GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
-
98.4%
Alabama
-
2.2%
Alabama
Economic
Settlement
Authority
RB
for
BP
Exploration
&
Production,
Inc.
Series
2016
A
(A1/A-)
$
5,000,000
4.000%
09/15/2033
$
4,929,415
Alabama
Housing
Finance
Authority
Multifamily
Housing
RB
for
Cooper
Green
Homes
Project
Series
2024
C
(Aa1/NR)
1,175,000
5.000
(a)(b)
02/01/2029
1,231,478
Ascension
Health
RB
for
Ascension
Senior
Credit
Group
Series
2016C
(Aa2/AA)
9,500,000
5.000
11/15/2046
9,382,593
Black
Belt
Energy
Gas
District
Gas
Prepay
RB
2019
Series
A
(A1/NR)
22,955,000
4.000
(a)(b)
12/01/2049
22,975,003
Board
of  Trustees
of  Alabama
State
University
General
Tuition
and
Fee
RB
Series
2025
(AG)
(A1/AA)
1,000,000
5.250
09/01/2039
1,059,397
2,000,000
5.500
09/01/2045
2,093,836
Energy
Southeast
a
Cooperative
District
Energy
Supply
RB
2024
Series
B
(A1/NR)
6,500,000
5.250
(a)(b)
07/01/2054
6,953,254
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
4,531,914
Health
Care
Authority
for
Baptist
Health
Series
2023
(A3/BBB+)
1,500,000
5.000
11/15/2029
1,590,747
500,000
5.000
11/15/2035
526,538
1,550,000
5.000
11/15/2036
1,620,714
775,000
5.000
11/15/2037
804,720
Hoover
Industrial
Development
Board
RB
for
United
States
Steel
Corp.
Series
2019
(B1/BB-)
4,920,000
5.750
10/01/2049
4,961,041
Houston
County
Health
Care
Authority
RB
for
Southeast
Alabama
Medical
Center
Series
2016
A
(NR/BBB+)
1,000,000
5.000
10/01/2025
1,003,023
Jefferson
County
Alabama
Sewer
Revenue
Warrants
Series
2024
(Baa1/BBB+)
2,000,000
5.000
10/01/2039
2,092,243
2,000,000
5.250
10/01/2042
2,084,469
2,500,000
5.250
10/01/2045
2,554,483
Jefferson
County
Sewer
Revenue
Warrants
Series
2024
(Baa1/BBB+)
27,860,000
5.500
10/01/2053
28,559,353
Limestone
County
Water
and
Sewer
Authority
Water
and
Sewer
RB
Series
2024
(Aa3/AA-)
500,000
5.000
12/01/2044
517,721
Midcity
Improvement
District
Special
Assessment
RB
Series
2022
(NR/NR)
100,000
3.875
11/01/2027
97,407
500,000
4.250
11/01/2032
470,040
Southeast
Alabama
Gas
Supply
District
Gas
Supply
RB
Refunding
Series
2024B
(A1/NR)
50,000,000
5.000
(a)(b)
06/01/2049
52,709,020
Southeast
Energy
Authority
Commodity
Supply
RB
Series
2022A-
1
(A1/NR)
6,000,000
5.500
(a)(b)
01/01/2053
6,402,556
Southeast
Energy
Authority,
A
Cooperative
District
Energy
Supply
RB
Series
2025C
(Aa1/NR)
22,900,000
5.000
(a)(b)
05/01/2055
24,181,889
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Alabama
–
(continued)
The
Black
Belt
Energy
Gas
District
Gas
Project
RB,
2024
Series
D
(A1/NR)
$
4,000,000
5.000%
(a)(b)
03/01/2055
$
4,232,033
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
3,396,829
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
4,233,361
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
(a)
06/01/2028
8,643,407
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
12,121,255
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
3,477,123
The
Industrial
Development
Board
of
The
City
of
Prattville
Environmental
Improvement
Refunding
Bonds
International
Paper
Company
Project
Series
2019B
(NR/BBB)
(PUTABLE)
1,335,000
3.450
(a)(b)
11/01/2033
1,313,573
The
Industrial
Development
Board
of
The
City
of
Prattville
Recovery
Zone
Facility
Revenue
Refunding
Bonds
International
Paper
Company
Project
Series
2019C
(NR/BBB)
(PUTABLE)
1,925,000
3.450
(a)(b)
11/01/2033
1,894,103
The
Industrial
Development
Board
of
The
City
of
Selma
Gulf
Opportunity
Zone
Revenue
Refunding
Bonds
International
Paper
Company
Project
Series
2019A
(NR/BBB)
(PUTABLE)
1,040,000
3.450
(a)(b)
11/01/2033
1,016,498
The
Public
Educational
Building
Authority
of
Jacksonville
Higher
Educational
Facilities
RB
for
JSU
Foundation
Project
Series
2024
Consisting
of:
Series
2024-A
(BAM)
(Baa2/AA)
3,550,000
5.250
08/01/2049
3,617,602
4,500,000
5.000
08/01/2056
4,429,894
Water
Works
Board
of
The
City
of
Birmingham
Revenue
Anticipation
Bond
Series
2024
(NR/NR)
9,600,000
3.750
(c)
09/01/2026
9,588,972
Water
Works
Board
of
The
City
of
Birmingham
Senior
Water
RB
Refunding
Series
2016-B
(Aa3/NR)
1,250,000
5.000
(d)
01/01/2027
1,292,725
242,590,229
Alaska
-
0.1%
Civicventures
Refunding
RB
for
Anchorage
Convention
Center
Series
2015
(NR/A+)
4,000,000
4.000
09/01/2038
3,713,547
Matanuska-Susitna
Borough
State
of
Alaska
Lease
Revenue
Refunding
Bonds
Series
2025B
(Aa3/AA-)
3,745,000
5.000
09/01/2026
3,840,021
5,000,000
5.000
09/01/2027
5,232,447
Northern
Tobacco
Securitization
Corp.
Tobacco
Settlement
Asset
Back
Bonds
Series
2021
(NR/A)
1,750,000
5.000
06/01/2031
1,848,688
14,634,703
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
American
Samoa
-
0.0%
American
Samoa
Economic
Development
Authority
RB
Refunding
Series
2021
C
(Ba3/NR)
$
1,500,000
3.720%
(c)
09/01/2027
$
1,446,822
a
a
Arizona
-
1.7%
Arizona
Health
Facilities
Authority
Hospital
RB
for
Banner
Health
Series
2007
B
(NR/AA-)
(S&P
7
Day
Municipal
Intermediate
Grade
Rate
+
0.81%)
65,960,000
3.750
(b)(e)
01/01/2037
63,838,852
Arizona
IDA
Education
RB
for
Academies
of
Math
&
Science
Projects
Series
2023
(NR/BB+)
515,000
4.500
(c)
07/01/2033
510,780
250,000
5.250
(c)
07/01/2043
242,321
Arizona
IDA
Lease
RB
for
Greenville
University
Student
Housing
and
Athletic
Facilities
Project
Series
2022
(NR/BB+)
8,000,000
6.500
(c)
11/01/2053
7,734,380
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
342,923
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
1,387,422
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
876,261
Arizona
Industrial
Development
Authority
RB
for
Provident
Group
-
EMU
Properties
LLC
Series
2018
(Ca/NR)
365,000
5.000
*
05/01/2024
186,150
300,000
5.000
*
05/01/2029
153,000
650,000
5.000
*
05/01/2031
331,500
Arizona
Industrial
Development
Authority
RB
for
Somerset
Academy
of
Las
Vegas
Series
2021
A
(NR/BB)
430,000
3.000
(c)
12/15/2031
395,574
Arizona
Industrial
Development
Authority
Senior
Living
RB  First
Tier
Series
2025
A2
(NR/NR)
5,915,000
5.125
01/01/2059
5,433,813
Arizona
Industrial
Development
Authority
Senior
Living
RB  Second
Tier
Series
2025
A2
(NR/NR)
5,948,081
5.125
01/01/2059
4,663,935
City
of
Chandler
IDA
Industrial
Development
RB
for
Intel
Corp.
Project
Series
2005
(NON-AMT)
(Baa1/BBB)
3,350,000
3.800
(a)(b)
12/01/2035
3,387,412
City
of
Chandler
IDA
RB
for
Intel
Corp.
Project
Series
2022-2
(Baa1/BBB)
14,200,000
5.000
(a)(b)
09/01/2052
14,452,426
City
of
Glendale,
Arizona
Subordinate
Excise
Tax
RR
Obligations,
Series
2017
(Aa3/AA+)
2,505,000
5.000
07/01/2029
2,601,691
City
of
Mesa,
Arizona
Utility
Systems
RR
Bonds,
Series
2021
(Aa2/AA-)
1,400,000
4.000
07/01/2035
1,420,388
City
of
Phoenix
Civic
Improvement
Corporation
RB
for
Junior
Lien
Airport
Series
2019
A
(Aa3/A+)
1,375,000
3.000
07/01/2049
971,623
City
of
Phoenix
Civic
Improvement
Corporation
RB
for
Junior
Lien
Airport
Series
2019
B
(Aa3/A+)
3,790,000
3.250
07/01/2049
2,757,415
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Arizona
–
(continued)
City
of
Phoenix
Civic
Improvement
Corporation
RB
for
Rental
Car
Facility
Charge
Series
2019
A
(A2/A)
$
2,225,000
5.000%
07/01/2045
$
2,240,097
City
of
Phoenix
Civic
Improvement
Corporation
Water
System
RB
Refunding
Junior
Lien
Series
2016
(Aa2/AAA)
7,000,000
5.000
07/01/2030
7,132,721
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
2,225,270
County
of
Maricopa
IDA
Education
RB
Series
2021A
(NR/BBB-)
550,000
3.000
(c)
07/01/2031
519,403
1,050,000
4.000
(c)
07/01/2041
913,943
County
of
Maricopa
IDA
Education
RB
Taxable
Convertible
Series
2021B
(NR/BBB-)
625,000
2.100
(a)(c)
07/01/2026
609,128
3,225,000
2.625
(a)(c)
07/01/2031
2,940,323
3,225,000
3.500
(a)(c)
07/01/2044
2,470,801
County
of
Pima
IDA
Senior
Living
RB
for
La
Posada
at
Pusch
Ridge
Project
Series
2022A
(NR/NR)
2,500,000
6.750
(c)
11/15/2042
2,644,743
Entertainment
Center
Community
Facilities
District
RB
Series
2017
(NR/NR)
4,295,000
4.000
07/01/2037
4,293,234
Equitable
Senior
National
Charter
School
Revolving
Loan
Fund
RB
for
Arizona
IDA
Series
2023A
Social
Bonds
(NR/A)
1,675,000
5.000
11/01/2028
1,751,977
Estrella
Mountain
Ranch
Community
Facilities
District
Lucero
Assessment
District
No.
1
Special
Assessment
RB
Series
2019
(NR/NR)
770,000
3.500
07/01/2029
739,358
376,000
4.100
07/01/2034
357,438
1,090,000
4.750
07/01/2043
969,332
Glendale
Industrial
Development
Authority
RB
for
People
of
Faith,
Inc.
Obligated
Group
Series
2020
A
(NR/NR)
535,000
4.000
05/15/2031
516,223
1,000,000
5.000
05/15/2041
933,346
Glendale
Industrial
Development
Authority
RB
Refunding
for
Sun
Health
Services
Obligated
Group
Series
2019
A
(NR/NR)
5,170,000
5.000
11/15/2042
5,169,913
La
Paz
County
Industrial
Development
Authority
RB
for
Harmony
Public
Schools
Series
2021
A
(NR/BBB+)
380,000
4.000
02/15/2041
319,221
295,000
4.000
02/15/2046
235,692
Maricopa
County
Arizona
Pollution
Control
Company
4.5%
Pollution
Control
Refunding
RB
2012
Series
A
(Baa2/NR)
4,175,000
4.500
08/01/2042
3,926,961
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
3,343,579
Maricopa
County
Industrial
Development
Authority
RB
for
Arizona
Autism
Charter
Schools
Obligated
Group
Series
2020
A
(NR/BB)
300,000
4.000
(c)
07/01/2030
296,491
600,000
5.000
(c)
07/01/2040
578,227
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Arizona
–
(continued)
Maricopa
County
Industrial
Development
Authority
RB
for
Arizona
Autism
Charter
Schools
Obligated
Group
Series
2021
A
(NR/BB)
$
950,000
4.000%
(c)
07/01/2051
$
716,842
Maricopa
County
Industrial
Development
Authority
RB
for
Ottawa
University
Series
2020
(NR/NR)
150,000
5.000
(c)
10/01/2026
148,530
400,000
5.125
(c)
10/01/2030
387,514
Maricopa
County
Industrial
Development
Authority
RB
Refunding
for
Legacy
Traditional
School
Obligated
Group
Series
2019
A
(SD
CRED
PROG)
(Ba2/AA-)
200,000
4.000
07/01/2025
200,000
200,000
4.000
07/01/2026
200,994
200,000
4.000
07/01/2027
201,852
325,000
4.000
07/01/2028
328,796
250,000
4.000
07/01/2029
253,160
500,000
4.000
07/01/2034
491,158
700,000
5.000
07/01/2039
709,673
Maricopa
County
Pollution
Control
Refunding
RB
for
El
Paso
Electric
Company
Palo
Verde
Project
Series
2009
A
(NON-AMT)
(Baa2/NR)
6,575,000
3.600
02/01/2040
5,717,934
Pima
County
IDA
RB
Refunding
for
Career
Success
Schools,
Inc.
Series
2020
(NR/NR)
270,000
4.750
(c)
05/01/2030
269,588
225,000
5.500
(c)
05/01/2040
214,566
Salt
River
Agricultural
Improvement
and
Power
District
Project
Electric
System
RB
Series
2023B
(Aa1/AA+)
4,045,000
5.250
01/01/2053
4,199,459
Salt
Verde
Financial
Corp.
RB
Gas
Senior
Series
2007-1
(A3/BBB+)
9,130,000
5.000
12/01/2037
9,509,814
The
Industrial
Development
Authority
of
The
City
of
Chandler
Arizona
Industrial
Development
RB
Series
2019
(AMT)
(Baa1/BBB)
2,850,000
4.000
(a)(b)
06/01/2049
2,843,258
The
Industrial
Development
Authority
of
The
City
of
Sierra
Vista
Education
Facility
RB
American
Leadership
Academy
Project
Series
2024
(NR/NR)
1,675,000
5.000
(c)
06/15/2044
1,598,591
950,000
5.000
(c)
06/15/2054
860,123
The
Industrial
Development
Authority
of
The
County
of
Maricopa
Education
Refunding
RB
for
Legacy
Traditional
Schools
Projects
Series
2024
(NR/BBB-)
6,340,000
4.000
07/01/2034
6,167,724
191,834,863
Arkansas
-
0.3%
Arkansas
Development
Finance
Authority
Environmental
Improvement
RB
Series
2022
(AMT)
(NR/BB-)
2,000,000
5.450
09/01/2052
2,003,410
Arkansas
Development
Finance
Authority
RB
for
Baptist
Health
Obligated
Group
Series
2019
(NR/A)
4,790,000
5.000
12/01/2047
4,730,521
4,630,000
3.200
12/01/2049
3,305,660
Arkansas
Development
Finance
Authority
RB
for
Central
Arkansas
Radiation
Therapy
Institute,
Inc.
Series
2021
B
(NR/NR)
315,000
3.000
07/01/2032
289,166
310,000
3.125
07/01/2036
254,911
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Arkansas
–
(continued)
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
$
3,572,393
Batesville
Public
Facilities
Board
RB
Refunding
for
White
River
Health
System
Obligated
Group
Series
2020
(NR/BBB-)
2,750,000
5.000
06/01/2026
2,752,542
3,530,000
5.000
06/01/2027
3,543,069
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
4,074,872
3,280,000
4.000
02/01/2037
3,225,788
27,752,332
California
-
8.7%
Airport
Commission
of
The
City
and
County
of
San
Francisco
San
Francisco
International
Airport
Second
Series
Revenue
Bonds
Series
2025A
(AMT)
(A1/AA-)
4,750,000
5.500
05/01/2055
4,928,567
Airport
Commission
of
The
City
and
County
of
San
Francisco
San
Francisco
International
Airport
Second
Series
Revenue
Refunding
Bonds
Series
2024A
(A1/NR)
11,475,000
5.250
05/01/2049
11,581,530
Airport
Commission
of
The
City
and
County
of
San
Francisco
San
Francisco
International
Airport
Series
2016B
(A1/AA-)
14,990,000
5.000
05/01/2046
14,808,234
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
13,146,649
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
628,090
Atwater
Wastewater
RB
Refunding
Series
2017
A
(AGM)
(NR/AA)
1,000,000
5.000
05/01/2040
1,015,009
Bay
Area
Toll
Authority
Bridge
RB
2021
Series
D
(Aa3/AA)
(SIFMA
Municipal
Swap
Index
Yield
+
0.30%)
12,750,000
2.220
(b)(e)
04/01/2056
12,454,812
Bay
Area
Toll
Authority
Bridge
RB
2021
Series
E
(Aa3/AA)
(SIFMA
Municipal
Swap
Index
Yield
+
0.41%)
8,450,000
2.330
(b)(e)
04/01/2056
8,149,382
Beaumont
Community
Facilities
District
No.
2016-2
Special
Tax
Series
2019
(NR/NR)
220,000
4.000
09/01/2025
220,162
275,000
4.000
09/01/2031
276,241
290,000
4.000
09/01/2032
290,776
300,000
5.000
09/01/2033
306,623
215,000
5.000
09/01/2034
219,704
330,000
5.000
09/01/2035
337,147
345,000
3.000
09/01/2036
308,862
360,000
3.000
09/01/2037
316,280
370,000
3.000
09/01/2038
314,827
380,000
3.000
09/01/2039
314,915
1,160,000
5.000
09/01/2044
1,165,561
Burbank-Glendale-Pasadena
Airport
Authority
Airport
Senior
RB
2024
Series
A
(NON-AMT)
(AGM)
(A1/AA)
4,000,000
4.000
07/01/2054
3,513,640
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
Burbank-Glendale-Pasadena
Airport
Authority
Airport
Senior
RB
2024
Series
B
(AMT)
(AGM)
(A1/AA)
$
5,125,000
4.375%
07/01/2049
$
4,642,298
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
8,430,775
California
Community
Choice
Financing
Authority
Clean
Energy
Project
RB
Series
2022A
(A1/NR)
16,990,000
4.000
(a)(b)
05/01/2053
17,136,425
California
Community
Choice
Financing
Authority
Clean
Energy
Project
RB
Series
2024E
(Green
Bonds)
(A1/NR)
3,375,000
5.000
(a)(b)
02/01/2055
3,566,044
California
Community
Choice
Financing
Authority
Clean
Energy
Project
RB
Term
Rate
Green
Bonds
Series
2024F
(Aa3/NR)
4,250,000
5.000
(a)(b)
02/01/2055
4,514,763
California
County
Tobacco
Securitization
Agency
RB
Refunding
for
Merced
County
Tobacco
Funding
Corp.
Series
2020
B
(NR/NR)
265,000
5.000
06/01/2050
247,415
California
County
Tobacco
Securitization
Agency
RB
Refunding
for
Sonoma
County
Securitization
Corp.
Series
2020
A
(NR/BBB+)
950,000
4.000
06/01/2049
819,356
California
County
Tobacco
Securitization
Agency
RB
Refunding
for
Sonoma
County
Securitization
Corp.
Series
2020
B-1
(NR/BBB+)
335,000
5.000
06/01/2049
328,346
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
468,508
California
County
Tobacco
Securitization
Agency
RB
Refunding
Series
2020
B-1
(NR/BBB+)
185,000
5.000
06/01/2049
179,198
California
County
Tobacco
Securitization
Agency
RB
Refunding
Series
2020
B-2
(NR/NR)
12,130,000
0.000
(f)
06/01/2055
2,160,509
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
5,128,400
California
Educational
Facilities
Authority
RB
for
Stanford
University
Series
2010
U-1
(Aaa/AAA)
5,000,000
5.250
04/01/2040
5,777,206
California
Educational
Facilities
Authority
RB
Stanford
University,
Series
U-7
(Aaa/AAA)
3,750,000
5.000
06/01/2046
4,079,934
California
Educational
Facilities
Authority
RB
University
of
San
Francisco
Series
2018A
(A3/NR)
9,115,000
5.000
10/01/2053
9,024,205
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
584,109
600,000
5.000
08/01/2045
602,142
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
674,465
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
California
Enterprise
Development
Authority
Student
Housing
RR
Bonds
for
Provident
Group
-
Pomona
Properties
L.L.C.
Project
Series
2024A
(Baa3/NR)
–
(continued)
$
1,000,000
5.000%
01/15/2045
$
1,000,747
California
Health
Facilities
Financing
Authority
RB
Adventist
Health
System
West
Series
2024A
(NR/BBB+)
14,175,000
5.000
12/01/2028
14,955,026
1,130,000
5.250
12/01/2040
1,164,830
3,720,000
5.250
12/01/2041
3,803,403
4,095,000
5.250
12/01/2043
4,130,612
2,750,000
5.250
12/01/2044
2,762,447
California
Health
Facilities
Financing
Authority
RB
Adventist
Health
System/West
Series
2024A
(NR/BBB+)
7,080,000
5.000
12/01/2036
7,440,147
California
Health
Facilities
Financing
Authority
RB
Children'S
Hospital
of
Orange
County
Series
2024B
(NR/AA)
7,300,000
5.000
(a)(b)
11/01/2054
8,121,554
California
Health
Facilities
Financing
Authority
RB
for
Cedars-
Sinai
Health
System
Series
2021A
(Aa3/AA-)
11,675,000
4.000
08/15/2048
10,540,546
California
Health
Facilities
Financing
Authority
RB
for
Children’s
Hospital
at
Los
Angeles
Series
2017
A
(Baa3/BB+)
5,800,000
5.000
08/15/2047
5,574,032
California
Health
Facilities
Financing
Authority
RB
for
El
Camino
Hospital
Series
2017
(Aa3/AA)
500,000
5.000
02/01/2042
505,238
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
10,766,338
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
394,155
350,000
5.000
11/15/2029
367,135
565,000
5.000
11/15/2030
591,472
1,010,000
5.000
11/15/2042
1,017,579
California
Health
Facilities
Financing
Authority
RB
for
Providence
Health
&
Services
Series
2014B
(A2/A)
7,970,000
5.000
10/01/2044
7,957,508
California
Health
Facilities
Financing
Authority
RB
Scripps
Health
Series
2024B
(NR/AA-)
2,200,000
5.000
(a)(b)
11/15/2061
2,431,744
California
Health
Facilities
Financing
Authority
Refunding
RB
Lucile
Salter
Packard
Children's
Hospital
at
Stanford
2022
Series
A
Forward
Delivery
(A1/A+)
5,300,000
4.000
05/15/2046
4,752,730
2,250,000
4.000
05/15/2051
1,935,301
California
Infrastructure
&
Economic
Development
Bank
RB
for
California
Academy
of
Sciences
Series
2024A
(A2/NR)
13,585,000
3.250
08/01/2029
13,656,980
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
4,113,903
California
Infrastructure
&
Economic
Development
Bank
RB
Series
A
(A3/A-)
720,000
4.000
05/01/2039
705,124
California
Infrastructure
&
Economic
Development
Bank
RB
Series
B
(A3/A-)
4,165,000
4.000
05/01/2039
4,078,944
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
California
Infrastructure
&
Economic
Development
Bank
RB
Series
B
(A3/A-)
–
(continued)
$
1,460,000
4.000%
05/01/2040
$
1,401,754
California
Infrastructure
and
Economic
Development
Bank
Clean
Water
State
Revolving
Fund
RB,
Series
2017
(Aaa/AAA)
4,800,000
5.000
10/01/2036
4,914,433
California
Infrastructure
and
Economic
Development
Bank
Senior
Subordinated
Secured
RB
Brightline
West
Passenger
Rail
Project
Series
2025A
(NR/NR)
21,900,000
9.500
(a)(b)(c)
01/01/2065
20,752,506
California
Municipal
Finance
Authority
Multifamily
Housing
RB
for
View
at
San
Bruno
2024
Series
A-1
(Aa1/NR)
4,395,000
5.000
(a)(b)
06/01/2056
4,618,060
California
Municipal
Finance
Authority
Municipal
Certificates,
Series
2025-1
Class
A-1
(NR/AA-)
8,992,647
3.536
(a)(g)
02/20/2041
8,008,909
California
Municipal
Finance
Authority
RB
for
California
Lutheran
University
Series
2018
(Baa2/NR)
240,000
5.000
10/01/2033
247,566
California
Municipal
Finance
Authority
RB
for
Community
Medical
Centers
Series
2017
A
(A3/BBB+)
1,300,000
5.000
02/01/2034
1,311,598
1,150,000
5.000
02/01/2035
1,157,542
325,000
5.000
02/01/2042
323,023
1,575,000
5.000
02/01/2047
1,575,247
California
Municipal
Finance
Authority
RB
for
The
Learning
Choice
Academy
Series
2021
A
(NR/BBB-)
610,000
4.000
07/01/2031
605,701
1,830,000
4.000
07/01/2041
1,571,393
California
Municipal
Finance
Authority
RB
Refunding
for
California
Lutheran
University
Series
2018
(Baa2/NR)
175,000
5.000
10/01/2025
175,292
350,000
5.000
10/01/2027
362,591
225,000
5.000
10/01/2029
235,380
125,000
5.000
10/01/2030
130,383
225,000
5.000
10/01/2031
233,879
California
Municipal
Finance
Authority
RB
Refunding
for
Claremont
Graduate
University
Series
2020
B
(NR/NR)
430,000
5.000
(c)
10/01/2034
432,989
1,125,000
5.000
(c)
10/01/2039
1,064,587
1,035,000
5.000
(c)
10/01/2049
920,014
California
Municipal
Finance
Authority
Revenue
Refunding
Bonds
for
Eisenhower
Medical
Center
Series
2017A
(Baa2/NONR)
4,225,000
5.000
07/01/2047
4,103,862
California
Municipal
Finance
Authority
Senior
Lien
RB
for
Linxs
APM
Project
Series
2018A
(NR/NR)
2,570,000
5.000
12/31/2026
2,619,897
2,005,000
5.000
06/30/2027
2,057,983
3,005,000
5.000
12/31/2027
3,102,394
12,225,000
5.000
12/31/2043
11,930,728
California
Municipal
Finance
Authority
Senior
Lien
RB
for
Linxs
APM
Project
Series
2018A
(A2/NR)
3,500,000
4.000
12/31/2047
2,909,970
California
Municipal
Finance
Authority
Solid
Waste
Disposal
RB
for
Republic
Services,
Inc.
Project
Series
2024A
(NR/A-/A-2)
6,750,000
3.875
(a)(b)
03/01/2054
6,430,971
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
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
$
4,993,318
California
Municipal
Finance
Authority
Student
Housing
RB
for
Bowles
Hall
Foundation
Series
2015
A
(Baa3/NR)
400,000
5.000
06/01/2035
400,218
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
1,642,520
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
4,124,178
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
4,206,011
California
Pollution
Control
Financing
Authority
Water
Furnishing
RB
for
Poseidon
Resources
Desalination
Project
Series
2012
(Baa3/NR)
19,840,000
5.000
(c)
07/01/2037
19,842,926
California
Pollution
Control
Financing
Authority
Water
Furnishing
RB
for
Poseidon
Resources
Desalination
Project
Series
2023
(Baa3/NR)
2,725,000
5.000
(c)
07/01/2034
2,884,997
420,000
5.000
(c)
07/01/2035
440,892
2,605,000
5.000
(c)
07/01/2036
2,711,935
California
Pollution
Control
Financing
Authority
Water
Furnishing
RB
for
Poseidon
Resources
LP
Desalination
Project
Series
2012
(AMT)
(Baa3/NR)
1,440,000
5.000
(c)
11/21/2045
1,365,219
California
Pollution
Control
Financing
Authority
Water
Furnishing
RB
Refunding
for
San
Diego
County
Water
Desalination
Project
Series
2019
(Baa3/NR)
1,330,000
5.000
(c)
07/01/2029
1,361,022
2,500,000
5.000
(c)
11/21/2045
2,476,651
California
Public
Finance
Authority
Health
Care
Facilities
RB
Series
2025A
(Baa1/NR)
650,000
5.000
11/01/2054
644,208
California
Public
Finance
Authority
RB
for
Excelsior
Charter
School
Project
Series
2020
A
(NR/NR)
1,055,000
5.000
(c)
06/15/2040
1,003,736
California
School
Finance
Authority
Charter
School
Grant
Anticipation
Notes
Magnolia
Public
Schools,
Series
2025
(NR/NR)
6,500,000
4.400
(c)
12/01/2026
6,517,888
California
School
Finance
Authority
Charter
School
RB
for
Citizens
of
the
World
Obligated
Group
Series
2022A
(NR/BB-)
760,000
6.250
(c)
04/01/2052
745,422
California
School
Finance
Authority
Charter
School
RB
for
Classical
Academies
Oceanside
Project
Series
2022A
(NR/BBB-)
1,000,000
5.000
(c)
10/01/2042
976,720
California
School
Finance
Authority
Charter
School
RB
for
Classical
Academies
Vista
Project
Series
2021
(NR/BBB-)
450,000
4.000
(c)
10/01/2046
371,174
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
California
School
Finance
Authority
Charter
School
RB
for
Envision
Education
–
Obligated
Group
Series
2024A
(NR/BB+)
$
720,000
5.000%
(c)
06/01/2034
$
729,844
665,000
5.000
(c)
06/01/2044
611,248
750,000
5.000
(c)
06/01/2054
659,845
California
School
Finance
Authority
Charter
School
RB
for
Harbor
Springs
Obligated
Group
Series
2024A
(NR/BB+)
2,000,000
5.000
(c)
07/01/2039
2,021,178
California
School
Finance
Authority
Charter
School
RB
for
Hawking
Steam
Charter
School
Project
Series
2022
(NR/BB+)
950,000
5.250
(c)
07/01/2052
903,540
California
School
Finance
Authority
Charter
School
RB
for
Lighthouse
Community
Public
School
Obligated
Group
Series
2022A
(NR/NR)
1,000,000
6.250
(c)
06/01/2042
1,033,771
California
School
Finance
Authority
Charter
School
RB
Orange
County
Educational
Arts
Academy
Project
Series
2023A
(NR/NR)
545,000
5.000
(c)
06/01/2033
551,032
California
School
Finance
Authority
Charter
School
Refunding
RB
Partnerships
to
Uplift
Communities
Project
Series
2023
Social
Bonds
(NR/BB)
715,000
5.000
(c)
08/01/2033
729,845
California
School
Finance
Authority
Educational
Facilities
RB
New
Designs
Charter
School
Project
Series
2024A
(NR/BB+)
650,000
5.000
(c)
06/01/2054
590,282
California
School
Finance
Authority
RB
for
Classical
Academy
Obligated
Group
Series
2020
A
(NR/BBB-)
145,000
3.000
(c)
10/01/2030
138,171
500,000
5.000
(c)
10/01/2040
499,996
California
School
Finance
Authority
RB
for
Classical
Academy
Obligated
Group
Series
2021
A
(NR/BBB-)
290,000
2.000
(c)
10/01/2025
288,132
1,000,000
3.000
(c)
10/01/2031
941,001
California
School
Finance
Authority
RB
for
Fenton
Charter
Public
Schools
Series
2020
A
(NR/BB+)
1,280,000
4.000
(c)
07/01/2030
1,269,573
1,350,000
5.000
(c)
07/01/2040
1,311,849
California
School
Finance
Authority
RB
for
iLEAD
Lancaster
Series
2021
A
(ST
INTERCEPT)
(NR/NR)
435,000
5.000
(c)
06/01/2041
397,051
California
School
Finance
Authority
RB
for
Santa
Clarita
Valley
International
Charter
School
Series
2021
B
(NR/NR)
200,000
4.875
(c)
06/01/2027
196,066
California
School
Finance
Authority
RB
Refunding
Series
2016
(NR/BBB-)
4,450,000
5.000
(c)
08/01/2046
4,145,452
California
School
Finance
Authority
School
Facility
Refunding
RB
Value
Schools,
Series
2023A
(ST
INTERCEPT)
(NR/BBB-)
930,000
5.000
(c)
07/01/2033
963,746
California
State
Various
Purpose
GO
Bonds
Series
2017
(Aa2/AA-)
1,250,000
5.000
08/01/2046
1,257,814
California
Statewide
Communities
Development
Authority
Community
Facilities
District
No.
2007-01
Special
Tax
Refunding
for
Orinda
Wilder
Project
Series
2015
(NR/NR)
120,000
5.000
09/01/2030
120,287
125,000
5.000
09/01/2037
125,149
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
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%
(c)
09/01/2050
$
1,393,054
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
404,667
500,000
5.000
09/01/2054
496,129
California
Statewide
Communities
Development
Authority
Infrastructure
Program
RB
for
Pacific
Highlands
Ranch
Series
2019
(NR/NR)
875,000
5.000
09/02/2034
915,106
595,000
5.000
09/02/2039
608,291
California
Statewide
Communities
Development
Authority
Infrastructure
Program
Special
Assessment
Bonds
Series
2018
B
(NR/BBB+)
2,630,000
5.000
09/02/2033
2,725,786
2,370,000
5.000
09/02/2038
2,419,366
350,000
5.000
09/02/2043
352,468
California
Statewide
Communities
Development
Authority
Infrastructure
Programme
Special
Assessment
Bonds
Series
2019
A
(NR/NR)
2,828,000
5.000
09/02/2029
2,926,475
California
Statewide
Communities
Development
Authority
Infrastructure
Programme
Special
Assessment
Bonds
Series
2019
B
(NR/A-)
1,500,000
5.000
09/02/2034
1,579,202
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
3,220,579
California
Statewide
Communities
Development
Authority
RB
Adventist
Health
System
West
Series
2015A
(NR/BBB+)
8,120,000
5.000
03/01/2045
7,882,904
California
Statewide
Communities
Development
Authority
RB
for
Lancer
Educational
Housing
LLC
Project
Series
2019
A
(NR/NR)
450,000
3.000
(c)
06/01/2029
429,119
California
Statewide
Communities
Development
Authority
RB
for
Loma
Linda
University
Medical
Center
Series
2014A
(NR/BB)
2,975,000
5.250
12/01/2044
2,892,589
California
Statewide
Communities
Development
Authority
RB
for
Marin
General
Hospital
Obligated
Group
Series
2018
A
(NR/BBB)
300,000
5.000
08/01/2029
311,654
315,000
5.000
08/01/2030
326,697
California
Statewide
Communities
Development
Authority
RB
for
NCCD-Hooper
Street
LLC
Project
Series
2019
(NR/B)
900,000
5.000
(c)
07/01/2029
913,776
California
Statewide
Communities
Development
Authority
RB
Loma
Linda
University
Medical
Center,
Series
2016A
(NR/BB)
6,925,000
5.000
(c)
12/01/2036
6,939,415
California
Statewide
Communities
Development
Authority
RB
Refunding
for
Front
Porch
Communities
&
Services
Series
2017
A
(NR/A-)
150,000
5.000
04/01/2030
153,336
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
California
Statewide
Communities
Development
Authority
RB
Refunding
for
Front
Porch
Communities
&
Services
Series
2017
A
(NR/A-)
–
(continued)
$
70,000
5.000%
04/01/2031
$
71,487
385,000
4.000
04/01/2032
386,002
455,000
4.000
04/01/2034
453,162
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
2,814,691
California
Statewide
Communities
Development
Authority
RB
Refunding
for
Loma
Linda
University
Medical
Center
Series
2014
A
(NR/BB)
9,510,000
5.500
12/01/2054
9,342,910
California
Statewide
Communities
Development
Authority
RB
Refunding
for
Loma
Linda
University
Medical
Center
Series
2016
A
(NR/BB)
1,725,000
5.000
(c)
12/01/2031
1,741,404
California
Statewide
Communities
Development
Authority
Special
Assessment
Bond
Series
2020
(NR/NR)
1,190,000
4.000
09/02/2028
1,193,951
1,250,000
5.000
09/02/2040
1,272,887
California
Statewide
Communities
Development
Authority
Special
Assessment
for
Statewide
Community
Infrastructure
Program
Series
2019
C
(NR/NR)
1,015,000
4.000
09/02/2029
1,026,108
California
Statewide
Communities
Development
Authority
Special
Tax
Bonds
Series
2022
(NR/NR)
450,000
5.125
09/01/2042
458,919
California
Statewide
Communities
Development
Authority
Statewide
Community
Infrastructure
Program
RB
Series
2018B
(NR/BBB+)
1,785,000
5.000
09/02/2048
1,790,815
California
Statewide
Communities
Development
Authority
Statewide
Community
Infrastructure
Program
RB
Series
2018C
(NR/NR)
1,040,000
5.000
09/02/2048
1,042,264
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
8,931,915
6,550,000
5.000
05/15/2047
6,553,338
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
1,175,868
California
Statewide
Community
Development
Authority
Pollution
Control
Refunding
RB
2010
Series
A
(A2/A-)
3,990,000
1.750
09/01/2029
3,600,400
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
3,570,075
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
996,853
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
Chino
Public
Financing
Authority
Tax
Exempt
RB
Series
2019
A
(NR/NR)
$
250,000
4.000%
09/01/2028
$
252,692
165,000
3.000
09/01/2037
136,186
170,000
3.000
09/01/2038
135,361
175,000
3.000
09/01/2039
134,654
180,000
3.000
09/01/2040
135,701
620,000
3.125
09/01/2044
444,757
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
2,572,048
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
522,338
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
771,463
City
&
County
of
San
Francisco
Special
Tax
District
No.
2020-1
for
Mission
Rock
Facilities
and
Services
Series
2021
A
(NR/NR)
75,000
4.000
(c)
09/01/2026
75,297
150,000
4.000
(c)
09/01/2031
151,565
700,000
4.000
(c)
09/01/2036
676,472
City
of
Alameda
Community
Facilities
District
2023
Special
Tax
Bonds
(NR/NR)
575,000
5.000
09/01/2048
573,972
City
of
Beaumont
CFD
No.
2016-3
Sundance
2023
Special
Tax
Bonds
(NR/NR)
745,000
5.000
09/01/2048
745,809
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
1,143,579
1,275,000
4.000
09/01/2032
1,289,910
City
of
Chino
Community
Facilities
Improvement
Area
Special
Tax
Bonds
Series
2022
(NR/NR)
2,000,000
5.250
09/01/2042
2,058,316
2,000,000
5.375
09/01/2047
2,050,760
City
of
Chino
Public
Financing
Authority
Local
Agency
Refunding
Bonds
Series
2019A
(NR/NR)
225,000
4.000
09/01/2025
225,109
City
of
Fairfield
Community
Facilities
District
No.
2019-1
for
Improvement
Area
No.
1
Series
2020
A
(NR/NR)
860,000
5.000
09/01/2035
898,209
City
of
Los
Angeles
Department
of
Airports
International
Airport
Series
RB
2022
Series
G
(Aa2/AA)
3,000,000
5.000
05/15/2026
3,045,702
City
of
Los
Angeles
Department
of
Airports
International
Airport
Subordinate
RB
2018
Series
F
(Aa3/AA-)
1,650,000
4.000
05/15/2049
1,440,810
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
1,014,566
City
of
Los
Angeles
Department
of
Airports
International
Airport
Subordinate
RB
2023
Series
A
(Aa3/AA-)
5,000,000
5.000
05/15/2035
5,334,395
600,000
5.000
05/15/2036
634,865
1,250,000
5.000
05/15/2037
1,312,006
1,255,000
5.000
05/15/2038
1,304,779
3,000,000
5.250
05/15/2048
3,062,962
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
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
$
1,522,851
City
of
Los
Angeles
Wastewater
System
RB
Series
2010-B
(Aa2/AA)
1,000,000
5.813
06/01/2040
1,031,189
City
of
Los
Angeles,
LAX
Subordinate
RB
2022
Series
A
(Aa3/AA-)
9,155,000
4.000
05/15/2038
8,878,540
City
of
Newport
Beach
Assessment
District
No.
124
Limited
Obligation
Improvement
Bonds
2023
Series
A
(NR/NR)
620,000
4.125
09/02/2038
603,979
725,000
5.000
09/02/2043
735,507
City
of
Ontario
CA
Community
Facilities
District
No.
43
Special
Tax
Bonds
Series
2020
(NR/NR)
250,000
4.000
09/01/2026
251,726
150,000
3.000
09/01/2038
121,761
160,000
3.000
09/01/2039
125,762
City
of
Oroville
RB
for
Oroville
Hospital
Series
2019
(NR/NR)
1,325,000
5.000
04/01/2027
1,159,695
1,000,000
5.000
04/01/2029
850,739
1,250,000
5.000
04/01/2030
1,053,884
1,500,000
5.000
04/01/2031
1,250,894
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
168,112
190,000
4.000
09/01/2033
190,875
225,000
4.000
09/01/2036
220,749
City
of
Palm
Desert
Section
29
Assessment
District
No.
2004-02
Special
Assessment
Refunding
Bonds
Series
2021
(NR/NR)
370,000
4.000
09/02/2026
373,028
700,000
4.000
09/02/2031
713,414
City
of
Rancho
Cordova
Sunridge
Anatolia
Community
Facilities
District
Special
Tax
Bonds
Series
2016
(NR/NR)
1,780,000
4.000
09/01/2029
1,792,694
500,000
4.000
09/01/2030
502,382
City
of
Rocklin
Community
Facilities
District
No.
10
Special
Tax
Bonds
Series
2019
(NR/NR)
135,000
5.000
09/01/2031
135,412
245,000
5.000
09/01/2032
245,706
225,000
5.000
09/01/2033
225,608
145,000
5.000
09/01/2034
145,366
150,000
5.000
09/01/2035
150,349
680,000
5.000
09/01/2036
681,460
270,000
5.000
09/01/2037
270,531
245,000
5.000
09/01/2038
245,414
485,000
5.000
09/01/2039
485,712
City
of
Roseville
CA
ST
Series
2019
(NR/NR)
150,000
4.000
09/01/2025
150,060
275,000
5.000
09/01/2026
281,573
210,000
5.000
09/01/2027
219,042
160,000
5.000
09/01/2028
168,070
170,000
5.000
09/01/2029
178,065
110,000
5.000
09/01/2030
115,000
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
594,395
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
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
$
319,144
815,000
5.000
09/01/2034
849,522
445,000
5.000
09/01/2039
454,435
City
of
Roseville
Special
Tax
Villages
at
Sierra
Vista
Community
Facilities
District
No.
1
Series
2020
(NR/NR)
95,000
4.000
09/01/2026
95,656
65,000
5.000
09/01/2030
68,857
190,000
4.000
09/01/2032
191,510
225,000
4.000
09/01/2034
224,497
265,000
4.000
09/01/2036
259,531
305,000
4.000
09/01/2038
288,672
330,000
4.000
09/01/2040
304,567
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
503,480
City
of
Sacramento
Natomas
Meadows
Community
Facilities
District
No.
2007-01
Special
Tax
Bonds
for
Improvement
Area
No.
1
Series
2017
(NR/NR)
375,000
4.000
(c)
09/01/2028
379,924
City
of
San
Francisco
Airport
Commission
International
Airport
RB
Series
2022A
(A1/NR)
2,525,000
5.000
05/01/2052
2,483,228
City
of
San
Francisco
Airport
Commission
International
Airport
Revenue
Refunding
Bonds
Series
2023A
(A1/NR)
12,400,000
5.000
05/01/2038
12,878,061
City
of
San
Francisco
Airport
Commission
International
Airport
Second
Series
RB
Series
2018E
(A1/AA-)
4,650,000
5.000
05/01/2048
4,688,241
City
of
San
Francisco
Airport
Commission
International
Airport
Second
Series
RB
Series
2019A
(A1/AA-)
26,310,000
5.000
05/01/2049
25,994,093
City
of
Santa
Paula
Special
Tax
for
Harvest
Community
Facilities
District
No.
1
Series
2020
(NR/NR)
600,000
5.000
09/01/2035
628,653
1,000,000
5.000
09/01/2040
1,021,991
City
of
Stockton
Community
Facilities
District
No.
2005-1
Special
Tax
Bonds
Series
2019
(NR/NR)
330,000
2.250
09/01/2026
322,894
350,000
2.375
09/01/2028
332,845
380,000
2.750
09/01/2031
351,240
405,000
3.000
09/01/2033
366,721
415,000
3.000
09/01/2034
369,224
270,000
3.000
09/01/2035
235,649
900,000
3.125
09/01/2037
762,772
740,000
3.125
09/01/2039
589,161
810,000
3.250
09/01/2041
628,287
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
82,250
700,000
3.250
09/01/2041
551,036
570,000
3.500
09/01/2049
423,821
Commerce
Community
Development
Commission
Successor
Agency
Tax
Allocation
Refunding
Series
2016
A
(AGM)
(NR/AA)
275,000
3.125
08/01/2035
253,500
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
Community
Facilities
District
of
the
Menifee
Union
School
District
Improvement
Area
Special
Tax
Bonds
(NR/NR)
$
850,000
5.000%
09/01/2042
$
862,528
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
464,063
725,000
5.000
09/01/2039
731,593
County
of
Los
Angeles
CA
Community
Facilities
District
NO
2021-01
(NR/NR)
2,250,000
5.000
09/01/2047
2,260,769
County
of
Sacramento
RB
Refunding
for
Airport
System
Series
2018
C
(A2/A+)
1,745,000
5.000
07/01/2039
1,757,661
CSCDA
Community
Improvement
Authority
Essential
Housing
Senior
Lien
RB
Series
2021A-1
(NR/NR)
2,250,000
3.600
(c)
05/01/2047
1,775,416
Department
of
Airports
of
The
City
of
Los
Angeles
California
Los
Angeles
International
Airport
Subordinate
Revenue
and
Refunding
RB
2021
Series
A
(Aa3/AA-)
2,850,000
5.000
05/15/2037
2,956,734
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
4,020,445
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
6,099,049
Department
of
Water
and
Power
of
The
City
of
Los
Angeles
Power
System
RB
2018
Series
D
(Aa2/A)
510,000
5.000
07/01/2048
507,087
Department
of
Water
and
Power
of
The
City
of
Los
Angeles
Power
System
RB
2022
Series
B
(Aa2/NR)
1,100,000
5.000
07/01/2052
1,102,349
Department
of
Water
and
Power
of
The
City
of
Los
Angeles
Power
System
RB
2025
Series
A
(Aa2/NR)
10,600,000
5.000
07/01/2028
11,056,611
Department
of
Water
and
Power
of
The
City
of
Los
Angeles
Power
System
RB
2025
Series
B
(Aa2/NR)
7,500,000
5.000
07/01/2034
8,254,950
Department
of
Water
and
Power
of
The
City
of
Los
Angeles
Power
System
Variable
Rate
Demand
RB
2001
Series
B
Subseries
B-7
(Aa2/NR)
2,000,000
1.950
(a)(b)
07/01/2034
2,000,000
Department
of
Water
and
Power
of
The
City
of
Los
Angeles
Water
System
RB
2017
Series
A
(Aa2/AA-)
1,000,000
5.000
07/01/2044
1,000,130
Department
of
Water
and
Power
of
The
City
of
Los
Angeles
Water
System
RB
2018
Series
A
(Aa2/AA-)
2,185,000
5.000
07/01/2043
2,188,444
Dublin
Community
Facilities
District
No.
2015-1
Improvement
Area
No.
1
Special
Tax
Series
2017
(NR/NR)
805,000
5.000
09/01/2027
821,966
6,680,000
5.000
09/01/2047
6,689,208
East
County
AWP
Joint
Powers
Authority
Tax
Exempt
Interim
Notes
Series
2024A
Subseries
A-1
(NR/NR)
45,000,000
3.125
09/01/2026
45,137,475
East
Garrison
Public
Finance
Authority
Special
Tax
for
East
Garrison
Project
Series
2019
(NR/NR)
390,000
3.125
09/01/2044
278,081
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
East
Garrison
Public
Finance
Authority
Special
Tax
for
East
Garrison
Project
Series
2019
(NR/NR)
–
(continued)
$
1,610,000
3.125%
09/01/2049
$
1,084,666
Eastern
Foothill
Transportation
Corridor
Agency
Senior
Lien
Toll
Road
Refunding
RB
Series
2021A
(Baa1/A)
3,255,000
4.000
01/15/2046
3,062,421
El
Camino
Community
College
District
Election
of
2012
GO
Bonds
Series
2024E
(Aa1/NR)
1,025,000
4.000
08/01/2042
994,868
610,000
4.000
08/01/2043
586,978
Equitable
School
Revolving
Fund
California
Infrastructure
and
Economic
Development
Bank
Series
2024
B
(Social
Bonds)
(NR/A)
1,655,000
5.000
11/01/2049
1,637,194
1,750,000
5.000
11/01/2054
1,705,426
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
395,799
360,000
5.000
09/01/2053
352,120
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
365,463
500,000
4.000
09/01/2050
425,009
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
(a)
01/15/2053
1,118,497
Golden
State
Securitization
Settlement
Corp
ABS
Bond
Series
2021
2021B-1
(NR/BBB-)
9,540,000
3.850
06/01/2050
8,680,809
Golden
State
Tobacco
Securitization
Corp.
California
Tobacco
Settlement
RB
Asset-Backed
Bonds
Series
2018
A-1
(NR/NR)
20,000,000
5.000
(d)
06/01/2028
21,360,052
Hayward
Unified
School
District
Election
of
2014
GO
Bonds
Series
2017
(AGM)
(NR/AA)
8,000,000
4.000
08/01/2042
7,456,008
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
2,370,997
Independent
Cities
Finance
Authority
RB
for
City
of
Compton
Sales
Tax
Series
2021
(AGM)
(NR/AA)
665,000
4.000
(c)
06/01/2036
653,776
Inland
Empire
Tobacco
Securitization
Authority
RB
Turbo
Asset-
Backed
Bonds
for
Capital
Appreciation
Series
2007
C-1
(NR/CCC)
10,250,000
0.000
(f)
06/01/2036
4,607,637
Inland
Empire
Tobacco
Securitization
Authority
RB
Turbo
Asset-
Backed
Bonds
Series
2019
(NR/A-)
670,000
3.678
06/01/2038
642,826
Irvine
Unified
School
District
Community
Facilities
District
Special
Tax
Bonds
Series
2017
D
(NR/NR)
3,280,000
5.000
03/01/2057
3,227,716
Irvine
Unified
School
District
No.
09-1
Special
Tax
for
Community
Facilities
Series
2017
D
(NR/NR)
180,000
4.000
09/01/2025
180,084
175,000
4.000
09/01/2026
176,308
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
Irvine
Unified
School
District
No.
09-1
Special
Tax
for
Community
Facilities
Series
2019
A
(NR/AA)
$
350,000
5.000%
09/01/2030
$
374,153
355,000
5.000
09/01/2032
376,197
360,000
5.000
09/01/2034
377,633
455,000
5.000
09/01/2036
470,984
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
779,393
2,500,000
5.000
09/01/2048
2,502,537
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
2,901,163
Lodi
Unified
School
District
GO
Bonds
Series
2021
(Aa2/NR)
3,300,000
3.000
08/01/2046
2,511,011
Los
Angeles
Community
College
District
Los
Angeles
County
California
2020
GO
Refunding
Bonds
(NR/A)
1,000,000
5.000
07/01/2038
1,018,325
Los
Angeles
County
Public
Works
Financing
Authority
Lease
RB
2020
Series
A
(NR/AA+)
1,825,000
3.000
12/01/2050
1,278,445
Los
Angeles
Department
of
Airports
RB
Senior
Refunding
Series
2018
B
(Aa2/AA)
2,335,000
5.000
05/15/2034
2,394,834
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
3,589,901
7,000,000
5.000
07/01/2027
7,337,173
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
1,254,693
4,500,000
0.000
(f)
08/01/2038
2,665,705
4,500,000
0.000
(f)
08/01/2039
2,522,068
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
1,166,537
Merced-Union
High
School
District
Election
of
2008
GO
Bonds
Series
2011
C
(Aa2/NR)
2,510,000
0.000
(f)
08/01/2035
1,725,076
Mountain
View
Whisman
School
District
2,000,000
4.000
(d)
09/01/2026
2,036,355
M-S-R
Energy
Authority
Gas
RB
Series
2009
A
(NR/BBB+)
1,750,000
6.500
11/01/2039
2,091,425
M-S-R
Energy
Authority
Gas
RB
Series
2009
C
(NR/BBB+)
2,605,000
6.125
11/01/2029
2,747,328
2,000,000
6.500
11/01/2039
2,390,200
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
5,011,045
Northern
California
Gas
Authority
No.
1
RB
for
Gas
Project
Series
2007
B
(A1/A-)
(3M
USD
SOFR
+
0.72%)
2,660,000
3.775
(e)
07/01/2027
2,657,853
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
1,627,673
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
Palomar
Pomerado
Health
GO
Bonds
Capital
Appreciation
for
Election
of
2004
Series
2009
A
(AGC)
(A1/AA)
–
(continued)
$
4,150,000
0.000%
(f)
08/01/2032
$
2,980,924
3,550,000
0.000
(f)
08/01/2033
2,413,317
6,450,000
7.000
08/01/2038
7,062,950
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
2,859,339
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
1,966,755
River
Islands
Public
Financing
Authority
Community
Facilities
District
No.
2021-1
Special
Tax
Series
2021
(NR/NR)
875,000
4.000
09/01/2041
789,397
Riverside
Unified
School
District
Community
Facilities
District
No.
32
Special
Tax
Series
2020
(NR/NR)
195,000
4.000
09/01/2027
197,121
205,000
4.000
09/01/2028
207,944
210,000
4.000
09/01/2029
213,229
220,000
4.000
09/01/2030
223,319
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
752,136
1,075,000
5.000
09/01/2026
1,100,693
1,000,000
5.000
09/01/2027
1,041,984
Roseville
California
Community
Facilities
District
No.
5
Special
Tax
for
Fiddyment
Ranch
Project
Series
2019
(NR/NR)
100,000
5.000
09/01/2031
104,365
185,000
5.000
09/01/2032
192,903
165,000
5.000
09/01/2033
171,765
175,000
4.000
09/01/2034
173,682
150,000
4.000
09/01/2035
147,075
125,000
3.000
09/01/2036
106,827
470,000
5.000
09/01/2039
477,285
250,000
3.250
09/01/2041
193,416
Roseville
California
Community
Facilities
District
No.
5
Special
Tax
for
Fiddyment
Ranch
Project
Series
2021
(NR/NR)
850,000
2.500
09/01/2037
657,910
725,000
4.000
09/01/2041
649,569
1,000,000
4.000
09/01/2050
831,342
Sacramento
County
Financing
Authority
RB
Series
2007B
(NATL)
(Aa3/AA-)
(3M
USD
SOFR
+
0.55%)
21,265,000
3.626
(e)
06/01/2034
20,473,634
San
Diego
County
Regional
Airport
Authority
Subordinate
Airport  RB,
Series
2019B
(Private
Activity/Amt)
(NR/A)
1,540,000
5.000
07/01/2036
1,580,757
San
Diego
County
Regional
Airport
Authority
Subordinate
Airport
RB
Series
2021B
(A1/NR)
2,850,000
4.000
07/01/2039
2,695,310
13,810,000
4.000
07/01/2046
11,906,555
4,620,000
5.000
07/01/2046
4,581,696
San
Diego
Unified
School
District
2012
GO
Refunding
Bonds
Series
R-2
(Aa2/AA-)
4,700,000
0.000
(g)
07/01/2041
4,607,121
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
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
$
2,835,049
San
Francisco
City
&
County
Airport
Commission
RB
Unrefunded
for
San
Francisco
International
Airport
Second
Series
2018
G
(NR/AA-)
1,300,000
5.000
05/01/2027
1,344,102
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
1,014,682
San
Jacinto
Unified
School
District
Financing
Authority
Special
Tax
RB
Series
2019
(NR/NR)
500,000
5.000
09/01/2036
509,879
San
Joaquin
Hills
Transportation
Corridor
Agency
RB
Refunding
for
Capital
Appreciation
Series
1997
A
(NATL)
(Baa2/NR)
1,605,000
0.000
(f)
01/15/2026
1,575,535
State
of
California
Various
Purpose
GO
Refunding
Bonds
(Aa2/AA-)
15,915,000
4.000
09/01/2043
15,159,610
The
Regents
of
The
University
of
California
General
RB
2025
Series
Bz
(Aa2/AA)
10,000,000
5.000
05/15/2028
10,688,493
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
1,035,085
1,000,000
5.000
06/01/2036
1,026,169
1,000,000
5.000
06/01/2039
1,012,932
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
1,027,457
920,000
5.000
06/01/2028
953,715
1,000,000
5.000
06/01/2029
1,045,752
2,000,000
5.000
06/01/2032
2,086,581
Tobacco
Securitization
Authority
of
Southern
California
RB
Refunding
for
San
Diego
County
Tobacco
Asset
Securitization
Corp.
Series
2019
B-1
(NR/BB+)
2,020,000
5.000
06/01/2048
1,916,693
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
1,603,867
Town
of
Tiburon
Special
Assessment
for
Assessment
District
No.
2017-1
Series
2021
A
(NR/NR)
430,000
2.375
09/02/2041
282,387
945,000
2.500
09/02/2046
578,518
Transbay
Joint
Powers
Authority
Senior
Tax
Allocation
Bonds
Series
2020A
Tax-Exempt
Green
Bonds
(NR/NR)
1,230,000
5.000
10/01/2025
1,233,563
Transbay
Joint
Powers
Authority
Tax
Allocation
for
Transbay
Redevelopment
Project
Series
2020
A
(NR/NR)
660,000
5.000
10/01/2029
692,955
555,000
5.000
10/01/2030
581,571
1,165,000
5.000
10/01/2031
1,216,902
1,000,000
5.000
10/01/2033
1,035,935
700,000
5.000
10/01/2035
719,856
500,000
5.000
10/01/2036
512,120
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
Transbay
Joint
Powers
Authority
Tax
Allocation
for
Transbay
Redevelopment
Project
Series
2020
A
(NR/NR)
–
(continued)
$
1,000,000
5.000%
10/01/2037
$
1,018,653
880,000
5.000
10/01/2038
891,180
630,000
5.000
10/01/2039
635,039
1,100,000
5.000
10/01/2040
1,102,697
1,945,000
5.000
10/01/2049
1,861,043
Washington
Township
Health
Care
District
RB
2023
Series
A
(Baa3/NR)
825,000
5.750
07/01/2053
847,786
West
Contra
Costa
Unified
School
District
GO
Bonds
Capital
Appreciation
for
Election
of
2002
Series
2004
C
(NATL)
(Baa3/A+)
1,175,000
0.000
(f)
08/01/2025
1,171,748
West
Patterson
Financing
Authority
California
Community
Facilities
Villages
of
Patterson
Special
Tax
Bonds
Series
2024
(NR/NR)
300,000
5.000
09/01/2039
308,786
825,000
4.375
09/01/2044
757,901
959,523,595
Colorado
-
3.3%
Adams
County
School
District
No.
1
GO
Taxable
Refunding
Bonds
Series
2017
B
(ST
AID
WITHHLDG)
(NR/NR)
325,000
5.250
(d)
12/01/2026
336,126
Allison
Valley
Metropolitan
District
No.
2
GO
Refunding
Bonds
Series
2020
(NR/NR)
1,415,000
4.700
12/01/2047
1,245,103
Baseline
Metropolitan
District
In
The
City
and
County
of
Broomfield,
Colorado
Special
RR
and
Improvement
Bonds
Series
2024A
(AGC)
(NR/AA)
1,875,000
4.000
12/01/2046
1,688,185
1,250,000
5.000
12/01/2049
1,274,126
2,225,000
4.250
12/01/2054
2,002,931
Bella
Mesa
Metropolitan
District
GO
Convertible
Capital
Appreciation
Bonds
Series
2020
A
(NR/NR)
1,855,000
0.000
(c)(g)
12/01/2049
1,848,387
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
(d)
03/01/2028
10,132,303
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
16,007,126
Brighton
Crossing
Metropolitan
District
No.
6
GO
Bonds
Series
2020
A
(NR/NR)
525,000
5.000
12/01/2035
524,248
1,030,000
5.000
12/01/2040
983,428
Broadway
Park
North
Metropolitan
District
No.
2
GO
Bonds
Series
2020
(NR/NR)
1,120,000
5.000
(c)
12/01/2040
1,031,971
Buffalo
Highlands
Metropolitan
District
GO
Bonds
Series
2018
A
(NR/NR)
1,000,000
5.250
12/01/2038
983,110
CCP
Metropolitan
District
No.
3
Limited
Tax
GO
Refunding
Bonds
Series
2024
(NR/NR)
1,175,000
5.000
12/01/2053
1,102,987
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Colorado
–
(continued)
Cherry
Creek
Colorado
School
District
No.
5
GO
Bonds
Series
2017
C
(ST
AID
WITHHLDG)
(Aa1/AA+)
$
1,000,000
6.000%
12/15/2029
$
1,073,476
3,240,000
6.000
12/15/2030
3,474,199
City
and
County
of
Denver,
Colorado,
Airport
System
Subordinate
RB
Series
2018A
(AMT)
(A1/A+)
1,000,000
5.000
12/01/2043
997,070
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
2,913,195
915,000
5.000
11/15/2047
913,673
City
Center
West
Residential
Metropolitan
District
No.
2
GO
Bonds
Senior
Series
2019
A
(NR/NR)
1,035,000
5.000
12/01/2049
905,830
City
of
Colorado
Springs
Colorado
Utilities
System
Improvement
RB
Series
2024A
(Aa2/AA+)
2,335,000
5.250
11/15/2054
2,435,068
City
of
Denver
Airport
System
Subordinate
RB
Series
2018A
(A1/A+)
11,000,000
5.250
12/01/2043
11,097,195
City
of
Denver
Aviation
Airport
System
RB
Series
2022D
(Aa3/AA-)
5,580,000
5.000
11/15/2053
5,483,185
City
of
Denver
RB
for
Department
of
Aviation
Airport
System
Series
2022A
(AMT)
(Aa3/AA-)
5,450,000
5.000
11/15/2027
5,668,574
Colorado
Bridge
and
Tunnel
Enterprise
Senior
Infrastructure  RB,
Series
2024A
(AG)
(A1/AA)
1,000,000
5.000
12/01/2042
1,038,355
Colorado
Bridge
and
Tunnel
Enterprise
Senior
Infrastructure
RB
Series
2024A
(AG)
(A1/AA)
4,000,000
5.500
12/01/2054
4,213,319
Colorado
Education
&
Cultural
Facilities
Authority
Charter
School
RB
Series
2021
(Baa3/NR)
900,000
4.000
10/01/2056
674,686
Colorado
Educational
&
Cultural
Facilities
Authority
RB
for
Aspen
View
Academy,
Inc.
Series
2021
(Baa3/NR)
150,000
4.000
05/01/2036
142,478
150,000
4.000
05/01/2041
130,245
Colorado
Educational
&
Cultural
Facilities
Authority
RB
for
Vega
Collegiate
Academy
Series
2021
A
(ST
INTERCEPT)
(Ba2/NR)
300,000
5.000
(c)
02/01/2034
300,891
Colorado
Educational
&
Cultural
Facilities
Authority
RB
Refunding
for
Rocky
Mountain
Classical
Academy
Project
Series
2019
(Ba1/NR)
800,000
5.000
(c)
10/01/2029
812,493
2,500,000
5.000
(c)
10/01/2039
2,419,356
Colorado
Educational
&
Cultural
Facilities
Authority
RB
Refunding
for
STEM
School
&
Academy
Project
Series
2019
(Baa3/NR)
225,000
4.000
11/01/2029
223,927
400,000
5.000
11/01/2039
394,155
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
701,027
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Colorado
–
(continued)
Colorado
Educational
and
Cultural
Facilities
Authority
Charter
School
RB
for
STEM
School
Project
Series
2019
(Baa3/NR)
$
790,000
5.000%
11/01/2049
$
735,601
Colorado
Educational
and
Educational
Facilities
Authority
Charter
School
RB
Ascent
Classical
Academy
Charter
Schools,
Inc.
Series
2024A
(NR/BB)
1,900,000
5.500
(c)
04/01/2044
1,884,369
Colorado
Health
Facilities
Authority
American
Eagle
Delaware
Holding
Company
Series
2022A-1
(NR/NR)
3,040,000
6.000
07/01/2036
2,933,638
Colorado
Health
Facilities
Authority
American
Eagle
Delaware
Holding
Company
Series
2022A-2
(NR/NR)
1,925,000
6.000
07/01/2031
1,862,077
Colorado
Health
Facilities
Authority
Hospital
RB
for
Parkview
Medical
Center,
Inc.
Project
Series
2016
(Aa2/NR)
18,310,000
5.000
(d)
09/01/2026
18,739,122
Colorado
Health
Facilities
Authority
RB
for
Commonspirit
Health
Series
2019A-1
(A3/A-)
3,560,000
5.000
08/01/2025
3,564,288
1,415,000
5.000
08/01/2026
1,443,041
1,575,000
5.000
08/01/2027
1,636,609
5,000,000
5.000
08/01/2036
5,159,463
Colorado
Health
Facilities
Authority
RB
for
Commonspirit
Health
Series
2019A-2
(A3/A-)
325,000
5.000
08/01/2025
325,392
3,000,000
5.000
08/01/2037
3,077,905
Colorado
Health
Facilities
Authority
RB
for
Commonspirit
Health
Series
2022A
(A3/A-)
6,400,000
5.500
11/01/2047
6,564,182
8,000,000
5.250
11/01/2052
8,047,248
Colorado
Health
Facilities
Authority
RB
for
Commonspirit
Health
Series
2024A
(A3/A-)
3,680,000
5.000
12/01/2039
3,844,265
Colorado
Health
Facilities
Authority
RB
for
Parkview
Medical
Center,
Inc.
Obligated
Group
Series
2020
A
(Aa2/NR)
1,800,000
4.000
(d)
09/01/2030
1,899,784
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
16,123,909
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
3,480,721
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
1,167,598
6,010,000
4.000
08/01/2044
5,219,329
Colorado
Health
Facilities
Authority
RB
Refunding
for
CommonSpirit
Health
Obligated
Group
Series
2019
A-2
(A3/A-)
345,000
5.000
08/01/2035
358,063
4,065,000
5.000
08/01/2038
4,140,756
Colorado
Health
Facilities
Authority
RB
Refunding
for
Evangelical
Lutheran
Good
Samaritan
Society
Project
Series
2017
(NR/NR)
1,150,000
5.000
(d)
06/01/2027
1,196,306
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Colorado
–
(continued)
Colorado
Health
Facilities
Authority
RB
Refunding
for
Sanford
Obligated
Group
Series
2019
A
(NR/A+)
$
1,730,000
4.000%
11/01/2039
$
1,618,703
12,310,000
5.000
11/01/2039
12,582,387
6,105,000
5.000
11/01/2044
6,045,213
Colorado
Health
Facilities
Authority
RB
Series
2019A-2
(A3/A-)
3,495,000
4.000
08/01/2049
2,924,593
Colorado
Health
Facilities
Authority
RB
Series
2019B
Series
2019B-1
(A3/A-)
8,500,000
5.000
(a)(b)
08/01/2049
8,514,260
Colorado
Health
Facilities
Authority
Revenue
Refunding
Bonds
Series
2019A
SCL
Health
System
(Aa1/AA+)
4,000,000
4.000
01/01/2037
3,925,342
Colorado
Housing
and
Finance
Authority
Multifamily
Housing
RB
for
The
Reserves
at
Eagle
Point
Project
Series
2024
(Aa1/NR)
5,450,000
3.500
(a)(b)
11/01/2043
5,458,031
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
(d)
03/01/2028
8,700,737
Conestoga
Metropolitan
District
LT
GO
Refunding
&
Improvement
Bonds
Series
2021A3
(NR/NR)
775,000
5.250
12/01/2051
661,776
Copper
Ridge
Metropolitan
District
RB
Series
2019
(NR/NR)
3,435,000
4.000
12/01/2029
3,299,506
Creekside
Village
Metropolitan
District
GO
Bonds
Series
2019
A
(NR/NR)
874,000
5.000
12/01/2039
814,405
Denver
Colorado
City
&
County
Special
Facilities
Airport
RB
Refunding
for
United
Air
Lines,
Inc.
Project
Series
2017
(NR/BB)
26,870,000
5.000
10/01/2032
26,869,678
Denver
Colorado
Health
and
Hospital
Authority
Healthcare
RB
Refunding
Series
2017
A
(NR/BBB)
5,505,000
5.000
(c)
12/01/2027
5,721,518
Denver
Convention
Center
Hotel
Authority
Convention
Center
Hotel
Senior
Revenue
Refunding
Bonds
Series
2016
(Baa2/BBB-)
1,460,000
5.000
12/01/2033
1,474,730
Denver
Convention
Center
Hotel
Authority
Convention
Center
Hotel
Senior
RR
Bonds,
Series
2016
(Baa2/BBB-)
2,370,000
5.000
12/01/2035
2,385,264
Denver
Convention
Center
Hotel
Authority
RB
Refunding
Series
2016
(Baa2/BBB-)
640,000
5.000
12/01/2030
649,016
Denver
Convention
Center
Hotel
Authority
Senior
Revenue
Refunding
Bonds
Series
2016
(Baa2/BBB-)
300,000
5.000
12/01/2031
303,885
Denver
Health
&
Hospital
Authority
COPS
Series
2018
(NR/BBB)
425,000
5.000
12/01/2032
439,146
Denver
Health
&
Hospital
Authority
Healthcare
Revenue
Refunding
Bonds
Series
2017A
(NR/BBB)
4,995,000
5.000
(c)
12/01/2025
5,023,952
1,000,000
5.000
(c)
12/01/2034
1,012,979
1,675,000
4.000
(c)
12/01/2035
1,639,829
2,000,000
4.000
(c)
12/01/2036
1,932,852
Denver
Health
&
Hospital
Authority
RB
Series
2019
A
(NR/BBB)
120,000
5.000
12/01/2030
127,222
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Colorado
–
(continued)
Denver
Health
and
Hospital
Authority
Colorado
Healthcare
RB
Series
2019A
(NR/BBB)
$
2,255,000
5.000%
12/01/2031
$
2,378,352
475,000
5.000
12/01/2032
497,017
1,360,000
5.000
12/01/2033
1,416,983
Denver
Urban
Renewal
Authority
9th
&
Colorado
Urban
Redevelopment
Area
RB
Series
2018
A
(NR/NR)
4,155,000
5.250
(c)
12/01/2039
4,024,422
E-470
Public
Highway
Authority
RB
Refunding
Series
2010
A
(AGM-CR)
(A1/AA)
1,500,000
0.000
(f)
09/01/2035
1,031,807
E-470
Public
Highway
Authority
RB
Series
2010
A
(A1/A+)
6,000,000
0.000
(f)
09/01/2040
3,025,990
Fiddler's
Business
Improvement
District
GO
Refunding
Bonds
Series
2022
(NR/NR)
2,800,000
5.550
(c)
12/01/2047
2,788,862
Glen
Metropolitan
District
GO
LT
Bonds
Series
2021
(NR/NR)
570,000
3.750
12/01/2034
497,671
Highlands
Metropolitan
District
No.
1
GO
Bonds
Series
2021
(NR/NR)
648,000
4.000
12/01/2031
596,926
Hogback
Metropolitan
District
LT
GO
Bonds
Series
2021A3
(NR/NR)
725,000
5.000
12/01/2041
674,613
Independence
Water
&
Sanitation
District
Special
Revenue
Refunding
and
Improvement
Bonds
Series
2024
(NR/NR)
2,200,000
5.125
12/01/2033
2,224,854
Johnstown
Plaza
Metropolitan
District
LT
GO
Refunding
and
Improvement
Bonds
Series
2022
(NR/NR)
9,731,000
4.250
12/01/2046
8,156,867
Mayfield
Metropolitan
District
GO
Bonds
Series
2020
A
(NR/NR)
1,176,000
5.750
12/01/2050
1,162,843
Meridian
Ranch
Metropolitan
District
GO
LT
Bonds
Series
2022
(NR/NR)
1,105,000
6.500
12/01/2042
1,107,755
Morgan
Hill
Metropolitan
District
GO
LT
Refunding
&
Improvement
Bonds
Senior
Series
2021A
(NR/NR)
2,940,000
3.500
12/01/2041
2,185,353
Mulberry
Metropolitan
District
LT
GO
Bonds
Series
2022A
(NR/NR)
2,450,000
7.000
12/01/2052
2,473,644
North
Holly
Metropolitan
District
Limited
Tax
GO
Bonds
Series
2018
A
(NR/NR)
500,000
5.500
12/01/2048
481,864
Northglenn
Urban
Renewal
Authority
Tax
Allocation
for
Urban
Renewal
Plan
2
Series
2019
(NR/BBB-)
100,000
4.000
12/01/2025
100,096
315,000
4.000
12/01/2026
317,216
290,000
4.000
12/01/2029
295,417
205,000
4.000
12/01/2030
207,842
225,000
4.000
12/01/2032
225,557
Park
Creek
Metropolitan
District
Senior
Limited
Property
Tax
Supported
RB
Tax-Exempt
Series
2016A
(NATL)
(NR/NR)
2,080,000
5.000
12/01/2036
2,114,209
Pinon
Pines
Metropolitan
District
No.
2
GO
Bonds
Series
2020
(NR/NR)
925,000
5.000
12/01/2040
872,115
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Colorado
–
(continued)
Poudre
Heights
Valley
Metropolitan
District
In
The
Town
of
Windsor
Weld
County
Colorado
Limited
Tax
GO
Bonds
Series
2024A
(NR/NR)
$
975,000
5.500%
(c)
12/01/2054
$
876,209
Public
Authority
Colorado
Energy
RB
for
Natural
Gas
Purchase
Series
2008
(A1/A-)
2,200,000
6.250
11/15/2028
2,303,024
Pueblo
Urban
Renewal
Authority
Tax
Allocation
Series
2021
B
(NR/NR)
1,310,000
0.000
(c)(f)
12/01/2025
1,280,613
Rampart
Range
Metropolitan
District
No.
5
RB
Series
2021
(NR/NR)
1,250,000
4.000
12/01/2036
1,163,708
2,000,000
4.000
12/01/2041
1,738,111
Reata
Ridge
Village
Metropolitan
District
No.
2
GO
Bonds
Series
2019
A
(NR/NR)
886,000
5.000
12/01/2049
783,705
Regional
Transportation
District
Private
Activity
Bonds
for
Denver
Transit
Partners
Eagle
P3
Project
Series
2020
(Baa1/NR)
715,000
5.000
01/15/2029
752,165
400,000
5.000
07/15/2029
423,052
500,000
5.000
01/15/2030
531,174
350,000
5.000
07/15/2030
373,454
Regional
Transportation
District
Tax
Exempt
Private
Activity
Bonds
Series
2020
(Baa1/NR)
500,000
5.000
07/15/2027
515,944
Second
Creek
Farm
Metropolitan
District
No.
3
GO
Bonds
Series
2019
A
(NR/NR)
2,875,000
5.000
12/01/2039
2,719,509
Settler's
Crossing
Metropolitan
District
No.
1
GO
Bonds
Series
2020
A
(NR/NR)
2,080,000
5.000
(c)
12/01/2040
1,940,660
South
Sloan's
Lake
Metropolitan
District
No.
2
GO
Improvement
Bonds
Series
2019
(AGM)
(Baa1/AA)
375,000
4.000
12/01/2032
383,184
220,000
4.000
12/01/2034
221,941
South
Timnath
Metropolitan
District
No.
1
GO
Limited
Taxable
Bonds
Series
2019
A
(NR/NR)
500,000
5.500
12/01/2048
406,367
Southlands
Metropolitan
District
No.
1
GO
Refunding
Bonds
Series
2017
A-1
(Ba1/NR)
1,000,000
5.000
12/01/2037
980,367
Southlands
Metropolitan
District
No.
1
GO
Refunding
Bonds
Series
2017
A-2
(Ba1/NR)
40,000
3.500
12/01/2027
39,341
115,000
5.000
12/01/2037
112,742
Southlands
Metropolitan
District
No.
1
GO
Refunding
Bonds
Series
2017A-1
(Ba1/NR)
325,000
5.000
12/01/2047
300,614
Stc
Metropolitan
District
No.
2
In
The
Town
of
Superior
Boulder
County
Colorado
Limited
Tax
GO
and
Special
Revenue
Refunding
First
Lien
Bonds,
Series
2025A-1
(AG)
(NR/AA)
2,350,000
5.000
12/01/2031
2,543,591
2,570,000
5.000
12/01/2032
2,785,261
Sterling
Hills
West
Metropolitan
District
GO
Refunding
Bonds
Series
2017
(A2/NR)
350,000
5.000
12/01/2032
361,663
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Colorado
–
(continued)
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
$
1,551,053
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
4,782,768
The
Village
Metropolitan
District
GO
Refunding
Bonds
Series
2020
(NR/NR)
755,000
4.150
12/01/2030
744,898
Trails
at
Crowfoot
Metropolitan
District
No.
3
in
The
Town
of
Parker
Colorado
GO
Limited
Tax
Refunding
Bonds
Series
2024A
(AGC)
(NR/AA)
1,575,000
4.000
12/01/2044
1,391,815
4,750,000
4.250
12/01/2054
4,075,449
Vauxmont
Metropolitan
District
GO
Refunding
Bonds
Series
2020
(AGM)
(NR/AA)
195,000
5.000
12/01/2026
200,336
205,000
5.000
12/01/2027
214,339
210,000
5.000
12/01/2028
222,685
210,000
5.000
12/01/2029
225,575
215,000
5.000
12/01/2030
230,768
230,000
5.000
12/01/2031
246,247
250,000
5.000
12/01/2032
266,439
255,000
5.000
12/01/2033
270,394
285,000
5.000
12/01/2034
300,548
100,000
5.000
12/01/2035
104,867
Vauxmont
Metropolitan
District
Limited
Tax
Convertible
to
Unlimited
Tax
GO
Refunding
Bonds
Series
2019
(AGM)
(NR/AA)
135,000
5.000
12/15/2026
138,829
125,000
5.000
12/15/2028
128,861
125,000
5.000
12/15/2029
128,861
125,000
5.000
12/15/2030
128,858
135,000
5.000
12/15/2031
139,166
160,000
5.000
12/15/2032
164,920
Vauxmont
Metropolitan
District
Senior
LT
GO
Special
Revenue
Refunding
Bonds
Series
2020
(AGM)
(NR/AA)
180,000
5.000
12/01/2025
181,308
Vauxmont
Metropolitan
District
Subordinate
LT
GO
Special
Revenue
Refunding
Bonds
Series
2019
(AGM)
(NR/AA)
125,000
5.000
12/15/2025
126,156
Village
Metropolitan
District
No.
2
Limited
Tax
GO
and
Special
RB
Series
2019
(NR/NR)
712,000
4.375
12/01/2044
651,461
Water
Valley
Metropolitan
District
No.
3
Limited
Tax
GO
Bonds
Series
2024A
(NR/NR)
600,000
5.250
12/01/2054
560,272
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
7,026,429
West
Meadow
Metropolitan
District
Town
of
Fraser,
Grand
County,
Colorado
LT
GO
Senior
Bonds
Series
2023A
(NR/NR)
1,000,000
6.000
(c)
12/01/2038
1,014,357
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Colorado
–
(continued)
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
$
628,118
368,941,569
Connecticut
-
0.7%
City
of
Ansonia
Connecticut
Certificates
of
Participation
Series
2024
(NR/A+)
2,395,000
4.750
12/01/2045
2,353,459
City
of
New
Haven
GO
Bonds
Series
2018
A
(NR/A-)
815,000
5.000
08/01/2027
848,241
1,615,000
5.000
08/01/2028
1,709,586
900,000
5.500
08/01/2029
960,878
725,000
5.500
08/01/2031
771,169
500,000
5.500
08/01/2032
529,756
405,000
5.500
08/01/2033
427,452
City
of
New
Haven
GO
Refunding
Bonds
Series
2019
B
(AGM)
(A1/AA)
1,050,000
5.000
02/01/2028
1,106,373
City
of
New
Haven
GO
Refunding
Bonds
Series
B
(AGM)
(A1/AA)
450,000
5.000
02/01/2030
489,214
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
8,213,749
Connecticut
State
GO
Bonds
Series
2018
C
(Aa3/AA-)
825,000
5.000
06/15/2028
880,240
Connecticut
State
GO
Refunding
Bonds
Series
2017
B
(Aa3/AA-)
5,000,000
5.000
04/15/2028
5,317,122
Connecticut
State
Health
&
Educational
Facilities
Authority
RB
for
McLean
Affiliates
Obligated
Group
Series
2020
A
(NR/NR)
300,000
5.000
(c)
01/01/2030
298,694
Connecticut
State
Health
&
Educational
Facilities
Authority
RB
Refunding
for
The
University
of
Hartford
Series
2019
(NR/BB+)
575,000
5.000
07/01/2026
577,752
440,000
5.000
07/01/2027
444,242
580,000
5.000
07/01/2028
587,602
485,000
5.000
07/01/2029
491,142
2,620,000
5.000
07/01/2030
2,642,958
645,000
5.000
07/01/2031
648,597
575,000
5.000
07/01/2032
575,976
475,000
5.000
07/01/2033
472,278
450,000
5.000
07/01/2034
443,611
890,000
4.000
07/01/2039
734,164
Great
Pond
Improvement
District
RB
for
Great
Pond
Phase
1
Project
Series
2019
(NR/NR)
3,585,000
4.750
(c)
10/01/2048
3,234,098
Housing
Authority
of
The
City
of
Norwalk
Multifamily
Housing
RB
Wall
Street
Place
Series
2024
(Aa1/NR)
4,000,000
3.050
(a)(b)
09/01/2058
3,989,383
Mohegan
Tribal
Finance
Authority
Tribal
RB
Economic
Development
Bonds
Series
2015
(NR/B-)
3,660,000
7.000
(c)
02/01/2045
3,689,515
South
Central
Connecticut
Regional
Water
Authority
Water
System
RB
Thirty-Sixth
Series
A-1
(Aa3/AA-)
265,000
4.000
08/01/2038
261,219
State
of
Connecticut
GO
Bonds
2020
Series
A
(Aa3/AA-)
5,000,000
4.000
01/15/2036
5,004,684
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Connecticut
–
(continued)
State
of
Connecticut
GO
Bonds
Series
2018
(Aa3/AA-)
$
1,770,000
5.000%
06/15/2027
$
1,848,658
755,000
5.000
06/15/2029
802,015
State
of
Connecticut
GO
Social
Bonds
Series
2024G
(Aa3/AA-)
3,000,000
3.000
11/15/2042
2,353,633
1,600,000
3.000
11/15/2043
1,230,000
State
of
Connecticut
GO
Unlimited
Bonds
Series
2019
A
(Aa3/AA-)
135,000
5.000
04/15/2028
143,562
1,000,000
5.000
04/15/2035
1,054,116
1,000,000
5.000
04/15/2036
1,048,865
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
2,029,386
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
07/01/2044
2,258,859
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
1,500,000
State
of
Connecticut
State
Revolving
Fund
General
RB
(Green
Bonds,
2017
Series
A)
(Aaa/AAA)
3,945,000
5.000
05/01/2032
4,084,963
Steel
Point
Infrastructure
Improvement
District
Tax
Allocation
for
Steelpointe
Harbor
Project
Series
2021
(NR/NR)
480,000
4.000
(c)
04/01/2036
461,201
400,000
4.000
(c)
04/01/2041
358,337
The
Housing
Authority
of
The
City
of
Stamford
RB
Mozaic
Concierge
Living
Project
Entrance
Fee
Principal
Redemption
Bondssm
Series
2025D
(NR/NR)
10,000,000
4.250
10/01/2030
10,064,816
West
Haven
GO
Bonds
Series
2017
A
(Baa2/A-)
325,000
5.000
11/01/2025
326,843
325,000
5.000
11/01/2026
333,106
325,000
5.000
11/01/2027
339,361
West
Haven
GO
Bonds
Series
2017
B
(Baa2/A-)
240,000
5.000
11/01/2026
245,986
78,186,861
Delaware
-
0.4%
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
331,805
450,000
4.000
06/01/2042
369,233
Delaware
Economic
Development
Authority
Charter
Schools
RB
Series
2021
(NR/BBB+)
1,425,000
4.000
09/01/2041
1,243,286
Delaware
Health
Facilities
Authority
RB
for
Beebee
Medical
Center
Project
Series
2018
(NR/BBB-)
760,000
5.000
06/01/2026
769,892
600,000
5.000
06/01/2029
621,794
Delaware
Health
Facilities
Authority
Revenue
Refunding
Bonds
for
Christiana
Care
Health
System
Series
2020A
(Aa2/AA+)
5,000,000
5.000
10/01/2040
5,126,216
Delaware
State
Economic
Development
Authority
RB
for
First
State
Montessori
Academy,
Inc.
Series
2019
A
(NR/BBB-)
295,000
4.000
08/01/2029
292,874
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Delaware
–
(continued)
Delaware
State
Economic
Development
Authority
RB
for
First
State
Montessori
Academy,
Inc.
Series
2019
A
(NR/BBB-)
–
(continued)
$
1,050,000
5.000%
08/01/2039
$
1,024,364
Delaware
State
Economic
Development
Authority
RB
for
Newark
Charter
School,
Inc.
Series
2020
(NR/BBB+)
530,000
4.000
09/01/2030
532,268
1,550,000
5.000
09/01/2040
1,553,555
Delaware
State
Housing
Authority
Senior
Single
Family
Mortgage
RB
2024
Series
D
(NON-AMT)
(GNMA/FNMA/FHLMC)
(Aa1/NR)
3,745,000
4.450
07/01/2049
3,530,555
Delaware
Transportation
Authority
Transportation
System
Senior
RB
Series
2024
(Aaa/AA+)
8,665,000
3.000
07/01/2041
7,272,789
8,925,000
3.000
07/01/2042
7,325,463
State
of
Delaware
GO
Bonds
Series
2023A
(Aaa/AAA)
7,550,000
5.000
05/01/2036
8,438,579
The
Delaware
Economic
Development
Authority
Gas
Facilities
Refunding
RB
Delmarva
Power
&
Light
Company
Project
2020,
Series
A
(A2/A)
4,630,000
3.600
(h)
01/01/2031
4,716,106
Town
of
Bridgeville
Delaware
Special
Obligation
Bonds
Heritage
Shores
Special
Development
District
Series
2024
(NR/NR)
1,535,000
5.625
(c)
07/01/2053
1,535,448
Town
of
Bridgeville
Special
Tax
Refunding
for
Heritage
Shores
Special
Development
District
Series
2020
(Baa3/NR)
500,000
4.000
07/01/2025
500,000
540,000
4.000
07/01/2026
540,526
599,000
4.000
07/01/2027
601,096
1,993,000
4.000
07/01/2030
1,994,597
48,320,446
District
of
Columbia
-
1.2%
District
of
Columbia
(Washington,
D.C.)
Income
Tax
Secured
RB,
Series
2023A
(Tax-Exempt)
(Aa1/AAA)
3,425,000
5.250
05/01/2048
3,555,823
District
of
Columbia
GO
Refunding
Bonds
Series
2017
A
(Aa1/AA+)
5,000,000
5.000
06/01/2035
5,128,790
District
of
Columbia
GO
Refunding
Bonds
Series
2024C
(Aa1/AA+)
13,800,000
5.000
12/01/2031
15,480,503
District
of
Columbia
Housing
Finance
Agency
Collateralized
Multifamily
Housing
Mortgage
RB
Belmont
Crossing
Phase
Ii
Series
2025
(Aa1/NR)
2,750,000
5.000
(a)(b)
03/01/2029
2,882,183
District
of
Columbia
Housing
Finance
Agency
Collateralized
Multifamily
Housing
RB
One
Hawaii
Avenue
Project
Series
2024
(Aa1/NR)
3,285,000
3.650
(a)(b)
07/01/2028
3,324,031
District
of
Columbia
Housing
Finance
Agency
Multifamily
Housing
RB
2911
Rhode
Island
Avenue
Apartments
Project
Series
2025A
(FHA
221(D4))
(Aa1/NR)
2,925,000
5.000
03/01/2028
3,059,017
District
of
Columbia
Private
Activity
RB
Series
2022A
(A3/NR)
1,750,000
5.500
02/28/2037
1,929,846
District
of
Columbia
RB
for
International
School
Series
2019
(NR/BBB)
860,000
5.000
07/01/2039
869,069
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
District
of
Columbia
–
(continued)
District
of
Columbia
RB
for
KIPP
DC
Obligated
Group
Series
2019
(NR/BBB+)
$
2,550,000
4.000%
07/01/2039
$
2,371,455
District
of
Columbia
Union
Market
Project
Tax
Increment
RB
Convertible
Capital
Appreciation
Bonds.
Series
2024B
(NR/NR)
2,400,000
0.000
(c)(g)
06/01/2041
1,427,458
District
of
Columbia
Washington
D.C.
GO
Bonds
Series
2023A
(Aa1/AA+)
2,295,000
5.250
01/01/2048
2,379,385
2,550,000
5.000
08/01/2049
2,598,749
District
of
Columbia
Washington,
D.C.
Income
Tax
Secured
Revenue
and
Refunding
Bonds,
Series
2025A
(Tax-Exempt)
(Aa1/AAA)
5,450,000
5.000
06/01/2050
5,559,723
9,170,000
5.250
06/01/2050
9,585,991
District
of
Columbia
Water
and
Sewer
Authority
Public
Utility
Subordinate
Lien
Multimodel
RB
Series
2022E
(Aa2/AA+)
1,000,000
3.000
(a)(b)
10/01/2057
986,681
Metro
Washington
Airports
Authority
Airport
System
Revenue
and
Refunding
Bonds
Series
2015B
(AMT)
(Aa3/AA-)
5,815,000
5.000
10/01/2032
5,841,329
Metropolitan
Washington
Airport
Authority
Revenue
&
Refunding
Bonds
Series
2018A
(Aa3/AA-)
7,500,000
5.000
10/01/2043
7,502,936
Metropolitan
Washington
Airports
Authority
Airport
System
Revenue
and
Refunding
Bonds
Series
2018A
(AMT)
(Aa3/AA-)
4,850,000
5.000
10/01/2032
5,018,888
Metropolitan
Washington
Airports
Authority
Airport
System
Revenue
and
Refunding
Bonds
Series
2024A
(AMT)
(Aa3/AA-)
3,130,000
5.000
10/01/2039
3,220,250
Metropolitan
Washington
Airports
Authority
Airport
System
Revenue
Refunding
Bonds
Series
2018A
(Aa3/AA-)
6,375,000
5.000
10/01/2033
6,577,927
Metropolitan
Washington
Airports
Authority
Airport
System
Revenue
Refunding
Bonds
Series
2020B
(Aa3/AA-)
1,555,000
5.000
10/01/2029
1,694,076
Metropolitan
Washington
Airports
Authority
Airport
System
Revenue
Refunding
Bonds,
Series
2022A
(AMT)
(Aa3/NR)
1,100,000
5.000
10/01/2026
1,126,758
Metropolitan
Washington
Airports
Authority
Dulles
Toll
Road
RB
Refunding
First
Senior
Lien
for
Dulles
Metrorail
and
Capital
Improvement
Project
Series
2019
A
(A2/A)
1,115,000
5.000
10/01/2031
1,181,305
395,000
5.000
10/01/2033
415,405
3,025,000
5.000
10/01/2035
3,153,640
1,000,000
5.000
10/01/2037
1,033,496
2,065,000
5.000
10/01/2039
2,113,814
Metropolitan
Washington
Airports
Authority
Dulles
Toll
Road
RB
Refunding
First
Senior
Lien
for
Dulles
Metrorail
and
Capital
Improvement
Project
Series
2019
B
(AGM-CR)
(A1/AA)
14,500,000
4.000
10/01/2044
13,259,432
Metropolitan
Washington
Airports
Authority
Dulles
Toll
Road
RB
Series
2019
B
(Baa2/A-)
925,000
5.000
10/01/2047
929,925
1,550,000
4.000
10/01/2053
1,282,748
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
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)
$
2,130,000
3.000%
10/01/2050
$
1,498,314
2,960,000
4.000
10/01/2053
2,542,912
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
11,331,219
Washington
Metropolitan
Airports
Authority
Airport
System
Revenue
Refunding
Bonds
Series
2015B
(Aa3/AA-)
1,325,000
5.000
10/01/2035
1,330,999
132,194,077
Florida
-
12.0%
Abbott
Square
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
915,000
5.375
06/15/2042
918,447
Aberdeen
Community
Development
District
Special
Assessment
Refunding
Series
2020
A-1
(AGM)
(NR/AA)
4,985,000
3.250
05/01/2036
4,461,881
Aberdeen
Community
Development
District
Special
Assessment
Series
2018
(NR/NR)
170,000
4.500
05/01/2029
172,495
Academical
Village
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
1,420,000
3.625
05/01/2040
1,167,870
1,725,000
4.000
05/01/2051
1,369,305
Alachua
County
Health
Facilities
Authority
Continuing
Care
Retirement
Community
RB
Series
2022
(NR/NR)
2,250,000
4.000
10/01/2040
2,007,797
Anabelle
Sandridge
Community
Development
District
Clay
County
Florida
Special
Assessment  RB,
Series
2025
(NR/NR)
630,000
5.125
05/01/2035
637,259
1,105,000
5.875
05/01/2045
1,099,111
Anthem
Park
Community
Development
District
Special
Assessment
RB
Refunding
Senior
Series
2016
A-1
(NR/A-)
380,000
3.000
05/01/2026
376,156
390,000
3.125
05/01/2027
385,400
1,705,000
3.500
05/01/2031
1,655,325
Anthem
Park
Community
Development
District
Special
Assessment
RB
Refunding
Subordinate
Series
2016
A-2
(NR/NR)
60,000
4.250
05/01/2027
60,152
245,000
4.750
05/01/2036
245,064
Antillia
Community
Development
District
Miami-Dade
County
Florida
Special
Assessment
Bonds
Series
2024
(NR/NR)
440,000
5.000
05/01/2031
445,645
Arbors
Community
Development
District
Capital
Improvement
RB
Series
2023
(NR/NR)
445,000
4.500
05/01/2030
451,612
1,000,000
5.400
05/01/2043
1,008,302
Arbors
Community
Development
District
Capital
Improvement
RB
Series
2024
(NR/NR)
500,000
4.400
(c)
05/01/2031
504,215
Arborwood
Community
Development
District
RB
Capital
Improvement
Refunding
Senior
Lien
Series
2018
A-1
(AG)
(NR/AA)
3,970,000
3.500
05/01/2032
3,973,657
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Arlington
Ridge
Community
Development
District
Special
Assessment
RB
Series
2019
(NR/NR)
$
140,000
3.600%
05/01/2029
$
138,676
300,000
4.000
05/01/2036
284,270
Armstrong
Community
Development
District
Special
Assessment
for
Assessment
Area
Two
Project
Series
2019
A
(NR/NR)
985,000
3.500
11/01/2030
947,418
1,705,000
4.000
11/01/2040
1,496,750
Artisan
Lakes
East
Community
Development
District
RB
for
Capital
Improvement
Series
2018
(NR/NR)
515,000
4.550
(c)
05/01/2029
523,200
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
689,956
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
808,661
Astonia
Community
Development
District
Special
Assessment
for
Assessment
Area
2
Project
Series
2021
(NR/NR)
105,000
2.500
(c)
05/01/2026
103,688
500,000
3.000
(c)
05/01/2031
472,793
425,000
3.200
(c)
05/01/2041
338,802
Astonia
Community
Development
District
Special
Assessment
for
North
Parcel
Assessment
Area
Project
Series
2021
(NR/NR)
55,000
2.500
(c)
05/01/2026
54,313
315,000
3.000
(c)
05/01/2031
297,859
Aurora
Oaks
Community
Development
District
Marion
County,
Florida
Special
Assessment
Bonds,
Series
2024
Assessment
Area
One
Project
(NR/NR)
370,000
4.450
05/01/2031
369,862
670,000
5.350
05/01/2044
629,943
Avalon
Groves
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Phase
1
Project
1
&
2
Series
2019
(NR/NR)
200,000
3.700
11/01/2029
198,702
695,000
4.125
11/01/2039
638,797
Avalon
Groves
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Project
Series
2017
(NR/NR)
70,000
5.000
05/01/2028
71,437
Avalon
Groves
Community
Development
District
Special
Assessment
for
Assessment
Area
Three
Project
Series
2021
(NR/NR)
200,000
3.000
05/01/2032
186,401
220,000
3.375
05/01/2041
175,408
Avalon
Groves
Community
Development
District
Special
Assessment
for
Assessment
Area
Two
Project
Series
2017
A-1
(NR/NR)
200,000
5.375
05/01/2028
205,518
Avalon
Groves
Community
Development
District
Special
Assessment
for
Phases
3
and
4
Sub
Assessment
Area
One
Series
2021
(NR/NR)
40,000
2.250
05/01/2026
39,400
435,000
2.750
05/01/2031
405,302
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
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
$
508,100
Avalon
Park
West
Community
Development
District
Special
Assessment
Refunding
Series
2020
(NR/NR)
320,000
3.250
(c)
05/01/2030
309,309
Avelar
Creek
Community
Development
District
Special
Assessment
Refunding
Series
2016
(NR/A-)
190,000
3.000
05/01/2026
188,045
Avenir
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
555,000
4.500
05/01/2030
564,928
1,125,000
5.375
05/01/2043
1,114,343
Aventura
Isles
Community
Development
District
Miami-Dade
County
Special
Assessment
Refunding
Bonds,
Series
2024
(NR/NR)
1,110,000
5.000
05/01/2043
1,072,049
Aviary
at
Rutland
Ranch
Community
Development
District
Special
Assessment
Refunding
for
Area
1
Project
Series
2019
(NR/NR)
385,000
4.000
(c)
06/01/2030
384,214
Babcock
Ranch
Community
Independent
Special
District
Special
Assessment
Area
2C
Series
2020
(NR/NR)
285,000
3.000
05/01/2030
275,909
775,000
4.000
05/01/2040
707,637
Babcock
Ranch
Community
Independent
Special
District
Special
Assessment
Area
3A
Series
2020
(NR/NR)
250,000
3.000
05/01/2030
240,738
Babcock
Ranch
Community
Independent
Special
District
Special
Assessment
Area
3B
Series
2020
(NR/NR)
145,000
3.000
05/01/2030
139,690
385,000
4.000
05/01/2040
350,772
Babcock
Ranch
Community
Independent
Special
District
Special
Assessment
RB
Series
2015
(NR/NR)
305,000
5.000
11/01/2031
305,951
100,000
5.250
11/01/2046
98,666
Babcock
Ranch
Community
Independent
Special
District
Special
Assessment
RB
Series
2018
(NR/NR)
360,000
4.500
(c)
11/01/2029
365,924
Babcock
Ranch
Community
Independent
Special
District
Special
Assessment
RB
Series
2022
(NR/NR)
2,000,000
4.250
05/01/2032
2,006,767
Babcock
Ranch
Community
Independent
Special
District
Special
Assessment
RB
Series
2024
(NR/NR)
1,000,000
4.300
(c)
05/01/2031
1,000,102
Babcock
Ranch
Community
Independent
Special
District
Special
Assessment
Series
2021
(NR/NR)
95,000
2.375
05/01/2026
93,594
Bannon
Lakes
Community
Development
District
Special
Assessment
RB
for
St.
Johns
County
Series
2016
(NR/NR)
15,000
4.500
11/01/2025
15,013
Bannon
Lakes
Community
Development
District
Special
Assessment
RB
Series
2016
(NR/NR)
175,000
5.000
11/01/2036
176,821
305,000
5.000
11/01/2048
286,964
Bannon
Lakes
Community
Development
District
Special
Assessment
RB
Series
2022
(NR/NR)
345,000
3.300
05/01/2032
328,831
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Bannon
Lakes
Community
Development
District
Special
Assessment
RB
Series
2022
(NR/NR)
–
(continued)
$
1,370,000
4.000%
05/01/2042
$
1,182,311
Bartram
Park
Community
Development
District
Special
Assessment
RB
Refunding
for
City
of
Jacksonville
Florida
Senior
Lien
Series
2015
A-1
(NR/A)
365,000
4.250
05/01/2029
365,239
460,000
4.500
05/01/2035
459,316
Baywinds
Community
Development
District
Senior
Special
Assessment
Refunding
Bonds
Series
2017
A-1
(NR/A+)
350,000
3.500
05/01/2026
349,194
365,000
3.500
05/01/2027
364,280
Bella
Collina
Community
Development
District
Special
Assessment
Bonds
Series
2024
(NR/NR)
685,000
5.000
05/01/2044
650,604
915,000
5.300
05/01/2055
862,750
Bellagio
Community
Development
District
Special
Assessment
Bonds
Series
2016
(NR/BBB)
170,000
3.000
11/01/2025
168,830
Belmond
Reserve
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
1,075,000
3.250
05/01/2030
1,042,766
Belmont
II
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
65,000
2.500
12/15/2025
64,532
325,000
3.125
12/15/2030
314,128
Berry
Bay
Community
Development
District
Special
Assessment
RB
for
Assessment
Area
Three
Series
2024
(NR/NR)
215,000
4.250
05/01/2031
214,921
Berry
Bay
Community
Development
District
Special
Assessment
RB
Series
2023
(NR/NR)
1,130,000
5.500
05/01/2043
1,139,342
Berry
Bay
II
Community
Development
District
Special
Assessment
Bonds,
Series
2024
(NR/NR)
300,000
4.450
05/01/2031
300,702
620,000
5.200
05/01/2044
586,597
1,000,000
5.450
05/01/2054
928,986
Black
Creek
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
465,000
3.250
06/15/2030
445,615
Blue
Lake
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
895,000
4.000
06/15/2032
882,374
Boggy
Branch
Community
Development
District
Special
Assessment
Series
2021
(NR/NR)
100,000
2.500
05/01/2026
98,598
455,000
3.000
05/01/2031
425,731
Botaniko
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
1,130,000
3.250
05/01/2031
1,072,326
500,000
3.625
05/01/2040
418,021
Brevard
County
Housing
Finance
Authority
Multifamily
Housing
RB
Series
2025
(NR/AA+)
(PUTABLE)
1,850,000
3.300
(a)(b)
02/01/2028
1,856,276
Bridgewalk
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
Two
Project
Series
2023
(NR/NR)
700,000
6.250
12/15/2043
722,739
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Bridgewater
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
One
Project
Series
2022
(NR/NR)
$
400,000
3.000%
06/15/2032
$
365,488
1,095,000
3.250
06/15/2042
832,704
Bridgewater
North
Community
Development
District
Capital
Improvement
RB
Series
2022
(NR/NR)
1,000,000
4.000
05/01/2042
849,991
Brightwater
Community
Development
District
Capital
Improvement
RB
for
Assessment
Area
Two
Series
2024
(NR/NR)
375,000
4.550
(c)
05/01/2031
377,678
Brightwater
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
One
Series
2021
(NR/NR)
105,000
2.375
05/01/2026
103,480
475,000
2.850
05/01/2031
438,940
Brookstone
Community
Development
District
Special
Assessment
RB
for
Manatee
County
Series
2022
(NR/NR)
140,000
4.375
05/01/2027
140,726
350,000
4.750
05/01/2032
356,721
Broward
County
Florida
Convention
Center
Hotel
First
Tier
RB
Series
2022
(Aaa/AAA)
2,500,000
5.000
01/01/2040
2,602,423
Broward
County
Port
Facilities
RB
Series
2019A
(A1/A)
1,005,000
5.000
09/01/2037
1,048,818
1,050,000
5.000
09/01/2038
1,089,983
Broward
County
Port
Facilities
RB
Series
2019B
(A1/A)
3,520,000
4.000
09/01/2039
3,221,399
4,700,000
4.000
09/01/2049
4,016,190
Broward
County
Port
Facilities
RB
Series
2019B
(AMT)
(A1/A)
1,750,000
4.000
09/01/2044
1,537,344
Broward
County
Port
Facilities
RB
Series
2022
(A1/NR)
4,960,000
5.250
09/01/2047
4,996,890
3,000,000
5.500
09/01/2052
3,058,022
Buckhead
Trails
Community
Development
District
Special
Assessment
Bonds
for
Manatee
County
Project
Series
2022
(NR/NR)
170,000
4.750
05/01/2027
170,997
400,000
5.250
05/01/2032
409,711
Buckhead
Trails
Community
Development
District
Special
Assessment
Bonds
for
Manatee
County
Project
Series
2024
(NR/NR)
450,000
5.600
05/01/2044
435,307
Buena
Lago
Community
Development
District
Capital
Improvement
RB
for
Assessment
Area
Two
Series
2024
(NR/NR)
750,000
5.250
05/01/2044
716,405
Buena
Lago
Community
Development
District
Capital
Improvement
RB
Series
2022
(NR/NR)
665,000
5.250
05/01/2042
660,269
Caldera
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
One
Series
2024
(NR/NR)
325,000
4.300
05/01/2031
324,880
725,000
5.000
05/01/2044
685,326
Campo
Bello
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
1,295,000
3.500
12/15/2030
1,246,315
Capital
Projects
Finance
Authority
Educational
Facilities
RB
Kissimmee
Charter
Academy
Project
Series
2024
(NR/NR)
300,000
6.125
(c)
06/15/2044
303,660
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Capital
Projects
Finance
Authority
Student
Housing
RB
for
PRG
-
Unionwest
Properties
LLC
Project
Senior
Series
2024A-1
(Tax-Exempt)
(Ba1/NR)
$
1,250,000
5.250%
(c)
06/01/2039
$
1,281,429
1,125,000
5.250
(c)
06/01/2044
1,118,789
Capital
Trust
Agency
Student
Housing
RB
for
University
Bridge
LLC
Series
2018
A
(Ba2/NR)
12,230,000
5.250
(c)
12/01/2058
11,493,256
Capital
Trust
Agency,
Inc.
RB
for
AcadeMir
Charter
School
West
Series
2021
A-2
(Ba2/NR)
610,000
4.000
(c)
07/01/2041
512,863
760,000
4.000
(c)
07/01/2051
566,921
Capital
Trust
Agency,
Inc.
RB
for
Imagine
Charter
School
at
North
Manatee
Series
2021
A
(NR/NR)
230,000
3.250
(c)
06/01/2031
208,800
Capital
Trust
Agency,
Inc.
RB
for
Imagine-Pasco
County
LLC
Series
2020
A
(B1/NR)
320,000
3.000
(c)
12/15/2029
298,183
645,000
5.000
(c)
12/15/2039
600,317
Capital
Trust
Agency,
Inc.
RB
for
University
Bridge
LLC
Series
2018
A
(Ba2/NR)
900,000
4.000
(c)
12/01/2028
898,595
1,375,000
5.250
(c)
12/01/2043
1,348,412
Capital
Trust
Agency,
Inc.
RB
for
WFCS
Holdings
LLC
Series
2020
A-1
(NR/NR)
880,000
4.500
(c)
01/01/2035
836,198
Capital
Trust
Authority
Educational
Facilities
Lease
RB
for
Seaside
Community
Charter
School
Project
Series
A
(Baa3/NR)
505,000
5.000
06/15/2034
524,901
Capital
Trust
Authority
Educational
Facilities
RB
Madrone
-
Florida
Tech
Student
Housing
I,
LLC
-
Florida
Institute
of
Technology
Project,
Series
2025A
(NR/BB)
1,000,000
4.750
(c)
07/01/2040
958,654
1,000,000
5.000
(c)
07/01/2045
941,987
Capital
Trust
Authority
Educational
Facilities
Revenue
Refunding
Bonds
Southeastern
University
Inc
Project
Series
2023A
(NR/BB)
2,500,000
6.000
(c)
05/01/2043
2,507,499
2,500,000
6.250
(c)
05/01/2048
2,513,457
Capital
Trust
Authority
RB
Anticipation
Notes
Convivial-St
Petersburg
Project
Series
2024A
(NR/NR)
2,725,000
12.000
(c)
10/03/2029
2,999,495
Caribe
Palm
Community
Development
District
Special
Assessment
Refunding
Series
2017
(NR/A-)
558,000
4.250
05/01/2031
558,048
Caymas
Community
Development
District
Capital
Improvement
RB,
Series
2024
(Assessment
Area
One)
(NR/NR)
800,000
5.300
05/01/2044
770,565
Cedar
Crossings
Community
Development
District
Polk
County
Florida
Special
Assessment
Bonds
Series
2025
(NR/NR)
240,000
4.300
(c)
05/01/2032
238,829
Center
Lake
Ranch
West
Community
Development
District
Capital
Improvement
RB
for
Assessment
Area
One
Series
2023
(NR/NR)
1,495,000
5.750
05/01/2043
1,508,456
Central
Parc
Community
Development
District
City
Of
North
Port
Florida
Special
Assessment
RB
Series
2024
(NR/NR)
360,000
4.900
05/01/2031
362,783
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Century
Gardens
at
Tamiami
Community
Development
District
Special
Assessment
Bonds
Series
2018
(NR/BBB)
$
110,000
3.500%
11/01/2025
$
109,569
115,000
3.500
11/01/2026
114,180
Century
Gardens
at
Tamiami
Community
Development
District
Special
Assessment
Refunding
Series
2016
(NR/BBB)
255,000
3.000
05/01/2026
252,376
630,000
4.250
05/01/2037
600,105
Century
Gardens
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
189,000
4.200
(c)
11/01/2029
190,059
750,000
5.000
(c)
11/01/2049
703,440
Century
Park
South
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
625,000
3.375
05/01/2031
593,372
590,000
3.750
05/01/2040
499,178
Century
Park
Square
Community
Development
District
Miami-
Dade
County
Florida
Special
Assessment
Bonds,
Series
2025
(NR/NR)
630,000
5.750
05/01/2045
628,451
CFM
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
100,000
2.400
05/01/2026
98,355
650,000
2.875
05/01/2031
593,295
740,000
3.350
05/01/2041
567,344
Chaparral
of
Palm
Bay
Community
Development
District
Capital
Improvement
RB
Series
2024
Assessment
Area
Two
(NR/NR)
410,000
4.500
05/01/2031
411,354
Chapel
Creek
Community
Development
District
Special
Assessment
Series
2021
(NR/NR)
60,000
2.500
(c)
05/01/2026
59,192
165,000
3.000
(c)
05/01/2031
153,818
Charles
Cove
Community
Development
District
Special
Assessment
bond
Series
2020
(NR/NR)
360,000
3.750
05/01/2030
358,466
975,000
4.250
05/01/2040
910,949
Charles
Cove
Community
Development
District
Special
Assessment
RB
Series
2021
(NR/NR)
1,430,000
3.250
05/01/2041
1,127,697
Charlotte
County
Industrial
Development
Authority
Utility
System
RB
for
Town
&
Country
Utilities
Project
Series
2015
(NR/NR)
1,060,000
5.500
(c)
10/01/2036
1,062,333
Charlotte
County
Industrial
Development
Authority
Utility
System
RB
for
Town
&
Country
Utilities
Project
Series
2019
(NR/NR)
700,000
5.000
(c)
10/01/2029
716,767
1,000,000
5.000
(c)
10/01/2034
1,012,530
City
of
Cape
Coral
Water
&
Sewer
RB
Refunding
Series
2015
(A1/A+)
1,000,000
4.000
10/01/2034
1,000,408
City
of
Miami
Florida
Special
Obligation
Non-Ad
Valorem
RB
Series
2023A
(Aa2/AA)
7,220,000
5.000
03/01/2048
7,304,146
City
of
Orlando,
Florida
Water
Reclamation
System
Improvement  RB,
Series
2024A
(NR/AAA)
10,000,000
5.000
10/01/2049
10,270,581
City
of
Palmetto
Educational
Facilities
Refunding
RB
Series
2022A
(NR/BBB-)
2,000,000
5.125
06/01/2042
1,979,747
950,000
5.250
06/01/2052
924,137
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
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
$
1,422,583
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
857,499
750,000
5.000
07/01/2040
765,780
City
of
Venice
RB
for
Southwest
Florida
Retirement
Center,
Inc.
Obligated
Group
Project
Series
2019
(NR/NR)
415,000
5.000
01/01/2037
407,979
1,485,000
5.000
01/01/2047
1,328,902
1,395,000
5.000
01/01/2052
1,213,856
City
of
Venice
Retirement
Community
Revenue
Improvement
Bonds
for
Village
on
The
Isle
Project
Series
2024B-1
Tax-
Exempt
Mandatory
Paydown
Securities
(NR/NR)
750,000
4.625
(c)
01/01/2030
751,056
City
of
Venice
Retirement
Community
Revenue
Improvement
Bonds
for
Village
on
The
Isle
Project
Series
2024B-2
Tax-
Exempt
Mandatory
Paydown
Securities
(NR/NR)
800,000
4.500
(c)
01/01/2030
801,088
City
of
West
Palm
Beach
Utility
System
RB
Series
2017
A
(Aa2/AA+)
15,000,000
5.000
10/01/2042
15,136,380
CityPlace
Community
Development
District
Special
Assessment
Convertible
Capital
Appreciation
RB
Series
2018
(AGM)
(A1/AA)
5,000,000
0.000
(g)
05/01/2038
4,856,252
Coco
Palms
Community
Development
District
Special
Assessment
Bonds
Expansion
Area
Project
Series
2019
(NR/NR)
235,000
4.000
(c)
06/15/2029
235,433
Coconut
Cay
Community
Development
District
Special
Assessment
Series
2006
(NR/NR)
550,000
5.375
05/01/2036
550,435
Coddington
Community
Development
District
Capital
Improvement
RB
Series
2022
(NR/NR)
610,000
5.750
05/01/2042
625,734
Concord
Station
Community
Development
District
Capital
Improvement
RB
Refunding
Senior
Lien
Series
2016
A-1
(NR/A+)
915,000
3.000
05/01/2026
905,665
980,000
3.200
05/01/2027
972,791
1,010,000
3.250
05/01/2028
1,002,298
2,990,000
3.500
05/01/2032
2,912,285
1,500,000
3.750
05/01/2046
1,213,046
Connerton
East
Community
Development
District
Pasco
County
Florida
Special
Assessment
Bonds,
Series
2025
(NR/NR)
290,000
4.250
06/15/2030
290,651
225,000
4.650
06/15/2035
223,222
Connerton
East
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
1,575,000
5.250
06/15/2043
1,569,673
Cope's
Landing
Community
Development
District
Capital
Improvement
RB
2023
Project
Area
Series
2023
(NR/NR)
1,225,000
5.750
05/01/2043
1,261,811
Cope's
Landing
Community
Development
District
Capital
Improvement
RB
for
Assessment
Area
Two
Series
2024
(NR/NR)
295,000
4.400
05/01/2031
296,255
475,000
5.150
05/01/2044
456,778
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Copperspring
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
$
600,000
3.500%
12/15/2029
$
590,108
325,000
4.000
12/15/2039
289,596
Coral
Bay
Community
Development
District
Capital
Improvement
RB
Series
2022
(NR/NR)
315,000
4.750
05/01/2032
321,606
250,000
5.500
05/01/2042
252,619
Coral
Bay
of
Lee
County
Community
Development
District
Lee
County
Florida
Capital
Improvement
RB
Series
2024
Assessment
Area
Two
(NR/NR)
560,000
4.700
05/01/2031
566,155
1,045,000
5.250
05/01/2044
1,019,490
Coral
Creek
Community
Development
District
Special
Assessment
RB
for
Charlotte
County
Project
Series
2024
(NR/NR)
1,290,000
4.600
05/01/2031
1,303,731
Coral
Lakes
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
One
Project
Series
2024
(NR/NR)
415,000
4.625
11/01/2031
420,842
Cordoba
Ranch
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2021
(NR/NR)
940,000
3.000
05/01/2031
902,564
820,000
3.000
05/01/2037
698,962
Corkscrew
Crossing
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
675,000
5.100
05/01/2043
651,345
Corkscrew
Farms
Community
Development
District
Special
Assessment
for
Assessment
Area
Two
Project
Series
2017
(NR/NR)
285,000
4.500
(c)
11/01/2028
287,216
Coronado
Community
Development
District
Special
Assessment
Refunding
&
Improvement
Bonds
Series
2017
(NR/BBB+)
143,000
3.625
05/01/2026
142,678
Country
Walk
Community
Development
District
Special
Assessment
RB
Refunding
Senior
Lien
Series
2015
A-1
(NR/AA)
210,000
4.125
05/01/2035
208,094
County
of
Broward
RB
for
Port
Facilities
Senior
Bonds
Series
2019
B
(A1/A)
1,610,000
4.000
09/01/2036
1,568,224
County
of
Miami-Dade
Aviation
RB
Series
2019
A
(NR/A+)
4,500,000
4.000
10/01/2044
3,935,967
6,000,000
5.000
10/01/2044
5,931,649
County
of
Osceola
Transportation
RB
Refunding
Series
2019
A-1
(NR/BBB+)
475,000
5.000
10/01/2027
490,120
525,000
5.000
10/01/2028
547,989
450,000
5.000
10/01/2029
473,460
770,000
5.000
10/01/2030
806,505
415,000
5.000
10/01/2032
432,436
350,000
5.000
10/01/2033
363,220
405,000
5.000
10/01/2034
419,243
435,000
5.000
10/01/2035
448,271
600,000
5.000
10/01/2036
615,354
525,000
5.000
10/01/2037
535,774
960,000
5.000
10/01/2038
974,513
845,000
5.000
10/01/2039
854,161
3,160,000
5.000
10/01/2049
3,118,462
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
County
of
Osceola
Transportation
RB
Refunding
Series
2019
A-2
(NR/BBB+)
$
155,000
0.000%
(f)
10/01/2025
$
153,473
275,000
0.000
(f)
10/01/2026
262,700
360,000
0.000
(f)
10/01/2027
331,940
500,000
0.000
(f)
10/01/2028
444,173
700,000
0.000
(f)
10/01/2029
598,016
Creek
Preserve
Community
Development
District
Special
Assessment
RB
Series
2019
(NR/NR)
740,000
4.250
(c)
11/01/2030
743,096
Creek
Preserve
Community
Development
District
Special
Assessment
RB
Series
2020
(NR/NR)
100,000
3.125
(c)
11/01/2030
93,778
Creekview
Community
Development
District
Special
Assessment
RB
for
Phase
2
Project
Series
2024
(NR/NR)
870,000
4.600
05/01/2031
872,580
Creekview
Community
Development
District
Special
Assessment
RB
Series
2022
(NR/NR)
180,000
3.875
05/01/2027
179,904
545,000
4.250
05/01/2032
545,162
1,580,000
4.625
05/01/2042
1,461,460
Cresswind
Deland
Community
Development
District
City
of
Deland
Florida
Special
Assessment
Bonds
Series
2024
Assessment
Area
One
(NR/NR)
480,000
4.700
05/01/2031
483,876
945,000
5.375
05/01/2044
904,647
Cross
Creek
North
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
2,000,000
4.250
05/01/2042
1,804,352
Cross
Creek
North
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
1,035,000
5.125
05/01/2043
1,017,936
Crossings
Community
Development
District
Osceola
County
Special
Assessment
Bonds
Series
2024
(NR/NR)
800,000
5.350
05/01/2044
772,474
Crosswinds
East
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
Two
Project
Series
2024
(NR/NR)
215,000
4.500
05/01/2031
215,227
Crystal
Cay
Community
Development
District
Special
Assessment
for
2021
Project
Series
2021
(NR/NR)
50,000
2.250
05/01/2026
49,310
400,000
2.700
05/01/2031
374,437
Curiosity
Creek
Community
Development
District
Capital
Improvement
RB
for
Assessment
Area
One
Series
2024
(NR/NR)
300,000
4.650
(c)
05/01/2031
300,984
Cypress
Bay
West
Community
Development
District
Capital
Improvement
RB
for
Assessment
Area
One
Series
2023
(NR/NR)
500,000
4.625
05/01/2030
506,524
595,000
5.250
05/01/2043
585,615
Cypress
Creek
Reserve
Community
Development
District
Polk
County
Florida
Special
Assessment
Bonds,
Series
2025
(NR/NR)
1,000,000
4.750
(h)
05/01/2035
1,003,133
Cypress
Mill
Community
Development
District
Special
Assessment
Bonds
for
Bank
Qualified
2023
Project
Series
2023
(NR/BBB)
950,000
5.000
05/01/2053
893,696
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Cypress
Mill
Community
Development
District
Special
Assessment
for
Area
Two
Project
Series
2020
(NR/NR)
$
615,000
3.000%
06/15/2031
$
575,268
Cypress
Park
Estates
Community
Development
District
Special
Assessment
Area
1
Project
Series
2020
(NR/NR)
295,000
3.250
(c)
05/01/2030
282,140
Cypress
Park
Estates
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
90,000
4.375
05/01/2027
90,185
350,000
4.750
05/01/2032
354,857
450,000
5.000
05/01/2042
424,819
Davenport
Road
South
Community
Development
District
Special
Assessment
Bonds
Series
2018
(NR/NR)
595,000
4.500
(c)
11/01/2028
601,678
Deer
Run
Community
Development
District
Special
Assessment
RB
Refunding
Series
2018
(NR/NR)
2,260,000
5.400
05/01/2039
2,308,028
Deerbrook
Community
Development
District
Pasco
County,
Florida
Special
Assessment
Bonds,
Series
2023
2023
Project
(NR/NR)
1,095,000
5.250
05/01/2043
1,080,196
Del
Webb
Bexley
Community
Development
District
Special
Assessment
Series
2018
(NR/NR)
1,665,000
5.300
05/01/2039
1,683,042
Del
Webb
Oak
Creek
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
370,000
4.125
05/01/2030
373,935
Del
Webb
River
Reserve
Community
Development
District
Pasco
County
Florida
Special
Assessment
Bonds,
Series
2025
(NR/NR)
640,000
5.625
05/01/2045
640,183
Del
Webb
Sunchase
Community
Development
District
Manatee
County,
Florida
Special
Assessment
Bonds
Series
2025
(NR/NR)
180,000
4.250
05/01/2030
181,543
225,000
4.650
05/01/2035
227,497
800,000
5.450
05/01/2045
785,652
Dewey
Robbins
Community
Development
District
City
of
Leesburg
Florida
Capital
Improvement
RB
Series
2025
(NR/NR)
900,000
5.600
05/01/2045
869,599
DG
Farms
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
150,000
3.250
05/01/2030
144,989
Downtown
Doral
South
Community
Development
District
Special
Assessment
Bonds
Series
2018
(NR/NR)
1,185,000
4.600
(c)
05/01/2028
1,201,046
610,000
4.250
(c)
12/15/2028
613,018
2,395,000
4.750
(c)
12/15/2038
2,350,336
Durbin
Crossing
Community
Development
District
Special
Assessment
Refunding
Senior
Series
2017
A-1
(AGM)
(NR/AA)
690,000
3.750
05/01/2034
691,121
955,000
4.000
05/01/2037
949,303
DW
Bayview
Community
Development
District
Special
Assessment
Bond
Series
2021
(NR/NR)
75,000
2.375
(c)
05/01/2026
74,065
470,000
3.000
(c)
05/01/2032
449,114
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
DW
Bayview
Community
Development
District
Special
Assessment
Bonds
for
Manatee
County
Series
2022
(NR/NR)
$
175,000
4.500%
05/01/2032
$
179,245
495,000
5.125
05/01/2042
494,478
Eagle
Hammock
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
50,000
4.375
05/01/2027
50,295
Eagle
Pointe
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
440,000
3.625
(c)
05/01/2031
423,344
East
547
Community
Development
District
Special
Assessment
Bond
for
Assessment
Area
One
Project
Series
2021
(NR/NR)
20,000
2.500
05/01/2026
19,736
205,000
3.000
05/01/2031
192,015
340,000
3.300
05/01/2041
267,436
East
547
Community
Development
District
Special
Assessment
Bond
for
Assessment
Area
Two
Project
Series
2023
(NR/NR)
535,000
6.250
05/01/2043
551,478
East
Bonita
Beach
Road
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
Two
Series
2021
(NR/NR)
100,000
2.250
05/01/2026
98,579
460,000
3.000
05/01/2032
438,755
East
Homestead
Community
Development
District
Special
Assessment
Expansion
Bonds
Area
Project
Series
2019
(NR/NR)
280,000
4.125
11/01/2029
281,154
East
Nassau
Stewardship
District
Bond
Anticipation
Note
for
PDP
#4
Series
2024
Project
Series
2024
(NR/NR)
1,300,000
5.250
05/01/2029
1,300,001
East
Palm
Drive
Community
Development
District
Special
Assessment
Bonds,
Series
2024
(Assessment
Area
One)
(NR/NR)
650,000
5.100
06/15/2044
627,157
Eden
Hills
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
185,000
3.250
05/01/2027
183,910
530,000
3.625
05/01/2032
516,880
780,000
4.000
05/01/2042
679,484
Eden
Hills
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
110,000
3.250
05/01/2030
108,175
Edgewater
East
Community
Development
District
Osceola
County
Florida
Special
Assessment
RB,
Series
2025
(NR/NR)
750,000
5.125
(h)
05/01/2035
752,657
Edgewater
East
Community
Development
District
Special
Assessment
for
Assessment
Area
Once
Series
2021
(NR/NR)
100,000
2.500
05/01/2026
98,767
700,000
3.100
05/01/2031
663,416
Edgewater
East
Community
Development
District
Special
Assessment
RB
Series
2022
(NR/NR)
440,000
3.000
05/01/2027
432,867
1,860,000
3.375
05/01/2032
1,773,583
1,870,000
4.000
05/01/2042
1,619,493
Edgewater
West
Community
Development
District
Special
Assessment
RB
for
Assessment
Area
One
Series
2024
(NR/NR)
2,000,000
5.250
05/01/2044
1,877,317
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Enbrook
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
$
430,000
3.000%
(c)
05/01/2030
$
406,785
Entrada
Community
Development
District
Capital
Improvement
RB
Series
2023
(NR/NR)
515,000
4.875
05/01/2033
531,596
400,000
5.600
05/01/2043
408,658
Entrada
Community
Development
District
Special
Assessment
Bond
Series
2021
(NR/NR)
375,000
2.625
(c)
05/01/2031
350,328
1,860,000
3.125
(c)
05/01/2041
1,522,696
Epperson
North
Community
Development
District
Capital
Improvement
RB
Series
2021A
(NR/NR)
120,000
2.450
11/01/2026
117,573
240,000
3.100
11/01/2031
223,429
Epperson
North
Community
Development
District
Capital
Improvement
RB
Series
2024
(Assessment
Area
Four)
(NR/NR)
200,000
4.500
05/01/2031
201,103
Epperson
North
Community
Development
District
Special
Assessment
for
Assessment
Area
#2
Series
2021
(NR/NR)
40,000
2.500
05/01/2026
39,458
315,000
3.000
05/01/2031
294,737
320,000
3.500
05/01/2041
259,993
Escambia
County
Health
Facilities
Authority
Health
Care
Facilities
RB
Series
2020A
(Baa2/BBB)
6,255,000
4.000
08/15/2045
5,323,861
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
1,436,931
3,140,000
5.000
08/15/2032
3,304,147
355,000
5.000
08/15/2033
371,470
2,045,000
5.000
08/15/2034
2,133,399
2,595,000
5.000
08/15/2035
2,693,982
9,500,000
5.000
08/15/2036
9,819,503
4,080,000
5.000
08/15/2040
4,123,227
Esplanade
Lake
Club
Community
Development
District
Lee
County
Florida
Capital
Improvement
RB,
Series
2025
(NR/NR)
430,000
5.625
05/01/2045
429,189
Esplanade
Lake
Club
Community
Development
District
Special
Assessment
for
Capital
Improvement
Program
Series
2019
A-1
(NR/NR)
210,000
3.250
11/01/2025
209,291
1,360,000
3.625
11/01/2030
1,312,987
Evergreen
Community
Development
District
Special
Assessment
RB
Series
2019
(NR/NR)
445,000
4.250
(c)
11/01/2029
447,899
Everlands
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
Two
–
2024
Project
Area
Series
2024
(NR/NR)
740,000
4.400
06/15/2031
746,835
Everlands
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
Two
–
Phase
Two
Series
2024
(NR/NR)
500,000
4.450
(c)
06/15/2031
501,813
Everlands
II
Community
Development
District
Special
Assessment
Bonds
Series
2024
(NR/NR)
790,000
4.600
06/15/2031
795,986
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Fallschase
Community
Development
District
Special
Assessment
Bonds
for
Leon
County
Series
2021
(NR/NR)
$
1,000,000
4.000%
05/01/2052
$
782,329
Fallschase
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
355,000
2.625
05/01/2026
350,581
1,220,000
3.125
05/01/2031
1,142,709
Fiddlers
Creek
Community
Development
District
No.
2
Special
Assessment
Refunding
Series
2019
(NR/NR)
1,285,000
4.250
05/01/2029
1,297,552
3,010,000
5.000
05/01/2035
3,072,718
Finley
Woods
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Series
2020
(NR/NR)
355,000
3.500
05/01/2030
342,611
165,000
4.000
05/01/2040
145,370
Fish
Lake
Cove
Community
Development
District
Osceola
County
Florida
Special
Assessment
Bonds
Series
2025
(NR/NR)
840,000
5.350
05/01/2045
797,604
Fishhawk
Ranch
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2020
(AGM)
(NR/AA)
1,450,000
2.750
11/01/2035
1,209,098
Florida
Development
Finance
Corp.
Educational
Facilities
RB
for
Saint
Andrew's
School
of
Boca
Raton,
Inc.
Project
Series
2024A
(NR/BBB+)
1,125,000
5.250
06/01/2044
1,125,510
1,025,000
5.250
06/01/2049
1,003,496
3,010,000
5.250
06/01/2054
2,901,884
Florida
Development
Finance
Corp.
Educational
Facilities
RB
Series
2022A
(Ba3/NR)
1,265,000
5.000
(c)
07/01/2032
1,221,661
3,000,000
5.375
(c)
07/01/2042
2,666,342
Florida
Development
Finance
Corp.
Educational
RB
for
Cornerstone
Charter
Academy
Project
Series
2022
(NR/BB+)
2,005,000
5.000
(c)
10/01/2042
1,890,878
Florida
Development
Finance
Corp.
RB
Brightline
Florida
Passenger
Rail
Expansion
Project
Series
2025A
(NR/NR)
31,100,000
8.250
(a)(b)(c)
07/01/2057
31,964,987
Florida
Development
Finance
Corp.
RB
Brightline
Florida
Passenger
Rail
Project
Brightline
Trains
Florida
LLC
Issue
Series
2024
(AMT)
(NR/NR)
46,640,000
12.000
(a)(b)(c)
07/15/2032
46,392,920
Florida
Development
Finance
Corp.
RB
Brightline
Florida
Passenger
Rail
Project
Brightline
Trains
Florida
LLC
Issue
Series
2024
(AMT)
(NR/BB+)
6,700,000
5.250
07/01/2047
6,092,235
Florida
Development
Finance
Corp.
RB
Brightline
Florida
Passenger
Rail
Project
Brightline
Trains
Florida
LLC
Issue
Series
2024
(AMT)
(AGM)
(NR/AA)
17,900,000
5.250
07/01/2047
17,954,181
10,725,000
5.250
07/01/2053
10,699,051
Florida
Development
Finance
Corp.
RB
for
Brightline
Florida
Passenger
Rail
Project
AAF
Operations
Holdings
LLC
Issue
Series
2024A
(Tax-Exempt)
(NR/NR)
7,325,000
10.000
(a)(b)(c)
07/15/2059
6,973,481
Florida
Development
Finance
Corp.
RB
for
Discovery
High
School
&
Discovery
Academy
of
Lake
Alfred
Obligated
Group
Series
2020
A
(NR/NR)
1,190,000
4.000
(c)
06/01/2030
1,039,516
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Florida
Development
Finance
Corp.
RB
for
Imagine
School
at
Broward
Series
2019
A
(Baa3/NR)
$
425,000
4.000%
(c)
12/15/2029
$
424,159
725,000
5.000
(c)
12/15/2034
741,605
770,000
5.000
(c)
12/15/2039
771,248
Florida
Development
Finance
Corp.
RB
for
Mayflower
Retirement
Center,
Inc.
Obligated
Group
Series
2020
A
(NR/NR)
1,570,000
5.125
(c)
06/01/2040
1,539,641
Florida
Development
Finance
Corp.
RB
for
River
City
Education
Obligated
Group
Series
2021
A
(Baa3/NR)
320,000
4.000
07/01/2035
308,557
Florida
Development
Finance
Corp.
RB
for
United
Cerebral
Palsy
of
Central
Florida,
Inc.
Series
2020
A
(NR/NR)
385,000
4.000
06/01/2030
369,307
Florida
Development
Finance
Corp.
RB
Refunding
for
Glenridge
on
Palmer
Ranch
Obligated
Group
Series
2021
(NR/NR)
275,000
5.000
(c)
06/01/2031
281,430
200,000
5.000
(c)
06/01/2035
200,879
Florida
Development
Finance
Corp.
RB
Refunding
for
Global
Outreach
Charter
Academy
Obligated
Group
Series
2021
A
(B1/NR)
630,000
4.000
(c)
06/30/2036
527,354
660,000
4.000
(c)
06/30/2041
494,683
Florida
Development
Finance
Corp.
RB
Refunding
for
Mayflower
Retirement
Center,
Inc.
Obligated
Group
Series
2020
A
(NR/NR)
415,000
4.000
(c)
06/01/2026
412,771
Florida
Development
Finance
Corp.
RB
Refunding
for
Nova
Southeastern
University,
Inc.
Series
2020
A
(A3/A-)
300,000
5.000
04/01/2027
310,208
250,000
5.000
04/01/2029
266,326
Florida
Development
Finance
Corp.
RB
Refunding
for
Renaissance
Charter
School,
Inc.
Series
2020
C
(NR/NR)
470,000
4.000
(c)
09/15/2030
450,059
1,050,000
5.000
(c)
09/15/2040
959,521
Florida
Development
Finance
Corp.
Solid
Waste
Disposal
RB
for
GFL
Solid
Waste
Southeast
LLC
Project
Series
2024A
(Ba3/BB)
2,750,000
4.375
(a)(b)(c)
10/01/2054
2,739,113
Florida
Development
Finance
Corp.
Student
Housing
RB
Senior
Series
2024A-1
(NR/NR)
1,600,000
5.000
(c)
06/01/2044
1,514,476
Florida
Higher
Educational
Facilities
Financial
Authority
RB
for
Jacksonville
University
Project
Series
2018
A-1
(NR/NR)
2,000,000
4.500
(c)
06/01/2033
1,884,159
250,000
4.750
(c)
06/01/2038
222,491
4,500,000
5.000
(c)
06/01/2048
3,794,051
Florida
Higher
Educational
Facilities
Financial
Authority
RB
for
Ringling
College
of
Art
&
Design,
Inc.
Series
2019
(NR/BBB)
2,150,000
5.000
03/01/2044
2,058,528
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
2,590,085
Florida
Housing
Finance
Corp.
Multifamily
Mortgage
RB
for
Brownsville
Transit
Village
V
2024
Series
B
(GNMA
COLL)
(NR/AA+)
(PUTABLE)
3,315,000
3.350
(a)(b)
10/01/2027
3,321,522
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Florida
Insurance
Assistance
Interlocal
Agency
Insurance
Assessment
RB
Series
2023A-1
(Aa2/A)
$
8,795,000
5.000%
09/01/2025
$
8,830,840
4,530,000
5.000
09/01/2026
4,586,820
3,305,000
5.000
09/01/2027
3,382,273
Florida
Local
Government
Finance
Commission
Senior
Living
RB
Orlando
Senior
Health
Network
Project,
Series
2025A
(NR/NR)
2,840,000
5.750
(c)(h)
07/01/2044
2,844,822
Florida
Municipal
Loan
Council
RB
for
City
of
West
Melbourne
Water
and
Sewer
Series
2024D
(AGC)
(NR/AA)
2,420,000
4.000
10/01/2054
2,090,664
Flow
Way
Community
Development
District
Special
Assessment
Bonds
for
Phase
5
Project
Series
2016
(NR/NR)
1,525,000
4.875
11/01/2037
1,526,368
Flow
Way
Community
Development
District
Special
Assessment
Bonds
for
Phase
6
Project
Series
2017
(NR/NR)
165,000
4.000
11/01/2028
165,393
1,065,000
5.000
11/01/2038
1,069,592
Flow
Way
Community
Development
District
Special
Assessment
Bonds
for
Phase
7
&
8
Project
Series
2019
(NR/NR)
1,785,000
4.125
11/01/2039
1,613,287
Forest
Brooke
Community
Development
District
Special
Assessment
Subordinated
Bonds
Series
2019
A-2
(NR/NR)
465,000
3.750
11/01/2039
398,822
Forest
Lake
Community
Development
District
Special
Assessment
for
Assessment
Area1
Series
2020
(NR/NR)
495,000
3.250
(c)
05/01/2030
482,285
Fox
Branch
Ranch
Community
Development
District
Polk
County
Florida
Capital
Improvement
RB
Series
2025
Assessment
Area
One
(NR/NR)
175,000
4.375
05/01/2035
172,698
540,000
5.200
05/01/2045
515,516
Gardens
at
Hammock
Beach
Community
Development
District
Flagler
County
Florida
Special
Assessment
Bonds
Assessment
Area
One
Series
2024-1
(NR/NR)
520,000
5.650
05/01/2054
503,548
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
272,593
Gas
Worx
Community
Development
District
City
of
Tampa
Florida
Special
Assessment
Bonds,
Series
2025
(NR/NR)
350,000
4.625
(c)
05/01/2030
354,288
625,000
5.000
(c)
05/01/2036
629,715
Gir
East
Community
Development
District
Osceola
County
Florida
Capital
Improvement
RB
Series
2025
(NR/NR)
600,000
4.300
05/01/2032
597,072
Governors
Park
South
Community
Development
District
Clay
County
Florida
Special
Assessment
RB
Series
2025
(NR/NR)
550,000
4.375
05/01/2032
552,053
Gracewater
Sarasota
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
615,000
2.950
05/01/2031
559,847
1,595,000
3.350
05/01/2041
1,244,192
Grand
Bay
At
Doral
Community
Development
District
Miami-
Dade
County
Florida
Special
Assessment
Refunding
Bonds
Series
2025A-1
(NR/NR)
1,835,000
5.000
05/01/2045
1,759,070
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Grand
Bay
at
Doral
Community
Development
District
Special
Assessment
for
South
Parcel
Assessment
Area
Project
Series
2016
(NR/NR)
$
180,000
4.250%
05/01/2026
$
180,516
Grand
Oaks
Community
Development
District
Special
Assessment
Bonds
Assessment
Area
2
Series
2020
(NR/NR)
1,355,000
4.000
05/01/2030
1,346,322
Grand
Oaks
Community
Development
District
Special
Assessment
RB
Series
2019
A
(NR/NR)
550,000
4.125
11/01/2029
552,144
1,185,000
4.750
11/01/2039
1,144,597
1,920,000
5.000
11/01/2050
1,784,519
Grand
Oaks
Community
Development
District
Special
Assessment
RB
Series
2021
(NR/NR)
215,000
3.200
11/01/2031
199,302
500,000
3.500
11/01/2041
398,074
Grande
Pines
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
150,000
2.500
05/01/2026
148,017
Grande
Pines
Community
Development
District
Special
Assessment
RB
for
Assessment
Area
Two
Series
2024
(NR/NR)
515,000
4.650
05/01/2034
518,795
755,000
5.450
05/01/2044
736,851
Greater
Orlando
Aviation
Authority
Airport
Facilities
RB
Refunding
for
Jetblue
Airways
Corp.
Project
Series
2013
(NR/NR)
990,000
5.000
11/15/2036
990,014
Greater
Orlando
Aviation
Authority
Airport
Facilities
RB
Series
2015A
(AMT)
(Aa2/AA)
5,000,000
4.000
10/01/2040
4,685,175
Greenbriar
Community
Development
District
St.
Johns
County
Florida
Special
Assessment
RB
Series
2025
Assessment
Area
One
(NR/NR)
410,000
4.800
05/01/2032
413,543
Grove
Resort
Community
Development
District
Special
Assessment
RB
Series
2022
(NR/NR)
170,000
3.300
05/01/2032
159,035
440,000
3.550
05/01/2042
350,971
Gulfstream
Polo
Community
Development
District
Special
Assessment
Phase#2
Project
Series
2019
(NR/NR)
1,195,000
3.500
11/01/2030
1,160,500
Hacienda
Lakes
Community
Development
District
Special
Assessment
Refunding
Series
2016
(NR/NR)
100,000
3.875
05/01/2026
99,795
Hacienda
North
Community
Development
District
Special
Assessment
RB
Series
2023
(NR/NR)
1,650,000
6.300
05/01/2043
1,724,610
Hamilton
Bluff
Community
Development
District
Special
Assessment
Bonds,
Series
2024
(Assessment
Area
One
Project)
(NR/NR)
875,000
4.700
05/01/2031
883,180
Hammock
oaks
Community
Development
District
Special
Assessment
Area
One
Bonds
Series
2023
(NR/NR)
700,000
5.625
05/01/2043
704,208
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
883,967
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
2025
Assessment
Area
Three
(NR/NR)
$
1,000,000
5.550%
(c)
05/01/2045
$
976,407
Hammock
Reserve
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
190,000
4.200
05/01/2027
190,476
435,000
4.400
05/01/2032
440,702
565,000
4.700
05/01/2042
523,725
Hammock
Reserve
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Project
Series
2020
(NR/NR)
510,000
3.250
05/01/2030
495,583
Hammock
Reserve
Community
Development
District
Special
Assessment
for
Assessment
Area
Two
Project
Series
2021
(NR/NR)
40,000
2.375
05/01/2026
39,440
205,000
3.000
05/01/2031
191,813
Harbor
Bay
Community
Development
District
Special
Assessment
RB
Refunding
Series
2019
A-2
(NR/NR)
1,490,000
3.300
05/01/2029
1,463,773
365,000
3.700
05/01/2033
350,394
Harbor
Bay
Community
Development
District
Special
Assessment
RB
Series
2019
A-1
(NR/NR)
935,000
3.300
05/01/2029
918,542
Harmony
On
Lake
Eloise
Community
Development
District
City
of
Winter
Haven
Florida
Capital
Improvement
RB
Series
2025
(NR/NR)
1,000,000
4.600
11/01/2032
1,005,448
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
789,541
Harmony
West
Community
Development
District
Osceola
County
Florida
Special
Assessment
RB
Series
2025
Assessment
Area
Three
(NR/NR)
525,000
5.450
05/01/2045
507,053
Hawks
Point
Community
Development
District
Special
Assessment
Refunding
Senior
Series
2017
A-1
(NR/A-)
140,000
4.000
05/01/2026
140,624
185,000
4.250
05/01/2035
182,966
Hawkstone
Community
Development
District
Special
Assessment
Area
1
RB
Series
2019
(NR/NR)
400,000
3.500
11/01/2030
385,108
1,000,000
3.875
11/01/2039
871,149
Hawkstone
Community
Development
District
Special
Assessment
Area
2
RB
Series
2019
(NR/NR)
125,000
3.625
11/01/2030
121,084
Hawkstone
Community
Development
District
Special
Assessment
RB
Series
2021
(NR/NR)
90,000
2.600
05/01/2026
88,862
435,000
3.200
05/01/2031
412,549
995,000
3.450
05/01/2041
810,578
Hawthorne
Mill
North
Community
Development
District
City
of
Lakeland
Florida
Capital
Improvement
RB
Series
2024
Assessment
Area
Two
(NR/NR)
555,000
4.600
05/01/2031
557,179
1,000,000
5.200
05/01/2044
945,220
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Heritage
Harbour
North
Community
Development
District
Special
Assessment
Series
2014
(NR/NR)
$
690,000
5.000%
05/01/2034
$
710,623
Heritage
Isle
at
Viera
Community
Development
District
Special
Assessment
Refunding
Series
2017
(AGM)
(NR/AA)
230,000
4.000
05/01/2026
231,909
240,000
4.000
05/01/2027
244,777
250,000
4.000
05/01/2028
255,303
Heritage
Landing
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2015
(NR/BBB)
645,000
3.750
05/01/2026
643,253
1,000,000
4.200
05/01/2031
995,631
1,000,000
4.350
05/01/2036
981,733
Herons
Glen
Recreation
District
Special
Assessment
Refunding
Bonds
Series
2020
(BAM)
(NR/AA)
365,000
2.500
05/01/2030
344,127
375,000
2.500
05/01/2031
347,317
300,000
3.000
05/01/2032
289,023
300,000
3.000
05/01/2033
285,015
245,000
3.000
05/01/2034
227,776
255,000
3.000
05/01/2035
233,953
260,000
3.000
05/01/2036
234,348
Hickory
Tree
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
One
Project
Series
2024
(NR/NR)
500,000
4.500
05/01/2031
500,529
1,000,000
5.150
05/01/2044
948,139
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
1,365,421
Higher
Educational
Facilities
Financing
Authority
Higher
Educational
Facilities
RB
Keiser
University
Project
Series
2025
(NR/BB+)
10,725,000
6.000
(c)(h)
07/01/2045
10,685,449
Higher
Educational
Facilities
Financing
Authority
RB
for
Rollins
College
Project
Series
2024
(A2/NR)
3,000,000
4.125
12/01/2054
2,512,235
Highland
Meadows
West
Community
Development
District
Special
Assessment
for
Assessment
Area
2
Series
2020
A
(NR/NR)
200,000
3.250
05/01/2031
188,604
Highland
Meadows
West
Community
Development
District
Special
Assessment
for
Assessment
Area
3
Series
2020
A
(NR/NR)
140,000
3.250
05/01/2031
132,023
Highlands
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Areas
3B
and
5
Project
Series
2018
(NR/NR)
550,000
4.250
(c)
12/15/2029
553,984
Highlands
Community
Development
District
Special
Assessment
Refunding
Series
2016
(NR/BBB)
2,350,000
4.250
05/01/2036
2,252,224
Highlands
Meadows
II
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
7/7A
Project
Series
2019
(NR/NR)
10,000
3.375
11/01/2025
9,974
220,000
3.875
11/01/2031
215,228
295,000
4.200
11/01/2039
268,294
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Highlands
Meadows
II
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
Five
Project
Series
2017
(NR/NR)
$
225,000
4.875%
11/01/2027
$
227,993
865,000
5.375
11/01/2037
874,089
770,000
5.500
11/01/2047
771,157
Highlands
Meadows
II
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
Six
Project
Series
2017
(NR/NR)
45,000
4.875
11/01/2027
45,598
330,000
5.500
11/01/2047
330,496
Hillcrest
Community
Development
District
Special
Assessment
Bonds
for
Capital
Improvement
Program
Series
2018
(NR/NR)
645,000
4.000
11/01/2028
646,764
700,000
4.500
11/01/2038
667,756
Hillcrest
Preserve
Community
Development
District
Special
Assessment
Bonds
Series
2024
(NR/NR)
615,000
4.375
(c)
05/01/2031
614,615
Hills
Minneola
Community
Development
District
Special
Assessments
for
South
Parcel
Assessment
Area
Series
2020
(NR/NR)
1,020,000
3.500
(c)
05/01/2031
981,502
Hills
Minneola
Community
Development
District
Special
Assessments
for
South
Parcel
Assessment
Area
Series
2021
(NR/NR)
250,000
2.800
05/01/2031
231,727
1,000,000
3.200
05/01/2041
777,777
Hills
of
Minneola
Community
Development
District
City
of
Minneola
Florida
Special
Assessment
RB
Series
2024
(NR/NR)
370,000
4.700
05/01/2031
376,792
Hobe-St.
Lucie
Conservancy
District
Improvement
Bonds
Unit
of
Development
No.
1A
Series
2024
(NR/NR)
800,000
5.600
05/01/2044
800,019
Holly
Hill
Road
East
Community
Development
District
Special
Assessment
for
Area
3
Project
Series
2020
(NR/NR)
25,000
4.000
11/01/2025
24,975
165,000
4.500
11/01/2031
173,827
170,000
5.000
11/01/2041
173,061
Homestead
50
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2021
(NR/NR)
747,000
3.000
05/01/2031
694,913
933,000
3.000
05/01/2037
766,761
Housing
Finance
Authority
of
Broward
County
Multifamily
Housing
RB
for
Pinnacle
441
Phase
2
Series
2023
(Aa1/NR)
(PUTABLE)
1,705,000
4.050
(a)(b)
09/01/2056
1,713,659
Housing
Finance
Authority
of
Hillsborough
County
Multifamily
Housing
Zion
Village
RB
Series
2024
(HUD
SECT
8)
(Aa1/NR)
3,730,000
3.250
(a)(b)
09/01/2042
3,729,194
Housing
Finance
Authority
of
Miami-Dade
County
Multifamily
Housing
RB
for
St.
Mary
Towers
Apartments
Series
2024
(HUD
SECT
8)
(Aa1/NR)
1,000,000
3.400
(a)(b)
04/01/2041
1,000,018
Housing
Finance
Authority
of
Pinellas
County
Multifamily
Housing
RB
for
Citrus
Grove
Apartments
Series
2024
(HUD
SECT
8)
(Aa1/NR)
1,835,000
3.300
(a)(b)
01/01/2042
1,835,002
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Hunt
Club
Grove
Community
Development
District
City
of
Lake
Wales
Florida
Special
Assessment
Bonds
Series
2024
Assessment
Area
One
(NR/NR)
$
290,000
4.850%
06/15/2031
$
291,513
1,040,000
5.375
06/15/2044
998,985
Hunters
Ridge
Community
Development
District
No.
1
Assessment
Area
Special
Assessment
Bonds
Series
2019
(NR/NR)
210,000
5.000
(c)
11/01/2039
209,193
Ibis
Landing
Community
Development
District
Lee
County
Florida
Special
Assessment
Bonds
Series
2025
(NR/NR)
450,000
4.125
(h)
06/15/2030
450,692
525,000
4.700
(h)
06/15/2035
526,726
Island
Lake
Estates
Community
Development
District
2023
Project
Special
Assessment
Bonds
Series
2023
(NR/NR)
1,360,000
5.750
12/15/2043
1,388,342
Jacksonville
Housing
Finance
Authority
Multifamily
Housing
RB
Series
2025
(Aa1/NR)
1,750,000
3.400
(a)(b)
07/01/2058
1,752,150
Jea
Water
and
Sewer
System
RB
2025
Series
A
(Aa1/AA+)
16,500,000
5.250
10/01/2049
17,259,883
Juniper
Cove
Community
Development
District
Miami-Dade
County
Florida
Capital
Improvement
RB
Series
2025
(NR/NR)
500,000
4.625
05/01/2032
504,036
K-Bar
Ranch
II
Community
Development
District
Special
Assessment
Bonds
Series
2017
A
(NR/NR)
1,175,000
4.500
(c)
05/01/2038
1,121,998
1,855,000
4.625
(c)
05/01/2048
1,652,169
K-Bar
Ranch
II
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
670,000
2.750
05/01/2031
614,414
765,000
3.125
05/01/2041
585,452
Kelly
Park
Community
Development
District
665,000
6.000
11/01/2043
674,546
Kelly
Park
Community
Development
District
225,000
4.375
05/01/2032
226,086
Keys
Edge
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
One
Project
Series
2024
(NR/NR)
900,000
5.375
05/01/2055
838,760
Kindred
Community
Development
District
II
Special
Assessment
Bonds
Series
2020
(NR/NR)
155,000
3.000
05/01/2030
150,056
Kindred
Community
Development
District
II
Special
Assessment
Bonds
Series
2021
(NR/NR)
700,000
3.125
05/01/2041
571,694
Kindred
Community
Development
District
II
Special
Assessment
RB
Series
2023
(NR/NR)
630,000
4.900
05/01/2033
651,188
Kindred
Community
Development
District
Special
Assessment
Bond
Series
2017
(NR/NR)
1,000,000
4.625
05/01/2037
981,260
Kingman
Gate
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
485,000
3.125
06/15/2030
474,622
375,000
4.000
06/15/2040
351,941
Kingman
Gate
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
700,000
3.600
06/15/2041
613,779
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Kings
Creek
I
Community
Development
District
City
of
Jacksonville
Florida
Special
Assessment
Bonds
Series
2025
(Assessment
Area
One
Project)
(NR/NR)
$
500,000
5.000%
05/01/2036
$
503,082
Kingston
One
Community
Development
District
Lee
County
Florida
Special
Assessment
Bonds
Series
2025
(NR/NR)
2,000,000
5.000
(c)(h)
05/01/2035
2,033,581
3,500,000
5.750
(c)(h)
05/01/2045
3,487,287
Knightsbridge
Community
Development
District
Special
Assessment
Bonds
Series
2024
(NR/NR)
215,000
4.250
(c)
06/15/2031
217,215
Lake
Deer
Community
Development
District
Special
Assessment
Bonds
for
Polk
County
Series
2022
(NR/NR)
115,000
4.500
05/01/2027
115,212
225,000
5.000
05/01/2032
227,123
645,000
5.500
05/01/2042
632,893
Lake
Emma
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
Two
Series
2023
(NR/NR)
465,000
4.500
(c)
05/01/2030
470,476
550,000
5.250
(c)
05/01/2043
545,680
Lake
Harris
Community
Development
District
2023
Project
Area
Special
Assessment
Bonds
Series
2023
(NR/NR)
150,000
4.700
05/01/2030
152,467
Lake
Hideaway
Community
Development
District
Hernando
County
Florida
Capital
Improvement
RB
Series
2024
Assessment
Area
One
(NR/NR)
660,000
4.750
05/01/2031
667,010
Lakes
of
Sarasota
Community
Development
District
2
Sarasota
County
Florida
Capital
Improvement
RB
Series
2025A
(NR/NR)
530,000
5.500
05/01/2045
510,744
Lakeshore
Ranch
Community
Development
District
Special
Assessment
Refunding
Series
2019
A-2
(NR/NR)
300,000
3.500
05/01/2030
289,530
320,000
4.000
05/01/2035
305,382
Lakewood
Park
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
625,000
5.625
05/01/2043
634,709
Lakewood
Park
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Series
2021
(NR/NR)
35,000
2.625
05/01/2026
34,559
125,000
3.200
05/01/2031
118,300
Lakewood
Ranch
Stewardship
District
Special
Assessment
for
Azario
Project
Series
2019
(NR/NR)
365,000
3.400
05/01/2030
356,129
Lakewood
Ranch
Stewardship
District
Special
Assessment
for
Northeast
Sector
Phase
2A
Project
Series
2019
(NR/NR)
225,000
3.250
05/01/2029
218,997
200,000
3.850
05/01/2039
174,908
Lakewood
Ranch
Stewardship
District
Special
Assessment
for
Northeast
Sector
Project
-
Phase
2C
Series
2020
(NR/NR)
470,000
3.000
05/01/2030
447,394
750,000
3.500
05/01/2040
625,674
Lakewood
Ranch
Stewardship
District
Special
Assessment
for
Sweetwater
Project
Series
2021
(NR/NR)
290,000
2.625
05/01/2031
266,347
1,000,000
3.100
05/01/2041
771,674
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Lakewood
Ranch
Stewardship
District
Special
Assessment
RB
for
Cresswind
Project
Series
2019
(NR/NR)
$
230,000
3.800%
05/01/2029
$
229,286
Lakewood
Ranch
Stewardship
District
Special
Assessment
RB
for
Del
Webb
Project
Series
2017
(NR/NR)
220,000
4.300
(c)
05/01/2027
221,784
Lakewood
Ranch
Stewardship
District
Special
Assessment
RB
for
Indigo
Expansion
Area
Project
Series
2019
(NR/NR)
465,000
3.200
(c)
05/01/2029
454,684
Lakewood
Ranch
Stewardship
District
Special
Assessment
RB
for
Lake
Club
Phase
4
Project
Series
2019
(NR/NR)
175,000
3.800
05/01/2029
174,087
Lakewood
Ranch
Stewardship
District
Special
Assessment
RB
for
Lakewood
Centre
North
Project
Series
2015
(NR/NR)
1,605,000
4.875
05/01/2035
1,605,580
905,000
4.875
05/01/2045
854,876
Lakewood
Ranch
Stewardship
District
Special
Assessment
RB
for
Lakewood
National
&
Polo
Run
Projects
Series
2017
(NR/NR)
310,000
4.625
05/01/2027
314,107
1,000,000
5.250
05/01/2037
1,011,341
Lakewood
Ranch
Stewardship
District
Special
Assessment
RB
for
North
East
Sector
Project
-
Phase
1A
Series
2018
(NR/NR)
655,000
4.250
05/01/2028
658,600
Lakewood
Ranch
Stewardship
District
Special
Assessment
RB
for
North
East
Sector
Project
-
Phase
1B
Series
2018
(NR/NR)
1,550,000
4.750
05/01/2029
1,585,241
2,250,000
5.300
05/01/2039
2,289,063
Lakewood
Ranch
Stewardship
District
Special
Assessment
RB
for
Palm
Grove
Project
Series
2024
(NR/NR)
480,000
5.250
05/01/2044
471,050
Lakewood
Ranch
Stewardship
District
Special
Assessment
RB
for
Taylor
Ranch
Project
Series
2023
(NR/NR)
2,400,000
6.125
05/01/2043
2,492,961
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
120,227
5,470,000
5.000
05/01/2036
5,498,464
3,945,000
5.125
05/01/2046
3,812,748
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
475,590
500,000
2.000
05/01/2029
465,785
1,685,000
2.625
05/01/2037
1,369,130
Lakewood
Ranch
Stewardship
District
Special
Assessment
RB
Series
2021
(NR/NR)
415,000
3.000
05/01/2041
321,875
Lakewood
Ranch
Stewardship
District
Special
Assessment
RB
Series
2024
(NR/NR)
485,000
5.300
05/01/2044
475,991
Lakewood
Ranch
Stewardship
District
Special
Assessment
Refunding
for
Northeast
Sector
Project
-
Phase
2B
Series
2020
(NR/NR)
440,000
3.200
(c)
05/01/2030
423,406
Lakewood
Ranch
Stewardship
District
The
Isles
at
Lakewood
Ranch
Project
Phase
1
Special
Assessment
Bonds
Series
2019
(NR/NR)
200,000
3.875
05/01/2029
200,618
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Landings
at
Miami
Community
Development
District
Special
Assessment
Bonds
Series
2018
(NR/NR)
$
460,000
4.125%
(c)
11/01/2028
$
462,385
250,000
4.750
(c)
11/01/2048
227,635
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
277,570
1,025,000
5.500
05/01/2044
1,000,455
860,000
5.800
05/01/2055
831,563
Landmark
at
Doral
Community
Development
District
Senior
Special
Assessment
Refunding
for
North
Parcel
Assessment
Area
Series
2019
A-1
(NR/AA-)
500,000
3.000
05/01/2026
494,855
520,000
3.000
05/01/2027
512,010
535,000
3.000
05/01/2028
522,278
550,000
3.000
05/01/2029
532,172
1,605,000
3.000
05/01/2035
1,397,771
Landmark
at
Doral
Community
Development
District
Subordinate
Special
Assessment
Refunding
for
North
Parcel
Assessment
Area
Series
2019
A-2
(NR/NR)
455,000
3.375
05/01/2030
437,626
925,000
4.000
05/01/2038
838,988
Lawson
Dunes
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
160,000
4.375
05/01/2027
160,618
435,000
4.750
05/01/2032
442,576
370,000
5.000
05/01/2042
362,399
Lee
County
Florida
Airport
RB
Series
2024
(AMT)
(A2/NR)
1,475,000
5.000
10/01/2037
1,543,350
Lee
County
IDA
Hospital
Revenue
Refunding
Bonds
Lee
Health
Sys
Inc
Series
2019
A-2
(A2/A+)
4,590,000
5.000
(a)(b)
04/01/2033
4,606,812
Lee
County
Industrial
Development
Authority
Florida
Healthcare
Facilities
RB
Series
2024
Shell
Point
Obligated
Group
Series
2024A
(NR/BBB+)
2,375,000
5.250
11/15/2044
2,412,034
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
11/15/2029
1,859,764
Lee
County
Moody
River
Estates
Community
Development
District
Special
Assessment
Refunding
Senior
Series
2017
A-1
(NR/A-)
340,000
3.500
05/01/2026
338,914
Leomas
Landing
Community
Development
District
City
of
Lake
Wales
Florida
Capital
Improvement
RB
Series
2025
Assessment
Area
Two
(NR/NR)
370,000
4.500
11/01/2032
370,489
Liberty
Cove
Community
Development
District
Special
Assessment
RB
for
Assessment
Area
One
Project
Series
2024
(NR/NR)
1,000,000
5.375
05/01/2044
947,394
Long
Lake
Reserve
Community
Development
District
Special
Assessment
Bonds
Series
2018
(NR/NR)
1,150,000
5.000
05/01/2038
1,154,462
Longleaf
Community
Development
District
(NR/NR)
336,000
5.375
05/01/2030
336,214
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Longleaf
Community
Development
District
Capital
Improvement
RB
for
Neighborhood
4
–
Assessment
Area
Two
Series
2024A
(NR/NR)
$
700,000
5.200%
05/01/2044
$
656,895
Longleaf
Community
Development
District
Capital
Improvement
RB
Series
2024
(NR/NR)
350,000
4.500
(c)
05/01/2031
353,945
Lowery
Hills
Community
Development
District
City
of
Lake
Alfred
Florida
Special
Assessment
Bonds
Series
2025
Assessment
Area
One
(NR/NR)
340,000
4.550
(c)
05/01/2032
341,080
750,000
5.625
(c)
05/01/2045
719,228
LT
Ranch
Community
Development
District
Capital
Improvement
RB
Series
2022-1
(NR/NR)
100,000
5.300
05/01/2032
104,309
285,000
5.750
05/01/2042
292,351
460,000
5.900
05/01/2053
463,928
LT
Ranch
Community
Development
District
Special
Assessment
Series
2019
(NR/NR)
975,000
3.400
05/01/2030
940,477
1,420,000
4.000
05/01/2040
1,283,959
LTC
Ranch
West
Residential
Community
Development
District
City
of
Port
St.
Lucie
Florida
Special
Assessment
RB
Series
2024
(NR/NR)
440,000
4.875
05/01/2031
444,455
315,000
5.700
05/01/2044
307,571
1,150,000
5.750
05/01/2044
1,129,359
LTC
Ranch
West
Residential
Community
Development
District
Special
Assessment
Bonds
Series
2021
B
(NR/NR)
360,000
3.250
05/01/2031
339,843
LTC
Ranch
West
Residential
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Project
Series
2021
A
(NR/NR)
95,000
2.500
05/01/2026
93,675
700,000
3.125
05/01/2031
657,720
775,000
3.450
05/01/2041
619,793
LTC
Ranch
West
Residential
Community
Development
District
Special
Assessment
Refunding
RB
for
Assessment
Area
Four
Project
–
Pod
2
Series
2024-Aa4
(NR/NR)
1,000,000
5.375
05/01/2044
945,212
Lucerne
Park
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
235,000
4.000
05/01/2029
235,595
Lynwood
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
750,000
3.625
06/15/2030
728,585
Magnolia
Island
Community
Development
District
Pasco
County
Florida
Capital
Improvement
RB
Series
2025
Assessment
Area
One
(NR/NR)
650,000
4.650
05/01/2032
654,193
Malabar
Springs
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
One
Series
2024
(NR/NR)
440,000
4.500
05/01/2031
440,605
Mandarin
Grove
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
760,000
6.625
(c)
05/01/2053
846,294
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Mangrove
Point
Community
Development
District
Capital
Improvement
RB
Series
2022
(NR/NR)
$
350,000
4.000%
05/01/2032
$
346,836
1,050,000
4.250
05/01/2042
928,819
Marion
Ranch
Community
Development
District
Marion
County
Florida
Special
Assessment
Bonds
Series
2024
(NR/NR)
220,000
5.100
05/01/2031
222,892
450,000
5.700
05/01/2044
442,901
McJunkin
Parkland
Community
Development
District
Special
Assessment
Bonds
Series
2018
(NR/NR)
850,000
4.750
(c)
11/01/2029
865,924
Meadow
Pines
Community
Development
District
Special
Assessment
Refunding
Bonds
Senior
Lien
Series
2014
1
(NR/A+)
745,000
4.450
05/01/2030
745,506
Meadow
Pointe
III
Community
Development
District
Pasco
County,
Florida
Capital
Improvement
Revenue
Refunding
Bonds
Series
2015A-1
(NR/A+)
520,000
4.400
05/01/2031
520,016
Meadow
View
at
Twin
Creeks
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
500,000
3.000
05/01/2031
466,607
1,780,000
3.250
05/01/2041
1,380,969
Merrick
Square
Community
Development
District
Capital
Improvement
RB
Series
2023
(NR/NR)
750,000
5.400
05/01/2043
755,269
Miami
Dade
County
Aviation
Revenue
Refunding
Bonds
Series
2015A
(NR/A+)
34,650,000
5.000
10/01/2038
34,649,480
Miami
Dade
County
Aviation
Revenue
Refunding
Bonds
Series
2017B
(AMT)
(NR/A+)
20,340,000
5.000
10/01/2040
20,352,291
Miami
RB
Refunding
Parking
System
Series
2019
(BAM)
(A1/AA)
1,000,000
4.000
10/01/2038
977,724
Miami
World
Center
Community
Development
District
Special
Assessment
Bonds
Series
2017
(NR/NR)
765,000
4.750
11/01/2027
777,101
850,000
5.125
11/01/2039
856,770
2,350,000
5.250
11/01/2049
2,339,052
Miami-Dade
County
Aviation
Revenue
Refunding
Bonds
Series
2019A
(NR/A+)
2,225,000
5.000
10/01/2049
2,185,856
Miami-Dade
County
Aviation
Revenue
Refunding
Bonds
Series
2024A
(AMT)
(NR/A+)
3,130,000
5.000
10/01/2027
3,242,599
2,295,000
5.000
10/01/2028
2,409,762
Miami-Dade
County
Capital
Asset
Acquisition
Special
Obligation
Bonds
Series
2023A
(Aa2/AA)
3,770,000
5.000
04/01/2045
3,849,050
1,865,000
5.000
04/01/2048
1,890,732
Miami-Dade
County
Educational
Facilities
Authority
Revenue
Refunding
Bonds
for
University
of
Miami
Issue
Series
2024B
(A2/A-)
9,110,000
5.000
04/01/2030
9,895,847
9,565,000
5.000
04/01/2031
10,513,254
10,045,000
5.000
04/01/2032
11,125,477
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Miami-Dade
County
Expressway
Authority
Toll
System  RB,
Series
2010
A
(A3/A)
$
1,400,000
5.000%
07/01/2040
$
1,399,984
Miami-Dade
County
IDA
Educational
Facilities
RB
for
Academir
Charter
Schools
Project
Series
2022A
(Ba2/NR)
960,000
5.000
(c)
07/01/2037
932,654
1,440,000
5.250
(c)
07/01/2042
1,372,654
Miami-Dade
County
Seaport
Revenue
Refunding
Bonds
Series
2021A
(AGM)
(A3/AA)
10,000,000
4.000
10/01/2041
9,460,057
Miami-Dade
County
Seaport
Revenue
Refunding
Bonds,
Series
2022A
(AMT)
(A3/NR)
2,715,000
5.250
10/01/2052
2,679,253
Miami-Dade
County
Water
&
Sewer
Revenue
System
Bonds
Series
2021
(BAM-TCRS)
(Aa3/AA)
1,425,000
4.000
10/01/2051
1,246,245
Miami-Dade
County,
Florida
Seaport
RR
Bonds,
Series
2022A
(AMT)
(A3/NR)
2,030,000
5.000
10/01/2042
2,024,187
Miami-Dade
County,
Florida
Water
&
Sewer
System  RB,
Series
2024-A
(Aa3/AA)
17,400,000
5.250
10/01/2054
17,890,873
Midtown
Miami
Community
Development
District
Special
Assessment
Revenue
Refunding
Bonds
for
Parking
Garage
Project
Series
2014A
(NR/NR)
5,120,000
5.000
05/01/2037
5,120,103
Mirada
Community
Development
District
Pasco
County
Florida
Capital
Improvement
RB
Series
2024
Assessment
Area
Five
(NR/NR)
735,000
5.000
05/01/2034
739,801
Mirada
Community
Development
District
Pasco
County
Florida
Capital
Improvement
Revenue
and
Refunding
Bonds
Series
2024
Assessment
Area
Three
(NR/NR)
490,000
4.750
05/01/2031
492,860
Mirada
II
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
105,000
2.500
05/01/2026
103,561
740,000
3.125
05/01/2031
684,814
Miranda
II
Community
Development
District
Capital
Improvement
RB
Series
2022
(NR/NR)
205,000
4.625
05/01/2027
206,622
205,000
5.125
05/01/2032
212,144
Miromar
Lakes
Community
Development
District
Lee
County
Florida
Capital
Improvement
Revenue
Refunding
Bonds
Series
2025
(NR/NR)
490,000
5.000
05/01/2026
495,029
520,000
5.000
05/01/2027
532,191
545,000
5.000
05/01/2028
564,177
1,500,000
5.000
05/01/2035
1,579,501
Mitchell
Ranch
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
670,000
3.375
12/15/2030
647,106
1,500,000
4.000
12/15/2039
1,335,180
New
Port
Tampa
Bay
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
500,000
3.500
05/01/2031
478,134
New
River
Community
Development
District
Special
Assessment
Refunding
Senior
Lien
Series
2020
A-1
(NR/A)
125,000
3.500
(c)
05/01/2026
124,144
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
New
River
Community
Development
District
Special
Assessment
Refunding
Senior
Lien
Series
2020
A-1
(NR/A)
–
(continued)
$
130,000
3.500%
(c)
05/01/2027
$
128,959
135,000
3.500
(c)
05/01/2028
133,688
140,000
3.500
(c)
05/01/2029
137,920
700,000
3.500
(c)
05/01/2038
604,921
New
River
Community
Development
District
Special
Assessment
Refunding
Senior
Lien
Series
2020
A-1
(NR/NR)
30,000
3.500
(c)
05/01/2031
28,838
North
Ar-1
of
Pasco
Community
Development
District
Pasco
County
Florida
Capital
Improvement
RB
Series
2024A
Assessment
Area
Five
(NR/NR)
555,000
4.875
05/01/2031
560,446
595,000
5.750
05/01/2044
582,998
North
AR-1
Pasco
Community
Development
District
Capital
Improvement
RB
for
Assessment
Area
Four
Series
2024
(NR/NR)
255,000
4.625
05/01/2031
257,096
385,000
5.450
05/01/2044
374,876
North
AR-1
Pasco
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
70,000
2.625
05/01/2026
69,123
280,000
3.125
05/01/2031
263,088
North
Loop
Community
Development
District
215,000
5.625
05/01/2030
222,221
525,000
6.375
05/01/2043
548,237
North
Miami
FLA
Community
Redevelopment
Agency
Redevelopment
RB
2024
(NR/A)
595,000
5.000
03/01/2027
612,366
200,000
5.000
03/01/2028
209,097
600,000
5.000
03/01/2029
635,870
425,000
5.000
03/01/2032
460,546
455,000
5.000
03/01/2033
494,125
565,000
5.000
03/01/2034
614,198
1,000,000
5.000
03/01/2038
1,039,935
585,000
5.000
03/01/2040
598,314
1,000,000
5.000
03/01/2041
1,009,694
585,000
5.000
03/01/2042
585,478
1,100,000
5.000
03/01/2043
1,087,571
North
Park
Isle
Community
Development
District
Special
Assessment
RB
Series
2021
(NR/NR)
185,000
2.450
11/01/2026
181,235
670,000
3.000
11/01/2031
623,239
North
Powerline
Road
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
210,000
5.250
(c)
05/01/2032
215,936
North
Powerline
Road
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
495,000
3.125
05/01/2030
474,508
430,000
3.625
05/01/2040
366,674
North
Sumter
County
Utility
Dependent
District
RB
for
Central
Sumter
Utility
Series
2019
(BAM)
(NR/AA)
655,000
5.000
10/01/2030
707,032
575,000
5.000
10/01/2031
617,696
1,025,000
5.000
10/01/2033
1,084,809
1,205,000
5.000
10/01/2034
1,268,215
1,000,000
5.000
10/01/2036
1,042,715
1,975,000
5.000
10/01/2037
2,051,303
2,075,000
5.000
10/01/2038
2,139,006
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Northridge
Community
Development
District
Pasco
County,
Florida
Special
Assessment
Bonds,
Series
2025
(NR/NR)
$
1,175,000
4.550%
(c)
05/01/2030
$
1,187,811
Ocala
Preserve
Community
Development
District
Capital
Improvement
RB
Series
2023
(NR/NR)
235,000
4.875
05/01/2030
239,927
Old
Hickory
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
300,000
3.000
06/15/2030
288,722
315,000
4.000
06/15/2040
280,505
Orange
Blossom
Groves
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
295,000
4.250
06/15/2030
299,354
585,000
5.250
06/15/2043
588,796
Orange
Blossom
Ranch
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
625,000
4.100
05/01/2029
627,000
Orange
County
Health
Facilities
Authority
Hospital
RB
Orlando
Health
Obligated
Group
Series
2025A
(NR/A+)
7,750,000
4.500
10/01/2056
7,004,115
Orlando
Utilities
Commission
RB
Series
2021
B
(Aa2/AA)
4,325,000
1.250
(a)(b)
10/01/2046
3,877,170
Osceola
Chain
Lakes
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
350,000
3.500
05/01/2030
334,104
Osceola
County
Expressway
System
Senior
Lien
Convertible
Capital
Appreciation
RB
Series
2014B-2
(NR/NR)
5,000,000
6.150
(d)
10/01/2031
5,851,064
Osceola
County
Rolling
Oaks
Community
Development
District
Special
Assessment
Bonds
Series
2016
(NR/NR)
3,270,000
5.875
11/01/2037
3,347,223
3,490,000
6.000
11/01/2047
3,537,557
Osceola
County
Rolling
Oaks
Community
Development
District
Special
Assessment
Bonds
Series
2018
(NR/NR)
525,000
4.875
(c)
11/01/2028
534,170
Osceola
County
Transportation
Improvement
&
Refunding
RB
Series
2019A-1
(NR/BBB+)
400,000
5.000
10/01/2026
406,911
Osceola
Village
Center
Community
Development
District
Special
Assessment
Bond
Series
2021
(NR/NR)
40,000
2.375
(c)
05/01/2026
39,421
180,000
2.875
(c)
05/01/2031
166,653
365,000
3.300
(c)
05/01/2041
286,101
Pacific
Ace
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
Two
Series
2024
(NR/NR)
505,000
5.200
05/01/2044
485,132
Paddocks
Community
Development
District
Capital
Improvement
RB
Series
2024
(NR/NR)
580,000
4.250
(c)
05/01/2031
578,600
1,025,000
5.125
(c)
05/01/2044
962,077
Palermo
Community
Development
District
Lee
County
Florida
Special
Assessment
Bonds
Series
2025
Assessment
Area
Two
(NR/NR)
250,000
4.375
06/15/2032
252,046
Palermo
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
445,000
4.125
06/15/2030
448,983
950,000
5.000
06/15/2043
928,065
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
$
4,199,590
1,810,000
5.000
10/01/2043
1,748,026
3,280,000
5.250
10/01/2053
3,132,900
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
225,552
1,030,000
5.000
11/15/2042
1,030,753
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
1,791,327
4,000,000
5.000
05/15/2053
3,678,025
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
613,094
8,190,000
4.000
05/15/2036
7,737,177
Palm
Beach
County
Health
Facilities
Authority
RB
Refunding
for
Lifespace
Communities,
Inc.
