000
5.000
05/15/2026
1,807,417
Lower
Colorado
River
Authority
Transmission
Contract
Refunding
RB
for
LCRA
Transmission
Services
Corp.
Project
Series
2022A
(NR/A)
250,000
5.000
05/15/2025
253,454
1,000,000
5.000
05/15/2026
1,031,521
680,000
5.000
05/15/2027
711,541
Mansfield
Independent
School
District
Unlimited
Tax
School
Building
Bonds
Series
2015
(PSF-GTD)
(Aaa/NR)
3,145,000
5.000
(a)
02/15/2025
3,174,757
Matagorda
County
Navigation
District
Number
One
Pollution
Control
Revenue
Refunding
Bonds
for
Central
Power
and
Light
Company
Project
Series
1996
(Baa2/BBB+)
1,875,000
4.250
05/01/2030
1,859,020
North
East
Independent
School
District
Variable
Rate
UT
Refunding
Bonds,
Series
2023
(PSF-GTD)
(Aaa/NR)
15,090,000
3.600
(b)(c)
08/01/2052
15,078,335
North
Texas
Tollway
Authority
System
Revenue
Refunding
Bonds
First
Tier
Bonds
Series
2015B
(Aa3/AA-)
3,065,000
5.000
01/01/2029
3,082,151
North
Texas
Tollway
Authority
System
Revenue
Refunding
Bonds
First
Tier
Bonds
Series
2023A
(Aa3/AA-)
6,500,000
5.000
01/01/2026
6,664,579
Northside
Independent
School
District
Texas
Bexar
County
Hill
Variable
Rate
Unlimited
Tax
School
Building
and
Refunding
Bonds
Series
2024B
(PSF-GTD)
(Aaa/NR)
5,470,000
3.450
(b)(c)
08/01/2054
5,468,008
Northside
Independent
School
District
Variable
Rate
UT
School
Building
Bonds
Series
2020
(PSF-GTD)
(Aaa/NR)
32,150,000
0.700
(b)(c)
06/01/2050
31,308,123
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
Northside
Independent
School
District,
Bexar
County,
Variable
Rate
UT
School
Building
Bonds,
Series
2023B
(PSF-GTD)
(Aaa/NR)
$
4,000,000
3.000%
(b)(c)
08/01/2053
$
3,939,772
Pasadena
Independent
School
District
UT
School
Building
Bonds
Series
2023
(PSF-GTD)
(Aaa/AAA)
200,000
5.000
02/15/2026
205,681
225,000
5.000
02/15/2027
235,150
Plainview
Independent
School
District
Adjustable
Rate
UT
School
Building
Bonds
Series
2020B
(PSF-GTD)
(Aaa/NR)
1,515,000
4.000
(b)(c)
02/15/2050
1,516,976
Port
Arthur
Independent
School
District
Unlimited
Tax
School
Building
Bonds
Series
2015A
(PSF-GTD)
(Aaa/NR)
5,995,000
5.000
(a)
02/15/2025
6,049,875
Port
of
Houston
Authority
of
Harris
County
First
Lien
RB
Series
2023
(NON-AMT)
(Aa3/AA+)
950,000
5.000
10/01/2025
970,329
700,000
5.000
10/01/2026
726,971
Princeton
Independent
School
District
UT
School
Building
Bonds
Series
2015
(PSF-GTD)
(Aaa/NR)
8,200,000
5.000
(a)
02/15/2025
8,275,059
Prosper
Independent
School
District
Adjustable
Rate
UT
School
Building
Bonds
Series
2019B
(PSF-GTD)
(Aaa/NR)
1,875,000
4.000
(b)(c)
02/15/2050
1,881,237
Prosper
Independent
School
District
Unlimited
Tax
School
Building
Bonds
Series
2021A
(PSF-GTD)
(Aaa/NR)
950,000
5.000
02/15/2026
976,679
Smha
Finance
Public
Facility
Corporation
Texas
Multifamily
Housing
Revenue
Bonds
Centerpoint
Depot
Series
2024
(NR/NR)
(PUTABLE)
2,630,000
3.700
(b)(c)(g)
07/01/2028
2,629,533
Spring
Branch
Independent
School
District
UT
Schoolhouse
Bonds
Series
2022
(PSF-GTD)
(Aaa/AAA)
1,230,000
5.000
02/01/2026
1,263,490
1,000,000
5.000
02/01/2027
1,044,375
State
of
Texas
College
Student
Loan
GO
Bonds
Series
2016
(Aaa/AAA)
4,275,000
5.500
08/01/2027
4,416,984
Strategic
Housing
Finance
Corporation
of
Travis
County
Multifamily
Housing
RB
Series
2024
(Aaa/NR)
2,555,000
3.350
(b)(c)
03/01/2046
2,494,510
