UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-05349
Goldman Sachs Trust
(Exact name of registrant as specified in charter)
71 South Wacker Drive,
Chicago, Illinois 60606
(Address of principal executive offices) (Zip code)
Copies to:
| | |
Robert Griffith, Esq. Goldman Sachs & Co. LLC 200 West Street New York, NY 10282 | | Stephen H. Bier, Esq. Dechert LLP 1095 Avenue of the Americas New York, NY 10036 |
(Name and address of agents for service)
Registrant’s telephone number, including area code: (312) 655-4400
Date of fiscal year end: March 31
Date of reporting period: September 30, 2024
| ITEM 1. | REPORTS TO STOCKHOLDERS. |
The Semi-Annual Report to Shareholders for the Goldman Sachs Dynamic Municipal Income Fund, Goldman Sachs High Yield Municipal Fund, Goldman Sachs Municipal Income Completion Fund, and Goldman Sachs Short Duration Tax-Free Fund is filed herewith.
Semi - Annual Shareholder Report
September 30, 2024
Goldman Sachs Dynamic Municipal Income Fund
This semi-annual shareholder report contains important information about Goldman Sachs Dynamic Municipal Income Fund (the "Fund") for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Special Assessment | 10.9% |
| Hospital | 9.3% |
| Airport | 6.7% |
| Corporate | 6.4% |
| Sales Tax | 6.0% |
| Water/Sewer | 5.6% |
| School District GO | 5.2% |
| State GO | 5.2% |
| City/County GO | 3.7% |
| State Appropriation | 3.7% |
| University | 3.4% |
| Pre-refunded | 3.1% |
| Toll | 3.0% |
| Corporate Elec | 2.7% |
| Other | 25.0% |
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| A | $37 | 0.72% |
Key Fund Statistics (as of September 30, 2024)
- Total Net Assets$10,496,060,462
- # of Portfolio Holdings4,394
- Portfolio Turnover Rate12%
- Total Net Advisory Fees Paid$17,011,042
Goldman Sachs Dynamic Municipal Income Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Dynamic Municipal Income Fund
38141W828-SAR-0924 Class A
Semi - Annual Shareholder Report
September 30, 2024
Goldman Sachs Dynamic Municipal Income Fund
This semi-annual shareholder report contains important information about Goldman Sachs Dynamic Municipal Income Fund (the "Fund") for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Special Assessment | 10.9% |
| Hospital | 9.3% |
| Airport | 6.7% |
| Corporate | 6.4% |
| Sales Tax | 6.0% |
| Water/Sewer | 5.6% |
| School District GO | 5.2% |
| State GO | 5.2% |
| City/County GO | 3.7% |
| State Appropriation | 3.7% |
| University | 3.4% |
| Pre-refunded | 3.1% |
| Toll | 3.0% |
| Corporate Elec | 2.7% |
| Other | 25.0% |
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| C | $75 | 1.47% |
Key Fund Statistics (as of September 30, 2024)
- Total Net Assets$10,496,060,462
- # of Portfolio Holdings4,394
- Portfolio Turnover Rate12%
- Total Net Advisory Fees Paid$17,011,042
Goldman Sachs Dynamic Municipal Income Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Dynamic Municipal Income Fund
38142B195-SAR-0924 Class C
Semi - Annual Shareholder Report
September 30, 2024
Goldman Sachs Dynamic Municipal Income Fund
This semi-annual shareholder report contains important information about Goldman Sachs Dynamic Municipal Income Fund (the "Fund") for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Special Assessment | 10.9% |
| Hospital | 9.3% |
| Airport | 6.7% |
| Corporate | 6.4% |
| Sales Tax | 6.0% |
| Water/Sewer | 5.6% |
| School District GO | 5.2% |
| State GO | 5.2% |
| City/County GO | 3.7% |
| State Appropriation | 3.7% |
| University | 3.4% |
| Pre-refunded | 3.1% |
| Toll | 3.0% |
| Corporate Elec | 2.7% |
| Other | 25.0% |
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| P | $19 | 0.38% |
Key Fund Statistics (as of September 30, 2024)
- Total Net Assets$10,496,060,462
- # of Portfolio Holdings4,394
- Portfolio Turnover Rate12%
- Total Net Advisory Fees Paid$17,011,042
Goldman Sachs Dynamic Municipal Income Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Dynamic Municipal Income Fund
38150B871-SAR-0924 Class P
Semi - Annual Shareholder Report
September 30, 2024
Goldman Sachs Dynamic Municipal Income Fund
This semi-annual shareholder report contains important information about Goldman Sachs Dynamic Municipal Income Fund (the "Fund") for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Special Assessment | 10.9% |
| Hospital | 9.3% |
| Airport | 6.7% |
| Corporate | 6.4% |
| Sales Tax | 6.0% |
| Water/Sewer | 5.6% |
| School District GO | 5.2% |
| State GO | 5.2% |
| City/County GO | 3.7% |
| State Appropriation | 3.7% |
| University | 3.4% |
| Pre-refunded | 3.1% |
| Toll | 3.0% |
| Corporate Elec | 2.7% |
| Other | 25.0% |
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R6 | $19 | 0.38% |
Key Fund Statistics (as of September 30, 2024)
- Total Net Assets$10,496,060,462
- # of Portfolio Holdings4,394
- Portfolio Turnover Rate12%
- Total Net Advisory Fees Paid$17,011,042
Goldman Sachs Dynamic Municipal Income Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Dynamic Municipal Income Fund
38145L190-SAR-0924 Class R6
Semi - Annual Shareholder Report
September 30, 2024
Goldman Sachs Dynamic Municipal Income Fund
Institutional Class: GSMTX
This semi-annual shareholder report contains important information about Goldman Sachs Dynamic Municipal Income Fund (the "Fund") for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Special Assessment | 10.9% |
| Hospital | 9.3% |
| Airport | 6.7% |
| Corporate | 6.4% |
| Sales Tax | 6.0% |
| Water/Sewer | 5.6% |
| School District GO | 5.2% |
| State GO | 5.2% |
| City/County GO | 3.7% |
| State Appropriation | 3.7% |
| University | 3.4% |
| Pre-refunded | 3.1% |
| Toll | 3.0% |
| Corporate Elec | 2.7% |
| Other | 25.0% |
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional | $20 | 0.39% |
Key Fund Statistics (as of September 30, 2024)
- Total Net Assets$10,496,060,462
- # of Portfolio Holdings4,394
- Portfolio Turnover Rate12%
- Total Net Advisory Fees Paid$17,011,042
Goldman Sachs Dynamic Municipal Income Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Dynamic Municipal Income Fund
38142V746-SAR-0924 Institutional Class
Semi - Annual Shareholder Report
September 30, 2024
Goldman Sachs Dynamic Municipal Income Fund
This semi-annual shareholder report contains important information about Goldman Sachs Dynamic Municipal Income Fund (the "Fund") for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Special Assessment | 10.9% |
| Hospital | 9.3% |
| Airport | 6.7% |
| Corporate | 6.4% |
| Sales Tax | 6.0% |
| Water/Sewer | 5.6% |
| School District GO | 5.2% |
| State GO | 5.2% |
| City/County GO | 3.7% |
| State Appropriation | 3.7% |
| University | 3.4% |
| Pre-refunded | 3.1% |
| Toll | 3.0% |
| Corporate Elec | 2.7% |
| Other | 25.0% |
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor | $24 | 0.47% |
Key Fund Statistics (as of September 30, 2024)
- Total Net Assets$10,496,060,462
- # of Portfolio Holdings4,394
- Portfolio Turnover Rate12%
- Total Net Advisory Fees Paid$17,011,042
Goldman Sachs Dynamic Municipal Income Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Dynamic Municipal Income Fund
38144N221-SAR-0924 Investor Class
Semi - Annual Shareholder Report
September 30, 2024
Goldman Sachs Dynamic Municipal Income Fund
This semi-annual shareholder report contains important information about Goldman Sachs Dynamic Municipal Income Fund (the "Fund") for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Special Assessment | 10.9% |
| Hospital | 9.3% |
| Airport | 6.7% |
| Corporate | 6.4% |
| Sales Tax | 6.0% |
| Water/Sewer | 5.6% |
| School District GO | 5.2% |
| State GO | 5.2% |
| City/County GO | 3.7% |
| State Appropriation | 3.7% |
| University | 3.4% |
| Pre-refunded | 3.1% |
| Toll | 3.0% |
| Corporate Elec | 2.7% |
| Other | 25.0% |
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Service | $45 | 0.89% |
Key Fund Statistics (as of September 30, 2024)
- Total Net Assets$10,496,060,462
- # of Portfolio Holdings4,394
- Portfolio Turnover Rate12%
- Total Net Advisory Fees Paid$17,011,042
Goldman Sachs Dynamic Municipal Income Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Dynamic Municipal Income Fund
38142V738-SAR-0924 Service Class
Semi - Annual Shareholder Report
September 30, 2024
Goldman Sachs High Yield Municipal Fund
This semi-annual shareholder report contains important information about Goldman Sachs High Yield Municipal Fund (the "Fund") for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Special Assessment | 19.6% |
| Hospital | 8.4% |
| Sales Tax | 6.7% |
| Corporate | 5.6% |
| Tobacco | 5.3% |
| LT Health | 4.7% |
| School District GO | 4.2% |
| Charter School | 4.1% |
| Project Finance | 4.0% |
| State Appropriation | 3.9% |
| Toll | 3.2% |
| University | 3.2% |
| Airport | 3.0% |
| State GO | 2.7% |
| Other | 21.2% |
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| A | $44 | 0.85% |
Key Fund Statistics (as of September 30, 2024)
- Total Net Assets$11,743,014,408
- # of Portfolio Holdings3,102
- Portfolio Turnover Rate10%
- Total Net Advisory Fees Paid$27,651,445
Goldman Sachs High Yield Municipal Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs High Yield Municipal Fund
38142Y625-SAR-0924 Class A
Semi - Annual Shareholder Report
September 30, 2024
Goldman Sachs High Yield Municipal Fund
This semi-annual shareholder report contains important information about Goldman Sachs High Yield Municipal Fund (the "Fund") for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Special Assessment | 19.6% |
| Hospital | 8.4% |
| Sales Tax | 6.7% |
| Corporate | 5.6% |
| Tobacco | 5.3% |
| LT Health | 4.7% |
| School District GO | 4.2% |
| Charter School | 4.1% |
| Project Finance | 4.0% |
| State Appropriation | 3.9% |
| Toll | 3.2% |
| University | 3.2% |
| Airport | 3.0% |
| State GO | 2.7% |
| Other | 21.2% |
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| C | $82 | 1.60% |
Key Fund Statistics (as of September 30, 2024)
- Total Net Assets$11,743,014,408
- # of Portfolio Holdings3,102
- Portfolio Turnover Rate10%
- Total Net Advisory Fees Paid$27,651,445
Goldman Sachs High Yield Municipal Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs High Yield Municipal Fund
38142Y591-SAR-0924 Class C
Semi - Annual Shareholder Report
September 30, 2024
Goldman Sachs High Yield Municipal Fund
This semi-annual shareholder report contains important information about Goldman Sachs High Yield Municipal Fund (the "Fund") for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Special Assessment | 19.6% |
| Hospital | 8.4% |
| Sales Tax | 6.7% |
| Corporate | 5.6% |
| Tobacco | 5.3% |
| LT Health | 4.7% |
| School District GO | 4.2% |
| Charter School | 4.1% |
| Project Finance | 4.0% |
| State Appropriation | 3.9% |
| Toll | 3.2% |
| University | 3.2% |
| Airport | 3.0% |
| State GO | 2.7% |
| Other | 21.2% |
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| P | $27 | 0.53% |
Key Fund Statistics (as of September 30, 2024)
- Total Net Assets$11,743,014,408
- # of Portfolio Holdings3,102
- Portfolio Turnover Rate10%
- Total Net Advisory Fees Paid$27,651,445
Goldman Sachs High Yield Municipal Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs High Yield Municipal Fund
38150B640-SAR-0924 Class P
Semi - Annual Shareholder Report
September 30, 2024
Goldman Sachs High Yield Municipal Fund
This semi-annual shareholder report contains important information about Goldman Sachs High Yield Municipal Fund (the "Fund") for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Special Assessment | 19.6% |
| Hospital | 8.4% |
| Sales Tax | 6.7% |
| Corporate | 5.6% |
| Tobacco | 5.3% |
| LT Health | 4.7% |
| School District GO | 4.2% |
| Charter School | 4.1% |
| Project Finance | 4.0% |
| State Appropriation | 3.9% |
| Toll | 3.2% |
| University | 3.2% |
| Airport | 3.0% |
| State GO | 2.7% |
| Other | 21.2% |
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R6 | $27 | 0.53% |
Key Fund Statistics (as of September 30, 2024)
- Total Net Assets$11,743,014,408
- # of Portfolio Holdings3,102
- Portfolio Turnover Rate10%
- Total Net Advisory Fees Paid$27,651,445
Goldman Sachs High Yield Municipal Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs High Yield Municipal Fund
38145L216-SAR-0924 Class R6
Semi - Annual Shareholder Report
September 30, 2024
Goldman Sachs High Yield Municipal Fund
Institutional Class: GHYIX
This semi-annual shareholder report contains important information about Goldman Sachs High Yield Municipal Fund (the "Fund") for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Special Assessment | 19.6% |
| Hospital | 8.4% |
| Sales Tax | 6.7% |
| Corporate | 5.6% |
| Tobacco | 5.3% |
| LT Health | 4.7% |
| School District GO | 4.2% |
| Charter School | 4.1% |
| Project Finance | 4.0% |
| State Appropriation | 3.9% |
| Toll | 3.2% |
| University | 3.2% |
| Airport | 3.0% |
| State GO | 2.7% |
| Other | 21.2% |
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional | $28 | 0.54% |
Key Fund Statistics (as of September 30, 2024)
- Total Net Assets$11,743,014,408
- # of Portfolio Holdings3,102
- Portfolio Turnover Rate10%
- Total Net Advisory Fees Paid$27,651,445
Goldman Sachs High Yield Municipal Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs High Yield Municipal Fund
38142Y583-SAR-0924 Institutional Class
Semi - Annual Shareholder Report
September 30, 2024
Goldman Sachs High Yield Municipal Fund
This semi-annual shareholder report contains important information about Goldman Sachs High Yield Municipal Fund (the "Fund") for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Special Assessment | 19.6% |
| Hospital | 8.4% |
| Sales Tax | 6.7% |
| Corporate | 5.6% |
| Tobacco | 5.3% |
| LT Health | 4.7% |
| School District GO | 4.2% |
| Charter School | 4.1% |
| Project Finance | 4.0% |
| State Appropriation | 3.9% |
| Toll | 3.2% |
| University | 3.2% |
| Airport | 3.0% |
| State GO | 2.7% |
| Other | 21.2% |
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor | $31 | 0.60% |
Key Fund Statistics (as of September 30, 2024)
- Total Net Assets$11,743,014,408
- # of Portfolio Holdings3,102
- Portfolio Turnover Rate10%
- Total Net Advisory Fees Paid$27,651,445
Goldman Sachs High Yield Municipal Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs High Yield Municipal Fund
38144N213-SAR-0924 Investor Class
Semi - Annual Shareholder Report
September 30, 2024
Goldman Sachs Municipal Income Completion Fund
Separate Account Institutional: GSAAX
This semi-annual shareholder report contains important information about Goldman Sachs Municipal Income Completion Fund (the "Fund") for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Special Assessment | 23.0% |
| Hospital | 10.3% |
| Sales Tax | 7.5% |
| Airport | 5.5% |
| Corporate | 5.1% |
| State GO | 4.9% |
| LT Health | 4.2% |
| Charter School | 4.0% |
| Project Finance | 3.9% |
| Water/Sewer | 3.3% |
| Toll | 3.0% |
| School District GO | 2.7% |
| University | 2.7% |
| City/County GO | 2.4% |
| Other | 17.6% |