Series
2023
C
(NR/NR)
945,000
7.500
05/15/2053
1,040,006
Palm
Coast
Park
Community
Development
District
Special
Assessment
Bond
for
Somerset
at
Palm
Coast
Park,
Series
2023
(NR/NR)
725,000
4.700
05/01/2033
737,332
400,000
5.400
05/01/2043
396,442
Palm
Coast
Park
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
275,000
2.800
05/01/2031
252,619
730,000
3.125
05/01/2041
556,704
Palm
Coast
Park
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Series
2019
(NR/NR)
245,000
3.750
05/01/2030
240,143
965,000
4.150
05/01/2040
867,854
Palm
Gate
Community
Development
District
City
of
Florida
City
Florida
Special
Assessment
Bonds
Series
2025
(NR/NR)
965,000
4.375
06/15/2032
965,280
Palm
Glades
Community
Development
District
Senior
Special
Assessment
Bonds
Series
2018
A-1
(NR/A)
215,000
3.500
11/01/2025
214,614
225,000
3.500
11/01/2026
224,464
230,000
3.500
11/01/2027
229,475
240,000
3.500
11/01/2028
238,578
Palm
Glades
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
765,000
4.000
(c)
05/01/2050
610,018
Palm
Glades
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2016
(NR/A)
350,000
3.750
05/01/2031
345,752
1,045,000
4.000
05/01/2036
1,021,128
Palm
Glades
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2017
(NR/BBB-)
105,000
4.000
05/01/2027
105,237
3,575,000
5.000
05/01/2039
3,581,157
Park
East
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
655,000
2.875
11/01/2031
593,887
1,150,000
3.150
11/01/2041
870,153
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(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%
05/01/2044
$
678,529
Parkland
Preserve
Community
Development
District
Special
Assessment
RB
Series
2019
A
(NR/NR)
390,000
4.750
05/01/2030
397,471
Parkview
at
Long
Lake
Ranch
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
625,000
3.125
05/01/2030
594,112
800,000
3.750
05/01/2040
676,851
Parkway
Center
Community
Development
District
Special
Assessment
for
Amenity
Projects
Series
2018-2
(NR/A-)
345,000
4.250
05/01/2031
345,171
1,030,000
4.500
05/01/2038
973,730
Parkway
Center
Community
Development
District
Special
Assessment
Refunding
Series
2018-1
(NR/A-)
265,000
4.000
05/01/2026
265,898
275,000
4.000
05/01/2027
277,751
285,000
4.125
05/01/2028
289,800
Parrish
Lakes
Community
Development
District
Capital
Improvement
RB
for
Special
Assessment
Area
Two
Series
2023A
(NR/NR)
300,000
4.625
05/01/2030
303,166
515,000
5.375
05/01/2043
504,947
Parrish
Lakes
Community
Development
District
Capital
Improvement
RB
Series
2023
(NR/NR)
225,000
4.000
05/01/2030
224,926
Parrish
Lakes
Community
Development
District
Manatee
County
Florida
Capital
Improvement
RB
Series
2024
Assessment
Area
Three
(NR/NR)
395,000
5.000
05/01/2031
398,429
735,000
5.500
05/01/2044
711,636
Parrish
Lakes
II
Community
Development
District
Capital
Improvement
RB
for
Assessment
Area
One
Series
2024
(NR/NR)
1,170,000
4.250
05/01/2031
1,170,120
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
249,018
Parrish
Plantation
Community
Development
District
Manatee
County
Florida
Special
Assessment
RB
Series
2024
Assessment
Area
Three
Project
(NR/NR)
325,000
4.875
05/01/2031
329,739
700,000
5.800
05/01/2044
702,891
Parrish
Plantation
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
65,000
2.500
05/01/2026
64,193
335,000
3.125
05/01/2031
317,088
Pasadena
Ridge
Community
Development
District
Capital
Improvement
RB
for
Assessment
Area
One
Series
2024
(NR/NR)
665,000
4.350
05/01/2031
665,493
Pasco
Community
Development
District
Capital
Improvement
RB
Series
2021A
(NR/NR)
210,000
3.250
05/01/2031
198,657
700,000
3.550
05/01/2041
569,839
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Pasco
County
Capital
Improvement
Cigarette
Tax
Allocation
Bonds
Series
2023A
(AGM)
(A1/AA)
$
480,000
5.250%
09/01/2035
$
526,885
500,000
5.250
09/01/2036
543,775
250,000
5.500
09/01/2037
273,486
210,000
5.500
09/01/2038
227,643
3,665,000
5.750
09/01/2054
3,861,997
Paseo
Community
Development
District
Capital
Improvement
RB
Refunding
Series
2018
(NR/A-)
475,000
4.000
05/01/2026
475,912
515,000
4.000
05/01/2028
521,952
1,315,000
4.500
05/01/2031
1,327,167
Peace
Creek
Community
Development
District
City
of
Winter
Haven
Florida
Special
Assessment
Bonds
Series
2025
Assessment
Area
Two
(NR/NR)
910,000
5.450
05/01/2045
871,623
Peace
Creek
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
390,000
4.250
06/15/2030
393,091
Peace
Creek
Village
Community
Development
District
City
of
Winter
Haven
Florida
Special
Assessment
Bonds
Series
2025
(NR/NR)
345,000
4.500
(c)
05/01/2032
345,972
500,000
5.600
(c)
05/01/2045
480,287
Peace
Crossing
Community
Development
District
Special
Assessment
RB
for
Assessment
Area
One
Series
2024
(NR/NR)
695,000
5.000
05/01/2031
695,514
Pentathlon
Community
Development
District
Special
Assessment
Revenue
Refunding
Series
2012
(NR/A-)
1,330,000
4.500
11/01/2033
1,330,429
Pine
Isle
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
225,000
3.000
(c)
12/15/2031
216,378
Pine
Ridge
Plantation
Community
Development
District
Special
Assessment
Refunding
Bonds
2020
A-1
(AGM)
(NR/AA)
540,000
2.000
05/01/2028
507,709
555,000
2.000
05/01/2029
510,042
565,000
2.125
05/01/2030
506,083
1,000,000
2.625
05/01/2034
845,246
990,000
2.800
05/01/2037
786,855
Pinellas
County
Industrial
Development
Authority
RB
for
Drs.
Kiran
&
Pallavi
Patel
2017
Foundation
for
Global
Understanding,
Inc.
Project
Series
2019
(NR/NR)
1,600,000
5.000
07/01/2029
1,619,647
Portico
Community
Development
District
Special
Assessment
Bonds
Series
2020-2
(NR/NR)
170,000
3.250
05/01/2031
160,818
Portico
Community
Development
District
Special
Assessment
Refunding
Series
2020-1
(NR/NR)
3,320,000
3.200
05/01/2031
3,140,408
1,870,000
3.500
05/01/2037
1,640,903
Preserve
at
Legends
Pointe
Community
Development
District
Pasco
County,
Florida
Capital
Improvement  RB,
Series
2025
(NR/NR)
520,000
5.625
(c)
05/01/2045
513,521
Preserve
at
Savannah
Lakes
Community
Development
District
Special
Assessment
Bonds
Phase
1
Series
2024
(NR/NR)
215,000
4.600
05/01/2031
217,300
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Preserve
at
South
Branch
Community
Development
District
Special
Assessment
Phase
1
Series
2018
(NR/NR)
$
235,000
4.750%
11/01/2029
$
240,724
Preserve
at
South
Branch
Community
Development
District
Special
Assessment
Phase
2
RB
Series
2019
(NR/NR)
555,000
3.500
11/01/2030
549,454
Preserve
at
South
Branch
Community
Development
District
Special
Assessment
Phase
3
Series
2021
(NR/NR)
55,000
2.500
05/01/2026
54,428
Preston
Cove
Community
Development
District
Special
Assessment
RB
Series
2022
(NR/NR)
280,000
3.250
05/01/2027
276,443
1,820,000
4.000
05/01/2042
1,552,408
Prosperity
Lakes
Community
Development
District
690,000
5.875
12/15/2043
714,892
Quail
Roost
Community
Development
District
Special
Assessment
for
Expansion
Area
Project
Series
2021
(NR/NR)
60,000
2.200
12/15/2026
58,671
485,000
2.700
12/15/2031
449,382
730,000
3.125
12/15/2041
562,641
Ranches
At
Lake
Mcleod
Community
Development
District
Polk
County
Florida
Special
Assessment
Bonds
Series
2025
Assessment
Area
Two
(NR/NR)
300,000
4.250
06/15/2030
301,950
370,000
4.550
06/15/2035
369,106
600,000
5.450
06/15/2045
582,413
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
620,737
Randal
Park
Community
Development
District
Randal
Walk
Special
Assessment
RB
Series
2018
(NR/NR)
150,000
4.500
(c)
05/01/2029
152,083
Randal
Park
Community
Development
District
Special
Assessment
RB
Series
2015
(NR/NR)
90,000
4.250
11/01/2025
90,007
Reflection
Bay
Community
Development
District
Palm
Beach
County
Florida
Special
Assessment
Bonds,
Series
2025
(NR/NR)
230,000
4.500
05/01/2030
231,894
425,000
5.000
05/01/2035
432,181
Regal-Village
Community
Development
District
Capital
Improvement
Revenue
Bonds
Series
2024
(NR/NR)
325,000
4.250
05/01/2031
326,279
Reserve
at
Van
Oaks
Community
Development
District
City
of
Auburndale,
Florida
Special
Assessment
Bonds,
Series
2023
Project
(NR/NR)
670,000
5.125
05/01/2043
665,074
Reunion
West
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
5
Project
Series
2019
(NR/NR)
360,000
4.000
05/01/2030
359,725
Reunion
West
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2022
(NR/NR)
1,150,000
3.000
05/01/2036
1,007,849
Rhodine
Road
North
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
340,000
4.000
05/01/2030
342,814
615,000
4.500
05/01/2040
587,567
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Rhodine
Road
North
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
–
(continued)
$
610,000
4.750%
05/01/2050
$
550,226
Rhodine
Road
North
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
190,000
3.000
05/01/2032
180,014
400,000
3.300
05/01/2042
318,747
Ridge
at
Apopka
Community
Development
District
Special
Assessment
Bonds
for
Parcel
Two
Project
Series
2023
(NR/NR)
250,000
4.750
05/01/2030
254,319
Ridge
at
Apopka
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
195,000
4.750
05/01/2027
197,439
695,000
5.000
05/01/2032
723,227
Ridge
at
Health
Brook
Community
Development
District
Capital
Improvement
RB
Series
2023
(NR/NR)
105,000
4.375
05/01/2030
105,979
270,000
5.250
05/01/2043
267,879
River
Bend
Community
Development
District
Special
Assessment
RB
Refunding
Senior
Series
2016
A-1
(NR/A-)
2,390,000
4.000
05/01/2031
2,393,503
890,000
4.000
05/01/2035
878,690
River
Glen
Community
Development
District
Special
Assessment
Bond
for
Assessment
Area
Two
Series
2021
(NR/NR)
150,000
2.375
05/01/2026
147,763
600,000
3.000
05/01/2031
561,404
River
Hall
Community
Development
District
675,000
4.550
(c)
05/01/2031
678,290
River
Hall
Community
Development
District
700,000
6.250
05/01/2043
724,985
River
Hall
Community
Development
District
Special
Assessment
for
Assessment
Area
3
Series
2020
A
(NR/NR)
690,000
3.250
05/01/2031
654,098
River
Hall
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2021
A-2
(NR/NR)
80,000
3.000
05/01/2026
79,231
890,000
3.000
05/01/2031
832,311
885,000
3.000
05/01/2036
749,593
River
Landing
Community
Development
District
Pasco
County
Florida
Capital
Improvement
RB
Series
2025
(NR/NR)
635,000
5.200
05/01/2045
606,942
River
Landing
Community
Development
District
Special
Assessment
Series
2020
A
(NR/NR)
470,000
3.600
05/01/2030
455,429
Rivers
Edge
II
Community
Development
District
Special
Assessment
Bond
Series
2021
(NR/NR)
200,000
3.000
05/01/2031
186,643
Rivers
Edge
III
Community
Development
District
Special
Assessment
Bond
Series
2021
(NR/NR)
300,000
3.000
(c)
05/01/2031
279,964
Riverwalk
Community
Development
District
City
of
Orlando
Florida
Special
Assessment
Bonds
Series
2024
(NR/NR)
1,000,000
5.500
05/01/2044
986,264
Riverwalk
Community
Development
District
City
of
Orlando
Florida
Special
Assessment
Bonds
Series
2025
(NR/NR)
300,000
4.375
(c)
05/01/2035
296,055
500,000
5.200
(c)
05/01/2045
477,329
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Rivington
Community
Development
District
Special
Assessment
RB
Series
2022
(NR/NR)
$
4,065,000
4.000%
05/01/2052
$
3,166,042
Rolling
Hills
Community
Development
District
Capital
Improvement
and
Refunding
Bonds
Series
2022A-2
(NR/NR)
700,000
3.650
05/01/2032
652,664
Rolling
Hills
Community
Development
District
Capital
Improvement
RB
Series
2022A-1
(NR/NR)
965,000
3.750
05/01/2042
785,341
Rolling
Oaks
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
140,000
5.625
(c)
05/01/2029
142,928
830,000
6.250
(c)
05/01/2042
854,019
Rookery
Community
Development
District
City
of
Green
Cove
Springs
Florida
Capital
Improvement
RB
Series
2024
Assessment
Area
One
(NR/NR)
410,000
4.250
05/01/2031
408,592
1,000,000
5.000
05/01/2044
929,720
Rustic
Oaks
Community
Development
District
Capital
Improvement
RB
Series
2022
(NR/NR)
415,000
2.850
05/01/2027
404,320
1,100,000
3.200
05/01/2032
1,024,476
Rutland
Ranch
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
410,000
3.400
11/01/2041
325,444
Rye
Crossing
Community
Development
District
Capital
Improvement
RB
Series
2023
(NR/NR)
820,000
5.000
05/01/2043
796,569
Rye
Crossing
Community
Development
District
Manatee
County
Florida
Capital
Improvement
RB
Series
2024
Assessment
Area
Two
(NR/NR)
275,000
4.200
05/01/2031
274,335
750,000
5.000
05/01/2044
703,092
Rye
Ranch
Community
Development
District
205,000
5.700
05/01/2030
211,949
1,000,000
6.500
05/01/2043
1,053,540
Rye
Ranch
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
One,
Series
2023
(NR/NR)
660,000
5.750
(c)
11/01/2043
661,713
Sabal
Palm
Community
Development
District
Broward
County
Florida
Special
Assessment
Refunding
Bonds
Series
2024
(NR/NR)
1,625,000
5.000
05/01/2044
1,576,962
Saddle
Creek
Preserve
of
Polk
County
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
320,000
3.000
06/15/2030
308,391
290,000
4.000
06/15/2040
263,934
Saddle
Creek
Preserve
of
Polk
County
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
165,000
2.625
12/15/2027
160,218
355,000
3.100
12/15/2032
333,627
Saltleaf
Community
Development
District
Lee
County
Florida
Capital
Improvement
RB
Series
2024
(NR/NR)
450,000
4.750
05/01/2031
455,347
Saltmeadows
Community
Development
District
345,000
4.300
(c)
05/01/2030
346,438
360,000
4.800
(c)
05/01/2035
361,594
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Saltmeadows
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
$
585,000
5.250%
05/01/2042
$
577,637
Sampson
Creek
Community
Development
District
Special
Assessment
Bonds
Series
2020
(AGM)
(NR/AA)
660,000
2.375
05/01/2035
540,605
1,425,000
2.625
05/01/2040
1,038,397
San
Simeon
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
870,000
3.750
(c)
06/15/2031
846,925
Sandmine
Road
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
450,000
3.000
11/01/2031
432,379
1,100,000
3.300
11/01/2041
916,527
Sandmine
Road
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
500,000
5.750
11/01/2042
513,372
Sarasota
County
Public
Hospital
District
Fixed
Rate
Hospital
RB
Series
2018
(A1/NR)
2,520,000
4.000
07/01/2048
2,193,047
Savanna
Lakes
Community
Development
District
Lee
County
Florida
Special
Assessment
Bonds
Series
2024
Assessment
Area
Two
(NR/NR)
625,000
5.250
06/15/2044
601,168
Savanna
Lakes
Community
Development
District
Lee
County,
Florida
Special
Assessment
Bonds,
Series
2023
Assessment
Area
One
(NR/NR)
815,000
5.125
(c)
06/15/2043
806,106
Sawgrass
Village
Community
Development
District
350,000
5.250
11/01/2030
358,345
Sawgrass
Village
Community
Development
District
Manatee
County
Florida
Special
Assessment
Bonds
Series
2024
Assessment
Area
Three
(NR/NR)
265,000
4.700
(c)
05/01/2031
267,480
700,000
5.550
(c)
05/01/2044
680,951
Sawgrass
Village
Community
Development
District
Manatee
County,
Florida
Special
Assessment
Bonds,
Series
2023
Series
2023
Project
(NR/NR)
445,000
4.875
05/01/2030
451,276
1,260,000
5.500
05/01/2043
1,253,093
Sawgrass
Village
Community
Development
District
Special
Assessment
Bonds
Series
2023
(Assessment
Area
Two)
(NR/NR)
1,100,000
6.125
11/01/2043
1,128,436
Scenic
Highway
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
465,000
3.250
05/01/2030
453,657
560,000
3.750
05/01/2040
491,731
Scenic
Terrace
North
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
385,000
5.125
05/01/2030
391,998
Scenic
Terrace
South
Community
Development
District
400,000
6.500
11/01/2043
415,605
Scenic
Terrace
South
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
170,000
3.750
05/01/2027
169,150
540,000
4.125
05/01/2032
533,720
1,190,000
4.500
05/01/2042
1,074,453
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Seagrove
Community
Development
District
St.
Lucie
County
Florida
Special
Assessment
Bonds
Series
2024
(NR/NR)
$
855,000
4.250%
06/15/2031
$
857,830
785,000
4.875
06/15/2044
730,448
Seaton
Creek
Reserve
Community
Development
District
City
of
Jacksonville,
Florida
Special
Assessment
Bonds,
Series
2023
Assessment
Area
One
(NR/NR)
725,000
5.250
(c)
06/15/2043
725,954
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
593,042
Seminole
Improvement
District
Utilities
RB
for
City
of
Westlake
Series
2022
(NR/NR)
300,000
4.400
10/01/2027
301,417
550,000
5.000
10/01/2032
562,139
Seminole
Palms
Community
Development
District
City
of
Palm
Coast
Florida
Special
Assessment
Bonds
Series
2024
Assessment
Area
Two
(NR/NR)
1,250,000
5.200
(c)
05/01/2044
1,155,423
Seminole
Palms
Community
Development
District
City
of
Palm
Coast,
Florida
Special
Assessment
Bonds,
Series
2023
2023
Project
Area
(NR/NR)
935,000
5.500
05/01/2043
937,396
Shadowlawn
Community
Development
District
Special
Assessment
Revenue
Bonds
Series
2024
(NR/NR)
3,020,000
4.700
05/01/2034
3,009,662
Shell
Point
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
735,000
4.500
(c)
11/01/2029
742,663
Sherwood
Manor
Community
Development
District
Special
Assessment
RB
Series
2023
(NR/NR)
335,000
4.625
05/01/2030
340,003
725,000
5.500
05/01/2043
730,072
Shingle
Creek
at
Bronson
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
1,000,000
3.500
06/15/2041
860,622
Shingle
Creek
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
1,545,000
4.000
05/01/2029
1,549,947
5,000,000
4.750
05/01/2039
4,843,525
Siena
North
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
160,000
3.300
06/15/2032
149,677
450,000
4.000
06/15/2042
383,321
Silver
Oaks
Community
Development
District
Special
Assessment
Bonds
Series
2024
(NR/NR)
1,000,000
5.550
05/01/2044
981,778
Silver
Palms
West
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
900,000
3.000
06/15/2032
834,603
1,905,000
3.250
06/15/2042
1,555,571
Silverlake
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
695,000
5.375
05/01/2043
697,013
Six
Mile
Creek
Community
Development
District
Capital
Improvement
&
Refunding
RB
Series
2021
(NR/NR)
60,000
2.500
05/01/2026
59,149
325,000
3.100
05/01/2031
305,596
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Six
Mile
Creek
Community
Development
District
Special
Assessment
for
Assessment
Area
3
Phase
1
Series
2021
(NR/NR)
$
80,000
2.500%
05/01/2026
$
79,013
710,000
3.000
05/01/2031
663,978
Six
Mile
Creek
Community
Development
District
Special
Assessment
Refunding
for
Area
2
Phase
3A
Project
Series
2020
(NR/NR)
70,000
3.125
11/01/2025
69,774
495,000
3.625
11/01/2031
492,663
300,000
4.125
11/01/2040
279,041
Six
Mile
Creek
Community
Development
District
St.
Johns
County
Florida
Capital
Improvement
RB
Series
2024
(NR/NR)
550,000
5.100
05/01/2044
509,144
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
1,105,602
Solaeris
Community
Development
District
St.
Lucie
County
Florida
Special
Assessment
Bonds
Series
2024
(NR/NR)
500,000
5.200
05/01/2031
513,716
Solaeris
Community
Development
District
St.
Lucie
County
Florida
Special
Assessment
Bonds,
Series
2025
(NR/NR)
1,400,000
6.000
(c)(h)
05/01/2045
1,398,213
Somerset
Bay
Community
Development
District
Hernando
County
Florida
Capital
Improvement
RB
Series
2024
Assessment
Area
One
(NR/NR)
950,000
5.625
(c)
05/01/2044
900,972
Sorrento
Pines
Community
Development
District
Lake
County,
Florida
Special
Assessment
Bonds,
Series
2023
Assessment
Area
One
(NR/NR)
700,000
5.250
05/01/2043
700,033
South
Creek
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Series
2021
(NR/NR)
65,000
2.375
06/15/2026
64,091
175,000
2.875
06/15/2031
166,186
475,000
3.250
06/15/2041
378,218
South
Fork
East
Community
Development
District
Capital
Improvement
RB
Refunding
Series
2017
(NR/BBB)
465,000
3.625
05/01/2026
462,180
975,000
4.125
05/01/2036
927,381
South
Fork
III
Community
Development
District
Parcels
V
and
W
Special
Assessment
Bonds
Series
2019
(NR/NR)
730,000
4.500
(c)
11/01/2029
738,927
South
Fork
III
Community
Development
District
Special
Assessment
RB
Refunding
Series
2018
(NR/NR)
480,000
4.625
05/01/2029
488,239
South
Kendall
Community
Development
District
Special
Assessment
Refunding
Series
2016
(NR/BBB)
370,000
3.000
11/01/2025
367,926
Southern
Groves
Community
Development
District
No.
5
Special
Assessment
Bond
Series
2021
(NR/NR)
100,000
2.400
05/01/2026
98,742
Southern
Groves
Community
Development
District
No.
5
Special
Assessment
Refunding
Series
2019
(NR/NR)
300,000
3.250
05/01/2029
290,647
Southern
Groves
Community
Development
District
No.
5
Special
Assessment
Series
2020
(NR/NR)
600,000
4.000
05/01/2030
606,140
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Southern
Groves
Community
Development
District
No.
5
Special
Assessment
Series
2020
(NR/NR)
–
(continued)
$
330,000
4.300%
05/01/2040
$
314,070
300,000
4.500
05/01/2046
272,593
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
557,166
Springs
at
Lake
Alfred
Community
Development
District
Special
Assessment
Bonds
Series
2024
(NR/NR)
410,000
4.375
05/01/2031
412,461
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
802,505
St.
Johns
County
Water
&
Sewer
RB
Series
2022
(Aa2/AAA)
7,065,000
5.000
06/01/2047
7,336,621
St.
Johns
County,
Florida
Water
and
Sewer
RB,
Series
2022
(Aa2/AAA)
12,645,000
5.000
06/01/2052
13,005,505
Stellar
North
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
45,000
2.450
05/01/2026
44,343
Stillwater
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
75,000
2.375
(c)
06/15/2026
73,780
Stillwater
Community
Development
District
St.
Johns
County
Florida
Special
Assessment
Bonds
Series
2021
(NR/NR)
100,000
3.000
(c)
06/15/2031
93,089
Stonebrier
Community
Development
District
Special
Assessment
Refunding
Series
2016
(NR/A-)
290,000
3.000
05/01/2026
288,862
Stonegate
Preserve
Community
Development
District
Manatee
County
Florida
Special
Assessment
Bonds,
Series
2025
(NR/NR)
745,000
5.700
06/15/2045
747,361
Stonewater
Community
Development
District
Special
Assessment
RB
Series
2021
(NR/NR)
460,000
3.000
(c)
11/01/2032
419,205
585,000
3.300
(c)
11/01/2041
458,559
Stoneybrook
North
Community
Development
District
Capital
Improvement
Revenue
Refunding
Bonds
Series
2022
(NR/NR)
755,000
6.375
11/01/2052
788,566
Stoneybrook
South
at
Championsgate
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
425,000
4.000
06/15/2030
429,720
Stoneybrook
South
at
Championsgate
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
825,000
5.375
06/15/2043
846,216
Stoneybrook
South
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
145,000
2.500
(c)
12/15/2025
144,009
500,000
3.000
(c)
12/15/2030
485,504
1,000,000
3.500
(c)
12/15/2040
879,366
Storey
Creek
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
One
Project
Series
2019
(NR/NR)
500,000
3.625
12/15/2030
484,451
870,000
4.000
12/15/2039
773,584
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Storey
Creek
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
$
55,000
3.125%
12/15/2025
$
54,733
Storey
Creek
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
150,000
4.300
06/15/2027
150,866
Storey
Creek
Community
Development
District
Special
Assessment
Bonds
Series
2024
(NR/NR)
265,000
4.450
06/15/2031
268,064
545,000
5.250
06/15/2044
532,314
Storey
Drive
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
250,000
3.000
06/15/2032
228,712
1,000,000
3.250
06/15/2042
766,036
Storey
Park
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
Four
Project
Series
2021
(NR/NR)
65,000
2.375
(c)
06/15/2026
64,151
225,000
2.875
(c)
06/15/2031
215,756
275,000
3.300
(c)
06/15/2041
234,720
Storey
Park
Community
Development
District
Special
Assessment
Bonds
for
City
of
Orlando
Series
2022
(NR/NR)
55,000
4.250
06/15/2027
55,308
260,000
4.500
06/15/2032
265,321
585,000
5.000
06/15/2042
574,556
Stuart
Crossing
Community
Development
District
Special
Assessment
Bonds
Series
2024
(NR/NR)
545,000
5.250
(c)
05/01/2044
525,486
Summer
Woods
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
275,000
3.150
05/01/2031
259,148
650,000
3.450
05/01/2041
522,230
Summer
Woods
Community
Development
District
Special
Assessment
for
Assessment
Area
Two
Project
Series
2020
(NR/NR)
455,000
3.300
05/01/2031
431,135
750,000
3.750
05/01/2040
635,931
Summer
Woods
Community
Development
District
Special
Assessment
for
Assessment
Area
Two
Project
Series
2021
(NR/NR)
35,000
2.400
05/01/2026
34,540
160,000
3.000
05/01/2031
153,141
Summerstone
Community
Development
District
Special
Assessment
Bond
for
Phase
Two
Series
2021
(NR/NR)
375,000
2.750
(c)
05/01/2031
358,424
700,000
3.150
(c)
05/01/2041
579,800
Summerstone
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
165,000
3.250
05/01/2030
162,335
Sunbridge
Stewardship
District
Special
Assessment
RB
for
Weslyn
Park
Project
Series
2022
(NR/NR)
230,000
4.200
05/01/2027
230,516
460,000
4.600
05/01/2032
464,577
Sweetwater
Creek
Community
Development
District
Capital
Improvement
Special
Assessment
RB
Refunding
Series
2019
A-1
(AGM)
(NR/AA)
390,000
2.500
05/01/2029
370,976
710,000
2.875
05/01/2033
639,182
1,425,000
3.000
05/01/2038
1,161,598
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Sweetwater
Creek
Community
Development
District
Capital
Improvement
Special
Assessment
RB
Refunding
Series
2019
A-2
(NR/NR)
$
550,000
3.500%
05/01/2029
$
542,278
Talis
Park
Community
Development
District
Capital
Improvement
RB
Refunding
Senior
Series
2016
A-1
(NR/A+)
200,000
3.000
05/01/2026
198,015
1,120,000
3.500
05/01/2031
1,085,452
1,355,000
4.000
05/01/2036
1,297,908
Tamarindo
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
80,000
2.375
05/01/2026
78,816
285,000
3.000
05/01/2031
265,686
Tampa
Bay
Water
Utility
System
Refunding
RB
Series
2015A
(Aa1/AA+)
7,090,000
4.000
10/01/2028
7,106,433
Tapestry
Community
Development
District
Special
Assessment
RB
Series
2016
(NR/NR)
1,115,000
4.800
05/01/2036
1,115,380
Tern
Bay
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
1,655,000
3.400
06/15/2032
1,565,672
Terreno
Community
Development
District
Collier
County,
Florida
Special
Assessment
Bonds
Series
2025
(NR/NR)
375,000
4.550
05/01/2032
378,655
Terreno
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
1,415,000
5.000
05/01/2043
1,372,973
The
School
Board
of
Sumter
County
Florida
Certificates
of
Participation
Series
2024
(AGM)
(NR/AA)
3,100,000
5.250
01/01/2049
3,222,099
Timber
Creek
Southwest
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
Two
Project
Series
2021
(NR/NR)
270,000
2.350
12/15/2026
263,956
750,000
3.000
12/15/2031
694,654
2,000,000
3.300
12/15/2041
1,579,820
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
202,506
210,000
3.125
05/01/2028
207,326
915,000
3.375
05/01/2032
877,397
Tohoqua
Community
Development
District
Special
Assessment
Phase
4A/5A
Project
Series
2021
(NR/NR)
735,000
3.600
05/01/2041
619,785
Tolomato
Community
Development
District
City
of
Jacksonville
Duval
County
and
St.
Johns
County
Florida
Special
Assessment
Refunding
Bonds
Series
2022A
(AGM)
(NR/AA)
6,735,000
4.000
05/01/2040
6,304,617
Tolomato
Community
Development
District
Special
Assessment
GO
Refunding
Bonds
Subordinate
Lien
Series
2018
A-2
(NR/NR)
330,000
5.200
(c)
05/01/2028
337,784
Tolomato
Community
Development
District
Special
Assessment
GO
Refunding
Bonds
Subordinate
Lien
Series
2018
B-2
(NR/NR)
200,000
4.625
05/01/2028
202,973
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Tolomato
Community
Development
District
Special
Assessment
RB
Refunding
Series
2019
A-1
(AGM)
(NR/AA)
$
4,685,000
3.000%
05/01/2033
$
4,465,231
5,280,000
3.000
05/01/2037
4,669,126
Tolomato
Community
Development
District
Special
Assessment
RB
Refunding
Series
2019
A-2
(NR/NR)
600,000
3.850
05/01/2029
601,924
Tolomato
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2019
B
(AGM)
(NR/AA)
2,025,000
3.000
05/01/2033
1,925,659
4,920,000
3.000
05/01/2040
4,065,769
Tolomato
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2019
C
(NR/NR)
2,415,000
3.750
(c)
05/01/2029
2,413,473
Toscana
Isles
Community
Development
District
Special
Assessment
RB
Series
2018
(NR/NR)
1,600,000
5.000
11/01/2029
1,635,432
95,000
5.375
11/01/2039
96,882
Touchstone
Community
Development
District
Special
Assessment
Bonds
Series
2018
(NR/NR)
310,000
4.250
(c)
06/15/2028
311,924
Touchstone
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
65,000
3.125
12/15/2025
64,630
735,000
3.625
12/15/2031
702,800
450,000
4.000
12/15/2040
388,836
Town
of
Davie
RB
Refunding
for
Nova
Southeastern
University,
Inc.
Series
2018
(A3/A-)
750,000
5.000
04/01/2030
784,721
650,000
5.000
04/01/2031
678,033
10,430,000
5.000
04/01/2048
10,358,725
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
570,887
Town
of
Palm
Beach
GO
Bonds
for
Underground
Utility
Project
Series
2018
(Aaa/AAA)
2,000,000
4.000
07/01/2043
1,914,843
7,000,000
4.000
07/01/2047
6,308,908
Towne
Park
Community
Development
District
Special
Assessment
Area
3B
Project
Series
2019
(NR/NR)
305,000
4.000
05/01/2030
304,767
595,000
4.375
05/01/2039
560,035
Towne
Park
Community
Development
District
Special
Assessment
Area
3D
Project
Series
2020
(NR/NR)
415,000
3.125
(c)
05/01/2030
400,826
475,000
3.625
(c)
05/01/2040
411,347
Towns
at
Woodsdale
Community
Development
District
Pasco
County
Capital
Improvement
RB,
Series
2023
(NR/NR)
645,000
6.125
(c)
11/01/2043
663,395
Tradition
Community
Development
District
No.
9
Special
Assessment
Bonds
Series
2021
(NR/NR)
100,000
2.300
05/01/2026
98,580
Trevesta
Community
Development
District
Special
Assessment
Area
1
Phase
2
Project
Series
2018
(NR/NR)
485,000
5.250
(c)
11/01/2039
494,506
Trevesta
Community
Development
District
Special
Assessment
Area
2
Project
Series
2020
(NR/NR)
235,000
3.250
(c)
05/01/2030
228,458
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Triple
Creek
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
$
1,190,000
3.125%
(c)
11/01/2041
$
909,122
Triple
Creek
Community
Development
District
Special
Assessment
for
Villages
N&P
Projects
Series
2021
(NR/NR)
65,000
2.500
11/01/2026
63,644
200,000
3.000
11/01/2031
185,095
Triple
Creek
Community
Development
District
Special
Assessment
Series
2019
A
(NR/NR)
400,000
4.125
05/01/2029
401,954
TSR
Community
Development
District
Special
Assessment
Bonds
for
Northwest
Assessment
Area
Series
2017
(NR/NR)
3,955,000
4.625
(c)
11/01/2038
3,801,932
TSR
Community
Development
District
Special
Assessment
Bonds
for
Northwest
Assessment
Area
Series
2018
(NR/NR)
495,000
4.500
11/01/2029
501,516
TSR
Community
Development
District
Special
Assessment
RB
for
2016
Project
Series
2016
(NR/NR)
2,000,000
4.750
11/01/2047
1,816,243
TSR
Community
Development
District
Special
Assessment
RB
for
Downtown
Neighborhood
Assessment
Area
Series
2019
(NR/NR)
700,000
3.375
11/01/2030
669,163
TSR
Community
Development
District
Special
Assessment
RB
for
Village
1
Project
Series
2015
(NR/NR)
110,000
4.375
11/01/2025
109,992
Tuckers
Pointe
Community
Development
District
Special
Assessment
RB
Series
2022
(NR/NR)
100,000
3.000
05/01/2027
98,292
460,000
3.375
05/01/2032
432,867
1,430,000
4.000
05/01/2042
1,231,206
Turnbull
Creek
Community
Development
District
Senior
Special
Assessment
Refunding
Bonds
Series
2015
A-1
(NR/A)
995,000
4.250
05/01/2031
995,001
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
443,680
1,065,000
5.625
05/01/2044
1,041,524
Twisted
Oaks
Pointe
Community
Development
District
City
of
Wildwood,
Florida
Special
Assessment
Bonds,
Series
2023
Assessment
Area
One
Project
(NR/NR)
230,000
4.500
05/01/2030
232,026
500,000
5.375
05/01/2043
492,464
Twisted
Oaks
Pointe
Community
Development
District
City
of
Wildwood,
Florida
Special
Assessment
Bonds,
Series
2023
Assessment
Area
Two
Project
(NR/NR)
195,000
5.125
05/01/2030
198,602
Two
Creeks
Community
Development
District
RB
Refunding
for
Capital
Improvement
Senior
Lien
Series
2016
A-1
(NR/A)
385,000
3.000
05/01/2026
381,515
400,000
3.125
05/01/2027
396,644
410,000
3.250
05/01/2028
405,893
1,695,000
3.500
05/01/2032
1,647,914
Two
Lakes
Community
Development
District
Special
Assessment
Bonds
Series
2024
(Tax-Exempt)
(NR/BBB)
1,000,000
5.000
05/01/2044
994,603
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Two
Lakes
Community
Development
District
Special
Assessment
Expansion
Area
Series
2019
(NR/NR)
$
1,000,000
3.375%
12/15/2030
$
959,205
Two
Lakes
Community
Development
District
Special
Assessment
Series
2017
(NR/NR)
1,370,000
5.000
(c)
12/15/2032
1,421,570
2,000,000
5.000
(c)
12/15/2037
2,021,097
4,470,000
5.000
(c)
12/15/2047
4,255,725
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
2,821,142
Two
Rivers
North
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
1,440,000
5.125
05/01/2042
1,403,643
Two
Rivers
Two
Rivers
West
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
555,000
5.125
11/01/2030
566,792
2,000,000
6.000
11/01/2043
2,041,962
Two
Rivers
West
Community
Development
District
Pasco
County
Florida
Special
Assessment
Bonds
Series
2024
(NR/NR)
425,000
4.800
05/01/2031
429,650
700,000
5.625
05/01/2044
693,254
Two
Rivers
West
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
600,000
5.375
05/01/2033
625,290
Union
Park
East
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
3
Project
Series
2021
(NR/NR)
205,000
3.350
(c)
05/01/2041
161,961
225,000
4.000
(c)
05/01/2051
178,605
University
Park
Recreation
District
Special
Assessment
Series
2019
(BAM)
(NR/AA)
300,000
2.500
05/01/2027
295,656
310,000
2.500
05/01/2028
301,357
315,000
2.625
05/01/2029
304,616
1,060,000
3.000
05/01/2034
985,477
2,130,000
3.125
05/01/2038
1,869,175
1,725,000
3.250
05/01/2040
1,489,690
Varrea
South
Community
Development
District
City
of
Plant
City,
Florida
Capital
Improvement  RB,
Series
2025
(NR/NR)
350,000
4.375
(c)
05/01/2030
352,373
200,000
4.750
(c)
05/01/2035
201,024
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
985,787
V-Dana
Community
Development
District
Lee
County
Florida
Special
Assessment
Bonds
Series
2025
(NR/NR)
500,000
4.450
05/01/2032
502,870
V-Dana
Community
Development
District
Lee
County,
Florida
Special
Assessment
Bonds,
Series
2023
Assessment
Area
Two
–
2023
Project
Area
(NR/NR)
660,000
4.300
05/01/2030
666,361
840,000
5.250
05/01/2043
829,593
V-Dana
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Series
2020
(NR/NR)
525,000
3.500
(c)
05/01/2031
511,009
975,000
4.000
(c)
05/01/2040
873,035
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
V-Dana
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Series
2021
(NR/NR)
$
1,000,000
3.625%
05/01/2041
$
838,199
Ventana
Community
Development
District
Special
Assessment
RB
Series
2018
(NR/NR)
815,000
4.625
(c)
05/01/2029
828,010
1,000,000
5.000
(c)
05/01/2038
1,002,980
Veranda
Community
Development
District
II
Special
Assessment
Area
1
Gardens
East
Project
Series
2018
A
(NR/NR)
250,000
4.500
11/01/2029
253,230
Veranda
Community
Development
District
II
Special
Assessment
Area
1
Preserve
West
Project
Series
2018
A
(NR/NR)
365,000
4.500
11/01/2029
369,737
Veranda
Community
Development
District
II
Special
Assessment
Refunding
for
Veranda
Estates
Project
Series
2021
(NR/NR)
20,000
2.500
(c)
05/01/2026
19,726
130,000
3.100
(c)
05/01/2031
121,790
Veranda
Community
Development
District
II
Special
Assessment
Refunding
for
Veranda
Oaks
Project
Series
2021
(NR/NR)
40,000
2.500
(c)
05/01/2026
39,452
235,000
3.100
(c)
05/01/2031
220,159
Veranda
Community
Development
District
Special
Assessment
Area
Five
Phase
2
Veranda
Estates
Project
RB
Refunding
Series
2024
(NR/NR)
325,000
4.500
05/01/2031
328,571
Veranda
Community
Development
District
Special
Assessment
Area
Five
Phase
3
Preserve
East
Project
RB
Refunding
Series
2024
(NR/NR)
575,000
4.250
05/01/2031
580,017
Veranda
Landing
Community
Development
District
Special
Assessment
Bonds,
Series
2023
(NR/NR)
800,000
5.250
06/15/2043
800,537
Verandah
East
Community
Development
District
Special
Assessment
Refunding
&
Improvement
RB
Series
2016
(NR/NR)
1,000,000
4.250
05/01/2037
923,092
Verandah
East
Community
Development
District
Special
Assessment
Revenue
Refunding
Improvement
Bonds
for
Lee
County
Series
2016
(NR/NR)
330,000
3.750
05/01/2026
328,400
Verano
#1
Community
Development
District
Senior
Special
Assessment
Refunding
for
Community
Infrastructure
Project
Series
2017
A-1
(NR/BBB+)
370,000
3.625
(c)
05/01/2026
368,713
Verano
#1
Community
Development
District
Special
Assessment
Bonds
for
District
#1
Project
Series
2015
(NR/NR)
100,000
4.750
11/01/2025
100,158
Verano
#2
Community
Development
District
City
of
Port
St.
Lucie
Florida
Special
Assessment
Bonds
Series
2024
(NR/NR)
745,000
4.625
05/01/2031
751,599
750,000
5.500
05/01/2044
732,041
Verano
#2
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
–
Pod
D7
Project
Area
Series
2024
(NR/NR)
495,000
4.550
05/01/2031
496,779
Verano
#4
Community
Development
District
City
of
Port
St.
Lucie,
Florida
Special
Assessment
Bonds,
Series
2025
(NR/NR)
750,000
4.800
05/01/2035
754,354
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Verano
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
$
1,000,000
6.450%
11/01/2042
$
1,039,872
Verano
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
245,000
4.625
05/01/2030
248,907
450,000
5.375
05/01/2043
451,875
Verano
No
3
Community
Development
District
Special
Assessment
for
Phase
1
Assessment
Area
Series
2021
(NR/NR)
85,000
2.375
05/01/2026
83,653
300,000
3.000
05/01/2031
279,229
Verano
No.
2
Community
Development
District
Special
Assessment
Bonds
for
POD
C
Project
Series
2020
(NR/NR)
250,000
3.250
05/01/2031
236,372
235,000
4.000
05/01/2040
207,265
Verano
No.
2
Community
Development
District
Special
Assessment
Bonds
for
POD
D
Project
Series
2020
(NR/NR)
250,000
3.250
05/01/2031
236,373
1,050,000
4.000
05/01/2040
926,076
Verano
No.
2
Community
Development
District
Special
Assessment
Bonds
for
POD
E
Project
Series
2020
(NR/NR)
250,000
3.250
05/01/2031
236,373
815,000
4.000
05/01/2040
718,811
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
495,213
Viera
East
Community
Development
District
Special
Assessment
Bonds
Series
2020
(AGM)
(NR/AA)
380,000
2.000
05/01/2027
364,047
385,000
2.000
05/01/2028
360,261
395,000
2.000
05/01/2029
361,111
150,000
2.125
05/01/2030
133,586
Viera
Stewardship
District
Special
Assessment
RB
Series
2021
(NR/NR)
115,000
2.300
05/01/2026
113,228
930,000
2.800
05/01/2031
853,860
Viera
Stewardship
District
Special
Assessment
RB
Series
2023
(NR/NR)
1,375,000
4.600
05/01/2033
1,397,244
900,000
5.300
05/01/2043
900,613
Villa
Portofino
East
Community
Development
District
Special
Assessment
Refunding
Series
2019
(NR/NR)
430,000
3.500
05/01/2030
416,636
805,000
3.750
05/01/2037
721,624
Village
Community
Development
District
No.
12
Special
Assessment
RB
Series
2018
(NR/NR)
555,000
3.800
05/01/2028
555,881
1,775,000
4.000
05/01/2033
1,752,987
Village
Community
Development
District
No.
13
Special
Assessment
RB
Series
2019
(NR/NR)
970,000
3.000
05/01/2029
938,600
1,405,000
3.375
05/01/2034
1,313,508
3,725,000
3.550
05/01/2039
3,231,783
Village
Community
Development
District
No.
13
Special
Assessment
RB
Series
2020
(NR/NR)
2,825,000
2.625
(c)
05/01/2030
2,649,031
3,255,000
3.000
(c)
05/01/2035
2,874,725
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Village
Community
Development
District
No.
15
City
of
Wildwood,
Florida
Special
Assessment
RB,
Series
2023
(NR/NR)
$
615,000
4.250%
(c)
05/01/2028
$
621,248
1,250,000
4.375
(c)
05/01/2033
1,269,777
1,025,000
4.850
(c)
05/01/2038
1,033,782
Village
Community
Development
District
No.
6
Special
Assessment
RB
Refunding
Series
2017
(NR/NR)
295,000
4.000
05/01/2026
297,012
280,000
4.000
05/01/2027
284,641
295,000
4.000
05/01/2028
301,089
310,000
4.000
05/01/2029
315,863
Village
Community
Development
District
No.
6
Special
Assessment
RB
Refunding
Series
2017
(BAM)
(NR/AA)
1,625,000
3.500
05/01/2032
1,626,352
1,910,000
4.000
05/01/2037
1,893,292
Village
Community
Development
District
Special
Assessment
RB
Series
2021
(NR/NR)
885,000
2.550
05/01/2031
812,438
1,900,000
2.850
05/01/2036
1,596,955
2,400,000
3.000
05/01/2041
1,848,214
Villages
of
Glen
Creek
Community
Development
District
Capital
Improvement
RB
Series
2022A
(NR/NR)
235,000
4.875
05/01/2032
239,753
610,000
5.125
05/01/2042
597,912
Villages
of
Glen
Creek
Community
Development
District
Capital
Improvement
Revenue
and
Refunding
Bonds
Series
2022
(NR/NR)
200,000
3.150
05/01/2032
185,908
500,000
3.450
05/01/2042
392,403
Villamar
Community
Development
District
Special
Assessment
Bonds
for
Phase
3
Project
Series
2022
(NR/NR)
80,000
3.125
11/01/2027
78,591
Villamar
Community
Development
District
Special
Assessment
Bonds
for
Phase
4
Project
Series
2022
(NR/NR)
75,000
3.250
05/01/2027
74,060
Villamar
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
180,000
4.000
05/01/2029
180,371
Villamar
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
245,000
3.200
05/01/2030
239,865
Villamar
Community
Development
District
Special
Assessment
Bonds,
Series
2024
(NR/NR)
285,000
4.625
05/01/2031
288,890
Vizcaya
In
Kendall
Community
Development
District
Special
Assessment
Bonds
Series
2016
(NR/BBB)
225,000
3.000
11/01/2025
223,432
230,000
3.200
11/01/2026
226,898
1,400,000
4.125
11/01/2046
1,179,216
Volusia
County
Educational
Facilities
Authority
Educational
Facilities
Revenue
Refunding
Bonds
Stetson
University
Inc.
Project
Series
2025
(Baa1/BBB+)
600,000
5.000
06/01/2034
637,709
Volusia
County
Educational
Facilities
Authority
Educational
Facilities
Revenue
Refunding
Bonds
Stetson
University,
Inc.
Project,
Series
2025
(Baa1/BBB+)
850,000
5.000
06/01/2031
905,049
1,000,000
5.000
06/01/2032
1,066,503
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Volusia
County
Educational
Facilities
Authority
Educational
Facilities
Revenue
Refunding
Bonds
Stetson
University,
Inc.
Project,
Series
2025
(Baa1/BBB+)
–
(continued)
$
1,270,000
5.000%
06/01/2033
$
1,354,686
Waterford
Community
Development
District
Hernando
County
Florida
Capital
Improvement
RB
Series
2024
Assessment
Area
Two
(NR/NR)
700,000
5.200
05/01/2044
660,740
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
2,113,697
Waterset
Central
Community
Development
District
Special
Assessment
Bonds
Series
2018
(NR/NR)
500,000
5.125
(c)
11/01/2038
502,683
Waterset
North
Community
Development
District
Special
Assessment
RB
Series
2014
(NR/NR)
2,335,000
5.500
11/01/2045
2,335,058
Wellness
Ridge
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
Two
Series
2024
(NR/NR)
240,000
4.250
(c)
06/15/2031
239,388
Wellness
Ridge
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
340,000
4.250
06/15/2030
343,668
Wesbridge
Community
Development
District
Special
Assessment
Series
2019
(NR/NR)
375,000
3.625
11/01/2029
369,983
1,000,000
4.000
11/01/2039
888,370
West
Hillcrest
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
900,000
5.250
06/15/2043
902,345
West
Port
Community
Development
District
Special
Assessment
Area
Two
Series
2020
(NR/NR)
125,000
2.750
(c)
05/01/2026
123,430
415,000
3.250
(c)
05/01/2031
391,558
515,000
3.625
(c)
05/01/2041
419,971
West
Port
Community
Development
District
Special
Assessment
Bonds
for
Charlotte
County
Series
2022
(NR/NR)
170,000
4.750
05/01/2032
171,988
300,000
5.125
05/01/2042
288,883
West
Port
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
630,000
3.000
(c)
05/01/2031
579,028
1,725,000
4.000
(c)
05/01/2040
1,521,411
1,595,000
4.000
(c)
05/01/2051
1,260,557
West
Port
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Series
2021
(NR/NR)
100,000
2.400
05/01/2026
98,557
575,000
3.000
05/01/2031
536,033
West
Port
East
Community
Development
District
345,000
5.800
(c)
05/01/2045
345,494
West
Villages
Improvement
District
Capital
Improvement
RB
for
Unit
Of
Development
No.
10
Series
2024
(Assessment
Area
One)
(NR/NR)
990,000
5.375
05/01/2044
962,135
West
Villages
Improvement
District
Special
Assessment
RB
for
Neighborhood
Infrastructure
Series
2022
(NR/NR)
355,000
4.625
05/01/2029
359,783
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
West
Villages
Improvement
District
Special
Assessment
RB
for
Neighborhood
Infrastructure
Series
2022
(NR/NR)
–
(continued)
$
475,000
5.375%
05/01/2042
$
478,622
West
Villages
Improvement
District
Special
Assessment
RB
Series
2023
(NR/NR)
420,000
4.625
05/01/2030
426,517
770,000
5.375
05/01/2043
775,170
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
2,573,149
1,930,000
4.500
05/01/2034
1,937,071
3,390,000
5.000
05/01/2037
3,416,681
West
Villages
Improvement
District
Unit
of
Development
No.
7
Master
Infrastructure
Special
Assessment
RB
Series
2019
(NR/NR)
610,000
4.250
05/01/2029
613,741
West
Villages
Improvement
District
Unit
of
Development
No.
7
Special
Assessment
RB
Series
2021
(NR/NR)
50,000
2.500
05/01/2026
49,303
West
Villages
Improvement
District
Unit
of
Development
No.
7
Special
Assessment
RB
Series
2023
(NR/NR)
465,000
6.000
05/01/2043
481,447
West
Villages
Improvement
District
Unit
of
Development
No.
8
Special
Assessment
RB
Series
2021
(NR/NR)
115,000
2.500
05/01/2026
113,405
Westside
Community
Development
District
Solara
Phase
2
Assessment
Area
Special
Assessment
RB
Series
2019
(NR/NR)
290,000
3.900
05/01/2029
289,816
Westside
Community
Development
District
Special
Assessment
RB
Refunding
Series
2019
(NR/NR)
715,000
3.750
(c)
05/01/2029
711,771
Westside
Haines
City
Community
Development
District
Polk
County
Florida
Special
Assessment
Bonds
Series
2024
Assessment
Area
Two
Project
(NR/NR)
635,000
4.875
05/01/2031
643,881
Westside
Haines
City
Community
Development
District
Special
Assessment
Bond
for
Assessment
Area
One
Project
Series
2021
(NR/NR)
70,000
2.500
05/01/2026
69,182
650,000
3.000
05/01/2031
612,689
1,400,000
3.250
05/01/2041
1,130,221
Westview
North
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
65,000
5.000
06/15/2029
66,319
1,000,000
5.750
06/15/2042
1,023,589
Westview
South
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
One,
Series
2023
(NR/NR)
295,000
4.875
05/01/2028
297,738
730,000
5.375
05/01/2043
720,629
Westview
South
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
Two,
Series
2023
(NR/NR)
545,000
5.375
05/01/2043
538,004
Whispering
Pines
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
575,000
5.375
05/01/2043
579,595
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Whispering
Pines
Community
Development
District
Special
Assessment
Bonds
Series
2024
(NR/NR)
$
115,000
4.250%
05/01/2031
$
115,714
Wildblue
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
1,090,000
3.750
(c)
06/15/2030
1,066,810
3,350,000
4.250
(c)
06/15/2039
3,048,711
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
725,972
Willows
Community
Development
District
Special
Assessment
RB
for
Manatee
County
Series
2022
(NR/NR)
1,300,000
5.625
05/01/2042
1,323,571
Willows
Community
Development
District
Special
Assessment
RB
Series
2019
(NR/NR)
405,000
4.370
05/01/2029
409,773
Wind
Meadows
South
Community
Development
District
Special
Assessment
Bond
for
Assessment
Area
One
Project
Series
2021
(NR/NR)
45,000
2.400
05/01/2026
44,300
300,000
2.950
05/01/2031
276,418
860,000
3.350
05/01/2041
669,301
Winding
Cypress
Community
Development
District
Phase
3
Assessment
Area
Special
Assessment
Bonds
Series
2019
(NR/NR)
200,000
4.250
11/01/2029
201,298
675,000
4.875
11/01/2039
659,156
Winding
Oaks
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
One
Series
2024
(NR/NR)
465,000
4.600
05/01/2031
466,972
Windsor
Cay
Community
Development
District
Lake
County
Florida
Special
Assessment
Bonds
Series
2024
Assessment
Area
One
Project
(NR/NR)
275,000
4.600
05/01/2031
279,690
Windward
at
Lakewood
Ranch
Community
Development
District
Capital
Improvement
RB
Series
2022
(NR/NR)
900,000
4.000
05/01/2042
753,508
Windward
Community
Development
District
Special
Assessment
Series
2020
A-1
(NR/NR)
230,000
3.650
05/01/2030
223,856
Wiregrass
Community
Development
District
Capital
Improvement
RB
Series
2016
(NR/NR)
1,535,000
4.875
05/01/2036
1,536,328
Wiregrass
II
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
640,000
3.125
05/01/2030
607,564
Woodcreek
Community
Development
District
Pasco
County
Florida
Capital
Improvement
RB
Series
2025
Assessment
Area
Two
(NR/NR)
200,000
4.350
05/01/2032
199,375
Woodland
Crossing
Community
Development
District
410,000
4.875
(c)
05/01/2030
416,240
375,000
5.125
(c)
05/01/2035
381,182
Woodland
Preserve
Community
Development
District
Manatee
County
Florida
Special
Assessment
Bonds
Series
2025
Assessment
Area
One
(NR/NR)
250,000
4.300
(c)
05/01/2032
249,950
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Woodland
Ranch
Estates
Community
Development
District
Town
of
Dundee
Florida
Special
Assessment
Bonds
Series
2025
(NR/NR)
$
330,000
4.650%
05/01/2032
$
332,371
Wynnfield
Lakes
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2014
(NR/BBB+)
1,450,000
4.500
05/01/2036
1,448,075
Yarborough
Lane
Community
Development
District
Polk
County
Florida
Special
Assessment
Bonds
Series
2024
(NR/NR)
340,000
4.750
05/01/2031
340,902
875,000
5.350
05/01/2044
831,408
Zephyr
Lakes
Community
Development
District
Special
Assessment
for
Assessment
Area
Two
Series
2021
(NR/NR)
40,000
2.500
05/01/2026
39,461
340,000
3.000
05/01/2031
316,792
1,327,136,608
Georgia
-
2.4%
Bartow
County
Development
Authority
Pollution
Control
RB
for
Georgia
Power
Company
Plant
Bowen
Project
Series
2009
(A3/A/A-2)
(PUTABLE)
3,920,000
3.950
(a)(b)
12/01/2032
3,988,367
Burke
County
Development
Authority
Pollution
Control
RB
for
Georgia
Power
Company
Plant
Vogtle
Project
Series
1996
(A3/A)
(PUTABLE)
1,665,000
3.875
(a)(b)
10/01/2032
1,670,923
Cherokee
County
Water
and
Sewerage
Authority
Georgia
Water
and
Sewerage
RB,
Series
2023
(Aa1/AA)
1,050,000
4.000
08/01/2053
920,247
City
of
Atlanta
Airport
General
RB
Series
2024A-1
(NON-AMT)
(Green
Bonds)
(Aa3/NR)
1,000,000
5.000
07/01/2041
1,065,377
1,000,000
5.000
07/01/2042
1,056,724
City
of
Atlanta
RB
for
Water
&
Wastewater
Series
2018
B
(Aa2/AA-)
4,750,000
3.500
11/01/2043
3,989,577
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
2,496,748
County
of
Fulton
RB
Refunding
for
Water
&
Sewerage
Series
2013
A
(Aa2/AA)
2,500,000
4.000
01/01/2035
2,499,920
Coweta
County
Water
and
Sewerage
Authority
RB
Series
2024
(NR/AA+)
840,000
4.000
06/01/2046
768,121
1,675,000
5.000
06/01/2049
1,726,457
1,635,000
5.000
06/01/2054
1,674,021
Development
Authority
of
Bartow
County
Pollution
Control
RB
First
Series
1997
(A3/A)
5,000,000
1.800
(a)
09/01/2029
4,457,466
Development
Authority
of
Burke
County
Pollution
Control
RB
for
Georgia
Power
Company
Plant
Vogtle
Project
First
Series
2013
(A3/A)
(PUTABLE)
4,355,000
3.375
(a)(b)
11/01/2053
4,344,436
Development
Authority
of
Burke
County
Pollution
Control
RB
for
Georgia
Power
Company
Plant
Vogtle
Project
Second
Series
2008
(A3/A/A-1)
(PUTABLE)
3,055,000
3.375
(a)(b)
11/01/2048
3,049,585
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Georgia
–
(continued)
Development
Authority
of
Burke
County
Pollution
Control
RB
Georgia
Power
Company
Plant
Vogtle
Project
Fifth
Series
1994
(A3/A)
(PUTABLE)
$
3,800,000
3.700%
(a)(b)
10/01/2032
$
3,846,328
Development
Authority
of
Fulton
County
RB
Wellstar
Health
System,
Inc.
Project,
Series
2020A
(A2/A+)
4,000,000
4.000
04/01/2050
3,443,026
Development
Authority
of
The
Unified
Government
of
Athens-
Clarke
County
Refunding
RB
for
University
of
Georgia
Project
-
Bolton
Commons,
LLC
Series
2024
(Aa3/NR)
975,000
3.000
06/15/2040
809,938
1,475,000
4.000
06/15/2049
1,284,300
2,070,000
4.000
06/15/2056
1,743,484
Downtown
Smyrna
Development
Authority,
Georgia
RB
(City
of
Smyrna
Projects),
Series
2021
(NR/AAA)
2,645,000
5.000
02/01/2027
2,744,784
Gainesville
&
Hall
County
Development
Authority
RB
Refunding
for
Riverside
Military
Academy
Series
2017
(NR/NR)
290,000
5.000
*
03/01/2027
165,300
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
2,047,850
1,850,000
4.000
01/01/2036
1,841,605
Georgia
Housing
and
Finance
Authority
Single
Family
Mortgage
Bonds
2025
Series
A
(NON-AMT)
(NR/AAA)
7,030,000
4.500
12/01/2045
6,828,664
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
730,069
500,000
4.000
08/01/2036
464,476
750,000
4.000
08/01/2037
686,327
745,000
4.000
08/01/2038
668,940
Housing
Authority
of
Columbus
Georgia
Multifamily
Housing
RB
Columbus
Gardens
Project
Series
2025
(HUD
SECT
8
FHA
221(D4))
(Aa1/NR)
1,250,000
5.000
(a)(b)
04/01/2028
1,291,524
Housing
Authority
of
The
City
of
Decatur
Georgia
Multifamily
Housing
RB
Philips
Tower
Project
Series
2025
(Aa1/NR)
2,265,000
3.250
(a)(b)
09/01/2028
2,273,044
Housing
Authority
of
The
City
of
Warner
Robins
Multifamily
Housing
RB
for
Arbours
at
Wellston
Project
Series
2024
(Aa1/NR)
1,585,000
5.000
(a)(b)
02/01/2029
1,659,577
Macon
Water
Authority
Georgia
Water
and
Sewer
RB
Series
2024
(Aa2/AA)
3,050,000
5.000
10/01/2054
3,122,576
Main
Street
Natural
Gas
Inc.
Gas
Supply
RB
Series
2019A
(A1/NR)
2,800,000
5.000
05/15/2030
2,912,164
Main
Street
Natural
Gas
Inc.
Gas
Supply
RB
Series
2021A
(Aa1/NR)
15,875,000
4.000
(a)(b)
07/01/2052
16,024,239
Main
Street
Natural
Gas
Inc.
Gas
Supply
RB
Series
2021C
(A3/NR)
10,295,000
4.000
(a)(b)
05/01/2052
10,349,128
Main
Street
Natural
Gas
Inc.
Gas
Supply
RB
Series
2022A
(A3/NR)
2,185,000
4.000
12/01/2026
2,203,422
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Georgia
–
(continued)
Main
Street
Natural
Gas
Inc.
Gas
Supply
RB
Series
2023A
(A3/NR)
$
15,000,000
5.000%
(a)(b)
06/01/2053
$
15,724,183
Main
Street
Natural
Gas
Inc.
Gas
Supply
RB
Series
2023B
(Aa1/NR)
7,745,000
5.000
(a)(b)
07/01/2053
8,160,244
Main
Street
Natural
Gas
Inc.
Gas
Supply
RB
Series
2025A
(Aa3/NR)
34,200,000
5.000
(a)(b)
06/01/2055
36,370,284
Main
Street
Natural
Gas
Inc.,
Gas
Supply
RB
Series
2023E-1
(Aa1/NR)
6,115,000
5.000
(a)(b)
12/01/2053
6,443,061
Main
Street
Natural
Gas
Inc.,
Gas
Supply
RB,
Series
2019A
(A1/NR)
1,215,000
5.000
05/15/2028
1,262,661
Main
Street
Natural
Gas
Inc.,
Gas
Supply
RB,
Series
2023C
(Aa1/NR)
24,500,000
5.000
(a)(b)
09/01/2053
25,909,713
Main
Street
Natural
Gas,
Inc.
Gas
Supply
RB
Series
2022C
(NR/BBB-)
6,310,000
4.000
(c)
11/01/2027
6,332,770
Main
Street
Natural
Gas,
Inc.,
Gas
Supply
RB
Series
2024B
(Aa1/NR)
3,000,000
5.000
(a)(b)
12/01/2054
3,170,386
Medical
Center
Hospital
Authority
Revenue
Anticipation
Certificates
for
Piedmont
Healthcare
Project
Series
2019A
(Aa3/AA-)
2,850,000
5.000
(a)(b)
07/01/2054
2,876,223
Monroe
County
Development
Authority
Pollution
Control
RB
First
Series
2009
(A3/A/A-1)
(PUTABLE)
1,850,000
1.000
(a)(b)
07/01/2049
1,774,375
Monroe
County
Development
Authority
Pollution
Control
RB
for
Georgia
Power
Company
Plant
Scherer
Project
Series
2006
(A3/A)
(PUTABLE)
1,940,000
3.875
(a)(b)
12/01/2041
1,946,251
Monroe
County
Development
Authority
Pollution
Control
RB
for
Georgia
Power
Company
Plant
Scherer
Project
Series
2012
(A3/A)
(PUTABLE)
3,520,000
3.875
(a)(b)
06/01/2042
3,531,343
Monroe
County
Development
Authority
Pollution
Control
RB
for
Georgia
Power
Company
Plant
Scherer
Project
Series
2013
(A3/A)
(PUTABLE)
1,940,000
3.875
(a)(b)
04/01/2043
1,946,251
Municipal
Electric
Authority
of
Georgia
Plant
Vogtle
Units
3
&
4
Project
J
Bonds
(A3/A)
1,060,000
5.000
07/01/2052
1,051,622
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
2,294,284
Municipal
Electric
Authority
RB
Georgia
Plant
Vogtle
Units
3
&
4
Project
Series
2019
A
(A3/A)
4,805,000
5.000
01/01/2027
4,947,926
5,040,000
5.000
01/01/2028
5,293,505
5,295,000
5.000
01/01/2029
5,588,116
1,080,000
5.000
01/01/2034
1,125,743
Private
Colleges
&
Universities
Authority
RB
Refunding
for
Agnes
Scott
College,
Inc.
Series
2021
(NR/A-)
400,000
4.000
06/01/2034
402,452
500,000
4.000
06/01/2035
501,225
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Georgia
–
(continued)
Private
Colleges
&
Universities
Authority
RB
Refunding
for
Agnes
Scott
College,
Inc.
Series
2021
(NR/A-)
–
(continued)
$
1,000,000
4.000%
06/01/2045
$
881,521
Rockdale
County
Development
Authority
RB
Refunding
for
Pratt
Paper
LLC
Project
Series
2018
(NR/NR)
2,615,000
4.000
(c)
01/01/2038
2,453,052
Savannah
Economic
Development
Authority
Recovery
Zone
Facility
Revenue
Refunding
Bonds
International
Paper
Company
Project
Series
2019A
(NR/BBB)
(PUTABLE)
925,000
3.450
(a)(b)
11/01/2033
910,153
State
of
Georgia
GO
Bonds
Series
2021A
(Aaa/AAA)
4,745,000
5.000
07/01/2025
4,745,000
The
Atlanta
Development
Authority
Convertible
Capital
Appreciation
Economic
Development
Certificates
for
Gulch
Enterprise
Zone
Project
Series
2024-1
(NR/NR)
10,000,000
0.000
(c)(g)
12/15/2048
8,739,294
The
Atlanta
Development
Authority
Senior
RB
for
Westside
Gulch
Area
Project
Series
2024A-1
(NR/NR)
2,625,000
5.000
(c)
04/01/2034
2,630,163
The
Housing
Authority
of
Columbus
Georgia
Multifamily
Housing
RB
Hacg
Rad
Ii
Project
Series
2025
(HUD
SECT
8)
(NR/AA+)
(PUTABLE)
2,100,000
3.300
(a)(b)
11/01/2028
2,106,580
Urban
Residential
Finance
Authority
of
The
City
of
Atlanta
Georgia
Multifamily
Housing
RB
Cosby
Spear
Highrise
Series
2024A
(HUD
SECT
8)
(Aa1/NR)
300,000
3.300
(a)(b)
01/01/2044
299,019
Urban
Residential
Finance
Authority
of
The
City
of
Atlanta
Georgia
Multifamily
Housing
RB
North
Block
Series
2025
(HUD
SECT
8
FHA
221(D)(4))
(Aa1/NR)
2,000,000
3.400
(a)(b)
02/01/2029
2,015,746
262,281,880
Guam
-
0.6%
A.B.
Won
Pat
International
Airport
Authority
Guam
General
RB
2023
Series
A
(Baa2/NR)
1,265,000
5.250
10/01/2029
1,325,540
A.B.
Won
Pat
International
Airport
Authority
Guam
General
RB
2023
Series
A
(Baa2/NR)
1,285,000
5.250
10/01/2030
1,357,930
A.B.
Won
Pat
International
Airport
Authority
Guam
General
RB
2024
Series
A
(AMT)
(Baa2/NR)
250,000
5.250
10/01/2037
261,063
250,000
5.250
10/01/2038
259,920
350,000
5.250
10/01/2039
362,001
200,000
5.250
10/01/2040
205,892
150,000
5.250
10/01/2041
153,273
200,000
5.250
10/01/2042
202,824
250,000
5.250
10/01/2043
252,312
Antonio
B
Won
Pat
International
Airport
Authority
Taxable
RB
Refunding
Series
2021
A
(Baa2/NR)
765,000
3.099
10/01/2028
733,886
Guam
Department
of
Education
COPS
Refunding
for
John
F.
Kennedy
High
School
&
Energy
Efficiency
Project
Series
2020
A
(Ba1/B+)
2,045,000
4.250
02/01/2030
2,028,282
Guam
Government
GO
Bonds
Series
2019
(Baa3/BB-)
1,765,000
5.000
11/15/2031
1,799,590
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Guam
–
(continued)
Guam
Government
Limited
Obligation
RB
Section
30
Series
2016
A
(NR/BB)
$
2,255,000
5.000%
12/01/2026
$
2,298,945
2,000,000
5.000
12/01/2027
2,041,424
Guam
Government
RB
Refunding
Series
2021
E
(Baa3/NR)
4,175,000
3.250
11/15/2026
4,127,564
Guam
Government
RB
Refunding
Series
2021
F
(Baa3/NR)
525,000
5.000
01/01/2028
541,860
950,000
5.000
01/01/2030
999,183
1,250,000
5.000
01/01/2031
1,324,315
7,065,000
4.000
01/01/2042
6,253,767
Guam
Power
Authority
Refunding
RB
2024
Series
A
(Baa2/BBB)
535,000
5.000
10/01/2039
561,804
Guam
Power
Authority
Refunding
RB
Series
2022
A
(Baa2/BBB)
1,825,000
5.000
10/01/2029
1,947,574
Guam
Power
Authority
Refunding
RB
Series
2024
A
(Baa2/BBB)
350,000
5.000
10/01/2042
356,834
350,000
5.000
10/01/2043
355,883
375,000
5.000
10/01/2044
378,688
Guam
Power
Authority
Revenue
Refunding
Bonds,
Series
2024-A
(Baa2/BBB)
425,000
5.000
10/01/2041
438,889
Guam
Waterworks
Authority
RB
for
Water
&
Wastewater
System
Series
2020
A
(Baa2/A-)
6,995,000
5.000
01/01/2050
6,909,934
Guam
Waterworks
Authority
RB
Refunding
for
Water
&
Wastewater
System
Series
2017
(Baa2/A-)
125,000
5.000
07/01/2025
125,000
225,000
5.000
07/01/2026
227,959
500,000
5.000
07/01/2027
513,532
525,000
5.000
07/01/2028
538,208
345,000
5.000
07/01/2029
353,133
1,000,000
5.000
07/01/2035
1,012,614
Guam
Waterworks
Authority
RB
Refunding
for
Water
&
Wastewater
System
Series
2024A
(Baa2/A-)
1,375,000
5.000
07/01/2035
1,460,465
1,200,000
5.000
07/01/2039
1,235,440
1,500,000
5.000
07/01/2042
1,515,853
1,000,000
5.000
07/01/2044
1,002,799
1,100,000
5.000
07/01/2045
1,097,308
1,125,000
5.000
01/01/2046
1,118,418
Guam
Waterworks
Authority
Water
&
Wastewater
RB
Series
2016
(Baa2/A-)
8,650,000
5.000
01/01/2046
8,577,577
Guam
Waterworks
Authority
Water
and
Wastewater
System
Revenue
Refunding
Bonds
Series
2024A
(Baa2/A-)
1,625,000
5.000
07/01/2038
1,681,620
Guam
Waterworks
Authority
Water
and
Wastewater
System
Revenue
Refunding
Bonds,
Series
2024-A
(Baa2/A-)
1,325,000
5.000
07/01/2037
1,383,076
Port
Authority
of
Guam
Port
RB,
2018
Series
B
(AMT)
(Baa2/A)
200,000
5.000
07/01/2037
202,024
Port
Authority
of
Guam
Private
Activity
RB
Series
2018
B
(Baa2/A)
400,000
5.000
07/01/2029
414,117
600,000
5.000
07/01/2031
617,118
250,000
5.000
07/01/2033
255,266
225,000
5.000
07/01/2034
229,096
225,000
5.000
07/01/2036
227,992
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Guam
–
(continued)
Port
Authority
of
Guam
RB
Series
2018
A
(Baa2/A)
$
2,500,000
5.000%
07/01/2048
$
2,422,844
Territory
of
Guam
Hotel
Occupancy
Tax
RB
Refunding
Series
2021
A
(Baa3/NR)
300,000
5.000
11/01/2027
309,044
450,000
5.000
11/01/2028
468,678
450,000
5.000
11/01/2029
473,178
1,000,000
5.000
11/01/2030
1,059,056
66,000,592
Hawaii
-
0.6%
City
and
County
of
Honolulu
Multifamily
Housing
RB
Maunakea
Tower
Apartments
Series
2023
(HUD
SECT
8)
(Aa1/NR)
(PUTABLE)
220,000
5.000
(a)(b)
06/01/2027
223,448
Department
of
Budget
and
Finance
of
The
State
of
Hawaii
Special
Purpose
Refunding
RB
Hawai'I
Pacific
University
Project
Series
2024
(NR/BB)
2,900,000
5.000
(c)
07/01/2034
2,901,502
Hawaii
State
Department
of
Budget
&
Finance
for
Hawaii
Pacific
Health
Obligated
Group
Special
Purpose
RB
Series
2023C
(A1/NR)
5,250,000
4.000
07/01/2047
4,846,121
Hawaii
State
Department
of
Budget
&
Finance
RB
Refunding
for
Hawaiian
Electric
Co.,
Inc.
Series
2017
B
(Ba2/NR)
6,575,000
4.000
03/01/2037
6,185,837
Hawaii
State
Department
of
Budget
&
Finance
RB
Refunding
for
Hawaiian
Electric
Co.,
Inc.
Series
2019
(Ba2/NR)
12,795,000
3.200
07/01/2039
10,740,472
Hawaii
State
Department
of
Budget
and
Finance
for
Hawaiian
Electric
Company
Inc.
Special
Purpose
RB
Series
2017A
(Ba2/NR)
1,040,000
3.500
10/01/2049
784,682
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
29,928
35,000
5.000
05/15/2030
36,160
150,000
5.000
05/15/2031
154,537
180,000
5.000
05/15/2032
184,883
60,000
3.000
05/15/2033
52,463
100,000
3.000
05/15/2034
85,508
150,000
3.000
05/15/2035
124,952
670,000
3.250
05/15/2039
528,700
575,000
5.000
05/15/2044
541,228
1,000,000
5.000
05/15/2049
929,570
State
of
Hawaii
Airports
System
RB
Series
2022A
(Aa3/AA-)
9,000,000
5.000
07/01/2051
8,911,839
State
of
Hawaii
Airports
System
RB
Series
2025B
(Aa3/AA-)
3,725,000
5.000
07/01/2038
4,088,654
State
of
Hawaii
Department
of
Budget
and
Finance
Special
Purpose
RB
Refunding
Series
2017A
(Ba2/NR)
23,450,000
3.100
05/01/2026
23,102,523
64,453,007
Idaho
-
0.1%
City
of  Boise
City
Idaho
Airport
Revenue
and
Revenue
Refunding
Bonds,
Series
2021A
(NON-AMT)
(A1/NR)
1,000,000
5.000
09/01/2046
1,013,453
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Idaho
–
(continued)
City
of
Boise
City,
Idaho
Airport
Revenue
and
Revenue
Refunding
Bonds,
Series
2021A
(A1/NR)
$
2,850,000
5.000%
09/01/2051
$
2,868,103
Idaho
Health
Facilities
Authority
St.
Luke's
Health
System
Project
RB
Series
2025A
(NR/A)
5,500,000
5.250
03/01/2050
5,591,129
Idaho
Health
Facilities
Authority
St.
Luke'S
Health
System
Project
RB
Series
2025A
(NR/A)
1,000,000
5.250
03/01/2053
1,012,131
10,484,816
Illinois
-
9.2%
Barrington
Community
Unit
School
District
GO
School
Bonds
Series
2021
(NR/AAA)
2,255,000
5.000
12/01/2029
2,461,962
Belleville
Tax
Increment
&
Sales
Tax
Refunding
RB
for
Carlyle
Green
Mount
Redevelopment
Project
Series
2021B
(NR/NR)
1,705,000
3.750
07/01/2041
1,662,080
Berwyn
Municipal
Securitization
Corp.
RB
Refunding
Series
2019
(AGM-CR)
(NR/AA)
7,200,000
5.000
01/01/2035
7,525,477
Board
of
Education
of
The
City
of
Chicago
Dedicated
Capital
Improvement
Series
2017
(NR/NR)
3,900,000
5.000
04/01/2046
3,791,677
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
5,192,434
Board
of
Education
of
The
City
of
Chicago
UT
GO
Bonds
Dedicated
Revenues,
Series
2012A
(Ba1/BB+)
10,625,000
5.000
12/01/2042
9,964,556
Board
of
Education
of
The
City
of
Chicago
UT
GO
Bonds
Dedicated
Revenues,
Series
2021A
(NR/BB+)
900,000
5.000
12/01/2039
886,570
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
3,022,114
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
1,896,920
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
4,323,517
Board
of
Trustee
of
Northern
Illinois
University
Auxiliary
Facilities
System
RB
Series
2021
(BAM)
(Baa3/AA)
650,000
4.000
10/01/2043
581,899
Champaign
County
Community
Unit
School
District
No.
4
Champaign
GO
Bonds
Series
2020
A
(NR/AA)
350,000
0.000
(f)
01/01/2026
343,455
165,000
0.000
(f)
01/01/2027
156,232
240,000
0.000
(f)
01/01/2028
219,000
330,000
5.000
01/01/2029
345,922
110,000
5.000
01/01/2031
114,760
260,000
5.000
01/01/2032
270,341
630,000
5.000
01/01/2033
652,962
155,000
5.000
01/01/2034
160,130
Chicago
GO
Bonds
2019A
(NR/NR)
1,025,000
5.000
01/01/2027
1,059,269
100,000
5.000
01/01/2028
105,567
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
$
2,806,714
590,000
5.000
01/01/2028
609,619
Chicago
Illinois
Board
of
Education
Dedicated
Capital
Improvement
Series
2016
(NR/NR)
3,550,000
6.000
04/01/2046
3,600,132
Chicago
Illinois
Board
of
Education
Dedicated
Capital
Improvement
Series
2017
(NR/NR)
835,000
5.000
04/01/2034
847,109
500,000
5.000
04/01/2035
506,304
335,000
5.000
04/01/2036
338,554
1,300,000
5.000
04/01/2037
1,311,514
Chicago
Illinois
Board
of
Education
GO
Bonds
Capital
Appreciation
for
School
Reform
Series
1998
B-1
(NATL)
(Baa3/BB+)
2,105,000
0.000
(f)
12/01/2026
1,996,223
1,625,000
0.000
(f)
12/01/2027
1,483,551
3,005,000
0.000
(f)
12/01/2029
2,525,944
4,465,000
0.000
(f)
12/01/2030
3,595,393
Chicago
Illinois
Board
of
Education
GO
Bonds
Capital
Appreciation
for
School
Reform
Series
1999
A
(NATL)
(Baa3/BB+)
465,000
0.000
(f)
12/01/2027
424,524
1,040,000
0.000
(f)
12/01/2028
911,836
90,000
0.000
(f)
12/01/2029
75,652
Chicago
Illinois
Board
of
Education
GO
Bonds
Capital
Appreciation
Series
2009
C
(Baa3/BBB)
510,000
0.000
(f)
01/01/2031
412,280
Chicago
Illinois
Board
of
Education
GO
Bonds
Series
2015
C
(NR/BB+)
2,500,000
6.000
12/01/2035
2,502,315
Chicago
Illinois
Board
of
Education
GO
Refunding
Bonds
Capital
Appreciation
for
School
Reform
Series
1999
A
(NATL)
(Baa3/BB+)
4,070,000
0.000
(f)
12/01/2031
3,126,960
Chicago
Illinois
Board
of
Education
GO
Refunding
Bonds
Series
2005
A
(AMBAC)
(Ba1/BB+)
2,530,000
5.500
12/01/2026
2,568,933
11,080,000
5.500
12/01/2029
11,707,191
Chicago
Illinois
Board
of
Education
Unlimited
Tax
GO
Bonds
for
Capital
Appreciation
Boards
School
Reform
Series
1998
B-1
(NATL)
(Baa3/BB+)
205,000
0.000
(f)
12/01/2025
201,690
Chicago
Illinois
Board
of
Education
Unlimited
Tax
GO
Bonds
for
Dedicated
Alternate
Revenues
Series
2015
C
(NR/BB+)
3,120,000
5.250
12/01/2039
3,080,313
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
10,202,346
2,500,000
6.138
12/01/2039
2,318,148
Chicago
Illinois
Board
of
Education
Unlimited
Tax
GO
Refunding
Bonds
for
Dedicated
Revenues
Series
2016
A
(NR/BB+)
4,960,000
7.000
12/01/2044
4,985,243
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
7,195,462
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(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
2018
A
(AGM)
(NR/AA)
$
3,500,000
5.000%
12/01/2025
$
3,519,561
1,270,000
5.000
12/01/2026
1,298,456
2,375,000
5.000
12/01/2027
2,455,698
2,500,000
5.000
12/01/2028
2,615,522
2,750,000
5.000
12/01/2030
2,854,440
4,700,000
5.000
12/01/2031
4,866,252
1,350,000
5.000
12/01/2032
1,391,173
3,800,000
5.000
12/01/2033
3,902,718
1,500,000
5.000
12/01/2034
1,534,363
1,000,000
5.000
12/01/2035
1,018,835
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
2,280,735
Chicago
Illinois
Board
of
Education
Unlimited
Tax
GO
Refunding
Bonds
for
Dedicated
Revenues
Series
2019
A
(NR/BB+)
2,000,000
0.000
(f)
12/01/2026
1,894,014
300,000
0.000
(f)
12/01/2027
273,238
2,500,000
4.000
12/01/2027
2,502,765
Chicago
Illinois
Board
of
Education
Unlimited
Tax
GO
Refunding
Bonds
for
Dedicated
Revenues
Series
2019
B
(NR/BB+)
1,000,000
5.000
12/01/2026
1,013,490
3,060,000
5.000
12/01/2028
3,163,898
1,000,000
5.000
12/01/2029
1,038,310
3,000,000
5.000
12/01/2030
3,075,363
1,000,000
5.000
12/01/2031
1,017,782
1,000,000
5.000
12/01/2032
1,013,751
1,000,000
5.000
12/01/2033
1,009,489
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
1,252,857
Chicago
Illinois
Capital
Appreciation
Refunding
&
Project
Series
2009
C
(Baa3/BBB)
880,000
0.000
(f)
01/01/2032
679,472
Chicago
Illinois
GO
Bonds
Series
2019
(NR/BBB)
4,280,000
5.000
01/01/2029
4,464,316
1,135,000
5.000
01/01/2031
1,171,140
Chicago
Illinois
GO
Refunding
Bonds
Series
2015
C
(NR/BBB)
5,600,000
5.000
01/01/2038
5,555,796
Chicago
Illinois
GO
Refunding
Bonds
Series
2017
A
(NR/BBB)
375,000
6.000
01/01/2038
381,514
Chicago
Illinois
O’Hare
International
Airport
RB
General
Airport
Senior
Lien
Series
2017D
(AMT)
(NR/A+)
4,340,000
5.000
01/01/2047
4,266,803
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
3,629,607
Chicago
Illinois
O'Hare
International
Airport
RB
Refunding
General
Airport
Senior
Lien
Series
2016
D
(NR/A+)
3,020,000
5.250
01/01/2035
3,082,279
Chicago
Illinois
Wastewater
Transmission
RB
Second
Lien
Series
2017
A
(AGM)
(NR/AA)
550,000
5.250
01/01/2042
554,011
1,330,000
4.000
01/01/2052
1,123,079
Chicago
Park
District
GO
LT
Park
Bonds
Series
2024A
(NR/AA-)
855,000
5.000
01/01/2039
900,822
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Illinois
–
(continued)
Chicago
Park
District
GO
LT
Park
Bonds
Series
2024A
(NR/AA-)
–
(continued)
$
515,000
5.000%
01/01/2040
$
536,433
500,000
5.000
01/01/2041
516,339
Chicago
Park
District
GO
LT
Refunding
Bonds
Series
2024B
(NR/AA-)
3,350,000
5.000
01/01/2038
3,561,572
Chicago
Transit
Authority
Sales
Tax
Receipts
Refunding
RB
Series
2024A
(NR/AA)
8,270,000
5.000
12/01/2041
8,581,591
1,510,000
5.000
12/01/2042
1,551,448
Chicago
Transit
Authority
Sales
Tax
Receipts
Revenue
Refunding
Bonds
Series
2024A
(NR/AA)
2,730,000
5.000
12/01/2040
2,876,896
City
of  Chicago
Chicago
Midway
Airport
Senior
Lien
Airport
Revenue
Refunding
Bonds,
Series
2023C
(AMT)
(NR/A)
1,750,000
5.000
01/01/2036
1,846,649
City
of  Chicago
Chicago
O'Hare
International
Airport
General
Airport
Senior
Lien  RB,
Series
2024A
(NR/A+)
2,500,000
5.000
01/01/2039
2,579,983
5,000,000
5.250
01/01/2048
5,080,776
City
of  Chicago
Chicago
O'Hare
International
Airport
General
Airport
Senior
Lien  RB,
Series
2024B
(NON-AMT)
(NR/A+)
2,100,000
5.000
01/01/2039
2,249,739
City
of  Chicago
Chicago
O'Hare
International
Airport
General
Airport
Senior
Lien
Revenue
Refunding
Bonds
Series
2024D
(NON-AMT)
(NR/A+)
1,400,000
5.000
01/01/2041
1,474,307
1,810,000
5.000
01/01/2045
1,853,820
City
of  Chicago
GO
Bonds,
Series
2025C
(NR/BBB)
5,000,000
5.500
01/01/2041
5,151,218
City
of  Chicago
GO
Bonds,
Series
2025E
(NR/BBB)
5,875,000
5.500
01/01/2041
6,057,145
City
of  Chicago
Second
Lien
Wastewater
Transmission  RB,
Refunding
Series
2024A
(BAM)
(NR/AA)
1,000,000
5.000
01/01/2044
1,020,492
City
of
Chicago
Board
of
Education
Dedicated
Capital
Improvement
Tax
Bonds
Series
2016
(NR/NR)
1,400,000
5.750
04/01/2034
1,440,707
City
of
Chicago
Board
of
Education
Dedicated
Capital
Improvement
Tax
Bonds
Series
2023
(NR/NR)
2,500,000
5.000
04/01/2045
2,461,081
City
of
Chicago
Board
of
Education
GO
Bonds
Series
1999
A
(NATL)
(Baa3/BB+)
1,000,000
5.500
12/01/2026
1,014,976
City
of
Chicago
Board
of
Education
UT
GO
Bonds
for
Dedicated
Revenues
Series
2018D
(NR/BB+)
3,000,000
5.000
12/01/2046
2,715,067
City
of
Chicago
Board
of
Education
UT
GO
Bonds
Series
2018D
(NR/BB+)
3,650,000
5.000
12/01/2046
3,311,655
City
of
Chicago
Board
of
Education
UT
GO
Bonds
Series
2021A
(NR/BB+)
2,300,000
5.000
12/01/2036
2,322,762
750,000
5.000
12/01/2038
747,331
City
of
Chicago
Board
of
Education
UT
GO
Refunding
Bonds
Series
2017C
(NR/BB+)
500,000
5.000
12/01/2025
501,276
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(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
2017H
(NR/BB+)
$
4,500,000
5.000%
12/01/2036
$
4,377,928
City
of
Chicago
Board
of
Education
UT
GO
Refunding
Bonds
Series
2018A
(AGM)
(NR/AA)
2,450,000
5.000
12/01/2029
2,554,844
City
of
Chicago
Board
of
Education
UT
GO
Refunding
Bonds
Series
2018C
(AGM)
(NR/AA)
15,000,000
5.000
12/01/2027
15,506,152
5,450,000
5.000
12/01/2029
5,683,224
4,365,000
5.000
12/01/2030
4,539,292
City
of
Chicago
Board
of
Education
UT
GO
Refunding
Bonds
Series
2018C
(NR/BB+)
6,495,000
5.000
12/01/2025
6,511,570
City
of
Chicago
Board
of
Education
UT
GO
Refunding
Bonds
Series
2022B
(NR/BB+)
3,000,000
4.000
12/01/2037
2,775,385
City
of
Chicago
Board
of
Education
UT
GO
Series
2015E
Project
Bonds
(NR/BB+)
1,300,000
5.125
12/01/2032
1,300,250
City
of
Chicago
GO
Bonds
Refunding
Series
2020A
(NR/BBB)
4,675,000
5.000
01/01/2026
4,706,271
670,000
5.000
01/01/2027
683,818
8,835,000
5.000
01/01/2028
9,128,781
940,000
5.000
01/01/2032
976,439
City
of
Chicago
GO
Bonds
Refunding
Series
2021A
(NR/BBB)
1,260,000
5.000
01/01/2027
1,285,985
City
of
Chicago
GO
Bonds
Refunding
Series
2021B
(NR/BBB)
301,000
4.000
01/01/2028
303,873
City
of
Chicago
GO
Bonds
Refunding
Series
2024B
(NR/BBB)
2,000,000
5.000
01/01/2041
1,982,034
City
of
Chicago
GO
Bonds
Series
2019A
(NR/BBB)
7,520,000
5.500
01/01/2049
7,456,949
City
of
Chicago
GO
Bonds
Series
2021A
(NR/BBB)
4,000,000
5.000
01/01/2033
4,159,698
City
of
Chicago
GO
Bonds
Series
2021B
(NR/BBB)
2,456,000
4.000
01/01/2038
2,228,057
5,330,000
4.000
01/01/2044
4,339,105
1,000,000
4.000
01/01/2049
771,143
City
of
Chicago
GO
Bonds
Series
2023A
(Baa3/BBB)
1,000,000
5.000
01/01/2029
1,043,065
1,950,000
4.000
01/01/2035
1,885,015
3,250,000
5.000
01/01/2035
3,356,668
1,560,000
5.500
01/01/2043
1,568,089
City
of
Chicago
GO
Bonds
Series
2024A
(NR/BBB)
15,500,000
5.250
01/01/2045
15,074,331
City
of
Chicago
GO
Refunding
Bonds
Series
2020
A
(NR/BBB)
2,670,000
5.000
01/01/2029
2,784,983
6,215,000
5.000
01/01/2030
6,528,099
City
of
Chicago
IL
Waterworks
Revenue
RB
Series
1999
(Baa1/A+)
1,560,000
5.000
11/01/2028
1,594,020
2,010,000
5.000
11/01/2029
2,051,268
1,000,000
5.000
11/01/2030
1,019,110
City
of
Chicago
Midway
Airport
RB
Refunding
for
Senior
Lien
Airport
Series
2023C
(AMT)
(NR/A)
2,760,000
5.000
01/01/2038
2,860,189
7,490,000
5.000
01/01/2039
7,692,412
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Illinois
–
(continued)
City
of
Chicago
Midway
Airport
Second
Lien
Revenue
Refunding
Bonds
Series
2016B
(NR/A)
$
8,000,000
5.000%
01/01/2041
$
8,010,428
City
of
Chicago
Midway
Airport
Senior
Lien
Airport
Refunding
RB
Series
2023C
(AMT)
(NR/A)
2,000,000
5.000
01/01/2028
2,076,006
City
of
Chicago
Multi-Family
Housing
RB
for
United
Yards
1A
Project
Series
2024
(Aa1/NR)
2,200,000
3.500
(a)(b)
08/01/2027
2,208,810
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
1,498,563
City
of
Chicago
O'Hare
International
Airport
General
Airport
Senior
Lien
RB
Series
2022A
(NR/A+)
2,250,000
4.500
01/01/2048
2,060,894
4,515,000
5.500
01/01/2055
4,603,814
City
of
Chicago
O'Hare
International
Airport
General
Airport
Senior
Lien
RB
Series
2024A
(AMT)
(NR/A+)
1,875,000
5.000
01/01/2036
1,975,813
2,500,000
5.000
01/01/2037
2,620,779
355,000
5.500
01/01/2053
365,037
City
of
Chicago
O'Hare
International
Airport
General
Airport
Senior
Lien
RB
Series
2024B
(NON-AMT)
(NR/A+)
850,000
5.000
01/01/2040
899,582
500,000
5.000
01/01/2041
524,223
City
of
Chicago
O'Hare
International
Airport
General
Airport
Senior
Lien
Refunding
RB
Series
2024D
(NON-AMT)
(NR/A+)
1,040,000
5.000
01/01/2040
1,106,500
1,550,000
5.000
01/01/2042
1,616,022
City
of
Chicago
O'Hare
International
Airport
General
Airport
Senior
Lien
Revenue
Amt
Series
2016G
(AMT)
(NR/A+)
4,880,000
5.000
01/01/2042
4,828,454
City
of
Chicago
O'Hare
International
Airport
General
Airport
Senior
Lien
Revenue
and
RR
Bonds
Series
2018A
(AMT)
(NR/A+)
5,660,000
5.000
01/01/2053
5,555,323
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
4,281,447
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
2,275,051
City
of
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
2,002,607
City
of
Chicago
Second
Lien
Wastewater
Transmission
RB
Refunding
Series
2024B
(BAM)
(NR/AA)
2,025,000
5.000
01/01/2031
2,222,432
City
of
Chicago
Second
Lien
Wastewater
Transmission
RB,
Refunding
Series
2023B
(AGM)
(NR/AA)
3,350,000
5.000
01/01/2035
3,628,572
1,300,000
5.000
01/01/2036
1,395,830
200,000
5.000
01/01/2037
213,035
1,660,000
5.000
01/01/2038
1,753,966
City
of
Springfield
Illinois
Senior
Lien
Electric
Revenue
Refunding
Bonds
Series
of
2024
(BAM)
(A3/AA)
19,000,000
5.000
03/01/2039
20,143,124
17,785,000
5.000
03/01/2040
18,669,727
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Illinois
–
(continued)
Cook
County
Community
School
District
No.
97
Oak
Park
GO
Bonds
Series
2020
(Aa2/NR)
$
145,000
4.000%
01/01/2030
$
148,458
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
10,947,851
Cook
County
Sales
Tax
RB
Series
2018
(NR/AA-)
3,500,000
4.000
11/15/2037
3,446,034
County
of
Cook
Sales
Tax
RB
Refunding
Series
2021
A
(NR/AA-)
3,750,000
4.000
11/15/2039
3,509,422
County
of
Will
Illinois
GO
Bonds
Series
2019
(Aa1/AA+)
1,500,000
4.000
11/15/2047
1,328,983
District
of
Greater
Chicago
Metropolitan
Water
Reclamation
GO
UT
Bonds
2016
Series
E
(NR/AA+)
7,520,000
5.000
12/01/2045
7,634,166
Eastern
Illinois
Economic
Development
Authority,
Illinois
Business
District
RB
Remington
Road
&
I-57
Business
District
Series
2023
(NR/NR)
500,000
5.000
11/01/2033
500,186
Forest
Preserve
District
of
Will
County
Illinois
GO
Limited
Tax
Bonds
Series
2024
(Aa1/NR)
1,500,000
5.000
12/15/2040
1,581,006
400,000
5.000
12/15/2041
417,320
1,100,000
5.000
12/15/2042
1,137,122
Illinois
Finance
Authority
Illinois
Finance
Authority
RB
Series
2025A-1
(NR/A+)
2,075,000
5.000
(a)(b)
08/15/2054
2,218,441
Illinois
Finance
Authority
Lease
RB
Provident
Group-Uic
Grenshaw
Parking
Properties
Llc–
University
of
Illinois
Chicago
Parking
Structure
Project
Series
2025A
(Aa2/NR)
2,585,000
5.250
10/01/2049
2,663,467
7,100,000
5.250
10/01/2054
7,182,841
Illinois
Finance
Authority
RB
for
Columbia
College
Chicago
Series
2019
(NR/BBB-)
1,320,000
5.000
12/01/2034
1,328,661
1,695,000
5.000
12/01/2039
1,609,060
Illinois
Finance
Authority
RB
for
Cook
County
School
District
No.
73
East
Prairie
Series
2018
(BAM)
(Aa3/AA)
2,325,000
4.000
12/01/2036
2,322,836
1,420,000
4.000
12/01/2037
1,390,529
4,230,000
4.000
12/01/2042
3,971,970
Illinois
Finance
Authority
RB
for
Cook
County
School
District
No.
95
Brookfield
Series
2018
(Aa2/NR)
500,000
4.000
12/01/2038
497,947
400,000
4.000
12/01/2040
378,416
1,085,000
4.000
12/01/2042
1,002,448
Illinois
Finance
Authority
RB
for
Depaul
College
Prep
Foundation
Series
2023A
(NR/BB+)
1,235,000
5.500
(c)
08/01/2043
1,270,522
Illinois
Finance
Authority
RB
for
Dominican
University
Series
2022
(NR/BBB-)
1,000,000
5.000
03/01/2040
932,135
685,000
5.000
03/01/2042
625,842
Illinois
Finance
Authority
RB
for
DuPage
County
Community
High
School
District
No.
99
Downers
Grove
Series
2020
A
(NR/AA+)
3,740,000
4.000
12/15/2033
3,767,689
1,700,000
4.000
12/15/2034
1,702,196
1,395,000
4.000
12/15/2035
1,387,876
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Illinois
–
(continued)
Illinois
Finance
Authority
RB
for
DuPage
County
Community
High
School
District
No.
99
Downers
Grove
Series
2020
A
(NR/AA+)
–
(continued)
$
2,750,000
3.000%
12/15/2036
$
2,508,638
2,000,000
3.000
12/15/2037
1,774,535
Illinois
Finance
Authority
RB
for
Mercy
Health
Corporation
Series
2016
(A2/NR)
15,205,000
5.000
12/01/2046
15,206,720
Illinois
Finance
Authority
RB
for
Northwestern
Memorial
Healthcare
Obligation
Group
Series
2017
A
(Aa2/AA+)
24,305,000
4.000
07/15/2047
21,173,325
Illinois
Finance
Authority
RB
for
Plymouth
Place
Series
2022A
(NR/NR)
685,000
5.500
05/15/2026
688,216
725,000
5.500
05/15/2027
734,186
765,000
5.500
05/15/2028
780,574
Illinois
Finance
Authority
RB
for
Roosevelt
University
Series
2019
A
(NR/NR)
9,600,000
6.125
(c)
04/01/2049
9,186,680
Illinois
Finance
Authority
RB
Illinois
Institute
of
Technology
Series
2025
RB
Series
2025A
(NR/BB+)
3,550,000
5.875
(c)
09/01/2046
3,442,724
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
982,025
Illinois
Finance
Authority
RB
Refunding
for
Christian
Homes,
Inc.
Obligated
Group
Series
2021
B
(NR/NR)
641,431
3.250
*
05/15/2027
186,015
Illinois
Finance
Authority
RB
Refunding
for
Edward
Elmhurst
Healthcare
Obligation
Group
Series
2018
A
(NR/AA-)
4,000,000
4.250
(d)
01/01/2028
4,166,391
Illinois
Finance
Authority
RB
Refunding
for
Franciscan
Communities
Project
Series
2017
A
(NR/NR)
590,000
4.000
05/15/2027
587,129
Illinois
Finance
Authority
RB
Refunding
for
Illinois
Institute
of
Technology
Series
2019
(Ba2/NR)
750,000
5.000
09/01/2026
754,343
500,000
5.000
09/01/2027
505,724
500,000
5.000
09/01/2028
507,005
1,600,000
5.000
09/01/2030
1,617,067
1,000,000
5.000
09/01/2031
1,007,297
1,000,000
5.000
09/01/2032
1,003,588
1,035,000
5.000
09/01/2033
1,032,985
1,150,000
5.000
09/01/2034
1,136,250
Illinois
Finance
Authority
RB
Refunding
for
Illinois
Wesleyan
University
Series
2016
(Baa3/A-)
900,000
4.000
09/01/2041
794,833
4,100,000
5.000
09/01/2046
3,956,475
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
579,121
Illinois
Finance
Authority
RB
Refunding
for
Plymouth
Place
Obligated
Group
Series
2021
A
(NR/NR)
375,000
5.000
05/15/2041
348,518
Illinois
Finance
Authority
RB
Refunding
for
University
of
Chicago
Series
2018
A
(Aa2/AA-)
3,025,000
5.000
10/01/2041
3,054,005
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Illinois
–
(continued)
Illinois
Finance
Authority
RB
Series
2021
(NR/BB+)
$
375,000
4.000%
(c)
10/01/2042
$
311,533
Illinois
Finance
Authority
RB
The
University
of
Chicago
Series
2024A
(Aa2/AA-)
625,000
5.250
04/01/2041
661,024
735,000
5.250
04/01/2042
770,950
900,000
5.250
04/01/2043
938,934
1,300,000
5.250
04/01/2044
1,352,330
1,600,000
5.250
04/01/2045
1,657,602
Illinois
Finance
Authority
RB,
Columbia
College
Chicago,
Series
2019
(NR/BBB-)
1,000,000
5.000
12/01/2049
877,618
Illinois
Finance
Authority
Revenue
Project
and
Refunding
Bonds
Series
2025A
(NR/BB)
1,000,000
6.000
(c)
10/01/2045
992,968
Illinois
Finance
Authority
Revenue
Refunding
Bonds
Bradley
University
Project
Series
2024
(NR/BBB+)
775,000
5.000
08/01/2029
805,588
225,000
5.000
08/01/2030
234,605
Illinois
Finance
Authority
Revenue
Refunding
Bonds
Noble
Network
of
Charter
Schools
Series
2025A
(NR/BBB)
735,000
5.000
09/01/2034
771,094
770,000
5.000
09/01/2035
802,356
1,215,000
5.000
09/01/2036
1,257,657
1,065,000
5.000
09/01/2037
1,096,116
1,345,000
5.000
09/01/2038
1,376,055
Illinois
Finance
Authority
Surface
Freight
Transfer
Faciliites
RB
Centerpoint
Joliet
Terminal
Railroad
Project
Series
2010
(NR/BBB+)
5,000,000
4.800
(a)(b)(c)(h)
12/01/2043
5,061,774
Illinois
Finance
Authority
Tax-Exempt
Surface
Freight
Transfer
Facilities
RB
for
Centerpoint
Joliet
Terminal
Railroad
Project
Series
2020
(NR/BBB+)
6,000,000
4.125
(a)(b)(c)
12/01/2050
5,809,132
Illinois
Housing
Development
Authority
RB
2024
Series
C
(NON-AMT)
(GNMA/FNMA/FHLMC)
(Aaa/NR)
3,765,000
4.250
10/01/2039
3,729,726
3,000,000
4.700
10/01/2044
2,929,951
Illinois
Housing
Development
Authority
RB
2025
Series
A
(NON-AMT)
(GNMA/FNMA/FHLMC)
(Aaa/NR)
9,500,000
4.750
10/01/2045
9,335,424
Illinois
Housing
Development
Authority
RB
Social
Bonds
2024
Series
I
(NON-AMT)
(GNMA/FNMA/FHLMC)
(Aaa/NR)
6,545,000
4.450
10/01/2044
6,268,376
Illinois
Sales
Tax
Securitization
Corp.
RB
Refunding
Second
Lien
Series
2020
A
(NR/A+)
1,230,000
5.000
01/01/2036
1,286,865
5,290,000
4.000
01/01/2038
5,049,488
Illinois
Sales
Tax
Securitization
Corp.
RB
Refunding
Series
2018
C
(NR/A+)
5,985,000
5.000
01/01/2027
6,146,160
9,605,000
5.000
01/01/2028
10,052,065
11,610,000
5.000
01/01/2029
12,337,421
Illinois
Sport
Facilities
Authority
Sport
Facilities
Refunding
Bonds
Series
2021
(NR/BBB+)
1,500,000
5.000
06/15/2030
1,570,103
Illinois
Sports
Facilities
Authority
Refunding
Bonds
Series
2014
(AGM)
(NR/AA)
4,160,000
5.000
06/15/2027
4,168,583
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Illinois
–
(continued)
Illinois
Sports
Facilities
Authority
Sports
Facilities
Refunding
Bonds
Series
2021
(NR/BBB+)
$
480,000
5.000%
06/15/2032
$
502,397
Illinois
State
GO
Bonds
Series
2017
A
(A3/A-)
375,000
4.500
12/01/2041
357,221
Illinois
State
GO
Bonds
Series
2017
D
(A3/A-)
2,000,000
5.000
11/01/2025
2,011,986
13,250,000
5.000
11/01/2026
13,574,393
25,670,000
5.000
11/01/2028
26,586,411
Illinois
State
GO
Bonds
Series
2018
A
(A3/A-)
16,380,000
5.000
05/01/2031
17,012,345
1,760,000
5.000
05/01/2042
1,768,212
1,760,000
5.000
05/01/2043
1,763,313
Illinois
State
GO
Bonds
Series
2019
C
(A3/A-)
3,980,000
4.000
11/01/2042
3,455,610
Illinois
State
GO
Bonds
Series
2020
(A3/A-)
1,525,000
5.500
05/01/2039
1,597,402
4,240,000
5.750
05/01/2045
4,401,178
Illinois
State
GO
Refunding
Bonds
Series
2016
(AGM)
(A1/AA)
1,185,000
4.000
02/01/2031
1,187,804
Illinois
State
GO
Refunding
Bonds
Series
2018
B
(A3/A-)
2,340,000
5.000
10/01/2031
2,440,047
Illinois
State
Taxable
Pension
Funding
GO
Bonds
Series
2003
(A3/A-)
10,618,922
5.100
06/01/2033
10,650,616
Metropolitan
Pier
&
Exposition
Auth
Ill
Dedicated
St
Tax
Rev
Bds
Mc
Cormick
Place
Expansion
2002
A
(AGM-CR
NATL)
(A1/AA)
10,360,000
0.000
(f)
12/15/2040
5,011,301
Metropolitan
Pier
&
Exposition
Auth
Ill
Dedicated
St
Tax
Rev
Bonds
McCormick
Place
Expansion
2002
A
(NATL)
(Baa2/A)
1,670,000
0.000
(f)
12/15/2029
1,423,692
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
1,386,940
1,860,000
0.000
(f)
06/15/2038
1,024,496
Metropolitan
Pier
&
Exposition
Authority
Mccormick
Place
Expansion
Project
Refunding
Bonds
Series
2024A
(NR/A)
4,050,000
5.000
06/15/2029
4,200,826
Metropolitan
Pier
&
Exposition
Authority
Mccormick
Place
Expansion
Project
Refunding
Bonds
Series
2024B
(NR/A)
8,310,000
4.000
12/15/2026
8,410,612
1,725,000
4.000
12/15/2027
1,758,049
Metropolitan
Pier
&
Exposition
Authority
RB
Capital
Appreciation
for
McCormick
Place
Expansion
Series
2002
A
(NATL)
(Baa2/A)
6,920,000
0.000
(f)
12/15/2032
5,171,308
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
1,072,796
2,190,000
0.000
(f)
06/15/2033
1,595,833
Metropolitan
Pier
&
Exposition
Authority
RB
Refunding
Capital
Appreciation
for
McCormick
Place
Expansion
Project
Series
2010
B1
(AGM)
(A1/AA)
290,000
0.000
(f)
06/15/2044
110,818
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Illinois
–
(continued)
Metropolitan
Pier
&
Exposition
Authority
RB
Refunding
for
McCormick
Place
Expansion
Project
Series
2017
A
(NR/A)
$
2,000,000
0.000%
(f)
12/15/2056
$
355,218
Metropolitan
Pier
&
Exposition
Authority
RB
Refunding
for
McCormick
Place
Expansion
Project
Series
2017
B
(AGM)
(A1/AA)
18,150,000
0.000
(f)
12/15/2056
3,437,686
Metropolitan
Pier
&
Exposition
Authority
RB
Refunding
for
McCormick
Place
Expansion
Project
Series
2017
B
(NR/A)
2,000,000
5.000
12/15/2028
2,075,959
300,000
5.000
12/15/2032
309,142
600,000
5.000
12/15/2033
617,458
500,000
5.000
12/15/2034
513,135
1,260,000
0.000
(g)
12/15/2037
958,492
3,500,000
0.000
(g)
12/15/2042
2,470,676
3,850,000
0.000
(g)
12/15/2047
2,642,415
Metropolitan
Pier
and
Exposition
Authority
McCormick
Place
Expansion
Project
RB,
Series
2010B1
(AG)
(A1/AA)
2,710,000
0.000
(f)
06/15/2045
978,897
Metropolitan
Pier
and
Exposition
Authority
McCormick
Place
Expansion
Project
Refunding
Bonds
Series
2022A
(NR/A)
5,355,000
4.000
06/15/2052
4,351,595
Regional
Transportation
Authority
Illinois
GO
Bonds
Series
2016
A
(Aa3/AA)
2,730,000
4.000
06/01/2046
2,352,091
Regional
Transportation
Authority
Illinois
GO
Refunding
Bonds
Series
2017
A
(NR/AA)
425,000
5.000
07/01/2029
439,969
Sales
Tax
Securitization
Corp
Bonds
Series
2018C
(NR/A+)
2,705,000
5.000
01/01/2026
2,726,474
Sales
Tax
Securitization
Corp.
Second
Lien
Sales
Tax
Securitization
Bonds
Series
2020A
(NR/A+)
3,535,000
5.000
01/01/2026
3,563,064
4,000,000
5.000
01/01/2027
4,107,709
11,000,000
5.000
01/01/2028
11,511,995
4,280,000
5.000
01/01/2029
4,548,162
Sales
Tax
Securitization
Corp.
Second
Lien
Sales
Tax
Securitization
Bonds
Series
2021A
(NR/A+)
2,000,000
5.000
01/01/2026
2,015,878
7,500,000
5.000
01/01/2029
7,969,910
Sales
Tax
Securitization
Corporation
Second
Lien
Sales
Tax
Securitization
Bonds,
Refunding
Series
2023C
(Forward
Delivery)
(NR/A+)
1,000,000
5.000
01/01/2035
1,086,279
Sales
Tax
Securitization
Corporation
Second
Lien
Sales
Tax
Securitization
Bonds,
Refunding
Series
2023C
Forward
Delivery
(NR/A+)
100,000
5.000
01/01/2036
107,557
School
District
Number
135
Cook
County
Illinois
Orland
Park
GO
Limited
Tax
School
Bonds
Series
2025
(NR/AA+)
1,625,000
5.000
12/01/2027
1,709,850
1,125,000
5.000
12/01/2028
1,204,983
1,175,000
5.000
12/01/2029
1,277,742
South
Sangamon
Water
Commission
GO
Refunding
Bonds
for
Alternative
Revenue
Source
Series
2020
(AGM)
(A3/AA)
125,000
4.000
01/01/2032
126,654
325,000
4.000
01/01/2033
327,826
475,000
4.000
01/01/2034
476,594
420,000
4.000
01/01/2035
418,297
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Illinois
–
(continued)
South
Sangamon
Water
Commission
GO
Refunding
Bonds
for
Alternative
Revenue
Source
Series
2020
(AGM)
(A3/AA)
–
(continued)
$
470,000
4.000%
01/01/2037
$
460,465
Southwestern
Ill
Dev
Authority
Local
Govt
Revenue
Bonds
Edwardsville
Cusd
#7
2007
(AGM)
(NR/AA)
6,055,000
0.000
(f)
12/01/2025
5,970,706
State
of
Illinois
Build
Illinois
Bonds
Sales
Tax
RB
Junior
Obligation
Series
C
of
March
2025
(NR/A)
5,000,000
5.000
06/15/2043
5,102,181
State
of
Illinois
GO
Bonds
Series
2016
(A3/A-)
1,115,000
3.500
06/01/2031
1,085,808
State
of
Illinois
GO
Bonds
Series
2017
A
(A3/A-)
1,455,000
4.250
12/01/2040
1,353,052
State
of
Illinois
GO
Bonds
Series
2017
D
(A3/A-)
925,000
3.250
11/01/2026
923,561
State
of
Illinois
GO
Bonds
Series
2017C
(A3/A-)
12,830,000
5.000
11/01/2029
13,262,910
State
of
Illinois
GO
Bonds
Series
2017D
(A3/A-)
10,000,000
5.000
11/01/2027
10,445,675
State
of
Illinois
GO
Bonds
Series
2019B
(A3/A-)
2,000,000
4.000
11/01/2034
1,975,108
State
of
Illinois
GO
Bonds
Series
2020
(A3/A-)
3,000,000
5.500
05/01/2030
3,174,581
State
of
Illinois
GO
Bonds
Series
2021A
(A3/A-)
4,195,000
4.000
03/01/2041
3,739,973
State
of
Illinois
GO
Bonds
Series
2022A
(A3/A-)
875,000
5.500
03/01/2047
893,110
State
of
Illinois
GO
Bonds
Series
2023B
(A3/A-)
3,000,000
5.500
05/01/2047
3,062,207
State
of
Illinois
GO
Bonds
Series
of
December
2023C
(A3/A-)
3,610,000
5.000
12/01/2045
3,608,012
State
of
Illinois
GO
Bonds
Series
of
May
2024B
(A3/A-)
3,350,000
5.000
05/01/2038
3,512,025
7,080,000
5.000
05/01/2039
7,347,083
2,805,000
5.000
05/01/2041
2,860,452
State
of
Illinois
GO
Bonds,
Series
of
May
2023B
(A3/A-)
1,760,000
5.250
05/01/2038
1,855,393
2,195,000
5.250
05/01/2039
2,300,333
2,700,000
5.250
05/01/2040
2,808,529
State
of
Illinois
GO
Refunding
Bonds
Series
2018A
(A3/A-)
500,000
5.000
10/01/2028
525,395
State
of
Illinois
GO
Unlimited
Bonds
Series
2017
A
(A3/A-)
1,500,000
4.000
12/01/2033
1,480,995
10,700,000
4.250
12/01/2037
10,290,593
State
of
Illinois
GO
Unlimited
Refunding
Bonds
Series
2018
B
(A3/A-)
5,100,000
5.000
10/01/2027
5,298,936
State
of
Illinois
Illinois
Build
Illinois
Bonds
Sales
Tax
RB
Junior
Obligation
Series
C
of
February
2024
(NR/A)
11,365,000
5.000
06/15/2043
11,562,196
State
of
Illinois
RB
Refunding
Series
2016
C
(BAM-TCRS)
(NR/AA)
5,580,000
4.000
06/15/2028
5,604,743
Transportation
Infrastructure
Properties
LLC
Trips
Obligated
Group
City
of  Chicago
Chicago
O'Hare
International
Airport
Senior
Special
Facilities
RB
Trips
Obligated
Group,
Series
2025
(NR/BBB+)
1,460,000
5.500
07/01/2036
1,593,542
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Illinois
–
(continued)
Transportation
Infrastructure
Properties
LLC
Trips
Obligated
Group
City
of  Chicago
Chicago
O’Hare
International
Airport
Senior
Special
Facilities
RB
Trips
Obligated
Group,
Series
2025
(NR/BBB+)
–
(continued)
$
1,540,000
5.500%
07/01/2037
$
1,669,978
1,625,000
5.500
07/01/2038
1,747,299
1,300,000
5.500
07/01/2039
1,391,236
1,000,000
5.500
07/01/2040
1,063,607
Upper
Illinois
River
Valley
Development
Authority
Educational
Facility
RB
for
Elgin
Math
&
Science
Academy
Charter
School
Project
Series
2023A
(Ba3/NR)
2,200,000
5.625
(c)
03/01/2043
2,152,402
Upper
Illinois
River
Valley
Development
Authority
RB
Refunding
for
Prairie
Crossing
Charter
School
Series
2020
(NR/NR)
160,000
4.000
(c)
01/01/2031
155,071
715,000
5.000
(c)
01/01/2045
648,000
Village
of
Hillside
Illinois
Tax
Increment
RB
Refunding
Series
2018
(NR/NR)
2,300,000
5.000
01/01/2030
2,314,358
Village
of
Morton
Grove
Tax
Increment
Senior
Lien
RB
for
Sawmill
Station
Redevelopment
Project
Series
2019
(NR/NR)
1,000,000
4.250
01/01/2029
987,221
Village
of
Romeoville
GO
Refunding
Bonds
Series
2019
(Aa2/NR)
3,055,000
5.000
12/30/2027
3,225,612
3,235,000
5.000
12/30/2028
3,479,743
Village
of
Romeoville
RB
Refunding
for
Lewis
University
Series
2018
B
(NR/BBB)
210,000
4.125
10/01/2041
176,956
1,420,000
4.125
10/01/2046
1,133,769
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
648,579
1,015,907,691
Indiana
-
0.6%
Brownsburg
1999
School
Building
Corporation
AD
Valorem
Property
Tax
First
Mortgage
Bonds,
Series
2024B
(ST
INTERCEPT)
(NR/AA+)
2,210,000
5.000
07/15/2040
2,332,159
1,850,000
5.000
07/15/2042
1,920,208
Brownsburg
1999
School
Building
Corporation
Brownsburg,
Indiana
Ad
Valorem
Property
Tax
First
Mortgage
Bonds,
Series
2024B
(ST
INTERCEPT)
(NR/AA+)
1,900,000
5.000
07/15/2041
1,988,252
City
of
Mishawaka
RB
for
Sewerage
Works
Series
2018
(AGM)
(NR/AA)
1,845,000
2.000
09/01/2038
1,411,627
City
of
Valparaiso
Indiana
Exempt
Facilities
Refunding
RB
Pratt
Paper
LIC
Project
Series
2024
(NR/NR)
2,550,000
4.875
(c)
01/01/2044
2,450,808
Indiana
Finance
Authority
CHF
-
Tippecanoe,
LLC
-
Student
Housing
Project
Student
Housing
RB
Series
2023A
(NR/BBB-)
1,550,000
5.125
06/01/2058
1,498,389
Indiana
Finance
Authority
Educational
Facilities
RB
for
Marian
University,
Inc.
Series
2019
A
(NR/BBB)
540,000
5.000
09/15/2034
548,647
680,000
5.000
09/15/2039
665,018
445,000
4.000
09/15/2044
357,219
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Indiana
–
(continued)
Indiana
Finance
Authority
Environmental
Improvement
Revenue
Refunding
Bonds
Series
2021A
(B1/BB-)
$
2,165,000
4.125%
12/01/2026
$
2,171,812
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
1,388,263
1,000,000
5.000
10/01/2036
1,101,129
1,000,000
5.000
10/01/2037
1,090,661
75,000
5.000
10/01/2038
80,970
Indiana
Finance
Authority
First
Lien
Wastewater
Utility
RB
Refunding
for
CWA
Authority
Project
Series
2024A
forward
Delivery
(Aa3/AA)
1,000,000
5.000
10/01/2040
1,063,365
1,500,000
5.000
10/01/2041
1,581,436
1,700,000
5.000
10/01/2043
1,760,597
1,600,000
5.000
10/01/2044
1,651,085
1,250,000
5.000
10/01/2045
1,286,251
Indiana
Finance
Authority
Health
Facility
RB
Series
2024
(A3/A-)
800,000
5.000
03/01/2039
828,346
925,000
5.000
03/01/2040
948,837
600,000
5.000
03/01/2041
608,870
4,000,000
4.250
03/01/2049
3,333,213
Indiana
Finance
Authority
Health
System
RB
Series
2025
Indiana
University
Health
Series
202D-1
(Aa2/AA)
6,500,000
5.000
(a)(b)(h)
10/01/2064
6,933,190
Indiana
Finance
Authority
RB
for
BHI
Senior
Living
Series
2016A
(NR/NR)
1,675,000
5.250
11/15/2046
1,644,880
Indiana
Finance
Authority
RB
for
Goshen
Health
Obligated
Group
Series
2019
B
(NR/BBB+)
2,300,000
2.100
(a)(b)
11/01/2049
2,247,901
Indiana
Finance
Authority
RB
for
KIPP
Indianapolis,
Inc.
Series
2020
A
(Ba1/NR)
185,000
4.000
07/01/2030
180,962
300,000
5.000
07/01/2040
288,217
Indiana
Finance
Authority
RB
Ohio
Valley
Electric
Corp.
Series
2012
B
(Baa3/NR)
2,110,000
3.000
11/01/2030
2,051,072
Indiana
Finance
Authority
RB
Ohio
Valley
Electric
Corp.
Series
2012
C
(Baa3/NR)
2,350,000
3.000
11/01/2030
2,284,369
Indiana
Finance
Authority
RB
Refunding
for
BHI
Senior
Living
Obligated
Group
Series
2021
B
(NR/NR)
360,000
2.450
11/15/2025
356,587
465,000
2.520
11/15/2026
449,652
610,000
2.920
11/15/2027
581,978
850,000
3.210
11/15/2028
801,576
880,000
3.260
11/15/2029
814,350
670,000
3.300
11/15/2030
606,688
Indiana
Finance
Authority
Student
Housing
RB
Prg
Uindy
Properties
Llc
Series
2025
(NR/BB)
850,000
5.250
07/01/2045
790,229
Indiana
Housing
&
Community
Development
Authority
Multifamily
Housing
RB
Sunrise
Crossing
Series
2024
(Aa1/NR)
3,085,000
3.300
(a)(b)
01/01/2045
3,086,321
South
Bend
Redevelopment
Authority
Lease
Rental
RB
of
2024
(NR/AA)
2,850,000
4.000
08/01/2039
2,666,806
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Indiana
–
(continued)
South
Bend
Redevelopment
Authority
Lease
Rental
RB
of
2024
(NR/AA)
–
(continued)
$
2,855,000
4.000%
08/01/2040
$
2,635,853
3,080,000
4.000
08/01/2041
2,764,084
3,210,000
4.000
08/01/2042
2,830,808
1,400,000
4.250
08/01/2043
1,263,088
Town
of
Upland
Economic
Development
RB
for
Taylor
University
Project
Series
2021
(NR/A)
1,300,000
4.000
09/01/2033
1,309,209
68,654,982
Iowa
-
0.7%
City
of
Coralville
GO
Annual
Appropriation
Refunding
Bonds
Series
2022C
(NR/NR)
11,195,000
5.000
05/01/2042
10,484,440
City
of
Davenport
GO
Corporate
Bonds
Series
2019
IA
(Aa2/AA)
1,060,000
4.000
06/01/2031
1,077,662
City
of
Waterloo
Black
Hawk
County
Iowa
GO
Capital
Loan
Notes
Series
2024D
(Aa2/NR)
3,650,000
4.500
06/01/2027
3,699,863
Iowa
Finance
Authority
Midwestern
Disaster
Area
Revenue
Refunding
Bonds
for
Iowa
Fertilizer
Company
Project
Series
2022
(#Aa1/AA+)
12,550,000
5.000
(a)(b)(d)
12/01/2032
14,219,596
Iowa
Finance
Authority
Midwestern
Disaster
Area
Revenue
Refunding
Bonds
Series
2022
(#Aa1/AA+)
8,800,000
4.000
(a)(b)(d)
12/01/2032
9,389,191
4,700,000
5.000
(d)
12/01/2032
5,325,267
Iowa
Finance
Authority
RB
for
Lifespace
Communities,
Inc.
Obligated
Group
Series
2019
A-1
(NR/NR)
1,700,000
4.000
05/15/2055
1,308,320
Iowa
Finance
Authority
RB
for
Lifespace
Communities,
Inc.
Series
2016A
(NR/NR)
3,825,000
5.000
05/15/2047
3,587,742
Iowa
Finance
Authority
RB
for
Lifespace
Communities,
Inc.
Series
2018A
(NR/NR)
7,175,000
5.000
05/15/2043
6,938,063
5,400,000
5.000
05/15/2048
5,040,428
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
5,513,444
Iowa
Higher
Education
Loan
Authority
Private
College
Facility
RB
Series
2022
(Baa1/BBB+)
925,000
5.375
10/01/2052
933,394
Iowa
Higher
Education
Loan
Authority
Private
College
Facility
RB
University
of
Dubuque
Project
Series
2025
(NR/BBB-)
3,350,000
5.250
10/01/2040
3,403,458
1,250,000
5.000
10/01/2045
1,175,386
72,096,254
Kansas
-
0.1%
City
of
Manhattan
RB
Refunding
for
Meadowlark
Hills
Retirement
Community
Obligated
Group
Series
2021
A
(NR/NR)
825,000
4.000
06/01/2036
750,422
City
of
Topeka
Health
Care
Facilities
RB
for
Brewster
Place
Series
2022A
(NR/NR)
1,750,000
6.500
12/01/2052
1,759,475
City
of
Wichita
Health
Care
Facilities
RB
Presbyterian
Manors,
Inc.
Series
III,
2019
(NR/NR)
1,110,000
5.000
05/15/2026
1,109,224
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Kansas
–
(continued)
Kansas
Development
Finance
Authority
Multifamily
Housing
RB
Terrace
Pointe
Series
2024K-2
(Aa1/NR)
$
835,000
5.000%
(a)(b)
09/01/2028
$
868,890
Salina
Airport
Authority
GO
Bonds
2023B
(AGM-CR)
(Aa3/AA)
3,565,000
4.000
09/01/2036
3,501,274
7,989,285
Kentucky
-
1.5%
City
of
Henderson
Exempt
Facilities
RB
for
Pratt
Paper,
LLC
Project
Series
2022A
(NR/NR)
1,925,000
4.450
(c)
01/01/2042
1,781,295
City
of
Henderson
Exempt
Facilities
RB
for
Pratt
Paper,
LLC
Project
Series
2022B
(NR/NR)
1,740,000
3.700
(c)
01/01/2032
1,707,459
City
of
Henderson,
Kentucky
Exempt
Facilities
RB
Pratt
Paper
KY,
LLC
Project
Series
2022A
(NR/NR)
525,000
4.700
(c)
01/01/2052
477,638
County
of
Carroll
RB
Refunding
for
Kentucky
Utilities
Co.
Series
2006
B
(A1/A)
4,525,000
2.125
10/01/2034
3,605,262
County
of
Carroll
RB
Refunding
for
Kentucky
Utilities
Co.
Series
2008
A
(A1/A)
6,100,000
2.000
02/01/2032
5,208,013
County
of
Owen
Water
Facilities
Refunding
RB
Series
2020
(NON-AMT)
(Baa1/A)
(PUTABLE)
1,000,000
3.875
(a)(b)
06/01/2040
985,008
Fayette
County
School
District
Finance
Corp.
School
Building
RB
Series
2023A
(ST
INTERCEPT)
(Aa3/AA-)
4,145,000
4.000
03/01/2045
3,688,178
4,400,000
4.000
03/01/2048
3,862,140
Kenton
County
KY
School
District
Financial
Coporation
School
Building
RB
2016
B
(BAM-TCRS
ST
INTERCEPT)
(Aa3/AA)
1,000,000
3.000
04/01/2030
990,514
Kentucky
Bond
Development
Corp.
RB
Refunding
for
Transylvania
University
Series
2021
A
(NR/A-)
280,000
4.000
03/01/2046
233,433
330,000
4.000
03/01/2049
267,594
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
3,064,239
400,000
4.000
06/01/2045
357,608
Kentucky
Economic
Development
Finance
Authority
RB
Series
2019A-2
(A3/A-)
1,675,000
5.000
08/01/2044
1,667,804
Kentucky
Interlocal
School
Transportation
Association
Kista
Equipment
Lease
Certificates
of
Participation
Series
of
2024
(ST
INTERCEPT)
(Aa3/NR)
1,060,000
4.000
03/01/2026
1,066,253
995,000
4.000
03/01/2027
1,012,708
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
1,970,257
Louisville
&
Jefferson
County
Metropolitan
Government
RB
Refunding
for
Louisville
Gas
&
Electric
Co.
Series
2003
A
(A1/A)
17,250,000
2.000
10/01/2033
14,331,160
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Kentucky
–
(continued)
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
$
9,530,389
Louisville
Jefferson
County
Metro
Government
Health
System
RB
for
Norton
Healthcare
Series
2023A
(NR/A)
3,600,000
5.000
10/01/2040
3,717,296
2,455,000
5.000
10/01/2041
2,511,279
830,000
5.000
10/01/2042
840,442
Louisville
Jefferson
County
Metro
Government
Health
System
RB
Series
2016A
(Norton
Healthcare,
Inc.)
(NR/A)
2,125,000
5.000
10/01/2033
2,151,199
Public
Energy
Authority
of
Kentucky
Gas
Supply
RB
Series
2020A
(A1/NR)
43,095,000
4.000
(a)(b)
12/01/2050
43,271,353
Public
Energy
Authority
of
Kentucky
Gas
Supply
RB
Series
2022
A-1
(A1/NR)
17,730,000
4.000
(a)(b)
08/01/2052
17,654,094
Public
Energy
Authority
of
Kentucky
Gas
Supply
Revenue
Refunding
Bonds
2025
Series
A
(A1/NR)
25,000,000
5.250
(a)(b)
06/01/2055
26,428,890
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
6,143,269
University
of
Kentucky
General
Receipts
Refunding
Bonds
Series
2015
A
(ST
INTERCEPT)
(Aa2/AA+)
1,760,000
4.000
04/01/2026
1,760,058
160,284,832
Louisiana
-
1.7%
Board
of
Commissioners
of
The
Port
of
New
Orleans
Louisiana
Port
Facility
RB
Series
2025A
(NON-AMT)
(A2/A)
4,325,000
5.250
04/01/2055
4,387,222
Board
of
Commissioners
of
The
Port
of
New
Orleans,
Louisiana
Port
Facility  RB,
Series
2025B
(AMT)
(AG)
(A1/AA)
1,780,000
5.500
04/01/2051
1,838,405
Calcasieu
Parish
Memorial
Hospital
Service
District
RB
for
Southwest
Louisiana
Healthcare
System
Obligated
Group
Series
2019
(NR/BB)
4,155,000
5.000
12/01/2025
4,165,345
3,555,000
5.000
12/01/2027
3,609,593
1,600,000
5.000
12/01/2028
1,633,989
City
of
New
Orleans
Sewerage
Service
RB
Series
2020
B
(AGM)
(NR/AA)
310,000
4.000
06/01/2036
311,770
285,000
4.000
06/01/2037
284,867
310,000
4.000
06/01/2038
304,956
400,000
4.000
06/01/2039
389,228
Department
of
Water
and
Power
of
The
City
of
Los
Angeles
Power
System
Variable
Rate
Demand
RB
2021
Subseries
A-2
(A2/A)
4,820,000
4.000
10/01/2041
4,319,549
Greater
New
Orleans
Expressway
Commission
Toll
Revenue
Subordinate
Lien
Bonds
Series
2017
(AGM)
(NR/AA)
1,250,000
5.000
11/01/2042
1,254,298
Juban
Crossing
Economic
Development
District
Revenue
and
Refunding
Bonds
for
General
Infrastructure
Projects
Series
2024C
(NR/A-)
1,700,000
5.000
09/15/2038
1,780,535
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Louisiana
–
(continued)
Lakeshore
Villages
Master
Community
Development
District
Parish
of
St.
Tammany
Louisiana
Special
Assessment
RB
Series
2025
(NR/NR)
$
100,000
5.000%
06/01/2033
$
101,824
Lakeshore
Villages
Master
Community
Development
District
Special
Assessment
Series
2019
(NR/NR)
2,155,000
3.750
06/01/2030
2,080,690
5,070,000
4.375
06/01/2048
4,147,482
Lakeshore
Villages
Master
Community
Development
District
Special
Assessment
Series
2021
(NR/NR)
125,000
2.375
06/01/2026
122,675
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
1,978,583
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
RB
for
Downsville
Community
Charter
School
Project
Series
2023
(NR/NR)
1,610,000
6.500
(c)
06/15/2038
1,632,532
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
RB
Refunding
for
City
of
Shreveport
Series
2008
(NR/BBB+)
16,840,000
5.000
(c)
04/01/2035
17,046,255
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
Revenue
and
Refunding
RB
for
Christwood
Project
Series
2024
(NR/NR)
1,725,000
5.000
(c)
11/15/2037
1,711,703
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
17,568,859
Louisiana
Offshore
Terminal
Authority
Deepwater
Port
RB
for
Loop
LLC
Project
Series
2007A
(A3/NR)
7,110,000
4.150
09/01/2027
7,179,959
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
6,372,394
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
7,958,167
Louisiana
Public
Facilities
Authority
Hospital
RB
Louisiana
Children
Medicine
Ctr
2023A
(NR/A)
6,770,000
5.250
(a)(b)
12/01/2052
7,253,699
Louisiana
Public
Facilities
Authority
RB
for
Geo
Academies
Mid-
City
Project
Series
2022
(NR/NR)
315,000
5.625
(c)
06/01/2037
317,533
Louisiana
Public
Facilities
Authority
RB
for
Jefferson
Rise
Charter
School
Project
Series
2022A
(NR/NR)
400,000
6.000
(c)
06/01/2037
401,098
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
2,400,077
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
1,044,049
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Louisiana
–
(continued)
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
$
803,629
Louisiana
Public
Facilities
Authority
RB
Refunding
for
Loyola
University
New
Orleans
Series
2021
(Baa1/BBB)
1,625,000
4.000
10/01/2036
1,535,360
1,000,000
4.000
10/01/2037
931,390
Louisiana
Public
Facilities
Authority
RB
Refunding
for
Ochsner
Clinic
Foundation
Project
Series
2017
(A3/A)
3,695,000
4.000
05/15/2042
3,371,723
600,000
5.000
05/15/2046
585,070
Louisiana
Public
Facilities
Authority
RB
Series
2021A
(NR/NR)
870,000
4.000
(c)
06/01/2031
825,357
1,235,000
4.000
(c)
06/01/2041
984,024
Louisiana
Public
Facilities
Authority
RB
Series
2021C
(NR/NR)
480,000
4.000
(c)
06/01/2031
455,370
1,225,000
4.000
(c)
06/01/2041
976,055
Louisiana
Public
Facilities
Authority
Revenue
and
Refunding
RB
Ochsner
Clinic
Foundation
Project
Series
2025B
(A3/A)
10,000,000
5.000
05/15/2030
10,734,036
Louisiana
Public
Facilities
Authority
Revenue
Refunding
Bonds
for
Ochsner
Clinic
Foundation
Project
Series
2017
(A3/A)
5,000,000
5.000
05/15/2042
4,968,825
Louisiana
Public
Facilities
Authority
Senior
Lien
RB
for
I-10
Calcasieu
River
Bridge
Public-Private
Partnership
Project
Series
2024
(AMT)
(Baa3/NR)
27,865,000
5.500
09/01/2054
28,365,350
Louisiana
Public
Facilities
Authority
Senior
Lien
RB
I-10
Calcasieu
River
Bridge
Public-Private
Partnership
Project
Series
2024
(AMT)
(Baa3/NR)
11,400,000
5.500
09/01/2059
11,570,710
Louisiana
Stadium
and
Exposition
District
Senior
RB,
Tax-Exempt
Series
2023A
(A2/NR)
2,250,000
5.000
07/01/2035
2,474,525
1,400,000
5.000
07/01/2036
1,527,856
200,000
5.000
07/01/2037
216,195
1,425,000
5.000
07/01/2038
1,523,204
New
Orleans
Aviation
Board
General
Airport
Revenue
Refunding
Bonds
Series
2024B
(AMT)
(A2/NR)
5,790,000
5.250
01/01/2041
6,026,223
Parish
of
St.
John
the
Baptist
RB
Refunding
for
Marathon
Oil
Corp.
Series
2017
A-1
(A2/A-)
(PUTABLE)
7,210,000
4.050
(a)(b)
06/01/2037
7,248,739
188,720,977
Maine
-
0.3%
City
of
Portland
General
Airport
RB
Refunding
Green
Bonds
Series
2019
(Baa1/A-)
800,000
3.000
01/01/2027
795,243
300,000
5.000
01/01/2028
314,485
225,000
5.000
01/01/2029
239,872
270,000
5.000
01/01/2030
291,611
370,000
5.000
01/01/2031
399,166
810,000
5.000
01/01/2032
867,403
890,000
5.000
01/01/2033
948,793
620,000
5.000
01/01/2034
658,076
City
of
Portland,
Maine
General
Airport
Refunding
RB
Series
2016
(NON-AMT)
(Baa1/A-)
1,295,000
5.000
01/01/2038
1,295,494
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Maine
–
(continued)
Finance
Authority
of
Maine
RB
Refunding
for
Supplemental
Education
Loan
Series
2019
A-1
(AMT)
(AGM)
(Aa3/AA)
$
450,000
5.000%
12/01/2025
$
452,610
1,530,000
5.000
12/01/2026
1,554,320
1,500,000
5.000
12/01/2027
1,549,283
1,000,000
5.000
12/01/2028
1,039,757
Maine
Health
&
Higher
Educational
Facilities
Authority
RB
for
Maine
Medical
Center
Series
2020
A
(A1/A+)
200,000
4.000
07/01/2045
174,244
Maine
Health
&
Higher
Educational
Facilities
Authority
RB
for
MaineHealth
Series
2020A
(A1/A+)
6,785,000
4.000
07/01/2050
5,806,650
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
492,817
Maine
Health
and
Higher
Educational
Facilities
Authority
RB
Series
2024A
(AGC)
(Aa3/AA)
3,775,000
4.250
07/01/2054
3,385,424
Maine
State
Housing
Authority
Mortgage
Purchase
Bonds
2022
Series
F
(Aa1/AA+)
2,000,000
4.850
11/15/2042
2,005,817
2,110,000
4.950
11/15/2047
2,096,045
Maine
State
Housing
Authority
Mortgage
Purchase
Bonds
2024
Series
C
(HUD
SECT
8)
(Aa1/AA+)
5,045,000
4.550
11/15/2044
4,873,525
29,240,635
Maryland
-
1.0%
Baltimore
County
RB
for
Riderwood
Village
Facility
Series
2020
(NR/NR)
155,000
4.000
01/01/2036
152,080
900,000
4.000
01/01/2039
846,623
Baltimore
Maryland
Special
Obligation
Refunding
for
Baltimore
Research
Park
Project
Series
2017
A
(NR/NR)
425,000
4.000
09/01/2027
425,193
650,000
4.500
09/01/2033
646,883
City
of
Baltimore
Project
RB
for
Stormwater
Projects
Series
2019A
(Aa2/AA-)
4,465,000
5.000
07/01/2049
4,521,933
City
of
Baltimore
Tax
Allocation
Refunding
for
Harbor
Point
Special
Taxing
District
Project
Series
2019
A
(NR/NR)
135,000
2.850
(c)
06/01/2026
133,534
175,000
2.950
(c)
06/01/2027
171,688
190,000
3.050
(c)
06/01/2028
185,376
200,000
3.150
(c)
06/01/2029
193,744
200,000
3.375
(c)
06/01/2029
192,968
200,000
3.200
(c)
06/01/2030
192,574
200,000
3.250
(c)
06/01/2031
190,847
250,000
3.300
(c)
06/01/2032
236,230
270,000
3.350
(c)
06/01/2033
253,104
City
of
Brunswick
Special
Tax
Refunding
for
Brunswick
Crossing
Special
Taxing
District
Series
2019
(NR/NR)
945,000
4.000
07/01/2029
933,980
City
of
Gaithersburg
Economic
Development
Project
RB
for
Asbury
Maryland
Obligated
Group
Series
2022
(NR/NR)
1,675,000
5.000
01/01/2037
1,687,924
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Maryland
–
(continued)
Community
Development
Administration
Maryland
Department
of
Housing
and
Community
Development
RB
Series
2024
D
(NON-AMT)
(FHA
542(C))
(Aa2/NR)
$
8,250,000
4.450%
07/01/2044
$
8,009,555
Community
Development
Administration
Multifamily
Development
RB
Sustainability
Bonds
for
Villages
at
Marley
Station
Series
2024
D-2
(Cash-Collateralized)
(Aa1/NR)
3,480,000
3.300
01/01/2029
3,497,186
Community
Development
Administration
Multifamily
Development
RB
Sustainability
Bonds
Park
Place
At
Addison
Road
Metro,
Series
2025
C-2
(Aa1/NR)
2,925,000
3.700
01/01/2029
2,952,776
County
of
Baltimore
RB
Refunding
for
Oak
Crest
Village,
Inc.
Series
2020
(NR/NR)
440,000
4.000
01/01/2038
419,381
370,000
4.000
01/01/2039
347,346
1,330,000
4.000
01/01/2040
1,223,605
County
of
Baltimore
RB
Refunding
for
Riderwood
Village
Obligated
Group
Series
2020
(NR/NR)
615,000
4.000
01/01/2032
620,612
530,000
4.000
01/01/2033
532,639
450,000
4.000
01/01/2034
450,611
150,000
4.000
01/01/2035
148,864
1,380,000
4.000
01/01/2037
1,336,784
1,045,000
4.000
01/01/2038
997,958
1,725,000
4.000
01/01/2040
1,590,413
Frederick
County
Maryland
Special
Tax
for
Lake
Linganore
Village
Community
Development
Series
2001
A
(AGC)
(NR/AA)
355,000
5.700
07/01/2029
355,698
Frederick
County
Maryland
Tax
Allocation
Refunding
for
Oakdale-
Lake
Linganore
Development
District
Series
2019
B
(NR/NR)
2,670,000
3.750
07/01/2039
2,356,812
Frederick
County
Urbana
Community
Development
Authority
Special
Tax
Refunding
Series
2020
B
(NR/NR)
235,000
4.000
07/01/2040
215,533
Hagerstown
Stadium
Authority
Multi-Use
Sports
and
Events
Facility
Lease
RB
Series
2022A
(Aa3/NR)
1,000,000
5.000
06/01/2040
1,049,537
2,085,000
5.000
06/01/2041
2,172,319
Howard
County
Consolidated
Public
Improvement
Refunding
Bonds
2017
Series
D
(Aaa/AAA)
2,355,000
5.000
02/15/2027
2,444,962
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
1,661,036
Maryland
Economic
Development
Corp.
Private
Activity
RB
for
Purple
Line
Light
Rail
Project
Series
2022A
(Baa3/NR)
3,230,000
5.000
11/12/2028
3,262,358
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
939,518
Maryland
Economic
Development
Corp.
RB
for
United
States
Social
Security
Administration
Series
2021
(Ba2/NR)
5,415,000
3.997
04/01/2034
3,884,707
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
12,995,345
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Maryland
–
(continued)
Maryland
Health
&
Higher
Educational
Facilities
Authority
RB
for
Maryland
Institute
College
of
Art
Issue
Series
2024
(NR/NR)
$
1,750,000
5.250%
06/01/2042
$
1,766,614
3,705,000
5.500
06/01/2047
3,748,949
Maryland
Health
&
Higher
Educational
Facilities
Authority
RB
for
St.
John's
College
Series
2020
(NR/A-)
390,000
4.000
10/01/2025
390,114
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
629,587
350,000
4.000
07/01/2040
318,949
750,000
4.000
07/01/2045
649,723
Maryland
Health
&
Higher
Educational
Facilities
Authority
RB
Refunding
for
St.
John's
College
Series
2020
(NR/A-)
425,000
4.000
10/01/2027
431,061
440,000
4.000
10/01/2028
447,887
355,000
4.000
10/01/2029
361,734
475,000
4.000
10/01/2030
483,247
1,685,000
3.000
10/01/2034
1,527,554
1,000,000
4.000
10/01/2040
910,320
Maryland
Health
and
Higher
Educational
Facilities
Authority
RB
Adventist
Healthcare
Issue
Series
2020
(Baa3/NR)
865,000
4.000
01/01/2038
812,690
Maryland
Health
and
Higher
Educational
Facilities
Authority
RB
Imagine
Andrews
Public
Charter
School
Issue
Series
2022A
(NR/NR)
650,000
5.500
(c)
05/01/2042
612,361
Maryland
Health
and
Higher
Educational
Facilities
Authority
RB
Loyola
University
Maryland
Issue
Series
2025
(A3/A-)
6,275,000
5.000
10/01/2050
6,182,822
Maryland
Health
and
Higher
Educational
Facilities
Authority
RB
Monocacy
Montessori
Communities
Issue
Series
2023
(NR/NR)
250,000
5.250
(c)
07/01/2033
255,019
300,000
5.875
(c)
07/01/2043
299,787
Maryland
Stadium
Authority
Baltimore
City
Public
Schools
Construction
and
Revitalization
Program
Revenue
Bonds
Series
2022C
(ST
INTERCEPT)
(A1/AA-)
10,300,000
0.000
(f)
05/01/2051
2,634,445
10,300,000
0.000
(f)
05/01/2052
2,495,541
Mayor
and
City
Council
of
Baltimore
City
of
Baltimore,
Maryland
Convention
Center
Hotel
Revenue
Refunding
Bonds,
Series
2017
(NR/B+)
3,000,000
5.000
09/01/2032
3,031,704
1,250,000
5.000
09/01/2035
1,254,530
Mayor
and
City
Council
of
Baltimore
Subordinate
Special
Obligation
RB
for
Harbor
Point
Project
Series
2022
(NR/NR)
290,000
4.500
06/01/2033
291,300
675,000
4.875
06/01/2042
659,685
Prince
George
County
Special
Obligation
Bonds
Series
2018
(NR/NR)
3,295,000
5.125
(c)
07/01/2039
3,283,904
State
of
Maryland
GO
Bonds
for
State
&
Local
Facilities
Loan
Series
2022A
(Aa1/AAA)
10,000,000
5.000
06/01/2037
10,867,149
108,776,912
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Massachusetts
-
1.8%
Commonwealth
of
Massachusetts
GO
Bonds
Consolidated
Loan
of
2023
Series
D
(Aa1/AA+)
$
50,000,000
5.000%
10/01/2050
$
51,154,475
Commonwealth
of
Massachusetts
GO
Bonds
Consolidated
Loan
of
2024
Series
A
(Aa1/AA+)
15,000,000
5.000
01/01/2049
15,382,110
Massachusetts
Bay
Transportation
Authority
Senior
Sales
Tax
Bonds
2024
Series
A
(NR/AA+)
2,520,000
5.250
07/01/2052
2,638,941
Massachusetts
Bay
Transportation
Authority
Subordinated
Sales
Tax
Bonds
2021
Series
A
(Aa3/AA+)
10,000,000
4.000
07/01/2051
8,862,076
Massachusetts
Development
Finance
Agency
RB
Brown
University
Health
Obligated
Group
Issue
Series
2025A
(NR/BBB+)
3,080,000
5.500
08/15/2050
3,160,581
Massachusetts
Development
Finance
Agency
RB
for
CHF
Merrimack,
Inc.
Issue,
Merrimack
College
Student
Housing
Project
Series
2024A
(NR/BB)
900,000
5.000
(c)
07/01/2044
855,232
Massachusetts
Development
Finance
Agency
RB
for
Harvard
University
Series
2016
A
(Aaa/AAA)
5,000,000
5.000
07/15/2036
5,621,053
Massachusetts
Development
Finance
Agency
RB
for
Linden
Ponds,
Inc.
Series
2018
(NR/NR)
1,200,000
5.000
(c)
11/15/2028
1,242,313
Massachusetts
Development
Finance
Agency
RB
for
Tufts
Medicine
Issue
Series
2024
E
(NR/BBB-)
15,575,000
8.500
10/01/2026
15,659,010
Massachusetts
Development
Finance
Agency
RB
Refunding
for
Carleton-Willard
Homes,
Inc.
Series
2019
(NR/A-)
225,000
4.000
12/01/2042
194,146
245,000
5.000
12/01/2042
240,608
Massachusetts
Development
Finance
Agency
RB
Refunding
for
Milford
Regional
Medical
Center
Obligated
Group
Series
2020
G
(NR/BBB+)
125,000
5.000
07/15/2025
125,084
Massachusetts
Development
Finance
Agency
RB
Refunding
for
Wellforce
Obligated
Group
Series
2020
C
(AGM)
(NR/AA)
425,000
5.000
10/01/2029
457,587
325,000
5.000
10/01/2030
353,716
450,000
5.000
10/01/2031
487,537
400,000
5.000
10/01/2032
430,321
500,000
5.000
10/01/2033
534,197
450,000
5.000
10/01/2034
477,382
Massachusetts
Development
Finance
Agency
RB
Suffolk
University
Issue
Series
2025
(Baa3/NR)
4,275,000
5.250
07/01/2055
4,082,540
Massachusetts
Development
Finance
Agency
Refunding
RB
Emerson
College
Issue
Series
2025
(NR/BBB+)
11,060,000
5.250
07/01/2050
11,167,954
Massachusetts
Development
Finance
Agency
Refunding
RB
Emerson
College
Issue
Series
2025
(Baa2/BBB+)
1,500,000
5.000
01/01/2036
1,605,341
1,200,000
5.000
01/01/2037
1,276,018
1,220,000
5.250
01/01/2038
1,313,386
900,000
5.250
01/01/2042
933,708
800,000
5.250
01/01/2045
821,593
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Massachusetts
–
(continued)
Massachusetts
Development
Finance
Agency
Revenue
and
Revenue
Refunding
Bonds
Lasell
Village
Inc.
Issue
Series
2025
(NR/NR)
$
3,500,000
5.000%
07/01/2029
$
3,692,323
Massachusetts
Development
Finance
Agency
Sustainability
RB
for
Boston
Medical
Center
Issue
Series
2023
G
(Baa2/BBB)
665,000
5.000
07/01/2025
665,000
Massachusetts
Development
Finance
Agency
Wellforce
Obligation
Group
RB
Refunding
Series
2019
A
(NR/BBB-)
425,000
5.000
07/01/2038
424,282
2,250,000
5.000
07/01/2039
2,216,824
Massachusetts
Development
Finance
Authority
Variable
Rate
Demand
RB
Williams
College
Issue
Series
N
(2011)
(Aa1/AA+)
7,320,000
3.300
(a)(b)(h)
07/01/2041
7,359,265
Massachusetts
Housing
Finance
Agency
Single
Family
Housing
RB
Series
242
(NON-AMT)
(GNMA/FNMA/FHLMC)
(Aa1/AA+)
550,000
4.200
12/01/2040
535,883
Massachusetts
School
Building
Authority
Senior
Dedicated
Sales
Tax
Bonds
2016
Series
B
(Aa1/AA+)
3,500,000
5.000
11/15/2039
3,539,617
Massachusetts
School
Building
Authority
Subordinated
Dedicated
Sales
Tax
Bonds
2018
Series
B
(Aa2/AA)
10,735,000
4.000
02/15/2041
10,110,311
The
Commonwealth
of
Massachusetts
GO
Bonds
Consolidated
Loan
of
2018
Series
E
(Aa1/AA+)
7,525,000
5.250
09/01/2043
7,742,787
The
Commonwealth
of
Massachusetts
GO
Bonds
Consolidated
Loan
of
2022,
Series
C
(Aa1/AA+)
2,760,000
5.000
10/01/2052
2,801,107
The
Commonwealth
of
Massachusetts
GO
Bonds
Consolidated
Loan
of
2023
Series
D
(Aa1/AA+)
20,000,000
5.000
10/01/2051
20,421,148
The
Commonwealth
of
Massachusetts
GO
Bonds
Consolidated
Loan
of
2024
Series
A
(Aa1/AA+)
2,000,000
5.000
01/01/2054
2,037,555
The
Commonwealth
of
Massachusetts
GO
Bonds
Consolidated
Loan
of
2024
Series
I
(Aa1/AA+)
3,000,000
5.000
12/01/2048
3,088,162
University
of
Massachusetts
Building
Authority
Project
RB
Senior,
Series
2015-1
(Aa2/AA-)
9,000,000
5.000
11/01/2040
9,012,074
202,723,247
Michigan
-
2.2%
City
of
Detroit
Downtown
Development
Authority
Tax
Increment
Revenue
Refunding
Bonds
Series
2024
(NR/BBB+)
7,100,000
5.000
07/01/2048
7,153,499
City
of
Detroit
Financial
Recovery
GO
Bonds
Series
2014
B-1
(NR/NR)
50,554,291
4.000
(a)
04/01/2044
39,507,001
City
of
Detroit
GO
Bonds
Series
2020
(Baa1/BBB)
290,000
5.000
04/01/2026
293,111
615,000
5.000
04/01/2027
632,078
645,000
5.000
04/01/2028
672,112
455,000
5.000
04/01/2029
479,745
710,000
5.000
04/01/2030
755,822
City
of
Detroit
GO
Bonds
Series
2021
A
(Baa1/BBB)
1,365,000
5.000
04/01/2030
1,453,094
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Michigan
–
(continued)
City
of
Detroit
GO
Bonds
Series
2021
A
(Baa1/BBB)
–
(continued)
$
835,000
5.000%
04/01/2034
$
883,575
250,000
5.000
04/01/2038
257,684
1,500,000
5.000
04/01/2039
1,536,854
City
of
Detroit
GO
Bonds
Series
2021
B
(Baa1/BBB)
675,000
2.711
04/01/2026
666,609
City
of
Detroit
Tax
Exempt
UT
GO
Bonds,
Series
2023A
Social
Bonds
(Baa1/BBB)
1,250,000
5.250
05/01/2026
1,269,462
City
of
Detroit,
County
of
Wayne,
State
of
Michigan
Unlimited
Tax
GO
Bonds,
Series
2021A
(Tax-Exempt)
(Social
Bonds)
(Baa1/BBB)
1,880,000
5.000
04/01/2037
1,951,500
City
of
Detroit,
County
of
Wayne,
UT
GO
Social
Bonds
Series
2021A
(Tax
Exempt)
(Baa1/BBB)
1,250,000
5.000
04/01/2035
1,314,010
Detroit
Financial
Recovery
Bonds
LT
Series
B-2
(NR/NR)
2,556,114
4.000
(a)
04/01/2044
1,997,544
Detroit
Michigan
Sewage
Disposal
System
RB
Refunding
Series
2006
D
(AGM)
(Aa3/AA)
(3M
USD
SOFR
+
0.60%)
11,295,000
3.655
(e)
07/01/2032
11,141,861
Great
Lakes
Water
Authority
Sewage
Disposal
System
RR
Senior
Lien
Bonds
Series
2018B
(Aa3/AA-)
5,125,000
5.000
07/01/2029
5,553,190
Great
Lakes
Water
Authority
Water
Supply
System
Revenue
Refunding
Senior
Lien
Bonds
Series
2016C
(Aa3/AA-)
10,525,000
5.250
07/01/2035
10,689,108
Great
Lakes
Water
Authority
Water
Supply
System
RR
Senior
Lien
Bonds,
Series
2016C
(Aa3/AA-)
17,775,000
5.250
07/01/2034
18,058,877
Ivywood
Classical
Academy
Public
School
Academy
Bonds,
Series
2023
(NR/NR)
1,000,000
5.875
01/01/2044
967,640
Kentwood
Economic
Development
Corp.
RB
Refunding
for
Holland
Home
Obligated
Group
Series
2022
(NR/NR)
460,000
4.000
11/15/2031
446,300
Lansing
Board
of
Water
and
Light
City
of
Lansing
Michigan
Utility
System
Revenue
and
Revenue
Refunding
Bonds
Series
2024A
(Aa3/AA-)
10,000,000
5.250
07/01/2054
10,393,059
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
1,919,525
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
535,326
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
3,140,033
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
5,556,421
13,070,000
4.000
02/15/2050
11,274,732
Michigan
Finance
Authority
Hospital
RB
for
Trinity
Health
Corporation
2013Mi-3
(NR/NR)
(PUTABLE)
14,970,000
3.750
(b)
12/01/2038
15,373,208
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Michigan
–
(continued)
Michigan
Finance
Authority
Local
Government
Loan
Program
RB
for
Detroit
Water
&
Sewage
Department
Water
Supply
System
Project
Series
2015C
(A1/A+)
$
400,000
5.000%
07/01/2034
$
400,589
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+)
2,600,000
5.000
07/01/2033
2,603,831
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
2,100,081
Michigan
Finance
Authority
RB
Refunding
for
Hanley
International
Academy,
Inc.
Series
2021
(NR/BB+)
870,000
3.500
09/01/2030
824,525
Michigan
Finance
Authority
RB
Refunding
for
Kettering
University
Series
2020
(NR/NR)
450,000
4.000
09/01/2045
350,329
3,350,000
4.000
09/01/2050
2,462,072
Michigan
Finance
Authority
Tobacco
Settlement
Asset-Backed
Bonds
Series
2020A-2
(NR/BBB+)
6,600,000
5.000
06/01/2040
6,680,554
Michigan
Finance
Authority
Tobacco
Settlement
RB
Refunding
Series
2020
B-1
Class
2
(NR/BBB+)
370,000
5.000
06/01/2049
365,396
Michigan
Finance
Authority
Tobacco
Settlement
RB
Refunding
Series
2020
B-2
Class
2
(NR/NR)
101,825,000
0.000
(f)
06/01/2065
9,996,252
Michigan
State
Housing
Development
Authority
Multifamily
Housing
RB
Series
2025
(Aa1/NR)
985,000
3.350
(a)(b)
09/01/2027
987,632
Michigan
State
Housing
Development
Authority
Rental
Housing
RB
2024
Series
A
(NON-AMT)
(HUD
SECT
8)
(NR/AA+)
1,000,000
4.450
10/01/2044
970,288
Michigan
State
Housing
Development
Authority
Single-
Family
Mortgage
RB
Social
Bonds
2024
Series
D
(NON-AMT)
(Aa2/AA+)
2,000,000
4.000
12/01/2039
1,900,316
4,500,000
4.350
12/01/2044
4,306,598
4,250,000
4.450
12/01/2049
3,994,936
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
7,087,583
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
23,692,002
Michigan
Strategic
Fund
RB
Refunding
for
DTE
Electric
Co.
Series
1995
(Aa3/A)
7,500,000
1.450
09/01/2030
6,466,445
Michigan
Strategic
Fund
RB
Refunding
for
DTE
Electric
Co.
Series
2008
(Aa3/A)
7,175,000
1.350
08/01/2029
6,386,076
Michigan
Tobacco
Settlement
Finance
Authority
Tobacco
Settlement
Asset
Backed
RB
Series
C
(NR/NR)
40,075,000
0.000
(f)
06/01/2058
1,104,687
Universal
Academy
RB
Refunding
Series
2021
(NR/BBB-)
180,000
2.000
12/01/2026
174,953
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Michigan
–
(continued)
Universal
Academy
RB
Refunding
Series
2021
(NR/BBB-)
–
(continued)
$
500,000
4.000%
12/01/2031
$
488,487
1,100,000
4.000
12/01/2040
965,264
Warren
Consolidated
Schools
GO
Bonds
Series
2016
(Q-SBLF)
(NR/AA)
1,215,000
5.000
05/01/2026
1,236,606
Wayne
County
Airport
Authority
RB
for
Detroit
Metropolitan
Wayne
County
Airport
Series
2017
B
(A1/A+)
400,000
5.000
12/01/2033
406,868
1,065,000
5.000
12/01/2034
1,080,381
650,000
5.000
12/01/2035
657,495
800,000
5.000
12/01/2036
807,124
880,000
5.000
12/01/2037
885,146
245,255,496
Minnesota
-
0.2%
City
of  Apple
Valley,
Minnesota
Senior
Housing
RB  Apple
Valley
Senior
Housing,
Inc.
Orchard
Path
Phase
III
Project,
Series
2025A
(NR/NR)
550,000
5.500
09/01/2055
543,135
City
of
Independence
RB
for
Global
Academy,
Inc.
Series
2021
A
(NR/BB)
1,315,000
4.000
07/01/2031
1,263,332
City
of
Minneapolis
GO
Green
Bonds
Series
2019
(NR/AAA)
2,390,000
2.000
12/01/2029
2,212,205
2,940,000
2.000
12/01/2030
2,663,210
City
of
St
Cloud
RB
Refunding
for
CentraCare
Health
System
Obligated
Group
Series
2019
(A2/NR)
675,000
5.000
05/01/2048
674,136
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
492,664
580,000
5.000
06/15/2033
631,888
Duluth
Economic
Development
Authority
Health
Care
Facilities
RB
for
St.
Luke's
Hospital
of
Duluth
Obligated
Group
Series
2022A
(NR/AA-)
500,000
4.000
06/15/2034
511,676
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
1,897,675
Duluth
Economic
Development
Authority
RB
Refunding
for
Benedictine
Health
System
Obligated
Group
Series
2021
A
(NR/NR)
400,000
3.000
07/01/2025
400,000
360,000
3.000
07/01/2026
353,780
Duluth
Independent
School
District
No.709
COPS
Refunding
Series
2019
B
(SD
CRED
PROG)
(Aa1/NR)
350,000
5.000
02/01/2028
367,777
Minnesota
Higher
Education
Facilities
Authority
RB
Refunding
for
Bethel
University
Project
Series
2017
(NR/BB+)
500,000
5.000
05/01/2047
425,790
Minnesota
Higher
Education
Facilities
Authority
RB
Refunding
for
College
of
St.
Scholastica,
Inc.
Series
2019
(Baa3/NR)
165,000
4.000
12/01/2026
165,119
165,000
4.000
12/01/2027
164,133
205,000
4.000
12/01/2028
202,985
125,000
4.000
12/01/2029
122,980
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Minnesota
–
(continued)
Minnesota
Higher
Education
Facilities
Authority
RB
Refunding
for
College
of
St.
Scholastica,
Inc.
Series
2019
(Baa3/NR)
–
(continued)
$
250,000
4.000%
12/01/2030
$
243,875
170,000
4.000
12/01/2031
164,158
Minnesota
Municipal
Gas
Agency
Commodity
Supply
RB
Series
2022
(Aa1/NR)
5,650,000
4.000
12/01/2026
5,709,351
Minnesota
State
Trunk
Highway
GO
Refunding
Bonds
Series
2017
E
(Aaa/AAA)
1,680,000
3.000
10/01/2029
1,669,613
20,879,482
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
9,359,640
Mississippi
Development
Bank
Special
Obligation
Bonds
Series
2021
(NR/BB)
660,000
5.000
(c)
10/01/2025
660,339
750,000
5.000
(c)
10/01/2026
756,739
800,000
5.000
(c)
10/01/2027
811,362
725,000
5.000
(c)
10/01/2028
738,803
825,000
5.000
(c)
10/01/2029
843,097
175,000
5.000
(c)
10/01/2030
179,089
1,400,000
5.000
(c)
10/01/2031
1,436,188
1,630,000
5.000
(c)
10/01/2033
1,645,034
Mississippi
Home
Corp.
Single
Family
Mortgage
RB
Series
2025A
(GNMA/FNMA/FHLMC)
(Aa1/NR)
7,780,000
4.800
12/01/2045
7,691,689
Mississippi
Home
Corporation
Multifamily
Housing
RB
for
Woodcrest
Apartments
Project
Series
2024-1
(Aa1/NR)
(PUTABLE)
1,675,000
5.000
(a)(b)
11/01/2028
1,735,211
Mississippi
State
GO
Bonds
Series
2015
F
(Aa2/AA)
1,000,000
4.000
(d)
11/01/2025
1,003,551
26,860,742
Missouri
-
0.6%
Cape
Girardeau
County
IDA
Health
Facilities
RB
for
Southeast
HEALTH
Obligated
Group
Series
2021
(A1/A+)
1,200,000
4.000
03/01/2041
1,127,602
City
of
Poplar
Bluff
COPS
Series
2021
(NR/BBB+)
875,000
2.500
10/01/2041
554,987
1,060,000
2.625
10/01/2046
617,213
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
1,611,593
Health
and
Educational
Facilities
Authority
of
The
State
of
Missouri
Health
Facilities
RB
Bjc
Health
System
Series
2025A
(Aa2/AA)
5,500,000
4.000
04/01/2045
4,957,604
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
363,406
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
845,629
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Missouri
–
(continued)
Health
and
Educational
Facilities
Authority
of
The
State
of
Missouri
Senior
Living
Facilities
RB
Lutheran
Senior
Services
Projects
Series
2024A
(NR/NR)
–
(continued)
$
515,000
5.000%
02/01/2033
$
545,397
555,000
5.000
02/01/2034
584,846
I-470
Western
Gateway
Transportation
Development
District
RB
Series
2019
A
(NR/NR)
600,000
4.500
(c)
12/01/2029
599,131
Kansas
City
Industrial
Development
Authority
Special
Obligation
Bonds
for
Kansas
City
International
Airport
Series
2019
A
(A2/A)
4,865,000
5.000
03/01/2033
5,035,539
5,000,000
5.000
03/01/2034
5,156,423
Metropolitan
St.
Louis
Sewer
District
Wastewater
System
Improvement
and
Refunding
RB
Series
2017A
(Aa1/AAA)
3,850,000
5.000
05/01/2047
3,887,807
Missouri
Health
&
Educational
Facilities
Authority
RB
for
Kansas
City
Art
Institute
Series
2018
(NR/A-)
2,585,000
5.000
09/01/2043
2,562,126
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
340,231
475,000
4.000
08/01/2041
403,293
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
874,500
1,065,000
5.000
09/01/2031
1,073,984
Missouri
Health
&
Educational
Facilities
Authority
RB
Refunding
for
Mosaic
Health
System
Series
2019
A
(A1/NR)
395,000
4.000
02/15/2037
384,799
615,000
4.000
02/15/2039
578,712
1,850,000
4.000
02/15/2044
1,625,751
Missouri
Southern
State
University
Auxiliary
Enterprise
System
RB
Refunding
Series
2021
(NR/NR)
335,000
3.000
10/01/2026
330,555
875,000
4.000
10/01/2031
849,865
Missouri
Southern
State
University
Auxiliary
System
RB
Series
2019
A
(AGM)
(NR/AA)
275,000
5.000
10/01/2030
295,394
Missouri
Southern
State
University
RB
Series
2019
A
(AGM)
(NR/AA)
210,000
5.000
10/01/2026
214,744
210,000
5.000
10/01/2029
224,713
150,000
5.000
10/01/2032
159,907
240,000
4.000
10/01/2034
240,991
125,000
4.000
10/01/2035
125,828
150,000
4.000
10/01/2036
150,844
170,000
4.000
10/01/2037
169,842
145,000
4.000
10/01/2038
141,797
110,000
4.000
10/01/2039
105,050
Plaza
at
Noah's
Ark
Community
Improvement
District
RB
Refunding
Series
2021
(NR/NR)
250,000
3.000
05/01/2026
247,390
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
5,980,118
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Missouri
–
(continued)
State
Environmental
Improvement
and
Energy
Resources
Authority
of
The
State
of
Missouri
Environmental
Improvement
RB
Kansas
City
Power
&
Light
Company
Project,
Series
2008
(Baa1/A-)
(PUTABLE)
$
1,880,000
4.050%
(a)(b)(h)
05/01/2038
$
1,883,923
State
of
Missouri
Environmental
Improvement
and
Energy
Resources
Authority
Environmental
Improvement
RB
Series
2008
(Baa1/A-)
(PUTABLE)
4,250,000
3.500
(a)(b)
05/01/2038
4,250,000
State
of
Missouri
Health
&
Educational
Facilities
Authority
Health
Facilities
RB
for
Mosaic
Health
System
Series
2019A
(A1/NR)
585,000
4.000
02/15/2038
558,996
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
2,530,825
The
Industrial
Development
Authority
of
The
City
of
Kansas
City
Missouri
Economic
Activity
Tax
RB
for
Historic
Northeast
Redevelopment
Plan
Series
2024A-1
(NR/NR)
1,500,000
5.000
(c)
06/01/2046
1,394,935
2,250,000
5.000
(c)
06/01/2054
2,007,125
The
Industrial
Development
Authority
of
The
City
of
Kansas
City,
Missouri
Airport
Special
Obligation
Bonds
2,775,000
5.000
03/01/2049
2,745,566
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
1,132,990
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
1,136,867
The
Industrial
Development
Authority
of
The
City
of
St.
Louis
Missouri
Multifamily
Housing
RB
The
Brewery
Apartments
Series
2025
(Aa1/NR)
2,000,000
3.150
(a)(b)
04/01/2046
1,993,033
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)
295,000
4.875
06/15/2034
293,908
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
(c)
10/01/2033
985,963
63,881,742
Montana
-
0.2%
City
of
Billings
RB
for
Sewer
System
Series
2017
(Aa3/NR)
575,000
5.000
07/01/2029
596,401
City
of
Forsyth
Rosebud
County
Montana
Pollution
Control
Revenue
Refunding
Bonds
Puget
Sound
Energy
Project
Series
2013A
Non-AMT
(NR/A-)
10,130,000
3.900
(a)
03/01/2031
10,096,809
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
3,931,391
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Montana
–
(continued)
City
of
Kalispell
Montana
Revenue
and
Refunding
Bonds
Immanuel
Living
at
Buffalo
Hill
Project
Series
2025B-1
(NR/NR)
$
5,450,000
4.625%
05/15/2031
$
5,468,790
Montana
Board
of
Housing
Multifamily
Housing
RB
for
Aurora
Apartments
Series
2024
(Aa1/NR)
1,675,000
3.320
(a)(b)
07/01/2046
1,676,334
Montana
Board
of
Housing
Single
Family
Mortgage
Bonds
2024
Series
B
(NON-AMT)
(GNMA/FNMA/FHLMC)
(Aa1/AA+)
1,500,000
4.400
12/01/2049
1,391,944
1,000,000
4.450
12/01/2053
906,294
24,067,963
Nebraska
-
0.3%
Central
Plains
Energy
Project
Gas
Supply
Revenue
Refunding
Bonds,
Series
2025A
Sub-Series
2025A-1
(Aa1/NR)
7,750,000
5.000
(a)(b)
08/01/2055
8,202,953
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
413,005
2,000,000
4.000
01/01/2035
1,946,952
1,250,000
4.000
01/01/2036
1,205,109
1,185,000
4.000
01/01/2037
1,128,019
1,500,000
4.000
01/01/2038
1,407,935
2,000,000
4.000
01/01/2039
1,851,116
Nebraska
Investment
Finance
Authority
Single
Family
Housing
RB
2025
Series
A
(GNMA/FNMA/FHLMC)
(NR/AAA)
7,500,000
4.500
09/01/2045
7,155,864
Omaha
Public
Power
District
Electric
System
RB
2023
Series
A
(Aa2/AA)
2,755,000
5.250
02/01/2053
2,841,579
State
of
Nebraska
State
Highway
Commission
Highway
Improvement
RB
Series
2025A
(NR/AAA)
5,550,000
4.000
06/15/2041
5,276,215
1,950,000
4.000
06/15/2042
1,815,531
33,244,278
Nevada
-
0.6%
City
of
Las
Vegas
Special
Improvement
District
No.
814
Special
Assessment
Series
2019
(NR/NR)
175,000
3.500
06/01/2026
174,206
185,000
3.500
06/01/2027
183,627
135,000
3.500
06/01/2028
133,336
150,000
3.500
06/01/2029
145,657
160,000
3.250
06/01/2030
149,851
285,000
3.250
06/01/2031
261,652
380,000
3.500
06/01/2032
347,497
425,000
3.500
06/01/2033
383,203
915,000
3.500
06/01/2034
810,447
City
of
Las
Vegas
Special
Improvement
District
No.
816
Special
Assessment
Series
2021
(NR/NR)
410,000
2.750
06/01/2033
350,764
730,000
2.750
06/01/2036
581,121
City
of
North
Las
Vegas
Special
Improvement
District
No.
64
Special
Assessment
Bonds
Series
2019
(NR/NR)
215,000
4.250
06/01/2034
207,234
215,000
4.625
06/01/2043
195,838
345,000
4.625
06/01/2049
304,021
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
$
1,299,168
Clark
County
School
District
GO
Bonds
Series
2018
A
(A1/AA-)
3,745,000
5.000
06/15/2030
3,945,245
Clark
County
School
District
GO
Bonds
Series
2020
A
(AGM)
(A1/AA)
100,000
5.000
06/15/2033
108,131
850,000
5.000
06/15/2034
914,222
855,000
4.000
06/15/2038
839,654
950,000
4.000
06/15/2039
919,975
700,000
4.000
06/15/2040
666,172
Clark
County
School
District,
Nevada
GO
(Limited
Tax)
Building
Bonds
Series
2020A
(AGM)
(A1/AA)
105,000
5.000
06/15/2030
115,247
105,000
5.000
06/15/2032
114,213
Clark
County
School
District,
Nevada
GO
Limited
Tax
Building
Bonds,
Series
2025A
(AG)
(A1/AA)
8,625,000
3.000
06/15/2044
6,706,840
Clark
County,
Nevada
Airport
System
Subordinate
Lien
Refunding
RB
2,600,000
5.000
07/01/2026
2,658,098
Director
of
The
State
of
Nevada
Department
of
Business
and
Industry
Senior
Subordinated
Secured
RB
Brightline
West
Passenger
Rail
Project
Series
2025A
(NR/NR)
3,150,000
9.500
(a)(b)(c)
01/01/2065
2,983,017
Henderson
Local
Improvement
District
No.
T-18
Limited
Obligation
RB
Series
2016
(NR/NR)
1,595,000
4.000
09/01/2035
1,439,002
Henderson
Nevada
Local
Improvement
District
No.