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
Hospital
RB
for
Baylor
Scott
&
White
Health
Project
Series
2022E
(Aa3/AA-)
4,045,000
5.000
(b)(c)
11/15/2052
4,144,529
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
Refunding
Bonds
Christus
Health
Series
2024B
(A1/NR)
525,000
5.000
07/01/2026
539,762
800,000
5.000
07/01/2027
833,667
1,000,000
5.000
07/01/2028
1,057,421
Texas
Department
of
Housing
and
Community
Affairs
Multifamily
Housing
Revenue
Notes
for
Aspen
Park
Series
2023
(Aaa/NR)
3,335,000
5.000
(b)(c)
03/01/2041
3,354,395
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
I
RB
Senior
Lien
Series
2006
B
(A1/A-)
(3M
USD
LIBOR
+
0.70%)
5,360,000
4.453
(d)
12/15/2026
5,366,077
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
II
RB
Series
2007
B
(A1/A-)
(SIFMA
Municipal
Swap
Index
Yield
+
0.55%)
$
6,370,000
4.430%
(d)
09/15/2027
$
6,332,844
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
III
Gas
Supply
Revenue
Refunding
Bonds
Series
2021
(A1/BBB+)
450,000
5.000
12/15/2024
452,294
335,000
5.000
12/15/2025
338,782
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
4.391
(d)
09/15/2027
92,565,084
Texas
Public
Finance
Authority
RB
Refunding
for
Southern
University
Series
2021
(NR/NR)
490,000
5.000
05/01/2025
492,145
Texas
Public
Finance
Authority
Revenue
Financing
System
Bonds
for
Southern
University
Series
2023
(BAM)
(NR/AA)
480,000
5.000
05/01/2025
484,457
500,000
5.000
05/01/2026
510,468
620,000
5.000
05/01/2027
640,497
640,000
5.000
05/01/2028
667,356
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
(b)(c)
04/01/2043
1,381,814
Texas
State
Affordable
Housing
Corp.
Multifamily
Housing
RB
for
Norman
Commons
Project
Series
2023
(Aaa/NR)
2,200,000
3.625
(b)(c)
01/01/2045
2,169,624
Texas
State
Technical
College
System
Revenue
Financing
System
Improvement
Bonds
Series
2022A
(AGM)
(A1/AA)
1,100,000
5.000
08/01/2024
1,101,009
1,450,000
5.000
08/01/2025
1,473,038
1,750,000
5.000
08/01/2026
1,804,210
1,300,000
5.000
08/01/2027
1,361,943
Texas
Transportation
Commission
Central
Texas
Turnpike
System
RB
2nd
Tier
Revenue
Refunding
Bonds
Series
2015-C
(A3/A-)
2,850,000
5.000
08/15/2042
2,851,073
Texas
Transportation
Commission
State
Highway
Fund
First
Tier
RB
Series
2016-B
(Aaa/AAA)
46,000,000
0.560
04/01/2026
42,789,761
Texas
Water
Development
Board
State
Revolving
Fund
RB
New
Series
2020
(NR/AAA)
2,700,000
5.000
08/01/2026
2,797,457
Texas
Water
Development
Board
State
Water
Implementation
Revenue
Fund
for
Texas
RB
Series
2022
(NR/AAA)
1,300,000
5.000
04/15/2025
1,317,614
1,625,000
5.000
10/15/2025
1,662,970
1,265,000
5.000
04/15/2026
1,306,565
1,850,000
5.000
10/15/2026
1,923,870
1,200,000
5.000
04/15/2027
1,258,766
1,450,000
5.000
10/15/2027
1,534,486
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
150,915
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
298,279
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
University
of
Houston
Board
of
Regents
System
Consolidated
Revenue
Refunding
Bonds
Series
2017C
(Aa2/AA)
$
10,000,000
4.000%
02/15/2033
$
10,058,137
University
of
Texas
System
Revenue
Financing
System
RB
Refunding
Series
2017
C
(Aaa/AAA)
2,815,000
5.000
08/15/2026
2,917,406
Westpointe
Special
Improvement
District
Limited
Ad
Valorem
Tax
Bonds
Series
2023A
(BAM)
(Baa3/AA)