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Separate Account Institutional | $0 | -% |
Key Fund Statistics (as of September 30, 2024)
- Total Net Assets$223,796,580
- # of Portfolio Holdings978
- Portfolio Turnover Rate17%
- Total Net Advisory Fees Paid$0
Goldman Sachs Municipal Income Completion Fund
Separate Account Institutional
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Municipal Income Completion Fund
38150C788-SAR-0924 Separate Account Institutional
Semi - Annual Shareholder Report
September 30, 2024
Goldman Sachs Short Duration Tax-Free Fund
This semi-annual shareholder report contains important information about Goldman Sachs Short Duration Tax-Free Fund (the "Fund") for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Corporate | 9.6% |
| Hospital | 9.0% |
| State GO | 6.7% |
| Corporate Elec | 6.2% |
| Sales Tax | 5.9% |
| Airport | 5.9% |
| Pre-refunded | 5.2% |
| City/County GO | 5.0% |
| Water/Sewer | 4.6% |
| School District GO | 4.6% |
| Muni Electric | 4.2% |
| State Housing | 3.9% |
| State Appropriation | 3.8% |
| Transportation | 3.5% |
| Other | 20.4% |
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| A | $34 | 0.66% |
Key Fund Statistics (as of September 30, 2024)
- Total Net Assets$4,944,454,827
- # of Portfolio Holdings1,462
- Portfolio Turnover Rate24%
- Total Net Advisory Fees Paid$8,418,828
Goldman Sachs Short Duration Tax-Free Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Short Duration Tax-Free Fund
38142B492-SAR-0924 Class A
Semi - Annual Shareholder Report
September 30, 2024
Goldman Sachs Short Duration Tax-Free Fund
This semi-annual shareholder report contains important information about Goldman Sachs Short Duration Tax-Free Fund (the "Fund") for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Corporate | 9.6% |
| Hospital | 9.0% |
| State GO | 6.7% |
| Corporate Elec | 6.2% |
| Sales Tax | 5.9% |
| Airport | 5.9% |
| Pre-refunded | 5.2% |
| City/County GO | 5.0% |
| Water/Sewer | 4.6% |
| School District GO | 4.6% |
| Muni Electric | 4.2% |
| State Housing | 3.9% |
| State Appropriation | 3.8% |
| Transportation | 3.5% |
| Other | 20.4% |
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| C | $54 | 1.06% |
Key Fund Statistics (as of September 30, 2024)
- Total Net Assets$4,944,454,827
- # of Portfolio Holdings1,462
- Portfolio Turnover Rate24%
- Total Net Advisory Fees Paid$8,418,828
Goldman Sachs Short Duration Tax-Free Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Short Duration Tax-Free Fund
38142B245-SAR-0924 Class C
Semi - Annual Shareholder Report
September 30, 2024
Goldman Sachs Short Duration Tax-Free Fund
This semi-annual shareholder report contains important information about Goldman Sachs Short Duration Tax-Free Fund (the "Fund") for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Corporate | 9.6% |
| Hospital | 9.0% |
| State GO | 6.7% |
| Corporate Elec | 6.2% |
| Sales Tax | 5.9% |
| Airport | 5.9% |
| Pre-refunded | 5.2% |
| City/County GO | 5.0% |
| Water/Sewer | 4.6% |
| School District GO | 4.6% |
| Muni Electric | 4.2% |
| State Housing | 3.9% |
| State Appropriation | 3.8% |
| Transportation | 3.5% |
| Other | 20.4% |
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| P | $19 | 0.38% |
Key Fund Statistics (as of September 30, 2024)
- Total Net Assets$4,944,454,827
- # of Portfolio Holdings1,462
- Portfolio Turnover Rate24%
- Total Net Advisory Fees Paid$8,418,828
Goldman Sachs Short Duration Tax-Free Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Short Duration Tax-Free Fund
38150C309-SAR-0924 Class P
Semi - Annual Shareholder Report
September 30, 2024
Goldman Sachs Short Duration Tax-Free Fund
This semi-annual shareholder report contains important information about Goldman Sachs Short Duration Tax-Free Fund (the "Fund") for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Corporate | 9.6% |
| Hospital | 9.0% |
| State GO | 6.7% |
| Corporate Elec | 6.2% |
| Sales Tax | 5.9% |
| Airport | 5.9% |
| Pre-refunded | 5.2% |
| City/County GO | 5.0% |
| Water/Sewer | 4.6% |
| School District GO | 4.6% |
| Muni Electric | 4.2% |
| State Housing | 3.9% |
| State Appropriation | 3.8% |
| Transportation | 3.5% |
| Other | 20.4% |
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| R6 | $19 | 0.38% |
Key Fund Statistics (as of September 30, 2024)
- Total Net Assets$4,944,454,827
- # of Portfolio Holdings1,462
- Portfolio Turnover Rate24%
- Total Net Advisory Fees Paid$8,418,828
Goldman Sachs Short Duration Tax-Free Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Short Duration Tax-Free Fund
38145L182-SAR-0924 Class R6
Semi - Annual Shareholder Report
September 30, 2024
Goldman Sachs Short Duration Tax-Free Fund
Institutional Class: GSDUX
This semi-annual shareholder report contains important information about Goldman Sachs Short Duration Tax-Free Fund (the "Fund") for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Corporate | 9.6% |
| Hospital | 9.0% |
| State GO | 6.7% |
| Corporate Elec | 6.2% |
| Sales Tax | 5.9% |
| Airport | 5.9% |
| Pre-refunded | 5.2% |
| City/County GO | 5.0% |
| Water/Sewer | 4.6% |
| School District GO | 4.6% |
| Muni Electric | 4.2% |
| State Housing | 3.9% |
| State Appropriation | 3.8% |
| Transportation | 3.5% |
| Other | 20.4% |
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Institutional | $20 | 0.39% |
Key Fund Statistics (as of September 30, 2024)
- Total Net Assets$4,944,454,827
- # of Portfolio Holdings1,462
- Portfolio Turnover Rate24%
- Total Net Advisory Fees Paid$8,418,828
Goldman Sachs Short Duration Tax-Free Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Short Duration Tax-Free Fund
38141W406-SAR-0924 Institutional Class
Semi - Annual Shareholder Report
September 30, 2024
Goldman Sachs Short Duration Tax-Free Fund
This semi-annual shareholder report contains important information about Goldman Sachs Short Duration Tax-Free Fund (the "Fund") for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Corporate | 9.6% |
| Hospital | 9.0% |
| State GO | 6.7% |
| Corporate Elec | 6.2% |
| Sales Tax | 5.9% |
| Airport | 5.9% |
| Pre-refunded | 5.2% |
| City/County GO | 5.0% |
| Water/Sewer | 4.6% |
| School District GO | 4.6% |
| Muni Electric | 4.2% |
| State Housing | 3.9% |
| State Appropriation | 3.8% |
| Transportation | 3.5% |
| Other | 20.4% |
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Investor | $21 | 0.41% |
Key Fund Statistics (as of September 30, 2024)
- Total Net Assets$4,944,454,827
- # of Portfolio Holdings1,462
- Portfolio Turnover Rate24%
- Total Net Advisory Fees Paid$8,418,828
Goldman Sachs Short Duration Tax-Free Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Short Duration Tax-Free Fund
38144N239-SAR-0924 Investor Class
Semi - Annual Shareholder Report
September 30, 2024
Goldman Sachs Short Duration Tax-Free Fund
This semi-annual shareholder report contains important information about Goldman Sachs Short Duration Tax-Free Fund (the "Fund") for the period of April 1, 2024 to September 30, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
| Corporate | 9.6% |
| Hospital | 9.0% |
| State GO | 6.7% |
| Corporate Elec | 6.2% |
| Sales Tax | 5.9% |
| Airport | 5.9% |
| Pre-refunded | 5.2% |
| City/County GO | 5.0% |
| Water/Sewer | 4.6% |
| School District GO | 4.6% |
| Muni Electric | 4.2% |
| State Housing | 3.9% |
| State Appropriation | 3.8% |
| Transportation | 3.5% |
| Other | 20.4% |
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
| Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Service | $45 | 0.89% |
Key Fund Statistics (as of September 30, 2024)
- Total Net Assets$4,944,454,827
- # of Portfolio Holdings1,462
- Portfolio Turnover Rate24%
- Total Net Advisory Fees Paid$8,418,828
Goldman Sachs Short Duration Tax-Free Fund
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Short Duration Tax-Free Fund
38141W885-SAR-0924 Service Class
| | (a) | As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”). |
| | (c) | During the period covered by this report, no amendments were made to the provisions of the Code of Ethics. |
| | (d) | During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics. |
| | (f) | A copy of the Code of Ethics is available as provided in Item 19(a)(1) of this report. |
| ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
The registrant’s board of trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee. Kathryn A. Cassidy and Michael Latham are each an “audit committee financial expert” and “independent” (as each term is defined in Item 3 of Form N-CSR).
| ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
The information required by this Item is only required in an annual report on this Form N-CSR.
| ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable.
Schedule of Investments is included in Item 7 of this report.
| ITEM 7. | FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
Goldman Sachs Funds Semi-Annual Financial Statements September 30, 2024 Goldman Sachs Municipal Funds Goldman Sachs Dynamic Municipal Income Goldman Sachs High Yield Municipal Goldman Sachs Municipal Income Completion Goldman Sachs Short Duration Tax-Free
Goldman Sachs Municipal Funds
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Schedule of Investments September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds - 98.5% | |
| | Alabama - 1.6% | |
| |
| | Alabama Economic Settlement Authority RB for BP Exploration & Production, Inc. Series 2016 A (A1/A-) | |
| | $ | | | 5,000,000 | | | | 4.000 | % | | 09/15/2033 | | $ | 5,063,283 | |
| | Alabama Housing Finance Authority Collateralized Single Family Mortgage RB 2024 Series C Bonds (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/NR) | |
| | | | | 2,400,000 | | | | 4.450 | | | 10/01/2044 | | | 2,430,806 | |
| | Ascension Health RB for Ascension Senior Credit Group Series 2016C (Aa2/AA+) | |
| | | | | 9,500,000 | | | | 5.000 | | | 11/15/2046 | | | 9,651,482 | |
| | Black Belt Energy Gas District Gas Prepay RB 2019 Series A (A1/ NR) | |
| | | | | 22,955,000 | | | | 4.000 | (a)(b) | | 12/01/2049 | | | 23,086,681 | |
| | Energy Southeast a Cooperative District Energy Supply RB 2024 Series B (A1/NR) | |
| | | | | 6,500,000 | | | | 5.250 | (a)(b) | | 07/01/2054 | | | 7,195,508 | |
| | 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 | | | 4,714,274 | |
| | Health Care Authority for Baptist Health Series 2023 (A3/BBB+) | |
| | | | | 1,500,000 | | | | 5.000 | | | 11/15/2029 | | | 1,632,550 | |
| | | | | 1,500,000 | | | | 5.000 | | | 11/15/2035 | | | 1,625,785 | |
| | | | | 1,000,000 | | | | 5.000 | | | 11/15/2036 | | | 1,078,920 | |
| | | | | 325,000 | | | | 5.000 | | | 11/15/2037 | | | 349,664 | |
| | Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (B1/BB-) | |
| | | | | 4,920,000 | | | | 5.750 | | | 10/01/2049 | | | 5,188,315 | |
| | Houston County Health Care Authority RB for Southeast Alabama Medical Center Series 2016 A (NR/BBB+) | |
| | | | | 1,000,000 | | | | 5.000 | | | 10/01/2025 | | | 1,015,325 | |
| | Independent Development Board City of Prattville International Paper Company Project Environmental Improvement Revenue Refunding Bonds Series 2019B (Baa2/BBB) (PUTABLE) | |
| | | | | 225,000 | | | | 2.000 | (a)(b) | | 11/01/2033 | | | 225,000 | |
| | Industrial Development Board City of Prattville International Paper Company Project Recovery Zone Facility Revenue Refunding Bonds Series 2019C (Baa2/BBB) (PUTABLE) | |
| | | | | 225,000 | | | | 2.000 | (a)(b) | | 11/01/2033 | | | 225,000 | |
| | Industrial Development Board City of Selma International Paper Company Project Gulf Opportunity Zone Revenue Refunding Bonds Series 2019A (Baa2/BBB) (PUTABLE) | |
| | | | | 1,750,000 | | | | 2.000 | (a)(b) | | 11/01/2033 | | | 1,750,000 | |
| | Jefferson County Sewer Revenue Warrants Series 2024 (Baa1/BBB+) | |
| | | | | 2,000,000 | | | | 5.250 | | | 10/01/2040 | | | 2,244,448 | |
| | | | | 2,000,000 | | | | 5.250 | | | 10/01/2041 | | | 2,231,815 | |
| | | | | 2,500,000 | | | | 5.250 | | | 10/01/2044 | | | 2,754,584 | |
| | | | | 10,130,000 | | | | 5.250 | | | 10/01/2049 | | | 11,029,851 | |
| | | | | 10,705,000 | | | | 5.500 | | | 10/01/2053 | | | 11,785,617 | |
| | Midcity Improvement District Special Assessment RB Series 2022 (NR/NR) | |
| | | | | 200,000 | | | | 3.875 | | | 11/01/2027 | | | 194,294 | |
| | | | | 500,000 | | | | 4.250 | | | 11/01/2032 | | | 459,056 | |
| | Southeast Alabama Gas Supply District Gas Supply RB Refunding Series 2024B (A1/NR) | |
| | | | | 20,000,000 | | | | 5.000 | (a)(b) | | 06/01/2049 | | | 21,976,808 | |
| | Southeast Energy Authority Commodity Supply RB Series 2022A- 1 (A1/NR) | |
| | | | | 6,000,000 | | | | 5.500 | (a)(b) | | 01/01/2053 | | | 6,544,460 | |
| | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Alabama – (continued) | |
| |
| | The Educational Building Authority of The City of Homewood Alabama Lease RB Tax-Exempt Series 2024-A (Baa2/NR) | |
| | $ | | | 3,350,000 | | | 5.500% | | 10/01/2049 | | $ | 3,625,383 | |
| | 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 | | | 4,518,202 | |
| | The Industrial Board of the Town of West Jefferson Pollution Control Revenue Refunding Bonds for Alabama Power Company Project Series 1998 (A1/A) | |
| | | | | 8,540,000 | | | 3.650 | | 06/01/2028 | | | 8,696,443 | |
| | 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 | | | 13,124,904 | |
| | 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 | | | 3,515,433 | |
| | 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)(c) | | 11/01/2033 | | | 1,343,647 | |
| | 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)(c) | | 11/01/2033 | | | 1,937,469 | |
| | 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)(c) | | 11/01/2033 | | | 1,046,736 | |
| | Water Works Board of The City of Birmingham Revenue Anticipation Bond Series 2024 (NR/NR) | |
| | | | | 9,600,000 | | | 3.750(d) | | 09/01/2026 | | | 9,610,168 | |
| | Water Works Board of The City of Birmingham Senior Water RB Refunding Series 2016-B (Aa3/NR) | |
| | | | | 1,250,000 | | | 5.000(e) | | 01/01/2027 | | | 1,321,332 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 173,193,243 | |
| | | |
| | Alaska - 0.0% | |
| |
| | Northern Tobacco Securitization Corp. Tobacco Settlement Asset Back Bonds Series 2021 (NR/A) | |
| | | | | 1,750,000 | | | 5.000 | | 06/01/2031 | | | 1,911,787 | |
| | | |
| | American Samoa - 0.0% | |
| |
| | American Samoa Economic Development Authority RB Refunding Series 2021 C (Ba3/NR) | |
| | | | | 1,500,000 | | | 3.720(d) | | 09/01/2027 | | | 1,413,427 | |
| | | |
| | 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%) | |
| | | | | 46,455,000 | | | 4.900(a)(f) | | 01/01/2037 | | | 45,177,130 | |
| | Arizona IDA Education RB for Academies of Math & Science Projects Series 2023 (NR/BB+) | |
| | | | | 515,000 | | | 4.500(d) | | 07/01/2033 | | | 529,617 | |
| | | | | 250,000 | | | 5.250(d) | | 07/01/2043 | | | 257,245 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 3 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Arizona – (continued) | |