T-18
(NR/NR)
1,205,000
4.000
09/01/2025
1,204,605
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
3,038,391
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
2,867,505
Las
Vegas
Convention
&
Visitors
Authority
Convention
Center
Expansion
RB
Series
2018B
(Aa3/AA-)
21,870,000
4.000
07/01/2049
18,664,311
Las
Vegas
Convention
&
Visitors
Authority
RB
Refunding
Series
2016
C
(Aa3/AA-)
1,180,000
5.000
07/01/2026
1,207,361
Las
Vegas
Convention
&
Visitors
Authority
RB
Refunding
Series
2017
B
(Aa3/AA-)
640,000
5.000
07/01/2026
654,840
Las
Vegas
Convention
&
Visitors
Authority
RB
Series
2018
B
(Aa3/AA-)
2,685,000
5.000
07/01/2043
2,694,303
Las
Vegas
Convention
&
Visitors
Authority
RB
Series
2019
B
(Aa3/AA-)
1,195,000
5.000
07/01/2027
1,247,873
Nevada
Housing
Division
Multi-Unit
Housing
RB
Carville
Park
Apartments
Series
2024
(HUD
SECT
8)
(Aa1/NR)
1,535,000
5.000
(a)(b)
07/01/2028
1,592,856
Tahoe-Douglas
Visitors
Authority
RB
Series
2020
(NR/NR)
1,700,000
5.000
07/01/2040
1,716,760
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Nevada
–
(continued)
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
$
3,845,434
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
2,000,226
67,671,903
New
Hampshire
-
0.7%
National
Finance
Authority
Hospital
RB
Series
2021B
(AGM)
(A1/AA)
3,500,000
3.000
08/15/2046
2,580,192
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
8,690,366
National
Finance
Authority
Special
RB
Caldwell
Ranch
Project
Brazoria
and
Fort
Bend
Counties
Texas
Series
2024
(NR/NR)
2,000,000
4.875
(c)
12/01/2033
1,986,542
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
4,023,933
New
Hampshire
Health
and
Education
Facilities
Authority
RB
Dartmouth
College
Issue
Series
2015A
(Aa1/AAA)
2,410,000
3.300
(a)(b)
06/01/2040
2,416,593
New
Hampshire
Health
and
Education
Facilities
Authority
RB
Dartmouth
College
Issue
Series
2015B
(Aa1/AAA)
5,900,000
3.300
(a)(b)
06/01/2040
5,916,140
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
9,003,335
1,135,000
5.000
08/01/2033
1,169,100
4,200,000
5.000
08/01/2034
4,308,271
7,085,000
5.000
08/01/2035
7,236,621
5,430,000
5.000
08/01/2036
5,525,517
5,975,000
5.000
08/01/2037
6,054,689
5,945,000
5.000
08/01/2038
6,007,465
2,535,000
5.000
08/01/2039
2,557,926
2,790,000
5.000
08/01/2040
2,813,826
New
Hampshire
Health
and
Education
Facilities
Authority
RB,
Dartmouth
College
Issue,
Series
2017
(Aa1/AAA)
2,225,000
5.000
06/01/2028
2,379,886
72,670,402
New
Jersey
-
3.7%
Atlantic
City
New
Jersey
Tax
Appeal
Refunding
Bonds
Series
2017
A
(BAM
ST
AID
WITHHLDG)
(A2/AA)
250,000
5.000
03/01/2026
253,079
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
3,233,793
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
1,080,365
1,455,000
3.000
02/15/2050
1,070,344
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)
$
1,100,000
3.000%
09/01/2034
$
1,029,504
1,350,000
3.000
09/01/2035
1,236,037
1,350,000
3.000
09/01/2036
1,211,363
1,350,000
3.000
09/01/2037
1,182,862
1,350,000
3.000
09/01/2038
1,150,687
1,100,000
3.000
09/01/2039
916,336
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
502,334
New
Jersey
Economic
Development
Authority
RB
for
School
Facilities
Construction
Series
2016
AAA
(A2/A-)
4,000,000
5.500
(d)
12/15/2026
4,163,569
New
Jersey
Economic
Development
Authority
RB
for
School
Facilities
Construction
Series
2018
EEE
(A2/A-)
5,805,000
5.000
06/15/2028
6,147,240
10,295,000
5.000
06/15/2029
10,912,762
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
1,300,817
New
Jersey
Economic
Development
Authority
RB
Refunding
for
School
Facilities
Construction
Series
2018
FFF
(A2/A-)
9,340,000
5.000
06/15/2029
9,900,456
New
Jersey
Economic
Development
Authority
RB
Refunding
for
The
Seeing
Eye,
Inc.
Project
Series
2017
(NR/A+)
785,000
3.000
06/01/2032
756,382
1,545,000
5.000
06/01/2032
1,596,091
New
Jersey
Economic
Development
Authority
School
Facilities
Construction
Bonds
2016
Series
AAA
(A2/A-)
6,415,000
5.000
(d)
12/15/2026
6,631,815
New
Jersey
Economic
Development
Authority
School
Facilities
Construction
Refunding
Bonds,
2024
Series
SSS
(A2/A-)
1,610,000
5.250
06/15/2036
1,772,217
1,675,000
5.250
06/15/2038
1,809,292
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
1,597,105
1,675,000
5.250
06/15/2039
1,794,560
New
Jersey
Economic
Development
Authority
Special
Facility
RB
for
Continental
Airlines
Project
Series
1999
(Ba3/BB)
5,250,000
5.250
09/15/2029
5,251,778
New
Jersey
Economic
Development
Authority
Special
Facility
RB
for
Continental
Airlines
Project
Series
2000
(Ba3/BB)
2,600,000
5.625
11/15/2030
2,601,558
New
Jersey
Economic
Development
Authority
Special
Facility
Revenue
and
Refunding
Bonds
Series
2017
(Baa2/NR)
6,960,000
5.000
10/01/2047
6,689,691
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
5,445,539
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
Jersey
–
(continued)
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
$
10,327,941
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
4,848,364
New
Jersey
Educational
Facilities
Authority
Princeton
University
RB,
2025
Series
A-2
(Aaa/AAA)
12,500,000
5.000
(a)(b)
07/01/2064
13,981,534
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
1,100,400
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
992,709
New
Jersey
Health
Care
Facilities
Financing
Authority
Revenue
and
Refunding
Bonds
Inspira
Health
Obligated
Group
Issue
Series
2024A
(A2/NR)
4,375,000
4.125
07/01/2054
3,750,945
2,440,000
5.250
07/01/2054
2,503,491
New
Jersey
Health
Care
Facilities
Financing
Authority
Revenue
and
Refunding
Bonds
Inspira
Health
Obligated
Group
Issue,
Series
2024A
(A2/NR)
5,220,000
5.250
07/01/2049
5,384,625
New
Jersey
Health
Care
Facilities
Financing
Authority
Revenue
and
Refunding
Bonds
RWJ
Barnabas
Health
Obligated
Group
Issue,
Series
2024-A
(A1/AA-)
1,135,000
5.250
07/01/2054
1,168,699
New
Jersey
Housing
&
Mortgage
Finance
Agency
Multi-Family
RB
2021
Series
B
(NON-AMT)
(HUD
SECT
8)
(HUD
SECT
8)
(NR/AA-)
1,910,000
0.900
11/01/2025
1,887,240
New
Jersey
State
Transportation
Trust
Fund
Authority
Transportation
System
Bonds
Series
2006C
(AMBAC)
(A2/A-)
19,370,000
0.000
(f)
12/15/2036
12,118,740
New
Jersey
Transportation
Trust
Fund
Authority
Bonds
Series
2006
C
(AMBAC)
(A2/A-)
290,000
0.000
(f)
12/15/2025
285,916
New
Jersey
Transportation
Trust
Fund
Authority
Federal
Highway
Reimbursement
Revenue
Notes
Series
2016A-1
(A3/A+)
2,200,000
5.000
06/15/2027
2,240,853
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
3,182,020
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
1,986,693
11,270,000
0.000
(f)
12/15/2038
6,222,304
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
9,323,783
1,325,000
0.000
(f)
12/15/2031
1,059,494
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-)
–
(continued)
$
5,000,000
0.000%
(f)
12/15/2036
$
3,128,224
1,495,000
0.000
(f)
12/15/2037
879,865
New
Jersey
Transportation
Trust
Fund
Authority
RB
for
Transportation
Program
Bonds
Series
2015
AA
(A2/A-)
755,000
5.000
06/15/2046
750,946
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
16,316,203
New
Jersey
Transportation
Trust
Fund
Authority
RB
for
Transportation
System
Series
2008
A
(A2/A-)
26,425,000
0.000
(f)
12/15/2036
16,532,664
33,225,000
0.000
(f)
12/15/2037
19,554,192
New
Jersey
Transportation
Trust
Fund
Authority
RB
for
Transportation
System
Series
2009
A
(A2/A-)
230,000
0.000
(f)
12/15/2033
168,224
30,275,000
0.000
(f)
12/15/2038
16,715,194
New
Jersey
Transportation
Trust
Fund
Authority
RB
for
Transportation
System
Series
2019
A
(A2/A-)
1,620,000
5.000
12/15/2039
1,654,076
New
Jersey
Transportation
Trust
Fund
Authority
RB
Refunding
for
Federal
Highway
Reimbursement
Notes
Series
2018
A
(A3/A+)
735,000
5.000
06/15/2030
746,570
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
2,955,424
2,070,000
5.000
12/15/2032
2,171,378
7,775,000
5.000
12/15/2034
8,057,549
8,840,000
5.000
12/15/2035
9,104,519
3,455,000
5.000
12/15/2036
3,542,671
2,410,000
4.250
12/15/2038
2,360,379
New
Jersey
Transportation
Trust
Fund
Authority
RB
Series
2016
(A3/A+)
2,435,000
5.000
06/15/2030
2,472,640
New
Jersey
Transportation
Trust
Fund
Authority
RB
Series
2018
(A2/A-)
8,320,000
5.000
12/15/2033
8,677,010
New
Jersey
Transportation
Trust
Fund
Authority
RB
Series
2020
AA
(A2/A-)
120,000
3.000
06/15/2050
84,255
New
Jersey
Transportation
Trust
Fund
Authority
Transporattion
System
Bonds
2010
Series
A
(A2/A-)
5,000,000
0.000
(f)
12/15/2040
2,436,909
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
Program
Bonds
2019
Series
AA
(NR/NR)
3,510,000
4.500
(d)
12/15/2028
3,726,298
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
Program
Bonds
2019
Series
AA
(NR/A-)
6,490,000
4.500
06/15/2049
6,132,387
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
Program
Bonds
2019
Series
BB
(A2/A-)
1,645,000
5.000
06/15/2032
1,730,872
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
Program
Bonds
2020
Series
AA
(A2/A-)
4,600,000
4.000
06/15/2045
4,120,254
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
Jersey
–
(continued)
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
Program
Bonds
2024
Series
CC
(A2/A-)
$
11,200,000
5.250%
06/15/2050
$
11,510,921
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
Program
Notes
2014
Series
BB-1
(A2/A-)
3,260,000
5.000
06/15/2032
3,430,179
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
Program
RB
Series
2019
AA
(A2/A-)
3,060,000
5.000
06/15/2034
3,180,648
10,000,000
5.000
06/15/2037
10,232,121
3,000,000
5.250
06/15/2043
3,026,148
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
Program
RB
Series
2019
BB
(A2/A-)
2,000,000
4.000
06/15/2044
1,804,352
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
RB
Series
2009
A
(A2/A-)
6,255,000
0.000
(f)
12/15/2032
4,785,094
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
System
Bonds
2010
Series
A
(A2/A-)
3,190,000
0.000
(f)
12/15/2029
2,761,520
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
System
Bonds
2019
Series
A
(A2/A-)
2,500,000
5.000
12/15/2032
2,657,362
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
System
Bonds
2022
Series
A
(A2/A-)
3,000,000
4.000
06/15/2041
2,781,719
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
System
Bonds
2023
Series
A
(A2/A-)
2,000,000
5.250
06/15/2041
2,106,054
3,000,000
5.250
06/15/2042
3,138,329
New
Jersey
Turnpike
Authority
RB
Series
2024
A
(A1/AA-)
5,000,000
5.000
01/01/2027
5,164,928
New
Jersey
Turnpike
Authority
Turnpike  RB,
Series
2024
C
(A1/AA-)
16,750,000
5.000
01/01/2044
17,409,630
New
Jersey
Turnpike
Authority
Turnpike
RB
Series
2017
G
(A1/AA-)
3,000,000
4.000
01/01/2043
2,761,757
New
Jersey
Turnpike
Authority
Turnpike
RB
Series
2022
B
(A1/AA-)
1,400,000
4.500
01/01/2048
1,354,316
4,725,000
5.250
01/01/2052
4,879,858
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
903,148
Passaic
County
Improvement
Authority
Charter
School
RB
Paterson
Charter
School
For
Science
and
Technology
Inc.
Project
Series
2025
(Baa3/NR)
575,000
4.125
07/01/2033
575,313
South
Jersey
Port
Corp.
Subordinated
Marine
Terminal
RB
Series
2017
B
(A3/NR)
1,020,000
5.000
01/01/2037
1,031,248
South
Jersey
Transport
Corp.
Subordinated
Marine
Terminal
RB
Series
2017B
(A3/NR)
5,585,000
5.000
01/01/2048
5,504,531
South
Jersey
Transportation
Authority
RB
Refunding
Series
2019
A
(AGM)
(A1/AA)
725,000
5.000
11/01/2033
766,924
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
Jersey
–
(continued)
South
Jersey
Transportation
Authority
Transportation
System
Revenue
Refunding
Bonds,
2025
Series
A
(BAM)
(Baa2/AA)
$
1,000,000
5.000%
11/01/2038
$
1,057,951
Tobacco
Settlement
Financing
Corp.
RB
Series
2018
B
(NR/BB+)
16,425,000
5.000
06/01/2046
15,823,899
Union
County
Improvement
Authority
RB
Aries
Linden
LLC
Project
Series
2019
(NR/NR)
6,455,000
6.750
(c)
12/01/2041
4,108,932
410,378,912
New
Mexico
-
0.4%
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)
2,975,000
3.875
(a)(b)
06/01/2040
3,016,465
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)
2,570,000
3.875
(a)(b)
06/01/2040
2,605,820
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)
3,800,000
3.875
(a)(b)
06/01/2040
3,857,140
City
of
Farmington
Pollution
Control
Refunding
RB
2005
Series
A
(A2/A-)
6,000,000
1.800
04/01/2029
5,501,521
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
6,919,189
New
Mexico
Mortgage
Finance
Authority
Single
Family
Mortgage
Program
Class
I
Bonds
2024
Series
C
(NON-AMT)
(GNMA/FNMA/FHLMC)
(Aa1/NR)
3,670,000
4.700
09/01/2049
3,541,731
New
Mexico
Municipal
Energy
Acquisition
Authority
Gas
Supply
Revenue
Refunding
and
Acquisition
Bonds,
Series
2025
(Aa1/NR)
6,000,000
5.000
(a)(b)
06/01/2054
6,359,144
Village
of
Los
Ranchos
de
Albuquerque
RB
Refunding
for
Albuquerque
Academy
Series
2020
(NR/A-)
175,000
4.000
09/01/2025
175,134
200,000
5.000
09/01/2029
213,779
450,000
5.000
09/01/2030
486,334
300,000
5.000
09/01/2031
322,945
350,000
5.000
09/01/2032
374,900
Winrock
Town
Center
Tax
Increment
Development
District
1
Senior
Lien
Gross
Receipts
Tax
Increment
Bonds
Series
2022
(NR/NR)
611,000
3.750
(c)
05/01/2028
606,557
2,070,000
4.000
(c)
05/01/2033
1,978,375
2,845,000
4.250
(c)
05/01/2040
2,565,099
38,524,133
New
York
-
8.7%
Allegany
County
Capital
Resource
Corp.
RB
Alfred
University
Project
Series
2024
(NR/BBB+)
2,470,000
5.250
04/01/2049
2,418,262
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
Allegany
County
Capital
Resource
Corp.
RB
Alfred
University
Project
Series
2024
(NR/BBB+)
–
(continued)
$
1,455,000
5.250%
04/01/2054
$
1,402,805
Allegany
County
Capital
Resource
Corp.
RB
for
Alfred
University
Project
Series
2024
(NR/BBB+)
1,255,000
5.250
04/01/2039
1,297,598
Brooklyn
Arena
Local
Development
Corp.
Pilot
RB
Series
2009
(Ba1/NR)
1,800,000
0.000
(f)
07/15/2044
664,590
Brooklyn
Arena
Local
Development
Corp.
Pilot
Revenue
Refunding
Bonds
for
Barclays
Center
Series
2016A
(Ba1/NR)
10,840,000
5.000
07/15/2042
10,776,540
Build
NYC
Resource
Corp.
RB
for
Academic
Leadership
Charter
School
Series
2021
(NR/BBB-)
200,000
4.000
06/15/2027
201,345
200,000
4.000
06/15/2028
201,692
Build
NYC
Resource
Corp.
RB
for
Bay
Ridge
Preparatory
School
Project
Series
2024
(NR/BB)
675,000
5.000
(c)
09/01/2039
653,694
525,000
5.000
(c)
09/01/2044
485,721
Build
NYC
Resource
Corp.
RB
for
Global
Community
Charter
School
Project
Series
2022A
(NR/B+)
725,000
5.000
06/15/2042
635,343
Build
NYC
Resource
Corp.
RB
for
Grand
Concourse
Academy
Charter
School
Project
Series
2022A
(NR/BBB-)
600,000
5.000
07/01/2042
583,569
Build
NYC
Resource
Corp.
RB
for
Hellenic
Classical
Charter
Schools
Series
2021
A
(NR/NR)
1,425,000
5.000
(c)
12/01/2041
1,275,846
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
2,489,965
Build
NYC
Resource
Corp.
RB
for
NEW
World
Preparatory
Charter
School
Series
2021
A
(NR/NR)
270,000
4.000
(c)
06/15/2031
261,005
425,000
4.000
(c)
06/15/2041
356,457
Build
NYC
Resource
Corp.
RB
for
Shefa
School
Series
2021
B
(NR/NR)
1,520,000
4.000
(c)
06/15/2027
1,478,483
Build
NYC
Resource
Corp.
RB
for
Unity
Preparatory
Charter
School
of
Brooklyn
Project
Series
2023A
(NR/BB)
350,000
5.000
(c)
06/15/2033
364,942
425,000
5.250
(c)
06/15/2043
416,391
Build
NYC
Resource
Corp.
Tax
Exempt
RB
Series
2022A
(NR/NR)
260,000
6.500
(c)
07/01/2032
272,505
2,500,000
6.500
(c)
07/01/2042
2,494,229
850,000
6.500
(c)
07/01/2052
823,398
Build
NYC
Resource
Corp.
Taxable
RB
Taxable
Series
2022A
(NR/NR)
900,000
9.750
(c)
07/01/2032
893,607
Build
NYC
Resource
Corp.
Tax-Exempt
RB
for
Success
Academy
Charter
Schools
Project
Series
2024
(NR/A-)
2,110,000
5.000
09/01/2031
2,293,832
1,000,000
5.000
09/01/2033
1,074,723
Build
NYC
Resource
Corporation
RB
Classical
Charter
Schools
Project
Series
2023A
(NR/BBB-)
750,000
4.750
06/15/2053
675,456
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
Build
NYC
Resource
Corporation
Tax-Exempt
RB
Success
Academy
Charter
Schools
Project
Series
2024
(NR/A-)
$
3,155,000
5.000%
09/01/2032
$
3,410,006
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
7,977,534
City
of
New
Rochelle
RB
for
Iona
College
Project
Series
2015
A
(Baa2/BBB)
325,000
5.000
07/01/2025
325,000
335,000
5.000
07/01/2026
335,000
425,000
5.000
07/01/2027
425,000
City
of
New
York
GO
Bonds
2023
Series
C
(Aa2/AA)
2,845,000
5.000
08/01/2026
2,916,130
City
of
New
York
GO
Bonds
Fiscal
2008
Series
A
Subseries
A-4
(AGM)
(Aa2/AA)
1,945,000
5.000
08/01/2026
1,996,787
City
of
New
York
GO
Bonds
Fiscal
2008
Series
C
Subseries
C-4
(AGM)
(Aa2/AA)
5,760,000
5.000
10/01/2026
5,927,439
City
of
New
York
GO
Bonds
Fiscal
2009
Series
B
Subseries
B-3
(Aa2/AA)
1,905,000
5.000
09/01/2026
1,955,702
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
2,633,092
3,900,000
4.500
05/01/2049
3,700,219
City
of
New
York
GO
Tax
Exempt
Bonds
2020
Series
D
(Aa2/AA)
4,750,000
4.000
03/01/2050
4,110,920
City
of
Troy
Capital
Resource
Corp.
Revenue
Refunding
Bonds
for
Rensselaer
Polytechnic
Institute
Project
Series
2020A
(Forward
Delivery)
(A3/BBB+)
1,150,000
5.000
09/01/2037
1,193,117
Clinton
County
Capital
Resource
Corp.
(A3/NR)
2,315,000
5.000
(c)
07/01/2037
2,431,896
County
of
Monroe
Industrial
Development
Agency
Multifamily
Housing
RB
andrews
Terrace
Community
Partners
L.P.
Project
Series
2023B-1
(HUD
SECT
8)
(Aa1/NR)
2,900,000
5.000
(a)(b)
07/01/2028
3,011,020
Dormitory
Authority
of
The
State
of
New
York
New
York
Institute
of
Technology
RB
Series
2024
(Baa2/BBB)
2,050,000
5.250
07/01/2049
2,096,174
3,000,000
5.250
07/01/2054
3,054,009
Dormitory
Authority
of
The
State
of
New
York
Pace
University
RB
Series
2024A
(Baa3/BBB-)
900,000
5.250
05/01/2044
902,272
1,400,000
5.500
05/01/2049
1,408,935
2,800,000
5.500
05/01/2056
2,795,568
Dormitory
Authority
of
The
State
of
New
York
State
Personal
Income
Tax
RB
General
Purpose
Series
2024A
(Aa1/NR)
10,000,000
5.250
03/15/2049
10,367,981
Dormitory
Authority
of
The
State
of
New
York
State
Personal
Income
Tax
RB
General
Purpose
Series
2025A
(Aa1/NR)
37,280,000
5.000
03/15/2048
38,076,178
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
13,799,118
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
Dormitory
Authority
of
The
State
of
New
York
State
Sales
Tax
RB
Series
2024A
(Aa1/NR)
$
6,700,000
5.000%
03/15/2032
$
7,551,218
Dormitory
Authority
of
The
State
of
New
York
State
Sales
Tax
RB
Series
2024B
(Tax-Exempt)
(Aa1/NR)
4,175,000
5.000
03/15/2049
4,243,743
Dutchess
County
Local
Development
Corp.
RB
for
Health
QuestSystems,
Inc.
Project
Series
2016B
(Baa3/BBB+)
5,000,000
5.000
07/01/2046
4,796,121
Dutchess
County
Local
Development
Corp.
RB
Refunding
for
Bard
College
Project
Series
2020
A
(NR/BBB-)
1,000,000
5.000
07/01/2045
993,579
Empire
State
Urban
Development
Corp.
State
Personal
Income
Tax
RB
Series
2020E
(NR/AA+)
500,000
4.000
03/15/2039
484,264
Erie
Tobacco
Asset
Securitization
Corp.
RB
Asset-Backed
Bonds
Series
2006
A
(NR/NR)
29,200,000
0.000
(c)(f)
06/01/2060
1,142,050
Freddie
Mac
Multifamily
ML
Certificates
RB
Pass
Through
Series
2017
A
(Aa1/NR)
((SOFR
+
0.614%))
6,575,565
4.921
(e)
01/25/2033
6,572,751
Genesee
County
Funding
Corp.
Tax
Exempt
RB
for
Rochester
Regional
Health
Project
Series
2022A
(NR/BBB+)
200,000
5.000
12/01/2025
200,927
Metropolitan
Transportation
Authority
Dedicated
Tax
Fund
Green
Bonds
Series
2024A
(NR/AA)
5,000,000
4.000
11/15/2051
4,385,821
Metropolitan
Transportation
Authority
RB
Green
Bond
Series
2015
A-2
(A2/NR)
2,500,000
5.000
(a)(b)
11/15/2045
2,642,277
Metropolitan
Transportation
Authority
RB
Green
Bond
Series
2016
A-1
(A2/A-)
645,000
5.000
11/15/2027
655,954
Metropolitan
Transportation
Authority
RB
Green
Bond
Series
2020
C-1
(A2/A-)
9,325,000
4.750
11/15/2045
9,085,247
4,445,000
5.000
11/15/2050
4,399,567
1,800,000
5.250
11/15/2055
1,811,393
Metropolitan
Transportation
Authority
RB
Refunding
for
Climate
Bond
Certified
Series
2020
E
(A2/A-)
3,275,000
5.000
11/15/2029
3,534,024
1,450,000
5.000
11/15/2030
1,582,217
Metropolitan
Transportation
Authority
RB
Refunding
Green
Bond
Series
2017
A-2
(A2/A-)
1,340,000
5.000
11/15/2027
1,394,647
Metropolitan
Transportation
Authority
RB
Refunding
Green
Bond
Series
2017
C-1
(A2/A-)
2,465,000
4.000
11/15/2032
2,479,469
Metropolitan
Transportation
Authority
RB
Refunding
Green
Bond
Series
2024A
(A2/A-)
8,280,000
5.000
11/15/2037
8,878,207
1,665,000
5.000
11/15/2039
1,745,214
4,835,000
5.000
11/15/2040
5,025,184
4,190,000
4.000
11/15/2043
3,698,408
3,965,000
5.250
11/15/2049
4,050,195
Metropolitan
Transportation
Authority
RB
Refunding
Series
2016
B
(A2/A-)
545,000
5.000
11/15/2027
559,613
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
Metropolitan
Transportation
Authority
RB
Refunding
Series
2016
D
(A2/A-)
$
530,000
5.000%
11/15/2029
$
542,811
755,000
5.250
11/15/2031
774,456
Metropolitan
Transportation
Authority
RB
Series
2016
C-1
(A2/A-)
595,000
5.000
11/15/2028
610,222
Metropolitan
Transportation
Authority
Transportation
Revenue
Green
Bonds
Series
2019A
(AGM)
(A1/AA)
11,050,000
5.000
11/15/2044
11,226,418
Metropolitan
Transportation
Authority
Transportation
Revenue
Green
Bonds
Series
2019C
(AGM)
(A1/AA)
4,980,000
4.000
11/15/2047
4,260,359
Metropolitan
Transportation
Authority
Transportation
Revenue
Green
Bonds
Series
2020D
(A2/A-)
3,000,000
4.000
11/15/2047
2,564,640
Metropolitan
Transportation
Authority
Transportation
Revenue
Green
Bonds
Subseries
2021A-1
(A2/A-)
5,000,000
4.000
11/15/2047
4,237,322
Metropolitan
Transportation
Authority
Transportation
Revenue
Refunding
Bonds
Series
2020E
(A2/A-)
3,750,000
5.000
11/15/2027
3,928,401
400,000
5.000
11/15/2028
425,874
Metropolitan
Transportation
Authority
Transportation
Revenue
Refunding
Green
Bonds
Series
2017B
(A2/A-)
1,655,000
5.000
11/15/2025
1,666,147
Metropolitan
Transportation
Authority
Transportation
Revenue
Refunding
Green
Bonds
Series
2017C-1
(A2/A-)
2,765,000
5.000
11/15/2027
2,896,541
Metropolitan
Transportation
Authority
Transportation
Revenue
Refunding
Green
Bonds
Series
2024A
(A2/A-)
8,835,000
5.500
11/15/2047
9,237,789
Metropolitan
Transportation
Authority
Transportation
Revenue
Refunding
Green
Bonds
Series
2025A
(A2/A-)
7,055,000
5.000
11/15/2038
7,513,889
1,400,000
5.250
11/15/2045
1,445,504
Nassau
County
Tobacco
Settlement
Corp.
RB
for
Asset
Backed
Bonds
Series
2006
D
(NR/NR)
82,790,000
0.000
(f)
06/01/2060
4,701,346
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
10,137,101
New
York
City
Industrial
Development
Agency
RB
for
Churchill
School
&
Center
for
Learning
Disabilities,
Inc.
Series
1999
(AGC)
(NR/AA)
940,000
2.250
(a)
10/01/2029
880,696
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
3,345,836
New
York
City
Industrial
Development
Agency
RB
Refunding
for
Yankee
Stadium
LLC
Series
2020
A
(Baa1/AA)
6,025,000
4.000
03/01/2045
5,270,220
New
York
City
Industrial
Development
Agency
RB
Refunding
for
Yankee
Stadium
LLC
Series
2020
A
(AGM)
(A1/AA)
2,410,000
3.000
03/01/2036
2,188,784
2,555,000
3.000
03/01/2040
2,070,321
1,925,000
4.000
03/01/2045
1,737,382
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
New
York
City
Municipal
Water
Finance
Authority
Water
and
Sewer
System
Second
General
Resolution
RB
Adjustable
Rate
Fiscal
2021
Series
EE
Subseries
EE-1
and
EE-2
(Aa1/AA+/A-1)
$
25,440,000
3.600%
(a)(b)
06/15/2045
$
25,440,000
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
11,203,175
New
York
City
Municipal
Water
Finance
Authority
Water
and
Sewer
System
Second
General
Resolution
RB
Fiscal
2025
Series
Aa
Fiscal
2025
Subseries
Aa-1
(Aa1/AA+)
3,850,000
5.000
06/15/2051
3,937,798
New
York
City
Municipal
Water
Finance
Authority
Water
and
Sewer
System
Second
General
Resolution
RB
Fiscal
2025
Series
Aa
Fiscal
2025
Subseries
Aa-2
(Aa1/AA+)
2,500,000
5.000
06/15/2046
2,577,358
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
962,636
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
5,047,400
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
18,422,378
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
6,348,857
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Subordinate
Bonds
Fiscal
2024
Series
D
Subseries
D-1
(Tax-Exempt)
(Aa1/AAA)
2,000,000
5.000
11/01/2040
2,127,914
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Subordinate
Bonds
Fiscal
2025
Series
A
Subseries
A-1
(Tax-Exempt
Bonds)
(Aa1/AAA)
1,675,000
5.000
11/01/2038
1,814,978
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Subordinate
Bonds
Fiscal
2025
Series
A
Subseries
A-1
Tax-
Exempt
Bonds
(Aa1/AAA)
1,325,000
5.000
11/01/2039
1,419,550
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Subordinate
Bonds
Fiscal
2025
Series
C
Subseries
C-1
(Aa1/AAA)
6,915,000
5.250
05/01/2049
7,196,575
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Subordinate
Bonds
Fiscal
2025
Series
F
Subseries
F-1
(Aa1/AAA)
6,285,000
5.000
11/01/2028
6,758,418
5,000,000
5.000
11/01/2032
5,634,576
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
742,144
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
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
$
7,027,841
16,685,000
5.250
05/01/2048
17,312,575
3,500,000
5.500
05/01/2053
3,687,509
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Tax-Exempt
Subordinate
Bonds
Fiscal
2025
Series
D
(Aa1/AAA)
18,845,000
5.250
05/01/2048
19,645,298
New
York
Convention
Center
Development
Corp.
Revenue
Refunding
Bonds
Series
2015
(A2/NR)
3,755,000
5.000
11/15/2030
3,776,901
New
York
Counties
Tobacco
Trust
IV
RB
Series
2005
F
(NR/NR)
143,440,000
0.000
(f)
06/01/2060
6,457,109
New
York
Liberty
Development
Corp.
RB
for
World
Trade
Center
Project
Series
2014
(NR/NR)
4,050,000
5.150
(c)
11/15/2034
4,050,246
9,000,000
5.375
(c)
11/15/2040
8,999,631
New
York
Liberty
Development
Corp.
RB
for
World
Trade
Center
Project
Series
2014
Class
3
(NR/NR)
4,175,000
7.250
(c)
11/15/2044
4,177,664
New
York
Liberty
Development
Corp.
RB
Refunding
for
3
World
Trade
Center
LLC
Series
2014
(NR/NR)
25,360,000
5.000
(c)
11/15/2044
24,782,636
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
786,127
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
975,567
New
York
NY
GO
Bonds
2018
E-1
(Aa2/AA)
9,725,000
5.000
03/01/2044
9,789,214
New
York
Port
Authority
Consolidated
Bonds
273rd
Series
(Aa3/AA-)
7,835,000
4.000
07/15/2051
6,571,260
New
York
St
Dorm
Auth
St
Pers
Income
Tax
Rev
General
Purpose
Bonds
2022
A
(NR/NR)
450,000
5.000
03/15/2027
467,607
New
York
State
Dormitory
Authority
General
Purpose
Personal
Income
Tax
RB
Series
2016
D
(Aa1/AA+)
2,550,000
5.000
(d)
08/15/2026
2,620,467
New
York
State
Dormitory
Authority
RB
New
York
University
2001
(AMBAC)
(Aa2/AA-)
945,000
5.500
07/01/2040
1,069,092
New
York
State
Dormitory
Authority
RB
Refunding
for
Brooklyn
Law
School
Series
2019
A
(Baa1/NR)
1,400,000
5.000
07/01/2033
1,449,867
New
York
State
Dormitory
Authority
RB
Refunding
for
Brooklyn
Law
School
Series
2019
B
(Baa1/NR)
100,000
3.560
07/01/2026
98,747
100,000
3.670
07/01/2027
97,897
40,000
3.760
07/01/2028
38,817
200,000
3.820
07/01/2029
192,037
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
970,000
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
New
York
State
Dormitory
Authority
RB
Refunding
for
Brooklyn
St.
Joseph’s
College
Series
2020
A
(NR/NR)
–
(continued)
$
1,185,000
5.000%
07/01/2029
$
1,198,798
745,000
5.000
07/01/2030
752,029
100,000
4.000
07/01/2031
95,151
New
York
State
Dormitory
Authority
RB
Refunding
for
Catholic
Health
System
Obligated
Group
Series
2019
A
(B3/B-)
540,000
5.000
07/01/2032
534,915
465,000
5.000
07/01/2034
456,371
1,005,000
5.000
07/01/2035
980,954
440,000
5.000
07/01/2036
426,928
545,000
4.000
07/01/2040
462,231
590,000
5.000
07/01/2041
561,287
2,315,000
4.000
07/01/2045
1,882,366
New
York
State
Dormitory
Authority
RB
Refunding
for
Montefiore
Obligated
Group
Series
2020
A
(Baa3/BBB-)
530,000
4.000
09/01/2036
512,996
500,000
4.000
09/01/2037
477,942
575,000
4.000
09/01/2038
540,292
615,000
4.000
09/01/2039
567,345
750,000
4.000
09/01/2040
679,911
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
2,307,274
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
3,845,516
New
York
State
Dormitory
Authority
RB
Series
2020
B
(Aa2/NR)
1,100,000
3.000
04/01/2042
849,820
1,550,000
3.000
04/01/2048
1,112,244
New
York
State
Dormitory
Authority
State
Personal
Income
Tax
Revenue
General
Purpose
Bonds
2020
A
(Aa1/NR)
26,685,000
4.000
03/15/2043
24,470,764
New
York
State
Dormitory
Authority
State
Personal
Income
Tax
Revenue
General
Purpose
Bonds
2020A
(NR/NR)
10,000
4.000
(d)
09/15/2030
10,588
New
York
State
Dormitory
Authority
State
Personal
Income
Tax
Revenue
General
Purpose
Bonds
2021
E
(NR/AA+)
9,995,000
4.000
03/15/2038
9,808,286
New
York
State
Dormitory
Authority
State
Personal
Income
Tax
Revenue
General
Purpose
Bonds
2021
E
(NR/NR)
5,000
4.000
(d)
03/15/2032
5,333
New
York
State
Environmental
Facilities
Corp
Solid
Waste
Disposal
RB
Series
2014
(B1/B+)
(PUTABLE)
1,440,000
2.875
(a)(b)(c)
12/01/2044
1,350,402
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
746,982
New
York
State
Housing
Finance
Agency
2021
Series
J-2
(SONYMA
HUD
SECT
8)
(Aa2/NR)
2,960,000
1.100
(a)(b)
11/01/2061
2,822,542
New
York
State
Housing
Finance
Agency
State
Personal
Income
Tax
RB
2024
Series
A-2
(Aa1/NR)
2,025,000
3.450
(a)(b)
06/15/2054
2,027,893
New
York
State
Housing
Finance
Agency
State
Personal
Income
Tax
RB
2024
Series
A-2
Sustainability
Bonds
(Aa1/NR)
4,465,000
3.350
(a)(b)
06/15/2054
4,461,567
New
York
State
Thruway
Authority
General
RB
Series
P
(Aa3/A+)
1,700,000
5.000
01/01/2049
1,729,953
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
New
York
State
Thruway
Authority
General
RB
Series
P
(Aa3/A+)
–
(continued)
$
1,965,000
5.250%
01/01/2054
$
2,034,771
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
4,981,166
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
11,293,064
New
York
State
Urban
Development
Corporation
State
Sales
Tax
RB,
Series
2023A
(Tax-Exempt)
(Aa1/NR)
8,000,000
5.000
03/15/2051
8,117,941
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
951,695
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
2,623,923
New
York
Transportation
Development
Corp.
RB
for
Delta
Air
Lines,
Inc.
Series
2018
(Baa2/NR)
4,780,000
5.000
01/01/2027
4,850,302
310,000
5.000
01/01/2031
316,291
8,645,000
5.000
01/01/2033
8,784,321
3,800,000
5.000
01/01/2034
3,851,837
9,625,000
4.000
01/01/2036
9,026,362
New
York
Transportation
Development
Corp.
RB
for
Delta
Air
Lines,
Inc.
Series
2018
(AMT)
(Baa2/NR)
2,850,000
5.000
01/01/2036
2,872,617
New
York
Transportation
Development
Corp.
RB
for
Delta
Air
Lines,
Inc.
Series
2020
(Baa2/NR)
4,580,000
4.000
10/01/2030
4,500,458
10,215,000
5.000
10/01/2035
10,383,051
7,315,000
5.000
10/01/2040
7,275,087
9,800,000
4.375
10/01/2045
8,738,481
New
York
Transportation
Development
Corp.
RB
for
Empire
State
Thruway
Partners
LLC
Series
2021
(NR/NR)
1,225,000
2.500
10/31/2031
1,057,776
600,000
4.000
10/31/2034
583,588
4,780,000
4.000
10/31/2041
4,211,092
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
1,288,479
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
524,438
500,000
5.000
12/01/2029
529,715
2,200,000
5.000
12/01/2036
2,256,192
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
177,168
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
690,706
15,675,000
5.000
07/01/2041
15,675,450
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
New
York
Transportation
Development
Corp.
Special
Facilities
Bonds
for
Laguardia
Airport
Terminal
B
Redevelopment
Project
Series
2016A
(Baa2/NR)
–
(continued)
$
14,050,000
5.000%
07/01/2046
$
13,602,758
New
York
Transportation
Development
Corp.
Special
Facilities
Bonds
Series
2016A
(Baa2/NR)
8,425,000
5.250
01/01/2050
8,300,441
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
2,450,858
New
York
Transportation
Development
Corp.
Special
Facilities
RB
for
John
F.
Kennedy
International
Airport
New
Terminal
One
Project
Green
Bonds
Series
2023
(AMT)
(Baa3/AA)
2,225,000
6.000
06/30/2054
2,298,409
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
518,062
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
5,384,501
New
York
Transportation
Development
Corp.
Special
Facility
RB
for
Delta
Air
Lines
Inc.
Laguardia
Airport
Terminals
C&D
Redevelopment
Project
Series
2023
(Baa2/BBB-)
750,000
6.000
04/01/2035
815,815
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
2,250,012
New
York
Transportation
Development
Corp.
Special
Facility
RB
Refunding
for
American
Airlines,
Inc.
John
F.
Kennedy
International
Airport
Project
Series
2020
(NR/B+)
5,890,000
5.250
08/01/2031
6,020,519
5,675,000
5.375
08/01/2036
5,786,683
New
York
Transportation
Development
Corp.
Special
Facility
RB
Series
2021
(NR/NR)
4,060,000
3.000
08/01/2031
3,731,534
New
York
Transportation
Development
Corp.
Special
Facility
Revenue
Refunding
Bonds
for
American
Airlines
John
F.
Kennedy
International
Airport
Project
Series
2016
(NR/B+)
2,375,000
5.000
08/01/2026
2,375,041
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
1,339,607
New
York
Transportation
Development
Corporation
Special
Facilities  RB,
Series
2024  (AMT)
(AG)
(A1/AA)
8,375,000
5.000
06/30/2054
8,113,866
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
423,786
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
1,069,912
670,000
4.000
12/01/2035
668,215
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
Oneida
County
Local
Development
Corp.
RB
Refunding
for
Mohawk
Valley
Health
System
Obligated
Group
Project
Series
2019
A
(AGM)
(NR/AA)
–
(continued)
$
1,135,000
4.000%
12/01/2036
$
1,119,972
1,260,000
3.000
12/01/2039
1,007,157
840,000
3.000
12/01/2040
654,090
6,270,000
4.000
12/01/2049
5,441,280
Oneida
County
Local
Development
Corp.
RB
Refunding
for
Utica
College
Project
Series
2019
(NR/NR)
345,000
4.000
07/01/2039
275,828
4,225,000
3.000
07/01/2044
2,590,577
Oneida
Indian
Nation
Tax
RB
Series
2024B
(Federally
Tax-Exempt)
(NR/NR)
1,585,000
6.000
(c)
09/01/2043
1,667,342
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
3,915,229
Port
Authority
of
New
York
&
New
Jersey
Consolidated
RB
Series
221
(Aa3/AA-)
2,000,000
4.000
07/15/2045
1,736,902
1,500,000
4.000
07/15/2050
1,261,138
Port
Authority
of
New
York
and
New
Jersey
Consolidated
Bonds
242nd
Series
(Aa3/AA-)
1,500,000
5.000
12/01/2026
1,537,380
Port
Authority
of
New
York
Consolidated
Bonds
227th
Series
(Aa3/AA-)
5,000,000
3.000
10/01/2027
4,957,012
1,555,000
3.000
10/01/2028
1,531,714
Port
Authority
of
New
York
Consolidated
Bonds
234th
Series
(Aa3/AA-)
4,020,000
5.250
08/01/2047
4,081,434
Power
Authority
of
The
State
of
New
York
Green
Transmission
Project
RB,
Series
2023A
(AGM)
(Aa3/AA)
1,500,000
5.000
11/15/2053
1,514,496
State
of
New
York
Dormitory
Authority
Northwell
Health
Obligated
Group
RB
Series
2022A
(A3/A-)
6,200,000
4.250
05/01/2052
5,431,645
5,225,000
5.000
05/01/2052
5,176,881
State
of
New
York
Dormitory
Authority
Personal
Income
Tax
RB
Series
2018A
(Aa1/NR)
10,200,000
4.000
03/15/2048
8,849,686
State
of
New
York
Dormitory
Authority
Personal
Income
Tax
RB
Series
2019D
(Aa1/NR)
10,000,000
4.000
02/15/2047
8,897,317
State
of
New
York
Dormitory
Authority
Personal
Income
Tax
RB
Series
2021A
(NR/AA+)
10,215,000
4.000
03/15/2038
10,041,074
8,175,000
4.000
03/15/2040
7,788,077
State
of
New
York
Dormitory
Authority
Personal
Income
Tax
RB
Series
2021E
(NR/AA+)
6,800,000
4.000
03/15/2046
6,075,799
8,700,000
4.000
03/15/2047
7,728,332
State
of
New
York
Dormitory
Authority
RB
for
St.
Joseph's
College
Series
2020A
(NR/NR)
1,070,000
5.000
07/01/2027
1,079,582
Suffolk
Tobacco
Asset
Securitization
Corp.
RB
Series
2021
B-1
(NR/BBB-)
3,160,000
4.000
06/01/2050
2,844,884
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
The
Port
Authority
of
New
York
and
New
Jersey
Consolidated
Bonds,
Two
Hundred
Sixth
Series
(Aa3/AA-)
$
2,000,000
5.000%
11/15/2042
$
1,999,909
Triborough
Bridge
&
Tunnel
Authority
General
Revenue
Bond
Series
2022A
(Aa3/AA-)
5,900,000
5.500
11/15/2057
6,142,325
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
7,276,273
Triborough
Bridge
and
Tunnel
Authority
Mta
Bridges
and
Tunnels
Payroll
Mobility
Tax
Bond
Anticipation
Notes
Series
2025A
(NR/SP-1+)
25,000,000
5.000
03/01/2028
26,406,860
Triborough
Bridge
and
Tunnel
Authority
Mta
Bridges
and
Tunnels
Payroll
Mobility
Tax
Bond
Anticipation
Notes
Series
2025A
(A1/SP-1+)
25,000,000
5.000
02/01/2028
26,473,860
Triborough
Bridge
and
Tunnel
Authority
MTA
Bridges
and
Tunnels
Real
Estate
Transfer
Tax  RB,
Series
2025A
(A1/A+)
5,850,000
5.000
12/01/2050
5,936,678
Triborough
Bridge
and
Tunnel
Authority
Mta
Bridges
and
Tunnels
Real
Estate
Transfer
Tax
RB
Series
2025A
(NR/AA+)
4,800,000
5.250
05/15/2059
4,964,752
Westchester
County
Local
Development
Corporation
RB
for
New
York
Blood
Center
Project
Series
2024
(Baa1/NR)
3,055,000
5.000
07/01/2035
3,285,804
845,000
5.000
07/01/2038
887,538
Yonkers
Economic
Development
Corp.
RB
for
Charter
School
of
Educational
Excellence
Project
Series
2019
A
(NR/NR)
195,000
4.000
10/15/2029
193,429
Yonkers
Economic
Development
Corp.
RB
Refunding
for
Charter
School
of
Educational
Excellence
Series
2020
A
(NR/BB)
610,000
4.000
10/15/2030
604,781
967,394,817
North
Carolina
-
0.8%
Charlotte
Douglas
International
Airport
RB
Series
2023A
(NON-AMT)
Series
2023B
(AMT)
(Aa3/NR)
6,525,000
5.000
07/01/2048
6,709,385
City
of  Charlotte,
North
Carolina
Charlotte
Douglas
International  Airport  RB,
Series
2017A
(NON-AMT)
(Aa3/NR)
1,000,000
5.000
07/01/2047
1,001,310
City
of
Mebane
Combined
Utilities
RB
Series
2024
(Aa3/AA-)
1,800,000
4.000
08/01/2049
1,580,000
Columbus
County
Industrial
Facilities
&
Pollution
Control
Financing
Authority
Environmental
Improvement
and
Refunding
RB
for
International
Paper
Company
Project
Series
2019A
(NR/BBB)
(PUTABLE)
1,100,000
3.450
(a)(b)
11/01/2033
1,082,344
Columbus
County
Industrial
Facilities
&
Pollution
Control
Financing
Authority
Refunding
RB
for
International
Paper
Company
Project
Series
2019B
(NR/BBB)
(PUTABLE)
1,400,000
3.450
(a)(b)
11/01/2033
1,377,529
County
of
Mecklenburg
GO
Bonds
for
Public
Improvement
Series
2018
(Aaa/AAA)
5,250,000
5.000
03/01/2029
5,568,819
County
of
Wake
GO
Refunding
Bonds
Series
2023B
(Aaa/AAA)
1,810,000
5.000
05/01/2026
1,844,614
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)
$
1,000,000
5.000%
07/01/2028
$
1,047,136
3,050,000
5.500
07/01/2052
3,133,070
Greater
Asheville
Regional
Airport
Authority
Airport
System
RB,
Series
2023  (AMT)
(AG)
(A1/AA)
1,210,000
5.250
07/01/2041
1,247,188
North
Carolina
Capital
Facilities
Finance
Agency
Revenue
Refunding
Bonds
Duke
University
Project
Series
2016B
(Aa1/AA+)
2,790,000
5.000
10/01/2044
2,811,174
North
Carolina
Department
of
Transportation
Tax
Exempt
Private
Activity
Bonds
Series
2015
(NR/NR)
2,735,000
5.000
12/31/2037
2,736,131
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
1,449,369
North
Carolina
Housing
Finance
Agency
Home
Ownership
RB
Series
55-A
(NON-AMT)
(GNMA/FNMA/FHLMC)
(Aa1/AA+)
9,730,000
4.350
01/01/2044
9,324,993
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
3,777,925
North
Carolina
Medical
Care
Commission
Health
Care
Facilities
RB
Duke
University
Health
System,
Series
2025B
(Aa3/AA-)
2,850,000
5.000
(a)(b)
06/01/2055
3,070,984
North
Carolina
Medical
Care
Commission
RB
for
Forest
at
Duke,
Inc.
Obligated
Group
Series
2021
(NR/NR)
680,000
4.000
09/01/2041
590,260
325,000
4.000
09/01/2046
261,497
North
Carolina
Medical
Care
Commission
RB
for
Lutheran
Services
for
the
Aging,
Inc.
Obligated
Group
Series
2021
A
(NR/NR)
270,000
5.000
03/01/2027
274,263
255,000
5.000
03/01/2028
261,564
250,000
4.000
03/01/2029
249,863
260,000
4.000
03/01/2030
259,249
270,000
4.000
03/01/2031
268,374
725,000
4.000
03/01/2036
689,496
North
Carolina
Medical
Care
Commission
RB
for
Maryfield,
Inc.
Obligated
Group
Series
2020
A
(NR/NR)
1,355,000
5.000
10/01/2040
1,296,625
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
4,697,132
North
Carolina
Medical
Care
Commission
RB
Refunding
for
EveryAge
Obligated
Group
Series
2021
A
(NR/NR)
1,905,000
4.000
09/01/2041
1,682,201
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
582,569
1,785,000
3.000
07/01/2027
1,745,752
1,040,000
4.000
07/01/2030
1,029,158
1,080,000
5.000
07/01/2031
1,106,223
1,110,000
5.000
07/01/2032
1,133,364
1,375,000
5.000
07/01/2033
1,400,187
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
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)
$
750,000
5.000%
10/01/2044
$
743,374
North
Carolina
Turnpike
Authority
RB
Senior
Lien
for
Triangle
Expressway
Series
2019
(AGM)
(NR/AA)
3,000,000
3.000
01/01/2042
2,281,195
5,325,000
5.000
01/01/2049
5,327,547
North
Carolina
Turnpike
Authority
Triangle
Expressway
System
Senior
Lien
Turnpike
RB
Series
2019
(NR/BBB)
9,500,000
5.000
01/01/2049
9,339,536
The
Charlotte-Mecklenburg
Hospital
Authority
Atrium
Health
Variable
Rate
Health
Care
RB
Series
2021D
(Aa3/AA)
2,410,000
5.000
(a)(b)
01/15/2049
2,650,786
85,632,186
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
3,918,160
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
1,263,266
City
of
Horace
GO
Refunding
Bonds
Series
2021
(Baa3/NR)
1,100,000
3.000
05/01/2041
762,643
2,750,000
3.000
05/01/2046
1,724,721
7,668,790
Ohio
-
2.1%
Bon
Secours
Mercy
Health
Hospital
Facilities
RB
Series
2022B-1
(A1/A+)
7,110,000
5.000
(a)(b)
10/01/2049
7,353,631
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
3,537,863
Buckeye
Tobacco
Settlement
Financing
Authority
RB
Refunding
for
Senior
Asset-Backed
Bonds
Series
2020
A-2
Class
1
(NR/NR)
21,175,000
5.000
06/01/2055
18,052,251
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
455,433
310,000
4.000
06/01/2037
294,671
2,655,000
4.000
06/01/2038
2,483,475
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
3,496,011
Buckeye
Tobacco
Settlement
Financing
Authority
Tobacco
Settlement
Asset
Backed
Refunding
Bonds
Series
2020
(NR/BBB+)
6,710,000
4.000
06/01/2048
5,559,484
Cleveland
Airport
Special
RB
for
Continental
Airlines,
Inc.
Project
Series
1998
(Ba3/BB)
7,195,000
5.375
09/15/2027
7,198,610
Columbus
Regional
Airport
Authority
John
Glenn
Columbus
International
Airport
Airport
RB
Series
2025A
(AMT)
(A2/A)
2,000,000
5.000
01/01/2030
2,123,778
3,600,000
5.000
01/01/2031
3,847,727
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Ohio
–
(continued)
Columbus
Regional
Airport
Authority
John
Glenn
Columbus
International
Airport
Airport
RB
Series
2025A
(AMT)
(A2/A)
–
(continued)
$
2,890,000
5.000%
01/01/2032
$
3,106,565
3,000,000
5.000
01/01/2033
3,226,082
2,120,000
5.000
01/01/2034
2,275,815
Columbus-Franklin
County
Finance
Authority
Lease
RB
for
The
Cornerstone
Academy
Community
School
Series
2023
(NR/NR)
2,525,000
7.000
(c)
07/01/2053
2,465,665
County
of
Cuyahoga
Health
Care
and
Independent
Living
Facilities
Refunding
RB
for
Eliza
Jennings
Senior
Health
Care
Network
Series
2022A
(NR/NR)
1,955,000
5.000
05/15/2032
1,945,181
County
of
Cuyahoga
Hospital
RB
Series
2017
(Baa2/BBB)
6,500,000
5.000
02/15/2037
6,501,094
County
of
Cuyahoga
Ohio
Hospital
RB
for
The
Metrohealth
System
Series
2017
(Baa2/BBB)
7,475,000
5.500
02/15/2052
7,314,177
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
338,843
625,000
4.000
09/01/2045
492,749
850,000
5.000
09/01/2049
768,540
County
of
Franklin
Healthcare
Facilities
RB
for
Ohio
Living
Communities
Series
2023
(NR/NR)
3,210,000
5.000
07/01/2035
3,289,714
3,915,000
5.000
07/01/2036
3,971,589
County
of
Franklin
Ohio
Health
Care
Facilities
Refunding
RB
Series
2022
(NR/NR)
5,000
4.000
(d)
07/01/2028
5,318
4,220,000
4.000
07/01/2040
3,596,878
County
of
Franklin
RB
Refunding
for
Wesley
Communities
Obligated
Group
Series
2020
(NR/NR)
3,680,000
5.250
11/15/2040
3,568,489
County
of
Lucas
Hospital
RB
for
Promedica
Healthcare
Obligated
Group
Series
2018A
(Ba1/BB)
11,225,000
5.250
11/15/2048
10,808,257
County
of
Montgomery
Ohio
Health
Care
Facilities
Revenue
Refunding
and
Improvement
Bonds,
Series
2024
(Baa1/NR)
2,000,000
5.250
09/01/2049
2,011,502
County
of
Warren
Ohio
Hospital
Facilities
Refunding
RB
Series
2024A
(NR/NR)
1,755,000
5.000
05/15/2034
1,849,955
Cuyahoga
County
Ohio
Hospital
RB
for
Metrohealth
System
Series
2017
(Baa2/BBB)
7,325,000
5.250
02/15/2047
7,049,149
5,475,000
5.000
02/15/2052
5,025,120
760,000
5.000
02/15/2057
700,785
Cuyahoga
County
Ohio
Hospital
RB
Refunding
for
Metrohealth
System
Series
2009
B
(Baa2/BBB)
10,000,000
8.223
02/15/2040
11,075,761
Cuyahoga
Metropolitan
Housing
Authority
RB
for
Social
Bonds
Series
2021
(HUD
SECT
8)
(NR/A+)
3,550,000
2.000
12/01/2031
3,092,306
Evans
Farm
New
Community
Authority
Special
Assessment
Bonds
Series
2020
(NR/NR)
2,000,000
3.750
12/01/2038
1,636,235
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Ohio
–
(continued)
Franklin
County
Convention
Facilities
Authority
RB
for
Greater
Columbus
Convention
Center
Project
Series
2019
(NR/BBB-)
$
325,000
5.000%
12/01/2026
$
328,770
325,000
5.000
12/01/2027
331,595
425,000
5.000
12/01/2028
436,316
400,000
5.000
12/01/2029
412,424
680,000
5.000
12/01/2030
699,349
800,000
5.000
12/01/2031
820,092
660,000
5.000
12/01/2032
673,893
1,170,000
5.000
12/01/2033
1,189,594
1,725,000
5.000
12/01/2035
1,739,696
650,000
5.000
12/01/2037
647,481
1,630,000
5.000
12/01/2038
1,602,680
2,000,000
5.000
12/01/2051
1,773,970
Little
Miami
Local
School
District
Counties
of
Warren
and
Clermont
Ohio
School
Improvement
Unlimited
Tax
GO
Bonds
Series
2018A
(SD
CRED
PROG)
(Aa1/AA+)
1,000,000
5.000
11/01/2043
978,710
Northeast
Ohio
Medical
University
RB
Refunding
Series
2021
A
(Baa1/NR)
250,000
4.000
12/01/2035
242,125
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
3,536,944
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
14,155,540
Ohio
Air
Quality
Development
Authority
Exempt
Facilities
RB
for
Pratt
Paper
LLC
Project
Series
2017
(NR/NR)
700,000
4.500
(c)
01/15/2048
631,546
Ohio
Air
Quality
Development
Authority
Pollution
Control
RB
Refunding
Series
2009-D
(NON-AMT)
(NR/BBB-)
1,100,000
3.375
(a)
08/01/2029
1,070,380
Ohio
Air
Quality
Development
Authority
RB
for
Ohio
Valley
Electric
Corp.
Series
2009
A
(Baa3/NR)
925,000
2.875
02/01/2026
916,466
Ohio
Air
Quality
Development
Authority
RB
for
Ohio
Valley
Electric
Corp.
Series
2009
D
(Baa3/NR)
2,305,000
2.875
02/01/2026
2,283,735
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
3,058,675
Ohio
Air
Quality
Development
Authority
Revenue
Refunding
Bonds
Series
2014A
(Baa2/BBB)
2,500,000
2.400
(a)(b)
12/01/2038
2,350,359
Ohio
Air
Quality
Development
Authority
Revenue
Refunding
Bonds
Series
2014B
(Baa2/BBB)
3,500,000
2.600
(a)(b)
06/01/2041
3,304,509
Ohio
Higher
Educational
Facility
Commission
RB
for
University
Circle,
Inc.
Series
2020
(A3/NR)
1,245,000
5.000
01/15/2035
1,289,270
Ohio
Higher
Educational
Facility
Commission
RB
Refunding
for
Judson
Obligated
Group
Series
2020
A
(NR/NR)
1,260,000
5.000
12/01/2042
1,208,068
1,250,000
5.000
12/01/2045
1,162,568
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Ohio
–
(continued)
Ohio
Higher
Educational
Facility
Commission
RB
Refunding
for
Xavier
University
Series
2020
(Baa1/NR)
$
695,000
4.000%
05/01/2037
$
666,732
Ohio
Housing
Finance
Agency
Multifamily
Housing
RB
(Community
Pendleton
Project),
Series
2025
(Aa1/NR)
1,500,000
3.400
(a)(b)
07/01/2042
1,502,975
Ohio
Housing
Finance
Agency
Multifamily
Housing
RB
Haven'S
Edge
Apartments
Project
Series
2025A
(NR/NR)
1,325,000
5.700
(c)
08/01/2043
1,340,559
Ohio
Housing
Finance
Agency
Residential
Mortgage
RB
2024
Series
B
Mortgage-Backed
Securities
Program
(NON-AMT)
(GNMA/FNMA/FHLMC)
(Aa1/NR)
2,470,000
4.650
09/01/2049
2,366,376
Ohio
State
Higher
Education
Facility
Commission
RB
Series
2020
(A3/NR)
900,000
5.000
01/15/2040
913,643
Ohio
State
Higher
Educational
Facilities
Commission
Hospital
RB
Project
Series
2020
(A3/NR)
1,260,000
5.000
01/15/2033
1,316,207
Ohio
State
Hospital
RB
Refunding
for
Aultman
Health
Foundation
Obligated
Group
Series
2018
(NR/NR)
925,000
5.000
(c)
12/01/2033
925,079
1,795,000
5.000
(c)
12/01/2038
1,701,688
2,725,000
5.000
(c)
12/01/2048
2,379,966
Port
of
Greater
Cincinnati
Development
Authority
Education
RB
Series
2021
(NR/NR)
1,500,000
4.375
(a)(b)
06/15/2056
1,478,733
Port
of
Greater
Cincinnati
Development
Authority
Ohio
Tax
Increment
Financing
RB
Series
2024
(NR/NR)
1,190,000
5.000
12/01/2044
1,138,925
Port
of
Greater
Cincinnati
Development
Authority
RB
Series
2021
(NR/NR)
390,000
3.750
(c)
12/01/2031
391,208
Port
of
Greater
Cincinnati
Development
Authority
Special
Obligation
Development
TIF
RB,
Series
2016B
(NR/NR)
3,725,000
5.000
12/01/2046
3,387,459
State
of
Ohio
Higher
Educational
Facilities
Senior
Lien
Hospital
Bonds
Series
2020
(A3/NR)
1,140,000
5.000
01/15/2037
1,170,233
State
of
Ohio
Higher
Educational
Facility
Commission
State
of
Ohio
Higher
Educational
Facility
RB
Xavier
University
2024
Project
(Baa1/NR)
785,000
5.000
05/01/2040
805,537
State
of
Ohio
Higher
Educational
Facility
RB
for
Capital
University
2022
Project
(NR/BBB-)
1,500,000
5.750
09/01/2037
1,537,396
1,500,000
6.000
09/01/2042
1,514,056
State
of
Ohio
Higher
Educational
Facility
RB
for
Xavier
University
2024
Project
(Baa1/NR)
715,000
5.000
05/01/2041
727,318
840,000
5.000
05/01/2042
846,965
State
of
Ohio
Higher
Educational
Facility
Refunding
RB
for
Xavier
University
2025
Project
Forward
Delivery
(Baa1/NR)
2,710,000
5.000
05/01/2043
2,712,372
3,590,000
5.000
05/01/2044
3,560,778
2,360,000
5.000
05/01/2045
2,316,515
State
of
Ohio
Hospital
RB,
Series
2020
Premier
Health
Partners
Obligated
Group
(Baa1/NR)
1,270,000
4.000
11/15/2041
1,114,390
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Ohio
–
(continued)
Toledo-Lucas
County
Port
Authority
Parking
System
RB
Series
2021
(Baa3/NR)
$
3,500,000
4.000%
01/01/2038
$
3,251,462
960,000
4.000
01/01/2041
847,052
Trinity
Health
Credit
Group
County
of
Franklin
Ohio
RB
Series
2017Oh
(Aa3/AA-)
2,120,000
5.000
12/01/2046
2,092,257
229,369,339
Oklahoma
-
0.6%
City
of
Tulsa
GO
Bonds
Series
2021
(Aa1/AA)
3,800,000
2.000
11/01/2029
3,523,266
Independent
School
District
Number
69
Canadian
County,
Oklahoma
Mustang
School
District
GO
Building
Bonds,
Series
2025A
(NR/AA-)
1,510,000
4.000
06/01/2027
1,537,731
2,780,000
4.000
06/01/2028
2,859,298
Norman
Regional
Hospital
Authority
RB
Norman
Regional
Hospital
Authority
Obligated
Group
Series
2019
(Caa2/CCC)
925,000
4.000
09/01/2045
666,961
Oklahoma
Capitol
Improvement
Authority
State
Facilities
Refunding
RB
Series
2024A
(NR/AA)
3,300,000
5.000
07/01/2026
3,373,662
3,400,000
5.000
07/01/2027
3,554,033
Oklahoma
Capitol
Improvement
Authority
State
Facilities
Refunding
RB
Series
2024B
(NR/AA)
650,000
5.000
07/01/2026
664,509
500,000
5.000
07/01/2027
522,652
Oklahoma
County
Finance
Authority
Educational
Facilities
Lease
RB
Western
Heights
Public
Schools
Project,
Series
2025
(NR/BBB-)
1,450,000
5.000
09/01/2032
1,513,135
2,700,000
5.000
09/01/2035
2,774,417
Oklahoma
Development
Finance
Authority
Health
System
RB
for
OU
Medicine
Project
Series
2018
B
(Ba2/BB)
2,125,000
5.000
08/15/2029
2,201,364
5,000,000
5.500
08/15/2057
4,893,808
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
3,204,740
Oklahoma
Development
Finance
Authority
Health
System
RB
for
OU
Medicine
Project
Series
2018B
(Ba2/BB)
2,725,000
5.500
08/15/2052
2,688,216
Oklahoma
Housing
Finance
Agency
Collateralized
RB
Trinity
Trails
Project
Series
2025
(HUD
SECT
8)
(Aa1/NR)
1,500,000
3.200
(a)(b)
10/01/2042
1,496,731
Oklahoma
Turnpike
Authority
Oklahoma
Turnpike
System
Refunding
Second
Senior
RB
Series
2025B
(Aa3/AA-)
3,000,000
5.000
(h)
01/01/2037
3,254,219
1,850,000
5.000
(h)
01/01/2038
1,983,166
1,475,000
5.000
(h)
01/01/2039
1,591,354
1,000,000
5.000
(h)
01/01/2040
1,064,588
1,750,000
5.000
(h)
01/01/2041
1,832,547
2,000,000
5.000
(h)
01/01/2042
2,075,593
Oklahoma
Turnpike
Authority
Oklahoma
Turnpike
System
Second
Senior
RB
Series
2023
(Aa3/AA-)
4,000,000
5.500
01/01/2053
4,170,660
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Oklahoma
–
(continued)
Payne
County
Economic
Development
Authority
Educational
Facilities
Lease
RB
Stillwater
Public
Schools
Project
Series
2024
(BAM)
(A3/AA)
$
2,105,000
5.000%
09/01/2026
$
2,152,383
1,740,000
5.000
09/01/2027
1,814,260
Trustees
of
The
Tulsa
Municipal
Airport
Trust  RB,
Series
2025
(NR/B+)
6,825,000
6.250
12/01/2035
7,538,461
Wagoner
County
Development
Authority
Sales
Tax
RB
Series
2025
(NR/NR)
1,830,000
6.500
05/01/2035
1,839,885
64,791,639
Oregon
-
0.4%
City
of
Cannon
Beach
Full
Faith
and
Credit
Obligations
Series
2024
(NR/AA)
750,000
4.000
06/01/2054
655,375
City
of
Forest
Grove
Oregon
Campus
Improvement
Revenue
Refunding
Bonds
Pacific
University
Series
2022A
Forward
Delivery
(NR/BBB)
1,175,000
5.000
05/01/2033
1,207,849
City
of
Portland
Oregon
Second
Lien
Sewer
System
Revenue
and
Refunding
Bonds,
2025
Series
A
(Aa2/AA)
1,125,000
5.000
10/01/2042
1,190,285
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
6,090,898
City
of
Portland,
Oregon
Second
Lien
Sewer
System
Revenue
and
Refunding
Bonds,
2025
Series
A
(Aa2/AA)
3,000,000
5.000
10/01/2049
3,079,691
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
234,747
120,000
5.250
11/15/2050
110,135
Forest
Grove
Oregon
Student
Housing
RB
Refunding
for
Oak
Tree
Foundation
Project
Series
2017
(NR/BBB)
1,385,000
3.500
03/01/2029
1,340,643
1,540,000
3.750
03/01/2032
1,443,002
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
1,859,894
Oregon
State
Facilities
Authority
RB
Refunding
for
Reed
College
Project
Series
2017
A
(NR/NR)
8,895,000
5.000
(d)
07/01/2027
9,296,207
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
552,083
225,000
5.000
10/01/2035
232,949
Port
of
Portland
International
Airport
RB
Series
28
(NR/AA-)
2,145,000
4.000
07/01/2047
1,852,908
Port
of
Portland
Portland
International
Airport
RB
Series
Thirty
A
(AMT)
(NR/AA-)
2,440,000
5.250
07/01/2049
2,486,079
Port
of
Portland
RB
for
International
Airport
Series
2019
25-B
(NR/AA-)
1,365,000
5.000
07/01/2033
1,423,867
1,000,000
5.000
07/01/2034
1,038,186
1,000,000
5.000
07/01/2035
1,031,894
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Oregon
–
(continued)
State
of
Oregon
GO
Refunding
Bonds
for
Higher
Education
Series
2021
H
(Aa1/AA+)
$
1,175,000
1.250%
08/01/2027
$
1,125,000
860,000
1.375
08/01/2028
808,983
875,000
1.500
08/01/2029
808,936
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
4,422,930
Warm
Springs
Reservation
Confederated
Tribe
Hydroelectric
RB
Refunding
for
Pelton-Round
Butte
Project
Series
2019
B
(A3/NR)
190,000
5.000
(c)
11/01/2034
200,844
500,000
5.000
(c)
11/01/2036
523,716
Washington
County
School
District
No.
1
GO
Bonds
Series
2017
(SCH
BD
GTY)
(Aa1/NR)
4,155,000
5.000
06/15/2029
4,321,299
Yamhill
County
Hospital
Authority
Revenue
and
Refunding
Tax
Exempt
Bonds
Series
2021A
(NR/NR)
1,625,000
5.000
11/15/2051
1,315,612
48,654,012
Pennsylvania
-
3.7%
Acts
Retirement
Life
Communities,
Inc.
Obligated
Group
Montgomery
County
Industrial
Development
Authority
Retirement
Communities
RB
Series
2016
(NR/NR)
900,000
5.000
11/15/2033
913,182
Adams
County
General
Authority
RB
for
The
Brethren
Home
Community
Project
Series
2024A
(NR/NR)
2,470,000
5.000
06/01/2034
2,581,086
1,450,000
5.000
06/01/2039
1,475,729
1,750,000
5.000
06/01/2044
1,701,808
Allegheny
County
Higher
Education
Building
Authority
University
Revenue
Refunding
Bonds
Series
2022
(NR/BBB-)
1,000,000
5.250
09/01/2035
983,097
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
5,369,390
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
16,099,501
Allegheny
County
Hospital
Development
Authority
UPMC
RB
Series
2019A
(A2/A)
6,230,000
4.000
07/15/2038
5,844,618
Allegheny
County
Industrial
Development
Authority
RB
Refunding
for
United
States
Steel
Corp.
Project
Series
2019
(B1/BB-)
2,750,000
5.125
05/01/2030
2,889,528
Allentown
Neighborhood
Improvement
Zone
Development
Authority
RB
Refunding
Series
2022
(Baa3/NR)
75,000
5.000
05/01/2026
75,575
525,000
5.000
05/01/2027
539,434
700,000
5.000
05/01/2029
734,754
750,000
5.000
05/01/2030
793,068
750,000
5.000
05/01/2031
798,631
Allentown
Neighborhood
Improvement
Zone
Development
Authority
Senior
Tax
RB
for
Waterfront
-
30
E.
Allen
Street
Project
Series
2024A
(NR/NR)
700,000
5.250
(c)
05/01/2032
712,027
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
2017
(Ba3/NR)
$
955,000
5.000%
(c)
05/01/2027
$
977,835
2,100,000
5.000
(c)
05/01/2032
2,131,551
Allentown
Neighborhood
Improvement
Zone
Development
Authority
Tax
RB
for
City
Center
Refunding
Project
Series
2018
(Ba3/NR)
700,000
5.000
(c)
05/01/2028
720,949
Allentown
Neighborhood
Improvement
Zone
Development
Authority
Tax
Revenue
Refunding
Bonds
Series
2022
(Baa3/NR)
900,000
5.000
05/01/2033
955,472
1,000,000
5.000
05/01/2034
1,056,705
900,000
5.000
05/01/2035
947,487
1,000,000
5.000
05/01/2036
1,045,024
Allentown
Neighborhood
Improvement
Zone
Development
Authority
Tax
Revenue
Refunding
Bonds
Series
2022
forward
Delivery
(Baa3/NR)
750,000
5.000
05/01/2032
799,619
Bethel
Park
School
District
Allegheny
County
Pennsylvania
GO
Limited
Tax
Bonds
Series
of
2024
(ST
AID
WITHHLDG)
(Aa2/NR)
695,000
5.000
08/01/2039
744,906
1,090,000
5.000
08/01/2040
1,158,835
255,000
5.000
08/01/2041
268,627
2,625,000
5.000
08/01/2043
2,715,106
Bethel
Park
School
District
Allegheny
County
Pennsylvania
GO
Limited
Tax
Bonds,
Series
2024
(ST
AID
WITHHLDG)
(Aa2/NR)
2,295,000
5.000
08/01/2042
2,394,413
Bucks
County
Industrial
Development
Authority
RB
for
Grand
View
Hospital
and
Sellersville
PA
Obligated
Group
Series
2021
(NR/B+)
325,000
5.000
07/01/2025
325,000
420,000
5.000
07/01/2026
420,447
425,000
5.000
07/01/2027
435,833
450,000
5.000
07/01/2028
466,497
475,000
5.000
07/01/2029
496,698
650,000
5.000
07/01/2030
684,407
Bucks
County
Industrial
Development
Authority
RB
Refunding
for
Pennswood
Village
Obligated
Group
Series
2018
A
(NR/NR)
100,000
5.000
10/01/2030
102,237
350,000
5.000
10/01/2031
357,217
410,000
5.000
10/01/2033
416,903
Chester
County
IDA
RB
for
Collegium
Charter
School
Project
Series
2022
(NR/BB)
900,000
6.000
(c)
10/15/2052
895,447
Chester
County
IDA
RB
Series
2021
(Aa2/NR)
10,000,000
4.000
12/01/2046
8,865,883
Chester
County
School
Authority
Chester
County
Pennsylvania
School
Lease
RB
Chester
County
Intermediate
Unit
Project
Series
of
2025
(Aa3/NR)
1,000,000
5.000
04/01/2041
1,040,591
1,000,000
5.000
04/01/2044
1,020,825
1,000,000
5.000
04/01/2045
1,019,748
City
of
Erie
Higher
Education
Building
Authority
RB
for
Gannon
University
Series
2021
(Baa2/BBB+)
500,000
4.000
05/01/2036
464,801
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Pennsylvania
–
(continued)
City
of
Erie
Higher
Education
Building
Authority
RB
for
Gannon
University
Series
2021
(Baa2/BBB+)
–
(continued)
$
595,000
4.000%
05/01/2041
$
499,574
380,000
5.000
05/01/2047
346,965
City
of
Wilkes-Barre
Finance
Authority
University
Revenue
Refunding
Bonds
Series
2021
(NR/BBB-)
2,075,000
4.000
03/01/2042
1,666,736
Coatesville
Area
School
District
Chester
County
Pennsylvania
GO
Bonds
Series
of
2025
(AG
ST
AID
WITHHLDG)
(Aa3/AA)
2,050,000
5.250
11/15/2042
2,135,285
Coatesville
Area
School
District
Chester
County,
Pennsylvania
GO
Bonds,
Series
of
2025
(AG
ST
AID
WITHHLDG)
(Aa3/AA)
4,650,000
5.250
11/15/2040
4,936,826
5,035,000
5.250
11/15/2041
5,296,065
3,150,000
5.250
11/15/2043
3,254,786
Coatesville
School
District
GO
Refunding
Bonds
Series
2017
(AGM
ST
AID
WITHHLDG)
(Aa3/AA)
1,000,000
5.000
08/01/2025
1,001,399
Commonwealth
Financing
Authority
Tobacco
Master
Settlement
Payment
RB
Series
2018
(AGM)
(Aa3/AA)
21,580,000
4.000
06/01/2039
20,160,228
Commonwealth
of
Pennsylvania
COPS
Series
2018
A
(A1/A)
1,250,000
4.000
07/01/2046
1,105,788
Commonwealth
of
Pennsylvania
GO
Bonds
1st
Series
2015
(Aa2/A+)
6,500,000
5.000
03/15/2033
6,503,953
Commonwealth
of
Pennsylvania
GO
Bonds
First
Series
of
2024
Bid
Group
B
(Aa2/A+)
11,450,000
4.000
08/15/2044
10,419,965
Dauphin
County
General
Authority
RB
for
The
Harrisburg
University
of
Science
&
Technology
Series
2020
(NR/B-)
2,000,000
5.875
(c)
10/15/2040
1,543,701
6,375,000
6.250
(c)
10/15/2053
4,599,132
Dauphin
County
General
Authority
University
RB
for
Harrisburg
University
of
Science
&
Technology
Project
Series
2017
(NR/B-)
850,000
5.000
(c)
10/15/2034
682,088
Delaware
County
Authority
RB
for
Villanova
University
Series
2015
(Aa3/AA-)
1,120,000
5.000
(d)
08/01/2025
1,121,708
Doylestown
Hospital
Authority
Commonwealth
of
Pennsylvania
Doylestown
Hospital
RB
Series
2024
(NR/NR)
1,400,000
5.000
(c)
07/01/2031
1,475,534
Franklin
County
Industrial
Development
Authority
RB
Refunding
for
Menno-Haven,
Inc.
Obligated
Group
Series
2018
(NR/NR)
750,000
5.000
12/01/2038
709,780
Geisinger
Authority
Health
System
RB
for
Geisinger
Health
System
Series
2007
(NR/AA-)
(3M
USD
SOFR
+
0.77%)
15,800,000
0.907
(e)(g)
05/01/2037
14,788,572
General
Authority
of
Southcentral
Pennsylvania
RB
Refunding
WellSpan
Health
Obligation
Group
Series
2019
A
(Aa3/NR)
725,000
4.000
06/01/2044
640,587
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
811,028
Lancaster
Municipal
Authority
Healthcare
Facilities
RB
for
Garden
Spot
Village
Project
Series
A
of
2024
(NR/NR)
900,000
5.000
05/01/2049
871,042
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Pennsylvania
–
(continued)
Lancaster
Municipal
Authority
Healthcare
Facilities
RB
Series
A
of
2025
Luthercare
Project
Tax-Exempt
(NR/NR)
$
1,525,000
4.000%
12/01/2035
$
1,489,133
825,000
5.000
12/01/2045
801,549
Latrobe
Industrial
Development
Authority
RB
Refunding
for
Seton
Hill
University
Series
2021
(NR/BBB-)
185,000
5.000
03/01/2026
185,709
150,000
5.000
03/01/2027
152,595
135,000
5.000
03/01/2028
138,423
160,000
5.000
03/01/2029
164,919
Latrobe
Industrial
Development
Authority
University
RB
Refunding
for
Seton
Hill
University
Series
2021
(NR/BBB-)
175,000
5.000
03/01/2031
181,174
300,000
5.000
03/01/2033
306,932
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
2,952,046
Monroe
County
Industrial
Development
Authority
Special
Obligation
Revenue
Refunding
Bonds
Tobyhanna
Township
Project,
Series
of
2025
(Tax-Exempt)
(NR/NR)
850,000
5.000
07/01/2031
867,618
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
959,807
550,000
4.000
09/01/2038
522,867
1,000,000
4.000
09/01/2039
941,846
Montgomery
County
Higher
Education
and
Health
Authority
Commonwealth
of
Pennsylvania
Arcadia
University  RB,
Series
of
2015
(NR/BBB-)
2,580,000
5.000
04/01/2029
2,579,860
Montgomery
County
Higher
Education
and
Health
Authority,
1,975,000
5.000
04/01/2030
1,974,140
Montgomery
County
IDA
Exempt
Facilities
Revenue
Refunding
Bonds
2023
Series
A
(Baa1/BBB+)
(PUTABLE)
2,250,000
4.100
(a)(b)
04/01/2053
2,299,437
Montgomery
County
IDA
Exempt
Facilities
Revenue
Refunding
Bonds
2023
Series
B
(Baa1/BBB+)
1,645,000
4.100
06/01/2029
1,693,450
Montgomery
County
IDA
Exempt
Facilities
Revenue
Refunding
Bonds
2023
Series
C
(Baa1/BBB+)
(PUTABLE)
2,665,000
4.450
(a)(b)
10/01/2034
2,734,425
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
1,013,499
Montgomery
County
Industrial
Development
Authority
RB
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group
Series
2020
C
(NR/NR)
1,200,000
4.000
11/15/2043
1,047,885
Montgomery
County
Industrial
Development
Authority
RB
Refunding
for
The
Public
School
of
Germantown
Series
2021
A
(NR/A-)
400,000
4.000
10/01/2036
375,925
400,000
4.000
10/01/2041
348,421
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Pennsylvania
–
(continued)
Montgomery
County
Industrial
Development
Authority
Retirement
Communities
RB
Acts
Retirement-Life
Communities
Inc
Obligated
Group
Series
2025A
(NR/NR)
$
955,000
5.000%
11/15/2049
$
915,939
1,340,000
5.000
11/15/2055
1,264,663
Northampton
County
General
Purpose
Authority
Hospital  RB,
Series
2024-B
(Aa2/NR)
9,250,000
3.950
(a)(b)
08/15/2054
9,250,000
Northampton
County
General
Purpose
Authority
Hospital
RB
Series
2016A
(A3/A-)
24,840,000
5.000
08/15/2046
24,160,114
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
949,514
Pennsylvania
Economic
Development
Financing
Authority
RB
for
Presbyterian
Senior
Living
Project
Series
2021
(NR/NR)
1,600,000
4.000
07/01/2030
1,610,837
1,950,000
4.000
07/01/2033
1,945,434
Pennsylvania
Economic
Development
Financing
Authority
RB
for
Presbyterian
Senior
Living
Series
2023B-2
(NR/NR)
4,140,000
5.000
07/01/2038
4,262,662
Pennsylvania
Economic
Development
Financing
Authority
RB
for
The
Pennsylvania
Rapid
Bridge
Replacement
Project
Series
2015
(NR/BBB)
750,000
5.000
06/30/2042
732,969
Pennsylvania
Economic
Development
Financing
Authority
RB
Refunding
for
American
Water
Co.
Project
Series
2019
(A1/A+)
8,355,000
3.000
04/01/2039
6,948,751
Pennsylvania
Economic
Development
Financing
Authority
RB
Refunding
for
Presbyterian
Homes
Obligated
Group
Series
2021
(NR/NR)
1,800,000
4.000
07/01/2041
1,612,979
Pennsylvania
Economic
Development
Financing
Authority
RB
Refunding
for
UPMC
Obligated
Group
Series
2021
A
(A2/A)
1,200,000
4.000
10/15/2040
1,106,410
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
10,073,764
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
5,836,193
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
4,874,092
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
6,853,263
1,350,000
5.250
06/30/2053
1,350,280
10,000,000
6.000
06/30/2061
10,472,286
Pennsylvania
Economic
Development
Financing
Authority
UPMC  RB,
Series
2025B
(A2/A)
7,560,000
5.000
03/15/2032
8,251,226
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Pennsylvania
–
(continued)
Pennsylvania
Economic
Development
Financing
Authority
UPMC
RB
Series
2021A
(A2/A)
$
1,220,000
4.000%
10/15/2037
$
1,169,498
Pennsylvania
Economic
Development
Financing
Authority
Upmc
RB
Series
2023A
Subseries
2023A-1
(A2/A)
13,700,000
5.000
05/15/2031
14,865,196
Pennsylvania
Economic
Development
Financing
Authority
UPMC
RB,
Series
2020A
(A2/A)
2,200,000
4.000
04/15/2036
2,151,279
Pennsylvania
Higher
Educational
Facilities
Authority
Duquesne
University
of
the
Holy
Spirit
RB
Series
2019
A
(A2/A)
350,000
4.000
03/01/2037
349,989
675,000
5.000
03/01/2038
692,816
500,000
5.000
03/01/2039
510,857
Pennsylvania
Higher
Educational
Facilities
Authority
RB
for
Foundation
for
Indiana
University
of
Pennsylvania
Series
2007
A
(AGC)
(NR/AA)
(3M
USD
SOFR
+
0.60%)
580,000
3.655
(e)
07/01/2027
573,365
Pennsylvania
Turnpike
Commission
Oil
Franchise
Tax
Subordinated
RB
Series
2018
B
(A2/NR)
9,995,000
5.250
12/01/2048
10,106,655
Pennsylvania
Turnpike
Commission
RB
Series
2018
A
(Aa3/NR)
10,000,000
5.250
12/01/2044
10,104,809
Pennsylvania
Turnpike
Commission
RB
Series
2019
A
(A2/NR)
4,250,000
5.000
12/01/2036
4,492,069
750,000
5.000
12/01/2038
779,719
Pennsylvania
Turnpike
Commission
Registration
Fee
Revenue
Refunding
Bonds
Series
of
2023
(A1/AA-)
(SIFMA
Municipal
Swap
Index
Yield
+
0.85%)
2,075,000
2.770
(b)(e)
07/15/2041
2,071,238
Pennsylvania
Turnpike
Commission
Turnpike
Subordinate  RB,
Series
A
of
2019
(A2/NR)
1,125,000
5.000
12/01/2044
1,128,158
Pennsylvania
Turnpike
Commission
Turnpike
Subordinate  RB,
Series
B
of
2017
Sub-Series
B-1
of
2017
(A2/NR)
4,200,000
5.250
06/01/2047
4,225,763
Philadelphia
Airport
Revenue
and
Refunding
Bonds
Series
2021
(A1/NR)
5,750,000
5.000
07/01/2026
5,856,775
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
617,305
Philadelphia
Authority
for
Industrial
Development
RB
for
Independence
Charter
School
Series
2019
(NR/NR)
255,000
4.000
06/15/2029
247,728
1,000,000
5.000
06/15/2039
931,414
Philadelphia
Authority
for
Industrial
Development
RB
for
Mast
Community
Charter
School
II
Series
2020
A
(NR/BBB)
435,000
5.000
08/01/2030
447,251
290,000
5.000
08/01/2040
287,635
Philadelphia
Authority
for
Industrial
Development
RB
Refunding
for
Philadelphia
Performing
Arts
Charter
School
Series
2020
(NR/BB+)
900,000
5.000
(c)
06/15/2040
861,581
Philadelphia
Authority
for
Industrial
Development
Tacony
Charter
School
Project
Social
Bond
RB
Series
2023
(NR/BB)
1,300,000
5.000
(c)
06/15/2033
1,286,629
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Pennsylvania
–
(continued)
Philadelphia
Authority
For
Industrial
Development
The
Children'S
Hospital
of
Philadelphia
Project
Hospital
RB
Series
A
of
2024
(Aa2/AA)
$
18,180,000
5.500%
07/01/2053
$
19,160,771
Philadelphia
Hospitals
and
Higher
Education
Facilities
Authority
RB
Refunding
for
Temple
University
Health
System
Obligation
Group
Series
2017
(Baa3/BBB)
1,000,000
5.000
07/01/2028
1,022,146
Philadelphia
IDA
University
RB
for
St.
Joseph's
University
Project
Series
2022
(NR/A-)
2,500,000
5.250
11/01/2052
2,460,217
Philadelphia
Redevelopment
Authority
City
Service
Agreement  RB,
Series
B
of
2024
(A1/A+)
725,000
5.000
09/01/2044
742,801
Philadelphia
Redevelopment
Authority
City
Service
Agreement
RB
for
City
of
Philadelphia
Neighborhood
Preservation
Initiative
Series
B
of
2024
(Tax-Exempt
Social
Bonds)
(A1/A+)
1,215,000
5.000
09/01/2040
1,269,669
1,350,000
5.000
09/01/2041
1,399,158
500,000
5.000
09/01/2042
515,905
340,000
5.000
09/01/2043
349,674
Philadelphia
School
District
GO
Bonds
Series
2015
A
(ST
AID
WITHHLDG)
(Aa3/NR)
2,415,000
5.000
09/01/2027
2,422,432
Pittsburgh
Water
&
Sewer
Authority
First
Lien
RB
Series
2019
A
(AGM)
(A1/AA)
150,000
5.000
09/01/2034
158,985
265,000
5.000
09/01/2035
279,507
300,000
5.000
09/01/2036
314,950
300,000
5.000
09/01/2037
313,420
Pittsburgh
Water
&
Sewer
Authority
Subordinate
RB
Refunding
Series
2019
B
(AGM)
(NR/AA)
2,000,000
4.000
09/01/2034
2,033,464
School
District
of
Haverford
Township
Delaware
County
Pennsylvania
GO
Bonds
Series
of
2025
(ST
AID
WITHHLDG)
(Aa2/NR)
1,210,000
5.000
03/15/2039
1,277,406
1,000,000
5.000
03/15/2040
1,048,924
1,000,000
5.000
03/15/2041
1,040,706
900,000
5.000
03/15/2043
927,771
Scranton
Redevelopment
Authority
RB
Refunding
for
Guaranteed
Lease
Series
2016
A
(MUN
GOVT
GTD)
(NR/BBB+)
265,000
5.000
11/15/2028
265,148
Susquehanna
Area
Regional
Airport
Authority
Airport
System
RB
Series
2017
(Baa3/NR)
1,100,000
5.000
01/01/2038
1,094,957
The
Berks
County
Municipal
Authority
RB
for
Alvernia
University
Project
Series
2020
(NR/BB+)
610,000
4.000
10/01/2029
586,268
425,000
5.000
10/01/2039
384,279
The
Berks
County
Municipal
Authority
RB
for
Tower
Health
Project
Series
2024
A-4
(NR/NR)
4,291,000
7.000
06/30/2039
3,764,453
The
Berks
County
Municipal
Authority
RB
for
Tower
Health
Project
Series
2024
B-1
(NR/NR)
3,083,000
0.000
(g)
06/30/2044
2,226,043
The
Berks
County
Municipal
Authority
RB
for
Tower
Health
Project
Series
2024
B-2
(NR/NR)
2,256,000
0.000
(g)
06/30/2044
1,281,820
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Pennsylvania
–
(continued)
The
Berks
County
Municipal
Authority
RB
for
Tower
Health
Project
Series
2024A-1
(NR/NR)
$
1,584,000
8.000%
06/30/2034
$
1,616,223
The
Berks
County
Municipal
Authority
RB
for
Tower
Health
Project
Series
2024A-2
(NR/NR)
786,000
6.000
06/30/2034
831,767
The
Berks
County
Municipal
Authority
RB
for
Tower
Health
Project
Series
2024A-3
(NR/NR)
7,171,000
5.000
06/30/2039
6,619,715
The
Hospitals
and
Higher
Education
Facilities
Authority
of
Philadelphia
Hospital
RB
3,190,000
5.000
07/01/2027
3,270,070
The
Pittsburgh
Water
and
Sewer
Authority
Water
and
Sewer
System
Subordinate
Revenue
Refunding
Bonds,
Series
B
of
2019
(AGM)
(NR/AA)
500,000
4.000
09/01/2035
503,423
Upper
Dauphin
IDA
RB
for
Pennsylvania
Steam
Academy
Charter
School
Project
Series
2022B
(NR/NR)
200,000
6.000
(c)
07/01/2029
199,216
Westmoreland
County
Industrial
Development
Authority
RB
Refunding
for
Excela
Health
Obligated
Group
Series
2020
A
(Baa3/NR)
490,000
5.000
07/01/2030
512,533
408,865,819
Puerto
Rico
-
5.3%
GDB
Debt
Recovery
Authority
Bonds
(NR/NR)
6,818,114
7.500
08/20/2040
6,530,409
HTA
Trust
Certificates
Class
L-2028
Units
(NR/NR)
1,287,868
5.250
07/01/2038
1,288,174
Puerto
Rico
Aqueduct
and
Sewer
Authority
Revenue
Refunding
Bonds
Series
2020A
(NR/NR)
4,000,000
5.000
(c)
07/01/2030
4,156,877
16,475,000
5.000
(c)
07/01/2035
16,924,853
Puerto
Rico
Aqueduct
and
Sewer
Authority
Revenue
Refunding
Bonds
Series
2022A
(NR/NR)
5,580,000
5.000
(c)
07/01/2037
5,737,388
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Authority
RB
Refunding
for
Senior
Lien
Series
2020
A
(NR/NR)
18,765,000
5.000
(c)
07/01/2047
18,210,817
Puerto
Rico
Commonwealth
Aqueduct
and
Sewer
Authority
Revenue
Refunding
Bonds
2021
B
(NR/NR)
900,000
5.000
(c)
07/01/2037
922,227
Puerto
Rico
Commonwealth
Aqueduct
and
Sewer
Authority
Revenue
Refunding
Bonds
Series
2021B
(NR/NR)
9,700,000
4.000
(c)
07/01/2042
8,423,938
Puerto
Rico
Commonwealth
GO
Bonds
(NR/NR)
18,175,011
0.010
(a)(g)(i)
11/01/2043
11,177,632
Puerto
Rico
Commonwealth
GO
Clawback
Bonds
(NR/NR)
8,400,038
0.010
(a)(g)(i)
11/01/2051
4,494,020
Puerto
Rico
Commonwealth
GO
Clawback
CVIs
(NR/NR)
11,617,919
0.010
(a)(g)(i)
11/01/2051
7,333,811
Puerto
Rico
Commonwealth
GO
Restructured
Bonds
Series
2022
A-1
(NR/NR)
3,400,000
5.375
07/01/2025
3,400,000
1,750,000
5.625
07/01/2027
1,800,903
10,915,508
5.625
07/01/2029
11,513,772
13,899,948
5.750
07/01/2031
14,992,831
23,153,085
0.000
(f)
07/01/2033
16,006,431
4,598,951
4.000
07/01/2033
4,486,870
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(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)
$
3,601,382
4.000%
07/01/2035
$
3,467,565
7,727,039
4.000
07/01/2037
7,361,959
12,189,086
4.000
07/01/2041
10,832,181
15,453,596
4.000
07/01/2046
13,203,795
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
2012A
(NR/NR)
5,465,000
5.000
*
07/01/2042
2,985,256
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
2013A
(NR/NR)
1,350,000
7.000
*
07/01/2033
737,438
11,365,000
6.750
*
07/01/2036
6,208,131
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
4
(NR/NR)
196,972
10.000
*
07/01/2022
107,596
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
AAA
(NR/NR)
1,050,000
5.250
*
07/01/2031
573,563
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
CCC
(NR/NR)
4,075,000
5.250
*
07/01/2026
2,225,969
1,555,000
5.000
*
07/01/2028
849,419
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
E-1
(NR/NR)
590,915
10.000
*
01/01/2021
322,787
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
E-2
(NR/NR)
590,915
10.000
*
07/01/2021
322,787
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
E-3
(NR/NR)
196,972
10.000
*
01/01/2022
107,596
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
TT
(NR/NR)
220,000
5.000
*
07/01/2025
120,725
10,835,000
5.000
*
07/01/2032
5,918,619
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
VV
(NATL)
(NR/NR)
350,000
5.250
07/01/2029
351,068
215,000
5.250
07/01/2030
214,974
1,150,000
5.250
07/01/2032
1,143,404
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
WW
(NR/NR)
4,585,000
5.500
*
07/01/2038
2,504,556
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
XX
(NR/NR)
2,335,000
5.250
*
07/01/2035
1,275,494
17,660,000
5.250
*
07/01/2040
9,646,775
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
ZZ
(NR/NR)
1,000,000
5.250
*
07/01/2019
546,250
1,365,000
5.250
*
07/01/2026
745,631
Puerto
Rico
Electric
Power
Authority
RB
Refunding
Series
2007
UU
(AGM)
(A1/AA)
(3M
USD
SOFR
+
0.52%)
21,915,000
3.568
(e)
07/01/2029
20,945,169
Puerto
Rico
Electric
Power
Authority
RB
Series
TT
(NR/NR)
3,250,000
5.000
*
07/01/2037
1,775,313
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Puerto
Rico
–
(continued)
Puerto
Rico
Industrial
Tourist,
Educational
Medical
and
Environmental
Control
Facilities
Financing
Authority
Afica
Dock
and
Wharf
RB
forward
Delivery
Collectively
The
“Series
2023
Bonds”
(NR/BBB-)
$
2,185,000
6.500%
01/01/2041
$
2,423,096
Puerto
Rico
Sales
Tax
Corp
Sales
Tax
Revenue
Restructured
Bonds
Cofina,
2019
A-2A
(NR/NR)
900,000
4.550
07/01/2040
862,658
Puerto
Rico
Sales
Tax
Financing
Corp
Sales
Tax
Revenue
Restructured
Bonds
Series
2019A-2B
(NR/NR)
9,420,000
4.550
07/01/2040
9,029,158
Puerto
Rico
Sales
Tax
Financing
Corp.
Sales
Tax
Revenue
Restructured
Bonds
Series
A-2
(NR/NR)
34,379,000
4.329
07/01/2040
32,258,637
Puerto
Rico
Sales
Tax
Financing
Corporation
Sales
Tax
Capital
Appreciation
Restructured
RB
Series
2018
A-1
(NR/NR)
17,225,000
0.000
(f)
07/01/2027
15,918,726
11,021,000
0.000
(f)
07/01/2029
9,405,360
19,009,000
0.000
(f)
07/01/2031
14,831,073
28,145,000
0.000
(f)
07/01/2033
20,005,798
59,197,000
0.000
(f)
07/01/2046
18,744,594
17,036,000
0.000
(f)
07/01/2051
3,953,081
Puerto
Rico
Sales
Tax
Financing
Corporation
Sales
Tax
Capital
Appreciation
Restructured
RB
Series
2019
A-2
(NR/NR)
125,536,000
4.329
07/01/2040
117,793,429
143,000
4.536
07/01/2053
124,225
18,720,000
4.784
07/01/2058
17,059,003
Puerto
Rico
Sales
Tax
Financing
Corporation
Sales
Tax
Restructured
RB
Series
2018
A-1
(NR/NR)
34,064,000
4.500
07/01/2034
34,062,314
18,568,000
4.750
07/01/2053
17,070,810
41,312,000
5.000
07/01/2058
38,838,580
584,275,515
Rhode
Island
-
0.3%
Providence
Public
Buildings
Authority
Capital
Improvement
Program
Projects
RB
2024
Series
A
(AGC)
(A1/AA)
1,250,000
5.250
09/15/2042
1,317,511
850,000
5.250
09/15/2043
890,256
500,000
5.250
09/15/2044
520,845
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
3,759,622
Rhode
Island
Health
and
Educational
Building
Corporation
Hospital
Financing
RB
Lifespan
Obligated
Group
Issue
Series
2024
(NR/BBB+)
3,125,000
5.250
05/15/2049
3,120,829
3,500,000
5.250
05/15/2054
3,467,679
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
4,481,118
Rhode
Island
Health
and
Educational
Building
Corporation
Public
Schools
RB
Financing
Program
RB
Series
2024
A
(ST
AID
WITHHLDG)
(NR/AA-)
10,000,000
5.000
05/15/2049
10,102,818
Rhode
Island
Housing
&
Mortgage
Finance
Corp.
Homeownership
Opportunity
Bonds
Series
78-A
(Aa1/AA+)
4,970,000
5.000
10/01/2042
5,067,808
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(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
82-A
(NON-AMT)
(GNMA
COLL)
(Aa1/AA+)
$
4,060,000
4.450%
10/01/2044
$
3,924,365
36,652,851
South
Carolina
-
0.9%
City
of
Charleston
Waterworks
&
Sewer
System
Capital
Improvement
RB
Series
2022
(Aaa/AAA)
7,145,000
5.000
01/01/2052
7,330,085
Clemson
University
(Aa3/NR)
2,800,000
5.000
05/01/2050
2,899,133
Clemson
University
South
Carolina
Athletic
Facilities
RB
Series
2025A
(Aa3/NR)
1,000,000
5.000
05/01/2055
1,030,481
Lexington
County
School
District
No.
1/SC
GO
Refunding
Bonds
Series
2019
A
(SCSDE)
(Aa1/AA)
1,000,000
5.000
02/01/2031
1,060,761
Lexington
County
School
District
No.
2
GO
Bonds
Series
2017
C
(SCSDE)
(Aa1/AA)
1,000,000
5.000
03/01/2031
1,031,417
Piedmont
Municipal
Power
SC
Electric
RB,
2004
A-2
CABS
(AMBAC)
(A3/A-)
23,915,000
0.000
(f)
01/01/2027
22,798,267
Richland
County
at
Sandhill
Improvement
District
Refunding
Assessment
RB
Series
2021
(NR/NR)
410,000
3.000
(c)
11/01/2026
398,231
900,000
3.625
(c)
11/01/2031
793,761
1,165,000
3.750
(c)
11/01/2036
932,502
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
(c)
06/15/2042
1,756,524
South
Carolina
Jobs-Economic
Development
Authority
Economic
Development
RB
Wofford
College
Project
Series
2024
(NR/A-)
8,350,000
5.000
04/01/2034
9,151,784
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
3,759,613
South
Carolina
Jobs-Economic
Development
Authority
Health
Care
Facilities
RB
Novant
Health
Obligated
Group,
Series
2024A
(A1/A+)
4,850,000
5.250
11/01/2044
4,993,711
South
Carolina
Jobs-Economic
Development
Authority
Solid
Waste
Disposal
RB
for
Enerra
South
Carolina
Project
Series
2024
(Aa1/NR)
(PUTABLE)
6,500,000
3.700
(a)(b)(c)
12/15/2027
6,489,133
South
Carolina
Ports
Authority
RB
Series
2018
(A1/A+)
3,750,000
5.000
07/01/2037
3,815,973
South
Carolina
Public
Service
Authority
Revenue
Obligations
2016
Tax-Exempt
Refunding,
Series
A
(A3/A-)
4,805,000
5.000
12/01/2037
4,808,726
South
Carolina
Public
Service
Authority
Revenue
Obligations
2022
Tax
Exempt
Series
E
(A3/A-)
10,000,000
5.750
12/01/2047
10,639,177
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
South
Carolina
–
(continued)
South
Carolina
Public
Service
Authority
Revenue
Refunding
Obligations
Santee
Cooper
Consisting
of
Series
2024-B
(Tax-Exempt)
(A3/A-)
$
5,400,000
4.125%
12/01/2044
$
4,904,383
South
Carolina
State
Housing
Finance
and
Development
Authority
Mortgage
RB,
Series
2025
B
(NON-AMT)
(GNMA/FNMA/FHLMC)
(Aaa/NR)
6,000,000
5.000
07/01/2050
5,956,555
South
Carolina
State
Housing
Finance
and
Development
Authority
Multifamily
Housing
RB
Poplar
Square
Apartments
Project
Series
2025
(Aa1/NR)
1,125,000
5.000
(a)(b)
04/01/2028
1,161,788
1,120,000
5.000
(a)(b)
11/01/2028
1,167,942
Spartanburg
Regional
Health
Services
District
Obligated
Group
RB
Series
2020
A
(AGM)
(A1/AA)
500,000
5.000
04/15/2032
539,508
500,000
5.000
04/15/2033
536,940
500,000
5.000
04/15/2034
534,195
525,000
5.000
04/15/2035
558,163
600,000
4.000
04/15/2036
598,322
550,000
4.000
04/15/2037
540,035
525,000
4.000
04/15/2038
508,382
700,000
4.000
04/15/2039
666,825
750,000
4.000
04/15/2040
706,219
102,068,536
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
554,040
1,200,000
4.000
08/01/2051
926,269
Rapid
City
Area
School
District
No.
51-4
Limited
Tax
Capital
Outlay
GO
Refunding
Bonds
Series
2017
B
(ST
AID
WITHHLDG)
(NR/AA+)
730,000
5.000
01/01/2026
737,564
2,217,873
Tennessee
-
0.3%
Greeneville
Health
&
Educational
Facilities
Board
RB
for
Ballad
Health
Obligated
Group
Series
2018
A
(A3/A-)
1,800,000
4.000
07/01/2040
1,623,113
Health,
Educational
and
Housing
Facility
Board
of
The
County
of
Knox
Student
Housing
RB
Series
2024A-1
(Tax-Exempt)
(BAM)
(NR/AA)
1,250,000
5.250
07/01/2049
1,268,386
1,000,000
5.500
07/01/2054
1,024,715
Knoxville's
Community
Development
Corporation
Collateralized
Multifamily
Housing
Bonds
Scenic
View
at
Hardin
Valley
Project
Series
2024
(HUD
SECT
8)
(NR/AA+)
(PUTABLE)
2,250,000
3.500
(a)(b)
12/01/2029
2,265,790
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Educational
Facilities
Board
RB
for
Vanderbilt
University
Medical
Center
Series
2016
A
(NR/A)
700,000
5.000
07/01/2046
686,475
Metropolitan
Nashville
Airport
Authority
Airport
Improvement
RB
Series
2022B
(AMT)
(A1/NR)
1,700,000
5.000
07/01/2026
1,731,568
Nashville
Metropolitan
Development
&
Housing
Agency
RB
for
Fifth+
Broadway
Development
Project
Series
2018
(NR/NR)
355,000
4.500
(c)
06/01/2028
357,950
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Tennessee
–
(continued)
Tennergy
Corp.
Gas
Supply
RB
Series
2024
Sub-Series
2024A
(Aa1/NR)
$
14,250,000
5.000%
(a)(b)
10/01/2054
$
14,986,172
The
Health
and
Educational
Facilities
Board
of
The
Metropolitan
Government
of
Nashville
and
Davidson
County
Tennessee
Multifamily
Housing
RB
Burning
Tree
Apartments
Project
Series
2025
(FHA
221(D)(4))
(Aa1/NR)
1,775,000
5.000
(a)(b)
10/01/2028
1,840,597
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)
(Aa1/NR)
(PUTABLE)
1,550,000
3.850
(a)(b)
02/01/2048
1,552,845
The
Health
and
Educational
Facilities
Board
of
The
Metropolitan
Government
of
Nashville
and
Davidson
County,
Tennessee
Multifamily
Housing
RB
Trinity
Flats
Apartments
Series
2024B
(Aa1/NR)
1,360,000
3.650
(a)(b)
10/01/2046
1,370,707
The
Health
Educational
and
Housing
Facility
Board
of
The
City
of
Chattanooga
Tennessee
Collateralized
Multifamily
Housing
Bonds
Espero
Chattanooga
Project
Series
2023
(HUD
SECT
8)
(Aa1/NR)
360,000
3.000
(a)(b)
12/01/2043
358,548
The
Sports
Authority
of
The
County
of
Hamilton
and
The
City
of
Chattanooga
Public
Facility
RB
for
Stadium
Project
Series
2024A
(NR/AAA)
1,750,000
5.750
12/01/2050
1,920,328
2,520,000
6.000
12/01/2055
2,797,192
33,784,386
Texas
-
8.7%
Aldine
independent
School
District
Harris
County
Texas
UT
Refunding
Bonds
Series
2024A
(PSF-GTD)
(Aaa/AAA)
2,500,000
3.000
02/15/2042
2,012,038
Aldine
Independent
School
District
Harris
County
Texas
UT
School
Building
and
Refunding
Bonds
Series
2024B
(PSF-GTD)
(Aaa/AAA)
3,975,000
4.000
02/15/2054
3,428,442
Arlington
Higher
Education
Finance
Corp.
Education
RB
Basis
Texas
Charter
Schools,
Inc.
Series
2024
(Ba2/NR)
925,000
4.250
(c)
06/15/2039
861,188
830,000
4.500
(c)
06/15/2044
747,792
915,000
4.750
(c)
06/15/2049
819,387
Arlington
Higher
Education
Finance
Corp.
Education
RB
Series
2022A
(NR/NR)
1,425,000
5.625
08/15/2052
1,090,125
Arlington
Higher
Education
Finance
Corp.
Great
Hearts
America
-
Texas
Education
RB
Series
2024A
(Baa3/NR)
1,050,000
4.500
08/15/2039
1,000,146
1,075,000
4.750
08/15/2044
985,897
750,000
5.000
08/15/2049
695,754
Arlington
Higher
Education
Finance
Corp.
Harmony
Public
Schools
Education
RB
Series
2024
(PSF-GTD)
(NR/AAA)
8,000,000
4.000
02/15/2049
6,924,602
Arlington
Higher
Education
Finance
Corp.
RB
Refunding
for
Wayside
Schools
Series
2021
A
(NR/BB)
205,000
5.000
08/15/2025
205,029
190,000
5.000
08/15/2026
191,422
200,000
5.000
08/15/2027
202,851
80,000
5.000
08/15/2028
81,503
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)
$
160,000
4.000%
08/15/2029
$
157,085
165,000
4.000
08/15/2030
160,708
180,000
4.000
08/15/2031
173,692
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
2,279,993
Arlington
Independent
School
District
UT
School
Building
and
Refunding
Bonds
Series
2023
(PSF-GTD)
(Aaa/AAA)
1,125,000
5.000
02/15/2027
1,168,625
Austin
Community
College
District
Limited
Tax
Bonds
Series
2023
(Aa1/AA+)
3,750,000
5.250
08/01/2053
3,880,486
Austin
Convention
Enterprises,
Inc.
Convention
Center
Hotel
First
Tier
RB
Refunding
Series
2017
A
(NR/BB+)
1,355,000
5.000
01/01/2029
1,366,579
Austin
Independent
School
District
UT
School
Building
Bonds
Series
2023
(NON-PSF)
(Aaa/NR)
5,670,000
5.000
08/01/2043
5,887,459
Bastrop
County,
Special
Assessment
RB,
Series
2023
Double
Eagle
Ranch
Public
Improvement
District
Improvement
Area
1
Project
(NR/NR)
1,000,000
5.250
(c)
09/01/2043
979,518
Bastrop
County,
Special
Assessment
RB,
Series
2024
Double
Eagle
Ranch
Public
Improvement
District
Improvement
Area
#2
Project
(NR/NR)
225,000
4.500
09/01/2031
226,739
Bexar
Management
and
Development
Corp.
Multifamily
Housing
RB
for
Hill
View
Heights
Apartments
Series
2024
(Aa1/NR)
4,325,000
3.020
(a)(b)
05/10/2045
4,281,839
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
3,147,833
Carrollton-Farmers
Branch
Independent
School
District
UT
School
Building
Bonds
Series
2023
(PSF-GTD)
(Aaa/AAA)
1,600,000
5.000
02/15/2026
1,620,819
1,925,000
5.000
02/15/2027
1,996,218
Central
Texas
Regional
Mobility
Authority
RB
Refunding
Senior
Lien
Series
2020
A
(A3/A+)
610,000
5.000
01/01/2036
641,860
645,000
5.000
01/01/2037
675,287
Central
Texas
Regional
Mobility
Authority
RB
Refunding
Senior
Lien
Series
2021D
(A3/A+)
2,330,000
3.000
01/01/2046
1,736,140
Central
Texas
Regional
Mobility
Authority
Senior
Lien
Revenue
Refunding
Bonds
Series
2021D
(A3/A+)
1,100,000
4.000
01/01/2040
1,036,772
Cities
of
Dallas
and
Fort
Worth,
Texas
Dallas
Fort
Worth
International
Airport
Joint
RR
Bonds
Series
2023C
(A1/AA-)
4,300,000
5.000
11/01/2030
4,615,770
Cities
of
Dallas
and
Fort
Worth,
Texas
Dallas
Fort
Worth
International
Airport,
Joint
RR
and
Improvement
Bonds,
Series
2023B
(A1/AA-)
1,000,000
5.000
11/01/2042
1,039,622
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
City
of  Alvarado,
Texas
A
Municipal
Corporation
of  The
State
of  Texas
Located
In
Johnson
County
Special
Assessment  RB,
Series
2025
(NR/NR)
$
359,000
4.500%
(c)
09/01/2032
$
360,455
City
of  Balch
Springs,
Texas
Special
Assessment  RB,
Series
2025
(NR/NR)
652,000
4.625
(c)
09/15/2032
657,013
715,000
5.625
(c)
09/15/2045
718,284
City
of  Blue
Ridge,
Texas,
Special
Assessment  RB,
Series
2025
(NR/NR)
338,000
4.500
(c)
09/15/2032
339,856
City
of  Boyd
Texas
A
Municipal
Corporation
of  The
State
of  Texas
Located
in
Wise
County
Special
Assessment  RB,
Series
2025
(NR/NR)
780,000
4.500
(c)
09/15/2032
784,497
City
of
Anna
Special
Assessment
Bonds
for
Hurricane
Creek
Public
Improvement
District
Project
Series
2019
(NR/NR)
135,000
5.750
(c)
09/01/2029
139,461
City
of
Anna
Special
Assessment
Bonds
for
Sherley
Tract
Public
Improvement
District
No.
2
Series
2021
(NR/NR)
195,000
3.250
(c)
09/15/2026
191,562
City
of
Anna
Special
Assessment
RB
for
Hurricane
Creek
Public
Improvement
District
Project
Series
2022
(NR/NR)
1,402,000
5.750
(c)
09/01/2042
1,428,143
City
of
Anna
Special
Assessment
RB
for
Meadow
Vista
Public
Improvement
District
Improvement
Area
#1
Project
Series
2024
(NR/NR)
305,000
4.875
(c)
09/15/2031
305,670
400,000
5.500
(c)
09/15/2044
386,363
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
(c)
09/15/2043
785,948
City
of
Aubrey
Special
Assessment
RB
for
Aubrey
Public
Improvement
District
No.
1
Project
Series
2023
(NR/NR)
850,000
5.000
(c)
09/01/2030
862,455
City
of
Aubrey
Special
Assessment
RB
for
Jackson
Ridge
Public
Improvement
District
Project
Series
2022
(NR/NR)
776,000
5.250
(c)
09/01/2032
797,755
City
of
Aubrey
Special
Assessment
Revenue
Refunding
Bonds
Series
2024
1,350,000
5.000
09/01/2037
1,440,245
1,250,000
5.000
09/01/2045
1,271,912
City
of
Aubrey
Texas
A
Municipal
Corp.
of
The
State
of
Texas
Located
In
Denton
County
Special
Assessment
RB
Series
2025
(NR/NR)
400,000
4.375
(c)
12/31/2030
396,280
550,000
4.625
(c)
12/31/2035
535,559
City
of
Austin
Airport
System
RB
Series
2019B
(AMT)
(A1/A+)
4,000,000
5.000
11/15/2031
4,219,468
City
of
Austin
Airport
System
RB
Series
2022
(A1/A+)
7,435,000
5.000
11/15/2052
7,300,186
City
of
Austin
RB
for
Airport
System
Series
2019
B
(A1/A+)
1,980,000
5.000
11/15/2032
2,080,410
City
of
Austin
Special
Assessment
RB
for
Estancia
Hill
Country
Public
Improvement
District
Series
2018
(NR/NR)
2,380,000
4.000
(c)
11/01/2028
2,339,847
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
City
of
Austin
Special
Assessment
RB
for
Whisper
Valley
Public
Improvement
District
Improvement
Area
#3
Series
2024
(NR/NR)
$
560,000
5.000%
(c)
11/01/2044
$
524,157
City
of
Austin
Special
Assessment
RB
for
Whisper
Valley
Public
Improvement
District
Project
Series
2022
(NR/NR)
777,000
5.375
(c)
11/01/2042
766,535
City
of
Austin
Water
&
Wastewater
System
Revenue
Refunding
Bonds
Series
2022
(Aa2/AA)
1,300,000
5.000
11/15/2038
1,383,685
2,250,000
5.000
11/15/2039
2,374,632
2,000,000
5.000
11/15/2040
2,097,882
City
of
Bastrop
Texas
A
Municipal
Corp.
of
The
State
of
Texas
Located
In
Bastrop
County
Special
Assessment
RB
Series
2025
(NR/NR)
493,000
4.250
(c)
09/01/2030
494,084
608,000
4.625
(c)
09/01/2035
606,587
621,000
5.375
(c)
09/01/2045
601,936
City
of
Beaumont
Waterworks
and
Sewer
System
RB
Series
2024
(BAM)
(A1/AA)
525,000
5.000
09/01/2041
548,430
1,300,000
5.000
09/01/2042
1,347,854
1,000,000
5.000
09/01/2044
1,028,018
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
(c)
09/15/2053
1,353,773
City
of
Buda
Texas
A
Municipal
Corp.
of
The
State
of
Texas
Located
In
Hays
County
Special
Assessment
RB
Series
2025
(NR/NR)
1,500,000
5.875
(c)
09/01/2045
1,435,716
City
of
Buda
Texas
A
Municipal
Corp.
of
The
State
of
Texas
Located
in
Hays
County
Special
Assessment
RB
Series
2025
900,000
5.750
(c)
09/01/2033
892,405
City
of
Celina
Special
Assessment
Bonds
for
Wells
South
Public
Improvement
District
Series
2020
(NR/NR)
125,000
2.500
(c)
09/01/2025
124,578
140,000
3.125
(c)
09/01/2030
130,623
180,000
3.250
(c)
09/01/2030
166,850
355,000
4.000
(c)
09/01/2040
302,558
City
of
Celina
Special
Assessment
Bonds
for
Wells
South
Public
Improvement
District
Series
2021
(NR/NR)
88,000
2.500
(c)
09/01/2026
85,815
158,000
3.000
(c)
09/01/2031
141,904
329,000
3.375
(c)
09/01/2041
258,518
City
of
Celina
Special
Assessment
RB
for
Celina
Hills
Public
Improvement
District
Project
Series
2022
(NR/NR)
430,000
4.625
(c)
09/01/2032
422,783
704,000
4.875
(c)
09/01/2042
653,918
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
(c)
09/01/2043
757,738
City
of
Celina
Special
Assessment
RB
for
Hillside
Public
Improvement
District
Series
2022
(NR/NR)
168,000
2.750
(c)
09/01/2027
161,492
432,000
3.125
(c)
09/01/2032
371,314
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
City
of
Celina
Special
Assessment
RB
for
North
Sky
Public
Improvement
District
Project
Series
2023
(NR/NR)
$
812,000
5.375%
09/01/2043
$
787,845
1,006,000
5.625
09/01/2052
958,343
1,000,000
6.125
(c)
09/01/2052
964,789
City
of
Celina
Special
Assessment
RB
for
Parvin
Public
Improvement
District
Project
Series
2023
(NR/NR)
459,000
5.750
(c)
09/01/2030
477,144
City
of
Celina
Special
Assessment
RB
for
Ten
Mile
Creek
Public
Improvement
District
Project
Series
2023
(NR/NR)
492,000
4.750
(c)
09/01/2030
496,138
235,000
5.500
(c)
09/01/2030
241,529
1,169,000
5.500
(c)
09/01/2042
1,162,362
City
of
Celina
Special
Assessment
RB
for
Wells
South
Public
Improvement
District
Neighborhood
Improvement
Project
Series
2022
(NR/NR)
255,000
4.875
(c)
09/01/2032
260,440
495,000
5.500
(c)
09/01/2042
492,189
City
of
Celina
Special
Assessment
RB
Series
2022
(NR/NR)
144,000
2.875
(c)
09/01/2027
138,789
143,000
3.250
(c)
09/01/2027
138,774
250,000
3.250
(c)
09/01/2032
222,312
235,000
3.625
(c)
09/01/2032
210,799
1,175,000
3.500
(c)
09/01/2042
913,695
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
(c)
09/01/2044
462,710
City
of
Celina
Texas
A
Municipal
Corp.
of
The
State
of
Texas
Located
In
Collin
and
Denton
Counties
Special
Assessment
RB
Series
2025
(NR/NR)
205,000
4.350
(c)
09/01/2030
204,565
340,000
4.600
(c)
09/01/2035
334,473
City
of
Celina
Texas
A
Municipal
Corp.
of
The
State
of
Texas
Located
In
Collin
and
Denton
Counties
Special
Assessment
Revenue
Refunding
and
Improvement
Bonds
Series
2025
(AGC)
(NR/AA)
1,250,000
5.000
09/01/2045
1,255,077
3,965,000
4.750
09/01/2049
3,782,905
City
of
Celina
Texas
A
Municipal
Corp.
of
The
State
of
Texas
Located
in
Collin
and
Denton
Counties
Special
Assessment
Revenue
Refunding
and
Improvement
Bonds,
Series
2025
3,700,000
4.750
09/01/2054
3,469,894
City
of
Celina
Texas
Municipal
Corp.
Special
Assessment
RB
for
Glen
Crossing
Public
Improvement
District
Phase#1
Project
Series
2016
(NR/NR)
115,000
4.200
09/01/2027
115,153
570,000
4.800
09/01/2037
570,307
47,000
5.250
09/01/2046
46,811
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
(c)
09/01/2038
302,031
City
of
Celina
Texas
Municipal
Corp.
Special
Assessment
RB
for
Glen
Crossing
Public
Improvement
District
Phase#2
Project
Series
2018
(NR/NR)
306,000
5.000
09/01/2028
310,240
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
City
of
Celina
Texas
Municipal
Corp.
Special
Assessment
RB
for
Mosaic
Public
Improvement
District
Phase
#1B
Project
Series
2024
(NR/NR)
$
360,000
5.125%
(c)
09/01/2044
$
337,086
City
of
Celina
Texas
Municipal
Corp.
Special
Assessment
RB
for
North
Sky
Public
Improvement
District
Improvement
Area
#1B
Project
Series
2024
(NR/NR)
270,000
4.250
09/01/2031
267,166
City
of
Celina
Texas
Special
Assessment
RB
Series
2025
(NR/NR)
375,000
4.625
(c)
09/01/2032
375,565
City
of
Celina,
Collin
and
Denton
Counties
Special
Assessment
RB,
Series
2023
Cross
Creek
Meadows
Public
Improvement
District
Improvement
Area
1
Project
(NR/NR)
1,524,000
5.375
(c)
09/01/2043
1,478,665
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
(c)
09/01/2030
219,156
City
of
Celina,
Collin
and
Denton
Counties
Special
Assessment
Refunding
RB,
Series
2024
Sutton
Fields
II
Public
Improvement
District
Major
Improvement
Area
1
Project
(BAM)
(NR/AA)
809,000
5.000
09/01/2038
837,202
1,000,000
5.000
09/01/2045
988,369
City
of
Celina,
Collin
and
Denton
Counties
Special
Assessment
Refunding
RB,
Series
2024
Sutton
Fields
II
Public
Improvement
District
Major
Improvement
Area
Project
(BAM)
(NR/AA)
2,092,000
5.000
09/01/2034
2,250,678
1,550,000
5.000
09/01/2037
1,620,804
1,092,000
5.000
09/01/2040
1,112,424
City
of
Celina,
Collin
and
Denton
Counties
Special
Assessment
Refunding
RB,
Series
2024
Wells
South
Public
Improvement
District
Major
Improvement
Area
Project
(BAM)
(NR/AA)
1,000,000
5.000
09/01/2038
1,034,859
2,566,000
5.000
09/01/2045
2,536,156
City
of
Celina,
Collin
and
Denton
Counties
Special
Assessment
Refunding
RB,
Series
2024
Wells
South
Public
Improvement
District
Neighborhood
Improvement
Area
#1
Project
(BAM)
(NR/AA)
713,000
5.000
09/01/2038
737,855
1,954,000
5.000
09/01/2045
1,931,274
City
of
Celinac
Special
Assessment
for
Edgewood
Creek
Public
Improvement
District
Phase#1
Project
Series
2021
(NR/NR)
100,000
3.250
(c)
09/01/2026
98,502
185,000
3.750
(c)
09/01/2031
173,452
City
of
Corpus
Christi
Special
Assessment
RB
for
Whitecap
Public
Improvement
District
No.
1
Improvement
Area
#1
Project
Series
2024
(NR/NR)
600,000
5.375
09/15/2031
614,552
City
of
Crandall
Cartwright
Ranch
Public
Improvement
District
Special
Assessment
Bond
Series
2021
(NR/NR)
214,000
3.375
(c)
09/15/2026
211,669
410,000
4.000
(c)
09/15/2031
402,248
City
of
Crandall
Special
Assessment
RB
for
River
Ridge
Public
Improvement
District
Project
Series
2022
(NR/NR)
381,000
5.375
(c)
09/15/2027
384,805
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
City
of
Crandall
Texas
A
Municipal
Corp.
of
The
State
of
Texas
Located
In
Kaufman
County
Special
Assessment
RB
Series
2025
(NR/NR)
$
700,000
4.250%
(c)
09/15/2030
$
697,076
City
of
Dallas
Fort
Worth
International
Airport
Joint
Revenue
Refunding
Bonds
Series
2021A
(A1/NR)
3,975,000
4.000
11/01/2039
3,846,273
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
5,708,909
City
of
Dallas
fort
Worth
International
Airport
Joint
Revenue
Refunding
Bonds
Series
2023C
(A1/AA-)
6,400,000
5.000
11/01/2026
6,560,577
City
of
Dallas
Housing
Finance
Corp.
Multifamily
Housing
RB
for
Positano
Series
2023
(FHA
221(D4))
(Aa1/NR)
2,955,000
5.000
(a)(b)
09/01/2026
2,963,424
City
of
Dallas
Housing
Finance
Corp.
Multifamily
Housing
RB
for
The
Mondello
Series
2024
(FHA
221(D4))
(Aa1/NR)
1,065,000
5.000
(a)(b)
08/01/2027
1,086,144
City
of
Dallas
Housing
Finance
Corp.
Multifamily
Housing
RB
for
Waterford
at
Goldmark
Series
2024
(Aa1/NR)
3,335,000
3.300
(a)(b)
01/01/2043
3,336,753
City
of
Dallas
Housing
Finance
Corp.
Multifamily
Housing
Revenue
Notes
for
Estates
at
Ferguson
Series
2023
(Aa1/NR)
1,725,000
5.000
(a)(b)
07/01/2042
1,773,617
City
of
Dallas
International
Airport
Joint
Revenue
Refunding
Bonds
Series
2022B
(A1/AA-)
4,000,000
4.000
11/01/2041
3,840,442
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
(c)
09/01/2032
273,714
765,000
5.125
(c)
09/01/2042
744,849
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
(c)
09/01/2031
786,410
1,220,000
5.375
(c)
09/01/2044
1,208,629
City
of
Decatur
a
Municipal
Corporation
of
The
State
of
Texas
Located
In
Wise
County
Special
Assessment
RB
for
Vista
Park
Public
Improvement
District
No.
1
Improvement
Area
#1
Project
Series
2023
(NR/NR)
417,000
5.750
(c)
09/15/2030
431,454
City
of
Decatur,
Texas,
400,000
4.750
(c)
09/15/2035
393,029
172,000
5.375
(c)
09/15/2035
168,760
City
of
Decatur,
Texas,
400,000
4.500
(c)
09/15/2030
398,155
City
of
Denton
Texas
Certificates
of
Obligation
Series
2024
(NR/AA+)
13,085,000
4.000
02/15/2042
12,073,499
13,620,000
4.000
02/15/2043
12,462,555
2,645,000
4.125
02/15/2050
2,379,059
City
of
Dorchester
Texas
Special
Assessment
RB
for
Cottonwood
Public
Improvement
District
Improvement
Area
#1
Project
Series
2024
(NR/NR)
350,000
5.250
(c)
09/15/2031
344,521
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
City
of
Dripping
Springs
Special
Assessment
RB
for
Heritage
Public
Improvement
District
Improvement
Area
#2
Project
Series
2024
(NR/NR)
$
596,000
5.000%
(c)
09/01/2044
$
550,083
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
(c)
09/01/2043
993,841
City
of
Elmendorf
Hickory
Ridge
Public
Improvement
District
Special
Assessment
Bond
for
Improvement
Area
No.
1
Series
2021
(NR/NR)
357,000
2.875
(c)
09/01/2026
349,478
398,000
3.375
(c)
09/01/2031
357,238
1,206,000
3.750
(c)
09/01/2041
928,171
City
of
Fate
Special
Assessment
for
Williamsburg
East
Public
Improvement
District
Area
No.
1
Series
2020
(NR/NR)
100,000
2.625
(c)
08/15/2025
99,811
171,000
3.375
(c)
08/15/2030
157,399
City
of
Fate
Special
Assessment
RB
for
Monterra
Public
Improvement
District
Improvement
Area
#2
Project
Series
2024
(NR/NR)
570,000
4.500
(c)
08/15/2031
561,858
City
of
Fate
Special
Assessment
RB
for
Monterra
Public
Improvement
District
Series
2021
(NR/NR)
297,000
2.750
(c)
08/15/2026
290,571
612,000
3.375
(c)
08/15/2031
561,877
846,000
3.750
(c)
08/15/2041
686,732
City
of
Fate
Special
Assessment
RB
for
Williamsburg
East
Public
Improvement
District
Project
Series
2022
(NR/NR)
355,000
4.875
(c)
08/15/2027
355,693
778,000
5.250
(c)
08/15/2032
800,867
1,300,000
5.875
(c)
08/15/2042
1,264,089
City
of
Fate
Special
Assessment
RB
for
Williamsburg
Public
Improvement
District
No.
1
Phase#1
Series
2019
(NR/NR)
340,000
3.500
(c)
08/15/2029
326,286
1,905,000
4.000
(c)
08/15/2039
1,681,010
1,825,000
4.250
(c)
08/15/2049
1,513,541
City
of
Fate
Special
Assessment
RB
for
Williamsburg
Public
Improvement
District
Series
2022
(NR/NR)
295,000
4.000
(c)
08/15/2032
288,730
1,129,000
4.250
(c)
08/15/2042
1,008,661
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
167,882
170,000
4.000
08/15/2029
172,989
925,000
3.000
08/15/2034
855,430
City
of
Fate,
Rockwall
County
Special
Assessment
RB,
Series
2023
Williamsburg
Public
Improvement
District
No.
1
Phase
3B
(NR/NR)
384,000
4.250
(c)
08/15/2030
387,430
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
09/01/2036
678,317
1,073,000
4.125
09/01/2039
1,037,770
1,168,000
4.250
09/01/2041
1,119,824
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
City
of
Galveston
Wharves
and
Terminal
First
Lien
RB
Series
2024A
(NR/A)
$
750,000
5.250%
08/01/2039
$
770,025
625,000
5.500
08/01/2040
650,742
600,000
5.500
08/01/2041
622,081
2,380,000
5.500
08/01/2044
2,432,614
City
of
Garland
Electric
Utility
System
Refunding
RB
New
Series
2024
(AGC)
(A1/AA)
500,000
5.000
03/01/2041
524,550
1,170,000
5.000
03/01/2042
1,216,092
City
of
Garland
Texas
Dallas
Collin
and
Rockwall
Counties
Electric
Utility
System
Revenue
Refunding
Bonds
New,
Series
2024
(AG)
(A1/AA)
500,000
5.000
03/01/2040
530,322
City
of
Georgetown
Special
Assessment
RB
for
Parks
at
Westhaven
Public
Improvement
District
Project
Series
2022
(NR/NR)
184,000
3.625
(c)
09/15/2027
181,091
409,000
3.875
(c)
09/15/2032
383,325
City
of
Granbury
Texas
A
Municipal
Corporation
of
The
State
of
Texas
Located
in
Hood
County
Special
Assessment
RB,
Series
2025
(NR/NR)
379,000
6.250
09/15/2030
384,940
627,000
6.500
09/15/2035
635,414
City
of
Gunter
Texas
A
Municipal
Corp.
of
The
State
of
Texas
Located
In
Grayson
County
Special
Assessment
RB
Series
2025
(NR/NR)
285,000
4.500
(c)
09/15/2032
283,435
772,000
5.500
(c)
09/15/2045
731,993
City
of
Hackberry
Special
Assessment
RB
for
Riverdale
Lake
Public
Improvement
District
No.
2
Phases
4-6
Project
Series
2017
(NR/NR)
225,000
4.125
09/01/2027
225,163
1,350,000
4.625
09/01/2037
1,289,199
City
of
Hackberry
Special
Assessment
RB
Refunding
for
Hackberry
Public
Improvement
District
No.
3
Phases
No.
13-
16
Project
Series
2017
(NR/NR)
385,000
4.500
09/01/2027
386,821
1,800,000
4.500
09/01/2037
1,695,640
City
of
Hackberry
Special
Assessment
RB
Refunding
for
Hidden
Cove
Public
Improvement
District
No.
2
Project
Series
2017
(NR/BBB-)
440,000
4.000
09/01/2025
439,928
460,000
4.000
09/01/2026
461,356
480,000
4.000
09/01/2027
483,186
City
of
Haslet
Special
Assessment
RB
for
Haslet
Public
Improvement
District
Series
2021
(NR/NR)
256,000
3.250
(c)
09/01/2031
227,995
1,271,000
3.625
(c)
09/01/2041
981,816
City
of
Haslet
Special
Assessment
RB
Refunding
for
Haslet
Public
Improvement
District
No.
5
1
Project
Series
2019
(NR/NR)
290,000
3.625
(c)
09/01/2029
278,965
785,000
4.125
(c)
09/01/2039
697,523
City
of
Horseshoe
Bay
Special
Assessment
Refunding
Bonds
for
Public
Improvement
District
Series
2020
(NR/NR)
231,000
3.000
10/01/2025
229,952
640,000
3.000
10/01/2030
583,626
436,000
3.250
10/01/2033
381,394
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
City
of
Houston
Airport
System
Special
Facilities
RB
for
United
Airlines
Inc.
Airport
Improvement
Projects
Series
2018C
(AMT)
(NR/BB)
$
3,650,000
5.000%
07/15/2028
$
3,668,785
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
2,135,936
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
4,047,875
City
of
Houston
Airport
System
Subordinate
Lien
Revenue
Refunding
Bonds
Series
2018D
(A1/NR)
1,655,000
5.000
07/01/2032
1,730,324
City
of
Houston
Airport
System
Subordinate
Lien
Revenue
Refunding
Bonds
Series
2020A
(AMT)
(A1/A+)
1,000,000
4.000
07/01/2047
850,780
City
of
Houston
Higher
Education
Finance
Corp.
University
RB
Houston
Christian
University
Project
Series
2025
(NR/BBB-)
3,675,000
5.250
10/01/2054
3,465,901
City
of
Houston
Texas
Combined
Utility
System
First
Lien
Revenue
Refunding
Bonds
Series
2024A
(Aa2/NR)
8,750,000
5.000
11/15/2026
9,035,336
8,750,000
5.000
11/15/2027
9,213,350
City
of
Houston,
Texas
Airport
System
Subordinate
Lien
RR
Bonds
Series
2018D
(A1/NR)
2,220,000
5.000
07/01/2031
2,327,359
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
1,743,584
City
of
Huntsville
Special
Assessment
RB
for
The
Reserves
of
Huntsville
Public
Improvement
District
Series
2024
(NR/NR)
351,000
4.500
(c)
09/15/2031
352,449
City
of
Hutto
Emory
Crossing
Public
Improvement
District
Special
Assessment
Bond
Series
2021
(NR/NR)
11,000
2.625
(c)
09/01/2026
10,752
206,000
3.250
(c)
09/01/2031
188,444
City
of
Hutto
Special
Assessment
RB
for
Cottonwood
Creek
Public
Improvement
Series
2021
(NR/NR)
360,000
3.125
(c)
09/01/2031
331,472
939,000
3.500
(c)
09/01/2041
743,459
City
of
Hutto
Special
Assessment
RB
for
Durango
Farms
Public
Improvement
District
Project
Series
2021
(NR/NR)
122,000
2.750
(c)
09/01/2026
119,272
392,000
3.500
(c)
09/01/2031
362,967
900,000
3.875
(c)
09/01/2041
748,528
City
of
Hutto
Special
Assessment
RB
for
Emory
Crossing
Public
Improvement
District
Improvement
Area
#2
Project
Series
2023
(NR/NR)
270,000
4.500
(c)
09/01/2030
272,273
859,000
5.250
(c)
09/01/2043
844,326
City
of
Hutto
Texas
A
Municipal
Corp.
of
The
State
of
Texas
Located
In
Williamson
County
Special
Assessment
RB
Series
2025
(NR/NR)
274,000
4.125
(c)
09/01/2030
272,850
783,000
4.125
(c)
09/01/2032
769,633
410,000
4.375
(c)
09/01/2035
401,146
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
City
of
Irving
RB
Refunding
for
Hotel
Occupancy
Tax
Series
2019
(NR/BBB+)
$
130,000
5.000%
08/15/2025
$
130,075
150,000
5.000
08/15/2026
151,450
100,000
5.000
08/15/2027
101,931
125,000
5.000
08/15/2028
128,373
150,000
5.000
08/15/2029
154,783
200,000
5.000
08/15/2030
205,866
280,000
5.000
08/15/2032
285,889
300,000
5.000
08/15/2034
304,835
175,000
5.000
08/15/2035
177,050
250,000
5.000
08/15/2036
251,667
250,000
5.000
08/15/2037
250,215
300,000
5.000
08/15/2038
297,171
300,000
5.000
08/15/2039
291,984
City
of
Justin
Special
Assessment
for
Timberbrook
Public
Improvement
District
No.
1
Series
2021
(NR/NR)
254,000
2.500
(c)
09/01/2026
248,874
729,000
3.000
(c)
09/01/2031
665,655
1,484,000
3.375
(c)
09/01/2041
1,166,081
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
(c)
09/01/2031
355,526
578,000
5.500
(c)
09/01/2044
563,045
City
of
Kaufman
Special
Assessment
for
Public
Improvement
District
No.
1
Phases#1
Series
2021
(NR/NR)
160,000
2.625
(c)
09/15/2026
156,114
230,000
3.125
(c)
09/15/2031
203,825
City
of
Kaufman
Special
Assessment
RB
for
Kaufman
Public
Improvement
District
Project
Series
2022
(NR/NR)
722,000
5.625
(c)
09/15/2042
703,337
City
of
Kyle
Special
Assessment
RB
for
6
Creeks
Public
Improvement
District
Project
Series
2023
(NR/NR)
723,000
4.375
(c)
09/01/2028
725,530
750,000
4.500
(c)
09/01/2033
742,878
City
of
Kyle
Special
Assessment
RB
for
6
Creeks
Public
Improvement
Project
Series
2021
(NR/NR)
431,000
3.375
(c)
09/01/2031
407,672
628,000
3.750
(c)
09/01/2041
524,694
City
of
Kyle
Special
Assessment
RB
for
Creeks
Public
Improvement
District
Series
2019
(NR/NR)
1,180,000
4.750
(c)
09/01/2044
1,072,850
City
of
Kyle
Special
Assessment
RB
for
Creeks
Public
Improvement
District
Series
2020
(NR/NR)
610,000
3.125
(c)
09/01/2030
565,952
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
(c)
09/01/2041
871,993
City
of
Kyle
Special
Assessment
RB
for
Southwest
Kyle
Public
Improvement
District
No.
1
Series
2019
(NR/NR)
255,000
4.250
(c)
09/01/2029
254,711
1,000,000
4.875
(c)
09/01/2044
937,343
City
of
Kyle
Special
Assessment
RB
Series
2022
(NR/NR)
321,000
4.375
09/01/2027
321,967
535,000
4.750
09/01/2032
543,449
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
City
of
Kyle
Special
Assessment
RB,
Series
2023
Porter
Country
Public
Improvement
District
Improvement
Area
1
Project
(NR/NR)
$
1,229,000
5.750%
(c)
09/01/2043
$
1,183,596
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
(c)
09/01/2044
545,510
City
of
Kyle
Texas
A
Municipal
Corp.
of
The
State
of
Texas
Located
In
Hays
County
Special
Assessment
RB
Series
2025
(NR/NR)
365,000
4.500
(c)
09/01/2035
355,014
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
(c)
09/01/2043
654,690
City
of
Kyle,
Texas,
Special
Assessment
RB
for
Southwest
Kyle
Public
Improvement
District
Project
Series
2023
(NR/NR)
1,500,000
6.750
(c)
09/01/2048
1,534,862
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
(c)
09/01/2030
473,214
1,210,000
5.625
(c)
09/01/2043
1,159,063
City
of
Lago
Vista
Tessera
on
Lake
Travis
Public
Improvement
District
Special
Assessment
Refunding
Bond
Series
2010
(NR/NR)
160,000
2.750
09/01/2025
159,581
430,000
3.125
09/01/2030
399,885
City
of
Laredo
Waterworks
and
Sewer
System
RB
New
Series
2024
(Aa3/AA-)
2,765,000
4.000
03/01/2049
2,369,869
7,500,000
4.000
03/01/2054
6,309,312
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
1,810,326
City
of
Lavon
Special
Assessment
RB
for
Elevon
Public
Improvement
District
Improvement
Area
#2A-2B
Project
Series
2024
(NR/NR)
300,000
4.375
(c)
09/15/2031
295,897
City
of
Lavon
Special
Assessment
RB
for
Lakepointe
Public
Improvement
District
Improvement
Area#1
Project
Series
2019
(NR/NR)
245,000
3.750
(c)
09/15/2029
237,169
City
of
Lavon
Special
Assessment
RB
for
Lakepointe
Public
Improvement
District
Major
Improvement
Area
Project
Series
2019
(NR/NR)
50,000
4.375
(c)
09/15/2029
49,678
City
of
Lavon
Special
Assessment
RB
for
Lakepointe
Public
Improvement
District
Project
Series
2022
(NR/NR)
1,500,000
5.875
(c)
09/15/2042
1,552,356
2,126,000
6.125
(c)
09/15/2052
2,173,567
City
of
Lavon
Special
Assessment
RB
Series
2022
(NR/NR)
400,000
3.500
(c)
09/15/2027
390,995
276,000
3.750
(c)
09/15/2027
271,161
1,000,000
3.875
(c)
09/15/2032
947,702
455,000
4.125
(c)
09/15/2032
439,426
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(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)
$
120,000
2.500%
(c)
09/01/2025
$
119,757
330,000
3.125
(c)
09/01/2030
308,186
845,000
4.000
(c)
09/01/2040
744,943
City
of
Liberty
Hill
Special
Assessment
RB
for
Butler
Farms
Public
Improvement
Project
Series
2022
(NR/NR)
558,000
2.625
(c)
09/01/2027
541,441
750,000
3.125
(c)
09/01/2032
691,103
1,772,000
3.375
(c)
09/01/2042
1,378,505
City
of
Lowry
Crossing
Texas,
A
Municipal
Corporation
of
The
State
of
Texas
Located
in
Collin
County
Special
Assessment
RB
Series
2025
(NR/NR)
500,000
4.750
(c)
09/15/2035
502,028
1,000,000
5.750
(c)
09/15/2045
1,002,292
City
of
Lubbock
Texas
Combination
Tax
and
Revenue
Certificates
of
Obligation
Series
2024
(NR/AA+)
1,895,000
5.000
02/15/2041
1,994,924
City
of
Manor
Manor
Heights
Public
Improvement
District
Special
Assessment
Bond
Series
2021
(NR/NR)
195,000
2.500
(c)
09/15/2026
189,982
250,000
3.125
(c)
09/15/2031
223,018
310,000
3.750
(c)
09/15/2031
278,152
City
of
Manor
Special
Assessment
RB
for
Lagos
Public
Improvement
District
Series
2020
(NR/NR)
45,000
3.750
(c)
09/15/2025
44,973
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
(c)
09/15/2031
500,407
408,000
5.375
(c)
09/15/2044
400,740
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
(c)
09/15/2043
514,591
City
of
Marble
Falls
Thunder
Rock
Public
Improvement
District
Special
Assessment
Bond
Series
2021
(NR/NR)
230,000
3.375
(c)
09/01/2026
226,315
350,000
3.875
(c)
09/01/2031
323,764
City
of
McLendon-Chisholm
Special
Assessment
Bonds
Sonoma
Public
Improvement
District
Area
#2
Project
Series
2019
(NR/NR)
280,000
3.750
(c)
09/15/2029
272,092
City
of
McLendon-Chisholm
Special
Assessment
Bonds
Sonoma
Public
Improvement
District
Area
#3
Project
Series
2021
(NR/NR)
90,000
2.625
(c)
09/15/2026
88,050
480,000
3.125
(c)
09/15/2031
431,751
City
of
McLendon-Chisholm
Special
Assessment
RB
for
Sonoma
Public
Improvement
District
Project
Series
2022
(NR/NR)
400,000
5.375
(c)
09/15/2032
414,071
City
of
Mesquite
Special
Assessment
RB
for
Iron
Horse
Public
Improvement
District
Project
Series
2019
(NR/NR)
400,000
5.250
(c)
09/15/2029
408,908
City
of
Mesquite
Special
Assessment
RB
for
Polo
Ridge
Public
Improvement
District
No.
2
Phase
#1
Project
Series
2019
(NR/NR)
795,000
4.500
(c)
09/15/2029
799,732
775,000
5.375
(c)
09/15/2029
794,388
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)
$
806,000
4.750%
(c)
09/01/2030
$
814,694
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
(c)
09/01/2043
1,275,887
City
of
Mesquite
Special
Assessment
RB
for
Solterra
Public
Improvement
District
Improvement
Area
C-1
Projects
Series
2023
(NR/NR)
411,000
4.625
(c)
09/01/2030
413,035
City
of
Mesquite
Special
Assessment
RB
for
Solterra
Public
Improvement
District
Improvement
Area
C-1
Projects,
Series
2023
(NR/NR)
400,000
5.375
(c)
09/01/2043
393,906
City
of
Mesquite
Special
Assessment
RB
for
Solterra
Public
Improvement
District
Improvement
Area
C-2
Projects
Series
2023
(NR/NR)
392,000
4.625
(c)
09/01/2030
394,820
City
of
Mesquite
Special
Assessment
RB
for
Solterra
Public
Improvement
District
Improvement
Area
C-3
Projects
Series
2024
(NR/NR)
244,000
4.250
(c)
09/01/2031
241,439
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
(c)
09/01/2052
509,851
City
of
Midlothian
Special
Assessment
for
Redden
Farms
Public
Improvement
District
Series
2021
(NR/NR)
410,000
3.500
(c)
09/15/2031
377,719
1,000,000
3.875
(c)
09/15/2041
836,670
City
of
Midlothian
Special
Assessment
RB
for
Westside
Preserve
Public
Improvement
District
Major
Improvement
Area
Project
#1
Series
2022
(NR/NR)
393,000
4.375
(c)
09/15/2027
392,344
626,000
4.750
(c)
09/15/2032
625,978
1,417,000
5.250
(c)
09/15/2042
1,378,611
City
of
Midlothian
Special
Assessment
RB
for
Westside
Preserve
Public
Improvement
District
Major
Improvement
Area
Project
Series
2022
(NR/NR)
180,000
5.125
(c)
09/15/2027
180,141
310,000
5.500
(c)
09/15/2032
306,901
600,000
6.000
(c)
09/15/2042
585,820
City
of
Mustang
Ridge
Special
Assessment
RB
for
Durango
Public
Improvement
District
Improvement
Area
#1
Project
Series
2023
(NR/NR)
676,000
6.125
(c)
09/01/2043
692,530
City
of
Mustang
Ridge
Texas
Special
Assessment  RB,
Series
2025
(NR/NR)
349,000
5.000
(c)
09/01/2032
354,361
City
of
North
Richland
Hills
Special
Assessment
for
City
Point
Public
Improvement
District
Project
Series
2019
(NR/NR)
254,000
4.875
(c)
09/01/2030
258,115
265,000
5.250
(c)
09/01/2030
271,491
381,000
5.250
(c)
09/01/2040
372,690
310,000
5.625
(c)
09/01/2040
303,247
795,000
4.125
(c)
09/01/2049
644,134
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
City
of
Oak
Point
Public
Improvement
District
No.
2
Special
Assessment
Series
2020
(NR/NR)
$
95,000
2.500%
(c)
09/01/2025
$
94,634
455,000
3.250
(c)
09/01/2030
420,384
City
of
Oak
Point
Special
Assessment
for
Wildridge
Public
Improvement
District
No.
1
Project
Series
2019
(NR/NR)
140,000
3.500
(c)
09/01/2029
134,478
350,000
4.000
(c)
09/01/2039
315,441
City
of
Oak
Point
Special
Assessment
for
Wildridge
Public
Improvement
District
No.
1
Project
Series
2021
(NR/NR)
136,000
2.375
(c)
09/01/2026
132,462
City
of
Oak
Point
Special
Assessment
RB
for
Wildridge
Public
Improvement
District
No.
1
Series
2018
(NR/NR)
205,000
4.000
(c)
09/01/2028
204,989
1,535,000
4.500
(c)
09/01/2048
1,348,246
City
of
Oak
Point
Texas
A
Municipal
Corporation
of
The
State
of
Texas
Located
in
Denton
County
Special
Assessment
RB
Series
2024
(NR/NR)
250,000
4.700
(c)
09/15/2031
248,655
475,000
5.350
(c)
09/15/2044
450,618
City
of
Oak
Point
Texas
Special
Assessment
RB
Series
2024
(NR/NR)
625,000
5.100
(c)
09/15/2044
577,684
City
of
Pflugerville,
Texas
Special
Assessment
RB
Series
2025
(NR/NR)
446,000
4.250
(c)
09/01/2033
435,147
City
of
Pflugerville,
Texas
Travis
and
Williamson
Counties,
Texas
Combination
Tax
and
Limited
Revenue
Certificates
of
Obligation,
Series
2023
(Aa3/NR)
3,275,000
4.000
08/01/2049
2,874,612
City
of
Pilot
Point
Special
Assessment
RB
for
Creekview
Public
Improvement
Zone
A
Improvement
Project
Series
2022
(NR/NR)
309,000
4.875
(c)
09/15/2027
309,686
350,000
5.250
(c)
09/15/2032
360,267
245,000
5.750
(c)
09/15/2032
254,643
City
of
Pilot
Point
Special
Assessment
RB
for
Creekview
Public
Improvement
Zone
B
Improvement
Project
Series
2022
(NR/NR)
280,000
4.875
(c)
09/15/2027
280,589
300,000
5.250
(c)
09/15/2032
308,800
City
of
Pilot
Point
Special
Assessment
RB
for
Mobberly
Public
Improvement
District
Major
Improvement
Area
Series
2022
(NR/NR)
1,000,000
5.500
(c)
09/15/2048
919,023
City
of
Pilot
Point,
Denton,
Grayson,
and
Cooke
Counties
Special
Assessment
RB,
Series
2023
Mobberly
Public
Improvement
District
Improvement
Area
1B
Project
(NR/NR)
321,000
4.750
(c)
09/15/2030
323,187
City
of
Pilot
Point,
Texas
A
Municipal
Corporation
of
The
State
of
Texas
Located
in
Denton,
Grayson,
and
Cooke
Counties
Special
Assessment  RB,
Series
2025
(NR/NR)
375,000
5.000
(c)
09/15/2030
381,678
500,000
5.250
(c)
09/15/2035
508,418
552,000
6.000
(c)
09/15/2035
559,602
City
of
Plano
Collin
Creek
East
Public
Improvement
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
2,875,000
4.375
(c)
09/15/2051
2,219,293
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
City
of
Plano
Collin
Creek
West
Public
Improvement
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
$
1,876,000
4.000%
(c)
09/15/2051
$
1,437,309
City
of
Princeton
Special
Assessment
RB
for
Arcadia
Farms
Public
Improvement
District
Phases
5-7
Project
Series
2022
(NR/NR)
700,000
4.250
(c)
09/01/2042
593,085
City
of
Princeton
Special
Assessment
RB
for
Arcadia
Farms
Public
Improvement
District
Series
2019
(NR/NR)
317,000
3.750
(c)
09/01/2029
309,235
836,000
4.250
(c)
09/01/2039
754,745
City
of
Princeton
Special
Assessment
RB
for
Arcadia
Farms
Public
Improvement
District
Series
2020
(NR/NR)
180,000
3.375
(c)
09/01/2030
167,555
City
of
Princeton
Special
Assessment
RB
for
Brookside
Public
Improvement
District
Series
2019
(NR/NR)
415,000
4.250
09/01/2029
414,989
655,000
4.875
09/01/2039
644,156
1,000,000
5.000
09/01/2049
935,837
City
of
Princeton
Special
Assessment
RB
for
Brookside
Public
Improvement
District
Series
2021
(NR/NR)
289,000
3.375
(c)
09/01/2041
223,137
City
of
Princeton
Special
Assessment
RB
for
Eastridge
Public
Improvement
District
Improvement
Area
No.
2
Project
Series
2023
(NR/NR)
450,000
4.500
(c)
09/01/2030
451,906
City
of
Princeton
Special
Assessment
RB
for
Eastridge
Public
Improvement
District
Improvement
Area
Project
Series
2022
(NR/NR)
300,000
4.250
(c)
09/01/2027
299,872
379,000
4.750
(c)
09/01/2032
378,873
City
of
Princeton
Special
Assessment
RB
for
Sicily
Public
Improvement
District
Improvement
Area
No.
1
Project,
Series
2023
(NR/NR)
975,000
7.000
(c)
09/01/2043
979,793
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
(c)
09/01/2043
1,331,803
City
of
Princeton
Special
Assessment
RB
for
Southridge
Public
Improvement
District
Improvement
Area
No.
2
Project
Series
2024
(NR/NR)
515,000
4.375
(c)
09/01/2031
514,959
City
of
Princeton
Special
Assessment
RB
for
Whitewing
Trails
Public
Improvement
District
No.
2
Series
2019
(NR/NR)
365,000
4.000
(c)
09/01/2029
356,106
480,000
5.000
(c)
09/01/2029
487,949
City
of
Princeton
Special
Assessment
RB
for
Whitewing
Trails
Public
Improvement
District
Project
Series
2023
(NR/NR)
1,000,000
5.125
(c)
09/01/2043
944,235
City
of
Princeton
Special
Assessment
RB
for
Winchester
Public
Improvement
District
Project
Series
2022
(NR/NR)
306,000
4.250
(c)
09/01/2027
305,807
460,000
4.750
(c)
09/01/2032
461,340
City
of
Princeton
Special
Assessment
RB
for
Winchester
Public
Improvement
District
Series
2020
(NR/NR)
305,000
3.250
(c)
09/01/2030
283,379
City
of
Princeton
Special
Assessment
RB
for
Winchester
Public
Improvement
District
Series
2021
(NR/NR)
140,000
2.375
(c)
09/01/2026
136,266
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(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)
–
(continued)
$
469,000
3.250%
(c)
09/01/2041
$
344,422
City
of
Princeton
Special
Assessment
RB
for
Windmore
Public
Improvement
District
Improvement
Area
No.
1
Project
Series
2024
(NR/NR)
252,000
4.375
(c)
09/01/2031
252,242
City
of
Princeton
Special
Assessment
RB
Series
2024
(NR/NR)
302,000
4.250
(c)
09/01/2031
300,278
City
of
Princeton
Texas
A
Municipal
Corp.
of
The
State
of
Texas
Located
In
Collin
County
Special
Assessment
RB
Series
2025
300,000
5.375
(c)
09/01/2045
288,693
City
of
Princeton
Texas
A
Municipal
Corporation
of
The
State
of
Texas
Located
In
Collin
County
Special
Assessment  RB,
Series
2025
(NR/NR)
1,361,000
4.500
(c)
09/01/2032
1,365,755
City
of
Princeton
Texas
Special
Assessment
RB
Series
2024
(NR/NR)
320,000
4.375
(c)
09/01/2031
316,400
City
of
Princeton
Texas
Special
Assessment
RB
Series
2025
(NR/NR)
747,000
4.250
(c)
09/01/2030
747,515
656,000
4.600
(c)
09/01/2035
650,539
504,000
5.375
(c)
09/01/2045
485,004
City
of
Red
Oak
Public
Improvement
District
No.
1
Special
Assessment
Bonds
for
Improvement
Area
#1
Project
Series
2021
(NR/NR)
125,000
2.625
(c)
09/15/2026
121,964
355,000
3.125
(c)
09/15/2031
314,081
City
of
Royse
City
Special
Assessment
for
Creekshaw
Public
Improvement
District
Area
#1
Series
2020
(NR/NR)
140,000
2.625
(c)
09/15/2025
139,514
405,000
3.375
(c)
09/15/2030
379,575
City
of
Royse
City
Special
Assessment
for
Creekshaw
Public
Improvement
District
Series
2020
(NR/NR)
225,000
3.625
(c)
09/15/2030
210,086
140,000
4.375
(c)
09/15/2030
136,028
500,000
4.125
(c)
09/15/2040
432,623
400,000
4.875
(c)
09/15/2040
368,300
City
of
Royse
City
Special
Assessment
for
Waterscape
Public
Improvement
District
Improvement
Series
2019
(NR/NR)
370,000
4.125
(c)
09/15/2029
365,509
1,050,000
4.625
(c)
09/15/2039
981,370
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
(c)
09/15/2053
1,199,888
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
(c)
09/15/2031
344,044
City
of
Royse
City
Texas
A
Municipal
Corporation
of
The
State
of
Texas
Located
in
Rockwall
Collin
and
Hunt
Counties
Special
Assessment
RB
Series
2024
(NR/NR)
947,000
5.250
(c)
09/15/2044
887,505
City
of
Sachse
Special
Assessment
for
Public
Improvement
District
No.
1
Series
2020
(NR/NR)
150,000
2.500
(c)
09/15/2025
149,671
305,000
3.250
(c)
09/15/2030
281,852
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
City
of
Sachse
Special
Assessment
RB
for
Sachse
Public
Improvement
District
Project
Series
2022
(NR/NR)
$
665,000
6.000%
(c)
09/15/2050
$
683,765
City
of
San
Antonio
Electric
and
Gas
Systems
Revenue
Refunding
Bonds
New
Series
2024D
(Aa2/AA-)
900,000
5.000
02/01/2041
949,449
City
of
San
Antonio
Texas
Municipal
Facilities
Corporation
City
Tower
Renovation
Project
Variable
Rate
Lease
RB
Series
2021
(Aa1/AA+)
3,455,000
5.000
(a)(b)
08/01/2050
3,587,851
City
of
San
Antonio
Texas
Water
System
Revenue
Refunding
Bonds
Series
2025B
(Aa1/AA+)
2,625,000
5.000
05/15/2038
2,884,739
820,000
5.000
05/15/2039
890,856
City
of
San
Marcos
Special
Assessment
for
Whisper
Public
Improvement
District
Series
2020
(NR/NR)
115,000
4.375
09/01/2025
115,025
500,000
4.875
09/01/2030
499,960
635,000
5.375
09/01/2040
629,909
City
of
San
Marcos
Special
Assessment
RB
for
Whisper
South
Public
Improvement
Project
2022
(NR/NR)
300,000
3.750
(c)
09/01/2027
294,915
425,000
4.000
(c)
09/01/2032
405,943
City
of
San
Marcos,
Texas
209,000
4.875
(c)
09/01/2030
208,513
City
of
Santa
Fe
Special
Assessment
RB
for
Mulberry
Farms
Public
Improvement
District
Series
2022
(NR/NR)
146,000
4.375
(c)
09/01/2027
145,594
City
of
Seagoville,
Texas
Special
Assessment  RB,
Series
2025
1,000,000
4.250
(c)(h)
09/15/2030
1,001,083
702,000
4.750
(c)(h)
09/15/2035
701,455
678,000
5.750
(c)(h)
09/15/2045
677,686
City
of
Sinton
Special
Assessment
RB
Series
2022
(NR/NR)
281,000
4.375
(c)
09/01/2027
279,133
659,000
4.750
(c)
09/01/2032
634,740
City
of
Tomball
Special
Assessment
RB
for
Raburn
Reserve
Public
Improvement
District
Improvement
Area
No.
2
Series
2023
(NR/NR)
225,000
4.875
(c)
09/15/2033
225,629
City
of
Tomball
Special
Assessment
RB
for
Raburn
Reserve
Public
Improvement
District
Improvement
Area
No.
3
Series
2023
(NR/NR)
283,000
5.000
(c)
09/15/2033
284,632
City
of
Tomball,
Texas,
A
Municipal
Corporation
of
The
State
of
Texas
Located
in
Harris
County
Special
Assessment  RB,
Series
2025
(NR/NR)
551,000
4.750
(c)
09/15/2032
558,301
City
of
Uhland
Special
Assessment
RB
for
Anderson
Park
Public
Improvement
District
Improvement
Area
#1
Project
Series
2024
(NR/NR)
353,000
4.375
(c)
09/01/2031
351,652
City
of
Venus
Special
Assessment
RB
for
Patriot
Estates
Public
Improvement
Project
Series
2021
(NR/NR)
1,010,000
3.375
(c)
09/15/2041
797,491
City
of
Waxahachie
Special
Assessment
RB
for
North
Grove
Public
Improvement
Area
Project
Series
2022
(NR/NR)
1,125,000
5.500
(c)
08/15/2052
1,073,370
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
City
of
Wharton,
Texas
Special
Assessment  RB,
Series
2025
(Wharton
Public
Improvement
District
No.
2
Phase
#1
Project
and
Phase
#2
Project)
(NR/NR)
$
767,000
5.750%
(c)(h)
09/15/2045
$
766,653
Clifton
Higher
Education
Finance
Corp.
Education
Revenue
and
Refunding
Bonds
Series
2024
(PSF-GTD)
(NR/AAA)
1,000,000
5.000
08/15/2037
1,063,538
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
721,568
575,000
4.000
04/01/2035
577,240
1,345,000
4.000
04/01/2037
1,331,004
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
4,295,837
3,875,000
4.000
08/15/2037
3,767,181
Clifton
Higher
Education
Finance
Corporation
Education
Revenue
and
Refunding
Bonds
(Idea
Public
Schools)
Series
2024
(PSF-GTD)
(NR/AAA)
1,000,000
5.000
08/15/2038
1,057,509
Club
Municipal
Management
District
Special
Assessment
RB
Series
2021
(NR/NR)
464,000
3.000
(c)
09/01/2031
416,961
930,000
3.250
(c)
09/01/2041
695,047
Comal
Independent
School
District
GO
Refunding
Bonds
Series
2017
(PSF-GTD)
(Aaa/NR)
495,000
5.000
02/01/2026
501,061
Comal
Independent
School
District
UT
School
Building
and
Refunding
Bonds
Series
2024
(PSF-GTD)
(Aaa/NR)
2,250,000
3.000
02/15/2041
1,823,815
2,250,000
3.000
02/15/2042
1,795,884
2,750,000
3.000
02/15/2043
2,157,299
Conroe
Local
Government
Corp.
Conroe
Convention
Center
Hotel
Series
2021
A
(NR/B)
475,000
2.500
10/01/2031
413,315
Conroe
Local
Government
Corp.
Conroe
Convention
Center
Hotel
Series
2021
C
(Aa3/NR)
100,000
5.000
10/01/2028
106,297
115,000
5.000
10/01/2029
123,891
120,000
5.000
10/01/2030
130,696
100,000
5.000
10/01/2031
109,825
100,000
5.000
10/01/2032
109,044
25,000
5.000
10/01/2033
27,097
25,000
5.000
10/01/2034
26,863
200,000
5.000
10/01/2036
211,289
500,000
4.000
10/01/2041
452,249
County
of
Hays
Special
Assessment
for
La
Cima
Public
Improvement
District
Series
2020
(NR/NR)
95,000
2.500
(c)
09/15/2025
94,675
350,000
3.250
(c)
09/15/2030
322,375
County
of
Medina
Woodlands
Public
Improvement
District
Special
Assessment
for
Improvement
Area
#1
Project
Series
2021
(NR/NR)
170,000
3.500
(c)
09/01/2026
168,215
395,000
4.125
(c)
09/01/2031
378,540
Crandall
Independent
School
District
1,315,000
5.000
08/15/2048
1,344,346
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
Crane
Independent
School
District
UT
School
Building
Bonds
Series
2023
(PSF-GTD)
(NR/AAA)
$
1,770,000
4.125%
02/15/2048
$
1,602,409
Crosswinds
at
South
Lake
Special
Improvement
District
Limited
Ad
Valorem
Tax
and
Subordinate
Lien
Sales
and
Use
Tax
Bonds,
Series
2024
(AGC)
(Baa3/AA)
725,000
5.000
08/15/2047
713,574
Crowley
Independent
School
District
UT
Refunding
Bonds
Series
2016B
(PSF-GTD)
(Aaa/NR)
500,000
5.000
(d)
08/01/2025
500,801
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
7,096,302
Denton
County
Junior
Lien
Special
Assessment
RB
for
Tabor
Ranch
Public
Improvement
District
Area
#1
Project
Series
2024B
(NR/NR)
500,000
5.125
(c)
12/31/2031
501,672
Denton
County
Special
Assessment
RB
for
Tabor
Ranch
Public
Improvement
District
Major
Improvement
Area
Project
Series
2024
(NR/NR)
500,000
5.250
(c)
12/31/2031
500,955
Denton
County
Texas
Special
Assessment
RB
Series
2025
(NR/NR)
700,000
4.250
(c)
12/31/2030
701,326
750,000
4.750
(c)
12/31/2030
752,776
Denton
County
Texas
Special
Assessment
RB
Series
2025
Green
Meadows
Public
Improvement
District
Improvement
Area
#1
Project
(NR/NR)
1,117,000
4.500
(c)
12/31/2035
1,121,017
Denton
County
Texas
Special
Assessment
RB
Series
2025
Green
Meadows
Public
Improvement
District
Major
Improvement
Area
Project
(NR/NR)
1,135,000
5.000
(c)
12/31/2035
1,142,942
Eagle
Mountain-Saginaw
Independent
School
District
Variable
Rate
UT
School
Building
Bonds
Series
2011
(PSF-GTD)
(NR/AAA)
3,125,000
4.000
(a)(b)
08/01/2050
3,186,920
East
Montgomery
County
Improvement
District
Sales
Tax
RB
Series
2024
(AGC)
(NR/AA)
3,500,000
5.250
08/15/2049
3,644,447
Ector
County
Hospital
District
GO
Refunding
Bonds
Series
2020
(Baa2/BBB-)
320,000
5.000
09/15/2025
320,384
Edinburg
Economic
Development
Corp.
Sales
Tax
RB
Series
2019
(NR/NR)
235,000
4.000
(c)
08/15/2029
226,807
775,000
4.500
(c)
08/15/2035
713,860
575,000
5.000
(c)
08/15/2044
507,044
Edinburg
Economic
Development
Corp.
Sales
Tax
RB
Series
2021
A
(NR/NR)
1,175,000
3.125
08/15/2036
941,452
950,000
3.250
08/15/2041
679,334
El
Paso
County
Hospital
District
Refunding
RB
Series
2024
(BAM)
(NR/AA)
1,000,000
4.125
02/15/2049
893,382
1,570,000
4.250
02/15/2054
1,396,113
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
Fort
Worth
Special
Assessment
RB
for
Fort
Worth
Public
Improvement
District
No.
17
Major
Improvement
Project
Series
2017
(NR/NR)
$
190,000
5.000%
(c)
09/01/2027
$
190,148
225,000
5.000
(c)
09/01/2032
222,657
330,000
5.125
(c)
09/01/2037
316,099
Frisco
Independent
School
District,
Collin
and
Denton
Counties,
UT
School
Building
and
Refunding
Bonds,
Series
2023
(PSF-GTD)
(Aaa/AAA)
310,000
5.000
02/15/2035
343,350
325,000
5.000
02/15/2036
356,739
600,000
5.000
02/15/2037
651,707
Galena
Park
independent
School
District
A
Political
Subdivision
of
The
State
of
Texas
Located
in
Harris
County
Texas
UT
School
Building
Bonds
Series
2024
(PSF-GTD)
(Aaa/NR)
1,400,000
3.000
08/15/2049
1,041,839
Grand
Parkway
Transportation
Corp.
System
RB
Subordinate
Tier
Series
2018
A
(NR/AA+)
10,000,000
5.000
10/01/2037
10,285,478
Grand
Parkway
Transportation
Corp.
System
Toll
Convertible
RB
Series
2013
B
(NR/AA+)
4,095,000
5.800
10/01/2046
4,234,304
7,075,000
5.850
10/01/2047
7,317,546
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
4,098,714
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
488,316
500,000
5.000
09/01/2028
527,538
745,000
5.000
09/01/2029
796,291
465,000
4.000
09/01/2031
472,370
415,000
4.000
09/01/2033
416,456
650,000
4.000
09/01/2034
649,259
580,000
4.000
09/01/2036
575,510
Harlandale
Independent
School
District
UT
Refunding
Bonds
Series
2015A
(PSF-GTD)
(NR/AAA)
5,855,000
4.000
(d)
08/15/2025
5,860,718
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
10,203,413
Harris
County
UT
Road
Refunding
Bonds
Series
2023A
(Aaa/NR)
3,335,000
4.250
09/15/2048
3,024,706
Harris
County,
Texas
Permanent
Improvement
Refunding
Bonds,
Series
2023A
(Aaa/NR)
2,000,000
5.000
09/15/2048
2,046,060
Harris
County-Houston
Sports
Authority
Second
Lien
Revenue
Refunding
Bonds
Series
2024B
(AGC)
(A1/AA)
1,500,000
5.000
11/15/2030
1,626,147
1,500,000
5.000
11/15/2031
1,639,256
1,500,000
5.000
11/15/2032
1,647,188
Harrisburg
Redevelopment
Authority
A
Public
Nonprofit
Local
Government
Corp.
Acting
On
Behalf
of
The
City
of
Houston
Texas
Tax
Increment
Contract
RB
Series
2025
(AGC)
(A1/AA)
350,000
5.000
09/01/2025
350,829
315,000
5.000
09/01/2026
321,358
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
Harrisburg
Redevelopment
Authority
A
Public
Nonprofit
Local
Government
Corp.
Acting
On
Behalf
of
The
City
of
Houston
Texas
Tax
Increment
Contract
RB
Series
2025
(AGC)
(A1/AA)
–
(continued)
$
325,000
5.000%
09/01/2027
$
337,149
350,000
5.000
09/01/2028
367,636
335,000
5.000
09/01/2029
356,333
400,000
5.000
09/01/2030
430,167
260,000
5.000
09/01/2031
281,519
285,000
5.000
09/01/2032
309,720
345,000
5.000
09/01/2033
376,342
300,000
5.000
09/01/2034
328,208
Hays
County
Special
Assessment
RB
for
La
Cima
Public
Improvement
District
Neighborhood
Improvement
Project
Series
2022
(NR/NR)
469,000
4.750
(c)
09/15/2027
469,401
700,000
4.875
(c)
09/15/2032
695,990
Hickory
Creek
Texas
Special
Assessment
RB
for
Hickory
Farms
Public
Improvement
Series
2019
(NR/NR)
490,000
4.000
(c)
09/01/2029
481,334
Hickory
Creek
Texas
Special
Assessment
RB
for
Public
Improvement
District
No.
1
Series
2017
(NR/BBB-)
100,000
3.500
09/01/2025
99,790
100,000
3.500
09/01/2026
99,230
105,000
3.500
09/01/2027
103,561
Highland
Park
Independent
School
District
2,000,000
5.250
02/15/2041
2,133,277
Highland
Park
Independent
School
District
UT
School
Building
Bonds
Series
2023
(PSF-GTD)
(NR/AAA)
600,000
5.250
02/15/2039
650,577
2,340,000
5.250
02/15/2042
2,479,165
2,390,000
5.250
02/15/2043
2,519,257
Houston
Airport
System
RB
Refunding
for
United
Airlines,
Inc.
Series
2020
A
(NR/NR)
830,000
5.000
07/01/2027
833,469
Houston
Airport
System
RB
Refunding
for
United
Airlines,
Inc.
Series
2020
B-2
(NR/NR)
3,400,000
5.000
07/15/2027
3,414,307
Houston
Airport
System
RB
Refunding
for
United
Airlines,
Inc.
Series
2020
C
(NR/NR)
3,600,000
5.000
07/15/2027
3,615,149
Houston
Higher
Education
Finance
Corp.
RB
for
Houston
Baptist
University
Series
2021
(NR/BBB-)
440,000
3.375
10/01/2037
380,771
Houston
Housing
Finance
Corp.
Multifamily
Housing
Revenue
Notes
for
Summerdale
Apartments
Series
2023
(Aa1/NR)
2,440,000
5.000
(a)(b)
08/01/2041
2,474,612
Houston
Independent
School
District
Limited
Tax
Schoolhouse
and
Refunding
Bonds
Series
2017
(PSF-GTD)
(NR/NR)
725,000
4.000
(d)
02/15/2027
739,224
Houston
Independent
School
District
Limited
Tax
Schoolhouse
and
Refunding
Bonds
Series
2017
(PSF-GTD)
(Aaa/AAA)
2,700,000
4.000
02/15/2042
2,507,536
Houston
Texas
Utility
System
Revenue
First
Lien
Combine
Utilility
System
Revenue
Reference
Bonds
2015A
(NR/NR)
12,000,000
5.000
11/15/2036
12,003,108
Hutto
Independent
School
District
UT
School
Building
Bonds
Series
2023
(PSF-GTD)
(Aaa/AAA)
2,750,000
5.000
08/01/2048
2,794,265
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
Hutto
Independent
School
District
UT
School
Building
Bonds
Series
2023
(PSF-GTD)
(Aaa/AAA)
–
(continued)
$
2,500,000
5.000%
08/01/2053
$
2,533,524
Jarrell
Independent
School
District
A
Political
Subdivision
of
The
State
of
Texas
Located
in
Williamson
County
Texas
Unlimited
Tax
School
Building
Bonds
Series
2024
(PSF-GTD)
(NR/AAA)
1,000,000
5.000
02/15/2036
1,106,299
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
(c)
09/01/2043
1,571,154
Judson
Independent
School
District
UT
School
Building
Bonds
Series
2024
(PSF-GTD)
(Aaa/NR)
4,760,000
4.000
02/01/2053
4,061,091
Justin
Special
Assessment
RB
for
Timberbrook
Public
Improvement
District
No.
1
Major
Improvement
Area
Project
Series
2018
(NR/NR)
1,315,000
5.000
(c)
09/01/2038
1,317,654
Karis
Municipal
Management
District
of
Tarrant
County
Assessment
RB
for
Improvement
Area
#1
Series
2024
(NR/NR)
524,000
4.125
12/01/2031
524,184
Karnes
County
Hospital
District
A
Political
Subdivision
of
The
State
of
Texas
Located
In
Karnes
County
Adjustable-Rate
Hospital
Revenue
Refunding
Bonds
Series
2024
(NR/NR)
5,900,000
5.000
(a)(b)
02/01/2044
6,171,490
Kaufman
County
Fresh
Water
Supply
District
No.
1-D
GO
Bonds
Series
2021
(NR/NR)
150,000
2.000
09/01/2025
149,181
150,000
2.000
09/01/2026
145,069
150,000
2.000
09/01/2027
141,281
155,000
2.000
09/01/2028
141,724
160,000
2.000
09/01/2029
142,358
Kaufman
County
Fresh
Water
Supply
District
No.
1-D
Unlimited
Tax
Utility
Bonds
Series
2024
(AGC)
(Baa3/AA)
1,090,000
4.375
09/01/2048
996,953
Kennedale
Independent
School
District
1,795,000
5.000
02/15/2038
1,932,381
Kermit
Independent
School
District
UT
School
Building
Bonds
Series
2023
(PSF-GTD)
(NR/AAA)
1,000,000
5.000
02/15/2048
1,022,426
500,000
5.000
02/15/2053
508,161
Leander
Independent
School
District
UT
School
Building
Bonds
Series
2022
(PSF-GTD)
(NR/AAA)
1,145,000
5.000
08/15/2026
1,173,050
Longview
Independent
School
District,
A
Political
Subdivision
of
The
State
of
Texas
Located
In
Gregg
County
Texas
Unlimited
Tax
School
Building
Bonds
Series
2024
(PSF-GTD)
(Aaa/NR)
1,000,000
4.000
02/15/2049
876,943
Love
Field
Airport
Modernization
Corp.