225,000
5.500
08/15/2024
225,332
185,000
5.500
08/15/2025
188,221
195,000
5.500
08/15/2026
200,879
210,000
5.500
08/15/2027
218,410
220,000
5.500
08/15/2028
231,684
230,000
5.500
08/15/2029
245,303
245,000
5.500
08/15/2030
264,447
255,000
5.500
08/15/2031
277,916
270,000
5.000
08/15/2032
285,070
285,000
5.000
08/15/2033
300,379
300,000
5.000
08/15/2034
316,020
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
255,126
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
85,042
85,000
5.000
08/15/2025
85,745
90,000
5.000
08/15/2026
90,999
90,000
5.000
08/15/2027
91,555
95,000
5.000
08/15/2028
96,808
100,000
5.000
08/15/2029
102,308
110,000
5.000
08/15/2030
112,820
115,000
5.000
08/15/2031
118,003
120,000
5.000
08/15/2032
122,928
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
258,775
270,000
2.000
08/15/2026
253,975
Williamson
County
Texas
Unlimited
Tax
Road
Bonds
Limited
Tax
Notes
Series
2024
(NR/AAA)
13,740,000
5.000
02/15/2027
14,393,540
Wise
County
Texas
Tax
Notes
Series
2024
(NR/AA+)
550,000
5.000
02/15/2026
562,903
575,000
5.000
02/15/2027
597,507
550,000
5.000
02/15/2028
581,135
554,626,964
Utah
-
0.3%
Salt
Lake
City
International
Airport
RB
Series
2018A
(AMT)
(A2/A+)
1,000,000
5.000
07/01/2029
1,043,060
Salt
Lake
City
International
Airport
RB
Series
2021A
(A2/A+)
2,500,000
5.000
07/01/2027
2,585,684
7,420,000
5.000
07/01/2028
7,744,377
Utah
Housing
Corp.
Multifamily
Housing
RB
Series
2024
(Aaa/NR)
1,435,000
3.700
(b)(c)(g)
08/01/2043
1,432,782
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Utah
–
(continued)
Utah
Telecommunication
Open
Infrastructure
Agency
Sales
Tax
&
Telecommunication
Revenue
Refunding
Bonds
Series
2022
(NR/AA-)
$
250,000
5.000%
06/01/2025
$
253,031
250,000
5.000
06/01/2026
256,532
300,000
5.000
06/01/2027
312,009
13,627,475
Virginia
-
1.9%
Chesapeake
Redevelopment
and
Housing
Authority
Multifamily
Housing
RB
Hunters
Point
Apartments,
Series
2023
(HUD
SECT
8)
(Aaa/NR)
3,450,000
5.000
(b)(c)
05/01/2043
3,498,112
City
of
Bristol
GO
Bond
Anticipation
Notes
Series
2023
(ST
AID
WITHHLDG)
(A2/A+)
3,750,000
5.000
09/01/2027
3,806,781
Commonwealth
of
Virginia
Commonwealth
Transportation
Board
Capital
Projects
RB
Series
2016
(Aa1/AA+)
9,355,000
4.000
05/15/2032
9,430,508
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
514,059
500,000
5.000
07/01/2027
520,753
500,000
5.000
07/01/2028
527,945
Economic
Development
Authority
of
The
County
of
Spotsylvania
Public
Facilities
Refunding
RB
Series
2021
(NR/AA+)
2,960,000
5.000
06/01/2026
3,059,447
Economic
Development
Authority
of
The
County
of
Spotsylvania
Virginia
Public
Facilities
Revenue
Refunding
Bonds
Series
2021
(NR/AA+)
2,000,000
5.000
06/01/2027
2,105,583
Fairfax
County
Public
Improvement
Bonds
Series
2022A
(ST
AID
WITHHLDG)
(Aaa/AAA)
2,500,000
4.000
10/01/2025
2,523,989
Fairfax
County
Redevelopment
&
Housing
Authority
Multifamily
Housing
RB
for
Dominion
Square
North
Project
Series
2023
(Aaa/NR)
5,400,000
5.000
(b)(c)
01/01/2045
5,557,957
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
14,800,614
Industrial
Development
Authority
of
Arlington
County
Hospital
RB
for
VHC
Health
Series
2023A
(NR/A+)
4,225,000
5.000
(b)(c)
07/01/2053
4,526,658
Louisa
Industrial
Development
Authority
RB
Virginia
Electric
and
Power
Co.