| |
| | Arizona IDA Lease RB for Greenville University Student Housing and Athletic Facilities Project Series 2022 (NR/BB+) | |
| | $ | | | 8,000,000 | | | | 6.500 | %(d) | | 11/01/2053 | | $ | 8,322,281 | |
| | 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 | | | 376,907 | |
| | 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 | | | 1,452,350 | |
| | Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (NR/CC) | |
| | | | | 570,000 | | | | 5.000 | | | 01/01/2043 | | | 389,532 | |
| | | | | 3,250,000 | | | | 4.500 | | | 01/01/2049 | | | 1,989,650 | |
| | | | | 2,095,000 | | | | 5.000 | | | 01/01/2054 | | | 1,310,444 | |
| | Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project Second Tier Series 2019 B (NR/D) | |
| | | | | 1,565,000 | | | | 5.000 | * | | 01/01/2037 | | | 864,146 | |
| | | | | 1,105,000 | | | | 5.000 | * | | 01/01/2038 | | | 587,208 | |
| | | | | 300,000 | | | | 5.000 | * | | 01/01/2043 | | | 143,193 | |
| | | | | 2,125,000 | | | | 5.000 | * | | 01/01/2049 | | | 982,813 | |
| | | | | 600,000 | | | | 5.125 | * | | 01/01/2054 | | | 270,000 | |
| | 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 | | | 998,247 | |
| | Arizona Industrial Development Authority RB for Provident Group - EMU Properties LLC Series 2018 (Ca/NR) | |
| | | | | 365,000 | | | | 5.000 | * | | 05/01/2024 | | | 200,750 | |
| | | | | 300,000 | | | | 5.000 | * | | 05/01/2029 | | | 165,000 | |
| | | | | 650,000 | | | | 5.000 | * | | 05/01/2031 | | | 357,500 | |
| | Arizona Industrial Development Authority RB for Somerset Academy of Las Vegas Series 2021 A (NR/BB) | |
| | | | | 480,000 | | | | 3.000 | (d) | | 12/15/2031 | | | 448,039 | |
| | 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 | | | 3,430,353 | |
| | City of Chandler IDA RB for Intel Corp. Project Series 2022-2 (Baa1/BBB+) | |
| | | | | 14,200,000 | | | | 5.000 | (a)(b) | | 09/01/2052 | | | 14,608,398 | |
| | City of Glendale, Arizona Subordinate Excise Tax RR Obligations, Series 2017 (A1/AA+) | |
| | | | | 2,505,000 | | | | 5.000 | | | 07/01/2029 | | | 2,672,221 | |
| | City of Mesa, Arizona Utility Systems RR Bonds, Series 2021 (Aa2/AA-) | |
| | | | | 1,400,000 | | | | 4.000 | | | 07/01/2035 | | | 1,477,636 | |
| | City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 A (Aa3/A+) | |
| | | | | 1,375,000 | | | | 3.000 | | | 07/01/2049 | | | 1,106,994 | |
| | City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 B (Aa3/A+) | |
| | | | | 2,290,000 | | | | 3.250 | | | 07/01/2049 | | | 1,885,411 | |
| | City of Phoenix Civic Improvement Corporation RB for Rental Car Facility Charge Series 2019 A (A3/A) | |
| | | | | 2,225,000 | | | | 5.000 | | | 07/01/2045 | | | 2,336,411 | |
| | City of Phoenix Civic Improvement Corporation Water System RB Refunding Junior Lien Series 2016 (Aa2/AAA) | |
| | | | | 7,000,000 | | | | 5.000 | | | 07/01/2030 | | | 7,277,141 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Arizona – (continued) | |
| |
| | 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 | | $ | 2,234,325 | |
| | County of Maricopa IDA Education RB Series 2021A (NR/BBB-) | |
| | | | | 550,000 | | | | 3.000 | (d) | | 07/01/2031 | | | 525,120 | |
| | | | | 1,050,000 | | | | 4.000 | (d) | | 07/01/2041 | | | 1,002,737 | |
| | County of Maricopa IDA Education RB Taxable Convertible Series 2021B (NR/BBB-) | |
| | | | | 625,000 | | | | 2.100 | (d) | | 07/01/2026 | | | 612,226 | |
| | | | | 3,225,000 | | | | 2.625 | (d) | | 07/01/2031 | | | 2,982,554 | |
| | | | | 3,225,000 | | | | 3.500 | (d) | | 07/01/2044 | | | 2,740,640 | |
| | County of Pima IDA Senior Living RB for La Posada at Pusch Ridge Project Series 2022A (NR/NR) | |
| | | | | 2,500,000 | | | | 6.750 | (d) | | 11/15/2042 | | | 2,755,768 | |
| | County of Pima IDA Senior Living RB for La Posada at Pusch Ridge Project Series 2022B-3 (NR/NR) | |
| | | | | 4,500,000 | | | | 5.125 | (d) | | 11/15/2029 | | | 4,543,675 | |
| | Entertainment Center Community Facilities District RB Series 2017 (NR/NR) | |
| | | | | 4,295,000 | | | | 4.000 | | | 07/01/2037 | | | 4,291,166 | |
| | Equitable National Charter School Revolving Loan Fund RB for Arizona IDA Series 2019A (NR/A) | |
| | | | | 1,055,000 | | | | 5.000 | | | 11/01/2024 | | | 1,055,986 | |
| | Estrella Mountain Ranch Community Facilities District Lucero Assessment District No. 1 Special Assessment RB Series 2019 (NR/NR) | |
| | | | | 335,000 | | | | 3.500 | | | 07/01/2029 | | | 319,606 | |
| | | | | 376,000 | | | | 4.100 | | | 07/01/2034 | | | 355,094 | |
| | | | | 1,096,000 | | | | 4.750 | | | 07/01/2043 | | | 1,014,815 | |
| | Glendale Industrial Development Authority RB for People of Faith, Inc. Obligated Group Series 2020 A (NR/NR) | |
| | | | | 535,000 | | | | 4.000 | | | 05/15/2031 | | | 523,509 | |
| | | | | 1,000,000 | | | | 5.000 | | | 05/15/2041 | | | 1,008,891 | |
| | 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 | | | 5,203,757 | |
| | La Paz County Industrial Development Authority RB for Harmony Public Schools Series 2021 A (NR/BBB+) | |
| | | | | 380,000 | | | | 4.000 | | | 02/15/2041 | | | 349,364 | |
| | | | | 295,000 | | | | 4.000 | | | 02/15/2046 | | | 262,011 | |
| | 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 | | | 3,408,021 | |
| | Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2020 A (NR/BB) | |
| | | | | 300,000 | | | | 4.000 | (d) | | 07/01/2030 | | | 300,337 | |
| | | | | 600,000 | | | | 5.000 | (d) | | 07/01/2040 | | | 610,045 | |
| | Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2021 A (NR/BB) | |
| | | | | 950,000 | | | | 4.000 | (d) | | 07/01/2051 | | | 801,834 | |
| | Maricopa County Industrial Development Authority RB for Ottawa University Series 2020 (NR/NR) | |
| | | | | 200,000 | | | | 5.000 | (d) | | 10/01/2026 | | | 199,423 | |
| | | | | 400,000 | | | | 5.125 | (d) | | 10/01/2030 | | | 401,089 | |
| | |
| 4 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Arizona – (continued) | |
| |
| | 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 | | $ | 200,143 | |
| | | | | 200,000 | | | | 4.000 | | | 07/01/2026 | | | 202,417 | |
| | | | | 200,000 | | | | 4.000 | | | 07/01/2027 | | | 203,928 | |
| | | | | 325,000 | | | | 4.000 | | | 07/01/2028 | | | 333,244 | |
| | | | | 250,000 | | | | 4.000 | | | 07/01/2029 | | | 257,299 | |
| | | | | 500,000 | | | | 4.000 | | | 07/01/2034 | | | 504,771 | |
| | | | | 700,000 | | | | 5.000 | | | 07/01/2039 | | | 730,051 | |
| | 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 | | | 6,120,689 | |
| | Pima County IDA RB Refunding for Career Success Schools, Inc. Series 2020 (NR/NR) | |
| | | | | 315,000 | | | | 4.750 | (d) | | 05/01/2030 | | | 316,925 | |
| | | | | 225,000 | | | | 5.500 | (d) | | 05/01/2040 | | | 226,483 | |
| | Salt River Agricultural Improvement and Power District Project Electric System RB Series 2023B (Aa1/AA+) | |
| | | | | 8,100,000 | | | | 5.250 | | | 01/01/2053 | | | 9,083,474 | |
| | Salt Verde Financial Corp. RB Gas Senior Series 2007-1 (A3/BBB+) | |
| | | | | 9,130,000 | | | | 5.000 | | | 12/01/2037 | | | 10,205,185 | |
| | 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 | | | 2,886,417 | |
| | 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)(d) | | 06/15/2044 | | | 1,704,260 | |
| | | | | 950,000 | | | | 5.000 | (c)(d) | | 06/15/2054 | | | 958,444 | |
| | 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 | | | 6,330,774 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 177,383,114 | |
| | | |
| | Arkansas - 0.3% | |
| |
| | Arkansas Development Finance Authority Environmental Improvement RB Series 2022 (AMT) (NR/BB-) | |
| | | | | 2,000,000 | | | | 5.450 | | | 09/01/2052 | | | 2,095,624 | |
| | Arkansas Development Finance Authority RB for Baptist Health Obligated Group Series 2019 (NR/A) | |
| | | | | 5,790,000 | | | | 5.000 | | | 12/01/2047 | | | 6,046,823 | |
| | | | | 4,630,000 | | | | 3.200 | | | 12/01/2049 | | | 3,672,967 | |
| | Arkansas Development Finance Authority RB for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 B (NR/NR) | |
| | | | | 315,000 | | | | 3.000 | | | 07/01/2032 | | | 274,760 | |
| | | | | 310,000 | | | | 3.125 | | | 07/01/2036 | | | 252,882 | |
| | 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 | | | 3,740,295 | |
| | Batesville Public Facilities Board RB Refunding for White River Health System Obligated Group Series 2020 (NR/BBB-) | |
| | | | | 1,380,000 | | | | 5.000 | | | 06/01/2025 | | | 1,389,325 | |
| | | | | 1,545,000 | | | | 5.000 | | | 06/01/2026 | | | 1,553,181 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Arkansas – (continued) | |
| |
| | Batesville Public Facilities Board RB Refunding for White River Health System Obligated Group Series 2020 (NR/BBB-) – (continued) | |
| | $ | | | 1,815,000 | | | | 5.000 | % | | 06/01/2027 | | $ | 1,824,775 | |
| | 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 | | | 4,154,084 | |
| | | | | 3,280,000 | | | | 4.000 | | | 02/01/2037 | | | 3,325,862 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 28,330,578 | |
| | | |
| | California - 8.3% | |
| |
| | Airport Commission of The City and County of San Francisco San Francisco International Airport Series 2016B (A1/A+) | |
| | | | | 9,990,000 | | | | 5.000 | | | 05/01/2046 | | | 10,114,008 | |
| | 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 | | | 14,144,681 | |
| | 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 | (g) | | 08/01/2037 | | | 660,884 | |
| | Atwater Wastewater RB Refunding Series 2017 A (AGM) (NR/AA) | |
| | | | | 1,000,000 | | | | 5.000 | | | 05/01/2040 | | | 1,040,636 | |
| | Bay Area Toll Authority Bridge RB 2021 Series D (Aa3/AA) (SIFMA Municipal Swap Index Yield + 0.30%) | |
| | | | | 12,750,000 | | | | 3.450 | (a)(f) | | 04/01/2056 | | | 12,577,463 | |
| | Bay Area Toll Authority Bridge RB 2021 Series E (Aa3/AA) (SIFMA Municipal Swap Index Yield + 0.41%) | |
| | | | | 8,450,000 | | | | 3.560 | (a)(f) | | 04/01/2056 | | | 8,321,459 | |
| | Beaumont Community Facilities District No. 2016-2 Special Tax Series 2019 (NR/NR) | |
| | | | | 220,000 | | | | 4.000 | | | 09/01/2025 | | | 221,344 | |
| | | | | 275,000 | | | | 4.000 | | | 09/01/2031 | | | 277,926 | |
| | | | | 290,000 | | | | 4.000 | | | 09/01/2032 | | | 292,768 | |
| | | | | 300,000 | | | | 5.000 | | | 09/01/2033 | | | 310,320 | |
| | | | | 215,000 | | | | 5.000 | | | 09/01/2034 | | | 222,302 | |
| | | | | 330,000 | | | | 5.000 | | | 09/01/2035 | | | 341,021 | |
| | | | | 345,000 | | | | 3.000 | | | 09/01/2036 | | | 321,201 | |
| | | | | 360,000 | | | | 3.000 | | | 09/01/2037 | | | 332,154 | |
| | | | | 370,000 | | | | 3.000 | | | 09/01/2038 | | | 333,624 | |
| | | | | 380,000 | | | | 3.000 | | | 09/01/2039 | | | 336,341 | |
| | | | | 1,160,000 | | | | 5.000 | | | 09/01/2044 | | | 1,191,919 | |
| | Burbank-Glendale-Pasadena Airport Authority Airport Senior RB 2024 Series A (NON-AMT) (AGM) (A1/AA) | |
| | | | | 4,000,000 | | | | 4.000 | | | 07/01/2054 | | | 3,994,330 | |
| | Burbank-Glendale-Pasadena Airport Authority Airport Senior RB 2024 Series B (AMT) (A2/A) | |
| | | | | 8,075,000 | | | | 5.250 | | | 07/01/2049 | | | 8,859,462 | |
| | Burbank-Glendale-Pasadena Airport Authority Airport Senior RB 2024 Series B (AMT) (AGM) (A1/AA) | |
| | | | | 5,125,000 | | | | 4.375 | | | 07/01/2049 | | | 5,185,971 | |
| | 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 | | | 8,702,181 | |
| | California Community Choice Financing Authority Clean Energy Project RB Series 2022A (A1/NR) | |
| | | | | 16,990,000 | | | | 4.000 | (a)(b) | | 05/01/2053 | | | 17,397,009 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 5 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | California – (continued) | |
| |
| | California County Tobacco Securitization Agency RB Refunding for Merced County Tobacco Funding Corp. Series 2020 B (NR/NR) | |
| | $ | | | 270,000 | | | | 5.000 | % | | 06/01/2050 | | $ | 273,792 | |
| | California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 A (NR/BBB+) | |
| | | | | 950,000 | | | | 4.000 | | | 06/01/2049 | | | 898,103 | |
| | California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-1 (NR/BBB+) | |
| | | | | 525,000 | | | | 5.000 | | | 06/01/2049 | | | 540,577 | |
| | California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-2 (NR/NR) | |
| | | | | 2,375,000 | | | | 0.000 | (g) | | 06/01/2055 | | | 544,666 | |
| | California County Tobacco Securitization Agency RB Refunding Series 2020 B-1 (NR/BBB+) | |
| | | | | 455,000 | | | | 5.000 | | | 06/01/2049 | | | 467,534 | |
| | California County Tobacco Securitization Agency RB Refunding Series 2020 B-2 (NR/NR) | |
| | | | | 12,130,000 | | | | 0.000 | (g) | | 06/01/2055 | | | 2,413,637 | |
| | California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (NR/NR) | |
| | | | | 45,220,000 | | | | 0.000 | (g) | | 06/01/2055 | | | 6,229,489 | |
| | California Educational Facilities Authority RB for Stanford University Series 2010 U-1 (Aaa/AAA) | |
| | | | | 5,000,000 | | | | 5.250 | | | 04/01/2040 | | | 6,422,932 | |
| | California Educational Facilities Authority RB for Stanford University Series 2014 U-6 (Aaa/AAA) | |
| | | | | 3,500,000 | | | | 5.000 | | | 05/01/2045 | | | 4,381,764 | |
| | 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 | | | 599,335 | |
| | | | | 600,000 | | | | 5.000 | | | 08/01/2045 | | | 621,799 | |
| | 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 | | | 709,560 | |
| | | | | 1,000,000 | | | | 5.000 | | | 01/15/2045 | | | 1,061,083 | |
| | California Health Facilities Financing Authority RB Adventist Health System West Series 2024A (NR/BBB+) | |
| | | | | 10,700,000 | | | | 5.000 | | | 12/01/2028 | | | 11,653,826 | |
| | | | | 3,100,000 | | | | 5.250 | | | 12/01/2040 | | | 3,518,046 | |
| | | | | 1,720,000 | | | | 5.250 | | | 12/01/2041 | | | 1,940,297 | |
| | | | | 3,000,000 | | | | 5.250 | | | 12/01/2042 | | | 3,364,303 | |
| | | | | 1,095,000 | | | | 5.250 | | | 12/01/2043 | | | 1,220,970 | |
| | | | | 2,750,000 | | | | 5.250 | | | 12/01/2044 | | | 3,051,190 | |
| | California Health Facilities Financing Authority RB for Children’s Hospital at Los Angeles Series 2017 A (Baa2/BBB) | |
| | | | | 5,800,000 | | | | 5.000 | | | 08/15/2047 | | | 5,941,998 | |
| | California Health Facilities Financing Authority RB for El Camino Hospital Series 2017 (Aa3/AA) | |
| | | | | 500,000 | | | | 5.000 | | | 02/01/2042 | | | 518,946 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | California – (continued) | |
| |
| | 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 | | $ | 10,897,661 | |
| | 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 | | | 402,657 | |
| | | | | 350,000 | | | | 5.000 | | | 11/15/2029 | | | 374,642 | |
| | | | | 565,000 | | | | 5.000 | | | 11/15/2030 | | | 602,661 | |
| | | | | 1,010,000 | | | | 5.000 | | | 11/15/2042 | | | 1,055,324 | |
| | California Health Facilities Financing Authority RB for Providence Health & Services Series 2014B (A2/A) | |