General
Airport
Revenue
Refunding
Bonds
Series
2021
(NR/A)
3,620,000
5.000
11/01/2027
3,750,573
Lower
Colorado
River
Authority
Transmission
Contract
Refunding
RB
for
LCRA
Transmission
Services
Corp.
Project
Series
2024A
(AGC)
(NR/AA)
3,500,000
5.000
05/15/2042
3,643,197
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
Lubbock
Independent
School
District
GO
Bonds
Series
2019
(PSF-GTD)
(Aaa/AAA)
$
1,250,000
4.000%
02/15/2040
$
1,196,289
Matagorda
County
Navigation
District
Number
One
Pollution
Control
Revenue
Refunding
Bonds
for
Central
Power
and
Light
Company
Project
Series
1996
(Baa3/BBB+)
2,660,000
4.250
05/01/2030
2,730,219
Matagorda
County
Texas
Navigation
District
No.
1
PCRB
Refunding
for
Central
Power
&
Light
Co.
Project
Series
2001
A
(Baa3/BBB+)
6,350,000
2.600
11/01/2029
6,051,864
Maypearl
Independent
School
District
1,000,000
5.000
02/15/2037
1,086,178
Maypearl
Independent
School
District
Unlimited
Tax
School
Building
Bonds
Series
2023
(PSF-GTD)
(NR/AAA)
1,350,000
5.000
02/15/2048
1,380,276
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
1,922,081
1,500,000
3.000
09/01/2048
1,107,935
Mission
Economic
Development
Corp.
Senior
Lien
RB
for
Natgasoline
Project
Series
2018
(NR/BB-)
5,000,000
4.625
(c)
10/01/2031
5,006,947
Mission
Economic
Development
Corporation
Solid
Waste
Disposal
RB
Graphic
Packaging
International,
LLC
Project,
Series
2025
(Ba2/BB)
(PUTABLE)
6,000,000
5.000
(a)(b)
12/01/2064
6,132,262
Mitchell
County
Hospital
District
GO
Bonds
Series
2020
(NR/NR)
535,000
5.250
02/15/2030
537,804
405,000
5.375
02/15/2035
405,957
Montgomery
County
Industrial
Development
Authority
Retirement
Communities
RB
Acts
Retirement-Life
Communities
Inc
Obligated
Group
Series
2025A
(NR/NR)
667,000
4.500
09/15/2032
664,551
676,000
5.125
09/15/2045
648,186
Montgomery
County
Toll
Road
Authority
Senior
Lien
RB
Series
2018
(NR/BBB+)
710,000
5.000
09/15/2033
711,822
750,000
5.000
09/15/2034
751,761
790,000
5.000
09/15/2035
791,644
Montgomery
County
Toll
Road
Authority
Senior
Lien
Toll
Road
RB
Series
2018
(NR/BBB+)
1,650,000
5.000
09/15/2030
1,655,297
New
Hope
Cultural
Education
Facilities
Finance
Corp
Revenue
&
Refunding
Bonds
Series
2021
(Ba2/BB+)
2,535,000
4.000
(c)
08/15/2036
2,317,143
New
Hope
Cultural
Education
Facilities
Finance
Corp.
Education
RB
Jubilee
Academic
Center
2024A
and
Taxable
Education
RB
2024B
(NR/BB+)
2,465,000
4.500
(c)
08/15/2044
2,152,398
New
Hope
Cultural
Education
Facilities
Finance
Corp.
Education
Revenue
and
Refunding
Bonds
Jubilee
Academic
Center
Series
2021
(Ba2/BB+)
1,325,000
4.000
(c)
08/15/2026
1,322,859
New
Hope
Cultural
Education
Facilities
Finance
Corp.
Education
Revenue
Refunding
Bonds
for
Jubilee
Academic
Center
Series
2021
(Ba2/BB+)
1,950,000
4.000
(c)
08/15/2041
1,648,084
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
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
$
244,971
New
Hope
Cultural
Education
Facilities
Finance
Corp.
RB
Refunding
for
Wichita
Falls
Retirement
Foundation
Obligated
Group
Series
2021
(NR/NR)
175,000
2.000
01/01/2026
172,645
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
4,178,191
New
Hope
Cultural
Education
Facilities
Finance
Corp.
Student
Housing
RB
for
Cityscape
Schools,
Inc.
Series
2019
A
(NR/BBB-)
325,000
4.000
(c)
08/15/2029
322,601
610,000
5.000
(c)
08/15/2039
593,027
New
Hope
Cultural
Education
Facilities
Finance
Corp.
Student
Housing
RB
for
Collegiate
Housing
Island
Campus
Project
Series
2017
A
(NR/NR)
765,000
5.000
04/01/2027
790,336
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)
335,000
5.000
(d)
04/01/2026
339,372
North
Texas
Tollway
Authority
RB
Convertible
Capital
Appreciation
Special
Project
System
Series
2011
(NR/NR)
1,000,000
7.000
(d)
09/01/2031
1,197,388
North
Texas
tollway
Authority
RB
for
First
Tier
Series
2008
D
(AGC)
(Aa3/AA)
4,900,000
0.000
(f)
01/01/2037
3,065,153
North
Texas
Tollway
Authority
RB
for
Second
Tier
Series
2021
B
(A1/A+)
225,000
4.000
01/01/2040
203,259
North
Texas
Tollway
Authority
RB
Refunding
for
First
Tier
Series
2017
A
(Aa3/AA-)
5,000,000
5.000
01/01/2038
5,120,483
North
Texas
Tollway
Authority
RB
Refunding
for
Second
Tier
Series
2017
B
(A1/A+)
2,000,000
5.000
01/01/2032
2,047,032
Northside
Independent
School
District
650,000
5.000
08/15/2037
702,183
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
10,337,961
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
1,758,194
Northside
Independent
School
District,
Bexar
County,
Variable
Rate
UT
School
Building
Bonds,
Series
2023B
(PSF-GTD)
(Aaa/NR)
4,975,000
3.000
(a)(b)
08/01/2053
4,952,434
Northwest
Independent
School
District
8,000,000
5.000
02/15/2049
8,167,466
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
Perryton
Independent
School
District
Unlimited
Tax
School
Building
Bonds
Series
2023
(PSF-GTD)
(NR/AAA)
$
2,775,000
4.125%
08/15/2048
$
2,505,311
Pilot
Special
Assessment
RB,
Bryson
Ranch
Public
Improvement
District
2025
(NR/NR)
266,000
5.000
(c)
09/15/2030
270,737
350,000
5.250
(c)
09/15/2035
355,415
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
2,113,578
Port
Beaumont
Navigation
District
RB
for
Jefferson
2020
Bond
Lessee
&
Borrower
LLC
Obligated
Group
Series
2021
A
(NR/NR)
750,000
1.875
(c)
01/01/2026
740,868
550,000
2.000
(c)
01/01/2027
531,970
575,000
2.125
(c)
01/01/2028
545,381
800,000
2.250
(c)
01/01/2029
745,727
850,000
2.500
(c)
01/01/2030
783,237
800,000
2.625
(c)
01/01/2031
727,715
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
(c)
01/01/2028
11,591,608
Port
of
Beaumont
Navigation
District
of
Jefferson
County
Texas
Dock
and
Wharf
Facility
RB
Series
2024A
(NR/NR)
1,650,000
5.000
(c)
01/01/2039
1,576,549
Port
of
Beaumont
Navigation
District
of
Jefferson
County
Texas
Facility
RB
Series
2024B
(NR/NR)
3,400,000
10.000
(c)
07/01/2026
3,435,078
Prosper
Independent
School
District
(PSF-GTD)
(Aaa/NR)
1,175,000
5.000
02/15/2038
1,274,121
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
2,619,667
Royse
City
Special
Assessment
RB
for
Creekshaw
Public
Improvement
District
Improvement
Area
Project
Series
2022
(NR/NR)
51,000
4.875
(c)
09/15/2027
51,321
284,000
5.250
(c)
09/15/2032
292,319
590,000
5.875
(c)
09/15/2042
578,703
Royse
Special
Assessment
RB
for
Parkside
Village
Public
Improvement
District
Series
2019
(NR/NR)
355,000
3.625
(c)
09/15/2029
342,500
1,250,000
4.125
(c)
09/15/2039
1,119,122
San
Antonio
Housing
Trust
Public
Facility
Corporation
Multifamily
Housing
RB
Palladium
San
Antonio
Series
2024
(Aa1/NR)
(PUTABLE)
2,190,000
3.450
(a)(b)
07/01/2029
2,203,348
Sherman
Independent
School
District
Unlimited
Tax
School
Building
Bonds
Series
2023-B
(PSF-GTD)
(Aaa/AAA)
5,000,000
5.000
02/15/2048
5,089,641
6,500,000
5.000
02/15/2053
6,593,627
SMHA
Finance
Public
Facility
Corporation
Texas
Multifamily
Housing
Revenue
Bonds
Centerpoint
Depot
Series
2024
(Aa1/NR)
(PUTABLE)
5,335,000
3.700
(a)(b)
07/01/2028
5,402,491
South
Manvel
Development
Authority
Tax
Increment
Contract
RB
Series
2023
(NR/NR)
1,115,000
4.500
04/01/2030
1,120,791
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
South
Manvel
Development
Authority
Tax
Increment
Contract
RB
Series
2023
(NR/NR)
–
(continued)
$
1,600,000
5.000%
04/01/2038
$
1,607,174
South
Manvel
Development
Authority
Tax
Increment
Contract
RB
Series
2024
(NR/NR)
1,450,000
4.500
04/01/2039
1,379,986
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
339,821
380,000
5.000
09/01/2029
409,700
450,000
4.000
09/01/2032
458,889
395,000
4.000
09/01/2034
396,918
615,000
4.000
09/01/2036
612,969
1,040,000
2.625
09/01/2038
788,599
1,230,000
2.750
09/01/2039
916,132
1,200,000
2.750
09/01/2040
866,048
Spring
Independent
School
District
UT
School
Building
Bonds
Series
2023
(Aa2/AA-)
4,725,000
4.000
08/15/2052
4,155,604
State
of
Texas
College
Student
Loan
GO
Unlimited
Bonds
Series
2019
(Aaa/AAA)
5,905,000
5.000
08/01/2026
6,030,117
4,000,000
5.000
08/01/2029
4,234,598
Strategic
Housing
Finance
Corporation
of
Travis
County
Multifamily
Housing
RB
Series
2024
(Aa1/NR)
4,755,000
3.350
(a)(b)
03/01/2046
4,759,129
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
RB
for
Christus
Health
Series
2018B
(A1/A)
9,980,000
5.000
07/01/2035
10,311,601
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
Refunding
Bonds
Christus
Health
Series
2024B
(A1/NR)
1,025,000
5.000
07/01/2026
1,044,949
1,550,000
5.000
07/01/2027
1,608,623
1,650,000
5.000
07/01/2028
1,740,005
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
5,026,985
Tarrant
County
Cultural
Education
Facilities
Finance
Corporation
Revenue
Refunding
Bonds
Trinity
Terrace
Project
Series
2024
(NR/NR)
825,000
5.000
10/01/2031
883,870
1,075,000
5.000
10/01/2044
1,057,718
Tarrant
County
Hospital
District
LT
Bonds
Series
2023
(Aa1/NR)
2,200,000
4.250
08/15/2053
1,950,201
Tarrant
County
Housing
Finance
Corp.
Multifamily
Housing
RB
for
Tobias
Place
Apartments
Series
2023B
(FNMA)
(Aa1/NR)
1,875,000
5.000
(a)(b)
03/01/2027
1,896,159
Texas
Department
of
Housing
and
Community
Affairs
Multifamily
Housing
RB
for
North
Grand
Villas
Series
2023
(FHA
221(D4))
(Aa1/NR)
915,000
5.000
(a)(b)
08/01/2026
915,926
Texas
Department
of
Housing
and
Community
Affairs
Multifamily
Housing
RB
Gulfway
Manor
Series
2024
(HUD
SECT
8)
(Aa1/NR)
7,500,000
3.250
(a)(b)
08/01/2028
7,494,026
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
I
RB
Senior
Lien
Series
2006
B
(A1/A-)
(3M
USD
SOFR
+
0.70%)
$
1,895,000
3.769%
(e)
12/15/2026
$
1,893,940
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
I
RB
Senior
Lien
Series
2008
D
(A1/A-)
3,055,000
6.250
12/15/2026
3,135,386
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
II
RB
Series
2007
B
(A1/A)
(SIFMA
Municipal
Swap
Index
Yield
+
0.55%)
1,485,000
2.470
(e)
09/15/2027
1,475,432
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
III
Gas
Supply
Revenue
Refunding
Bonds
Series
2021
(A1/BBB+)
2,500,000
5.000
12/15/2025
2,512,340
Texas
Municipal
Gas
Acquisition
and
Supply
Corp.
II
RB
for
SOFR
Index
Rate
Series
2012
C
(A1/A)
(3M
USD
SOFR
+
0.86%)
61,800,000
3.713
(e)
09/15/2027
61,832,167
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
3,400,354
Texas
Municipal
Gas
Acquisition
and
Supply
Corp.
V
Gas
Supply
RB
Series
2024
(A1/NR)
13,300,000
5.000
(a)(b)
01/01/2055
14,137,234
Texas
Municipal
Gas
Acquisition
and
Supply
Corporation
Iii
Gas
Supply
RR
Bonds,
Series
2021
(A1/BBB+)
8,740,000
5.000
12/15/2031
9,290,885
Texas
Municipal
Gas
Acquisition
and
Supply
Corporation
IV
Gas
Supply  RB,
Series
2023B
(A1/NR)
10,000,000
5.500
(a)(b)
01/01/2054
10,968,724
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
2,323,124
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
4,269,917
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
7,451,482
7,030,000
5.000
12/31/2036
7,301,222
Texas
Public
Finance
Authority
Texas
Southern
University
Revenue
Financing
System
Bonds,
Series
2023
(BAM)
(NR/AA)
1,335,000
5.250
05/01/2040
1,381,109
Texas
Transportation
Commission
Central
Texas
Turnpike
System
First
Tier
Revenue
Refunding
Put
Bonds
Series
2024-B
(A2/A)
3,000,000
5.000
(a)(b)
08/15/2042
3,156,379
Texas
Transportation
Commission
State
Highway
Improvement
GO
Refunding
Bonds
Series
2024
(Aaa/AAA)
5,000,000
5.000
04/01/2026
5,082,433
Texas
Water
Development
Board
State
Water
Implementation
Revenue
Fund
for
Texas
RB
Series
2015A
(NR/AAA)
6,295,000
4.000
10/15/2040
5,890,898
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
2,326,881
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(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)
$
300,000
4.375%
(c)
09/15/2027
$
300,780
445,000
4.750
(c)
09/15/2032
451,861
1,200,000
5.250
(c)
09/15/2042
1,188,552
Town
of
Little
Elm
Special
Assessment
RB
for
Spiritas
East
Public
Improvement
Project
Series
2022
(NR/NR)
37,000
3.250
(c)
09/01/2027
36,070
205,000
3.500
(c)
09/01/2032
187,418
Town
of
Little
Elm
Special
Assessment
RB
for
Valencia
Public
Improvement
District
Project
Series
2022
(NR/NR)
324,000
6.000
(c)
09/01/2027
327,269
712,000
6.125
(c)
09/01/2032
749,602
Town
of
Little
Elm
Special
Assessment
RB
for
Valencia
Public
Improvement
Project
Series
2021
(NR/NR)
811,000
4.000
(c)
09/01/2047
662,962
Town
of
Little
Special
Assessment
RB
for
Hillstone
Pointe
Public
Improvement
District
No.
2
Phases
2-3
Project
Series
2018
(NR/NR)
300,000
5.250
(c)
09/01/2028
305,661
Town
of
Little
Special
Assessment
RB
for
Lakeside
Estates
Public
Improvement
District
No.
2
Project
Series
2017
(NR/NR)
170,000
4.500
(c)
09/01/2027
171,595
Town
of
Providence
Village
Texas
A
Municipal
Corporation
of
The
State
of
Texas
Located
In
Denton
County
Special
Assessment
RB
Series
2024
(NR/NR)
255,000
4.375
(c)
09/01/2031
253,076
650,000
5.000
(c)
09/01/2044
602,790
Town
of
Providence
Village
Texas
Special
Assessment
RB
Series
2025
(NR/NR)
636,000
4.250
(c)
09/01/2030
633,483
413,000
4.500
(c)
09/01/2035
402,996
Travis
County
Development
Authority
Contract
Assessment
RB
for
Bella
Fortuna
Public
Improvement
District
Series
2024
(NR/NR)
843,000
5.375
(c)
09/01/2044
833,169
750,000
5.625
(c)
09/01/2051
742,906
Travis
County
Development
Authority
Contract
Assessment
RB
for
Longview
71
Public
Improvement
District
Improvement
Area
#
1
Project
Series
2024
(NR/NR)
600,000
5.000
(c)
09/01/2044
570,602
Travis
County
Development
Authority
Contract
Assessment
RB
for
Turner’s
Crossing
Public
Improvement
District
Improvement
Area
#1
Commercial
Lot
98
and
Improvement
Area
#2
Project
Series
2025
(NR/NR)
1,400,000
5.250
09/01/2054
1,298,743
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
(c)
09/01/2042
871,723
Travis
County
Housing
Finance
Corporation
Multifamily
Housing
RB
for
Bluestein
Boulevard
Apartments
Series
2024
(Aa1/NR)
3,615,000
3.400
(a)(b)
01/01/2059
3,619,988
Travis
County
Texas
Permanent
Improvement
Bonds
Series
2024
(Aaa/AAA)
840,000
4.000
03/01/2043
779,752
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
Travis
County
Texas
Unlimited
Tax
Road
Bonds
Series
2024
(Aaa/AAA)
$
965,000
4.000%
03/01/2044
$
886,538
University
Houston
Consolidated
RB
Refunding
Series
2017
C
(Aa2/AA)
8,600,000
3.250
02/15/2041
7,139,821
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
796,184
950,000
3.000
09/01/2034
835,218
Viridian
Municipal
Management
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
66,000
2.375
12/01/2025
65,531
308,000
2.875
12/01/2030
280,145
Viridian
Municipal
Management
District
Tarrant
County
Special
Assessment
RB
Series
2018
(NR/NR)
442,000
4.250
12/01/2029
438,902
1,159,000
4.625
12/01/2035
1,127,914
1,704,000
5.000
12/01/2045
1,587,484
Westpointe
Special
Improvement
District
Limited
Ad
Valorem
Tax
Road
Bonds
Series
2024
(BAM)
(Baa2/AA)
1,000,000
5.000
08/15/2045
1,010,906
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
726,022
1,000,000
5.625
08/15/2052
973,785
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
286,679
345,000
3.000
08/15/2036
289,669
745,000
3.000
08/15/2039
564,417
Williamson
County
Texas
Unlimited
Tax
Road
Bonds
Limited
Tax
Notes
Series
2024
(NR/AAA)
3,500,000
5.000
02/15/2026
3,547,499
Wise
County
Texas
Tax
Notes
Series
2024
(NR/AA+)
1,070,000
5.000
02/15/2026
1,082,397
1,130,000
5.000
02/15/2027
1,167,431
1,070,000
5.000
02/15/2028
1,127,586
Yoakum
Independent
School
District
Unlimited
Tax
School
Building
Bonds
Series
2023
(PSF-GTD)
(NR/AAA)
1,000,000
4.250
02/15/2048
920,650
966,172,292
Utah
-
0.9%
Black
Desert
Public
Infrastructure
District
GO
Bonds
Series
2021
A
(NR/NR)
1,675,000
3.250
(c)
03/01/2031
1,586,944
1,875,000
3.500
(c)
03/01/2036
1,674,638
1,900,000
3.750
(c)
03/01/2041
1,592,882
Black
Desert
Public
Infrastructure
District
In
Ivins
City
Washington
County
Utah
Special
Assessment
Bonds
Series
2024
(NR/NR)
2,300,000
5.625
(c)
12/01/2053
2,274,106
Intermountain
Power
Agency
Power
Supply
RB
2023
Series
A
(Tax-Exempt)
(Aa3/NR)
6,500,000
5.000
07/01/2034
7,038,410
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Utah
–
(continued)
Medical
School
Campus
Public
Infrastructure
District
GO
Bonds
Series
2020
A
(NR/NR)
$
3,875,000
5.250%
(c)
02/01/2040
$
3,288,586
Mida
Cormont
Public
Infrastructure
District
Limited
Tax
GO
Bonds
Series
2025A-1
(NR/NR)
2,200,000
6.250
(c)
06/01/2055
2,255,223
Mida
Mountain
Village
Public
Infrastructure
District
Subordinate
Tax
Allocation
RB
Series
2024-2
(NR/NR)
1,750,000
5.500
(c)
06/15/2039
1,750,540
1,000,000
5.750
(c)
06/15/2044
997,644
Salt
Lake
City
Airport
RB
1,060,000
5.000
07/01/2047
1,040,525
Salt
Lake
City
Airport
RB
3,035,000
5.000
07/01/2051
2,975,191
Salt
Lake
City
Airport
RB
for
Salt
Lake
City
International
Airport
Series
2023A
(AMT)
(A2/A+)
1,500,000
5.250
07/01/2053
1,515,005
6,300,000
5.500
07/01/2053
6,482,120
Salt
Lake
City
International
Airport
RB
Series
2018A
(A2/A+)
10,525,000
5.000
07/01/2036
10,690,873
5,000,000
5.000
07/01/2038
5,036,451
7,500,000
5.250
07/01/2048
7,511,482
Salt
Lake
City
International
Airport
RB
Series
2018A
(AMT)
(A2/A+)
4,000,000
5.000
07/01/2029
4,151,279
Salt
Lake
City
International
Airport
RB
Series
2021A
(A2/A+)
2,000,000
5.000
07/01/2046
1,975,779
1,500,000
4.000
07/01/2051
1,243,434
Salt
Lake
City
International
Airport
RB
Series
2023A
(A2/A+)
200,000
5.250
07/01/2048
201,765
Salt
Lake
City
Utah
Public
Utilities
RB
Series
2025
(Aa1/AAA)
20,875,000
5.250
02/01/2055
22,015,276
Salt
Lake
City,
Utah
Airport
RB,
Series
2017A
(AMT)
Salt
Lake
City
International
Airport
(A2/A+)
5,200,000
5.000
07/01/2042
5,173,254
Utah
Charter
School
Finance
Authority
Charter
School
RB
for
Beehive
Science
&
Technology
Academy
Project
Series
2021A
(NR/NR)
2,325,000
4.000
(c)
10/15/2041
1,779,925
Utah
Charter
School
Finance
Authority
Charter
School
RB
Series
2022A
(NR/BB+)
1,610,000
5.625
(c)
06/15/2042
1,571,721
Utah
Charter
School
Finance
Authority
Charter
School
Revenue
Refunding
Bonds
Series
2022A
(NR/BB)
500,000
4.000
(c)
07/15/2037
422,365
3,485,000
4.250
(c)
07/15/2050
2,630,078
Utah
Charter
School
Finance
Authority
Charter
School
Revenue
Refunding
Bonds
Series
2022B
(NR/BB)
65,000
5.750
(c)
07/15/2026
64,700
Utah
Charter
School
Finance
Authority
RB
for
Bridge
Elementary
Project
Series
2021A
(NR/NR)
890,000
4.000
(c)
06/15/2041
705,323
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
710,936
625,000
5.000
04/15/2044
625,104
1,150,000
5.000
04/15/2049
1,125,327
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Utah
–
(continued)
Utah
Housing
Corp.
Multifamily
Housing
RB
for
Promontory
Place
Apartments
Series
2024B
(Aa1/NR)
$
2,285,000
3.400%
(a)(b)
02/01/2028
$
2,288,350
104,395,236
Vermont
-
0.1%
University
of
Vermont
State
Agricultural
College
GO
Bonds
Series
2017
(Aa3/A+)
365,000
5.000
10/01/2043
369,590
Vermont
Economic
Development
Authority
RB
Refunding
for
Wake
Robin
Corp.
Series
2017
A
(NR/NR)
585,000
5.000
05/01/2026
586,810
Vermont
Economic
Development
Authority
Solid
Waste
Disposal
RB
for
Casella
Waste
System
Project
Series
2022
(B1/B+)
2,175,000
5.000
(a)(b)(c)
06/01/2052
2,197,172
Vermont
Educational
and
Health
Buildings
Financing
Agency
RB
Saint
Michael’s
College
Project,
Series
2023
(NR/BBB-)
2,700,000
5.500
(c)
10/01/2043
2,368,013
5,521,585
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
809,622
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
(c)
10/01/2039
4,405,126
Virgin
Islands
Public
Finance
Authority
RB
Series
2014
A
(AGM-CR)
(A1/AA)
5,000,000
5.000
(c)
10/01/2034
5,013,611
Virgin
Islands
Transportation
&
Infrastructure
Corporation
Grant
Anticipation
RB
Federal
Highway
Grant
Anticipation
Revenue
Loan
Note,
Series
2025
(NR/A)
1,500,000
5.000
09/01/2040
1,567,333
1,225,000
5.000
09/01/2041
1,269,282
1,200,000
5.000
09/01/2042
1,230,374
1,250,000
5.000
09/01/2044
1,269,754
15,565,102
Virginia
-
1.2%
City
of
Virginia
Beach
Development
Authority
Residential
Care
Facility
RB
2,700,000
7.000
09/01/2053
2,953,048
Economic
Development
Authority
of
The
City
of
Salem,
Virginia
Educational
Facilities
RB
Roanoke
College,
Series
2025
(NR/BBB+)
1,000,000
5.000
04/01/2040
989,884
Economic
Development
Authority
of
The
City
of
Winchester
Virginia
RB
Valley
Health
System
Obligated
Group
Series
2024A
(A1/A+)
1,425,000
5.000
01/01/2040
1,487,189
5,365,000
5.000
01/01/2041
5,545,933
2,180,000
5.000
01/01/2042
2,226,681
Fairfax
County
Redevelopment
&
Housing
Authority
Multifamily
Housing
RB
for
Dominion
Square
North
Project
Series
2023
(Aa1/NR)
1,825,000
5.000
(a)(b)
01/01/2045
1,889,498
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Virginia
–
(continued)
Farmville
Industrial
Development
Authority
RB
Refunding
for
Longwood
Housing
Foundation
LLC
Series
2020
A
(NR/BBB-)
$
3,000,000
5.000%
01/01/2040
$
2,893,362
Harrisonburg
Redevelopment
and
Housing
Authority
Multifamily
Housing
RB
Helios
Series
2023
(Aa1/NR)
4,750,000
3.570
(a)(b)
10/01/2045
4,774,438
Industrial
Development
Authority
of
Arlington
County
Hospital
RB
for
VHC
Health
Series
2023A
(NR/A+)
6,700,000
5.000
(a)(b)
07/01/2053
7,220,364
Norfolk
Redevelopment
and
Housing
Authority
Multifamily
Housing
RB
Braywood
Manor
Apartments,
Series
2023
(HUD
SECT
8)
(Aa1/NR)
4,215,000
5.000
(a)(b)
05/01/2043
4,276,531
Salem
Economic
Development
Authority
RB
Refunding
for
Roanoke
College
Series
2020
(NR/BBB+)
45,000
5.000
04/01/2027
46,128
50,000
5.000
04/01/2028
51,657
460,000
5.000
04/01/2029
479,391
350,000
5.000
04/01/2030
367,167
740,000
5.000
04/01/2031
770,817
300,000
5.000
04/01/2032
310,517
650,000
5.000
04/01/2033
669,583
395,000
5.000
04/01/2034
403,835
110,000
5.000
04/01/2035
111,688
430,000
5.000
04/01/2036
434,281
1,030,000
5.000
04/01/2037
1,034,851
410,000
4.000
04/01/2039
367,295
265,000
4.000
04/01/2040
232,568
Tobacco
Settlement
Financing
Corp.
RB
for
Capital
Appreciation
Subseries
2007
A-1
(B3/B-)
8,385,000
6.706
06/01/2046
6,598,274
Tobacco
Settlement
Financing
Corp.
RB
for
Capital
Appreciation
Subseries
2007
C
(NR/CCC-)
123,090,000
0.000
(f)
06/01/2047
31,077,123
Tobacco
Settlement
Financing
Corp.
RB
for
Capital
Appreciation
Subseries
2007
D
(NR/CCC-)
13,500,000
0.000
(f)
06/01/2047
3,336,798
University
of
Virginia
Rector
&
Visitors
General
Revenue
Pledge
Refunding
Bonds
Series
2015A
(Aaa/AAA)
20,705,000
5.000
04/01/2045
20,729,904
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
4,013,235
Virginia
College
Building
Authority
Educational
Facilities
RB
Regent
University
Project,
Series
2025
(NR/BBB)
1,500,000
6.000
(h)
06/01/2050
1,582,275
Virginia
College
Building
Authority
RB
Refunding
for
Regent
University
Project
Series
2021
(NR/BBB)
300,000
5.000
06/01/2028
312,084
375,000
5.000
06/01/2029
393,836
300,000
5.000
06/01/2031
319,102
875,000
4.000
06/01/2036
841,022
Virginia
Housing
Development
Authority
RB
Series
2019
E
(Aa1/AA+)
5,000,000
3.100
12/01/2045
3,809,514
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+)
$
1,000,000
4.800%
12/01/2049
$
979,264
Virginia
Housing
Development
Authority
Rental
Housing
Bonds
2025
Series
A
(NON-AMT)
(Aa1/AA+)
550,000
3.250
03/01/2029
548,221
1,750,000
3.250
09/01/2029
1,747,884
Virginia
Port
Authority
Commonwealth
Port
Fund
RB
Series
2015
(Aa1/AA+)
5,000,000
5.000
(d)
07/01/2025
5,000,000
Virginia
Port
Authority
Port
Facilities
RB
Refunding
Series
2015
A
(AMT)
(NR/NR)
750,000
5.000
(d)
07/01/2025
750,000
Virginia
Port
Authority
Port
Facilities
Revenue
Refunding
Bonds
Series
2015A
(NR/NR)
2,000,000
5.000
(d)
07/01/2025
2,000,000
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
982,137
Virginia
Small
Business
Financing
Authority
Senior
Lien
Revenue
Refunding
Bonds
Series
2022
(Baa1/NR)
1,875,000
5.000
12/31/2052
1,843,635
Virginia
Small
Business
Financing
Authority
Solid
Waste
Disposal
RB
Series
2018
(NR/B)
300,000
5.000
(a)(b)(c)
01/01/2048
286,880
Virginia
Small
Business
Financing
Authority
Tax
Exempt
Senior
Lien
Private
Activity
RB
Series
2017
(Baa3/NR)
5,385,000
5.000
12/31/2049
5,147,418
4,950,000
5.000
12/31/2052
4,672,110
136,507,422
Washington
-
1.6%
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
6,240,778
8,000,000
5.000
12/01/2042
8,443,955
3,300,000
5.000
12/01/2043
3,463,435
City
of
Seattle
Drainage
and
Wastewater
System
Improvement
and
Refunding
RB
Series
2022
(Aa1/AA+)
1,200,000
4.000
09/01/2036
1,214,344
2,665,000
4.000
09/01/2037
2,674,480
City
of
Seattle
RB
for
Municipal
Light
&
Power
Improvement
Series
2018
A
(Aa2/AA)
3,340,000
4.000
01/01/2033
3,386,492
6,715,000
4.000
01/01/2034
6,775,028
11,655,000
4.000
01/01/2043
10,807,776
City
of
Seattle
RB
Refunding
for
Drainage
&
Wastewater
Series
2014
(Aa1/AA+)
13,715,000
4.000
05/01/2044
12,171,504
City
of
Seattle
RB
Refunding
for
Drainage
&
Wastewater
Series
2017
(Aa1/AA+)
6,555,000
4.000
07/01/2035
6,591,711
City
of
Tacoma
Electric
System
RB
Green
Bonds
Series
2024A
(NR/AA)
1,000,000
5.000
01/01/2049
1,017,620
Energy
Northwest
Columbia
Generating
Station
Electric
Revenue
and
Refunding
Bonds,
Series
2025-A
(Aa2/AA-)
7,175,000
5.000
07/01/2042
7,564,569
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Washington
–
(continued)
Energy
Northwest
Columbia
Generating
Station
Electric
Revenue
Refunding
Bonds
Series
2021-A
(Aa2/AA-)
$
8,830,000
4.000%
07/01/2042
$
8,226,377
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
2,935,096
Port
of
Seattle
Industrial
Development
Corp.
RB
Refunding
for
Delta
Air
Lines,
Inc.
Series
2012
(NR/BBB-)
8,685,000
5.000
04/01/2030
8,684,754
Port
of
Seattle
Intermediate
Lien
RB
Series
2017C
(A1/AA-)
4,740,000
5.000
05/01/2042
4,744,151
Port
of
Seattle
Intermediate
Lien
RB
Series
2018A
(AMT)
(A1/AA-)
5,000,000
5.000
05/01/2038
5,024,322
Port
of
Seattle
Intermediate
Lien
RB
Series
2019
(A1/AA-)
7,000,000
5.000
04/01/2039
7,093,754
Port
of
Seattle
Intermediate
Lien
Revenue
and
Refunding
Bonds
Series
2021C
(A1/AA-)
4,000,000
5.000
08/01/2037
4,135,493
700,000
4.000
08/01/2041
617,886
Port
of
Seattle
Intermediate
Lien
Revenue
Bonds
Series
2018A
(A1/AA-)
2,500,000
5.000
05/01/2043
2,494,081
Port
of
Seattle
Intermediate
Lien
Revenue
Refunding
Bond
Series
2022A
(A1/AA-)
865,000
5.000
08/01/2028
923,700
Port
of
Seattle
RB
Refunding
for
Intermediate
Lien
Series
2021
C
(A1/AA-)
5,000,000
5.000
08/01/2039
5,100,382
Port
of
Tacoma
Revenue
and
Refunding
Bonds
2016B
(Aa3/AA+)
12,455,000
5.000
12/01/2043
12,581,332
Public
Hospital
District
No.
2
Quincy
Valley
Medical
Center
UT
GO
Bonds
2024
(Baa1/NR)
800,000
5.500
12/01/2044
811,331
Spokane
County
Washington
Airport
RB
Series
2024B
(AMT)
(A2/A)
3,210,000
5.250
01/01/2042
3,322,217
State
of
Washington
Various
Purpose
GO
Bonds
Series
2025C
(Aaa/AA+)
4,190,000
5.000
02/01/2049
4,306,444
State
of
Washington
Various
Purpose
GO
Bonds
Series
R-2022A
(Aaa/AA+)
2,490,000
5.000
02/01/2027
2,583,889
Washington
Health
Care
Facilities
Authority
RB
(Commonspirit
Health)
Series
2019A-2
(A3/A-)
5,000,000
5.000
08/01/2037
5,129,842
1,140,000
5.000
08/01/2039
1,157,758
Washington
Health
Care
Facilities
Authority
RB
for
Commonspirit
Health
Series
2019A-1
(A3/A-)
3,370,000
4.000
08/01/2044
2,926,645
Washington
Health
Care
Facilities
Authority
RB
for
Fred
Hutchinson
Cancer
Research
Center
Series
2015
(NR/NR)
1,500,000
5.000
(d)
07/01/2025
1,500,000
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
2,051,937
285,000
5.000
08/01/2038
290,311
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
$
588,179
Washington
Higher
Education
Facilities
Authority
RB
for
Seattle
University
Project
Series
2020
(NR/A)
1,200,000
4.000
05/01/2050
1,013,357
Washington
State
Convention
Center
Public
Facilities
District
Junior
Lodging
Tax
Notes
2021
(NR/NR)
1,050,000
4.000
07/01/2031
1,063,833
Washington
State
Convention
Center
Public
Facilities
District
RB
Series
2018
(A3/BBB+)
320,000
5.000
07/01/2029
333,133
11,450,000
5.000
07/01/2048
11,203,009
Washington
State
Convention
Center
Public
Facilities
District
Subordinate
Lodging
Tax
Refunding
Bonds
Series
2021B
(Baa1/BBB-)
2,925,000
4.000
07/01/2043
2,511,327
Washington
State
Housing
Finance
Commission
Nonprof
it
Housing
RB
2,875,000
4.500
(c)(h)
07/01/2030
2,875,922
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
(c)
01/01/2034
755,905
1,400,000
5.000
(c)
01/01/2039
1,382,098
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
1,359,457
Washington
State
Housing
Finance
Commission
Nonprofit
RB
Refunding
Series
2023
(NR/BBB)
900,000
5.625
(c)
07/01/2038
967,913
181,047,527
West
Virginia
-
0.6%
County
of
Ohio
Special
District
Excise
Tax
RB
Refunding
for
Fort
Henry
Economic
Opportunity
Development
District
The
Highlands
Project
Series
2019
B
(NR/BBB-)
665,000
3.000
03/01/2035
581,425
Monongalia
County
Commission
Senior
Tax
Increment
Revenue,
Refunding
and
Improvement
Bonds
for
Development
District
No.
4
–
University
Town
Centre
Series
2023
A
(NR/NR)
395,000
5.000
(c)
06/01/2033
407,498
Monongalia
County
Commission
Subordinate
Special
District
Excise
Tax
Revenue
&
Improvement
Bonds
for
University
Town
Centre
Economic
Opportunity
Development
District
Series
2023
A
(NR/NR)
740,000
7.000
(c)
06/01/2043
760,060
State
of
West
Virginia
GO
Bonds
Series
2018
B
(Aa2/AA-)
7,140,000
5.000
06/01/2035
7,439,440
State
of
West
Virginia
GO
State
Road
Bonds
Series
2019
A
(Aa2/AA-)
605,000
5.000
06/01/2035
638,507
State
of
West
Virginia,
West
Virginia
GO
State
Road
Bonds,
Series
2019
A
(Aa2/AA-)
1,600,000
5.000
12/01/2036
1,675,555
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
West
Virginia
–
(continued)
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
$
7,428,762
West
Virginia
Economic
Development
Authority
Solid
Waste
Disposal
Facilities
RB
7,675,000
3.700
(a)(b)
12/01/2042
7,727,300
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
9,018,614
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
3,583,125
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
2,966,185
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
3,125,975
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
1,022,953
950,000
5.000
01/01/2034
968,454
825,000
5.000
01/01/2035
837,809
2,330,000
5.000
01/01/2036
2,356,575
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
2,500,532
4,775,000
5.000
09/01/2030
5,005,105
1,520,000
5.000
09/01/2032
1,577,036
West
Virginia
Housing
Development
Fund
Housing
Finance
Bonds
2024
Series
B
(NON-AMT)
(Aaa/AAA)
3,825,000
4.350
11/01/2039
3,826,057
4,685,000
4.700
11/01/2044
4,582,104
West
Virginia
Housing
Development
Fund
Multifamily
Housing
RB
for
Beckley
Preservation
Series
2024
(HUD
SECT
8)
(Aa1/NR)
2,000,000
5.000
(a)(b)
08/01/2027
2,065,401
70,094,472
Wisconsin
-
1.5%
City
of
Milwaukee
Wisconsin
General
Obligation
Promissory
Notes
Series
2022
N3
(AGM)
(NR/AA)
4,100,000
5.000
04/01/2026
4,161,154
City
of
Milwaukee
Wisconsin
General
Obligation
Promissory
Notes
Series
2022
N7
(BAM)
(NR/AA)
1,475,000
5.000
04/01/2026
1,497,001
Public
Finance
Authority
Charter
School
RB
for
Coral
Academy
of
Science
Reno
Series
2022A
(NR/NR)
800,000
5.875
(c)
06/01/2052
752,966
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-)
$
300,000
6.375%
(c)
07/01/2043
$
302,875
Public
Finance
Authority
Charter
School
RB
Series
2021A
(Ba2/NR)
165,000
4.250
(c)
06/15/2031
157,085
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
668,381
Public
Finance
Authority
Education
RB
for
Clove
Garden
School
Series
2022
(NR/NR)
1,060,000
5.375
(c)
06/15/2042
1,008,724
Public
Finance
Authority
Education
RB
Mater
Academy
of
Nevada
-
East
Las
Vegas
Campus
Project
Series
2024A
(NR/BB)
1,280,000
5.000
(c)
12/15/2044
1,164,683
Public
Finance
Authority
Education
RB
Series
2022
(NR/NR)
1,290,000
5.000
(c)
01/01/2042
1,130,085
Public
Finance
Authority
Education
Revenue
Refunding
Bonds
for
Pinecrest
Academy
of
Nevada—Sloan
Canyon
Campus
Project
Series
2024A
(NR/BB+)
750,000
4.000
(c)
07/15/2039
668,012
700,000
4.250
(c)
07/15/2044
606,286
700,000
4.500
(c)
07/15/2049
600,166
Public
Finance
Authority
Exempt
Facilities
RB
Refunding
for
Celanese
Project
Series
2016
C
(Ba1/BB+)
1,000,000
4.300
11/01/2030
995,197
Public
Finance
Authority
Limited
Obligation
Grant
RB
10,975,000
6.750
(c)
08/01/2031
9,850,062
Public
Finance
Authority
RB
for
Appalachian
Regional
Healthcare
System
Obligated
Group
Series
2021
A
(NR/BBB-)
265,000
5.000
07/01/2035
269,217
310,000
5.000
07/01/2036
313,340
265,000
5.000
07/01/2037
266,535
310,000
5.000
07/01/2038
309,476
310,000
5.000
07/01/2039
305,429
285,000
5.000
07/01/2040
276,555
310,000
5.000
07/01/2041
296,397
Public
Finance
Authority
RB
for
Beyond
Boone
LLC
Series
2020
A
(AGM)
(A1/AA)
220,000
4.000
07/01/2028
224,465
355,000
4.000
07/01/2031
358,082
420,000
4.000
07/01/2032
421,894
175,000
4.000
07/01/2033
175,271
130,000
4.000
07/01/2034
129,842
155,000
4.000
07/01/2035
153,422
220,000
4.000
07/01/2036
216,125
220,000
4.000
07/01/2037
214,764
265,000
4.000
07/01/2038
255,746
265,000
4.000
07/01/2039
252,251
265,000
4.000
07/01/2040
249,124
Public
Finance
Authority
RB
for
Charter
Day
School
Obligated
Group
Series
2020
A
(Ba2/NR)
1,580,000
5.000
(c)
12/01/2035
1,562,130
1,950,000
5.000
(c)
12/01/2045
1,747,307
Public
Finance
Authority
RB
for
Coral
Academy
Of
Science
Las
Vegas
Series
2021
A
(NR/BBB-)
875,000
4.000
07/01/2041
757,318
1,000,000
4.000
07/01/2051
776,764
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Wisconsin
–
(continued)
Public
Finance
Authority
RB
for
Eno
River
Academy
Holdings,
Inc.
Series
2020
A
(Ba1/NR)
$
315,000
4.000%
(c)
06/15/2030
$
309,607
815,000
5.000
(c)
06/15/2040
781,015
Public
Finance
Authority
RB
for
Masonic
&
Eastern
Star
Home
of
NC,
Inc.
Obligated
Group
Series
2020
A
(NR/NR)
1,225,000
4.000
(c)
03/01/2030
1,187,505
Public
Finance
Authority
RB
for
Noorda
College
of
Osteopathic
Medicine
LLC
Series
2021
A
(Ba2/NR)
6,950,000
5.625
(c)
06/01/2050
6,808,517
Public
Finance
Authority
RB
for
Noorda
College
of
Osteopathic
Medicine
LLC
Series
2021
B
(Ba2/NR)
7,575,000
6.500
(c)
06/01/2045
6,507,250
Public
Finance
Authority
RB
for
Prime
Healthcare
Foundation,
Inc.
Series
2018
A
(NR/NR)
500,000
5.200
12/01/2037
508,669
1,430,000
5.350
12/01/2045
1,437,109
Public
Finance
Authority
RB
for
Rider
University
A
New
Jersey
Non-Profit
Corp.
Series
2021
B
(NR/BB-)
2,470,000
6.000
(c)
07/01/2031
2,258,660
Public
Finance
Authority
RB
Kahala
Nui
Project
Series
2025
(NR/NR)
(PUTABLE)
240,000
4.000
(a)(b)(d)
10/01/2030
254,035
Public
Finance
Authority
RB
Kahala
Nui
Project
Series
2025
(NR/A)
1,325,000
4.000
(a)(b)
10/01/2041
1,350,131
Public
Finance
Authority
RB
Kahala
Nui
Project
Series
2025
(NR/BBB-)
8,000,000
5.500
(c)
06/01/2040
8,062,037
Public
Finance
Authority
RB
Kahala
Nui
Project
Series
2025
(NR/NR)
2,125,000
5.250
11/15/2050
2,142,565
1,550,000
5.250
11/15/2055
1,553,624
Public
Finance
Authority
RB
Refunding
for
Blue
Ridge
Healthcare
Obligated
Group
Series
2020
A
(A3/A)
1,400,000
5.000
01/01/2032
1,479,004
950,000
5.000
01/01/2033
1,000,321
900,000
5.000
01/01/2036
935,156
500,000
5.000
01/01/2037
516,829
2,000,000
5.000
01/01/2039
2,042,044
875,000
5.000
01/01/2040
888,564
Public
Finance
Authority
RB
Refunding
for
Coral
Academy
of
Science
Reno
Series
2019
A
(NR/NR)
445,000
5.000
(c)
06/01/2029
448,420
710,000
5.000
(c)
06/01/2039
655,926
Public
Finance
Authority
RB
Refunding
for
Fellowship
Senior
Living
Obligated
Group
Series
2019
A
(NR/NR)
1,000,000
4.000
01/01/2030
993,111
Public
Finance
Authority
RB
Refunding
for
Penick
Village
Obligated
Group
Series
2019
(NR/NR)
370,000
4.000
(c)
09/01/2029
367,133
770,000
5.000
(c)
09/01/2039
755,153
Public
Finance
Authority
RB
Refunding
for
Rider
University
A
New
Jersey
Non-Profit
Corp.
Series
2021
A
(NR/BB-)
5,900,000
4.500
(c)
07/01/2048
4,327,628
Public
Finance
Authority
RB
Refunding
for
UMA
Education,
Inc.
Project
Series
2019
B
(NR/BB+)
2,770,000
6.125
(c)
10/01/2049
2,365,106
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Wisconsin
–
(continued)
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
$
1,966,185
Public
Finance
Authority
RB
Roseman
University
of
Health
Sciences
2020
(NR/BB+)
500,000
5.000
(c)
04/01/2030
510,739
Public
Finance
Authority
Retirement
Communities
RB
for
Acts
Retirement-Life
Communities
Obligated
Group
Series
2020A
(NR/NR)
1,305,000
5.000
11/15/2041
1,312,651
Public
Finance
Authority
Retirement
Communities
RB
Refunding
for
The
Evergreens
Obligated
Group
Series
2019
A
(NR/NR)
975,000
5.000
11/15/2044
960,779
570,000
5.000
11/15/2049
546,686
Public
Finance
Authority
Senior
Airport
Facilities
RB
Refunding
for
Transportation
Infrastructure
Properties
LLC
Obligated
Group
Series
2012
B
(NR/BBB+)
3,435,000
5.250
07/01/2028
3,437,743
Public
Finance
Authority
Senior
Living
Revenue
Refunding
Bonds
for
Fellowship
Senior
Living
Project
Series
2019A
(NR/NR)
8,955,000
4.000
01/01/2052
6,715,066
Public
Finance
Authority
Student
Housing
RB
KSU
Bixby
Real
Estate
Foundation
Llc
Project
Senior
Series
2025A
(Baa1/NR)
825,000
5.250
06/15/2045
836,551
650,000
5.250
06/15/2050
652,027
Public
Finance
Authority
Student
Housing
RB
Series
2021A-1
(Ba1/NR)
630,000
4.000
(c)
07/01/2041
531,311
2,725,000
4.000
(c)
07/01/2051
2,082,319
Public
Finance
Authority
Tax
Increment
Revenue
Senior
Bonds
for
Miami
Worldcenter
Project
Series
2024A
(NR/NR)
5,000,000
5.000
(c)
06/01/2041
4,954,217
Public
Finance
Authority,
Wisconsin
Special
Revenue
Bonds
Signorelli
Projects
Municipal
Utility
Districts
Montgomery
and
Waller
Counties,
Texas
Series
2024
(NR/NR)
2,677,000
5.375
(c)
12/15/2032
2,676,918
Racine
Unified
School
District
Racine
County
Wisconsin
GO
Promissory
Notes
(BAM)
(Aa3/AA)
1,500,000
5.000
04/01/2038
1,596,988
1,350,000
5.000
04/01/2039
1,424,310
1,515,000
5.000
04/01/2040
1,591,749
1,650,000
5.000
04/01/2041
1,723,759
State
of
Wisconsin
GO
Bonds
of
Series
2024
A
(Aa1/AA+)
2,220,000
5.000
05/01/2027
2,316,634
Wisconsin
Health
&
Educational
Facilities
Authority
RB
for
Hmong
American
Peace
Academy
Ltd.
Series
2020
(NR/BBB)
350,000
4.000
03/15/2030
349,751
Wisconsin
Health
&
Educational
Facilities
Authority
RB
for
Three
Pillars
Senior
Living
Communities
Series
2024A
(NR/NR)
1,165,000
5.250
08/15/2039
1,195,671
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
1,384,943
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
4,179,330
Wisconsin
Health
&
Educational
Facilities
Authority
RB
Refunding
for
Lawrence
University
of
Wisconsin
Series
2020
(Baa1/NR)
1,185,000
3.000
02/01/2042
876,451
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Wisconsin
–
(continued)
Wisconsin
Health
&
Educational
Facilities
Authority
RB
Refunding
for
Lawrence
University
of
Wisconsin
Series
2020
(Baa1/NR)
–
(continued)
$
390,000
4.000%
02/01/2045
$
326,930
Wisconsin
Health
&
Educational
Facilities
Authority
RB
Series
2021
for
Hope
Christian
Schools
(NR/NR)
415,000
3.000
12/01/2031
349,486
775,000
4.000
12/01/2041
562,017
Wisconsin
Health
&
Educational
Facilities
Authority
Refunding
RB
Series
2021B
(NR/NR)
475,000
4.000
09/15/2036
443,968
460,000
4.000
09/15/2041
401,252
425,000
4.000
09/15/2045
349,746
Wisconsin
Health
&
Educational
Facilities
Authority
Refunding
RB
Series
2022
(NR/NR)
700,000
4.000
09/15/2036
654,268
680,000
4.000
09/15/2041
593,156
575,000
4.000
09/15/2045
473,185
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
(c)
08/01/2027
7,795,711
Wisconsin
Health
and
Educational
Facilities
Authority
RB
Series
2018C
(Aa3/AA)
(SIFMA
Municipal
Swap
Index
Yield
+
0.18%)
2,775,000
2.100
(b)(e)
08/15/2054
2,751,910
Wisconsin
Health
and
Educational
Facilities
Authority
RB
Series
2024A
(BAM)
(NR/AA)
5,675,000
4.500
02/15/2054
5,358,640
Wisconsin
Health
and
Educational
Facilities
Authority
Senior
Living  RB,
Series
2025
(Chiara
Housing
and
Services,
Inc.
Project)
(NR/NR)
775,000
6.375
07/01/2045
793,600
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
5,724,565
Wisconsin
State
Health
and
Educational
Facilities
Authority
Variable
Rate
Refunding
RB
Froedtert
Health
Inc.
Obligated
Group
Series
2024A
(NR/AA)
3,150,000
5.000
04/01/2041
3,298,293
3,495,000
5.000
04/01/2042
3,619,608
540,000
5.000
04/01/2043
554,165
160,902,528
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
16,296,235
a
a
TOTAL
MUNICIPAL
BONDS
(Cost
$11,183,069,595)
10,881,490,430
a
Corporate
Bonds
-
0.3%
Healthcare-Services
-
0.1%
Prime
Healthcare
Foundation,
Inc.
Series
4,975,000
7.000%
12/01/27
5,070,534
Toledo
Hospital
RB
Series
2022
B
1,895,000
5.325
11/15/28
1,889,075
6,959,609
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Toledo
Hospital
RB
Series
2022
B
–
(continued)
Real
Estate
-
0.2%
Benloch
Ranch
Improvement
Association
No.
1
Series
2020
$
2,780,721
9.750%
(c)(j)
12/01/39
$
2,423,955
Benloch
Ranch
Improvement
Association
No.
1
Series
2021
1,613,868
9.750
(c)(j)
12/01/39
1,406,809
Benloch
Ranch
Improvement
Association
No.
2
14,700,000
10.000
(c)(j)
12/01/51
11,426,163
Brixton
Park
Improvement
Association
No.
1
Series
12,313,479
6.875
(c)(j)
12/01/51
10,678,618
25,935,545
TOTAL
CORPORATE
BONDS
(Cost
$37,449,756)
32,895,154
a
Bank
Loans
(k)
-
0.0%
Engineering
&
Construction
-
0.0%
Rialto
Bioenergy
Facility,
LLC
(
SOFR
+
0.1%
)
7,624,999
15.334
(j)
04/30/24
0
292,874
15.329
(j)
06/10/24
11,882
11,882
TOTAL
BANK
LOANS
(Cost
$7,691,475)
11,882
TOTAL
INVESTMENTS
-
98.7%
(Cost
$11,228,210,826)
$
10,914,397,466
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
-
1.3%
147,160,117
NET
ASSETS
-
100.0%
$
11,061,557,583
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,
2025.
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,
2025.
(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)
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,
2025.
(f)
Issued
with
a
zero
coupon.
Income
is
recognized
through
the
accretion
of
discount.
(g)
Zero
coupon
bond
until
next
reset
date.
(h)
When-issued
security.
(i)
Contingent
value
instrument
that
only
pays
out
if
a
portion
of
the
territory’s
Sales
and
Use
Tax
outperforms
the
projections
in
the
Oversight
Board’s
Certified
Fiscal
Plan.
(j)
Significant
unobservable
inputs
were
used
in
the
valuation
of
this
portfolio
security;
i.e.
Level
3.
GOLDMAN
SACHS
DYNAMIC
MUNICIPAL
INCOME
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Additional
Investment
Information 
(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
June
30,
2025.
Bank
Loans
typically
have
rates
of
interest
which
are
predetermined
either
daily,
monthly,
quarterly
or
semi-annually
by
reference
to
a
base
lending
rate,
plus
a
premium.
These
base
lending
rates
are
primarily
the
Secured
Overnight
Financing
Rate
(“SOFR”),
and
secondarily
the
prime
rate
offered
by
one
or
more
major
United
States
banks
(the
“Prime
Rate”)
and
the
certificate
of
deposit
(“CD”)
rate
or
other
base
lending
rates
used
by
commercial
lenders.
Security
ratings
disclosed,
if
any,
are
issued
by
either
Standard
&
Poor’s,
Moody’s
Investor
Service
or
Fitch
and
are
unaudited.
A
brief
description
of
the
ratings
is
available
in
the
Fund’s
Statement
of
Additional
Information.
Investment
Abbreviations:
ABS
-
Asset-Backed
Security
AGC
-
Insured
by
Assured
Guaranty
Corp.
AGM
-
Insured
by
Assured
Guaranty
Municipal
Corp.
AGM-CR
-
Insured
by
Assured
Guaranty
Municipal
Corp.
Insured
Custodial
receipts
AMBAC
-
Insured
by
American
Municipal
Bond
Assurance
Corp.
AMT
-
Alternative
Minimum
Tax
(subject
to)
BAM
-
Build
America
Mutual
Assurance
Co.
CFD
-
Community
Facilities
District
COPS
-
Certificates
of
Participation
FHLMC
-
Insured  by
Federal
Home
Loan
Mortgage
Corp.
FNMA
-
Insured
by
Federal
National
Mortgage
Association
GNMA
-
Insured
by
Government
National
Mortgage
Association
GO
-
General
Obligation
HUD
SECT
8
-
Hud
Section
8
IDA
-
Industrial
Development
Agency
LP
-
Limited
Partnership
LT
-
Limited
Tax
MTA
-
Metropolitan
Transportation
Authority
MUN
GOVT
GTD
-
Municipal
Government
Guaranteed
NATL
NATL
-
National
Public
Finance
Guarantee
Corp.
NR
-
Not
Rated
PCRB
-
Pollution
Control
Revenue
Bond
PSF-GTD
-
Guaranteed
by
Permanent
School
Fund
Q-SBLF
-
Qualified
School
Bond
Loan
Fund
RB
-
Revenue
Bond
RMKT
-
Remarketed
RR
-
Revenue
Refunding
SCH
BD
GTY
-
School
Bond
Guaranty
SCH
BD
RES
FD
-
School
Board
Reserve
Fund
SCSDE
-
South
Carolina
State
Department
of
Education
SD
CRED
PROG
-
School
District
Credit
Program
SIFMA
-
Securities
Industry
and
Financial
Markets
Association
SOFR
-
Secured
Overnight
Financing
Rate
SONYMA
-
State
of
New
York
Mortgage
Agency
ST
AID
WITHHLDG
-
State
Aid
Withholding
TCRS
-
Transferable
Custody
Receipts
UPMC
-
University
of
Pittsburgh
Medical
Center
USD
-
United
States
Dollar
UT
-
Unlimited
Tax
FUTURES
CONTRACTS
—
At
June
30,
2025,
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
(2,154)
09/19/25
$
(256,258,687)
$
(7,840,126)
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
-
98.0%
Alabama
-
2.0%
Black
Belt
Energy
Gas
District
Gas
Project
RB
Series
2022C-1
(A1/NR)
$
10,000,000
5.250%
(a)(b)
02/01/2053
$
10,516,130
Board
of
Trustees
of
Alabama
State
University
General
Tuition
and
Fee
RB
Series
2025
(AG)
(A1/AA)
2,050,000
5.750
09/01/2050
2,165,584
Central
Etowah
County
Solid
Waste
Disposal
Authority
RB
for
Evergreen
Environmental
Partners
LLC
Series
2020
A
(NR/NR)
5,555,000
6.000
(c)(d)
07/01/2025
5,721,650
Central
Etowah
County
Solid
Waste
Disposal
Authority
RB
for
Evergreen
Environmental
Partners
LLC
Series
2020
B
(NR/NR)
1,975,000
8.000
(c)(d)
07/01/2025
2,034,250
Energy
Southeast
a
Cooperative
District
Energy
Supply
RB
2024
Series
B
(A1/NR)
3,150,000
5.250
(a)(b)
07/01/2054
3,369,654
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
2,757,369
Hoover
Industrial
Development
Board
RB
for
United
States
Steel
Corp.
Series
2019
(B1/BB-)
26,250,000
5.750
10/01/2049
26,468,967
Jefferson
County
Sewer
Revenue
Warrants
Series
2024
(Baa1/BBB+)
32,160,000
5.250
10/01/2049
32,516,519
15,180,000
5.500
10/01/2053
15,561,055
Midcity
Improvement
District
Special
Assessment
RB
Series
2022
(NR/NR)
1,085,000
4.500
11/01/2042
919,782
1,000,000
4.750
11/01/2049
829,259
Midcity
Improvement
District
Special
Assessment
RB
Series
2024
(NR/NR)
400,000
6.500
(d)
11/01/2044
372,026
550,000
6.750
(d)
11/01/2053
504,509
Southeast
Alabama
Gas
Supply
District
Gas
Supply
RB
Refunding
Series
2024B
(A1/NR)
50,000,000
5.000
(a)(b)
06/01/2049
52,709,020
Southeast
Energy
Authority
A
Cooperative
District
Energy
Supply
RB
Series
2025B
(A1/NR)
18,265,000
5.250
(a)(b)
03/01/2055
19,081,372
Southeast
Energy
Authority
Commodity
Supply
RB
for
Project
No.
6
Series
2023B
(Aa1/NR)
10,000,000
5.000
(a)(b)
01/01/2054
10,533,637
Southeast
Energy
Authority,
A
Cooperative
District
Energy
Supply
RB
Series
2025C
(Aa1/NR)
3,000,000
5.000
(a)(b)
05/01/2055
3,167,933
Sumter
County
Alabama
(NR/NR)
12,400,000
6.000
(e)
07/15/2052
0
The
Black
Belt
Energy
Gas
District
Gas
Supply
RB,
Series
2023B
(Aa1/NR)
3,620,000
5.250
(a)(b)
12/01/2053
3,879,543
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
3,026,849
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Alabama
–
(continued)
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
$
2,956,223
1,100,000
5.000
10/01/2056
1,029,101
The
Industrial
Development
Authority
of
Baldwin
County
County
Solid
Waste
Disposal
RB
Novelis
Corporation
Project,
Series
2025A
(B1/BB)
11,250,000
5.000
(a)(b)(d)
06/01/2055
11,341,598
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
13,798,109
The
Industrial
Development
Authority
of
Mobile
County
Solid
Waste
Disposal
RB
for
AM
NS
Calvert
LLC
Project
Series
2024B
(Baa3/BBB)
12,775,000
4.750
12/01/2054
11,752,926
237,013,065
Alaska
-
0.0%
Northern
tobacco
Securitization
Corp.
tobacco
Settlement
Asset
Back
Bonds
Series
2021
(NR/NR)
19,470,000
0.000
(f)
06/01/2066
2,326,696
a
a
American
Samoa
-
0.1%
American
Samoa
Economic
Development
Authority
General
RB
Series
2021A
(Ba3/NR)
6,375,000
5.000
(d)
09/01/2038
6,257,297
American
Samoa
Economic
Development
Authority
RB
Refunding
Series
2021
C
(Ba3/NR)
1,800,000
3.720
(d)
09/01/2027
1,736,187
7,993,484
Arizona
-
1.2%
Arizona
IDA
Education
RB
for
Academies
of
Math
&
Science
Projects
Series
2023
(NR/BB+)
900,000
5.375
(d)
07/01/2053
847,804
1,000,000
5.500
(d)
07/01/2058
953,274
Arizona
IDA
Education
RB
for
Benjamin
Franklin
Charter
School
Projects
Series
2023A
(Ba1/NR)
1,000,000
5.250
(d)
07/01/2053
919,619
1,000,000
5.500
(d)
07/01/2058
940,753
Arizona
IDA
Hospital
RB
for
Navajo
Health
Foundation
-
Sage
Memorial
Hospital,
Inc.
Project
Series
2024
(NR/NR)
7,075,000
7.125
(d)
05/01/2044
7,483,729
11,200,000
7.625
(d)
05/01/2054
12,074,343
Arizona
IDA
Lease
RB
for
Greenville
University
Student
Housing
and
Athletic
Facilities
Project
Series
2022
(NR/BB+)
17,000,000
6.500
(d)
11/01/2053
16,435,557
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
1,222,262
Arizona
Industrial
Development
Authority
RB
for
Provident
Group
-
EMU
Properties
LLC
Series
2018
(Ca/NR)
1,000,000
5.000
*
05/01/2038
510,000
2,780,000
5.000
*
05/01/2043
1,417,800
3,450,000
5.000
*
05/01/2048
1,759,500
2,000,000
5.000
*
05/01/2051
1,010,000
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Arizona
–
(continued)
Arizona
Industrial
Development
Authority
RB
for
Somerset
Academy
of
Las
Vegas
Series
2021
A
(NR/BB)
$
925,000
4.000%
(d)
12/15/2041
$
779,898
2,115,000
4.000
(d)
12/15/2051
1,592,691
Arizona
Industrial
Development
Authority
RB
Refunding
for
Doral
Academy
of
Northern
Nevada
Obligated
Group
Series
2021
A
(Ba1/NR)
470,000
4.000
(d)
07/15/2051
335,389
445,000
4.000
(d)
07/15/2056
307,125
Arizona
Industrial
Development
Authority
RB
Refunding
for
Pinecrest
Academy
of
Nevada
Series
2020
A-1
(NR/BB+)
10,845,000
5.000
(d)
07/15/2053
9,934,414
Arizona
Industrial
Development
Authority
Senior
Living
RB  First
Tier
Series
2025
A2
(NR/NR)
9,550,000
5.125
01/01/2059
8,773,105
Arizona
Industrial
Development
Authority
Senior
Living
RB  Second
Tier
Series
2025
A2
(NR/NR)
6,017,748
5.125
01/01/2059
4,718,561
City
of
Phoenix
Civic
Improvement
Corporation
RB
for
Junior
Lien
Airport
Series
2019
A
(Aa3/A+)
1,625,000
3.000
07/01/2049
1,148,281
City
of
Phoenix
Civic
Improvement
Corporation
RB
for
Junior
Lien
Airport
Series
2019
B
(Aa3/A+)
2,710,000
3.250
07/01/2049
1,971,661
County
of
Maricopa
IDA
Education
RB
Series
2021A
(NR/BBB-)
1,250,000
4.000
(d)
07/01/2056
964,838
County
of
Maricopa
IDA
Education
RB
Taxable
Convertible
Series
2021B
(NR/BBB-)
3,400,000
3.500
(b)(d)
07/01/2044
2,604,876
County
of
Maricopa
IDA
Exempt
Facilities
RB
for
Commercial
Metals
Company
Project
Series
2022
(Ba2/BB+)
1,825,000
4.000
(d)
10/15/2047
1,514,935
County
of
Pima
IDA
Senior
Living
RB
for
La
Posada
at
Pusch
Ridge
Project
Series
2022A
(NR/NR)
4,500,000
6.875
(d)
11/15/2052
4,689,164
2,750,000
7.000
(d)
11/15/2057
2,877,134
Equitable
School
Revolving
Fund
National
Charter
School
Revolving
Loan
Fund
RB
(NR/A)
4,325,000
4.000
11/01/2051
3,490,405
Estrella
Mountain
Ranch
Community
Facilities
District
Lucero
Assessment
District
No.
1
Special
Assessment
RB
Series
2019
(NR/NR)
95,000
3.500
07/01/2029
91,220
595,000
4.100
07/01/2034
565,627
1,842,000
4.750
07/01/2043
1,638,082
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
14,802,989
La
Paz
County
Industrial
Development
Authority
RB
for
American
Fiber
Optics
LLC
Series
2018
A
(NR/NR)
3,100,000
6.000
(d)
*
08/01/2028
1,550,000
16,130,000
6.250
(d)
*
08/01/2040
8,065,000
La
Paz
County
Industrial
Development
Authority
RB
for
Harmony
Public
Schools
Series
2021
A
(NR/BBB+)
580,000
4.000
02/15/2051
439,153
Maricopa
County
Industrial
Development
Authority
RB
for
Arizona
Autism
Charter
Schools
Obligated
Group
Series
2020
A
(NR/BB)
700,000
5.000
(d)
07/01/2050
630,936
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Arizona
–
(continued)
Maricopa
County
Industrial
Development
Authority
RB
for
Arizona
Autism
Charter
Schools
Obligated
Group
Series
2020
A
(NR/BB)
–
(continued)
$
1,340,000
5.000%
(d)
07/01/2054
$
1,185,404
Maricopa
County
Industrial
Development
Authority
RB
for
Ottawa
University
Series
2020
(NR/NR)
1,885,000
5.250
(d)
10/01/2040
1,635,452
1,885,000
5.500
(d)
10/01/2051
1,532,718
Maricopa
County
Pollution
Control
Corp
Pollution
Control
Revenue
Refunding
Bonds
Series
A
(A2/A-)
2,000,000
2.400
06/01/2035
1,597,830
Pima
County
IDA
RB
Refunding
for
Career
Success
Schools,
Inc.
Series
2020
(NR/NR)
250,000
5.500
(d)
05/01/2040
238,406
950,000
5.750
(d)
05/01/2050
893,280
Tempe
Industrial
Development
Authority
RB
for
Tempe
Life
Care
Village
Obligated
Group
Series
2019
(NR/NR)
1,520,000
5.000
12/01/2050
1,359,636
1,900,000
5.000
12/01/2054
1,671,843
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
852,219
1,000,000
5.000
07/01/2042
971,799
The
Industrial
Development
Authority
of
The
City
of
Sierra
Vista
Education
Facility
RB
American
Leadership
Academy
Project
Series
2024
(NR/NR)
1,050,000
5.000
(d)
06/15/2054
950,663
1,375,000
5.000
(d)
06/15/2059
1,229,232
1,825,000
5.000
(d)
06/15/2064
1,610,466
The
Industrial
Development
Authority
of
The
County
of
Maricopa
Education
Facilities
RB
for
Arizona
Christian
University
Project
Series
2024A
(NR/NR)
3,675,000
6.375
(a)(b)(d)
10/01/2054
3,492,816
The
Industrial
Development
Authority
of
The
County
of
Maricopa
Education
RB
1,150,000
4.000
(d)
07/01/2051
910,441
The
Industrial
Development
Authority
of
The
County
of
Maricopa
Education
Revenue
Refunding
Bonds
Legacy
Traditional
Schools
Projects
Series
2024
(NR/BBB-)
3,675,000
4.250
07/01/2044
3,191,379
The
Industrial
Development
Authority
of
The
County
of
Maricopa
Educational
Facilities
Valley
Christian
Schools
Project
RB
Series
2023A
(NR/NR)
1,925,000
6.250
(d)
07/01/2053
1,827,868
1,800,000
6.375
(d)
07/01/2058
1,719,519
145,931,096
Arkansas
-
0.2%
Arkansas
Development
Finance
Authority
Environmental
Improvement
RB
Series
2022
(AMT)
(NR/BB-)
16,175,000
5.450
09/01/2052
16,202,578
Arkansas
Development
Finance
Authority
Environmental
Improvement
RB
Series
2023
United
States
Steel
Corporation
Project
Green
Bonds
(AMT)
(NR/BB-)
2,275,000
5.700
05/01/2053
2,305,357
Arkansas
Development
Finance
Authority
RB
for
Baptist
Health
Obligated
Group
Series
2019
(NR/A)
5,370,000
3.200
12/01/2049
3,833,995
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Arkansas
–
(continued)
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
$
1,072,359
775,000
3.500
07/01/2046
498,576
500,000
4.000
07/01/2052
334,037
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
3,868,826
28,115,728
California
-
8.6%
ABC
Unified
School
District
GO
Bonds
Series
2001
C
(NATL)
(Aa2/AA-)
1,600,000
0.000
(f)
08/01/2026
1,547,277
Airport
Commission
of
The
City
and
County
of
San
Francisco
San
Francisco
International
Airport
Second
Series
Revenue
Bonds
Series
2025A
(AMT)
(A1/AA-)
3,500,000
5.500
05/01/2055
3,631,576
Airport
Commission
of
The
City
and
County
of
San
Francisco
Second
Series
RB
Series
2019A
(AMT)
(A1/AA-)
3,980,000
4.000
05/01/2049
3,391,079
Airport
Commission
of
The
City
and
County
of
San
Francisco
Second
Series
RB
Series
2019E
(AMT)
(NR/AA-)
1,535,000
4.000
05/01/2050
1,306,005
Airport
Commission
of
The
City
and
County
of
San
Francisco
Second
Series
RB
Series
2019E
(AMT)
(NR/NR)
145,000
4.000
(c)
05/01/2029
146,648
Alameda
Corridor
Transportation
Authority
Convertible
Capital
Appreciation
Bonds
Series
2022A
(AGM)
(A1/AA)
3,225,000
0.000
(g)
10/01/2051
1,797,970
Alameda
Corridor
Transportation
Authority
Convertible
Capital
Appreciation
Bonds
Series
2022A
(A3/A-)
1,850,000
0.000
(g)
10/01/2047
1,053,584
1,850,000
0.000
(g)
10/01/2048
1,045,422
2,300,000
0.000
(g)
10/01/2049
1,283,774
1,375,000
0.000
(g)
10/01/2050
765,479
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
(f)
08/01/2037
3,137,312
Alvord
Unified
School
District
GO
Bonds
Capital
Appreciation
for
2007
Election
Series
2007
B
(AGM)
(A1/AA)
2,050,000
0.000
(f)
08/01/2036
1,279,836
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
3,499,602
Burbank-Glendale-Pasadena
Airport
Authority
Airport
Senior
RB
2024
Series
B
(AMT)
(AGM)
(A1/AA)
5,000,000
4.500
07/01/2054
4,513,953
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
3,157,594
California
Community
Choice
Financing
Authority
Clean
Energy
Project
RB
Series
2023B
(A1/NR)
2,000,000
5.000
(a)(b)
07/01/2053
2,087,397
California
Community
Choice
Financing
Authority
Clean
Energy
Project
RB
Series
2024E
(Green
Bonds)
(A1/NR)
20,000,000
5.000
(a)(b)
02/01/2055
21,132,114
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
California
Community
College
Financing
Authority
RB
for
NCCD-
Orange
Coast
Properties
LLC
Series
2018
(NR/BBB-)
$
2,755,000
5.250%
05/01/2048
$
2,797,373
2,850,000
5.250
05/01/2053
2,883,657
California
Community
College
Financing
Authority
Student
Housing
RB
for
Napa
Valley
College
Project
Series
2022A
(NR/NR)
9,275,000
5.750
(d)
07/01/2060
7,752,699
California
Community
Housing
Agency
Aster
Apartments
RB
Series
2021
A-1
(NR/NR)
9,775,000
4.000
(d)
02/01/2056
7,873,526
California
Community
Housing
Agency
Essential
Housing
Junior
RB
Series
2021A-2
(NR/NR)
2,300,000
4.000
(d)
08/01/2050
1,716,611
California
Community
Housing
Agency
Essential
Housing
RB
Series
2021A
(NR/NR)
20,820,000
4.000
(d)
02/01/2056
14,486,212
California
Community
Housing
Agency
Essential
Housing
RB
Series
2021A-1
(NR/NR)
1,825,000
3.000
(d)
02/01/2057
1,166,535
California
Community
Housing
Agency
RB
Series
2021A-1
Senior
Bonds
(NR/NR)
6,450,000
4.000
(d)
02/01/2056
5,089,031
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
1,255,750
California
County
Tobacco
Securitization
Agency
RB
Refunding
for
Sonoma
County
Securitization
Corp.
Series
2020
B-2
(NR/NR)
7,375,000
0.000
(f)
06/01/2055
1,454,842
California
County
Tobacco
Securitization
Agency
RB
Refunding
Series
2020
B-1
(NR/BBB+)
80,000
5.000
06/01/2049
77,491
California
County
Tobacco
Securitization
Agency
RB
Refunding
Series
2020
B-2
(NR/NR)
145,960,000
0.000
(f)
06/01/2055
25,997,359
California
County
Tobacco
Securitization
Agency
Tobacco
Settlement
RB
Capital
Appreciation
Subordinate
Series
2006
C
(NR/NR)
145,220,000
0.000
(f)
06/01/2055
16,469,400
California
Enterprise
Development
Authority
Charter
School
RB
for
The
Rocklin
Academy
Project
Series
2024
(NR/BB+)
700,000
5.000
(d)
06/01/2054
642,200
1,100,000
5.000
(d)
06/01/2064
983,122
California
Enterprise
Development
Authority
RB
Refunding
for
Rocklin
Academy
Obligated
Group
Series
2021
A
(NR/BB+)
595,000
4.000
(d)
06/01/2061
449,087
California
Health
Facilities
Financing
Authority
RB
for
Commonspirit
Health
2020
A
(NR/A-)
5,510,000
4.000
04/01/2049
4,746,412
California
Health
Facilities
Financing
Authority
RB
for
Commonspirit
Health
2020
A
(NR/NR)
195,000
4.000
(c)
04/01/2030
206,584
California
Health
Facilities
Financing
Authority
Refunding
RB
Lucile
Salter
Packard
Children's
Hospital
at
Stanford
2022
Series
A
Forward
Delivery
(A1/A+)
2,525,000
4.000
05/15/2051
2,171,837
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
California
Infrastructure
&
Economic
Development
Bank
Brightline
West
Passenger
Rail
Project
Series
RB
Series
2020A-1
(NR/NR)
$
900,000
5.000%
(d)
01/01/2055
$
750,903
California
Infrastructure
and
Economic
Development
Bank
Senior
Subordinated
Secured
RB
Brightline
West
Passenger
Rail
Project
Series
2025A
(NR/NR)
64,825,000
9.500
(a)(b)(d)
01/01/2065
61,428,364
California
Municipal
Finance
Authority
Charter
School
Leave
Revenue
Refunding
Bonds
Series
2022
(NR/BB+)
750,000
5.000
07/01/2052
687,385
3,725,000
5.000
07/01/2062
3,314,218
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
2,723,617
5,250,000
5.000
09/01/2057
5,157,639
California
Municipal
Finance
Authority
Municipal
Certificates
Series
2025-1
Class
B
(NR/NR)
(PUTABLE)
1,250,000
3.536
(a)(b)(d)(g)
06/20/2049
755,770
California
Municipal
Finance
Authority
RB
(California
Lutheran
University)
Series
2018
(Baa2/NR)
225,000
5.000
10/01/2035
230,343
California
Municipal
Finance
Authority
RB
for
Community
Medical
Centers
Series
2017
A
(A3/BBB+)
3,800,000
5.000
02/01/2042
3,776,885
10,000,000
5.000
02/01/2047
10,001,569
California
Municipal
Finance
Authority
RB
for
P3
Claremont
Holdings
LLC
Series
2020
A
(NR/NR)
1,135,000
5.000
(d)
07/01/2052
969,918
California
Municipal
Finance
Authority
RB
for
The
Learning
Choice
Academy
Series
2021
A
(NR/BBB-)
1,510,000
4.000
07/01/2051
1,176,340
1,035,000
4.000
07/01/2055
785,893
California
Municipal
Finance
Authority
RB
Refunding
for
California
Lutheran
University
Series
2018
(Baa2/NR)
250,000
5.000
10/01/2034
256,760
300,000
5.000
10/01/2037
305,064
300,000
5.000
10/01/2038
303,796
California
Municipal
Finance
Authority
RB
Refunding
for
Claremont
Graduate
University
Series
2020
B
(NR/NR)
1,090,000
5.000
(d)
10/01/2049
968,903
1,740,000
5.000
(d)
10/01/2054
1,510,893
California
Municipal
Finance
Authority
Senior
Lien
RB
for
Linxs
APM
Project
Series
2018A
(NR/NR)
7,395,000
5.000
12/31/2043
7,216,993
California
Municipal
Finance
Authority
Senior
Lien
RB
for
Linxs
APM
Project
Series
2018A
(A2/NR)
14,040,000
4.000
12/31/2047
11,673,137
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
11,186,011
California
Municipal
Finance
Authority
Student
Residence
RB
Ascent
613
Project
Series
2025A
(NR/NR)
2,825,000
5.375
(d)
01/01/2055
2,623,564
1,375,000
5.500
(d)
01/01/2060
1,288,045
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
California
Pollution
Control
Financing
Authority
Water
Furnishing
RB
for
Poseidon
Resources
Desalination
Project
Series
2012
(Baa3/NR)
$
1,325,000
5.000%
(d)
07/01/2037
$
1,325,195
California
Pollution
Control
Financing
Authority
Water
Furnishing
RB
for
Poseidon
Resources
Desalination
Project
Series
2023
(Baa3/NR)
2,355,000
5.000
(d)
07/01/2035
2,472,143
1,730,000
5.000
(d)
07/01/2037
1,791,131
1,750,000
5.000
(d)
07/01/2038
1,797,713
1,200,000
5.000
(d)
11/21/2045
1,188,792
California
Pollution
Control
Financing
Authority
Water
Furnishing
RB
for
Poseidon
Resources
LP
Desalination
Project
Series
2012
(AMT)
(Baa3/NR)
12,660,000
5.000
(d)
11/21/2045
12,002,547
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
(d)
11/21/2045
8,420,613
California
Pollution
Control
Financing
Authority
Water
Furnishing
RR
Bonds,
Series
2019
550,000
5.000
(d)
07/01/2039
555,441
California
Public
Finance
Authority
RB
for
Excelsior
Charter
School
Project
Series
2020
A
(NR/NR)
1,540,000
5.000
(d)
06/15/2050
1,373,390
1,030,000
5.000
(d)
06/15/2055
900,415
California
Public
Finance
Authority
Senior
Living
Revenue
Refunding
Bonds
for
Enso
Village
Project
Series
2021B1
(NR/NR)
495,000
3.125
(d)
05/15/2029
482,015
California
School
Finance
Authority
Charter
School
RB
Envision
Education
Obligated
Group
Series
2024A
(NR/BB+)
1,620,000
5.000
(d)
06/01/2064
1,383,339
California
School
Finance
Authority
Charter
School
RB
for
Citizens
of
the
World
Obligated
Group
Series
2022A
(NR/BB-)
4,605,000
6.375
(d)
04/01/2062
4,524,189
California
School
Finance
Authority
Charter
School
RB
for
Classical
Academies
Oceanside
Project
Series
2022A
(NR/BBB-)
2,055,000
5.000
(d)
10/01/2052
1,915,113
3,250,000
5.000
(d)
10/01/2061
2,995,525
California
School
Finance
Authority
Charter
School
RB
for
Classical
Academies
Vista
Project
Series
2021
(NR/BBB-)
1,450,000
4.000
(d)
10/01/2046
1,196,004
California
School
Finance
Authority
Charter
School
RB
for
Harbor
Springs
Obligated
Group
Series
2024A
(NR/BB+)
2,235,000
5.500
(d)
07/01/2054
2,240,746
2,200,000
5.625
(d)
07/01/2063
2,202,752
California
School
Finance
Authority
Charter
School
RB
for
Hawking
Steam
Charter
School
Project
Series
2022
(NR/BB+)
1,055,000
5.250
(d)
07/01/2052
1,003,404
745,000
5.375
(d)
07/01/2056
716,220
1,525,000
5.500
(d)
07/01/2062
1,480,427
California
School
Finance
Authority
Charter
School
RB
for
Lighthouse
Community
Public
School
Obligated
Group
Series
2022A
(NR/NR)
1,800,000
6.500
(d)
06/01/2062
1,845,356
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
California
School
Finance
Authority
Charter
School
RB
for
Orange
County
Educational
Arts
Academy
Project
Series
2023A
(NR/NR)
$
560,000
5.625%
(d)
06/01/2043
$
552,570
700,000
5.875
(d)
06/01/2053
687,695
California
School
Finance
Authority
Charter
School
RB
for
River
Springs
Charter
School
Series
2022A
(NR/BB+)
2,905,000
5.000
(d)
07/01/2052
2,654,945
4,190,000
5.000
(d)
07/01/2061
3,725,940
California
School
Finance
Authority
Charter
School
RB
for
Valley
International
Preparatory
High
School
Project
Series
2022A
(NR/NR)
2,230,000
5.250
(d)
03/01/2062
1,558,617
California
School
Finance
Authority
Charter
School
Refunding
RB
Partnerships
to
Uplift
Communities
Project
Series
2023
(NR/BB)
500,000
5.250
(d)
08/01/2038
503,785
550,000
5.500
(d)
08/01/2043
551,466
400,000
5.500
(d)
08/01/2047
395,471
California
School
Finance
Authority
Educational
Facilities
RB
New
Designs
Charter
School
Project
Series
2024A
(NR/BB+)
1,475,000
5.000
(d)
06/01/2064
1,301,626
California
School
Finance
Authority
RB
for
Classical
Academy
Obligated
Group
Series
2020
A
(NR/BBB-)
3,500,000
5.000
(d)
10/01/2050
3,243,654
California
School
Finance
Authority
RB
for
Fenton
Charter
Public
Schools
Series
2020
A
(NR/BB+)
2,770,000
5.000
(d)
07/01/2058
2,490,550
California
School
Finance
Authority
RB
for
iLEAD
Lancaster
Series
2021
A
(ST
INTERCEPT)
(NR/NR)
600,000
5.000
(d)
06/01/2051
512,783
2,440,000
5.000
(d)
06/01/2061
2,014,265
California
School
Finance
Authority
RB
for
Lifeline
Education
Charter
School,
Inc.
Series
2020
A
(NR/BB+)
1,340,000
5.000
(d)
07/01/2045
1,256,477
1,240,000
5.000
(d)
07/01/2055
1,130,783
California
School
Finance
Authority
RB
for
Santa
Clarita
Valley
International
Charter
School
Series
2021
A
(NR/NR)
600,000
4.000
(d)
06/01/2041
470,243
700,000
4.000
(d)
06/01/2051
478,349
1,220,000
4.000
(d)
06/01/2061
787,152
California
School
Finance
Authority
RB
for
VSF
School
Facilities
No.
1
LLC
Series
2020
A
(NR/BBB-)
2,420,000
5.000
(d)
07/01/2059
2,238,203
California
School
Finance
Authority
RB
for
VSF
School
Facilities
No.
1
LLC
Series
2020
B
(NR/BBB-)
945,000
4.000
(d)
07/01/2045
776,206
California
School
Finance
Authority
School
Facility
Refunding
RB
for
Value
Schools
Series
2023A
(ST
INTERCEPT)
(NR/BBB-)
700,000
5.250
(d)
07/01/2048
694,072
California
Statewide
Communities
Development
Authority
500,000
5.000
08/01/2038
505,663
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
982,491
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
California
Statewide
Communities
Development
Authority
Community
Facilities
District
No.
2007-01
Special
Tax
Refunding
for
Orinda
Wilder
Project
Series
2015
(NR/NR)
$
710,000
5.000%
09/01/2037
$
710,844
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
(d)
09/01/2050
2,917,814
California
Statewide
Communities
Development
Authority
Community
Facilities
District
No.
2020-02
Special
Tax
for
Improvement
Area
No.
1
Series
2021
(NR/NR)
2,650,000
4.000
09/01/2051
2,168,582
California
Statewide
Communities
Development
Authority
Community
Facilities
District
Special
Tax
Bonds
Series
2022
(NR/NR)
4,500,000
5.000
09/01/2052
4,430,711
California
Statewide
Communities
Development
Authority
Infrastructure
Program
Special
Assessment
Bonds
Series
2018
B
(NR/BBB+)
575,000
5.000
09/02/2043
579,054
California
Statewide
Communities
Development
Authority
Infrastructure
Program
Special
Assessment
Bonds
Series
2019
A
(NR/NR)
1,345,000
5.000
09/02/2039
1,372,990
895,000
5.000
09/02/2044
900,916
California
Statewide
Communities
Development
Authority
RB
for
Lancer
Educational
Housing
LLC
Project
Series
2019
A
(NR/NR)
375,000
5.000
(d)
06/01/2034
381,784
475,000
5.000
(d)
06/01/2039
468,520
1,340,000
5.000
(d)
06/01/2051
1,219,037
California
Statewide
Communities
Development
Authority
RB
for
Loma
Linda
University
Medical
Center
Obligated
Group
Series
2018
A
(NR/BB)
12,095,000
5.500
(d)
12/01/2058
11,799,262
California
Statewide
Communities
Development
Authority
RB
for
Loma
Linda
University
Medical
Center
Series
2014A
(NR/BB)
18,325,000
5.250
12/01/2044
17,817,377
California
Statewide
Communities
Development
Authority
RB
for
Loma
Linda
University
Medical
Center
Series
2016A
(NR/BB)
1,600,000
5.000
(d)
12/01/2041
1,550,559
2,080,000
5.000
(d)
12/01/2046
1,963,738
10,030,000
5.250
(d)
12/01/2056
9,608,173
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
2,511,031
California
Statewide
Communities
Development
Authority
RB
for
Marin
General
Hospital
Series
2018A
(NR/BBB)
175,000
5.000
08/01/2037
177,777
California
Statewide
Communities
Development
Authority
RB
for
NCCD-Hooper
Street
LLC
Project
Series
2019
(NR/B)
2,350,000
5.250
(d)
07/01/2039
2,350,162
3,375,000
5.250
(d)
07/01/2049
3,212,976
1,975,000
5.250
(d)
07/01/2052
1,854,259
California
Statewide
Communities
Development
Authority
RB
Green
Bonds
for
Marin
General
Hospital
Series
2018A
(NR/BBB)
365,000
5.000
08/01/2028
379,749
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
California
Statewide
Communities
Development
Authority
RB
Refunding
for
California
Baptist
University
Series
2017
A
(NR/NR)
$
935,000
5.000%
(d)
11/01/2032
$
948,267
1,875,000
5.000
(d)
11/01/2041
1,793,255
California
Statewide
Communities
Development
Authority
RB
Refunding
for
Loma
Linda
University
Medical
Center
Series
2014
A
(NR/BB)
21,240,000
5.500
12/01/2054
20,866,815
California
Statewide
Communities
Development
Authority
Special
Assessment
Bond
Series
2020
(NR/NR)
1,230,000
4.000
09/02/2050
1,000,263
California
Statewide
Communities
Development
Authority
Special
Assessment
Bonds
Series
2018
C
(NR/NR)
3,095,000
5.000
09/02/2038
3,157,925
California
Statewide
Communities
Development
Authority
Special
Assessment
Series
2021
A
(NR/NR)
1,990,000
4.000
09/02/2051
1,628,464
California
Statewide
Communities
Development
Authority
Special
Tax
Bonds
Series
2022
(NR/NR)
1,525,000
5.250
09/01/2052
1,532,576
California
Statewide
Communities
Development
Authority
Statewide
Community
Infrastructure
Program
RB
Series
2018B
(NR/BBB+)
1,040,000
5.000
09/02/2048
1,043,388
California
Statewide
Communities
Development
Authority
Statewide
Community
Infrastructure
Program
RB
Series
2018C
(NR/NR)
2,960,000
5.000
09/02/2048
2,966,444
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
3,076,567
California
Statewide
Communities
Development
Authority
Student
Housing
Refunding
RB
for
University
of
California
Irvine
East
Campus
Apartments
Series
2016
(Baa1/NR)
1,450,000
5.000
05/15/2040
1,451,071
California
Statewide
Financing
Authority
Tobacco
Settlement
RB
Capital
Appreciation
for
Turbo
Pooled
Program
Series
2006
B
(NR/NR)
36,600,000
0.000
(f)
06/01/2046
5,804,742
Capistrano
Unified
School
District
Special
Tax
for
Capital
Appreciation
Series
2005
(NATL)
(Baa3/NR)
7,000,000
0.000
(f)
09/01/2033
5,101,678
Chino
Public
Financing
Authority
Tax
Exempt
RB
Series
2019
A
(NR/NR)
190,000
3.000
09/01/2037
156,820
195,000
3.000
09/01/2038
155,266
205,000
3.000
09/01/2039
157,738
210,000
3.000
09/01/2040
158,318
715,000
3.125
09/01/2044
512,905
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
738,058
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
(d)
09/01/2051
1,202,179
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
City
and
County
of
San
Francisco
Special
Tax
District
No.
2020-1
$
1,345,000
5.750%
(d)
09/01/2053
$
1,387,507
City
and
County
of
San
Francisco
Special
Tax
District
No.
2020-1
1,650,000
5.750
(d)
09/01/2053
1,702,146
City
of
Alameda
Community
Facilities
District
2023
Special
Tax
Bonds
(NR/NR)
1,050,000
5.000
09/01/2053
1,036,244
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
878,992
City
of
Chino
Community
Facilities
Improvement
Area
Special
Tax
Bonds
Series
2022
(NR/NR)
2,700,000
5.375
09/01/2052
2,747,971
City
of
Dublin,
Community
Facilities
District
No.
2015-1
1,150,000
5.375
09/01/2051
1,170,108
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
848,728
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
2,954,924
City
of
Los
Angeles
Department
of
Airports
International
Airport
Subordinate
RB
2018
Series
F
(Aa3/AA-)
1,850,000
4.000
05/15/2049
1,615,453
City
of
Los
Angeles
Department
of
Airports
International
Airport
Subordinate
RB
2023
Series
A
(Aa3/AA-)
450,000
4.125
05/15/2043
417,679
City
of
Oroville
RB
for
Oroville
Hospital
Series
2019
(NR/NR)
1,900,000
5.250
04/01/2034
1,552,348
3,565,000
5.250
04/01/2039
2,823,919
16,065,000
5.250
04/01/2049
12,508,064
11,685,000
5.250
04/01/2054
8,876,202
City
of
Palm
Desert
Community
Facilities
District
No.
2021-1
Special
Tax
Bonds
Series
2024
(NR/NR)
600,000
5.000
09/01/2049
600,940
525,000
5.000
09/01/2053
521,231
City
of
Palm
Desert
Community
Facilities
District
No.
2021-1
Special
Tax
Refunding
Bonds
Series
2021
(NR/NR)
420,000
3.000
09/01/2031
401,692
City
of
Palm
Desert
Section
29
Assessment
District
No.
2004-02
Special
Assessment
Refunding
Bonds
Series
2021
(NR/NR)
1,600,000
4.000
09/02/2037
1,547,114
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
541,841
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
1,665,807
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
346,597
375,000
4.000
09/01/2040
346,099
425,000
4.000
09/01/2045
368,942
950,000
4.000
09/01/2050
794,453
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
412,347
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
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%
(d)
09/01/2032
$
288,039
700,000
5.000
(d)
09/01/2037
712,294
1,745,000
5.000
(d)
09/01/2047
1,747,405
City
of
San
Francisco
Airport
Commission
International
Airport
RB
Series
2022A
(A1/NR)
4,330,000
5.000
05/01/2052
4,258,368
City
of
San
Francisco
Airport
Commission
International
Airport
Second
Series
RB
Series
2019A
(A1/AA-)
2,000,000
5.000
05/01/2049
1,975,986
City
of
San
Francisco
Improvement
Area
Community
Facilities
District
Special
Tax
Bonds
Series
2021
(NR/NR)
925,000
4.000
09/01/2046
770,662
City
of
San
Jose,
California
Airport
Revenue
Refunding
Bonds
Series
2017A
(A2/A)
4,310,000
5.000
03/01/2047
4,231,167
CMFA
Special
Finance
Agency
Essential
Housing
RB
Series
2021A-1
(NR/NR)
4,465,000
3.000
(d)
12/01/2056
2,809,075
CMFA
Special
Finance
Agency
VIII
Essential
Housing
RB
2021A-
1
(NR/NR)
5,500,000
3.000
(d)
08/01/2056
3,551,975
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
1,560,332
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
1,291,616
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
2,601,984
200,000
4.000
09/01/2045
172,935
County
of
Los
Angeles
Community
Facilities
District
Special
Tax
Bonds
Series
2022
(NR/NR)
2,775,000
5.000
09/01/2052
2,768,702
County
of
San
Diego
Community
Facilities
District
No.
2008-01
Special
Tax
Series
2020
A
(NR/NR)
695,000
3.000
09/01/2050
459,095
CSCDA
Community
Improvement
Authority
Essential
Housing
RB
Series
2021A-2
(NR/NR)
12,855,000
3.000
(d)
12/01/2056
8,455,797
CSCDA
Community
Improvement
Authority
Essential
Housing
Senior
Lien
RB
Series
2021A-1
(NR/NR)
10,890,000
3.600
(d)
05/01/2047
8,593,015
CSCDA
Community
Improvement
Authority
Essential
Housing
Senior
Lien
RB
Series
2021A-2
(NR/NR)
6,400,000
3.250
(d)
04/01/2057
4,416,795
Denair
California
Unified
School
District
GO
Bonds
Capital
Appreciation
Election
2001
Series
2003
B
(NATL)
(Baa3/A-)
1,305,000
0.000
(f)
08/01/2027
1,218,447
Department
of
Airports
of
The
City
of
Los
Angeles
LAX
Subordinate
RB
2021
Series
D
(Private
Activity/AMT)
(Aa3/AA-)
1,895,000
4.000
05/15/2051
1,641,773
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
Department
of
Airports
of
The
City
of
Los
Angeles
LAX
Subordinate
RB
2022
Series
A
(Private
Activity/AMT)
(Aa3/AA-)
$
2,955,000
4.000%
05/15/2049
$
2,580,359
Department
of
Airports
of
The
City
of
Los
Angeles,
California
Los
Angeles
International
Airport
Subordinate
Revenue
and
Refunding
RB
2025
Series
A
(Aa3/NR)
6,200,000
5.250
05/15/2050
6,362,191
Department
of
Water
and
Power
of
The
City
of
Los
Angeles
Power
System
RB
2025
Series
A
(BAM)
(Aa2/AA)
5,500,000
5.000
07/01/2053
5,567,987
3,625,000
5.000
07/01/2055
3,663,205
Department
of
Water
and
Power
of
The
City
of
Los
Angeles
Power
System
RB
2025
Series
A
(Aa2/NR)
9,375,000
5.000
07/01/2050
9,445,787
Dublin
Unified
School
District
GO
Bonds
Election
of
2020
Series
B
(Aa2/AA+)
15,000,000
4.250
08/01/2053
14,005,711
East
Garrison
Public
Finance
Authority
Special
Tax
for
East
Garrison
Project
Series
2019
(NR/NR)
445,000
3.125
09/01/2044
317,297
Eastern
Foothill
Transportation
Corridor
Agency
Senior
Lien
Toll
Road
Refunding
RB
Series
2021A
(Baa1/A)
1,000,000
4.000
01/15/2046
940,836
El
Camino
Community
College
District
Capital
Appreciation
Term
Bonds
(Aa1/AA+)
6,475,000
0.000
(f)
08/01/2038
3,780,567
El
Rancho
California
Unified
School
District
GO
Bonds
Capital
Appreciation
Election
2003
Series
2007
(NATL)
(Baa3/NR)
5,400,000
0.000
(f)
08/01/2032
4,230,358
Fairfield
COPS
Capital
Appreciation
for
Water
Financing
Series
2007
A
(AGC)
(NR/AA)
4,180,000
0.000
(f)
04/01/2029
3,707,021
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
(f)
10/01/2032
2,724,486
Foothill/Eastern
Transportation
Corridor
Agency
toll
Road
RB
Refunding
Capital
Appreciation
Senior
Lien
Series
2015
A
(AGM)
(A1/AA)
10,000,000
0.000
(f)
01/15/2035
7,119,228
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
(b)
01/15/2053
18,937,021
Golden
State
Securitization
Settlement
Corp
ABS
Bond
Series
2021
2021B-1
(NR/BBB-)
13,230,000
3.850
06/01/2050
12,038,480
Golden
State
tobacco
Securitization
Corp.
tobacco
Settlement
Asset
Backed
Bonds
Series
2022A-1
(NR/BBB)
5,375,000
5.000
06/01/2051
5,290,352
Golden
State
tobacco
Securitization
Settlement
Corp
ABS
Bond
Series
2021B-2
(NR/NR)
119,850,000
0.000
(f)
06/01/2066
12,658,653
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
646,934
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
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
$
3,454,146
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
1,037,688
1,000,000
5.625
09/01/2053
1,032,100
Inland
Empire
Tobacco
Securitization
Authority
RB
Turbo
Asset-
Backed
Bonds
for
Capital
Appreciation
Series
2007
C-1
(NR/CCC)
112,360,000
0.000
(f)
06/01/2036
50,508,696
Inland
Empire
tobacco
Securitization
Authority
RB
Turbo
Asset-
Backed
Bonds
for
Capital
Appreciation
Series
2007
C-2
(NR/CCC)
51,235,000
0.000
(f)
06/01/2047
8,440,264
Inland
Empire
tobacco
Securitization
Authority
RB
Turbo
Asset-Backed
Bonds
for
Capital
Appreciation
Series
2007
D
(NR/CCC)
290,580,000
0.000
(f)
06/01/2057
18,658,578
Irvine
Unified
School
District
Community
Facilities
District
Special
Tax
Bonds
Series
2017
D
(NR/NR)
4,600,000
5.000
03/01/2057
4,526,675
Lodi
Unified
School
District
GO
Bonds
Series
2021
(Aa2/NR)
3,700,000
3.000
08/01/2046
2,815,376
Los
Angeles
County
GO
Bonds
for
Westside
Union
School
District
Election
Series
2008
B
(Aa2/AA-)
49,925,000
0.000
(f)
08/01/2050
14,984,494
Los
Angeles
County
Public
Works
Financing
Authority
Lease
RB
2020
Series
A
(NR/AA+)
2,125,000
3.000
12/01/2050
1,488,600
Merced-Union
High
School
District
Election
of
2008
GO
Bonds
Series
2011
C
(Aa2/NR)
3,760,000
0.000
(f)
08/01/2035
2,584,177
M-S-R
Energy
Authority
Gas
RB
Series
2009
A
(NR/BBB+)
12,950,000
6.500
11/01/2039
15,476,545
M-S-R
Energy
Authority
Gas
RB
Series
2009
B
(NR/BBB+)
3,000,000
6.500
11/01/2039
3,585,300
M-S-R
Energy
Authority
Gas
RB
Series
2009
C
(NR/BBB+)
7,430,000
6.125
11/01/2029
7,835,949
20,315,000
6.500
11/01/2039
24,278,457
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
5,010,018
New
Haven
Unified
School
District
GO
Refunding
Bonds
for
Capital
Appreciation
Series
2009
(AGC)
(Aa2/AA)
1,105,000
0.000
(f)
08/01/2026
1,071,329
5,550,000
0.000
(f)
08/01/2030
4,761,699
7,855,000
0.000
(f)
08/01/2032
6,279,204
7,000,000
0.000
(f)
08/01/2034
5,137,400
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
999,923
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
11,771,583
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
Poway
Unified
School
District
GO
Bonds
Capital
Appreciation
for
School
Facility
Improvement
Series
2011
B
(Aa2/AA-)
$
1,300,000
0.000%
(f)
08/01/2040
$
676,810
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
852,020
820,000
3.000
09/01/2033
765,259
750,000
3.000
09/01/2034
689,150
Rancho
Cordova
Community
Facilities
District
No.
2018-1
Special
Tax
for
Grantline
208
Series
2019
(NR/NR)
400,000
5.000
09/01/2049
400,339
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
3,519,186
Rialto
Unified
School
District
GO
Election
of
2010
Series
2011
A
(AGM)
(Aa3/AA)
6,200,000
0.000
(f)
08/01/2036
3,847,339
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
2,784,847
3,875,000
5.000
09/01/2052
3,668,400
River
Islands
Public
Financing
Authority
Community
Facilities
District
No.
2003-1
Special
Tax
series
2022
(NR/NR)
400,000
5.750
09/01/2052
409,270
Riverside
County
Redevelopment
Agency
Tax
Allocation
for
Capital
Appreciation
Jurupa
Valley
Redevelopment
Project
Area
Series
2011
B
(NR/A+)
2,220,000
0.000
(f)
10/01/2033
1,636,513
2,220,000
0.000
(f)
10/01/2035
1,496,478
1,840,000
0.000
(f)
10/01/2037
1,113,675
5,100,000
0.000
(f)
10/01/2038
2,894,484
8,425,000
0.000
(f)
10/01/2039
4,510,962
13,395,000
0.000
(f)
10/01/2040
6,748,342
7,275,000
0.000
(f)
10/01/2041
3,436,685
6,360,000
0.000
(f)
10/01/2042
2,828,765
San
Diego
County
Regional
Airport
Authority
Subordinate
Airport
RB
Series
2021B
(A1/NR)
1,755,000
5.000
07/01/2046
1,740,450
San
Diego
County
Regional
Airport
Authority
Subordinate
Airport
RB
Series
2021B
(AMT)
(A1/NR)
1,080,000
5.000
07/01/2051
1,069,421
San
Diego
Unified
School
District
2010
GO
Bonds
(Aa2/AA-)
900,000
0.000
(f)
07/01/2043
405,321
San
Diego
Unified
School
District
GO
Refunding
Bonds
Series
2012
R-1
(Aa2/AA-)
10,000,000
0.000
(f)
07/01/2030
8,578,286
3,305,000
0.000
(f)
07/01/2031
2,733,480
San
Gorgonio
Memorial
Health
Care
District
GO
Refunding
Bonds
Series
2020
(B1/NR)
1,370,000
4.000
08/01/2032
1,244,345
1,560,000
4.000
08/01/2033
1,390,995
1,680,000
4.000
08/01/2034
1,469,398
1,810,000
4.000
08/01/2035
1,548,640
1,945,000
4.000
08/01/2036
1,629,480
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
Santa
Monica
Redevelopment
Agency
Tax
Allocation
for
Earthquake
Recovery
Redevelopment
Project
Series
2011
(NR/AA)
$
2,000,000
5.000%
07/01/2042
$
2,002,724
Silicon
Valley
tobacco
Securitization
Authority
tobacco
Settlement
ABS
Series
2007D
(NR/NR)
27,250,000
0.000
(f)
06/01/2056
2,375,816
Silicon
Valley
tobacco
Securitization
Authority
tobacco
Settlement
Asset
Backed
RB
Series
2007
C
(NR/NR)
91,400,000
0.000
(f)
06/01/2056
8,710,064
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
3,989,934
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
(f)
06/01/2054
1,912,573
Transbay
Joint
Powers
Authority
Tax
Allocation
for
Transbay
Redevelopment
Project
Series
2020
A
(NR/NR)
2,155,000
5.000
10/01/2049
2,061,978
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
752,442
West
Patterson
Financing
Authority
California
Community
Facilities
Villages
of
Patterson
Special
Tax
Bonds
Series
2024
(NR/NR)
780,000
4.625
09/01/2049
718,099
2,425,000
5.000
09/01/2054
2,388,025
William
S.
Hart
Union
High
School
District
GO
Bonds
Capital
Appreciation
2008
Election
Series
B
(AGM)
(Aa2/AA)
8,360,000
0.000
(f)
08/01/2034
6,135,524
Yosemite
Community
College
District
GO
Bonds
Election
of
2004
Series
2010
D
(Aa2/AA-)
19,135,000
0.000
(g)
08/01/2042
15,349,661
1,009,074,554
Colorado
-
4.9%
Allison
Valley
Metropolitan
District
No.
2
GO
Refunding
Bonds
Series
2020
(NR/NR)
1,570,000
4.700
12/01/2047
1,381,492
Amber
Creek
Metropolitan
District
GO
Refunding
&
Improvement
Bonds
Series
2017
A
(NR/NR)
586,000
5.000
12/01/2037
568,247
613,000
5.125
12/01/2047
575,983
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
2,287,623
Aurora
Crossroads
Metropolitan
District
No.
2
GO
Bonds
Series
2020
B
(NR/NR)
4,000,000
7.750
12/15/2050
4,002,112
Banning
Lewis
Ranch
Metropolitan
District
No.
8
GO
Bonds
Series
2021
(NR/NR)
4,000,000
4.875
(d)
12/01/2051
3,387,209
Banning
Lewis
Ranch
Regional
Metropolitan
District
No.
2
GO
Bonds
Series
2021
(NR/NR)
4,690,000
5.750
12/01/2051
4,333,016
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Colorado
–
(continued)
Baseline
Metropolitan
District
No.1
In
The
City
and
County
of
Broomfield
Colorado
Subordinate
Special
RB
Series
2024B
(NR/NR)
$
3,000,000
6.750%
12/15/2054
$
3,000,489
Belford
North
Metropolitan
District
GO
Bonds
Series
2020
B
(NR/NR)
6,000,000
8.500
12/15/2050
6,014,760
Bella
Mesa
Metropolitan
District
GO
Convertible
Capital
Appreciation
Bonds
Series
2020
A
(NR/NR)
1,930,000
0.000
(d)(g)
12/01/2049
1,923,120
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
18,268,068
Brighton
Crossing
Metropolitan
District
No.
6
Limited
Tax
GO
Bonds
Series
2020A(3)
(NR/NR)
3,835,000
5.000
12/01/2050
3,498,490
Buffalo
Highlands
Metropolitan
District
GO
Bonds
Series
2018
A
(NR/NR)
2,250,000
5.375
12/01/2048
2,121,565
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
8,807,767
Cascade
Ridge
Metropolitan
District
GO
Bonds
Series
2021
(NR/NR)
2,500,000
5.000
12/01/2051
2,078,113
Castleview
Metropolitan
District
LT
GO
Bonds
Series
2021A3
(NR/NR)
4,220,000
5.000
12/01/2050
3,300,789
Cherry
Creek
South
Metropolitan
District
Lt
Go
Bonds
Series
2021
(NR/NR)
9,400,000
6.000
12/01/2051
8,319,945
Citadel
on
Colfax
Business
Improvement
District
Senior
RB
Series
2020
A
(NR/NR)
2,575,000
5.350
12/01/2050
2,334,832
City
of
Colorado
Springs
Colorado
Utilities
System
Improvement
RB
Series
2024A
(Aa2/AA+)
2,665,000
5.250
11/15/2054
2,779,211
City
of
Denver
Airport
System
Subordinate
RB
Series
2018A
(A1/A+)
7,000,000
4.000
12/01/2043
6,285,094
City
of
Oak
Point
A
Municipal
Corporation
of
The
State
of
Texas
Located
in
Denton
County
Special
Assessment
RB
Series
2024
(NR/NR)
2,200,000
6.000
(d)
12/01/2053
2,011,770
Cloverleaf
Metropolitan
District
GO
LT
Bonds
Series
2022A
(NR/NR)
1,825,000
6.000
12/01/2051
1,818,144
Colorado
Bridge
and
Tunnel
Enterprise
Senior
Infrastructure
RB
Series
2024A
(AGM)
(A1/AA)
5,500,000
5.250
12/01/2049
5,690,989
2,000,000
5.500
12/01/2054
2,106,659
Colorado
Education
&
Cultural
Facilities
Authority
Charter
School
RB
Series
2021
(Baa3/NR)
2,075,000
4.000
10/01/2061
1,516,792
Colorado
Educational
&
Cultural
Facilities
Authority
RB
for
Aspen
View
Academy,
Inc.
Series
2021
(Baa3/NR)
475,000
4.000
05/01/2051
374,662
1,000,000
4.000
05/01/2061
748,766
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(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%
(d)
02/01/2051
$
781,325
2,335,000
5.000
(d)
02/01/2061
1,957,531
Colorado
Educational
&
Cultural
Facilities
Authority
RB
Refunding
for
Rocky
Mountain
Classical
Academy
Project
Series
2019
(Ba1/NR)
6,000,000
5.000
(d)
10/01/2059
5,193,312
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
1,454,607
1,955,000
5.000
09/01/2062
1,777,873
Colorado
Educational
and
Cultural
Facilities
Authority
Charter
School
RB
for
Mountain
Phoenix
Community
School
Project
Series
2023
(NR/NR)
4,355,000
6.250
(d)
07/01/2053
3,709,840
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
(d)
10/01/2049
5,518,785
Colorado
Educational
and
Cultural
Facilities
Authority
Cultural
Facilities
RB
The
Stanley
Project
Senior
Lien,
Series
2025A-1
(NR/NR)
18,250,000
6.875
(d)
02/01/2059
18,587,691
Colorado
Educational
and
Educational
Facilities
Authority
Charter
School
RB
Ascent
Classical
Academy
Charter
Schools
Inc.
Series
2024A
(NR/BB)
3,500,000
5.800
(d)
04/01/2054
3,472,558
2,050,000
5.750
(d)
04/01/2059
1,999,086
Colorado
Health
Facilities
Authority
American
Eagle
Delaware
Holding
Company
Series
2022A-1
(NR/NR)
3,245,000
6.000
07/01/2036
3,131,465
Colorado
Health
Facilities
Authority
American
Eagle
Delaware
Holding
Company
Series
2022A-2
(NR/NR)
2,055,000
6.000
07/01/2031
1,987,827
Colorado
Health
Facilities
Authority
RB
for
Commonspirit
Health
Series
2022A
(A3/A-)
2,500,000
5.250
11/01/2052
2,514,765
Colorado
Health
Facilities
Authority
RB
for
Commonspirit
Health
Series
2024A
(A3/A-)
1,000,000
5.250
12/01/2054
1,009,198
Colorado
Health
Facilities
Authority
RB
for
Senior
Living
American
Eagle
Portfolio
Project
Series
2022B-1
(NR/NR)
33,381,200
5.000
(b)
07/01/2057
24,994,050
Colorado
Health
Facilities
Authority
RB
Refunding
for
Christian
Living
Neighborhoods
Obligated
Group
Series
2021
(NR/NR)
950,000
4.000
01/01/2042
809,783
Colorado
Health
Facilities
Authority
RB
Refunding
for
CommonSpirit
Health
Obligated
Group
Series
2019
A-2
(A3/A-)
4,935,000
3.250
08/01/2049
3,645,853
Colorado
High
Performance
Transportation
Enterprise
C-470
Express
Lanes
Senior
RB
Series
2017
(NR/NR)
900,000
5.000
12/31/2051
863,194
9,680,000
5.000
12/31/2056
9,236,662
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Colorado
–
(continued)
Colorado
Springs
Urban
Renewal
Authority
RB
for
Canyon
Creek
Project
Series
2018
A
(NR/NR)
$
3,000,000
5.750%*
12/01/2047
$
2,362,823
Conestoga
Metropolitan
District
LT
GO
Refunding
&
Improvement
Bonds
Series
2021A3
(NR/NR)
850,000
5.250
12/01/2051
725,819
Constitution
Heights
Metropolitan
District
GO
Refunding
Bonds
Series
2020
(NR/NR)
1,753,000
5.000
12/01/2049
1,579,885
Copper
Ridge
Metropolitan
District
RB
Series
2019
(NR/NR)
6,615,000
5.000
12/01/2039
6,244,694
1,750,000
5.000
12/01/2043
1,593,172
Copperleaf
Metropolitan
District
GO
LT
Bonds
Series
2021
(NR/NR)
3,600,000
4.875
12/01/2051
2,741,612
Copperleaf
Metropolitan
District
No.
6
Arapoe
County
Subordinate
LT
GO
Bonds
Series
2022B
(NR/NR)
725,000
6.000
12/15/2041
724,690
Cornerstar
Metropolitan
District
GO
Refunding
Bonds
Series
2017
A
(NR/NR)
1,000,000
5.125
12/01/2037
969,477
2,100,000
5.250
12/01/2047
1,943,420
Creekside
Village
Metropolitan
District
GO
Bonds
Series
2019
A
(NR/NR)
3,261,000
5.000
12/01/2049
2,783,483
Crowfoot
Valley
Ranch
Metropolitan
District
No.
2
Subordinate
Limited
Tax
GO
Refunding
Bonds
Series
2024B
(NR/NR)
2,250,000
6.125
12/15/2054
2,171,337
Denver
Colorado
City
&
County
Special
Facilities
Airport
RB
Refunding
for
United
Air
Lines,
Inc.
Project
Series
2017
(NR/BB)
27,985,000
5.000
10/01/2032
27,984,664
Denver
Convention
Center
Hotel
Authority
RB
Refunding
Series
2016
(Baa2/BBB-)
665,000
5.000
12/01/2030
674,368
2,500,000
5.000
12/01/2032
2,528,906
Denver
Convention
Center
Hotel
Authority
Senior
Revenue
Refunding
Bonds
Series
2016
(Baa2/BBB-)
325,000
5.000
12/01/2031
329,209
Denver
Health
&
Hospital
Authority
COPS
Series
2018
(NR/BBB)
1,825,000
4.000
12/01/2038
1,708,522
1,690,000
5.000
12/01/2048
1,639,003
Denver
Health
&
Hospital
Authority
Healthcare
Revenue
Refunding
Bonds
Series
2017A
(NR/BBB)
4,000,000
5.000
(d)
12/01/2034
4,051,918
7,300,000
4.000
(d)
12/01/2035
7,146,719
7,300,000
4.000
(d)
12/01/2036
7,054,910
Denver
Health
&
Hospital
Authority
RB
Series
2019
A
(NR/BBB)
415,000
5.000
12/01/2030
439,977
950,000
4.000
12/01/2040
866,035
Denver
Health
and
Hospital
Authority,
Colorado
Healthcare  RB,
Series
2025A
(NR/BBB)
1,500,000
5.125
12/01/2050
1,483,761
2,500,000
6.000
12/01/2055
2,638,617
Dinosaur
Ridge
Metropolitan
District
RB
Refunding
and
Improvement
Bonds
Series
2019
A
(NR/NR)
3,695,000
5.000
06/01/2049
3,383,832
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Colorado
–
(continued)
E-470
Public
Highway
Authority
RB
Refunding
Capital
Appreciation
Series
2006
B
(NATL)
(A1/A+)
$
3,000,000
0.000%
(f)
09/01/2039
$
1,478,427
E-470
Public
Highway
Authority
RB
Series
2004
A
(NATL)
(A1/A+)
15,000,000
0.000
(f)
09/01/2028
13,586,030
4,120,000
0.000
(f)
09/01/2034
2,903,118
E-470
Public
Highway
Authority
RB
Series
2010
A
(A1/A+)
20,000,000
0.000
(f)
09/01/2040
10,086,632
Eagle
Brook
Meadows
Metropolitan
District
No.
3
GO
Bonds
Series
2021
(NR/NR)
1,600,000
5.000
12/01/2051
1,419,108
Fiddler's
Business
Improvement
District
GO
Refunding
Bonds
Series
2022
(NR/NR)
2,950,000
5.550
(d)
12/01/2047
2,938,265
Four
Corners
Business
Improvement
District
LT
Supported
RB
Series
2022
(NR/NR)
2,500,000
6.000
12/01/2052
2,452,943
Glen
Metropolitan
District
GO
LT
Bonds
Series
2021
(NR/NR)
2,370,000
4.250
12/01/2051
1,837,128
Granary
Metropolitan
District
No.
9
Special
Improvement
District
No.
1
Special
Assessment
RB
Series
2024
(NR/NR)
2,775,000
5.450
(d)
12/01/2044
2,559,982
Greenspire
Metropolitan
District
GO
LT
Bonds
Series
2022
(NR/NR)
1,430,000
5.125
12/01/2051
1,225,113
Hidden
Creek
Metropolitan
District
GO
Bonds
Series
2021
A
(NR/NR)
1,140,000
4.625
(d)
12/01/2045
927,584
High
Plains
Metropolitan
District
GO
Refunding
Bonds
Series
2017
(NATL)
(A2/NR)
3,680,000
4.000
12/01/2047
3,248,780
Highlands
Metropolitan
District
No.
1
GO
Bonds
Series
2021
(NR/NR)
570,000
5.000
12/01/2051
476,595
Independence
Metropolitan
District
No.
3
Limited
Tax
GO
and
Special
Revenue
Refunding
and
Improvement
Senior
Bonds
Series
2024A
(NR/NR)
4,000,000
5.375
12/01/2054
3,811,397
Jay
Grove
Metropolitan
District
GO
Bonds
Series
2021
(NR/NR)
1,225,000
4.250
12/01/2051
898,152
Jefferson
Center
Metropolitan
District
No.
1
RB
Series
2020
A-2
(B1/NR)
580,000
4.125
12/01/2040
514,050
900,000
4.375
12/01/2047
782,888
Johnstown
Farms
East
Metropolitan
District
GO
LT
Bonds
Series
2021
(NR/NR)
1,000,000
5.000
12/01/2051
812,768
Johnstown
Plaza
Metropolitan
District
LT
GO
Refunding
and
Improvement
Bonds
Series
2022
(NR/NR)
12,172,000
4.250
12/01/2046
10,202,999
Johnstown
Village
Metropolitan
District
No.
2
GO
Bonds
Series
2020
A
(NR/NR)
1,980,000
5.000
12/01/2050
1,715,358
Jones
District
Community
Authority
Board
RB
for
Convertible
Capital
Appreciation
Bonds
Series
2020
(NR/NR)
7,800,000
0.000
(g)
12/01/2050
7,064,383
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Colorado
–
(continued)
Kremmling
Memorial
Hospital
District
Certificates
of
Participation
Series
2024
(NR/NR)
$
11,000,000
6.625%
(d)
12/01/2056
$
10,288,758
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
3,430,015
Lochbuie
Station
Residential
Metropolitan
District
GO
Bonds
Series
2020
A
(NR/NR)
1,180,000
5.750
12/01/2050
1,220,148
Lochbuie
Station
Residential
Metropolitan
District
Subordinate
GO
Limited
Tax
Bonds
Series
2024B
(NR/NR)
535,000
6.250
12/15/2044
531,777
Loretto
Heights
Community
Authority
RB
Series
2021
(NR/NR)
4,500,000
4.875
12/01/2051
3,391,896
Meadowlark
Metropolitan
District
GO
Bonds
Series
2020
A
(NR/NR)
524,000
4.875
12/01/2040
512,236
750,000
5.125
12/01/2050
701,538
Meridian
Ranch
Metropolitan
District
GO
LT
Bonds
Series
2022
(NR/NR)
2,925,000
6.750
12/01/2052
2,913,070
Mineral
Business
Improvement
District
Limited
Tax
GO
and
Special
RB
Series
2024A
(NR/NR)
1,600,000
5.750
(d)
12/01/2054
1,547,679
Mineral
Business
Improvement
District
Subordinate
Limited
Tax
GO
and
Special
RB
Series
2024B
(NR/NR)
420,000
8.500
(d)
12/15/2054
422,632
Mirabelle
Metropolitan
District
No.
2
Douglas
County
Colorado
Subordinate
Limited
Tax
GO
Refunding
and
Improvement
Bonds
Series
2025B
(NR/NR)
1,500,000
6.125
12/15/2049
1,447,402
Morgan
Hill
Metropolitan
District
GO
LT
Refunding
&
Improvement
Bonds
Senior
Series
2021A
(NR/NR)
2,900,000
4.000
12/01/2051
2,208,853
Mountain
Sky
Metropolitan
District
GO
Bonds
Series
2020
A
(NR/NR)
978,000
5.000
12/01/2049
887,361
Muegge
Farms
Metropolitan
District
No.
1
GO
Bonds
Series
2021
(NR/NR)
3,225,000
5.000
12/01/2051
2,624,627
Mulberry
Metropolitan
District
LT
GO
Bonds
Series
2022A
(NR/NR)
2,550,000
7.000
12/01/2052
2,574,610
Murphy
Creek
Metropolitan
District
GO
LT
Bonds
Series
2021
(NR/NR)
12,788,000
5.000
12/01/2051
10,801,643
Murphy
Creek
Metropolitan
District
GO
LT
Bonds
Series
2022A
(NR/NR)
2,140,000
6.000
12/01/2052
2,016,142
Newlin
Crossing
Metropolitan
District
Limited
Tax
Convertible
to
UT
GO
Bonds
Series
2024A
(NR/NR)
645,000
5.375
(d)
12/01/2054
602,431
Nexus
North
at
DIA
Metropolitan
District
GO
Bonds
Series
2021
(NR/NR)
1,140,000
5.000
12/01/2051
1,010,674
Nine
Mile
Metropolitan
District
In
The
Town
of
Erie
Boulder
County
RB
Series
2020
(NR/NR)
6,760,000
5.125
12/01/2040
6,610,746
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Colorado
–
(continued)
North
Holly
Metropolitan
District
Limited
Tax
GO
Bonds
Series
2018
A
(NR/NR)
$
1,260,000
5.500%
12/01/2048
$
1,214,298
North
Range
Metropolitan
District
No.
2
GO
Refunding
Bonds
Series
2017
A
(NR/NR)
2,785,000
5.625
12/01/2037
2,740,608
7,855,000
5.750
12/01/2047
7,594,605
North
Range
Metropolitan
District
Subordinate
LT
GO
Special
RB
Series
2017B
(NR/NR)
1,731,000
7.750
12/15/2047
1,731,194
Northglenn
Urban
Renewal
Authority
Tax
Allocation
for
Urban
Renewal
Plan
2
Series
2019
(NR/BBB-)
225,000
4.000
12/01/2031
226,929
125,000
4.000
12/01/2032
125,309
340,000
4.000
12/01/2033
338,895
190,000
4.000
12/01/2034
187,728
550,000
4.000
12/01/2036
532,443
215,000
4.000
12/01/2038
200,440
Palisade
Metropolitan
District
No.
2
Colorado
Subordinate
Convertible
Capital
Appreciation
GO
Limited
Tax
and
Revenue
Refunding
Bonds
Series
2024B
(NR/NR)
3,000,000
0.000
(d)(g)
12/15/2054
2,770,578
Parkdale
Community
Authority
3,420,000
7.000
12/15/2044
3,403,617
1,625,000
5.875
12/01/2045
1,662,114
Parkdale
Community
Authority
for
Parkdale
Metropolitan
District
No.
1
Series
2020
A
(NR/NR)
2,140,000
5.000
12/01/2040
2,210,550
3,335,000
5.250
12/01/2050
3,446,315
Parkdale
Community
Authority
for
Parkdale
Metropolitan
District
No.
1
Series
2020
B
(NR/NR)
1,924,000
7.750
12/15/2050
1,995,347
Parkdale
Community
Authority
Limited
Tax
Supported
Convertible
Capital
Appreciation
RB
Series
2024A
(NR/NR)
5,170,000
0.000
(d)(g)
12/01/2053
4,123,834
Parkdale
Community
Authority
Subordinate
Limited
Tax
Supported
RB
Series
2024B
(NR/NR)
1,392,000
9.000
(d)
12/15/2053
1,404,051
Parterre
Metropolitan
District
No.
5
1,750,000
6.125
12/01/2055
1,799,711
Patriot
Park
Metropolitan
District
No.
2
GO
Bonds
Series
2021
(NR/NR)
991,000
4.300
12/01/2050
804,234
Pinery
Commercial
Metropolitan
District
No.
2
Douglas
County
Colorado
Special
RB
Series
2025
(NR/NR)
2,700,000
5.750
12/01/2054
2,608,091
Pinon
Pines
Metropolitan
District
No.
2
GO
Bonds
Series
2020
(NR/NR)
1,200,000
5.000
12/01/2050
1,062,305
Plaza
Metropolitan
District
No.
1
RB
Refunding
Series
2013
(NR/NR)
1,000,000
5.000
(d)
12/01/2040
982,411
Powhaton
Community
Authority
LT
Supported
RB
Series
2021
(NR/NR)
5,460,000
5.000
12/01/2051
4,624,288
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
1,029,716
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
Primary
Improvements
RB
Series
2024A
(NR/NR)
$
1,600,000
5.875%
12/15/2046
$
1,647,546
Prairie
Center
Metropolitan
District
No.
3
Limited
Property
Tax
Supported
RB
Refunding
Series
2017
A
(NR/NR)
6,500,000
5.000
(d)
12/15/2041
6,294,508
Prairie
Center
Metropolitan
District
No.
7
GO
Bonds
Series
2020
(NR/NR)
725,000
4.875
12/15/2044
662,343
Pueblo
Urban
Renewal
Authority
Tax
Allocation
Series
2021
A
(NR/NR)
16,600,000
4.750
(d)
12/01/2045
14,376,979
Pueblo
Urban
Renewal
Authority
Tax
Allocation
Series
2021
B
(NR/NR)
150,000
0.000
(d)(f)
12/01/2025
146,635
Rampart
Range
Metropolitan
District
No.
5
RB
Series
2021
(NR/NR)
1,750,000
4.000
12/01/2051
1,374,628
Redtail
Ridge
Metropolitan
District
City
of
Louisville
Boulder
County
Colorado
GO
Limited
Tax
Capital
Appreciation
Turbo
Bonds
Series
2025
(NR/NR)
4,500,000
0.000
(f)
12/01/2032
2,665,820
Reunion
Metropolitan
District
RB
Series
2021
A
(NR/NR)
2,109,201
3.625
12/01/2044
1,475,097
Ritoro
Metropolitan
District
in
the
Town
of
Elizabeth
Colorado
Subordinate
GO
Limited
Tax
Refunding
Bonds
Series
2025B
(NR/NR)
657,000
6.250
12/15/2057
644,774
Riverview
Metropolitan
District
GO
Refunding
Bonds
Series
2021
(NR/NR)
500,000
5.000
12/01/2051
421,454
RRC
Metropolitan
District
LT
GO
Bonds
Series
2021
(NR/NR)
5,125,000
5.250
12/01/2051
4,347,747
Sabell
Metropolitan
District
GO
Bonds
Series
2020
A
(NR/NR)
1,053,000
5.000
(d)
12/01/2050
979,351
Second
Creek
Farm
Metropolitan
District
No.
3
GO
Bonds
Series
2019
A
(NR/NR)
3,450,000
5.000
12/01/2039
3,263,411
5,695,000
5.000
12/01/2049
5,084,715
Senac
South
Metropolitan
District
GO
LT
Bonds
Series
2021A3
(NR/NR)
9,375,000
5.250
12/01/2051
8,164,967
Settler's
Crossing
Metropolitan
District
No.
1
GO
Bonds
Series
2020
A
(NR/NR)
2,200,000
5.000
(d)
12/01/2040
2,052,620
1,625,000
5.125
(d)
12/01/2050
1,449,484
Sky
Dance
Metropolitan
District
No.
2
GO
Limited
Tax
Convertible
To
UT
Bonds
Series
2024A
(NR/NR)
2,000,000
6.000
12/01/2054
1,984,234
Sky
Ranch
Community
Authority
Board
LT
Support
District
Bonds
Series
2022A
(NR/NR)
4,345,000
5.750
12/01/2052
3,991,142
South
Sloan's
Lake
Metropolitan
District
No.
2
GO
Improvement
Bonds
Series
2019
(AGM)
(Baa1/AA)
750,000
4.000
12/01/2044
663,406
2,210,000
3.000
12/01/2049
1,594,374
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Colorado
–
(continued)
South
Timnath
Metropolitan
District
No.
1
GO
Limited
Subordinate
Tax
Bonds
Series
2019
B
(NR/NR)
$
2,208,000
8.000%
12/15/2048
$
1,859,604
South
Timnath
Metropolitan
District
No.
1
GO
Limited
Taxable
Bonds
Series
2019
A
(NR/NR)
500,000
5.500
12/01/2048
406,367
Southlands
Metropolitan
District
No.
1
GO
Refunding
Bonds
Series
2017A-1
(Ba1/NR)
1,750,000
5.000
12/01/2047
1,618,692
Stc
Metropolitan
District
No.
2
in
The
Town
of
Superior
Boulder
County,
Colorado
Limited
Tax
GO
and
Special
Revenue
Refunding
Second
Lien
Bonds,
Series
2025A-2
(NR/NR)
7,250,000
6.250
(d)
12/01/2055
7,342,564
Sterling
Hills
West
Metropolitan
District
GO
Refunding
Bonds
Series
2017
(A2/NR)
650,000
5.000
12/01/2039
659,772
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
1,014,510
Sterling
Ranch
Community
Authority
Board
Douglas
County
Colorado
Special
Improvement
District
No.
1
Special
Assessment
RB
Series
2024
(NR/NR)
800,000
5.625
12/01/2043
801,195
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
704,868
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
2,137,367
Sunset
Parks
Metropolitan
District
Limited
Tax
GO
Bonds
Series
2024A
(NR/NR)
910,000
5.125
(d)
12/01/2054
838,487
647,000
7.625
(d)
12/15/2054
650,404
Takoda
Metropolitan
District
Limited
Tax
GO
Refunding
Bonds
Series
2018
(Baa3/NR)
8,000,000
6.000
12/01/2050
8,146,786
The
Canyons
Metropolitan
District
No.
5
in
The
City
of
Castle
Pines
Subordinate
Limited
Tax
GO
and
Special
Revenue
Refunding
Bonds
Series
2024B
(NR/NR)
2,000,000
6.500
12/15/2054
1,994,391
The
Village
Metropolitan
District
GO
Refunding
Bonds
Series
2020
(NR/NR)
1,100,000
5.000
12/01/2040
1,082,948
1,750,000
5.000
12/01/2049
1,665,183
Timberleaf
Metropolitan
District
in
The
City
of
Thornton
Adams
County,
Colorado
Subordinate
GO
Limited
Tax
Bonds,
Series
2025B
(NR/NR)
850,000
7.875
12/15/2055
848,528
Trails
at
Crowfoot
Metropolitan
District
No.
3
In
The
Town
of
Parker
Colorado
Subordinate
GO
Limited
Tax
Refunding
Bonds
Series
2024B
(NR/NR)
725,000
6.875
12/15/2052
721,251
Trevenna
Metropolitan
District
in
The
Town
of
Windsor
Limited
Tax
GO
Bonds
Series
2024A
(NR/NR)
2,025,000
5.750
12/01/2054
1,879,839
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Colorado
–
(continued)
Trevenna
Metropolitan
District
In
The
Town
of
Windsor
Subordinate
Limited
Tax
GO
Bonds
Series
2024B(3)
(NR/NR)
$
627,000
8.250%
12/15/2049
$
632,137
Village
Metropolitan
District
No.
2
Limited
Tax
GO
and
Special
RB
Series
2019
(NR/NR)
500,000
4.375
12/01/2044
457,487
Villages
at
Johnstown
Metropolitan
District
No.
3
GO
Bonds
Series
2020
A
(NR/NR)
580,000
5.000
12/01/2040
559,641
1,020,000
5.000
12/01/2050
890,832
Waterview
North
Metropolitan
District
No.
1
El
Paso
County
Colorado
Limited
Tax
GO
Bonds
Series
2024A
(NR/NR)
3,150,000
5.750
(d)
12/01/2054
2,888,846
Waterview
North
Metropolitan
District
No.
1
El
Paso
County,
Colorado
Limited
Tax
GO
Bonds
Subordinate
Limited
Tax
GO
Series
2024B
(NR/NR)
782,000
8.000
(d)
12/15/2054
785,785
Weems
Neighborhood
Metropolitan
District
in
The
City
of
Lafayette
Boulder
County
Colorado
GO
Bonds
Series
2025A
&
2025B
(NR/NR)
1,000,000
5.875
12/01/2055
1,002,533
West
Meadow
Metropolitan
District
town
of
Fraser,
Grand
County,
Colorado
Limited
Tax
GO
Senior
Bonds
Series
2023A
(NR/NR)
2,250,000
6.500
(d)
12/01/2050
2,275,121
Westerly
Metropolitan
District
No.
4
GO
Bonds
Series
2021
A-2
(NR/NR)
1,000,000
0.000
(g)
12/01/2050
918,162
Westerly
Metropolitan
District
No.
4
GO
Bonds
Series
2021
B-3
(NR/NR)
4,238,000
8.000
12/15/2050
4,178,109
Wildgrass
at
Rockrimmon
Metropolitan
District
GO
Bonds
Series
2020
A
(NR/NR)
950,000
5.000
(d)
12/01/2050
823,025
Wildgrass
at
Rockrimmon
Metropolitan
District
GO
Bonds
Series
2020
B
(NR/NR)
93,000
7.750
12/15/2050
93,154
Windshire
Park
Metropolitan
District
No.
2
GO
Refunding
&
Improvement
Bonds
Senior
Series
2017
A
(NR/NR)
1,500,000
6.500
12/01/2047
1,503,452
Winsome
Metropolitan
District
No.
3
GO
Bonds
Series
2021
A
(NR/NR)
2,184,000
5.125
(d)
12/01/2050
1,851,265
Woodmen
Heights
Metropolitan
District
No.
2
GO
Refunding
Bonds
Series
2020
B-1
(NR/NR)
1,728,000
6.250
12/15/2040
1,678,773
571,653,827
Connecticut
-
0.6%
City
of
New
Haven
CT
GO
Bonds
Series
2018
(NR/A-)
310,000
5.500
08/01/2038
320,408
City
of
New
Haven
GO
Bonds
Series
2018
A
(NR/A-)
900,000
5.500
08/01/2034
946,591
500,000
5.500
08/01/2035
523,684
420,000
5.500
08/01/2036
438,442
500,000
5.500
08/01/2037
519,941
Connecticut
Airport
Authority
Customer
Facility
Charge
RB
for
Ground
Transportation
Center
Project
Series
2019A
(NR/A)
1,750,000
4.000
07/01/2049
1,466,698
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Connecticut
–
(continued)
Connecticut
State
Health
&
Educational
Facilities
Authority
RB
for
McLean
Affiliates
Obligated
Group
Series
2020
A
(NR/NR)
$
1,150,000
5.000%
(d)
01/01/2045
$
981,609
3,065,000
5.000
(d)
01/01/2055
2,440,759
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
862,024
3,500,000
4.000
07/01/2044
2,695,102
5,325,000
4.000
07/01/2049
3,889,207
Great
Pond
Improvement
District
RB
for
Great
Pond
Phase
1
Project
Series
2019
(NR/NR)
2,500,000
4.750
(d)
10/01/2048
2,255,299
Mohegan
Tribal
Finance
Authority
Tribal
RB
Economic
Development
Bonds
Series
2015
(NR/B-)
28,100,000
7.000
(d)
02/01/2045
28,326,601
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
2,180,368
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
07/01/2054
4,273,005
Steel
Point
Infrastructure
Improvement
District
Special
Obligation
RB
Series
2024
(NR/NR)
3,865,000
6.000
(d)
04/01/2052
4,026,492
Steel
Point
Infrastructure
Improvement
District
Special
Obligation
RB
Series
2024
Steelpointe
Harbor
Project
(NR/NR)
925,000
5.625
(d)
04/01/2044
940,956
Steel
Point
Infrastructure
Improvement
District
Tax
Allocation
for
Steelpointe
Harbor
Project
Series
2021
(NR/NR)
2,025,000
4.000
(d)
04/01/2051
1,639,176
The
Housing
Authority
of
the
City
of
Stamford
RB
Mozaic
Concierge
Living
Project
RB
Series
2025A
(NR/NR)
750,000
5.500
10/01/2035
765,595
1,825,000
6.000
10/01/2040
1,853,538
1,450,000
6.375
10/01/2045
1,464,546
2,275,000
6.500
10/01/2055
2,278,262
1,650,000
6.250
10/01/2060
1,598,021
Town
of
Hamden
RB
for
Whitney
Center
Project
Series
2022A
(NR/NR)
6,925,000
7.000
01/01/2053
7,246,137
73,932,461
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
791,631
1,125,000
4.000
06/01/2057
804,297
Delaware
Economic
Development
Authority
RB
for
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group
Series
2018
B
(NR/NR)
1,865,000
5.000
11/15/2048
1,795,982
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
2,818,669
Delaware
State
Economic
Development
Authority
RB
for
First
State
Montessori
Academy,
Inc.
Series
2019
A
(NR/BBB-)
855,000
5.000
08/01/2049
772,218
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Delaware
–
(continued)
Delaware
State
Economic
Development
Authority
RB
for
First
State
Montessori
Academy,
Inc.
Series
2019
A
(NR/BBB-)
–
(continued)
$
835,000
5.000%
08/01/2054
$
740,646
Delaware
State
Economic
Development
Authority
RB
for
Newark
Charter
School,
Inc.
Series
2020
(NR/BBB+)
1,900,000
5.000
09/01/2050
1,810,587
Town
of
Bridgeville
Special
Tax
Refunding
for
Heritage
Shores
Special
Development
District
Series
2020
(Baa3/NR)
4,774,000
4.000
07/01/2035
4,609,707
14,143,737
District
of
Columbia
-
0.8%
District
Columbia
Tobacco
Settlement
Filing
Corp
/
Tobacco
Asset
Backed
Bds
2006
A
(NR/NR)
135,095,000
0.000
(f)
06/15/2046
33,610,015
District
of
Columbia
(Washington,
D.C.)
Income
Tax
Secured
RB,
Series
2023A
(Tax-Exempt)
(Aa1/AAA)
3,000,000
5.250
05/01/2048
3,114,589
District
of
Columbia
Metropolitan
Airport
Authority
Airport
System
Revenue
Refunding
Bonds
Series
2021A
(Aa3/AA-)
5,000,000
4.000
10/01/2051
4,229,112
District
of
Columbia
Union
Market
Project
Tax
Increment
RB
Convertible
Capital
Appreciation
Bonds
Series
2024B
(NR/NR)
3,675,000
0.000
(d)(g)
06/01/2049
2,134,762
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
39,316,580
Metropolitan
Washington
Airports
Authority
Dulles
Toll
Road
RB
Series
2019
B
(AGM)
(A1/AA)
3,000,000
3.000
10/01/2050
2,110,301
3,170,000
4.000
10/01/2053
2,723,321
Metropolitan
Washington
Airports
Authority
Dulles
Toll
Road
RB
Series
2019
B
(Baa2/A-)
1,115,000
4.000
10/01/2053
922,751
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
5,276,627
93,438,058
Florida
-
15.1%
Aberdeen
Community
Development
District
Special
Assessment
Refunding
Series
2020
A-2
(NR/NR)
3,560,000
4.750
05/01/2036
3,553,798
Aberdeen
Community
Development
District
Special
Assessment
Series
2018
(NR/NR)
610,000
5.000
05/01/2039
610,658
1,015,000
5.100
05/01/2049
967,618
Academical
Village
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
1,580,000
3.625
05/01/2040
1,299,461
1,775,000
4.000
05/01/2051
1,408,995
Anabelle
Sandridge
Community
Development
District
Clay
County
Florida
Special
Assessment  RB,
Series
2025
(NR/NR)
1,830,000
6.125
05/01/2055
1,818,701
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Antillia
Community
Development
District
Miami-Dade
County
Florida
Special
Assessment
Bonds
Series
2024
(NR/NR)
$
900,000
5.600%
05/01/2044
$
884,676
1,295,000
5.875
05/01/2054
1,271,335
Arbors
Community
Development
District
Capital
Improvement
RB
Series
2023
(NR/NR)
1,125,000
5.400
05/01/2043
1,134,339
2,050,000
5.625
05/01/2053
2,070,439
Arbors
Community
Development
District
Capital
Improvement
RB
Series
2024
(NR/NR)
900,000
5.150
(d)
05/01/2044
868,549
1,365,000
5.500
(d)
05/01/2055
1,312,756
Arborwood
Community
Development
District
RB
Capital
Improvement
Refunding
Senior
Lien
Series
2018
A-1
(AGM)
(NR/AA)
6,695,000
3.700
05/01/2036
6,567,011
Arborwood
Community
Development
District
RB
Capital
Improvement
Refunding
Subordinate
Lien
Series
2018
A-2
(NR/NR)
440,000
4.625
05/01/2028
445,600
1,765,000
5.000
05/01/2036
1,782,975
Arborwood
Community
Development
District
Special
Assessment
Capital
Improvement
Refunding
Series
2014
B
A-1
(NR/NR)
2,830,000
6.900
05/01/2036
2,831,321
Arborwood
Community
Development
District
Special
Assessment
Capital
Improvement
Refunding
Series
2014
B
A-2
(NR/NR)
390,000
6.900
05/01/2036
390,119
Armstrong
Community
Development
District
Special
Assessment
for
Assessment
Area
Two
Project
Series
2019
A
(NR/NR)
495,000
4.000
11/01/2040
434,540
3,130,000
4.000
11/01/2050
2,477,681
Artisan
Lakes
East
Community
Development
District
RB
for
Capital
Improvement
Series
2018
(NR/NR)
1,845,000
5.100
(d)
05/01/2039
1,853,996
3,080,000
5.200
(d)
05/01/2049
2,985,018
Artisan
Lakes
East
Community
Development
District
Special
Assessment
Bond
Series
2021-2
(NR/NR)
270,000
2.750
(d)
05/01/2031
250,901
515,000
3.125
(d)
05/01/2041
398,317
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
1,703,218
Astonia
Community
Development
District
Special
Assessment
for
Assessment
Area
2
Project
Series
2021
(NR/NR)
500,000
3.200
(d)
05/01/2041
398,590
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
1,028,324
Astonia
Community
Development
District
Special
Assessment
for
North
Parcel
Assessment
Area
Project
Series
2021
(NR/NR)
775,000
3.200
(d)
05/01/2041
617,815
Aurora
Oaks
Community
Development
District
Marion
County,
Florida
Special
Assessment
Bonds,
Series
2024
Assessment
Area
One
Project
(NR/NR)
1,025,000
5.625
05/01/2055
946,554
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Avalon
Groves
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Phase
1
Project
1
&
2
Series
2019
(NR/NR)
$
660,000
4.375%
11/01/2049
$
564,663
Avalon
Groves
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Project
Series
2017
(NR/NR)
740,000
5.750
05/01/2048
750,950
Avalon
Groves
Community
Development
District
Special
Assessment
for
Assessment
Area
Three
Project
Series
2021
(NR/NR)
250,000
3.375
05/01/2041
199,327
Avalon
Groves
Community
Development
District
Special
Assessment
for
Assessment
Area
Two
Project
Series
2017
A-1
(NR/NR)
1,780,000
6.000
05/01/2048
1,832,794
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
515,339
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
779,847
Avalon
Park
West
Community
Development
District
Special
Assessment
Refunding
Series
2020
(NR/NR)
580,000
3.750
(d)
05/01/2040
505,398
Avenir
Community
Development
District
City
of
Palm
Beach
Gardens
Florida
Senior
Special
Assessment
Bonds
Series
2021A-1
(NR/NR)
4,165,000
3.400
05/01/2052
2,948,810
Avenir
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
Two
-
2021B
Project
Series
2021B
(NR/NR)
4,500,000
5.000
(d)
05/01/2041
4,398,958
Avenir
Community
Development
District
Special
Assessment
Bonds
Series
2019B-
Parcel
A-4
Project
(NR/NR)
1,310,000
5.250
05/01/2029
1,321,349
Avenir
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
1,170,000
5.375
05/01/2043
1,158,916
4,845,000
5.625
05/01/2054
4,828,517
Aviary
at
Rutland
Ranch
Community
Development
District
Special
Assessment
Refunding
for
Area
1
Project
Series
2019
(NR/NR)
900,000
4.500
(d)
06/01/2039
846,885
1,630,000
4.625
(d)
06/01/2049
1,438,771
Babcock
Ranch
Community
Independent
Special
District
Special
Assessment
RB
Series
2015
(NR/NR)
320,000
4.750
11/01/2026
320,968
700,000
5.000
11/01/2031
702,182
5,975,000
5.250
11/01/2046
5,895,310
Babcock
Ranch
Community
Independent
Special
District
Special
Assessment
RB
Series
2022
(NR/NR)
6,000,000
5.000
05/01/2042
5,850,434
Babcock
Ranch
Community
Independent
Special
District
Special
Assessment
RB
Series
2024
(NR/NR)
2,750,000
5.250
(d)
05/01/2055
2,592,113
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Bannon
Lakes
Community
Development
District
Special
Assessment
RB
Series
2016
(NR/NR)
$
955,000
5.000%
11/01/2036
$
964,937
1,055,000
5.000
11/01/2048
992,615
Bannon
Lakes
Community
Development
District
Special
Assessment
Series
2021
(NR/NR)
705,000
3.500
(d)
05/01/2041
586,186
Bartram
Park
Community
Development
District
Special
Assessment
RB
Refunding
for
City
of
Jacksonville
Florida
Senior
Lien
Series
2015
A-1
(NR/A)
1,250,000
4.250
05/01/2029
1,250,820
Bartram
Park
Community
Development
District
Special
Assessment
RB
Refunding
for
City
of
Jacksonville
Subordinate
Lien
Series
2015
A-2
(NR/NR)
885,000
5.000
05/01/2035
885,327
Bay
Laurel
Center
Community
Development
District
Special
Assessment
RB
Refunding
Series
2016
Candler
(NR/BBB+)
845,000
3.750
05/01/2031
826,318
970,000
4.000
05/01/2037
924,195
Baywinds
Community
Development
District
Senior
Special
Assessment
Refunding
Bonds
Series
2017
A-1
(NR/A+)
2,810,000
4.250
05/01/2037
2,741,141
Beaumont
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
Two-Commercial
Project
Series
2019
(NR/NR)
1,200,000
6.375
(d)
11/01/2049
1,223,060
Bellagio
Community
Development
District
Special
Assessment
Bonds
Series
2013
(NR/BBB)
245,000
6.000
11/01/2027
253,021
485,000
3.750
11/01/2031
472,199
2,965,000
6.500
11/01/2043
3,085,402
1,490,000
4.125
11/01/2046
1,215,714
Belmond
Reserve
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
1,045,000
4.000
05/01/2040
978,411
Belmont
Community
Development
District
Capital
Improvement
Phase
1
Project
Series
2013
A
(NR/NR)
655,000
6.125
11/01/2033
700,718
1,000,000
6.500
11/01/2043
1,067,478
Belmont
II
Community
Development
District
Special
Assessment
RB
Series
2020
(NR/NR)
1,495,000
4.000
12/15/2050
1,211,896
Belmont
II
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
1,280,000
3.625
12/15/2040
1,137,923
Berry
Bay
Community
Development
District
Special
Assessment
for
Assessment
Area
1
Project
Series
2021
(NR/NR)
1,250,000
3.625
05/01/2041
1,032,243
Berry
Bay
Community
Development
District
Special
Assessment
RB
for
Assessment
Area
Three
Series
2024
(NR/NR)
825,000
5.000
05/01/2044
774,318
925,000
5.350
05/01/2054
857,415
Berry
Bay
Community
Development
District
Special
Assessment
RB
Series
2023
(NR/NR)
1,525,000
5.750
05/01/2053
1,536,761
Bexley
Community
Development
District
Special
Assessment
Bonds
Series
2016
(NR/NR)
1,680,000
4.700
05/01/2036
1,678,480
3,200,000
4.875
05/01/2047
2,950,047
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Biscayne
Drive
Estates
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
$
890,000
6.000%
06/15/2052
$
902,867
Black
Creek
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
325,000
3.750
06/15/2040
276,668
950,000
4.000
06/15/2050
757,885
Blue
Lake
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
915,000
4.250
06/15/2039
837,832
Boggy
Branch
Community
Development
District
Special
Assessment
Series
2021
(NR/NR)
1,165,000
3.500
05/01/2041
940,020
1,355,000
4.000
05/01/2051
1,059,982
Botaniko
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
565,000
3.625
05/01/2040
472,364
Bradbury
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
1,800,000
5.250
05/01/2043
1,767,564
2,250,000
5.500
05/01/2053
2,182,649
Bridgewalk
Community
Development
District
675,000
6.500
12/15/2053
697,394
Bridgewater
Community
Development
District
Special
Assessment
Refunding
Bonds
for
Assessment
Area
Two
Series
2015
(NR/NR)
5,280,000
5.750
05/01/2035
5,417,817
Brightwater
Community
Development
District
Capital
Improvement
RB
for
Assessment
Area
Two
Series
2024
(NR/NR)
650,000
5.350
(d)
05/01/2044
630,565
1,325,000
5.625
(d)
05/01/2055
1,275,859
Brightwater
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
One
Series
2021
(NR/NR)
935,000
3.150
05/01/2041
720,558
Brookstone
Community
Development
District
Special
Assessment
RB
for
Manatee
County
Series
2022
(NR/NR)
1,000,000
5.500
05/01/2042
1,004,789
1,500,000
5.625
05/01/2052
1,494,225
Buckhead
Trails
Community
Development
District
Special
Assessment
Bonds
for
Manatee
County
Project
Series
2022
(NR/NR)
900,000
5.625
05/01/2042
900,015
1,305,000
5.750
05/01/2052
1,279,978
Buckhead
Trails
Community
Development
District
Special
Assessment
Bonds
for
Manatee
County
Project
Series
2024
(NR/NR)
550,000
5.600
05/01/2044
532,043
1,550,000
5.875
05/01/2054
1,482,882
Buena
Lago
Community
Development
District
Capital
Improvement
RB
Series
2022
(NR/NR)
1,040,000
5.500
05/01/2052
1,041,491
Buena
Lago
Community
Development
District
Osceola
County
Florida
Capital
Improvement
RB
Series
2024
Assessment
Area
Two
(NR/NR)
900,000
5.550
05/01/2054
851,942
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
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
$
12,606,232
Campo
Bello
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
1,000,000
4.000
12/15/2039
888,234
1,350,000
4.000
12/15/2049
1,073,817
Capital
Projects
Finance
Authority
Educational
Facilities
RB
Kissimmee
Charter
Academy
Project
Series
2024
(NR/NR)
175,000
6.500
(d)
06/15/2054
176,543
445,000
6.625
(d)
06/15/2059
451,117
Capital
Projects
Finance
Authority
Student
Housing
RB
for
PRG
-
Unionwest
Properties
LLC
Project
Senior
Series
2024A-1
(Tax-Exempt)
(Ba1/NR)
1,650,000
5.000
(d)
06/01/2049
1,573,635
1,375,000
5.000
(d)
06/01/2054
1,296,683
1,375,000
5.000
(d)
06/01/2058
1,284,166
Capital
Trust
Agency
Student
Housing
RB
for
University
Bridge
LLC
Series
2018
A
(Ba2/NR)
52,755,000
5.250
(d)
12/01/2058
49,577,002
Capital
Trust
Agency,
Inc.
RB
for
AcadeMir
Charter
School
West
Series
2021
A-2
(Ba2/NR)
595,000
4.000
(d)
07/01/2056
430,346
Capital
Trust
Agency,
Inc.
RB
for
Imagine
Charter
School
at
North
Manatee
Series
2021
A
(NR/NR)
3,030,000
5.000
(d)
06/01/2056
2,517,747
Capital
Trust
Agency,
Inc.
RB
for
Imagine-Pasco
County
LLC
Series
2020
A
(B1/NR)
1,155,000
5.000
(d)
12/15/2049
993,902
1,075,000
5.000
(d)
12/15/2054
902,078
Capital
Trust
Agency,
Inc.
RB
for
University
Bridge
LLC
Series
2018
A
(Ba2/NR)
2,025,000
5.250
(d)
12/01/2043
1,985,843
Capital
Trust
Authority
Educational
Facilities
Lease
RB
Seaside
Community
Charter
School
Project
Series
A
(Baa3/NR)
1,220,000
5.000
06/15/2044
1,151,057
1,385,000
5.125
06/15/2059
1,260,168
Capital
Trust
Authority
Educational
Facilities
RB
Madrone
-
Florida
Tech
Student
Housing
I,
LLC
-
Florida
Institute
of
Technology
Project,
Series
2025A
(NR/BB)
1,150,000
5.250
(d)
07/01/2050
1,091,556
1,300,000
5.250
(d)
07/01/2055
1,214,127
Capital
Trust
Authority
Educational
Facilities
Revenue
and
Revenue
Refunding
Bonds
St.
Johns
Classical
Academy
Inc.
Project
Series
2025A
(Ba2/NR)
500,000
5.125
(d)
06/15/2050
454,073
1,000,000
5.250
(d)
06/15/2059
906,424
Capital
Trust
Authority
Educational
Facilities
Revenue
Refunding
Bonds
for
Southeastern
University,
Inc.
Project
Series
2023A
(NR/BB)
4,470,000
6.375
(d)
05/01/2053
4,490,703
Capital
Trust
Authority
Educational
Facilities
Revenue
Refunding
Bonds
Southeastern
University
Inc
Project
Series
2023A
(NR/BB)
4,775,000
6.250
(d)
05/01/2048
4,800,703
Capital
Trust
Authority
RB
Anticipation
Notes
Convivial-St
Petersburg
Project
Series
2024A
(NR/NR)
10,125,000
12.000
(d)
10/03/2029
11,144,913
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Capital
Trust
Authority
Tax-Exempt
RB
for
MVM
Landfill,
LLC
Project
Series
2024A
(NR/NR)
$
3,650,000
6.875%
(d)
12/01/2044
$
3,552,788
Carlton
Lakes
Community
Development
District
Special
Assessment
RB
Series
2018
(NR/NR)
495,000
5.125
05/01/2038
498,279
1,000,000
5.250
05/01/2049
975,800
Caymas
Community
Development
District
Capital
Improvement
RB,
Series
2024
(Assessment
Area
One)
(NR/NR)
900,000
5.625
05/01/2054
857,632
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
2,299,872
Central
Parc
Community
Development
District
City
of
North
Port
Florida
Special
Assessment
RB
Series
2024
(NR/NR)
650,000
5.700
05/01/2044
631,080
650,000
6.000
05/01/2054
631,008
Centre
Lake
Community
Development
District
Special
Assessment
Series
2016
(NR/NR)
200,000
4.125
12/15/2027
201,069
500,000
4.500
12/15/2032
502,766
975,000
4.700
12/15/2037
971,392
Century
Parc
Community
Development
District
Special
Assessment
Refunding
Series
2012
(NR/A+)
1,705,000
4.500
11/01/2031
1,706,239
Century
Park
South
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
630,000
3.750
05/01/2040
533,021
CFM
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
820,000
3.350
05/01/2041
628,678
Chaparral
of
Palm
Bay
Community
Development
District
Capital
Improvement
RB
Series
2024
Assessment
Area
Two
(NR/NR)
900,000
5.200
05/01/2044
857,515
2,090,000
5.500
05/01/2055
1,975,984
Chapel
Creek
Community
Development
District
265,000
4.625
05/01/2031
268,197
750,000
5.500
05/01/2044
737,133
1,055,000
5.750
05/01/2054
1,021,966
Chapel
Creek
Community
Development
District
Special
Assessment
Series
2021
(NR/NR)
455,000
3.375
(d)
05/01/2041
363,617
655,000
4.000
(d)
05/01/2052
511,665
Chapel
Crossings
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
1,605,000
3.700
(d)
05/01/2040
1,354,164
2,815,000
4.000
(d)
05/01/2051
2,189,313
Charles
Cove
Community
Development
District
Special
Assessment
bond
Series
2020
(NR/NR)
1,505,000
4.375
05/01/2050
1,310,893
Charles
Cove
Community
Development
District
Special
Assessment
RB
Series
2021
(NR/NR)
1,050,000
4.000
05/01/2052
843,836
Charlotte
County
Industrial
Development
Authority
Utility
System
RB
for
Town
&
Country
Utilities
Project
Series
2015
(NR/NR)
700,000
5.500
(d)
10/01/2036
701,540
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Charlotte
County
Industrial
Development
Authority
Utility
System
RB
for
town
&
Country
Utilities
Project
Series
2019
(NR/NR)
$
5,900,000
5.000%
(d)
10/01/2049
$
5,467,917
City
of
Palmetto
Educational
Facilities
Refunding
RB
Series
2022A
(NR/BBB-)
975,000
5.250
06/01/2052
948,457
1,750,000
5.375
06/01/2057
1,727,507
1,375,000
5.625
06/01/2062
1,383,998
City
of
Venice
RB
for
Southwest
Florida
Retirement
Center,
Inc.
Obligated
Group
Project
Series
2019
(NR/NR)
480,000
5.000
01/01/2037
471,879
1,725,000
5.000
01/01/2047
1,543,674
1,615,000
5.000
01/01/2052
1,405,289
City
of
Venice
Retirement
Community
Revenue
Improvement
Bonds
for
Village
on
The
Isle
Project
Series
2024A
Tax-
Exempt
Fixed
Rate
Bonds
(NR/NR)
900,000
5.500
(d)
01/01/2055
848,550
1,825,000
5.625
(d)
01/01/2060
1,734,090
CityPlace
Community
Development
District
Special
Assessment
Convertible
Capital
Appreciation
RB
Series
2018
(AGM)
(A1/AA)
25,620,000
0.000
(g)
05/01/2046
23,583,046
Coco
Palms
Community
Development
District
Expansion
Area
Project
Special
Assessment
Bonds
Series
2019
(NR/NR)
500,000
4.750
(d)
06/15/2039
486,954
Coddington
Community
Development
District
Capital
Improvement
RB
Series
2022
(NR/NR)
895,000
5.750
05/01/2052
907,911
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
3,734,832
Concord
Station
Community
Development
District
Capital
Improvement
RB
Refunding
Senior
Lien
Series
2016
A-1
(NR/A+)
1,490,000
3.625
05/01/2035
1,421,259
1,750,000
3.750
05/01/2046
1,415,220
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
766,301
Concorde
Estates
Community
Development
District
Special
Assessment
for
Capital
Improvement
Series
2011
B
(NR/NR)
2,939,931
0.000
(f)
*
05/01/2017
1,322,969
Connerton
East
Community
Development
District
Pasco
County
Florida
Special
Assessment
Bonds,
Series
2025
(NR/NR)
620,000
5.450
06/15/2045
593,286
900,000
5.625
06/15/2055
851,965
Connerton
East
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
2,040,000
5.375
06/15/2053
2,001,729
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Cope's
Landing
Community
Development
District
Capital
Improvement
RB
for
Assessment
Area
Two
Series
2024
(NR/NR)
$
525,000
5.150%
05/01/2044
$
504,861
Cope's
Landing
Community
Development
District
Capital
Improvement
RB
Series
2023
(NR/NR)
1,675,000
5.875
05/01/2053
1,720,047
Cope's
Landing
Community
Development
District
City
of
Jacksonville
Florida
Capital
Improvement
RB
Series
2024
Assessment
Area
Two
(NR/NR)
1,200,000
5.450
05/01/2054
1,144,890
Copper
Creek
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
270,000
4.000
(d)
11/01/2029
269,849
500,000
4.750
(d)
11/01/2038
484,307
Copperspring
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
420,000
4.000
12/15/2039
374,247
Coral
Bay
Community
Development
District
Capital
Improvement
RB
Series
2022
(NR/NR)
495,000
5.625
05/01/2052
488,384
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
1,456,141
Coral
Creek
Community
Development
District
Special
Assessment
RB
for
Charlotte
County
Project
Series
2024
(NR/NR)
2,315,000
5.450
05/01/2044
2,280,427
1,720,000
5.750
05/01/2054
1,673,049
Coral
Keys
Homes
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
535,000
4.000
05/01/2040
480,609
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
1,163,397
1,000,000
5.750
11/01/2053
987,250
Corkscrew
Crossing
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
1,600,000
5.300
05/01/2053
1,524,898
Corkscrew
Farms
Community
Development
District
Special
Assessment
for
Assessment
Area
Two
Project
Series
2017
(NR/NR)
2,175,000
5.125
(d)
11/01/2050
2,058,376
Coronado
Community
Development
District
Special
Assessment
Refunding
&
Improvement
Bonds
Series
2017
(NR/BBB+)
782,000
4.000
05/01/2031
782,864
1,407,000
4.250
05/01/2038
1,334,176
Country
Walk
Community
Development
District
Special
Assessment
RB
Refunding
Senior
Lien
Series
2015
A-1
(NR/AA)
930,000
3.750
05/01/2029
930,104
County
of
Lake
RB
Refunding
for
Waterman
Communities,
Inc.
Series
2020
A
(NR/NR)
4,000,000
5.750
08/15/2050
3,724,218
2,100,000
5.750
08/15/2055
1,921,833
County
of
Miami-Dade
Aviation
RB
Series
2019
A
(NR/A+)
5,220,000
5.000
10/01/2044
5,160,535
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Covington
Park
Community
Development
District
Special
Assessment
RB
for
Capital
Improvement
Series
2018
(NR/BBB)
$
500,000
4.000%
05/01/2038
$
458,638
1,175,000
4.125
05/01/2048
995,338
Creek
Preserve
Community
Development
District
Special
Assessment
RB
Series
2019
(NR/NR)
1,565,000
4.700
(d)
11/01/2039
1,496,072
2,495,000
4.750
(d)
11/01/2049
2,253,602
Creekview
Community
Development
District
Clay
County
Florida
Special
Assessment
RB
Series
2024
(NR/NR)
2,270,000
5.375
05/01/2044
2,168,043
3,435,000
5.625
05/01/2055
3,234,254
Cresswind
Deland
Community
Development
District
City
of
Deland
Florida
Special
Assessment
Bonds
Series
2024
(NR/NR)
1,075,000
5.750
05/01/2054
1,028,553
Cross
Creek
North
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
1,845,000
4.500
05/01/2052
1,617,505
Cross
Creek
North
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
1,375,000
5.375
05/01/2053
1,349,485
Crossings
Community
Development
District
Osceola
County
Florida
Special
Assessment
Bonds
Series
2024
(NR/NR)
1,275,000
5.600
05/01/2054
1,222,446
Crossings
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
2,440,000
5.125
05/01/2052
2,282,295
Crosswinds
East
Community
Development
District
Polk
County
Florida
Special
Assessment
Bonds
Series
2024
Assessment
Area
Two
Project
(NR/NR)
920,000
5.450
05/01/2054
859,449
Crosswinds
East
Community
Development
District
Polk
County
Special
Assessment
Bonds
Series
2024
Assessment
Area
Two
Project
(NR/NR)
685,000
5.150
05/01/2044
645,674
Crosswinds
East
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
One
Project
Series
2024
(NR/NR)
835,000
4.625
05/01/2031
844,278
1,430,000
5.500
05/01/2044
1,408,724
1,500,000
5.750
05/01/2054
1,465,116
Crystal
Cay
Community
Development
District
Special
Assessment
for
2021
Project
Series
2021
(NR/NR)
1,000,000
4.000
05/01/2051
831,091
Curiosity
Creek
Community
Development
District
Capital
Improvement
RB
for
Assessment
Area
One
Series
2024
(NR/NR)
800,000
5.400
(d)
05/01/2044
765,462
1,375,000
5.700
(d)
05/01/2055
1,301,563
Cypress
Bay
West
Community
Development
District
Capital
Improvement
RB
for
Assessment
Area
One
Series
2023
(NR/NR)
670,000
5.250
05/01/2043
659,432
1,150,000
5.500
05/01/2053
1,128,140
Cypress
Bluff
Community
Development
District
Special
Assessment
for
Del
WEBB
Project
Series
2020
A
(NR/NR)
1,165,000
3.800
(d)
05/01/2050
924,346
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Cypress
Creek
Reserve
Community
Development
District
Polk
County
Florida
Special
Assessment
Bonds,
Series
2025
(NR/NR)
$
795,000
5.750%
(h)
05/01/2045
$
798,605
1,650,000
6.000
(h)
05/01/2056
1,654,679
Cypress
Park
Estates
Community
Development
District
Special
Assessment
Area
1
Project
Series
2020
(NR/NR)
1,175,000
3.875
(d)
05/01/2040
1,014,598
1,210,000
4.000
(d)
05/01/2051
943,798
Cypress
Park
Estates
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
480,000
5.000
05/01/2042
453,140
975,000
5.125
05/01/2052
905,603
Cypress
Ridge
Community
development
District
Special
Assessment
Bonds
for
Assessment
Area
1
Series
2023
(NR/NR)
695,000
4.875
05/01/2030
706,151
1,535,000
5.625
05/01/2043
1,538,426
1,860,000
5.875
05/01/2053
1,864,393
Davenport
Road
South
Community
Development
District
Special
Assessment
Bonds
Series
2018
(NR/NR)
3,170,000
5.125
(d)
11/01/2048
3,050,705
Deer
Run
Community
Development
District
Special
Assessment
RB
Refunding
Series
2018
(NR/NR)
1,350,000
5.400
05/01/2039
1,378,689
2,560,000
5.500
05/01/2044
2,579,480
Deerbrook
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
1,150,000
5.500
05/01/2053
1,132,906
Del
Webb
Bexley
Community
Development
District
Special
Assessment
Series
2018
(NR/NR)
2,640,000
5.400
05/01/2049
2,621,709
Del
Webb
Oak
Creek
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
1,495,000
5.000
05/01/2043
1,470,979
1,650,000
5.250
05/01/2053
1,606,219
Del
Webb
River
Reserve
Community
Development
District
Pasco
County
Florida
Special
Assessment
Bonds,
Series
2025
(NR/NR)
1,000,000
5.875
05/01/2055
999,239
Dewey
Robbins
Community
Development
District
City
of
Leesburg
Florida
Capital
Improvement
RB
Series
2025
(NR/NR)
1,000,000
5.800
05/01/2055
953,674
DG
Farms
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
700,000
4.000
05/01/2051
550,799
Downtown
Doral
South
Community
Development
District
Special
Assessment
Bonds
Series
2018
(NR/NR)
1,000,000
4.750
(d)
12/15/2038
981,351
Durbin
Crossing
Community
Development
District
Special
Assessment
Refunding
Senior
Series
2017
A-1
(AGM)
(NR/AA)
3,080,000
3.750
05/01/2034
3,085,005
4,260,000
4.000
05/01/2037
4,234,586
DW
Bayview
Community
Development
District
Special
Assessment
Bond
Series
2021
(NR/NR)
1,030,000
3.375
(d)
05/01/2041
871,602
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
DW
Bayview
Community
Development
District
Special
Assessment
Bonds
for
Manatee
County
Series
2022
(NR/NR)
$
750,000
5.250%
05/01/2052
$
730,735
Eagle
Hammock
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
1,950,000
5.375
05/01/2052
1,901,865
Eagle
Pointe
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
1,195,000
4.125
(d)
05/01/2040
1,065,893
3,785,000
4.125
(d)
05/01/2051
3,055,965
East
547
Community
Development
District
Special
Assessment
Bond
for
Assessment
Area
Two
Series
2023
(NR/NR)
755,000
6.500
05/01/2054
782,690
East
Bonita
Beach
Road
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
Two
Series
2021
(NR/NR)
980,000
3.250
05/01/2041
792,085
East
Bonita
Beach
Road
Community
Development
District
Special
Assessment
Bonds
Series
2018
(NR/NR)
1,000,000
5.000
(d)
11/01/2048
959,989
East
Homestead
Community
Development
District
Special
Assessment
Expansion
Area
Bonds
Project
Series
2019
(NR/NR)
500,000
4.750
11/01/2039
482,952
920,000
5.000
11/01/2049
871,173
East
Nassau
Stewardship
District
Bond
Anticipation
Note
for
PDP
#4
Series
2024
Project
Series
2024
(NR/NR)
2,575,000
5.250
05/01/2029
2,575,002
East
Palm
Drive
Community
Development
District
City
of
Homestead
Florida
Special
Assessment
Bonds
Series
2024
(NR/NR)
900,000
5.375
06/15/2054
859,958
Edar
Crossings
Community
Development
District
Polk
County
Florida
Special
Assessment
Bonds
Series
2025
(NR/NR)
500,000
5.300
(d)
05/01/2045
474,095
600,000
5.500
(d)
05/01/2055
556,970
Eden
Hills
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
805,000
4.000
05/01/2042
701,262
2,390,000
4.125
05/01/2052
1,905,480
Eden
Hills
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
190,000
4.000
05/01/2040
175,576
500,000
4.125
05/01/2051
408,431
Edgewater
East
Community
Development
District
Osceola
County
Florida
Special
Assessment  RB,
Series
2025
(NR/NR)
825,000
6.100
(h)
05/01/2045
828,040
1,545,000
6.300
(h)
05/01/2055
1,544,860
Edgewater
East
Community
Development
District
Special
Assessment
for
Assessment
Area
Once
Series
2021
(NR/NR)
1,425,000
3.600
05/01/2041
1,190,603
Edgewater
East
Community
Development
District
Special
Assessment
RB
Series
2022
(NR/NR)
1,960,000
4.000
05/01/2042
1,697,436
Edgewater
West
Community
Development
District
Osceola
County
Florida
Special
Assessment
RB
Series
2024
Assessment
Area
One
(NR/NR)
2,500,000
5.500
05/01/2054
2,307,375
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Entrada
Community
Development
District
Capital
Improvement
RB
Series
2023
(NR/NR)
$
1,730,000
5.800%
05/01/2053
$
1,752,038
Epperson
North
Community
Development
District
Capital
Improvement
RB
Series
2024
(NR/NR)
415,000
5.300
05/01/2044
397,407
675,000
5.600
05/01/2055
638,566
Epperson
North
Community
Development
District
Special
Assessment
for
Assessment
Area
#2
Series
2021
(NR/NR)
375,000
3.500
05/01/2041
304,679
Escambia
County
Health
Facilities
Authority
Health
Care
Facilities
RB
Series
2020A
(Baa2/BBB)
17,960,000
4.000
08/15/2045
15,286,419
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
1,190,792
Esplanade
Lake
Club
Community
Development
District
Lee
County
Florida
Capital
Improvement  RB,
Series
2025
(NR/NR)
650,000
5.875
05/01/2055
647,692
Esplanade
Lake
Club
Community
Development
District
Special
Assessment
for
Capital
Improvement
Program
Series
2019
A-1
(NR/NR)
1,030,000
4.000
11/01/2040
917,275
Esplanade
Lake
Club
Community
Development
District
Special
Assessment
for
Capital
Improvement
Program
Series
2019
A-2
(NR/NR)
495,000
4.125
11/01/2050
402,524
Estancia
at
Wiregrass
Community
Development
District
Capital
Improvement
RB
Series
2013
(NR/NR)
300,000
6.375
11/01/2026
300,647
3,225,000
7.000
11/01/2045
3,316,564
Estancia
at
Wiregrass
Community
Development
District
Capital
Improvement
RB
Series
2015
(NR/NR)
755,000
5.250
11/01/2035
755,375
1,305,000
5.375
11/01/2046
1,304,903
Evergreen
Community
Development
District
Special
Assessment
RB
Series
2019
(NR/NR)
1,345,000
5.000
(d)
11/01/2039
1,347,644
1,800,000
5.125
(d)
11/01/2049
1,718,340
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
732,543
1,000,000
5.550
06/15/2054
967,812
Everlands
Community
Development
District
Special
Assessment
Bonds
Series
2024
(NR/NR)
820,000
5.200
(d)
06/15/2044
786,750
1,245,000
5.500
(d)
06/15/2054
1,174,575
Everlands
II
Community
Development
District
City
of
Palm
Bay
Florida
Special
Assessment
Bonds
Series
2024
(NR/NR)
675,000
5.200
06/15/2044
656,107
900,000
5.450
06/15/2054
859,666
Fallschase
Community
Development
District
Special
Assessment
Bonds
for
Leon
County
Series
2021
(NR/NR)
6,645,000
4.000
05/01/2052
5,198,579
Fallschase
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
1,445,000
3.375
05/01/2041
1,153,445
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Fiddlers
Creek
Community
Development
District
No.
2
Special
Assessment
Refunding
Series
2019
(NR/NR)
$
2,390,000
5.000%
05/01/2035
$
2,439,799
Finley
Woods
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Series
2020
(NR/NR)
185,000
4.000
05/01/2040
162,990
500,000
4.200
05/01/2050
410,979
Firelight
Community
Development
District
Charlotte
County
Florida
Special
Assessment  RB,
Series
2025A
(NR/NR)
2,145,000
6.125
05/01/2055
2,125,977
Fish
Lake
Cove
Community
Development
District
Osceola
County
Florida
Special
Assessment
Bonds
Series
2025
(NR/NR)
1,085,000
5.550
05/01/2055
1,013,243
Fishhawk
Community
Development
District
II
Special
Assessment
RB
Refunding
Series
2013
A
(NR/A-)
1,445,000
4.375
05/01/2034
1,445,189
Fishhawk
Ranch
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2020
(AGM)
(NR/AA)
1,250,000
3.000
11/01/2041
913,409
Florida
Development
Finance
Corp.