Series
2008
B
(A2/BBB+)
(PUTABLE)
2,500,000
0.750
(b)(c)
11/01/2035
2,361,834
Norfolk
Redevelopment
and
Housing
Authority
Multifamily
Housing
RB
Braywood
Manor
Apartments,
Series
2023
(HUD
SECT
8)
(Aaa/NR)
125,000
5.000
(b)(c)
05/01/2043
126,765
Virginia
College
Building
Authority
Educational
Facilities
RB
Refunding
Series
2016A
(ST
INTERCEPT)
(Aa1/AA+)
10,545,000
3.000
09/01/2026
10,427,500
Virginia
Housing
Development
Authority
Rental
Housing
Bonds
2018
Series
E-NON-AMT
(Aa1/AA+)
10,506,203
0.670
03/01/2025
10,256,595
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Virginia
–
(continued)
Virginia
Housing
Development
Authority
Rental
Housing
Bonds
2024
Series
C
(NON-AMT)
(Aa1/AA+)
$
2,730,000
3.950%
06/01/2029
$
2,738,492
Virginia
Port
Authority
Port
Facilities
RB
Refunding
Series
2015
A
(AMT)
(WR/NR)
2,000,000
5.000
(a)
07/01/2025
2,026,356
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
899,177
Wise
County
IDA
Solid
Waste
&
Sewage
Disposal
RB
Series
2009A
(A2/BBB+)
(PUTABLE)
12,500,000
0.750
(b)(c)
10/01/2040
11,809,168
91,518,293
Washington
-
3.4%
City
of
Seattle
Limited
Tax
GO
Improvement
&
Refunding
Bonds
Series
2015
A
(Aaa/AAA)
5,000,000
5.000
06/01/2026
5,067,579
City
of
Seattle
Municipal
Light
&
Power
Refunding
RB
2021
Series
B
(Aa2/AA)
(SIFMA
Municipal
Swap
Index
Yield
+
0.25%)
10,000,000
4.130
(c)(d)
05/01/2045
9,772,699
Clark
County
Evergreen
School
District
UT
GO
Bonds
Series
2022
(SCH
BD
GTY)
(Aaa/NR)
1,615,000
5.000
12/01/2024
1,624,886
Energy
Northwest
Project
1
Electric
Revenue
Refunding
Bonds
Series
2024-B
(Aa1/AA-)
4,455,000
5.000
07/01/2026
4,610,094
4,230,000
5.000
07/01/2027
4,454,856
Issaquah
School
District
UT
GO
Refunding
Bonds
Series
2022
(SCH
BD
GTY)
(Aaa/AA+)
765,000
4.000
12/01/2024
766,709
960,000
5.000
12/01/2025
982,877
1,975,000
5.000
12/01/2026
2,062,524
1,500,000
4.000
12/01/2027
1,542,747
King
County
Housing
Authority
RB
Refunding
Series
2020
(NR/AA)
280,000
3.000
06/01/2025
275,223
King
County
Junior
Lien
Sewer
Revenue
Refunding
Bonds
2021
Series
A
(Aa2/AA)
(SIFMA
Municipal
Swap
Index
Yield
+
0.23%)
11,250,000
4.110
(c)(d)
01/01/2040
11,133,961
King
County
Renton
School
District
UT
GO
Bonds
Series
2023
(SCH
BD
GTY)
(Aaa/NR)
1,000,000
5.000
12/01/2025
1,023,831
King
County
Sewer
Improvement
Refunding
RB
2016
Series
B
(Aa1/AA+)
12,500,000
4.000
07/01/2033
12,566,522
Northshore
School
District
No.