| | | | | 7,970,000 | | | | 5.000 | | | 10/01/2044 | | | 7,969,973 | |
| | 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 | | | 5,315,891 | |
| | | | | 2,250,000 | | | | 4.000 | | | 05/15/2051 | | | 2,249,618 | |
| | California Infrastructure & Economic Development Bank RB for California Academy of Sciences Series 2024A (A2/NR) | |
| | | | | 11,690,000 | | | | 3.250 | | | 08/01/2029 | | | 11,868,662 | |
| | 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 | | | 4,054,997 | |
| | California Infrastructure & Economic Development Bank RB Series A (A3/A-) | |
| | | | | 570,000 | | | | 4.000 | | | 05/01/2039 | | | 586,265 | |
| | California Infrastructure & Economic Development Bank RB Series B (A3/A-) | |
| | | | | 4,315,000 | | | | 4.000 | | | 05/01/2039 | | | 4,438,128 | |
| | | | | 1,460,000 | | | | 4.000 | | | 05/01/2040 | | | 1,494,768 | |
| | California Infrastructure and Economic Development Bank RB Brightline West Passenger Rail Project Series 2020A-4 (NR/NR) | |
| | | | | 6,900,000 | | | | 8.000 | (a)(b)(d) | | 01/01/2050 | | | 7,106,436 | |
| | California Municipal Finance Authority RB for California Lutheran University Series 2018 (Baa1/NR) | |
| | | | | 240,000 | | | | 5.000 | | | 10/01/2033 | | | 253,523 | |
| | California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A3/BBB+) | |
| | | | | 1,300,000 | | | | 5.000 | | | 02/01/2034 | | | 1,344,183 | |
| | | | | 1,150,000 | | | | 5.000 | | | 02/01/2035 | | | 1,188,310 | |
| | | | | 325,000 | | | | 5.000 | | | 02/01/2042 | | | 331,294 | |
| | | | | 1,575,000 | | | | 5.000 | | | 02/01/2047 | | | 1,587,701 | |
| | California Municipal Finance Authority RB for The Learning Choice Academy Series 2021 A (NR/BBB-) | |
| | | | | 610,000 | | | | 4.000 | | | 07/01/2031 | | | 617,890 | |
| | | | | 1,830,000 | | | | 4.000 | | | 07/01/2041 | | | 1,749,724 | |
| | California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (Baa1/NR) | |
| | | | | 175,000 | | | | 5.000 | | | 10/01/2025 | | | 177,665 | |
| | | | | 350,000 | | | | 5.000 | | | 10/01/2027 | | | 370,047 | |
| | | | | 225,000 | | | | 5.000 | | | 10/01/2029 | | | 241,019 | |
| | | | | 125,000 | | | | 5.000 | | | 10/01/2030 | | | 133,228 | |
| | | | | 225,000 | | | | 5.000 | | | 10/01/2031 | | | 238,860 | |
| | California Municipal Finance Authority RB Refunding for Claremont Graduate University Series 2020 B (NR/NR) | |
| | | | | 430,000 | | | | 5.000 | (d) | | 10/01/2034 | | | 446,438 | |
| | | | | 1,125,000 | | | | 5.000 | (d) | | 10/01/2039 | | | 1,140,707 | |
| | |
| 6 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | California – (continued) | |
| |
| | California Municipal Finance Authority RB Refunding for Claremont Graduate University Series 2020 B (NR/NR) – (continued) | |
| | $ | | | 1,035,000 | | | | 5.000 | %(d) | | 10/01/2049 | | $ | 1,035,744 | |
| | California Municipal Finance Authority Revenue Refunding Bonds for Eisenhower Medical Center Series 2017A (Baa2/NR) | |
| | | | | 4,225,000 | | | | 5.000 | | | 07/01/2047 | | | 4,265,049 | |
| | California Municipal Finance Authority Senior Lien RB for Linxs APM Project Series 2018A (A2/NR) | |
| | | | | 3,500,000 | | | | 4.000 | | | 12/31/2047 | | | 3,295,409 | |
| | California Municipal Finance Authority Senior Lien RB for Linxs APM Project Series 2018A (NR/NR) | |
| | | | | 800,000 | | | | 5.000 | | | 12/31/2024 | | | 801,386 | |
| | | | | 2,570,000 | | | | 5.000 | | | 12/31/2026 | | | 2,654,157 | |
| | | | | 2,005,000 | | | | 5.000 | | | 06/30/2027 | | | 2,085,230 | |
| | | | | 3,005,000 | | | | 5.000 | | | 12/31/2027 | | | 3,146,512 | |
| | | | | 12,225,000 | | | | 5.000 | | | 12/31/2043 | | | 12,523,334 | |
| | California Municipal Finance Authority Senior Living RB for Mt. San Antonio Gardens Project Series 2022B-1 (NR/NR) | |
| | | | | 330,000 | | | | 2.750 | | | 11/15/2027 | | | 330,048 | |
| | California Municipal Finance Authority Solid Waste Disposal RB for Republic Services, Inc. Project Series 2024A (NR/BBB+/A-2) | |
| | | | | 6,750,000 | | | | 3.875 | (a)(b) | | 03/01/2054 | | | 6,899,303 | |
| | California Municipal Finance Authority Special Facility RB For United Airlines International Airport Project Series 2019 (NR/BB-) | |
| | | | | 5,100,000 | | | | 4.000 | | | 07/15/2029 | | | 5,140,306 | |
| | California Municipal Finance Authority Student Housing RB for Bowles Hall Foundation Series 2015 A (Baa3/NR) | |
| | | | | 400,000 | | | | 5.000 | | | 06/01/2035 | | | 403,231 | |
| | 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 | | | 1,660,917 | |
| | 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 | | | 4,114,292 | |
| | California Pollution Control Financing Authority Solid Waste Disposal RB for Rialto Bioenergy Facility LLC Project Series 2019 (NR/NR) | |
| | | | | 8,320,001 | | | | 7.500 | (d)(h)* | | 12/01/2040 | | | 998,400 | |
| | California Pollution Control Financing Authority Solid Waste Disposal Refunding RB for Waste Management Project Series 2015A-3 (NR/A-/A-2) | |
| | | | | 4,205,000 | | | | 4.300 | | | 07/01/2040 | | | 4,234,145 | |
| | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Desalination Project Series 2012 (Baa3/NR) | |
| | | | | 19,840,000 | | | | 5.000 | (d) | | 07/01/2037 | | | 19,884,438 | |
| | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Desalination Project Series 2023 (Baa3/NR) | |
| | | | | 2,725,000 | | | | 5.000 | (d) | | 07/01/2034 | | | 3,057,893 | |
| | | | | 420,000 | | | | 5.000 | (d) | | 07/01/2035 | | | 468,268 | |
| | | | | 2,605,000 | | | | 5.000 | (d) | | 07/01/2036 | | | 2,892,014 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | California – (continued) | |
| |
| | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (Baa3/NR) | |
| | $ | | | 1,440,000 | | | | 5.000 | %(d) | | 11/21/2045 | | $ | 1,442,160 | |
| | 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 | (d) | | 07/01/2029 | | | 1,402,793 | |
| | California Public Finance Authority RB for Excelsior Charter School Project Series 2020 A (NR/NR) | |
| | | | | 1,055,000 | | | | 5.000 | (d) | | 06/15/2040 | | | 1,062,030 | |
| | California School Finance Authority Charter School RB for Citizens of the World Obligated Group Series 2022A (NR/BB-) | |
| | | | | 760,000 | | | | 6.250 | (d) | | 04/01/2052 | | | 783,428 | |
| | California School Finance Authority Charter School RB for Classical Academies Oceanside Project Series 2022A (NR/BBB-) | |
| | | | | 1,000,000 | | | | 5.000 | (d) | | 10/01/2042 | | | 1,040,886 | |
| | California School Finance Authority Charter School RB for Classical Academies Vista Project Series 2021 (NR/BBB-) | |
| | | | | 450,000 | | | | 4.000 | (d) | | 10/01/2046 | | | 411,978 | |
| | California School Finance Authority Charter School RB for Envision Education – Obligated Group Series 2024A (NR/BB+) | |
| | | | | 720,000 | | | | 5.000 | (d) | | 06/01/2034 | | | 765,078 | |
| | | | | 665,000 | | | | 5.000 | (d) | | 06/01/2044 | | | 681,507 | |
| | | | | 750,000 | | | | 5.000 | (d) | | 06/01/2054 | | | 761,834 | |
| | California School Finance Authority Charter School RB for Harbor Springs Obligated Group Series 2024A (NR/BB+) | |
| | | | | 2,000,000 | | | | 5.000 | (d) | | 07/01/2039 | | | 2,110,629 | |
| | California School Finance Authority Charter School RB for Hawking Steam Charter School Project Series 2022 (NR/BB+) | |
| | | | | 950,000 | | | | 5.250 | (d) | | 07/01/2052 | | | 976,777 | |
| | California School Finance Authority Charter School RB for Lighthouse Community Public School Obligated Group Series 2022A (NR/NR) | |
| | | | | 1,000,000 | | | | 6.250 | (d) | | 06/01/2042 | | | 1,072,767 | |
| | California School Finance Authority Charter School RB Orange County Educational Arts Academy Project Series 2023A (NR/NR) | |
| | | | | 545,000 | | | | 5.000 | (d) | | 06/01/2033 | | | 563,564 | |
| | California School Finance Authority Charter School Refunding RB Partnerships to Uplift Communities Project Series 2023 Social Bonds (NR/BB+) | |
| | | | | 715,000 | | | | 5.000 | (d) | | 08/01/2033 | | | 757,850 | |
| | California School Finance Authority Educational Facilities RB New Designs Charter School Project Series 2024A (NR/BB+) | |
| | | | | 650,000 | | | | 5.000 | (d) | | 06/01/2054 | | | 656,147 | |
| | California School Finance Authority RB for Classical Academy Obligated Group Series 2020 A (NR/BBB-) | |
| | | | | 170,000 | | | | 3.000 | (d) | | 10/01/2030 | | | 162,830 | |
| | | | | 500,000 | | | | 5.000 | (d) | | 10/01/2040 | | | 513,404 | |
| | California School Finance Authority RB for Classical Academy Obligated Group Series 2021 A (NR/BBB-) | |
| | | | | 290,000 | | | | 2.000 | (d) | | 10/01/2025 | | | 283,904 | |
| | | | | 710,000 | | | | 3.000 | (d) | | 10/01/2031 | | | 672,778 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 7 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | California – (continued) | |
| |
| | California School Finance Authority RB for Fenton Charter Public Schools Series 2020 A (NR/BB+) | |
| | $ | | | 1,280,000 | | | | 4.000 | %(d) | | 07/01/2030 | | $ | 1,284,730 | |
| | | | | 1,350,000 | | | | 5.000 | (d) | | 07/01/2040 | | | 1,366,421 | |
| | California School Finance Authority RB for iLEAD Lancaster Series 2021 A (ST INTERCEPT) (NR/NR) | |
| | | | | 435,000 | | | | 5.000 | (d) | | 06/01/2041 | | | 435,833 | |
| | California School Finance Authority RB for Santa Clarita Valley International Charter School Series 2021 B (NR/NR) | |
| | | | | 300,000 | | | | 4.875 | (d) | | 06/01/2027 | | | 293,673 | |
| | California School Finance Authority RB Refunding Series 2016 (NR/BBB) | |
| | | | | 4,450,000 | | | | 5.000 | (d) | | 08/01/2046 | | | 4,468,610 | |
| | California School Finance Authority School Facility Refunding RB Value Schools, Series 2023A (ST INTERCEPT) (NR/BBB-) | |
| | | | | 930,000 | | | | 5.000 | (d) | | 07/01/2033 | | | 985,139 | |
| | California State Various Purpose GO Bonds Series 2017 (Aa2/AA-) | |
| | | | | 1,250,000 | | | | 5.000 | | | 08/01/2046 | | | 1,287,934 | |
| | California Statewide Communities Development Authority Community Facilities District No. 2007-01 Special Tax Refunding for Orinda Wilder Project Series 2015 (NR/NR) | |
| | | | | 125,000 | | | | 5.000 | | | 09/01/2030 | | | 126,958 | |
| | | | | 130,000 | | | | 5.000 | | | 09/01/2037 | | | 131,621 | |
| | California Statewide Communities Development Authority Community Facilities District No. 2018-02 Special Tax for Improvement Area No. 1 Series 2020 (NR/NR) | |
| | | | | 1,375,000 | | | | 7.250 | (d) | | 09/01/2050 | | | 1,448,108 | |
| | 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 | | | 425,672 | |
| | | | | 500,000 | | | | 5.000 | | | 09/01/2054 | | | 521,990 | |
| | California Statewide Communities Development Authority Community Facilities District No. 2020-02 Special Tax for Improvement Area No. 1 Series 2021 (NR/NR) | |
| | | | | 625,000 | | | | 4.000 | | | 09/01/2041 | | | 626,667 | |
| | | | | 530,000 | | | | 4.000 | | | 09/01/2051 | | | 508,504 | |
| | California Statewide Communities Development Authority Infrastructure Program RB for Pacific Highlands Ranch Series 2019 (NR/NR) | |
| | | | | 875,000 | | | | 5.000 | | | 09/02/2034 | | | 937,913 | |
| | | | | 595,000 | | | | 5.000 | | | 09/02/2039 | | | 627,502 | |
| | California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2018 B (NR/BBB+) | |
| | | | | 2,630,000 | | | | 5.000 | | | 09/02/2033 | | | 2,758,302 | |
| | | | | 2,370,000 | | | | 5.000 | | | 09/02/2038 | | | 2,464,460 | |
| | | | | 350,000 | | | | 5.000 | | | 09/02/2043 | | | 360,087 | |
| | California Statewide Communities Development Authority Infrastructure Programme Special Assessment Bonds Series 2019 A (NR/NR) | |
| | | | | 2,828,000 | | | | 5.000 | | | 09/02/2029 | | | 2,980,888 | |
| | California Statewide Communities Development Authority Infrastructure Programme Special Assessment Bonds Series 2019 B (NR/A-) | |
| | | | | 1,500,000 | | | | 5.000 | | | 09/02/2034 | | | 1,614,226 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | California – (continued) | |
| |
| | 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 | | $ | 3,407,056 | |
| | California Statewide Communities Development Authority RB for Lancer Educational Housing LLC Project Series 2019 A (NR/NR) | |
| | | | | 550,000 | | | | 3.000 | (d) | | 06/01/2029 | | | 529,589 | |
| | California Statewide Communities Development Authority RB for Loma Linda University Medical Center Series 2014A (NR/BB) | |
| | | | | 2,975,000 | | | | 5.250 | | | 12/01/2044 | | | 2,974,994 | |
| | California Statewide Communities Development Authority RB for Marin General Hospital Obligated Group Series 2018 A (NR/BBB) | |
| | | | | 300,000 | | | | 5.000 | | | 08/01/2029 | | | 315,157 | |
| | | | | 315,000 | | | | 5.000 | | | 08/01/2030 | | | 329,966 | |
| | California Statewide Communities Development Authority RB for NCCD-Hooper Street LLC Project Series 2019 (NR/B) | |
| | | | | 900,000 | | | | 5.000 | (d) | | 07/01/2029 | | | 928,250 | |
| | California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2017 A (NR/A-) | |
| | | | | 150,000 | | | | 5.000 | | | 04/01/2030 | | | 155,622 | |
| | | | | 70,000 | | | | 5.000 | | | 04/01/2031 | | | 72,591 | |
| | | | | 385,000 | | | | 4.000 | | | 04/01/2032 | | | 388,829 | |
| | | | | 455,000 | | | | 4.000 | | | 04/01/2034 | | | 457,760 | |
| | 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 | | | 2,935,925 | |
| | California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2014 A (NR/BB) | |
| | | | | 10,135,000 | | | | 5.500 | | | 12/01/2054 | | | 10,146,301 | |
| | California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2014 B (NR/BB) | |
| | | | | 7,000,000 | | | | 6.000 | | | 12/01/2024 | | | 6,997,683 | |
| | California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2016 A (NR/BB) | |
| | | | | 1,725,000 | | | | 5.000 | (d) | | 12/01/2031 | | | 1,765,249 | |
| | California Statewide Communities Development Authority Special Assessment Bond Series 2020 (NR/NR) | |
| | | | | 1,190,000 | | | | 4.000 | | | 09/02/2028 | | | 1,201,355 | |
| | | | | 1,250,000 | | | | 5.000 | | | 09/02/2040 | | | 1,321,518 | |
| | 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 | | | 1,038,117 | |
| | California Statewide Communities Development Authority Special Tax Bonds Series 2022 (NR/NR) | |
| | | | | 450,000 | | | | 5.125 | | | 09/01/2042 | | | 483,356 | |
| | California Statewide Communities Development Authority Statewide Community Infrastructure Program RB Series 2018B (NR/BBB+) | |
| | | | | 1,785,000 | | | | 5.000 | | | 09/02/2048 | | | 1,825,951 | |
| | |
| 8 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | California – (continued) | |
| |
| | California Statewide Communities Development Authority Statewide Community Infrastructure Program RB Series 2018C (NR/NR) | |
| | $ | | | 1,040,000 | | | | 5.000 | % | | 09/02/2048 | | $ | 1,072,447 | |