Educational
Facilities
RB
Series
2022A
(Ba3/NR)
5,000,000
5.500
(d)
07/01/2052
4,248,165
3,825,000
5.625
(d)
07/01/2056
3,260,137
Florida
Development
Finance
Corp.
Educational
RB
for
Cornerstone
Charter
Academy
Project
Series
2022
(NR/BB+)
3,770,000
5.125
(d)
10/01/2052
3,401,064
1,725,000
5.250
(d)
10/01/2056
1,565,637
Florida
Development
Finance
Corp.
Educational
Revenue
Refunding
Bonds
for
Central
Charter
School
Project
Series
2022
(NR/NR)
2,735,000
5.875
(d)
08/15/2052
2,481,134
2,430,000
6.000
(d)
08/15/2057
2,218,275
Florida
Development
Finance
Corp.
Healthcare
Facilities
RB
for
Tampa
General
Hospital
Project
Series
2024A
(Fixed
Mode)
(NR/A-)
6,600,000
5.250
08/01/2049
6,626,917
4,000,000
4.500
08/01/2055
3,543,011
1,400,000
5.250
08/01/2055
1,402,236
Florida
Development
Finance
Corp.
RB
Brightline
Florida
Passenger
Rail
Expansion
Project
Series
2025A
(NR/NR)
53,320,000
8.250
(a)(b)(d)
07/01/2057
54,802,994
Florida
Development
Finance
Corp.
RB
Brightline
Florida
Passenger
Rail
Project
Brightline
Trains
Florida
LLC
Issue
Series
2024
(AMT)
(NR/BB+)
26,000,000
5.250
07/01/2047
23,641,509
31,575,000
5.500
07/01/2053
29,179,184
Florida
Development
Finance
Corp.
RB
Brightline
Florida
Passenger
Rail
Project
Brightline
Trains
Florida
LLC
Issue
Series
2024
(AMT)
(AGM)
(NR/AA)
5,375,000
5.250
07/01/2053
5,361,995
Florida
Development
Finance
Corp.
RB
Brightline
Florida
Passenger
Rail
Project
Brightline
Trains
Florida
LLC
Issue
Series
2024
(AMT)
(NR/NR)
111,310,000
12.000
(a)(b)(d)
07/15/2032
110,720,324
Florida
Development
Finance
Corp.
RB
for
Brightline
Florida
Passenger
Rail
Project
AAF
Operations
Holdings
LLC
Issue
Series
2024A
(Tax-Exempt)
(NR/NR)
26,675,000
10.000
(a)(b)(d)
07/15/2059
25,394,893
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
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%
(d)
06/01/2040
$
1,272,180
2,595,000
5.000
(d)
06/01/2055
1,716,915
Florida
Development
Finance
Corp.
RB
for
Mayflower
Retirement
Center,
Inc.
Obligated
Group
Series
2020
A
(NR/NR)
2,555,000
5.250
(d)
06/01/2050
2,344,546
3,560,000
5.250
(d)
06/01/2055
3,201,433
Florida
Development
Finance
Corp.
RB
for
River
City
Education
Obligated
Group
Series
2021
A
(Baa3/NR)
600,000
4.000
07/01/2045
499,233
800,000
4.000
07/01/2055
615,008
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
752,328
1,850,000
5.000
06/01/2050
1,558,380
Florida
Development
Finance
Corp.
RB
Refunding
for
Glenridge
on
Palmer
Ranch
Obligated
Group
Series
2021
(NR/NR)
1,850,000
5.000
(d)
06/01/2051
1,620,719
Florida
Development
Finance
Corp.
RB
Refunding
for
Global
Outreach
Charter
Academy
Obligated
Group
Series
2021
A
(B1/NR)
830,000
4.000
(d)
06/30/2046
577,070
2,580,000
4.000
(d)
06/30/2056
1,630,333
Florida
Development
Finance
Corp.
RB
Refunding
for
Mayflower
Retirement
Center,
Inc.
Obligated
Group
Series
2020
A
(NR/NR)
2,090,000
4.000
(d)
06/01/2055
1,430,111
Florida
Development
Finance
Corp.
RB
Refunding
for
Renaissance
Charter
School,
Inc.
Series
2020
C
(NR/NR)
2,085,000
5.000
(d)
09/15/2050
1,764,377
Florida
Development
Finance
Corp.
Student
Housing
RB
SFP
-
Tampa
I
-
The
Henry
Project
Senior
Series
2024A-1
(NR/NR)
2,750,000
5.250
(d)
06/01/2054
2,582,628
1,925,000
5.250
(d)
06/01/2059
1,786,631
Florida
Higher
Educational
Facilities
Financial
Authority
RB
for
Jacksonville
University
Project
Series
2018
A-1
(NR/NR)
1,750,000
4.750
(d)
06/01/2038
1,557,438
3,000,000
5.000
(d)
06/01/2048
2,529,368
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
3,127,353
7,900,000
5.000
03/01/2049
5,652,481
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
5,707,605
Florida
Local
Government
Finance
Commission
Senior
Living
RB
Orlando
Senior
Health
Network
Project,
Series
2025A
(NR/NR)
2,360,000
6.000
(d)(h)
07/01/2050
2,365,949
1,360,000
6.000
(d)(h)
07/01/2055
1,352,988
Florida
Municipal
Loan
Council
Capital
Improvement
RB
Series
2024
Shingle
Creek
Transit
and
Utility
Community
Development
District
Series
(NR/NR)
820,000
5.400
05/01/2054
794,504
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Flow
Way
Community
Development
District
Special
Assessment
Bonds
for
Phase
7
&
8
Project
Series
2019
(NR/NR)
$
885,000
4.125%
11/01/2039
$
799,865
Forest
Brooke
Community
Development
District
Special
Assessment
Bonds
Series
2019
A-1
(NR/A+)
1,850,000
3.250
11/01/2049
1,289,482
Forest
Brooke
Community
Development
District
Special
Assessment
Subordinated
Bonds
Series
2019
A-2
(NR/NR)
250,000
4.000
11/01/2049
199,622
Fox
Branch
Ranch
Community
Development
District
Polk
County
Florida
Capital
Improvement
RB
Series
2025
Assessment
Area
One
(NR/NR)
800,000
5.400
05/01/2055
751,577
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
881,784
1,150,000
5.875
05/01/2055
1,131,644
Gas
Worx
Community
Development
District
City
of
Tampa,
Florida
Special
Assessment
Bonds,
Series
2025
(NR/NR)
1,125,000
5.750
(d)
05/01/2045
1,115,677
2,750,000
6.000
(d)
05/01/2057
2,714,508
Gir
East
Community
Development
District
Osceola
County
Florida
Capital
Improvement
RB
Series
2025
Assessment
Area
One
(NR/NR)
1,200,000
5.300
05/01/2045
1,133,759
1,825,000
5.500
05/01/2055
1,694,116
Governors
Park
South
Community
Development
District
Clay
County
Florida
Special
Assessment
RB
Series
2025
Assessment
Area
One
(NR/NR)
775,000
5.400
05/01/2045
744,840
1,150,000
5.650
05/01/2055
1,094,345
Grand
Oaks
Community
Development
District
Special
Assessment
Bonds
Assessment
Area
2
Series
2020
(NR/NR)
1,090,000
4.250
05/01/2040
988,327
1,375,000
4.500
05/01/2052
1,175,938
Grand
Oaks
Community
Development
District
Special
Assessment
RB
Series
2021
(NR/NR)
1,105,000
4.000
11/01/2051
867,440
Grande
Pines
Community
Development
District
Special
Assessment
RB
for
Assessment
Area
Two
Series
2024
(NR/NR)
860,000
5.450
05/01/2044
839,327
1,010,000
5.800
05/01/2054
978,538
Greater
Orlando
Aviation
Authority
Airport
Facilities
RB
Refunding
for
Jetblue
Airways
Corp.
Project
Series
2013
(NR/NR)
3,165,000
5.000
11/15/2026
3,165,040
5,000,000
5.000
11/15/2036
5,000,069
Greater
Orlando
Aviation
Authority
Priority
Subordinated
Airport
Facilities
RB
Series
2017
A
(Aa3/AA-)
1,460,000
5.000
10/01/2047
1,448,189
Greenbriar
Community
Development
District
St.
Johns
County
Florida
Special
Assessment
RB
Series
2025
Assessment
Area
One
(NR/NR)
900,000
5.650
05/01/2045
872,776
1,250,000
5.875
05/01/2054
1,203,986
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Hacienda
Lakes
Community
Development
District
Special
Assessment
Refunding
Series
2016
(NR/NR)
$
1,515,000
4.500%
05/01/2036
$
1,484,376
2,275,000
4.625
05/01/2046
2,039,077
Hacienda
North
Community
Development
District
2,750,000
6.500
05/01/2053
2,870,327
Hamilton
Bluff
Community
Development
District
Special
Assessment
Bonds,
Series
2024
(Assessment
Area
One
Project)
(NR/NR)
1,000,000
5.500
05/01/2044
971,563
1,150,000
5.800
05/01/2054
1,103,569
Hammock
Oaks
Community
Development
District
Special
Assessment
Area
One
Bonds
Series
2023
(NR/NR)
1,000,000
5.750
05/01/2053
989,570
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
1,108,688
Hammock
Oaks
Community
Development
District
Town
of
Lady
Lake
Florida
Special
Assessment
Bonds
Series
2025
Assessment
Area
Three
(NR/NR)
1,500,000
5.750
(d)
05/01/2055
1,450,139
Hammock
Reserve
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
590,000
4.700
05/01/2042
546,899
935,000
5.000
05/01/2052
863,302
Hammock
Reserve
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Project
Series
2020
(NR/NR)
540,000
4.000
05/01/2040
490,391
860,000
4.000
05/01/2051
694,837
Hammock
Reserve
Community
Development
District
Special
Assessment
for
Assessment
Area
Two
Project
Series
2021
(NR/NR)
525,000
3.375
05/01/2041
423,966
Harbor
Bay
Community
Development
District
Special
Assessment
RB
Refunding
Series
2019
A-2
(NR/NR)
900,000
3.750
05/01/2034
855,809
Harbor
Bay
Community
Development
District
Special
Assessment
RB
Series
2019
A-1
(NR/NR)
2,000,000
3.875
05/01/2039
1,813,174
1,400,000
4.100
05/01/2048
1,169,376
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
1,087,854
Harmony
on
Lake
Eloise
Community
Development
District
City
of
Winter
Haven
Florida
Capital
Improvement
RB
Series
2025
Assessment
Area
Two
(NR/NR)
900,000
5.450
11/01/2045
870,132
1,150,000
5.650
11/01/2054
1,103,179
Harmony
West
Community
Development
District
Osceola
County
Florida
Special
Assessment
RB
Series
2025
Assessment
Area
Three
(NR/NR)
900,000
5.650
05/01/2055
862,460
Hawks
Point
Community
Development
District
Special
Assessment
Refunding
Senior
Series
2017
A-1
(NR/A-)
1,335,000
4.250
05/01/2035
1,320,325
1,810,000
4.250
05/01/2039
1,668,413
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Hawkstone
Community
Development
District
Special
Assessment
Area
1
RB
Series
2019
(NR/NR)
$
640,000
3.875%
11/01/2039
$
557,536
1,150,000
4.000
11/01/2051
893,518
Hawkstone
Community
Development
District
Special
Assessment
Area
2
RB
Series
2019
(NR/NR)
200,000
4.000
11/01/2039
176,741
495,000
4.250
11/01/2051
403,813
Hawkstone
Community
Development
District
Special
Assessment
RB
Series
2023
(NR/NR)
1,530,000
5.375
05/01/2043
1,525,871
1,265,000
5.500
05/01/2053
1,246,196
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
05/01/2054
1,213,957
Heritage
Harbour
North
Community
Development
District
Special
Assessment
Series
2014
(NR/NR)
535,000
5.000
05/01/2034
550,990
2,170,000
5.125
05/01/2045
2,139,237
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
500,692
500,000
5.150
05/01/2034
500,594
Heritage
Lake
Park
Community
Development
District
Special
Assessment
Series
2005
(NR/NR)
1,220,000
5.700
05/01/2036
1,224,515
Heritage
Landing
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2015
(NR/BBB)
2,190,000
4.200
05/01/2031
2,180,433
1,985,000
4.350
05/01/2036
1,948,739
Hickory
Tree
Community
Development
District
Osceola
County
Florida
Special
Assessment
Bonds
Series
2024
Assessment
Area
One
Project
(NR/NR)
1,600,000
5.450
05/01/2055
1,488,838
Higher
Educational
Facilities
Financing
Authority
Educational
Facilities
Revenue
Refunding
Bonds
for
Saint
Leo
University
Project
Series
2019
(NR/BB)
1,900,000
5.000
03/01/2039
1,526,059
Higher
Educational
Facilities
Financing
Authority
Higher
Educational
Facilities
RB
Keiser
University
Project,
Series
2025
(NR/BB+)
23,375,000
6.250
(d)(h)
07/01/2055
23,398,468
Highland
Meadows
West
Community
Development
District
Special
Assessment
for
Assessment
Area
3
Series
2020
A
(NR/NR)
475,000
3.625
05/01/2040
397,120
665,000
4.000
05/01/2050
527,993
Highland
Trails
Community
Development
District
Capital
Improvement
RB
for
Assessment
Area
One
Series
2024
(NR/NR)
220,000
4.700
05/01/2031
222,122
810,000
5.500
05/01/2044
790,603
890,000
5.850
05/01/2054
864,773
Highlands
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Areas
3B
and
5
Project
Series
2018
(NR/NR)
1,000,000
4.875
(d)
12/15/2038
986,766
1,000,000
5.000
(d)
12/15/2048
946,731
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
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
$
496,969
Hillcrest
Preserve
Community
Development
District
Special
Assessment
Bonds
Series
2024
(NR/NR)
1,150,000
5.000
(d)
05/01/2044
1,059,160
1,465,000
5.300
(d)
05/01/2054
1,342,161
Hills
Minneola
Community
Development
District
Special
Assessments
for
South
Parcel
Assessment
Area
Series
2020
(NR/NR)
1,965,000
4.000
(d)
05/01/2040
1,731,218
3,275,000
4.000
(d)
05/01/2050
2,615,281
Hills
of
Minneola
Community
Development
District
City
of
Minneola
Florida
Special
Assessment
RB
Series
2024
(NR/NR)
600,000
5.550
05/01/2044
607,115
900,000
5.875
05/01/2054
920,857
Hobe-St.
Lucie
Conservancy
District
Improvement
Bonds
Unit
of
Development
No.
1A
Series
2024
(NR/NR)
900,000
5.600
05/01/2044
900,022
Holly
Hill
Road
East
Community
Development
District
Special
Assessment
for
Area
3
Project
Series
2020
(NR/NR)
180,000
5.000
11/01/2041
183,242
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
1,181,025
Hunters
Ridge
Community
Development
District
No.
1
Assessment
Area
Special
Assessment
Bonds
Series
2019
(NR/NR)
410,000
5.125
(d)
11/01/2049
391,931
Ibis
Landing
Community
Development
District
Lee
County
Florida
Special
Assessment
Bonds,
Series
2025
(NR/NR)
800,000
5.875
(h)
06/15/2055
795,928
Island
Lake
Estates
Community
Development
District
1,550,000
6.000
12/15/2053
1,576,280
Isles
Bartram
Park
Community
Development
District
Special
Assessment
Bonds
Series
2017
(NR/NR)
970,000
5.000
11/01/2047
904,829
Juniper
Cove
Community
Development
District
Miami-Dade
County
Florida
Capital
Improvement
RB
Series
2025
(NR/NR)
915,000
5.450
05/01/2045
890,051
970,000
5.700
05/01/2055
933,657
K-Bar
Ranch
II
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
955,000
3.125
05/01/2041
730,858
Kelly
Park
Community
Development
District
820,000
6.250
11/01/2053
828,821
Kelly
Park
Community
Development
District
535,000
5.300
05/01/2045
512,779
915,000
5.500
05/01/2055
862,639
Kindred
Community
Development
District
II
Special
Assessment
Bonds
Series
2020
(NR/NR)
290,000
3.500
05/01/2040
254,056
470,000
3.750
05/01/2050
375,768
Kindred
Community
Development
District
II
Special
Assessment
RB
Series
2023
(NR/NR)
600,000
5.650
05/01/2043
611,037
1,000,000
5.875
05/01/2054
1,010,312
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Kindred
Community
Development
District
Special
Assessment
Bond
Series
2017
(NR/NR)
$
1,000,000
5.000%
05/01/2048
$
950,471
Kingman
Gate
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
1,340,000
4.000
06/15/2040
1,257,602
1,060,000
4.000
06/15/2050
896,532
Kings
Creek
I
Community
Development
District
City
of
Jacksonville
Florida
Special
Assessment
Bonds,
Series
2025
(NR/NR)
775,000
5.750
05/01/2045
767,678
1,775,000
6.000
05/01/2055
1,750,627
Kingston
One
Community
Development
District
Lee
County
Florida
Special
Assessment
Bonds,
Series
2025
(NR/NR)
9,000,000
6.000
(d)(h)
05/01/2057
8,959,040
Lake
Deer
Community
Development
District
Special
Assessment
Bonds
for
Polk
County
Series
2022
(NR/NR)
1,205,000
5.625
05/01/2053
1,162,170
Lake
Emma
Community
Development
District
Lake
County,
Fl
Special
Assessment
Bonds,
Series
2023
Assessment
Area
Two
(NR/NR)
900,000
5.500
(d)
05/01/2053
900,748
Lake
Emma
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
Two
Series
2023
(NR/NR)
635,000
5.250
(d)
05/01/2043
630,012
Lake
Harris
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
795,000
5.375
05/01/2043
797,302
585,000
5.625
05/01/2053
586,400
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
1,625,583
2,555,000
5.900
05/01/2054
2,459,525
Lakes
of
Sarasota
Community
Development
District
2
Sarasota
County
Florida
Capital
Improvement
RB
Series
2025A
(NR/NR)
2,750,000
5.200
05/01/2035
2,734,830
660,000
5.700
05/01/2055
627,356
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
208,470
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
262,538
Lakes
of
Sarasota
Community
Development
District
Special
Assessment
for
Phases
1
Project
Series
2021
B-2
(NR/NR)
700,000
4.125
05/01/2031
698,126
Lakeside
Preserve
Community
Development
District
250,000
5.250
05/01/2030
255,666
780,000
6.000
05/01/2043
797,183
1,230,000
6.375
05/01/2054
1,262,124
Lakewood
Park
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
810,000
5.750
05/01/2053
816,757
Lakewood
Park
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Series
2021
(NR/NR)
325,000
3.625
05/01/2041
265,940
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Lakewood
Ranch
Stewardship
District
Special
Assessment
for
Azario
Project
Series
2020
A
(NR/NR)
$
525,000
3.200%
05/01/2030
$
507,888
525,000
3.750
05/01/2040
459,483
670,000
3.900
05/01/2050
531,391
Lakewood
Ranch
Stewardship
District
Special
Assessment
for
Lorraine
Lakes
Project
Series
2020
(NR/NR)
1,085,000
3.625
(d)
05/01/2040
932,373
Lakewood
Ranch
Stewardship
District
Special
Assessment
for
Northeast
Sector
Phase
2A
Project
Series
2019
(NR/NR)
250,000
3.850
05/01/2039
218,636
Lakewood
Ranch
Stewardship
District
Special
Assessment
RB
for
Country
Club
East
Project
Series
2014
(NR/NR)
6,295,000
5.600
05/01/2044
6,376,985
Lakewood
Ranch
Stewardship
District
Special
Assessment
RB
for
Cresswind
Project
Series
2019
(NR/NR)
525,000
4.400
05/01/2039
502,037
1,615,000
4.500
05/01/2049
1,405,375
Lakewood
Ranch
Stewardship
District
Special
Assessment
RB
for
Del
Webb
Project
Series
2017
(NR/NR)
1,000,000
5.000
(d)
05/01/2037
1,008,396
2,360,000
5.125
(d)
05/01/2047
2,345,129
Lakewood
Ranch
Stewardship
District
Special
Assessment
RB
for
Indigo
Expansion
Area
Project
Series
2019
(NR/NR)
575,000
3.750
(d)
05/01/2039
514,625
Lakewood
Ranch
Stewardship
District
Special
Assessment
RB
for
Lake
Club
Phase
4
Project
Series
2019
(NR/NR)
410,000
4.400
05/01/2039
392,067
475,000
4.500
05/01/2049
408,262
Lakewood
Ranch
Stewardship
District
Special
Assessment
RB
for
Lakewood
National
&
Polo
Run
Projects
Series
2017
(NR/NR)
550,000
4.625
05/01/2027
557,287
2,500,000
5.250
05/01/2037
2,528,352
6,200,000
5.375
05/01/2047
6,226,550
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
1,183,888
2,530,000
5.100
05/01/2048
2,457,151
Lakewood
Ranch
Stewardship
District
Special
Assessment
RB
for
North
East
Sector
Project
-
Phase
1B
Series
2018
(NR/NR)
3,725,000
5.450
05/01/2048
3,742,743
Lakewood
Ranch
Stewardship
District
Special
Assessment
RB
for
Palm
Grove
Project
Series
2024
(NR/NR)
660,000
5.500
05/01/2055
631,127
Lakewood
Ranch
Stewardship
District
Special
Assessment
RB
for
Taylor
Ranch
Project
2023
(NR/NR)
3,570,000
6.300
05/01/2054
3,678,840
Lakewood
Ranch
Stewardship
District
Special
Assessment
RB
for
Villages
of
Lakewood
Ranch
South
Project
Series
2016
(NR/NR)
130,000
4.250
05/01/2026
130,245
4,625,000
5.000
05/01/2036
4,649,067
1,600,000
5.125
05/01/2046
1,546,362
Lakewood
Ranch
Stewardship
District
Special
Assessment
RB
Series
2024
(NR/NR)
430,000
5.550
05/01/2054
418,606
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Lakewood
Ranch
Stewardship
District
Special
Assessment
Refunding
for
Northeast
Sector
Project
-
Phase
2B
Series
2020
(NR/NR)
$
2,100,000
3.750%
(d)
05/01/2040
$
1,833,905
Lakewood
Ranch
Stewardship
District
Special
Assessment
The
Isles
at
Lakewood
Ranch
Project
Series
2021
(NR/NR)
645,000
3.125
05/01/2041
509,564
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
1,145,212
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
1,680,809
1,990,000
3.000
05/01/2038
1,590,252
Landmark
at
Doral
Community
Development
District
Subordinate
Special
Assessment
Refunding
for
North
Parcel
Assessment
Area
Series
2019
A-2
(NR/NR)
545,000
3.375
05/01/2030
524,189
895,000
4.000
05/01/2038
811,778
Lawson
Dunes
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
360,000
5.000
05/01/2042
352,604
1,145,000
5.125
05/01/2052
1,080,089
Lee
County
IDA
Florida
Healthcare
Facilities
RB
Series
2024
Shell
Point
Obligated
Group
Series
2024A
Bonds
(NR/BBB+)
3,700,000
5.250
11/15/2054
3,634,287
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
2,283,338
8,800,000
5.250
10/01/2057
7,501,798
Leomas
Landing
Community
Development
District
City
of
Lake
Wales
Florida
Capital
Improvement
RB
Series
2025
Assessment
Area
Two
(NR/NR)
465,000
5.500
11/01/2045
446,945
460,000
5.700
11/04/2054
437,116
Liberty
Cove
Community
Development
District
Nassau
County
Florida
Special
Assessment
RB
Series
2024
Assessment
Area
One
Project
(NR/NR)
1,825,000
5.700
05/01/2054
1,717,281
Live
Oak
Lake
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
1,610,000
4.400
05/01/2040
1,423,375
2,840,000
4.600
05/01/2051
2,411,638
Long
Lake
Reserve
Community
Development
District
Special
Assessment
Bonds
Series
2018
(NR/NR)
975,000
5.125
05/01/2048
936,432
1,760,000
5.125
05/01/2049
1,681,411
Longleaf
Community
Development
District
(NR/NR)
729,000
5.375
05/01/2030
729,465
Longleaf
Community
Development
District
Capital
Improvement
RB
Series
2024
(NR/NR)
1,235,000
5.400
(d)
05/01/2044
1,225,044
1,300,000
5.750
(d)
05/01/2054
1,283,938
Longleaf
Community
Development
District
Pasco
County
Florida
Capital
Improvement
RB
Series
2024A
(NR/NR)
1,060,000
5.450
05/01/2055
972,574
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Longleaf
Community
Development
District
Special
Assessment
Refunding
Series
2005
(NR/NR)
$
1,980,000
5.400%
05/01/2030
$
1,981,252
Los
Cayos
Community
Development
District
Special
Assessment
Bonds,
Series
2024
(2024
Project)
(NR/NR)
800,000
5.550
06/15/2054
772,072
Lowery
Hills
Community
Development
District
City
of
Lake
Alfred
Florida
Special
Assessment
Bonds
Series
2025
Assessment
Area
One
(NR/NR)
1,260,000
5.850
(d)
05/01/2055
1,201,934
LT
Ranch
Community
Development
District
Special
Assessment
Series
2019
(NR/NR)
3,800,000
4.000
05/01/2050
3,030,155
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
496,430
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
1,278,993
LTC
Ranch
West
Residential
Community
Development
District
City
of
Port
St.
Lucie
Florida
Special
Assessment
Refunding
RB
Series
2024-Aa4
(NR/NR)
1,305,000
5.650
05/01/2054
1,227,576
LTC
Ranch
West
Residential
Community
Development
District
Special
Assessment
Bonds
Series
2021
B
(NR/NR)
875,000
3.250
05/01/2031
826,007
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
667,777
Lucerne
Park
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
855,000
4.625
05/01/2039
816,070
1,340,000
4.750
05/01/2050
1,205,340
Lynwood
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
1,750,000
4.000
06/15/2039
1,560,727
2,905,000
4.375
06/15/2049
2,467,725
Magnolia
Island
Community
Development
District
Pasco
County
Florida
Capital
Improvement
RB
Series
2025
Assessment
Area
One
(NR/NR)
700,000
5.550
05/01/2045
672,292
1,000,000
5.750
05/01/2055
952,113
Malabar
Springs
Community
Development
District
City
of
Palm
Bay
Florida
Special
Assessment
Bonds
Series
2024
Assessment
Area
One
(NR/NR)
1,300,000
5.200
05/01/2044
1,227,088
1,500,000
5.500
05/01/2054
1,394,031
Mandarin
Grove
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
815,000
6.625
(d)
05/01/2053
907,539
Marion
Ranch
Community
Development
District
Marion
County
Florida
Special
Assessment
Bonds
Series
2024
(NR/NR)
500,000
5.700
05/01/2044
492,111
2,130,000
5.950
05/01/2054
2,098,490
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
McJunkin
Parkland
Community
Development
District
Special
Assessment
Bonds
Series
2018
(NR/NR)
$
2,800,000
5.125%
(d)
11/01/2038
$
2,833,497
4,750,000
5.250
(d)
11/01/2049
4,613,897
Meadow
Pointe
IV
Community
Development
District
RB
for
Capital
Improvement
Series
2014
A
(NR/NR)
405,000
7.250
05/01/2035
408,095
Meadow
View
at
Twin
Creeks
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
530,000
3.750
05/01/2052
393,330
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
988,874
1,700,000
5.000
05/01/2048
1,613,660
Merrick
Square
Community
Development
District
Capital
Improvement
RB
Series
2023
(NR/NR)
900,000
5.625
05/01/2053
907,832
Miami
World
Center
Community
Development
District
Special
Assessment
Bonds
Series
2017
(NR/NR)
460,000
4.750
11/01/2027
467,277
5,300,000
5.125
11/01/2039
5,342,211
4,135,000
5.250
11/01/2049
4,115,736
Miami-Dade
County
IDA
Educational
Facilities
RB
for
Academir
Charter
Schools
Project
Series
2022A
(Ba2/NR)
1,585,000
5.250
(d)
07/01/2052
1,424,391
2,000,000
5.500
(d)
07/01/2061
1,823,157
Miami-Dade
County
Seaport
Revenue
Refunding
Bonds,
Series
2022A
(AMT)
(A3/NR)
3,035,000
5.250
10/01/2052
2,995,039
Miami-Dade
County
Water
&
Sewer
Revenue
System
Bonds
Series
2021
(BAM-TCRS)
(Aa3/AA)
1,575,000
4.000
10/01/2051
1,377,428
Miami-Dade
County,
Florida
Professional
Sports
Franchise
Facilities
Tax
Revenue
Refunding,
Series
2009A
(AG)
(A1/AA)
4,550,000
0.000
(f)
10/01/2045
1,666,240
Midtown
Miami
Community
Development
District
Special
Assessment
RB
Refunding
for
Parking
Garage
Project
Series
2014
A
(NR/NR)
2,820,000
5.000
05/01/2029
2,821,629
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
3,515,071
Mirada
Community
Development
District
Capital
Improvement
RB
Series
2021
(NR/NR)
240,000
3.250
05/01/2032
224,224
Mirada
Community
Development
District
Pasco
County
Florida
Capital
Improvement
Revenue
and
Refunding
Bonds
Series
2024
Assessment
Area
Three
(NR/NR)
1,105,000
5.625
05/01/2044
1,067,166
1,480,000
6.000
05/01/2055
1,439,878
Mirada
II
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
1,860,000
3.500
05/01/2041
1,516,441
2,430,000
4.000
05/01/2051
1,934,606
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Miranda
II
Community
Development
District
Capital
Improvement
RB
Series
2022
(NR/NR)
$
625,000
5.600%
05/01/2042
$
632,590
980,000
5.750
05/01/2053
986,757
Naples
Reserve
Community
Development
District
Special
Assessment
Bonds
Series
2018
(NR/NR)
1,185,000
5.125
(d)
11/01/2048
1,146,503
New
Port
Tampa
Bay
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
565,000
3.875
05/01/2041
476,217
2,250,000
4.125
05/01/2052
1,796,508
New
River
Community
Development
District
Special
Assessment
Refunding
Senior
Lien
Series
2020
A-1
(NR/NR)
30,000
3.500
(d)
05/01/2031
28,838
85,000
4.000
(d)
05/01/2038
77,625
New
River
Community
Development
District
Special
Assessment
Refunding
Senior
Lien
Series
2020
A-1
(NR/A)
815,000
3.500
(d)
05/01/2038
704,301
New
River
Community
Development
District
Special
Assessment
Series
2006
B
(NR/NR)
3,260,000
5.000
*
05/01/2013
33
Normandy
Community
Development
District
City
of
Jacksonville
Florida
Capital
Improvement
RB
Series
2024
Assessment
Area
One
(NR/NR)
1,600,000
5.300
(d)
05/01/2044
1,502,232
2,300,000
5.550
(d)
05/01/2054
2,112,085
North
Ar-1
of
Pasco
Community
Development
District
Pasco
County
Florida
Capital
Improvement
RB
Series
2024A
Assessment
Area
Five
(NR/NR)
685,000
5.750
05/01/2044
671,182
North
AR-1
of
Pasco
Community
Development
District
Pasco
County
Florida
Capital
Improvement
RB
Series
2024A
Assessment
Area
Five
(NR/NR)
1,955,000
6.000
05/01/2054
1,915,841
North
AR-1
Pasco
Community
Development
District
Capital
Improvement
RB
for
Assessment
Area
Four
Series
2024
(NR/NR)
420,000
5.450
05/01/2044
408,956
890,000
5.750
05/01/2054
853,881
North
AR-1
Pasco
Community
Development
District
Capital
Improvement
RB
for
Assessment
Area
Three,
Series
2023
(NR/NR)
270,000
5.000
05/01/2030
274,500
535,000
5.750
05/01/2043
537,024
800,000
6.000
05/01/2054
802,972
North
Loop
Community
Development
District
1,850,000
6.625
05/01/2054
1,937,431
North
Park
Isle
Community
Development
District
Special
Assessment
RB
Series
2021
(NR/NR)
1,200,000
3.375
11/01/2041
958,306
3,770,000
4.000
11/01/2051
2,981,429
North
Powerline
Road
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
1,255,000
5.625
(d)
05/01/2052
1,265,690
North
Powerline
Road
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
465,000
3.625
05/01/2040
396,520
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Northridge
Community
Development
District
Pasco
County
Florida
Special
Assessment
Bonds,
Series
2025
(NR/NR)
$
1,685,000
5.750%
(d)
05/01/2045
$
1,667,131
2,175,000
6.000
(d)
05/01/2055
2,148,078
Ocala
Preserve
Community
Development
District
Capital
Improvement
RB
Series
2023
(NR/NR)
1,190,000
5.700
05/01/2043
1,208,199
1,205,000
5.875
05/01/2053
1,218,909
Old
Hickory
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
340,000
4.000
06/15/2040
302,767
Orange
Blossom
Groves
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
665,000
5.250
06/15/2043
669,315
1,275,000
5.375
06/15/2053
1,269,101
Orange
Blossom
Ranch
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
2,200,000
4.850
05/01/2039
2,150,698
3,625,000
5.000
05/01/2049
3,403,146
Orange
County
Health
Facilities
Authority
Hospital
RB
Orlando
Health
Obligated
Group
Series
2025A
(NR/A+)
8,520,000
4.500
10/01/2056
7,700,008
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
1,005,824
Osceola
Chain
Lakes
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
840,000
4.000
05/01/2040
741,661
900,000
4.000
05/01/2050
711,503
Osceola
County
Rolling
Oaks
Community
Development
District
Special
Assessment
Bonds
Series
2018
(NR/NR)
1,675,000
5.375
(d)
11/01/2038
1,699,329
3,295,000
5.500
(d)
11/01/2049
3,299,292
Pacific
Ace
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
Two
Series
2024
(NR/NR)
775,000
5.500
05/01/2055
744,274
Paddocks
Community
Development
District
Capital
Improvement
RB
Series
2024
(NR/NR)
1,235,000
5.450
(d)
05/01/2055
1,139,521
Palermo
Community
Development
District
Lee
County
Florida
Special
Assessment
Bonds
Series
2025
Assessment
Area
Two
(NR/NR)
645,000
5.350
06/15/2045
634,306
900,000
5.500
06/15/2055
893,292
Palermo
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
1,050,000
5.000
06/15/2043
1,025,756
1,375,000
5.250
06/15/2053
1,332,452
Palm
Beach
County
Educational
Facilities
Authority
RB
Palm
Beach
Atlantic
University,
Inc.
Series
2024
(NR/NR)
1,800,000
5.250
10/01/2048
1,751,730
2,850,000
5.250
10/01/2053
2,722,185
Palm
Beach
County
Health
Facilities
Authority
RB
(Lifespace
Communities,
Inc.),
Series
2023C
(NR/NR)
2,050,000
7.625
05/15/2058
2,261,727
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
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%
(d)
07/01/2027
$
9,683,389
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
3,582,653
Palm
Beach
County
Health
Facilities
Authority
Revenue
Refunding
Bonds
Series
2022
(NR/NR)
1,650,000
4.000
06/01/2036
1,568,574
1,700,000
4.250
06/01/2056
1,348,259
Palm
Beach
County,
Florida
RB
Provident
Group
-
PBAU
Properties
II
LLC
-
Palm
Beach
Atlantic
University
Project
Senior,
Series
2025A
(NR/NR)
7,000,000
5.750
(d)
10/01/2055
7,117,069
1,000,000
6.750
(d)
10/01/2055
1,007,005
9,000,000
5.750
(d)
10/01/2065
9,059,519
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
495,553
1,000,000
5.600
05/01/2053
979,822
Palm
Coast
Park
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Series
2019
(NR/NR)
1,175,000
4.300
05/01/2050
966,446
Palm
Gate
Community
Development
District
City
of
Florida
City
Florida
Special
Assessment
Bonds
Series
2025
(NR/NR)
900,000
5.300
06/15/2045
851,497
900,000
5.550
06/15/2055
845,010
Palm
Glades
Community
Development
District
Senior
Special
Assessment
Bonds
Series
2018
A-1
(NR/A)
625,000
4.000
11/01/2038
579,874
3,290,000
4.200
11/01/2048
2,826,001
Palm
Glades
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2016
(NR/A)
3,155,000
3.750
05/01/2031
3,116,703
2,140,000
4.000
05/01/2036
2,091,114
Palm
Glades
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2017
(NR/BBB-)
260,000
4.000
05/01/2027
260,586
2,380,000
5.000
05/01/2039
2,384,099
Parkland
Preserve
Community
Development
District
Special
Assessment
RB
Series
2019
A
(NR/NR)
1,855,000
5.250
05/01/2039
1,875,611
5,090,000
5.375
05/01/2050
5,020,251
Parkview
at
Long
Lake
Ranch
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
800,000
4.000
05/01/2051
632,254
Parkway
Center
Community
Development
District
Special
Assessment
for
Amenity
Projects
Series
2018-2
(NR/A-)
2,285,000
4.700
05/01/2049
2,011,082
Parkway
Center
Community
Development
District
Special
Assessment
Refunding
Series
2018-1
(NR/A-)
1,065,000
4.500
05/01/2034
1,061,717
Parrish
Lakes
Community
Development
District
Capital
Improvement
RB
for
Special
Assessment
Area
Two
Series
2023A
(NR/NR)
590,000
5.375
05/01/2043
578,484
1,475,000
5.625
05/01/2053
1,444,313
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Parrish
Lakes
Community
Development
District
Capital
Improvement
RB
Series
2023
(NR/NR)
$
850,000
5.125%
05/01/2043
$
816,049
940,000
5.400
05/01/2053
896,330
Parrish
Lakes
Community
Development
District
Manatee
County
Florida
Capital
Improvement
RB
Series
2024
Assessment
Area
Three
(NR/NR)
830,000
5.500
05/01/2044
803,616
1,950,000
5.800
05/01/2054
1,876,382
Parrish
Lakes
II
Community
Development
District
Capital
Improvement
RB
for
Assessment
Area
One
Series
2024
(NR/NR)
2,750,000
5.125
05/01/2044
2,584,215
5,145,000
5.450
05/01/2054
4,772,981
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
374,270
Parrish
Plantation
Community
Development
District
Manatee
County
Florida
Special
Assessment
RB
Series
2024
Assessment
Area
Three
Project
(NR/NR)
1,440,000
6.050
05/01/2054
1,448,814
Parrish
Plantation
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
795,000
3.500
05/01/2041
646,664
Pasadena
Ridge
Community
Development
District
Capital
Improvement
RB
for
Assessment
Area
One
Series
2024
(NR/NR)
900,000
5.050
05/01/2044
845,925
1,275,000
5.375
05/01/2055
1,184,862
Paseo
Community
Development
District
Capital
Improvement
RB
Refunding
Series
2018
(NR/A-)
3,165,000
4.375
05/01/2036
3,061,311
Peace
Creek
Community
Development
District
City
of
Winter
Haven
Florida
Special
Assessment
Bonds
Series
2025
Assessment
Area
Two
(NR/NR)
1,190,000
5.625
05/01/2055
1,118,895
Peace
Creek
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
1,375,000
5.125
06/15/2043
1,356,842
1,900,000
5.375
06/15/2053
1,864,355
Peace
Creek
Village
Community
Development
District  Special
Assessment
Bonds
Series
2024
(NR/NR)
1,325,000
5.500
05/01/2044
1,300,763
905,000
5.750
05/01/2054
873,052
Peace
Creek
Village
Community
Development
District
355,000
4.625
05/01/2031
358,360
Peace
Creek
Village
Community
Development
District
City
of
Winter
Haven
Florida
Special
Assessment
Bonds
Series
2025
(NR/NR)
1,000,000
5.850
(d)
05/01/2055
951,312
Peace
Crossing
Community
Development
District
Special
Assessment
RB
for
Assessment
Area
One
Series
2024
(NR/NR)
2,600,000
5.700
05/01/2044
2,451,402
3,675,000
6.000
05/01/2054
3,428,306
Pine
Isle
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
1,000,000
3.250
(d)
12/15/2041
827,248
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Pine
Ridge
Plantation
Community
Development
District
Special
Assessment
Refunding
Bonds
2020
A-2
(NR/NR)
$
685,000
3.750%
05/01/2037
$
642,180
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
1,065,652
Pioneer
Ranch
Community
Development
District
Special
Assessment
Bonds
Series
2024
(NR/NR)
900,000
5.000
05/01/2044
835,760
1,150,000
5.300
05/01/2055
1,046,155
Portico
Community
Development
District
Special
Assessment
Bonds
Series
2020-2
(NR/NR)
555,000
3.625
05/01/2040
466,554
Portico
Community
Development
District
Special
Assessment
Refunding
Series
2020-1
(NR/NR)
1,915,000
3.500
05/01/2037
1,680,390
Portofino
Isles
Community
Development
District
Special
Assessment
RB
Refunding
Series
2013
(NR/BBB)
2,790,000
4.750
05/01/2033
2,790,889
Preserve
At
Legends
Pointe
Community
Development
District
Pasco
County,
Florida
Capital
Improvement  RB,
Series
2025
(NR/NR)
650,000
5.875
(d)
05/01/2055
641,404
Preserve
at
Savannah
Lakes
Community
Development
District
Special
Assessment
Bonds
Phase
1
Series
2024
(NR/NR)
1,000,000
5.750
05/01/2054
972,703
Preserve
at
South
Branch
Community
Development
District
Special
Assessment
Phase
1
Series
2018
(NR/NR)
1,045,000
5.375
11/01/2049
1,046,969
Preserve
at
South
Branch
Community
Development
District
Special
Assessment
Phase
2
RB
Series
2019
(NR/NR)
250,000
4.000
11/01/2039
228,768
1,205,000
4.000
11/01/2050
987,915
Preserve
at
South
Branch
Community
Development
District
Special
Assessment
Phase
3
Series
2021
(NR/NR)
750,000
3.500
05/01/2041
654,116
Prosperity
Lakes
Community
Development
District
1,050,000
6.125
12/15/2053
1,094,333
Ranches
At
Lake
Mcleod
Community
Development
District
Polk
County
Florida
Special
Assessment
Bonds
Series
2025
Assessment
Area
Two
(NR/NR)
1,000,000
5.650
06/15/2055
956,758
Reflection
Bay
Community
Development
District
Palm
Beach
County,
Florida
Special
Assessment
Bonds,
Series
2025
(NR/NR)
650,000
5.625
05/01/2045
639,633
1,130,000
5.875
05/01/2055
1,108,883
Regal-Village
Community
Development
District
Capital
Improvement
Revenue
Bonds
Series
2024
(NR/NR)
700,000
5.200
05/01/2044
677,227
575,000
5.500
05/01/2054
550,276
Reserve
At
Van
Oaks
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
965,000
5.375
05/01/2053
956,597
Reunion
East
Community
Development
District
(NR/NR)
2,170,000
7.200
*
05/01/2022
22
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Reunion
West
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
5
Project
Series
2019
(NR/NR)
$
470,000
4.500%
05/01/2039
$
446,852
1,520,000
4.625
05/01/2050
1,343,553
Rhodine
Road
North
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
825,000
4.500
05/01/2040
788,199
825,000
4.750
05/01/2050
744,158
Ridge
at
Apopka
Community
Development
District
Special
Assessment
Bonds
for
Parcel
Two
Project
Series
2023
(NR/NR)
590,000
5.500
05/01/2043
594,877
700,000
5.750
05/01/2053
702,322
Ridge
at
Apopka
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
2,145,000
5.500
05/01/2052
2,148,159
Ridge
at
Health
Brook
Community
Development
District
Capital
Improvement
RB
Series
2023
(NR/NR)
300,000
5.250
05/01/2043
297,644
540,000
5.500
05/01/2053
531,973
River
Glen
Community
Development
District
Special
Assessment
Bond
for
Assessment
Area
Two
Series
2021
(NR/NR)
1,000,000
3.375
05/01/2041
807,555
2,390,000
4.000
05/01/2051
1,875,100
River
Hall
Community
Development
District
735,000
5.350
(d)
05/01/2044
703,145
850,000
5.625
(d)
05/01/2055
802,560
River
Hall
Community
Development
District
1,555,000
6.500
05/01/2054
1,609,872
River
Hall
Community
Development
District
Special
Assessment
for
Assessment
Area
3
Series
2020
A
(NR/NR)
1,030,000
3.625
05/01/2040
861,124
River
Landing
Community
Development
District
Pasco
County
Florida
Capital
Improvement
RB
Series
2025
(NR/NR)
1,705,000
5.450
(d)
05/01/2055
1,609,071
River
Landing
Community
Development
District
Special
Assessment
Series
2020
A
(NR/NR)
1,100,000
4.350
05/01/2051
921,928
Rivers
Edge
II
Community
Development
District
Special
Assessment
Bond
Series
2021
(NR/NR)
935,000
3.500
05/01/2041
757,045
Rivers
Edge
III
Community
Development
District
Special
Assessment
Bond
Series
2021
(NR/NR)
815,000
3.500
(d)
05/01/2041
655,346
900,000
4.000
(d)
05/01/2051
690,880
Riverwalk
Community
Development
District
City
of
Orlando
Florida
Special
Assessment
Bonds
Series
2024
(NR/NR)
1,350,000
5.800
05/01/2054
1,324,226
Rolling
Oaks
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
1,350,000
6.500
(d)
05/01/2053
1,386,003
Rookery
Community
Development
District
City
of
Green
Cove
Springs
Florida
Capital
Improvement
RB
Series
2024
Assessment
Area
One
(NR/NR)
2,970,000
5.350
05/01/2055
2,730,159
Rustic
Oaks
Community
Development
District
Capital
Improvement
RB
Series
2022
(NR/NR)
2,435,000
3.450
05/01/2042
1,934,072
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Rye
Crossing
Community
Development
District
Capital
Improvement
RB
Series
2023
(NR/NR)
$
1,075,000
5.250%
05/01/2053
$
1,028,662
Rye
Crossing
Community
Development
District
Manatee
County
Florida
Capital
Improvement
RB
Series
2024
Assessment
Area
Two
(NR/NR)
1,000,000
5.250
05/01/2054
920,915
Rye
Ranch
Community
Development
District
1,745,000
6.625
05/01/2054
1,821,374
Rye
Ranch
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
One,
Series
2023
(NR/NR)
710,000
6.000
(d)
11/01/2053
715,857
Saddle
Creek
Preserve
of
Polk
County
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
320,000
4.000
06/15/2040
291,238
780,000
4.000
06/15/2050
623,163
Saddle
Creek
Preserve
of
Polk
County
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
1,315,000
4.000
12/15/2051
1,029,951
Saltleaf
Community
Development
District
Lee
County
Florida
Capital
Improvement
RB
Series
2024
(NR/NR)
1,500,000
5.625
05/01/2044
1,480,438
2,700,000
6.000
05/01/2056
2,687,864
Saltmeadows
Community
Development
District
Manatee
County
Florida
Special
Assessment
Bonds,
Series
2025
(NR/NR)
405,000
5.750
(d)
05/01/2045
405,270
650,000
6.000
(d)
05/01/2055
651,436
Saltmeadows
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
1,020,000
5.500
05/01/2053
1,006,253
San
Simeon
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
1,410,000
4.125
(d)
06/15/2039
1,267,113
Sandmine
Road
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
650,000
6.000
11/01/2052
668,582
Sandmine
Road
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Series
2020
(NR/NR)
980,000
3.625
(d)
05/01/2040
890,179
950,000
3.750
(d)
05/01/2050
768,642
Sarasota
County
Public
Hospital
District
Fixed
Rate
Hospital
RB
Series
2018
(A1/NR)
4,350,000
4.000
07/01/2048
3,785,616
Savanna
Lakes
Community
Development
District
Lee
County
Florida
Special
Assessment
Bonds
Series
2024
Assessment
Area
Two
(NR/NR)
700,000
5.500
06/15/2054
667,855
Savanna
Lakes
Community
Development
District
Special
Assessment
Area
One
Bonds,
Series
2023
(NR/NR)
1,065,000
5.375
(d)
06/15/2053
1,046,511
Sawgrass
Village
Community
Development
District
1,365,000
6.375
11/01/2053
1,398,768
Sawgrass
Village
Community
Development
District
Manatee
County
Florida
Special
Assessment
Bonds
Series
2024
Assessment
Area
Three
(NR/NR)
1,380,000
5.875
(d)
05/01/2054
1,334,619
Sawgrass
Village
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
2,300,000
5.750
05/01/2053
2,263,560
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Scenic
Highway
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
$
620,000
3.750%
05/01/2040
$
544,416
1,835,000
4.000
05/01/2051
1,441,773
Scenic
Terrace
North
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
1,380,000
5.875
05/01/2043
1,387,343
1,550,000
6.125
05/01/2054
1,566,786
Scenic
Terrace
South
Community
Development
District
900,000
6.750
11/01/2053
938,157
Scenic
Terrace
South
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
1,245,000
4.500
05/01/2042
1,124,112
2,810,000
4.625
05/01/2053
2,430,873
Seagrove
Community
Development
District
St.
Lucie
County
Florida
Special
Assessment
Bonds
Series
2024
(NR/NR)
1,250,000
5.200
06/15/2054
1,170,233
Seaton
Creek
Reserve
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
One
Bonds
Series
2023
(NR/NR)
980,000
5.500
(d)
06/15/2053
973,455
Sebastian
Isles
Community
Development
District
City
of
Florida
City
Florida
Capital
Improvement
RB
Series
2024
(NR/NR)
900,000
5.300
05/01/2054
839,827
Sedona
Point
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
1,185,000
5.000
06/15/2053
1,120,722
Seminole
County
Industrial
Development
Authority
RB
for
The
Galileo
School
Foundation,
Inc.
Series
2021
A
(Ba1/NR)
315,000
4.000
(d)
06/15/2036
289,798
425,000
4.000
(d)
06/15/2041
357,657
2,270,000
4.000
(d)
06/15/2051
1,730,921
1,105,000
4.000
(d)
06/15/2056
817,916
Seminole
Improvement
District
Utilities
RB
for
City
of
Westlake
Series
2022
(NR/NR)
900,000
5.300
10/01/2037
913,642
Seminole
Palms
Community
Development
District
City
of
Palm
Coast
Florida
Special
Assessment
Bonds
Series
2024
Assessment
Area
Two
(NR/NR)
1,750,000
5.500
(d)
05/01/2055
1,610,914
Seminole
Palms
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
850,000
5.700
05/01/2053
845,754
Shadowlawn
Community
Development
District
Special
Assessment
Revenue
Bonds
Series
2024
(NR/NR)
2,600,000
5.500
05/01/2044
2,474,407
3,300,000
5.850
05/01/2054
3,133,375
Shell
Point
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
2,200,000
5.250
(d)
11/01/2039
2,216,156
2,815,000
5.375
(d)
11/01/2049
2,781,390
Sherwood
Manor
Community
Development
District
Special
Assessment
Bonds
Series
2018
(NR/NR)
3,800,000
5.250
(d)
11/01/2049
3,691,118
Sherwood
Manor
Community
Development
District
Special
Assessment
RB
Series
2023
(NR/NR)
825,000
5.500
05/01/2043
830,772
1,435,000
5.625
05/01/2053
1,437,532
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Shingle
Creek
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
$
4,000,000
5.000%
05/01/2049
$
3,770,437
Silver
Oaks
Community
Development
District
Special
Assessment
Bonds
Series
2024
(NR/NR)
1,600,000
5.850
05/01/2054
1,558,900
Silverlake
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
885,000
5.500
05/01/2053
886,852
Six
Mile
Creek
Community
Development
District
Capital
Improvement
RB
Series
2021
(NR/NR)
790,000
4.000
05/01/2052
621,728
Six
Mile
Creek
Community
Development
District
Capital
Improvement
RB
Series
2023
(NR/NR)
1,375,000
5.700
05/01/2054
1,377,594
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
1,069,121
Six
Mile
Creek
Community
Development
District
Special
Assessment
Refunding
for
Area
2
Phase
3A
Project
Series
2020
(NR/NR)
300,000
4.125
11/01/2040
279,040
940,000
4.250
11/01/2050
806,719
Six
Mile
Creek
Community
Development
District
St.
Johns
County
Florida
Capital
Improvement
RB
Series
2024
(NR/NR)
1,090,000
5.375
05/01/2055
1,005,769
Solaeris
Community
Development
District
St.
Lucie
County
Florida
Special
Assessment
Bonds
Series
2024
(NR/NR)
1,650,000
6.000
05/01/2044
1,687,505
2,525,000
6.250
05/01/2055
2,590,741
Solaeris
Community
Development
District
St.
Lucie
County,
Florida
Special
Assessment
Bonds,
Series
2025
(NR/NR)
2,420,000
6.300
(d)(h)
05/01/2056
2,423,070
Somerset
Bay
Community
Development
District
Hernando
County
Florida
Capital
Improvement
RB
Series
2024
Assessment
Area
One
(NR/NR)
1,305,000
5.900
(d)
05/01/2054
1,237,782
Sorrento
Pines
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
One
Series
2023
(NR/NR)
525,000
5.500
05/01/2053
526,099
South
Fork
III
Community
Development
District
Parcels
V
and
W
Special
Assessment
Bonds
Series
2019
(NR/NR)
2,100,000
5.125
(d)
11/01/2039
2,107,754
3,480,000
5.250
(d)
11/01/2049
3,380,287
South
Fork
III
Community
Development
District
Special
Assessment
RB
Refunding
Series
2018
(NR/NR)
1,310,000
5.000
05/01/2038
1,314,395
2,505,000
5.375
05/01/2049
2,472,766
South
Kendall
Community
Development
District
Special
Assessment
Refunding
Series
2016
(NR/BBB)
330,000
4.125
11/01/2040
294,754
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
741,610
480,000
3.625
05/01/2035
444,938
1,690,000
3.750
05/01/2038
1,541,996
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
South
Village
Community
Development
District
Capital
Improvement
and
Special
Assessment
Refunding
Subordinate
Lien
Series
2016
A-2
(NR/NR)
$
465,000
4.875%
05/01/2035
$
466,074
95,000
5.000
05/01/2038
95,094
South-Dade
Venture
Community
Development
District
Special
Assessment
RB
Refunding
Series
2013
(NR/NR)
2,010,000
5.250
05/01/2034
2,011,468
Southern
Groves
Community
Development
District
No.
5
Special
Assessment
Refunding
Series
2019
(NR/NR)
365,000
3.600
05/01/2034
339,562
600,000
4.000
05/01/2043
508,347
Southern
Groves
Community
Development
District
No.
5
Special
Assessment
Series
2020
(NR/NR)
405,000
4.300
05/01/2040
385,449
165,000
4.500
05/01/2046
149,926
Southern
Hills
Plantation
I
Community
Development
District
Special
Assessment
for
Capital
Improvement
Series
2011
A-1
(NR/NR)
2,685,000
5.800
05/01/2035
2,460,939
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
1,597,050
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
785,482
Spencer
Creek
Community
Development
District
Special
Assessment
RB
Series
2019
(NR/NR)
345,000
4.375
05/01/2029
348,791
1,000,000
5.000
05/01/2039
1,001,770
1,750,000
5.250
05/01/2049
1,707,650
Spring
Lake
Community
Development
District
Special
Assessment
for
Assessment
Area
Two
Project
Series
2017
(NR/NR)
1,245,000
5.125
(d)
11/01/2037
1,253,210
1,785,000
5.250
(d)
11/01/2047
1,744,292
Spring
Ridge
Community
Development
District
Special
Assessment
RB
Series
A-1
(NR/NR)
845,000
4.800
05/01/2035
844,973
Springs
at
Lake
Alfred
Community
Development
District
Special
Assessment
Bonds
Series
2024
(NR/NR)
450,000
5.250
05/01/2044
434,906
900,000
5.600
05/01/2054
860,505
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
574,437
475,000
4.000
12/15/2046
360,948
2,350,000
4.000
12/15/2050
1,697,198
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
5,846,245
St.
Johns
County,
Florida
Water
and
Sewer
RB,
Series
2022
(Aa2/AAA)
2,310,000
5.000
06/01/2052
2,375,857
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Sterling
Hill
Community
Development
District
RB
for
Capital
Improvement
Series
2003
B
(NR/NR)
$
418,112
5.500%*
11/01/2010
$
183,969
Stonegate
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2013
(NR/NR)
2,130,000
5.000
05/01/2034
2,131,211
Stonegate
Preserve
Community
Development
District
Manatee
County,
Florida
Special
Assessment
Bonds,
Series
2025
(NR/NR)
1,175,000
5.875
06/15/2055
1,165,771
Stonegate
Preserve
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
1,000,000
5.875
12/15/2043
1,037,453
1,195,000
6.125
12/15/2053
1,247,096
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
1,102,438
Stoneybrook
North
Community
Development
District
Capital
Improvement
Revenue
Refunding
Bonds
Series
2022
(NR/NR)
670,000
6.375
11/01/2052
699,787
Stoneybrook
South
at
Championsgate
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
1,100,000
4.500
06/15/2039
1,087,410
1,100,000
4.625
06/15/2049
1,027,532
Stoneybrook
South
at
Championsgate
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
555,000
5.500
06/15/2053
565,464
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
1,831,984
3,495,000
5.500
11/01/2044
3,556,494
Stoneybrook
South
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
2,875,000
3.750
(d)
12/15/2050
2,323,818
Storey
Creek
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
One
Project
Series
2019
(NR/NR)
420,000
4.000
12/15/2039
373,454
860,000
4.125
12/15/2049
694,425
Storey
Creek
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
575,000
5.200
06/15/2042
561,131
Storey
Creek
Community
Development
District
Special
Assessment
Bonds
Series
2024
(NR/NR)
985,000
5.500
06/15/2054
966,776
Storey
Drive
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
1,000,000
4.000
06/15/2052
772,488
Storey
Park
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
Four
Project
Series
2021
(NR/NR)
325,000
3.300
(d)
06/15/2041
277,397
Storey
Park
Community
Development
District
Special
Assessment
Bonds
for
City
of
Orlando
Series
2022
(NR/NR)
1,000,000
5.150
06/15/2052
961,350
Stuart
Crossing
Community
Development
District
Special
Assessment
Bonds
Series
2024
(NR/NR)
900,000
5.500
(d)
05/01/2054
849,314
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Summer
Woods
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
$
1,600,000
4.000%
05/01/2052
$
1,249,870
Summer
Woods
Community
Development
District
Special
Assessment
for
Assessment
Area
Two
Project
Series
2020
(NR/NR)
870,000
3.750
05/01/2040
737,680
1,145,000
4.000
05/01/2050
906,490
Summer
Woods
Community
Development
District
Special
Assessment
for
Assessment
Area
Two
Project
Series
2021
(NR/NR)
405,000
3.400
05/01/2041
333,533
275,000
4.000
05/01/2051
217,656
Summerstone
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
705,000
3.750
05/01/2040
634,227
875,000
4.000
05/01/2051
732,668
Sunbridge
Stewardship
District
Special
Assessment
RB
for
Weslyn
Park
Project
Series
2022
(NR/NR)
1,000,000
5.200
05/01/2042
981,916
1,800,000
5.350
05/01/2052
1,742,016
Sunbridge
Stewardship
District
Special
Assessment
RB
Series
2022
(NR/NR)
1,550,000
5.500
05/01/2052
1,538,605
Sweetwater
Creek
Community
Development
District
Capital
Improvement
Special
Assessment
RB
Refunding
Series
2019
A-2
(NR/NR)
1,610,000
4.000
05/01/2038
1,461,719
Talis
Park
Community
Development
District
Capital
Improvement
RB
Refunding
Subordinate
Series
2016
A-2
(NR/NR)
205,000
3.750
05/01/2026
204,472
1,550,000
4.000
05/01/2033
1,521,639
Tamarindo
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
715,000
3.375
05/01/2041
570,075
Tapestry
Community
Development
District
Special
Assessment
RB
Series
2016
(NR/NR)
1,110,000
4.800
05/01/2036
1,110,379
1,715,000
5.000
05/01/2046
1,639,143
Tern
Bay
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
4,400,000
4.000
06/15/2042
3,787,833
Terreno
Community
Development
District
Collier
County,
Florida
Special
Assessment
Bonds
Series
2025
(NR/NR)
840,000
5.400
05/01/2045
818,962
900,000
5.650
05/01/2055
868,541
Terreno
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
900,000
5.250
05/01/2053
862,434
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
1,619,316
Timber
Creek
Southwest
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
1,000,000
4.000
06/15/2040
885,666
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Tison’s
Landing
Community
Development
District
Special
Assessment
RB
Refunding
&
Improvement
Bonds
Senior
Series
2016
A-1
(NR/A+)
$
1,345,000
3.600%
05/01/2037
$
1,247,796
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
1,654,554
Tolomato
Community
Development
District
Special
Assessment
GO
Refunding
Bonds
Subordinate
Lien
Series
2018
A-2
(NR/NR)
375,000
5.625
(d)
05/01/2040
380,925
Tolomato
Community
Development
District
Special
Assessment
GO
Refunding
Bonds
Subordinate
Lien
Series
2018
B-2
(NR/NR)
300,000
5.125
05/01/2039
301,692
Tolomato
Community
Development
District
Special
Assessment
RB
Refunding
Series
2019
A-2
(NR/NR)
1,155,000
4.250
05/01/2037
1,125,140
Tolomato
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2019
C
(NR/NR)
8,310,000
4.400
(d)
05/01/2040
7,860,973
Toscana
Isles
Community
Development
District
Special
Assessment
RB
Series
2014
(NR/NR)
145,000
5.750
11/01/2027
148,566
1,955,000
6.250
11/01/2044
2,014,617
Toscana
Isles
Community
Development
District
Special
Assessment
RB
Series
2018
(NR/NR)
2,645,000
5.375
11/01/2039
2,697,387
5,390,000
5.500
11/01/2049
5,401,255
Touchstone
Community
Development
District
Special
Assessment
Bonds
Series
2018
(NR/NR)
1,560,000
4.625
(d)
06/15/2038
1,507,680
2,440,000
4.750
(d)
06/15/2048
2,220,216
Touchstone
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
550,000
4.000
12/15/2040
475,244
1,145,000
4.125
12/15/2049
931,126
Towne
Park
Community
Development
District
Special
Assessment
Area
3B
Project
Series
2019
(NR/NR)
1,085,000
4.625
05/01/2050
956,375
Towne
Park
Community
Development
District
Special
Assessment
Area
3D
Project
Series
2020
(NR/NR)
525,000
3.625
(d)
05/01/2040
454,647
1,000,000
4.000
(d)
05/01/2051
827,376
Towns
at
Woodsdale
Community
Development
District
1,220,000
6.375
(d)
11/01/2053
1,256,629
Tradition
Community
Development
District
No.
9
Port
St.
Lucie,
Florida
Special
Assessment
Bonds
Series
2025
(NR/NR)
1,000,000
5.650
05/01/2056
952,134
Tradition
Community
Development
District
No.
9
Special
Assessment
Bonds
Series
2021
(NR/NR)
1,700,000
3.000
05/01/2041
1,283,030
1,300,000
4.000
05/01/2052
1,009,515
Trevesta
Community
Development
District
Special
Assessment
Area
2
Project
Series
2020
(NR/NR)
875,000
3.750
(d)
05/01/2040
764,965
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Triple
Creek
Community
Development
District
Special
Assessment
for
Villages
N&P
Projects
Series
2021
(NR/NR)
$
700,000
3.500%
11/01/2041
$
564,546
Triple
Creek
Community
Development
District
Special
Assessment
Series
2017
A
(NR/NR)
590,000
5.250
11/01/2027
598,970
2,735,000
6.125
11/01/2046
2,799,528
Triple
Creek
Community
Development
District
Special
Assessment
Series
2018
A
(NR/NR)
785,000
4.700
(d)
11/01/2029
795,870
1,525,000
5.125
(d)
11/01/2038
1,529,702
Triple
Creek
Community
Development
District
Special
Assessment
Series
2019
A
(NR/NR)
1,000,000
4.625
05/01/2039
961,193
1,990,000
4.750
05/01/2050
1,780,118
TSR
Community
Development
District
Special
Assessment
Bonds
for
Northwest
Assessment
Area
Series
2017
(NR/NR)
4,625,000
4.750
(d)
11/01/2048
4,188,556
TSR
Community
Development
District
Special
Assessment
Bonds
for
Northwest
Assessment
Area
Series
2018
(NR/NR)
1,200,000
5.000
11/01/2039
1,200,507
1,850,000
5.125
11/01/2049
1,766,071
TSR
Community
Development
District
Special
Assessment
RB
for
2016
Project
Series
2016
(NR/NR)
710,000
4.000
11/01/2027
711,059
3,160,000
4.625
11/01/2037
3,088,739
2,790,000
4.750
11/01/2047
2,533,659
TSR
Community
Development
District
Special
Assessment
RB
for
Village
4
Project
Series
2015
A
(NR/NR)
2,420,000
5.625
11/01/2045
2,440,046
Tuckers
Pointe
Community
Development
District
Special
Assessment
RB
Series
2022
(NR/NR)
1,400,000
4.000
05/01/2052
1,101,797
Tuckers
Pointe
Community
Development
District
Special
Assessment
Revenue
Note
Series
2022
(NR/NR)
4,200,000
3.625
05/01/2032
4,013,682
Turnbull
Creek
Community
Development
District
Senior
Special
Assessment
Refunding
Series
2015
A-1
(NR/A)
2,230,000
4.375
05/01/2035
2,213,488
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
1,219,429
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
566,334
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
681,976
650,000
6.125
05/01/2054
657,850
Twisted
Oaks
Pointe
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
One
Series
2023
(NR/NR)
750,000
5.625
05/01/2053
738,479
Two
Creeks
Community
Development
District
RB
Refunding
for
Capital
Improvement
Senior
Lien
Series
2016
A-1
(NR/A)
2,535,000
3.625
05/01/2037
2,348,724
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
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
$
610,887
Two
Lakes
Community
Development
District
Special
Assessment
Bonds
Series
2024
(Tax-Exempt)
(NR/BBB)
1,000,000
5.000
05/01/2044
994,603
1,545,000
5.000
05/01/2055
1,477,045
Two
Lakes
Community
Development
District
Special
Assessment
Expansion
Area
Series
2019
(NR/NR)
2,300,000
3.750
12/15/2039
1,984,647
Two
Lakes
Community
Development
District
Special
Assessment
Series
2017
(NR/NR)
1,000,000
5.000
(d)
12/15/2032
1,037,642
1,705,000
5.000
(d)
12/15/2037
1,722,986
5,330,000
5.000
(d)
12/15/2047
5,074,499
Two
Rivers
East
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
3,190,000
5.875
05/01/2053
3,176,485
Two
Rivers
North
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
1,850,000
5.250
05/01/2052
1,779,751
Two
Rivers
Two
Rivers
West
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
2,000,000
6.125
11/01/2053
2,034,101
Two
Rivers
West
Community
Development
District
Pasco
County
Florida
Special
Assessment
Bonds
Series
2024
Series
2024
Project
(NR/NR)
1,375,000
5.875
05/01/2054
1,368,542
Two
Rivers
West
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
1,600,000
6.000
05/01/2043
1,637,135
2,545,000
6.250
05/01/2053
2,603,901
Union
Park
East
Community
Development
District
Capital
Improvement
RB
for
Assessment
Area
One
Series
2017
A-1
(NR/NR)
2,410,000
5.500
(d)
11/01/2047
2,420,213
University
Park
Recreation
District
Special
Assessment
Series
2019
(BAM)
(NR/AA)
2,800,000
3.375
05/01/2045
2,261,015
Varrea
South
Community
Development
District
Capital
Improvement
RB
Series
2023
(NR/NR)
1,375,000
5.400
05/01/2053
1,356,279
Varrea
South
Community
Development
District
City
of
Plant
City
Florida
Capital
Improvement  RB,
Series
2025
(NR/NR)
1,165,000
5.875
(d)
05/01/2055
1,151,193
V-Dana
Community
Development
District
Lee
County
Florida
Special
Assessment
Bonds
Series
2025
(NR/NR)
900,000
5.375
05/01/2045
866,455
1,250,000
5.550
05/01/2055
1,188,860
V-Dana
Community
Development
District
Lee
County,
Florida
Special
Assessment
Bonds,
Series
2023
Assessment
Area
Two
–
2023
Project
Area
(NR/NR)
950,000
5.250
05/01/2043
938,230
V-Dana
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
Two
Series
2023
(NR/NR)
2,010,000
5.500
05/01/2054
1,970,413
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
V-Dana
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Series
2020
(NR/NR)
$
1,400,000
4.000%
(d)
05/01/2051
$
1,108,066
Venetian
Parc
Community
Development
District
Special
Assessment
Area
One
Project
Series
2013
(NR/NR)
200,000
6.000
11/01/2027
205,708
2,050,000
6.500
11/01/2043
2,152,203
Ventana
Community
Development
District
Special
Assessment
RB
Series
2018
(NR/NR)
4,655,000
5.125
(d)
05/01/2049
4,382,170
Veranda
Community
Development
District
II
Special
Assessment
Area
1
Gardens
East
Project
Series
2018
A
(NR/NR)
615,000
5.000
11/01/2039
615,497
1,045,000
5.125
11/01/2049
997,591
Veranda
Community
Development
District
II
Special
Assessment
Area
2
Preserve
West
Project
Series
2018
A
(NR/NR)
955,000
5.000
11/01/2039
955,771
1,555,000
5.125
11/01/2049
1,488,487
Veranda
Community
Development
District
II
Special
Assessment
Refunding
for
Veranda
Estates
Project
Series
2021
(NR/NR)
245,000
3.600
(d)
05/01/2041
200,745
Veranda
Community
Development
District
II
Special
Assessment
Refunding
for
Veranda
Oaks
Project
Series
2021
(NR/NR)
485,000
3.600
(d)
05/01/2041
397,394
790,000
4.000
(d)
05/01/2051
621,616
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
1,007,835
475,000
5.625
05/01/2054
458,972
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
1,565,209
Veranda
Landing
Community
Development
District
Special
Assessment
Bonds,
Series
2023
(NR/NR)
900,000
5.500
06/15/2053
895,255
Verandah
East
Community
Development
District
Special
Assessment
Refunding
&
Improvement
RB
Series
2016
(NR/NR)
4,355,000
4.000
05/01/2031
4,282,230
1,700,000
4.125
05/01/2034
1,632,636
1,000,000
4.250
05/01/2037
923,092
Verano
#1
Community
Development
District
Senior
Special
Assessment
Refunding
for
Community
Infrastructure
Project
Series
2017
A-1
(NR/BBB+)
1,980,000
4.000
(d)
05/01/2031
1,980,452
2,935,000
4.000
(d)
05/01/2037
2,783,484
Verano
#1
Community
Development
District
Special
Assessment
Bonds
for
District
#1
Project
Series
2015
(NR/NR)
735,000
5.125
11/01/2035
748,458
990,000
5.250
11/01/2046
973,090
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
854,047
1,910,000
5.800
05/01/2054
1,847,969
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Verano
#2
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
–
Pod
D7
Project
Area
Series
2024
(NR/NR)
$
575,000
5.350%
05/01/2044
$
551,358
735,000
5.625
05/01/2055
693,978
Verano
#4
Community
Development
District
City
of
Port
St.
Lucie
Florida
Special
Assessment
Bonds,
Series
2025
(NR/NR)
915,000
6.000
05/01/2055
919,122
Verano
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
1,000,000
6.625
11/01/2052
1,040,190
Verano
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
500,000
5.375
05/01/2043
502,083
800,000
5.625
05/01/2053
804,939
Verano
No.
2
Community
Development
District
Special
Assessment
Bonds
for
POD
C
Project
Series
2020
(NR/NR)
265,000
4.000
05/01/2040
233,724
1,700,000
4.000
05/01/2050
1,353,645
Verano
No.
2
Community
Development
District
Special
Assessment
Bonds
for
POD
D
Project
Series
2020
(NR/NR)
370,000
4.000
05/01/2040
326,332
2,015,000
4.000
05/01/2050
1,602,160
Verano
No.
2
Community
Development
District
Special
Assessment
Bonds
for
POD
E
Project
Series
2020
(NR/NR)
265,000
4.000
05/01/2040
233,724
1,740,000
4.000
05/01/2050
1,383,503
Vida's
Way
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
One
Series
2024
(NR/NR)
1,080,000
4.875
05/01/2044
997,980
1,750,000
5.200
05/01/2054
1,585,887
Viera
Stewardship
District
Special
Assessment
RB
Series
2023
(NR/NR)
1,000,000
5.300
05/01/2043
1,000,681
2,745,000
5.500
05/01/2054
2,645,543
Villa
Portofino
East
Community
Development
District
Special
Assessment
Refunding
Series
2019
(NR/NR)
870,000
3.750
05/01/2037
779,891
Village
Community
Development
District
No.
13
Special
Assessment
RB
Series
2019
(NR/NR)
9,420,000
3.700
05/01/2050
7,258,562
Village
Community
Development
District
No.
13
Special
Assessment
RB
Series
2020
(NR/NR)
4,070,000
3.250
(d)
05/01/2040
3,334,983
9,040,000
3.500
(d)
05/01/2051
6,646,866
Village
Community
Development
District
No.
15
Special
Assessment
RB
Series
2023
(NR/NR)
2,050,000
5.000
(d)
05/01/2043
2,019,414
Village
Community
Development
District
Special
Assessment
RB
Series
2021
(NR/NR)
4,260,000
3.250
05/01/2052
2,926,921
Villages
of
Glen
Creek
Community
Development
District
Capital
Improvement
RB
Series
2022A
(NR/NR)
1,150,000
5.250
05/01/2053
1,103,572
Villages
of
Glen
Creek
Community
Development
District
Capital
Improvement
Revenue
and
Refunding
Bonds
Series
2022
(NR/NR)
1,100,000
4.000
05/01/2052
863,124
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Villamar
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
$
885,000
4.625%
05/01/2039
$
846,399
1,355,000
4.875
05/01/2050
1,236,502
Villamar
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
555,000
3.750
05/01/2040
495,992
1,000,000
4.000
05/01/2051
793,800
Villamar
Community
Development
District
Special
Assessment
Bonds,
Series
2024
(NR/NR)
570,000
5.500
05/01/2044
568,073
1,000,000
5.750
05/01/2054
983,535
Vizcaya
In
Kendall
Community
Development
District
Special
Assessment
Bonds
Series
2016
(NR/BBB)
1,000,000
3.750
11/01/2031
961,330
1,000,000
4.000
11/01/2036
945,110
1,300,000
4.125
11/01/2046
1,094,986
Waterford
Community
Development
District
Capital
Improvement
RB
Series
2023
(NR/NR)
430,000
5.375
05/01/2043
431,245
535,000
5.600
05/01/2053
538,475
Waterford
Community
Development
District
Hernando
County
Florida
Capital
Improvement
RB
Series
2024
Assessment
Area
Two
(NR/NR)
820,000
5.450
05/01/2054
762,831
Watergrass
Community
Development
District
II
Special
Assessment
Bonds
Series
2018
(NR/NR)
4,040,000
5.250
05/01/2049
3,926,459
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
3,079,420
Waterset
Central
Community
Development
District
Special
Assessment
Bonds
Series
2018
(NR/NR)
1,640,000
5.125
(d)
11/01/2038
1,648,799
2,800,000
5.250
(d)
11/01/2049
2,727,121
Waterset
North
Community
Development
District
Special
Assessment
RB
Series
2014
(NR/NR)
1,200,000
5.125
11/01/2035
1,200,504
1,930,000
5.500
11/01/2045
1,930,048
Wellness
Ridge
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
Two
Series
2024
(NR/NR)
775,000
5.000
(d)
06/15/2044
731,613
1,000,000
5.200
(d)
06/15/2055
919,009
Wellness
Ridge
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
1,315,000
5.125
06/15/2043
1,305,189
1,210,000
5.375
06/15/2053
1,199,233
Wesbridge
Community
Development
District
Special
Assessment
Series
2019
(NR/NR)
1,215,000
4.250
11/01/2049
1,010,584
West
Hillcrest
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
1,150,000
5.500
06/15/2053
1,150,913
West
Port
Community
Development
District
Special
Assessment
Area
Two
Series
2020
(NR/NR)
570,000
3.625
(d)
05/01/2041
464,822
1,545,000
4.000
(d)
05/01/2051
1,213,918
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
West
Port
Community
Development
District
Special
Assessment
Bonds
for
Charlotte
County
Series
2022
(NR/NR)
$
550,000
5.250%
05/01/2052
$
521,025
West
Port
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Series
2021
(NR/NR)
1,445,000
3.400
05/01/2041
1,145,309
West
Port
East
Community
Development
District
Charlotte
County,
Florida
Special
Assessment
Bonds,
Series
2025
(NR/NR)
650,000
6.000
(d)
05/01/2055
647,273
West
Villages
Improvement
District
Capital
Improvement
RB
for
Unit
of
Development
No.
10
Series
2024
(Assessment
Area
One)
(NR/NR)
1,145,000
5.625
05/01/2054
1,089,590
West
Villages
Improvement
District
City
of
North
Port
Florida
Capital
Improvement
RB,
Series
2025
(NR/NR)
1,560,000
6.000
05/01/2055
1,585,351
West
Villages
Improvement
District
Special
Assessment
RB
for
Neighborhood
Infrastructure
Series
2022
(NR/NR)
475,000
5.375
05/01/2042
478,622
West
Villages
Improvement
District
Special
Assessment
RB
Series
2023
(NR/NR)
850,000
5.375
05/01/2043
855,707
2,265,000
5.625
05/01/2053
2,278,982
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
2,230,941
3,790,000
5.000
05/01/2050
3,536,664
West
Villages
Improvement
District
Unit
of
Development
No.
7
Special
Assessment
RB
Series
2023
(NR/NR)
570,000
6.250
05/01/2054
589,931
Westside
Community
Development
District
Special
Assessment
RB
for
Solara
Phase
1
Assessment
Area
Series
2018
(NR/NR)
420,000
5.000
(d)
05/01/2038
422,734
600,000
5.200
(d)
05/01/2048
589,045
Westside
Community
Development
District
Special
Assessment
RB
for
Solara
Phase
2
Assessment
Area
Series
2019
(NR/NR)
990,000
4.625
05/01/2039
946,820
1,590,000
4.850
05/01/2049
1,451,243
Westside
Community
Development
District
Special
Assessment
RB
Refunding
Series
2019
(NR/NR)
800,000
4.100
(d)
05/01/2037
748,186
795,000
4.125
(d)
05/01/2038
730,411
Westside
Community
Development
District
Special
Assessment
RB
Series
2019
(NR/NR)
1,200,000
5.000
05/01/2039
1,202,125
2,000,000
5.200
05/01/2050
1,922,770
Westside
Haines
City
Community
Development
District
Polk
County
Florida
Special
Assessment
Bonds
Series
2024
Assessment
Area
Two
Project
(NR/NR)
1,630,000
5.750
05/01/2044
1,613,518
2,025,000
6.000
05/01/2054
2,008,764
Westview
North
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
1,150,000
6.000
06/15/2052
1,177,205
Westview
South
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
One,
Series
2023
(NR/NR)
830,000
5.375
05/01/2043
819,345
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Westview
South
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
One,
Series
2023
(NR/NR)
–
(continued)
$
2,615,000
5.600%
05/01/2053
$
2,569,364
1,410,000
5.625
05/01/2053
1,399,974
Westview
South
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
Two,
Series
2023
(NR/NR)
595,000
5.375
05/01/2043
587,362
Westwood
of
Pasco
Community
Development
District
Capital
Improvement
RB,
Series
2023
(NR/NR)
675,000
5.625
05/01/2053
672,072
Whispering
Pines
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
830,000
5.500
05/01/2053
831,737
Whispering
Pines
Community
Development
District
Special
Assessment
Bonds
Series
2024
(NR/NR)
420,000
5.200
05/01/2044
409,224
490,000
5.500
05/01/2054
473,582
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
959,372
Willows
Community
Development
District
Special
Assessment
RB
for
Manatee
County
Series
2022
(NR/NR)
1,100,000
5.750
05/01/2052
1,115,243
Wind
Meadows
South
Community
Development
District
Special
Assessment
Bond
for
Assessment
Area
One
Project
Series
2021
(NR/NR)
1,170,000
4.000
05/01/2052
884,806
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
1,097,143
Winding
Cypress
Community
Development
District
Phase
3
Assessment
Area
Special
Assessment
Bonds
Series
2019
(NR/NR)
955,000
5.000
11/01/2049
895,713
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
1,702,636
Winding
Oaks
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
One
Series
2024
(NR/NR)
710,000
5.400
05/01/2044
680,919
1,130,000
5.700
05/01/2055
1,072,619
Windsor
Cay
Community
Development
District
Lake
County
Florida
Special
Assessment
Bonds
Series
2024
(NR/NR)
1,000,000
5.450
05/01/2044
1,009,803
1,000,000
5.750
05/01/2054
1,018,031
Windward
at
Lakewood
Ranch
Community
Development
District
Capital
Improvement
RB
Series
2022
(NR/NR)
1,040,000
4.250
05/01/2052
827,606
Windward
Community
Development
District
Special
Assessment
Series
2020
A-1
(NR/NR)
100,000
4.400
11/01/2035
97,386
625,000
4.250
05/01/2040
561,893
1,000,000
4.500
05/01/2051
853,720
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Wiregrass
II
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
$
1,585,000
3.700%
05/01/2040
$
1,341,677
3,450,000
3.875
05/01/2050
2,646,758
Woodcreek
Community
Development
District
Pasco
County
Florida
Capital
Improvement
RB
Series
2025
Assessment
Area
Two
(NR/NR)
795,000
5.500
05/01/2055
733,863
Woodland
Crossing
Community
Development
District
Sumter
County
Florida
Special
Assessment
Bonds,
Series
2025
(NR/NR)
1,000,000
5.875
(d)
05/01/2045
995,826
1,800,000
6.125
(d)
05/01/2056
1,793,241
Woodland
Preserve
Community
Development
District
Manatee
County
Florida
Special
Assessment
Bonds
Series
2025
Assessment
Area
One
(NR/NR)
530,000
5.300
(d)
05/01/2045
507,987
750,000
5.500
(d)
05/01/2055
709,085
Woodland
Ranch
Estates
Community
Development
District
Town
of
Dundee
Florida
Special
Assessment
Bonds
Series
2025
(NR/NR)
500,000
5.550
05/01/2045
483,613
620,000
5.750
05/01/2055
592,765
Zephyr
Lakes
Community
Development
District
Special
Assessment
for
Assessment
Area
Two
Series
2021
(NR/NR)
550,000
3.375
05/01/2041
435,482
870,000
4.000
05/01/2051
685,567
1,767,617,322
Georgia
-
1.4%
Atlanta
Development
Authority
RB
for
New
Downtown
Atlanta
Stadium
Project
Senior
Lien
Series
2015
B
(A1/A)
1,000,000
4.000
07/01/2040
956,877
Cherokee
County
Water
and
Sewerage
Authority
Georgia
Water
and
Sewerage
RB,
Series
2023
(Aa1/AA)
1,200,000
4.000
08/01/2053
1,051,711
Columbia
County
Hospital
Authority
Revenue
Anticipation
Certificates,
(Wellstar
Health
System,
Inc.
Project)
Series
2023A
(A2/A+)
1,495,000
5.125
04/01/2053
1,494,222
Coweta
County
Water
and
Sewerage
Authority
RB
Series
2024
(NR/AA+)
1,865,000
5.000
06/01/2054
1,909,510
Development
Authority
of
Dekalb
County
RB
for
The
Globe
Academy,
Inc.,
Project
Series
2024A
(Baa2/NR)
300,000
5.000
06/01/2050
278,939
480,000
5.000
06/01/2055
437,100
2,635,000
5.000
06/01/2063
2,334,843
Development
Authority
of
Lagrange
Revenue
Refunding
and
Improvement
Bonds,
Series
2021A
(Lagrange
College
Project)
(NR/NR)
400,000
5.000
10/15/2052
325,483
Gainesville
&
Hall
County
Development
Authority
RB
Refunding
for
Riverside
Military
Academy
Series
2017
(NR/NR)
900,000
5.125
03/01/2052
513,000
George
L
Smith
II
Congress
Center
Authority
RB
for
Convention
Center
Hotel
Second
Tier
Series
2021B
(NR/NR)
18,210,000
5.000
(d)
01/01/2054
16,300,587
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Georgia
–
(continued)
George
L
Smith
II
Congress
Center
Authority
RB
for
Signia
Hotel
Management
LLC
Series
2021
(NR/NR)
$
3,690,000
3.625%
(d)
01/01/2031
$
3,523,251
1,340,000
5.000
(d)
01/01/2036
1,343,608
George
L
Smith
II
Congress
Center
Authority
RB
for
Signia
Hotel
Management
LLC
Series
2021
(NR/BBB-)
12,180,000
4.000
01/01/2054
9,922,539
Main
Street
Natural
Gas
Inc.
Gas
Supply
RB
Series
2022C
(NR/BBB-)
3,115,000
4.000
(d)
11/01/2026
3,120,051
Main
Street
Natural
Gas
Inc.
Gas
Supply
RB
Series
2023B
(Aa1/NR)
7,000,000
5.000
(a)(b)
07/01/2053
7,375,301
Main
Street
Natural
Gas
Inc.
Gas
Supply
RB
Series
2025A
(Aa3/NR)
1,500,000
5.000
(a)(b)
06/01/2055
1,595,188
Main
Street
Natural
Gas
Inc.,
Gas
Supply
RB
Series
2023E-1
(Aa1/NR)
7,235,000
5.000
(a)(b)
12/01/2053
7,623,148
Main
Street
Natural
Gas
Inc.,
Gas
Supply
RB,
Series
2023C
(Aa1/NR)
500,000
5.000
(a)(b)
09/01/2053
528,770
Main
Street
Natural
Gas,
Inc.
Gas
Supply
RB
Series
2019
A
(A1/NR)
3,300,000
5.000
05/15/2043
3,304,152
17,350,000
5.000
05/15/2049
17,336,969
Main
Street
Natural
Gas,
Inc.
Gas
Supply
RB,
Series
2022B
(A3/NR)
25,000,000
5.000
(a)(b)
12/01/2052
25,951,732
Municipal
Electric
Authority
of
Georgia
Plant
Vogtle
Project
J
Bonds
Series
2019A
(A3/A)
5,000,000
5.000
01/01/2059
4,880,402
Rockdale
County
Development
Authority
RB
Refunding
for
Pratt
Paper
LLC
Project
Series
2018
(NR/NR)
1,500,000
4.000
(d)
01/01/2038
1,407,104
The
Atlanta
Development
Authority
Convertible
Capital
Appreciation
Economic
Development
Certificates
for
Gulch
Enterprise
Zone
Project
Series
2024-1
(NR/NR)
36,250,000
0.000
(d)(g)
12/15/2048
31,679,941
The
Atlanta
Development
Authority
Senior
RB
Westside
Gulch
Area
Project
Series
2024A-2
(NR/NR)
12,875,000
5.500
(d)
04/01/2039
12,950,814
158,145,242
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
639,696
220,000
5.250
10/01/2035
231,114
510,000
5.250
10/01/2036
531,991
300,000
5.375
10/01/2040
309,759
A.B.
Won
Pat
International
Airport
Authority
Guam
General
RB
2023
Series
A
(AMT)
(Baa2/NR)
975,000
5.375
10/01/2043
991,340
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
7,413,176
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Guam
–
(continued)
Guam
Government
Limited
Obligation
RB
Section
30
Series
2016
A
(NR/BB)
$
500,000
5.000%
12/01/2031
$
507,379
Guam
Government
Limited
Obligation
Section
30
Bond
Series
2016A
(NR/BB)
3,000,000
5.000
12/01/2046
2,954,285
Guam
Waterworks
Authority
RB
for
Water
&
Wastewater
System
Series
2020
A
(Baa2/A-)
1,540,000
5.000
01/01/2050
1,521,272
Guam
Waterworks
Authority
Water
&
Wastewater
RB
Series
2016
(Baa2/A-)
5,000,000
5.000
01/01/2046
4,958,137
20,058,149
Hawaii
-
0.5%
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
(d)
07/01/2039
2,591,564
2,750,000
5.125
(d)
07/01/2043
2,502,904
Hawaii
State
Department
of
Budget
&
Finance
for
Hawaii
Pacific
Health
Obligated
Group
Special
Purpose
RB
Series
2023C
(A1/NR)
16,715,000
4.000
07/01/2047
15,429,125
Hawaii
State
Department
of
Budget
&
Finance
RB
Refunding
for
Hawaiian
Electric
Co.,
Inc.
Series
2017
B
(Ba2/NR)
1,200,000
4.000
03/01/2037
1,128,974
Hawaii
State
Department
of
Budget
&
Finance
RB
Refunding
for
Hawaiian
Electric
Co.,
Inc.
Series
2019
(Ba2/NR)
15,755,000
3.200
07/01/2039
13,225,177
Hawaii
State
Department
of
Budget
and
Finance
for
Hawaiian
Electric
Company
Inc.
Special
Purpose
RB
Series
2017A
(Ba2/NR)
945,000
3.500
10/01/2049
713,005
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
2,306,104
State
of
Hawaii
Airports
System
RB
Series
2022A
(Aa3/AA-)
2,750,000
5.000
07/01/2047
2,746,209
State
of
Hawaii
Department
of
Budget
and
Finance
Pacific
University
Special
Purpose
Revenue
Refunding
Bonds
Series
2018
(NR/NR)
12,700,000
6.000
(d)
07/01/2028
12,932,156
53,575,218
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)
2,251,000
5.875
(d)
09/01/2053
2,267,780
a
a
Illinois
-
7.0%
Belleville
Tax
Increment
&
Sales
Tax
Refunding
RB
for
Carlyle
Green
Mount
Redevelopment
Project
Series
2021B
(NR/NR)
910,000
3.750
07/01/2041
887,093
Board
of
Education
of
The
City
of
Chicago
Dedicated
Capital
Improvement
Series
2017
(NR/NR)
1,725,000
5.000
04/01/2046
1,677,088
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Illinois
–
(continued)
Board
of
Education
of
The
City
of
Chicago
UT
GO
Bonds
Dedicated
Revenues,
Series
2012A
(Ba1/BB+)
$
6,380,000
5.000%
12/01/2042
$
5,983,423
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
6,150,349
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
3,049,112
Board
of
Education
of
The
City
of
Chicago
UT
GO
Refunding
Bonds
Dedicated
Revenues,
Series
2017G
(NR/BB+)
7,500,000
5.000
12/01/2044
6,932,504
Chicago
Illinois
Board
of
Education
Dedicated
Capital
Improvement
Series
2016
(NR/NR)
16,000,000
6.000
04/01/2046
16,225,949
Chicago
Illinois
Board
of
Education
GO
Bonds
Capital
Appreciation
for
School
Reform
Series
1998
B-1
(NATL)
(Baa3/BB+)
9,310,000
0.000
(f)
12/01/2029
7,825,805
6,345,000
0.000
(f)
12/01/2030
5,109,242
Chicago
Illinois
Board
of
Education
GO
Bonds
Capital
Appreciation
for
School
Reform
Series
1999
A
(NATL)
(Baa3/BB+)
185,000
0.000
(f)
12/01/2029
155,507
Chicago
Illinois
Board
of
Education
GO
Bonds
Capital
Appreciation
Series
2009
C
(Baa3/BBB)
160,000
0.000
(f)
01/01/2031
129,343
Chicago
Illinois
Board
of
Education
GO
Bonds
Series
2017
A
(NR/BB+)
5,500,000
7.000
(d)
12/01/2046
5,651,664
Chicago
Illinois
Board
of
Education
GO
Refunding
Bonds
Capital
Appreciation
for
School
Reform
Series
1999
A
(NATL)
(Baa3/BB+)
23,595,000
0.000
(f)
12/01/2031
18,127,916
Chicago
Illinois
Board
of
Education
GO
Refunding
Bonds
Series
2005
A
(AMBAC)
(Ba1/BB+)
6,330,000
5.500
12/01/2027
6,556,806
3,000,000
5.500
12/01/2028
3,145,107
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
20,125,387
11,410,000
5.250
12/01/2039
11,264,861
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
2,448,801
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
13,293,520
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
11,199,177
Chicago
Illinois
Board
of
Education
Unlimited
Tax
GO
Refunding
Bonds
for
Dedicated
Revenues
Series
2016
A
(NR/BB+)
54,575,000
7.000
12/01/2044
54,852,749
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
61,638,599
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
2017H
(NR/BB+)
$
17,290,000
5.000%
12/01/2046
$
15,687,265
Chicago
Illinois
Capital
Appreciation
Refunding
&
Project
Series
2009
C
(Baa3/BBB)
11,415,000
0.000
(f)
01/01/2032
8,813,832
Chicago
Illinois
GO
Refunding
Bonds
Series
2015
C
(NR/BBB)
14,455,000
5.000
01/01/2038
14,340,898
Chicago
Illinois
O’Hare
International
Airport
RB
General
Airport
Senior
Lien
Series
2017D
(AMT)
(NR/A+)
255,000
5.000
01/01/2047
250,699
Chicago
Illinois
Wastewater
Transmission
RB
Second
Lien
Series
2017
A
(AGM)
(NR/AA)
5,460,000
4.000
01/01/2052
4,610,536
Chicago
Park
District
GO
Bonds
Limited
Tax
Series
2018
A
(NR/AA-)
2,585,000
4.000
01/01/2041
2,314,715
City
of
Chicago
Board
of
Education
Dedicated
Capital
Improvement
Tax
Bonds
Series
2023
(NR/NR)
6,850,000
5.750
04/01/2048
7,084,074
City
of
Chicago
Board
of
Education
UT
GO
Bonds
for
Dedicated
Revenues
Series
2018D
(NR/BB+)
21,870,000
5.000
12/01/2046
19,792,838
City
of
Chicago
Board
of
Education
UT
GO
Bonds
Series
2018D
(NR/BB+)
22,920,000
5.000
12/01/2046
20,795,380
City
of
Chicago
Board
of
Education
UT
GO
Bonds
Series
2022A
(NR/BB+)
4,700,000
4.000
12/01/2047
3,711,313
City
of
Chicago
Chicago
O'Hare
International
Airport
General
Airport
Senior
Lien  RB,
Series
2024A
(AMT)
(NR/A+)
15,000,000
5.500
01/01/2059
15,419,923
City
of
Chicago
GO
Bonds
Series
2019A
(NR/BBB)
2,220,000
5.500
01/01/2049
2,201,387
City
of
Chicago
GO
Bonds
Series
2021B
(NR/BBB)
2,383,000
4.000
01/01/2049
1,837,634
City
of
Chicago
GO
Bonds
Series
2024A
(NR/BBB)
2,780,000
5.250
01/01/2045
2,703,654
City
of
Chicago
GO
Bonds,
2025
Series
A
(NR/BBB)
11,500,000
6.000
01/01/2050
11,864,144
City
of
Chicago
GO
Bonds,
Series
2025C
(NR/BBB)
2,725,000
6.000
01/01/2043
2,872,440
City
of
Chicago
GO
Bonds,
Series
2025E
(NR/BBB)
1,250,000
6.000
01/01/2042
1,324,865
City
of
Chicago
IL
GO
Bonds  Series
2019
(NR/BBB)
5,000,000
5.000
01/01/2044
4,705,145
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
1,163,884
City
of
Chicago
O’Hare
International
Airport
General
Airport
Senior
Lien
RB
Series
2022A
(AMT)
(AGM)
(NR/AA)
17,600,000
5.500
01/01/2053
18,004,904
City
of
Chicago
O'Hare
International
Airport
General
Airport
Senior
Lien
RB
Series
2017D
(NR/A+)
7,450,000
5.000
01/01/2052
7,317,390
City
of
Chicago
O'Hare
International
Airport
General
Airport
Senior
Lien
RB
Series
2022A
(NR/A+)
2,400,000
4.500
01/01/2048
2,198,287
3,405,000
5.500
01/01/2055
3,471,979
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(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
2024A
(AMT)
(NR/A+)
$
3,000,000
5.500%
01/01/2053
$
3,084,818
City
of
Chicago
O'Hare
International
Airport
General
Airport
Senior
Lien
Revenue
and
RR
Bonds
Series
2018A
(AMT)
(NR/A+)
10,670,000
5.000
01/01/2048
10,494,181
500,000
5.000
01/01/2053
490,753
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
2,233,780
City
of
Marion
Williamson
County
Illinois
Sales
Tax
RB
Star
Bond
District
Project
Area
No.
1
Series
2025
(NR/NR)
4,200,000
6.375
06/01/2045
4,248,240
13,725,000
6.625
06/01/2055
13,895,178
Community
Consolidated
School
District
Number
34
Lake
County
Illinois
Antioch
GO
School
Bonds
Alternate
Revenue
Source,
Series
2025C
(NR/AA)
9,745,000
5.000
01/01/2050
9,816,371
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
1,377,754
County
of
Will
Illinois
GO
Bonds
Series
2019
(Aa1/AA+)
2,500,000
4.000
11/15/2047
2,214,972
Du
Page
County
Special
Service
Area
No.
31
Special
Tax
for
Monarch
Landing
Project
Series
2006
(NR/NR)
863,000
5.625
03/01/2036
850,993
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
4,790,355
Illinois
Finance
Authority
RB
for
Clark-Lindsey
Series
2022A
(NR/NR)
950,000
5.375
06/01/2042
859,336
Illinois
Finance
Authority
RB
for
Depaul
College
Prep
Foundation
Series
2023A
(NR/BB+)
4,000,000
5.625
(d)
08/01/2053
4,052,737
Illinois
Finance
Authority
RB
for
Dominican
University
Series
2022
(NR/BBB-)
1,200,000
5.000
03/01/2047
1,068,728
1,050,000
5.000
03/01/2052
905,667
Illinois
Finance
Authority
RB
for
Lake
Forest
College
Series
2022A
(NR/BBB)
2,250,000
5.500
10/01/2047
2,249,672
1,925,000
5.250
10/01/2052
1,820,053
Illinois
Finance
Authority
RB
for
Plymouth
Place
Series
2022A
(NR/NR)
1,750,000
6.625
05/15/2052
1,820,705
3,700,000
6.750
05/15/2058
3,850,251
Illinois
Finance
Authority
RB
for
Roosevelt
University
Series
2007
(B2/NR)
2,950,000
5.500
04/01/2032
2,949,952
14,320,000
5.500
04/01/2037
13,703,334
Illinois
Finance
Authority
RB
for
Roosevelt
University
Series
2019
A
(NR/NR)
5,575,000
6.125
(d)
04/01/2049
5,334,973
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Illinois
–
(continued)
Illinois
Finance
Authority
RB
for
Roosevelt
University
Series
2019A
(NR/NR)
$
28,645,000
6.125%
(d)
04/01/2058
$
27,253,698
Illinois
Finance
Authority
RB
for
University
of
Illinois
Series
2020
(NR/BBB+)
1,000,000
4.000
10/01/2040
898,210
950,000
4.000
10/01/2050
785,802
Illinois
Finance
Authority
RB
Illinois
Institute
of
Technology
Series
2025
RB
Series
2025A
(NR/BB+)
3,700,000
5.875
(d)
09/01/2046
3,588,192
Illinois
Finance
Authority
RB
Refunding
for
Franciscan
Communities
Project
Series
2017
A
(NR/NR)
685,000
4.000
05/15/2027
681,666
2,825,000
5.000
05/15/2037
2,831,976
1,055,000
5.000
05/15/2047
979,423
Illinois
Finance
Authority
RB
Refunding
for
Illinois
Institute
of
Technology
Series
2019
(Ba2/NR)
1,500,000
4.000
09/01/2035
1,341,457
2,000,000
4.000
09/01/2037
1,735,455
2,000,000
4.000
09/01/2039
1,681,189
1,500,000
4.000
09/01/2041
1,228,143
Illinois
Finance
Authority
RB
Refunding
for
Illinois
Wesleyan
University
Series
2016
(Baa3/A-)
500,000
5.000
09/01/2036
503,206
3,470,000
5.000
09/01/2046
3,348,529
Illinois
Finance
Authority
RB
Refunding
for
Plymouth
Place
Obligated
Group
Series
2021
A
(NR/NR)
950,000
5.000
05/15/2051
809,172
765,000
5.000
05/15/2056
635,978
Illinois
Finance
Authority
RB
Series
2018B
(NR/NR)
2,775,000
6.125
(d)
04/01/2058
2,640,217
Illinois
Finance
Authority
RB
Series
2021
(NR/BB+)
2,125,000
4.000
(d)
10/01/2042
1,765,352
Illinois
Finance
Authority
RB
Series
2022A
(NR/NR)
13,050,000
5.500
06/01/2057
11,031,123
Illinois
Finance
Authority
RB
Series
2025
Rosalind
Franklin
University
Woodlands
Apartment
Project
(NR/NR)
16,000,000
5.250
(d)
08/01/2035
15,925,026
Illinois
Finance
Authority
RB,
Columbia
College
Chicago,
Series
2019
(NR/BBB-)
4,325,000
5.000
12/01/2049
3,795,697
Illinois
Finance
Authority
Revenue
Project
and
Refunding
Bonds
Series
2025A
(NR/BB)
1,000,000
6.000
(d)
10/01/2045
992,968
Illinois
Finance
Authority
Revenue
Project
and
Refunding
Bonds,
Series
2025A
(NR/BB)
1,150,000
6.125
(d)
10/01/2050
1,143,281
Illinois
Finance
Authority
Revenue
Refunding
Bonds
for
The
Admiral
at
The
Lake
Project
Series
2017
(NR/NR)
10,000,000
5.000
05/15/2033
9,296,028
Illinois
Housing
Development
Authority
RB
2025
Series
A
(NON-AMT)
(GNMA/FNMA/FHLMC)
(Aaa/NR)
9,175,000
4.875
04/01/2050
9,070,100
Illinois
State
GO
Bonds
Series
2017
A
(A3/A-)
9,500,000
5.000
12/01/2035
9,676,760
1,805,000
4.500
12/01/2041
1,719,423
4,730,000
5.000
12/01/2042
4,741,911
Illinois
State
GO
Bonds
Series
2017
D
(A3/A-)
2,740,000
5.000
11/01/2028
2,837,817
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Illinois
–
(continued)
Illinois
State
GO
Bonds
Series
2018
A
(A3/A-)
$
5,280,000
5.000%
05/01/2042
$
5,304,634
5,280,000
5.000
05/01/2043
5,289,940
Illinois
State
GO
Bonds
Series
2019
C
(A3/A-)
1,500,000
4.000
11/01/2042
1,302,366
Illinois
State
GO
Bonds
Series
2020
(A3/A-)
1,575,000
5.500
05/01/2039
1,649,775
4,250,000
5.750
05/01/2045
4,411,559
Illinois
State
GO
Bonds
Series
2020
C
(A3/A-)
1,975,000
4.250
10/01/2045
1,762,027
Lincolnshire
Special
Service
Area
No.
1
Special
Tax
for
Sedgebrook
Project
Series
2004
A
(NR/NR)
1,356,000
6.250
03/01/2034
1,356,912
Metropolitan
Pier
&
Exposition
Auth
Ill
Dedicated
St
Tax
Rev
Bonds
McCormick
Place
Expansion
2002
A
(NATL)
(Baa2/A)
3,665,000
0.000
(f)
12/15/2029
3,124,449
Metropolitan
Pier
&
Exposition
Auth
Ill
Dedicated
St
Tax
Rev
Bonds
McCormick
Place
Expansion
Proj
*
(NATL)
(Baa2/A)
1,220,000
0.000
(f)
06/15/2028
1,101,422
Metropolitan
Pier
&
Exposition
Authority
Dedicated
State
Tax
RB
for
McCormick
Place
Expansion
Series
2002A
(NATL)
(Baa2/A)
11,900,000
0.000
(f)
06/15/2038
6,554,569
Metropolitan
Pier
&
Exposition
Authority
RB
Capital
Appreciation
for
McCormick
Place
Expansion
Series
2002
A
(NATL)
(Baa2/A)
13,500,000
0.000
(f)
12/15/2032
10,088,535
Metropolitan
Pier
&
Exposition
Authority
RB
Refunding
Capital
Appreciation
for
McCormick
Place
Expansion
Project
Series
2002
A
(NATL)
(Baa2/A)
1,320,000
0.000
(f)
12/15/2031
1,033,644
Metropolitan
Pier
&
Exposition
Authority
RB
Refunding
Capital
Appreciation
for
McCormick
Place
Expansion
Project
Series
2002
A
(ETM)
(NATL)
(NR/NR)
530,000
0.000
(f)
06/15/2030
452,075
Metropolitan
Pier
&
Exposition
Authority
RB
Refunding
Capital
Appreciation
for
McCormick
Place
Expansion
Project
Series
2010
B1
(AGM)
(A1/AA)
6,655,000
0.000
(f)
06/15/2044
2,543,092
Metropolitan
Pier
&
Exposition
Authority
RB
Refunding
for
McCormick
Place
Expansion
Project
Series
2017
A
(NR/A)
75,530,000
0.000
(f)
12/15/2056
13,414,793
Metropolitan
Pier
&
Exposition
Authority
RB
Refunding
for
McCormick
Place
Expansion
Project
Series
2017
B
(AGM)
(A1/AA)
2,980,000
0.000
(f)
12/15/2056
564,424
Metropolitan
Pier
&
Exposition
Authority
RB
Refunding
for
McCormick
Place
Expansion
Project
Series
2017
B
(NR/A)
89,565,000
0.000
(f)
12/15/2054
17,862,351
Metropolitan
Pier
and
Exposition
Authority
Dedicated
State
Tax
RB
Series
2002A
(NATL)
(Baa2/A)
2,200,000
0.000
(f)
12/15/2034
1,485,981
Metropolitan
Pier
and
Exposition
Authority
McCormick
Place
Expansion
Project
Refunding
Bonds
Series
2022A
(NR/A)
2,125,000
4.000
06/15/2052
1,726,823
Metropolitan
Pier
and
Exposition
Authority
RB
Refunding
for
McCormick
Place
Expansion
Project
Series
2017
A
(AGM-CR)
(A1/AA)
29,815,000
0.000
(f)
12/15/2056
5,647,086
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Illinois
–
(continued)
North
Lincoln
Redevelopment
Project
Area
Certificates
of
Participation
Evidencing
Proportionate
Interests
in
Payments
to
be
Made
With
Respect
to
A
Tax
Increment
Allocation
Revenue
Note
District
1860
Development
Project
Tax-Exempt
Series
B
(NR/NR)
$
1,000,000
5.750%
(d)
12/01/2043
$
994,585
Plano
Special
Service
Area
No.
5
Special
Tax
Bonds
for
Lakewood
Springs
Club
Series
2006
(NR/NR)
1,291,000
6.000
03/01/2036
1,193,547
Regional
Transportation
Authority
Illinois
GO
Bonds
Series
2016
A
(Aa3/AA)
5,000,000
4.000
06/01/2046
4,307,859
Southwestern
Illinois
Development
Authority
Environmental
Improvement
RB
Series
2012
(United
States
Steel
Corporation
Project)
(B1/BB-)
3,300,000
5.750
08/01/2042
3,300,368
State
of
Illinois
GO
Bonds
Series
2017
A
(A3/A-)
9,500,000
4.250
12/01/2040
8,834,359
State
of
Illinois
GO
Bonds
Series
2017C
(A3/A-)
10,000,000
5.000
11/01/2029
10,337,420
State
of
Illinois
GO
Bonds
Series
2020C
(A3/A-)
1,000,000
4.000
10/01/2041
885,897
State
of
Illinois
GO
Bonds
Series
2021A
(A3/A-)
5,910,000
4.000
03/01/2041
5,268,949
9,000,000
5.000
03/01/2046
8,927,475
State
of
Illinois
GO
Bonds
Series
2022A
(A3/A-)
3,000,000
5.500
03/01/2047
3,062,092
State
of
Illinois
GO
Bonds,
Series
of
May
2024B
(A3/A-)
7,400,000
5.250
05/01/2047
7,469,743
State
of
Illinois
GO
Refunding
Bonds
Series
2018A
(A3/A-)
2,000,000
5.000
10/01/2028
2,101,582
State
of
Illinois
GO
Unlimited
Bonds
Series
2017
A
(A3/A-)
2,750,000
4.000
12/01/2033
2,715,156
7,950,000
4.250
12/01/2037
7,645,815
The
County
of
Cook
Illinois
Multifamily
Housing
RB
for
Deerfield
Supportive
Living
Project
Series
2024
(NR/NR)
3,000,000
6.500
01/01/2045
2,952,962
Upper
Illinois
River
Valley
Development
Authority
Educational
Facility
RB
for
Elgin
Math
&
Science
Academy
Charter
School
Project
Series
2023A
(Ba3/NR)
3,170,000
5.750
(d)
03/01/2053
3,041,910
Upper
Illinois
River
Valley
Development
Authority
RB
Refunding
for
Prairie
Crossing
Charter
School
Series
2020
(NR/NR)
1,065,000
5.000
(d)
01/01/2045
965,203
1,800,000
5.000
(d)
01/01/2055
1,576,023
Village
of
Bellwood
Cook
County
Illinois
Tax
Increment
RB
Series
2024
(NR/BBB)
2,525,000
5.000
12/01/2050
2,411,457
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
1,904,037
Village
of
Romeoville
RB
Refunding
for
Lewis
University
Series
2018
B
(NR/BBB)
540,000
4.125
10/01/2041
455,030
2,330,000
4.125
10/01/2046
1,860,339
818,856,055
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Indiana
-
0.3%
City
of
Valparaiso
Indiana
Exempt
Facilities
Refunding
RB
Pratt
Paper
LIC
Project
Series
2024
(NR/NR)
$
4,755,000
5.000%
(d)
01/01/2054
$
4,462,237
Indiana
Finance
Authority
Educational
Facilities
RB
for
Marian
University,
Inc.
Series
2019
A
(NR/BBB)
400,000
4.000
09/15/2049
308,364
Indiana
Finance
Authority
Environmental
Improvement
Revenue
Refunding
Bonds
Series
2021A
(B1/BB-)
2,415,000
4.125
12/01/2026
2,422,598
Indiana
Finance
Authority
Midwestern
Disaster
Relief
RB
Series
2012A
(Baa3/NR)
1,000,000
4.250
11/01/2030
1,018,628
Indiana
Finance
Authority
RB
for
KIPP
Indianapolis,
Inc.
Series
2020
A
(Ba1/NR)
1,780,000
5.000
07/01/2055
1,583,225
Indiana
Finance
Authority
RB
Ohio
Valley
Electric
Corp.
Series
2012
B
(Baa3/NR)
1,000,000
3.000
11/01/2030
972,072
Indiana
Finance
Authority
RB
Ohio
Valley
Electric
Corp.
Series
2012
C
(Baa3/NR)
1,000,000
3.000
11/01/2030
972,072
Indiana
Finance
Authority
Student
Housing
RB
Prg
Uindy
Properties
Llc
Series
2025
(NR/BB)
900,000
5.250
07/01/2045
836,713
Indiana
Finance
Authority
Student
Housing
RB
Prg
Uindy
Properties
LLC
Series
2025
(NR/BB)
2,050,000
5.625
07/01/2050
1,973,849
2,200,000
5.250
07/01/2055
1,993,483
Indiana
Finance
Authority
Student
Housing
RB
Series
2023A
(NR/BBB-)
2,100,000
5.000
06/01/2053
2,006,685
5,500,000
5.375
06/01/2064
5,441,605
Indianapolis
Airport
Authority
Special
Facilities
RB
for
United
Air
Lines,
Inc.
Project
Series
1995
A
(NR/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
2,844,905
Town
of
Upland
RB
Refunding
for
Taylor
University,
Inc.
Series
2021
(NR/A)
3,300,000
2.500
09/01/2050
1,774,181
Town
of
Whiteland
Indiana
Economic
Development
RB
for
Patch
Whiteland
Project
Phase
II
(NR/NR)
1,375,000
6.125
(d)
03/01/2049
1,332,331
29,943,023
Iowa
-
0.5%
Iowa
Finance
Authority
Health
Facilities
RB
Pella
Regional
Health
Center,
Series
2025
(NR/NR)
1,535,000
5.500
12/01/2045
1,556,339
1,800,000
5.250
12/01/2050
1,743,018
2,250,000
5.750
12/01/2055
2,291,253
Iowa
Finance
Authority
Midwestern
Disaster
Area
Revenue
Refunding
Bonds
for
Iowa
Fertilizer
Company
Project
Series
2022
(#Aa1/AA+)
2,300,000
5.000
(a)(b)(c)
12/01/2032
2,605,982
Iowa
Finance
Authority
Midwestern
Disaster
Area
Revenue
Refunding
Bonds
Series
2022
(#Aa1/AA+)
15,800,000
5.000
(c)
12/01/2032
17,901,961
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Iowa
–
(continued)
Iowa
Finance
Authority
RB
for
Lifespace
Communities,
Inc.
Obligated
Group
Series
2019
A-1
(NR/NR)
$
2,050,000
4.000%
05/15/2055
$
1,577,680
5,900,000
5.000
05/15/2055
5,392,149
Iowa
Finance
Authority
RB
for
Lifespace
Communities,
Inc.
Series
2016A
(NR/NR)
6,855,000
5.000
05/15/2047
6,429,797
Iowa
Finance
Authority
RB
for
Lifespace
Communities,
Inc.
Series
2018A
(NR/NR)
11,900,000
5.000
05/15/2043
11,507,031
5,735,000
5.000
05/15/2048
5,353,122
Iowa
Higher
Education
Loan
Authority
Private
College
Facility
RB
Series
2022
(Baa1/BBB+)
975,000
5.375
10/01/2052
983,847
Iowa
Higher
Education
Loan
Authority
Private
College
Facility
RB
University
of
Dubuque
Project
Series
2025
(NR/BBB-)
2,750,000
6.000
10/01/2055
2,828,108
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
2,542,813
62,713,100
Kansas
-
0.1%
City
of
Manhattan
Health
Care
Facilities
RB
Series
2022A
(NR/NR)
2,070,000
4.000
06/01/2052
1,538,326
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
857,286
City
of
Prairie
Village
Special
Obligation
Tax
Increment
Revenue
Refunding
Bonds
Series
2021
(NR/NR)
120,000
2.875
04/01/2030
118,334
940,000
3.125
04/01/2036
868,514
City
of
Topeka
Health
Care
Facilities
RB
for
Brewster
Place
Series
2022A
(NR/NR)
1,775,000
6.500
12/01/2052
1,784,611
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
1,157,646
1,215,000
5.000
05/15/2029
1,217,892
2,850,000
5.000
05/15/2034
2,819,571
1,190,000
5.000
05/15/2050
977,210
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
(d)(f)
09/01/2034
1,294,146
12,633,536
Kentucky
-
0.2%
City
of
Henderson
Exempt
Facilities
RB
for
Pratt
Paper,
LLC
Project
Series
2022B
(NR/NR)
3,150,000
4.450
(d)
01/01/2042
2,914,846
3,375,000
4.700
(d)
01/01/2052
3,070,528
City
of
Henderson,
Kentucky
Exempt
Facilities
RB
Pratt
Paper
KY,
LLC
Project
Series
2022A
(NR/NR)
1,540,000
4.700
(d)
01/01/2052
1,401,070
County
of
Carroll
RB
Refunding
for
Kentucky
Utilities
Co.
Series
2006
B
(A1/A)
2,000,000
2.125
10/01/2034
1,593,486
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Kentucky
–
(continued)
County
of
Carroll
RB
Refunding
for
Kentucky
Utilities
Co.
Series
2008
A
(A1/A)
$
3,000,000
2.000%
02/01/2032
$
2,561,318
Kentucky
Bond
Development
Corp.
RB
for
Centre
College
of
Kentucky
Series
2021
(Baa1/A)
750,000
4.000
06/01/2046
639,838
Kentucky
Bond
Development
Corp.
RB
Refunding
for
Transylvania
University
Series
2021
A
(NR/A-)
205,000
4.000
03/01/2046
170,906
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
824,523
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
2,615,004
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
3,532,560
Louisville
&
Jefferson
County
Metropolitan
Government
RB
for
Norton
Healthcare
Obligated
Group
Series
2020
A
(NR/A)
1,500,000
3.000
10/01/2043
1,107,314
20,431,393
Louisiana
-
1.2%
Airport
Commission
Of
The
City
And
County
Of
San
Francisco
San
Francisco
International
Airport
Second
Series
Revenue
Bonds
Series
2025A
(Amt)
(Ca)
(Ba1/BB+)
(PUTABLE)
1,400,000
6.100
(a)(b)(d)
06/01/2038
1,490,972
Board
of
Commissioners
of
The
Port
of
New
Orleans
Louisiana
Port
Facility  RB,
Series
2025B
(AMT)
(AG)
(A1/AA)
3,475,000
5.500
04/01/2054
3,577,983
Board
of
Commissioners
of
The
Port
of
New
Orleans,
Louisiana
Port
Facility  RB,
Series
2025B
(AMT)
(AG)
(A1/AA)
1,925,000
5.500
04/01/2051
1,988,162
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
1,604,034
4,765,000
5.000
12/01/2039
4,500,127
City
of
New
Orleans
Louisiana
Public
Improvement
Bonds,
Issue
of
2021A
(A2/A+)
5,000,000
5.000
12/01/2046
4,926,882
Lakeshore
Villages
Master
Community
Development
District
(Parish
of
St.
Tammany,
Louisiana)
Special
Assessment  RB,
Series
2025
(NR/NR)
295,000
6.000
06/01/2054
296,478
Lakeshore
Villages
Master
Community
Development
District
Special
Assessment
RB
Series
2022
(NR/NR)
1,410,000
5.500
06/01/2052
1,372,146
Lakeshore
Villages
Master
Community
Development
District
Special
Assessment
Series
2019
(NR/NR)
1,900,000
4.125
06/01/2039
1,682,283
2,300,000
4.375
06/01/2048
1,881,501
Lakeshore
Villages
Master
Community
Development
District
Special
Assessment
Series
2021
(NR/NR)
1,810,000
3.200
06/01/2041
1,399,306
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Louisiana
–
(continued)
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
RB
for
Downsville
Community
Charter
School
Project
Series
2023
(NR/NR)
$
5,395,000
6.625%
(d)
06/15/2062
$
5,239,184
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
8,529,460
Louisiana
Public
Facilities
Authority
Hospital
RB
Louisiana
Children
Medicine
Ctr
2023A
(NR/A)
7,235,000
5.250
(a)(b)
12/01/2052
7,751,922
Louisiana
Public
Facilities
Authority
RB
Acadiana
Renaissance
Charter
Academy
Project,
Series
2025
(NR/NR)
2,725,000
6.000
(d)
06/15/2059
2,666,871
Louisiana
Public
Facilities
Authority
RB
for
Geo
Academies
Mid-
City
Project
Series
2022
(NR/NR)
930,000
6.125
(d)
06/01/2052
927,836
1,325,000
6.250
(d)
06/01/2062
1,324,880
Louisiana
Public
Facilities
Authority
RB
for
Jefferson
Rise
Charter
School
Project
Series
2022A
(NR/NR)
900,000
6.250
(d)
06/01/2052
864,640
1,850,000
6.375
(d)
06/01/2062
1,772,825
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
1,359,817
Louisiana
Public
Facilities
Authority
RB
Refunding
for
Ochsner
Clinic
Foundation
Project
Series
2017
(A3/A)
7,725,000
4.000
05/15/2042
7,049,137
3,100,000
5.000
05/15/2046
3,022,864
Louisiana
Public
Facilities
Authority
RB
Series
2021A
(NR/NR)
2,470,000
4.000
(d)
06/01/2051
1,744,972
2,070,000
4.000
(d)
06/01/2056
1,414,707
Louisiana
Public
Facilities
Authority
RB
Series
2021C
(NR/NR)
1,640,000
4.000
(d)
06/01/2051
1,158,605
1,065,000
4.000
(d)
06/01/2056
726,783
Louisiana
Public
Facilities
Authority
Revenue
Bonds
Series
2024A
(NR/NR)
4,730,000
7.375
(d)
06/01/2054
4,894,547
4,600,000
7.500
(d)
06/01/2059
4,779,947
Louisiana
Public
Facilities
Authority
Revenue
Refunding
Bonds
for
Ochsner
Clinic
Foundation
Project
Series
2017
(A3/A)
10,000,000
5.000
05/15/2042
9,937,650
Louisiana
Public
Facilities
Authority
Senior
Lien
RB
I-10
Calcasieu
River
Bridge
Public-Private
Partnership
Project
Series
2024
(AMT)
(Baa3/NR)
24,115,000
5.500
09/01/2059
24,476,113
18,385,000
5.000
09/01/2066
17,286,985
Parish
of
St.
James
RB
for
NuStar
Logistics
LP
Series
2010
(Ba1/BB+)
2,375,000
6.350
(d)
07/01/2040
2,549,335
Plaquemines
Port
Harbor
and
Terminal
District
Dock
and
Wharf
Facilities
RB
Nola
Terminal
LLC
Project
Series
2024A
(NR/NR)
6,450,000
9.000
(d)
12/01/2044
5,467,982
139,666,936
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Maine
-
0.1%
Finance
Authority
of
Maine
Solid
Waste
Disposal
RB
for
Casella
Waste
Systems,
Inc.
Project
Series
2024
(B1/B+)
$
2,975,000
4.625%
(a)(b)(d)
12/01/2047
$
2,896,966
Maine
Health
&
Higher
Educational
Facilities
Authority
RB
for
Maine
Medical
Center
Series
2018
A
(A1/A+)
4,000,000
5.000
07/01/2048
3,934,885
Maine
Health
and
Higher
Educational
Facilities
Authority
RB
Eastern
Maine
Healthcare
Systems
Obligated
Group
Issue
Series
2016A
(Ba3/BB-)
125,000
4.000
07/01/2046
95,050
5,280,000
5.000
07/01/2046
4,720,934
11,647,835
Maryland
-
0.8%
Baltimore
County
RB
for
Riderwood
Village
Facility
Series
2020
(NR/NR)
3,000,000
4.000
01/01/2039
2,822,075
Baltimore
Maryland
Special
Obligation
Refunding
for
Baltimore
Research
Park
Project
Series
2017
A
(NR/NR)
2,950,000
4.500
09/01/2033
2,935,857
3,000,000
5.000
09/01/2038
3,002,961
City
Council
of
Baltimore
Convention
Center
Hotel
Revenue
Refunding
Bonds
Series
2017
(NR/B+)
7,775,000
5.000
09/01/2042
7,381,297
City
of
Baltimore
RB
Refunding
for
Baltimore
Hotel
Corp.
Series
2017
(NR/B+)
1,400,000
5.000
09/01/2028
1,423,044
2,235,000
5.000
09/01/2039
2,176,172
14,715,000
5.000
09/01/2046
13,804,498
City
of
Baltimore
Tax
Allocation
for
Harbor
Point
Special
Taxing
District
Project
Series
2019
B
(NR/NR)
325,000
3.550
(d)
06/01/2034
300,458
200,000
3.700
(d)
06/01/2039
174,714
300,000
3.875
(d)
06/01/2046
247,969
City
of
Baltimore
Tax
Allocation
Refunding
Senior
Lien
for
Harbor
Point
Special
Taxing
District
Project
Series
2019
A
(NR/NR)
290,000
3.400
(d)
06/01/2034
268,972
310,000
3.450
(d)
06/01/2035
285,164
550,000
3.500
(d)
06/01/2039
479,077
1,650,000
3.625
(d)
06/01/2046
1,339,025
City
of
Brunswick
Special
Tax
Refunding
for
Brunswick
Crossing
Special
Taxing
District
Series
2019
(NR/NR)
1,450,000
5.000
07/01/2036
1,456,645
County
of
Baltimore
RB
Refunding
for
Oak
Crest
Village,
Inc.
Series
2020
(NR/NR)
2,370,000
4.000
01/01/2050
1,946,374
County
of
Baltimore
RB
Refunding
for
Riderwood
Village
Obligated
Group
Series
2020
(NR/NR)
1,850,000
4.000
01/01/2045
1,579,406
9,765,000
4.000
01/01/2050
7,961,835
County
of
Prince
George's
Special
Obligation
Bonds
for
Westphalia
town
Center
Project
Series
2018
(NR/NR)
4,535,000
5.250
(d)
07/01/2048
4,520,120
Frederick
County
Urbana
Community
Development
Authority
Special
Tax
Series
2020
C
(NR/NR)
3,695,000
4.000
(d)
07/01/2050
3,095,755
Maryland
Economic
Development
Corp.
RB
for
Baltimore
City
Project
Series
2018
A
(NR/BBB)
2,375,000
5.000
06/01/2058
2,302,092
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Maryland
–
(continued)
Maryland
Economic
Development
Corp.
RB
for
Morgan
State
University
Project
Series
2020
(NR/BBB-)
$
925,000
4.000%
07/01/2040
$
845,992
1,400,000
4.250
07/01/2050
1,204,746
1,025,000
5.000
07/01/2050
995,232
2,415,000
5.000
07/01/2056
2,308,628
Maryland
Economic
Development
Corp.
RB
for
Ports
America
Chesapeake
LLC
Project
Series
2019
A
(Baa2/NR)
1,000,000
5.000
06/01/2044
968,885
Maryland
Economic
Development
Corp.
RB
for
Ports
America
Chesapeake
LLC
Project
Series
2019
A
(AMT)
(Baa2/NR)
5,250,000
5.000
06/01/2049
4,932,467
Maryland
Economic
Development
Corp.
RB
for
United
States
Social
Security
Administration
Series
2021
(Ba2/NR)
6,020,000
3.997
04/01/2034
4,318,732
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
1,036,875
2,000,000
6.000
07/01/2058
2,096,392
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
829,276
Maryland
Health
and
Higher
Educational
Facilities
Authority
RB
for
Monocacy
Montessori
Communities
Issue
Series
2023
(NR/NR)
900,000
6.125
(d)
07/01/2053
896,273
900,000
6.250
(d)
07/01/2063
899,979
Maryland
Health
and
Higher
Educational
Facilities
Authority
RB
Imagine
Andrews
Public
Charter
School
Issue
Series
2022A
(NR/NR)
1,355,000
5.500
(d)
05/01/2052
1,229,809
Maryland
Stadium
Authority
Baltimore
City
Public
Schools
Construction
and
Revitalization
Program
Revenue
Bonds
Series
2022C
(ST
INTERCEPT)
(A1/AA-)
13,800,000
0.000
(f)
05/01/2053
3,169,207
10,125,000
0.000
(f)
05/01/2054
2,203,672
8,750,000
0.000
(f)
05/01/2055
1,805,777
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
1,405,073
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
1,375,458
92,025,983
Massachusetts
-
1.0%
Commonwealth
of
Massachusetts
GO
Bonds
Consolidated
Loan
of
2023,
Series
A
(Aa1/AA+)
1,680,000
5.000
05/01/2053
1,710,820
Commonwealth
of
Massachusetts
GO
Bonds
Consolidated
Loan
of
2024
Series
A
(Aa1/AA+)
16,545,000
5.000
01/01/2049
16,966,467
Commonwealth
of
Massachusetts
GO
Limited
Bonds
Series
2016
E
(Aa1/AA+)
2,130,000
3.000
04/01/2044
1,641,146
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Massachusetts
–
(continued)
Massachusetts
Bay
Transportation
Authority
Senior
Sales
Tax
Bonds
2024
Series
A
(NR/AA+)
$
1,675,000
5.250%
07/01/2052
$
1,754,058
Massachusetts
Development
Finance
Agency
RB
Brown
University
Health
Obligated
Group
Issue
Series
2025A
(NR/BBB+)
12,320,000
5.500
08/15/2050
12,642,326
Massachusetts
Development
Finance
Agency
RB
CHF
Merrimack,
Inc.
Issue
Merrimack
College
Student
Housing
Project
Series
2024A
(NR/BB)
1,100,000
5.000
(d)
07/01/2054
1,013,010
Massachusetts
Development
Finance
Agency
RB
for
Boston
Medical
Center
Series
G
(Baa2/BBB)
1,740,000
5.250
07/01/2052
1,699,070
Massachusetts
Development
Finance
Agency
RB
for
Linden
Ponds,
Inc.
Series
2018
(NR/NR)
1,000,000
5.000
(d)
11/15/2033
1,033,619
900,000
5.000
(d)
11/15/2038
918,105
2,350,000
5.125
(d)
11/15/2046
2,363,505
Massachusetts
Development
Finance
Agency
RB
for
Merrimack
College
Series
2022
(NR/BBB-)
2,075,000
5.000
07/01/2052
1,931,739
Massachusetts
Development
Finance
Agency
RB
for
Simmons
College
Issue
Series
2015
K-1
(Baa3/BB+)
1,950,000
5.000
10/01/2036
1,921,166
Massachusetts
Development
Finance
Agency
RB
for
Simmons
University
issue,
Series
2023
N
(Baa3/BB+)
580,000
5.250
10/01/2039
564,892
1,450,000
5.000
10/01/2043
1,309,093
Massachusetts
Development
Finance
Agency
RB
for
Tufts
Medicine
Issue
Series
2024
E
(NR/BBB-)
17,725,000
8.500
10/01/2026
17,820,607
Massachusetts
Development
Finance
Agency
RB
Suffolk
University
Issue
Series
2025
(Baa3/NR)
4,475,000
5.250
07/01/2055
4,273,536
Massachusetts
Development
Finance
Agency
RB
Umass
Memorial
Health
Care
Obligated
Group
Issue
Series
N-1
2025
(NR/BBB+)
13,700,000
4.500
07/01/2054
12,267,316
Massachusetts
Development
Finance
Agency
Revenue
and
Revenue
Refunding
Bonds,
Lasell
Village,
Inc.
Issue,
Series
2025
(NR/NR)
1,825,000
5.250
07/01/2050
1,806,000
2,275,000
5.250
07/01/2055
2,225,487
Massachusetts
Development
Finance
Agency
Revenue
and
Revenue
Refunding
Bonds,
Lasell
Village,
Inc.
Issue,
Series
2025
(Baa3/NR)
2,275,000
6.000
07/01/2050
2,391,683
Massachusetts
Development
Finance
Agency
Wellforce
Obligation
Group
RB
Refunding
Series
2019
A
(NR/BBB-)
24,315,000
5.000
07/01/2044
22,993,796
111,247,441
Michigan
-
1.8%
City
of
Detroit
Financial
Recovery
GO
Bonds
Series
2014
B-1
(NR/NR)
106,377,643
4.000
(b)
04/01/2044
83,131,649
City
of
Detroit
GO
Bonds
Series
2020
(Baa1/BBB)
665,000
5.500
04/01/2031
720,797
470,000
5.500
04/01/2033
505,431
280,000
5.500
04/01/2034
299,725
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Michigan
–
(continued)
City
of
Detroit
GO
Bonds
Series
2020
(Baa1/BBB)
–
(continued)
$
300,000
5.500%
04/01/2035
$
319,362
245,000
5.500
04/01/2036
259,413
465,000
5.500
04/01/2037
489,807
495,000
5.500
04/01/2038
518,334
355,000
5.500
04/01/2039
369,869
690,000
5.500
04/01/2040
714,991
1,360,000
5.500
04/01/2045
1,382,724
City
of
Detroit
GO
Bonds
Series
2021
B
(Baa1/BBB)
950,000
3.110
04/01/2028
919,326
450,000
3.244
04/01/2029
431,359
125,000
3.344
04/01/2030
118,419
475,000
3.644
04/01/2034
429,858
City
of
Detroit
MI
GO
Bonds  Series
2020
(Baa1/BBB)
295,000
5.500
04/01/2032
318,607
City
of
Detroit
Unlimited
Tax
GO
Bonds
Series
2021A
Tax-Exempt
Social
Bonds
(Baa1/BBB)
675,000
4.000
04/01/2042
588,194
City
of
Detroit
UT
GO
Bonds
Series
2021A
(Baa1/BBB)
3,750,000
5.000
04/01/2046
3,701,124
City
of
Detroit,
County
of
Wayne,
Unlimited
Tax
GO  Bonds
Series
2023C
(Tax
Exempt)
(Baa1/BBB)
1,200,000
6.000
05/01/2043
1,294,619
City
of
Detroit,
County
of
Wayne,
Unlimited
Tax
GO
Bonds
Series
2021A
(Baa1/BBB)
725,000
4.000
04/01/2041
646,282
City
of
Detroit,
County
of
Wayne,
Unlimited
Tax
GO
Social
Bonds
Series
2023A
(Tax
Exempt)
(Baa1/BBB)
3,675,000
6.000
05/01/2039
4,068,784
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
3,288,851
Detroit
Financial
Recovery
Bonds
LT
Series
B-2
(NR/NR)
3,401,333
4.000
(b)
04/01/2044
2,658,063
Detroit
Michigan
Sewage
Disposal
System
RB
Refunding
Series
2006
D
(AGM)
(Aa3/AA)
(3M
USD
SOFR
+
0.60%)
4,675,000
3.655
(i)
07/01/2032
4,611,616
Grand
Rapids
Charter
township
Economic
Development
Corp.
RB
Refunding
for
United
Methodist
Retirement
Communities,
Inc.
Obligated
Group
Series
2020
(NR/NR)
7,950,000
5.000
05/15/2037
7,957,289
4,125,000
5.000
05/15/2044
3,858,098
Ivywood
Classical
Academy
Public
School
Academy
Bonds,
Series
2023
(NR/NR)
900,000
6.000
01/01/2054
847,193
900,000
6.250
01/01/2059
858,837
Kentwood
Economic
Development
Corp.
RB
for
Holland
Home
Obligated
Group
Series
2021
(NR/NR)
475,000
4.000
11/15/2045
378,607
Kentwood
Economic
Development
Corp.
RB
Refunding
for
Holland
Home
Obligated
Group
Series
2022
(NR/NR)
1,725,000
4.000
11/15/2043
1,402,477
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
2,510,831
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Michigan
–
(continued)
Michigan
Finance
Authority
Higher
Education
Facilities
Limited
Obligation
Revenue
Refunding
Bonds
for
Lawrence
Technology
University
Series
2017
(NR/BBB-)
$
4,570,000
5.000%
02/01/2047
$
4,133,136
Michigan
Finance
Authority
Hospital
RB
for
Henry
Ford
Health
System
Obligated
Group
Series
2019
A
(A2/A)
975,000
4.000
11/15/2050
827,441
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
1,337,095
Michigan
Finance
Authority
Local
Government
Loan
Program
RB
for
Detroit
Water
&
Sewage
Department
Water
Supply
System
Project
Series
2015C
(A1/A+)
1,600,000
5.000
07/01/2034
1,602,357
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
750,888
Michigan
Finance
Authority
Public
School
Academy
Limited
Obligation
Revenue
&
Revenue
Refunding
Bonds
Series
2021
(NR/BB+)
800,000
4.000
12/01/2041
652,389
1,230,000
4.000
12/01/2051
915,839
Michigan
Finance
Authority
Public
School
Academy
Limited
Obligation
Revenue
Refunding
Bonds
Series
2021
(NR/NR)
1,500,000
4.250
12/01/2039
1,219,422
1,190,000
5.000
12/01/2046
983,122
Michigan
Finance
Authority
RB
Refunding
for
Hanley
International
Academy,
Inc.
Series
2021
(NR/BB+)
1,000,000
5.000
09/01/2040
945,241
Michigan
Finance
Authority
RB
Refunding
for
Kettering
University
Series
2020
(NR/NR)
475,000
4.000
09/01/2045
369,792
500,000
4.000
09/01/2050
367,473
Michigan
Finance
Authority
Tobacco
Settlement
RB
Refunding
Series
2020
A-1
(NR/A-)
6,275,000
3.267
06/01/2039
5,859,740
Michigan
Finance
Authority
Tobacco
Settlement
RB
Refunding
Series
2020
B-2
Class
2
(NR/NR)
252,800,000
0.000
(f)
06/01/2065
24,817,604
Michigan
Mathematics
&
Science
Initiative
RB
Refunding
Series
2021
(NR/BB+)
705,000
4.000
01/01/2031
679,302
1,115,000
4.000
01/01/2041
927,410
1,695,000
4.000
01/01/2051
1,279,707
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
2,530,580
Michigan
Strategic
Fund
RB
Refunding
for
United
Methodist
Retirement
Communities,
Inc.
Obligated
Group
Series
2020
(NR/NR)
1,800,000
5.000
05/15/2037
1,801,650
1,400,000
5.000
05/15/2044
1,309,415
Michigan
tobacco
Settlement
Finance
Authority
RB
for
Capital
Appreciation
Series
2007
B
(NR/CCC-)
42,935,000
0.000
(f)
06/01/2052
5,131,338
Michigan
Tobacco
Settlement
Finance
Authority
Tobacco
Settlement
Asset
Backed
RB
Series
C
(NR/NR)
365,435,000
0.000
(f)
06/01/2058
10,073,398
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Michigan
–
(continued)
Star
International
Academy
RB
Refunding
Series
2020
(NR/BBB)
$
4,080,000
5.000%
03/01/2033
$
4,190,362
Tipton
Academy
Michigan
Public
School
Academy
RB
Series
2021
(NR/BB)
4,855,000
4.000
06/01/2051
3,439,494
205,744,731
Minnesota
-
0.3%
City
of
Apple
Valley,
Minnesota
Senior
Housing
RB
Phs
Apple
Valley
Senior
Housing,
Inc.
-
Orchard
Path
Phase
III
Project,
Series
2025A
(NR/NR)
900,000
5.625
09/01/2065
891,356
City
of
Eagan
Minnesota
Charter
School
Lease
RB
Great
Oaks
Academy
Series
2025A
(NR/NR)
400,000
6.250
(d)
02/01/2045
388,804
600,000
6.375
(d)
02/01/2055
572,359
1,150,000
6.500
(d)
02/01/2065
1,096,713
City
of
St.
Cloud
Minnesota
Health
Care
RB
Series
2024
(A2/NR)
4,980,000
5.000
05/01/2054
4,920,681
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
1,596,081
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
18,458,466
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
1,199,225
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
1,223,074
Duluth
Independent
School
District
No.709
COPS
Refunding
Series
2019
A
(Baa1/NR)
685,000
4.200
(c)
03/01/2027
699,403
Minnesota
Higher
Education
Facilities
Authority
RB
Refunding
for
Bethel
University
Project
Series
2017
(NR/BB+)
1,525,000
5.000
05/01/2032
1,515,777
2,400,000
5.000
05/01/2047
2,043,790
Minnesota
Higher
Education
Facilities
Authority
RB
Refunding
for
College
of
St.
Scholastica,
Inc.
Series
2019
(Baa3/NR)
425,000
4.000
12/01/2034
392,705
650,000
4.000
12/01/2040
549,045
35,547,479
Mississippi
-
0.1%
Mississippi
Business
Finance
Corp.
System
Energy
Resources
Inc.
RB
Series
2021
(Baa2/BBB+)
4,000,000
2.375
06/01/2044
2,403,902
Mississippi
Development
Bank
Special
Obligation
Bonds
Series
2021
(NR/BB)
1,225,000
5.000
(d)
10/01/2030
1,253,621
850,000
4.000
(d)
10/01/2034
768,126
700,000
4.000
(d)
10/01/2035
619,009
750,000
4.000
(d)
10/01/2036
649,882
3,000,000
4.000
(d)
10/01/2041
2,339,421
8,033,961
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Missouri
-
0.5%
Branson
Regional
Airport
Transport
Development
District
Series
2018A,
B,
&
C
(NR/NR)
$
545,266
5.000%
(b)(d)
*
04/01/2043
$
16,358
Branson
Regional
Airport
Transport
Development
District
Series
2018B
&
C
(NR/NR)
2,752,991
5.000
(b)(d)
*
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
892,685
2,825,000
3.000
03/01/2046
2,075,234
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
2,024,990
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
2,490,644
Health
and
Educational
Facilities
Authority
of
The
State
of
Missouri
Educational
Facilities
RB
Maryville
University
of
Saint
Louis
Project,
Series
2025A
(Baa3/NR)
2,450,000
5.500
06/15/2047
2,397,866
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
1,090,217
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
1,807,231
1,130,000
5.250
02/01/2054
1,081,500
I-470
Western
Gateway
Transportation
Development
District
RB
Series
2019
A
(NR/NR)
4,750,000
5.250
(d)
12/01/2048
4,543,713
Joplin
Industrial
Development
Authority
RB
for
32nd
Street
Place
Community
Improvement
District
Series
2021
(NR/NR)
685,000
3.500
11/01/2040
626,488
2,450,000
4.250
11/01/2050
1,937,407
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
(d)
04/01/2036
958,020
1,150,000
5.000
(d)
04/01/2046
995,803
Missouri
Health
&
Educational
Facilities
Authority
RB
for
Kansas
City
Art
Institute
Series
2018
(NR/A-)
830,000
5.000
09/01/2038
843,406
2,600,000
5.000
09/01/2048
2,518,896
Missouri
Southern
State
University
RB
Series
2019
A
(AGM)
(NR/AA)
400,000
3.000
10/01/2044
306,998
500,000
3.125
10/01/2049
367,272
Newco
Transportation
Development
District
Florissant,
Missouri
Transportation
Sales
Tax
Refunding
RB,
Series
2025A
(NR/NR)
3,840,000
6.250
11/01/2054
3,790,609
Plaza
at
Noah's
Ark
Community
Improvement
District
RB
Refunding
Series
2021
(NR/NR)
1,375,000
3.125
05/01/2035
1,186,713
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Missouri
–
(continued)
St.
Louis
IDA
Financing
RB
Refunding
for
Ballpark
Village
Development
Project
Series
2017
A
(NR/NR)
$
3,250,000
4.750%
11/15/2047
$
2,756,646
Stone
Canyon
Community
Improvement
District
RB
for
Public
Infrastructure
Improvement
Project
Series
2007
(NR/NR)
1,250,000
5.750
*
04/01/2027
262,500
Taney
County
IDA
Sales
Tax
Revenue
Improvement
Bonds
for
Big
Cedar
Infrastructure
Project
Series
2023
(NR/NR)
4,170,000
6.000
(d)
10/01/2049
3,983,338
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
4,794,581
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
2,248,516
The
Industrial
Development
Authority
of
The
City
of
Kansas
City
Missouri
Economic
Activity
Tax
RB
for
Historic
Northeast
Redevelopment
Plan
Series
2024A-1
(NR/NR)
1,250,000
5.000
(d)
06/01/2054
1,115,070
The
Industrial
Development
Authority
of
The
County
of
Cape
Girardeau
Missouri
Tax
Increment
and
Special
District
RB
Westpark
Mall
Redevelopment
Project
Series
2024
(NR/NR)
5,600,000
5.750
(d)
05/01/2054
5,021,760
University
City
IDA
Tax
Increment
Special
District
RB
for
Markets
at
Olive
Project
Series
2023A
(NR/NR)
1,920,000
4.875
06/15/2036
1,904,627
5,500,000
5.500
06/15/2042
5,334,136
59,455,814
Montana
-
0.1%
City
of
Kalispell
Montana
Revenue
and
Refunding
Bonds
Immanuel
Living
at
Buffalo
Hill
Project,
Series
2025A
(NR/NR)
6,400,000
6.000
05/15/2060
6,392,701
a
a
Nebraska
-
0.0%
Omaha
Public
Power
District
Electric
System
RB
2023
Series
A
(Aa2/AA)
2,245,000
5.250
02/01/2053
2,315,551
a
a
Nevada
-
0.4%
City
of
Henderson
Local
Improvement
District
No.
T-21
Local
Improvement
Bonds
Series
2022
(NR/NR)
680,000
3.500
09/01/2045
501,278
460,000
4.000
09/01/2051
365,156
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
537,977
City
of
Las
Vegas
Special
Improvement
District
No.
813
for
Summerlin
Village
26
Local
Improvement
Bonds
Series
2017
(NR/NR)
270,000
4.250
06/01/2037
257,138
380,000
4.375
06/01/2042
350,386
445,000
4.500
06/01/2047
404,631
City
of
Las
Vegas
Special
Improvement
District
No.
814
Special
Assessment
Series
2019
(NR/NR)
465,000
4.000
06/01/2039
424,043
1,265,000
4.000
06/01/2044
1,059,725
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Nevada
–
(continued)
City
of
Las
Vegas
Special
Improvement
District
No.
814
Special
Assessment
Series
2019
(NR/NR)
–
(continued)
$
1,265,000
4.000%
06/01/2049
$
1,013,384
City
of
Las
Vegas
Special
Improvement
District
No.
815
Special
Assessment
Series
2020
(NR/NR)
895,000
5.000
12/01/2049
841,189
City
of
Las
Vegas
Special
Improvement
District
No.
816
Special
Assessment
Series
2021
(NR/NR)
595,000
3.000
06/01/2041
441,544
1,265,000
3.125
06/01/2051
836,985
City
of
Las
Vegas
Special
Improvement
District
No.
818
Summerlin
Village
27
Local
Improvement
Bonds
Series
2024
(NR/NR)
1,200,000
5.000
12/01/2054
1,105,229
City
of
North
Las
Vegas
Special
Improvement
District
No.
64
Special
Assessment
Bonds
Series
2019
(NR/NR)
305,000
4.250
06/01/2034
293,983
305,000
4.625
06/01/2043
277,817
530,000
4.625
06/01/2049
467,046
City
of
Reno
Nevada
2024
Special
Assessment
District
No.
1
Quilici
Ranch
Local
Improvement
Bonds
Series
2025
(NR/NR)
1,500,000
5.250
(d)
06/01/2054
1,390,517
Director
of
The
State
of
Nevada
Department
of
Business
and
Industry
Senior
Subordinated
Secured
RB
Brightline
West
Passenger
Rail
Project
Series
2025A
(NR/NR)
15,075,000
9.500
(a)(b)(d)
01/01/2065
14,275,870
Henderson
Local
Improvement
District
No.
T-18
Limited
Obligation
RB
Series
2016
(NR/NR)
2,065,000
4.000
09/01/2035
1,863,035
Las
Vegas
Convention
&
Visitors
Authority
Convention
Center
Expansion
RB
Series
2018B
(Aa3/AA-)
3,700,000
4.000
07/01/2049
3,157,657
Tahoe-Douglas
Visitors
Authority
RB
Series
2020
(NR/NR)
2,635,000
5.000
07/01/2045
2,557,673
2,825,000
5.000
07/01/2051
2,657,498
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
5,010,167
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
3,006,100
43,096,028
New
Hampshire
-
1.2%
National
Finance
Authority
RB
for
Presbyterian
Senior
Living
Project
Series
2023A
(NR/NR)
2,300,000
5.250
07/01/2048
2,308,229
National
Finance
Authority
Special  RB,
Series
2025
(NR/NR)
8,450,000
5.875
(d)
12/15/2033
8,477,655
National
Finance
Authority
Special
RB
Caldwell
Ranch
Project
Brazoria
and
Fort
Bend
Counties
Texas
Series
2024
(NR/NR)
2,427,000
4.875
(d)
12/01/2033
2,410,668
National
Finance
Authority
Special
RB
Easton
Park
Project
Travis
County
Texas
-
Districts
2
and
5
Series
2024
(NR/NR)
5,500,000
5.625
(d)
02/01/2030
5,502,243
National
Finance
Authority
Special
RB
Emberly
and
Canterra
Creek
Projects
Fort
Bend
and
Brazoria
Counties
Texas
Series
2024
(NR/NR)
4,300,000
5.375
(d)
12/01/2031
4,283,150
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
Hampshire
–
(continued)
National
Finance
Authority
Special
RB
Grand
Prairie
Project
Harris
County
Texas
Series
2024
(NR/NR)
$
4,550,000
5.875%
(d)
12/15/2032
$
4,470,204
National
Finance
Authority
Special
RB
Series
2024
(NR/NR)
17,482,000
5.375
(d)
12/15/2035
17,451,513
National
Finance
Authority
Special
RB
Valencia
Project
Brazoria
County
Texas
Municipal
Utility
District
Series
2024
(NR/NR)
7,250,000
5.300
(d)
12/01/2032
7,254,049
National
Finance
Authority
Special
Revenue
Capital
Appreciation
Bonds
The
Wildflower
Project,
Denton
CountyTexas
Municipal
Utility
Districts
Series
2025
(NR/NR)
11,875,000
0.000
(d)(f)
12/15/2033
7,157,504
National
Finance
Authority
Specialty
Pharmacy
Limited
Obligation
RB
University
Hospitals
Home
Care
Services
Inc.
Series
2024A
(NR/NR)
13,910,000
5.625
(d)
12/15/2033
14,153,048
5,565,000
6.250
(d)
12/15/2038
5,633,581
National
Finance
Authority
Thomas
Ranch
Project
Travis
and
Burnet
Counties
Texas
Improvement
Districts
Special
Revenue
Capital
Appreciation
Bonds
Series
2024
(NR/NR)
9,100,000
0.000
(d)(f)
12/01/2034
4,880,759
New
Hampshire
Business
Finance
Authority
RB
for
Casella
Waste
Systems,
Inc.
Series
2013
(B1/B+)
4,800,000
2.950
(b)(d)
04/01/2029
4,607,899
New
Hampshire
Business
Finance
Authority
RB
Refunding
for
Covanta
Holding
Corp.
Series
2020
A
(B3/B)
6,800,000
3.625
(a)(b)(d)
07/01/2043
5,468,893
New
Hampshire
Business
Finance
Authority
RB
Refunding
for
Covanta
Holding
Corp.
Series
2020
B
(AMT)
(B3/B)
10,545,000
3.750
(a)(b)(d)
07/01/2045
8,458,953
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
9,205,249
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
4,975,313
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
2,214,595
3,170,000
5.000
08/01/2035
3,237,839
2,000,000
5.000
08/01/2036
2,035,181
5,350,000
5.000
08/01/2037
5,421,353
2,935,000
5.000
08/01/2038
2,965,839
4,235,000
5.000
08/01/2039
4,273,300
1,710,000
5.000
08/01/2040
1,724,603
138,571,620
New
Jersey
-
4.0%
Jersey
City
Municipal
Utilities
Authority
Hudson
County
New
Jersey
Sewer  RB,
Series
2025E
(BAM
MUN
GOVT
GTD)
(Aa3/AA)
1,100,000
5.750
10/15/2051
1,208,530
1,610,000
5.750
10/15/2055
1,761,646
New
Jersey
Economic
Development
Authority
Dock
and
Wharf
Facility
RB
Repauno
Port
&
Rail
Terminal
Project,
Series
2025
(NR/NR)
9,125,000
6.375
(d)
01/01/2035
9,296,012
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
Jersey
–
(continued)
New
Jersey
Economic
Development
Authority
Dock
and
Wharf
Facility
RB
Repauno
Port
&
Rail
Terminal
Project,
Series
2025
(NR/NR)
–
(continued)
$
9,125,000
6.625%
(d)
01/01/2045
$
9,315,243
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
1,000,127
1,000,000
5.000
06/15/2037
987,412
1,000,000
5.125
06/15/2043
946,674
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
487,296
1,150,000
5.000
07/01/2047
1,048,433
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
4,589,995
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
5,002,995
New
Jersey
Economic
Development
Authority
Special
Facility
RB
for
Continental
Airlines
Project
Series
1999
(Ba3/BB)
19,960,000
5.250
09/15/2029
19,966,760
New
Jersey
Economic
Development
Authority
Special
Facility
RB
for
Continental
Airlines
Project
Series
2000
(Ba3/BB)
5,000,000
5.625
11/15/2030
5,002,995
New
Jersey
Economic
Development
Authority
Special
Facility
Revenue
and
Refunding
Bonds
Series
2017
(Baa2/NR)
4,480,000
5.000
10/01/2047
4,306,008
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
2,444,172
New
Jersey
Economic
Development
Authority
State
Lease
RB
for
Juvenile
Justice
Commission
Facilities
Project
Series
2018
C
(A2/A-)
980,000
5.000
06/15/2042
979,723
New
Jersey
Economic
Development
Authority
State
Lease
RB
State
Lease
RB
State
Government
Buildings
-
Health
Department
and
Taxation
Division
office
Project,
2018
Series
A
(A2/A-)
4,020,000
5.000
06/15/2042
4,018,862
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
1,000,285
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
2,372,737
New
Jersey
Educational
Facilities
Authority
RB
for
Seton
Hall
University
Series
2020
C
(AGM)
(A1/AA)
1,110,000
3.250
07/01/2049
856,063
New
Jersey
Educational
Facilities
Authority
RB
for
Stevens
Institute
of
Technology
2020
Series
A
(NR/BBB+)
1,710,000
5.000
07/01/2045
1,719,657
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
Series
2020
A
(NR/BBB+)
$
3,350,000
3.000%
07/01/2050
$
2,332,127
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
9,204,489
New
Jersey
Health
Care
Facilities
Financing
Authority
Revenue
and
Refunding
Bonds
Inspira
Health
Obligated
Group
Issue
Series
2024A
(A2/NR)
4,960,000
4.125
07/01/2054
4,252,500
New
Jersey
Health
Care
Facilities
Financing
Authority
Revenue
and
Refunding
Bonds
Inspira
Health
Obligated
Group
Issue,
Series
2024A
(A2/NR)
3,980,000
5.250
07/01/2049
4,105,519
New
Jersey
Health
Care
Facilities
Financing
Authority
Revenue
and
Refunding
Bonds
RWJ
Barnabas
Health
Obligated
Group
Issue,
Series
2024-A
(A1/AA-)
865,000
5.250
07/01/2054
890,682
New
Jersey
State
Transportation
Trust
Fund
Authority
Transportation
System
Bonds
Series
2006C
(AMBAC)
(A2/A-)
93,770,000
0.000
(f)
12/15/2036
58,666,713
New
Jersey
State
Transportation
Trust
Fund
Authority
Transportation
System
Bonds
Series
2006C
(AGM)
(A1/AA)
25,400,000
0.000
(f)
12/15/2034
17,870,675
New
Jersey
Transportation
Trust
Fund
Authority
RB
Capital
Appreciation
for
Transportation
System
Bonds
Series
2006
C
(AMBAC)
(A2/A-)
115,550,000
0.000
(f)
12/15/2035
76,520,804
New
Jersey
Transportation
Trust
Fund
Authority
RB
Capital
Appreciation
for
Transportation
System
Bonds
Series
2008
A
(A2/A-)
47,575,000
0.000
(f)
12/15/2035
31,505,645
35,245,000
0.000
(f)
12/15/2038
19,459,191
New
Jersey
Transportation
Trust
Fund
Authority
RB
Capital
Appreciation
for
Transportation
System
Bonds
Series
2010
A
(A2/A-)
1,900,000
0.000
(f)
12/15/2034
1,324,436
New
Jersey
Transportation
Trust
Fund
Authority
RB
for
Transportation
Program
Bonds
Series
2015
AA
(A2/A-)
1,000,000
5.250
06/15/2041
1,000,023
2,500,000
5.000
06/15/2045
2,490,788
1,770,000
5.000
06/15/2046
1,760,496
New
Jersey
Transportation
Trust
Fund
Authority
RB
for
Transportation
System
Bonds
Series
2006
C
(NATL)
(A2/A-)
10,000,000
0.000
(f)
12/15/2030
8,327,940
New
Jersey
Transportation
Trust
Fund
Authority
RB
for
Transportation
System
Bonds
Series
2006
C
(AGM)
(A1/AA)
11,150,000
0.000
(f)
12/15/2033
8,230,032
New
Jersey
Transportation
Trust
Fund
Authority
RB
for
Transportation
System
Series
2008
A
(A2/A-)
52,985,000
0.000
(f)
12/15/2036
33,149,790
5,470,000
0.000
(f)
12/15/2037
3,219,305
New
Jersey
Transportation
Trust
Fund
Authority
RB
for
Transportation
System
Series
2009
A
(A2/A-)
3,280,000
0.000
(f)
12/15/2033
2,399,021
1,565,000
0.000
(f)
12/15/2036
979,134
5,000,000
0.000
(f)
12/15/2038
2,760,561
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(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
2009
A
(A2/A-)
–
(continued)
$
16,175,000
0.000%
(f)
12/15/2039
$
8,376,039
New
Jersey
Transportation
Trust
Fund
Authority
RB
Refunding
for
Federal
Highway
Reimbursement
Notes
Series
2018
A
(A3/A+)
1,130,000
5.000
06/15/2030
1,147,787
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
5,166,390
New
Jersey
Transportation
Trust
Fund
Authority
RB
Series
2018
(A2/A-)
1,500,000
5.000
12/15/2033
1,564,365
New
Jersey
Transportation
Trust
Fund
Authority
RB
Series
2020
AA
(A2/A-)
935,000
3.000
06/15/2050
656,484
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
Program
Bonds
2020
Series
AA
(A2/A-)
5,000,000
4.000
06/15/2050
4,349,687
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
Program
RB
Series
2019
AA
(A2/A-)
7,000,000
5.250
06/15/2043
7,061,013
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
RB
Series
2009
A
(A2/A-)
230,000
0.000
(f)
12/15/2032
175,951
New
Jersey
Turnpike
Authority
RB
Series
2024
B
(A1/AA-)
10,000,000
4.125
01/01/2054
9,076,338
New
Jersey
Turnpike
Authority
Turnpike  RB,
Series
2025
A
(A1/AA-)
12,000,000
5.250
01/01/2055
12,473,083
New
Jersey
Turnpike
Authority
Turnpike
RB
Series
2022
B
(A1/AA-)
1,500,000
4.500
01/01/2048
1,451,053
3,000,000
5.250
01/01/2052
3,098,323
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
906,844
Passaic
County
Improvement
Authority
Charter
School
RB
Paterson
Charter
School
For
Science
and
Technology
Inc.
Project
Series
2025
(Baa3/NR)
920,000
4.500
07/01/2040
883,343
645,000
5.000
07/01/2044
627,808
South
Jersey
Transport
Corp.
Subordinated
Marine
Terminal
RB
Series
2017B
(A3/NR)
20,000,000
5.000
01/01/2048
19,711,840
South
Jersey
Transportation
Authority
Transportation
System
RB
2022
Series
A
(Baa2/BBB+)
1,500,000
4.625
11/01/2047
1,433,359
Tobacco
Settlement
Financing
Corp.
RB
Series
2018
B
(NR/BB+)
14,095,000
5.000
06/01/2046
13,579,170
Union
County
Improvement
Authority
RB
Aries
Linden
LLC
Project
Series
2019
(NR/NR)
11,570,000
6.750
(d)
12/01/2041
7,364,887
Union
County
Improvement
Authority
Solid
Waste
Disposal
RB
Series
2019
(AMT)
(NR/NR)
600,000
6.000
(d)
12/01/2025
585,912
468,451,172
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
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
$
469,874
1,000,000
5.000
05/15/2049
904,607
Village
of
Los
Ranchos
de
Albuquerque
RB
Refunding
for
Albuquerque
Academy
Series
2020
(NR/A-)
500,000
4.000
09/01/2033
505,747
375,000
4.000
09/01/2034
377,130
300,000
4.000
09/01/2035
298,673
Winrock
Town
Center
Tax
Increment
Development
District
1
Senior
Lien
Gross
Receipts
Tax
Increment
Bonds
Series
2022
(NR/NR)
4,825,000
4.250
(d)
05/01/2040
4,350,300
6,906,331
New
York
-
7.0%
Brooklyn
Arena
Local
Development
Corp.
Pilot
RB
for
Barclays
Center
Project
Series
2009
(Ba1/NR)
9,610,000
0.000
(f)
07/15/2045
3,335,693
Brooklyn
Arena
Local
Development
Corp.
Pilot
RB
Refunding
for
Barclays
Center
Series
2016
A
(AGM)
(A1/AA)
1,435,000
3.000
07/15/2043
1,045,288
Brooklyn
Arena
Local
Development
Corp.
Pilot
Revenue
Refunding
Bonds
for
Barclays
Center
Series
2016A
(Ba1/NR)
29,290,000
5.000
07/15/2042
29,118,530
Brooklyn
Arena
Local
Development
Corp.
RB
for
Brooklyn
Events
Center
LLC
Series
2009
(Ba1/NR)
5,740,000
0.000
(f)
07/15/2046
1,865,887
Build
NYC
Resource
Corp.
RB
for
Bay
Ridge
Preparatory
School
Project
Series
2024
(NR/BB)
1,155,000
5.000
(d)
09/01/2049
1,047,925
Build
NYC
Resource
Corp.
RB
for
Global
Community
Charter
School
Project
Series
2022A
(NR/B+)
1,175,000
5.000
06/15/2052
972,408
950,000
5.000
06/15/2057
769,897
Build
NYC
Resource
Corp.
RB
for
Grand
Concourse
Academy
Charter
School
Project
Series
2022A
(NR/BBB-)
670,000
5.000
07/01/2052
618,437
505,000
5.000
07/01/2056
460,647
Build
NYC
Resource
Corp.
RB
for
Hellenic
Classical
Charter
Schools
Series
2021
A
(NR/NR)
4,920,000
5.000
(d)
12/01/2051
4,115,700
1,100,000
5.000
(d)
12/01/2055
902,254
Build
NYC
Resource
Corp.
RB
for
Kipp
NYC
Public
School
Facilities
Canal
West
Project
Series
2022
(NR/BBB-)
2,000,000
5.250
07/01/2057
1,948,551
5,000,000
5.250
07/01/2062
4,826,080
Build
NYC
Resource
Corp.
RB
for
NEW
World
Preparatory
Charter
School
Series
2021
A
(NR/NR)
590,000
4.000
(d)
06/15/2051
447,297
450,000
4.000
(d)
06/15/2056
331,045
Build
NYC
Resource
Corp.
RB
for
Shefa
School
Series
2021
A
(NR/NR)
850,000
2.500
(d)
06/15/2031
763,658
Build
NYC
Resource
Corp.
Tax
Exempt
RB
Series
2022A
(NR/NR)
6,125,000
6.500
(d)
07/01/2042
6,110,862
1,900,000
6.500
(d)
07/01/2052
1,840,536
1,850,000
6.500
(d)
07/01/2057
1,775,627
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
Build
NYC
Resource
Corp.
Taxable
RB
Taxable
Series
2022A
(NR/NR)
$
1,900,000
9.750%
(d)
07/01/2032
$
1,886,504
Build
NYC
Resource
Corporation
RB
for
Classical
Charter
Schools
Project
Series
2023A
(NR/BBB-)
800,000
4.750
06/15/2058
711,333
Build
NYC
Resource
Corporation
RB
for
Unity
Preparatory
Charter
School
of
Brooklyn
Project,
Series
2023A
(NR/BB)
725,000
5.500
(d)
06/15/2053
707,231
1,275,000
5.500
(d)
06/15/2063
1,222,153
Build
NYC
Resource
Corporation
Tax-Exempt
RB
Civic
Bronx
LLC
-
Bold
Charter
School
Project,
Series
2025
(NR/NR)
4,850,000
6.000
(d)
07/01/2060
4,814,778
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
997,523
2,400,000
5.000
06/01/2064
2,215,250
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
3,889,974
City
of
New
York
GO
Bonds
Fiscal
2024
Series
C
(Aa2/AA)
10,000,000
4.125
03/01/2054
8,676,267
City
of
New
York
GO
Tax
Exempt
Bonds
2020
Series
D
(Aa2/AA)
5,250,000
4.000
03/01/2050
4,543,649
County
of
Westchester
Industrial
Development
Agency
Special
Facility
RB
Million
Air
Two
LLC
General
Aviation
Facilities
Project
Series
2017A
(Tax-Exempt-AMT)
(NR/NR)
3,050,000
7.000
(d)
06/01/2046
3,174,881
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
14,298,824
Dormitory
Authority
of
The
State
of
New
York
State
Personal
Income
Tax
RB
General
Purpose,
Series
2025A
(Tax-Exempt)
(Aa1/NR)
34,120,000
5.000
03/15/2054
34,617,842
12,000,000
5.000
03/15/2055
12,164,852
Dormitory
Authority
of
The
State
of
New
York
State
Sales
Tax
RB
Series
2024B
(Tax-Exempt)
(Aa1/NR)
4,580,000
5.000
03/15/2051
4,640,066
2,000,000
5.000
03/15/2052
2,033,161
Dutchess
County
Local
Development
Corp.
RB
for
Health
QuestSystems,
Inc.
Project
Series
2016B
(Baa3/BBB+)
22,400,000
5.000
07/01/2046
21,486,620
Dutchess
County
Local
Development
Corp.
RB
Refunding
for
Bard
College
Project
Series
2020
A
(NR/BBB-)
1,030,000
5.000
07/01/2040
1,046,028
2,840,000
5.000
07/01/2045
2,821,764
5,500,000
5.000
07/01/2051
5,322,669
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
1,214,705
Erie
Tobacco
Asset
Securitization
Corp.
RB
Asset-Backed
Bonds
Series
2006
A
(NR/NR)
66,000,000
0.000
(d)(f)
06/01/2060
2,581,346
Hempstead
town
Local
Development
Corp.
RB
Refunding
for
Molloy
College
Project
Series
2017
(NR/BBB)
900,000
5.000
07/01/2033
914,764
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
Hempstead
town
Local
Development
Corp.
RB
Refunding
for
Molloy
College
Project
Series
2017
(NR/BBB)
–
(continued)
$
850,000
5.000%
07/01/2035
$
859,065
670,000
5.000
07/01/2036
675,789
Huntington
Local
Development
Corp.
RB
for
Gurwin
Independent
Housing
Obligated
Group
Series
2021
A
(NR/NR)
5,060,000
5.250
07/01/2056
4,069,655
Metropolitan
Transportation
Authority
RB
Green
Bond
Series
2016
A-1
(A2/A-)
625,000
5.000
11/15/2027
635,614
Metropolitan
Transportation
Authority
RB
Green
Bond
Series
2020
C-1
(A2/A-)
7,950,000
4.750
11/15/2045
7,745,599
2,000,000
5.000
11/15/2050
1,979,558
2,000,000
5.250
11/15/2055
2,012,659
Metropolitan
Transportation
Authority
RB
Green
Bond
Series
2020
D-3
(A2/A-)
5,285,000
4.000
11/15/2050
4,447,474
Metropolitan
Transportation
Authority
RB
Refunding
Green
Bond
Series
2017
C-2
(A2/A-)
650,000
0.000
(f)
11/15/2040
309,085
Metropolitan
Transportation
Authority
RB
Refunding
Green
Bond
Series
2024A
(BAM)
(A2/AA)
27,600,000
4.000
11/15/2048
23,745,903
Metropolitan
Transportation
Authority
RB
Refunding
Green
Bond
Series
2024A
(A2/A-)
4,565,000
5.250
11/15/2049
4,663,088
Metropolitan
Transportation
Authority
RB
Refunding
Series
2016
D
(A2/A-)
735,000
5.000
11/15/2029
752,766
Metropolitan
Transportation
Authority
Transportation
Revenue
Green
Bonds
Series
2019C
(AGM)
(A1/AA)
1,785,000
4.000
11/15/2048
1,519,136
Metropolitan
Transportation
Authority
Transportation
Revenue
Green
Bonds
Series
2020A-1
(A2/A-)
4,435,000
4.000
11/15/2040
4,101,711
Metropolitan
Transportation
Authority
Transportation
Revenue
Green
Bonds
Series
2020D
(A2/A-)
5,000,000
5.000
11/15/2045
5,027,447
Metropolitan
Transportation
Authority
Transportation
Revenue
Green
Bonds
Subseries
2020A-1
(AGM)
(A1/AA)
10,000,000
4.000
11/15/2050
8,467,116
Metropolitan
Transportation
Authority
Transportation
Revenue
Refunding
Bonds
Series
2015C
(A2/A-)
550,000
5.250
11/15/2028
553,758
Metropolitan
Transportation
Authority
Transportation
Revenue
Refunding
Bonds
Series
2020E
(A2/A-)
4,415,000
4.000
11/15/2045
3,797,236
Metropolitan
Transportation
Authority
Transportation
Revenue
Refunding
Green
Bonds
Series
2024A
(A2/A-)
10,165,000
5.500
11/15/2047
10,628,423
Metropolitan
Transportation
Authority
Transportation
Revenue
Refunding
Green
Bonds
Series
2025A
(A2/A-)
1,600,000
5.250
11/15/2045
1,652,004
Nassau
County
Tobacco
Settlement
Corp.
RB
for
Asset
Backed
Bonds
Series
2006
D
(NR/NR)
202,665,000
0.000
(f)
06/01/2060
11,508,616
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
New
York
City
Housing
Development
Corp.
Multi-Family
Mortgage
RB
8
Spruce
Street
Class
F
Series
2024
Tax-Exempt
Bonds
(NR/NR)
$
2,500,000
5.250%
12/15/2031
$
2,559,175
New
York
City
Industrial
Development
Agency
RB
Refunding
for
Queens
Ballpark
Co.
LLC
Series
2021
A
(AGM)
(A1/AA)
13,815,000
3.000
01/01/2046
9,946,938
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
1,359,253
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
11,704,351
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
4,286,129
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Subordinate
Bonds
Fiscal
2025
Series
C
Subseries
C-1
(Aa1/AAA)
4,575,000
5.250
05/01/2049
4,761,291
New
York
Counties
Tobacco
Trust
IV
RB
Series
2005
F
(NR/NR)
178,305,000
0.000
(f)
06/01/2060
8,026,596
New
York
Liberty
Development
Corp.
RB
for
World
Trade
Center
Project
Series
2014
(NR/NR)
6,250,000
5.150
(d)
11/15/2034
6,250,379
21,095,000
5.375
(d)
11/15/2040
21,094,135
New
York
Liberty
Development
Corp.
RB
for
World
Trade
Center
Project
Series
2014
Class
3
(NR/NR)
29,525,000
7.250
(d)
11/15/2044
29,543,843
New
York
Liberty
Development
Corp.
RB
Refunding
for
3
World
Trade
Center
LLC
Series
2014
(NR/NR)
45,655,000
5.000
(d)
11/15/2044
44,615,586
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
7,262,361
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
1,241,253
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
1,303,795
New
York
State
Dormitory
Authority
RB
Refunding
for
Brooklyn
Law
School
Series
2019
B
(Baa1/NR)
150,000
3.560
07/01/2026
148,120
150,000
3.670
07/01/2027
146,846
60,000
3.760
07/01/2028
58,225
300,000
3.820
07/01/2029
288,055
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
680,330
870,000
4.000
07/01/2032
815,639
925,000
4.000
07/01/2033
853,851
845,000
4.000
07/01/2035
751,684
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
New
York
State
Dormitory
Authority
RB
Refunding
for
Catholic
Health
System
Obligated
Group
Series
2019
A
(B3/B-)
$
3,425,000
4.000%
07/01/2045
$
2,784,926
New
York
State
Dormitory
Authority
RB
Refunding
for
Montefiore
Obligated
Group
Series
2020
A
(Baa3/BBB-)
3,160,000
4.000
09/01/2045
2,674,927
2,325,000
4.000
09/01/2050
1,871,037
New
York
State
Dormitory
Authority
RB
Refunding
for
Montefiore
Obligated
Group
Series
2020
A
(AGM)
(A1/AA)
10,580,000
3.000
09/01/2050
7,342,456
New
York
State
Dormitory
Authority
Revenues
Non
State
Supported
Debt
Series
2022
1-
A
(NR/AA-)
8,000,000
4.000
07/01/2051
7,024,647
New
York
State
Environmental
Facilities
Corp
Solid
Waste
Disposal
RB
Series
2014
(B1/B+)
(PUTABLE)
1,685,000
2.875
(a)(b)(d)
12/01/2044
1,580,158
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)(d)
09/01/2050
2,545,956
New
York
State
Thruway
Authority
General
RB
Series
P
(Aa3/A+)
1,100,000
5.000
01/01/2049
1,119,381
1,000,000
5.250
01/01/2054
1,035,507
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
5,057,435
New
York
State
Urban
Development
Corp.
Sales
Tax
RB
Series
2023A
(Aa1/NR)
12,875,000
5.000
03/15/2052
13,047,839
New
York
State
Urban
Development
Corporation
State
Personal
Income
Tax
RB
(General
Purpose)
Series
2023A
(Tax-Exempt)
(Aa1/NR)
1,000,000
5.000
03/15/2058
1,009,297
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
927,902
New
York
Transportation
Development
Corp.
RB
for
Delta
Air
Lines,
Inc.
Series
2018
(Baa2/NR)
1,315,000
5.000
01/01/2031
1,341,686
2,850,000
5.000
01/01/2033
2,895,930
2,075,000
5.000
01/01/2034
2,103,306
10,465,000
4.000
01/01/2036
9,814,118
New
York
Transportation
Development
Corp.
RB
for
Delta
Air
Lines,
Inc.
Series
2018
(AMT)
(Baa2/NR)
7,150,000
5.000
01/01/2036
7,206,741
New
York
Transportation
Development
Corp.
RB
for
Delta
Air
Lines,
Inc.
Series
2020
(Baa2/NR)
9,000,000
4.000
10/01/2030
8,843,695
2,390,000
5.000
10/01/2035
2,429,319
18,165,000
5.000
10/01/2040
18,065,886
5,405,000
4.375
10/01/2045
4,819,540
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
7,962,883
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
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
$
7,590,218
8,500,000
5.000
07/01/2046
8,229,426
New
York
Transportation
Development
Corp.
Special
Facilities
Bonds
Series
2016A
(Baa2/NR)
22,935,000
5.250
01/01/2050
22,595,917
New
York
Transportation
Development
Corp.
Special
Facilities
Bonds
Series
2016A
(AMT)
(Baa2/NR)
10,000,000
4.000
07/01/2046
8,329,201
New
York
Transportation
Development
Corp.
Special
Facilities
RB
for
John
F.
Kennedy
International
Airport
New
Terminal
One
Project
Green
Bonds
Series
2023
(AMT)
(Baa3/AA)
11,825,000
6.000
06/30/2054
12,215,136
New
York
Transportation
Development
Corp.
Special
Facilities
RB
Series
2024
John
F.
Kennedy
International
Airport
New
Terminal
One
Project
(AMT)
(Baa3/NR)
1,115,000
5.500
06/30/2054
1,122,190
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
16,194,271
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
07/01/2041
2,211,571
New
York
Transportation
Development
Corp.
Special
Facility
RB
Refunding
for
American
Airlines,
Inc.
John
F.
Kennedy
International
Airport
Project
Series
2016
(NR/B+)
6,475,000
5.000
08/01/2031
6,475,034
New
York
Transportation
Development
Corp.
Special
Facility
RB
Refunding
for
American
Airlines,
Inc.
John
F.