417
King
and
Snohomish
Counties
Washington
UnLT
General
Obligation
and
Refunding
Bonds
2024
(SCH
BD
GTY)
(Aaa/NR)
3,500,000
5.000
12/01/2026
3,655,106
Port
of
Seattle
Intermediate
Lien
Private
Activity
Revenue
and
Refunding
Bonds
2022B
(AMT)
(A1/AA-)
7,770,000
5.000
08/01/2027
8,054,473
Port
of
Seattle
Intermediate
Lien
RB
2017C
(AMT)
(A1/AA-)
4,000,000
5.000
05/01/2029
4,117,329
Port
of
Seattle
Intermediate
Lien
RB
2017D
(AMT)
(A1/AA-)
4,300,000
5.000
05/01/2027
4,443,147
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Washington
–
(continued)
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
$
10,093,339
State
of
Washington
GO
Bonds
Various
Purpose
Series
2017D
(Aaa/AA+)
7,835,000
5.000
02/01/2025
7,911,047
State
of
Washington
Motor
Vehicle
Fuel
Tax
GO
Bonds
Series
2005C
(AMBAC)
(Aaa/AA+)
1,450,000
0.000
(f)
06/01/2026
1,356,816
State
of
Washington
Motor
Vehicle
Fuel
Tax
GO
Refunding
Bonds
Series
R-2015B
(Aaa/AA+)
2,710,000
5.000
07/01/2025
2,712,069
State
of
Washington
Various
Purpose
GO
Bonds
Series
2022A
(Aaa/AA+)
5,885,000
5.000
08/01/2027
6,216,220
State
of
Washington
Various
Purpose
GO
Bonds
Series
R-2023A
(Aaa/AA+)
12,425,000
5.000
08/01/2026
12,893,005
State
of
Washington
Various
Purpose
GO
Refunding
Bonds
Series
R-2022C
(Aaa/AA+)
3,300,000
4.000
07/01/2026
3,349,513
University
Of
Washington
General
Revenue
Refunding
Term
Rate
Bonds
Series
2022C
(Aaa/AA+)
7,500,000
4.000
(b)(c)
05/01/2048
7,582,067
Washington
Health
Care
Facilities
Authority
RB
for
Commonspirit
Health
Series
2019A-1
(A3/A-)
1,300,000
5.000
08/01/2025
1,320,378
Washington
Health
Care
Facilities
Authority
RB
for
Commonspirit
Health
Series
2019A-2
(A3/A-)
3,260,000
5.000
08/01/2025
3,311,101
Washington
Health
Care
Facilities
Authority
RB
for
Commonspirit
Health
Series
2019B-2
(A3/A-)
4,020,000
5.000
(b)(c)
08/01/2049
4,058,785
Washington
Healthcare
Facilities
Authority
RB
Series
2019B-1
(A3/A-)
15,650,000
5.000
(b)(c)
08/01/2049
15,656,745
Washington
State
Housing
Finance
Commission
Multifamily
Housing
RB
for
Ardea
at
Totem
Lake
Apartments
Project
Series
2023
(Aaa/NR)
3,800,000
5.000
(b)(c)
12/01/2043
3,866,989
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
350,000
350,000
5.000
07/01/2025
353,295
285,000
5.000
07/01/2026
290,591
350,000
5.000
07/01/2027
361,001
555,000
5.000
07/01/2028
578,244
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
855,000
Washington
State
Housing
Finance
Commission
Nonprofit
Housing
Tax
Exempt
Mandatory
Paydown
Securities
RB
for
Emerald
Heights
Project
Series
2023B-2
(NR/NR)
1,090,000
4.000
07/01/2026
1,090,000