| | California Statewide Communities Development Authority Student Housing RB for University of California Irvine East Campus Apartments, Phase IV-A CHF-Irvine, LLC Series 2017 (Baa1/NR) | |
| | | | | 8,925,000 | | | | 5.000 | | | 05/15/2042 | | | 9,138,324 | |
| | | | | 6,550,000 | | | | 5.000 | | | 05/15/2047 | | | 6,670,261 | |
| | 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 | | | 1,195,002 | |
| | California Statewide Community Development Authority Pollution Control Refunding RB 2010 Series A (A2/A-) | |
| | | | | 3,990,000 | | | | 1.750 | | | 09/01/2029 | | | 3,628,670 | |
| | California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation for Turbo Pooled Program Series 2006 B (NR/NR) | |
| | | | | 22,510,000 | | | | 0.000 | (g) | | 06/01/2046 | | | 4,004,106 | |
| | CFD No. 2016-1 of The Root Creek Water District Improvement Area No. 2 Series 2023 Special Tax Bonds (NR/NR) | |
| | | | | 1,000,000 | | | | 5.000 | | | 09/01/2048 | | | 1,055,243 | |
| | Chino Public Financing Authority Tax Exempt RB Series 2019 A (NR/NR) | |
| | | | | 250,000 | | | | 4.000 | | | 09/01/2028 | | | 255,431 | |
| | | | | 165,000 | | | | 3.000 | | | 09/01/2037 | | | 146,290 | |
| | | | | 170,000 | | | | 3.000 | | | 09/01/2038 | | | 146,972 | |
| | | | | 175,000 | | | | 3.000 | | | 09/01/2039 | | | 147,459 | |
| | | | | 180,000 | | | | 3.000 | | | 09/01/2040 | | | 149,253 | |
| | | | | 620,000 | | | | 3.125 | | | 09/01/2044 | | | 501,666 | |
| | Citrus Community College District GO Bonds Capital Appreciation for Election of 2004 Series 2009 C (Aa1/AA) | |
| | | | | 3,500,000 | | | | 0.000 | (g) | | 06/01/2034 | | | 2,600,220 | |
| | 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 | | | 587,802 | |
| | 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 | | | 862,789 | |
| | 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 | (d) | | 09/01/2026 | | | 75,767 | |
| | | | | 150,000 | | | | 4.000 | (d) | | 09/01/2031 | | | 153,341 | |
| | | | | 700,000 | | | | 4.000 | (d) | | 09/01/2036 | | | 705,805 | |
| | City of Alameda Community Facilities District 2023 Special Tax Bonds (NR/NR) | |
| | | | | 575,000 | | | | 5.000 | | | 09/01/2048 | | | 595,548 | |
| | City of Beaumont CFD No. 2016-3 Sundance 2023 Special Tax Bonds (NR/NR) | |
| | | | | 745,000 | | | | 5.000 | | | 09/01/2048 | | | 786,156 | |
| | 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 | | | 1,158,155 | |
| | | | | 1,275,000 | | | | 4.000 | | | 09/01/2032 | | | 1,310,072 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | California – (continued) | |
| |
| | City of Chino Community Facilities Improvement Area Special Tax Bonds Series 2022 (NR/NR) | |
| | $ | | | 2,000,000 | | | | 5.250 | % | | 09/01/2042 | | $ | 2,159,427 | |
| | | | | 2,000,000 | | | | 5.375 | | | 09/01/2047 | | | 2,146,522 | |
| | City of Chino Public Financing Authority Local Agency Refunding Bonds Series 2019A (NR/NR) | |
| | | | | 225,000 | | | | 4.000 | | | 09/01/2025 | | | 226,232 | |
| | 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 | | | 921,672 | |
| | City of Los Angeles Department of Airports International Airport Series RB 2022 Series G (Aa2/AA) | |
| | | | | 3,000,000 | | | | 5.000 | | | 05/15/2026 | | | 3,092,316 | |
| | City of Los Angeles Department of Airports International Airport Subordinate RB 2018 Series F (Aa3/AA-) | |
| | | | | 4,000,000 | | | | 4.000 | | | 05/15/2049 | | | 3,911,392 | |
| | 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 | | | 1,050,377 | |
| | City of Los Angeles Department of Airports International Airport Subordinate RB 2023 Series A (Aa3/AA-) | |
| | | | | 750,000 | | | | 5.000 | | | 05/15/2025 | | | 757,146 | |
| | | | | 5,000,000 | | | | 5.000 | | | 05/15/2035 | | | 5,640,013 | |
| | | | | 2,350,000 | | | | 5.000 | | | 05/15/2036 | | | 2,638,589 | |
| | | | | 1,250,000 | | | | 5.000 | | | 05/15/2037 | | | 1,398,505 | |
| | | | | 1,255,000 | | | | 5.000 | | | 05/15/2038 | | | 1,398,048 | |
| | | | | 5,500,000 | | | | 5.250 | | | 05/15/2048 | | | 6,014,263 | |
| | 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 | | | 1,546,158 | |
| | City of Los Angeles, LAX Subordinate RB 2022 Series A (Aa3/ AA-) | |
| | | | | 9,155,000 | | | | 4.000 | | | 05/15/2038 | | | 9,227,020 | |
| | City of Newport Beach Assessment District No. 124 Limited Obligation Improvement Bonds 2023 Series A (NR/NR) | |
| | | | | 620,000 | | | | 4.125 | | | 09/02/2038 | | | 636,349 | |
| | | | | 725,000 | | | | 5.000 | | | 09/02/2043 | | | 783,017 | |
| | City of Ontario CA Community Facilities District No. 43 Special Tax Bonds Series 2020 (NR/NR) | |
| | | | | 250,000 | | | | 4.000 | | | 09/01/2026 | | | 253,859 | |
| | | | | 150,000 | | | | 3.000 | | | 09/01/2038 | | | 129,830 | |
| | | | | 160,000 | | | | 3.000 | | | 09/01/2039 | | | 135,179 | |
| | City of Oroville RB for Oroville Hospital Series 2019 (NR/NR) | |
| | | | | 1,325,000 | | | | 5.000 | | | 04/01/2027 | | | 1,003,771 | |
| | | | | 1,000,000 | | | | 5.000 | | | 04/01/2029 | | | 755,690 | |
| | | | | 1,250,000 | | | | 5.000 | | | 04/01/2030 | | | 944,384 | |
| | | | | 1,500,000 | | | | 5.000 | | | 04/01/2031 | | | 1,133,224 | |
| | City of Palm Desert Community Facilities District No. 2005-1 Special Tax Refunding Bonds Series 2021 A (NR/NR) | |
| | | | | 165,000 | | | | 4.000 | | | 09/01/2030 | | | 167,087 | |
| | | | | 190,000 | | | | 4.000 | | | 09/01/2033 | | | 190,539 | |
| | | | | 225,000 | | | | 4.000 | | | 09/01/2036 | | | 223,271 | |
| | 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 | | | 374,213 | |
| | | | | 700,000 | | | | 4.000 | | | 09/02/2031 | | | 711,765 | |
| | City of Rancho Cordova Sunridge Anatolia Community Facilities District Special Tax Bonds Series 2016 (NR/NR) | |
| | | | | 1,280,000 | | | | 4.000 | | | 09/01/2029 | | | 1,297,949 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 9 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | California – (continued) | |
| |
| | City of Rancho Cordova Sunridge Anatolia Community Facilities District Special Tax Bonds Series 2016 (NR/NR) – (continued) | |
| | $ | | | 500,000 | | | | 4.000 | % | | 09/01/2030 | | $ | 504,777 | |
| | City of Rocklin Community Facilities District No. 10 Special Tax Bonds Series 2019 (NR/NR) | |
| | | | | 135,000 | | | | 5.000 | | | 09/01/2031 | | | 137,652 | |
| | | | | 245,000 | | | | 5.000 | | | 09/01/2032 | | | 249,702 | |
| | | | | 225,000 | | | | 5.000 | | | 09/01/2033 | | | 229,254 | |
| | | | | 145,000 | | | | 5.000 | | | 09/01/2034 | | | 147,692 | |
| | | | | 150,000 | | | | 5.000 | | | 09/01/2035 | | | 152,715 | |
| | | | | 680,000 | | | | 5.000 | | | 09/01/2036 | | | 691,869 | |
| | | | | 270,000 | | | | 5.000 | | | 09/01/2037 | | | 274,615 | |
| | | | | 245,000 | | | | 5.000 | | | 09/01/2038 | | | 248,961 | |
| | | | | 485,000 | | | | 5.000 | | | 09/01/2039 | | | 492,449 | |
| | City of Roseville CA ST Series 2019 (NR/NR) | |
| | | | | 150,000 | | | | 4.000 | | | 09/01/2025 | | | 150,687 | |
| | | | | 275,000 | | | | 5.000 | | | 09/01/2026 | | | 286,876 | |
| | | | | 210,000 | | | | 5.000 | | | 09/01/2027 | | | 223,289 | |
| | | | | 160,000 | | | | 5.000 | | | 09/01/2028 | | | 170,689 | |
| | | | | 170,000 | | | | 5.000 | | | 09/01/2029 | | | 180,511 | |
| | | | | 110,000 | | | | 5.000 | | | 09/01/2030 | | | 116,374 | |
| | 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 | | | 619,367 | |
| | 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 | | | 317,872 | |
| | | | | 815,000 | | | | 5.000 | | | 09/01/2034 | | | 857,983 | |
| | | | | 445,000 | | | | 5.000 | | | 09/01/2039 | | | 463,012 | |
| | 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 | | | 96,378 | |
| | | | | 65,000 | | | | 5.000 | | | 09/01/2030 | | | 69,859 | |
| | | | | 190,000 | | | | 4.000 | | | 09/01/2032 | | | 194,205 | |
| | | | | 225,000 | | | | 4.000 | | | 09/01/2034 | | | 229,276 | |
| | | | | 265,000 | | | | 4.000 | | | 09/01/2036 | | | 268,595 | |
| | | | | 305,000 | | | | 4.000 | | | 09/01/2038 | | | 305,737 | |
| | | | | 330,000 | | | | 4.000 | | | 09/01/2040 | | | 325,122 | |
| | 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 | | | 529,232 | |
| | 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 | (d) | | 09/01/2028 | | | 383,578 | |
| | City of San Francisco Airport Commission International Airport RB Series 2022A (A1/NR) | |
| | | | | 2,525,000 | | | | 5.000 | | | 05/01/2052 | | | 2,672,386 | |
| | City of San Francisco Airport Commission International Airport Revenue Refunding Bonds Series 2023A (A1/NR) | |
| | | | | 12,400,000 | | | | 5.000 | | | 05/01/2038 | | | 13,742,967 | |
| | City of San Francisco Airport Commission International Airport Second Series RB Series 2018E (A1/A+) | |
| | | | | 4,650,000 | | | | 5.000 | | | 05/01/2048 | | | 4,876,661 | |
| | City of San Francisco Airport Commission International Airport Second Series RB Series 2019A (A1/A+) | |
| | | | | 26,310,000 | | | | 5.000 | | | 05/01/2049 | | | 27,229,185 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | California – (continued) | |
| |
| | City of Santa Paula Special Tax for Harvest Community Facilities District No. 1 Series 2020 (NR/NR) | |
| | $ | | | 600,000 | | | | 5.000 | % | | 09/01/2035 | | $ | 639,456 | |
| | | | | 1,000,000 | | | | 5.000 | | | 09/01/2040 | | | 1,054,981 | |
| | City of Stockton Community Facilities District No. 2005-1 Special Tax Bonds Series 2019 (NR/NR) | |
| | | | | 330,000 | | | | 2.250 | | | 09/01/2026 | | | 320,630 | |
| | | | | 350,000 | | | | 2.375 | | | 09/01/2028 | | | 333,413 | |
| | | | | 380,000 | | | | 2.750 | | | 09/01/2031 | | | 355,936 | |
| | | | | 405,000 | | | | 3.000 | | | 09/01/2033 | | | 378,352 | |
| | | | | 415,000 | | | | 3.000 | | | 09/01/2034 | | | 384,846 | |
| | | | | 270,000 | | | | 3.000 | | | 09/01/2035 | | | 248,334 | |
| | | | | 900,000 | | | | 3.125 | | | 09/01/2037 | | | 820,114 | |
| | | | | 740,000 | | | | 3.125 | | | 09/01/2039 | | | 645,888 | |
| | | | | 810,000 | | | | 3.250 | | | 09/01/2041 | | | 699,592 | |
| | 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 | | | 88,588 | |
| | | | | 700,000 | | | | 3.250 | | | 09/01/2041 | | | 614,375 | |
| | | | | 570,000 | | | | 3.500 | | | 09/01/2049 | | | 487,556 | |
| | Commerce Community Development Commission Successor Agency Tax Allocation Refunding Series 2016 A (AGM) (NR/AA) | |
| | | | | 275,000 | | | | 3.125 | | | 08/01/2035 | | | 266,946 | |
| | Community Facilities District of the Menifee Union School District Improvement Area Special Tax Bonds (NR/NR) | |
| | | | | 850,000 | | | | 5.000 | | | 09/01/2042 | | | 904,086 | |
| | 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 | | | 469,103 | |
| | | | | 725,000 | | | | 5.000 | | | 09/01/2039 | | | 751,757 | |
| | County of Los Angeles CA Community Facilities District NO
2021-01 (NR/NR) | |
| | | | | 2,250,000 | | | | 5.000 | | | 09/01/2047 | | | 2,392,857 | |
| | County of Sacramento RB Refunding for Airport System Series
2018 C (A2/A+) | |
| | | | | 1,745,000 | | | | 5.000 | | | 07/01/2039 | | | 1,814,333 | |
| | 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 | | | 4,162,929 | |
| | 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 | | | 6,266,789 | |
| | Dublin Community Facilities District No. 2015-1 Improvement Area No. 1 Special Tax Series 2017 (NR/NR) | |
| | | | | 805,000 | | | | 5.000 | | | 09/01/2027 | | | 835,077 | |
| | | | | 6,680,000 | | | | 5.000 | | | 09/01/2047 | | | 6,835,367 | |
| | 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 | | | 45,074,866 | |
| | East Garrison Public Finance Authority Special Tax for East Garrison Project Series 2019 (NR/NR) | |
| | | | | 390,000 | | | | 3.125 | | | 09/01/2044 | | | 313,484 | |
| | | | | 1,610,000 | | | | 3.125 | | | 09/01/2049 | | | 1,236,316 | |
| | Eastern Foothill Transportation Corridor Agency Senior Lien Toll Road Refunding RB Series 2021A (Baa1/A) | |
| | | | | 3,255,000 | | | | 4.000 | | | 01/15/2046 | | | 3,228,258 | |
| | |
| 10 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | California – (continued) | | | | |
| |
| | 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 | | $ | 423,455 | |
| | | | | 360,000 | | | | 5.000 | | | 09/01/2053 | | | 379,110 | |
| | 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 | | | 406,715 | |
| | | | | 500,000 | | | | 4.000 | | | 09/01/2050 | | | 480,279 | |
| | Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding RMKT 08/24/17 Series 2013 B Subseries B-1 (Baa1/A) | |
| | | | | 1,300,000 | | | | 3.950 | | | 01/15/2053 | | | 1,243,201 | |
| | Golden St Tobacco Securitization Corp Calif Tob Settlement Revenue Enhanced Tobacco Settlement Asset Backed Bonds 2015A (AGM-CR ST APPROP) (Aa3/AA) | |
| | | | | 1,150,000 | | | | 5.000 | (e) | | 06/01/2025 | | | 1,167,366 | |
| | Golden State Securitization Settlement Corp ABS Bond Series 2021 2021B-1 (NR/BBB-) | |
| | | | | 11,755,000 | | | | 3.850 | | | 06/01/2050 | | | 11,019,403 | |
| | Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-1 (NR/NR) | |
| | | | | 20,000,000 | | | | 5.000 | (e) | | 06/01/2028 | | | 21,841,482 | |
| | Golden State Tobacco Securitization Corp. Enhanced Tobacco Settlement Asset Backed Bonds Series 2015A (ST APPROP) (Aa3/A+) | |
| | | | | 10,000,000 | | | | 5.000 | (e) | | 06/01/2025 | | | 10,151,010 | |
| | Hayward Unified School District Election of 2014 GO Bonds Series 2017 (AGM) (NR/AA) | |
| | | | | 8,000,000 | | | | 4.000 | | | 08/01/2042 | | | 8,015,438 | |
| | 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 | | | 2,481,209 | |
| | Independent Cities Finance Authority RB for City of Compton Sales Tax Series 2021 (AGM) (NR/AA) | |
| | | | | 665,000 | | | | 4.000 | (d) | | 06/01/2036 | | | 689,905 | |
| | Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 C-1 (NR/CCC) | |
| | | | | 10,250,000 | | | | 0.000 | (g) | | 06/01/2036 | | | 4,747,013 | |
| | Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds Series 2019 (NR/A-) | |
| | | | | 770,000 | | | | 3.678 | | | 06/01/2038 | | | 722,397 | |
| | Irvine Unified School District Community Facilities District Special Tax Bonds Series 2017 D (NR/NR) | |
| | | | | 3,280,000 | | | | 5.000 | | | 03/01/2057 | | | 3,351,400 | |
| | Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 D (NR/NR) | |
| | | | | 180,000 | | | | 4.000 | | | 09/01/2025 | | | 181,051 | |
| | | | | 175,000 | | | | 4.000 | | | 09/01/2026 | | | 177,734 | |
| | Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2019 A (NR/NR) | |
| | | | | 350,000 | | | | 5.000 | | | 09/01/2030 | | | 383,630 | |
| | | | | 355,000 | | | | 5.000 | | | 09/01/2032 | | | 386,696 | |
| | | | | 360,000 | | | | 5.000 | | | 09/01/2034 | | | 390,968 | |
| | | | | 455,000 | | | | 5.000 | | | 09/01/2036 | | | 491,506 | |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | California – (continued) | |
| |
| | 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 | | $ | 802,919 | |
| | | | | 2,500,000 | | | | 5.000 | | | 09/01/2048 | | | 2,575,208 | |
| | Lammersville Joint Unified School District No. 2002 Special Tax Refunding for Community Facilities Series 2017 (AGM) (NR/AA) | |