Kennedy
International
Airport
Project
Series
2020
(NR/B+)
6,485,000
5.250
08/01/2031
6,628,704
9,565,000
5.375
08/01/2036
9,753,238
New
York
Transportation
Development
Corporation
Special
Facilities
RB,
Series
2023
(Delta
Air
Lines,
Inc.
-
Laguardia
Airport
Terminals
C&D
Redevelopment
Project)
(Baa2/BBB-)
1,875,000
5.625
04/01/2040
1,927,027
New
York
Transportation
Development
Corporation
Special
Facilities
RB,
Series
2023
17,110,000
5.375
06/30/2060
16,777,724
Niagara
Area
Development
Corporation
Tax-Exempt
RB
for
Catholic
Health
System,
Inc.
Project
Series
2022
(B3/B-)
2,650,000
5.000
07/01/2052
2,440,341
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
425,628
710,000
4.000
12/01/2033
716,400
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
876,583
1,470,000
3.000
12/01/2039
1,175,016
980,000
3.000
12/01/2040
763,105
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
Oneida
County
Local
Development
Corp.
RB
Refunding
for
Utica
College
Project
Series
2019
(NR/NR)
$
780,000
4.000%
07/01/2039
$
623,611
4,835,000
3.000
07/01/2044
2,964,601
Oneida
Indian
Nation
Tax
RB
Series
2024B
(Federally
Tax-Exempt)
(NR/NR)
2,300,000
6.000
(d)
09/01/2043
2,419,487
Onondaga
Civic
Development
Corp.
New
York
Tax-Exempt
RR
Bonds
Crouse
Health
Hospital
Inc.
Project
Series
2024A
(NR/NR)
350,000
5.000
08/01/2031
339,930
325,000
5.000
08/01/2032
312,582
385,000
5.000
08/01/2033
366,107
900,000
5.125
08/01/2044
729,149
900,000
5.375
08/01/2054
708,885
Port
Authority
of
New
York
Consolidated
Bonds
234th
Series
(Aa3/AA-)
1,850,000
5.250
08/01/2047
1,878,272
2,300,000
5.500
08/01/2052
2,367,145
State
of
New
York
Dormitory
Authority
Northwell
Health
Obligated
Group
RB
Series
2022A
(A3/A-)
6,510,000
4.250
05/01/2052
5,703,227
Suffolk
Regional
Off-Track
Betting
Corporation
Tax
Exempt
GO
RB
Series
2024
(NR/NR)
13,800,000
5.750
12/01/2044
14,107,072
13,800,000
6.000
12/01/2053
14,092,139
The
Orange
County
Funding
Corporation
Tax-Exempt
RB
Mount
Saint
Mary
College
Project
Series
2012A
(NR/NR)
670,000
5.000
07/01/2042
541,123
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
5,048,392
Transportation
Infrastructure
Properties
LLC
Trips
Obligated
Group
Build
NYC
Resource
Corporation
Senior
Airport
Facilities
RB
Trips
Obligated
Group
Series
2025
(NR/BBB+)
5,750,000
5.500
07/01/2055
5,820,298
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
8,927,942
Triborough
Bridge
&
Tunnel
Authority
Sales
Tax
RB
Subseries
2024A-1
(NR/AA+)
15,000,000
4.125
05/15/2064
12,924,645
Triborough
Bridge
and
Tunnel
Authority
13,000,000
5.000
05/15/2054
13,167,371
15,000,000
5.250
05/15/2064
15,460,115
Tsasc,
Inc.
Tobacco
Settlement
Bonds
Tobacco
Settlement
Bonds
Fiscal
2017
Series
B
(NR/NR)
3,750,000
5.000
06/01/2048
3,268,809
Westchester
County
Local
Development
Corp.
RB
Series
2016
(Caa1/BB+)
900,000
5.000
11/01/2033
898,410
1,415,000
5.000
11/01/2034
1,408,384
Westchester
County
Local
Development
Corporation
RB
for
Westchester
Medical
Center
Obligated
Group
Project
Series
2016
(Caa1/BB+)
725,000
5.000
11/01/2030
725,082
5,845,000
5.000
11/01/2046
5,240,271
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
Westchester
County
Local
Development
Corporation
RB,
Series
2023
$
900,000
6.250%
11/01/2052
$
945,236
Western
Regional
off-Track
Betting
Corp.
RB
Refunding
Series
2021
(NR/NR)
1,785,000
4.125
(d)
12/01/2041
1,545,075
Yonkers
Economic
Development
Corp.
RB
for
Charter
School
of
Educational
Excellence
Project
Series
2019
A
(NR/NR)
475,000
5.000
10/15/2039
466,880
1,180,000
5.000
10/15/2049
1,079,046
1,225,000
5.000
10/15/2054
1,098,283
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
2,774,121
1,325,000
5.000
10/15/2050
1,223,546
824,254,581
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
4,703,743
975,000
5.500
07/01/2052
1,001,555
Greater
Asheville
Regional
Airport
Authority
Airport
System
RB
Series
2023
(AGM)
(A1/AA)
6,740,000
5.250
07/01/2053
6,803,018
North
Carolina
Department
of
Transportation
Tax
Exempt
Private
Activity
Bonds
Series
2015
(NR/NR)
3,345,000
5.000
12/31/2037
3,346,383
North
Carolina
Department
of
Transportation
Tax
Exempt
Private
Activity
RB
Series
2015
(NR/NR)
5,000,000
5.000
06/30/2054
4,793,627
North
Carolina
Medical
Care
Commission
RB
for
Forest
at
Duke,
Inc.
Obligated
Group
Series
2021
(NR/NR)
365,000
4.000
09/01/2046
293,682
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
884,976
6,025,000
4.000
03/01/2051
4,709,655
North
Carolina
Medical
Care
Commission
RB
for
Maryfield,
Inc.
Obligated
Group
Series
2020
A
(NR/NR)
1,400,000
5.000
10/01/2045
1,283,206
3,260,000
5.000
10/01/2050
2,891,306
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
1,567,016
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
1,335,896
1,650,000
5.000
07/01/2039
1,633,132
1,035,000
4.000
07/01/2044
853,713
1,160,000
5.000
07/01/2044
1,092,530
North
Carolina
Medical
Care
Commission
Retirement
Facilities
First
Mortgage
RB  Series
2024A
(NR/NR)
1,460,000
5.000
10/01/2049
1,416,508
2,745,000
5.125
10/01/2054
2,682,120
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
North
Carolina
–
(continued)
North
Carolina
Medical
Care
Commission
Retirement
Facilities
First
Mortgage
RB
Twin
Lakes
Community,
Series
2025
A
(NR/NR)
$
3,650,000
5.250%
01/01/2055
$
3,552,978
44,845,044
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
1,296,953
City
of
Horace
North
Dakota
Refunding
Improvement
Bonds
Series
2024C
(Baa3/NR)
1,350,000
5.000
05/01/2050
1,278,628
City
of
Horace
North
Dakota
Temporary
Refunding
Improvement
Bonds
Series
2024B
(Baa3/NR)
2,250,000
4.850
08/01/2026
2,250,976
4,826,557
Ohio
-
3.9%
Buckeye
Tobacco
Settlement
Financing
Authority
RB
Refunding
for
Senior
Asset-Backed
Bonds
Series
2020
A-2
Class
1
(NR/NR)
155,255,000
5.000
06/01/2055
132,359,017
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
5,721,987
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
(f)
06/01/2057
31,215,014
Buckeye
Tobacco
Settlement
Financing
Authority
Tobacco
Settlement
Asset
Backed
Refunding
Bonds
Series
2020
(NR/BBB+)
3,330,000
4.000
06/01/2048
2,759,029
Centerville
Ohio
Health
Care
RB
Refunding
and
Improvement
for
Graceworks
Lutheran
Services
Series
2017
(NR/NR)
2,400,000
5.250
11/01/2037
2,340,845
1,000,000
5.250
11/01/2047
884,492
2,320,000
5.250
11/01/2050
2,022,510
Cleveland
Airport
Special
RB
for
Continental
Airlines,
Inc.
Project
Series
1998
(Ba3/BB)
22,500,000
5.375
09/15/2027
22,511,288
Cleveland-Cuyahoga
County
Port
Authority
Tax
Allocation
for
Flats
East
Bank
TIF
District
Series
2021
B
(NR/NR)
2,490,000
4.500
(d)
12/01/2055
1,986,923
Cleveland-Cuyahoga
County
Port
Authority
Tax
Allocation
Refunding
for
Flats
East
Bank
TIF
District
Series
2021
A
(NR/BB)
1,340,000
4.000
(d)
12/01/2055
1,013,609
Cleveland-Cuyahoga
County
Port
Authority
Tax-Exempt
Refunding
and
Improvement
Lease
RB
for
Constellation
Schools
Project
Series
2024A
(NR/NR)
1,600,000
5.875
(d)
01/01/2049
1,549,030
Columbus-Franklin
County
Finance
Authority
Lease
RB
for
The
Cornerstone
Academy
Community
School
Series
2023
(NR/NR)
6,425,000
7.000
(d)
07/01/2053
6,274,020
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Ohio
–
(continued)
County
of
Cuyahoga
Health
Care
and
Independent
Living
Facilities
Refunding
RB
for
Eliza
Jennings
Senior
Health
Care
Network
Series
2022A
(NR/NR)
$
1,350,000
5.000%
05/15/2032
$
1,343,220
2,775,000
5.375
05/15/2037
2,738,389
3,910,000
5.500
05/15/2042
3,706,258
County
of
Darke
RB
for
Wayne
Hospital
Company
Obligated
Group
Wayne
Health
Care
Project
Series
2019
A
(NR/NR)
2,400,000
4.000
09/01/2040
2,033,057
825,000
4.000
09/01/2045
650,429
1,075,000
5.000
09/01/2049
971,976
County
of
Franklin
Health
Care
Facilities
RB
for
Ohio
Living
Communities
Series
2023
(NR/NR)
4,600,000
5.250
07/01/2041
4,615,624
12,065,000
5.500
07/01/2041
12,340,971
County
of
Franklin
RB
Refunding
for
Wesley
Communities
Obligated
Group
Series
2020
(NR/NR)
12,845,000
5.250
11/15/2055
11,235,522
County
of
Lucas
Hospital
RB
for
Promedica
Healthcare
Obligated
Group
Series
2015B
(Ba1/BB)
1,470,000
4.000
11/15/2045
1,189,074
County
of
Lucas
Hospital
RB
for
Promedica
Healthcare
Obligated
Group
Series
2018A
(Ba1/BB)
50,060,000
5.250
11/15/2048
48,201,457
County
of
Summit
Green
Local
School
District
Improvement
Bonds
Series
2022A
(SD
CRED
PROG)
(NR/AA+)
4,205,000
5.500
11/01/2059
4,335,744
Cuyahoga
County
Ohio
Hospital
RB
for
Metrohealth
System
Series
2017
(Baa2/BBB)
9,110,000
5.250
02/15/2047
8,766,928
3,450,000
5.000
02/15/2057
3,181,196
Cuyahoga
County
Ohio
Hospital
RB
Refunding
for
Metrohealth
System
Series
2009
B
(Baa2/BBB)
19,500,000
8.223
02/15/2040
21,597,734
Cuyahoga
County
Ohio
Hospital
RB
Refunding
for
Metrohealth
System
Series
2017
(Baa2/BBB)
7,520,000
5.000
02/15/2042
7,251,599
7,500,000
4.750
02/15/2047
6,819,083
Franklin
County
Convention
Facilities
Authority
RB
for
Greater
Columbus
Convention
Center
Project
Series
2019
(NR/BBB-)
13,400,000
5.000
12/01/2051
11,885,599
Hamilton
County
Health
Care
RB
Refunding
for
Life
Enriching
Community
Project
Series
2012
(NR/NR)
2,000,000
5.000
01/01/2042
1,967,202
1,610,000
5.000
01/01/2046
1,532,233
Muskingum
County
Hospital
Facilities
RB
Refunding
for
Genesis
Healthcare
System
Project
Series
2013
(Ba2/BB+)
10,050,000
5.000
02/15/2048
9,387,087
Northeast
Ohio
Medical
University
RB
Refunding
Series
2021
A
(Baa1/NR)
450,000
3.000
12/01/2040
348,002
200,000
4.000
12/01/2045
167,987
Ohio
Air
Quality
Development
Authority
Exempt
Facilities
RB
for
Pratt
Paper
LLC
Project
Series
2017
(NR/NR)
10,610,000
4.500
(d)
01/15/2048
9,572,429
Ohio
Air
Quality
Development
Authority
Exempt
Facilities
RB
for
Pratt
Paper
LLC
Project
Series
2017
(AMT)
(NR/NR)
1,635,000
3.750
(d)
01/15/2028
1,635,481
6,055,000
4.250
(d)
01/15/2038
5,817,993
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Ohio
–
(continued)
Ohio
Higher
Educational
Facility
Commission
RB
Refunding
for
Judson
Obligated
Group
Series
2020
A
(NR/NR)
$
4,790,000
5.000%
12/01/2050
$
4,319,883
Ohio
Housing
Finance
Agency
Multifamily
Housing
RB
Haven'S
Edge
Apartments
Project
Series
2025A
(NR/NR)
1,425,000
5.700
(d)
08/01/2043
1,441,734
Ohio
State
Higher
Education
Facilities
RB
Series
2020
(A3/NR)
10,060,000
5.000
01/15/2050
10,042,016
Ohio
State
Hospital
RB
Refunding
for
Aultman
Health
Foundation
Obligated
Group
Series
2018
(NR/NR)
1,075,000
5.000
(d)
12/01/2033
1,075,092
2,085,000
5.000
(d)
12/01/2038
1,976,612
5,000,000
5.000
(d)
12/01/2048
4,366,910
Ohio
State
RB
Refunding
for
University
Hospitals
Health
System,
Inc.
Obligated
Group
Series
2020
A
(A3/A)
2,000,000
3.000
01/15/2045
1,450,110
Port
of
Greater
Cincinnati
Development
Authority
Education
RB
Series
2021
(NR/NR)
2,750,000
4.375
(a)(b)
06/15/2056
2,711,010
Port
of
Greater
Cincinnati
Development
Authority
Ohio
Tax
Increment
Financing
RB
Series
2024
(NR/NR)
2,000,000
5.125
12/01/2055
1,839,059
Port
of
Greater
Cincinnati
Development
Authority
RB
Series
2021
(NR/NR)
1,995,000
4.250
(d)
12/01/2050
1,789,900
Port
of
Greater
Cincinnati
Development
Authority
Special
Obligation
Development
TIF
RB,
Series
2016B
(NR/NR)
4,225,000
5.000
12/01/2046
3,842,151
State
of
Ohio
Higher
Educational
Facility
RB
for
Capital
University
2022
Project
(NR/BBB-)
1,800,000
6.000
09/01/2047
1,810,094
3,225,000
6.000
09/01/2052
3,218,879
State
of
Ohio
Hospital
RB
for
University
Hospital
Health
System
Series
2021A
(A3/A)
22,915,000
4.000
01/15/2046
19,503,988
State
of
Ohio
Hospital
RB
Series
2020A
(A3/A)
3,000,000
4.000
01/15/2050
2,470,827
Toledo-Lucas
County
Port
Authority
Parking
System
RB
Series
2021
(Baa3/NR)
1,475,000
4.000
01/01/2043
1,250,209
950,000
4.000
01/01/2046
770,021
1,115,000
4.000
01/01/2051
873,229
2,520,000
4.000
01/01/2057
1,912,700
460,594,462
Oklahoma
-
0.9%
Norman
Regional
Hospital
Authority
RB
Norman
Regional
Hospital
Authority
Obligated
Group
Series
2019
(Caa2/CCC)
1,075,000
4.000
09/01/2045
775,116
Oklahoma
Development
Finance
Authority
Health
System
RB
for
OU
Medicine
Project
Series
2018
B
(Ba2/BB)
31,935,000
5.500
08/15/2057
31,256,752
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
2,028,691
2,000,000
4.125
08/15/2057
1,704,522
Oklahoma
Development
Finance
Authority
Health
System
RB
for
OU
Medicine
Project
Series
2018B
(Ba2/BB)
2,050,000
5.250
08/15/2048
1,979,481
8,005,000
5.500
08/15/2052
7,896,944
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Oklahoma
–
(continued)
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
$
880,766
4,000,000
4.125
04/01/2053
3,507,172
Trustees
of
The
Tulsa
Municipal
Airport
Trust  RB,
Series
2025
(NR/B+)
14,425,000
6.250
12/01/2035
15,932,938
4,625,000
6.250
12/01/2040
5,018,909
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
(d)
12/01/2041
6,287,449
Tulsa
Municipal
Airport
Trust
RB
Refunding
for
American
Airlines,
Inc.
Series
2001
A
(AMT)
(NR/NR)
4,680,000
5.500
12/01/2035
4,680,060
Tulsa
Municipal
Airport
Trust
RB
Refunding
for
American
Airlines,
Inc.
Series
2001
B
(AMT)
(NR/NR)
25,675,000
5.500
12/01/2035
25,675,331
Wagoner
County
Development
Authority
Sales
Tax
RB
Series
2025
(NR/NR)
2,725,000
6.750
05/01/2040
2,732,455
110,356,586
Oregon
-
0.1%
Asante
Health
System
Obligated
Group
The
Hospital
Facilities
Authority
of
The
City
of
Medford
Oregon
Revenue
and
Refunding
Bonds
Asante
Projects,
Series
2020A
(AG)
(NR/AA)
900,000
3.000
08/15/2050
626,765
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
119,313
225,000
5.375
11/15/2055
206,395
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
281,793
Port
of
Portland
International
Airport
RB
Series
28
(NR/AA-)
2,400,000
4.000
07/01/2047
2,073,183
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
5,015,455
Yamhill
County
Hospital
Authority
Revenue
and
Refunding
Tax
Exempt
Bonds
Series
2021A
(NR/NR)
1,825,000
5.000
11/15/2051
1,477,533
9,800,437
Pennsylvania
-
3.1%
Adams
County
General
Authority
Gettysburg
College  RB,
Series
of
2025
(A3/A)
5,425,000
5.000
08/15/2050
5,280,071
Allegheny
County
Airport
Authority
Airport
RB
Series
2021A
(AMT)
(A2/NR)
3,000,000
5.000
01/01/2056
2,895,315
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
27,999,133
Allegheny
County
IDA
Penn
Hills
Charter
School
of
Entrepeneurship
Series
A
(NR/BB)
1,125,000
4.000
06/15/2041
933,066
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Pennsylvania
–
(continued)
Allegheny
County
IDA
Penn
Hills
Charter
School
of
Entrepeneurship
Series
A
(NR/BB)
–
(continued)
$
975,000
4.000%
06/15/2051
$
726,544
1,070,000
4.000
06/15/2056
772,847
Allegheny
County
Industrial
Development
Authority
RB
Refunding
for
United
States
Steel
Corp.
Project
Series
2019
(B1/BB-)
3,150,000
5.125
05/01/2030
3,309,823
Allentown
Neighborhood
Improvement
Zone
Development
Authority
Senior
Tax
RB
Series
2024A
(NR/NR)
1,175,000
5.250
(d)
05/01/2042
1,139,680
Allentown
Neighborhood
Improvement
Zone
Development
Authority
Subordinate
Tax
RB
for
City
Center
Project
Series
2022
(NR/NR)
5,875,000
5.250
(d)
05/01/2042
5,806,115
Allentown
Neighborhood
Improvement
Zone
Development
Authority
Subordinate
Tax
RB
Series
2024B
(NR/NR)
2,900,000
6.000
(d)
05/01/2042
2,922,265
Allentown
Neighborhood
Improvement
Zone
Development
Authority
Tax
RB
for
City
Center
Project
Series
2024
(Ba3/NR)
7,455,000
5.000
(d)
05/01/2042
7,316,535
Allentown
Neighborhood
Improvement
Zone
Development
Authority
Tax
RB
for
City
Center
Refunding
Project
Series
2017
(Ba3/NR)
100,000
5.000
(d)
05/01/2027
102,391
1,400,000
5.000
(d)
05/01/2032
1,421,034
15,735,000
5.000
(d)
05/01/2042
15,321,977
Allentown
Neighborhood
Improvement
Zone
Development
Authority
Tax
RB
for
City
Center
Refunding
Project
Series
2018
(Ba3/NR)
1,000,000
5.000
(d)
05/01/2033
1,021,085
3,000,000
5.000
(d)
05/01/2042
2,924,529
Bucks
County
IDA
Hospital
RB
for
Grand
View
Hospital
Project
Series
2021
(NR/B+)
11,200,000
4.000
07/01/2051
8,695,568
Bucks
County
Industrial
Development
Authority
RB
for
Grand
View
Hospital
and
Sellersville
PA
Obligated
Group
Series
2021
(NR/B+)
4,005,000
5.000
07/01/2054
3,682,523
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
1,260,641
Cheltenham
Township
IDA
Arcadia
University
RB
Series
of
2024
(NR/BBB-)
5,100,000
5.000
04/01/2044
4,668,012
1,800,000
5.750
04/01/2054
1,680,536
Chester
County
IDA
RB
for
Collegium
Charter
School
Project
Series
2022
(NR/BB)
2,850,000
6.000
(d)
10/15/2052
2,835,582
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
490,644
1,000,000
5.000
08/01/2045
895,337
Commonwealth
Financing
Authority
Tobacco
Master
Settlement
Payment
RB
Series
2018
(AGM)
(Aa3/AA)
2,325,000
4.000
06/01/2039
2,172,036
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Pennsylvania
–
(continued)
Cumberland
County
Municipal
Authority
RB
Diakon
Lutheran
Social
Ministries
Series
2015
(NR/NR)
$
505,000
5.000%
01/01/2038
$
501,659
Dauphin
County
General
Authority
RB
for
The
Harrisburg
University
of
Science
&
Technology
Series
2020
(NR/B-)
5,100,000
5.875
(d)
10/15/2040
3,936,438
17,325,000
6.250
(d)
10/15/2053
12,498,818
Dauphin
County
General
Authority
University
RB
for
Harrisburg
University
of
Science
&
Technology
Project
Series
2017
(NR/B-)
950,000
5.000
(d)
10/15/2034
762,333
Doylestown
Hospital
Authority
Commonwealth
of
Pennsylvania
Doylestown
Hospital
RB
Series
2024
(NR/NR)
2,375,000
5.375
(d)
07/01/2039
2,519,452
Doylestown
Hospital
Authority
Commonwealth
of
Pennsylvania
Hospital
RB
2013
Series
A
(A3/AA)
555,000
5.000
07/01/2027
555,683
1,000,000
5.000
07/01/2028
1,001,244
Doylestown
Hospital
Authority
RB
Series
2016A
(A3/AA)
445,000
5.000
07/01/2041
445,986
1,620,000
4.000
07/01/2045
1,407,669
1,340,000
5.000
07/01/2046
1,315,790
Doylestown
Hospital
Authority
RB
Series
2016A
(A3/NR)
180,000
4.000
(c)
07/01/2029
186,335
Doylestown
Hospital
Authority
RB
Series
2019A
(NR/NR)
415,000
5.000
(c)
07/01/2026
422,902
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
981,558
900,000
5.000
12/01/2048
772,614
1,750,000
5.000
12/01/2053
1,455,019
Geisinger
Authority
Health
System
RB
for
Geisinger
Health
System
Series
2007
(NR/AA-)
(3M
USD
SOFR
+
0.77%)
52,950,000
0.907
(g)(i)
05/01/2037
49,560,437
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
628,523
Lancaster
Municipal
Authority
Healthcare
Facilities
RB
Series
A
of
2025
Luthercare
Project
Tax-Exempt
(NR/NR)
1,150,000
5.000
12/01/2055
1,072,323
Latrobe
Industrial
Development
Authority
RB
for
Seton
Hill
University
Series
of
2021
(NR/BBB-)
285,000
5.000
03/01/2032
293,492
Latrobe
Industrial
Development
Authority
RB
Refunding
for
Seton
Hill
University
Series
2021
(NR/BBB-)
450,000
4.000
03/01/2035
417,975
465,000
4.000
03/01/2036
424,688
275,000
4.000
03/01/2037
247,157
335,000
4.000
03/01/2039
288,869
250,000
4.000
03/01/2040
210,383
250,000
4.000
03/01/2041
205,809
625,000
4.000
03/01/2046
484,546
675,000
4.000
03/01/2051
504,420
Lincoln
University
of
The
Commonwealth
System
of
Higher
Education
RB
Refunding
Tax
Exempt
Social
Bonds
2023
Series
A
(Baa3/NR)
4,060,000
5.250
07/01/2044
3,699,168
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Pennsylvania
–
(continued)
Mercer
County
Industrial
Development
Authority
College
RB
for
Thiel
College
Project
Series
2020
(NR/NR)
$
4,050,000
6.125%
(d)
10/01/2050
$
2,868,481
Monroe
County
Industrial
Development
Authority
Special
Obligation
Revenue
Refunding
Bonds
Tobyhanna
Township
Project,
Series
of
2025
(Tax-Exempt)
(NR/NR)
2,075,000
5.000
07/01/2031
2,118,009
Montgomery
County
Industrial
Development
Authority
Retirement
Communities
RB
Acts
Retirement-Life
Communities
Inc
Obligated
Group
Series
2025A
(NR/NR)
1,500,000
5.000
11/15/2055
1,415,668
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
1,678,870
2,100,000
5.000
11/01/2049
1,780,854
Northeastern
Pennsylvania
Hospital
&
Education
Authority
RB
for
King's
College
Project
Series
2019
(NR/BBB)
2,145,000
5.000
05/01/2044
1,969,820
Pennsylvania
Economic
Development
Financing
Authority
Exempt
Facilities
RR
Bonds
Series
2009B
(B2/B)
3,675,000
5.250
(a)(b)
12/01/2038
3,699,782
Pennsylvania
Economic
Development
Financing
Authority
Exempt
Facilities
RR
Bonds
Series
2009C
(B2/B)
6,450,000
5.250
(a)(b)
12/01/2037
6,502,861
Pennsylvania
Economic
Development
Financing
Authority
RB
for
Presbyterian
Senior
Living
Project,
Series
2023B-1
(NR/NR)
1,850,000
5.250
07/01/2049
1,853,094
Pennsylvania
Economic
Development
Financing
Authority
RB
for
Presbyterian
Senior
Living
Project,
Series
2023B-2
(NR/NR)
2,750,000
5.000
07/01/2042
2,774,276
2,300,000
5.250
07/01/2046
2,318,915
Pennsylvania
Economic
Development
Financing
Authority
RB
Refunding
for
Presbyterian
Homes
Obligated
Group
Series
2021
(NR/NR)
2,250,000
4.000
07/01/2046
1,892,488
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
1,375,285
6,825,000
6.000
06/30/2061
7,147,335
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
4,874,092
Pennsylvania
Higher
Educational
Facilities
Authority
La
Salle
University
RB
Series
2012
(NR/BB-)
2,750,000
4.000
05/01/2032
2,241,787
2,695,000
5.000
05/01/2037
2,082,444
Pennsylvania
Higher
Educational
Facilities
Authority
RB
for
Foundation
for
Indiana
University
of
Pennsylvania
Series
2007
A
(AGC)
(NR/AA)
(3M
USD
SOFR
+
0.60%)
4,505,000
3.655
(i)
07/01/2027
4,453,461
(3M
USD
SOFR
+
0.65%)
10,850,000
3.705
(i)
07/01/2039
9,996,307
Pennsylvania
Higher
Educational
Facilities
Authority
RB
for
La
Salle
University
Series
2012
(NR/BB-)
5,645,000
5.000
05/01/2042
3,972,600
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Pennsylvania
–
(continued)
Pennsylvania
Higher
Educational
Facilities
Authority
Student
Housing
RB
Refunding
for
University
Properties,
Inc.
Student
Housing
Project
Series
2016
A
(Baa3/NR)
$
365,000
5.000%
07/01/2031
$
363,662
400,000
5.000
07/01/2035
379,601
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
1,579,433
Philadelphia
Authority
for
Industrial
Development
Charter
School
RB
for
Tacony
Academy
Charter
School
Project
Series
2023
(NR/BB)
1,150,000
5.375
(d)
06/15/2038
1,130,818
1,600,000
5.500
(d)
06/15/2043
1,542,045
Philadelphia
Authority
for
Industrial
Development
La
Salle
University  RB,
Series
2017
(NR/BB-)
100,000
3.500
05/01/2032
79,345
Philadelphia
Authority
For
Industrial
Development
La
Salle
University
RB
Series
2017
(NR/BB-)
3,480,000
4.000
05/01/2042
2,136,374
Philadelphia
Authority
For
Industrial
Development
La
Salle
University
RB
Series
2024
(NR/BB-)
23,260,000
6.250
(d)
05/01/2042
19,163,309
Philadelphia
Authority
for
Industrial
Development
RB
for
Independence
Charter
School
Series
2019
(NR/NR)
2,225,000
5.000
06/15/2050
1,888,697
Philadelphia
Authority
for
Industrial
Development
RB
for
Mast
Community
Charter
School
II
Series
2020
A
(NR/BBB)
310,000
5.000
08/01/2040
307,471
Philadelphia
Authority
for
Industrial
Development
RB
for
MaST
Community
Charter
School
II
Series
2020
A
(NR/BBB)
1,075,000
5.000
08/01/2050
1,021,673
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
3,026,542
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
4,553,447
Scranton
Redevelopment
Authority
RB
Refunding
for
Guaranteed
Lease
Series
2016
A
(MUN
GOVT
GTD)
(NR/BBB+)
1,435,000
5.000
11/15/2028
1,435,801
Susquehanna
Area
Regional
Airport
Authority
Airport
System
RB
Series
2017
(Baa3/NR)
1,225,000
5.000
01/01/2038
1,219,384
Susquehanna
Area
Regional
Airport
Authority
RB
Refunding
for
Airport
System
Series
2017
(Baa3/NR)
1,100,000
5.000
01/01/2035
1,102,796
The
Berks
County
Municipal
Authority
RB
for
Alvernia
University
Project
Series
2020
(NR/BB+)
555,000
5.000
10/01/2039
501,824
1,125,000
5.000
10/01/2049
919,894
The
Berks
County
Municipal
Authority
RB
for
Tower
Health
Project
Series
2024
A-4
(NR/NR)
8,998,000
7.000
06/30/2039
7,893,858
The
Berks
County
Municipal
Authority
RB
for
Tower
Health
Project
Series
2024
B-1
(NR/NR)
12,176,000
0.000
(g)
06/30/2044
8,791,535
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Pennsylvania
–
(continued)
The
Berks
County
Municipal
Authority
RB
for
Tower
Health
Project
Series
2024
B-2
(NR/NR)
$
4,730,000
0.000%
(g)
06/30/2044
$
2,687,504
The
Berks
County
Municipal
Authority
RB
for
Tower
Health
Project
Series
2024A-1
(NR/NR)
4,387,000
8.000
06/30/2034
4,476,243
The
Berks
County
Municipal
Authority
RB
for
Tower
Health
Project
Series
2024A-2
(NR/NR)
2,188,000
6.000
06/30/2034
2,315,403
The
Berks
County
Municipal
Authority
RB
for
Tower
Health
Project
Series
2024A-3
(NR/NR)
28,161,000
5.000
06/30/2039
25,996,067
Upper
Dauphin
IDA
RB
for
Pennsylvania
Steam
Academy
Charter
School
Project
Series
2022A
(NR/NR)
4,485,000
6.250
(d)
07/01/2057
4,311,392
Washington
County
Redevelopment
Authority
RB
Refunding
for
Victory
Center
Tax
Increment
Financing
Project
Series
2018
(NR/BB)
765,000
5.000
07/01/2028
767,223
1,000,000
5.000
07/01/2035
981,466
Westmoreland
County
Industrial
Development
Authority
RB
Refunding
for
Excela
Health
Obligated
Group
Series
2020
A
(Baa3/NR)
1,475,000
4.000
07/01/2037
1,364,659
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
642,552
362,671,026
Puerto
Rico
-
9.1%
GDB
Debt
Recovery
Authority
Bonds
(NR/NR)
19,210,497
7.500
08/20/2040
18,399,870
HTA
Trust
Certificates
Class
L-2028
Units
(NR/NR)
3,919,542
5.250
07/01/2038
3,920,473
Puerto
Rico
Aqueduct
and
Sewer
Authority
Revenue
Refunding
Bonds
Series
2020A
(NR/NR)
4,325,000
5.000
(d)
07/01/2030
4,494,623
7,950,000
5.000
(d)
07/01/2035
8,167,076
Puerto
Rico
Aqueduct
and
Sewer
Authority
Revenue
Refunding
Bonds
Series
2022A
(NR/NR)
9,270,000
5.000
(d)
07/01/2037
9,531,467
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Authority
RB
Refunding
for
Senior
Lien
Series
2020
A
(NR/NR)
46,765,000
5.000
(d)
07/01/2047
45,383,899
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Authority
RB
Refunding
Series
2021
C
(NR/NR)
9,400,000
3.500
(d)
07/01/2026
9,081,428
9,400,000
3.750
(d)
07/01/2027
8,842,804
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Authority
RB
Refunding
Series
2022
A
(NR/NR)
3,000,000
4.000
(d)
07/01/2042
2,608,419
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Authority
RB
Series
2021
A
(NR/NR)
4,250,000
4.000
(d)
07/01/2042
3,699,628
Puerto
Rico
Commonwealth
Aqueduct
and
Sewer
Authority
Revenue
Refunding
Bonds
2021
B
(NR/NR)
1,035,000
5.000
(d)
07/01/2037
1,060,561
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Puerto
Rico
–
(continued)
Puerto
Rico
Commonwealth
Aqueduct
and
Sewer
Authority
Revenue
Refunding
Bonds
Series
2021B
(NR/NR)
$
25,800,000
4.000%
(d)
07/01/2042
$
22,405,938
Puerto
Rico
Commonwealth
GO
Bonds
(NR/NR)
51,958,937
0.010
(b)(g)(j)
11/01/2043
31,954,746
Puerto
Rico
Commonwealth
GO
Clawback
Bonds
(NR/NR)
29,091,055
0.010
(b)(g)(j)
11/01/2051
15,563,714
Puerto
Rico
Commonwealth
GO
Clawback
CVIs
(NR/NR)
35,656,897
0.010
(b)(g)(j)
11/01/2051
22,508,416
Puerto
Rico
Commonwealth
GO
CVIs
(NR/NR)
2,012,047
0.010
(b)(g)(j)
11/01/2051
661,460
Puerto
Rico
Commonwealth
GO
Restructured
Bonds
Series
2022
A-1
(NR/NR)
811,379
5.625
07/01/2029
855,850
16,610,960
5.750
07/01/2031
17,916,997
61,106,206
0.000
(f)
07/01/2033
42,244,578
3,435,196
4.000
07/01/2033
3,351,476
7,201,113
4.000
07/01/2035
6,933,540
10,253,482
4.000
07/01/2037
9,769,035
19,508,950
4.000
07/01/2041
17,337,188
48,492,776
4.000
07/01/2046
41,432,989
Puerto
Rico
Electric
Power
Authority
Power
RB
(NR/NR)
450,000
5.000
*
07/01/2021
245,812
455,000
5.000
*
07/01/2027
248,544
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
2012A
(NR/NR)
1,905,000
4.800
*
07/01/2029
1,040,606
37,760,000
5.000
*
07/01/2042
20,626,400
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
2013A
(NR/NR)
715,000
7.250
*
07/01/2030
390,569
6,760,000
7.000
*
07/01/2033
3,692,650
14,065,000
6.750
*
07/01/2036
7,683,006
6,190,000
7.000
*
07/01/2040
3,381,288
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
4
(NR/NR)
1,678,950
10.000
*
07/01/2022
917,126
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
A-4
(NR/NR)
2,415,332
10.000
*
07/01/2019
1,319,375
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
AAA
(NR/NR)
1,160,000
5.250
*
07/01/2021
633,650
130,000
5.250
*
07/01/2023
71,013
550,000
5.250
*
07/01/2030
300,437
3,970,000
5.250
*
07/01/2031
2,168,613
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
B-4
(NR/NR)
2,415,332
10.000
*
07/01/2019
1,319,375
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
BBB
(NR/NR)
90,000
5.400
*
07/01/2028
49,163
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
CCC
(NR/NR)
1,315,000
5.000
*
07/01/2022
718,319
90,000
4.250
*
07/01/2023
49,162
60,000
4.500
*
07/01/2023
32,775
50,000
4.600
*
07/01/2024
27,313
210,000
4.625
*
07/01/2025
115,238
900,000
5.000
*
07/01/2025
493,875
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Puerto
Rico
–
(continued)
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
CCC
(NR/NR)
–
(continued)
$
25,000
5.000%*
07/01/2026
$
13,656
10,000,000
5.250
*
07/01/2026
5,462,500
65,000
4.800
*
07/01/2027
35,506
2,425,000
5.250
*
07/01/2027
1,324,656
4,980,000
5.000
*
07/01/2028
2,720,325
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
DDD
(NR/NR)
575,000
5.000
*
07/01/2020
314,094
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
E-1
(NR/NR)
5,036,850
10.000
*
01/01/2021
2,751,379
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
E-2
(NR/NR)
5,036,850
10.000
*
07/01/2021
2,751,379
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
E-3
(NR/NR)
1,678,950
10.000
*
01/01/2022
917,126
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
EEE
(NR/NR)
1,175,000
5.950
*
07/01/2030
641,843
6,720,000
6.050
*
07/01/2032
3,670,800
115,000
6.250
*
07/01/2040
62,819
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
SS
(NR/NR)
130,000
4.625
*
07/01/2030
71,013
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
TT
(NR/NR)
300,000
4.200
*
07/01/2019
163,875
700,000
5.000
*
07/01/2025
384,125
9,895,000
5.000
*
07/01/2032
5,405,144
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
VV
(NATL)
(NR/NR)
1,250,000
5.250
07/01/2032
1,242,830
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
WW
(NR/NR)
2,000,000
5.500
*
07/01/2020
1,092,500
480,000
5.375
*
07/01/2022
262,200
1,100,000
5.250
*
07/01/2025
603,625
3,765,000
5.250
*
07/01/2033
2,056,631
18,715,000
5.500
*
07/01/2038
10,223,069
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
XX
(NR/NR)
20,000
4.875
*
07/01/2027
10,925
44,005,000
5.250
*
07/01/2040
24,037,731
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
YY
(NR/NR)
2,460,000
6.125
*
07/01/2040
1,343,775
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
ZZ
(NR/NR)
65,000
3.700
*
07/01/2017
35,506
1,230,000
5.000
*
07/01/2017
671,888
145,000
4.250
*
07/01/2018
79,206
3,130,000
5.000
*
07/01/2019
1,709,763
260,000
4.250
*
07/01/2020
142,025
25,000
5.250
*
07/01/2020
13,656
80,000
4.375
*
07/01/2021
43,700
100,000
4.375
*
07/01/2022
54,625
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Puerto
Rico
–
(continued)
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
ZZ
(NR/NR)
–
(continued)
$
65,000
5.000%*
07/01/2022
$
35,506
190,000
4.500
*
07/01/2023
103,787
1,275,000
5.250
*
07/01/2024
696,469
135,000
4.625
*
07/01/2025
74,081
2,475,000
5.250
*
07/01/2026
1,351,969
Puerto
Rico
Electric
Power
Authority
Power
Revenue
Refunding
Bonds
Series
DDD
(NR/NR)
215,000
3.300
*
07/01/2019
117,444
80,000
3.500
*
07/01/2020
43,700
155,000
3.625
*
07/01/2021
84,669
60,000
3.750
*
07/01/2022
32,775
730,000
3.875
*
07/01/2023
398,762
Puerto
Rico
Electric
Power
Authority
RB
Refunding
Series
2007
UU
(AGM)
(A1/AA)
(3M
USD
SOFR
+
0.52%)
52,372,000
3.568
(i)
07/01/2029
50,054,319
Puerto
Rico
Electric
Power
Authority
RB
Refunding
Series
2010
ZZ
(NR/NR)
126,000
5.000
*
07/01/2024
68,828
Puerto
Rico
Electric
Power
Authority
RB
Series
2010
AAA
(NR/NR)
1,489,000
5.250
*
07/01/2027
813,366
3,634,000
5.250
*
07/01/2028
1,985,073
Puerto
Rico
Electric
Power
Authority
RB
Series
TT
(NR/NR)
5,135,000
5.000
*
07/01/2037
2,804,994
Puerto
Rico
Electric
Power
Authority
RB
Series
WW
(NR/NR)
5,550,000
5.000
*
07/01/2028
3,031,688
Puerto
Rico
Industrial
Tourist
Educational
Medical
and
Environmental
Control
Facilities
Financing
Authority
Afica
Dock
and
Wharf
RB
forward
Delivery
Collectively
The
“Series
2023
Bonds”
(NR/BBB-)
2,185,000
6.250
01/01/2040
2,411,908
Puerto
Rico
Industrial
Tourist
Educational,
Medical
and
Environmental
Control
Facilities
Financing
Authority
Dock
and
Wharf
RB
1,355,000
6.500
01/01/2042
1,503,808
6,400,000
6.750
01/01/2045
7,111,025
Puerto
Rico
Industrial
Tourist,
Educational
Medical
and
Environmental
Control
Facilities
Financing
Authority
Afica
Dock
and
Wharf
RB
forward
Delivery
Collectively
The
“Series
2023
Bonds”
(NR/BBB-)
565,000
6.500
01/01/2041
626,567
820,000
6.500
01/01/2042
908,799
2,275,000
6.750
01/01/2046
2,514,686
Puerto
Rico
Sales
Tax
Financing
Corporation
Sales
Tax
Capital
Appreciation
Restructured
RB
Series
2018
A-1
(NR/NR)
11,000
0.000
(f)
07/01/2029
9,387
4,301,000
0.000
(f)
07/01/2031
3,355,697
5,295,000
0.000
(f)
07/01/2033
3,763,749
378,936,000
0.000
(f)
07/01/2046
119,989,213
206,225,000
0.000
(f)
07/01/2051
47,853,026
Puerto
Rico
Sales
Tax
Financing
Corporation
Sales
Tax
Capital
Appreciation
Restructured
RB
Series
2019
A-2
(NR/NR)
103,671,000
4.329
07/01/2040
97,276,977
562,000
4.536
07/01/2053
488,213
16,660,000
4.784
07/01/2058
15,181,783
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Puerto
Rico
–
(continued)
Puerto
Rico
Sales
Tax
Financing
Corporation
Sales
Tax
Restructured
RB
Series
2018
A-1
(NR/NR)
$
3,939,000
4.500%
07/01/2034
$
3,938,805
60,611,000
4.750
07/01/2053
55,723,766
191,732,000
5.000
07/01/2058
180,252,679
1,068,571,897
Rhode
Island
-
0.5%
Rhode
Island
Health
and
Educational
Building
Corporation
Hospital
Financing
RB
Lifespan
Obligated
Group
Issue
Series
2024
(NR/BBB+)
19,005,000
5.250
05/15/2054
18,829,500
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
8,917,648
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
6,931,212
Tobacco
Settlement
Financing
Corp.
RB
Asset-Backed
Bonds
Series
2007
B
(NR/CCC-)
124,220,000
0.000
(f)
06/01/2052
19,392,953
Tobacco
Settlement
Financing
Corporation
Tobacco
Settlement
Asset-Backed
Bonds
Series
2015B
(NR/NR)
2,750,000
5.000
06/01/2050
2,722,434
56,793,747
South
Carolina
-
0.4%
Lancaster
County
Assessment
RB
for
Edgewater
Improvement
District
Series
2003
A
(NR/NR)
2,359,000
6.875
11/01/2035
2,360,625
South
Carolina
Economic
Development
Authority
Educational
Facilities
Tax
Exempt
RB
for
Polaris
Tech
Charter
School
Project
Series
2022A
(NR/NR)
900,000
5.125
(d)
06/15/2042
823,371
6,160,000
5.250
(d)
06/15/2052
5,403,098
5,615,000
5.250
(d)
06/15/2057
4,848,898
South
Carolina
Jobs-Economic
Development
Authority
Educational
Facilities
RB
Polaris
Tech
Charter
School
Project
Series
2022A
(Tax
Exempt)
(NR/NR)
1,660,000
4.625
(d)
06/15/2032
1,613,911
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
6,315,927
South
Carolina
Jobs-Economic
Development
Authority
Health
Care
Facilities
RB
Novant
Health
Obligated
Group,
Series
2024A
(A1/A+)
1,820,000
5.500
11/01/2049
1,894,900
2,730,000
5.500
11/01/2050
2,837,135
South
Carolina
Jobs-Economic
Development
Authority
Healthcare
RB
for
Beaufort
Memorial
Hospital
&
South
of
Broad
Healthcare
Project
Series
2024
(NR/BB)
2,525,000
5.750
11/15/2054
2,549,471
South
Carolina
Jobs-Economic
Development
Authority
RB
for
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group
Series
2018
C
(NR/NR)
1,135,000
5.000
11/15/2047
1,097,327
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
South
Carolina
–
(continued)
South
Carolina
Public
Service
Authority
Revenue
Obligations
2015
Tax
Exempt
Series
E
(NR/A-)
$
5,000,000
5.250%
12/01/2055
$
5,003,822
South
Carolina
Public
Service
Authority
Revenue
Obligations
2022
Tax
Exempt
Series
E
(AGM)
(A1/AA)
9,000,000
5.000
12/01/2052
9,008,470
Spartanburg
Regional
Health
Services
District
Obligated
Group
RB
Series
2020
A
(AGM)
(A1/AA)
2,000,000
3.000
04/15/2049
1,440,932
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
4,356,361
49,554,248
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
786,458
1,450,000
4.000
08/01/2061
1,058,800
1,845,258
Tennessee
-
0.4%
City
of
Chattanooga
Health,
Educational
&
Housing
Board
RB
for
Commonspirit
Health
Series
2019A-2
(A3/A-)
4,750,000
5.000
08/01/2049
4,661,016
Greeneville
Health
&
Educational
Facilities
Board
RB
for
Ballad
Health
Obligated
Group
Series
2018
A
(A3/A-)
1,230,000
4.000
07/01/2040
1,109,127
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
2,041,404
4,000,000
5.000
07/01/2064
3,892,573
Industrial
Development
Board
of
The
Metropolitan
Government
of
Davidson
County
Senior
Special
Assessment
RB
Series
2021A
(NR/NR)
1,150,000
4.000
(d)
06/01/2051
936,502
Industrial
Development
Board
of
The
Metropolitan
Government
of
Davidson
County
Senior
Special
Assessment
Revenue
Capital
Appreciation
Bonds
Series
2021B
(NR/NR)
2,705,000
0.000
(d)(f)
06/01/2043
1,053,311
Memphis-Shelby
County
Industrial
Development
Board
Tax
Allocation
Refunding
Bonds
Series
2017
A
(NR/NR)
100,000
4.750
07/01/2027
90,971
4,100,000
5.625
01/01/2046
2,685,895
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
343,592
410,000
5.000
10/01/2039
412,065
500,000
5.000
10/01/2048
473,384
Metropolitan
Nashville
Airport
Authority
Airport
Subordinate
RB
Series
2022B
(AMT)
(A2/NR)
1,950,000
5.000
07/01/2054
1,906,446
Metropolitan
Nashville
Airport
Authority
Subordinate
Airport  RB,
Series
2019B
(AMT)
(A2/NR)
5,000,000
5.000
07/01/2049
4,906,125
Nashville
Metropolitan
Development
&
Housing
Agency
RB
for
Fifth+
Broadway
Development
Project
Series
2018
(NR/NR)
850,000
5.125
(d)
06/01/2036
855,684
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Tennessee
–
(continued)
The
Health,
Educational
and
Housing
Facility
Board
of
The
County
of
Shelby
Tennessee
Student
Housing
RB
Madrone
Memphis
Student
Housing
I
LLC
-
University
of
Memphis
Project
Series
2024A-1
(NR/BB+)
$
900,000
5.000%
(d)
06/01/2044
$
848,853
2,025,000
5.250
(d)
06/01/2056
1,867,622
The
Metropolitan
Government
of
Nashville
and
Davidson
County
Tennessee
Water
and
Sewer
Revenue
Refunding
and
Improvement
Bonds,
Series
2025
(Aa2/AA)
9,300,000
5.000
07/01/2050
9,529,161
6,000,000
5.250
07/01/2055
6,222,014
43,835,745
Texas
-
8.8%
Argyle
Special
Assessment
RB
for
Waterbrook
of
Argyle
Public
Improvement
District
Project
Series
2018
(NR/NR)
400,000
4.625
(d)
09/01/2028
403,051
2,340,000
5.125
(d)
09/01/2038
2,314,891
2,580,000
5.250
(d)
09/01/2047
2,480,202
Arlington
Higher
Education
Finance
Corp.
Education
RB
for
Basis
Texas
Charter
Schools
Inc.
Series
2024
(Ba2/NR)
970,000
4.875
(d)
06/15/2054
867,395
900,000
4.875
(d)
06/15/2059
792,667
1,100,000
5.000
(d)
06/15/2064
978,424
Arlington
Higher
Education
Finance
Corp.
Education
RB
for
Great
Hearts
America
-
Texas
Series
2024A
(Baa3/NR)
1,100,000
5.000
08/15/2054
999,938
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
8,899,046
Arlington
Higher
Education
Finance
Corp.
Education
RB
for
Legacy
Traditional
Schools
Project
Series
2022A
(NR/NR)
5,500,000
6.750
(d)
02/15/2062
5,389,701
Arlington
Higher
Education
Finance
Corp.
Education
RB
Series
2022A
(NR/NR)
1,495,000
5.625
08/15/2052
1,143,675
1,780,000
5.750
08/15/2057
1,361,700
Arlington
Higher
Education
Finance
Corp.
RB
Refunding
for
Wayside
Schools
Series
2021
A
(NR/BB)
305,000
4.000
08/15/2036
273,481
560,000
4.000
08/15/2041
461,189
810,000
4.000
08/15/2046
635,700
Austin
Convention
Enterprises,
Inc.
Convention
Center
Hotel
First
Tier
RB
Refunding
Series
2017
A
(NR/BB+)
1,480,000
5.000
01/01/2029
1,492,647
Austin
Convention
Enterprises,
Inc.
Convention
Center
Hotel
First
Tier
RR
Bonds,
Series
2017A
(NR/BB+)
450,000
5.000
01/01/2032
452,408
450,000
5.000
01/01/2033
451,755
Bastrop
County
Special
Assessment
for
Double
Eagle
Ranch
Public
Improvement
District
Area
One
Project
RB
Series
2023
(NR/NR)
900,000
5.375
(d)
09/01/2053
851,695
Bastrop
County,
Special
Assessment
RB,
Series
2024
Double
Eagle
Ranch
Public
Improvement
District
Improvement
Area
#2
Project
(NR/NR)
505,000
5.250
09/01/2044
484,158
675,000
5.500
09/01/2054
641,660
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
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
$
3,578,082
2,435,000
5.000
12/01/2040
2,309,755
Brazoria
County
Industrial
Development
Corp.
Solid
Waste
Disposal
Facilities
RB
for
Aleon
Renewable
Metals
Project
(NR/NR)
6,600,000
10.000
(a)(b)(d)(g)
06/01/2042
4,950,000
Caddo
Mills
Independent
School
District
Unlimited
Tax
School
Building
Bonds,
Series
2023
(PSF-GTD)
(Aaa/NR)
5,035,000
4.250
02/15/2053
4,524,537
Cedar
Bayou
Navigation
District
Special
Assessment
Series
2020
(NR/NR)
9,415,000
6.000
09/15/2051
7,636,633
Celina
Independent
School
District
Unlimited
Tax
School
Building
Bonds,
Series
2023
(PSF-GTD)
(Aaa/AAA)
10,000,000
4.000
02/15/2053
8,610,989
Central
Texas
Regional
Mobility
Authority
RB
Refunding
Senior
Lien
Series
2021D
(A3/A+)
3,670,000
3.000
01/01/2046
2,734,607
City
of
Alvarado
Texas
A
Municipal
Corporation
of
The
State
of
Texas
Located
in
Johnson
County
Special
Assessment  RB,
Series
2025
(NR/NR)
720,000
5.750
(d)
09/01/2045
721,287
760,000
6.000
(d)
09/01/2054
761,163
City
of
Anna
Special
Assessment
Bonds
for
Hurricane
Creek
Public
Improvement
District
Project
Series
2019
(NR/NR)
2,190,000
6.500
(d)
09/01/2048
2,220,078
City
of
Anna
Special
Assessment
RB
for
Anacapri
Public
Improvement
District
Improvement
Area
1
Project,
Series
2023
(NR/NR)
2,300,000
7.375
(d)
09/15/2052
2,460,834
City
of
Anna
Special
Assessment
RB
for
Hurricane
Creek
Public
Improvement
District
Project
Series
2022
(NR/NR)
1,931,000
6.000
(d)
09/01/2052
1,890,506
City
of
Anna
Special
Assessment
RB
for
Meadow
Vista
Public
Improvement
District
Improvement
Area
#1
Project
Series
2024
(NR/NR)
450,000
5.500
(d)
09/15/2044
434,659
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
(d)
09/15/2053
1,387,120
City
of
Anna
Texas
A
Municipal
Corporation
of
The
State
of
Texas
Located
in
Collin
County
Special
Assessment
RB
Series
2024
(NR/NR)
1,100,000
5.750
(d)
09/15/2054
1,032,764
City
of
Aubrey
Special
Assessment
for
Aubrey
Public
Improvement
District
No.
1
RB
Series
2023
(NR/NR)
1,425,000
5.875
(d)
09/01/2043
1,407,171
1,475,000
6.000
(d)
09/01/2053
1,446,980
City
of
Aubrey
Special
Assessment
RB
for
Jackson
Ridge
Public
Improvement
District
Project
Series
2022
(NR/NR)
1,620,000
6.000
(d)
09/01/2045
1,664,318
City
of
Aubrey
Texas
A
Municipal
Corp.
of
The
State
of
Texas
Located
In
Denton
County
Special
Assessment
RB
Series
2025
(NR/NR)
2,000,000
5.625
(d)
12/31/2055
1,860,411
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
City
of
Aubrey
Texas
A
Municipal
Corp.
of
The
State
of
Texas
Located
in
Denton
County
Special
Assessment
RB
Series
2025
(Duck
Point
Public
Improvement
District)
(NR/NR)
$
1,000,000
5.375%
(d)
12/31/2045
$
937,060
City
of
Austin
Special
Assessment
RB
for
Estancia
Hill
Country
Public
Improvement
District
Series
2018
(NR/NR)
4,150,000
5.125
(d)
11/01/2033
4,079,255
City
of
Austin
Special
Assessment
RB
for
Whisper
Valley
Public
Improvement
District
Improvement
Area
#3
Series
2024
(NR/NR)
650,000
5.250
(d)
11/01/2053
603,566
City
of
Austin
Special
Assessment
RB
for
Whisper
Valley
Public
Improvement
District
Project
Series
2022
(NR/NR)
1,170,000
5.500
(d)
11/01/2051
1,149,641
City
of
Balch
Springs
Texas
Special
Assessment  RB,
Series
2025
(NR/NR)
1,175,000
5.875
(d)
09/15/2054
1,181,714
City
of
Bastrop
Texas
A
Municipal
Corp.
of
The
State
of
Texas
Located
In
Bastrop
County
Special
Assessment
RB
Series
2025
(NR/NR)
1,003,000
5.625
(d)
09/01/2055
970,602
City
of
Bee
Cave
Special
Assessment
RB
Series
2021
(NR/NR)
563,000
4.750
(d)
09/01/2031
544,683
1,540,000
5.000
(d)
09/01/2041
1,405,059
1,907,000
5.250
(d)
09/01/2051
1,736,891
City
of
Blue
Ridge,
Texas
Special
Assessment  RB,
Series
2025
(NR/NR)
512,000
5.625
(d)
09/15/2045
511,454
681,000
5.875
(d)
09/15/2055
681,427
City
of
Boyd
Texas,
A
Municipal
Corporation
of
The
State
of
Texas
Located
in
Wise
County
Special
Assessment  RB,
Series
2025
(NR/NR)
566,000
5.625
(d)
09/15/2045
567,860
City
of
Boyd,
Texas
A
Municipal
Corporation
of
The
State
of
Texas
Located
in
Wise
County
Special
Assessment  RB,
Series
2025
(NR/NR)
902,000
5.875
(d)
09/15/2055
907,816
City
of
Buda
Texas
A
Municipal
Corp.
of
The
State
of
Texas
Located
In
Hays
County
Special
Assessment
RB
Series
2025
(NR/NR)
5,000,000
6.625
(d)
09/01/2045
4,797,925
2,750,000
6.000
(d)
09/01/2055
2,584,846
5,000,000
6.750
(d)
09/01/2055
4,721,687
City
of
Celina
Special
Assessment
Bonds
for
Wells
South
Public
Improvement
District
Series
2020
(NR/NR)
430,000
3.750
(d)
09/01/2040
359,015
1,451,000
4.000
(d)
09/01/2050
1,103,134
City
of
Celina
Special
Assessment
for
Edgewood
Creek
Public
Improvement
District
Phase#1
Project
Series
2021
(NR/NR)
450,000
4.250
(d)
09/01/2041
385,722
City
of
Celina
Special
Assessment
RB
for
Celina
Hills
Public
Improvement
District
Project
Series
2022
(NR/NR)
1,021,000
5.000
(d)
09/01/2051
906,089
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
(d)
09/01/2053
1,569,960
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
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%
(d)
09/01/2053
$
1,992,088
1,424,000
6.125
(d)
09/01/2053
1,387,186
City
of
Celina
Special
Assessment
RB
for
Harper
Estates
Public
Improvement
District
Project
Series
2023
(NR/NR)
6,576,000
6.750
(d)
09/01/2052
6,361,680
City
of
Celina
Special
Assessment
RB
for
Hillside
Public
Improvement
District
Series
2022
(NR/NR)
812,000
3.375
(d)
09/01/2042
597,454
3,549,000
4.000
(d)
09/01/2052
2,645,550
City
of
Celina
Special
Assessment
RB
for
Mosaic
Public
Improvement
District
Phase
#1
Project
Series
2023
(NR/NR)
1,225,000
5.125
(d)
09/01/2043
1,154,029
1,676,000
5.500
(d)
09/01/2053
1,586,099
City
of
Celina
Special
Assessment
RB
for
Parks
at
Wilson
Creek
Series
2021
(NR/NR)
67,000
2.750
(d)
09/01/2026
65,717
152,000
3.500
(d)
09/01/2026
150,285
240,000
3.250
(d)
09/01/2031
222,331
446,000
4.000
(d)
09/01/2031
428,149
1,134,000
3.500
(d)
09/01/2041
892,654
959,000
4.250
(d)
09/01/2041
822,016
1,916,000
4.000
(d)
09/01/2051
1,440,999
1,410,000
4.500
(d)
09/01/2051
1,160,673
City
of
Celina
Special
Assessment
RB
for
Parvin
Public
Improvement
District
Project
Series
2023
(NR/NR)
1,604,000
6.500
(d)
09/01/2043
1,562,506
2,100,000
6.750
(d)
09/01/2053
2,040,080
City
of
Celina
Special
Assessment
RB
for
Ten
Mile
Creek
Public
Improvement
District
Project
Series
2023
(NR/NR)
701,000
6.250
(d)
09/01/2042
687,139
1,365,000
5.750
(d)
09/01/2052
1,323,112
1,175,000
6.500
(d)
09/01/2052
1,148,631
City
of
Celina
Special
Assessment
RB
for
Wells
South
Public
Improvement
District
Neighborhood
Improvement
Project
Series
2022
(NR/NR)
1,215,000
5.625
(d)
09/01/2052
1,157,442
City
of
Celina
Special
Assessment
RB
Series
2022
(NR/NR)
910,000
4.000
(d)
09/01/2043
741,845
933,000
4.125
(d)
09/01/2051
738,183
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
(d)
09/01/2054
1,166,115
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
(d)
09/01/2046
393,525
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
1,142,375
1,686,000
5.750
09/01/2047
1,680,625
City
of
Celina
Texas
Municipal
Corp.
Special
Assessment
RB
for
Mosaic
Public
Improvement
District
Improvement
Area
#2
Project
Series
2024
(NR/BBB-)
1,600,000
5.125
(d)
09/01/2044
1,498,159
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
City
of
Celina
Texas
Municipal
Corp.
Special
Assessment
RB
for
Mosaic
Public
Improvement
District
Improvement
Area
#2
Project
Series
2024
(NR/BBB-)
–
(continued)
$
2,300,000
5.500%
(d)
09/01/2054
$
2,195,664
City
of
Celina
Texas
Municipal
Corp.
Special
Assessment
RB
for
Mosaic
Public
Improvement
District
Phase
#1B
Project
Series
2024
(NR/NR)
400,000
5.375
(d)
09/01/2053
374,836
City
of
Celina
Texas
Municipal
Corp.
Special
Assessment
RB
for
North
Sky
Public
Improvement
District
Improvement
Area
#1B
Project
Series
2024
(NR/NR)
609,000
5.000
09/01/2044
558,083
436,000
5.250
09/01/2052
393,521
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
(d)
09/01/2049
1,931,693
City
of
Celina
Texas
Municipal
Corp.
Special
Assessment
RB
for
Sutton
Fields
II
Public
Improvement
District
Phase#4
Project
Series
2020
(NR/NR)
1,760,000
4.125
(d)
09/01/2050
1,366,909
City
of
Celina
Texas
Special
Assessment
RB
Series
2025
(NR/NR)
509,000
5.375
(d)
09/01/2045
485,707
400,000
5.500
(d)
09/01/2045
387,613
1,525,000
5.625
(d)
09/01/2055
1,447,799
City
of
Celinac
Special
Assessment
for
Edgewood
Creek
Public
Improvement
District
Phase#1
Project
Series
2021
(NR/NR)
175,000
4.750
(d)
09/01/2031
171,642
370,000
5.250
(d)
09/01/2041
363,085
500,000
5.500
(d)
09/01/2050
472,830
City
of
Corpus
Christi
Special
Assessment
RB
for
Whitecap
Public
Improvement
District
No.
1
Improvement
Area
#1
Project
Series
2024
(NR/NR)
1,050,000
6.125
09/15/2044
1,005,286
1,825,000
6.500
09/15/2054
1,747,879
City
of
Crandall
Cartwright
Ranch
Public
Improvement
District
Special
Assessment
Bond
Series
2021
(NR/NR)
137,000
4.125
(d)
09/15/2026
136,383
261,000
4.750
(d)
09/15/2031
260,427
900,000
4.250
(d)
09/15/2041
797,173
500,000
5.000
(d)
09/15/2041
464,278
1,400,000
4.500
(d)
09/15/2051
1,190,434
650,000
5.250
(d)
09/15/2051
600,852
City
of
Crandall
Special
Assessment
RB
for
River
Ridge
Public
Improvement
District
Project
Series
2022
(NR/NR)
4,500,000
6.125
(d)
09/15/2052
4,563,603
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
(d)
09/15/2052
1,623,262
City
of
Crandall
Texas
A
Municipal
Corp.
of
The
State
of
Texas
Located
In
Kaufman
County
Special
Assessment
RB
Series
2025
(NR/NR)
625,000
5.250
(d)
09/15/2045
591,946
1,275,000
5.500
(d)
09/15/2055
1,206,161
City
of
Dayton
Junior
Lien
Special
Assessment
RB
for
Westpointe
Villages
Public
Improvement
District
Improvement
Area
#1
Project
Series
2022B
(NR/NR)
1,325,000
5.750
(d)
09/01/2052
1,245,496
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
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%
(d)
09/01/2054
$
2,116,762
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
(d)
09/01/2052
1,320,179
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
(d)
09/01/2054
1,491,569
City
of
Decatur,
Texas,
(A
Municipal
Corp.
of
The
State
of
Texas
Located
in
Wise
County)
Special
Assessment
RB
Series
2025
(Paloma
Trails
Public
Improvement
District
Improvement
Area
#1
Project)
(NR/NR)
600,000
5.500
(d)
09/15/2045
570,259
1,300,000
5.750
(d)
09/15/2055
1,229,955
City
of
Decatur,
Texas,
(A
Municipal
Corp.
of
The
State
of
Texas
Located
in
Wise
County)
Special
Assessment
RB
Series
2025
(Paloma
Trails
Public
Improvement
District
Major
Improvement
Area
Project)
(NR/NR)
2,000,000
5.375
(d)
12/31/2045
2,015,385
765,000
6.375
(d)
09/15/2055
724,024
City
of
Decatur,
Texas,
1,963,000
6.875
(d)
09/15/2054
1,952,931
City
of
Dorchester
Texas
Special
Assessment
RB
Series
2024
(NR/NR)
950,000
6.000
(d)
09/15/2044
884,850
1,200,000
7.000
(d)
09/15/2044
1,145,619
1,350,000
6.250
(d)
09/15/2054
1,237,831
1,313,000
7.250
(d)
09/15/2054
1,239,430
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
(d)
09/01/2053
1,174,678
City
of
Dripping
Springs
Texas
Special
Assessment
RB
Series
2024
(NR/NR)
770,000
5.250
(d)
09/01/2054
704,199
City
of
Elmendorf
Hickory
Ridge
Public
Improvement
District
Special
Assessment
Bond
for
Improvement
Area
No.
1
Series
2021
(NR/NR)
3,571,000
4.000
(d)
09/01/2051
2,681,832
City
of
Fate
Special
Assessment
for
Williamsburg
East
Public
Improvement
District
Area
No.
1
Series
2020
(NR/NR)
692,000
3.875
(d)
08/15/2040
572,714
994,000
4.125
(d)
08/15/2050
786,676
City
of
Fate
Special
Assessment
RB
for
Monterra
Public
Improvement
District
Improvement
Area
#2
Project
Series
2024
(NR/NR)
900,000
5.375
(d)
08/15/2044
856,008
1,350,000
5.750
(d)
08/15/2054
1,299,384
City
of
Fate
Special
Assessment
RB
for
Monterra
Public
Improvement
District
Series
2021
(NR/NR)
925,000
3.750
(d)
08/15/2041
750,860
1,656,000
4.000
(d)
08/15/2051
1,275,111
City
of
Fate
Special
Assessment
RB
for
Williamsburg
East
Public
Improvement
District
Project
Series
2022
(NR/NR)
2,275,000
6.000
(d)
08/15/2052
2,257,161
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
City
of
Fate
Special
Assessment
RB
for
Williamsburg
Public
Improvement
District
No.
1
Phase#1
Series
2019
(NR/NR)
$
1,360,000
4.250%
(d)
08/15/2049
$
1,127,899
City
of
Fate
Special
Assessment
RB
for
Williamsburg
Public
Improvement
District
No.
1
Series
2018
(NR/NR)
910,000
4.350
(d)
08/15/2039
828,650
1,920,000
4.500
(d)
08/15/2048
1,648,448
City
of
Fate
Special
Assessment
RB
for
Williamsburg
Public
Improvement
District
Series
2022
(NR/NR)
1,000,000
4.375
(d)
08/15/2052
846,254
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
(d)
08/15/2053
1,253,826
City
of
Forney
Special
Assessment
RB
for
Bellagio
Public
Improvement
District
No.
1
RB
Series
2023
(NR/NR)
7,112,000
6.500
(d)
09/15/2053
6,649,244
City
of
Friendswood
Special
Assessment
RB
for
Friendswood
City
Center
Public
Improvement
District
Initial
Major
Improvements
Project
Series
2024
(NR/NR)
6,650,000
7.000
09/15/2054
6,428,820
City
of
Georgetown
Special
Assessment
RB
for
Parks
at
Westhaven
Public
Improvement
District
Project
Series
2022
(NR/NR)
961,000
4.125
(d)
09/15/2042
820,441
617,000
4.250
(d)
09/15/2047
506,004
City
of
Granbury
Texas
A
Municipal
Corporation
of
The
State
of
Texas
Located
in
Hood
County
Special
Assessment  RB,
Series
2025
(NR/NR)
1,500,000
7.250
09/15/2045
1,504,789
3,627,000
7.500
09/15/2055
3,640,827
City
of
Gunter
Texas
A
Municipal
Corp.
of
The
State
of
Texas
Located
in
Grayson
County
Special
Assessment
RB
Series
2025
1,677,000
5.750
(d)
09/15/2055
1,582,261
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
4,039,447
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
1,309,411
2,435,000
5.000
09/01/2044
2,296,293
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
2,238,930
4,715,000
4.500
09/01/2038
4,399,665
City
of
Haslet
Special
Assessment
RB
for
Haslet
Public
Improvement
District
Series
2021
(NR/NR)
1,852,000
4.000
(d)
09/01/2051
1,402,964
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
(d)
09/01/2049
2,063,066
City
of
Houston
Airport
System
Special
Facilities
RB
for
United
Airlines
Inc.
Terminal
Improvement
Projects
Series
2024B
(AMT)
(Ba3/NR)
13,850,000
5.500
07/15/2038
14,245,319
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
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
$
4,452,799
City
of
Houston
Airport
System
Special
Facilities
RB
for
United
Airlines,
Inc.
Terminal
Improvement
Projects
Series
2024B
(AMT)
(Ba3/NR)
1,000,000
5.500
07/15/2039
1,022,728
City
of
Houston
Airport
System
Special
Facilities
Refunding
RB
for
United
Airlines,
Inc.
Terminal
Improvement
Projects
Series
2015B-1
(AMT)
(NR/BB)
900,000
5.000
07/15/2030
899,992
City
of
Huntsville
Special
Assessment
RB
for
The
Reserves
of
Huntsville
Public
Improvement
District
Series
2024
(NR/NR)
670,000
5.375
(d)
09/15/2044
652,666
642,000
5.625
(d)
09/15/2054
609,373
City
of
Hutto
Emory
Crossing
Public
Improvement
District
Special
Assessment
Bond
Series
2021
(NR/NR)
1,000,000
4.000
(d)
09/01/2056
740,260
City
of
Hutto
Special
Assessment
RB
for
Cottonwood
Creek
Public
Improvement
Series
2021
(NR/NR)
2,491,000
4.000
(d)
09/01/2051
1,895,251
City
of
Hutto
Special
Assessment
RB
for
Durango
Farms
Public
Improvement
District
Project
Series
2021
(NR/NR)
2,329,000
4.000
(d)
09/01/2056
1,756,480
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
(d)
09/01/2058
1,915,698
City
of
Hutto
Texas
A
Municipal
Corp.
of
The
State
of
Texas
Located
in
Williamson
County
Special
Assessment
RB
Series
2025
824,000
5.375
(d)
09/01/2055
769,471
City
of
Hutto
Texas
A
Municipal
Corp.
of
The
State
of
Texas
Located
in
Williamson
County
Special
Assessment
RB
Series
2025
1,166,000
5.375
(d)
09/01/2060
1,083,088
City
of
Justin
Special
Assessment
for
Timberbrook
Public
Improvement
District
No.
1
Series
2021
(NR/NR)
1,978,000
4.000
(d)
09/01/2051
1,540,442
City
of
Kaufman
Special
Assessment
for
Public
Improvement
District
No.
1
Phases#1
Series
2021
(NR/NR)
575,000
3.625
(d)
09/15/2041
461,403
City
of
Kaufman
Special
Assessment
RB
for
Kaufman
Public
Improvement
District
Project
Series
2022
(NR/NR)
620,000
6.000
(d)
09/15/2052
620,303
City
of
Kaufman
Special
Assessment
RB
Kaufman
Public
Improvement
District
No.
3
Project
Series
2024
(NR/NR)
1,325,000
5.250
(d)
09/15/2044
1,241,757
1,323,000
5.500
(d)
09/15/2054
1,219,457
City
of
Kyle
Special
Assessment
RB
for
6
Creeks
Public
Improvement
District
Project
Series
2023
(NR/NR)
2,050,000
5.250
(d)
09/01/2043
2,003,385
1,297,000
5.500
(d)
09/01/2047
1,279,736
City
of
Kyle
Special
Assessment
RB
for
6
Creeks
Public
Improvement
Project
Series
2021
(NR/NR)
700,000
3.750
(d)
09/01/2041
584,850
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
City
of
Kyle
Special
Assessment
RB
for
Creeks
Public
Improvement
District
Series
2019
(NR/NR)
$
1,405,000
4.625%
(d)
09/01/2039
$
1,336,909
900,000
4.750
(d)
09/01/2044
818,275
City
of
Kyle
Special
Assessment
RB
for
Creeks
Public
Improvement
District
Series
2020
(NR/NR)
1,310,000
3.625
(d)
09/01/2040
1,082,874
1,400,000
4.000
(d)
09/01/2046
1,121,040
City
of
Kyle
Special
Assessment
RB
for
Plum
Creek
North
Public
Improvement
District
Project
Series
2022
(NR/NR)
211,000
4.125
(d)
09/01/2027
211,201
City
of
Kyle
Special
Assessment
RB
for
Southwest
Kyle
Public
Improvement
District
No.
1
Series
2019
(NR/NR)
1,225,000
4.875
(d)
09/01/2044
1,148,245
City
of
Kyle
Special
Assessment
RB
Porter
Country
Public
Improvement
District
Improvement
Area
#1
Project
Series
2023
(NR/NR)
3,507,000
6.000
(d)
09/01/2053
3,359,014
City
of
Kyle
Special
Assessment
RB
Series
2022
(NR/NR)
1,950,000
5.000
09/01/2042
1,805,457
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
(d)
09/01/2053
968,513
City
of
Kyle
Texas
A
Municipal
Corp.
of
The
State
of
Texas
Located
in
Hays
County
Special
Assessment
RB
Series
2025
541,000
5.375
(d)
09/01/2050
506,835
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
(d)
09/01/2053
1,613,860
City
of
Kyle,
Texas
Special
Assessment
RB
Plum
Creek
North
Public
Improvement
District
Improvement
Area
#2
Project
for
Series
2024
(NR/NR)
523,000
5.000
(d)
09/01/2044
499,777
705,000
5.375
(d)
09/01/2054
682,812
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
(d)
09/01/2054
1,934,510
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
799,912
City
of
Lavon
Special
Assessment
RB
for
Elevon
Public
Improvement
District
Improvement
Area
#1
Project
Series
2024
(NR/NR)
500,000
5.000
(d)
09/15/2044
481,104
400,000
5.375
(d)
09/15/2052
379,999
City
of
Lavon
Special
Assessment
RB
for
Elevon
Public
Improvement
District
Improvement
Area
#2A-2B
Project
Series
2024
(NR/NR)
616,000
5.125
(d)
09/15/2044
601,916
700,000
5.500
(d)
09/15/2054
672,923
City
of
Lavon
Special
Assessment
RB
for
Lakepointe
Public
Improvement
District
Improvement
Area#1
Project
Series
2019
(NR/NR)
565,000
4.250
(d)
09/15/2039
515,013
2,415,000
4.500
(d)
09/15/2049
2,078,580
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
City
of
Lavon
Special
Assessment
RB
for
Lakepointe
Public
Improvement
District
Major
Improvement
Area
Project
Series
2019
(NR/NR)
$
850,000
5.000%
(d)
09/15/2049
$
777,243
City
of
Lavon
Special
Assessment
RB
Series
2022
(NR/NR)
2,123,000
4.000
(d)
09/15/2042
1,791,524
900,000
4.375
(d)
09/15/2042
796,971
4,978,000
4.125
(d)
09/15/2052
3,866,241
1,396,000
4.500
(d)
09/15/2052
1,172,512
City
of
Lewisville,
Texas,
Special
Assessment
RB,
Series
2023
(Lakeside
Crossing
Public
Improvement
District)
(NR/NR)
1,500,000
8.000
(d)
09/01/2053
1,529,213
City
of
Liberty
Hill
Special
Assessment
Bonds
for
Summerlyn
West
Public
Improvement
District
Series
2020
(NR/NR)
1,890,000
4.000
(d)
09/01/2054
1,423,779
City
of
Liberty
Hill
Special
Assessment
RB
for
Butler
Farms
Public
Improvement
Project
Series
2022
(NR/NR)
145,000
3.500
(d)
09/01/2027
141,453
275,000
3.875
(d)
09/01/2032
255,059
550,000
4.125
(d)
09/01/2042
459,037
900,000
4.375
(d)
09/01/2052
721,515
City
of
Lowry
Crossing,
Texas
A
Municipal
Corporation
of
The
State
of
Texas
Located
in
Collin
County
Special
Assessment  RB,
Series
2025
(NR/NR)
1,477,000
6.000
(d)
09/15/2055
1,481,234
City
of
Manor
Manor
Heights
Public
Improvement
District
Special
Assessment
Bond
Series
2021
(NR/NR)
700,000
3.500
(d)
09/15/2041
531,694
1,630,000
4.125
(d)
09/15/2041
1,371,439
900,000
4.000
(d)
09/15/2051
678,627
1,125,000
4.375
(d)
09/15/2051
879,390
City
of
Manor
Special
Assessment
RB
for
Lagos
Public
Improvement
District
Series
2020
(NR/NR)
295,000
4.500
(d)
09/15/2040
268,301
525,000
4.625
(d)
09/15/2049
453,651
City
of
Manor
Special
Assessment
RB
for
Manor
Heights
Public
Improvement
District
Improvement
Area
#3
Project
Series
2023
(NR/NR)
597,000
5.500
(d)
09/15/2053
571,230
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
(d)
09/15/2054
582,375
City
of
Manor,
Texas
A
Municipal
Corporation
of
The
State
of
Texas
Located
in
Travis
County
Special
Assessment  RB,
Series
2025
(NR/NR)
1,745,000
7.000
(d)
09/15/2055
1,750,586
City
of
Marble
Falls
Texas
Special
Assessment
RB
Series
2024
(NR/NR)
904,000
6.375
(d)
09/01/2044
845,368
502,000
7.375
(d)
09/01/2044
483,127
1,100,000
6.625
(d)
09/01/2054
1,018,841
1,024,000
7.625
(d)
09/01/2054
980,199
City
of
Marble
Falls
Thunder
Rock
Public
Improvement
District
Special
Assessment
Bond
Series
2021
(NR/NR)
110,000
4.125
(d)
09/01/2026
109,162
150,000
4.625
(d)
09/01/2031
143,087
900,000
4.125
(d)
09/01/2041
760,437
450,000
4.875
(d)
09/01/2041
411,339
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)
$
1,370,000
4.375%
(d)
09/01/2051
$
1,097,099
520,000
5.125
(d)
09/01/2051
465,025
City
of
McLendon-Chisholm
Special
Assessment
Bonds
Sonoma
Public
Improvement
District
Area
#2
Project
Series
2019
(NR/NR)
780,000
4.250
(d)
09/15/2039
708,787
2,950,000
4.375
(d)
09/15/2049
2,483,370
City
of
McLendon-Chisholm
Special
Assessment
Bonds
Sonoma
Public
Improvement
District
Area
#3
Project
Series
2021
(NR/NR)
585,000
3.625
(d)
09/15/2041
468,345
820,000
4.000
(d)
09/15/2051
622,796
City
of
McLendon-Chisholm
Special
Assessment
RB
for
Sonoma
Public
Improvement
District
Project
Series
2022
(NR/NR)
2,430,000
5.750
(d)
09/15/2052
2,286,961
City
of
Mesquite
Special
Assessment
RB
for
Iron
Horse
Public
Improvement
District
Project
Series
2019
(NR/NR)
1,155,000
5.750
(d)
09/15/2039
1,182,370
2,055,000
6.000
(d)
09/15/2049
2,063,650
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
(d)
09/15/2039
2,474,151
5,200,000
5.125
(d)
09/15/2048
4,773,825
3,830,000
6.125
(d)
09/15/2048
3,844,391
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
(d)
09/01/2043
1,476,026
4,570,000
5.750
(d)
09/01/2053
4,568,401
City
of
Mesquite
Special
Assessment
RB
for
Solterra
Public
Improvement
District
Improvement
Area
C-1
Projects,
Series
2023
(NR/NR)
452,000
5.375
(d)
09/01/2043
445,114
1,110,000
5.625
(d)
09/01/2053
1,087,343
City
of
Mesquite
Special
Assessment
RB
for
Solterra
Public
Improvement
District
Improvement
Area
C-2
Project,
Series
2023
(NR/NR)
916,000
5.625
(d)
09/01/2053
899,805
City
of
Mesquite
Special
Assessment
RB
for
Solterra
Public
Improvement
District
Improvement
Area
C-3
Projects
Series
2024
(NR/NR)
506,000
5.000
(d)
09/01/2044
473,757
460,000
5.250
(d)
09/01/2053
427,347
City
of
Midlothian
Special
Assessment
for
Redden
Farms
Public
Improvement
District
Series
2021
(NR/NR)
55,000
4.125
(d)
09/15/2031
53,514
420,000
4.500
(d)
09/15/2041
377,411
1,540,000
4.125
(d)
09/15/2051
1,195,422
510,000
4.750
(d)
09/15/2051
439,803
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
(d)
09/15/2052
2,164,363
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
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)
$
1,300,000
6.125%
(d)
09/15/2052
$
1,267,171
City
of
Mustang
Ridge,
Texas
Special
Assessment  RB,
Series
2025
(NR/NR)
1,100,000
6.125
(d)
09/01/2055
1,106,996
City
of
Mustang
Ridge,
Texas,
Special
Assessment
RB,
Series
2023
769,000
6.375
(d)
09/01/2053
783,925
City
of
New
Braunfels
Special
Assessment
RB
for
Solms
Landing
Public
Improvement
Project
Series
2021
(NR/NR)
141,000
3.625
(d)
09/01/2026
139,152
320,000
4.250
(d)
09/01/2031
301,127
782,000
4.500
(d)
09/01/2041
668,548
1,355,000
4.750
(d)
09/01/2051
1,144,603
City
of
New
Braunfels
Utility
System
RB
Refunding
Series
2024
(Aa1/NR)
17,500,000
4.000
07/01/2055
15,025,787
City
of
North
Richland
Hills
Special
Assessment
for
City
Point
Public
Improvement
District
Project
Series
2019
(NR/NR)
361,000
5.250
(d)
09/01/2040
353,126
355,000
5.625
(d)
09/01/2040
347,267
540,000
4.125
(d)
09/01/2049
437,525
932,000
5.375
(d)
09/01/2050
887,260
City
of
Oak
Point
A
Municipal
Corporation
of
The
State
of
Texas
Located
in
Denton
County
Special
Assessment
RB
Series
2024
(NR/NR)
1,000,000
5.625
(d)
09/15/2054
945,239
City
of
Oak
Point
Public
Improvement
District
No.
2
Special
Assessment
Series
2020
(NR/NR)
1,175,000
3.750
(d)
09/01/2040
977,792
City
of
Oak
Point
Special
Assessment
RB
for
Wildridge
Public
Improvement
District
No.
1
Series
2018
(NR/NR)
1,320,000
4.125
(d)
09/01/2048
1,091,556
1,440,000
4.500
(d)
09/01/2048
1,264,804
City
of
Oak
Point
Texas
Special
Assessment
RB
Series
2024
(NR/NR)
900,000
5.250
(d)
09/15/2054
822,990
City
of
Peñitas,
Texas
Hidalgo
County
Certificates
of
Obligation,
Series
2025
(NR/NR)
375,000
5.000
09/01/2035
378,169
900,000
5.750
09/01/2045
888,254
1,640,000
6.000
09/01/2055
1,617,301
City
of
Pflugerville,
Texas
Special
Assessment
RB
Series
2025
(NR/NR)
600,000
5.125
(d)
09/01/2045
556,907
725,000
5.375
(d)
09/01/2055
676,053
City
of
Pflugerville,
Texas
Travis
and
Williamson
Counties,
Texas
Combination
Tax
and
Limited
Revenue
Certificates
of
Obligation,
Series
2023
(Aa3/NR)
3,725,000
4.000
08/01/2049
3,269,597
City
of
Pilot
Point
Special
Assessment
RB
for
Creekview
Public
Improvement
Zone
A
Improvement
Project
Series
2022
(NR/NR)
600,000
5.500
(d)
09/15/2042
584,672
1,350,000
5.625
(d)
09/15/2052
1,256,847
1,928,000
6.125
(d)
09/15/2052
1,921,532
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
City
of
Pilot
Point
Special
Assessment
RB
for
Creekview
Public
Improvement
Zone
B
Improvement
Project
Series
2022
(NR/NR)
$
550,000
5.500%
(d)
09/15/2042
$
535,950
1,200,000
5.625
(d)
09/15/2052
1,117,197
City
of
Pilot
Point
Special
Assessment
RB
for
Mobberly
Public
Improvement
District
Improvement
Area
#1B
Project
Series
2023
(NR/NR)
926,000
5.625
(d)
09/15/2048
865,207
City
of
Pilot
Point
Special
Assessment
RB
for
Mobberly
Public
Improvement
District
Major
Improvement
Area
Series
2022
(NR/NR)
3,701,000
6.000
(d)
09/15/2052
3,627,844
1,480,000
6.500
(d)
09/15/2052
1,509,640
City
of
Pilot
Point,
Texas
A
Municipal
Corporation
of
The
State
of
Texas
Located
in
Denton,
Grayson,
and
Cooke
Counties
Special
Assessment  RB,
Series
2025
(NR/NR)
1,002,000
6.125
(d)
09/15/2045
1,014,924
1,861,000
6.375
(d)
09/15/2055
1,881,821
2,239,000
7.125
(d)
09/15/2055
2,262,283
City
of
Plano
Special
Assessment
RB,
Series
2023
1,285,000
7.500
(d)
09/15/2053
1,321,781
City
of
Plano
Special
Assessment
RB,
Series
2023
1,610,000
8.250
(d)
09/15/2043
1,651,893
2,575,000
8.500
(d)
09/15/2053
2,645,825
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
(d)
09/01/2052
858,250
City
of
Princeton
Special
Assessment
RB
for
Arcadia
Farms
Public
Improvement
District
Series
2018
(NR/NR)
2,435,000
4.875
(d)
09/01/2048
2,207,679
City
of
Princeton
Special
Assessment
RB
for
Arcadia
Farms
Public
Improvement
District
Series
2020
(NR/NR)
126,000
3.875
(d)
09/01/2040
106,122
175,000
4.125
(d)
09/01/2050
141,648
City
of
Princeton
Special
Assessment
RB
for
Brookside
Public
Improvement
District
Series
2019
(NR/NR)
400,000
4.875
09/01/2039
393,378
830,000
5.000
09/01/2049
776,745
City
of
Princeton
Special
Assessment
RB
for
Brookside
Public
Improvement
District
Series
2021
(NR/NR)
398,000
4.000
(d)
09/01/2051
313,159
City
of
Princeton
Special
Assessment
RB
for
Eastridge
Public
Improvement
District
Improvement
Area
No.
2
Project,
Series
2023
(NR/NR)
1,041,000
5.250
(d)
09/01/2043
993,086
1,409,000
5.500
(d)
09/01/2053
1,340,842
City
of
Princeton
Special
Assessment
RB
for
Eastridge
Public
Improvement
District
Improvement
Area
Project
Series
2022
(NR/NR)
700,000
5.125
(d)
09/01/2042
663,504
1,300,000
5.250
(d)
09/01/2052
1,212,911
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
(d)
09/01/2043
1,231,022
2,750,000
7.000
(d)
09/01/2053
2,738,946
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
City
of
Princeton
Special
Assessment
RB
for
Sicily
Public
Improvement
District
Major
Improvement
Area
Project,
Series
2023
(NR/NR)
$
1,850,000
7.875%
(d)
09/01/2053
$
1,864,397
City
of
Princeton
Special
Assessment
RB
for
Southridge
Public
Improvement
District
Improvement
Area
No.
2
Project
Series
2024
(NR/NR)
782,000
5.250
(d)
09/01/2044
744,434
1,132,000
5.500
(d)
09/01/2054
1,056,662
City
of
Princeton
Special
Assessment
RB
for
Whitewing
Trails
Public
Improvement
District
No.
2
Series
2019
(NR/NR)
2,205,000
4.500
(d)
09/01/2039
2,034,958
2,185,000
5.500
(d)
09/01/2039
2,189,712
2,140,000
5.750
(d)
09/01/2049
2,092,901
City
of
Princeton
Special
Assessment
RB
for
Whitewing
Trails
Public
Improvement
District
Project
Series
2023
(NR/NR)
2,041,000
5.375
(d)
09/01/2053
1,907,266
City
of
Princeton
Special
Assessment
RB
for
Winchester
Public
Improvement
District
Project
Series
2022
(NR/NR)
2,050,000
5.250
(d)
09/01/2052
1,886,294
City
of
Princeton
Special
Assessment
RB
for
Winchester
Public
Improvement
District
Series
2020
(NR/NR)
750,000
3.750
(d)
09/01/2040
623,436
1,250,000
4.000
(d)
09/01/2050
976,502
City
of
Princeton
Special
Assessment
RB
for
Winchester
Public
Improvement
District
Series
2021
(NR/NR)
1,449,000
4.000
(d)
09/01/2051
1,097,676
City
of
Princeton
Special
Assessment
RB
for
Windmore
Public
Improvement
District
Improvement
Area
No.
1
Project
Series
2024
(NR/NR)
361,000
5.125
(d)
09/01/2044
336,028
521,000
5.500
(d)
09/01/2054
489,735
City
of
Princeton
Special
Assessment
RB
Series
2024
(NR/NR)
713,000
5.000
(d)
09/01/2044
664,380
872,000
5.125
(d)
09/01/2044
806,902
1,100,000
5.375
(d)
09/01/2054
1,054,711
City
of
Princeton
Special
Assessment
RB,
Series
2023
1,284,000
6.375
(d)
09/01/2053
1,319,560
City
of
Princeton
Texas
A
Municipal
Corp.
of
The
State
of
Texas
Located
in
Collin
County
Special
Assessment
RB
Series
2025
1,000,000
5.625
(d)
09/01/2055
958,155
City
of
Princeton
Texas
A
Municipal
Corporation
of
The
State
of
Texas
Located
in
Collin
County
Special
Assessment  RB,
Series
2025
(NR/NR)
1,465,000
5.750
(d)
09/01/2045
1,461,246
1,656,000
6.000
(d)
09/01/2055
1,656,477
City
of
Princeton,
Texas
Special
Assessment
RB,
Series
2025
Eastridge
Public
Improvement
District
Improvement
Area
No.
4
Project
(NR/NR)
1,000,000
5.625
(d)
09/01/2055
958,155
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
(d)
09/15/2041
616,735
565,000
4.000
(d)
09/15/2051
432,249
City
of
Rockdale,
Texas,
Special
Assessment
RB,
Series
2023
4,600,000
7.500
(d)
09/15/2054
4,662,376
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%
(d)
09/15/2040
$
1,000,047
1,750,000
4.125
(d)
09/15/2050
1,372,164
City
of
Royse
City
Special
Assessment
for
Creekshaw
Public
Improvement
District
Series
2020
(NR/NR)
110,000
4.375
(d)
09/15/2030
106,879
500,000
4.125
(d)
09/15/2040
432,624
1,520,000
4.375
(d)
09/15/2050
1,243,771
600,000
5.125
(d)
09/15/2050
539,450
City
of
Royse
City
Special
Assessment
for
Waterscape
Public
Improvement
District
Improvement
Series
2019
(NR/NR)
1,760,000
4.750
(d)
09/15/2049
1,558,058
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)
920,000
5.500
(d)
09/15/2054
840,990
350,000
5.625
(d)
09/15/2054
324,512
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
(d)
09/15/2054
874,240
City
of
Sachse
Special
Assessment
for
Public
Improvement
District
No.
1
Series
2020
(NR/NR)
1,070,000
3.750
(d)
09/15/2040
879,813
1,490,000
4.000
(d)
09/15/2050
1,158,536
City
of
Sachse
Special
Assessment
RB
for
Sachse
Public
Improvement
District
Project
Series
2022
(NR/NR)
613,000
6.875
(d)
09/15/2042
655,954
1,350,000
7.000
(d)
09/15/2052
1,445,813
City
of
San
Marcos
Special
Assessment
for
Whisper
Public
Improvement
District
Series
2020
(NR/NR)
665,000
5.375
09/01/2040
659,668
1,500,000
5.625
09/01/2050
1,452,401
City
of
San
Marcos
Special
Assessment
RB
for
Whisper
South
Public
Improvement
Project
2022
(NR/NR)
1,522,000
4.500
(d)
09/01/2051
1,254,636
City
of
San
Marcos,
Texas,
Special
Assessment
RB,
Series
2024
(Trace
Public
Improvement
District)
(NR/NR)
1,386,000
6.000
(d)
09/01/2048
1,321,190
City
of
Seagoville
Special
Assessment
RB
for
Santorini
Public
Improvement
District
Improvement
Area
#1
Project
Series
2024
(NR/NR)
1,877,000
6.000
(d)
09/15/2044
1,799,306
2,300,000
6.250
(d)
09/15/2054
2,177,614
City
of
Seagoville
Special
Assessment
RB
for
Santorini
Public
Improvement
District
Major
Improvement
Area
Project
Series
2024
(NR/NR)
3,675,000
7.000
(d)
09/15/2054
3,531,339
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
1,520,082
City
of
Shenandoah
Special
Assessment
RB
for
Metropark
Public
Improvement
District
Series
2018
(NR/NR)
685,000
5.000
09/01/2028
694,521
2,035,000
5.600
09/01/2038
2,050,177
2,470,000
5.700
09/01/2047
2,455,959
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
City
of
Sinton
Special
Assessment
RB
Series
2022
(NR/NR)
$
1,800,000
5.125%
(d)
09/01/2042
$
1,687,287
1,150,000
5.250
(d)
09/01/2051
1,074,902
City
of
Tomball
Special
Assessment
RB
for
Raburn
Reserve
Public
Improvement
District
Improvement
Area
Three,
Series
2023
(NR/NR)
1,237,000
6.000
(d)
09/15/2053
1,242,239
City
of
Tomball
Special
Assessment
RB
for
Raburn
Reserve
Public
Improvement
District
Improvement
Area
Two,
Series
2023
(NR/NR)
1,000,000
5.750
(d)
09/15/2052
978,418
City
of
Tomball,
Texas
A
Municipal
Corporation
of
The
State
of
Texas
Located
in
Harris
County
Special
Assessment  RB,
Series
2025
(NR/NR)
500,000
5.750
(d)
09/15/2045
507,028
780,000
6.000
(d)
09/15/2053
790,884
City
of
TomballTexas
A
Municipal
Corp.
of
The
State
of
Texas
Located
in
Harris
County
Special
Assessment
RB
Series
2025
984,000
5.250
(d)
09/15/2044
943,064
City
of
Uhland
Special
Assessment
RB
for
Anderson
Park
Public
Improvement
District
Improvement
Area
#1
Project
Series
2024
(NR/NR)
605,000
5.125
(d)
09/01/2044
567,836
850,000
5.500
(d)
09/01/2055
793,940
City
of
Uhland
Special
Assessment
RB
for
Watermill
Public
Improvement
District
Series
2022
(NR/NR)
2,000,000
6.625
(d)
09/01/2052
2,036,895
City
of
Waxahachie
Special
Assessment
RB
for
North
Grove
Public
Improvement
Area
Project
Series
2022
(NR/NR)
1,171,000
5.500
(d)
08/15/2052
1,117,259
City
of
Wharton,
Texas
Special
Assessment  RB,
Series
2025
(NR/NR)
1,150,000
6.000
(d)(h)
09/15/2055
1,150,359
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
4,384,459
Clifton
Higher
Education
Finance
Corporation
Education
RB
Valor
Education
Series
2024A
(NR/NR)
300,000
5.000
(d)
06/15/2034
290,318
525,000
5.750
(d)
06/15/2044
490,716
700,000
6.000
(d)
06/15/2054
644,473
Club
Municipal
Management
District
No.
1
Special
Assessment
RB
for
Improvement
Area
#3
Project
Series
2024
(NR/NR)
951,000
5.100
(d)
09/01/2044
908,020
1,375,000
5.375
(d)
09/01/2055
1,312,077
Conroe
Local
Government
Corp.
Conroe
Convention
Center
Hotel
Series
2021
A
(NR/B)
1,175,000
4.000
10/01/2050
870,527
Conroe
Local
Government
Corp.
Conroe
Convention
Center
Hotel
Series
2021
C
(Aa3/NR)
625,000
4.000
10/01/2050
513,514
County
of
Hays
Special
Assessment
for
La
Cima
Public
Improvement
District
Series
2020
(NR/NR)
800,000
3.750
(d)
09/15/2040
662,163
1,185,000
4.000
(d)
09/15/2050
921,386
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
County
of
Medina
Woodlands
Public
Improvement
District
Special
Assessment
for
Improvement
Area
#1
Project
Series
2021
(NR/NR)
$
985,000
4.500%
(d)
09/01/2041
$
878,943
Dallas
Independent
School
District
A
Political
Subdivision
of
the
State
of
Texas
Located
In
Dallas
County,
Texas
Unlimited
Tax
School
Building
and
Refunding
Bonds,
Series
2025B
(PSF-GTD)
(Aaa/NR)
32,000,000
4.000
02/15/2055
27,212,803
Denton
County
Junior
Lien
Special
Assessment
RB
for
Tabor
Ranch
Public
Improvement
District
Area
#1
Project
Series
2024B
(NR/NR)
1,170,000
5.750
(d)
12/31/2044
1,114,351
1,825,000
6.125
(d)
12/31/2054
1,742,975
Denton
County
Senior
Lien
Special
Assessment
RB
for
Tabor
Ranch
Public
Improvement
District
Area
#1
Project
Series
2024A
(NR/NR)
1,825,000
5.250
(d)
12/31/2044
1,734,676
2,907,000
5.625
(d)
12/31/2054
2,769,329
Denton
County
Special
Assessment
RB
for
Tabor
Ranch
Public
Improvement
District
Major
Improvement
Area
Project
Series
2024
(NR/NR)
1,950,000
6.000
(d)
12/31/2044
1,880,018
3,050,000
6.250
(d)
12/31/2054
2,867,707
Denton
County
Texas
Special
Assessment
RB
Series
2025
Green
Meadows
Public
Improvement
District
Improvement
Area
#1
Project
(NR/NR)
3,200,000
5.625
(d)
12/31/2055
3,228,114
Denton
County
Texas
Special
Assessment
RB
Series
2025
Green
Meadows
Public
Improvement
District
Major
Improvement
Area
Project
(NR/NR)
2,750,000
5.875
(d)
12/31/2045
2,768,495
5,000,000
6.125
(d)
12/31/2055
5,035,140
Edinburg
Economic
Development
Corp.
Sales
Tax
RB
Series
2019
(NR/NR)
350,000
4.000
(d)
08/15/2029
337,798
1,150,000
4.500
(d)
08/15/2035
1,059,276
875,000
5.000
(d)
08/15/2044
771,588
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
1,521,667
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
6,746,040
Fort
Worth
Special
Assessment
RB
for
Fort
Worth
Public
Improvement
District
No.
17
Major
Improvement
Project
Series
2017
(NR/NR)
795,000
5.000
(d)
09/01/2027
795,618
895,000
5.000
(d)
09/01/2032
885,681
1,315,000
5.125
(d)
09/01/2037
1,259,606
Grand
Parkway
Transportation
Corp.
System
Toll
Convertible
RB
Series
2013
B
(NR/AA+)
7,500,000
5.800
10/01/2046
7,755,135
Greater
Texoma
Authority
Contract
RB
for
City
of
Sherman
Project
Series
2023
(AGM)
(NR/AA)
2,000,000
4.250
10/01/2053
1,754,065
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
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)
$
1,789,000
5.500%
(d)
09/15/2042
$
1,737,588
3,204,000
5.750
(d)
09/15/2052
3,076,312
Hickory
Creek
Texas
Special
Assessment
RB
for
Hickory
Farms
Public
Improvement
Series
2019
(NR/NR)
1,340,000
4.500
(d)
09/01/2039
1,229,132
Hickory
Creek
Texas
Special
Assessment
RB
for
Public
Improvement
District
No.
1
Series
2017
(NR/BBB-)
595,000
3.750
09/01/2032
568,154
510,000
3.875
09/01/2037
457,864
930,000
4.000
09/01/2047
749,260
Hidalgo
County
Regional
Mobility
Authority
Junior
Lien
toll
and
Vehicle
Registration
Fee
Revenue
and
Refunding
Bonds
Series
2022B
(Baa3/BBB-)
6,105,000
0.000
(f)
12/01/2049
1,528,066
6,365,000
0.000
(f)
12/01/2050
1,496,149
6,760,000
0.000
(f)
12/01/2051
1,493,483
6,925,000
0.000
(f)
12/01/2052
1,435,230
7,155,000
0.000
(f)
12/01/2053
1,399,150
7,300,000
0.000
(f)
12/01/2054
1,346,684
Highland
Park
Independent
School
District
UT
School
Building
Bonds,
Series
2023
(PSF-GTD)
(NR/AAA)
7,500,000
4.000
02/15/2048
6,610,880
Houston
Airport
System
RB
Refunding
for
United
Airlines,
Inc.
Series
2020
A
(NR/NR)
2,125,000
5.000
07/01/2027
2,133,880
Houston
Airport
System
RB
Refunding
for
United
Airlines,
Inc.
Series
2020
B-2
(NR/NR)
3,850,000
5.000
07/15/2027
3,866,201
Houston
Airport
System
RB
Refunding
for
United
Airlines,
Inc.
Series
2020
C
(NR/NR)
8,580,000
5.000
07/15/2027
8,616,105
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
10,023,229
Houston
Airport
System
Special
Facilities
RB
Refunding
for
United
Airlines,
Inc.
Terminal
E
Project
Series
2014
A
(AMT)
(Ba3/BB)
9,250,000
5.000
07/01/2029
9,250,388
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
15,098,931
Houston
Higher
Education
Finance
Corp.
RB
for
Houston
Baptist
University
Series
2021
(NR/BBB-)
1,585,000
4.000
10/01/2051
1,255,139
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
1,803,789
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
(d)
09/01/2053
2,930,744
Judson
Independent
School
District
UT
School
Building
Bonds
Series
2024
(PSF-GTD)
(Aaa/NR)
5,240,000
4.000
02/01/2053
4,470,612
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
Justin
Special
Assessment
RB
for
Timberbrook
Public
Improvement
District
No.
1
Major
Improvement
Area
Project
Series
2018
(NR/NR)
$
625,000
5.000%
(d)
09/01/2028
$
633,660
1,170,000
5.375
(d)
09/01/2038
1,182,343
1,930,000
5.125
(d)
09/01/2047
1,884,899
1,500,000
5.500
(d)
09/01/2047
1,470,711
Karis
Municipal
Management
District
of
Tarrant
County
Assessment
RB
for
Improvement
Area
#1
Series
2024
(NR/NR)
686,000
5.000
12/01/2044
633,574
763,000
5.250
12/01/2053
698,918
Kaufman
County
Fresh
Water
Supply
District
No.
1-D
GO
Bonds
Series
2021
(NR/NR)
165,000
2.375
09/01/2031
142,163
165,000
2.375
09/01/2032
138,353
175,000
2.375
09/01/2033
142,599
175,000
2.500
09/01/2034
140,260
365,000
2.500
09/01/2036
275,637
385,000
2.625
09/01/2038
277,132
370,000
3.000
09/01/2041
258,174
520,000
3.000
09/01/2046
331,592
1,265,000
3.000
09/01/2051
750,603
Kaufman
County
Fresh
Water
Supply
District
No.
1-D
Unlimited
Tax
Road
Bonds
Series
2024
(AGC)
(Baa3/AA)
2,040,000
4.500
09/01/2054
1,873,597
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
325,688
590,000
3.000
09/01/2044
411,403
650,000
3.000
09/01/2047
431,173
Lamar
Consolidated
Independent
School
District
2,500,000
5.500
02/15/2058
2,610,437
Longview
Independent
School
District,
A
Political
Subdivision
of
The
State
of
Texas
Located
In
Gregg
County
Texas
Unlimited
Tax
School
Building
Bonds
Series
2024
(PSF-GTD)
(Aaa/NR)
1,000,000
4.000
02/15/2049
876,943
Matagorda
County
Navigation
District
Number
One
Pollution
Control
Revenue
Refunding
Bonds
for
Central
Power
and
Light
Company
Project
Series
1996
(Baa3/BBB+)
3,065,000
4.250
05/01/2030
3,145,910
Mission
Economic
Development
Corp.
Senior
Lien
RB
for
Natgasoline
Project
Series
2018
(NR/BB-)
23,950,000
4.625
(d)
10/01/2031
23,983,279
Mitchell
County
Hospital
District
GO
Bonds
Series
2020
(NR/NR)
705,000
5.500
02/15/2040
673,270
1,325,000
5.250
02/15/2045
1,169,412
780,000
4.000
02/15/2051
544,867
Montgomery
County
Texas
A
Political
Subdivision
of
the
State
of
Texas
Special
Assessment
RB
Series
2025
(NR/NR)
1,025,000
5.250
09/15/2045
989,874
1,625,000
5.500
09/15/2054
1,527,325
Montgomery
County,
Texas
Special
Assessment
Revenue
Bonds,
Series
2025
1,000,000
5.000
09/15/2043
1,000,487
2,200,000
5.000
09/15/2048
2,199,799
Montgomery
CountyTexas
Special
Assessment
RB
Series
2025
(NR/NR)
710,000
5.375
09/15/2054
678,753
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
New
Hope
Cultural
Education
Facilities
Finance
Corp
Revenue
&
Refunding
Bonds
Series
2021
(Ba2/BB+)
$
2,850,000
4.000%
(d)
08/15/2046
$
2,272,274
11,105,000
4.000
(d)
08/15/2056
8,201,280
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
2,238,278
3,055,000
6.000
07/15/2057
3,034,563
New
Hope
Cultural
Education
Facilities
Finance
Corp.
Senior
Living
RB
for
Sanctuary
LTC
Project
Series
2021A-1
(NR/NR)
75,750,000
5.500
01/01/2057
69,944,300
New
Hope
Cultural
Education
Facilities
Finance
Corp.
Senior
Living
RB
Series
2021B
(NR/NR)
8,675,000
7.000
01/01/2057
5,638,750
New
Hope
Cultural
Education
Facilities
Finance
Corp.
Student
Housing
RB
for
Cityscape
Schools,
Inc.
Series
2019
A
(NR/BBB-)
1,130,000
5.000
(d)
08/15/2039
1,098,559
New
Hope
Cultural
Education
Facilities
Finance
Corp.
Student
Housing
RB
Series
2020A
(B3/NR)
3,825,000
5.000
07/01/2040
2,884,891
New
Hope
Cultural
Education
Facilities
Finance
Corp.
Texas
Senior
Living
RB
Series
2021A-1
(NR/NR)
2,765,000
5.250
01/01/2042
2,664,911
New
Hope
Cultural
Education
Facilities
Finance
Corporation
Retirement
Facility
RB
Bella
Vida
Forefront
Living
Project
Series
2025B-3
(NR/NR)
1,100,000
4.250
10/01/2030
1,101,157
North
Parkway
Municipal
Management
Contract
RB
for
Legacy
Hills
Public
Improvement
Project
Series
2021
(NR/NR)
1,395,000
4.000
(d)
09/15/2041
1,173,778
North
Texas
tollway
Authority
RB
for
Second
Tier
Series
2021
B
(A1/A+)
11,955,000
3.000
01/01/2046
8,654,865
Northside
Independent
School
District
UT
School
Building
and
Refunding
Bonds
Series
2023A
(PSF-GTD)
(Aaa/NR)
2,320,000
4.000
08/15/2048
2,045,544
5,310,000
4.125
08/15/2053
4,680,341
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
1,885,731
Pilot
Point,
Texas
Special
Assessmentt
RB,
Bryson
Ranch
Public
Improvement
District
2025
(NR/NR)
650,000
6.125
(d)
09/15/2045
658,384
1,374,000
6.375
(d)
09/15/2055
1,388,339
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
(d)
01/01/2036
1,352,071
3,675,000
2.875
(d)
01/01/2041
2,681,254
11,125,000
3.000
(d)
01/01/2050
7,065,364
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
(d)
01/01/2028
26,103,240
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
Port
of
Beaumont
Navigation
District
of
Jefferson
County
Texas
Dock
and
Wharf
Facility
RB
Series
2024A
(NR/NR)
$
1,950,000
5.000%
(d)
01/01/2039
$
1,863,194
1,700,000
5.125
(d)
01/01/2044
1,586,198
2,650,000
5.250
(d)
01/01/2054
2,428,050
Port
of
Beaumont
Navigation
District
of
Jefferson
County
Texas
Facility
RB
Series
2024B
(NR/NR)
10,475,000
10.000
(d)
07/01/2026
10,583,072
Rowlett
Special
Assessment
RB
for
Bayside
Public
Improvement
District
North
Improvement
Area
Project
Series
2016
(NR/NR)
316,000
5.750
09/15/2036
317,762
1,028,000
6.000
09/15/2046
1,003,496
Royse
City
Special
Assessment
RB
for
Creekshaw
Public
Improvement
District
Improvement
Area
Project
Series
2022
(NR/NR)
1,166,000
6.000
(d)
09/15/2052
1,158,189
Royse
Special
Assessment
RB
for
Parkside
Village
Public
Improvement
District
Series
2019
(NR/NR)
825,000
4.125
(d)
09/15/2039
738,621
3,275,000
4.375
(d)
09/15/2049
2,756,962
South
Manvel
Development
Authority
1,375,000
5.000
04/01/2043
1,313,684
Spring
Independent
School
District
UT
School
Building
Bonds
Series
2023
(Aa2/AA-)
5,275,000
4.000
08/15/2052
4,639,325
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
RB
Refunding
for
Air
Force
Village
Obligated
Group
Series
2016
(NR/NR)
9,850,000
5.000
05/15/2045
8,800,596
Tarrant
County
Cultural
Education
Facilities
Finance
Corporation
Revenue
Refunding
Bonds
Trinity
Terrace
Project
Series
2024
(NR/NR)
1,650,000
5.000
10/01/2049
1,578,976
Tarrant
County
Hospital
District
LT
Bonds
Series
2023
(Aa1/NR)
2,445,000
4.250
08/15/2053
2,167,382
Texas
Municipal
Gas
Acquisition
and
Supply
Corporation
Iii
Gas
Supply
RR
Bonds,
Series
2021
(A1/BBB+)
8,295,000
5.000
12/15/2031
8,817,836
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
26,449,905
Texas
Private
Activity
Bonds
Surface
Transportation
Corp.
RB
Senior
Lien
for
Mobility
Partners
Segment
3
LLC
Series
2019
(Baa1/NR)
38,255,000
5.000
06/30/2058
36,528,693
Town
of
Flower
Mound
River
Walk
Public
Improvement
District
No.
1
Special
Assessment
Refunding
Bonds
Series
2021
(NR/NR)
1,475,000
4.000
(d)
09/01/2043
1,220,080
Town
of
Little
Elm
Special
Assessment
RB
for
Spiritas
East
Public
Improvement
Project
Series
2022
(NR/NR)
429,000
3.750
(d)
09/01/2042
336,503
410,000
4.000
(d)
09/01/2051
316,977
Town
of
Little
Elm
Special
Assessment
RB
for
Valencia
Public
Improvement
District
Project
Series
2022
(NR/NR)
2,000,000
6.875
(d)
09/01/2052
2,044,575
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
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%
(d)
09/01/2047
$
1,366,499
Town
of
Providence
Village
Texas
A
Municipal
Corporation
of
The
State
of
Texas
Located
In
Denton
County
Special
Assessment
RB
Series
2024
(NR/NR)
500,000
5.250
(d)
09/01/2054
463,174
Town
of
Providence
Village
Texas
Special
Assessment
RB
Series
2025
(NR/NR)
700,000
5.350
(d)
09/01/2045
669,109
1,250,000
5.500
(d)
09/01/2055
1,177,522
Travis
County
Development
Authority
Contract
Assessment
RB
for
Longview
71
Public
Improvement
District
Improvement
Area
#
1
Project
Series
2024
(NR/NR)
743,000
5.125
(d)
09/01/2054
689,040
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
(d)
09/01/2052
1,108,974
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
1,363,924
860,000
3.000
09/01/2037
700,147
625,000
3.000
09/01/2039
476,801
600,000
3.000
09/01/2040
446,524
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
(d)
09/01/2044
697,040
610,000
6.500
(d)
09/01/2054
585,016
Viridian
Municipal
Management
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
390,000
3.125
12/01/2035
321,725
457,000
3.375
12/01/2040
357,460
786,000
3.500
12/01/2047
541,701
Viridian
Municipal
Management
District
Tarrant
County
Special
Assessment
RB
Series
2015
(NR/NR)
265,000
4.000
12/01/2027
264,250
1,545,000
4.750
12/01/2035
1,544,024
Westpointe
Special
Improvement
District
Limited
Ad
Valorem
Tax
Bonds
Series
2023A
(BAM)
(Baa2/AA)
2,700,000
4.750
08/15/2049
2,618,171
Westpointe
Special
Improvement
District
Limited
Ad
Valorem
Tax
Bonds,
Series
2023A
(BAM)
(Baa2/AA)
1,175,000
4.500
08/15/2041
1,161,838
1,345,000
4.625
08/15/2044
1,320,862
1,029,948,378
Utah
-
1.0%
Arrowhead
Springs
Public
Infrastructure
District
Special
Assessment
Bonds
Series
2025
(NR/NR)
2,925,000
5.625
(d)
12/01/2054
2,834,053
Black
Desert
Public
Infrastructure
District
GO
Bonds
Series
2021
A
(NR/NR)
2,010,000
3.750
(d)
03/01/2041
1,685,102
Black
Desert
Public
Infrastructure
District
GO
Bonds
Series
2021
B
(NR/NR)
5,000,000
7.375
(d)
09/15/2051
4,319,289
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%
(d)
12/01/2053
$
6,921,193
Coral
Junction
Public
Infrastructure
District
Special
Assessment
Bonds
Series
2022A-2
(NR/NR)
2,194,000
5.500
(d)
06/01/2041
2,056,180
Desert
Edge
Public
Infrastructure
District
No.
1
In
The
City
of
Grantsville
Tooele
County,
Utah
Limited
Tax
GO
Convertible
Capital
Appreciation
Bonds,
Series
2025A
(NR/NR)
2,210,000
0.000
(d)(g)
03/01/2055
1,651,142
Firefly
Public
Infrastructure
Disrict
No.
1
Limited
Tax
GO
Bonds
Series
2024A-1
(NR/NR)
1,870,000
6.625
(d)
03/01/2054
1,887,683
Firefly
Public
Infrastructure
Disrict
No.
1
Special
Assessment
Bonds
Series
2024A-2
(NR/NR)
6,164,611
5.625
(d)
12/01/2043
6,031,081
Medical
School
Campus
Public
Infrastructure
District
GO
Bonds
Series
2020
A
(NR/NR)
10,250,000
5.500
(d)
02/01/2050
8,040,730
Medical
School
Campus
Public
Infrastructure
District
GO
Bonds
Series
2020
B
(NR/NR)
1,954,000
7.875
(d)
08/15/2050
1,546,166
Mida  Cormont
Public
Infrastructure
District
Limited
Tax
GO
Convertible
Capital
Appreciation
Bonds
Series
2025A-2
(NR/NR)
5,675,000
0.000
(d)(g)
06/01/2055
4,620,289
Mida
Cormont
Public
Infrastructure
District
Subordinate
Limited
Tax
General
Obligation
Bonds,
Series
2025B
(NR/NR)
3,246,000
8.500
(d)
06/15/2055
3,257,319
Mida
Mountain
Veterans
Program
Public
Infrastructure
District
Tax
Allocation
RB
Series
2024
(NR/NR)
1,000,000
5.000
(d)
06/01/2044
960,118
2,000,000
5.200
(d)
06/01/2054
1,861,240
Mida
Mountain
Village
Public
Infrastructure
District
Subordinate
Tax
Allocation
RB
Series
2024-1
(NR/NR)
3,500,000
5.125
(d)
06/15/2054
3,266,730
Mida
Mountain
Village
Public
Infrastructure
District
Subordinate
Tax
Allocation
RB
Series
2024-2
(NR/NR)
5,250,000
6.000
(d)
06/15/2054
5,277,055
Military
Installation
Development
Authority
RB
Series
2021
A-1
(NR/NR)
1,500,000
4.000
06/01/2036
1,394,711
4,050,000
4.000
06/01/2041
3,534,973
18,925,000
4.000
06/01/2052
14,992,888
Olympia
Public
Infrastructure
District
No.
1
Limited
Tax
GO
Bonds
Series
2024A-1
(NR/NR)
985,000
6.375
(d)
03/01/2055
987,275
Olympia
Public
Infrastructure
District
No.
1
Special
RB
Series
2024A-2
(NR/NR)
3,056,000
5.125
(d)
12/01/2029
3,100,349
Red
Bridge
Public
Infrastructure
District
No.
1
GO
Bonds
Series
2021
A
(NR/NR)
1,180,000
3.625
(d)
02/01/2035
988,006
500,000
4.125
(d)
02/01/2041
404,275
500,000
4.375
(d)
02/01/2051
375,401
Red
Bridge
Public
Infrastructure
District
No.
1
GO
Bonds
Series
2021
B
(NR/NR)
600,000
7.375
(d)
08/15/2051
489,058
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Utah
–
(continued)
ROAM
Public
Infrastructure
District
No.
1
GO
Bonds
Series
2021
A
(NR/NR)
$
1,625,000
4.250%
(d)
03/01/2051
$
1,213,920
Salt
Lake
City
Airport
RB
290,000
5.000
07/01/2047
284,672
Salt
Lake
City
Airport
RB
890,000
5.000
07/01/2051
872,461
Salt
Lake
City
International
Airport
RB
Series
2021A
(A2/A+)
4,950,000
5.000
07/01/2046
4,890,054
Salt
Lake
City
International
Airport
RB
Series
2023A
(A2/A+)
2,800,000
5.250
07/01/2048
2,824,705
Soleil
Hills
Public
Infrastructure
District
No.
1
Limited
Tax
GO
and
Special
RB
Series
2025A
(NR/NR)
3,000,000
5.875
(d)
03/01/2055
2,864,069
Soleil
Hills
Public
Infrastructure
District
No.
1
Subordinate
Limited
Tax
GO
and
Special
RB
Series
2025B
(NR/NR)
1,935,000
8.000
(d)
03/15/2055
1,884,721
Utah
Charter
School
Finance
Authority
Charter
School
RB
for
Beehive
Science
&
Technology
Academy
Project
Series
2021A
(NR/NR)
1,800,000
4.000
(d)
10/15/2051
1,207,268
4,240,000
4.000
(d)
10/15/2056
2,732,523
Utah
Charter
School
Finance
Authority
Charter
School
RB
Series
2022A
(NR/BB+)
6,365,000
5.750
(d)
06/15/2052
6,005,434
Utah
Charter
School
Finance
Authority
Charter
School
Revenue
Refunding
Bonds
Series
2022A
(NR/BB)
3,630,000
4.250
(d)
07/15/2050
2,739,508
Utah
Charter
School
Finance
Authority
RB
for
Bridge
Elementary
Project
Series
2021A
(NR/NR)
1,220,000
4.250
(d)
06/15/2051
898,980
Utah
Charter
School
Finance
Authority
RB
for
Technology
Academy
Project
Series
2021A
(NR/NR)
6,600,000
4.000
(d)
10/15/2061
4,127,832
115,028,453
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
921,477
Vermont
Economic
Development
Authority
Solid
Waste
Disposal
RB
Casella
Waste
Systems,
Inc.
Project
Series
2022A-2
(B1/B+)
2,050,000
4.375
(a)(b)(d)
06/01/2052
2,020,780
Vermont
Economic
Development
Authority
Solid
Waste
Disposal
RB
for
Casella
Waste
System
Project
Series
2022
(B1/B+)
2,250,000
5.000
(a)(b)(d)
06/01/2052
2,272,936
Vermont
Educational
and
Health
Buildings
Financing
Agency
RB
for
Saint
Michael’s
College
Project
Series
2023
(NR/BBB-)
9,575,000
5.250
(d)
10/01/2052
7,611,908
Vermont
Educational
and
Health
Buildings
Financing
Agency
RB
Saint
Michael’s
College
Project,
Series
2023
(NR/BBB-)
3,075,000
5.500
(d)
10/01/2043
2,696,904
15,524,005
Virgin
Islands
-
0.2%
Matching
Fund
Special
Purpose
Securitization
Corp.
Matching
Fund
Securitization
Bonds
Series
2022A
(NR/NR)
11,045,000
5.000
10/01/2039
10,839,124
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Virgin
Islands
–
(continued)
Virgin
Islands
Public
Finance
Authority
Hotel
Occupancy
Tax
RB
for
Frenchman's
Reef
Hotel
Development
Project
Series
2024A
(NR/NR)
$
3,150,000
6.000%
(d)
04/01/2053
$
3,118,963
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
(d)
10/01/2039
9,232,019
23,190,106
Virginia
-
1.4%
Ablemarle
County
Economic
Development
Authority
Residential
Care
Facility
Revenue
Refunding
Bonds
Series
2022B
(NR/NR)
4,000,000
4.000
06/01/2054
3,293,629
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
1,487,303
City
of
Virginia
Beach
Development
Authority
Residential
Care
Facility
RB
3,900,000
7.000
09/01/2053
4,265,514
8,735,000
7.000
09/01/2059
9,503,175
Economic
Development
Authority
of
The
City
of
Salem
Virginia
Educational
Facilities
RB
Roanoke
College,
Series
2025
(NR/BBB+)
550,000
6.000
04/01/2050
564,570
750,000
6.000
04/01/2055
766,002
Farmville
Industrial
Development
Authority
RB
Refunding
for
Longwood
Housing
Foundation
LLC
Series
2020
A
(NR/BBB-)
7,360,000
5.000
01/01/2050
6,578,126
5,000,000
5.000
01/01/2059
4,332,637
James
City
County
Economic
Development
Authority
RB
Refunding
for
Virginia
United
Methodist
Homes,
Inc.
Obligated
Group
Series
2021
A
(NR/NR)
575,000
4.000
06/01/2041
479,095
940,000
4.000
06/01/2047
711,300
Salem
Economic
Development
Authority
RB
Refunding
for
Roanoke
College
Series
2020
(NR/BBB+)
710,000
4.000
04/01/2045
577,344
Tobacco
Settlement
Financing
Corp.
RB
for
Capital
Appreciation
Subseries
2007
A-1
(B3/B-)
10,355,000
6.706
06/01/2046
8,148,494
Tobacco
Settlement
Financing
Corp.
RB
for
Capital
Appreciation
Subseries
2007
C
(NR/CCC-)
237,090,000
0.000
(f)
06/01/2047
59,859,250
Tobacco
Settlement
Financing
Corp.
RB
for
Capital
Appreciation
Subseries
2007
D
(NR/CCC-)
34,250,000
0.000
(f)
06/01/2047
8,465,579
Virginia
College
Building
Authority
Educational
Facilities
RB
Regent
University
Project,
Series
2025
(NR/BBB)
2,750,000
6.000
(h)
06/01/2055
2,888,156
Virginia
College
Building
Authority
RB
Refunding
for
Regent
University
Project
Series
2021
(NR/BBB)
1,525,000
3.000
06/01/2041
1,182,517
1,050,000
4.000
06/01/2046
883,985
Virginia
Housing
Development
Authority
Rental
Housing
Bonds
2025
Series
A
(NON-AMT)
(Aa1/AA+)
6,825,000
4.650
09/01/2055
6,461,857
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Virginia
–
(continued)
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
$
18,585,778
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
970,221
Virginia
Small
Business
Financing
Authority
Senior
Lien
RB
Refunding
I-495
Hot
Lanes
Project,
Series
2022
(Tax-Exempt/AMT)
(Baa1/NR)
3,915,000
5.000
12/31/2047
3,915,518
Virginia
Small
Business
Financing
Authority
Senior
Lien
Revenue
Refunding
Bonds
Series
2022
(Baa1/NR)
1,690,000
5.000
12/31/2052
1,661,730
Virginia
Small
Business
Financing
Authority
Senior
Lien
Revenue
Refunding
Bonds
Series
2022
(AMT)
(NR/BBB)
7,500,000
4.000
01/01/2048
6,208,694
Virginia
Small
Business
Financing
Authority
Solid
Waste
Disposal
RB
Series
2018
(NR/B)
1,000,000
5.000
(a)(b)(d)
01/01/2048
956,268
Virginia
Small
Business
Financing
Authority
Tax
Exempt
Senior
Lien
Private
Activity
RB
Series
2017
(Baa3/NR)
5,415,000
5.000
12/31/2049
5,176,094
4,765,000
5.000
12/31/2052
4,497,496
162,420,332
Washington
-
1.3%
City
of
Tacoma
Electric
System
RB
Green
Bonds
Series
2024A
(NR/AA)
1,000,000
5.000
01/01/2054
1,009,816
Grant
County
Public
Hospital
District
UT
GO
Bonds
Series
2023
(Baa1/NR)
14,405,000
5.000
12/01/2044
13,384,524
Port
of
Seattle
Industrial
Development
Corp.
RB
Refunding
for
Delta
Air
Lines,
Inc.
Series
2012
(NR/BBB-)
3,880,000
5.000
04/01/2030
3,879,890
Port
of
Seattle
Intermediate
Lien
Revenue
and
Refunding
Bonds
Series
2022B
(A1/AA-)
3,000,000
5.500
08/01/2047
3,096,994
Port
of
Seattle
Intermediate
Lien
Revenue
Refunding
Bonds
Series
2022B
(AMT)
(A1/AA-)
2,765,000
4.000
08/01/2047
2,330,600
Public
Hospital
District
Hospital
RB
Series
2024
(Baa3/NR)
2,500,000
5.500
12/01/2054
2,541,185
Washington
Higher
Education
Facilities
Authority
RB
for
Seattle
University
Project,
Series
2020
(NR/A)
925,000
4.000
05/01/2045
815,160
Washington
State
Convention
Center
Public
Facilities
District
Lodging
Tax
Bonds
Series
2018
(AGM-CR)
(A1/AA)
19,805,000
4.000
07/01/2058
16,453,233
Washington
State
Convention
Center
Public
Facilities
District
Lodging
Tax
Refunding
Bonds
Series
2021B
(A3/BBB+)
3,715,000
3.000
07/01/2058
2,328,093
Washington
State
Convention
Center
Public
Facilities
District
RB
Series
2018
(A3/BBB+)
47,800,000
5.000
07/01/2048
46,768,892
35,000,000
4.000
07/01/2058
27,134,303
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Washington
–
(continued)
Washington
State
Convention
Center
Public
Facilities
District
Subordinate
Lodging
Tax
Refunding
Bonds
Series
2021B
(Baa1/BBB-)
$
3,320,000
4.000%
07/01/2043
$
2,850,464
11,620,000
4.000
07/01/2058
8,850,456
Washington
State
Housing
Finance
Commission
Nonprofit
Housing
RB
Bayview
Manor
II
Project,
Series
2025A
(NR/NR)
1,350,000
6.000
(d)(h)
07/01/2060
1,342,703
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
(d)
01/01/2049
1,217,206
3,800,000
5.000
(d)
01/01/2055
3,338,134
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
2,045,532
1,935,000
5.000
07/01/2048
1,873,748
Washington
State
Housing
Finance
Commission
Subordinate
Nonprofit
RB
Blakeley
and
Laurel
Villages
Portfolio,
Series
2025B
(NR/NR)
5,000,000
7.000
(d)
07/01/2064
5,085,984
146,346,917
West
Virginia
-
0.4%
City
of
South
Charleston
Special
District
Excise
Tax
Revenue
Improvement
Bonds
Series
2022
A
(NR/NR)
1,340,000
4.250
(d)
06/01/2042
1,052,341
2,350,000
4.500
(d)
06/01/2050
1,853,723
City
of
South
Charleston
Special
District
Excise
Tax
Revenue
Improvement
Bonds
Series
2022
B
(NR/NR)
2,230,000
5.500
(d)
06/01/2032
2,023,825
2,725,000
6.000
(d)
06/01/2037
2,315,113
County
of
Ohio
Special
District
Excise
Tax
RB
Refunding
for
Fort
Henry
Economic
Opportunity
Development
District
The
Highlands
Project
Series
2019
B
(NR/BBB-)
815,000
3.000
03/01/2035
712,574
Monongalia
County
Commission
Excise
Tax
District
RB
Refunding
Series
2021
A
(NR/NR)
2,510,000
4.125
(d)
06/01/2043
2,100,178
Monongalia
County
Commission
Excise
Tax
District
RB
Series
2021
B
(NR/NR)
1,535,000
4.875
(d)
06/01/2043
1,400,747
Monongalia
County
Commission
Senior
Tax
Increment
Revenue,
Refunding
and
Improvement
Bonds
for
Development
District
No.
4
–
University
town
Centre
Series
2023
A
(NR/NR)
790,000
5.750
(d)
06/01/2043
812,828
1,185,000
6.000
(d)
06/01/2053
1,219,591
The
City
of
Huntington
Tax
Increment
Revenue
and
Refunding
Bonds
for
Downtown
Project
No.
3
Series
2024
A
(NR/NR)
365,000
5.000
06/01/2039
351,207
375,000
5.500
06/01/2049
356,544
The
City
of
Huntington
Tax
Increment
Revenue
and
Refunding
Bonds
for
Kinetic
Park
Project
No.
3
Series
2024
(NR/NR)
445,000
5.125
06/01/2039
432,732
400,000
5.625
05/01/2050
380,322
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
West
Virginia
–
(continued)
The
County
Commission
of
Monongalia
County
Subordinate
Special
District
Excise
Tax
Convertible
Capital
Appreciation
Revenue,
Refunding
and
Improvement
Bonds,
Series
2023
B
$
14,000,000
0.000%
(d)(g)
06/01/2053
$
2,893,964
West
Virginia
Economic
Development
Authority
Solid
Waste
Disposal
Facilities
RB
Commercial
Metals
Company
Project,
Series
2025
(Ba2/BB+)
6,850,000
4.625
(a)(b)
04/15/2055
6,818,919
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
3,515,406
West
Virginia
Hospital
Finance
Authority
RB
Refunding
for
Cabell
Huntington
Hospital
Obligated
Group
Series
2018
A
(Baa3/BBB)
6,720,000
5.000
01/01/2043
6,503,430
13,000,000
4.125
01/01/2047
10,761,175
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
1,767,030
1,600,000
5.000
09/01/2039
1,608,291
48,879,940
Wisconsin
-
3.5%
Public
Finance
Authority
1,020,000
5.000
(d)
10/01/2034
1,039,189
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
2,081,139
1,600,000
5.000
07/01/2058
1,556,998
Public
Finance
Authority
Charter
School
RB
1,025,000
6.500
(d)
06/15/2043
1,072,978
1,310,000
7.000
(d)
06/15/2053
1,387,138
1,395,000
7.000
(d)
06/15/2058
1,464,183
Public
Finance
Authority
Charter
School
RB
for
Coral
Academy
of
Science
Reno
Series
2022A
(NR/NR)
1,400,000
6.000
(d)
06/01/2062
1,324,698
Public
Finance
Authority
Charter
School
RB
Series
2021A
(Ba2/NR)
1,250,000
5.000
(d)
06/15/2051
999,568
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
861,400
Public
Finance
Authority
Education
RB
for
Clove
Garden
School
Series
2022
(NR/NR)
1,630,000
5.500
(d)
06/15/2052
1,512,926
2,700,000
5.750
(d)
06/15/2062
2,539,226
Public
Finance
Authority
Education
RB
for
North
Carolina
Leadership
Charter
Academy,
Inc.
Series
2019
A
(NR/NR)
145,000
4.000
(d)
06/15/2029
142,348
385,000
5.000
(d)
06/15/2039
366,772
Public
Finance
Authority
Education
RB
for
Triad
Educational
Services
Series
2022
(NR/BBB-)
590,000
5.500
06/15/2050
586,682
1,450,000
5.250
06/15/2052
1,382,974
1,400,000
5.375
06/15/2057
1,349,276
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Wisconsin
–
(continued)
Public
Finance
Authority
Education
RB
for
Uwharrie
Charter
Academy
Project
Series
2022A
(Ba2/NR)
$
1,400,000
5.000%
(d)
06/15/2052
$
1,265,823
1,850,000
5.000
(d)
06/15/2057
1,648,073
1,850,000
5.000
(d)
06/15/2062
1,625,620
Public
Finance
Authority
Education
RB
Series
2022
(NR/NR)
3,925,000
5.000
(d)
01/01/2057
3,144,322
Public
Finance
Authority
Education
Revenue
Refunding
Bonds
for
Pinecrest
Academy
of
Nevada—Sloan
Canyon
Campus
Project
Series
2024A
(NR/BB+)
700,000
4.500
(d)
07/15/2053
586,800
Public
Finance
Authority
Exempt
Facilities
RB
Refunding
for
Celanese
Project
Series
2016
C
(Ba1/BB+)
5,900,000
4.300
11/01/2030
5,871,663
Public
Finance
Authority
Federal
Lease
RB
Nasa
DC
HQ
Federally
Taxable
Series
2022
(B2/NR)
6,030,000
6.145
08/01/2028
4,039,713
Public
Finance
Authority
Founders
Academy
Charter
School
RB
Series
2023A
(NR/BB-)
550,000
6.625
(d)
07/01/2053
555,102
500,000
6.750
(d)
07/01/2058
506,372
Public
Finance
Authority
Hotel
RB
for
Grand
Hyatt
San
Antonio
Hotel
Acquisition
Project
Subordinate
Lien
Series
2022B
(NR/NR)
900,000
5.625
(d)
02/01/2046
911,567
Public
Finance
Authority
Limited
Obligation
Grant
RB
43,075,000
6.750
(d)
08/01/2031
38,659,812
Public
Finance
Authority
Limited
Obligation
Pilot
RB
American
Dream
Meadowlands
Project
Series
2017
(NR/NR)
8,175,000
7.000
(d)
12/01/2050
7,766,250
Public
Finance
Authority
Limited
Obligation
RB
for
Town
of
Scarborough
-
The
Downs
Project
Series
2024
(NR/NR)
1,475,000
5.000
08/01/2039
1,431,530
Public
Finance
Authority
Lindenwood
Education
System
Educational
Facilities
RB
Series
2025A
(NR/BBB-)
18,775,000
4.750
(d)
06/01/2040
17,393,969
Public
Finance
Authority
Pooled
Charter
School
Certificates
Series
2023-1
Class
B
Certificates
(NR/NR)
9,126,888
0.010
(b)(d)(g)
07/01/2062
6,639,811
Public
Finance
Authority
Quality
Education
Academy
Project
Charter
School
RB
Series
2023A
(Ba2/NR)
475,000
6.250
(d)
07/15/2053
485,911
1,175,000
6.500
(d)
07/15/2063
1,212,740
Public
Finance
Authority
RB
for
Beyond
Boone
LLC
Series
2020
A
(AGM)
(A1/AA)
950,000
4.000
07/01/2050
819,039
1,185,000
4.000
07/01/2055
993,701
1,520,000
4.000
07/01/2059
1,261,814
Public
Finance
Authority
RB
for
Charter
Day
School
Obligated
Group
Series
2020
A
(Ba2/NR)
1,150,000
5.000
(d)
12/01/2035
1,136,994
12,380,000
5.000
(d)
12/01/2055
10,581,113
Public
Finance
Authority
RB
for
Coral
Academy
of
Science
Las
Vegas
Series
2021
A
(NR/BBB-)
4,115,000
4.000
07/01/2061
3,105,290
Public
Finance
Authority
RB
for
Eno
River
Academy
Holdings,
Inc.
Series
2020
A
(Ba1/NR)
1,300,000
5.000
(d)
06/15/2054
1,153,465
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Wisconsin
–
(continued)
Public
Finance
Authority
RB
for
Founders
Academy
of
Las
Vegas
Series
2020
A
(NR/BB-)
$
445,000
4.000%
(d)
07/01/2030
$
426,434
700,000
5.000
(d)
07/01/2040
630,436
1,875,000
5.000
(d)
07/01/2055
1,514,120
Public
Finance
Authority
RB
for
High
Desert
Montessori
Charter
School
Series
2021
A
(NR/NR)
300,000
5.000
(d)
06/01/2036
269,330
900,000
5.000
(d)
06/01/2051
673,488
1,075,000
5.000
(d)
06/01/2061
773,382
Public
Finance
Authority
RB
for
Inperium
Project
Series
2024
(NR/NR)
3,650,000
5.500
(d)
12/01/2044
3,624,117
5,500,000
5.750
(d)
12/01/2054
5,446,478
Public
Finance
Authority
RB
for
Masonic
&
Eastern
Star
Home
of
NC,
Inc.
Obligated
Group
Series
2020
A
(NR/NR)
6,775,000
5.250
(d)
03/01/2045
6,101,196
7,110,000
5.250
(d)
03/01/2055
6,050,770
Public
Finance
Authority
RB
for
McLemore
Resort
Manager
LLC
Series
2021
A
(NR/NR)
16,375,000
4.500
(d)
06/01/2056
11,953,750
Public
Finance
Authority
RB
for
Noorda
College
of
Osteopathic
Medicine
LLC
Series
2021
A
(Ba2/NR)
12,925,000
5.625
(d)
06/01/2050
12,661,882
Public
Finance
Authority
RB
for
Noorda
College
of
Osteopathic
Medicine
LLC
Series
2021
B
(Ba2/NR)
15,485,000
6.500
(d)
06/01/2045
13,302,279
Public
Finance
Authority
RB
for
Prime
Healthcare
Foundation,
Inc.
Series
2018
A
(NR/NR)
2,600,000
5.200
12/01/2037
2,645,077
1,525,000
5.350
12/01/2045
1,532,581
Public
Finance
Authority
RB
for
Rider
University
A
New
Jersey
Non-Profit
Corp.
Series
2021
B
(NR/BB-)
4,470,000
6.000
(d)
07/01/2031
4,087,534
Public
Finance
Authority
RB
Refunding
for
Blue
Ridge
Healthcare
Obligated
Group
Series
2020
A
(A3/A)
1,425,000
4.000
01/01/2045
1,258,659
1,900,000
3.000
01/01/2050
1,321,327
Public
Finance
Authority
RB
Refunding
for
Coral
Academy
of
Science
Reno
Series
2019
A
(NR/NR)
1,950,000
5.000
(d)
06/01/2050
1,631,878
Public
Finance
Authority
RB
Refunding
for
Penick
Village
Obligated
Group
Series
2019
(NR/NR)
1,450,000
5.000
(d)
09/01/2049
1,292,305
1,360,000
5.000
(d)
09/01/2054
1,184,020
Public
Finance
Authority
RB
Refunding
for
Rider
University
A
New
Jersey
Non-Profit
Corp.
Series
2021
A
(NR/BB-)
9,950,000
4.500
(d)
07/01/2048
7,298,287
Public
Finance
Authority
RB
Refunding
for
UMA
Education,
Inc.
Project
Series
2019
B
(NR/BB+)
3,205,000
6.125
(d)
10/01/2049
2,736,522
Public
Finance
Authority
RB
Refunding
for
UMA
Education,
Inc.
Series
2019
A
(NR/BB+)
350,000
5.000
(d)
10/01/2039
345,435
Public
Finance
Authority
Retirement
Communities
RB
Refunding
for
The
Evergreens
Obligated
Group
Series
2019
A
(NR/NR)
765,000
5.000
11/15/2049
733,710
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Wisconsin
–
(continued)
Public
Finance
Authority
Revenue
Refunding
Bonds
for
Roseman
University
of
Health
Sciences
Series
2022
(NR/BB+)
$
800,000
4.000%
(d)
04/01/2042
$
674,716
1,400,000
4.000
(d)
04/01/2052
1,076,308
Public
Finance
Authority
Revenue
Refunding
Bonds
for
Roseman
University
of
Health
Sciences
Series
2022
(NR/NR)
100,000
4.000
(c)(d)
04/01/2032
105,015
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
9,058,403
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
2,921,110
Public
Finance
Authority
Special
Facility
RB
for
Million
Air
Three
LLC
General
Aviation
Facilities
Project
Series
2024A
(Tax-Exempt-AMT)
(NR/NR)
900,000
6.250
(d)
09/01/2046
911,255
Public
Finance
Authority
Special
Facility
RB
for
Million
Air
Two
LLC
General
Aviation
Facilities
Project
Series
2017B
(NR/NR)
19,085,000
7.125
(d)
06/01/2041
19,868,558
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
3,064,881
Public
Finance
Authority
Student
Housing
RB
KSU
Bixby
Real
Estate
Foundation
Llc
Project
Subordinate
Series
2025B
(Baa2/NR)
160,000
5.000
06/15/2030
168,736
300,000
5.250
06/15/2035
319,883
500,000
5.250
06/15/2045
497,611
675,000
5.500
06/15/2055
673,934
Public
Finance
Authority
Student
Housing
RB
KSU
Bixby
Real
Estate
Foundation,
Llc
Project
Junior
Subordinate
Series
2025C
(Ba1/NR)
425,000
5.000
06/15/2035
431,860
650,000
5.500
06/15/2045
630,934
900,000
5.750
06/15/2055
872,214
Public
Finance
Authority
Student
Housing
RB
Series
2021A-1
(Ba1/NR)
8,815,000
4.000
(d)
07/01/2061
6,374,252
Public
Finance
Authority
Student
Housing
RB
Subordinate
Series
2021B
(NR/NR)
1,875,000
5.250
(d)
07/01/2061
1,517,125
Public
Finance
Authority
Tax
Increment
Revenue
Senior
Bonds
for
Miami
Worldcenter
Project
Series
2024A
(NR/NR)
13,850,000
5.000
(d)
06/01/2041
13,723,182
Public
Finance
Authority
Tax
Increment
Revenue
Subordinate
Bonds
for
Miami
Worldcenter
Project
Series
2024B
(NR/NR)
7,375,000
8.000
(d)
06/15/2042
7,312,058
Public
Finance
Authority
Wisconsin
Hotel
RB
Grand
Hyatt
San
Antonio
Hotel
Acquisition
Project
Subordinate
Lien
Series
2022B
(NR/NR)
6,200,000
5.750
(d)
02/01/2052
6,268,226
Public
Finance
Authority
Wisconsin
Texas
Infrastructure
Program
Tax-Exempt
Revenue
Anticipation
Bonds
Elevon
Project
Series
2024
(NR/NR)
3,175,000
5.000
(d)
07/15/2030
3,177,068
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Wisconsin
–
(continued)
Public
Finance
Authority
Wisconsin
Texas
Infrastructure
Program
Tax-Exempt
Revenue
Anticipation
Bonds
Nolina
&
Sorella
Projects
Series
2024
(NR/NR)
$
5,929,366
5.500%
(d)
12/15/2032
$
5,781,027
Public
Finance
Authority
Wisconsin
Texas
Infrastructure
Program
Tax-Exempt
Revenue
Anticipation
Capital
Appreciation
Bonds
Anthem/Freedom
Project
Series
2025
(NR/NR)
8,225,000
0.000
(d)(f)
12/15/2037
4,065,779
Public
Finance
Authority
Wisconsin
Texas
Infrastructure
Program
Tax-Exempt
Revenue
Anticipation
Capital
Appreciation
Bonds
for
Oakwood
Estates
and
Stonebrooke
Projects
Series
2024
(NR/NR)
5,175,000
0.000
(d)(f)
12/15/2030
3,778,408
Public
Finance
Authority
Wisconsin
Texas
Infrastructure
Program
Tax-Exempt
Revenue
Anticipation
Capital
Appreciation
Bonds
for
Two
Step
Project
Series
2024
(NR/NR)
11,000,000
0.000
(d)(f)
12/15/2034
6,235,745
Public
Finance
Authority
Wisconsin
Texas
Infrastructure
Program
Tax-Exempt
Revenue
Anticipation
Capital
Appreciation
Bonds
Midtown
Project
Series
2025
(NR/NR)
2,968,000
0.000
(d)(f)
12/15/2034
1,699,473
Public
Finance
Authority
Wisconsin
Texas
Infrastructure
Program
Tax-Exempt
Revenue
Anticipation
Improvement
and
Refunding
Bonds
Astro
Texas
Land
Projects
Series
2025
(NR/NR)
9,145,887
5.000
(d)
12/15/2036
9,013,314
Public
Finance
Authority,
Wisconsin
Special
Revenue
Bonds
Signorelli
Projects
Municipal
Utility
Districts
Montgomery
and
Waller
Counties,
Texas
Series
2024
(NR/NR)
6,133,000
5.375
(d)
12/15/2032
6,132,812
Public
Finance
Authority,
Wisconsin
Texas
Infrastructure
Program
Tax-Exempt
Revenue
Anticipation
Capital
Appreciation
Bonds
Northspur
Project,
Series
2025
(NR/NR)
5,654,000
0.000
(d)(f)
12/15/2032
3,547,495
Wisconsin
Health
&
Educational
Facilities
Authority
RB
Refunding
for
Lawrence
University
of
Wisconsin
Series
2020
(Baa1/NR)
1,315,000
3.000
02/01/2042
972,602
435,000
4.000
02/01/2045
364,653
Wisconsin
Health
&
Educational
Facilities
Authority
RB
Series
2021
for
Hope
Christian
Schools
(NR/NR)
950,000
4.000
12/01/2051
606,662
950,000
4.000
12/01/2056
582,841
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
(d)
08/01/2027
8,871,682
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
2,911,894
4,600,000
5.750
08/15/2059
4,642,782
Wisconsin
Health
and
Educational
Facilities
Authority
RB
Series
2024A
(NR/A)
9,200,000
5.500
02/15/2054
9,633,558
Wisconsin
Health
and
Educational
Facilities
Authority
Senior
Living  RB,
Series
2025
(NR/NR)
4,375,000
6.625
07/01/2060
4,502,620
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Wisconsin
–
(continued)
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%
(d)
02/01/2062
$
33,159,351
408,109,013
Wyoming
-
0.1%
County
of
Campbell
RB
Refunding
for
Basin
Electric
Power
Cooperative
Series
2019
A
(A3/A)
13,040,000
3.625
07/15/2039
11,379,004
a
a
TOTAL
MUNICIPAL
BONDS
(Cost
$11,992,559,182)
11,457,742,843
a
Corporate
Bonds
-
0.6%
Forest
Products
&
Paper
-
0.0%
Domtar
Corp.
2,000,000
6.750%
(d)
10/01/28
1,809,846
Healthcare-Services
-
0.2%
Prime
Healthcare
Foundation,
Inc.
Series
16,525,000
7.000%
12/01/27
16,842,326
Toledo
Hospital
RB
Series
2022
B
4,988,000
5.325
11/15/28
4,972,405
21,814,731
Real
Estate
-
0.4%
Benloch
Ranch
Improvement
Association
No.
1
Series
2020
5,807,290
9.750
(d)(e)
12/01/39
5,062,215
Benloch
Ranch
Improvement
Association
No.
1
Series
2021
3,581,069
9.750
(d)(e)
12/01/39
3,121,617
Benloch
Ranch
Improvement
Association
No.
2
29,700,000
10.000
(d)(e)
12/01/51
23,085,513
Brixton
Park
Improvement
Association
No.
1
Series
20,850,624
6.875
(d)(e)
12/01/51
18,082,287
49,351,632
TOTAL
CORPORATE
BONDS
(Cost
$81,464,329)
72,976,209
a
Bank
Loans
(k)
-
0.0%
Engineering
&
Construction
-
0.0%
Rialto
Bioenergy
Facility,
LLC
(
SOFR
+
0.1%
)
24,799,999
15.334
(e)
04/30/24
0
952,567
15.329
(e)
06/10/24
38,646
38,646
TOTAL
BANK
LOANS
(Cost
$25,016,082)
38,646
TOTAL
INVESTMENTS
-
98.6%
(Cost
$12,099,039,593)
$
11,530,757,698
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
-
1.4%
160,822,890
NET
ASSETS
-
100.0%
$
11,691,580,588
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Security
is
currently
in
default
and/or
non-income
producing.
(a)
Security
with
“Put”
features
and
resetting
interest
rates.
Maturity
dates
disclosed
are
the
puttable
dates.
Interest
rate
disclosed
is
that
which
is
in
effect
on
June
30,
2025.
GOLDMAN
SACHS
HIGH
YIELD
MUNICIPAL
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
**End
swaps
header**
(b)
Variable
Rate
Demand
Instruments
–
rate
shown
is
that
which
is
in
effect
on
June
30,
2025.
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.
(c)
Pre-refunded
security.
Maturity
date
disclosed
is
pre-refunding
date.
(d)
Exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
(e)
Significant
unobservable
inputs
were
used
in
the
valuation
of
this
portfolio
security;
i.e.
Level
3.
(f)
Issued
with
a
zero
coupon.
Income
is
recognized
through
the
accretion
of
discount.
(g)
Zero
coupon
bond
until
next
reset
date.
(h)
When-issued
security.
(i)
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,
2025.
(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
June
30,
2025.
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
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
IDA
-
Industrial
Development
Agency
LP
-
Limited
Partnership
LT
-
Limited
Tax
MTA
-
Metropolitan
Transportation
Authority
MUN
GOVT
GTD
-
Municipal
Government
Guaranteed
NATL
NATL
-
National
Public
Finance
Guarantee
Corp.
NR
-
Not
Rated
PSF-GTD
-
Guaranteed
by
Permanent
School
Fund
RB
-
Revenue
Bond
RMKT
-
Remarketed
RR
-
Revenue
Refunding
SD
CRED
PROG
-
School
District
Credit
Program
SOFR
-
Secured
Overnight
Financing
Rate
TCRS
-
Transferable
Custody
Receipts
USD
-
United
States
Dollar
UT
-
Unlimited
Tax
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
-
99.4%
Alabama
-
1.5%
Ascension
Health
RB
for
Ascension
Senior
Credit
Group
Series
2016C
(Aa2/AA)
$
500,000
5.000%
11/15/2046
$
493,821
Black
Belt
Energy
Gas
District
Gas
Prepay
RB
2019
Series
A
(A1/NR)
1,000,000
4.000
(a)(b)
12/01/2049
1,000,871
Board
of  Trustees
of  Alabama
State
University
General
Tuition
and
Fee
RB
Series
2025
(AG)
(A1/AA)
100,000
5.250
09/01/2039
105,940
Board
of
Trustees
of
Alabama
State
University
General
Tuition
and
Fee
RB
Series
2025
(AG)
(A1/AA)
120,000
5.250
09/01/2038
128,250
Energy
Southeast
a
Cooperative
District
Energy
Supply
RB
2024
Series
B
(A1/NR)
350,000
5.250
(a)(b)
07/01/2054
374,406
Hoover
Industrial
Development
Board
RB
for
United
States
Steel
Corp.
Series
2019
(B1/BB-)
100,000
5.750
10/01/2049
100,834
Jefferson
County
Sewer
Revenue
Warrants
Series
2024
(Baa1/BBB+)
1,005,000
5.500
10/01/2053
1,030,228
Midcity
Improvement
District
Special
Assessment
RB
Series
2022
(NR/NR)
100,000
3.875
11/01/2027
97,407
100,000
4.250
11/01/2032
94,008
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
383,281
3,809,046
Alaska
-
0.1%
Civicventures
Refunding
RB
for
Anchorage
Convention
Center
Series
2015
(NR/A+)
200,000
4.000
09/01/2038
185,677
a
a
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%)
535,000
3.750
(b)(c)
01/01/2037
517,795
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
468,897
Arizona
Industrial
Development
Authority
Hospital
RB
Phoenix
Children's
Hospital
Series
2020A
(A1/A+)
300,000
4.000
02/01/2050
249,898
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
20,172
Arizona
Industrial
Development
Authority
RB
for
Somerset
Academy
of
Las
Vegas
Series
2021
A
(NR/BB)
25,000
4.000
(d)
12/15/2051
18,826
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
212,638
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Arizona
–
(continued)
Arizona
Industrial
Development
Authority
Senior
Living
RB  First
Tier
Series
2025
A2
(NR/NR)
$
180,000
5.125%
01/01/2059
$
165,357
City
of
Phoenix
Civic
Improvement
Corporation
RB
for
Junior
Lien
Airport
Series
2019
B
(Aa3/A+)
170,000
3.250
07/01/2049
123,683
County
of
Maricopa
IDA
Education
RB
Series
2021A
(NR/BBB-)
75,000
4.000
(d)
07/01/2041
65,282
County
of
Maricopa
IDA
Education
RB
Taxable
Convertible
Series
2021B
(NR/BBB-)
25,000
2.100
(a)(d)
07/01/2026
24,365
150,000
2.625
(a)(d)
07/01/2031
136,759
150,000
3.500
(a)(d)
07/01/2044
114,921
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
88,040
La
Paz
County
Industrial
Development
Authority
RB
for
Harmony
Public
Schools
Series
2021
A
(NR/BBB+)
50,000
4.000
02/15/2046
39,948
Maricopa
County
Industrial
Development
Authority
RB
for
Arizona
Autism
Charter
Schools
Obligated
Group
Series
2021
A
(NR/BB)
100,000
4.000
(d)
07/01/2051
75,457
Maricopa
County
Industrial
Development
Authority
RB
for
Ottawa
University
Series
2020
(NR/NR)
25,000
5.125
(d)
10/01/2030
24,220
Maricopa
County
Pollution
Control
Refunding
RB
for
El
Paso
Electric
Company
Palo
Verde
Project
Series
2009
A
(NON-AMT)
(Baa2/NR)
325,000
3.600
02/01/2040
282,636
Salt
Verde
Financial
Corp.
RB
Gas
Senior
Series
2007-1
(A3/BBB+)
105,000
5.000
12/01/2037
109,368
The
Industrial
Development
Authority
of
The
City
of
Chandler
Arizona
Industrial
Development
RB
Series
2019
(AMT)
(Baa1/BBB)
150,000
4.000
(a)(b)
06/01/2049
149,645
The
Industrial
Development
Authority
of
The
City
of
Sierra
Vista
Education
Facility
RB
American
Leadership
Academy
Project
Series
2024
(NR/NR)
150,000
5.000
(d)
06/15/2054
135,809
The
Industrial
Development
Authority
of
The
County
of
Maricopa
Education
Refunding
RB
for
Legacy
Traditional
Schools
Projects
Series
2024
(NR/BBB-)
300,000
4.000
07/01/2034
291,848
3,315,564
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
41,245
25,000
3.500
07/01/2046
16,083
Arkansas
Development
Finance
Authority
RB
Refunding
for
Central
Arkansas
Radiation
Therapy
Institute,
Inc.
Series
2021
(NR/NR)
100,000
3.500
07/01/2038
76,008
133,336
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
-
8.2%
Airport
Commission
of
The
City
and
County
of
San
Francisco
San
Francisco
International
Airport
Second
Series
Revenue
Bonds
Series
2025A
(AMT)
(A1/AA-)
$
250,000
5.500%
05/01/2055
$
259,398
Airport
Commission
of
The
City
and
County
of
San
Francisco
San
Francisco
International
Airport
Second
Series
Revenue
Refunding
Bonds
Series
2024A
(A1/NR)
570,000
5.250
05/01/2049
575,292
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
525,866
Bay
Area
Toll
Authority
Bridge
RB
2021
Series
D
(Aa3/AA)
(SIFMA
Municipal
Swap
Index
Yield
+
0.30%)
500,000
2.220
(b)(c)
04/01/2056
488,424
Bay
Area
Toll
Authority
Bridge
RB
2021
Series
E
(Aa3/AA)
(SIFMA
Municipal
Swap
Index
Yield
+
0.41%)
350,000
2.330
(b)(c)
04/01/2056
337,548
Burbank-Glendale-Pasadena
Airport
Authority
Airport
Senior
RB
2024
Series
B
(AMT)
(AGM)
(A1/AA)
250,000
4.375
07/01/2049
226,454
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
605,205
California
Community
Choice
Financing
Authority
Clean
Energy
Project
RB
Term
Rate
Green
Bonds
Series
2024F
(Aa3/NR)
750,000
5.000
(a)(b)
02/01/2055
796,723
California
Community
Housing
Agency
Essential
Housing
RB
Series
2021A
(NR/NR)
635,000
4.000
(d)
02/01/2056
441,823
California
Community
Housing
Agency
RB
Series
2021A-1
Senior
Bonds
(NR/NR)
150,000
4.000
(d)
02/01/2056
118,350
California
County
Tobacco
Securitization
Agency
RB
Refunding
for
Sonoma
County
Securitization
Corp.
Series
2020
A
(NR/BBB+)
50,000
4.000
06/01/2049
43,124
California
County
Tobacco
Securitization
Agency
RB
Refunding
for
Sonoma
County
Securitization
Corp.
Series
2020
B-1
(NR/BBB+)
5,000
5.000
06/01/2049
4,901
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
49,317
California
County
Tobacco
Securitization
Agency
Tobacco
Settlement
RB
Capital
Appreciation
Subordinate
Series
2006
C
(NR/NR)
400,000
0.000
(e)
06/01/2055
45,364
California
Educational
Facilities
Authority
RB
Stanford
University,
Series
U-7
(Aaa/AAA)
355,000
5.000
06/01/2046
386,234
California
Health
Facilities
Financing
Authority
RB
Adventist
Health
System
West
Series
2024A
(NR/BBB+)
600,000
5.250
12/01/2043
605,218
California
Health
Facilities
Financing
Authority
RB
for
Providence
Health
&
Services
Series
2014B
(A2/A)
410,000
5.000
10/01/2044
409,357
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
California
Health
Facilities
Financing
Authority
Refunding
RB
Lucile
Salter
Packard
Children's
Hospital
at
Stanford
2022
Series
A
Forward
Delivery
(A1/A+)
$
135,000
4.000%
05/15/2051
$
116,118
California
Infrastructure
and
Economic
Development
Bank
Senior
Subordinated
Secured
RB
Brightline
West
Passenger
Rail
Project
Series
2025A
(NR/NR)
1,100,000
9.500
(a)(b)(d)
01/01/2065
1,042,363
California
Municipal
Finance
Authority
Municipal
Certificates,
Series
2025-1
Class
A-1
(NR/AA-)
499,591
3.536
(a)(f)
02/20/2041
444,939
California
Municipal
Finance
Authority
RB
for
The
Learning
Choice
Academy
Series
2021
A
(NR/BBB-)
100,000
4.000
07/01/2041
85,868
California
Municipal
Finance
Authority
Revenue
Refunding
Bonds
for
Eisenhower
Medical
Center
Series
2017A
(Baa2/NONR)
150,000
5.000
07/01/2047
145,699
California
Municipal
Finance
Authority
Senior
Lien
RB
for
Linxs
APM
Project
Series
2018A
(NR/NR)
1,000,000
5.000
12/31/2043
975,929
California
Municipal
Finance
Authority
Special
Facility
RB
For
United
Airlines
International
Airport
Project
Series
2019
(NR/BB)
150,000
4.000
07/15/2029
146,862
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
250,060
California
Pollution
Control
Financing
Authority
Water
Furnishing
RB
for
Poseidon
Resources
Desalination
Project
Series
2012
(Baa3/NR)
300,000
5.000
(d)
07/01/2037
300,044
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
291,147
250,000
5.000
(d)
07/01/2035
262,435
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
237,017
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
245,204
California
School
Finance
Authority
Charter
School
RB
for
Lighthouse
Community
Public
School
Obligated
Group
Series
2022A
(NR/NR)
250,000
6.375
(d)
06/01/2052
256,166
California
School
Finance
Authority
RB
for
Lifeline
Education
Charter
School,
Inc.
Series
2020
A
(NR/BB+)
365,000
3.000
(d)
07/01/2030
344,922
California
School
Finance
Authority
RB
for
Santa
Clarita
Valley
International
Charter
School
Series
2021
A
(NR/NR)
185,000
4.000
(d)
06/01/2031
174,601
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
245,623
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(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
Atwell
Improvement
Area
No.
3
Special
Tax
Bonds
Series
2024
(NR/NR)
$
125,000
5.000%
09/01/2054
$
124,032
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
153,361
California
Statewide
Communities
Development
Authority
RB
for
Loma
Linda
University
Medical
Center
Series
2016A
(NR/BB)
250,000
5.250
(d)
12/01/2056
239,486
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
491,215
California
Statewide
Communities
Development
Authority
Special
Tax
Bonds
Series
2022
(NR/NR)
50,000
5.125
09/01/2042
50,991
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
100,074
California
Statewide
Community
Development
Authority
Pollution
Control
Refunding
RB
2010
Series
A
(A2/A-)
190,000
1.750
09/01/2029
171,448
City
of
Alameda
Community
Facilities
District
2023
Special
Tax
Bonds
(NR/NR)
50,000
5.000
09/01/2048
49,911
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
217,182
City
of
Ontario
CA
Community
Facilities
District
No.
43
Special
Tax
Bonds
Series
2020
(NR/NR)
25,000
3.000
09/01/2039
19,650
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
95,641
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
23,073
City
of
San
Francisco
Airport
Commission
International
Airport
Second
Series
RB
Series
2018E
(A1/AA-)
400,000
5.000
05/01/2048
403,290
City
of
San
Francisco
Airport
Commission
International
Airport
Second
Series
RB
Series
2019A
(A1/AA-)
490,000
5.000
05/01/2049
484,117
CMFA
Special
Finance
Agency
VIII
Essential
Housing
RB
2021A-
1
(NR/NR)
150,000
3.000
(d)
08/01/2056
96,872
County
of
Los
Angeles
CA
Community
Facilities
District
NO
2021-01
(NR/NR)
100,000
5.000
09/01/2047
100,479
CSCDA
Community
Improvement
Authority
Essential
Housing
Senior
Lien
RB
Series
2021A-1
(NR/NR)
250,000
3.600
(d)
05/01/2047
197,268
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
Department
of
Airports
of
The
City
of
Los
Angeles
California
Los
Angeles
International
Airport
Subordinate
Revenue
and
Refunding
RB
2021
Series
A
(Aa3/AA-)
$
150,000
5.000%
05/15/2037
$
155,618
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
502,556
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
433,185
Department
of
Water
and
Power
of
The
City
of
Los
Angeles
Power
System
RB
2018
Series
D
(Aa2/A)
125,000
5.000
07/01/2048
124,286
Department
of
Water
and
Power
of
The
City
of
Los
Angeles
Power
System
RB
2025
Series
A
(Aa2/NR)
500,000
5.000
07/01/2050
503,775
Department
of
Water
and
Power
of
The
City
of
Los
Angeles
Power
System
RB
2025
Series
B
(Aa2/NR)
500,000
5.000
07/01/2034
550,330
Department
of
Water
and
Power
of
The
City
of
Los
Angeles
Water
System
RB
2018
Series
A
(Aa2/AA-)
125,000
5.000
07/01/2043
125,197
Eastern
Foothill
Transportation
Corridor
Agency
Senior
Lien
Toll
Road
Refunding
RB
Series
2021A
(Baa1/A)
750,000
4.000
01/15/2046
705,627
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
97,811
Golden
State
Securitization
Settlement
Corp
ABS
Bond
Series
2021
2021B-1
(NR/BBB-)
420,000
3.850
06/01/2050
382,174
Golden
State
tobacco
Securitization
Settlement
Corp
ABS
Bond
Series
2021B-2
(NR/NR)
5,000,000
0.000
(e)
06/01/2066
528,104
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
112,381
Los
Angeles
County
Public
Works
Financing
Authority
Lease
RB
2020
Series
A
(NR/AA+)
125,000
3.000
12/01/2050
87,565
Modesto
Financing
Authority
Domestic
Project
RB
2007F
(NATL)
(Baa3/AA)
(3M
USD
SOFR
+
0.63%)
525,000
3.706
(c)
09/01/2037
501,145
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
114,858
Roseville
California
Community
Facilities
District
No.
5
Special
Tax
for
Fiddyment
Ranch
Project
Series
2021
(NR/NR)
25,000
2.500
09/01/2037
19,350
275,000
4.000
09/01/2050
228,619
Sacramento
County
Financing
Authority
RB
Series
2007B
(NATL)
(Aa3/AA-)
(3M
USD
SOFR
+
0.55%)
770,000
3.626
(c)
06/01/2034
741,345
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
San
Diego
County
Regional
Airport
Authority
Subordinate
Airport
RB
Series
2021B
(A1/NR)
$
150,000
4.000%
07/01/2039
$
141,859
900,000
4.000
07/01/2046
775,952
San
Gorgonio
Memorial
Health
Care
District
GO
Refunding
Bonds
Series
2020
(B1/NR)
100,000
4.000
08/01/2032
90,828
Town
of
Tiburon
Special
Assessment
for
Assessment
District
No.
2017-1
Series
2021
A
(NR/NR)
45,000
2.500
09/02/2046
27,548
Washington
Township
Health
Care
District
RB
2023
Series
A
(Baa3/NR)
50,000
5.750
07/01/2053
51,381
21,503,179
Colorado
-
3.5%
Baseline
Metropolitan
District
In
The
City
and
County
of
Broomfield,
Colorado
Special
RR
and
Improvement
Bonds
Series
2024A
(AGC)
(NR/AA)
125,000
4.000
12/01/2046
112,546
100,000
5.000
12/01/2049
101,930
125,000
4.250
12/01/2054
112,524
Citadel
on
Colfax
Business
Improvement
District
Senior
RB
Series
2020
A
(NR/NR)
125,000
5.350
12/01/2050
113,341
Citadel
on
Colfax
Business
Improvement
District
Senior
RB
Series
2020
B
(NR/NR)
100,000
7.875
12/15/2050
100,312
City
and
County
of
Denver,
Colorado,
For
and
On
Behalf
of
Its
Department
of
Aviation
Airport
System
RB
Series
2022A
(AMT)
(Aa3/AA-)
1,000,000
5.000
11/15/2047
998,550
City
of
Denver
Airport
System
Subordinate
RB
Series
2018A
(A1/A+)
575,000
5.250
12/01/2043
580,081
Colorado
Education
&
Cultural
Facilities
Authority
Charter
School
RB
Series
2021
(Baa3/NR)
100,000
4.000
10/01/2056
74,965
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
99,177
Colorado
Health
Facilities
Authority
American
Eagle
Delaware
Holding
Company
Series
2022A-1
(NR/NR)
695,000
6.000
07/01/2036
670,684
Colorado
Health
Facilities
Authority
American
Eagle
Delaware
Holding
Company
Series
2022A-2
(NR/NR)
440,000
6.000
07/01/2031
425,617
Colorado
Health
Facilities
Authority
Hospital
RB
Boulder
Community
Health
Project
Series
2020
(A3/A-)
275,000
4.000
10/01/2038
263,597
300,000
4.000
10/01/2039
283,882
300,000
4.000
10/01/2040
279,587
Colorado
Health
Facilities
Authority
RB
for
Parkview
Medical
Center,
Inc.
Obligated
Group
Series
2020
A
(Aa2/NR)
350,000
4.000
(g)
09/01/2030
369,403
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
75,643
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Colorado
–
(continued)
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
$
89,249
Colorado
Health
Facilities
Authority
RB
Refunding
for
CommonSpirit
Health
Obligated
Group
Series
2019
A-2
(A3/A-)
110,000
5.000
08/01/2038
112,050
Colorado
Health
Facilities
Authority
RB
Series
2019A-2
(A3/A-)
885,000
4.000
08/01/2049
740,562
Denver
Colorado
City
&
County
Special
Facilities
Airport
RB
Refunding
for
United
Air
Lines,
Inc.
Project
Series
2017
(NR/BB)
650,000
5.000
10/01/2032
649,992
Denver
Health
&
Hospital
Authority
Healthcare
Revenue
Refunding
Bonds
Series
2017A
(NR/BBB)
175,000
4.000
(d)
12/01/2035
171,325
185,000
4.000
(d)
12/01/2036
178,789
Denver
Health
and
Hospital
Authority,
Colorado
Healthcare  RB,
Series
2025A
(NR/BBB)
500,000
5.125
12/01/2050
494,587
Fiddler's
Business
Improvement
District
GO
Refunding
Bonds
Series
2022
(NR/NR)
150,000
5.000
(d)
12/01/2032
152,542
Rampart
Range
Metropolitan
District
No.
5
RB
Series
2021
(NR/NR)
500,000
4.000
12/01/2041
434,528
Senac
South
Metropolitan
District
GO
LT
Bonds
Series
2021A3
(NR/NR)
915,000
5.250
12/01/2051
796,901
Sterling
Ranch
Community
Authority
Board
RB
Refunding
for
Sterling
Ranch
Colorado
Metropolitan
District
No.
2
Series
2020
A
(NR/NR)
60,000
3.375
12/01/2030
57,230
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
270,723
Trails
at
Crowfoot
Metropolitan
District
No.
3
in
The
Town
of
Parker
Colorado
GO
Limited
Tax
Refunding
Bonds
Series
2024A
(AGC)
(NR/AA)
100,000
4.000
12/01/2044
88,369
250,000
4.250
12/01/2054
214,497
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
44,866
9,158,049
Connecticut
-
1.0%
City
of
Ansonia
Connecticut
Certificates
of
Participation
Series
2024
(NR/A+)
130,000
4.750
12/01/2045
127,745
State
of
Connecticut
GO
Social
Bonds
Series
2024G
(Aa3/AA-)
1,900,000
3.000
11/15/2043
1,460,626
State
of
Connecticut
Health
&
Educational
Facilities
Authority
RB
Series
E
(NR/NR)
230,000
4.000
07/01/2041
198,293
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(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+)
$
55,000
5.375%
07/01/2052
$
48,847
State
of
Connecticut
Health
and
Educational
Facilities
Authority
Revenue
Bonds
Goodwin
University
Obligated
Group
Issue
Series
A-1
(NR/BBB-)
125,000
5.000
07/01/2044
117,649
Steel
Point
Infrastructure
Improvement
District
Tax
Allocation
for
Steelpointe
Harbor
Project
Series
2021
(NR/NR)
100,000
4.000
(d)
04/01/2041
89,584
The
Housing
Authority
of
The
City
of
Stamford
RB
Mozaic
Concierge
Living
Project
Entrance
Fee
Principal
Redemption
Bondssm
Series
2025D
(NR/NR)
500,000
4.250
10/01/2030
503,241
2,545,985
Delaware
-
0.1%
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
44,838
50,000
4.000
06/01/2042
41,026
Delaware
State
Housing
Authority
Senior
Single
Family
Mortgage
RB
2024
Series
D
(NON-AMT)
(GNMA/FNMA/FHLMC)
(Aa1/NR)
250,000
4.450
07/01/2049
235,685
321,549
District
of
Columbia
-
1.4%
District
of
Columbia
Private
Activity
RB
Series
2022A
(A3/NR)
100,000
5.500
02/28/2037
110,277
District
of
Columbia
Union
Market
Project
Tax
Increment
RB
Convertible
Capital
Appreciation
Bonds.
Series
2024B
(NR/NR)
100,000
0.000
(d)(f)
06/01/2041
59,478
Metropolitan
Washington
Airport
Authority
Revenue
&
Refunding
Bonds
Series
2018A
(Aa3/AA-)
1,950,000
5.000
10/01/2043
1,950,763
Metropolitan
Washington
Airports
Authority
Dulles
Toll
Road
RB
Refunding
First
Senior
Lien
for
Dulles
Metrorail
and
Capital
Improvement
Project
Series
2019
B
(AGM-CR)
(A1/AA)
665,000
4.000
10/01/2044
608,105
Metropolitan
Washington
Airports
Authority
Dulles
Toll
Road
RB
Series
2019
B
(AGM)
(A1/AA)
125,000
3.000
10/01/2050
87,929
100,000
4.000
10/01/2053
85,909
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
553,158
Metropolitan
Washington
Airports
Authority
Dulles
Toll
Road
Subordinate
Lien
Revenue
Refunding
Bonds
for
Dulles
Metrorail
and
Capital
Improvement
Projects
Series
2019B
(Baa2/A-)
300,000
4.000
10/01/2035
300,370
3,755,989
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
-
18.1%
Abbott
Square
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
$
200,000
5.000%
06/15/2032
$
205,605
AH
at
Turnpike
South
Community
Development
District
Special
Assessment
Phase
3
Project
Series
2021
(NR/NR)
500,000
4.000
05/01/2051
394,004
Alachua
County
Health
Facilities
Authority
Continuing
Care
Retirement
Community
RB
Series
2022
(NR/NR)
250,000
4.000
10/01/2046
200,969
Astonia
Community
Development
District
Polk
County,
Florida
Special
Assessment
Bonds,
Series
2023
Assessment
Area
Three
Project
(NR/NR)
65,000
5.125
06/15/2043
64,067
Astonia
Community
Development
District
Special
Assessment
for
Assessment
Area
2
Project
Series
2021
(NR/NR)
55,000
3.200
(d)
05/01/2041
43,845
Astonia
Community
Development
District
Special
Assessment
for
North
Parcel
Assessment
Area
Project
Series
2021
(NR/NR)
5,000
2.500
(d)
05/01/2026
4,938
50,000
3.200
(d)
05/01/2041
39,859
Avalon
Groves
Community
Development
District
Special
Assessment
for
Assessment
Area
Three
Project
Series
2021
(NR/NR)
30,000
2.375
05/01/2026
29,609
Avalon
Groves
Community
Development
District
Special
Assessment
for
Phases
3
and
4
Sub
Assessment
Area
One
Series
2021
(NR/NR)
25,000
3.125
05/01/2041
19,821
Avenir
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
35,000
4.500
05/01/2030
35,626
Aventura
Isles
Community
Development
District
Miami-Dade
County
Special
Assessment
Refunding
Bonds,
Series
2024
(NR/NR)
100,000
5.000
05/01/2043
96,581
Bannon
Lakes
Community
Development
District
Special
Assessment
Series
2021
(NR/NR)
200,000
3.000
(d)
05/01/2031
189,317
Bellagio
Community
Development
District
Special
Assessment
Bonds
Series
2013
(NR/BBB)
25,000
6.000
11/01/2027
25,818
Belmont
II
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
100,000
3.625
12/15/2040
88,900
Berry
Bay
Community
Development
District
Special
Assessment
for
Assessment
Area
1
Project
Series
2021
(NR/NR)
500,000
3.125
05/01/2031
472,025
Berry
Bay
Community
Development
District
Special
Assessment
RB
for
Assessment
Area
Three
Series
2024
(NR/NR)
45,000
4.250
05/01/2031
44,983
Black
Creek
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
110,000
4.800
06/15/2027
111,660
Bridgewalk
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
Two
Project
Series
2023
(NR/NR)
60,000
6.250
12/15/2043
61,949
Bridgewater
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
One
Project
Series
2022
(NR/NR)
100,000
3.250
06/15/2042
76,046
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Broward
County
Port
Facilities
RB
Series
2019B
(A1/A)
$
300,000
4.000%
09/01/2049
$
256,353
Buckhead
Trails
Community
Development
District
Special
Assessment
Bonds
for
Manatee
County
Project
Series
2022
(NR/NR)
25,000
4.750
05/01/2027
25,147
Buena
Lago
Community
Development
District
Capital
Improvement
RB
for
Assessment
Area
Two
Series
2024
(NR/NR)
50,000
5.250
05/01/2044
47,760
Buena
Lago
Community
Development
District
Capital
Improvement
RB
Series
2022
(NR/NR)
85,000
4.000
05/01/2027
85,104
Capital
Projects
Finance
Authority
Educational
Facilities
RB
Kissimmee
Charter
Academy
Project
Series
2024
(NR/NR)
100,000
6.125
(d)
06/15/2044
101,220
Capital
Trust
Agency
Student
Housing
RB
for
University
Bridge
LLC
Series
2018
A
(Ba2/NR)
250,000
5.250
(d)
12/01/2058
234,940
Capital
Trust
Agency,
Inc.