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
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)
$
365,000
5.000%
(e)
07/01/2028
$
373,639
740,000
5.125
(e)
07/01/2033
794,181
161,528,588
West
Virginia
-
0.5%
West
Virginia
Economic
Development
Authority
Solid
Waste
Disposal
Facilities
RB
Series
2010A
(Baa1/BBB+)
(PUTABLE)
4,645,000
0.625
(b)(c)
12/01/2038
4,347,063
West
Virginia
Economic
Development
Authority
Solid
Waste
Disposal
Facilities
RB
Series
2011A
(Baa1/BBB+)
(PUTABLE)
5,650,000
1.000
(b)(c)
01/01/2041
5,382,096
West
Virginia
Economic
Development
Authority
Solid
Waste
Disposal
Facilities
Revenue
Refunding
Bonds
for
Wheeling
Power
Company
Project
Series
2013A
(NR/BBB+)
(PUTABLE)
10,850,000
3.000
(b)(c)
06/01/2037
10,569,092
West
Virginia
Economic
Development
Authority
Solid
Waste
Disposal
Facilities
Revenue
Refunding
Bonds
Kentucky
Power
Company
-
Mitchell
Project,
Series
2014A
(Baa3/BBB)
(PUTABLE)
2,675,000
4.700
(b)(c)
04/01/2036
2,704,329
23,002,580
Wisconsin
-
1.5%
City
of
Milwaukee
Wisconsin
General
Obligation
Promissory
Notes
Series
2022
N3
(AGM)
(NR/AA)
2,110,000
5.000
04/01/2026
2,165,242
City
of
Milwaukee
Wisconsin
General
Obligation
Promissory
Notes
Series
2022
N7
(BAM)
(NR/AA)
765,000
5.000
04/01/2026
785,028
City
of
Milwaukee
Wisconsin
General
Obligation
Promissory
Notes
Series
2023
N3
(AGM)
(NR/AA)
1,345,000
5.000
04/01/2026
1,380,214
1,350,000
5.000
04/01/2027
1,405,559
County
of
Dane
GO
Bonds
Series
2020
A
(NR/AAA)
3,290,000
2.000
04/01/2026
3,147,233
Oak
Creek-Franklin
Joint
School
District
GO
School
Building
Bonds
Series
2015A
(Aa2/AA)
5,745,000
3.750
(a)
04/01/2025
5,758,520
Public
Finance
Authority
Pollution
Control
Revenue
Refunding
Bonds
for
Duke
Energy
Progress
Project
Series
2022A
(NON-AMT)
(Aa3/A)
(PUTABLE)
5,145,000
3.300
(b)(c)
10/01/2046
5,073,457
Public
Finance
Authority
RB
Refunding
for
Fellowship
Senior
Living
Obligated
Group
Series
2019
A
(NR/NR)
1,925,000
4.000
01/01/2026
1,902,146
2,000,000
4.000
01/01/2027
1,963,648
1,720,000
4.000
01/01/2028
1,679,933
1,790,000
4.000
01/01/2029
1,741,121
Public
Finance
Authority
Student
Housing
RB
Series
2020A
(AGM)
(A1/AA)
160,000
4.000
07/01/2024
160,000
Waushara
County
Note
Anticipation
Notes
Series
2022A
(NR/A+)
5,260,000
4.500
06/01/2027
5,310,000
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Wisconsin
–
(continued)
Wisconsin
Health
&
Educational
Facilities
Authority
RB
for
Advocate
Aurora
Health
Credit
Group
Series
2018C-3
(Aa3/AA)
$
625,000
5.000%
(b)(c)
08/15/2054
$
638,927
Wisconsin
Health
&
Educational
Facilities
Authority
RB
for
Marshfield
Clinic
Health
System,
Inc.