| | | | | 3,000,000 | | | | 3.500 | | | 09/01/2035 | | | 3,000,856 | |
| | Lodi Unified School District GO Bonds Series 2021 (Aa2/NR) | |
| | | | | 3,300,000 | | | | 3.000 | | | 08/01/2046 | | | 2,850,059 | |
| | Los Angeles County Public Works Financing Authority Lease RB 2020 Series A (NR/AA+) | |
| | | | | 1,825,000 | | | | 3.000 | | | 12/01/2050 | | | 1,511,030 | |
| | Los Angeles Department of Airports RB Senior Refunding Series 2018 B (Aa2/AA) | |
| | | | | 2,335,000 | | | | 5.000 | | | 05/15/2034 | | | 2,452,634 | |
| | Los Angeles Department of Airports Subordinated RB Series 2018 C (Aa3/AA-) | |
| | | | | 1,000,000 | | | | 5.000 | | | 05/15/2035 | | | 1,040,870 | |
| | 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 | | | 3,664,593 | |
| | | | | 7,000,000 | | | | 5.000 | | | 07/01/2027 | | | 7,512,317 | |
| | 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 | (g) | | 08/01/2037 | | | 1,310,138 | |
| | | | | 4,500,000 | | | | 0.000 | (g) | | 08/01/2038 | | | 2,816,172 | |
| | | | | 4,500,000 | | | | 0.000 | (g) | | 08/01/2039 | | | 2,688,354 | |
| | Merced City School District GO Bonds Capital Appreciation for Election of 2003 Series 2005 (NATL) (NR/AA-) | |
| | | | | 1,205,000 | | | | 0.000 | (g) | | 08/01/2026 | | | 1,147,272 | |
| | Merced-Union High School District Election of 2008 GO Bonds Series 2011 C (Aa3/NR) | |
| | | | | 2,510,000 | | | | 0.000 | (g) | | 08/01/2035 | | | 1,783,284 | |
| | Mountain View Whisman School District (Santa Clara County, California) Election of 2012 GO Bonds, Series B (Aaa/AAA) | |
| | | | | 2,000,000 | | | | 4.000 | (e) | | 09/01/2026 | | | 2,068,878 | |
| | M-S-R Energy Authority Gas RB Series 2009 A (NR/BBB+) | |
| | | | | 1,750,000 | | | | 6.500 | | | 11/01/2039 | | | 2,289,489 | |
| | M-S-R Energy Authority Gas RB Series 2009 C (NR/BBB+) | |
| | | | | 2,875,000 | | | | 6.125 | | | 11/01/2029 | | | 3,084,667 | |
| | | | | 2,000,000 | | | | 6.500 | | | 11/01/2039 | | | 2,613,851 | |
| | 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 | | | 5,118,293 | |
| | Northern California Gas Authority No. 1 RB for Gas Project Series 2007 B (A1/A-) | |
| | (3M USD LIBOR + 0.72%) | |
| | | | | 2,660,000 | | | | 4.467 | (f) | | 07/01/2027 | | | 2,662,425 | |
| | Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (AGC) (A1/AA) | |
| | | | | 2,150,000 | | | | 0.000 | (g) | | 08/01/2031 | | | 1,696,971 | |
| | | | | 4,150,000 | | | | 0.000 | (g) | | 08/01/2032 | | | 3,144,068 | |
| | | | | 3,550,000 | | | | 0.000 | (g) | | 08/01/2033 | | | 2,581,046 | |
| | | | | 6,450,000 | | | | 7.000 | | | 08/01/2038 | | | 7,390,759 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 11 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | California – (continued) | |
| |
| | Rancho Cordova Community Facilities District No. 2003-1 Special Tax Refunding for Sunridge Anatolia Series 2016 (NR/NR) | |
| | $ | | | 1,490,000 | | | | 4.000 | % | | 09/01/2026 | | $ | 1,513,002 | |
| | Rialto Unified School District County of San Bernardino, California GO Bonds, Election of 2022, Series 2023 (BAM) (Aa3/AA) | |
| | | | | 3,250,000 | | | | 4.000 | | | 08/01/2052 | | | 3,250,962 | |
| | River Islands Public Financing Authority CFD Improvement Area Subordinate Special Tax Refunding Bonds Series 2022B-1 (NR/NR) | |
| | | | | 1,970,000 | | | | 5.000 | | | 09/01/2042 | | | 2,065,420 | |
| | River Islands Public Financing Authority Community Facilities District No. 2021-1 Special Tax Series 2021 (NR/NR) | |
| | | | | 875,000 | | | | 4.000 | | | 09/01/2041 | | | 851,339 | |
| | Riverside Unified School District Community Facilities District No. 32 Special Tax Series 2020 (NR/NR) | |
| | | | | 195,000 | | | | 4.000 | | | 09/01/2027 | | | 198,885 | |
| | | | | 205,000 | | | | 4.000 | | | 09/01/2028 | | | 210,286 | |
| | | | | 210,000 | | | | 4.000 | | | 09/01/2029 | | | 215,864 | |
| | | | | 220,000 | | | | 4.000 | | | 09/01/2030 | | | 225,365 | |
| | 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 | | | 763,748 | |
| | | | | 1,075,000 | | | | 5.000 | | | 09/01/2026 | | | 1,121,424 | |
| | | | | 1,000,000 | | | | 5.000 | | | 09/01/2027 | | | 1,061,836 | |
| | Roseville California Community Facilities District No. 5 Special Tax for Fiddyment Ranch Project Series 2019 (NR/NR) | |
| | | | | 100,000 | | | | 5.000 | | | 09/01/2031 | | | 105,501 | |
| | | | | 185,000 | | | | 5.000 | | | 09/01/2032 | | | 195,071 | |
| | | | | 165,000 | | | | 5.000 | | | 09/01/2033 | | | 173,757 | |
| | | | | 175,000 | | | | 4.000 | | | 09/01/2034 | | | 177,260 | |
| | | | | 150,000 | | | | 4.000 | | | 09/01/2035 | | | 151,456 | |
| | | | | 125,000 | | | | 3.000 | | | 09/01/2036 | | | 112,748 | |
| | | | | 470,000 | | | | 5.000 | | | 09/01/2039 | | | 491,366 | |
| | | | | 250,000 | | | | 3.250 | | | 09/01/2041 | | | 213,756 | |
| | Roseville California Community Facilities District No. 5 Special Tax for Fiddyment Ranch Project Series 2021 (NR/NR) | |
| | | | | 850,000 | | | | 2.500 | | | 09/01/2037 | | | 699,346 | |
| | | | | 725,000 | | | | 4.000 | | | 09/01/2041 | | | 711,414 | |
| | | | | 1,000,000 | | | | 4.000 | | | 09/01/2050 | | | 930,813 | |
| | Sacramento County Financing Authority RB Series 2007B (NATL) (Aa3/AA-) (3M USD LIBOR + 0.55%) | |
| | | | | 21,625,000 | | | | 4.086 | (f) | | 06/01/2034 | | | 20,838,624 | |
| | San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (A2/NR) | |
| | | | | 2,850,000 | | | | 4.000 | | | 07/01/2039 | | | 2,853,160 | |
| | | | | 4,620,000 | | | | 5.000 | | | 07/01/2046 | | | 4,907,718 | |
| | San Diego Unified School District 2012 GO Refunding Bonds Series R-2 (Aa2/AA-) | |
| | | | | 4,700,000 | | | | 0.000 | (i) | | 07/01/2041 | | | 4,796,129 | |
| | San Diego Unified School District GO Bonds for Election of 2008 Series 2010 C (Aa2/AA-) | |
| | | | | 5,000,000 | | | | 0.000 | (g) | | 07/01/2039 | | | 3,051,401 | |
| | San Francisco City & County Airport Commission RB Unrefunded for San Francisco International Airport Second Series 2018 G (NR/A+) | |
| | | | | 1,300,000 | | | | 5.000 | | | 05/01/2027 | | | 1,363,705 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | California – (continued) | |
| |
| | 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 | | $ | 1,042,133 | |
| | San Jacinto Unified School District Financing Authority Special Tax RB Series 2019 (NR/NR) | |
| | | | | 500,000 | | | | 5.000 | | | 09/01/2036 | | | 523,651 | |
| | San Joaquin Hills Transportation Corridor Agency RB Refunding for Capital Appreciation Series 1997 A (NATL) (Baa2/NR) | |
| | | | | 1,715,000 | | | | 0.000 | (g) | | 01/15/2026 | | | 1,649,023 | |
| | San Joaquin Hills Transportation Corridor Agency RB Refunding for Toll Road Senior Lien Series 2014 A (NR/A) | |
| | | | | 1,000,000 | | | | 5.000 | (e) | | 01/15/2025 | | | 1,005,912 | |
| | State of California Various Purpose GO Bonds (Aa2/AA-) | |
| | | | | 21,355,000 | | | | 7.500 | | | 04/01/2034 | | | 25,600,248 | |
| | State of California Various Purpose GO Refunding Bonds (Aa2/AA-) | |
| | | | | 15,915,000 | | | | 4.000 | | | 09/01/2043 | | | 16,451,469 | |
| | 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 | | | 1,043,710 | |
| | | | | 920,000 | | | | 5.000 | | | 06/01/2028 | | | 978,427 | |
| | | | | 2,035,000 | | | | 5.000 | | | 06/01/2029 | | | 2,198,451 | |
| | | | | 2,000,000 | | | | 5.000 | | | 06/01/2032 | | | 2,171,747 | |
| | 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 | | | 1,084,202 | |
| | | | | 1,000,000 | | | | 5.000 | | | 06/01/2036 | | | 1,080,082 | |
| | | | | 1,000,000 | | | | 5.000 | | | 06/01/2039 | | | 1,069,871 | |
| | Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-1 (NR/BBB-) | |
| | | | | 2,225,000 | | | | 5.000 | | | 06/01/2048 | | | 2,263,993 | |
| | 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 | (g) | | 06/01/2054 | | | 1,593,746 | |
| | Town of Tiburon Special Assessment for Assessment District No. 2017-1 Series 2021 A (NR/NR) | |
| | | | | 475,000 | | | | 2.375 | | | 09/02/2041 | | | 347,335 | |
| | | | | 1,050,000 | | | | 2.500 | | | 09/02/2046 | | | 726,183 | |
| | Transbay Joint Powers Authority Senior Tax Allocation Bonds Series 2020A Tax-Exempt Green Bonds (NR/NR) | |
| | | | | 1,230,000 | | | | 5.000 | | | 10/01/2025 | | | 1,250,064 | |
| | Transbay Joint Powers Authority Tax Allocation for Transbay Redevelopment Project Series 2020 A (NR/NR) | |
| | | | | 660,000 | | | | 5.000 | | | 10/01/2029 | | | 712,279 | |
| | | | | 555,000 | | | | 5.000 | | | 10/01/2030 | | | 598,402 | |
| | | | | 1,165,000 | | | | 5.000 | | | 10/01/2031 | | | 1,248,916 | |
| | | | | 1,000,000 | | | | 5.000 | | | 10/01/2033 | | | 1,067,529 | |
| | | | | 495,000 | | | | 5.000 | | | 10/01/2035 | | | 524,608 | |
| | | | | 705,000 | | | | 5.000 | | | 10/01/2036 | | | 744,947 | |
| | | | | 1,000,000 | | | | 5.000 | | | 10/01/2037 | | | 1,055,819 | |
| | | | | 880,000 | | | | 5.000 | | | 10/01/2038 | | | 924,008 | |
| | | | | 750,000 | | | | 5.000 | | | 10/01/2039 | | | 785,145 | |
| | | | | 980,000 | | | | 5.000 | | | 10/01/2040 | | | 1,019,854 | |
| | | | | 1,945,000 | | | | 5.000 | | | 10/01/2049 | | | 2,002,290 | |
| | |
| 12 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | California – (continued) | | | | |
| |
| | Washington Township Health Care District RB 2023 Series A (Baa3/NR) | |
| | $ | | | 825,000 | | | | 5.750 | % | | 07/01/2053 | | $ | 900,896 | |
| | West Contra Costa Unified School District GO Bonds Capital Appreciation for Election of 2002 Series 2004 C (NATL) (Baa2/A+) | |
| | | | | 1,175,000 | | | | 0.000 | (g) | | 08/01/2025 | | | 1,146,675 | |
| | West Patterson Financing Authority California Community Facilities Villages of Patterson Special Tax Bonds Series 2024 (NR/NR) | |
| | | | | 300,000 | | | | 5.000 | | | 09/01/2039 | | | 324,400 | |
| | | | | 825,000 | | | | 4.375 | | | 09/01/2044 | | | 833,783 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 871,770,667 | |
| | | |
| | Colorado - 4.9% | |
| |
| | Adams County School District No. 1 GO Taxable Refunding Bonds Series 2017 B (ST AID WITHHLDG) (NR/NR) | |
| | | | | 325,000 | | | | 5.250 | (e) | | 12/01/2026 | | | 343,507 | |
| | Allison Valley Metropolitan District No. 2 GO Refunding Bonds Series 2020 (NR/NR) | |
| | | | | 1,425,000 | | | | 4.700 | | | 12/01/2047 | | | 1,313,494 | |
| | 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 | (c) | | 12/01/2046 | | | 1,848,743 | |
| | | | | 1,250,000 | | | | 5.000 | (c) | | 12/01/2049 | | | 1,337,018 | |
| | | | | 2,225,000 | | | | 4.250 | (c) | | 12/01/2054 | | | 2,222,969 | |
| | Belford North Metropolitan District GO Bonds Series 2020 A (NR/NR) | |
| | | | | 2,975,000 | | | | 5.500 | | | 12/01/2050 | | | 2,853,116 | |
| | Bella Mesa Metropolitan District GO Convertible Capital Appreciation Bonds Series 2020 A (NR/NR) | |
| | | | | 1,855,000 | | | | 0.000 | (d)(i) | | 12/01/2049 | | | 1,728,284 | |
| | 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 | (e) | | 03/01/2028 | | | 10,361,550 | |
| | Board of Trustees of The Colorado School of Mines Institutional Enterprise RB Series 2024A (ST HGR ED INTERCEPT PROG) (Aa2/AA) | |
| | | | | 18,620,000 | | | | 4.000 | | | 12/01/2049 | | | 18,660,180 | |
| | Brighton Crossing Metropolitan District No. 4 Limited Tax GO Bonds Series 2017 A (NR/NR) | |
| | | | | 525,000 | | | | 5.000 | | | 12/01/2037 | | | 526,753 | |
| | Brighton Crossing Metropolitan District No. 6 GO Bonds Series
2020 A (NR/NR) | |
| | | | | 525,000 | | | | 5.000 | | | 12/01/2035 | | | 521,951 | |
| | | | | 1,030,000 | | | | 5.000 | | | 12/01/2040 | | | 986,130 | |
| | Broadway Park North Metropolitan District No. 2 GO Bonds Series 2020 (NR/NR) | |
| | | | | 1,120,000 | | | | 5.000 | (d) | | 12/01/2040 | | | 1,112,862 | |
| | Buffalo Highlands Metropolitan District GO Bonds Series 2018 A (NR/NR) | |
| | | | | 1,000,000 | | | | 5.250 | | | 12/01/2038 | | | 1,003,543 | |
| | Chambers Highpoint Metropolitan District No. 2 GO Bonds Series 2021 (NR/NR) | |
| | | | | 515,000 | | | | 5.000 | | | 12/01/2041 | | | 485,311 | |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Colorado – (continued) | | | | |
| |
| | Cherry Creek Colorado School District No. 5 GO Bonds Series 2017 C (ST AID WITHHLDG) (Aa1/AA+) | |
| | $ | | | 3,510,000 | | | | 6.000 | % | | 12/15/2029 | | $ | 3,890,579 | |
| | | | | 10,805,000 | | | | 6.000 | | | 12/15/2030 | | | 11,944,879 | |
| | City and County of Denver, Colorado, For and On Behalf of Its Department of Aviation Airport System RB Series 2022A (AMT) (Aa3/AA-) | |
| | | | | 2,875,000 | | | | 5.000 | | | 11/15/2041 | | | 3,088,049 | |
| | City Center West Residential Metropolitan District No. 2 GO Bonds Senior Series 2019 A (NR/NR) | |
| | | | | 1,035,000 | | | | 5.000 | | | 12/01/2049 | | | 1,005,087 | |
| | City of Denver Airport System Subordinate RB Series 2018A (A1/A+) | |
| | | | | 11,000,000 | | | | 5.250 | | | 12/01/2043 | | | 11,502,446 | |
| | City of Denver Airport System Subordinate RB Series 2018A (AMT) (A1/A+) | |
| | | | | 5,000,000 | | | | 5.000 | | | 12/01/2024 | | | 5,009,638 | |
| | City of Denver Aviation Airport System RB Series 2022D (Aa3/AA-) | |
| | | | | 5,580,000 | | | | 5.000 | | | 11/15/2053 | | | 5,897,179 | |
| | City of Denver RB for Department of Aviation Airport System Series 2022A (AMT) (Aa3/AA-) | |
| | | | | 4,450,000 | | | | 5.000 | | | 11/15/2027 | | | 4,706,015 | |
| | Colorado Bridge and Tunnel Enterprise Senior Infrastructure RB Series 2024A (AGM) (A1/AA) | |
| | | | | 1,145,000 | | | | 5.000 | | | 12/01/2043 | | | 1,276,479 | |
| | | | | 1,000,000 | | | | 5.000 | | | 12/01/2044 | | | 1,110,821 | |
| | | | | 4,000,000 | | | | 5.250 | | | 12/01/2049 | | | 4,493,768 | |
| | Colorado Education & Cultural Facilities Authority Charter School RB Series 2021 (Baa3/NR) | |
| | | | | 900,000 | | | | 4.000 | | | 10/01/2056 | | | 754,024 | |
| | Colorado Educational & Cultural Facilities Authority RB for Aspen View Academy, Inc. Series 2021 (Baa3/NR) | |
| | | | | 150,000 | | | | 4.000 | | | 05/01/2036 | | | 149,967 | |
| | | | | 150,000 | | | | 4.000 | | | 05/01/2041 | | | 143,810 | |
| | Colorado Educational & Cultural Facilities Authority RB for Vega Collegiate Academy Series 2021 A (ST INTERCEPT) (Ba2/NR) | |
| | | | | 300,000 | | | | 5.000 | (d) | | 02/01/2034 | | | 306,863 | |
| | Colorado Educational & Cultural Facilities Authority RB Refunding for Rocky Mountain Classical Academy Project Series 2019 (Ba1/NR) | |
| | | | | 900,000 | | | | 5.000 | (d) | | 10/01/2029 | | | 923,813 | |
| | | | | 2,500,000 | | | | 5.000 | (d) | | 10/01/2039 | | | 2,529,541 | |
| | Colorado Educational & Cultural Facilities Authority RB Refunding for STEM School & Academy Project Series 2019 (Baa3/NR) | |
| | | | | 265,000 | | | | 4.000 | | | 11/01/2029 | | | 264,998 | |
| | | | | 400,000 | | | | 5.000 | | | 11/01/2039 | | | 400,119 | |
| | Colorado Educational & Cultural Facilities Authority RB Refunding for West Ridge Academy Charter School Project Series 2019 A (MORAL OBLG) (Aa3/NR) | |