RB
for
AcadeMir
Charter
School
West
Series
2021
A-2
(Ba2/NR)
100,000
4.000
(d)
07/01/2051
74,595
Capital
Trust
Agency,
Inc.
RB
for
University
Bridge
LLC
Series
2018
A
(Ba2/NR)
100,000
4.000
(d)
12/01/2028
99,844
300,000
5.250
(d)
12/01/2043
294,199
Capital
Trust
Authority
Educational
Facilities
Lease
RB
for
Seaside
Community
Charter
School
Project
Series
A
(Baa3/NR)
100,000
5.000
06/15/2034
103,941
Capital
Trust
Authority
Educational
Facilities
RB
Madrone
-
Florida
Tech
Student
Housing
I,
LLC
-
Florida
Institute
of
Technology
Project,
Series
2025A
(NR/BB)
100,000
4.750
(d)
07/01/2040
95,865
100,000
5.000
(d)
07/01/2045
94,199
Capital
Trust
Authority
RB
Anticipation
Notes
Convivial-St
Petersburg
Project
Series
2024A
(NR/NR)
150,000
12.000
(d)
10/03/2029
165,110
Central
Parc
Community
Development
District
City
Of
North
Port
Florida
Special
Assessment
RB
Series
2024
(NR/NR)
100,000
4.900
05/01/2031
100,773
Century
Gardens
at
Tamiami
Community
Development
District
Miami-Dade
County
Florida
Special
Assessment
Refunding
Bonds
Series
2016
(NR/BBB)
100,000
4.000
05/01/2031
98,642
Century
Park
Square
Community
Development
District
Miami-
Dade
County,
Florida
Special
Assessment
Bonds,
Series
2025
(NR/NR)
750,000
6.000
05/01/2055
745,825
CFM
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
100,000
3.350
05/01/2041
76,668
Chapel
Creek
Community
Development
District
Special
Assessment
Series
2021
(NR/NR)
65,000
3.375
(d)
05/01/2041
51,945
Chapel
Crossings
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
95,000
3.700
(d)
05/01/2040
80,153
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Charles
Cove
Community
Development
District
Special
Assessment
RB
Series
2021
(NR/NR)
$
5,000
2.400%
05/01/2026
$
4,933
City
of
Jacksonville
RB
Refunding
for
Genesis
Health,
Inc.
Obligated
Group
Series
2020
(NR/A-)
145,000
4.000
11/01/2039
133,806
City
of
Palmetto
Educational
Facilities
Refunding
RB
Series
2022A
(NR/BBB-)
100,000
5.125
06/01/2042
98,987
Coddington
Community
Development
District
(NR/NR)
260,000
5.000
05/01/2032
271,562
Connerton
East
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
100,000
5.250
06/15/2043
99,662
Cope's
Landing
Community
Development
District
Capital
Improvement
RB
2023
Project
Area
Series
2023
(NR/NR)
100,000
5.750
05/01/2043
103,005
Copper
Oaks
Community
Development
District
Special
Assessment
Refunding
and
Improvement
Bonds
Series
2021
(NR/NR)
175,000
3.000
05/01/2035
149,890
Corkscrew
Crossing
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
200,000
4.300
05/01/2033
202,112
Creekview
Community
Development
District
Special
Assessment
RB
Series
2022
(NR/NR)
15,000
3.875
05/01/2027
14,992
35,000
4.250
05/01/2032
35,010
195,000
4.625
05/01/2042
180,370
Cross
Creek
North
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
340,000
4.250
05/01/2042
306,740
Cross
Creek
North
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
100,000
5.125
05/01/2043
98,351
Crossings
Community
Development
District
Osceola
County
Special
Assessment
Bonds
Series
2024
(NR/NR)
100,000
5.350
05/01/2044
96,559
Crossings
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
85,000
4.250
05/01/2027
85,291
255,000
4.750
05/01/2032
259,336
Cypress
Bluff
Community
Development
District
Special
Assessment
for
Del
WEBB
Project
Series
2020
A
(NR/NR)
310,000
3.125
(d)
05/01/2030
303,828
Cypress
Mill
Community
Development
District
Special
Assessment
Bonds
for
Bank
Qualified
2023
Project
Series
2023
(NR/BBB)
50,000
5.000
05/01/2053
47,037
Deerbrook
Community
Development
District
Pasco
County,
Florida
Special
Assessment
Bonds,
Series
2023
2023
Project
(NR/NR)
100,000
5.250
05/01/2043
98,648
Del
Webb
Sunchase
Community
Development
District
Manatee
County,
Florida
Special
Assessment
Bonds
Series
2025
(NR/NR)
250,000
5.625
05/01/2055
243,467
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Dewey
Robbins
Community
Development
District
City
of
Leesburg
Florida
Capital
Improvement
RB
Series
2025
(NR/NR)
$
330,000
5.800%
05/01/2055
$
314,712
DG
Farms
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
270,000
3.750
05/01/2040
233,987
DW
Bayview
Community
Development
District
Special
Assessment
Bond
Series
2021
(NR/NR)
50,000
3.375
(d)
05/01/2041
42,311
DW
Bayview
Community
Development
District
Special
Assessment
Bonds
for
Manatee
County
Series
2022
(NR/NR)
70,000
4.300
05/01/2027
70,412
Eagle
Hammock
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
190,000
4.875
05/01/2032
195,284
East
547
Community
Development
District
Special
Assessment
Bond
for
Assessment
Area
One
Project
Series
2021
(NR/NR)
25,000
3.300
05/01/2041
19,664
East
Nassau
Stewardship
District
Bond
Anticipation
Note
for
PDP
#4
Series
2024
Project
Series
2024
(NR/NR)
100,000
5.250
05/01/2029
100,000
East
Palm
Drive
Community
Development
District
Special
Assessment
Bonds,
Series
2024
(Assessment
Area
One)
(NR/NR)
100,000
5.100
06/15/2044
96,486
Eden
Hills
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
75,000
3.625
05/01/2032
73,143
Eden
Hills
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
100,000
4.000
05/01/2040
92,408
Edgewater
East
Community
Development
District
Special
Assessment
for
Assessment
Area
Once
Series
2021
(NR/NR)
130,000
3.600
05/01/2041
108,616
Edgewater
East
Community
Development
District
Special
Assessment
RB
Series
2022
(NR/NR)
125,000
3.375
05/01/2032
119,192
Escambia
County
Health
Facilities
Authority
Health
Care
Facilities
RB
Series
2020A
(Baa2/BBB)
885,000
4.000
08/15/2045
753,256
Esplanade
Lake
Club
Community
Development
District
Lee
County
Florida
Capital
Improvement  RB,
Series
2025
(NR/NR)
200,000
4.375
05/01/2030
202,322
Eureka
Grove
Community
Development
District
Special
Assessment
Bonds
for
2021
Project
Series
2021
(NR/NR)
685,000
3.500
05/01/2041
551,446
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
512,780
Everlands
II
Community
Development
District
Special
Assessment
Bonds
Series
2024
(NR/NR)
70,000
4.600
06/15/2031
70,530
Fiddlers
Creek
Community
Development
District
No.
2
Special
Assessment
Refunding
Series
2019
(NR/NR)
190,000
5.000
05/01/2035
193,959
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Florida
Development
Finance
Corp.
Educational
Facilities
RB
for
Saint
Andrew's
School
of
Boca
Raton,
Inc.
Project
Series
2024A
(NR/BBB+)
$
150,000
5.250%
06/01/2044
$
150,068
125,000
5.250
06/01/2049
122,378
Florida
Development
Finance
Corp.
Educational
Facilities
RB
Series
2022A
(Ba3/NR)
100,000
5.000
(d)
07/01/2032
96,574
135,000
5.375
(d)
07/01/2042
119,985
Florida
Development
Finance
Corp.
Educational
RB
for
Cornerstone
Charter
Academy
Project
Series
2022
(NR/BB+)
100,000
5.000
(d)
10/01/2042
94,308
Florida
Development
Finance
Corp.
Healthcare
Facilities
RB
for
Tampa
General
Hospital
Project
Series
2024A
(Fixed
Mode)
(NR/A-)
600,000
5.250
08/01/2055
600,958
Florida
Development
Finance
Corp.
RB
Brightline
Florida
Passenger
Rail
Expansion
Project
Series
2025A
(NR/NR)
1,100,000
8.250
(a)(b)(d)
07/01/2057
1,130,594
Florida
Development
Finance
Corp.
RB
Brightline
Florida
Passenger
Rail
Project
Brightline
Trains
Florida
LLC
Issue
Series
2024
(AMT)
(NR/BB+)
300,000
5.250
07/01/2047
272,787
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
2,461,889
Florida
Development
Finance
Corp.
RB
Brightline
Florida
Passenger
Rail
Project
Brightline
Trains
Florida
LLC
Issue
Series
2024
(AMT)
(AGM)
(NR/AA)
1,100,000
5.250
07/01/2047
1,103,329
450,000
5.250
07/01/2053
448,911
Florida
Development
Finance
Corp.
RB
for
Brightline
Florida
Passenger
Rail
Project
AAF
Operations
Holdings
LLC
Issue
Series
2024A
(Tax-Exempt)
(NR/NR)
400,000
10.000
(a)(b)(d)
07/15/2059
380,804
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
98,066
Florida
Development
Finance
Corp.
RB
for
River
City
Education
Obligated
Group
Series
2021
A
(Baa3/NR)
635,000
4.000
07/01/2035
612,293
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
74,952
Florida
Development
Finance
Corp.
Solid
Waste
Disposal
RB
for
GFL
Solid
Waste
Southeast
LLC
Project
Series
2024A
(Ba3/BB)
250,000
4.375
(a)(b)(d)
10/01/2054
249,010
Florida
Development
Finance
Corp.
Student
Housing
RB
Senior
Series
2024A-1
(NR/NR)
100,000
5.000
(d)
06/01/2044
94,655
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
141,277
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Florida
Local
Government
Finance
Commission
Senior
Living
RB
Orlando
Senior
Health
Network
Project,
Series
2025A
(NR/NR)
$
250,000
5.750%
(d)(h)
07/01/2044
$
250,424
Forest
Lake
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
20,000
4.750
(d)
05/01/2027
20,173
90,000
5.000
(d)
05/01/2032
92,562
Gracewater
Sarasota
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
165,000
2.950
05/01/2031
150,203
75,000
3.350
05/01/2041
58,504
Grand
Oaks
Community
Development
District
Special
Assessment
Bonds
Assessment
Area
2
Series
2020
(NR/NR)
100,000
4.000
05/01/2030
99,360
Grand
Oaks
Community
Development
District
Special
Assessment
RB
Series
2019
A
(NR/NR)
50,000
4.750
11/01/2039
48,295
Grand
Oaks
Community
Development
District
Special
Assessment
RB
Series
2021
(NR/NR)
60,000
3.500
11/01/2041
47,769
Grande
Pines
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
710,000
3.750
05/01/2041
588,374
Grande
Pines
Community
Development
District
Special
Assessment
RB
for
Assessment
Area
Two
Series
2024
(NR/NR)
100,000
5.450
05/01/2044
97,596
Hacienda
North
Community
Development
District
Special
Assessment
RB
Series
2023
(NR/NR)
100,000
6.300
05/01/2043
104,522
Hamilton
Bluff
Community
Development
District
Special
Assessment
Bonds,
Series
2024
(Assessment
Area
One
Project)
(NR/NR)
100,000
5.800
05/01/2054
95,963
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
98,219
Hammock
Oaks
Community
Development
District
Town
of
Lady
Lake
Florida
Special
Assessment
Bonds
Series
2025
Assessment
Area
Three
(NR/NR)
190,000
5.550
(d)
05/01/2045
185,517
Hammock
Reserve
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
15,000
4.200
05/01/2027
15,038
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
78,954
Harmony
West
Community
Development
District
Osceola
County
Florida
Special
Assessment
RB
Series
2025
Assessment
Area
Three
(NR/NR)
100,000
5.450
05/01/2045
96,581
Harmony
West
Community
Development
District
Special
Assessment
RB
Series
2023
(NR/NR)
300,000
5.300
05/01/2053
292,081
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
$
101,831
Hawkstone
Community
Development
District
Special
Assessment
RB
Series
2023
(NR/NR)
360,000
4.375
05/01/2030
363,208
Higher
Educational
Facilities
Financing
Authority
Higher
Educational
Facilities
RB
Keiser
University
Project
Series
2025
(NR/BB+)
600,000
6.000
(d)(h)
07/01/2045
597,787
Hills
Minneola
Community
Development
District
Special
Assessments
for
South
Parcel
Assessment
Area
Series
2020
(NR/NR)
25,000
3.500
(d)
05/01/2031
24,056
Hills
Minneola
Community
Development
District
Special
Assessments
for
South
Parcel
Assessment
Area
Series
2021
(NR/NR)
45,000
2.375
05/01/2026
44,374
Hillsborough
County
Aviation
Authority
Tampa
International
Airport
RB
2024
Series
B
(AMT)
(Aa3/NR)
355,000
5.500
10/01/2049
371,548
Hobe-St.
Lucie
Conservancy
District
Improvement
Bonds
Unit
of
Development
No.
1A
Series
2024
(NR/NR)
100,000
5.600
05/01/2044
100,002
Homestead
50
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2021
(NR/NR)
125,000
3.000
05/01/2037
102,728
Ibis
Landing
Community
Development
District
Lee
County
Florida
Special
Assessment
Bonds,
Series
2025
(NR/NR)
620,000
5.700
(h)
06/15/2045
622,513
Island
Lake
Estates
Community
Development
District
2023
Project
Special
Assessment
Bonds
Series
2023
(NR/NR)
100,000
5.750
12/15/2043
102,084
Juniper
Cove
Community
Development
District
Miami-Dade
County
Florida
Capital
Improvement
RB
Series
2025
(NR/NR)
180,000
4.625
05/01/2032
181,453
K-Bar
Ranch
II
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
100,000
3.125
05/01/2041
76,530
Kelly
Park
Community
Development
District
150,000
4.375
05/01/2032
150,724
Keys
Edge
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
One
Project
Series
2024
(NR/NR)
100,000
5.375
05/01/2055
93,196
Kindred
Community
Development
District
II
Special
Assessment
Bonds
Series
2020
(NR/NR)
100,000
3.500
05/01/2040
87,605
Kingman
Gate
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
50,000
3.600
06/15/2041
43,841
Kings
Creek
I
Community
Development
District
City
of
Jacksonville
Florida
Special
Assessment
Bonds,
Series
2025
(NR/NR)
100,000
6.000
05/01/2055
98,627
Kingston
One
Community
Development
District
Lee
County
Florida
Special
Assessment
Bonds
Series
2025
(NR/NR)
500,000
5.750
(d)(h)
05/01/2045
498,184
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Lake
Deer
Community
Development
District
Special
Assessment
Bonds
for
Polk
County
Series
2022
(NR/NR)
$
90,000
5.500%
05/01/2042
$
88,311
Lakes
of
Sarasota
Community
Development
District
2
Sarasota
County
Florida
Capital
Improvement
RB
Series
2025A
(NR/NR)
100,000
5.500
05/01/2045
96,367
Lakewood
Ranch
Stewardship
District
Special
Assessment
for
Azario
Project
Series
2019
(NR/NR)
85,000
3.400
05/01/2030
82,934
Lakewood
Ranch
Stewardship
District
Special
Assessment
for
Azario
Project
Series
2020
A
(NR/NR)
100,000
3.200
05/01/2030
96,741
Lakewood
Ranch
Stewardship
District
Special
Assessment
for
Northeast
Sector
Phase
2A
Project
Series
2019
(NR/NR)
25,000
3.250
05/01/2029
24,333
Lakewood
Ranch
Stewardship
District
Special
Assessment
RB
for
Palm
Grove
Project
Series
2024
(NR/NR)
100,000
5.250
05/01/2044
98,135
Lakewood
Ranch
Stewardship
District
Special
Assessment
RB
Refunding
for
Country
Club
East
Project
Series
2020
(AGM)
(NR/AA)
100,000
2.625
05/01/2037
81,254
Lakewood
Ranch
Stewardship
District
Special
Assessment
RB
Series
2021
(NR/NR)
45,000
2.300
05/01/2026
44,372
Landings
at
Miami
Community
Development
District
Special
Assessment
Bonds
Series
2018
(NR/NR)
100,000
4.750
(d)
11/01/2048
91,054
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
68,026
Lawson
Dunes
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
80,000
4.750
05/01/2032
81,393
45,000
5.000
05/01/2042
44,076
Lee
County
Industrial
Development
Authority
Florida
Healthcare
Facilities
RB
Series
2024
Shell
Point
Obligated
Group
Series
2024A
(NR/BBB+)
150,000
5.250
11/15/2044
152,339
Lee
County
Industrial
Development
Authority
Florida
Healthcare
Facilities
RB
Series
2024
Shell
Point
Obligated
Group
Series
2024B-1
(NR/BBB+)
150,000
4.750
11/15/2029
150,792
Liberty
Cove
Community
Development
District
Special
Assessment
RB
for
Assessment
Area
One
Project
Series
2024
(NR/NR)
85,000
5.375
05/01/2044
80,528
Longleaf
Community
Development
District
Capital
Improvement
RB
for
Neighborhood
4
–
Assessment
Area
Two
Series
2024A
(NR/NR)
50,000
5.200
05/01/2044
46,921
Los
Cayos
Community
Development
District
Special
Assessment
Bonds,
Series
2024
(2024
Project)
(NR/NR)
280,000
4.400
06/15/2031
282,775
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
(NR/NR)
$
100,000
5.750%
05/01/2044
$
98,205
LTC
Ranch
West
Residential
Community
Development
District
Special
Assessment
Bonds
Series
2021
B
(NR/NR)
25,000
3.250
05/01/2031
23,600
LTC
Ranch
West
Residential
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Project
Series
2021
A
(NR/NR)
50,000
3.450
05/01/2041
39,987
Magnolia
Island
Community
Development
District
Pasco
County
Florida
Capital
Improvement
RB
Series
2025
Assessment
Area
One
(NR/NR)
50,000
4.650
05/01/2032
50,323
Mangrove
Point
Community
Development
District
Capital
Improvement
RB
Series
2022
(NR/NR)
75,000
4.250
05/01/2042
66,344
Meadow
View
at
Twin
Creeks
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
155,000
3.250
05/01/2041
120,253
Miami
Dade
County
Aviation
Revenue
Refunding
Bonds
Series
2017B
(AMT)
(NR/A+)
475,000
5.000
10/01/2040
475,287
Miami-Dade
County
IDA
Educational
Facilities
RB
for
Academir
Charter
Schools
Project
Series
2022A
(Ba2/NR)
100,000
5.000
(d)
07/01/2037
97,152
100,000
5.250
(d)
07/01/2042
95,323
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
240,005
Mirada
II
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
100,000
3.500
05/01/2041
81,529
100,000
4.000
05/01/2051
79,614
North
Ar-1
of
Pasco
Community
Development
District
Pasco
County
Florida
Capital
Improvement
RB
Series
2024A
Assessment
Area
Five
(NR/NR)
85,000
5.750
05/01/2044
83,285
North
AR-1
Pasco
Community
Development
District
Capital
Improvement
RB
for
Assessment
Area
Four
Series
2024
(NR/NR)
80,000
5.450
05/01/2044
77,896
North
Park
Isle
Community
Development
District
Special
Assessment
RB
Series
2021
(NR/NR)
200,000
3.375
11/01/2041
159,718
North
Powerline
Road
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
80,000
4.750
(d)
05/01/2027
80,658
North
Powerline
Road
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
100,000
3.625
05/01/2040
85,273
Northridge
Community
Development
District
Pasco
County
Florida
Special
Assessment
Bonds,
Series
2025
(NR/NR)
100,000
5.750
(d)
05/01/2045
98,940
Ocala
Preserve
Community
Development
District
Capital
Improvement
RB
Series
2021
(NR/NR)
80,000
2.375
11/01/2026
78,183
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Orange
Blossom
Groves
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
$
50,000
5.250%
06/15/2043
$
50,324
Orange
County
Health
Facilities
Authority
Hospital
RB
Orlando
Health
Obligated
Group
Series
2025A
(NR/A+)
425,000
4.500
10/01/2056
384,097
Pacific
Ace
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
Two
Series
2024
(NR/NR)
100,000
5.200
05/01/2044
96,066
Palm
Beach
County
Educational
Facilities
Authority
RB
Palm
Beach
Atlantic
University,
Inc.
Series
2024
(NR/NR)
150,000
5.000
10/01/2043
144,864
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
77,884
Palm
Beach
County
Health
Facilities
Authority
RB
Refunding
for
Lifespace
Communities,
Inc.
Series
2023
C
(NR/NR)
50,000
7.500
05/15/2053
55,027
Palm
Beach
County
Health
Facilities
Authority
Revenue
Refunding
Bonds
Series
2022
(NR/NR)
175,000
4.000
06/01/2036
166,364
Palm
Beach
County,
Florida
RB
Provident
Group
-
PBAU
Properties
II
LLC
-
Palm
Beach
Atlantic
University
Project
Senior,
Series
2025A
(NR/NR)
375,000
5.750
(d)
10/01/2055
381,272
Park
East
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
40,000
3.150
11/01/2041
30,266
Parkview
at
Long
Lake
Ranch
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
155,000
3.750
05/01/2040
131,140
Parrish
Lakes
Community
Development
District
Manatee
County
Florida
Capital
Improvement
RB
Series
2024
Assessment
Area
Three
(NR/NR)
85,000
5.000
05/01/2031
85,738
Peace
Creek
Village
Community
Development
District
City
of
Winter
Haven
Florida
Special
Assessment
Bonds
Series
2025
(NR/NR)
210,000
5.600
(d)
05/01/2045
201,721
Peace
Crossing
Community
Development
District
Special
Assessment
RB
for
Assessment
Area
One
Series
2024
(NR/NR)
70,000
5.000
05/01/2031
70,052
Pine
Ridge
Plantation
Community
Development
District
Special
Assessment
Refunding
Bonds
2020
A-1
(AGM)
(NR/AA)
210,000
2.625
05/01/2034
177,502
Portico
Community
Development
District
Special
Assessment
Refunding
Series
2020-1
(NR/NR)
125,000
3.500
05/01/2037
109,686
Preserve
At
Savannah
Lakes
Community
Development
District
Special
Assessment
Bonds
Phase
1
Series
2024
(NR/NR)
510,000
5.450
05/01/2044
502,383
Preserve
at
South
Branch
Community
Development
District
Special
Assessment
Phase
2
RB
Series
2019
(NR/NR)
100,000
3.500
11/01/2030
99,001
Preston
Cove
Community
Development
District
Special
Assessment
RB
Series
2022
(NR/NR)
675,000
3.600
05/01/2032
642,150
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Quail
Roost
Community
Development
District
Special
Assessment
for
Expansion
Area
Project
Series
2021
(NR/NR)
$
15,000
2.200%
12/15/2026
$
14,668
Reflection
Bay
Community
Development
District
Palm
Beach
County
Florida
Special
Assessment
Bonds,
Series
2025
(NR/NR)
100,000
5.000
05/01/2035
101,690
Reunion
West
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2022
(NR/NR)
100,000
3.000
05/01/2036
87,639
Rhodine
Road
North
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
90,000
3.300
05/01/2042
71,718
Riverwalk
Community
Development
District
City
of
Orlando
Florida
Special
Assessment
Bonds
Series
2024
(NR/NR)
95,000
5.500
05/01/2044
93,695
Riverwalk
Community
Development
District
City
of
Orlando
Florida
Special
Assessment
Bonds
Series
2025
(NR/NR)
125,000
5.200
(d)
05/01/2045
119,332
Rolling
Hills
Community
Development
District
Capital
Improvement
RB
Series
2022A-1
(NR/NR)
165,000
3.125
05/01/2027
162,715
365,000
3.400
05/01/2032
343,798
Rutland
Ranch
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
80,000
2.450
11/01/2026
78,392
Rye
Crossing
Community
Development
District
Capital
Improvement
RB
Series
2023
(NR/NR)
75,000
5.000
05/01/2043
72,857
Rye
Ranch
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
One,
Series
2023
(NR/NR)
50,000
5.750
(d)
11/01/2043
50,130
Sabal
Palm
Community
Development
District
Broward
County
Florida
Special
Assessment
Refunding
Bonds
Series
2024
(NR/NR)
100,000
5.000
05/01/2044
97,044
Saltmeadows
Community
Development
District
100,000
4.800
(d)
05/01/2035
100,443
Sampson
Creek
Community
Development
District
Special
Assessment
Bonds
Series
2020
(AGM)
(NR/AA)
100,000
2.625
05/01/2040
72,870
Sandmine
Road
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
85,000
3.300
11/01/2041
70,823
Sarasota
County
Public
Hospital
District
Fixed
Rate
Hospital
RB
Series
2018
(A1/NR)
1,000,000
4.000
07/01/2048
870,257
Sawgrass
Village
Community
Development
District
Special
Assessment
Bonds
Series
2023
(Assessment
Area
Two)
(NR/NR)
100,000
6.125
11/01/2043
102,585
Scenic
Highway
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
50,000
3.750
05/01/2040
43,905
Scenic
Terrace
South
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
45,000
4.125
05/01/2032
44,477
65,000
4.500
05/01/2042
58,688
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
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)
$
100,000
5.250%
(d)
06/15/2043
$
100,132
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
222,391
Seminole
Improvement
District
Utilities
RB
for
City
of
Westlake
Series
2022
(NR/NR)
100,000
5.000
10/01/2032
102,207
Seminole
Palms
Community
Development
District
City
of
Palm
Coast,
Florida
Special
Assessment
Bonds,
Series
2023
2023
Project
Area
(NR/NR)
85,000
5.500
05/01/2043
85,218
Shadowlawn
Community
Development
District
Special
Assessment
Revenue
Bonds
Series
2024
(NR/NR)
200,000
4.700
05/01/2034
199,315
Sherwood
Manor
Community
Development
District
Special
Assessment
RB
Series
2023
(NR/NR)
35,000
4.625
05/01/2030
35,523
70,000
5.500
05/01/2043
70,489
Siena
North
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
50,000
4.000
06/15/2042
42,591
Silver
Palms
West
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
100,000
3.000
06/15/2032
92,734
140,000
3.250
06/15/2042
114,320
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
161,377
Six
Mile
Creek
Community
Development
District
St.
Johns
County
Florida
Capital
Improvement
RB
Series
2024
(NR/NR)
75,000
5.100
05/01/2044
69,429
Six
Mile
Creek
Community
Development
District
St.
Johns
County,
Florida
Capital
Improvement
RB,
Series
2023
2023
Project
Area
(NR/NR)
100,000
5.500
05/01/2043
100,509
Solaeris
Community
Development
District
St.
Lucie
County
Florida
Special
Assessment
Bonds,
Series
2025
(NR/NR)
100,000
6.000
(d)(h)
05/01/2045
99,872
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
47,420
Sorrento
Pines
Community
Development
District
Lake
County,
Florida
Special
Assessment
Bonds,
Series
2023
Assessment
Area
One
(NR/NR)
70,000
5.250
05/01/2043
70,003
South
Creek
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Series
2021
(NR/NR)
25,000
3.250
06/15/2041
19,906
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
96,063
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
St.
Augustine
Lakes
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
$
520,000
5.375%
06/15/2042
$
520,518
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
89,167
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
117,316
Stellar
North
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
430,000
3.000
05/01/2031
401,071
Stonegate
Preserve
Community
Development
District
Manatee
County,
Florida
Special
Assessment
Bonds,
Series
2025
(NR/NR)
275,000
4.375
06/15/2030
276,668
Stonegate
Preserve
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
290,000
5.125
12/15/2030
298,668
Stonewater
Community
Development
District
Special
Assessment
RB
Series
2021
(NR/NR)
50,000
3.300
(d)
11/01/2041
39,193
Stoneybrook
South
at
Championsgate
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
50,000
4.500
06/15/2039
49,428
Storey
Creek
Community
Development
District
(NR/NR)
240,000
5.000
06/15/2032
248,310
Storey
Creek
Community
Development
District
Special
Assessment
Bonds
Series
2024
(NR/NR)
100,000
5.250
06/15/2044
97,672
Storey
Drive
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
100,000
3.000
06/15/2032
91,485
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
23,973
Stuart
Crossing
Community
Development
District
Special
Assessment
Bonds
Series
2024
(NR/NR)
100,000
5.250
(d)
05/01/2044
96,419
Summer
Woods
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
75,000
3.450
05/01/2041
60,257
Summer
Woods
Community
Development
District
Special
Assessment
for
Assessment
Area
Two
Project
Series
2020
(NR/NR)
80,000
3.750
05/01/2040
67,833
Talis
Park
Community
Development
District
Capital
Improvement
RB
Refunding
Subordinate
Series
2016
A-2
(NR/NR)
45,000
4.000
05/01/2033
44,177
Tamarindo
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
50,000
3.375
05/01/2041
39,865
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
39,496
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Towne
Park
Community
Development
District
Special
Assessment
Area
3D
Project
Series
2020
(NR/NR)
$
75,000
3.625%
(d)
05/01/2040
$
64,950
Towns
at
Woodsdale
Community
Development
District
Capital
Improvement
RB
for
Pasco
County
Series
2023
(NR/NR)
180,000
5.375
(d)
11/01/2030
184,780
Tradition
Community
Development
District
No.
9
Port
St.
Lucie,
Florida
Special
Assessment
Bonds
Series
2025
(NR/NR)
615,000
5.400
05/01/2045
588,960
Trevesta
Community
Development
District
Special
Assessment
Area
2
Project
Series
2020
(NR/NR)
100,000
3.250
(d)
05/01/2030
97,216
Triple
Creek
Community
Development
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
155,000
2.375
(d)
11/01/2026
151,480
Triple
Creek
Community
Development
District
Special
Assessment
for
Villages
N&P
Projects
Series
2021
(NR/NR)
15,000
2.500
11/01/2026
14,687
50,000
3.000
11/01/2031
46,274
40,000
3.500
11/01/2041
32,260
TSR
Community
Development
District
Special
Assessment
RB
for
Downtown
Neighborhood
Assessment
Area
Series
2019
(NR/NR)
100,000
3.375
11/01/2030
95,595
Tuckers
Pointe
Community
Development
District
Special
Assessment
RB
Series
2022
(NR/NR)
75,000
4.000
05/01/2042
64,574
Two
Ridges
Community
Development
District
Pasco
County,
Florida
Special
Assessment
Bonds,
Series
2025
(NR/NR)
665,000
6.000
(h)
05/01/2055
666,905
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
201,510
Two
Rivers
North
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
100,000
5.125
05/01/2042
97,475
Two
Rivers
West
Community
Development
District
Pasco
County
Florida
Special
Assessment
Bonds
Series
2024
(NR/NR)
50,000
5.625
05/01/2044
49,518
University
Park
Recreation
District
Special
Assessment
Series
2019
(BAM)
(NR/AA)
85,000
3.375
05/01/2045
68,638
Varrea
South
Community
Development
District
City
of
Plant
City
Florida
Capital
Improvement
RB,
Series
2025
(NR/NR)
665,000
5.625
(d)
05/01/2045
659,047
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
73,934
V-Dana
Community
Development
District
Lee
County,
Florida
Special
Assessment
Bonds,
Series
2023
Assessment
Area
Two
–
2023
Project
Area
(NR/NR)
70,000
5.250
05/01/2043
69,133
V-Dana
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Series
2021
(NR/NR)
250,000
3.625
05/01/2041
209,550
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)
$
15,000
3.600%
(d)
05/01/2041
$
12,291
Veranda
Landing
Community
Development
District
Special
Assessment
Bonds,
Series
2023
(NR/NR)
90,000
5.250
06/15/2043
90,060
Verandah
East
Community
Development
District
Special
Assessment
Refunding
&
Improvement
RB
Series
2016
(NR/NR)
115,000
4.125
05/01/2034
110,443
Verano
Community
Development
District
Special
Assessment
Bonds
Series
2022
(NR/NR)
235,000
5.875
11/01/2029
240,989
Villa
Portofino
East
Community
Development
District
Special
Assessment
Refunding
Series
2019
(NR/NR)
85,000
3.750
05/01/2037
76,196
Village
Community
Development
District
No.
13
Special
Assessment
RB
Series
2020
(NR/NR)
50,000
2.625
(d)
05/01/2030
46,885
50,000
3.000
(d)
05/01/2035
44,159
Village
Community
Development
District
Special
Assessment
RB
Series
2021
(NR/NR)
50,000
2.550
05/01/2031
45,901
100,000
2.850
05/01/2036
84,050
100,000
3.000
05/01/2041
77,009
Villages
of
Glen
Creek
Community
Development
District
Capital
Improvement
RB
Series
2022A
(NR/NR)
100,000
5.125
05/01/2042
98,018
Villages
of
Glen
Creek
Community
Development
District
Capital
Improvement
Revenue
and
Refunding
Bonds
Series
2022
(NR/NR)
40,000
3.450
05/01/2042
31,392
Villamar
Community
Development
District
City
of
Winter
Haven
Florida
Special
Assessment
Bonds
Series
2022
(NR/NR)
200,000
4.125
05/01/2052
160,635
Villamar
Community
Development
District
Special
Assessment
Bonds
for
Phase
4
Project
Series
2022
(NR/NR)
670,000
4.000
05/01/2042
573,496
Villamar
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
100,000
3.750
05/01/2040
89,368
Villamar
Community
Development
District
Special
Assessment
Bonds,
Series
2024
(NR/NR)
100,000
5.500
05/01/2044
99,662
Waterford
Community
Development
District
Hernando
County
Florida
Capital
Improvement
RB
Series
2024
Assessment
Area
Two
(NR/NR)
50,000
5.200
05/01/2044
47,196
West
Port
Community
Development
District
Special
Assessment
Bonds
for
Charlotte
County
Series
2022
(NR/NR)
60,000
5.125
05/01/2042
57,777
West
Port
Community
Development
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
125,000
4.000
(d)
05/01/2040
110,247
100,000
4.000
(d)
05/01/2051
79,032
West
Port
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Series
2021
(NR/NR)
25,000
2.400
05/01/2026
24,639
25,000
3.000
05/01/2031
23,306
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
West
Port
East
Community
Development
District
$
100,000
5.800%
(d)
05/01/2045
$
100,143
West
Villages
Improvement
District
Special
Assessment
RB
Series
2023
(NR/NR)
70,000
4.625
05/01/2030
71,086
West
Villages
Improvement
District
Unit
of
Development
No.
7
Master
Infrastructure
Special
Assessment
RB
Series
2019
(NR/NR)
50,000
4.750
05/01/2039
47,670
West
Villages
Improvement
District
Unit
of
Development
No.
7
Special
Assessment
RB
Series
2021
(NR/NR)
60,000
3.500
05/01/2041
48,357
West
Villages
Improvement
District
Unit
of
Development
No.
8
Special
Assessment
RB
Series
2021
(NR/NR)
100,000
3.500
05/01/2041
80,596
Westside
Haines
City
Community
Development
District
Polk
County
Florida
Special
Assessment
Bonds
Series
2024
Assessment
Area
Two
Project
(NR/NR)
65,000
4.875
05/01/2031
65,909
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
80,730
Westwood
of
Pasco
Community
Development
District
Capital
Improvement
RB,
Series
2023
(NR/NR)
145,000
4.625
05/01/2030
146,970
Whispering
Pines
Community
Development
District
Special
Assessment
Bonds
Series
2023
(NR/NR)
110,000
4.500
05/01/2030
111,778
Wildblue
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
150,000
4.250
(d)
06/15/2039
136,509
Willows
Community
Development
District
Special
Assessment
RB
for
Manatee
County
Series
2022
(NR/NR)
135,000
5.625
05/01/2042
137,448
Wind
Meadows
South
Community
Development
District
City
of
Bartow,
Florida
Special
Assessment
Bonds,
Series
2023
Assessment
Area
Two
Project
(NR/NR)
200,000
4.500
05/01/2030
202,369
Wind
Meadows
South
Community
Development
District
Special
Assessment
Bond
for
Assessment
Area
One
Project
Series
2021
(NR/NR)
10,000
2.400
05/01/2026
9,845
150,000
2.950
05/01/2031
138,209
75,000
3.350
05/01/2041
58,369
Wiregrass
II
Community
Development
District
Special
Assessment
Series
2020
(NR/NR)
100,000
3.700
05/01/2040
84,648
Zephyr
Lakes
Community
Development
District
Special
Assessment
for
Assessment
Area
Two
Series
2021
(NR/NR)
25,000
3.375
05/01/2041
19,795
47,291,135
Georgia
-
2.5%
Columbia
County
Hospital
Authority
Revenue
Anticipation
Certificates
for
Wellstar
Health
System,
Inc.
Project
Series
2023A
(A2/A+)
120,000
5.750
04/01/2053
125,886
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Georgia
–
(continued)
Development
Authority
of
Burke
County
Pollution
Control
RB
First
Series
2009
(A3/A/A-1)
$
2,435,000
3.950%
(a)(b)
07/01/2049
$
2,435,000
Development
Authority
of
Fulton
County
RB
Wellstar
Health
System,
Inc.
Project,
Series
2020A
(A2/A+)
750,000
4.000
04/01/2050
645,567
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
116,369
George
L
Smith
II
Congress
Center
Authority
RB
for
Signia
Hotel
Management
LLC
Series
2021
(NR/BBB-)
35,000
2.375
01/01/2031
32,359
Macon
Water
Authority
Georgia
Water
and
Sewer
RB
Series
2024
(Aa2/AA)
200,000
5.000
10/01/2054
204,759
Main
Street
Natural
Gas
Inc.
Gas
Supply
RB
Series
2021A
(Aa1/NR)
975,000
4.000
(a)(b)
07/01/2052
984,166
Main
Street
Natural
Gas
Inc.
Gas
Supply
RB
Series
2021C
(A3/NR)
500,000
4.000
(a)(b)
05/01/2052
502,629
Main
Street
Natural
Gas
Inc.,
Gas
Supply
RB
Series
2023E-1
(Aa1/NR)
365,000
5.000
(a)(b)
12/01/2053
384,582
Main
Street
Natural
Gas,
Inc.
Gas
Supply
RB
Series
2022C
(NR/BBB-)
100,000
4.000
(d)
11/01/2027
100,361
Municipal
Electric
Authority
of
Georgia
Plant
Vogtle
Units
3
&
4
Project
J
Bonds
(A3/A)
100,000
5.000
07/01/2052
99,209
Private
Colleges
and
Universities
Authority
Emory
University
RB,
Series
2025A
(Aa2/AA)
300,000
5.250
09/01/2040
328,571
The
Atlanta
Development
Authority
Convertible
Capital
Appreciation
Economic
Development
Certificates
for
Gulch
Enterprise
Zone
Project
Series
2024-1
(NR/NR)
550,000
0.000
(d)(f)
12/15/2048
480,661
The
Atlanta
Development
Authority
Senior
RB
for
Westside
Gulch
Area
Project
Series
2024A-1
(NR/NR)
125,000
5.000
(d)
04/01/2034
125,246
6,565,365
Guam
-
0.6%
A.B.
Won
Pat
International
Airport
Authority
Guam
General
RB
2023
Series
A
(Baa2/NR)
100,000
5.250
10/01/2029
104,786
100,000
5.250
10/01/2030
105,675
A.B.
Won
Pat
International
Airport
Authority
Guam
General
RB
2024
Series
A
(AMT)
(Baa2/NR)
200,000
5.250
10/01/2041
204,364
Guam
Department
of
Education
COPS
Refunding
for
John
F.
Kennedy
High
School
&
Energy
Efficiency
Project
Series
2020
A
(Ba1/B+)
60,000
4.250
02/01/2030
59,510
Guam
Government
RB
Refunding
Series
2021
F
(Baa3/NR)
450,000
4.000
01/01/2042
398,329
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
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
$
738,762
1,611,426
Hawaii
-
0.2%
Hawaii
State
Department
of
Budget
&
Finance
RB
Refunding
for
Hawaiian
Electric
Co.,
Inc.
Series
2019
(Ba2/NR)
100,000
3.200
07/01/2039
83,943
Hawaii
State
Department
of
Budget
and
Finance
for
Hawaiian
Electric
Company
Inc.
Special
Purpose
RB
Series
2017A
(Ba2/NR)
100,000
3.500
10/01/2049
75,450
State
of
Hawaii
Department
of
Budget
and
Finance
Special
Purpose
RB
Refunding
Series
2017A
(Ba2/NR)
250,000
3.100
05/01/2026
246,296
405,689
Idaho
-
0.2%
City
of
Boise
City,
Idaho
Airport
Revenue
and
Revenue
Refunding
Bonds,
Series
2021A
(A1/NR)
275,000
5.000
09/01/2051
276,747
Idaho
Health
Facilities
Authority
St.
Luke's
Health
System
Project
RB  Series
2025A
(NR/A)
250,000
4.375
03/01/2053
219,952
496,699
Illinois
-
6.8%
Board
of
Education
of
The
City
of
Chicago
UT
GO
Bonds
Dedicated
Revenues,
Series
2012A
(Ba1/BB+)
1,010,000
5.000
12/01/2042
947,219
Board
of
Education
of
The
City
of
Chicago
UT
GO
Bonds
Dedicated
Revenues,
Series
2021A
(NR/BB+)
100,000
5.000
12/01/2039
98,508
Board
of
Education
of
The
City
of
Chicago
UT
GO
Bonds
Dedicated
Revenues,
Series
2022A
(NR/BB+)
175,000
5.000
12/01/2047
161,487
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
99,838
750,000
5.000
12/01/2044
693,250
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
491,443
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
100,509
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
100,989
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
977,487
City
of
Chicago
Board
of
Education
Dedicated
Capital
Improvement
Tax
Bonds
Series
2023
(NR/NR)
150,000
5.000
04/01/2045
147,665
City
of
Chicago
Board
of
Education
UT
GO
Bonds
Series
2018D
(NR/BB+)
100,000
5.000
12/01/2046
90,730
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Illinois
–
(continued)
City
of
Chicago
Board
of
Education
UT
GO
Bonds
Series
2021A
(NR/BB+)
$
210,000
5.000%
12/01/2036
$
212,078
250,000
5.000
12/01/2038
249,111
City
of
Chicago
Board
of
Education
UT
GO
Bonds
Series
2022A
(NR/BB+)
500,000
4.000
12/01/2047
394,821
City
of
Chicago
Board
of
Education
UT
GO
Series
2015E
Project
Bonds
(NR/BB+)
100,000
5.125
12/01/2032
100,019
City
of
Chicago
GO
Bonds
Series
2021B
(NR/BBB)
500,000
4.000
01/01/2038
453,595
City
of
Chicago
GO
Bonds
Series
2023A
(Baa3/BBB)
200,000
5.500
01/01/2043
201,037
City
of
Chicago
GO
Bonds
Series
2024A
(NR/BBB)
650,000
5.250
01/01/2045
632,149
City
of
Chicago
GO
Bonds,
Series
2025E
(NR/BBB)
500,000
6.000
01/01/2042
529,946
City
of
Chicago
O'Hare
International
Airport
General
Airport
Senior
Lien
RB
Series
2022A
(NR/A+)
150,000
4.500
01/01/2048
137,393
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
123,680
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
91,002
Eastern
Illinois
Economic
Development
Authority,
Illinois
Business
District
RB
Remington
Road
&
I-57
Business
District
Series
2023
(NR/NR)
85,000
5.000
11/01/2033
85,032
Illinois
Finance
Authority
Depaul
University
RB
Series
2016
(A1/A)
650,000
5.000
10/01/2041
646,129
Illinois
Finance
Authority
RB
for
Depaul
College
Prep
Foundation
Series
2023A
(NR/BB+)
125,000
5.500
(d)
08/01/2043
128,595
Illinois
Finance
Authority
RB
for
Dominican
University
Series
2022
(NR/BBB-)
165,000
5.000
03/01/2040
153,802
Illinois
Finance
Authority
RB
for
Northwestern
Memorial
Healthcare
Obligation
Group
Series
2017
A
(Aa2/AA+)
250,000
4.000
07/15/2047
217,788
Illinois
Finance
Authority
RB
for
Roosevelt
University
Series
2019
A
(NR/NR)
475,000
6.125
(d)
04/01/2049
454,549
Illinois
Finance
Authority
RB
Illinois
Institute
of
Technology
Series
2025
RB
Series
2025A
(NR/BB+)
200,000
5.875
(d)
09/01/2046
193,956
Illinois
Finance
Authority
RB
Refunding
for
Plymouth
Place
Obligated
Group
Series
2021
A
(NR/NR)
25,000
5.000
05/15/2041
23,235
Illinois
Finance
Authority
RB
Series
2015A
(NR/NR)
1,060,000
5.000
05/15/2028
1,060,324
Illinois
Finance
Authority
RB
Series
2021
(NR/BB+)
250,000
4.000
(d)
10/01/2042
207,688
Illinois
Finance
Authority
Revenue
Project
and
Refunding
Bonds
Series
2025A
(NR/BB)
100,000
6.000
(d)
10/01/2045
99,297
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Illinois
–
(continued)
Illinois
Finance
Authority
Revenue
Refunding
Bonds
Noble
Network
of
Charter
Schools
Series
2025A
(NR/BBB)
$
215,000
5.000%
09/01/2037
$
221,282
Illinois
Finance
Authority
State
of
Illinois
Clean
Water
Initiative
Revolving
Fund
RB,
Series
2020
(NR/AAA)
500,000
4.000
07/01/2038
486,760
Illinois
Housing
Development
Authority
RB
2024
Series
C
(NON-AMT)
(GNMA/FNMA/FHLMC)
(Aaa/NR)
200,000
4.250
10/01/2039
198,126
150,000
4.700
10/01/2044
146,498
Illinois
Housing
Development
Authority
RB
2025
Series
A
(NON-AMT)
(GNMA/FNMA/FHLMC)
(Aaa/NR)
500,000
4.750
10/01/2045
491,338
Illinois
State
GO
Bonds
Series
2017
D
(A3/A-)
600,000
5.000
11/01/2028
621,420
Illinois
State
GO
Bonds
Series
2019
C
(A3/A-)
1,000,000
4.000
11/01/2042
868,244
Illinois
State
GO
Bonds
Series
2020
(A3/A-)
50,000
5.500
05/01/2039
52,374
150,000
5.750
05/01/2045
155,702
Illinois
State
GO
Refunding
Bonds
Series
2018
B
(A3/A-)
375,000
5.000
10/01/2031
391,033
Metropolitan
Pier
&
Exposition
Authority
RB
Refunding
Capital
Appreciation
for
McCormick
Place
Expansion
Project
Series
2002
A
(NATL)
(Baa2/A)
200,000
0.000
(e)
06/15/2033
145,738
Metropolitan
Pier
&
Exposition
Authority
RB
Refunding
Capital
Appreciation
for
McCormick
Place
Expansion
Project
Series
2010
B1
(AGM)
(A1/AA)
25,000
0.000
(e)
06/15/2044
9,553
Metropolitan
Pier
&
Exposition
Authority
RB
Refunding
for
McCormick
Place
Expansion
Project
Series
2017
A
(NR/A)
35,000
0.000
(e)
12/15/2056
6,216
Metropolitan
Pier
&
Exposition
Authority
RB
Refunding
for
McCormick
Place
Expansion
Project
Series
2017
B
(AGM)
(A1/AA)
375,000
0.000
(e)
12/15/2056
71,027
Metropolitan
Pier
&
Exposition
Authority
RB
Refunding
for
McCormick
Place
Expansion
Project
Series
2017
B
(NR/A)
150,000
0.000
(e)
12/15/2054
29,915
Metropolitan
Pier
and
Exposition
Authority
Dedicated
State
Tax
RB
Series
2002A
(NATL)
(Baa2/A)
800,000
0.000
(e)
12/15/2034
540,357
Metropolitan
Pier
and
Exposition
Authority
McCormick
Place
Expansion
Project
RB,
Series
2010B1
(AG)
(A1/AA)
205,000
0.000
(e)
06/15/2045
74,049
Metropolitan
Pier
and
Exposition
Authority
McCormick
Place
Expansion
Project
Refunding
Bonds
Series
2022A
(NR/A)
30,000
4.000
06/15/2052
24,379
State
of
Illinois
GO
Bonds
Series
2016
(A3/A-)
1,000,000
4.000
06/01/2033
985,977
State
of
Illinois
GO
Bonds
Series
2017
D
(A3/A-)
30,000
3.250
11/01/2026
29,953
State
of
Illinois
GO
Bonds
Series
of
December
2023C
(A3/A-)
190,000
5.000
12/01/2045
189,895
State
of
Illinois
GO
Bonds
Series
of
May
2024B
(A3/A-)
370,000
5.000
05/01/2039
383,958
145,000
5.000
05/01/2041
147,866
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Illinois
–
(continued)
State
of
Illinois
GO
Unlimited
Bonds
Series
2017
A
(A3/A-)
$
300,000
4.250%
12/01/2037
$
288,521
Transportation
Infrastructure
Properties,
LLC
Trips
Obligated
Group
City
of
Chicago
Chicago
O'Hare
International
Airport
Senior
Special
Facilities
RB
Trips
Obligated
Group,
Series
2025
(NR/BBB+)
800,000
5.500
07/01/2041
846,634
Upper
Illinois
River
Valley
Development
Authority
Educational
Facility
RB
for
Elgin
Math
&
Science
Academy
Charter
School
Project
Series
2023A
(Ba3/NR)
150,000
5.625
(d)
03/01/2043
146,755
17,857,921
Indiana
-
0.5%
City
of
Valparaiso
Indiana
Exempt
Facilities
Refunding
RB
Pratt
Paper
LIC
Project
Series
2024
(NR/NR)
200,000
4.875
(d)
01/01/2044
192,220
Indiana
Finance
Authority
CHF
-
Tippecanoe,
LLC
-
Student
Housing
Project
Student
Housing
RB
Series
2023A
(NR/BBB-)
100,000
5.125
06/01/2058
96,670
Indiana
Finance
Authority
Environmental
Improvement
Revenue
Refunding
Bonds
Series
2021A
(B1/BB-)
400,000
4.125
12/01/2026
401,259
Indiana
Finance
Authority
Health
Facility
RB
Series
2024
(A3/A-)
75,000
5.000
03/01/2040
76,933
250,000
4.250
03/01/2049
208,326
Indiana
Finance
Authority
RB
for
Goshen
Health
Obligated
Group
Series
2019
B
(NR/BBB+)
35,000
2.100
(a)(b)
11/01/2049
34,207
Indiana
Finance
Authority
RB
Refunding
for
BHI
Senior
Living
Obligated
Group
Series
2021
B
(NR/NR)
50,000
2.520
11/15/2026
48,350
50,000
2.920
11/15/2027
47,703
50,000
3.210
11/15/2028
47,151
50,000
3.260
11/15/2029
46,270
50,000
3.300
11/15/2030
45,275
Town
of
Upland
Economic
Development
RB
for
Taylor
University
Project
Series
2021
(NR/A)
85,000
4.000
09/01/2033
85,602
1,329,966
Iowa
-
0.9%
City
of
Coralville
GO
Annual
Appropriation
Refunding
Bonds
Series
2022C
(NR/NR)
575,000
5.000
05/01/2042
538,504
Iowa
Finance
Authority
Health
Facilities
RB
Pella
Regional
Health
Center,
Series
2025
(NR/NR)
265,000
5.250
12/01/2050
256,611
Iowa
Finance
Authority
Midwestern
Disaster
Area
Revenue
Refunding
Bonds
Series
2022
(#Aa1/AA+)
300,000
4.000
(a)(b)(g)
12/01/2032
320,086
Iowa
Finance
Authority
RB
for
Lifespace
Communities,
Inc.
Series
2016A
(NR/NR)
105,000
5.000
05/15/2047
98,487
Iowa
Finance
Authority
RB
for
Lifespace
Communities,
Inc.
Series
2018A
(NR/NR)
175,000
5.000
05/15/2043
169,221
300,000
5.000
05/15/2048
280,024
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Iowa
–
(continued)
Iowa
Finance
Authority
Single
Family
Mortgage
Bonds
2024
Series
C
(NON-AMT)
(GNMA/FNMA/FHLMC)
(Aaa/AAA)
$
250,000
4.500%
07/01/2044
$
239,715
Iowa
Higher
Education
Loan
Authority
Private
College
Facility
RB
Series
2022
(Baa1/BBB+)
310,000
5.000
10/01/2034
325,869
2,228,517
Kansas
-
0.1%
City
of
Manhattan
RB
Refunding
for
Meadowlark
Hills
Retirement
Community
Obligated
Group
Series
2021
A
(NR/NR)
50,000
4.000
06/01/2036
45,480
Salina
Airport
Authority
GO
Bonds
2023B
(AGM-CR)
(Aa3/AA)
200,000
4.000
09/01/2036
196,425
241,905
Kentucky
-
0.5%
City
of
Henderson
Exempt
Facilities
RB
for
Pratt
Paper,
LLC
Project
Series
2022A
(NR/NR)
200,000
4.450
(d)
01/01/2042
185,070
County
of
Carroll
RB
Refunding
for
Kentucky
Utilities
Co.
Series
2006
B
(A1/A)
150,000
2.125
10/01/2034
119,511
County
of
Carroll
RB
Refunding
for
Kentucky
Utilities
Co.
Series
2008
A
(A1/A)
150,000
2.000
02/01/2032
128,066
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
67,051
Louisville
&
Jefferson
County
Metropolitan
Government
RB
Refunding
for
Louisville
Gas
&
Electric
Co.
Series
2003
A
(A1/A)
500,000
2.000
10/01/2033
415,396
Louisville
Jefferson
County
Metro
Government
Health
System
RB
for
Norton
Healthcare
Series
2023A
(NR/A)
215,000
5.000
10/01/2041
219,929
150,000
5.000
10/01/2042
151,887
1,286,910
Louisiana
-
2.1%
Board
of
Commissioners
of
The
Port
of
New
Orleans
Louisiana
Port
Facility
RB
Series
2025A
(NON-AMT)
(A2/A)
250,000
5.250
04/01/2055
253,597
Board
of
Commissioners
of
The
Port
of
New
Orleans,
Louisiana
Port
Facility  RB,
Series
2025B
(AMT)
(AG)
(A1/AA)
100,000
5.500
04/01/2051
103,281
Department
of
Water
and
Power
of
The
City
of
Los
Angeles
Power
System
Variable
Rate
Demand
RB
2021
Subseries
A-2
(A2/A)
300,000
4.000
10/01/2041
268,852
Lakeshore
Villages
Master
Community
Development
District
Special
Assessment
RB
Series
2022
(NR/NR)
120,000
4.450
06/01/2027
120,318
250,000
5.000
06/01/2032
252,912
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
101,400
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Louisiana
–
(continued)
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
Revenue
and
Refunding
RB
for
Christwood
Project
Series
2024
(NR/NR)
$
175,000
5.000%
(d)
11/15/2037
$
173,651
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
240,537
Louisiana
Public
Facilities
Authority
Hospital
RB
Louisiana
Children
Medicine
Ctr
2023A
(NR/A)
400,000
5.250
(a)(b)
12/01/2052
428,579
Louisiana
Public
Facilities
Authority
RB
for
Jefferson
Rise
Charter
School
Project
Series
2022A
(NR/NR)
100,000
6.000
(d)
06/01/2037
100,274
Louisiana
Public
Facilities
Authority
RB
Series
2021A
(NR/NR)
100,000
4.000
(d)
06/01/2041
79,678
Louisiana
Public
Facilities
Authority
RB
Series
2021C
(NR/NR)
100,000
4.000
(d)
06/01/2041
79,678
Louisiana
Public
Facilities
Authority
Revenue
Refunding
Bonds
for
Ochsner
Clinic
Foundation
Project
Series
2017
(A3/A)
950,000
5.000
05/15/2042
944,077
Louisiana
Public
Facilities
Authority
Senior
Lien
RB
for
I-10
Calcasieu
River
Bridge
Public-Private
Partnership
Project
Series
2024
(AMT)
(Baa3/NR)
1,485,000
5.500
09/01/2054
1,511,665
Louisiana
Public
Facilities
Authority
Senior
Lien
RB
I-10
Calcasieu
River
Bridge
Public-Private
Partnership
Project
Series
2024
(AMT)
(Baa3/NR)
600,000
5.500
09/01/2059
608,985
Parish
School
Board
of
the
Parish
of
Lafayette
State
of
Louisiana
Sales
Tax
RB,
Series
2025
(NR/AA+)
240,000
5.500
04/01/2045
255,433
5,522,917
Maine
-
0.4%
Maine
Health
&
Higher
Educational
Facilities
Authority
RB
for
MaineHealth
Series
2020A
(A1/A+)
340,000
4.000
07/01/2050
290,974
Maine
Health
and
Higher
Education
Facilities
Authority
RB
Series
2021A
375,000
4.000
07/01/2037
369,613
325,000
4.000
07/01/2041
302,843
Maine
Health
and
Higher
Educational
Facilities
Authority
RB
Series
2024A
(AGC)
(Aa3/AA)
225,000
4.250
07/01/2054
201,780
1,165,210
Maryland
-
0.8%
Baltimore
County
RB
for
Riderwood
Village
Facility
Series
2020
(NR/NR)
100,000
4.000
01/01/2039
94,069
City
of
Gaithersburg
Economic
Development
Project
RB
for
Asbury
Maryland
Obligated
Group
Series
2022
(NR/NR)
175,000
5.000
01/01/2037
176,350
City
of
Gaithersburg
Economic
Development
Project
RB
Series
2022
(NR/NR)
100,000
5.125
01/01/2042
99,081
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Maryland
–
(continued)
Frederick
County
Urbana
Community
Development
Authority
Special
Tax
Refunding
Series
2020
B
(NR/NR)
$
75,000
4.000%
07/01/2040
$
68,787
Maryland
Economic
Development
Corp.
RB
for
United
States
Social
Security
Administration
Series
2021
(Ba2/NR)
195,000
3.997
04/01/2034
139,892
Maryland
Economic
Development
Corp.
Senior
Student
Housing
RB
for
Morgan
State
University
Project
Series
2022A
(NR/BBB-)
250,000
5.625
07/01/2043
261,813
Maryland
Health
&
Higher
Educational
Facilities
Authority
RB
for
Maryland
Institute
College
of
Art
Issue
Series
2024
(NR/NR)
250,000
5.500
06/01/2047
252,966
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
94,209
Maryland
Health
and
Higher
Educational
Facilities
Authority
RB
Monocacy
Montessori
Communities
Issue
Series
2023
(NR/NR)
100,000
5.875
(d)
07/01/2043
99,929
Maryland
Stadium
Authority
Baltimore
City
Public
Schools
Construction
and
Revitalization
Program
Revenue
Bonds
Series
2022C
(ST
INTERCEPT)
(A1/AA-)
700,000
0.000
(e)
05/01/2051
179,040
700,000
0.000
(e)
05/01/2052
169,600
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
151,585
100,000
5.000
09/01/2035
100,363
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
97,731
Prince
George
County
Special
Obligation
Bonds
Series
2018
(NR/NR)
175,000
5.125
(d)
07/01/2039
174,411
2,159,826
Massachusetts
-
0.7%
Massachusetts
Development
Finance
Agency
RB
Brown
University
Health
Obligated
Group
Issue
Series
2025A
(NR/BBB+)
340,000
5.500
08/15/2050
348,895
Massachusetts
Development
Finance
Agency
RB
for
CHF
Merrimack,
Inc.
Issue,
Merrimack
College
Student
Housing
Project
Series
2024A
(NR/BB)
100,000
5.000
(d)
07/01/2044
95,026
Massachusetts
Development
Finance
Agency
RB
for
Tufts
Medicine
Issue
Series
2024
E
(NR/BBB-)
800,000
8.500
10/01/2026
804,315
Massachusetts
Development
Finance
Agency
Revenue
and
Revenue
Refunding
Bonds,
Lasell
Village,
Inc.
Issue,
Series
2025
(Baa3/NR)
500,000
6.000
07/01/2050
525,645
1,773,881
Michigan
-
1.8%
City
of
Detroit
Financial
Recovery
GO
Bonds
Series
2014
B-1
(NR/NR)
1,655,539
4.000
(a)
04/01/2044
1,293,765
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Michigan
–
(continued)
City
of
Detroit
GO
Bonds
Series
2020
(Baa1/BBB)
$
205,000
5.500%
04/01/2045
$
208,425
City
of
Detroit
GO
Bonds
Series
2021
A
(Baa1/BBB)
105,000
5.000
04/01/2034
111,108
City
of
Detroit
GO
Bonds
Series
2021
B
(Baa1/BBB)
50,000
2.711
04/01/2026
49,379
City
of
Detroit,
County
of
Wayne,
UT
GO
Social
Bonds
Series
2021A
(Tax
Exempt)
(Baa1/BBB)
75,000
5.000
04/01/2035
78,841
City
of
Kalamazoo
Economic
Development
Corporation
Limited
obligation
RB
for
Revel
Creek
Project,
Series
2020A
(Baa1/BBB)
300,000
5.250
05/01/2027
310,109
Detroit
Financial
Recovery
Bonds
LT
Series
B-2
(NR/NR)
400,000
4.000
(a)
04/01/2044
312,591
Detroit
Michigan
Sewage
Disposal
System
RB
Refunding
Series
2006
D
(AGM)
(Aa3/AA)
(3M
USD
SOFR
+
0.60%)
585,000
3.655
(c)
07/01/2032
577,069
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
82,996
Michigan
Finance
Authority
RB
Refunding
for
Kettering
University
Series
2020
(NR/NR)
125,000
4.000
09/01/2050
91,868
Michigan
Finance
Authority
Tobacco
Settlement
Asset-Backed
Bonds
Series
2020A-2
(NR/BBB+)
225,000
5.000
06/01/2040
227,746
Michigan
Finance
Authority
Tobacco
Settlement
RB
Refunding
Series
2020
A-1
(NR/A-)
280,000
3.267
06/01/2039
261,471
Michigan
Finance
Authority
Tobacco
Settlement
RB
Refunding
Series
2020
B-2
Class
2
(NR/NR)
3,505,000
0.000
(e)
06/01/2065
344,089
Michigan
Strategic
Fund
Limited
Obligation
RB
for
I-75
Improvement
Project
Series
2018
(AMT)
(AGM)
(A1/AA)
500,000
4.250
12/31/2038
483,510
Michigan
Tobacco
Settlement
Finance
Authority
Tobacco
Settlement
Asset
Backed
RB
Series
C
(NR/NR)
1,150,000
0.000
(e)
06/01/2058
31,700
Wayne
County
Airport
Authority
Airport
RB
Detroit
Metropolitan
Wayne
County
Airport
Airport
Revenue
Refunding
Bonds,
Series
2015F
(AMT)
(A1/A+)
360,000
5.000
12/01/2032
360,745
4,825,412
Minnesota
-
0.5%
City
of  Apple
Valley,
Minnesota
Senior
Housing
RB  Apple
Valley
Senior
Housing,
Inc.
Orchard
Path
Phase
III
Project,
Series
2025A
(NR/NR)
75,000
5.500
09/01/2055
74,064
City
of
Independence
RB
for
Global
Academy,
Inc.
Series
2021
A
(NR/BB)
75,000
4.000
07/01/2031
72,053
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
403,044
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Minnesota
–
(continued)
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
$
431,252
Duluth
Independent
School
District
No.709
COPS
Refunding
Series
2019
A
(Baa1/NR)
25,000
4.000
(g)
03/01/2027
25,445
Minnesota
Municipal
Gas
Agency
Commodity
Supply
RB
Series
2022
(Aa1/NR)
330,000
4.000
12/01/2026
333,466
1,339,324
Mississippi
-
0.3%
Mississippi
Business
Finance
Corp.
System
Energy
Resources
Inc.
RB
Series
2021
(Baa2/BBB+)
200,000
2.375
06/01/2044
120,195
Mississippi
Development
Bank
Special
Obligation
Bonds
Series
2021
(NR/BB)
200,000
4.000
(d)
10/01/2041
155,961
Mississippi
Home
Corp.
Single
Family
Mortgage
RB
Series
2025A
(GNMA/FNMA/FHLMC)
(Aa1/NR)
500,000
4.800
12/01/2045
494,325
770,481
Missouri
-
0.5%
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
97,672
Health
and
Educational
Facilities
Authority
of
The
State
of
Missouri
Health
Facilities
RB
Bjc
Health
System
Series
2025A
(Aa2/AA)
500,000
4.000
04/01/2045
450,691
Joplin
Industrial
Development
Authority
RB
for
32nd
Street
Place
Community
Improvement
District
Series
2021
(NR/NR)
70,000
3.500
11/01/2040
64,020
100,000
4.250
11/01/2050
79,078
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
22,989
25,000
4.000
08/01/2041
21,226
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
262,776
The
Industrial
Development
Authority
of
The
City
of
Kansas
City
Missouri
Economic
Activity
Tax
RB
for
Historic
Northeast
Redevelopment
Plan
Series
2024A-1
(NR/NR)
100,000
5.000
(d)
06/01/2046
92,996
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
98,596
1,190,044
Montana
-
0.2%
City
of
Kalispell
Montana
Revenue
and
Refunding
Bonds
Immanuel
Living
at
Buffalo
Hill
Project
Series
2025B-1
(NR/NR)
275,000
4.625
05/15/2031
275,948
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Montana
–
(continued)
Montana
Board
of
Housing
Single
Family
Mortgage
Bonds
2024
Series
B
(NON-AMT)
(GNMA/FNMA/FHLMC)
(Aa1/AA+)
$
250,000
4.400%
12/01/2049
$
231,991
507,939
Nebraska
-
0.2%
Nebraska
Investment
Finance
Authority
Single
Family
Housing
RB
2025
Series
A
(GNMA/FNMA/FHLMC)
(NR/AAA)
500,000
4.500
09/01/2045
477,058
a
a
Nevada
-
0.5%
City
of
Las
Vegas
Special
Improvement
District
No.
816
Special
Assessment
Series
2021
(NR/NR)
50,000
3.125
06/01/2051
33,082
Clark
County
School
District,
Nevada
GO
Limited
Tax
Building
Bonds,
Series
2025A
(AG)
(A1/AA)
500,000
3.000
06/15/2044
388,802
Director
of
The
State
of
Nevada
Department
of
Business
and
Industry
Senior
Subordinated
Secured
RB
Brightline
West
Passenger
Rail
Project
Series
2025A
(NR/NR)
150,000
9.500
(a)(b)(d)
01/01/2065
142,048
Henderson
Local
Improvement
District
No.
T-18
Limited
Obligation
RB
Series
2016
(NR/NR)
95,000
4.000
09/01/2035
85,709
Las
Vegas
Convention
&
Visitors
Authority
Convention
Center
Expansion
RB
Series
2018B
(Aa3/AA-)
750,000
4.000
07/01/2049
640,066
Tahoe-Douglas
Visitors
Authority
RB
Series
2020
(NR/NR)
100,000
5.000
07/01/2040
100,986
1,390,693
New
Hampshire
-
0.2%
National
Finance
Authority
Hospital
RB
Series
2021B
(AGM)
(A1/AA)
500,000
3.000
08/15/2046
368,599
New
Hampshire
Business
Finance
Authority
RB
Refunding
for
Springpoint
Senior
Living
Obligated
Group
Series
2021
(NR/NR)
225,000
4.000
01/01/2041
192,635
561,234
New
Jersey
-
3.5%
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
117,899
Jersey
City
Municipal
Utilities
Authority
Hudson
County
New
Jersey
Water
RB,
Series
2025D
(BAM
MUN
GOVT
GTD)
(Aa3/AA)
650,000
5.750
10/15/2051
714,132
New
Jersey
Economic
Development
Authority
Special
Facility
RB
for
Continental
Airlines
Project
Series
1999
(Ba3/BB)
665,000
5.250
09/15/2029
665,225
New
Jersey
Economic
Development
Authority
Special
Facility
Revenue
and
Refunding
Bonds
Series
2017
(Baa2/NR)
500,000
5.000
10/01/2047
480,581
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
321,005
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
Jersey
–
(continued)
New
Jersey
Health
Care
Facilities
Financing
Authority
Revenue
and
Refunding
Bonds
Inspira
Health
Obligated
Group
Issue
Series
2024A
(A2/NR)
$
230,000
4.125%
07/01/2054
$
197,193
New
Jersey
Health
Care
Facilities
Financing
Authority
Revenue
and
Refunding
Bonds
Inspira
Health
Obligated
Group
Issue,
Series
2024A
(A2/NR)
280,000
5.250
07/01/2049
288,830
New
Jersey
Health
Care
Facilities
Financing
Authority
Revenue
and
Refunding
Bonds
RWJ
Barnabas
Health
Obligated
Group
Issue,
Series
2024-A
(A1/AA-)
60,000
5.250
07/01/2054
61,781
New
Jersey
State
Transportation
Trust
Fund
Authority
Transportation
System
Bonds
Series
2006C
(AGM)
(A1/AA)
975,000
0.000
(e)
12/15/2034
685,981
New
Jersey
Transportation
Trust
Fund
Authority
RB
Capital
Appreciation
for
Transportation
System
Bonds
Series
2008
A
(A2/A-)
500,000
0.000
(e)
12/15/2035
331,116
New
Jersey
Transportation
Trust
Fund
Authority
RB
for
Transportation
System
Series
2009
A
(A2/A-)
2,450,000
0.000
(e)
12/15/2038
1,352,675
1,000,000
0.000
(e)
12/15/2039
517,838
New
Jersey
Transportation
Trust
Fund
Authority
RB
Refunding
for
Transportation
System
Bonds
Series
2018
A
(A2/A-)
70,000
5.000
12/15/2032
73,428
New
Jersey
Transportation
Trust
Fund
Authority
RB
Series
2020
AA
(A2/A-)
75,000
3.000
06/15/2050
52,659
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
Program
Bonds
2024
Series
CC
(A2/A-)
650,000
5.250
06/15/2050
668,045
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
Program
RB
Series
2019
BB
(A2/A-)
400,000
3.500
06/15/2046
317,673
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
System
Bonds
2022
Series
A
(A2/A-)
685,000
4.000
06/15/2041
635,159
New
Jersey
Turnpike
Authority
Turnpike
RB
Series
2017
G
(A1/AA-)
615,000
4.000
01/01/2043
566,160
New
Jersey
Turnpike
Authority
Turnpike
RB
Series
2022
B
(A1/AA-)
100,000
4.500
01/01/2048
96,737
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
100,350
South
Jersey
Transport
Corp.
Subordinated
Marine
Terminal
RB
Series
2017B
(A3/NR)
100,000
5.000
01/01/2048
98,559
Tobacco
Settlement
Financing
Corp.
RB
Series
2018
B
(NR/BB+)
640,000
5.000
06/01/2046
616,578
Union
County
Improvement
Authority
RB
Aries
Linden
LLC
Project
Series
2019
(NR/NR)
200,000
6.750
(d)
12/01/2041
127,310
9,086,914
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
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
C
(NON-AMT)
(Baa2/BBB)
(PUTABLE)
$
660,000
3.875%
(a)(b)
06/01/2040
$
669,199
City
of
Farmington
Pollution
Control
Refunding
RB
2005
Series
A
(A2/A-)
200,000
1.800
04/01/2029
183,384
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
384,681
New
Mexico
Mortgage
Finance
Authority
Single
Family
Mortgage
Program
Class
I
Bonds
2024
Series
C
(NON-AMT)
(GNMA/FNMA/FHLMC)
(Aa1/NR)
250,000
4.700
09/01/2049
241,262
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
450,808
1,929,334
New
York
-
6.7%
Allegany
County
Capital
Resource
Corp.
RB
Alfred
University
Project
Series
2024
(NR/BBB+)
150,000
5.250
04/01/2054
144,619
Brooklyn
Arena
Local
Development
Corp.
Pilot
RB
Series
2009
(Ba1/NR)
200,000
0.000
(e)
07/15/2044
73,843
Brooklyn
Arena
Local
Development
Corp.
Pilot
Revenue
Refunding
Bonds
for
Barclays
Center
Series
2016A
(Ba1/NR)
615,000
5.000
07/15/2042
611,400
Build
NYC
Resource
Corp.
RB
for
Academic
Leadership
Charter
School
Project
Series
2021
(NR/BBB-)
100,000
4.000
06/15/2030
100,323
Build
NYC
Resource
Corp.
RB
for
Bay
Ridge
Preparatory
School
Project
Series
2024
(NR/BB)
100,000
5.000
(d)
09/01/2044
92,518
Build
NYC
Resource
Corp.
RB
for
Hellenic
Classical
Charter
Schools
Series
2021
A
(NR/NR)
100,000
5.000
(d)
12/01/2041
89,533
Build
NYC
Resource
Corp.
RB
for
NEW
World
Preparatory
Charter
School
Series
2021
A
(NR/NR)
100,000
4.000
(d)
06/15/2041
83,872
Build
NYC
Resource
Corp.
RB
for
Shefa
School
Series
2021
B
(NR/NR)
100,000
4.000
(d)
06/15/2027
97,269
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
97,974
Build
NYC
Resource
Corp.
Tax
Exempt
RB
Series
2022A
(NR/NR)
100,000
6.500
(d)
07/01/2032
104,810
150,000
6.500
(d)
07/01/2042
149,654
100,000
6.500
(d)
07/01/2052
96,870
Build
NYC
Resource
Corp.
Taxable
RB
Taxable
Series
2022A
(NR/NR)
100,000
9.750
(d)
07/01/2032
99,290
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
Build
NYC
Resource
Corporation
RB
Classical
Charter
Schools
Project
Series
2023A
(NR/BBB-)
$
100,000
4.750%
06/15/2053
$
90,061
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
100,727
City
of
New
York
GO
Tax
Exempt
Bonds
2020
Series
D
(Aa2/AA)
290,000
4.000
03/01/2050
250,983
Clinton
County
Capital
Resource
Corp.
(A3/NR)
125,000
5.000
(d)
07/01/2037
131,312
Dormitory
Authority
of
The
State
of
New
York
New
York
Institute
of
Technology
RB
Series
2024
(Baa2/BBB)
450,000
5.250
07/01/2049
460,136
Dormitory
Authority
of
The
State
of
New
York
Northwell
Health
Obligated
Group
RB
Series
2024A
(A3/A-)
100,000
5.250
05/01/2054
101,770
Dormitory
Authority
of
The
State
of
New
York
Pace
University
RB
Series
2024A
(Baa3/BBB-)
100,000
5.250
05/01/2044
100,252
100,000
5.500
05/01/2049
100,638
150,000
5.500
05/01/2056
149,763
Dormitory
Authority
of
The
State
of
New
York
State
Personal
Income
Tax
RB
General
Purpose,
Series
2025A
(Tax-Exempt)
(Aa1/NR)
1,320,000
5.000
03/15/2055
1,338,134
Erie
Tobacco
Asset
Securitization
Corp.
RB
Asset-Backed
Bonds
Series
2006
A
(NR/NR)
800,000
0.000
(d)(e)
06/01/2060
31,289
Genesee
County
Funding
Corp.
Tax
Exempt
RB
for
Rochester
Regional
Health
Project
Series
2022A
(NR/BBB+)
250,000
5.000
12/01/2041
252,527
Metropolitan
Transit
Authority
NY
Revenue
Variable
Rate
Refunding
Bonds
Sub,
Series
2005D-1
(Aa3/AA/A-1)
915,000
4.050
(a)(b)
11/01/2035
915,000
Metropolitan
Transportation
Authority
RB
Green
Bond
Series
2020
C-1
(A2/A-)
225,000
4.750
11/15/2045
219,215
125,000
5.000
11/15/2050
123,722
75,000
5.250
11/15/2055
75,475
Metropolitan
Transportation
Authority
RB
Refunding
Series
2016
D
(A2/A-)
175,000
5.250
11/15/2031
179,510
Metropolitan
Transportation
Authority
RB
Refunding
Series
2017
D
(A2/A-)
250,000
5.000
11/15/2032
258,899
Metropolitan
Transportation
Authority
Transportation
Revenue
Green
Bonds
Series
2020D
(A2/A-)
100,000
5.000
11/15/2045
100,549
Metropolitan
Transportation
Authority
Transportation
Revenue
Variable
Rate
Refunding
Bonds,
Series
2020B
(Aa1/AA/A-1+)
1,250,000
3.900
(a)(b)
11/15/2046
1,250,000
Nassau
County
Tobacco
Settlement
Corp.
RB
for
Asset
Backed
Bonds
Series
2006
D
(NR/NR)
2,255,000
0.000
(e)
06/01/2060
128,053
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
158,402
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
New
York
City
Municipal
Water
Finance
Authority
Water
and
Sewer
System
Second
General
Resolution
RB
Adjustable
Rate
Fiscal
2021
Series
EE
Subseries
EE-1
and
EE-2
(Aa1/AA+/A-1)
$
215,000
3.600%
(a)(b)
06/15/2045
$
215,000
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Tax-Exempt
Subordinate
Bonds
Fiscal
2014
Subseries
B-3
(Aa1/AAA/A-1)
100,000
3.900
(a)(b)
11/01/2042
100,000
New
York
Counties
Tobacco
Trust
IV
RB
Series
2005
F
(NR/NR)
3,500,000
0.000
(e)
06/01/2060
157,556
New
York
Liberty
Development
Corp.
RB
for
World
Trade
Center
Project
Series
2014
(NR/NR)
125,000
5.150
(d)
11/15/2034
125,007
225,000
5.375
(d)
11/15/2040
224,991
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
275,176
New
York
Liberty
Development
Corp.
RB
Refunding
for
3
World
Trade
Center
LLC
Series
2014
(NR/NR)
1,000,000
5.000
(d)
11/15/2044
977,233
New
York
State
Dormitory
Authority
RB
for
Brooklyn
St.
Joseph's
College
Series
2021
(NR/NR)
225,000
4.000
07/01/2040
182,683
New
York
State
Dormitory
Authority
RB
New
York
University
2001
(AMBAC)
(Aa2/AA-)
100,000
5.500
07/01/2040
113,131
New
York
State
Dormitory
Authority
RB
Refunding
for
Catholic
Health
System
Obligated
Group
Series
2019
A
(B3/B-)
200,000
5.000
07/01/2035
195,215
New
York
State
Dormitory
Authority
RB
Refunding
for
Montefiore
Obligated
Group
Series
2020
A
(Baa3/BBB-)
250,000
4.000
09/01/2037
238,971
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
248,994
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
71,377
New
York
Transportation
Development
Corp.
RB
for
Delta
Air
Lines,
Inc.
Series
2018
(Baa2/NR)
400,000
5.000
01/01/2027
405,883
190,000
5.000
01/01/2033
193,062
100,000
4.000
01/01/2036
93,780
New
York
Transportation
Development
Corp.
RB
for
Delta
Air
Lines,
Inc.
Series
2020
(Baa2/NR)
100,000
5.000
10/01/2035
101,645
400,000
5.000
10/01/2040
397,818
795,000
4.375
10/01/2045
708,887
New
York
Transportation
Development
Corp.
RB
for
Empire
State
Thruway
Partners
LLC
Series
2021
(NR/NR)
25,000
2.500
10/31/2031
21,587
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
100,102
200,000
5.000
07/01/2046
193,634
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
New
York
Transportation
Development
Corp.
Special
Facilities
RB
for
John
F.
Kennedy
International
Airport
New
Terminal
One
Project
Green
Bonds
Series
2023
(AMT)
(Baa3/AA)
$
225,000
6.000%
06/30/2054
$
232,423
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
196,856
New
York
Transportation
Development
Corp.
Special
Facility
RB
for
Delta
Air
Lines
Inc.
Laguardia
Airport
Terminals
C&D
Redevelopment
Project
Series
2023
(Baa2/BBB-)
250,000
6.000
04/01/2035
271,939
New
York
Transportation
Development
Corp.
Special
Facility
RB
Refunding
for
American
Airlines,
Inc.
John
F.
Kennedy
International
Airport
Project
Series
2020
(NR/B+)
205,000
5.250
08/01/2031
209,543
15,000
5.375
08/01/2036
15,295
New
York
Transportation
Development
Corp.
Special
Facility
Revenue
Refunding
Bonds
for
American
Airlines
John
F.
Kennedy
International
Airport
Project
Series
2016
(NR/B+)
215,000
5.000
08/01/2026
215,004
New
York
Transportation
Development
Corporation
Special
Facilities  RB,
Series
2024  (AMT)
(AG)
(A1/AA)
625,000
5.000
06/30/2054
605,512
Niagara
Area
Development
Corporation
Tax-Exempt
RB
for
Catholic
Health
System,
Inc.
Project
Series
2022
(B3/B-)
100,000
5.000
07/01/2052
92,088
Oneida
County
Local
Development
Corp.
RB
Refunding
for
Mohawk
Valley
Health
System
Obligated
Group
Project
Series
2019
A
(AGM)
(NR/AA)
100,000
4.000
12/01/2049
86,783
Oneida
County
Local
Development
Corp.
RB
Refunding
for
Utica
College
Project
Series
2019
(NR/NR)
135,000
3.000
07/01/2044
82,776
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
207,375
State
of
New
York
Dormitory
Authority
Northwell
Health
Obligated
Group
RB
Series
2022A
(A3/A-)
325,000
4.250
05/01/2052
284,723
285,000
5.000
05/01/2052
282,376
The
City
of
New
York
GO
Bonds
Fiscal
2014
Series
I,
Subseries
I-3
(NR/AA/A-1)
145,000
3.600
(a)(b)
03/01/2044
145,000
The
City
of
New
York
GO
Bonds
Fiscal
2019,
Series
D
Subseries
D-4
(Aa2/AA/A-1+)
110,000
3.900
(a)(b)
12/01/2047
110,000
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
370,409
100,000
5.000
07/15/2056
98,292
Transportation
Infrastructure
Properties
LLC
Trips
Obligated
Group
Build
NYC
Resource
Corporation
Senior
Airport
Facilities
RB
Trips
Obligated
Group
Series
2025
(NR/BBB+)
250,000
5.500
07/01/2055
253,056
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
Triborough
Bridge
and
Tunnel
Authority
Mta
Bridges
and
Tunnels
Real
Estate
Transfer
Tax
RB
Series
2025A
(NR/AA+)
$
100,000
5.250%
05/15/2059
$
103,432
17,563,006
North
Carolina
-
0.5%
Greater
Asheville
Regional
Airport
Authority
Airport
System
RB
Series
2022A
(AMT)
(AGM)
(A1/AA)
100,000
5.500
07/01/2052
102,723
Greater
Asheville
Regional
Airport
Authority
Airport
System
RB
Series
2023
(AGM)
(A1/AA)
200,000
5.250
07/01/2053
201,870
North
Carolina
Department
of
Transportation
Tax
Exempt
Private
Activity
Bonds
Series
2015
(NR/NR)
200,000
5.000
12/31/2037
200,083
North
Carolina
Medical
Care
Commission
Health
Care
Facilities
First
Mortgage
Revenue
Refunding
Bonds
Pennybyrn
at
Maryfield
Series
2015
(NR/NR)
370,000
5.000
10/01/2035
360,731
North
Carolina
Medical
Care
Commission
RB
for
Forest
at
Duke,
Inc.
Obligated
Group
Series
2021
(NR/NR)
50,000
4.000
09/01/2041
43,401
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
71,327
100,000
4.000
03/01/2051
78,169
North
Carolina
Medical
Care
Commission
RB
Refunding
for
EveryAge
Obligated
Group
Series
2021
A
(NR/NR)
150,000
4.000
09/01/2041
132,457
1,190,761
Ohio
-
2.9%
Buckeye
Tobacco
Settlement
Financing
Authority
RB
Refunding
for
Senior
Asset-Backed
Bonds
Series
2020
A-2
Class
1
(NR/NR)
1,200,000
5.000
06/01/2055
1,023,032
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
92,769
Cleveland
Airport
Special
RB
for
Continental
Airlines,
Inc.
Project
Series
1998
(Ba3/BB)
280,000
5.375
09/15/2027
280,140
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
122,063
County
of
Cuyahoga
Health
Care
and
Independent
Living
Facilities
Refunding
RB
for
Eliza
Jennings
Senior
Health
Care
Network
Series
2022A
(NR/NR)
85,000
5.000
05/15/2032
84,573
310,000
5.375
05/15/2037
305,910
County
of
Cuyahoga
Ohio
Hospital
RB
for
The
Metrohealth
System
Series
2017
(Baa2/BBB)
175,000
5.500
02/15/2052
171,235
County
of
Franklin
Healthcare
Facilities
RB
for
Ohio
Living
Communities
Series
2023
(NR/NR)
200,000
5.000
07/01/2035
204,967
225,000
5.000
07/01/2036
228,252
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Ohio
–
(continued)
County
of
Franklin
Ohio
Health
Care
Facilities
Refunding
RB
Series
2022
(NR/NR)
$
200,000
4.000%
07/01/2040
$
170,468
County
of
Franklin
RB
Refunding
for
Wesley
Communities
Obligated
Group
Series
2020
(NR/NR)
150,000
5.250
11/15/2040
145,455
County
of
Lucas
Hospital
RB
for
Promedica
Healthcare
Obligated
Group
Series
2018A
(Ba1/BB)
600,000
5.250
11/15/2048
577,724
County
of
Summit
Green
Local
School
District
Improvement
Bonds
Series
2022A
(SD
CRED
PROG)
(NR/AA+)
500,000
5.000
11/01/2052
503,740
Cuyahoga
County
Ohio
Hospital
RB
for
Metrohealth
System
Series
2017
(Baa2/BBB)
625,000
5.250
02/15/2047
601,463
425,000
5.000
02/15/2052
390,078
100,000
5.000
02/15/2057
92,209
Evans
Farm
New
Community
Authority
Special
Assessment
Bonds
Series
2020
(NR/NR)
170,000
3.750
12/01/2038
139,080
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
252,639
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
758,333
Ohio
Air
Quality
Development
Authority
Pollution
Control
RB
Refunding
Series
2009-D
(NON-AMT)
(NR/BBB-)
100,000
3.375
(a)
08/01/2029
97,307
Ohio
Higher
Educational
Facility
Commission
RB
Refunding
for
Judson
Obligated
Group
Series
2020
A
(NR/NR)
100,000
5.000
12/01/2042
95,878
100,000
5.000
12/01/2045
93,006
Ohio
Housing
Finance
Agency
Residential
Mortgage
RB
2024
Series
B
Mortgage-Backed
Securities
Program
(NON-AMT)
(GNMA/FNMA/FHLMC)
(Aa1/NR)
280,000
4.650
09/01/2049
268,253
Ohio
State
Higher
Education
Facilities
RB
Series
2020
(A3/NR)
100,000
5.000
01/15/2050
99,821
Ohio
State
Higher
Education
Facility
Commission
RB
Series
2020
(A3/NR)
100,000
5.000
01/15/2040
101,516
Port
of
Greater
Cincinnati
Development
Authority
Education
RB
Series
2021
(NR/NR)
100,000
4.375
(a)(b)
06/15/2056
98,582
Port
of
Greater
Cincinnati
Development
Authority
Ohio
Tax
Increment
Financing
RB
Series
2024
(NR/NR)
65,000
5.000
12/01/2044
62,210
Port
of
Greater
Cincinnati
Development
Authority
RB
Series
2021
(NR/NR)
100,000
4.250
(d)
12/01/2050
89,719
Port
of
Greater
Cincinnati
Development
Authority
Special
Obligation
Development
TIF
RB,
Series
2016B
(NR/NR)
200,000
5.000
12/01/2046
181,877
State
of
Ohio
Higher
Educational
Facility
RB
for
Xavier
University
2024
Project
(Baa1/NR)
100,000
5.000
05/01/2041
101,723
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Ohio
–
(continued)
Toledo-Lucas
County
Port
Authority
Parking
System
RB
Series
2021
(Baa3/NR)
$
175,000
4.000%
01/01/2038
$
162,573
7,596,595
Oklahoma
-
0.7%
Oklahoma
County
Finance
Authority
Educational
Facilities
Lease
RB
Western
Heights
Public
Schools
Project,
Series
2025
(NR/BBB-)
500,000
5.000
09/01/2035
513,781
Oklahoma
Development
Finance
Authority
Health
System
RB
for
OU
Medicine
Project
Series
2018
B
(Ba2/BB)
35,000
5.000
08/15/2038
35,236
50,000
5.500
08/15/2057
48,938
Oklahoma
Development
Finance
Authority
Health
System
RB
for
OU
Medicine
Project
Series
2018B
(Ba2/BB)
375,000
5.500
08/15/2052
369,938
The
Oklahoma
Development
Finance
Authority
Health
System
RB
for
Ou
Medicine
Project
Series
2018B
(Ba2/BB)
250,000
5.250
08/15/2043
249,274
Trustees
of
The
Tulsa
Municipal
Airport
Trust  RB,
Series
2025
(NR/B+)
375,000
6.250
12/01/2035
414,201
Wagoner
County
Development
Authority
Sales
Tax
RB
Series
2025
(NR/NR)
145,000
6.750
05/01/2040
145,397
1,776,765
Oregon
-
0.0%
Yamhill
County
Hospital
Authority
Revenue
and
Refunding
Tax
Exempt
Bonds
Series
2021A
(NR/NR)
125,000
5.000
11/15/2051
101,201
a
a
Pennsylvania
-
2.9%
Adams
County
General
Authority
RB
for
The
Brethren
Home
Community
Project
Series
2024A
(NR/NR)
225,000
5.000
06/01/2044
218,804
Allegheny
County
Higher
Education
Building
Authority
University
Revenue
Refunding
Bonds
Series
2022
(NR/BBB-)
90,000
5.250
09/01/2035
88,479
Allegheny
County
Industrial
Development
Authority
RB
Refunding
for
United
States
Steel
Corp.
Project
Series
2019
(B1/BB-)
75,000
5.125
05/01/2030
78,805
Allentown
Neighborhood
Improvement
Zone
Development
Authority
Senior
Tax
RB
for
Waterfront
-
30
E.
Allen
Street
Project
Series
2024A
(NR/NR)
100,000
5.250
(d)
05/01/2032
101,718
Allentown
Neighborhood
Improvement
Zone
Development
Authority
Tax
RB
for
City
Center
Project
Series
2024
(Ba3/NR)
250,000
5.000
(d)
05/01/2042
245,357
Bucks
County
IDA
Hospital
RB
for
Grand
View
Hospital
Project
Series
2021
(NR/B+)
275,000
4.000
07/01/2051
213,507
City
of
Wilkes-Barre
Finance
Authority
University
Revenue
Refunding
Bonds
Series
2021
(NR/BBB-)
100,000
4.000
03/01/2042
80,325
Coatesville
Area
School
District
Chester
County
Pennsylvania
GO
Bonds
Series
of
2025
(AG
ST
AID
WITHHLDG)
(Aa3/AA)
860,000
5.250
11/15/2042
895,778
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Pennsylvania
–
(continued)
Dauphin
County
General
Authority
RB
for
The
Harrisburg
University
of
Science
&
Technology
Series
2020
(NR/B-)
$
100,000
5.875%
(d)
10/15/2040
$
77,185
200,000
6.250
(d)
10/15/2053
144,287
Doylestown
Hospital
Authority
Commonwealth
of
Pennsylvania
Doylestown
Hospital
RB
Series
2024
(NR/NR)
100,000
5.000
(d)
07/01/2031
105,395
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
90,114
Lancaster
County
Hospital
Authority
RB
Series
2020
(NR/NR)
250,000
5.000
03/01/2050
200,876
Lancaster
Municipal
Authority
Healthcare
Facilities
RB
for
Garden
Spot
Village
Project
Series
B
of
2024
(NR/NR)
400,000
5.000
05/01/2054
382,674
Latrobe
Industrial
Development
Authority
RB
Refunding
for
Seton
Hill
University
Series
2021
(NR/BBB-)
250,000
4.000
03/01/2038
220,770
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
136,669
Monroe
County
Industrial
Development
Authority
Special
Obligation
Revenue
Refunding
Bonds
Tobyhanna
Township
Project,
Series
of
2025
(Tax-Exempt)
(NR/NR)
100,000
5.000
07/01/2031
102,073
Montgomery
County
Higher
Education
and
Health
Authority,
175,000
5.000
04/01/2030
174,924
Montgomery
County
IDA
Retirement
Communities
RB
for
Acts
Retirement
Life
Communities
Obligated
Group
Series
2020C
(NR/NR)
100,000
5.000
11/15/2045
97,923
Northampton
County
General
Purpose
Authority
Hospital  RB,
Series
2024-B
(Aa2/NR)
1,435,000
3.950
(a)(b)
08/15/2054
1,435,000
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
243,704
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
360,698
100,000
5.250
06/30/2053
100,021
Pennsylvania
Economic
Development
Financing
Authority
UPMC
RB,
Series
2020A
(A2/A)
100,000
4.000
04/15/2036
97,785
Philadelphia
Authority
for
Industrial
Development
Charter
School
RB
for
Green
Woods
Charter
School
Project
Series
2022A
(NR/BB+)
100,000
5.125
06/15/2042
94,970
Philadelphia
Authority
for
Industrial
Development
Tacony
Charter
School
Project
Social
Bond
RB
Series
2023
(NR/BB)
100,000
5.000
(d)
06/15/2033
98,972
Susquehanna
Area
Regional
Airport
Authority
Airport
System
RB
Series
2017
(Baa3/NR)
420,000
5.000
01/01/2038
418,075
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Pennsylvania
–
(continued)
The
Berks
County
Municipal
Authority
RB
for
Alvernia
University
Project
Series
2020
(NR/BB+)
$
100,000
5.000%
10/01/2049
$
81,768
The
Berks
County
Municipal
Authority
RB
for
Tower
Health
Project
Series
2024
A-4
(NR/NR)
35,000
7.000
06/30/2039
30,705
The
Berks
County
Municipal
Authority
RB
for
Tower
Health
Project
Series
2024
B-1
(NR/NR)
136,000
0.000
(f)
06/30/2044
98,197
The
Berks
County
Municipal
Authority
RB
for
Tower
Health
Project
Series
2024
B-2
(NR/NR)
18,000
0.000
(f)
06/30/2044
10,227
The
Berks
County
Municipal
Authority
RB
for
Tower
Health
Project
Series
2024A-1
(NR/NR)
63,000
8.000
06/30/2034
64,282
The
Berks
County
Municipal
Authority
RB
for
Tower
Health
Project
Series
2024A-2
(NR/NR)
50,000
6.000
06/30/2034
52,911
The
Berks
County
Municipal
Authority
RB
for
Tower
Health
Project
Series
2024A-3
(NR/NR)
723,000
5.000
06/30/2039
667,418
Upper
Dauphin
IDA
RB
for
Pennsylvania
Steam
Academy
Charter
School
Project
Series
2022B
(NR/NR)
30,000
6.000
(d)
07/01/2029
29,882
7,540,278
Puerto
Rico
-
8.4%
GDB
Debt
Recovery
Authority
Bonds
(NR/NR)
322,478
7.500
08/20/2040
308,870
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
513,653
Puerto
Rico
Aqueduct
and
Sewer
Authority
Revenue
Refunding
Bonds
Series
2022A
(NR/NR)
250,000
5.000
(d)
07/01/2037
257,051
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Authority
RB
Refunding
for
Senior
Lien
Series
2020
A
(NR/NR)
750,000
5.000
(d)
07/01/2047
727,850
Puerto
Rico
Commonwealth
Aqueduct
and
Sewer
Authority
Revenue
Refunding
Bonds
Series
2021B
(NR/NR)
600,000
4.000
(d)
07/01/2042
521,068
Puerto
Rico
Commonwealth
GO
Bonds
(NR/NR)
608,694
0.010
(a)(f)(i)
11/01/2043
374,347
Puerto
Rico
Commonwealth
GO
Clawback
Bonds
(NR/NR)
569,044
0.010
(a)(f)(i)
11/01/2051
304,438
Puerto
Rico
Commonwealth
GO
Clawback
CVIs
(NR/NR)
539,676
0.010
(a)(f)(i)
11/01/2051
340,670
Puerto
Rico
Commonwealth
GO
Restructured
Bonds
Series
2022
A-1
(NR/NR)
322,380
5.625
07/01/2029
340,049
755,281
5.750
07/01/2031
814,665
764,493
0.000
(e)
07/01/2033
528,517
322,248
4.000
07/01/2033
314,395
132,356
4.000
07/01/2035
127,438
223,596
4.000
07/01/2037
213,032
729,448
4.000
07/01/2041
648,245
435,624
4.000
07/01/2046
372,204
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Puerto
Rico
–
(continued)
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
2012A
(NR/NR)
$
200,000
5.000%*
07/01/2042
$
109,250
250,000
5.050
*
07/01/2042
136,563
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
2013A
(NR/NR)
50,000
7.000
*
07/01/2033
27,312
150,000
7.000
*
07/01/2040
81,938
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
AAA
(NR/NR)
100,000
5.250
*
07/01/2031
54,625
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
CCC
(NR/NR)
250,000
5.250
*
07/01/2026
136,562
340,000
5.250
*
07/01/2027
185,725
415,000
5.000
*
07/01/2028
226,694
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
TT
(NR/NR)
100,000
5.000
*
07/01/2032
54,625
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
XX
(NR/NR)
675,000
5.250
*
07/01/2040
368,719
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
ZZ
(NR/NR)
145,000
4.250
*
07/01/2020
79,206
50,000
5.250
*
07/01/2026
27,313
Puerto
Rico
Electric
Power
Authority
RB
Series
TT
(NR/NR)
175,000
5.000
*
07/01/2037
95,594
Puerto
Rico
Industrial
Tourist,
Educational
Medical
and
Environmental
Control
Facilities
Financing
Authority
Afica
Dock
and
Wharf
RB
forward
Delivery
Collectively
The
“Series
2023
Bonds”
(NR/BBB-)
150,000
6.500
01/01/2041
166,345
Puerto
Rico
Sales
Tax
Financing
Corp
Sales
Tax
Revenue
Restructured
Bonds
Series
2019A-2B
(NR/NR)
775,000
4.550
07/01/2040
742,845
Puerto
Rico
Sales
Tax
Financing
Corp.
Sales
Tax
Revenue
Restructured
Bonds
Series
A-2
(NR/NR)
3,673,000
4.329
07/01/2040
3,446,464
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
117,369
451,000
0.000
(e)
07/01/2031
351,876
599,000
0.000
(e)
07/01/2033
425,776
2,576,000
0.000
(e)
07/01/2046
815,685
1,097,000
0.000
(e)
07/01/2051
254,551
Puerto
Rico
Sales
Tax
Financing
Corporation
Sales
Tax
Capital
Appreciation
Restructured
RB
Series
2019
A-2
(NR/NR)
942,000
4.329
07/01/2040
883,901
19,000
4.536
07/01/2053
16,506
2,929,000
4.784
07/01/2058
2,669,114
Puerto
Rico
Sales
Tax
Financing
Corporation
Sales
Tax
Restructured
RB
Series
2018
A-1
(NR/NR)
1,208,000
4.500
07/01/2034
1,207,940
470,000
4.750
07/01/2053
432,103
2,210,000
5.000
07/01/2058
2,077,683
21,990,204
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Rhode
Island
-
0.4%
Providence
Public
Buildings
Authority
Capital
Improvement
Program
Projects
RB
2024
Series
A
(AG)
(A1/AA)
$
150,000
5.250%
09/15/2043
$
157,104
Rhode
Island
Health
and
Educational
Building
Corporation
Hospital
Financing
RB
Lifespan
Obligated
Group
Issue
Series
2024
(NR/BBB+)
495,000
5.250
05/15/2054
490,429
Rhode
Island
Housing
&
Mortgage
Finance
Corp.
Homeownership
Opportunity
Bonds
Series
78-A
(Aa1/AA+)
250,000
5.000
10/01/2042
254,920
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
193,318
1,095,771
South
Carolina
-
0.9%
Richland
County
at
Sandhill
Improvement
District
Refunding
Assessment
RB
Series
2021
(NR/NR)
100,000
3.625
(d)
11/01/2031
88,196
100,000
3.750
(d)
11/01/2036
80,043
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
91,486
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
227,855
South
Carolina
Jobs-Economic
Development
Authority
Health
Care
Facilities
RB
Novant
Health
Obligated
Group,
Series
2024A
(A1/A+)
295,000
5.250
11/01/2044
303,741
South
Carolina
Public
Service
Authority
Revenue
Obligations
2022
Tax
Exempt
Series
E
(A3/A-)
480,000
5.750
12/01/2047
510,681
South
Carolina
State
Housing
Finance
and
Development
Authority
Mortgage
RB,
Series
2025
B
(NON-AMT)
(GNMA/FNMA/FHLMC)
(Aaa/NR)
585,000
5.000
07/01/2050
580,764
Spartanburg
Regional
Health
Services
District
Obligated
Group
RB
Series
2020
A
(AGM)
(A1/AA)
795,000
3.000
04/15/2049
572,770
2,455,536
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
38,595
a
a
Texas
-
10.6%
Aldine
independent
School
District
Harris
County
Texas
UT
Refunding
Bonds
Series
2024A
(PSF-GTD)
(Aaa/AAA)
1,000,000
3.000
02/15/2042
804,815
Arlington
Higher
Education
Finance
Corp.
Education
RB
Basis
Texas
Charter
Schools,
Inc.
Series
2024
(Ba2/NR)
150,000
4.250
(d)
06/15/2039
139,652
Arlington
Higher
Education
Finance
Corp.
Education
RB
Series
2022A
(NR/NR)
100,000
5.625
08/15/2052
76,500
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
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
$
179,145
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
277,934
157,000
4.500
(d)
09/15/2031
149,542
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
101,865
City
of
Anna
Special
Assessment
RB
for
Meadow
Vista
Public
Improvement
District
Improvement
Area
#1
Project
Series
2024
(NR/NR)
100,000
4.875
(d)
09/15/2031
100,220
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
100,634
City
of
Aubrey
Special
Assessment
Revenue
Refunding
Bonds
Series
2024
250,000
5.000
09/01/2045
254,382
City
of
Aubrey
Texas
A
Municipal
Corp.
of
The
State
of
Texas
Located
in
Denton
County
Special
Assessment
RB
Series
2025
(Duck
Point
Public
Improvement
District)
(NR/NR)
250,000
5.375
(d)
12/31/2045
234,265
City
of
Boyd
Texas,
A
Municipal
Corporation
of
The
State
of
Texas
Located
in
Wise
County
Special
Assessment  RB,
Series
2025
(NR/NR)
100,000
5.625
(d)
09/15/2045
100,329
City
of
Buda
Texas
A
Municipal
Corp.
of
The
State
of
Texas
Located
in
Hays
County
Special
Assessment
RB
Series
2025
215,000
5.000
(d)
09/01/2033
213,278
City
of
Buda
Texas
A
Municipal
Corp.
of
The
State
of
Texas
Located
in
Hays
County
Special
Assessment
RB
Series
2025
100,000
5.750
(d)
09/01/2033
99,156
City
of
Celina
Special
Assessment
Bonds
for
Wells
South
Public
Improvement
District
Series
2021
(NR/NR)
50,000
3.375
(d)
09/01/2041
39,288
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
42,858
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
92,886
City
of
Celina
Special
Assessment
RB
for
North
Sky
Public
Improvement
District
Project
Series
2023
(NR/NR)
433,000
4.375
09/01/2030
433,309
167,000
4.875
(d)
09/01/2030
169,277
City
of
Celina
Special
Assessment
RB
Series
2022
(NR/NR)
100,000
3.625
(d)
09/01/2032
89,702
City
of
Celina
Texas
A
Municipal
Corp.
of
The
State
of
Texas
Located
in
Collin
and
Denton
Counties
Special
Assessment
Revenue
Refunding
and
Improvement
Bonds,
Series
2025
374,000
4.750
09/01/2054
350,741
City
of
Celina
Texas
Special
Assessment
RB
Series
2025
(NR/NR)
100,000
5.500
(d)
09/01/2045
96,903
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
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
$
97,025
City
of
Celina,
Collin
and
Denton
Counties
Special
Assessment
Refunding
RB,
Series
2024
Sutton
Fields
II
Public
Improvement
District
Major
Improvement
Area
1
Project
(BAM)
(NR/AA)
75,000
5.000
09/01/2038
77,615
85,000
5.000
09/01/2045
84,011
City
of
Celina,
Collin
and
Denton
Counties
Special
Assessment
Refunding
RB,
Series
2024
Sutton
Fields
II
Public
Improvement
District
Major
Improvement
Area
Project
(BAM)
(NR/AA)
100,000
5.000
09/01/2034
107,585
100,000
5.000
09/01/2037
104,568
100,000
5.000
09/01/2040
101,870
City
of
Celina,
Collin
and
Denton
Counties
Special
Assessment
Refunding
RB,
Series
2024
Wells
South
Public
Improvement
District
Major
Improvement
Area
Project
(BAM)
(NR/AA)
100,000
5.000
09/01/2038
103,486
125,000
5.000
09/01/2045
123,546
City
of
Celina,
Collin
and
Denton
Counties
Special
Assessment
Refunding
RB,
Series
2024
Wells
South
Public
Improvement
District
Neighborhood
Improvement
Area
#1
Project
(BAM)
(NR/AA)
75,000
5.000
09/01/2038
77,615
125,000
5.000
09/01/2045
123,546
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
545,944
City
of
Dayton
Senior
Lien
Special
Assessment
RB
for
Westpointe
Villages
Public
Improvement
District
Improvement
Area
#1
Project
Series
2022A
(NR/NR)
268,000
4.625
(d)
09/01/2027
269,303
City
of
Dripping
Springs
Special
Assessment
RB
for
Heritage
Public
Improvement
District
Improvement
Area
#2
Project
Series
2024
(NR/NR)
50,000
5.000
(d)
09/01/2044
46,148
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
298,152
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
92,046
City
of
Fate
Special
Assessment
RB
for
Monterra
Public
Improvement
District
Series
2021
(NR/NR)
100,000
3.375
(d)
08/15/2031
91,810
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
308,243
City
of
Fate
Special
Assessment
RB
for
Williamsburg
Public
Improvement
District
Series
2022
(NR/NR)
75,000
4.250
(d)
08/15/2042
67,006
City
of
Garland,
Texas
730,000
5.000
03/01/2043
753,962
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
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
$
98,419
City
of
Houston
Airport
System
Special
Facilities
RB
for
United
Airlines
Technical
Operations
Center
Project
Series
2018
(NR/BB)
200,000
5.000
07/15/2028
201,029
City
of
Houston
Higher
Education
Finance
Corp.
University
RB
Houston
Christian
University
Project
Series
2025
(NR/BBB-)
100,000
5.125
10/01/2051
93,392
City
of
Houston
Texas
Airport
System
Special
Facilities
RB
Continental
Airlines
Inc
Terminal
Improvement
Projects,
Series
2011  (AMT)
(Ba3/BB)
175,000
6.500
07/15/2030
175,481
City
of
Hutto
Emory
Crossing
Public
Improvement
District
Special
Assessment
Bond
Series
2021
(NR/NR)
519,000
3.625
(d)
09/01/2041
414,950
City
of
Hutto
Special
Assessment
RB
for
Cottonwood
Creek
Public
Improvement
Series
2021
(NR/NR)
100,000
3.500
(d)
09/01/2041
79,176
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
83,170
City
of
Hutto
Texas
A
Municipal
Corp.
of
The
State
of
Texas
Located
in
Williamson
County
Special
Assessment
RB
Series
2025
390,000
5.125
(d)
09/01/2045
367,260
City
of
Kyle
Special
Assessment
RB
for
6
Creeks
Public
Improvement
Project
Series
2021
(NR/NR)
100,000
3.375
(d)
09/01/2031
94,587
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
174,399
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
188,485
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
175,570
City
of
Lavon
Heritage
Public
Improvement
District
No.
1
Special
Assessment
Refunding
Series
2021
(BAM)
(NR/AA)
500,000
2.500
09/15/2039
349,383
City
of
Lowry
Crossing
Texas,
A
Municipal
Corporation
of
The
State
of
Texas
Located
in
Collin
County
Special
Assessment
RB
Series
2025
(NR/NR)
125,000
4.750
(d)
09/15/2035
125,507
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
98,221
City
of
Manor
Texas
A
Municipal
Corporation
of
The
State
of
Texas
Located
in
Travis
County
Special
Assessment
RB,
Series
2025
(NR/NR)
100,000
6.000
(d)
09/15/2036
100,575
City
of
McLendon-Chisholm
Special
Assessment
RB
for
Sonoma
Public
Improvement
District
Project
Series
2022
(NR/NR)
310,000
5.000
(d)
09/15/2027
313,576
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
City
of
McLendon-Chisholm
Special
Assessment
Refunding
Bonds
Sonoma
Public
Improvement
District
Series
2020
(BAM)
(NR/AA)
$
50,000
2.500%
09/15/2035
$
41,949
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
101,079
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
122,085
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
68,406
City
of
Midlothian
Special
Assessment
for
Redden
Farms
Public
Improvement
District
Series
2021
(NR/NR)
100,000
3.875
(d)
09/15/2041
83,667
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
97,291
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
146,455
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
51,223
City
of
Mustang
Ridge
Texas
Special
Assessment
RB,
Series
2025
(NR/NR)
706,000
5.875
(d)
09/01/2045
711,581
City
of
Oak
Point
Texas
A
Municipal
Corporation
of
The
State
of
Texas
Located
in
Denton
County
Special
Assessment
RB
Series
2024
(NR/NR)
100,000
5.350
(d)
09/15/2044
94,867
City
of
Oak
Point
Texas
Special
Assessment
RB
Series
2024
(NR/NR)
100,000
5.100
(d)
09/15/2044
92,429
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
103,936
100,000
5.500
(d)
09/15/2042
97,445
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
97,445
City
of
Pilot
Point
Special
Assessment
RB
for
Mobberly
Public
Improvement
District
Major
Improvement
Area
Series
2022
(NR/NR)
249,000
5.375
(d)
09/15/2027
250,172
410,000
5.625
(d)
09/15/2032
425,307
City
of
Plano
Collin
Creek
East
Public
Improvement
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
125,000
4.375
(d)
09/15/2051
96,491
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
City
of
Plano
Collin
Creek
West
Public
Improvement
District
Special
Assessment
Bonds
Series
2021
(NR/NR)
$
125,000
4.000%
(d)
09/15/2051
$
95,770
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
44,058
City
of
Princeton
Special
Assessment
RB
for
Brookside
Public
Improvement
District
Series
2019
(NR/NR)
100,000
4.875
09/01/2039
98,344
City
of
Princeton
Special
Assessment
RB
for
Brookside
Public
Improvement
District
Series
2021
(NR/NR)
25,000
3.375
(d)
09/01/2041
19,302
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
71,090
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
100,492
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
103,562
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
94,423
City
of
Princeton
Special
Assessment
RB
for
Winchester
Public
Improvement
District
Series
2020
(NR/NR)
100,000
3.750
(d)
09/01/2040
83,125
City
of
Princeton
Special
Assessment
RB
for
Winchester
Public
Improvement
District
Series
2021
(NR/NR)
50,000
3.250
(d)
09/01/2041
36,719
City
of
Princeton
Texas
A
Municipal
Corp.
of
The
State
of
Texas
Located
In
Collin
County
Special
Assessment
RB
Series
2025
244,000
5.375
(d)
09/01/2045
234,803
City
of
Princeton
Texas
A
Municipal
Corporation
of
The
State
of
Texas
Located
In
Collin
County
Special
Assessment  RB,
Series
2025
(NR/NR)
200,000
4.500
(d)
09/01/2032
200,699
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
311,798
City
of
Royse
City
Special
Assessment
for
Creekshaw
Public
Improvement
District
Area
#1
Series
2020
(NR/NR)
25,000
2.625
(d)
09/15/2025
24,913
50,000
3.375
(d)
09/15/2030
46,861
City
of
Royse
City
Special
Assessment
for
Creekshaw
Public
Improvement
District
Series
2020
(NR/NR)
400,000
4.875
(d)
09/15/2040
368,300
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
100,662
City
of
Sachse
Special
Assessment
for
Public
Improvement
District
No.
1
Series
2020
(NR/NR)
100,000
3.250
(d)
09/15/2030
92,410
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
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
$
288,367
City
of
Seagoville
Texas
Special
Assessment
RB,
Series
2025
(NR/NR)
894,000
6.000
(d)(h)
09/15/2054
896,486
City
of
Uhland
Special
Assessment
RB
for
Watermill
Public
Improvement
District
Series
2022
(NR/NR)
250,000
6.625
(d)
09/01/2052
254,612
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
309,123
City
of
Wharton,
Texas
Special
Assessment  RB,
Series
2025
(Wharton
Public
Improvement
District
No.
2
Phase
#1
Project
and
Phase
#2
Project)
(NR/NR)
100,000
5.750
(d)(h)
09/15/2045
99,955
Clifton
Higher
Education
Finance
Corporation
Education
Revenue
and
Refunding
Bonds
Idea
Public
Schools,
Series
2025
(PSF-GTD)
(NR/AAA)
300,000
5.000
08/15/2040
314,341
Club
Municipal
Management
District
Special
Assessment
RB
Series
2021
(NR/NR)
50,000
3.250
(d)
09/01/2041
37,368
Conroe
Local
Government
Corp.
Conroe
Convention
Center
Hotel
Series
2021
A
(NR/B)
25,000
2.500
10/01/2031
21,753
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
89,233
Crosswinds
at
South
Lake
Special
Improvement
District
Limited
Ad
Valorem
Tax
and
Subordinate
Lien
Sales
and
Use
Tax
Bonds,
Series
2024
(AGC)
(Baa3/AA)
100,000
5.000
08/15/2047
98,424
Denton
County
Texas
Special
Assessment
RB
Series
2025
Green
Meadows
Public
Improvement
District
Improvement
Area
#1
Project
(NR/NR)
100,000
4.500
(d)
12/31/2035
100,360
Denton
County
Texas
Special
Assessment
RB
Series
2025
Green
Meadows
Public
Improvement
District
Major
Improvement
Area
Project
(NR/NR)
100,000
5.000
(d)
12/31/2035
100,700
Edinburg
Economic
Development
Corp.
Sales
Tax
RB
Series
2019
(NR/NR)
100,000
5.000
(d)
08/15/2044
88,182
Edinburg
Economic
Development
Corp.
Sales
Tax
RB
Series
2021
A
(NR/NR)
75,000
3.125
08/15/2036
60,093
70,000
3.250
08/15/2041
50,056
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
489,372
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
281,379
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
Houston
Airport
System
RB
Refunding
for
United
Airlines,
Inc.
Series
2020
B-2
(NR/NR)
$
150,000
5.000%
07/15/2027
$
150,631
Kaufman
County
Fresh
Water
Supply
District
No.
1-D
GO
Bonds
Series
2021
(NR/NR)
320,000
2.250
09/01/2030
280,522
Longview
Independent
School
District,
A
Political
Subdivision
of
The
State
of
Texas
Located
In
Gregg
County
Texas
Unlimited
Tax
School
Building
Bonds
Series
2024
(PSF-GTD)
(Aaa/NR)
295,000
4.000
02/15/2049
258,698
Matagorda
County
Navigation
District
Number
One
Pollution
Control
Revenue
Refunding
Bonds
for
Central
Power
and
Light
Company
Project
Series
1996
(Baa3/BBB+)
135,000
4.250
05/01/2030
138,564
Mission
Economic
Development
Corp.
Senior
Lien
RB
for
Natgasoline
Project
Series
2018
(NR/BB-)
100,000
4.625
(d)
10/01/2031
100,139
Mitchell
County
Hospital
District
GO
Bonds
Series
2020
(NR/NR)
65,000
5.250
02/15/2030
65,341
Montgomery
County
Texas
A
Political
Subdivision
of
the
State
of
Texas
Special
Assessment
RB
Series
2025
(NR/NR)
100,000
5.500
09/15/2054
93,989
New
Hope
Cultural
Education
Facilities
Finance
Corp
Revenue
&
Refunding
Bonds
Series
2021
(Ba2/BB+)
125,000
4.000
(d)
08/15/2036
114,258
New
Hope
Cultural
Education
Facilities
Finance
Corp.
Education
RB
Jubilee
Academic
Center
2024A
and
Taxable
Education
RB
2024B
(NR/BB+)
125,000
4.500
(d)
08/15/2044
109,148
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
207,755
North
Parkway
Municipal
Management
Contract
RB
for
Legacy
Hills
Public
Improvement
Project
Series
2021
(NR/NR)
100,000
3.000
(d)
09/15/2026
98,487
300,000
3.625
(d)
09/15/2031
281,259
North
Texas
tollway
Authority
RB
for
First
Tier
Series
2008
D
(AGC)
(Aa3/AA)
200,000
0.000
(e)
01/01/2037
125,108
North
Texas
Tollway
Authority
RB
for
Second
Tier
Series
2021
B
(A1/A+)
1,725,000
4.000
01/01/2040
1,558,322
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
98,783
150,000
2.500
(d)
01/01/2030
138,218
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
111,141
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
442,428
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
95,548
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
Port
of
Beaumont
Navigation
District
of
Jefferson
County
Texas
Facility
RB
Series
2024B
(NR/NR)
$
200,000
10.000%
(d)
07/01/2026
$
202,063
South
Manvel
Development
Authority
Tax
Increment
Contract
RB
Series
2023
(NR/NR)
50,000
4.500
04/01/2030
50,260
75,000
5.000
04/01/2038
75,336
Tarrant
County
Cultural
Education
Facilities
Finance
Corporation
Revenue
Refunding
Bonds
Trinity
Terrace
Project
Series
2024
(NR/NR)
100,000
5.000
10/01/2044
98,392
Tarrant
County
Hospital
District
LT
Bonds
Series
2023
(Aa1/NR)
125,000
4.250
08/15/2053
110,807
Texas
Municipal
Gas
Acquisition
and
Supply
Corp.
II
RB
for
SOFR
Index
Rate
Series
2012
C
(A1/A)
(3M
USD
SOFR
+
0.86%)
1,200,000
3.713
(c)
09/15/2027
1,200,625
Texas
Municipal
Gas
Acquisition
and
Supply
Corp.
V
Gas
Supply
RB
Series
2024
(A1/NR)
700,000
5.000
(a)(b)
01/01/2055
744,065
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
198,092
Travis
County
Development
Authority
Contract
Assessment
RB
for
Turner’s
Crossing
Public
Improvement
District
Improvement
Area
#1
Commercial
Lot
98
and
Improvement
Area
#2
Project
Series
2025
(NR/NR)
100,000
5.000
09/01/2044
94,530
Upper
Trinity
Regional
Water
District
(BAM)
(NR/AA)
420,000
5.250
(h)
08/01/2042
443,016
Upper
Trinity
Regional
Water
District
Regional
Treated
Water
Supply
System
Revenue
Refunding
Bonds,
Series
2025
(BAM)
(NR/AA)
255,000
5.250
(h)
08/01/2041
271,558
450,000
5.250
(h)
08/01/2043
470,949
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
87,918
Viridian
Municipal
Management
District
Special
Assessment
Bonds
Series
2020
(NR/NR)
50,000
2.875
12/01/2030
45,478
27,703,733
Utah
-
1.0%
Black
Desert
Public
Infrastructure
District
GO
Bonds
Series
2021
A
(NR/NR)
500,000
3.500
(d)
03/01/2036
446,570
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
98,874
Downtown
Revitalization
Public
Infrastructure
District
Second
Lien
Sales
Tax
RB
Seg
Redevelopment
Project,
Series
2025B
(AG)
(A1/AA)
650,000
5.250
06/01/2043
676,072
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Utah
–
(continued)
Mida  Cormont
Public
Infrastructure
District
Limited
Tax
GO
Convertible
Capital
Appreciation
Bonds
Series
2025A-2
(NR/NR)
$
500,000
0.000%
(d)(f)
06/01/2055
$
407,074
Mida
Mountain
Village
Public
Infrastructure
District
Subordinate
Tax
Allocation
RB
Series
2024-2
(NR/NR)
500,000
5.750
(d)
06/15/2044
498,822
Utah
Charter
School
Finance
Authority
Charter
School
RB
Series
2022A
(NR/BB+)
250,000
5.750
(d)
06/15/2052
235,877
Utah
Charter
School
Finance
Authority
Charter
School
Revenue
Refunding
Bonds
Series
2022A
(NR/BB)
100,000
4.000
(d)
07/15/2037
84,473
Utah
Charter
School
Finance
Authority
RB
for
Bridge
Elementary
Project
Series
2021A
(NR/NR)
145,000
4.000
(d)
06/15/2041
114,912
2,562,674
Vermont
-
0.1%
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
151,529
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
153,482
305,011
Virgin
Islands
-
0.1%
Matching
Fund
Special
Purpose
Securitization
Corp.
Matching
Fund
Securitization
Bonds
Series
2022A
(NR/NR)
50,000
5.000
10/01/2039
49,068
Virgin
Islands
Transportation
&
Infrastructure
Corporation
Grant
Anticipation
RB
Federal
Highway
Grant
Anticipation
Revenue
Loan
Note,
Series
2025
(NR/A)
275,000
5.000
09/01/2043
280,648
329,716
Virginia
-
0.6%
City
of
Virginia
Beach
Development
Authority
Residential
Care
Facility
RB
195,000
7.000
09/01/2053
213,275
Economic
Development
Authority
of
The
City
of
Salem
Virginia
Educational
Facilities
RB
Roanoke
College
Series
2025
(NR/BBB+)
100,000
5.500
04/01/2045
99,260
Norfolk
Redevelopment
and
Housing
Authority
Multifamily
Housing
RB
Braywood
Manor
Apartments,
Series
2023
(HUD
SECT
8)
(Aa1/NR)
120,000
5.000
(a)(b)
05/01/2043
121,752
Tobacco
Settlement
Financing
Corp.
RB
for
Capital
Appreciation
Subseries
2007
C
(NR/CCC-)
305,000
0.000
(e)
06/01/2047
77,005
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
201,924
Virginia
College
Building
Authority
Educational
Facilities
RB
Regent
University
Project,
Series
2025
(NR/BBB)
100,000
6.000
(h)
06/01/2050
105,485
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Virginia
–
(continued)
Virginia
Housing
Development
Authority
RB
Series
2019
E
(Aa1/AA+)
$
250,000
3.100%
12/01/2045
$
190,476
Virginia
Small
Business
Financing
Authority
Senior
Lien
Revenue
Refunding
Bonds
Series
2022
(Baa1/NR)
125,000
5.000
12/31/2052
122,909
Virginia
Small
Business
Financing
Authority
Senior
Lien
Revenue
Refunding
Bonds
Series
2022
(AMT)
(NR/BBB)
500,000
4.000
01/01/2048
413,913
Virginia
Small
Business
Financing
Authority
Tax
Exempt
Senior
Lien
Private
Activity
RB
Series
2017
(Baa3/NR)
50,000
5.000
12/31/2052
47,193
1,593,192
Washington
-
0.8%
Port
of
Seattle
Intermediate
Lien
RB
Series
2017C
(A1/AA-)
215,000
5.000
05/01/2042
215,188
Port
of
Seattle
Intermediate
Lien
RB
Series
2019
(A1/AA-)
225,000
5.000
04/01/2039
228,014
Public
Hospital
District
No.
2
Quincy
Valley
Medical
Center
UT
GO
Bonds
2024
(Baa1/NR)
100,000
5.500
12/01/2044
101,416
Spokane
County
Washington
Airport
RB
Series
2024B
(AMT)
(A2/A)
210,000
5.250
01/01/2041
219,017
Washington
Health
Care
Facilities
Authority
RB
Refunding
for
CommonSpirit
Health
Obligated
Group
Series
2019
A-1
(A3/A-)
340,000
5.000
08/01/2038
346,336
Washington
State
Convention
Center
Public
Facilities
District
RB
Series
2018
(A3/BBB+)
950,000
5.000
07/01/2048
929,507
Washington
State
Housing
Finance
Commission
Nonprofit
RB
Refunding
Series
2023
(NR/BBB)
100,000
5.625
(d)
07/01/2038
107,546
2,147,024
West
Virginia
-
0.7%
Monongalia
County
Commission
Excise
Tax
District
RB
Refunding
Series
2021
A
(NR/NR)
95,000
4.125
(d)
06/01/2043
79,489
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
379,171
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
150,647
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
157,878
West
Virginia
Hospital
Finance
Authority
RB
Refunding
for
Cabell
Huntington
Hospital
Obligated
Group
Series
2018
A
(Baa3/BBB)
1,000,000
5.000
01/01/2043
967,772
1,734,957
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Wisconsin
-
2.1%
Public
Finance
Authority
Charter
School
RB
for
Coral
Academy
of
Science
Reno
Series
2022A
(NR/NR)
$
100,000
5.875%
(d)
06/01/2052
$
94,121
Public
Finance
Authority
Charter
School
RB
for
Founders
Academy
of
Las
Vegas
Series
2023A
(NR/BB-)
25,000
6.375
(d)
07/01/2043
25,240
Public
Finance
Authority
Charter
School
RB
Series
2021A
(Ba2/NR)
510,000
5.000
(d)
06/15/2041
446,900
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
95,483
Public
Finance
Authority
Education
RB
for
Clove
Garden
School
Series
2022
(NR/NR)
360,000
5.000
(d)
06/15/2032
362,251
Public
Finance
Authority
Education
RB
Mater
Academy
of
Nevada
-
East
Las
Vegas
Campus
Project
Series
2024A
(NR/BB)
100,000
5.000
(d)
12/15/2039
95,921
100,000
5.000
(d)
12/15/2044
90,991
Public
Finance
Authority
Education
RB
Series
2022
(NR/NR)
200,000
5.000
(d)
01/01/2042
175,207
Public
Finance
Authority
Education
Revenue
Refunding
Bonds
for
Pinecrest
Academy
of
Nevada—Sloan
Canyon
Campus
Project
Series
2024A
(NR/BB+)
100,000
4.500
(d)
07/15/2049
85,738
Public
Finance
Authority
Exempt
Facilities
RB
Refunding
for
Celanese
Project
Series
2016
C
(Ba1/BB+)
220,000
4.300
11/01/2030
218,943
Public
Finance
Authority
Limited
Obligation
Grant
RB
625,000
6.750
(d)
08/01/2031
560,938
Public
Finance
Authority
RB
for
Charter
Day
School
Obligated
Group
Series
2020
A
(Ba2/NR)
50,000
5.000
(d)
12/01/2045
44,803
Public
Finance
Authority
RB
for
High
Desert
Montessori
Charter
School
Series
2021
A
(NR/NR)
100,000
5.000
(d)
06/01/2061
71,943
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
72,704
Public
Finance
Authority
RB
for
Noorda
College
of
Osteopathic
Medicine
LLC
Series
2021
A
(Ba2/NR)
250,000
5.625
(d)
06/01/2050
244,911
Public
Finance
Authority
RB
for
Noorda
College
of
Osteopathic
Medicine
LLC
Series
2021
B
(Ba2/NR)
290,000
6.500
(d)
06/01/2045
249,122
Public
Finance
Authority
RB
for
Prime
Healthcare
Foundation,
Inc.
Series
2018
A
(NR/NR)
100,000
5.350
12/01/2045
100,497
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
91,444
Public
Finance
Authority
RB
Kahala
Nui
Project
Series
2025
(NR/BBB-)
400,000
5.500
(d)
06/01/2040
403,102
Public
Finance
Authority
RB
Kahala
Nui
Project
Series
2025
(NR/NR)
200,000
5.250
11/15/2055
200,467
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Wisconsin
–
(continued)
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
$
110,024
Public
Finance
Authority
RB
Refunding
for
UMA
Education,
Inc.
Project
Series
2019
B
(NR/BB+)
25,000
6.125
(d)
10/01/2049
21,346
Public
Finance
Authority
Student
Housing
RB
KSU
Bixby
Real
Estate
Foundation
Llc
Project
Senior
Series
2025A
(Baa1/NR)
100,000
5.250
06/15/2050
100,312
Public
Finance
Authority
Student
Housing
RB
Series
2021A-1
(Ba1/NR)
50,000
4.000
(d)
07/01/2041
42,168
150,000
4.000
(d)
07/01/2051
114,623
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)
12/15/2032
149,995
Wisconsin
Health
&
Educational
Facilities
Authority
RB
Series
2021
for
Hope
Christian
Schools
(NR/NR)
35,000
3.000
12/01/2031
29,474
75,000
4.000
12/01/2041
54,389
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
375,575
Wisconsin
Health
and
Educational
Facilities
Authority
RB
Series
2018C
(Aa3/AA)
(SIFMA
Municipal
Swap
Index
Yield
+
0.18%)
175,000
2.100
(b)(c)
08/15/2054
173,544
Wisconsin
Health
and
Educational
Facilities
Authority
RB
Series
2024A
(BAM)
(NR/AA)
250,000
4.500
02/15/2054
236,063
Wisconsin
Health
and
Educational
Facilities
Authority
Senior
Living  RB,
Series
2025
(Chiara
Housing
and
Services,
Inc.
Project)
(NR/NR)
100,000
6.375
07/01/2045
102,400
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
301,293
5,541,932
TOTAL
MUNICIPAL
BONDS
(Cost
$270,705,067)
260,011,125
a
Corporate
Bonds
-
0.4%
Healthcare-Services
-
0.0%
Toledo
Hospital
RB
Series
2022
B
75,000
5.325%
11/15/28
74,765
Real
Estate
-
0.4%
Benloch
Ranch
Improvement
Association
No.
1
Series
2020
47,738
9.750%
(d)(j)
12/01/39
41,613
Benloch
Ranch
Improvement
Association
No.
1
Series
2021
47,748
9.750
(d)(j)
12/01/39
41,622
Benloch
Ranch
Improvement
Association
No.
2
700,000
10.000
(d)(j)
12/01/51
544,103
GOLDMAN
SACHS
MUNICIPAL
INCOME
COMPLETION
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Additional
Investment
Information 
**End
swaps
header**
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Corporate
Bonds
–
(continued)
Brixton
Park
Improvement
Association
No.
1
Series
$
600,658
6.875%
(d)(j)
12/01/51
$
520,908
1,148,246
TOTAL
CORPORATE
BONDS
(Cost
$1,433,889)
1,223,011
TOTAL
INVESTMENTS
-
99.8%
(Cost
$272,138,956)
$
261,234,136
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
-
0.2%
415,557
NET
ASSETS
-
100.0%
$
261,649,693
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,
2025.
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,
2025.
(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,
2025.
(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)
Zero
coupon
bond
until
next
reset
date.
(g)
Pre-refunded
security.
Maturity
date
disclosed
is
pre-refunding
date.
(h)
When-issued
security.
(i)
Contingent
value
instrument
that
only
pays
out
if
a
portion
of
the
territory’s
Sales
and
Use
Tax
outperforms
the
projections
in
the
Oversight
Board’s
Certified
Fiscal
Plan.
(j)
Significant
unobservable
inputs
were
used
in
the
valuation
of
this
portfolio
security;
i.e.
Level
3.
Security
ratings
disclosed,
if
any,
are
issued
by
either
Standard
&
Poor’s,
Moody’s
Investor
Service
or
Fitch
and
are
unaudited.
A
brief
description
of
the
ratings
is
available
in
the
Fund’s
Statement
of
Additional
Information.
Investment
Abbreviations:
ABS
-
Asset-Backed
Security
AGC
-
Insured
by
Assured
Guaranty
Corp.
AGM
-
Insured
by
Assured
Guaranty
Municipal
Corp.
AGM-CR
-
Insured
by
Assured
Guaranty
Municipal
Corp.
Insured
Custodial
receipts
AMBAC
-
Insured
by
American
Municipal
Bond
Assurance
Corp.
AMT
-
Alternative
Minimum
Tax
(subject
to)
BAM
-
Build
America
Mutual
Assurance
Co.
CFD
-
Community
Facilities
District
COPS
-
Certificates
of
Participation
FHLMC
-
Insured  by
Federal
Home
Loan
Mortgage
Corp.
FNMA
-
Insured
by
Federal
National
Mortgage
Association
GNMA
-
Insured
by
Government
National
Mortgage
Association
GO
-
General
Obligation
HUD
SECT
8
-
Hud
Section
8
IDA
-
Industrial
Development
Agency
LP
-
Limited
Partnership
LT
-
Limited
Tax
MTA
-
Metropolitan
Transportation
Authority
MUN
GOVT
GTD
-
Municipal
Government
Guaranteed
NATL
NATL
-
National
Public
Finance
Guarantee
Corp.
NR
-
Not
Rated
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
SOFR
-
Secured
Overnight
Financing
Rate
ST
AID
WITHHLDG
-
State
Aid
Withholding
UPMC
-
University
of
Pittsburgh
Medical
Center
USD
-
United
States
Dollar
UT
-
Unlimited
Tax
FUTURES
CONTRACTS
—
At
June
30,
2025,
the
Portfolio
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
position
contracts:
U.S.
Treasury
Ultra
Bond
32
09/19/25
$
3,807,000
$
153,158
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
-
98.2%
Alabama
-
2.2%
Alabama
Federal
Aid
Highway
Finance
Authority
Special
Obligation
RB
Series
2016A
(NR/NR)
$
10,000,000
5.000%
(a)
09/01/2026
$
10,263,406
Alabama
Federal
Aid
Highway
Finance
Authority
Special
Obligation
RB
Series
2025B
(Aa2/AAA)
5,000,000
5.000
09/01/2030
5,529,100
Alabama
Housing
Finance
Authority
Multifamily
Housing
RB
for
Cooper
Green
Homes
Project
Series
2024
C
(Aa1/NR)
1,000,000
5.000
(b)(c)
02/01/2029
1,048,067
Black
Belt
Energy
Gas
District
Gas
Prepay
RB
2019
Series
A
(A1/NR)
24,725,000
4.000
(b)(c)
12/01/2049
24,746,545
Black
Belt
Energy
Gas
District
Gas
Supply
RB
Series
2022
(Aa1/NR)
17,060,000
4.000
(b)(c)
07/01/2052
17,202,668
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
425,471
550,000
5.000
08/01/2027
570,670
485,000
5.000
08/01/2028
511,125
485,000
5.000
08/01/2029
516,926
425,000
5.000
08/01/2030
457,876
Health
Care
Authority
for
Baptist
Health
Series
2023
(A3/BBB+)
675,000
5.000
11/15/2025
678,620
1,430,000
5.000
11/15/2026
1,465,234
1,480,000
5.000
11/15/2027
1,535,833
2,750,000
5.000
11/15/2028
2,888,896
1,335,000
5.000
11/15/2029
1,415,765
Houston
County
Healthcare
Authority
Hospital
RB
for
Southeast
Alabama
Medical
Center
Series
2016-A
(NR/BBB+)
2,000,000
5.000
10/01/2030
2,011,306
Jefferson
County
Sewer
Revenue
Warrants
Series
2024
(Baa1/BBB+)
1,000,000
5.000
10/01/2025
1,004,193
1,250,000
5.000
10/01/2026
1,280,462
1,000,000
5.000
10/01/2027
1,043,290
1,000,000
5.000
10/01/2028
1,059,949
Southeast
Energy
Authority
Commodity
Supply
RB
for
Project
No.
6
Series
2023B
(Aa1/NR)
8,590,000
5.000
(b)(c)
01/01/2054
9,048,394
The
Black
Belt
Energy
Gas
District
Gas
Supply
RB,
Series
2023B
(Aa1/NR)
3,260,000
5.250
(b)(c)
12/01/2053
3,493,732
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
(b)
06/01/2028
6,305,436
The
Industrial
Development
Board
of
The
City
of
Mobile
Alabama
Pollution
Control
RB
Alabama
Power
Company
Barry
Plant
Project,
Series
2007-A
(A1/A)
(PUTABLE)
4,500,000
3.375
(b)(c)
06/01/2034
4,520,019
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
2,535,193
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Alabama
–
(continued)
The
Industrial
Development
Board
of
The
City
of
Selma
Gulf
Opportunity
Zone
Revenue
Refunding
Bonds
International
Paper
Company
Project
Series
2019A
(NR/BBB)
(PUTABLE)
$
3,485,000
3.450%
(b)(c)
11/01/2033
$
3,406,245
Water
Works
Board
of
The
City
of
Birmingham
Revenue
Anticipation
Bond
Series
2024
(NR/NR)
4,575,000
3.750
(d)
09/01/2026
4,569,744
109,534,165
Alaska
-
0.4%
Alaska
Municipal
Bond
Bank
GO
Refunding
Bonds
2016
Series
4
(AMT)
(NR/AA-)
1,755,000
5.000
12/01/2030
1,791,661
1,960,000
5.000
12/01/2032
1,996,333
Matanuska-Susitna
Borough
State
of
Alaska
Lease
Revenue
Refunding
Bonds
Series
2025B
(Aa3/AA-)
2,190,000
5.000
09/01/2027
2,291,811
North
Slope
Borough
General
Purpose
GO
Bonds
Series
2023A
(NR/AA)
800,000
5.000
06/30/2026
818,895
2,000,000
5.000
06/30/2027
2,092,348
North
Slope
Borough
GO
Bonds
Series
2022A
(NR/AA)
4,700,000
5.000
06/30/2027
4,917,019
State
of
Alaska
GO
Refunding
Bonds
Series
2025A
(Aa2/AA)
1,420,000
5.000
08/01/2027
1,488,345
2,130,000
5.000
08/01/2028
2,277,154
State
of
Alaska
International
Airports
System
Private
Activity
Revenue
Refunding
Bonds
Series
2021C
(AMT)
(Aa3/NR)
1,975,000
5.000
10/01/2025
1,983,456
19,657,022
Arizona
-
4.1%
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
1,438,547
825,000
5.000
09/01/2027
864,311
Arizona
Health
Facilities
Authority
Hospital
RB
for
Banner
Health
Series
2007
B
(NR/AA-)
(S&P
7
Day
Municipal
Intermediate
Grade
Rate
+
0.81%)
82,345,000
3.750
(c)(e)
01/01/2037
79,696,941
Arizona
IDA
Multifamily
Housing
RB
for
Unity
At
West
Glendale
Project
Series
2024
(Aaa/NR)
695,000
5.000
(b)(c)
03/01/2045
705,162
Arizona
Industrial
Development
Authority
Multifamily
Housing
Bonds
Ironwood
Ranch
Apartments
Project
Series
2024
(Aa1/NR)
3,750,000
5.000
(b)(c)
02/01/2058
3,830,325
Arizona
Industrial
Development
Authority
Multifamily
Housing
Bonds
The
Ranches
At
Gunsmoke
Project
Series
2024
(Aa1/NR)
10,000,000
5.000
(b)(c)
03/01/2058
10,242,111
Arizona
Industrial
Development
Authority
Senior
Living
RB  Second
Tier
Series
2025
A2
(NR/NR)
584,820
5.125
01/01/2059
458,562
Arizona
Transportation
Board
Highway
Revenue
and
Revenue
Refunding
Bonds
Series
2023
(Aa1/AA+)
2,370,000
5.000
07/01/2026
2,425,738
3,800,000
5.000
07/01/2027
3,982,764
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Arizona
–
(continued)
City
of
Chandler
IDA
Industrial
Development
RB
for
Intel
Corp.
Project
Series
2022
(Baa1/BBB)
$
10,125,000
5.000%
(b)(c)
09/01/2042
$
10,303,662
City
of
Chandler
IDA
RB
for
Intel
Corp.
Project
Series
2022-2
(Baa1/BBB)
41,135,000
5.000
(b)(c)
09/01/2052
41,866,236
City
of
Phoenix
Civic
Improvement
Corp.
Junior
Lien
Airport
RB
Series
2019B
(Aa3/A+)
1,215,000
5.000
07/01/2025
1,215,000
City
of
Phoenix
Civic
Improvement
Corporation
RB
Civic
Plaza
Expansion  Series
2005
B
(BHAC-CR
FGIC)
(Aa1/AA+)
7,490,000
5.500
07/01/2034
8,727,026
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
1,775,215
County
of
Pinal
IDA
Correctional
Facility
Contract
Refunding
Bonds
Series
2020A
(NR/BBB)
1,540,000
2.000
10/01/2025
1,531,260
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
10,459,564
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
1,722,450
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
3,615,127
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
1,725,620
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
1,020,598
Pima
County
Sewer
System
Revenue
Refunding
Obligations
Series
2022
(NR/AA)
1,905,000
5.000
07/01/2026
1,949,932
2,000,000
5.000
07/01/2027
2,094,067
The
Industrial
Development
Authority
of
The
County
of
Maricopa
Education
Refunding
RB
for
Legacy
Traditional
Schools
Projects
Series
2024
(NR/BBB-)
3,150,000
4.000
07/01/2034
3,064,406
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
3,458,279
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
424,167
198,597,070
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Arkansas
-
0.0%
Conway
Health
Facilities
Board
RB
Refunding
for
Conway
Regional
Medical
Center,
Inc.
Series
2019
(NR/BBB+)
$
550,000
5.000%
08/01/2026
$
559,250
a
a
California
-
7.2%
Alameda
Corridor
Transportation
Authority
Convertible
Capital
Appreciation
RB
Senior
Lien
1999
A
(NATL)
(A3/A-)
10,000,000
0.000
(f)
10/01/2034
7,010,700
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
500,335
370,000
4.000
09/01/2026
373,061
415,000
4.000
09/01/2027
418,271
410,000
4.000
09/01/2028
412,656
345,000
4.000
09/01/2029
346,674
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
2.370
(c)(e)
04/01/2056
6,946,474
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
3.170
(c)(e)
04/01/2036
14,892,202
Beaumont
Community
Facilities
District
No.
2016-2
Special
Tax
Series
2019
(NR/NR)
230,000
4.000
09/01/2026
232,114
235,000
4.000
09/01/2027
238,786
255,000
4.000
09/01/2029
257,903
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
6,462,542
California
Community
Choice
Financing
Authority
Clean
Energy
Project
RB
Series
2022A
(A1/NR)
13,010,000
4.000
(b)(c)
05/01/2053
13,122,124
California
Community
Choice
Financing
Authority
Clean
Energy
Project
RB
Series
2024E
(Green
Bonds)
(A1/NR)
27,500,000
5.000
(b)(c)
02/01/2055
29,056,657
California
Health
Facilities
Financing
Authority
Providence
St.
Joseph
Health
RB,
Series
2025C
(NR/A)
5,000,000
5.000
(b)(c)(g)
10/01/2050
5,351,491
California
Health
Facilities
Financing
Authority
RB
Adventist
Health
System
West
Series
2024A
(NR/BBB+)
12,950,000
5.000
12/01/2028
13,662,616
California
Health
Facilities
Financing
Authority
RB
Adventist
Health
System/West
Series
2024A
(NR/BBB+)
3,125,000
5.000
12/01/2036
3,283,963
California
Housing
Finance
Agency
Limited
Obligation
Multifamily
Housing
Issue
V
RB
2023
(Aa1/NR)
1,043,000
5.000
(b)(c)
05/01/2054
1,063,140
California
Infrastructure
&
Economic
Development
Bank
RB
for
California
Academy
of
Sciences
Series
2024A
(A2/NR)
6,160,000
3.250
08/01/2029
6,192,639
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
18,284,014
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
2.620
(c)(e)
12/01/2050
4,974,798
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(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
$
2,990,323
California
Municipal
Finance
Authority
Multifamily
Housing
RB
Oaks
on
Balboa,
Series
2025
A-1
(Aa1/NR)
2,700,000
3.150
(b)(c)(g)
08/01/2059
2,699,896
California
Municipal
Finance
Authority
RB
Refunding
for
California
Lutheran
University
Series
2018
(Baa2/NR)
300,000
5.000
10/01/2026
305,888
California
Municipal
Finance
Authority
RB
Refunding
for
PRS-
California
Obligated
Group
Projects
Series
2024A
Tax-Exempt
(NR/NR)
450,000
5.000
04/01/2026
455,077
370,000
5.000
04/01/2027
380,496
310,000
5.000
04/01/2028
323,488
250,000
5.000
04/01/2029
264,004
200,000
5.000
04/01/2030
213,315
210,000
5.000
04/01/2031
225,954
310,000
5.000
04/01/2032
335,338
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
1,010,656
California
Municipal
Finance
Authority
Senior
Lien
RB
for
Linxs
APM
Project
Series
2018A
(NR/NR)
4,265,000
5.000
06/30/2028
4,415,340
3,235,000
5.000
12/31/2028
3,346,159
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
1,162,399
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
10,000,000
California
Pollution
Control
Financing
Authority
Solid
Waste
Disposal
Refunding
RB
for
Waste
Management
Project
Series
2015A-3
(NR/A-/A-2)
1,500,000
4.300
07/01/2040
1,500,361
California
Pollution
Control
Financing
Authority
Water
Furnishing
RB
for
Poseidon
Resources
Desalination
Project
Series
2023
(Baa3/NR)
2,700,000
5.000
(d)
07/01/2026
2,727,889
495,000
5.000
(d)
07/01/2028
510,855
4,610,000
5.000
(d)
07/01/2029
4,792,572
California
Pollution
Control
Financing
Authority
Water
Furnishing
RB
for
Poseidon
Resources
LP
Desalination
Project
Series
2012
(AMT)
(Baa3/NR)
5,010,000
5.000
(d)
11/21/2045
4,749,823
California
Pollution
Control
Financing
Authority
Water
Furnishing
RBPoseidon
Resources
Channelside
LP
Desalination
Project,
Series
2023
(AMT)
(Baa3/NR)
4,170,000
5.000
(d)
07/01/2027
4,262,119
California
Public
Finance
Authority
RB
for
Henry
Mayo
Newhall
Hospital
Series
2021A
(NR/BBB-)
400,000
4.000
10/15/2027
404,973
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
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
$
389,834
California
School
Finance
Authority
School
Facility
RB
Value
Schools
Series
2020A
(NR/BBB-)
305,000
3.250
(d)
07/01/2030
293,980
California
State
University
RB
Refunding
Series
2016
B-2
(Aa2/AA-)
12,100,000
0.550
(b)(c)
11/01/2049
11,616,444
California
Statewide
Communities
Development
Authority
Community
Facilities
District
No.
2007-01
Special
Tax
Refunding
for
Orinda
Wilder
Project
Series
2015
(NR/NR)
670,000
5.000
09/01/2030
671,605
California
Statewide
Communities
Development
Authority
Multifamily
Housing
RB
Vintage
At
Folsom
2024
Series
E-2
(Aa1/NR)
675,000
5.000
(b)(c)
10/01/2028
702,974
California
Statewide
Communities
Development
Authority
RB
John
Muir
Health
Series
2024A
(NR/A+)
450,000
5.000
12/01/2027
474,846
California
Statewide
Community
Development
Authority
Pollution
Control
Refunding
RB
2006
Series
B
(NON-AMT)
(A2/A-)
8,500,000
1.450
04/01/2028
7,875,317
Chino
Public
Financing
Authority
Tax
Exempt
RB
Series
2019
A
(NR/NR)
245,000
4.000
09/01/2027
247,563
City
and
County
of
San
Francisco
Multifamily
Housing
RB
Sunnydale
Hope
SF
Block
9
Series
2025B-2
(Aa1/NR)
6,775,000
3.350
(b)(c)
08/01/2029
6,813,133
City
of
Chino
Community
Facilities
Improvement
Area
Special
Tax
Bonds
Series
2022
(NR/NR)
550,000
4.000
09/01/2025
550,304
1,285,000
5.000
09/01/2030
1,385,025
City
of
Chino
Public
Financing
Authority
Local
Agency
Refunding
Bonds
Series
2019A
(NR/NR)
230,000
4.000
09/01/2026
231,483
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
627,022
220,000
5.000
09/02/2028
233,160
230,000
5.000
09/02/2029
245,302
240,000
5.000
09/02/2030
258,096
1,095,000
5.000
09/02/2034
1,189,503
City
of
Long
Beach
Marina
Revenue
Refunding
Bonds
Series
2025
(NR/A)
1,140,000
5.000
05/15/2026
1,161,266
City
of
Long
Beach
Marina
Revenue
Refunding
Bonds,
Series
2025
(NR/A)
1,260,000
5.000
05/15/2027
1,312,362
1,425,000
5.000
05/15/2028
1,514,459
1,000,000
5.000
05/15/2029
1,080,947
1,005,000
5.000
05/15/2030
1,101,320
City
of
Los
Angeles
Department
of
Airports
International
Airport
Series
RB
2022
Series
G
(Aa2/AA)
750,000
5.000
05/15/2026
761,425
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
3,299,698
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
City
of
Los
Angeles
Department
of
Airports
International
Airport
Subordinate
RB
2016
Series
B
(Aa3/AA-)
$
1,000,000
5.000%
05/15/2029
$
1,011,877
City
of
Los
Angeles
Department
of
Airports
International
Airport
Subordinate
RB
2018
Series
C
(Aa3/AA-)
5,060,000
5.000
05/15/2030
5,227,989
City
of
Ontario
CA
Community
Facilities
District
No.
43
Special
Tax
Bonds
Series
2020
(NR/NR)
305,000
4.000
09/01/2028
310,571
330,000
4.000
09/01/2030
336,536
City
of
Rocklin
Community
Facilities
District
No.
10
Special
Tax
Bonds
Series
2019
(NR/NR)
100,000
5.000
09/01/2026
100,339
100,000
5.000
09/01/2027
100,350
95,000
5.000
09/01/2028
95,326
95,000
5.000
09/01/2029
95,315
City
of
San
Francisco
Infrastructure
and
Revitalization
Financing
District
Tax
Increment
RB
Series
2022A
(NR/NR)
160,000
5.000
(d)
09/01/2027
166,546
City
of
San
José
Multifamily
Housing
RB
for
Parkmoor
Series
2023F-2
(Cash
Collateralized)
(HUD
SECT
8)
(Aa1/NR)
1,450,000
5.000
(b)(c)
06/01/2027
1,471,018
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
354,505
Department
of
Water
and
Power
of
The
City
of
Los
Angeles
Power
System
RB
2025
Series
A
(Aa2/NR)
4,625,000
5.000
07/01/2028
4,824,229
Department
of
Water
and
Power
of
The
City
of
Los
Angeles
Power
System
RB,
Series
2025
B
(Aa2/NR)
4,000,000
5.000
07/01/2030
4,310,445
Department
of
Water
and
Power
of
The
City
of
Los
Angeles
Power
System
Variable
Rate
Demand
RB
2021
Subseries
A-2
(Aa2/NR)
4,010,000
3.250
(b)(c)
07/01/2051
4,010,000
Department
of
Water
and
Power
of
The
City
of
Los
Angeles
Water
System
RB
2018
Series
B
(Aa2/AA-)
1,515,000
5.000
07/01/2032
1,571,339
EL
Rancho
Unified
School
District
Los
Angeles
County
California
GO
Bond
Anticipation
Notes
Series
2025
(NR/A+)
3,000,000
0.000
(f)
08/01/2028
2,733,641
Harbor
Department
of
The
City
of
Los
Angeles
Refunding
RB
2024
Series
A-1
(AMT)
(Aa2/AA+)
3,000,000
5.000
08/01/2031
3,269,964
Inland
Empire
Tobacco
Securitization
Authority
RB
Turbo
Asset-
Backed
Bonds
Series
2019
(NR/A-)
1,835,000
3.678
06/01/2038
1,760,575
Irvine
Facilities
Financing
Authority
Gateway
Preserve
Land
Acquisition
Project
Lease
RB,
Series
2023A
(NR/AA+)
7,000,000
5.250
05/01/2048
7,048,229
Irvine
Unified
School
District
No.
09-1
Special
Tax
for
Community
Facilities
Series
2017
A
(NR/NR)
645,000
5.000
09/01/2025
646,543
645,000
5.000
09/01/2026
658,549
Irvine
Unified
School
District
No.
09-1
Special
Tax
for
Community
Facilities
Series
2017
B
(NR/NR)
475,000
5.000
09/01/2025
476,136
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
Irvine
Unified
School
District
No.
09-1
Special
Tax
for
Community
Facilities
Series
2017
C
(NR/NR)
$
425,000
5.000%
09/01/2026
$
433,928
Los
Angeles
County
Development
Authority
Multifamily
Housing
RB
West
La
Va
-
Building
156
&
157
Apartments,
2023
Series
C
(HUD
SECT
8)
(Aa1/NR)
2,370,000
3.750
(b)(c)
12/01/2046
2,374,256
Los
Angeles
Unified
School
District
County
of
Los
Angeles
California
2024
GO
Refunding
Bonds
Series
A
(Aa2/NR)
3,645,000
5.000
07/01/2027
3,820,571
Modesto
Financing
Authority
Domestic
Project
RB
2007F
(NATL)
(Baa3/AA)
(3M
USD
SOFR
+
0.63%)
7,000,000
3.706
(e)
09/01/2037
6,681,938
Northern
California
Gas
Authority
No.
1
RB
for
Gas
Project
Series
2007
B
(A1/A-)
(3M
USD
SOFR
+
0.72%)
5,275,000
3.775
(e)
07/01/2027
5,270,743
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
260,610
200,000
5.000
08/15/2028
211,568
Perris
Joint
Powers
Authority
Local
Agency
RB
2024
Series
(NR/NR)
820,000
5.000
09/01/2026
839,598
870,000
5.000
09/01/2027
907,458
900,000
5.000
09/01/2028
949,615
930,000
5.000
09/01/2029
991,101
1,005,000
5.000
09/01/2030
1,078,297
1,080,000
5.000
09/01/2031
1,161,722
1,145,000
5.000
09/01/2032
1,232,814
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
400,288
305,000
4.000
09/01/2027
307,683
500,000
4.000
09/01/2028
504,038
Riverside
Unified
School
District
Community
Facilities
District
No.
32
Special
Tax
Series
2020
(NR/NR)
210,000
4.000
09/01/2026
211,091
Rocklin
City
of
CFD
No.
10
Whitney
Ranch
Special
Tax
Bonds,
Series
2019
(NR/NR)
100,000
5.000
09/01/2030
100,319
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
796,660
Sacramento
City
Financing
Authority
RB
Series
2007B
(NATL)
(Aa3/AA-)
(3M
USD
SOFR
+
0.57%)
10,000,000
3.646
(e)
06/01/2039
9,035,704
Sacramento
County
Financing
Authority
RB
Series
2007B
(NATL)
(Aa3/AA-)
(3M
USD
SOFR
+
0.55%)
13,935,000
3.626
(e)
06/01/2034
13,416,416
San
Francisco
City
&
County
Airport
Commission
RB
Refunding
for
San
Francisco
International
Airport
Second
Series
2019
H
(AMT)
(A1/AA-)
4,000,000
5.000
05/01/2027
4,135,699
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
California
–
(continued)
San
Gorgonio
Memorial
Healthcare
District
2020
GO
Refunding
Bonds
(B1/NR)
$
930,000
4.000%
08/01/2025
$
928,721
1,020,000
3.000
08/01/2026
992,547
Sierra
View
Local
Health
Care
District
RB
Refunding
for
Tulare
County
Series
2020
(NR/NR)
320,000
4.000
07/01/2026
321,716
State
of
California
Various
Purpose
GO
Refunding
Bonds
(Aa2/AA-)
2,350,000
5.000
04/01/2026
2,390,921
2,350,000
5.000
04/01/2027
2,449,649
20,000,000
5.000
12/01/2028
21,575,102
Transbay
Joint
Powers
Authority
Senior
Tax
Allocation
Bonds
Series
2020A
(NR/NR)
1,200,000
5.000
10/01/2026
1,222,075
1,435,000
5.000
10/01/2028
1,497,173
Transbay
Joint
Powers
Authority
Senior
Tax
Allocation
Bonds
Series
2020A
Tax-Exempt
Green
Bonds
(NR/NR)
1,260,000
5.000
10/01/2027
1,301,345
Washington
Township
Healthcare
District
Revenue
Refunding
Bonds
2020
Series
A
(Baa3/NR)
225,000
5.000
07/01/2025
225,000
250,000
5.000
07/01/2026
253,654
353,057,195
Colorado
-
3.9%
Baseline
Metropolitan
District
No.1
In
The
City
and
County
of
Broomfield
Colorado
Special
Revenue
Refunding
and
Improvement
Bonds
Series
2024A
(AGC)
(NR/AA)
300,000
5.000
12/01/2025
301,951
500,000
5.000
12/01/2026
512,320
1,000,000
5.000
12/01/2027
1,043,799
580,000
5.000
12/01/2028
614,590
750,000
5.000
12/01/2029
804,888
750,000
5.000
12/01/2030
813,657
1,000,000
5.000
12/01/2031
1,092,803
1,050,000
5.000
12/01/2032
1,142,395
City
of
Denver
Aviation
Airport
System
RB
Series
2022C
(Aa3/AA-)
1,260,000
5.000
11/15/2026
1,297,564
1,215,000
5.000
11/15/2027
1,279,947
1,380,000
5.000
11/15/2028
1,481,658
City
of
Denver
Aviation
Airport
System
RB
Series
2022D
(Aa3/AA-)
1,000,000
5.000
11/15/2025
1,006,219
3,750,000
5.250
11/15/2026
3,853,866
4,500,000
5.250
11/15/2027
4,705,959
6,500,000
5.500
11/15/2028
6,991,520
City
of
Denver
RB
for
Department
of
Aviation
Airport
System
Series
2022A
(AMT)
(Aa3/AA-)
1,850,000
5.000
11/15/2025
1,861,504
9,980,000
5.000
11/15/2026
10,223,195
Colorado
Health
Facilities
Authority
Hospital
RB,
Series
2025A
(Aa2/AA)
4,025,000
5.000
(b)(c)
11/15/2060
4,365,773
Colorado
Health
Facilities
Authority
RB
for
AdventHealth
Obligated
Group
Series
2019B
(NR/NR)
1,585,000
5.000
(a)(b)(c)
11/19/2026
1,629,234
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
$
405,488
1,715,000
5.000
08/01/2026
1,748,987
4,350,000
5.000
08/01/2027
4,520,158
Colorado
Health
Facilities
Authority
RB
for
Commonspirit
Health
Series
2019A-2
(A3/A-)
2,675,000
5.000
08/01/2026
2,728,011
Colorado
Health
Facilities
Authority
RB
for
Commonspirit
Health
Series
2019B-2
(A3/A-)
7,700,000
5.000
(b)(c)
08/01/2049
7,758,588
Colorado
Health
Facilities
Authority
RB
for
Commonspirit
Health
Series
2022A
(A3/A-)
125,000
5.000
11/01/2025
125,655
1,145,000
5.000
11/01/2026
1,173,123
125,000
5.000
11/01/2027
130,434
Colorado
Health
Facilities
Authority
RB
for
Intermountain
Healthcare
Series
2022C
(Aa1/AA+)
29,150,000
5.000
(b)(c)
05/15/2062
30,794,022
Colorado
Health
Facilities
Authority
RB
for
Sanford
Series
2019A
(NR/A+)
500,000
5.000
11/01/2025
503,121
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
1,069,925
Colorado
Health
Facilities
Authority
RB
Series
2019B
Series
2019B-1
(A3/A-)
8,015,000
5.000
(b)(c)
08/01/2049
8,028,447
Colorado
Health
Facilities
Authority
RB
Series
2025A
(NR/NR)
1,060,000
5.000
12/01/2025
1,065,882
740,000
5.000
12/01/2026
755,484
800,000
5.000
12/01/2027
829,906
830,000
5.000
12/01/2028
872,043
545,000
5.000
12/01/2029
578,856
1,070,000
5.000
12/01/2030
1,146,438
1,120,000
5.000
12/01/2031
1,209,129
1,175,000
5.000
12/01/2032
1,273,219
1,000,000
5.000
12/01/2033
1,085,909
Colorado
High
Performance
Transportation
Enterprise
C-470
Express
Lanes
Senior
RB
Series
2017
(NR/NR)
1,000,000
5.000
12/31/2047
985,672
1,000,000
5.000
12/31/2051
959,105
Colorado
Housing
and
Finance
Authority
for
The
Benefit
of
Fitz
Affordable
Owner
LLC
Multifamily
Housing
RB
for
Fitzsimons
Gateway
Apartments
Project
Series
2024B
(Aa1/NR)
2,000,000
3.180
(b)(c)
09/01/2028
2,010,456
Colorado
Housing
and
Finance
Authority
Multifamily
Housing
RB
Albion
Apartments
Project,
Series
2025
(Aa1/NR)
1,000,000
3.375
(b)(c)
07/01/2044
1,003,492
Colorado
Housing
and
Finance
Authority
Multifamily
Housing
RB
for
The
Reserves
at
Eagle
Point
Project
Series
2024
(Aa1/NR)
1,330,000
3.500
(b)(c)
11/01/2043
1,331,960
Denver
Colorado
Health
and
Hospital
Authority
Healthcare
RB
Refunding
Series
2017
A
(NR/BBB)
5,245,000
5.000
(d)
12/01/2026
5,355,217
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Colorado
–
(continued)
Denver
Convention
Center
Hotel
Authority
Senior
Revenue
Refunding
Bonds
Series
2016
(Baa2/BBB-)
$
2,000,000
5.000%
12/01/2026
$
2,032,019
Denver
Health
&
Hospital
Authority
COPS
Series
2018
(NR/BBB)
205,000
5.000
12/01/2025
205,950
E-470
Public
Highway
Authority
Colorado
Revenue
Refunding
Bonds
Series
2004
A
(NATL)
(A1/A+)
16,250,000
0.000
(f)
09/01/2027
15,206,444
E-470
Public
Highway
Authority
RB
Series
2004
A
(NATL)
(A1/A+)
4,040,000
0.000
(f)
09/01/2028
3,659,171
Eagle
County
Housing
and
Development
Authority
Multifamily
Housing
RB
Eagle
Villas
Project,
Series
2025
(Aa1/NR)
2,600,000
3.550
(b)(c)
12/01/2045
2,607,183
Maiker
Housing
Partners
Multifamily
Housing
RB
for
Overlook
at
Thornton
Series
2023
(Aa1/NR)
2,500,000
4.500
(b)(c)
05/01/2042
2,518,640
Regional
Transportation
District
Private
Activity
Bonds
for
Denver
Transit
Partners
Eagle
P3
Project
Series
2020
(Baa1/NR)
450,000
5.000
07/15/2028
470,660
Regional
Transportation
District
Sales
Tax
RB
for
Fastracks
Project
Series
2016A
(Aa2/AAA)
19,445,000
5.000
11/01/2046
19,479,126
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
349,011
Regional
Transportation
District
Tax
Exempt
Private
Activity
Bonds
Series
2020
(Baa1/NR)
250,000
5.000
07/15/2026
254,183
500,000
5.000
01/15/2027
512,610
South
Sloan's
Lake
Metropolitan
District
No.
2
GO
Improvement
Bonds
Series
2019
(AGM)
(Baa1/AA)
75,000
5.000
12/01/2025
75,483
190,000
5.000
12/01/2026
194,667
150,000
5.000
12/01/2027
156,121
235,000
5.000
12/01/2028
248,024
175,000
5.000
12/01/2029
186,863
300,000
4.000
12/01/2030
309,269
300,000
4.000
12/01/2031
307,125
State
of
Colorado
Higher
Education
Health
Sciences
Facilities
Certificates
of
Participation
Series
2024A
(Aa2/AA-)
590,000
5.000
11/01/2030
651,901
200,000
5.000
11/01/2031
223,494
Stc
Metropolitan
District
No.
2
In
The
Town
of
Superior
Boulder
County
Colorado
Limited
Tax
GO
and
Special
Revenue
Refunding
First
Lien
Bonds,
Series
2025A-1
(AG)
(NR/AA)
1,040,000
5.000
12/01/2031
1,125,674
1,120,000
5.000
12/01/2032
1,213,810
Stc
Metropolitan
District
No.
2
In
The
Town
of
Superior
Boulder
County,
Colorado
Limited
Tax
GO
and
Special
Revenue
Refunding
First
Lien
Bonds,
Series
2025A-1
(AG)
(NR/AA)
615,000
5.000
12/01/2025
618,799
1,095,000
5.000
12/01/2026
1,118,985
875,000
5.000
12/01/2027
908,162
945,000
5.000
12/01/2028
993,991
745,000
5.000
12/01/2029
792,989
1,615,000
5.000
12/01/2030
1,736,851
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Colorado
–
(continued)
The
Canyons
Metropolitan
District
No.
5
in
The
City
of
Castle
Pines
Limited
Tax
GO
and
Special
Revenue
Refunding
and
Improvement
Bonds
Series
2024A
(BAM)
(NR/AA)
$
250,000
5.000%
12/01/2027
$
259,947
225,000
5.000
12/01/2028
237,185
200,000
5.000
12/01/2029
213,390
200,000
5.000
12/01/2030
215,397
200,000
5.000
12/01/2031
216,954
250,000
5.000
12/01/2032
272,370
Trails
At
Crowfoot
Metropolitan
District
No.
3
In
The
Town
of
Parker
Colorado
GO
Limited
Tax
Refunding
Bonds
Series
2024A
(AGC)
(NR/AA)
50,000
5.000
12/01/2025
50,309
80,000
5.000
12/01/2026
81,752
110,000
5.000
12/01/2028
115,703
130,000
5.000
12/01/2029
138,374
150,000
5.000
12/01/2030
161,317
150,000
5.000
12/01/2031
163,525
University
of
Colorado
Regents
Enterprise
Refunding
RB
Series
2021C3B
(Aa1/NR)
(PUTABLE)
5,000,000
2.000
(b)(c)
06/01/2051
4,907,339
Vauxmont
Metropolitan
District
Limited
Tax
Convertible
to
Unlimited
Tax
GO
Refunding
Bonds
Series
2019
(AGM)
(NR/AA)
125,000
5.000
12/15/2027
128,864
189,791,200
Connecticut
-
1.6%
City
of
Hartford
Connecticut
Special
Obligation
Refunding
Bonds
State
Contract
Assistance
Series
2025
(Aa3/AA-)
2,250,000
5.000
07/15/2027
2,346,546
City
of
Hartford
Connecticut
Special
Obligation
Refunding
Bonds
State
Contract
Assistance,
Series
2025
(Aa3/AA-)
500,000
5.000
07/15/2029
539,631
3,750,000
5.000
07/15/2032
4,186,994
City
of
New
Haven
GO
Bonds
Series
2018
A
(NR/A-)
600,000
5.000
08/01/2025
600,717
City
of
New
Haven
GO
Bonds
Series
2023
(Baa1/A-)
500,000
5.000
08/01/2025
500,597
City
of
New
Haven
GO
Bonds
Series
2023
(BAM)
(Baa1/AA)
700,000
5.000
08/01/2026
715,519
650,000
5.000
08/01/2027
679,328
900,000
5.000
08/01/2028
956,808
Connecticut
Health
&
Educational
Facilities
Authority
RB
for
University
of
Hartford
Series
N
(NR/BB+)
390,000
5.000
07/01/2025
390,000
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
4,186,911
Hartford
County
Metropolitan
District
GO
Bonds
Series
2016
C
(AGM)
(Aa2/AA)
5,540,000
5.000
11/01/2026
5,705,337
Housing
Authority
of
The
City
of
Norwalk
Multifamily
Housing
RB
Wall
Street
Place
Series
2024
(Aa1/NR)
2,425,000
3.050
(b)(c)
09/01/2058
2,418,563
State
of
Connecticut
GO
Bonds
2016
Series
A
(Aa3/AA-)
7,500,000
4.000
03/15/2034
7,508,308
State
of
Connecticut
Health
&
Educational
Facilities
Authority
RB
for
Hartford
Healthcare
Series
2020B
(NR/A)
5,205,000
5.000
(b)(c)
07/01/2053
5,337,798
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(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
Yale
Series
2010A-3
(Aaa/AAA)
(PUTABLE)
$
5,520,000
2.950%
(b)(c)
07/01/2049
$
5,508,071
State
of
Connecticut
Health
and
Educational
Facilities
Authority
RB
for
University
of
Yale
Series
U
(Aaa/AAA)
3,695,000
5.000
07/01/2033
4,207,949
State
of
Connecticut
Health
and
Educational
Facilities
Authority
RB
Yale
University
Issue,
Series
2025B-1
(Aaa/AAA)
(PUTABLE)
22,000,000
5.000
(b)(c)
07/01/2064
24,056,184
State
of
Connecticut
Special
Tax
Obligation
Bonds
for
Transportation
Infrastructure
Purposes
2022
Series
A
(Aa3/AA)
2,415,000
5.000
07/01/2026
2,471,315
1,500,000
5.000
07/01/2027
1,569,151
State
of
Connecticut
Special
Tax
Obligation
Refunding
Bonds
for
Transportation
Infrastructure
Purposes
2022
Series
B
(Aa3/AA)
1,750,000
5.000
07/01/2026
1,790,808
2,150,000
5.000
07/01/2027
2,249,116
77,925,651
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
5,425,000
Delaware
Health
Facilities
Authority
RB
for
Beebee
Medical
Center
Project
Series
2018
(NR/BBB-)
725,000
5.000
06/01/2027
741,948
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
14,509,288
New
Castle
County
GO
Bonds
Series
2015
(Aaa/AAA)
5,000,000
5.000
(a)
10/01/2025
5,024,532
The
Delaware
Economic
Development
Authority
Gas
Facilities
Refunding
RB
Delmarva
Power
&
Light
Company
Project
2020,
Series
A
(A2/A)
2,120,000
3.600
(g)
01/01/2031
2,159,427
27,860,195
District
of
Columbia
-
2.1%
District
of
Columbia
(Washington,
D.C.)
Income
Tax
Secured
Revenue
and
Refunding
Bonds,
Series
2025A
(Tax-Exempt)
(Aa1/AAA)
1,000,000
5.000
06/01/2030
1,101,287
District
of
Columbia
Housing
Finance
Agency
Multifamily
Housing
RB
for
Edgewood
Commons
V
Apartments
Project
Series
2023
(HUD
SECT
8
FHA
221(D4))
(Aa1/NR)
4,840,000
5.000
(b)(c)
06/01/2027
4,865,612
Metro
Washington
Airports
Authority
Airport
System
Revenue
and
Refunding
Bonds
Series
2015B
(AMT)
(Aa3/AA-)
5,000,000
5.000
10/01/2032
5,022,639
Metropolitan
Washington
Airports
Authority
Airport
System
Revenue
and
Refunding
Bonds,
Series
2025-
A  (AMT)
(Aa3/AA-)
5,150,000
5.000
(g)
10/01/2030
5,522,604
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
2017A
(Aa3/AA-)
$
5,505,000
5.000%
10/01/2028
$
5,702,278
Metropolitan
Washington
Airports
Authority
Airport
System
Revenue
Refunding
Bonds
Series
2017A
(AMT)
(Aa3/AA-)
15,185,000
5.000
10/01/2029
15,681,404
Metropolitan
Washington
Airports
Authority
Airport
System
Revenue
Refunding
Bonds
Series
2021A
(Aa3/AA-)
24,325,000
5.000
10/01/2026
24,916,716
Metropolitan
Washington
Airports
Authority
Airport
System
Revenue
Refunding
Bonds
Series
2022A
(AMT)
(Aa3/NR)
2,395,000
5.000
10/01/2027
2,486,435
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
29,722,024
Washington
Convention
and
Sports
Authority
Senior
Lien
Dedicated
Tax
Revenue
Refunding
Bonds
Series
2018A
(Aa3/A+)
3,535,000
5.000
10/01/2027
3,693,356
Washington
Metropolitan
Airports
Authority
Airport
System
Revenue
Refunding
Bonds
Series
2015B
(Aa3/AA-)
4,295,000
5.000
10/01/2035
4,314,447
Washington
Metropolitan
Area
Transit
Authority
Second
Lien
RB
for
Sustainability
Climate
Transition
Bonds
Series
2023A
(NR/AA)
950,000
5.000
07/15/2025
950,602
625,000
5.000
07/15/2026
639,889
104,619,293
Florida
-
5.1%
Aberdeen
Community
Development
District
Special
Assessment
Refunding
Series
2020
A-1
(AGM)
(NR/AA)
1,195,000
2.375
05/01/2029
1,142,346
1,225,000
2.625
05/01/2030
1,155,283
Alta
Lakes
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
450,000
3.750
05/01/2029
447,810
Aventura
Isles
Community
Development
District
Miami-Dade
County
Florida
Special
Assessment
Refunding
Bonds
Series
2024
(NR/NR)
190,000
5.000
05/01/2026
191,560
975,000
5.000
05/01/2034
1,022,688
Babcock
Ranch
Community
Independent
Special
District
Special
Assessment
Series
2021
(NR/NR)
660,000
2.875
05/01/2031
612,029
Bannon
Lakes
Community
Development
District
Special
Assessment
RB
for
St.
Johns
County
Series
2016
(NR/NR)
60,000
4.500
11/01/2025
60,054
Beach
Road
Golf
Estates
Community
Development
District
Special
Assessment
Series
2015
(NR/NR)
2,500,000
4.700
11/01/2029
2,506,471
Bellalago
Educational
Facilities
Benefit
District
Capital
Improvement
RB,
Series
2014
(A2/NR)
1,220,000
4.125
05/01/2026
1,217,214
1,070,000
4.250
05/01/2027
1,065,632
Bexley
Community
Development
District
Special
Assessment
RB
for
Pasco
County
Series
2016
(NR/NR)
100,000
4.100
05/01/2026
100,043
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Bluewaters
Community
Development
District
Miami-Dade
County
Florida
Special
Assessment
Refunding
Bonds
Series
2024
(NR/NR)
$
176,000
5.000%
05/01/2026
$
177,345
185,000
5.000
05/01/2027
188,350
1,869,000
5.000
05/01/2035
1,949,791
Broward
County
School
Board
Certificates
of
Participation
Series
2015A
(A1/A+)
16,915,000
5.000
07/01/2025
16,915,000
Capital
Trust
Agency,
Inc.