Series
2020B-1
(NR/BBB)
10,690,000
5.000
(b)(c)
02/15/2052
10,689,318
Wisconsin
Health
&
Educational
Facilities
Authority
RB
Series
2018C-4
(Aa3/AA)
3,400,000
5.000
(b)(c)
08/15/2054
3,645,250
Wisconsin
Health
&
Educational
Facilities
Authority
RB
Series
2020
for
Hmong
American
Peace
Academy
(NR/BBB)
125,000
4.000
03/15/2025
124,849
Wisconsin
Health
and
Educational
Facilities
Authority
RB
for
Forensic
Science
and
Protective
Medicine
Collaboration,
Inc.
Project
Series
2024
(Baa2/NR)
4,250,000
5.000
(e)
08/01/2027
4,327,872
Wisconsin
Health
and
Educational
Facilities
Authority
RB
Series
2018C
(Aa3/AA)
(SIFMA
Municipal
Swap
Index
Yield
+
0.18%)
3,315,000
4.060
(c)(d)
08/15/2054
3,276,456
Wisconsin
Health
and
Educational
Facilities
Authority
RB
Series
2024A
(NR/BBB)
10,000,000
5.000
(g)
02/15/2029
10,498,688
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
4.030
(c)(d)
03/01/2042
6,737,618
72,411,079
TOTAL
MUNICIPAL
BONDS
(Cost
$4,763,104,071)
4,745,453,708
TOTAL
INVESTMENTS
-
99.0%
(Cost
$4,763,104,071)
$
4,745,453,708
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
-
1.0%
46,826,524
NET
ASSETS
-
100.0%
$
4,792,280,232
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)
Pre-refunded
security.
Maturity
date
disclosed
is
pre-refunding
date.
(b)
Variable
Rate
Demand
Instruments
–
rate
shown
is
that
which
is
in
effect
on
June
30,
2024.
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)
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
June
30,
2024.
(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
June
30,
2024.
(e)
Exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
(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
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
MTA
-
Metropolitan
Transportation
Authority
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
USD
-
United
States
Dollar
UT
-
Unlimited
Tax
WR
-
Withdrawn
Rating
Goldman
Sachs
Municipal
Funds
Schedule
of
Investments
June
30,
2024
(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)
June
30,
2024
(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)
June
30,
2024
(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
June
30,
2024:
Dynamic
Municipal
Income
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Fixed
Income
Bank
Loans
$
—
$
—
$
2,023,578
Corporate
Bond
—
9,409,378
29,002,334
Municipal
Bond
—
9,587,062,057
998,400
Total
$
—
$
9,596,471,435
$
32,024,312
€
1.00
€
1.00
€
1.00
Derivative
Type
Liabilities
Futures
Contracts
(a)
$
(1,961,901)
$
—
$
—
€
1.00
€
1.00
€
1.00
High
Yield
Municipal
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Fixed
Income
Bank
Loans
$
—
$
—
$
6,581,527
Corporate
Bond
—
26,449,950
54,841,356
Municipal
Bond
—
10,809,436,448
3,227,400
Total
$
—
$
10,835,886,398
$
64,650,283
€
1.00
€
1.00
€
1.00
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Municipal
Funds
Schedule
of
Investments
(continued)
June
30,
2024
(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.
Derivative
Type
Liabilities
Futures
Contracts
(a)
$
(533,186)
$
—
$
—
€
1.00
€
1.00
€
1.00
Municipal
Income
Completion
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Fixed
Income
Corporate
Bond
$
—
$
95,312
$
1,290,065
Municipal
Bond
—
195,739,359
—
Total
$
—
$
195,834,671
$
1,290,065
€
1.00
€
1.00
€
1.00
Derivative
Type
Liabilities
Futures
Contracts
(a)
$
(47,180)
$
—
$
—
€
1.00
€
1.00
€
1.00
Short
Duration
Tax-Free
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Fixed
Income
Municipal
Bond
$
—
$
4,745,453,708
$
—
Total
$
—
$
4,745,453,708
$
—
€
1.00
€
1.00
€
1.00
(a)
Amount
shown
represents
unrealized
gain
(loss)
at
period
end.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Municipal
Funds
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
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.
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.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Municipal
Funds
Schedule
of
Investments
(continued)
June
30,
2024
(Unaudited)
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.
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)