| | | | | 325,000 | | | | 5.000 | | | 06/01/2049 | | | 325,099 | |
| | | | | 350,000 | | | | 5.000 | | | 06/01/2054 | | | 350,075 | |
| | 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 | | | 767,065 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 13 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | 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 | | $ | 790,032 | |
| | Colorado Educational and Educational Facilities Authority Charter School RB Ascent Classical Academy Charter Schools, Inc. Series 2024A (NR/BB) | |
| | | | | 1,900,000 | | | | 5.500 | (d) | | 04/01/2044 | | | 1,993,128 | |
| | Colorado Health Facilities Authority (NR/A+) | |
| | | | | 1,275,000 | | | | 5.000 | | | 11/01/2024 | | | 1,276,520 | |
| | Colorado Health Facilities Authority American Eagle Delaware Holding Company Series 2022A-1 (NR/NR) | |
| | | | | 3,040,000 | | | | 6.000 | | | 07/01/2036 | | | 3,071,532 | |
| | Colorado Health Facilities Authority American Eagle Delaware Holding Company Series 2022A-2 (NR/NR) | |
| | | | | 1,925,000 | | | | 6.000 | | | 07/01/2031 | | | 1,957,817 | |
| | Colorado Health Facilities Authority Hospital RB for Parkview Medical Center, Inc. Project Series 2016 (Aa2/NR) | |
| | | | | 18,310,000 | | | | 5.000 | (e) | | 09/01/2026 | | | 19,176,761 | |
| | Colorado Health Facilities Authority RB for Commonspirit Health Series 2019A-1 (A3/A-) | |
| | | | | 3,560,000 | | | | 5.000 | | | 08/01/2025 | | | 3,618,970 | |
| | | | | 1,275,000 | | | | 5.000 | | | 08/01/2026 | | | 1,326,664 | |
| | | | | 1,575,000 | | | | 5.000 | | | 08/01/2027 | | | 1,673,230 | |
| | | | | 5,000,000 | | | | 5.000 | | | 08/01/2036 | | | 5,341,114 | |
| | Colorado Health Facilities Authority RB for Commonspirit Health Series 2019A-2 (A3/A-) | |
| | | | | 325,000 | | | | 5.000 | | | 08/01/2025 | | | 330,384 | |
| | | | | 3,000,000 | | | | 5.000 | | | 08/01/2037 | | | 3,200,366 | |
| | Colorado Health Facilities Authority RB for Commonspirit Health Series 2022A (A3/A-) | |
| | | | | 6,400,000 | | | | 5.500 | | | 11/01/2047 | | | 7,199,776 | |
| | | | | 8,000,000 | | | | 5.250 | | | 11/01/2052 | | | 8,737,191 | |
| | Colorado Health Facilities Authority RB for Commonspirit Health Series 2024A (A3/A-) | |
| | | | | 12,405,000 | | | | 5.000 | | | 12/01/2039 | | | 14,066,898 | |
| | Colorado Health Facilities Authority RB for Intermountain Healthcare, Inc. Series 2022 E (Aa1/AA+/A-1+) | |
| | | | | 40,080,000 | | | | 4.050 | (a)(b) | | 05/15/2062 | | | 40,080,000 | |
| | Colorado Health Facilities Authority RB for Parkview Medical Center, Inc. Obligated Group Series 2020 A (Aa2/NR) | |
| | | | | 1,800,000 | | | | 4.000 | (e) | | 09/01/2050 | | | 1,949,412 | |
| | Colorado Health Facilities Authority RB for Senior Living American Eagle Portfolio Project Series 2022B-1 (NR/NR) | |
| | | | | 21,534,543 | | | | 5.000 | (b) | | 07/01/2057 | | | 17,065,038 | |
| | Colorado Health Facilities Authority RB for Series Intermount Health Series 2024E (Aa1/AA+/A-1+) | |
| | | | | 16,590,000 | | | | 3.800 | (a)(b) | | 05/15/2064 | | | 16,590,000 | |
| | 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 | | | 3,887,885 | |
| | 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 | | | 1,204,819 | |
| | | | | 6,010,000 | | | | 4.000 | | | 08/01/2044 | | | 5,842,936 | |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Colorado – (continued) | |
| |
| | Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (A3/A-) | |
| | $ | | | 145,000 | | | | 5.000 | % | | 08/01/2035 | | $ | 155,288 | |
| | | | | 3,350,000 | | | | 5.000 | | | 08/01/2038 | | | 3,561,639 | |
| | Colorado Health Facilities Authority RB Refunding for Evangelical Lutheran Good Samaritan Society Project Series 2017 (NR/NR) | |
| | | | | 1,150,000 | | | | 5.000 | (e) | | 06/01/2027 | | | 1,226,219 | |
| | Colorado Health Facilities Authority RB Refunding for Sanford Obligated Group Series 2019 A (NR/A+) | |
| | | | | 1,730,000 | | | | 4.000 | | | 11/01/2039 | | | 1,733,994 | |
| | | | | 12,310,000 | | | | 5.000 | | | 11/01/2039 | | | 13,233,596 | |
| | | | | 6,105,000 | | | | 5.000 | | | 11/01/2044 | | | 6,445,051 | |
| | Colorado Health Facilities Authority RB Series 2019A-2 (A3/A-) | |
| | | | | 3,495,000 | | | | 4.000 | | | 08/01/2049 | | | 3,328,506 | |
| | Colorado Health Facilities Authority RB Series 2019B Series
2019B-1 (A3/A-) | |
| | | | | 8,500,000 | | | | 5.000 | (a)(b) | | 08/01/2049 | | | 8,542,441 | |
| | Colorado Health Facilities Authority Revenue Refunding Bonds Series 2019A Scl Health System (Aa1/AA+) | |
| | | | | 4,000,000 | | | | 4.000 | | | 01/01/2037 | | | 4,079,193 | |
| | Colorado Housing and Finance Authority Multifamily Housing RB for The Reserves at Eagle Point Project Series 2024 (Aaa/NR) | |
| | | | | 2,350,000 | | | | 3.500 | (a)(b) | | 11/01/2043 | | | 2,368,387 | |
| | 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 | (e) | | 03/01/2028 | | | 8,897,594 | |
| | Colorado State Board of Governors University Enterprise System Revenue Refunding Bonds Series 2017 C (ST HGR ED INTERCEPT PROG) (Aa2/AA) | |
| | | | | 6,100,000 | | | | 5.000 | | | 03/01/2043 | | | 6,375,802 | |
| | Conestoga Metropolitan District LT GO Refunding & Improvement Bonds Series 2021A3 (NR/NR) | |
| | | | | 775,000 | | | | 5.250 | | | 12/01/2051 | | | 736,644 | |
| | Copper Ridge Metropolitan District RB Series 2019 (NR/NR) | |
| | | | | 3,454,000 | | | | 4.000 | | | 12/01/2029 | | | 3,369,335 | |
| | Creekside Village Metropolitan District GO Bonds Series 2019 A (NR/NR) | |
| | | | | 889,000 | | | | 5.000 | | | 12/01/2039 | | | 891,223 | |
| | Creekwalk Marketplace Business Improvement District LT Supported & Special Revenue Senior Bonds Series 2021A (NR/NR) | |
| | | | | 740,000 | | | | 5.000 | (d) | | 12/01/2029 | | | 686,161 | |
| | | | | 1,940,000 | | | | 5.500 | (d) | | 12/01/2039 | | | 1,730,161 | |
| | Creekwalk Marketplace Business Improvement District RB Series 2019 A (NR/NR) | |
| | | | | 2,485,000 | | | | 5.000 | (d) | | 12/01/2029 | | | 2,304,203 | |
| | | | | 3,105,000 | | | | 5.500 | (d) | | 12/01/2039 | | | 2,769,149 | |
| | Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (NR/BB-) | |
| | | | | 27,295,000 | | | | 5.000 | | | 10/01/2032 | | | 27,302,891 | |
| | Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (NR/BBB) | |
| | | | | 5,505,000 | | | | 5.000 | (d) | | 12/01/2027 | | | 5,773,420 | |
| | |
| 14 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Colorado – (continued) | |
| |
| | Denver Convention Center Hotel Authority Convention Center Hotel Senior Revenue Refunding Bonds Series 2016 (Baa2/BBB-) | |
| | $ | | | 1,460,000 | | | | 5.000 | % | | 12/01/2033 | | $ | 1,495,764 | |
| | Denver Convention Center Hotel Authority Convention Center Hotel Senior RR Bonds, Series 2016 (Baa2/BBB-) | |
| | | | | 2,370,000 | | | | 5.000 | | | 12/01/2035 | | | 2,420,830 | |
| | Denver Convention Center Hotel Authority RB Refunding Series 2016 (Baa2/BBB-) | |
| | | | | 640,000 | | | | 5.000 | | | 12/01/2030 | | | 657,855 | |
| | Denver Convention Center Hotel Authority Senior Revenue Refunding Bonds Series 2016 (Baa2/BBB-) | |
| | | | | 300,000 | | | | 5.000 | | | 12/01/2031 | | | 307,891 | |
| | Denver Health & Hospital Authority COPS Series 2018 (NR/BBB) | |
| | | | | 765,000 | | | | 5.000 | | | 12/01/2024 | | | 766,006 | |
| | | | | 425,000 | | | | 5.000 | | | 12/01/2032 | | | 443,511 | |
| | Denver Health & Hospital Authority Healthcare Revenue Refunding Bonds Series 2017A (NR/BBB) | |
| | | | | 4,760,000 | | | | 5.000 | (d) | | 12/01/2024 | | | 4,766,259 | |
| | | | | 4,995,000 | | | | 5.000 | (d) | | 12/01/2025 | | | 5,078,741 | |
| | | | | 1,000,000 | | | | 5.000 | (d) | | 12/01/2034 | | | 1,032,136 | |
| | | | | 1,675,000 | | | | 4.000 | (d) | | 12/01/2035 | | | 1,603,029 | |
| | | | | 2,000,000 | | | | 4.000 | (d) | | 12/01/2036 | | | 1,892,771 | |
| | Denver Health & Hospital Authority RB Series 2019 A (NR/BBB) | |
| | | | | 120,000 | | | | 5.000 | | | 12/01/2030 | | | 126,084 | |
| | Denver Health and Hospital Authority Colorado Healthcare RB Series 2019A (NR/BBB) | |
| | | | | 2,255,000 | | | | 5.000 | | | 12/01/2031 | | | 2,361,178 | |
| | | | | 475,000 | | | | 5.000 | | | 12/01/2032 | | | 497,027 | |
| | | | | 1,360,000 | | | | 5.000 | | | 12/01/2033 | | | 1,418,466 | |
| | Denver Urban Renewal Authority 9th & Colorado Urban Redevelopment Area RB Series 2018 A (NR/NR) | |
| | | | | 4,255,000 | | | | 5.250 | (d) | | 12/01/2039 | | | 4,307,509 | |
| | E-470 Public Highway Authority RB Refunding Series 2010 A (AGM-CR) (A1/AA) | |
| | | | | 1,500,000 | | | | 0.000 | (g) | | 09/01/2035 | | | 1,024,615 | |
| | E-470 Public Highway Authority RB Series 2010 A (A1/A+) | |
| | | | | 6,000,000 | | | | 0.000 | (g) | | 09/01/2040 | | | 3,153,682 | |
| | Fiddler’s Business Improvement District GO Refunding Bonds Series 2022 (NR/NR) | |
| | | | | 2,800,000 | | | | 5.550 | (d) | | 12/01/2047 | | | 2,910,842 | |
| | First Creek Village Metropolitan District GO Bonds Series 2019 A (Baa3/NR) | |
| | | | | 20,000 | | | | 3.000 | | | 12/01/2029 | | | 19,314 | |
| | Glen Metropolitan District GO LT Bonds Series 2021 (NR/NR) | |
| | | | | 570,000 | | | | 3.750 | | | 12/01/2034 | | | 504,381 | |
| | Highlands Metropolitan District No. 1 GO Bonds Series 2021 (NR/NR) | |
| | | | | 648,000 | | | | 4.000 | | | 12/01/2031 | | | 609,038 | |
| | Hogback Metropolitan District LT GO Bonds Series 2021A3 (NR/NR) | |
| | | | | 725,000 | | | | 5.000 | | | 12/01/2041 | | | 688,602 | |
| | | | | 1,550,000 | | | | 5.000 | | | 12/01/2051 | | | 1,419,309 | |
| | Hunters Overlook Metropolitan District No. 5 GO Bonds Series
2019 A (NR/NR) | |
| | | | | 878,000 | | | | 5.000 | | | 12/01/2039 | | | 880,998 | |
| | Indy Oak TOD Metropolitan District GO Bonds Series 2020 A (NR/NR) | |
| | | | | 1,065,000 | | | | 5.500 | (d)(e) | | 06/01/2025 | | | 1,079,421 | |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Colorado – (continued) | |
| |
| | Johnstown Plaza Metropolitan District LT GO Refunding and Improvement Bonds Series 2022 (NR/NR) | |
| | $ | | | 9,731,000 | | | | 4.250 | % | | 12/01/2046 | | $ | 9,036,803 | |
| | Lanterns Metropolitan District No. 1 GO Bonds Series 2019 A (NR/NR) | |
| | | | | 1,375,000 | | | | 5.000 | | | 12/01/2039 | | | 1,382,292 | |
| | | | | 1,000,000 | | | | 5.000 | | | 12/01/2049 | | | 1,000,310 | |
| | Mayfield Metropolitan District GO Bonds Series 2020 A (NR/NR) | |
| | | | | 1,184,000 | | | | 5.750 | | | 12/01/2050 | | | 1,197,686 | |
| | Meridian Ranch Metropolitan District GO LT Bonds Series 2022 (NR/NR) | |
| | | | | 1,105,000 | | | | 6.500 | | | 12/01/2042 | | | 1,137,607 | |
| | Mirabelle Metropolitan District No. 2 GO Bonds Series 2020 A (NR/NR) | |
| | | | | 1,380,000 | | | | 5.000 | | | 12/01/2039 | | | 1,390,212 | |
| | Morgan Hill Metropolitan District GO LT Refunding & Improvement Bonds Senior Series 2021A (NR/NR) | |
| | | | | 2,940,000 | | | | 3.500 | | | 12/01/2041 | | | 2,397,653 | |
| | Mulberry Metropolitan District LT GO Bonds Series 2022A (NR/NR) | |
| | | | | 2,450,000 | | | | 7.000 | | | 12/01/2052 | | | 2,557,891 | |
| | Nine Mile Metropolitan District In The Town of Erie Boulder County RB Series 2020 (NR/NR) | |
| | | | | 1,000,000 | | | | 5.125 | | | 12/01/2040 | | | 1,018,591 | |
| | North Holly Metropolitan District Limited Tax GO Bonds Series
2018 A (NR/NR) | |
| | | | | 500,000 | | | | 5.500 | | | 12/01/2048 | | | 503,276 | |
| | Northglenn Urban Renewal Authority Tax Allocation for Urban Renewal Plan 2 Series 2019 (NR/BBB-) | |
| | | | | 175,000 | | | | 4.000 | | | 12/01/2024 | | | 174,980 | |
| | | | | 100,000 | | | | 4.000 | | | 12/01/2025 | | | 100,601 | |
| | | | | 315,000 | | | | 4.000 | | | 12/01/2026 | | | 320,643 | |
| | | | | 290,000 | | | | 4.000 | | | 12/01/2029 | | | 297,092 | |
| | | | | 205,000 | | | | 4.000 | | | 12/01/2030 | | | 208,059 | |
| | | | | 225,000 | | | | 4.000 | | | 12/01/2031 | | | 226,611 | |
| | Pinon Pines Metropolitan District No. 2 GO Bonds Series 2020 (NR/NR) | |
| | | | | 925,000 | | | | 5.000 | | | 12/01/2040 | | | 926,669 | |
| | Pomponio Terrace Metropolitan District GO Bonds Series 2019 A (NR/NR) | |
| | | | | 646,000 | | | | 5.000 | | | 12/01/2049 | | | 642,581 | |
| | 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 | | | 977,584 | |
| | Public Authority Colorado Energy RB for Natural Gas Purchase Series 2008 (A1/A-) | |
| | | | | 2,000,000 | | | | 6.250 | | | 11/15/2028 | | | 2,116,894 | |
| | Raindance Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR) | |
| | | | | 5,000,000 | | | | 5.000 | | | 12/01/2039 | | | 5,006,694 | |
| | Rampart Range Metropolitan District No. 5 RB Series 2021 (NR/NR) | |
| | | | | 1,250,000 | | | | 4.000 | | | 12/01/2036 | | | 1,222,296 | |
| | | | | 2,000,000 | | | | 4.000 | | | 12/01/2041 | | | 1,860,008 | |
| | Reata Ridge Village Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR) | |
| | | | | 893,000 | | | | 5.000 | | | 12/01/2049 | | | 883,248 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 15 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Colorado – (continued) | |
| |
| | Regional Transportation District Private Activity Bonds for Denver Transit Partners Eagle P3 Project Series 2020 (Baa1/NR) | |
| | $ | | | 715,000 | | | | 5.000 | % | | 01/15/2029 | | $ | 770,463 | |
| | | | | 400,000 | | | | 5.000 | | | 07/15/2029 | | | 434,232 | |
| | | | | 500,000 | | | | 5.000 | | | 01/15/2030 | | | 545,766 | |
| | | | | 350,000 | | | | 5.000 | | | 07/15/2030 | | | 383,749 | |
| | Regional Transportation District Tax Exempt Private Activity Bonds Series 2020 (Baa1/NR) | |
| | | | | 500,000 | | | | 5.000 | | | 07/15/2027 | | | 525,877 | |
| | Ritoro Metropolitan District GO Bonds Series 2019 A (NR/NR) | |
| | | | | 850,000 | | | | 5.000 | | | 12/01/2049 | | | 846,703 | |
| | Second Creek Farm Metropolitan District No. 3 GO Bonds Series 2019 A (NR/NR) | |
| | | | | 2,875,000 | | | | 5.000 | | | 12/01/2039 | | | 2,882,188 | |
| | Settler’s Crossing Metropolitan District No. 1 GO Bonds Series
2020 A (NR/NR) | |
| | | | | 2,080,000 | | | | 5.000 | (d) | | 12/01/2040 | | | 2,100,703 | |
| | Sky Ranch Community Authority Board District No. 1 RB Senior Lien Series 2019 A (NR/NR) | |
| | | | | 1,235,000 | | | | 5.000 | | | 12/01/2049 | | | 1,240,024 | |
| | South Sloan’s Lake Metropolitan District No. 2 GO Improvement Bonds Series 2019 (AGM) (Baa1/AA) | |
| | | | | 375,000 | | | | 4.000 | | | 12/01/2032 | | | 390,989 | |
| | | | | 220,000 | | | | 4.000 | | | 12/01/2034 | | | 227,259 | |
| | South Timnath Metropolitan District No. 1 GO Limited Taxable Bonds Series 2019 A (NR/NR) | |
| | | | | 500,000 | | | | 5.500 | | | 12/01/2048 | | | 439,423 | |
| | Southlands Metropolitan District No. 1 GO Refunding Bonds Series 2017 A-1 (Ba1/NR) | |
| | | | | 1,000,000 | | | | 5.000 | | | 12/01/2037 | | | 1,012,575 | |
| | Southlands Metropolitan District No. 1 GO Refunding Bonds Series 2017 A-2 (Ba1/NR) | |