RB
for
Liza
Jackson
Preparatory
School,
Inc.
Series
2020
A
(Baa3/NR)
315,000
4.000
08/01/2030
314,685
Celebration
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Project
Series
2021
(NR/NR)
235,000
2.750
05/01/2031
220,589
Century
Gardens
Community
Development
District
Miami-Dade
County
Florida
Special
Assessment
Refunding
Bonds
Series
2024
(NR/NR)
125,000
5.000
05/01/2026
126,469
131,000
5.000
05/01/2027
134,089
1,126,000
5.000
05/01/2034
1,170,592
Century
Park
Square
Community
Development
District
Miami-
Dade
County,
Florida
Special
Assessment
Bonds,
Series
2025
(NR/NR)
115,000
4.625
05/01/2030
116,235
City
of
Fort
Lauderdale
Special
Assessment
Bonds
for
Las
Olas
Isles
Underground
Project
Series
2022
(NR/NR)
220,000
5.000
(d)
07/01/2029
228,577
City
of
Ft.
Lauderdale
Special
Assessment
Bonds
for
Las
Olas
Isles
Undergrounding
Project
Series
2022
(NR/NR)
180,000
5.000
(d)
07/01/2025
180,000
190,000
5.000
(d)
07/01/2026
192,194
200,000
5.000
(d)
07/01/2027
204,394
City
of
Jacksonville
Special
Revenue
Refunding
Bonds
Series
2023A
(NR/AA)
700,000
5.000
10/01/2025
703,260
City
of
South
Miami
Health
Facilities
Authority
Florida
Hospital
Refunding
RB
Series
2017
Baptist
Health
South
Florida
Obligated
Group
(A1/AA-)
1,500,000
5.000
08/15/2047
1,489,905
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
3,058,304
7,170,000
5.000
08/15/2027
7,474,840
Cityplace
Community
Development
District
Special
Assessment
Revenue
Refunding
Bonds
Series
2012
(NR/NR)
1,240,000
5.000
05/01/2026
1,254,181
Copper
Oaks
Community
Development
District
Special
Assessment
Refunding
and
Improvement
Bonds
Series
2021
(NR/NR)
175,000
3.000
05/01/2031
161,944
Coral
Keys
Homes
Community
Development
District
Miami-
Dade
County,
Florida
Special
Assessment
Bonds,
Series
2020
(NR/NR)
170,000
3.125
05/01/2030
164,923
Cordoba
Ranch
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2021
(NR/NR)
315,000
3.000
05/01/2026
312,633
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Cypress
Mill
Community
Development
District
Special
Assessment
Bonds
for
Bank
Qualified
2023
Project
Series
2023
(NR/BBB)
$
190,000
4.000%
05/01/2028
$
190,946
250,000
4.000
05/01/2033
240,218
Cypress
Shadows
Community
Development
District
Capital
Improvement
Revenue
Refunding
Bonds
Series
2022
(NR/NR)
37,000
4.000
11/01/2026
37,041
Duval
County
School
Board
Certificates
of
Participation
Series
2022A
(AGM)
(NR/AA)
3,185,000
5.000
07/01/2026
3,250,744
5,105,000
5.000
07/01/2027
5,336,399
Entrada
Community
Development
District
St
Johns
County,
Florida
Capital
Improvement
RB,
Series
2021
(NR/NR)
75,000
2.125
(d)
05/01/2026
73,828
Fiddlers
Creek
Community
Development
District
No.
2
Special
Assessment
Refunding
Series
2019
(NR/NR)
1,780,000
4.250
05/01/2029
1,797,387
Fishhawk
Ranch
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2020
(AGM)
(NR/AA)
275,000
2.000
11/01/2025
272,638
280,000
2.000
11/01/2026
272,189
290,000
2.000
11/01/2027
276,608
295,000
2.000
11/01/2028
275,536
300,000
2.000
11/01/2029
274,675
305,000
2.125
11/01/2030
270,386
Florida
Development
Finance
Corporation
Educational
Facilities
RB
Saint
andrew's
School
of
Boca
Raton
Inc.
Project
Series
2024A
(NR/BBB+)
150,000
5.000
06/01/2028
156,423
375,000
5.000
06/01/2029
394,676
295,000
5.000
06/01/2030
312,496
415,000
5.000
06/01/2031
441,424
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
781,534
Florida
Housing
Finance
Corporation
Multifamily
Mortgage
RB,  Series
2025
F-2
(Aa1/NR)
1,375,000
3.650
(b)(c)
05/01/2028
1,380,051
Florida
Insurance
Assistance
Interlocal
Agency
Insurance
Assessment
RB
Series
2023A-1
(Aa2/A)
6,425,000
5.000
09/01/2025
6,451,182
5,510,000
5.000
09/01/2026
5,579,112
4,020,000
5.000
09/01/2027
4,113,990
Florida
Municipal
Power
Agency
All-Requirements
Power
Supply
Project
Refunding
RB
Series
2016A
(A2/NR)
2,285,000
5.000
10/01/2027
2,336,303
Flow
Way
Community
Development
District
Collier
County
Florida
Special
Assessment
Refunding
Bonds
Series
2024
(NR/NR)
165,000
5.000
05/01/2026
166,315
125,000
5.000
05/01/2027
127,352
745,000
5.000
05/01/2034
781,996
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
987,369
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(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+)
$
260,000
3.000%
05/01/2026
$
257,610
Gardens
at
Hammock
Beach
Community
Development
District
Flagler
County
Florida
Special
Assessment
Bonds
Assessment
Area
One
Series
2024-1
(NR/NR)
120,000
4.800
05/01/2031
121,156
Gateway
Services
Community
Development
District
Special
Assessment
Bonds
Series
2023-1
(AGM)
(NR/AA)
1,320,000
3.250
05/01/2028
1,322,094
Grand
Bay
at
Doral
Community
Development
District
Miami-Dade
County
Florida
Special
Assessment
Refunding
Bonds
Series
2025A-1
(NR/NR)
185,000
5.000
05/01/2026
186,777
195,000
5.000
05/01/2027
199,259
200,000
5.000
05/01/2028
206,439
Greater
Orlando
Aviation
Authority
Priority
Subordinated
Airport
Facilities
RB
Series
2024
(AMT)
(Aa3/AA-)
2,670,000
5.000
10/01/2032
2,898,014
Harvest
Ridge
Community
Development
District
Special
Assessment
Bonds
Series
2024
(NR/NR)
235,000
4.375
05/01/2031
236,874
755,000
5.125
05/01/2044
736,827
Hawks
Point
Community
Development
District
Special
Assessment
Refunding
Senior
Series
2017
A-1
(NR/A-)
1,000,000
4.000
05/01/2031
999,210
Herons
Glen
Recreation
District
Special
Assessment
Refunding
Bonds
Series
2020
(BAM)
(NR/AA)
200,000
2.500
05/01/2026
198,104
Higher
Educational
Facilities
Financing
Authority
Florida
Educational
Facilities
Revenue
and
Revenue
Refunding
Bonds
Ringling
College
Project,
Series
2017
(NR/BBB)
290,000
5.000
03/01/2031
293,912
Hillsborough
County
Aviation
Authority
Florida
Tampa
International
Airport
RB
2024
Series
B
(AMT)
(Aa3/NR)
1,845,000
5.000
10/01/2028
1,942,494
Homestead
50
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2021
(NR/NR)
139,000
3.000
05/01/2026
137,720
Housing
Finance
Authority
of
Broward
County
Florida
Multifamily
Housing
RB
Series
2024
(HUD
SECT
8)
(Aa1/NR)
(PUTABLE)
3,750,000
3.150
(b)(c)
03/01/2028
3,746,832
Housing
Finance
Authority
of
Broward
County
Multifamily
Housing
RB
for
Pinnacle
441
Phase
2
Series
2023
(Aa1/NR)
(PUTABLE)
1,200,000
4.050
(b)(c)
09/01/2056
1,206,094
Housing
Finance
Authority
of
Hillsborough
County
Florida
Multifamily
Housing
RB
Tampa
47Th
Street
Apartments,
Series
2025B
(Aa1/NR)
(PUTABLE)
4,380,000
3.350
(b)(c)
06/01/2029
4,393,297
Housing
Finance
Authority
of
Hillsborough
County
Multifamily
Housing
Zion
Village
RB
Series
2024
(HUD
SECT
8)
(Aa1/NR)
1,755,000
3.250
(b)(c)
09/01/2042
1,754,621
Housing
Finance
Authority
of
Lee
County
Florida
Multifamily
Housing
RB
Amaryllis
Park
Place
III,
Series
2025
(Aa1/NR)
5,000,000
4.000
(b)(c)
11/01/2044
5,040,355
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Housing
Finance
Authority
of
Lee
County
Florida
Multifamily
Housing
RB
Ekos
on
Evans,
Series
2025
(Aa1/NR)
$
1,850,000
3.500%
(b)(c)
12/01/2042
$
1,856,231
Housing
Finance
Authority
of
Miami-Dade
County
Multifamily
Housing
RB
for
Emerald
Dunes
Series
2023B
(Aa1/NR)
(PUTABLE)
1,155,000
4.050
(b)(c)
09/01/2026
1,155,921
Housing
Finance
Authority
of
Pinellas
County,
Florida
Multifamily
Housing
RB
Series
2025
(NR/AA+)
(PUTABLE)
4,600,000
3.400
(b)(c)
07/01/2028
4,615,629
Housing
Finance
Authority
of
Polk
County
Multifamily
Housing
RB
for
Episcopal
Catholic
Apartments
Series
2023
(HUD
SECT
8)
(Aa1/NR)
(PUTABLE)
1,643,000
4.150
(b)(c)
12/01/2040
1,657,434
Jacksonville
Housing
Finance
Authority
Multifamily
Housing
RB
Series
2025
(Aa1/NR)
1,000,000
3.400
(b)(c)
07/01/2058
1,001,228
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
4,518,011
Keys
Edge
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
One
Project
Series
2024
(NR/NR)
405,000
4.375
05/01/2031
405,493
Kindred
Community
Development
District
II
Special
Assessment
Bonds
Series
2021
(NR/NR)
100,000
2.700
05/01/2031
94,259
Lake
Frances
Community
Development
District
Miami-Dade
County
Florida
Special
Assessment
Refunding
Bonds
Series
2018
(NR/BBB-)
492,000
4.000
05/01/2031
486,069
Lake
Powell
Residential
Golf
Community
Development
District
Bay
County
Florida
Special
Assessment
Revenue
Refunding
Bonds,
Series
2025
(NR/NR)
215,000
5.000
05/01/2026
216,942
Lake
Powell
Residential
Golf
Community
Development
District
Bay
County,
Florida
Special
Assessment
Revenue
Refunding
Bonds,
Series
2025
(NR/NR)
227,000
5.000
05/01/2027
231,877
238,000
5.000
05/01/2028
245,533
1,081,000
5.000
05/01/2032
1,135,614
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
4,225,724
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
57,071
70,000
2.000
05/01/2029
65,210
1,835,000
2.500
05/01/2033
1,614,814
Lee
County
IDA
Hospital
Revenue
Refunding
Bonds
Lee
Health
Sys
Inc
Series
2019
A-2
(A2/A+)
8,410,000
5.000
(b)(c)
04/01/2033
8,440,804
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
11/15/2029
5,016,961
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Marshall
Creek
Community
Development
District
Special
Assessment
Refunding
Series
2015
A
(NR/NR)
$
1,150,000
5.000%
05/01/2032
$
1,150,649
Miami
Dade
County
Aviation
Revenue
Refunding
Bonds
Series
2015A
(NR/A+)
1,655,000
5.000
10/01/2038
1,654,975
Miami
Dade
County
Educational
Facility
Authority
RB
for
University
of
Miami
(AMBAC)
(A2/A-)
10,995,000
5.250
04/01/2027
11,473,091
Miami-Dade
County
Aviation
Revenue
Refunding
Bonds
Series
2024A
(AMT)
(NR/A+)
1,520,000
5.000
10/01/2027
1,574,680
1,110,000
5.000
10/01/2028
1,165,506
Miami-Dade
County
Florida
Public
Facilities
Revenue
and
Revenue
Refunding
Bonds
Jackson
Health
System
Series
2025
(Aa2/NR)
4,770,000
5.000
06/01/2034
5,319,739
Miami-Dade
County
General
Obligation
Bonds
Building
Better
Communities
Program
Series
2015-D
(Aa2/AA)
3,710,000
5.000
07/01/2027
3,786,697
Mirabella
Community
Development
District
Hillsborough
County
Florida
Capital
Improvement
Revenue
Refunding
Bonds
Series
2025
(NR/NR)
40,000
5.000
05/01/2026
40,371
42,000
5.000
05/01/2027
42,917
44,000
5.000
05/01/2028
45,441
379,000
5.000
05/01/2035
400,340
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
500,114
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
200,067
Oak
Creek
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2015
A-1
(NR/A+)
1,150,000
4.450
05/01/2031
1,150,189
Ocala
Preserve
Community
Development
District
Capital
Improvement
RB
Series
2021
(NR/NR)
330,000
2.875
11/01/2031
301,941
Orange
County
Health
Facilities
Authority
RB
Presbyterian
Retirement
Communities
Obligated
Group
Project
Series
2024
(NR/NR)
1,000,000
5.000
08/01/2025
1,000,539
700,000
5.000
08/01/2026
709,574
1,245,000
5.000
08/01/2027
1,280,773
1,295,000
5.000
08/01/2028
1,347,656
915,000
5.000
08/01/2029
962,348
955,000
5.000
08/01/2030
1,010,126
1,510,000
5.000
08/01/2031
1,604,064
1,585,000
5.000
08/01/2032
1,684,919
1,665,000
5.000
08/01/2033
1,772,508
1,745,000
5.000
08/01/2034
1,848,747
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
15,944,908
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Osceola
County
Transportation
Improvement
Refunding
RB
Series
2019A-1
(NR/BBB+)
$
275,000
5.000%
10/01/2025
$
275,733
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
1,104,434
Pasco
County
Capital
Improvement
Cigarette
Tax
Allocation
Bonds
Series
2023A
(AGM)
(A1/AA)
250,000
5.250
09/01/2025
250,798
250,000
5.250
09/01/2026
256,574
300,000
5.250
09/01/2027
314,551
300,000
5.250
09/01/2028
320,375
Pine
Ridge
Plantation
Community
Development
District
Capital
Improvement
Revenue
&
Refunding
Bonds
Series
2021A-1
(AGM)
(NR/AA)
520,000
2.000
05/01/2026
510,289
530,000
2.000
05/01/2027
511,118
Pine
Ridge
Plantation
Community
Development
District
Special
Assessment
Refunding
Bonds
2020
A-2
(NR/NR)
650,000
3.300
05/01/2030
636,973
Reunion
East
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2015
A
(NR/NR)
6,820,000
5.000
05/01/2033
6,825,617
Reunion
West
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2022
(NR/NR)
285,000
3.000
05/01/2026
283,066
390,000
3.000
05/01/2027
384,355
River
Bend
Community
Development
District
Senior
Special
Assessment
Revenue
Refunding
Bonds
Series
2016A-1
(NR/A-)
425,000
3.000
05/01/2026
420,886
River
Glen
Community
Development
District
Capital
Improvement
Revenue
&
Refunding
Bonds
Series
2021
(NR/BBB+)
143,000
2.500
05/01/2026
140,615
146,000
2.500
05/01/2027
141,889
148,000
2.500
05/01/2028
141,651
157,000
2.500
05/01/2030
143,915
River
Hall
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2021
A-1
(NR/NR)
225,000
3.000
05/01/2026
222,837
Sabal
Palm
Community
Development
District
Broward
County
Florida
Special
Assessment
Refunding
Bonds
Series
2024
(NR/NR)
65,000
5.000
05/01/2026
65,523
70,000
5.000
05/01/2027
71,317
Sandmine
Road
Community
Development
District
Special
Assessment
for
Assessment
Area
One
Series
2020
(NR/NR)
400,000
3.125
(d)
05/01/2030
391,862
School
Board
of
Miami-Dade
County
Florida
Certificates
of
Participation
Series
2016B
(A1/A+)
7,340,000
5.000
08/01/2027
7,483,002
South
Fork
East
Community
Development
District
Hillsborough
County
Florida
Capital
Improvement
Revenue
Refunding
Bonds
Series
2025
(NR/NR)
53,000
5.000
05/01/2026
53,522
55,000
5.000
05/01/2027
56,260
58,000
5.000
05/01/2028
59,962
500,000
5.000
05/01/2035
527,320
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
South
Village
Community
Development
District
Capital
Improvement
Revenue
&
Refunding
Bonds
Series
2016A-1
(NR/A+)
$
95,000
3.000%
05/01/2026
$
94,334
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
2,524,870
Storey
Creek
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
95,000
3.125
12/15/2025
94,540
Storey
Park
Community
Development
District
Special
Assessment
Bonds
for
Assessment
Area
Three
Project
Series
2019
(NR/NR)
375,000
3.750
(d)
06/15/2029
374,013
Summerville
Community
Development
District
Special
Assessment
Refunding
Series
2020
(NR/NR)
725,000
3.500
05/01/2031
695,823
Talis
Park
Community
Development
District
Capital
Improvement
Refunding
RB
Series
2024
(NR/NR)
60,000
5.000
(d)
05/01/2026
60,567
115,000
5.000
(d)
05/01/2027
117,327
125,000
5.000
(d)
05/01/2028
128,753
130,000
5.000
(d)
05/01/2029
134,773
105,000
5.000
(d)
05/01/2030
109,443
785,000
5.000
(d)
05/01/2035
808,463
Tampa
Bay
Water
Utility
System
Refunding
RB
Series
2015A
(Aa1/AA+)
4,225,000
4.000
10/01/2029
4,234,793
Tapestry
Community
Development
District
Special
Assessment
RB
for
City
of
Kissimmee
Series
2016
(NR/NR)
170,000
4.250
05/01/2026
170,321
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
241,571
The
School
Board
of
Pinellas
County
Florida
Certificates
of
Participation
The
School
Board
of
Pinellas
County
Florida
Master
Lease
Program
Series
2021A
(A2/NR)
400,000
5.000
07/01/2033
439,804
Tolomato
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2022A
(AGM)
(NR/AA)
1,605,000
3.000
05/01/2027
1,604,920
Touchstone
Community
Development
District
Senior
Special
Assessment
Bonds
Series
2022A-1
(NR/BBB+)
105,000
4.500
05/01/2026
105,611
115,000
4.500
05/01/2028
118,090
120,000
4.500
05/01/2029
123,915
Tradition
Community
Development
District
No.
9
Special
Assessment
Bonds
Series
2021
(NR/NR)
540,000
2.700
05/01/2031
496,185
Trails
at
Monterey
Community
Development
District
Special
Assessment
Refunding
Bonds
Series
2012
(NR/A-)
145,000
4.250
05/01/2026
145,132
Two
Lakes
Community
Development
District
Special
Assessment
Bonds
Series
2024
(Tax-Exempt)
(NR/BBB)
585,000
5.000
05/01/2029
614,263
650,000
5.000
05/01/2031
692,728
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Florida
–
(continued)
Venetian
Parc
Community
Development
District
Miami-Dade
County
Florida
Special
Assessment
Refunding
Bonds
Series
2024
Assessment
Area
Two
(NR/NR)
$
120,000
5.000%
05/01/2026
$
121,005
100,000
5.000
05/01/2027
101,971
1,075,000
5.000
05/01/2034
1,128,384
Verandah
East
Community
Development
District
Special
Assessment
Revenue
Refunding
Improvement
Bonds
for
Lee
County
Series
2016
(NR/NR)
530,000
3.750
05/01/2026
527,430
Viera
East
Community
Development
District
Special
Assessment
Bonds
Series
2020
(AGM)
(NR/AA)
1,715,000
2.600
05/01/2034
1,435,372
Viera
East
Community
Development
District
Special
Revenue
Assessment
Bonds
Series
2020
(AGM)
(NR/AA)
795,000
2.000
05/01/2026
777,367
Villa
Portofino
West
Community
District
Special
Assessment
Refunding
Series
2020
(NR/NR)
973,000
3.500
05/01/2030
939,044
Village
Community
Development
District
Special
Assessment
Revenue
Refunding
Bonds
Series
2020
(AGM)
(NR/AA)
1,365,000
5.000
05/01/2026
1,385,778
Volusia
County
Educational
Facilities
Authority
Educational
Facilities
Revenue
Refunding
Bonds
Stetson
University,
Inc.
Project,
Series
2025
(Baa1/BBB+)
300,000
5.000
06/01/2026
304,122
350,000
5.000
06/01/2027
360,078
400,000
5.000
06/01/2028
416,563
500,000
5.000
06/01/2029
526,048
430,000
5.000
06/01/2030
455,900
Watergrass
Community
Development
District
Special
Assessment
Revenue
Refunding
Bonds
Series
2021
(NR/NR)
(NR/NR)
170,000
2.000
05/01/2026
166,980
Wildblue
Community
Development
District
Special
Assessment
Bonds
Series
2019
(NR/NR)
1,695,000
3.750
(d)
06/15/2030
1,658,938
Winding
Cypress
Community
Development
District
Special
Assessment
Bonds
for
Collier
County
Series
2015
(NR/NR)
85,000
4.375
11/01/2025
84,994
249,844,298
Georgia
-
2.9%
Atlanta
Development
Authority
RB
for
New
Downtown
Atlanta
Stadium
Project
Senior
Lien
Series
2015
A-1
(Aa3/A+)
3,450,000
5.250
07/01/2040
3,452,611
Bartow
County
Development
Authority
Pollution
Control
RB
for
Georgia
Power
Company
Plant
Bowen
Project
Series
2009
(A3/A/A-2)
(PUTABLE)
3,130,000
3.950
(b)(c)
12/01/2032
3,184,589
Burke
County
Development
Authority
Pollution
Control
RB
for
Georgia
Power
Company
Plant
Vogtle
Project
Series
1996
(A3/A)
(PUTABLE)
1,335,000
3.875
(b)(c)
10/01/2032
1,339,749
City
of
Atlanta
GO
Public
Improvement
Bonds
Series
2022A-1
(Aa1/NR)
545,000
5.000
12/01/2025
549,856
1,000,000
5.000
12/01/2026
1,033,626
525,000
5.000
12/01/2027
554,589
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Georgia
–
(continued)
City
of
Atlanta
GO
Public
Improvement
Bonds
Series
2022A-2
(Aa1/NR)
$
1,105,000
5.000%
12/01/2025
$
1,114,846
1,100,000
5.000
12/01/2026
1,136,989
2,375,000
5.000
12/01/2027
2,508,854
Colquitt
County
School
District
GO
Bonds
Series
2023
(ST
AID
WITHHLDG)
(Aa1/NR)
585,000
5.000
12/01/2025
590,066
935,000
5.000
12/01/2026
965,647
Development
Authority
of
Burke
County
Pollution
Control
RB
for
Georgia
Power
Company
Plant
Vogtle
Project
First
Series
2012
(A3/A)
(PUTABLE)
4,850,000
2.875
(b)(c)
12/01/2049
4,843,143
Development
Authority
of
Burke
County
Pollution
Control
RB
for
Georgia
Power
Company
Plant
Vogtle
Project
First
Series
2013
(A3/A)
(PUTABLE)
2,395,000
3.375
(b)(c)
11/01/2053
2,389,190
Development
Authority
of
Burke
County
Pollution
Control
RB
for
Georgia
Power
Company
Plant
Vogtle
Project
Second
Series
2008
(A3/A/A-1)
(PUTABLE)
2,020,000
3.375
(b)(c)
11/01/2048
2,016,419
Development
Authority
of
Burke
County
Pollution
Control
RB
Georgia
Power
Company
Plant
Vogtle
Project
Fifth
Series
1994
(A3/A)
(PUTABLE)
1,950,000
3.700
(b)(c)
10/01/2032
1,973,774
Housing
Authority
of
Douglas
County
Multifamily
Housing
RB
Astoria
at
Crystal
Lake
Project
Series
2024B
(Aa1/NR)
1,000,000
5.000
(b)(c)
10/01/2028
1,042,039
Housing
Authority
of
The
City
of
Lawrenceville
Multifamily
Housing
RB
Applewood
Towers
Project
Series
2024B
(Aa1/NR)
1,615,000
5.000
(b)(c)
10/01/2028
1,682,893
Main
Street
Natural
Gas
Inc.
Gas
Supply
RB
Series
2019A
(A1/NR)
3,000,000
5.000
05/15/2026
3,034,351
500,000
5.000
05/15/2027
513,314
1,975,000
5.000
05/15/2030
2,054,116
Main
Street
Natural
Gas
Inc.
Gas
Supply
RB
Series
2019C
(A3/NR)
5,230,000
4.000
(b)(c)
03/01/2050
5,242,816
Main
Street
Natural
Gas
Inc.
Gas
Supply
RB
Series
2021A
(Aa1/NR)
1,000,000
4.000
(b)(c)
07/01/2052
1,009,401
Main
Street
Natural
Gas
Inc.
Gas
Supply
RB
Series
2021C
(A3/NR)
1,000,000
4.000
12/01/2025
1,001,914
Main
Street
Natural
Gas
Inc.
Gas
Supply
RB
Series
2022B
(A3/NR)
1,740,000
5.000
06/01/2027
1,788,511
Main
Street
Natural
Gas
Inc.
Gas
Supply
RB
Series
2022C
(NR/BBB-)
1,705,000
4.000
(d)
11/01/2025
1,704,843
3,665,000
4.000
(d)
11/01/2026
3,670,943
Main
Street
Natural
Gas
Inc.
Gas
Supply
RB
Series
2023A
(A3/NR)
7,000,000
5.000
(b)(c)
06/01/2053
7,337,952
Main
Street
Natural
Gas
Inc.
Gas
Supply
RB
Series
2023B
(Aa1/NR)
13,040,000
5.000
(b)(c)
07/01/2053
13,739,133
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Georgia
–
(continued)
Main
Street
Natural
Gas
Inc.
Gas
Supply
RB
Series
2025A
(Aa3/NR)
$
15,925,000
5.000%
(b)(c)
06/01/2055
$
16,935,578
Main
Street
Natural
Gas
Inc.,
Gas
Supply
RB
Series
2023E-1
(Aa1/NR)
4,000,000
5.000
(b)(c)
12/01/2053
4,214,594
Main
Street
Natural
Gas
Inc.,
Gas
Supply
RB,
Series
2019A
(A1/NR)
3,740,000
5.000
05/15/2028
3,886,710
Main
Street
Natural
Gas,
Inc.
Gas
Supply
RB
Series
2022A
(A3/NR)
500,000
4.000
12/01/2025
500,854
Main
Street
Natural
Gas,
Inc.,
Gas
Supply
RB
Series
2024A
(Aa1/NR)
2,800,000
5.000
(b)(c)
05/01/2054
2,958,806
Medical
Center
Hospital
Authority
Revenue
Anticipation
Certificates
for
Piedmont
Healthcare
Project
Series
2019A
(Aa3/AA-)
7,190,000
5.000
(b)(c)
07/01/2054
7,256,156
Monroe
County
Development
Authority
Pollution
Control
RB
First
Series
2009
(A3/A/A-1)
(PUTABLE)
2,275,000
1.000
(b)(c)
07/01/2049
2,182,002
Monroe
County
Development
Authority
Pollution
Control
RB
for
Georgia
Power
Company
Plant
Scherer
Project
Series
2006
(A3/A)
(PUTABLE)
1,560,000
3.875
(b)(c)
12/01/2041
1,565,027
Monroe
County
Development
Authority
Pollution
Control
RB
for
Georgia
Power
Company
Plant
Scherer
Project
Series
2012
(A3/A)
(PUTABLE)
2,875,000
3.875
(b)(c)
06/01/2042
2,884,264
Monroe
County
Development
Authority
Pollution
Control
RB
for
Georgia
Power
Company
Plant
Scherer
Project
Series
2013
(A3/A)
(PUTABLE)
1,560,000
3.875
(b)(c)
04/01/2043
1,565,027
Monroe
County
Georgia
Development
Authority
Pollution
Control
RBGeorgia
Power
Company
Plant
Scherer
Project
First
Series
2008
(A3/A)
(PUTABLE)
7,500,000
3.350
(b)(c)
11/01/2048
7,429,635
Municipal
Electric
Authority
of
Georgia
Project
One
Subordinated
Bonds
Series
2024A
(A2/A-)
500,000
5.000
01/01/2031
546,190
Private
Colleges
and
Universities
Authority
Emory
University  RB,
Series
2025A
(Aa2/AA)
4,000,000
5.000
09/01/2029
4,324,900
Richmond
County
Board
of
Education
GO
Sales
Tax
Bonds
Series
2023
(ST
AID
WITHHLDG)
(Aa1/AA+)
875,000
5.000
10/01/2025
879,450
2,850,000
5.000
10/01/2026
2,933,118
650,000
5.000
10/01/2027
683,507
Urban
Residential
Finance
Authority
of
The
City
of
Atlanta
Georgia
Multifamily
Housing
RB
Series
2024B
(Aa1/NR)
8,920,000
2.920
(b)(c)
05/01/2029
8,879,655
141,101,647
Guam
-
0.3%
A.B.
Won
Pat
International
Airport
Authority
Guam
General
RB
2024
Series
A
(AMT)
(Baa2/NR)
120,000
5.000
10/01/2027
122,757
200,000
5.000
10/01/2028
206,309
500,000
5.000
10/01/2029
519,091
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Guam
–
(continued)
A.B.
Won
Pat
International
Airport
Authority
Guam
General
RB
2024
Series
A
(AMT)
(Baa2/NR)
–
(continued)
$
250,000
5.000%
10/01/2030
$
261,259
250,000
5.000
10/01/2031
261,878
350,000
5.000
10/01/2032
366,248
A.B.
Won
Pat
International
Airport
Authority
Guam
General
RB
2024
Series
B
(NON-AMT)
(Baa2/NR)
200,000
5.000
10/01/2030
212,900
200,000
5.000
10/01/2031
214,164
400,000
5.000
10/01/2032
428,620
200,000
5.000
10/01/2033
215,160
Guam
Power
Authority
Refunding
RB
Series
2022
A
(Baa2/BBB)
1,300,000
5.000
10/01/2029
1,387,313
Guam
Power
Authority
Revenue
Refunding
Bonds
2024
Series
A
(Baa2/BBB)
500,000
5.000
10/01/2025
501,777
500,000
5.000
10/01/2026
511,349
450,000
5.000
10/01/2027
468,420
500,000
5.000
10/01/2028
527,957
Guam
Waterworks
Authority
RB
Refunding
for
Water
&
Wastewater
System
Series
2024A
(Baa2/A-)
350,000
5.000
07/01/2025
350,000
350,000
5.000
07/01/2026
354,603
350,000
5.000
07/01/2027
359,472
750,000
5.000
07/01/2028
779,527
700,000
5.000
07/01/2029
735,002
1,125,000
5.000
07/01/2030
1,192,079
Guam
Waterworks
Authority
RB
Refunding
for
Water
&
Wastewater
System
Series
2024B
(Baa2/A-)
500,000
5.000
07/01/2025
500,000
600,000
5.000
07/01/2026
607,891
500,000
5.000
07/01/2027
513,532
1,000,000
5.000
07/01/2028
1,039,369
985,000
5.000
07/01/2029
1,034,253
1,175,000
5.000
07/01/2030
1,245,060
Port
Authority
of
Guam
Port
RB
2018
Series
B
Private
Activity
(AMT)
(Baa2/A)
410,000
5.000
07/01/2032
420,906
15,336,896
Hawaii
-
0.8%
City
and
County
of
Honolulu
GO
Bonds
for
Honolulu
Rail
Transit
Project
Series
2021E
(Aa2/NR)
5,315,000
5.000
03/01/2027
5,524,234
City
and
County
of
Honolulu
Multifamily
Housing
RB
Maunakea
Tower
Apartments
Series
2023
(HUD
SECT
8)
(Aa1/NR)
(PUTABLE)
7,040,000
5.000
(b)(c)
06/01/2027
7,150,347
City
and
County
of
Honolulu
Wastewater
System
RB
Junior
Series
2025A
(NR/AA+)
3,400,000
5.000
07/01/2032
3,835,264
City
of
Honolulu
GO
Bonds
Series
A
(Aa2/NR)
10,575,000
4.000
10/01/2034
10,577,436
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
77,485
State
of
Hawaii
Airports
System
RB,
Series
2018A
(AMT)
(Aa3/AA-)
2,300,000
5.000
07/01/2035
2,347,664
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
(Ba2/NR)
$
10,735,000
3.100%
05/01/2026
$
10,575,931
40,088,361
Idaho
-
0.0%
Idaho
Health
Facilities
Authority
St.
Luke'S
Health
System
Project
RB
Series
2025C
(NR/A)
2,000,000
5.000
(b)(c)
03/01/2060
2,175,064
a
a
Illinois
-
7.3%
Board
of
Trustee
of
Northern
Illinois
University
Auxiliary
Facilities
System
RB
Series
2021
(BAM)
(Baa3/AA)
250,000
5.000
10/01/2026
255,061
325,000
5.000
10/01/2028
340,771
Carol
Stream
Park
District
GO
Refunding
Park
Bonds
Series
2016
(BAM)
(NR/AA)
4,705,000
5.000
01/01/2037
4,747,089
Chicago
GO
Bonds
2019A
(NR/NR)
550,000
5.000
01/01/2028
580,621
Chicago
GO
Bonds
2019A
(NR/BBB)
3,210,000
5.000
01/01/2028
3,316,739
Chicago
Illinois
Board
of
Education
GO
Bonds
Capital
Appreciation
for
School
Reform
Series
1998
B-1
(NATL)
(Baa3/BB+)
660,000
0.000
(f)
12/01/2026
625,894
4,645,000
0.000
(f)
12/01/2027
4,240,672
365,000
0.000
(f)
12/01/2029
306,812
Chicago
Illinois
Board
of
Education
GO
Bonds
Capital
Appreciation
for
School
Reform
Series
1999
A
(NATL)
(Baa3/BB+)
250,000
0.000
(f)
12/01/2027
228,239
95,000
0.000
(f)
12/01/2029
79,855
Chicago
Illinois
Board
of
Education
Unlimited
Tax
GO
Bonds
for
Capital
Appreciation
Boards
School
Reform
Series
1998
B-1
(NATL)
(Baa3/BB+)
640,000
0.000
(f)
12/01/2025
629,666
Chicago
Illinois
Board
of
Education
Unlimited
Tax
GO
Refunding
Bonds
for
Dedicated
Revenues
Series
2018
A
(AGM)
(NR/AA)
1,825,000
5.000
12/01/2025
1,835,200
3,615,000
5.000
12/01/2026
3,696,000
Chicago
Illinois
Board
of
Education
Unlimited
Tax
GO
Refunding
Bonds
for
Dedicated
Revenues
Series
2018
A
(AG)
(NR/AA)
800,000
5.000
12/01/2034
818,327
Chicago
Park
District
GO
LT
Refunding
Bonds
Series
2023C
(NR/AA-)
2,400,000
5.000
01/01/2026
2,422,269
2,780,000
5.000
01/01/2027
2,865,999
1,965,000
5.000
01/01/2028
2,062,266
City
of
Chicago
Board
of
Education
Capital
Appreciation
Bonds
for
School
Reform
Series
1998B-1
(NATL)
(Baa3/BB+)
685,000
0.000
(f)
12/01/2028
600,584
City
of
Chicago
Board
of
Education
GO
Bonds
Series
1999
A
(NATL)
(Baa3/BB+)
3,420,000
5.500
12/01/2026
3,471,218
1,755,000
0.000
(f)
12/01/2030
1,413,195
City
of
Chicago
Board
of
Education
UT
GO
Refunding
Bonds
Series
2018A
(AGM)
(NR/AA)
1,500,000
5.000
12/01/2029
1,564,190
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(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
2018C
(AGM)
(NR/AA)
$
5,000,000
5.000%
12/01/2027
$
5,168,718
7,535,000
5.000
12/01/2029
7,857,448
1,000,000
5.000
12/01/2030
1,039,929
City
of
Chicago
GO
Bonds
Project
&
Refunding
Series
2017A
(NR/BBB)
2,000,000
5.625
01/01/2031
2,044,939
City
of
Chicago
GO
Bonds
Refunding
Series
2020A
(NR/BBB)
3,430,000
5.000
01/01/2027
3,500,737
5,245,000
5.000
01/01/2028
5,419,407
City
of
Chicago
GO
Bonds
Refunding
Series
2021B
(NR/BBB)
1,855,000
4.000
01/01/2028
1,872,709
City
of
Chicago
GO
Bonds
Refunding
Series
2024B
(NR/BBB)
10,205,000
5.000
01/01/2032
10,814,597
City
of
Chicago
GO
Bonds,
Series
2025B
(NR/BBB)
5,865,000
5.000
01/01/2032
6,215,346
City
of
Chicago
GO
Refunding
Bonds
Series
2020
A
(NR/BBB)
1,000,000
5.000
01/01/2029
1,043,065
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
3,283,712
2,345,000
5.000
01/01/2027
2,425,587
City
of
Chicago
Midway
Airport
RB
Refunding
for
Senior
Lien
Airport
Series
2023C
(AMT)
(NR/A)
5,000,000
5.000
01/01/2026
5,044,406
5,755,000
5.000
01/01/2027
5,892,113
City
of
Chicago
Midway
Airport
Senior
Lien
Airport
Refunding
RB
Series
2023C
(AMT)
(NR/A)
1,000,000
5.000
01/01/2028
1,038,003
City
of
Chicago
Multi-Family
Housing
RB
The
Ave
Sw
Project
Series
2025
(Aa1/NR)
4,600,000
3.200
(b)(c)
10/01/2028
4,611,735
City
of
Chicago
O’Hare
International
Airport
General
Airport
Senior
Lien
RB
Series
2024C
(AMT)
(NR/A+)
420,000
5.000
01/01/2034
451,182
City
of
Chicago
O'Hare
International
Airport
General
Airport
Senior
Lien
Refunding
RB
Series
2024C
(AMT)
(NR/A+)
10,000,000
5.000
01/01/2028
10,397,076
City
of
Chicago
Second
Lien
Wastewater
Transmission
RB
Refunding
Series
2024A
(NR/A+)
500,000
5.000
01/01/2026
504,435
600,000
5.000
01/01/2027
617,826
City
of
Chicago
Second
Lien
Wastewater
Transmission
RB
Refunding
Series
2024B
(BAM)
(NR/AA)
1,800,000
5.000
01/01/2030
1,951,067
City
of
Chicago
Second
Lien
Water
RB
Refunding
Series
2024A
(NR/A+)
2,650,000
5.000
11/01/2031
2,902,688
City
of
Chicago
Second
Lien
Water
Revenue
Refunding
Bonds
Series
2004
(NR/A+)
1,900,000
5.000
11/01/2026
1,949,871
City
of
Chicago
Special
Assessment
Improvement
Bonds
Refunding
Series
2022
(NR/NR)
329,000
2.530
(d)
12/01/2025
326,481
305,000
2.690
(d)
12/01/2026
298,474
255,000
2.870
(d)
12/01/2027
247,147
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Illinois
–
(continued)
City
of
Chicago
Special
Assessment
Improvement
Bonds
Refunding
Series
2022
Lakeshore
East
Project
(NR/NR)
$
270,000
3.040%
(d)
12/01/2028
$
259,625
City
of
Springfield
Illinois
Senior
Lien
Electric
Revenue
Refunding
Bonds
Series
of
2024
(BAM)
(A3/AA)
4,900,000
5.000
03/01/2030
5,304,945
Forest
Preserve
District
of
Will
County
Illinois
GO
Limited
Tax
Bonds
Series
2024
(Aa1/NR)
225,000
5.000
12/15/2031
249,701
225,000
5.000
12/15/2032
251,026
Illinois
Community
College
District
No.
512
GO
Bonds
Series
2020
(Aaa/NR)
1,980,000
4.000
12/15/2025
1,989,100
Illinois
Finance
Authority
Illinois
Finance
Authority
RB
Series
2025A-1
(NR/A+)
1,000,000
5.000
(b)(c)
08/15/2054
1,069,128
Illinois
Finance
Authority
RB
for
Presbyterian
Homes
Obligated
Group
Series
2021
B
(NR/NR)
(SIFMA
Municipal
Swap
Index
Yield
+
0.70%)
2,250,000
2.620
(c)(e)
05/01/2042
2,235,148
Illinois
Finance
Authority
RB
for
University
of
Illinois
Series
2020
(NR/BBB+)
500,000
5.000
10/01/2026
508,522
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
687,417
Illinois
Finance
Authority
RB
Refunding
for
Illinois
Institute
of
Technology
Series
2019
(Ba2/NR)
600,000
5.000
09/01/2025
600,138
Illinois
Finance
Authority
RB
Refunding
for
Lifespace
Communities,
Inc.
Obligated
Group
Series
2015
A
(NR/NR)
540,000
5.000
05/15/2026
540,133
Illinois
Finance
Authority
RB
The
University
of
Chicago
Series
2024B
(Aa2/AA-)
2,400,000
5.000
04/01/2027
2,492,082
2,700,000
5.000
04/01/2028
2,854,257
Illinois
Finance
Authority
Revenue
Refunding
Bonds
Bradley
University
Project
Series
2024
(NR/BBB+)
430,000
5.000
08/01/2025
430,419
500,000
5.000
08/01/2026
508,463
500,000
5.000
08/01/2027
512,194
805,000
5.000
08/01/2028
831,624
Illinois
Finance
Authority
Revenue
Refunding
Bonds
Noble
Network
of
Charter
Schools
Series
2025A
(NR/BBB)
695,000
5.000
09/01/2026
708,576
490,000
5.000
09/01/2027
506,920
520,000
5.000
09/01/2028
544,498
815,000
5.000
09/01/2029
861,368
860,000
5.000
09/01/2030
915,132
910,000
5.000
09/01/2031
974,645
Illinois
Finance
Authority
Taxable
RB
for
Theory
and
Computing
Sciences
Building
Trust
Series
2023
(A2/NR)
12,575,000
6.693
07/01/2033
12,912,737
Illinois
Finance
Authority
Tax-Exempt
Surface
Freight
Transfer
Facilities
RB
for
Centerpoint
Joliet
Terminal
Railroad
Project
Series
2020
(NR/BBB+)
3,000,000
4.125
(b)(c)(d)
12/01/2050
2,904,566
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Illinois
–
(continued)
Illinois
Housing
Development
Authority
Multifamily
Housing
RB
Series
2024
Walden
Oaks
Il
(HUD
SECT
8
FHA
221(D)(4))
(Aa1/NR)
$
2,500,000
5.000%
(b)(c)
10/01/2027
$
2,552,874
Illinois
Housing
Development
Authority
Multifamily
Housing
RB,
Series
2023
(6900
Crandon)
(HUD
SECT
8
FHA
221
(d)
(4))
(Aa1/NR)
1,330,000
5.000
(b)(c)
02/01/2027
1,342,956
Illinois
Housing
Development
Authority
Multifamily
Housing
RB,
Series
2023
South
Shore
(HHDC)
(HUD
SECT
8)
(Aa1/NR)
4,340,000
5.000
(b)(c)
02/01/2027
4,382,279
Illinois
State
GO
Bonds
Series
2017
D
(A3/A-)
26,975,000
5.000
11/01/2025
27,136,661
34,465,000
5.000
11/01/2026
35,308,790
Metropolitan
Pier
&
Exposition
Authority
Mccormick
Place
Expansion
Project
Refunding
Bonds
Series
2024A
(NR/A)
2,150,000
5.000
06/15/2029
2,230,068
Metropolitan
Pier
&
Exposition
Authority
Mccormick
Place
Expansion
Project
Refunding
Bonds
Series
2024B
(NR/A)
4,435,000
4.000
12/15/2026
4,488,697
1,420,000
4.000
12/15/2027
1,447,205
Metropolitan
Pier
&
Exposition
Authority
RB
Refunding
for
McCormick
Place
Expansion
Project
Series
2022
B
(NR/A)
3,000,000
5.000
12/15/2027
3,017,871
Northern
Illinois
University
Board
of
Trustees
Auxiliary
Facilities
System
RB
Series
2021
(BAM)
(Baa3/AA)
325,000
5.000
10/01/2030
346,742
Sales
Tax
Securitization
Corp
Bonds
Series
2018C
(NR/A+)
10,900,000
5.000
01/01/2026
10,986,533
Sales
Tax
Securitization
Corp.
Second
Lien
Sales
Tax
Securitization
Bonds
Series
2020A
(NR/A+)
3,480,000
5.000
01/01/2026
3,507,627
Sales
Tax
Securitization
Corp.
Second
Lien
Sales
Tax
Securitization
Bonds
Series
2021A
(NR/A+)
5,235,000
5.000
01/01/2027
5,375,965
1,675,000
5.000
01/01/2032
1,835,982
4,500,000
5.000
01/01/2033
4,959,269
State
of
Illinois
Build
Illinois
Bonds
Sales
Tax
RB
Junior
Obligation
Series
of
March
2025
Junior
Obligation
Series
A  2025
(NR/A)
3,100,000
5.000
06/15/2034
3,401,308
State
of
Illinois
General
Obligation
Bonds
Series
of
May
2024B
(A3/A-)
3,000,000
5.000
05/01/2026
3,045,021
3,000,000
5.000
05/01/2027
3,097,442
State
of
Illinois
GO
Bonds
Series
2016
(A3/A-)
2,965,000
5.000
01/01/2026
2,991,914
5,700,000
5.000
11/01/2028
5,821,864
State
of
Illinois
GO
Bonds
Series
2017A
(A3/A-)
3,455,000
5.000
12/01/2027
3,598,048
State
of
Illinois
GO
Bonds
Series
2017C
(A3/A-)
6,540,000
5.000
11/01/2029
6,760,673
State
of
Illinois
GO
Bonds
Series
2017D
(A3/A-)
5,560,000
5.000
11/01/2027
5,807,795
State
of
Illinois
GO
Bonds
Series
2020
(A3/A-)
2,465,000
5.500
05/01/2030
2,608,447
State
of
Illinois
GO
Bonds
Series
2021A
(A3/A-)
2,750,000
5.000
03/01/2026
2,783,078
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Illinois
–
(continued)
State
of
Illinois
GO
Bonds
Series
of
November
2019B
(A3/A-)
$
10,000,000
5.000%
11/01/2032
$
10,534,423
State
of
Illinois
GO
Bonds,
Refunding
Series
of
May
2023D
(A3/A-)
8,035,000
5.000
07/01/2025
8,035,000
State
of
Illinois
GO
Refunding
Bonds
Series
2016
(A3/A-)
4,215,000
5.000
02/01/2026
4,259,465
4,020,000
5.000
02/01/2028
4,123,159
2,100,000
5.000
02/01/2029
2,150,798
State
of
Illinois
GO
Refunding
Bonds
Series
2018A
(A3/A-)
6,490,000
5.000
10/01/2028
6,819,633
State
of
Illinois
GO
Refunding
Bonds
Series
2018B
(A3/A-)
6,000,000
5.000
10/01/2028
6,314,204
State
of
Illinois
GO
Refunding
Bonds
Series
of
October
2016
Il
(A3/A-)
225,000
5.000
02/01/2027
231,344
State
of
Illinois
GO
Unlimited
Refunding
Bonds
Series
2018
B
(A3/A-)
2,000,000
5.000
10/01/2025
2,008,948
357,983,812
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
4,150,000
City
of
Rockport
Pollution
Control
Revenue
Refunding
Bonds
Series
1995
(NON-AMT)
(Baa2/BBB+)
3,445,000
3.125
07/01/2025
3,445,000
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
7,112,816
Indiana
Finance
Authority
Health
Facility
RB
Series
2024
(A3/A-)
450,000
5.000
03/01/2026
455,336
300,000
5.000
03/01/2027
309,354
350,000
5.000
03/01/2028
365,667
385,000
5.000
03/01/2029
407,229
1,030,000
5.000
03/01/2030
1,101,000
610,000
5.000
03/01/2031
657,691
Indiana
Finance
Authority
Health
System
RB
Series
2025
Indiana
University
Health
Series
202D-1
(Aa2/AA)
2,950,000
5.000
(b)(c)(g)
10/01/2064
3,146,602
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
2,931,406
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
4,428,154
Indiana
Finance
Authority
RB
Refunding
for
Indianapolis
Power
&
Light
Co.
Series
2021
(A2/A-)
3,000,000
0.650
08/01/2025
2,991,462
Indiana
Finance
Authority
Senior
Living
RB
Indiana
Masonic
Home
Project,
Series
A  2025
(NR/NR)
1,500,000
4.300
05/01/2029
1,516,032
Indiana
Finance
Authority
State
Revolving
Fund
Program
Bonds,
Series
2025C
(NR/AAA)
245,000
5.000
02/01/2030
268,735
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Indiana
–
(continued)
Indiana
Housing
&
Community
Development
Authority
Multifamily
Housing
RB
Partners
Preservation
Projects
Series
2023
(FHA
221(D)(4))
(FHA
221(D)(4))
(Aa1/NR)
(PUTABLE)
$
700,000
4.100%
(b)(c)
09/01/2028
$
700,439
The
Indianapolis
Local
Public
Improvement
Bond
Bank
Bonds
Series
2024E
(NR/AA-)
2,600,000
5.000
02/01/2031
2,859,257
895,000
5.000
02/01/2032
993,305
The
Indianapolis
Local
Public
Improvement
Bond
Bank
Bonds,
Series
2025B
(AMT)
(A1/NR)
6,225,000
5.000
01/01/2028
6,484,333
44,323,818
Iowa
-
0.3%
City
of
Waterloo
Black
Hawk
County
Iowa
GO
Capital
Loan
Notes
Series
2024D
(Aa2/NR)
1,900,000
4.500
06/01/2027
1,925,956
Iowa
Finance
Authority
Midwestern
Disaster
Area
Revenue
Refunding
Bonds
for
Iowa
Fertilizer
Company
Project
Series
2022
(#Aa1/AA+)
3,170,000
5.000
(a)(b)(c)
12/01/2032
3,591,722
Iowa
Finance
Authority
Midwestern
Disaster
Area
Revenue
Refunding
Bonds
Series
2022
(#Aa1/AA+)
490,000
4.000
(a)(b)(c)
12/01/2032
522,807
1,260,000
5.000
(a)
12/01/2032
1,427,625
Iowa
Finance
Authority
RB
Refunding
for
Lifespace
Communities,
Inc.
Obligated
Group
Series
2021
A
(NR/NR)
2,105,000
4.000
05/15/2026
2,103,921
Iowa
Higher
Education
Loan
Authority
Private
College
Facility
RB
University
of
Dubuque
Project
Series
2025
(NR/BBB-)
1,765,000
5.000
10/01/2032
1,863,884
1,950,000
5.000
10/01/2034
2,048,482
13,484,397
Kansas
-
0.1%
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
3,780,791
a
a
Kentucky
-
0.8%
County
of
Boone
Pollution
Control
Revenue
Refunding
Bonds
Series
2008A
(NON-AMT)
(Baa1/BBB+)
5,040,000
3.700
08/01/2027
5,069,063
County
of
Owen
Water
Facilities
Refunding
RB
Series
2020
(NON-AMT)
(Baa1/A)
(PUTABLE)
700,000
3.875
(b)(c)
06/01/2040
689,506
Kenton
County
Kentucky
Airport
Board
Cincinnati
Northern
Kentucky
International
Airport
RB
Series
2024
(A1/NR)
1,000,000
5.000
01/01/2029
1,054,858
Kenton
County
KY
School
District
Financial
Coporation
School
Building
RB
2016
B
(BAM-TCRS
ST
INTERCEPT)
(Aa3/AA)
475,000
3.000
04/01/2030
470,494
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
8,191,613
Kentucky
Economic
Development
Finance
Authority
Healthcare
Facilities
Refunding
RB
Series
2022
(NR/NR)
3,570,000
4.500
10/01/2027
3,570,586
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Kentucky
–
(continued)
Kentucky
Interlocal
School
Transportation
Association
Kista
Equipment
Lease
Certificates
of
Participation
Series
of
2024
(ST
INTERCEPT)
(Aa3/NR)
$
550,000
4.000%
03/01/2026
$
553,245
515,000
4.000
03/01/2027
524,165
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
3,670,420
Louisville
Jefferson
County
Metro
Government
Health
System
RB
for
Norton
Healthcare
Series
2023A
(NR/A)
700,000
5.000
10/01/2026
715,987
1,700,000
5.000
10/01/2027
1,775,579
Public
Energy
Authority
of
Kentucky
Gas
Supply
RB
Series
2019C
(A1/NR)
9,450,000
4.000
(b)(c)
02/01/2050
9,498,238
Public
Energy
Authority
of
Kentucky
Gas
Supply
Revenue
Refunding
Bonds
2024
Series
B
(A1/NR)
500,000
5.000
08/01/2025
500,440
390,000
5.000
02/01/2026
392,839
800,000
5.000
08/01/2026
812,440
500,000
5.000
02/01/2027
511,596
1,150,000
5.000
08/01/2027
1,185,555
575,000
5.000
02/01/2028
595,800
39,782,424
Louisiana
-
1.5%
City
of
New
Orleans
GO
Refunding
Bonds
Series
2022
(A2/A+)
3,000,000
5.000
12/01/2025
3,021,095
4,255,000
5.000
12/01/2026
4,379,995
1,715,000
5.000
12/01/2027
1,803,003
East
Baton
Rouge
Sewerage
Commission
Tax
Exempt
Revenue
Refunding
Bonds
Series
2020A
(NR/AA-)
1,100,000
5.000
02/01/2026
1,114,001
Lakeshore
Villages
Master
Community
Development
District
Special
Assessment
Series
2021
(NR/NR)
695,000
2.875
06/01/2031
625,136
Louisiana
Housing
Corporation
Multifamily
Housing
RB
Arbours
At
Acadiana
ProjectSeries
2024
(FHA
221(D)(4))
(Aa1/NR)
2,228,000
5.000
(b)(c)
04/01/2028
2,300,857
Louisiana
Housing
Corporation
Multifamily
Housing
RB
Arbours
At
Lafayette
Phase
II
Project
Series
2024
(FHA
221(D)(4))
(Aa1/NR)
2,200,000
5.000
(b)(c)
04/01/2028
2,263,215
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
Insurance
Assessment
RB
for
Louisiana
Insurance
Guaranty
Association
Project
Series
2022B
(A1/NR)
3,300,000
5.000
08/15/2027
3,420,811
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
Revenue
and
Refunding
RB
for
Christwood
Project
Series
2024
(NR/NR)
1,050,000
4.250
(d)
11/15/2030
1,046,435
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
1,258,664
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
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+)
$
1,490,000
3.500%
11/01/2032
$
1,433,603
Louisiana
Offshore
Terminal
Authority
Deepwater
Port
RB
for
Loop
LLC
Project
Series
2007A
(A3/NR)
7,725,000
4.150
09/01/2027
7,801,010
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
2,513,963
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
3,803,286
Louisiana
Public
Facilities
Authority
Hospital
RB
Louisiana
Children
Medicine
Ctr
2023A
(NR/A)
3,050,000
5.250
(b)(c)
12/01/2052
3,267,914
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
6,537,673
Louisiana
Public
Facilities
Authority
Revenue
and
Refunding
RB
Ochsner
Clinic
Foundation
Project
Series
2025B
(A3/A)
10,000,000
5.000
05/15/2030
10,734,036
Parish
of
East
Baton
Rouge
Capital
Improvements
District
Movebr
Sales
Tax
RB
Series
2024
(Aa2/AA+)
750,000
5.000
08/01/2030
829,522
840,000
5.000
08/01/2032
949,372
Parish
of
St.
John
the
Baptist
RB
Refunding
for
Marathon
Oil
Corp.
Series
2017
A-1
(A2/A-)
(PUTABLE)
5,755,000
4.050
(b)(c)
06/01/2037
5,785,922
Parish
of
St.
John
the
Baptist
Revenue
Refunding
Bonds
for
Marathon
Oil
Project
Series
2017
(A2/A-)
(PUTABLE)
1,235,000
2.200
(b)(c)
06/01/2037
1,219,374
State
of
Louisiana
Gasoline
and
Fuels
Tax
Revenue
Refunding
Bonds
2017
Series
B
(Aa2/AA)
1,425,000
5.000
05/01/2026
1,452,000
State
of
Louisiana
Gasoline
and
Fuels
Tax
Second
Lien
Revenue
Refunding
Bonds
2022
Series
A
(Aa3/AA)
(SOFR
+
0.50%)
4,275,000
3.573
(c)(e)
05/01/2043
4,267,775
State
of
Louisiana
Grant
Anticipation
RB
Series
2023
(NR/AA)
900,000
5.000
09/01/2026
924,440
72,753,102
Maine
-
0.0%
Maine
Turnpike
Authority
RB
Refunding
Series
2015
(Aa3/AA-)
1,575,000
5.000
07/01/2026
1,575,000
a
a
Maryland
-
0.9%
Community
Development
Administration
Multifamily
Development
RB
Sustainability
Bonds
for
Villages
at
Marley
Station
Series
2024
D-2
(Cash-Collateralized)
(Aa1/NR)
1,625,000
3.300
01/01/2029
1,633,025
Maryland
Department
of
Transportation
Consolidated
Transportation
Bonds
Refunding
Series
2016
(Aa1/AAA)
3,025,000
4.000
09/01/2027
3,110,185
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Maryland
–
(continued)
Maryland
Economic
Development
Corp.
Private
Activity
RB
for
Purple
Line
Light
Rail
Project
Series
2022A
(Baa3/NR)
$
2,625,000
5.000%
11/12/2028
$
2,651,297
Maryland
Health
&
Higher
Educational
Facilities
Authority
RB
for
St.
John's
College
Series
2020
(NR/A-)
305,000
4.000
10/01/2026
306,469
Maryland
Health
and
Higher
Educational
Facilities
Authority
RB
Maryland
Institute
College
of
Art
Issue
Series
2024
(NR/NR)
170,000
5.250
06/01/2026
172,454
275,000
5.250
06/01/2027
283,718
665,000
5.250
06/01/2028
695,978
400,000
5.250
06/01/2029
422,965
920,000
5.250
06/01/2030
982,263
975,000
5.250
06/01/2031
1,047,753
Maryland
Health
and
Higher
Educational
Facilities
Authority
RB
University
of
Maryland
Medical
System
Issue
Series
2025B
(A2/A)
6,750,000
5.000
(b)(c)
07/01/2045
7,395,615
Maryland
Stadium
Authority
RB
Football
Stadium
Issue
Series
2023A
(NR/AA)
2,000,000
5.000
03/01/2026
2,028,732
State
of
Maryland
GO
Bonds
for
State
&
Local
Facilities
Loan
Series
2020A
(Aa1/AAA)
5,000,000
5.000
03/15/2027
5,203,579
State
of
Maryland
GO
Bonds
for
State
&
Local
Facilities
Loan
Series
2021A
(Aa1/AAA)
17,825,000
5.000
08/01/2027
18,713,904
Washington
Suburban
Sanitary
District
Consolidated
Public
Improvement
Green
Bonds
of
Series
2024
(CNTY
GTD)
(Aaa/AAA)
490,000
5.000
06/01/2026
500,385
45,148,322
Massachusetts
-
2.0%
Massachusetts
Bay
Transportation
Authority
Sales
Tax
RB
Series
2005
A
(Aa2/AA+)
20,000,000
5.000
07/01/2026
20,478,356
Massachusetts
Development
Finance
Agency
RB
Brown
University
Health
Obligated
Group
Issue,
Series
2025B
(NR/BBB+)
12,250,000
5.000
(b)(c)
08/15/2055
13,076,261
Massachusetts
Development
Finance
Agency
RB
for
Wellforce
Issue,
Serries
2020C
(AGM)
(NR/AA)
500,000
5.000
10/01/2028
531,078
Massachusetts
Development
Finance
Agency
RB
Umass
Memorial
Health
Care
Obligated
Group
Issue
Series
N-1
2025
(NR/BBB+)
300,000
5.000
07/01/2026
305,690
360,000
5.000
07/01/2027
372,835
500,000
5.000
07/01/2028
525,877
550,000
5.000
07/01/2029
585,846
650,000
5.000
07/01/2030
700,030
Massachusetts
Development
Finance
Agency
RB,
Boston
Medical
Center
Issue
Series
G
(Baa2/BBB)
2,200,000
5.000
07/01/2028
2,270,835
Massachusetts
Development
Finance
Agency
Refunding
RB
Emerson
College
Issue
Series
2025
(Baa2/BBB+)
560,000
5.000
01/01/2026
564,335
505,000
5.000
01/01/2027
518,299
1,190,000
5.000
01/01/2029
1,256,490
1,500,000
5.000
01/01/2033
1,615,067
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Massachusetts
–
(continued)
Massachusetts
Development
Finance
Agency
Revenue
and
Revenue
Refunding
Bonds
Lasell
Village
Inc.
Issue
Series
2025
(NR/NR)
$
3,485,000
5.000%
07/01/2029
$
3,676,499
Massachusetts
Development
Finance
Authority
Variable
Rate
Demand
RB
Williams
College
Issue
Series
N
(2011)
(Aa1/AA+)
3,420,000
3.300
(b)(c)(g)
07/01/2041
3,438,345
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
6,947,851
Massachusetts
School
Building
Authority
Senior
Dedicated
Sales
Tax
Bonds
2016
Series
B
(Aa1/AA+)
5,165,000
5.000
11/15/2031
5,297,030
11,750,000
5.000
11/15/2032
12,034,315
Massachusetts
St.
College
Bulding
Authority
Project
Rev
Project
Ref
RB
Series
2003
B
(AGC
ST
APPROP)
(Aa2/AA)
2,225,000
5.500
05/01/2033
2,503,168
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
2.520
(c)(d)(e)
07/01/2049
6,245,773
The
Commonwealth
of
Massachusetts
GO
Refunding
Bonds
Series
2016A
(Aa1/AA+)
8,110,000
5.000
07/01/2025
8,110,000
The
Commonwealth
of
Massachusetts
GO
Refunding
Bonds,
Series
A
2025
(Aa1/AA+)
4,830,000
5.000
07/01/2029
5,261,391
96,315,371
Michigan
-
1.7%
Birmingham
Public
Schools
County
of
Oakland
State
of
Michigan
2024
School
Building
and
Site
Bonds
(NR/AA+)
375,000
5.000
05/01/2026
381,606
500,000
5.000
05/01/2027
520,941
City
of
Detroit
Downtown
Development
Authority
Tax
Increment
Revenue
Refunding
Bonds
Series
2024
(NR/BBB+)
3,525,000
5.000
07/01/2048
3,551,561
City
of
Detroit
GO
Bonds
Series
2021
B
(Baa1/BBB)
1,220,000
2.960
04/01/2027
1,191,758
Detroit
Michigan
Sewage
Disposal
System
RB
Refunding
Series
2006
D
(AGM)
(Aa3/AA)
(3M
USD
SOFR
+
0.60%)
28,240,000
3.655
(e)
07/01/2032
27,857,119
Detroit
Regional
Convention
Facility
Authority
Special
Tax
Revenue
Refunding
Bonds
Series
2024C
(NR/A+)
500,000
5.000
10/01/2026
513,266
900,000
5.000
10/01/2027
941,118
600,000
5.000
10/01/2028
638,547
Howell
Public
Schools
County
of
Livingston
State
of
Michigan
2025
School
Building
and
Site
Bonds,
Series
II
(Q-SBLF)
(NR/AA)
235,000
5.000
05/01/2029
253,674
275,000
5.000
05/01/2030
301,049
Lansing
Board
of
Water
&
Light
Utility
System
RB
Series
2021B
(Aa3/AA-)
5,000,000
2.000
(b)(c)
07/01/2051
4,906,494
Michigan
Finance
Authority
Corewell
Health
Hospital
Revenue
and
Revenue
Refunding
Bonds,
Subseries
2025B-1
(Aa3/AA)
3,000,000
5.000
(b)(c)
08/15/2055
3,241,673
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Michigan
–
(continued)
Michigan
Finance
Authority
Higher
Education
Facilities
Limited
Obligation
Revenue
Refunding
Bonds
for
Lawrence
Technology
University
Series
2022
(NR/BBB-)
$
95,000
4.000%
02/01/2027
$
94,621
Michigan
Finance
Authority
Hospital
RB
for
Trinity
Health
Corporation
2013Mi-3
(NR/NR)
(PUTABLE)
7,045,000
3.750
(c)
12/01/2038
7,234,753
Michigan
Finance
Authority
Hospital
RB
for
Trinity
Health
Credit
Group
Series
2022B
(Aa3/AA-)
6,250,000
5.000
(b)(c)
12/01/2043
6,603,633
Michigan
Finance
Authority
Hospital
Revenue
Refunding
Bonds
Series
2015B
(A1/NR)
1,215,000
5.000
05/15/2034
1,215,693
Michigan
Finance
Authority
Hospital
Revenue
Refunding
Bonds
Series
2022B
(Aa3/AA)
(SIFMA
Municipal
Swap
Index
Yield
+
0.75%)
5,845,000
2.670
(c)(e)
04/15/2047
5,824,120
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
1,001,507
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
5,448,278
Star
International
Academy
RB
Refunding
Series
2020
(NR/BBB)
2,550,000
5.000
03/01/2030
2,617,067
Star
International
Academy
Refunding
Bonds
Series
2020
(NR/BBB)
745,000
4.000
03/01/2026
741,474
775,000
4.000
03/01/2027
772,320
Waterford
School
District
County
of
Oakland
State
of
Michigan
School
Building
and
Site
Bonds
Series
2025
(Q-SBLF)
(NR/AA)
700,000
5.000
05/01/2028
743,171
Wayne
County
Airport
Authority
Airport
RB
Detroit
Metropolitan
Wayne
County
Airport
Airport
Revenue
Refunding
Bonds,
Series
2015F
(AMT)
(A1/A+)
4,000,000
5.000
12/01/2033
4,007,653
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
2,513,088
83,116,184
Minnesota
-
1.0%
City
of
Minneapolis
GO
Refunding
Bonds
Series
2020
(NR/AAA)
5,730,000
2.000
12/01/2029
5,303,739
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
2,626,701
City
of
Rochester
Minnesota
Health
Care
Facilities
RB
Mayo
Clinic
Series
2025B
(Aa2/AA)
6,500,000
5.000
(b)(c)
11/15/2055
7,139,057
City
of
St.
Cloud
Minnesota
Health
Care
RB
Series
2024
(A2/NR)
525,000
5.000
05/01/2031
575,516
550,000
5.000
05/01/2032
607,751
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
338,006
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Minnesota
–
(continued)
Duluth
Economic
Development
Authority
Health
Care
Facilities
RB
Refunding
for
St.
Luke’s
Hospital
Series
2022
(NR/AA-)
–
(continued)
$
460,000
5.000%
06/15/2028
$
486,899
400,000
5.000
06/15/2029
429,620
Duluth
Independent
School
District
Refunding
Certificates
of
Participation
Series
2019A
(Baa1/NR)
700,000
4.000
03/01/2026
704,130
Housing
and
Redevelopment
Authority
in
and
for
The
City
of
Woodbury
Minnesota
Multifamily
Housing  RB,
Series
2025
(Aa1/NR)
1,600,000
3.200
(b)(c)(g)
02/01/2046
1,600,009
Housing
and
Redevelopment
Authority
of
The
City
of
Saint
Paul
Minnesota
Health
Care
Facilities
Revenue
Refunding
Bonds
Healthpartners
Obligated
Group,
Series
2025
(A2/A)
5,200,000
5.000
07/01/2028
5,489,767
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
3,087,575
Minnesota
Special
School
District
Refunding
Certificates
of
Participation
for
Minnesota
School
District
Credit
Enhancement
Program
Series
2022C
(SD
CRED
PROG)
(Aa1/AAA)
9,385,000
5.000
02/01/2027
9,724,046
State
of
Minnesota
GO
State
Various
Purpose
Bonds
Series
2023A
(Aaa/AAA)
7,815,000
5.000
08/01/2026
8,016,850
Western
Minnesota
Municipal
Power
Agency
Power
Supply
Revenue
Refunding
Bonds
2022
Series
A
(Aa2/NR)
825,000
5.000
01/01/2026
833,589
640,000
5.000
01/01/2027
661,971
47,625,226
Mississippi
-
0.1%
Mississippi
Development
Bank
Special
Obligation
Refunding
Bonds
Series
2024A
(Aa3/AA-)
1,000,000
5.000
01/01/2031
1,096,495
Warren
County,
Mississippi
Gulf
Opportunity
Zone
Revenue
Refunding
Bonds
International
Paper
Company
Project
Series
2018
(NON-AMT)
(NR/BBB)
5,500,000
4.000
09/01/2032
5,539,673
6,636,168
Missouri
-
1.2%
City
of
Kansas
City,
Missouri
Special
Obligation
Refunding
Bonds
Downtown
Arena
Project,
Series
2025C
(NR/AA-)
2,515,000
5.000
04/01/2031
2,784,815
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
1,493,338
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
320,292
Health
and
Educational
Facilities
Authority
of
The
State
of
Missouri
Senior
Living
Facilities
RB
Lutheran
Senior
Services
Projects
Series
2024A
(NR/NR)
480,000
5.000
02/01/2026
483,114
760,000
5.000
02/01/2027
775,262
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Missouri
–
(continued)
Health
and
Educational
Facilities
Authority
of
The
State
of
Missouri
Senior
Living
Facilities
RB
Lutheran
Senior
Services
Projects
Series
2024A
(NR/NR)
–
(continued)
$
950,000
5.000%
02/01/2028
$
980,067
590,000
5.000
02/01/2029
613,797
485,000
5.000
02/01/2030
508,039
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
1,324,920
State
Environmental
Improvement
and
Energy
Resources
Authority
of
The
State
of
Missouri
Environmental
Improvement
RB
Kansas
City
Power
&
Light
Company
Project,
Series
2008
(Baa1/A-)
(PUTABLE)
845,000
4.050
(b)(c)(g)
05/01/2038
846,763
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
4,000,000
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
40,251,688
The
Planned
Industrial
Expansion
Authority
of
Kansas
City
Multifamily
Housing
RB
for
The
Depot
on
Old
Santa
Fe
Series
2023
(Aa1/NR)
5,000,000
5.000
(b)(c)
07/01/2045
5,140,918
59,523,013
Montana
-
0.3%
City
of
Forsyth
Rosebud
County
Montana
Pollution
Control
Revenue
Refunding
Bonds
Puget
Sound
Energy
Project
Series
2013A
Non-AMT
(NR/A-)
4,965,000
3.900
(b)
03/01/2031
4,948,732
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
2,866,111
Montana
Board
of
Housing
Multifamily
Housing
RB
Twin
Creek
4
Apartments
Project
Series
2024
(Aa1/NR)
1,800,000
5.000
(b)(c)
09/01/2028
1,873,056
Montana
Board
of
Housing
Single
Family
Mortgage
Bonds
2024
Series
B
(NON-AMT)
(GNMA/FNMA/FHLMC)
(Aa1/AA+)
335,000
2.950
12/01/2025
334,558
340,000
3.000
06/01/2026
337,966
345,000
3.000
12/01/2026
342,403
350,000
3.050
06/01/2027
350,125
340,000
3.100
12/01/2027
341,293
515,000
3.150
06/01/2028
514,999
360,000
3.200
12/01/2028
359,675
225,000
3.200
06/01/2029
225,362
235,000
3.200
12/01/2029
235,101
12,729,381
Nebraska
-
0.5%
Central
Plains
Energy
Project
Gas
Supply
Revenue
Refunding
Bonds,
Series
2025A
Sub-Series
2025A-1
(Aa1/NR)
3,250,000
5.000
(b)(c)
08/01/2055
3,439,948
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Nebraska
–
(continued)
Nebraska
Investment
Finance
Authority
Multifamily
Housing
RB
Mural
Nebraska
Series
2024A
(Aa1/NR)
$
7,000,000
3.000%
(b)(c)
04/01/2042
$
6,963,597
Sarpy
County
School
District
GO
Bonds
for
Gretna
Public
Schools
Series
2022B
(NR/A+)
6,875,000
5.000
12/15/2027
6,924,663
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
4,679,433
22,007,641
Nevada
-
0.2%
City
of
Las
Vegas
Special
Improvement
District
No.
812
for
Summerlin
Village
24
Local
Improvement
Bonds
Series
2015
(NR/NR)
1,235,000
5.000
12/01/2027
1,241,495
City
of
Sparks
RB
Refunding
for
Nevada
Tourism
Improvement
District
No.
1
Senior
Project
Series
2019
A
(Baa2/NR)
900,000
2.750
(d)
06/15/2028
878,602
Clark
County
Harry
Reid
International
Airport
Passenger
Facility
Charge
Refunding
RB
Series
2022B
(Aa2/NR)
925,000
5.000
07/01/2025
925,000
675,000
5.000
07/01/2026
690,083
870,000
5.000
07/01/2027
908,764
Clark
County
Jet
Aviation
Fuel
Tax
Refunding
RB
Series
2022A
(Aa3/NR)
1,275,000
5.000
07/01/2025
1,275,000
1,000,000
5.000
07/01/2026
1,017,580
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
1,024,344
Henderson
Nevada
Local
Improvement
District
No.
T-18
(NR/NR)
1,060,000
4.000
09/01/2025
1,059,652
9,020,520
New
Hampshire
-
0.1%
New
Hampshire
Business
Finance
Authority
RB
Refunding
for
Springpoint
Senior
Living
Obligated
Group
Series
2021
(NR/NR)
265,000
4.000
01/01/2026
264,526
250,000
4.000
01/01/2027
249,447
New
Hampshire
Health
and
Education
Facilities
Authority
RB
Dartmouth
College
Issue
Series
2015A
(Aa1/AAA)
4,025,000
3.300
(b)(c)
06/01/2040
4,036,011
New
Hampshire
Health
and
Education
Facilities
Authority
RB,
Dartmouth
Health
Obligated
Group
Issue,
Series
2025
(NR/A)
1,250,000
5.000
08/01/2031
1,364,879
5,914,863
New
Jersey
-
4.2%
Camden
County
Improvement
Authority
Multi-Family
Housing
RB  Series
2024
(HUD
SECT
8)
(Aa1/NR)
2,750,000
5.000
(b)(c)
03/01/2027
2,781,033
Casino
Reinvestment
Development
Authority
Casino
Reinvestment
Development
Authority
Luxury
Tax
RB
Series
2024A
(AGC)
(A1/AA)
800,000
5.000
11/01/2028
850,719
Casino
Reinvestment
Development
Authority
Luxury
Tax
RB
Series
2024
B
(AGC)
(A1/AA)
700,000
5.000
11/01/2028
744,379
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
$
4,535,135
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
3,045,679
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
3.170
(e)
09/01/2025
13,312,148
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
2,060,582
New
Jersey
Economic
Development
Authority
School
Facilities
Construction
Refunding
Bonds
2016
Series
BBB
(A2/A-)
2,850,000
5.500
(a)
12/15/2026
2,966,543
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
4,079,582
2,480,000
5.000
06/15/2027
2,584,423
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
2,153,524
1,710,000
5.000
10/01/2027
1,746,790
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
3,493,821
New
Jersey
Educational
Facilities
Authority
Princeton
University
RB,
Series
2025A-1
(Aaa/AAA)
10,000,000
5.000
(b)(c)
07/01/2064
10,992,081
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
3.625
(b)(c)(g)
07/01/2042
5,700,000
New
Jersey
Housing
&
Mortgage
Finance
Agency
Multi-Family
RB
2021
Series
B
(NON-AMT)
(HUD
SECT
8)
(NR/AA-)
2,310,000
0.900
11/01/2025
2,282,474
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
1,824,769
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
2,668,957
2,600,000
2.900
04/01/2026
2,583,530
New
Jersey
Transportation
Trust
Fund
Authority
Bonds
Series
2006
C
(AMBAC)
(A2/A-)
10,765,000
0.000
(f)
12/15/2025
10,613,404
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
349,582
4,155,000
0.000
(f)
12/15/2027
3,856,869
27,705,000
0.000
(f)
12/15/2028
24,869,557
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(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
Bonds
Series
2006
C
(NATL)
(A2/A-)
$
46,605,000
0.000%
(f)
12/15/2027
$
43,260,984
New
Jersey
Transportation
Trust
Fund
Authority
RB
Refunding
for
Federal
Highway
Reimbursement
Notes
Series
2018
A
(A3/A+)
1,565,000
5.000
06/15/2030
1,589,635
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
7,494,460
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
System
Bonds
2010
Series
A
(A2/A-)
9,265,000
0.000
(f)
12/15/2029
8,020,529
New
Jersey
Transportation
Trust
Fund
Authority
Transportation
System
Bonds
2021
Series
A
(A2/A-)
3,095,000
5.000
06/15/2026
3,156,576
New
Jersey
Turnpike
Authority
RB
Series
2024
A
(A1/AA-)
10,000,000
5.000
01/01/2027
10,329,855
Passaic
County
Improvement
Authority
Charter
School
RB
for
Paterson
Arts
&
Science
Charter
School
Project
Series
2023
(NR/BBB-)
570,000
4.250
07/01/2033
576,481
State
of
New
Jersey
COVID
19
Emergency
GO
Bonds
Series
2020
A
(A1/A)
12,750,000
5.000
06/01/2027
13,329,056
Tobacco
Settlement
Financing
Corp.
Tobacco
Settlement
Bonds
Series
2018A
(NR/A)
1,495,000
5.000
06/01/2027
1,528,837
Union
County
Utilities
Authority
Resource
Recovery
Facility
Lease
Revenue
Refunding
Bonds
for
Covanta
Union
Series
2011A
(AMT)
(CNTY
GTD)
(NR/AA+)
4,375,000
5.250
12/01/2031
4,383,010
203,765,004
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
1,546,255
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
1,333,328
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
1,979,322
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
5,258,989
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
3,210,625
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
Mexico
–
(continued)
New
Mexico
Hospital
Equipment
Loan
Council
Hospital
System
RB
for
Presbyterian
Healthcare
Services
Series
2019B
(A1/AA-)
$
7,680,000
5.000%
(b)(c)
08/01/2049
$
7,690,062
New
Mexico
Mortgage
Finance
Authority
Multifamily
Housing
RB
for
Mountain
View
II
&
III
Apartments
Project
Series
2023
(HUD
SECT
8)
(Aa1/NR)
2,600,000
5.000
(b)(c)
02/01/2042
2,609,886
New
Mexico
Mortgage
Finance
Authority
Multifamily
Housing
RB
Sante
Fe
Apartments
and
Sangre
De
Cristo
Project,
Series
2023
(HUD
SECT
8)
(Aa1/NR)
(PUTABLE)
5,100,000
3.730
(b)(c)
02/01/2042
5,102,069
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
1,123,175
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
783,492
735,000
5.000
08/01/2027
768,699
State
of
New
Mexico
Severance
Tax
Bonds
Series
2022A
(Aa3/AA-)
4,880,000
5.000
07/01/2026
4,994,283
Village
of
Los
Ranchos
de
Albuquerque
RB
Refunding
for
Albuquerque
Academy
Series
2020
(NR/A-)
175,000
5.000
09/01/2027
181,824
36,582,009
New
York
-
10.8%
Allegany
County
Capital
Resource
Corp.
RB
Alfred
University
Project
Series
2024
(NR/BBB+)
285,000
5.000
04/01/2030
302,537
330,000
5.000
04/01/2031
352,432
425,000
5.000
04/01/2032
455,164
195,000
5.000
04/01/2033
208,804
220,000
5.000
04/01/2034
234,914
Build
NYC
Resource
Corp.
RB
for
Academic
Leadership
Charter
School
Project
Series
2021
(NR/BBB-)
100,000
4.000
06/15/2026
99,397
Build
NYC
Resource
Corp.
RB
for
Grand
Concourse
Academy
Charter
School
Project
Series
2022A
(NR/BBB-)
190,000
3.400
07/01/2027
188,851
Build
NYC
Resource
Corporation
RB
Classical
Charter
Schools
Project
Series
2023A
(NR/BBB-)
955,000
4.000
06/15/2033
946,475
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
5,222,666
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
338,416
City
of
New
York
GO
Bonds
2023
Series
C
(Aa2/AA)
3,000,000
5.000
08/01/2025
3,004,840
City
of
New
York
GO
Bonds
2023
Series
D
(Aa2/AA)
1,885,000
5.000
08/01/2025
1,888,041
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
City
of
New
York
GO
Bonds
Fiscal
2008
Series
A
Subseries
A-4
(AGM)
(Aa2/AA)
$
1,000,000
5.000%
08/01/2026
$
1,026,626
City
of
New
York
GO
Bonds
Fiscal
2009
Series
B
Subseries
B-3
(Aa2/AA)
4,285,000
5.000
09/01/2026
4,399,047
City
of
New
York
GO
Bonds
Fiscal
2021
Series
A
(Aa2/AA)
10,260,000
5.000
08/01/2026
10,516,518
City
of
Yonkers
GO
Serial
Bonds
Series
2022F
(BAM)
(A2/AA)
175,000
5.000
11/15/2025
176,381
250,000
5.000
11/15/2026
258,065
200,000
5.000
11/15/2027
211,217
County
of
Monroe
Industrial
Development
Agency
Multifamily
Housing
RB
andrews
Terrace
Community
Partners
L.P.
Project
Series
2023B-1
(HUD
SECT
8)
(Aa1/NR)
4,300,000
5.000
(b)(c)
07/01/2028
4,464,616
Dormitory
Authority
of
the
State
of
New
York
Montefiore
Obligated
Group
RB,
Series
2024
(Baa3/BBB-)
650,000
5.000
11/01/2025
652,993
Dormitory
Authority
of
The
State
of
New
York
Montefiore
Obligated
Group
RB,
Series
2024
(Baa3/BBB-)
900,000
5.000
11/01/2026
919,498
875,000
5.000
11/01/2030
929,570
1,555,000
5.000
11/01/2031
1,661,112
1,250,000
5.000
11/01/2032
1,338,726
Dormitory
Authority
of
The
State
of
New
York
Pace
University
RB
Series
2024A
(Baa3/BBB-)
300,000
5.250
05/01/2027
311,014
250,000
5.250
05/01/2028
261,204
350,000
5.250
05/01/2029
369,626
565,000
5.250
05/01/2030
602,008
400,000
5.250
05/01/2031
429,155
Dormitory
Authority
of
The
State
of
New
York
Pace
University
RB
Series
2024B
(Baa3/BBB-)
1,375,000
5.000
05/01/2026
1,393,103
1,435,000
5.000
05/01/2027
1,481,347
1,375,000
5.000
05/01/2028
1,427,437
1,750,000
5.000
05/01/2029
1,832,620
1,750,000
5.000
05/01/2030
1,845,457
2,500,000
5.000
05/01/2031
2,649,840
Dormitory
Authority
of
The
State
of
New
York
State
Sales
Tax
RB
Series
2024A
(Aa1/NR)
2,120,000
5.000
03/15/2031
2,365,297
Dormitory
Authority
of
The
State
of
New
York
White
Plains
Hospital
Obligated
Group
RB,
Series
2024
(Baa3/BBB-)
750,000
5.000
10/01/2030
800,005
1,080,000
5.000
10/01/2031
1,157,684
1,125,000
5.000
10/01/2032
1,207,646
Empire
State
Development
Corp.
State
Personal
Income
Tax
RB
Series
2022A
(Aa1/NR)
21,000,000
5.000
09/15/2028
22,642,341
Genesee
County
Funding
Corp.
Tax
Exempt
RB
for
Rochester
Regional
Health
Project
Series
2022A
(NR/BBB+)
275,000
5.000
12/01/2026
281,738
Long
Island
Power
Authority
Electric
System
General
RB
Series
2024B
(A2/A)
10,000,000
3.000
(b)(c)
09/01/2049
9,622,769
Long
Island
Power
Authority
RB
Refunding
Series
2020
B
(A2/A)
8,000,000
0.850
(b)(c)
09/01/2050
7,956,405
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
Long
Island
Power
Authority
RB
Refunding
Series
2021
B
(A2/A)
$
15,000,000
1.500%
(b)(c)
09/01/2051
$
14,662,843
Long
Island
Power
Authority
RB
Series
2021
(A2/A)
10,000,000
1.000
09/01/2025
9,947,411
Metropolitan
Transit
Authority
NY
Revenue
Variable
Rate
Refunding
Bonds
Sub,
Series
2005D-1
(Aa3/AA/A-1)
8,230,000
4.050
(b)(c)
11/01/2035
8,230,000
Metropolitan
Transportation
Authority
RB
Refunding
for
Climate
Bond
Certified
Series
2020
E
(A2/A-)
4,250,000
4.000
11/15/2026
4,311,205
Metropolitan
Transportation
Authority
Transportation
Revenue
Refunding
Bonds
Series
2015C
(A2/A-)
4,250,000
5.250
11/15/2028
4,279,036
Metropolitan
Transportation
Authority
Transportation
Revenue
Refunding
Bonds
Series
2015D-1
(A2/A-)
10,000,000
5.000
11/15/2033
10,021,360
Metropolitan
Transportation
Authority
Transportation
Revenue
Refunding
Bonds
Series
2017D
(A2/A-)
1,075,000
5.000
11/15/2027
1,126,142
Metropolitan
Transportation
Authority
Transportation
Revenue
Refunding
Bonds
Series
2020E
(A2/A-)
3,000,000
5.000
11/15/2028
3,194,054
Metropolitan
Transportation
Authority
Transportation
Revenue
Refunding
Green
Bonds
Series
2025A
(A2/A-)
8,050,000
5.000
11/15/2034
8,961,948
Metropolitan
Transportation
Authority
Transportation
Revenue
Variable
Rate
Bonds
for
Transportation
Revenue
Variable
Rate
Refunding
Bonds
Subseries
2002G-1H
(A2/A-)
(SOFR
+
0.60%)
10,255,000
3.541
(e)
11/01/2026
10,248,120
New
York
City
GO
Bonds
Subseries
2006
C-4
(AGM)
(Aa2/AA)
300,000
6.000
(b)(c)(h)
01/01/2032
300,000
New
York
City
Housing
Development
Corp.
Multi-Family
Mortgage
RB
8
Spruce
Street
Class
D
Series
2024
Tax-Exempt
Bonds
(Baa1/NR)
1,250,000
4.000
12/15/2031
1,279,914
New
York
City
Housing
Development
Corp.
Multi-Family
Mortgage
RB
8
Spruce
Street
Class
E
Series
2024
Tax-Exempt
Bonds
(Baa3/NR)
1,000,000
4.375
12/15/2031
1,022,826
New
York
City
Housing
Development
Corp.
Series
F-2-B
5,265,000
3.400
(b)(c)
11/01/2062
5,264,907
New
York
City
Industrial
Development
Agency
RB
for
Yankee
Stadium
LLC
Series
2006
(FGIC)
(Baa1/NR)
(MUNI-CPI
+
0.88%)
2,610,000
3.191
03/01/2026
2,597,132
(MUNI-CPI
+
0.89%)
2,850,000
3.201
03/01/2027
2,822,741
New
York
City
Municipal
Water
Finance
Authority
Water
and
Sewer
System
Second
General
Resolution
RB
Adjustable
Rate
Fiscal
2021
Series
EE
Subseries
EE-1
and
EE-2
(Aa1/AA+/A-1)
4,265,000
3.600
(b)(c)
06/15/2045
4,265,000
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
10,002,620
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
3,225,975
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Subordinate
Bonds
Fiscal
2025
Series
A
Subseries
A-1
Tax-
Exempt
Bonds
(Aa1/AAA)
$
3,250,000
5.000%
11/01/2026
$
3,349,103
2,435,000
5.000
11/01/2027
2,568,946
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Tax-Exempt
Subordinate
Bonds
Fiscal
2014
Subseries
B-3
(Aa1/AAA/A-1)
1,430,000
3.900
(b)(c)
11/01/2042
1,430,000
New
York
Liberty
Development
Corp.
RB
for
World
Trade
Center
Project
Series
2014
(NR/NR)
1,805,000
5.150
(d)
11/15/2034
1,805,110
New
York
Port
Authority
Consolidated
Bonds
197th
Series
(Aa3/AA-)
4,000,000
5.000
11/15/2034
4,050,849
New
York
Port
Authority
Consolidated
Bonds
207th
Series
(Aa3/AA-)
6,035,000
5.000
09/15/2027
6,268,014
New
York
State
Dormitory
Authority  Secondarily
Industrial
RB
New
York
University
Series  2001
(BHAC-CR
AMBAC)
(Aa1/AA+)
2,110,000
5.500
07/01/2031
2,295,712
New
York
State
Dormitory
Authority
RB
Refunding
for
Bidding
Group
1
Series
2018
C
(Aa1/AA+)
3,960,000
5.000
03/15/2026
4,023,520
New
York
State
Dormitory
Authority
RB
Refunding
for
Brooklyn
St.
Joseph's
College
Series
2020
A
(NR/NR)
1,130,000
5.000
07/01/2028
1,142,664
New
York
State
Energy
Research
and
Development
Authority
Pollution
Control
RB
Rochester
Gas
and
Electric
Corporation
Project
1997
Series
A
(Baa1/A-)
1,500,000
3.800
(g)
08/01/2032
1,511,064
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
3,053,821
New
York
State
Housing
Finance
Agency
2021
Series
J-2
(SONYMA
HUD
SECT
8)
(Aa2/NR)
3,745,000
1.100
(b)(c)
11/01/2061
3,571,088
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
21,891,786
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
18,005,346
New
York
State
Housing
Finance
Agency
RB
Series
2021
D-2
(SONYMA)
(Aa2/NR)
2,135,000
0.650
(b)(c)
11/01/2056
2,108,906
New
York
State
Housing
Finance
Agency
State
Personal
Income
Tax
RB
2024
Series
A-2
(Aa1/NR)
1,000,000
3.450
(b)(c)
06/15/2054
1,001,428
New
York
State
Housing
Finance
Agency
State
Personal
Income
Tax
RB
2024
Series
A-2
Sustainability
Bonds
(Aa1/NR)
2,170,000
3.350
(b)(c)
06/15/2054
2,168,332
New
York
State
Thruway
Authority
Personal
Income
Tax
RB
Series
2021A-1
(NR/AA+)
40,000,000
5.000
03/15/2028
42,485,456
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
New
York
Transportation
Development
Corp.
for
Terminal
4
John
F.
Kennedy
International
Airport
Project
Special
Facilities
RB
Series
2022
(Baa1/NR)
$
415,000
5.000%
12/01/2026
$
424,004
New
York
Transportation
Development
Corp.
RB
for
Delta
Air
Lines,
Inc.
Series
2018
(Baa2/NR)
7,000,000
5.000
01/01/2029
7,164,527
New
York
Transportation
Development
Corp.
RB
for
Delta
Air
Lines,
Inc.
Series
2018
(AMT)
(Baa2/NR)
3,425,000
5.000
01/01/2026
3,439,451
New
York
Transportation
Development
Corp.
RB
for
Delta
Air
Lines,
Inc.
Series
2018
(AMT)
(Baa2/NR)
8,540,000
5.000
01/01/2030
8,724,409
New
York
Transportation
Development
Corp.
RB
for
Delta
Air
Lines,
Inc.
Series
2020
(Baa2/NR)
7,675,000
4.000
10/01/2030
7,541,707
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
1,355,866
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
6,150,177
New
York
Transportation
Development
Corp.
Special
Facilities
Bonds
Series
2016A
(Baa2/NR)
14,275,000
5.250
01/01/2050
14,063,951
New
York
Transportation
Development
Corp.
Special
Facilities
RB
for
Laguardia
Airport
Terminal
B
Redevelopment
Project
Series
2018
(Baa2/NR)
7,765,000
5.000
01/01/2028
7,954,366
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
518,062
Onondaga
Civic
Development
Corporation
RB
Syracuse
University
Project
Series
2025
(Aa3/AA-)
150,000
5.000
12/01/2032
170,120
Onondaga
Civic
Development
Corporation
RB
Syracuse
University
Project,
Series
2025
(Aa3/AA-)
375,000
5.000
12/01/2028
403,758
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
1,020,000
1,080,000
5.000
07/01/2026
1,079,378
1,090,000
5.000
07/01/2027
1,073,220
Port
Authority
of
New
York
Consolidated
Bonds
227th
Series
(Aa3/AA-)
10,000,000
3.000
10/01/2028
9,850,248
Power
Authority
of
The
State
of
New
York
Green
Transmission
Project
RB
Series
2023A
(AGM)
(Aa3/AA)
500,000
5.000
11/15/2026
517,013
500,000
5.000
11/15/2027
530,045
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
2,304,911
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
New
York
–
(continued)
State
of
New
York
Dormitory
Authority
RB
for
St.
Joseph's
College
Series
2020A
(NR/NR)
$
1,025,000
5.000%
07/01/2026
$
1,030,358
State
of
New
York
Dormitory
Authority
Wagner
College
RB
Series
2022
(NR/NR)
675,000
5.000
07/01/2026
674,317
705,000
5.000
07/01/2027
704,329
740,000
5.000
07/01/2028
737,806
The
City
of
New
York
GO
Bonds
Fiscal
2025
Series
F
(Aa2/AA)
5,500,000
5.000
08/01/2034
6,207,869
The
City
of
New
York
GO
Bonds
Tax-Exempt
Bonds
Subseries
F-1
(Aa2/AA)
2,655,000
5.000
08/01/2025
2,659,283
1,000,000
5.000
08/01/2026
1,025,002
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
1,761,087
Triborough
Bridge
&
Tunnel
Authority
Payroll
Mobility
Tax
Senior
Lien
Bonds
Series
2021C
(NR/AA+)
40,900,000
5.000
(b)(c)
05/15/2051
41,542,322
Triborough
Bridge
&
Tunnel
Authority
Payroll
Mobility
Tax
Senior
Lien
Green
Bonds
Series
2022E
(NR/AA+)
26,915,000
5.000
11/15/2027
28,279,529
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
5,185,722
Triborough
Bridge
and
Tunnel
Authority
Mta
Bridges
and
Tunnels
Payroll
Mobility
Tax
Bond
Anticipation
Notes
Series
2025A
(A1/SP-1+)
20,000,000
5.000
02/01/2028
21,179,088
Triborough
Bridge
and
Tunnel
Authority
Mta
Bridges
and
Tunnels
Payroll
Mobility
Tax
Bond
Anticipation
Notes
Series
2025A
(NR/SP-1+)
10,000,000
5.000
03/01/2028
10,562,744
Triborough
Bridge
and
Tunnel
Authority
Mta
Bridges
and
Tunnels
Real
Estate
Transfer
Tax
RBSeries
2025A
(A1/A+)
1,000,000
5.000
12/01/2033
1,134,760
1,000,000
5.000
12/01/2034
1,138,157
Westchester
County
Local
Development
Corp.
Revenue
Refunding
Bonds
for
Kendal
on
Hudson
Project
Series
2022B
(NR/NR)
145,000
5.000
01/01/2027
147,443
525,183,010
North
Carolina
-
0.8%
Charlotte-Mecklenburg
Hospital
Authority
RB
Series
2018E
(Aa3/AA)
6,500,000
0.800
(b)(c)
01/15/2048
6,433,623
City
of
Charlotte
Water
&
Sewer
System
Refunding
RB
Series
2015
(Aaa/AAA)
5,000,000
5.000
07/01/2027
5,008,189
Greater
Ashville
Regional
Airport
Authority
Airport
System
RB
Series
2022A
(AMT)
(AGM)
(A1/AA)
750,000
5.000
07/01/2027
775,120
North
Carolina
Housing
Finance
Agency
Multifamily
Housing
RB
Series
2024
(Aa1/NR)
(PUTABLE)
2,205,000
5.000
(b)(c)
04/01/2029
2,316,623
North
Carolina
Medical
Care
Commission
Health
Care
Facilities
RB
Duke
University
Health
System,
Series
2025B
(Aa3/AA-)
1,250,000
5.000
(b)(c)
06/01/2055
1,346,923
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
North
Carolina
–
(continued)
North
Carolina
Medical
Care
Commission
Retirement
Facilities
First
Mortgage
RB
$
680,000
3.900%
01/01/2029
$
681,154
North
Carolina
Medical
Care
Commission
Retirement
Facilities
First
Mortgage
RB
Carolina
Meadows
Series
2024
(NR/NR)
7,495,000
5.000
12/01/2034
8,177,514
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
350,185
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
525,159
North
Carolina
Medical
Care
Commission
Retirement
Facilities
First
Mortgage
RB
Twin
Lakes
CommunityTax-Exempt
Mandatory
Paydown
SecuritiesTemps-85SM
Series
2025B-1
(NR/NR)
815,000
4.050
01/01/2030
816,362
State
of
North
Carolina
Limited
Obligation
Bonds
Series
2020B
(Aa1/AA+)
13,610,000
5.000
05/01/2026
13,871,270
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
1,099,911
41,402,033
North
Dakota
-
0.1%
City
of
Grand
Forks
Health
Care
System
RB
for
Altru
Health
System
Series
2021
(Baa3/NR)
2,000,000
5.000
12/01/2028
2,084,408
City
of
Grand
Forks
RB
Refunding
for
Altru
Health
System
Obligated
Group
Series
2021
(Baa3/NR)
165,000
5.000
12/01/2025
165,364
225,000
5.000
12/01/2026
229,259
2,479,031
Ohio
-
1.9%
Akron
Bath
Copley
Joint
Township
Hospital
District
RB
Refunding
for
Summa
Health
System
Obligated
Group
Series
2020
USA
(NR/NR)
125,000
5.000
11/15/2025
125,596
Akron
Bath
Copley
Joint
Township
Hospital
District
RB
Refunding
for
Summa
Health
System
Obligated
Group
Series
2020
(NR/NR)
175,000
5.000
11/15/2026
179,027
American
Municipal
Power
RB
for
Prairie
State
Energy
Campus
Project
Refunding
Series
2023A
(A1/A)
2,750,000
5.000
02/15/2027
2,846,161
City
of
Cleveland
Airport
System
RB
Series
2018A
(AMT)
(A2/A)
2,000,000
5.000
01/01/2026
2,018,557
Columbus
Regional
Airport
Authority
John
Glenn
Columbus
International
Airport
Airport
RB
Series
2025A
(AMT)
(A2/A)
1,000,000
5.000
01/01/2030
1,061,889
1,525,000
5.000
01/01/2031
1,629,940
1,300,000
5.000
01/01/2032
1,397,417
1,300,000
5.000
01/01/2033
1,397,969
1,000,000
5.000
01/01/2034
1,073,497
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Ohio
–
(continued)
Columbus-Franklin
County
Finance
Authority
Multifamily
Housing
RB
for
Caravel
Apartments
Series
2024B
(Aa1/NR)
$
1,200,000
3.030%
(b)(c)
11/01/2028
$
1,198,555
Columbus-Franklin
County
Finance
Authority
Multifamily
Housing
RB
Westerville
Crossing
Apartments
Series
2024B
(Aa1/NR)
2,000,000
5.000
(b)(c)
12/01/2028
2,089,903
County
of
Cuyahoga
Convention
Hotel
Project
Certificate
of
Participation
Series
2024
(A1/AA-)
2,390,000
5.000
12/01/2028
2,542,350
County
of
Franklin
Healthcare
Facilities
RB
for
Ohio
Living
Communities
Series
2023
(NR/NR)
6,000,000
5.000
07/01/2031
6,125,444
County
of
Montgomery
Ohio
Health
Care
Facilities
Revenue
Refunding
and
Improvement
Bonds
Series
2024
(Baa1/NR)
500,000
5.000
09/01/2025
501,224
400,000
5.000
09/01/2026
408,275
400,000
5.000
09/01/2027
415,576
325,000
5.000
09/01/2028
342,391
470,000
5.000
09/01/2029
501,022
375,000
5.000
09/01/2030
403,410
375,000
5.000
09/01/2031
406,130
Franklin
County
Finance
Authority
Multifamily
Housing
RB
for
Dering
Family
Homes
Project
Series
2023
(HUD
SECT
8)
(Aa1/NR)
5,000,000
5.000
(b)(c)
07/01/2045
5,106,742
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
3,789,583
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
6,568,835
Ohio
Air
Quality
Development
Authority
Collateralized
Air
Quality
Revenue
Refunding
Bonds
for
Dayton
Power
and
Light
Company
Project
2015
Series
A
(Baa1/BBB+)
(PUTABLE)
15,750,000
4.250
(b)(c)
11/01/2040
15,924,983
Ohio
Air
Quality
Development
Authority
RB
for
Ohio
Valley
Electric
Corp.
Series
2009
A
(Baa3/NR)
1,075,000
2.875
02/01/2026
1,065,082
Ohio
Air
Quality
Development
Authority
RB
for
Ohio
Valley
Electric
Corp.
Series
2009
D
(Baa3/NR)
2,695,000
2.875
02/01/2026
2,670,137
Ohio
Air
Quality
Development
Authority
Revenue
Refunding
Bonds
American
Electric
Power
Company
Project
Series
2005A
Bonds
(AMT)
(Baa2/BBB)
1,000,000
3.750
01/01/2029
991,027
Ohio
Housing
Finance
Agency
Multifamily
Housing
RB
(Community
Pendleton
Project),
Series
2025
(Aa1/NR)
675,000
3.400
(b)(c)
07/01/2042
676,339
Ohio
Housing
Finance
Agency
Multifamily
Housing
RB
at
Main
Series
2025
(Aa1/NR)
1,500,000
3.700
(b)(c)
11/01/2047
1,509,506
Ohio
Housing
Finance
Agency
Multifamily
Housing
RB
for
Cherry
Blossom
Apartments
Project
Series
2023
(HUD
SECT
8)
(Aa1/NR)
(PUTABLE)
1,700,000
5.000
(b)(c)
08/01/2026
1,702,298
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Ohio
–
(continued)
Ohio
State
RB
Refunding
for
Premier
Health
Partners
Obligated
Group
Series
2020
(Baa1/NR)
$
280,000
5.000%
11/15/2025
$
281,169
Ohio
Water
Development
Authority
Drinking
Water
Assistance
Fund
RB
Series
2016
(Aaa/AAA)
4,080,000
4.000
12/01/2033
4,098,872
Ohio
Water
Development
Authority
Fresh
Water
Development
RB
Series
2016B
(Aaa/AAA)
1,000,000
5.000
06/01/2026
1,021,640
State
of
Ohio
Higher
Educational
Facility
RB
for
Xavier
University
2024
Project
(Baa1/NR)
275,000
5.000
05/01/2026
279,075
285,000
5.000
05/01/2027
294,875
355,000
5.000
05/01/2028
372,673
315,000
5.000
05/01/2029
334,655
275,000
5.000
05/01/2030
294,943
285,000
5.000
05/01/2031
308,477
630,000
5.000
05/01/2032
683,695
State
of
Ohio
Higher
Educational
Facility
Revenue
Refunding
Bonds
Series
2021B
(Aa3/AA-)
(SIFMA
Municipal
Swap
Index
Yield
+
0.23%)
4,400,000
2.150
(c)(e)
12/01/2042
4,356,378
The
Franklin
County
Convention
Facilities
Authority
Tax
and
Lease
Revenue
Anticipation
Refunding
Bonds
Series
2024
(Aa2/AA)
9,815,000
5.000
12/01/2032
10,982,938
Willoughby
Eastlake
City
School
District
GO
UT
School
Improvement
Bonds
Series
2016
(A2/NR)
2,500,000
5.000
(a)
12/01/2025
2,521,221
92,499,476
Oklahoma
-
1.1%
City
of
Tulsa
GO
Bonds
Series
2021
(Aa1/AA)
9,300,000
1.000
11/01/2026
8,942,287
Independent
School
District
Combined
Purpose
GO
Bonds
Series
2021B
(NR/AA)
10,000,000
1.000
09/01/2025
9,943,591
Independent
School
District
GO
Combined
Purposed
Bonds
Series
2021
(NR/AA+)
8,840,000
1.250
06/01/2026
8,592,438
Independent
School
District
No.
6
GO
Combined
Purpose
Bonds
Series
2023
(NR/AA-)
9,925,000
5.000
09/01/2025
9,950,432
Independent
School
District
Number
69
Canadian
County,
Oklahoma
Mustang
School
District
GO
Building
Bonds,
Series
2025A
(NR/AA-)
645,000
4.000
06/01/2027
656,845
1,195,000
4.000
06/01/2028
1,229,087
Oklahoma
Capitol
Improvement
Authority
State
Facilities
Refunding
RB
Series
2024A
(NR/AA)
1,725,000
5.000
07/01/2026
1,763,505
1,775,000
5.000
07/01/2027
1,855,414
Oklahoma
Capitol
Improvement
Authority
State
Facilities
Refunding
RB
Series
2024B
(NR/AA)
340,000
5.000
07/01/2026
347,589
250,000
5.000
07/01/2027
261,326
Oklahoma
County
Finance
Authority
Educational
Facilities
Lease
RB
Western
Heights
Public
Schools
Project,
Series
2025
(NR/BBB-)
2,100,000
5.000
09/01/2030
2,196,559
650,000
5.000
09/01/2032
678,302
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Oklahoma
–
(continued)
Oklahoma
Housing
Finance
Agency
Collateralized
RB
Crimson
Flats
West,
Series
2025
(Aa1/NR)
(PUTABLE)
$
625,000
3.625%
(b)(c)
05/01/2028
$
628,930
Oklahoma
Housing
Finance
Agency
Collateralized
RB
The
Villages
at
A
New
Leaf
II
Series
2025
(Aa1/NR)
(PUTABLE)
1,225,000
3.400
(b)(c)
07/01/2028
1,230,343
Oklahoma
Turnpike
Authority
Oklahoma
Turnpike
System
Refunding
Second
Senior
RB
Series
2025B
(Aa3/AA-)
1,640,000
5.000
(g)
01/01/2032
1,790,961
Tulsa
County
Industrial
Authority
Educational
Facilities
Lease
RB
Broken
Arrow
Public
Schools
Project
Series
2025
(A1/NR)
1,375,000
5.000
09/01/2032
1,534,478
640,000
5.000
09/01/2033
718,115
1,055,000
5.000
09/01/2034
1,188,027
Wagoner
County
Development
Authority
Sales
Tax
RB,
Series
2025
(NR/NR)
680,000
8.250
05/01/2029
713,840
730,000
8.250
05/01/2030
764,500
54,986,569
Oregon
-
0.5%
City
of
Portland,
Oregon
Second
Lien
Sewer
System
Revenue
and
Refunding
Bonds,
2025
Series
A
(Aa2/AA)
2,625,000
5.000
10/01/2030
2,905,999
2,595,000
5.000
10/01/2032
2,927,566
2,500,000
5.000
10/01/2034
2,848,983
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
2,851,002
Oregon
Facilities
Authority
Revenue
Refunding
Bonds
2020
Series
A
(NR/BBB+)
125,000
5.000
10/01/2026
126,977
Port
of
Portland
International
Airport
RB
Series
27A
(NR/AA-)
2,410,000
5.000
07/01/2028
2,525,001
Portland
Oregon
Water
System
RB
Refunding
First
Lien
Series
2016
A
(Aa1/NR)
7,090,000
4.000
04/01/2029
7,147,207
State
of
Oregon
GO
Bonds
2021
Series
H
(Aa1/AA+)
1,330,000
1.000
08/01/2026
1,290,812
22,623,547
Pennsylvania
-
4.3%
Adams
County
General
Authority
Entrance
Fee
Principal
Redemption
Bonds
for
The
Brethren
Home
Community
Project
Series
2024B-1
(NR/NR)
2,295,000
3.900
06/01/2030
2,261,176
Adams
County
General
Authority
Entrance
Fee
Principal
Redemption
Bonds
for
The
Brethren
Home
Community
Project
Series
2024B-2
(NR/NR)
1,500,000
3.600
06/01/2029
1,482,944
Adams
County
General
Authority
Gettysburg
College
RB,
Series  2025
(A3/A)
560,000
5.000
08/15/2026
571,381
485,000
5.000
08/15/2027
503,694
515,000
5.000
08/15/2028
542,799
650,000
5.000
08/15/2029
692,970
680,000
5.000
08/15/2030
729,090
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Pennsylvania
–
(continued)
Allegheny
County
Higher
Education
Building
Authority
for
Carnegie
Mellon
University
for
RB
Series
2022A
(NR/AA+)
(SOFR
+
0.29%)
$
5,330,000
3.363%
(c)(e)
02/01/2033
$
5,304,322
Allentown
Neighborhood
Improvement
Zone
Development
Authority
RB
Refunding
Series
2022
(Baa3/NR)
480,000
5.000
05/01/2026
483,678
Allentown
Neighborhood
Improvement
Zone
Development
Authority
Tax
Revenue
Refunding
Bonds
Series
2022
(Baa3/NR)
600,000
5.000
05/01/2028
624,170
Cheltenham
Township
Industrial
Development
Authority
Arcadia
University
RB
Series
of
2024
(NR/BBB-)
6,245,000
5.000
04/01/2034
6,384,788
City
of
Erie
Higher
Education
Building
Authority
Commonwealth
of
Pennsylvania
RB
Aicup
Financing
Program
-
Gannon
University
Project
Series
2025
XX1
(NR/BBB+)
250,000
5.000
05/01/2027
256,456
300,000
5.000
05/01/2029
312,963
300,000
5.000
05/01/2030
314,741
1,010,000
4.000
05/01/2033
999,286
375,000
5.000
05/01/2035
392,618
City
of
Philadelphia
Airport
Revenue
Refunding
Bonds
Series
2017B
(AMT)
(A1/A+)
1,150,000
5.000
07/01/2025
1,150,000
City
of
Philadelphia
Airport
Revenue
Refunding
Bonds
Series
2021
(AMT)
(A1/NR)
2,800,000
5.000
07/01/2027
2,894,880
Commonwealth
of
Pennsylvania
GO
Bonds
First
Series
of
2021
(Aa2/A+)
4,190,000
3.000
05/15/2034
3,893,862
Commonwealth
of
Pennsylvania
GO
Bonds
Series
2015
(Aa2/A+)
3,925,000
5.000
08/15/2025
3,934,902
Cumberland
County
Municipal
Authority
RB
Refunding
for
Messiah
College
Series
2020
SS3
(NR/A-)
2,195,000
2.345
11/01/2026
2,136,066
Delaware
River
Port
Authority
Port
District
Project
Refunding
Bonds
Series
2022
(A3/A)
1,000,000
5.000
01/01/2027
1,035,544
Delaware
Valley
Regional
Finance
Authority
Local
Government
RB
2022
Series
B
(A1/A+)
(SIFMA
Municipal
Swap
Index
Yield
+
0.40%)
17,860,000
2.320
(c)(e)
03/01/2057
17,780,227
Delaware
Valley
Regional
Finance
Authority
Local
Government
RB
2022
Series
C
(A1/A+)
(SOFR
+
0.49%)
13,580,000
3.431
(c)(e)
03/01/2057
13,542,716
Geisinger
Authority
Health
System
Long
Term
Rate
RB
Series
2020B
(NR/AA-)
16,740,000
5.000
(b)(c)
04/01/2043
17,071,733
Lancaster
Municipal
Authority
Healthcare
Facilities
RB
Series
A
of
2024
Garden
Spot
Village
Project
(NR/NR)
160,000
5.000
05/01/2026
161,737
290,000
5.000
05/01/2027
297,478
215,000
5.000
05/01/2028
223,456
185,000
5.000
05/01/2029
194,288
195,000
5.000
05/01/2030
206,598
205,000
5.000
05/01/2031
218,571
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Pennsylvania
–
(continued)
Lehigh
County
General
Purpose
Authority
RB
Refunding
for
The
Good
Shepherd
Obligated
Group
Series
2021
A
(NR/BBB)
$
525,000
4.000%
11/01/2025
$
524,804
570,000
4.000
11/01/2026
573,127
Lehigh
County
IDA
Pollution
Control
Revenue
Refunding
Bonds
for
PPL
Electric
Utilities
Corp.
Project
Series
2016B
(NON-AMT)
(A1/A+)
19,615,000
2.625
02/15/2027
19,504,085
Monroeville
Finance
Authority
UPMC
RB
Series
2012
(A2/A)
2,390,000
5.000
02/15/2027
2,467,076
Montgomery
County
IDA
Exempt
Facilities
Revenue
Refunding
Bonds
2023
Series
B
(Baa1/BBB+)
5,795,000
4.100
06/01/2029
5,965,678
Montgomery
County
IDA
Exempt
Facilities
Revenue
Refunding
Bonds
2023
Series
C
(Baa1/BBB+)
(PUTABLE)
5,335,000
4.450
(b)(c)
10/01/2034
5,473,981
Pennsylvania
Economic
Development
Financing
Authority
RB
for
Presbyterian
Senior
Living
Project
Series
2021
(NR/NR)
1,600,000
4.000
07/01/2033
1,596,254
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
10,073,764
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
14,100,382
Pennsylvania
Economic
Development
Financing
Authority
Solid
Waste
Disposal
Refunding
RB
Series
2021B
(NR/A-/A-2)
7,700,000
1.100
(b)(c)
06/01/2031
7,427,882
Pennsylvania
Economic
Development
Financing
Authority
UPMC  RB,
Series
2025A
(A2/A)
8,000,000
5.000
(b)(c)
03/15/2060
8,312,608
Pennsylvania
Economic
Development
Financing
Authority
UPMC
RB,
Series
2020A
(A2/A)
16,900,000
5.000
(b)(c)
03/15/2060
18,078,138
Pennsylvania
Economic
Financing
Development
Authority
Sewage
Sludge
Disposal
Revenue
Refunding
Bonds
Series
2020
(Baa2/NR)
615,000
4.000
01/01/2026
616,071
Pennsylvania
Housing
Finance
Agency
Special
Limited
Obligation
Multifamily
Housing
Development
Bonds
for
Cambridge
Square
Series
2023B
(HUD
SECT
8)
(Aa1/NR)
1,000,000
5.000
(b)(c)
11/01/2026
1,005,183
Pennsylvania
Turnpike
Commission
Subordinate
Revenue
Refunding
Bonds
First
Series
of
2024
(A2/A+)
2,000,000
5.000
06/01/2032
2,239,718
Pennsylvania
Turnpike
Commission
Turnpike
RB
Series
2022
B
(Aa3/NR)
155,000
5.000
12/01/2025
156,316
135,000
5.000
12/01/2026
139,346
185,000
5.000
12/01/2027
195,199
Philadelphia
Hospitals
and
Higher
Education
Facilities
Authority
RB
Refunding
for
Temple
University
Health
System
Obligation
Group
Series
2017
(Baa3/BBB)
1,520,000
5.000
07/01/2028
1,553,661
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Pennsylvania
–
(continued)
Philadelphia
Redevelopment
Authority
City
Service
Agreement
Revenue
Refunding
Bonds
for
City
of
Philadelphia
Neighborhood
Transformation
Initiative
Series
A
of
2025
(A1/A+)
$
2,340,000
5.000%
04/15/2031
$
2,581,746
Southeastern
Pennsylvania
Transportation
Authority
RB
for
Asset
Improvement
Program
Series
2022
(Aa3/NR)
750,000
5.000
06/01/2026
764,934
500,000
5.000
06/01/2027
521,955
State
Public
School
Building
Authority
School
Lease
Revenue
Refunding
Bonds
for
Philadelphia
School
District
Project
Series
2016A
(AGM
ST
AID
WITHHLDG)
(Aa3/AA)
2,550,000
5.000
06/01/2031
2,589,417
The
City
of
Philadelphia,
Pennsylvania
Airport
Revenue
and
Refunding
Bonds,
Series
2017-B  (AMT)
(AG)
(A1/AA)
16,145,000
5.000
07/01/2036
16,275,290
Westmoreland
County
IDA
Health
System
Tax
Exempt
RB
Series
2020A
(Baa3/NR)
575,000
4.000
07/01/2025
575,000
625,000
4.000
07/01/2026
626,156
210,536,905
Puerto
Rico
-
5.4%
Puerto
Rico
Commonwealth
GO
Bonds
(NR/NR)
2,613,922
0.010
(b)(h)(i)
11/01/2043
1,607,562
Puerto
Rico
Commonwealth
GO
Restructured
Bonds
Series
2022
A-1
(NR/NR)
252,465
5.375
07/01/2025
252,465
501,051
5.625
07/01/2027
515,625
492,922
5.625
07/01/2029
519,938
478,771
5.750
07/01/2031
516,414
584,255
0.000
(f)
07/01/2033
403,913
454,000
4.000
07/01/2033
442,936
408,086
4.000
07/01/2035
392,923
350,245
4.000
07/01/2037
333,697
476,200
4.000
07/01/2041
423,189
495,242
4.000
07/01/2046
423,143
Puerto
Rico
Electric
Power
Authority
Power
RB
Series
VV
(NATL)
(NR/NR)
1,015,000
5.250
07/01/2025
1,015,000
150,000
5.250
07/01/2032
149,140
145,000
5.250
07/01/2035
141,536
Puerto
Rico
Electric
Power
Authority
Power
Revenue
Refunding
Bonds
PP
(NATL)
(NR/NR)
700,000
5.000
07/01/2025
700,000
Puerto
Rico
Electric
Power
Authority
Power
Revenue
Refunding
Bonds
SS
(NATL)
(NR/NR)
525,000
5.000
07/01/2025
525,000
Puerto
Rico
Electric
Power
Authority
RB
Refunding
Series
2007
UU
(AGM)
(A1/AA)
(3M
USD
SOFR
+
0.52%)
55,400,000
3.568
(e)
07/01/2029
52,948,317
Puerto
Rico
Financial
Corp
Commonwealth
Appropriation
Bonds
2001E
(AGC-ICC
AGM-CR)
(A1/AA)
2,030,000
6.000
08/01/2026
2,084,834
Puerto
Rico
Sales
Tax
Financing
Corp.
Sales
Tax
Revenue
Restructured
Bonds
Series
A-2
(NR/NR)
5,000,000
4.329
07/01/2040
4,691,620
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(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)
$
45,168,000
0.000%
(f)
07/01/2027
$
41,742,644
6,885,000
0.000
(f)
07/01/2029
5,875,683
23,267,000
0.000
(f)
07/01/2031
18,153,221
21,519,000
0.000
(f)
07/01/2033
15,295,959
4,705,000
0.000
(f)
07/01/2046
1,489,827
3,833,000
0.000
(f)
07/01/2051
889,420
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
1,923,564
56,000
4.536
07/01/2053
48,647
747,000
4.784
07/01/2058
680,720
Puerto
Rico
Sales
Tax
Financing
Corporation
Sales
Tax
Restructured
RB
Series
2018
A-1
(NR/NR)
98,889,000
4.500
07/01/2034
98,884,105
1,345,000
4.750
07/01/2053
1,236,549
3,400,000
5.000
07/01/2058
3,196,436
Puerto
Rico
Sales
Tax
Financing
Corporation
Sales
Tax
Revenue
Restructured
Bonds
Series
A-1
(NR/NR)
4,802,000
4.550
07/01/2040
4,602,762
State
of
Delaware
GO
Custodial
Receipts
Series
2017A
(NR/NR)
1,030,000
0.000
(h)
03/15/2049
93,263
262,200,052
Rhode
Island
-
0.1%
Providence
Public
Buildings
Authority
Capital
Improvement
Program
Projects
RB
2024
Series
A
(AGC)
(A1/AA)
610,000
5.000
09/15/2027
636,288
400,000
5.000
09/15/2028
423,884
State
of
Rhode
Island
GO
Bonds
Consolidated
Capital
Development
Loan
Series
2022
A
(Aa2/AA)
2,210,000
5.000
08/01/2026
2,264,451
3,324,623
South
Carolina
-
0.4%
Charleston
Educational
Excellence
Financing
Corporation
Installment
Purchase
Revenue
Refunding
Bonds
Charleston
County
School
District
South
Carolina
Project
Series
2024
(Aa3/AA-)
500,000
5.000
12/01/2031
559,990
Housing
Authority
of
The
City
of
Greenville
Multifamily
Housing
RB
for
Cherokee
Landing
Apartments
Project
Series
2023
(Aa1/NR)
900,000
5.000
(b)(c)
07/01/2027
914,962
Piedmont
Municipal
Power
SC
Electric
RB,
2004
A-2
CABS
(AMBAC)
(A3/A-)
10,650,000
0.000
(f)
01/01/2027
10,152,689
South
Carolina
Jobs-Economic
Development
Authority
Hospital
Facilities  RB,
Series
2025B
(A1/A+)
1,500,000
5.000
(b)(c)
11/01/2049
1,590,834
South
Carolina
Jobs-Economic
Development
Authority
Hospital
Facilities  RB,
Series
2025B
(Bon
Secours
Mercy
Health,
Inc.)
Long
Term
Mode
Hospital
Facilities  RB,
Series
2025B-1
(A1/A+)
5,000,000
5.000
(b)(c)
11/01/2055
5,298,540
18,517,015
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Tennessee
-
0.3%
City
of
Memphis
Sanitary
Sewage
System
Revenue
Refunding
Bonds
Series
2018
(Aa2/A+)
$
2,245,000
4.000%
10/01/2035
$
2,246,860
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
3,505,148
Knoxville's
Community
Development
Corporation
Collateralized
Multifamily
Housing
Bonds
Scenic
View
at
Hardin
Valley
Project
Series
2024
(HUD
SECT
8)
(NR/AA+)
(PUTABLE)
1,000,000
3.500
(b)(c)
12/01/2029
1,007,017
Metropolitan
Nashville
Airport
Authority
Airport
Improvement
RB
Series
2022B
(A1/NR)
1,050,000
5.000
07/01/2028
1,101,636
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)
(Aa1/NR)
(PUTABLE)
1,135,000
3.850
(b)(c)
02/01/2048
1,137,083
The
Health
Educational
and
Housing
Facility
Board
of
The
County
of
Knox
Collateralized
Multifamily
Housing
Bonds
The
Pines
Apartments
Project
Series
2024
(HUD
SECT
8)
(NR/AA+)
(PUTABLE)
3,000,000
3.100
(b)(c)
09/01/2029
3,010,683
The
Health,
Educational
and
Housing
Facility
Board
of
The
County
of
Shelby,
Tennessee
RB
(Methodist
Le
Bonheur
Healthcare)
2025A
(AG)
(A1/AA)
4,250,000
5.000
06/01/2028
4,451,008
16,459,435
Texas
-
10.6%
Arlington
Higher
Education
Finance
Corp.
Great
Hearts
America
-
Texas
Education
RB
Series
2024A
(Baa3/NR)
2,000,000
4.250
08/15/2034
1,972,495
Austin
Affordable
PFC
Inc.
Multifamily
Housing
RB
Heritage
Pointe
Seniors
Apartments
Series
2024B
(Aa1/NR)
2,850,000
5.000
(b)(c)
11/01/2028
2,973,957
Austin
Affordable
PFC
Inc.
Multifamily
Housing
RB
Series
2024B
(FNMA
COLL)
(Aa1/NR)
700,000
5.000
(b)(c)
09/01/2028
728,411
Austin
Affordable
PFC
Inc.
Multifamily
Housing
RB
Series
2024B
Eagle’s
Landing
Family
Apartments
(Aa1/NR)
1,060,000
5.000
(b)(c)
09/01/2028
1,106,879
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
1,370,488
Bexar
County
Housing
Finance
Corp.
RB
Refunding
for
Westcliffe
Housing
Foundation,
Inc.
Series
2004
(Aa1/NR)
150,000
3.750
(b)
02/01/2035
147,829
Bexar
Management
and
Development
Corp.
Multifamily
Housing
RB
for
Hill
View
Heights
Apartments
Series
2024
(Aa1/NR)
2,090,000
3.020
(b)(c)
05/10/2045
2,069,143
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
5,130,079
10,000,000
5.000
08/15/2027
10,492,671
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
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
$
1,791,450
City
of
Austin
RB
Refunding
for
Airport
System
Series
2019
(AMT)
(A1/A+)
1,150,000
5.000
11/15/2025
1,157,365
City
of
Austin
Water
&
Wastewater
System
Revenue
Refunding
Bonds
Series
2022
(Aa2/AA)
1,000,000
5.000
11/15/2026
1,031,651
1,500,000
5.000
11/15/2027
1,580,493
City
of
Boyd
Special
Assessment
RB,
Series
2024
(City
of
Boyd
Public
Improvement
District
No.
1
Improvement
Area
#1
Project)
(NR/NR)
323,000
4.250
(d)
09/15/2030
324,441
City
of
Bryan
Rural
Electric
System
RB,
Series
2024
(AGM)
(NR/AA)
265,000
5.000
07/01/2027
276,199
245,000
5.000
07/01/2028
260,065
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
305,275
320,000
4.000
09/01/2026
323,332
City
of
Celina
Texas
a
Municipal
Corp.
of
The
State
of
Texas
Located
in
Collin
and
Denton
Counties
Special
Assessment
RB
Series
2024
(BAM)
(NR/AA)
567,000
5.000
09/01/2028
599,632
City
of
Celina
Texas
A
Municipal
Corp.
of
The
State
of
Texas
Located
in
Collin
and
Denton
Counties
Special
Assessment
Revenue
Refunding
Bonds
Series
2024
(BAM)
(NR/AA)
579,000
5.000
09/01/2025
580,471
605,000
5.000
09/01/2026
618,176
637,000
5.000
09/01/2027
663,319
700,000
5.000
09/01/2029
749,604
City
of
Dallas
fort
Worth
International
Airport
Joint
Revenue
Refunding
and
Improvement
Bonds
Series
2023B
(A1/AA-)
2,000,000
5.000
11/01/2025
2,011,680
1,600,000
5.000
11/01/2026
1,645,227
City
of
Dallas
Housing
Finance
Corp.
Multifamily
Housing
RB
for
Positano
Series
2023
(FHA
221(D4))
(Aa1/NR)
845,000
5.000
(b)(c)
09/01/2026
847,409
City
of
Dallas
Housing
Finance
Corp.
Multifamily
Housing
RB
for
Rosemont
At
Ash
Creek
Apartments
Series
2023
(FHA
221(D4))
FHA
(Aa1/NR)
1,130,000
5.000
(b)(c)
07/01/2026
1,137,503
City
of
Dallas
Housing
Finance
Corp.
Multifamily
Housing
RB
for
The
Mondello
Series
2024
(FHA
221(D4))
(Aa1/NR)
515,000
5.000
(b)(c)
08/01/2027
525,225
City
of
Dallas
Housing
Finance
Corp.
Multifamily
Housing
Revenue
Notes
for
Estates
at
Ferguson
Series
2023
(Aa1/NR)
1,045,000
5.000
(b)(c)
07/01/2042
1,074,452
City
of
Dallas
Waterworks
and
Sewer
System
Revenue
Refunding
Bonds
Series
2015A
(Aa2/AAA)
2,510,000
5.000
10/01/2026
2,523,836
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
City
of
Fate
Special
Assessment
Refunding
for
Williamsburg
Public
Improvement
District
No.
1
Project
Series
2019
(BAM)
(NR/AA)
$
150,000
4.000%
08/15/2025
$
150,058
155,000
4.000
08/15/2026
156,207
160,000
4.000
08/15/2027
162,264
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
09/01/2025
300,690
576,000
5.000
09/01/2026
587,228
606,000
5.000
09/01/2027
628,138
640,000
5.000
09/01/2028
672,445
City
of
Galveston
Texas
Wharves
and
Terminal
First
Lien
RB
Series
2024A
(NR/A)
740,000
5.000
08/01/2026
753,477
875,000
5.000
08/01/2027
903,468
350,000
5.000
08/01/2028
362,096
City
of
Houston
Texas
Combined
Utility
System
First
Lien
Revenue
Refunding
Bonds
Series
2024A
(Aa2/NR)
1,800,000
5.000
11/15/2025
1,814,849
4,560,000
5.000
11/15/2026
4,708,701
4,560,000
5.000
11/15/2027
4,801,472
1,000,000
5.000
11/15/2029
1,089,302
City
of
Houston
Texas
Public
Improvement
Refunding
Bonds
Series
2024B
(Aa3/AA)
1,900,000
5.000
03/01/2026
1,929,280
City
of
Kyle
Special
Assessment
RB
for
6
Creeks
Public
Improvement
District
Project
Series
2023
(NR/NR)
152,000
4.125
(d)
09/01/2028
152,335
City
of
Kyle
Texas
A
Municipal
Corp.
of
The
State
of
Texas
Located
in
Hays
County
Special
Assessment
RB
Series
2025
722,000
4.375
(d)
09/01/2035
704,693
City
of
Lavon
Heritage
Public
Improvement
District
No.
1
Special
Assessment
Refunding
Series
2021
(BAM)
(NR/AA)
320,000
3.000
09/15/2025
319,730
City
of
McLendon-Chisholm
Special
Assessment
Refunding
Bonds
Sonoma
Public
Improvement
District
Series
2020
(BAM)
(NR/AA)
285,000
4.000
09/15/2025
285,370
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)
214,000
4.000
(d)
09/01/2030
210,701
City
of
Oak
Point
Special
Assessment
for
Wildridge
Public
Improvement
District
No.
1
Project
Series
2021
(NR/NR)
250,000
2.750
(d)
09/01/2031
222,474
City
of
Princeton
Special
Assessment
RB
for
Brookside
Public
Improvement
District
Series
2021
(NR/NR)
62,000
2.500
(d)
09/01/2026
60,680
City
of
Princeton,
Collin
County
Special
Assessment
RB,
Series
2020
Arcadia
Farms
Public
Improvement
District
Phases
3
and
4
Project
(NR/NR)
34,000
2.875
(d)
09/01/2025
33,931
City
of
Princeton,
Collin
County
Special
Assessment
RB,
Series
2020
Winchester
Public
Improvement
District
Phase
1
and
2
Project
(NR/NR)
60,000
2.750
(d)
09/01/2025
59,870
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
City
of
Sachse
Special
Assessment
RB
for
Sachse
Public
Improvement
District
Project
Series
2022
(NR/NR)
$
150,000
5.000%
(d)
09/15/2028
$
152,120
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
10,658,097
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
11,468,562
City
of
San
Antonio
Texas
Electric
and
Gas
Systems
Revenue
Refunding
Bonds
New
Series
2024D
(Aa2/AA-)
5,270,000
5.000
02/01/2031
5,831,937
City
of
San
Antonio
Texas
Municipal
Facilities
Corporation
City
Tower
Renovation
Project
Variable
Rate
Lease
RB
Series
2021
(Aa1/AA+)
1,680,000
5.000
(b)(c)
08/01/2050
1,744,599
City
of
San
Antonio
Water
System
Variable
Rate
Junior
Lien
RB
Series
2013F
(Aa1/AA+)
20,000,000
1.000
(b)(c)
05/01/2043
19,316,742
Clear
Creek
Independent
School
District
UT
Refunding
Bonds
Series
2024A
(PSF-GTD)
(Aaa/NR)
3,410,000
5.000
02/15/2032
3,815,398
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
613,961
1,000,000
5.000
08/15/2027
1,042,835
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
1,023,269
Clifton
Higher
Education
Finance
Corporation
Education
Revenue
and
Refunding
Bonds
Idea
Public
Schools,
Series
2025
(PSF-GTD)
(NR/AAA)
1,000,000
5.000
08/15/2028
1,061,159
Clifton
Higher
Education
Finance
Corporation
Texas
Variable
Rate
Education
RB
International
Leadership
of
Texas
Inc,
Series
2025B
(PSF-GTD)
(Aaa/NR)
2,050,000
4.000
(b)(c)
02/15/2055
2,087,601
Comal
Independent
School
District
GO
Refunding
Bonds
Series
2017
(PSF-GTD)
(Aaa/NR)
1,600,000
5.000
02/01/2026
1,619,590
Conroe
Independent
School
District
UT
Refunding
Bonds
Series
2023A
(PSF-GTD)
(Aaa/AAA)
2,000,000
5.000
02/15/2026
2,028,137
2,035,000
5.000
02/15/2027
2,113,912
Crosswinds
at
South
Lake
Special
Improvement
District
Limited
Ad
Valorem
Tax
and
Subordinate
Lien
Sales
and
Use
Tax
Bonds,
Series
2024
(AGC)
(Baa3/AA)
510,000
5.000
08/15/2030
529,226
390,000
5.000
08/15/2034
412,627
Crowley
Independent
School
District
UT
Refunding
Bonds
Series
2016B
(PSF-GTD)
(Aaa/NR)
2,550,000
5.000
(a)
08/01/2025
2,554,085
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
Cypress-Fairbanks
Independent
School
District
A
Political
Subdivision
of
the
State
of
Texas
Located
In
Harris
County
Texas
Unlimited
Tax
Refunding
Bonds
Series
2025
(PSF-GTD)
(Aaa/AAA)
$
2,760,000
5.000%
02/15/2033
$
3,107,719
Dallas
County
Flood
Control
District
No.
1
Unlimited
Tax
GO
Refunding
Bonds
Series
2015
(NR/NR)
3,250,000
5.000
(d)
04/01/2032
3,211,614
Denton
County
Permanent
Improvement
Refunding
Bonds
Series
2016
(Aaa/AAA)
2,000,000
4.000
07/15/2033
2,000,680
Eagle
Mountain-Saginaw
Independent
School
District
Variable
Rate
UT
School
Building
Bonds
Series
2011
(PSF-GTD)
(NR/AAA)
1,525,000
4.000
(b)(c)
08/01/2050
1,555,217
Ector
County
Hospital
District
GO
Refunding
Bonds
Series
2020
(Baa2/BBB-)
130,000
5.000
09/15/2025
130,156
620,000
5.000
09/15/2026
627,131
El
Paso
County
Hospital
District
El
Paso
County
Texas
GO
Bonds,
Series
2025
(AG)
(NR/AA)
2,000,000
5.000
(g)
02/15/2027
2,061,113
3,200,000
5.000
(g)
02/15/2028
3,353,595
3,440,000
5.000
(g)
02/15/2029
3,658,904
2,600,000
5.000
(g)
02/15/2030
2,796,388
El
Paso
County
Hospital
District
El
Paso
County
Texas
GO
Refunding
Bonds
Series
2024
(AGC)
(NR/AA)
1,000,000
5.000
08/15/2026
1,022,758
1,225,000
5.000
08/15/2027
1,275,121
1,105,000
5.000
08/15/2028
1,167,520
El
Paso
Independent
School
District
Variable
Rate
Maintenance
Tax
Notes
Series
2020
(Aa2/NR)
1,750,000
5.000
(b)(c)
02/01/2040
1,768,667
Fort
Bend
Independent
School
District
GO
Bonds
Series
2020
B
(PSF-GTD)
(NR/AAA)
5,890,000
0.875
(b)(c)
08/01/2050
5,879,296
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
3,892,379
Grayson
County
Junior
College
District
GO
Bonds
Series
2024
(Aa2/NR)
445,000
5.000
02/15/2031
490,788
520,000
5.000
02/15/2032
578,262
Hale
Center
Education
Facilities
Corp.
Revenue
Improvement
and
Revenue
Refunding
Bonds
Series
2022
(NR/BBB+)
675,000
5.000
03/01/2026
679,664
990,000
5.000
03/01/2027
1,009,857
Harlandale
Independent
School
District
UT
Refunding
Bonds
Series
2015A
(PSF-GTD)
(NR/AAA)
4,130,000
4.000
(a)
08/15/2025
4,134,033
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
1,680,244
Harris
County
Cultural
Education
Facilities
Finance
Corporation
RB
Texas
Medical
Center,
Series
2020A
(A1/AA-)
13,150,000
5.000
(b)(c)
05/15/2050
14,008,638
Harris
County
Texas
Permanent
Improvement
Tax
and
Revenue
Certificates
of
Obligation
Series
2024
(Aaa/NR)
1,380,000
5.000
09/15/2026
1,420,037
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
Harris
County
Texas
Permanent
Improvement
Tax
and
Revenue
Certificates
of
Obligation
Series
2024
(Aaa/NR)
–
(continued)
$
1,760,000
5.000%
09/15/2027
$
1,849,419
Harris
County
Texas
UT
Road
Refunding
Bonds
Series
2024A
(Aaa/NR)
1,050,000
5.000
09/15/2026
1,080,463
1,445,000
5.000
09/15/2027
1,518,415
Hidalgo
County
Drainage
District
No.
1
UT
Improvement
Bonds
Series
2023
(Aa2/AA-)
3,000,000
5.000
09/01/2025
3,008,482
Houston
Housing
Finance
Corp.
Multifamily
Housing
RB
Cordova
Apartments
Series
2024
(Aa1/NR)
2,650,000
3.650
(b)(c)
02/01/2048
2,665,297
Houston
Water
&
Sewer
System
Junior
Lien
Revenue
Refunding
Bonds
Series
1998A
(AGM)
(Aa1/AA+)
5,755,000
0.000
(f)
12/01/2026
5,514,154
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
2,544,927
Jim
Hogg
County
Independent
School
District
UT
Refunding
Bonds
Series
2023
(PSF-GTD)
(NR/AAA)
510,000
5.000
08/15/2026
522,722
Karnes
County
Hospital
District
A
Political
Subdivision
of
The
State
of
Texas
Located
In
Karnes
County
Adjustable-Rate
Hospital
Revenue
Refunding
Bonds
Series
2024
(NR/NR)
2,825,000
5.000
(b)(c)
02/01/2044
2,954,993
Kaufman
County
Fresh
Water
Supply
District
No.
1-D
Unlimited
Tax
Road
Bonds
Series
2024
(AGC)
(Baa3/AA)
205,000
5.000
09/01/2029
212,411
260,000
5.000
09/01/2033
277,272
Kaufman
County
Fresh
Water
Supply
District
No.
1-D
Unlimited
Tax
Utility
Bonds
Series
2024
(AGC)
(Baa3/AA)
385,000
5.000
09/01/2029
398,987
465,000
5.000
09/01/2033
495,890
Klein
Independent
School
District
UT
Refunding
Bonds
Series
2016A
(PSF-GTD)
(Aaa/AAA)
2,805,000
4.000
08/01/2034
2,805,051
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
1,302,631
Laredo
Independent
School
District
UT
Refunding
Bonds
Series
2023
(AGM)
(NR/AA)
350,000
5.000
08/01/2025
350,539
360,000
5.000
08/01/2026
368,274
735,000
5.000
08/01/2027
765,681
Leander
Independent
School
District
UT
School
Building
Bonds
Series
2022
(PSF-GTD)
(NR/AAA)
1,025,000
5.000
08/15/2027
1,073,006
Love
Field
Airport
Modernization
Corp.
General
Airport
Revenue
Refunding
Bonds
Series
2021
(NR/A)
3,615,000
5.000
11/01/2026
3,695,694
Lower
Colorado
River
Authority
LCRA
Transmission
Services
Corp.
Project
RB
Refunding
Series
2019
(NR/A)
4,400,000
5.000
05/15/2027
4,561,146
Lower
Colorado
River
Authority
Refunding
RB,
Series
2025B
(A2/A)
3,750,000
5.000
(b)(c)
05/15/2045
4,037,517
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
Lower
Colorado
River
Authority
Transmission
Contract
Refunding
RB
for
LCRA
Transmission
Services
Corp.
Project
Series
2022A
(NR/A)
$
1,000,000
5.000%
05/15/2026
$
1,017,872
680,000
5.000
05/15/2027
704,904
Matagorda
County
Navigation
District
Number
One
Pollution
Control
Revenue
Refunding
Bonds
for
Central
Power
and
Light
Company
Project
Series
1996
(Baa3/BBB+)
2,125,000
4.250
05/01/2030
2,181,096
Montgomery
Independent
School
District
A
Political
Subdivision
of
The
State
of
Texas
Located
In
Montgomery
County
Texas
Unlimited
Tax
Refunding
Bonds
Series
2024A
(PSF-GTD)
(Aaa/NR)
1,675,000
5.000
02/15/2032
1,874,132
New
Hope
Cultural
Education
Facilities
Finance
Corp.
Student
Housing
RB
for
Cityscape
Schools,
Inc.
Series
2019
A
(NR/BBB-)
225,000
4.000
(d)
08/15/2029
223,339
New
Hope
Cultural
Education
Facilities
Finance
Corporation
Retirement
Facility
RB
Westminster
Project
Series
2025
(NR/NR)
370,000
5.000
11/01/2031
392,663
New
Hope
Cultural
Education
Facilities
Finance
Corporation
Retirement
Facility
RBWestminster
Project
Series
2025
(NR/NR)
270,000
5.000
11/01/2025
270,933
185,000
5.000
11/01/2026
187,973
245,000
5.000
11/01/2027
252,156
305,000
5.000
11/01/2028
317,269
395,000
5.000
11/01/2029
414,374
550,000
5.000
11/01/2030
580,844
460,000
5.000
11/01/2032
490,813
485,000
5.000
11/01/2033
517,464
405,000
5.000
11/01/2034
431,208
430,000
5.000
11/01/2035
455,593
North
Texas
Municipal
Water
District
Texas
Water
System
Revenue
Refunding
Bonds
Series
2021A
(Aa1/AAA)
5,000,000
3.000
09/01/2032
4,745,623
North
Texas
Tollway
Authority
System
Revenue
Refunding
Bonds
First
Tier
Bonds
Series
2023A
(Aa3/AA-)
6,500,000
5.000
01/01/2026
6,574,696
North
Texas
Tollway
Authority
System
Revenue
Refunding
Bonds
Second
Tier
Bonds
Series
2024B
(A1/A+)
5,000,000
5.000
01/01/2032
5,532,505
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
5,490,160
Northside
Independent
School
District,
Bexar
County,
Variable
Rate
UT
School
Building
Bonds,
Series
2023B
(PSF-GTD)
(Aaa/NR)
3,980,000
3.000
(b)(c)
08/01/2053
3,961,948
Pasadena
Independent
School
District
UT
School
Building
Bonds
Series
2023
(PSF-GTD)
(Aaa/AAA)
200,000
5.000
02/15/2026
202,751
225,000
5.000
02/15/2027
233,725
Pasadena
Independent
School
District
Variable
Rate
UT
School
Building
Bonds
(PSF-GTD)
(Aaa/AAA)
14,250,000
3.230
(b)(c)
02/15/2044
14,284,019
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
Plainview
Independent
School
District
Adjustable
Rate
UT
School
Building
Bonds
Series
2020B
(PSF-GTD)
(Aaa/NR)
$
1,515,000
4.000%
(b)(c)
02/15/2050
$
1,524,795
Ponder
Independent
School
District
Texas
Denton
County
Adjustable
Rate
UT
School
Building
Bonds
Series
2021
(PSF-GTD)
(NR/AAA)
1,800,000
4.000
(b)(c)
02/15/2051
1,835,363
Port
of
Houston
Authority
of
Harris
County
First
Lien
RB
Series
2023
(NON-AMT)
(Aa3/AA+)
950,000
5.000
10/01/2025
954,653
700,000
5.000
10/01/2026
719,765
Pottsboro
Independent
School
District
A
Political
Subdivision
of
The
State
of
Texas
Located
In
Grayson
County
Texas
Adjustable
Rate
UT
School
Building
Bonds
Series
2022
(PSF-GTD)
(NR/AAA)
1,910,000
4.000
(b)(c)
02/15/2052
1,920,615
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
1,889,183
San
Antonio
Housing
Trust
Public
Facility
Corporation
Multifamily
Housing
RB
Palladium
San
Antonio
Series
2024
(Aa1/NR)
(PUTABLE)
1,065,000
3.450
(b)(c)
07/01/2029
1,071,491
San
Antonio
Housing
Trust
Public
Facility
Corporation
Multifamily
Housing
RB
Residences
At
Pearsall
Park
Series
2024B
(Aa1/NR)
2,000,000
3.190
(b)(c)
10/01/2028
2,011,170
SMHA
Finance
Public
Facility
Corporation
Texas
Multifamily
Housing
Revenue
Bonds
Centerpoint
Depot
Series
2024
(Aa1/NR)
(PUTABLE)
2,630,000
3.700
(b)(c)
07/01/2028
2,663,271
Spring
Branch
Independent
School
District
UT
Schoolhouse
Bonds
Series
2022
(PSF-GTD)
(Aaa/AAA)
1,230,000
5.000
02/01/2026
1,246,062
1,000,000
5.000
02/01/2027
1,037,814
State
of
Texas
College
Student
Loan
GO
Bonds
Series
2016
(Aaa/AAA)
4,275,000
5.500
08/01/2027
4,371,648
Strategic
Housing
Finance
Corporation
of
Travis
County
Multifamily
Housing
RB
Series
2024
(Aa1/NR)
2,555,000
3.350
(b)(c)
03/01/2046
2,557,219
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
Hospital
RB
for
Baylor
Scott
&
White
Health
Project
Series
2022E
(Aa2/AA-)
4,045,000
5.000
(b)(c)
11/15/2052
4,093,710
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
Refunding
Bonds
Christus
Health
Series
2024B
(A1/NR)
525,000
5.000
07/01/2026
535,217
800,000
5.000
07/01/2027
830,257
1,000,000
5.000
07/01/2028
1,054,549
Tarrant
County
Cultural
Education
Facilities
Finance
Corporation
Revenue
Refunding
Bonds
Trinity
Terrace
Project
Series
2024
(NR/NR)
495,000
5.000
10/01/2025
496,503
Tarrant
County
Housing
Finance
Corporation
Multifamily
Housing
RB
The
Meridian
Apartments
Series
2024B
(Aa1/NR)
1,000,000
5.000
(b)(c)
09/01/2028
1,040,587
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
Texas
Department
of
Housing
and
Community
Affairs
Multifamily
Housing
RB
Palladium
E
Lancaster
Avenue
Series
2024
(Aa1/NR)
(PUTABLE)
$
10,000,000
3.125%
(b)(c)
08/01/2029
$
10,039,860
Texas
Department
of
Housing
and
Community
Affairs
Multifamily
Housing
RB
Palladium
Old
FM
471
W
Series
2024
(FHA
221(D)(4))
(Aa1/NR)
(PUTABLE)
5,000,000
3.050
(b)(c)
09/01/2029
5,002,165
Texas
Department
of
Housing
and
Community
Affairs
Multifamily
Housing
Revenue
Notes
for
Aspen
Park
Series
2023
(Aa1/NR)
3,335,000
5.000
(b)(c)
03/01/2041
3,347,534
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
I
RB
Senior
Lien
Series
2006
B
(A1/A-)
(3M
USD
SOFR
+
0.70%)
3,680,000
3.769
(e)
12/15/2026
3,677,941
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
II
RB
Series
2007
B
(A1/A)
(SIFMA
Municipal
Swap
Index
Yield
+
0.55%)
5,080,000
2.470
(e)
09/15/2027
5,047,269
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
III
Gas
Supply
Revenue
Refunding
Bonds
Series
2021
(A1/BBB+)
335,000
5.000
12/15/2025
336,654
Texas
Municipal
Gas
Acquisition
and
Supply
Corp.
II
RB
for
SOFR
Index
Rate
Series
2012
C
(A1/A)
(3M
USD
SOFR
+
0.86%)
73,910,000
3.713
(e)
09/15/2027
73,948,470
Texas
Private
Activity
Bonds
Surface
Transportation
Corp.
RB
Refunding
for
NTE
Mobility
Partners
LLC
Series
2019
A
(Baa1/NR)
2,920,000
5.000
12/31/2032
3,090,671
Texas
Public
Finance
Authority
Revenue
Financing
System
Bonds
for
Southern
University
Series
2023
(BAM)
(NR/AA)
500,000
5.000
05/01/2026
506,707
620,000
5.000
05/01/2027
640,473
640,000
5.000
05/01/2028
670,996
Texas
State
Affordable
Housing
Corp.
Multifamily
Housing
RB
for
Eden
Court
Apartments
Project
Series
2023
(HUD
SECT
8)
(Aa1/NR)
1,360,000
5.000
(b)(c)
04/01/2043
1,364,084
Texas
State
Affordable
Housing
Corp.
Multifamily
Housing
RB
for
Norman
Commons
Project
Series
2023
(Aa1/NR)
2,200,000
3.625
(b)(c)
01/01/2045
2,217,296
Texas
State
Technical
College
System
Revenue
Financing
System
Improvement
Bonds
Series
2022A
(AGM)
(A1/AA)
1,450,000
5.000
08/01/2025
1,452,215
1,750,000
5.000
08/01/2026
1,791,839
1,300,000
5.000
08/01/2027
1,360,517
Texas
Transportation
Commission
State
Highway
Fund
First
Tier
RB
Series
2016-B
(Aaa/AAA)
46,000,000
0.560
04/01/2026
44,764,431
Texas
Water
Development
Board
State
Revolving
Fund
RB
New
Series
2020
(NR/AAA)
2,700,000
5.000
08/01/2026
2,769,152
Texas
Water
Development
Board
State
Water
Implementation
Revenue
Fund
for
Texas
RB
Series
2022
(NR/AAA)
1,265,000
5.000
04/15/2026
1,287,612
1,850,000
5.000
10/15/2026
1,906,613
1,240,000
5.000
04/15/2027
1,293,279
1,450,000
5.000
10/15/2027
1,527,871
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
The
Mesquite
Housing
Finance
Corporation
Multifamily
Housing
RB
Palladium
Carver
Living
Series
2024
(Aa1/NR)
(PUTABLE)
$
5,000,000
3.350%
(b)(c)
08/01/2029
$
5,002,340
Town
of
Flower
Mound
River
Walk
Public
Improvement
District
No.
1
Special
Assessment
Refunding
Bonds
Series
2021
(NR/NR)
320,000
2.625
(d)
09/01/2026
313,636
Town
of
Little
Elm
Special
Assessment
RB
for
Valencia
Public
Improvement
Project
Series
2021
(NR/NR)
281,000
2.875
(d)
09/01/2031
251,358
Town
of
Little
Elm
Special
Assessment
RB
for
Valencia
Public
Improvement
Project
Series
2021
(NR/NR)
(NR/NR)
100,000
2.375
(d)
09/01/2026
97,333
Travis
County
Development
Authority
Contract
Assessment
RB
for
Turner’s
Crossing
Public
Improvement
District
Improvement
Area
#1
Commercial
Lot
98
and
Improvement
Area
#2
Project
Series
2025
(NR/NR)
607,000
4.250
09/01/2031
601,920
Travis
County
Development
Authority
Contract
Assessment
RB
for
Turner's
Crossing
Public
Improvement
District
Improvement
Area
Project
Series
2022
(NR/NR)
159,000
4.375
(d)
09/01/2027
159,260
Trophy
Club
Public
Improvement
District
No.
1
Special
Assessment
Revenue
Refunding
Bonds,
Series
2025
(NR/NR)
705,000
5.000
09/01/2028
723,530
528,000
5.000
09/01/2030
554,555
502,000
5.000
09/01/2032
529,204
University
of
Houston
Board
of
Regents
System
Consolidated
Revenue
Refunding
Bonds
Series
2017C
(Aa2/AA)
10,000,000
4.000
02/15/2033
10,036,016
University
of
North
Texas  Revenue
Refunding
Improvement
Bonds
2025A
(Aa2/NR)
1,400,000
5.000
04/15/2029
1,512,529
University
of
Texas
System
Revenue
Financing
System
RB
Refunding
Series
2017
C
(Aaa/AAA)
2,815,000
5.000
08/15/2026
2,888,235
Westpointe
Special
Improvement
District
Limited
Ad
Valorem
Tax
Bonds
Series
2023A
(BAM)
(Baa2/AA)
185,000
5.500
08/15/2025
185,388
195,000
5.500
08/15/2026
199,323
210,000
5.500
08/15/2027
219,229
220,000
5.500
08/15/2028
233,778
230,000
5.500
08/15/2029
248,139
245,000
5.500
08/15/2030
267,795
255,000
5.500
08/15/2031
281,816
270,000
5.000
08/15/2032
289,629
285,000
5.000
08/15/2033
303,990
300,000
5.000
08/15/2034
318,098
Westpointe
Special
Improvement
District
Limited
Ad
Valorem
Tax
Road
Bonds
Series
2024
(BAM)
(Baa2/AA)
475,000
5.000
08/15/2025
475,712
280,000
5.000
08/15/2026
284,680
325,000
5.000
08/15/2029
344,435
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
266,603
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Texas
–
(continued)
Westside
211
Special
Improvement
District
Limited
Ad
Valorem
Tax
Subordinate
Lien
Sales
Use
Tax
Road
Bonds
Series
2022
(Baa3/NR)
$
85,000
5.000%
08/15/2025
$
85,103
90,000
5.000
08/15/2026
91,054
90,000
5.000
08/15/2027
92,316
95,000
5.000
08/15/2028
98,078
100,000
5.000
08/15/2029
103,727
110,000
5.000
08/15/2030
114,391
115,000
5.000
08/15/2031
119,205
120,000
5.000
08/15/2032
123,670
Westside
211
Special
Improvement
Project
District
LT
&
Subordinate
Lien
Sales
&
Use
Tax
Road
Bonds
Series
2021
(Baa3/NR)
270,000
2.000
08/15/2026
263,452
Wise
County
Texas
Tax
Notes
Series
2024
(NR/AA+)
550,000
5.000
02/15/2026
556,372
575,000
5.000
02/15/2027
594,047
550,000
5.000
02/15/2028
579,601
519,319,953
Utah
-
0.4%
Intermountain
Power
Agency
Power
Supply
RB
2023
Series
A
(Tax-Exempt)
(Aa3/NR)
2,970,000
5.000
07/01/2034
3,216,012
Salt
Lake
City
International
Airport
RB
Series
2018A
(AMT)
(A2/A+)
1,000,000
5.000
07/01/2029
1,037,820
Salt
Lake
City
International
Airport
RB
Series
2021A
(A2/A+)
2,500,000
5.000
07/01/2027
2,580,792
7,420,000
5.000
07/01/2028
7,767,585
Utah
Housing
Corp.
Multifamily
Housing
RB
for
Promontory
Place
Apartments
Series
2024B
(Aa1/NR)
1,250,000
3.400
(b)(c)
02/01/2028
1,251,833
Utah
Housing
Corp.
Multifamily
Housing
RB
Series
2024
(Aa1/NR)
1,440,000
3.700
(b)(c)
08/01/2043
1,447,149
Utah
Telecommunication
Open
Infrastructure
Agency
Sales
Tax
&
Telecommunication
Revenue
Refunding
Bonds
Series
2022
(NR/AA-)
250,000
5.000
06/01/2026
254,269
300,000
5.000
06/01/2027
312,404
17,867,864
Virgin
Islands
-
0.1%
Virgin
Islands
Transportation
&
Infrastructure
Corporation
Grant
Anticipation
RB
Federal
Highway
Grant
Anticipation
Revenue
Loan
Note
Series
2025
(NR/A)
600,000
5.000
09/01/2030
649,106
Virgin
Islands
Transportation
&
Infrastructure
Corporation
Grant
Anticipation
RB
Federal
Highway
Grant
Anticipation
Revenue
Loan
Note,
Series
2025
(NR/A)
2,650,000
5.000
09/01/2025
2,657,075
1,000,000
5.000
09/01/2026
1,020,701
800,000
5.000
09/01/2027
831,067
1,000,000
5.000
09/01/2028
1,055,491
1,000,000
5.000
09/01/2029
1,070,195
7,283,635
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Virginia
-
1.7%
Chesapeake
Redevelopment
and
Housing
Authority
Multifamily
Housing
RB
Hunters
Point
Apartments,
Series
2023
(HUD
SECT
8)
(Aa1/NR)
$
3,450,000
5.000%
(b)(c)
05/01/2043
$
3,502,075
City
of
Bristol
GO
Bond
Anticipation
Notes
Series
2023
(ST
AID
WITHHLDG)
(A2/A+)
3,750,000
5.000
09/01/2027
3,761,805
Commonwealth
of
Virginia
Commonwealth
Transportation
Board
Capital
Projects
RB
Series
2016
(Aa1/AA+)
9,355,000
4.000
05/15/2032
9,407,107
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
509,731
500,000
5.000
07/01/2027
520,591
500,000
5.000
07/01/2028
530,091
Economic
Development
Authority
of
The
City
of
Winchester
Virginia
RB
Valley
Health
System
Obligated
Group
Series
2024A
(A1/A+)
800,000
5.000
01/01/2027
825,105
275,000
5.000
01/01/2028
288,844
Economic
Development
Authority
of
The
County
of
Spotsylvania
Public
Facilities
Refunding
RB
Series
2021
(NR/AA+)
2,960,000
5.000
06/01/2026
3,020,836
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
2,090,113
Fairfax
County
Public
Improvement
Bonds
Series
2022A
(ST
AID
WITHHLDG)
(Aaa/AAA)
2,500,000
4.000
10/01/2025
2,506,807
Fairfax
County
Redevelopment
&
Housing
Authority
Multifamily
Housing
RB
for
Dominion
Square
North
Project
Series
2023
(Aa1/NR)
5,400,000
5.000
(b)(c)
01/01/2045
5,590,843
Hampton
Roads
Transportation
Authority
Accountability
Commission
Transportation
Fund
Senior
Lien
Bond
Anticipation
Notes
Series
2021A
(NR/NR)
14,325,000
5.000
07/01/2026
14,654,754
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
4,553,140
Louisa
Industrial
Development
Authority
RB
Virginia
Electric
and
Power
Co.
Series
2008
B
(A3/BBB+)
(PUTABLE)
2,500,000
0.750
(b)(c)
11/01/2035
2,482,201
Norfolk
Redevelopment
and
Housing
Authority
Multifamily
Housing
RB
Braywood
Manor
Apartments,
Series
2023
(HUD
SECT
8)
(Aa1/NR)
125,000
5.000
(b)(c)
05/01/2043
126,825
Virginia
College
Building
Authority
Virginia
Educational
Facilities
Revenue
Refunding
Bonds
Public
Higher
Education
Financing
Program
Series
2016A
(ST
INTERCEPT)
(Aa1/AA+)
10,545,000
3.000
09/01/2026
10,566,888
Virginia
Housing
Development
Authority
Rental
Housing
Bonds
2024
Series
C
(NON-AMT)
(Aa1/AA+)
2,730,000
3.950
06/01/2029
2,743,339
Virginia
Port
Authority
Port
Facilities
RB
Refunding
Series
2015
A
(AMT)
(NR/NR)
2,000,000
5.000
(a)
07/01/2025
2,000,000
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
Virginia
–
(continued)
Wise
County
IDA
Solid
Waste
&
Sewage
Disposal
RB
Series
2009A
(A3/BBB+)
(PUTABLE)
$
12,500,000
0.750%
(b)(c)
10/01/2040
$
12,411,005
82,092,100
Washington
-
2.8%
City
of
Seattle
Limited
Tax
GO
Improvement
&
Refunding
Bonds
Series
2015
A
(Aaa/AAA)
5,000,000
5.000
06/01/2026
5,006,857
City
of
Seattle
Municipal
Light
&
Power
Refunding
RB
2021
Series
B
(Aa2/AA)
(SIFMA
Municipal
Swap
Index
Yield
+
0.25%)
10,000,000
2.170
(c)(e)
05/01/2045
9,888,666
Energy
Northwest
Project
1
Electric
Revenue
Refunding
Bonds
Series
2024-B
(Aa2/AA-)
4,455,000
5.000
07/01/2026
4,555,331
4,230,000
5.000
07/01/2027
4,428,109
Enumclaw
School
District
No.
216
King
County
Washington
Unlimited
Tax
GO
Refunding
Bonds
2025
(SCH
BD
GTY)
(Aaa/NR)
500,000
5.000
12/01/2034
563,465
Enumclaw
School
District
No.
216
King
County
Washington
Unlimited
Tax
GO
Refunding
Bonds,
Series
2025
(SCH
BD
GTY)
(Aaa/NR)
875,000
5.000
12/01/2028
936,653
500,000
5.000
12/01/2030
550,841
700,000
5.000
12/01/2032
783,297
Issaquah
School
District
UT
GO
Refunding
Bonds
Series
2022
(SCH
BD
GTY)
(Aaa/AA+)
960,000
5.000
12/01/2025
968,176
1,975,000
5.000
12/01/2026
2,038,776
1,500,000
4.000
12/01/2027
1,549,577
King
County
Junior
Lien
Sewer
Revenue
Refunding
Bonds
2021
Series
A
(Aa2/AA)
(SIFMA
Municipal
Swap
Index
Yield
+
0.23%)
11,250,000
2.150
(c)(e)
01/01/2040
11,109,063
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
3,615,493
Port
of
Seattle
Intermediate
Lien
Private
Activity
Revenue
and
Refunding
Bonds
2022B
(AMT)
(A1/AA-)
7,770,000
5.000
08/01/2027
8,038,351
Port
of
Seattle
Intermediate
Lien
RB
2017C
(AMT)
(A1/AA-)
4,000,000
5.000
05/01/2029
4,102,057
Port
of
Seattle
Intermediate
Lien
RB
2017D
(AMT)
(A1/AA-)
4,300,000
5.000
05/01/2027
4,434,566
Port
of
Seattle
Intermediate
Lien
Revenue
and
Refunding
Bonds
Series
2024B
(AMT)
(A1/AA-)
2,295,000
5.000
07/01/2026
2,337,617
4,860,000
5.000
07/01/2027
5,022,243
3,565,000
5.000
07/01/2028
3,732,000
2,700,000
5.000
07/01/2029
2,859,526
Public
Utility
District
No.
1
of
Klickitat
County
Washington
Electric
System
Revenue
Refunding
Bonds
Series
2025
(AGC)
(A1/AA)
800,000
5.000
12/01/2026
823,015
1,500,000
5.000
12/01/2032
1,662,813
1,345,000
5.000
12/01/2033
1,491,631
1,350,000
5.000
12/01/2034
1,499,525
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
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+)
$
5,000,000
4.000%
01/01/2026
$
5,020,155
State
of
Washington
Motor
Vehicle
Fuel
Tax
GO
Bonds
Series
2005C
(AMBAC)
(Aaa/AA+)
1,450,000
0.000
(f)
06/01/2026
1,411,893
State
of
Washington
Various
Purpose
GO
Bonds
Series
2022A
(Aaa/AA+)
5,885,000
5.000
08/01/2027
6,171,916
State
of
Washington
Various
Purpose
GO
Refunding
Bonds
Series
R-2022C
(Aaa/AA+)
3,300,000
4.000
07/01/2026
3,345,571
University
Of
Washington
General
Revenue
Refunding
Term
Rate
Bonds
Series
2022C
(Aa1/AA+)
7,500,000
4.000
(b)(c)
05/01/2048
7,619,107
Washington
Health
Care
Facilities
Authority
RB
(Commonspirit
Health)
Series
2019A-2
(A3/A-)
1,545,000
5.000
08/01/2032
1,628,285
Washington
Health
Care
Facilities
Authority
RB
for
Commonspirit
Health
Series
2019A-1
(A3/A-)
1,300,000
5.000
08/01/2025
1,301,566
Washington
Health
Care
Facilities
Authority
RB
for
Commonspirit
Health
Series
2019A-2
(A3/A-)
3,260,000
5.000
08/01/2025
3,263,927
Washington
Health
Care
Facilities
Authority
RB
for
Commonspirit
Health
Series
2019B-2
(A3/A-)
4,020,000
5.000
(b)(c)
08/01/2049
4,026,744
Washington
State
Convention
Center
Public
Facilities
District
Junior
Lodging
Tax
Notes
2021
(NR/NR)
4,200,000
4.000
07/01/2031
4,255,331
Washington
State
Housing
Finance
Commission
Multifamily
Housing
RB
Camas
Flats
Apartments
Project
Series
2024B
(Aa1/NR)
1,200,000
5.000
(b)(c)
02/01/2028
1,235,352
Washington
State
Housing
Finance
Commission
Multifamily
Housing
RB
for
Ardea
at
Totem
Lake
Apartments
Project
Series
2023
(Aa1/NR)
3,800,000
5.000
(b)(c)
12/01/2043
3,864,678
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
07/01/2025
350,000
285,000
5.000
07/01/2026
288,912
350,000
5.000
07/01/2027
360,008
555,000
5.000
07/01/2028
578,131
Washington
State
Housing
Finance
Commission
Nonprofit
Refunding
RB
for
Seattle
Academy
of
Arts
&
Sciences
Project
Series
2023
(NR/BBB)
260,000
5.000
(d)
07/01/2028
268,872
740,000
5.125
(d)
07/01/2033
790,024
Washington
State
University
General
Revenue
Refunding
Bonds
2025
(Delayed
Delivery)
(Aa3/A+)
2,000,000
5.000
04/01/2030
2,187,450
2,000,000
5.000
04/01/2031
2,216,160
2,080,000
5.000
04/01/2032
2,326,620
134,508,350
Principal
Amount
Interest
Rate
Maturity
Date
Value
a
Municipal
Bonds
–
(continued)
West
Virginia
-
0.6%
West
Virginia
Economic
Development
Authority
Solid
Waste
Disposal
Facilities
RB
$
3,325,000
3.700%
(b)(c)
12/01/2042
$
3,347,657
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
4,578,077
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
5,616,336
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
10,694,204
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
2,688,600
26,924,874
Wisconsin
-
1.3%
City
of
Milwaukee
GO
Corporate
Purpose
Bonds
Series
2017
B5
(NR/A-)
315,000
4.000
04/01/2028
317,243
170,000
4.000
04/01/2029
171,178
City
of
Milwaukee
Wisconsin
General
Obligation
Promissory
Notes
Series
2022
N3
(AGM)
(NR/AA)
2,110,000
5.000
04/01/2026
2,141,472
City
of
Milwaukee
Wisconsin
General
Obligation
Promissory
Notes
Series
2022
N7
(BAM)
(NR/AA)
765,000
5.000
04/01/2026
776,410
City
of
Milwaukee
Wisconsin
General
Obligation
Promissory
Notes
Series
2023
N3
(AGM)
(NR/AA)
1,345,000
5.000
04/01/2026
1,365,062
1,350,000
5.000
04/01/2027
1,400,565
Columbia
County
GO
Promissory
Notes
Series
2024A
(Aa1/NR)
4,300,000
5.000
02/01/2031
4,758,507
4,500,000
5.000
02/01/2032
5,033,377
County
of
Dane
GO
Bonds
Series
2020
A
(NR/AAA)
3,290,000
2.000
04/01/2026
3,250,113
Milwaukee
County
GO
North
Shop
Promissory
Notes
Series
2024B
(Aa3/AA)
735,000
5.000
08/01/2030
798,302
Public
Finance
Authority
RB
Refunding
for
Fellowship
Senior
Living
Obligated
Group
Series
2019
A
(NR/NR)
1,925,000
4.000
01/01/2026
1,922,779
2,000,000
4.000
01/01/2027
1,998,459
1,720,000
4.000
01/01/2028
1,718,197
1,790,000
4.000
01/01/2029
1,783,951
Public
Finance
Authority
Student
Housing
Facilities
RB
750,000
5.000
06/01/2030
780,603
1,250,000
5.000
06/01/2035
1,297,810
Washington
County,
Wisconsin
GO
Promissory
Notes
Series
2025
(Aaa/NR)
1,220,000
4.000
03/01/2034
1,278,025
Waushara
County
Note
Anticipation
Notes
Series
2022A
(NR/A+)
5,260,000
4.500
06/01/2027
5,265,128
GOLDMAN
SACHS
SHORT
DURATION
TAX
-
FREE
FUND
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
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
$
634,779
Wisconsin
Health
&
Educational
Facilities
Authority
RB
Series
2018C-4
(Aa3/AA)
3,400,000
5.000
(b)(c)
08/15/2054
3,626,364
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
(d)
08/01/2027
4,314,033
Wisconsin
Health
and
Educational
Facilities
Authority
RB
Series
2018B-2
Advocate
Aurora
Health
Credit
Group
(Aa3/AA)
2,500,000
5.000
(b)(c)
08/15/2054
2,539,118
Wisconsin
Health
and
Educational
Facilities
Authority
RB
Series
2018C
(Aa3/AA)
(SIFMA
Municipal
Swap
Index
Yield
+
0.18%)
3,315,000
2.100
(c)(e)
08/15/2054
3,287,416
Wisconsin
Health
and
Educational
Facilities
Authority
RB
Series
2024A
(NR/A)
10,000,000
5.000
02/15/2029
10,594,376
Wisconsin
Housing
and
Economic
Development
Authority
Multifamily
Housing
Bonds
The
Intersect
Project
2024
Series
I
(Aa1/NR)
2,250,000
5.000
(b)(c)
11/01/2058
2,316,284
63,369,551
TOTAL
MUNICIPAL
BONDS
(Cost
$4,781,926,014)
4,793,792,376
TOTAL
INVESTMENTS
-
98.2%
(Cost
$4,781,926,014)
$
4,793,792,376
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
-
1.8%
89,802,557
NET
ASSETS
-
100.0%
$
4,883,594,933
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
(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,
2025.
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,
2025.
(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,
2025.
(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.
BHAC
-
Berkshire
Hathaway
Assurance
Corp.
BHAC-CR
-
Insured
by
Berkshire
Hathaway
Assurance
Corp.
Insured
Custodial
Receipts
CFD
-
Community
Facilities
District
CNTY
GTD
-
County
Guaranteed
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
LP
-
Limited
Partnership
LT
-
Limited
Tax
MTA
-
Metropolitan
Transportation
Authority
NATL
-
National
Public
Finance
Guarantee
Corp.
PCRB
-
Pollution
Control
Revenue
Bond
PSF-GTD
-
Guaranteed
by
Permanent
School
Fund
Q-SBLF
-
Qualified
School
Bond
Loan
Fund
RB
-
Revenue
Bond
REMIC
-
Real
Estate
Mortgage
Investment
Conduit
RMKT
-
Remarketed
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
TCRS
-
Transferable
Custody
Receipts
UPMC
-
University
of
Pittsburgh
Medical
Center
USD
-
United
States
Dollar
UT
-
Unlimited
Tax
Goldman
Sachs
Municipal
Funds
Schedule
of
Investments
June
30,
2025
(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
GSAM
as
the
valuation
designee
to
perform
fair
valuations
pursuant
to
Rule
2a-5
under
the
Investment
Company
Act
of
1940
(the
“Valuation
Designee”).
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
Funds’
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,
2025
(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.
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,
2025:
Dynamic
Municipal
Income
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Fixed
Income
Bank
Loans
$
—
$
—
$
11,882
Corporate
Bond
—
6,959,609
25,935,545
Municipal
Bond
—
10,881,490,430
—
Total
$
—
$
10,888,450,039
$
25,947,427
€
1.00
€
1.00
€
1.00
Derivative
Type
Liabilities
Futures
Contracts
(a)
$
(7,840,126)
$
—
$
—
€
1.00
€
1.00
€
1.00
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Municipal
Funds
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
The
Funds’
risks
include,
but
are
not
limited
to,
the
following:
Credit/Default
Risk
—
An
issuer
or
guarantor
of
a
security
held
by
the
Fund,
or
a
bank
or
other
financial
institution
that
has
entered
into
a
repurchase
agreement
with
the
Fund,
may
default
on
its
obligation
to
pay
interest
and
repay
principal
or
default
on
any
other
obligation.
Additionally,
the
credit
quality
of
securities
may
deteriorate
rapidly,
which
may
impair
the
Fund’s
liquidity
and
cause
significant
deterioration
in
NAV.
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.
High
Yield
Municipal
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Fixed
Income
Bank
Loans
$
—
$
—
$
38,646
Corporate
Bond
—
23,624,577
49,351,632
Municipal
Bond
—
11,457,742,843
—
Total
$
—
$
11,481,367,420
$
49,390,278
€
1.00
€
1.00
€
1.00
Municipal
Income
Completion
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Fixed
Income
Corporate
Bond
$
—
$
74,765
$
1,148,246
Municipal
Bond
—
260,011,125
—
Total
$
—
$
260,085,890
$
1,148,246
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Futures
Contracts
(a)
$
153,158
$
—
$
—
€
1.00
€
1.00
€
1.00
Short
Duration
Tax-Free
Fund
Investment
Type
Level
1
Level
2
Level
3
Assets
Fixed
Income
Municipal
Bond
$
—
$
4,793,792,376
$
—
Total
$
—
$
4,793,792,376
$
—
€
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,
2025
(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
a
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,
declining
prices
of
the
securities
sold,
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,
geopolitical
disputes,
acts
of
terrorism,
social
or
political
unrest,
natural
disasters,
recessions,
inflation,
rapid
interest
rate
changes,
supply
chain
disruptions,
tariffs
and
other
restrictions
on
trade,
sanctions
or
the
spread
of
infectious
illness
or
other
public
health
threats,
or
the
threat
or
potential
of
one
or
more
such
events
and
developments,
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.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Municipal
Funds
Schedule
of
Investments
(continued)
June
30,
2025
(Unaudited)
Municipal
Securities
Risk
—
Municipal
securities
are
subject
to
credit/default
risk,
interest
rate
risk
and
certain
additional
risks.
A
Fund
may
be
more
sensitive
to
adverse
economic,
business,
political,
environmental
or
other
developments
if
it
invests
a
substantial
portion
of
its
assets
in
the
bonds
of
similar
projects
(such
as
those
relating
to
education,
health
care,
housing,
transportation,
and
utilities),
industrial
development
bonds,
or
in
particular
types
of
municipal
securities
(such
as
general
obligation
bonds,
private
activity
bonds
and
moral
obligation
bonds).
While
interest
earned
on
municipal
securities
is
generally
not
subject
to
federal
tax,
any
interest
earned
on
taxable
municipal
securities
is
fully
taxable
at
the
federal
level
and
may
be
subject
to
tax
at
the
state
level.
Non-Investment
Grade
Fixed
Income
Securities
Risk
—
Non-investment
grade
fixed
income
securities
and
unrated
securities
of
comparable
credit
quality
(commonly
known
as
“junk
bonds”)
are
considered
speculative
and
are
subject
to
the
increased
risk
of
an
issuer's
inability
to
meet
principal
and
interest
payment
obligations.
These
securities
may
be
subject
to
greater
price
volatility
due
to
such
factors
as
specific
issuer
developments,
interest
rate
sensitivity,
negative
perceptions
of
the
junk
bond
markets
generally
and
less
liquidity.
A
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
a
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)