| | | | | 100,000 | | | | 3.500 | | | 12/01/2027 | | | 98,758 | |
| | | | | 115,000 | | | | 5.000 | | | 12/01/2037 | | | 116,446 | |
| | Southlands Metropolitan District No. 1 GO Refunding Bonds Series 2017A-1 (Ba1/NR) | |
| | | | | 325,000 | | | | 5.000 | | | 12/01/2047 | | | 326,778 | |
| | St. Vrain Lakes Metropolitan District No. 2 Limited Tax GO Bonds Series 2017 A (NR/NR) | |
| | | | | 1,000,000 | | | | 5.000 | | | 12/01/2037 | | | 1,004,241 | |
| | Sterling Hills West Metropolitan District GO Refunding Bonds Series 2017 (A2/NR) | |
| | | | | 350,000 | | | | 5.000 | | | 12/01/2032 | | | 368,494 | |
| | 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 | | | 1,664,774 | |
| | The Lakes At Centerra Metropolitan District No.2 In The City of Loveland Colorado Limited Tax GO Refunding Bonds Series 2024A (AGM) (NR/AA) | |
| | | | | 5,300,000 | | | | 4.500 | | | 12/01/2054 | | | 5,446,528 | |
| | The Village Metropolitan District GO Refunding Bonds Series 2020 (NR/NR) | |
| | | | | 850,000 | | | | 4.150 | | | 12/01/2030 | | | 844,382 | |
| | 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 | | | 1,582,892 | |
| | | | | 4,750,000 | | | | 4.250 | | | 12/01/2054 | | | 4,743,733 | |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Colorado – (continued) | |
| |
| | University of Colorado Hospital Authority Refunding RB Series 2018B Series 2018C (Aa2/AA/A-1+) | |
| | $ | | | 18,655,000 | | | | 3.800 | %(a)(b) | | 11/15/2035 | | $ | 18,655,000 | |
| | Vauxmont Metropolitan District GO Refunding Bonds Series 2020 (AGM) (NR/AA) | |
| | | | | 195,000 | | | | 5.000 | | | 12/01/2026 | | | 204,050 | |
| | | | | 205,000 | | | | 5.000 | | | 12/01/2027 | | | 218,533 | |
| | | | | 210,000 | | | | 5.000 | | | 12/01/2028 | | | 227,490 | |
| | | | | 210,000 | | | | 5.000 | | | 12/01/2029 | | | 231,044 | |
| | | | | 215,000 | | | | 5.000 | | | 12/01/2030 | | | 236,595 | |
| | | | | 230,000 | | | | 5.000 | | | 12/01/2031 | | | 252,340 | |
| | | | | 250,000 | | | | 5.000 | | | 12/01/2032 | | | 273,592 | |
| | | | | 255,000 | | | | 5.000 | | | 12/01/2033 | | | 278,547 | |
| | | | | 285,000 | | | | 5.000 | | | 12/01/2034 | | | 310,478 | |
| | | | | 100,000 | | | | 5.000 | | | 12/01/2035 | | | 108,554 | |
| | Vauxmont Metropolitan District Limited Tax Convertible to Unlimited Tax GO Refunding Bonds Series 2019 (AGM) (NR/AA) | |
| | | | | 135,000 | | | | 5.000 | | | 12/15/2026 | | | 139,587 | |
| | | | | 125,000 | | | | 5.000 | | | 12/15/2028 | | | 129,234 | |
| | | | | 125,000 | | | | 5.000 | | | 12/15/2029 | | | 129,234 | |
| | | | | 125,000 | | | | 5.000 | | | 12/15/2030 | | | 129,225 | |
| | | | | 135,000 | | | | 5.000 | | | 12/15/2031 | | | 139,551 | |
| | | | | 160,000 | | | | 5.000 | | | 12/15/2032 | | | 165,391 | |
| | Vauxmont Metropolitan District Senior LT GO Special Revenue Refunding Bonds Series 2020 (AGM) (NR/AA) | |
| | | | | 200,000 | | | | 5.000 | | | 12/01/2024 | | | 200,441 | |
| | | | | 180,000 | | | | 5.000 | | | 12/01/2025 | | | 184,241 | |
| | Vauxmont Metropolitan District Subordinate LT GO Special Revenue Refunding Bonds Series 2019 (AGM) (NR/AA) | |
| | | | | 125,000 | | | | 5.000 | | | 12/15/2025 | | | 128,196 | |
| | Village Metropolitan District No. 2 Limited Tax GO and Special RB Series 2019 (NR/NR) | |
| | | | | 1,194,000 | | | | 4.375 | | | 12/01/2044 | | | 1,192,091 | |
| | 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 | | | 7,216,356 | |
| | West Meadow Metropolitan District Town of Fraser, Grand County, Colorado LT GO Senior Bonds Series 2023A (NR/NR) | |
| | | | | 1,000,000 | | | | 6.000 | (d) | | 12/01/2038 | | | 1,051,441 | |
| | Westerly Metropolitan District No. 4 GO Bonds Series 2021 A (NR/NR) | |
| | | | | 1,000,000 | | | | 5.000 | | | 12/01/2040 | | | 933,873 | |
| | Wild Plum Metropolitan District GO Bonds Series 2019 A (NR/NR) | |
| | | | | 595,000 | | | | 5.000 | (e) | | 12/01/2024 | | | 614,300 | |
| | 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 | | | 723,329 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 512,158,325 | |
| | | |
| | Connecticut - 0.8% | |
| |
| | City of New Haven GO Bonds Series 2018 A (NR/A-) | |
| | | | | 815,000 | | | | 5.000 | | | 08/01/2027 | | | 855,312 | |
| | | | | 1,615,000 | | | | 5.000 | | | 08/01/2028 | | | 1,718,359 | |
| | | | | 900,000 | | | | 5.500 | | | 08/01/2029 | | | 977,798 | |
| | | | | 725,000 | | | | 5.500 | | | 08/01/2031 | | | 781,021 | |
| | | | | 500,000 | | | | 5.500 | | | 08/01/2032 | | | 538,574 | |
| | |
| 16 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Connecticut – (continued) | |
| |
| | City of New Haven GO Bonds Series 2018 A (NR/A-) – (continued) | |
| | $ | | | 405,000 | | | | 5.500 | % | | 08/01/2033 | | $ | 435,458 | |
| | City of New Haven GO Refunding Bonds Series 2019 B (AGM) (A1/AA) | |
| | | | | 1,050,000 | | | | 5.000 | | | 02/01/2028 | | | 1,121,712 | |
| | City of New Haven GO Refunding Bonds Series B (AGM) (A1/AA) | |
| | | | | 450,000 | | | | 5.000 | | | 02/01/2030 | | | 494,826 | |
| | City of Stamford Housing Authority RB Anticipation Notes for Dogwoods Project Series 2022 (NR/NR) | |
| | | | | 1,500,000 | | | | 11.000 | (d) | | 12/01/2027 | | | 1,770,127 | |
| | 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 | | | 8,246,463 | |
| | Connecticut State GO Bonds Series 2018 C (Aa3/AA-) | |
| | | | | 825,000 | | | | 5.000 | | | 06/15/2028 | | | 901,203 | |
| | Connecticut State GO Refunding Bonds Series 2017 B (Aa3/AA-) | |
| | | | | 5,000,000 | | | | 5.000 | | | 04/15/2028 | | | 5,442,277 | |
| | Connecticut State Health & Educational Facilities Authority RB for McLean Affiliates Obligated Group Series 2020 A (NR/NR) | |
| | | | | 400,000 | | | | 5.000 | (d) | | 01/01/2030 | | | 401,940 | |
| | Connecticut State Health & Educational Facilities Authority RB Refunding for The University of Hartford Series 2019 (NR/BB+) | |
| | | | | 575,000 | | | | 5.000 | | | 07/01/2026 | | | 580,483 | |
| | | | | 440,000 | | | | 5.000 | | | 07/01/2027 | | | 446,702 | |
| | | | | 530,000 | | | | 5.000 | | | 07/01/2028 | | | 540,245 | |
| | | | | 485,000 | | | | 5.000 | | | 07/01/2029 | | | 495,808 | |
| | | | | 875,000 | | | | 5.000 | | | 07/01/2030 | | | 890,400 | |
| | | | | 645,000 | | | | 5.000 | | | 07/01/2031 | | | 653,610 | |
| | | | | 575,000 | | | | 5.000 | | | 07/01/2032 | | | 580,973 | |
| | | | | 475,000 | | | | 5.000 | | | 07/01/2033 | | | 478,733 | |
| | | | | 450,000 | | | | 5.000 | | | 07/01/2034 | | | 452,401 | |
| | | | | 890,000 | | | | 4.000 | | | 07/01/2039 | | | 768,439 | |
| | Great Pond Improvement District RB for Great Pond Phase 1 Project Series 2019 (NR/NR) | |
| | | | | 3,585,000 | | | | 4.750 | (d) | | 10/01/2048 | | | 3,540,295 | |
| | Housing Authority of The City of Norwalk Multifamily Housing RB Wall Street Place Series 2024 (Aaa/NR) | |
| | | | | 4,000,000 | | | | 3.050 | (a)(b) | | 09/01/2058 | | | 4,022,576 | |
| | Mohegan Tribal Finance Authority Tribal RB Economic Development Bonds Series 2015 (NR/B-) | |
| | | | | 3,750,000 | | | | 7.000 | (d) | | 02/01/2045 | | | 3,782,812 | |
| | South Central Connecticut Regional Water Authority Water System RB Thirty-Sixth Series A-1 (Aa3/AA-) | |
| | | | | 265,000 | | | | 4.000 | | | 08/01/2038 | | | 272,714 | |
| | State of Connecticut GO Bonds 2020 Series A (Aa3/AA-) | |
| | | | | 5,000,000 | | | | 4.000 | | | 01/15/2036 | | | 5,193,806 | |
| | State of Connecticut GO Bonds Series 2018 (Aa3/AA-) | |
| | | | | 1,770,000 | | | | 5.000 | | | 06/15/2027 | | | 1,891,094 | |
| | | | | 755,000 | | | | 5.000 | | | 06/15/2029 | | | 823,089 | |
| | State of Connecticut GO Unlimited Bonds Series 2019 A (Aa3/AA-) | |
| | | | | 135,000 | | | | 5.000 | | | 04/15/2028 | | | 146,941 | |
| | | | | 1,000,000 | | | | 5.000 | | | 04/15/2035 | | | 1,090,163 | |
| | | | | 1,000,000 | | | | 5.000 | | | 04/15/2036 | | | 1,087,103 | |
| | | | | 1,000,000 | | | | 5.000 | | | 04/15/2039 | | | 1,076,785 | |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Connecticut – (continued) | |
| |
| | State of Connecticut Health and Educational Facilities Authority for Yale University Issue RB Series U-2 (Aaa/AAA) (PUTABLE) | |
| | $ | | | 15,000,000 | | | | 1.100 | %(a)(b) | | 07/01/2033 | | $ | 14,843,778 | |
| | 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 | | | 2,217,188 | |
| | 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 | | | 2,454,366 | |
| | 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 | | | 1,524,406 | |
| | State of Connecticut State Revolving Fund General RB (Green Bonds, 2017 Series A) (Aaa/AAA) | |
| | | | | 3,945,000 | | | | 5.000 | | | 05/01/2032 | | | 4,162,196 | |
| | State of Connecticut State Revolving Fund RB Series 2017 A (Aaa/AAA) | |
| | | | | 5,000,000 | | | | 5.000 | | | 05/01/2036 | | | 5,236,757 | |
| | Steel Point Infrastructure Improvement District Tax Allocation for Steelpointe Harbor Project Series 2021 (NR/NR) | |
| | | | | 480,000 | | | | 4.000 | (d) | | 04/01/2036 | | | 472,802 | |
| | | | | 400,000 | | | | 4.000 | (d) | | 04/01/2041 | | | 375,544 | |
| | West Haven GO Bonds Series 2017 A (Baa3/BBB+) | |
| | | | | 325,000 | | | | 5.000 | | | 11/01/2025 | | | 332,011 | |
| | | | | 325,000 | | | | 5.000 | | | 11/01/2026 | | | 338,361 | |
| | | | | 325,000 | | | | 5.000 | | | 11/01/2027 | | | 343,941 | |
| | West Haven GO Bonds Series 2017 B (Baa3/BBB+) | |
| | | | | 645,000 | | | | 5.000 | | | 11/01/2024 | | | 645,706 | |
| | | | | 240,000 | | | | 5.000 | | | 11/01/2026 | | | 249,866 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 85,697,164 | |
| | | |
| | Delaware - 0.3% | |
| |
| | Delaware Economic Development Authority Charter School RB for Aspira of Delaware Charter Operations Project Series 2022A (NR/BB) | |
| | | | | 370,000 | | | | 3.000 | | | 06/01/2032 | | | 339,424 | |
| | | | | 450,000 | | | | 4.000 | | | 06/01/2042 | | | 409,831 | |
| | Delaware Economic Development Authority Charter Schools RB Series 2021 (NR/BBB+) | |
| | | | | 1,425,000 | | | | 4.000 | | | 09/01/2041 | | | 1,367,046 | |
| | Delaware Health Facilities Authority RB for Beebee Medical Center Project Series 2018 (NR/BBB) | |
| | | | | 760,000 | | | | 5.000 | | | 06/01/2026 | | | 780,601 | |
| | | | | 600,000 | | | | 5.000 | | | 06/01/2029 | | | 633,867 | |
| | Delaware Health Facilities Authority Revenue Refunding Bonds for Christiana Care Health System Series 2020A (Aa2/AA+) | |
| | | | | 5,000,000 | | | | 5.000 | | | 10/01/2040 | | | 5,315,950 | |
| | Delaware State Economic Development Authority RB for First State Montessori Academy, Inc. Series 2019 A (NR/BBB-) | |
| | | | | 295,000 | | | | 4.000 | | | 08/01/2029 | | | 295,707 | |
| | | | | 1,050,000 | | | | 5.000 | | | 08/01/2039 | | | 1,070,811 | |
| | Delaware State Economic Development Authority RB for Newark Charter School, Inc. Series 2020 (NR/BBB+) | |
| | | | | 530,000 | | | | 4.000 | | | 09/01/2030 | | | 538,750 | |
| | | | | 1,550,000 | | | | 5.000 | | | 09/01/2040 | | | 1,616,463 | |
| | State of Delaware GO Bonds Series 2023A (Aaa/AAA) | |
| | | | | 7,550,000 | | | | 5.000 | | | 05/01/2036 | | | 8,861,527 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 17 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Delaware – (continued) | |
| |
| | Town of Bridgeville Delaware Special Obligation Bonds Heritage Shores Special Development District Series 2024 (NR/NR) | |
| | $ | | | 1,535,000 | | | | 5.625 | %(d) | | 07/01/2053 | | $ | 1,633,022 | |
| | Town of Bridgeville Special Tax Refunding for Heritage Shores Special Development District Series 2020 (Baa3/NR) | |
| | | | | 503,000 | | | | 4.000 | | | 07/01/2025 | | | 502,585 | |
| | | | | 548,000 | | | | 4.000 | | | 07/01/2026 | | | 551,742 | |
| | | | | 608,000 | | | | 4.000 | | | 07/01/2027 | | | 615,226 | |
| | | | | 2,020,000 | | | | 4.000 | | | 07/01/2030 | | | 2,029,389 | |
| | | | | | | | | | | | | | | | |
| | | | | 26,561,941 | |
| | | |
| | District of Columbia - 0.9% | |
| |
| | District of Columbia (Washington, D.C.) Income Tax Secured RB, Series 2023A (Tax-Exempt) (Aa1/AAA) | |
| | | | | 3,425,000 | | | | 5.250 | | | 05/01/2048 | | | 3,841,543 | |
| | District of Columbia GO Refunding Bonds Series 2017 A (Aaa/ AA+) | |
| | | | | 10,000,000 | | | | 5.000 | | | 06/01/2035 | | | 10,500,481 | |
| | District of Columbia Housing Finance Agency Collateralized Multifamily Housing RB One Hawaii Avenue Project Series 2024 (Aaa/NR) | |
| | | | | 3,275,000 | | | | 3.650 | (a)(b) | | 07/01/2028 | | | 3,328,098 | |
| | District of Columbia Metropolitan Airport Authority Airport System Revenue Refunding Bonds Series 2015A (NR/AA-) | |
| | | | | 12,000,000 | | | | 5.000 | | | 10/01/2034 | | | 12,003,198 | |
| | District of Columbia Private Activity RB Series 2022A (A3/NR) | |
| | | | | 1,750,000 | | | | 5.500 | | | 02/28/2037 | | | 2,059,430 | |
| | District of Columbia RB for International School Series 2019 (NR/ BBB) | |
| | | | | 860,000 | | | | 5.000 | | | 07/01/2039 | | | 898,055 | |
| | District of Columbia RB for KIPP DC Obligated Group Series 2019 (NR/BBB+) | |
| | | | | 2,550,000 | | | | 4.000 | | | 07/01/2039 | | | 2,533,782 | |
| | District of Columbia Union Market Project Tax Increment RB Convertible Capital Appreciation Bonds. Series 2024B (NR/NR) | |
| | | | | 2,400,000 | | | | 0.000 | (d)(i) | | 06/01/2041 | | | 1,460,959 | |
| | District of Columbia Water and Sewer Authority Public Utility Subordinate Lien Multimodel RB Series 2022E (Aa2/AA+) | |
| | | | | 2,875,000 | | | | 3.000 | (a)(b) | | 10/01/2057 | | | 2,880,979 | |
| | Metro Washington Airports Authority Airport System Revenue and Refunding Bonds Series 2015B (AMT) (Aa3/AA-) | |
| | | | | 5,815,000 | | | | 5.000 | | | 10/01/2032 | | | 5,888,971 | |
| | Metropolitan Washington Airport Authority Revenue & Refunding Bonds Series 2018A (Aa3/AA-) | |
| | | | | 7,500,000 | | | | 5.000 | | | 10/01/2043 | | | 7,736,600 | |
| | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2018A (Aa3/AA-) | |
| | | | | 6,375,000 | | | | 5.000 | | | 10/01/2033 | | | 6,721,296 | |
| | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2020B (Aa3/AA-) | |
| | | | | 1,555,000 | | | | 5.000 | | | 10/01/2029 | | | 1,741,571 | |
| | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds, Series 2022A (AMT) (Aa3/NR) | |
| | | | | 1,100,000 | | | | 5.000 | | | 10/01/2026 | | | 1,137,280 | |
| | Metropolitan Washington Airports Authority Dulles Toll Road RB Refunding First Senior Lien for Dulles Metrorail and Capital Improvement Project Series 2019 A (A2/A) | |
| | | | | 1,060,000 | | | | 5.000 | | | 10/01/2031 | | | 1,146,182 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | District of Columbia – (continued) | |
| |
| | Metropolitan Washington Airports Authority Dulles Toll Road RB Refunding First Senior Lien for Dulles Metrorail and Capital Improvement Project Series 2019 A (A2/A) – (continued) | |
| | $ | | | 395,000 | | | | 5.000 | % | | 10/01/2033 | | $ | 425,916 | |
| | | | | 3,025,000 | | | | 5.000 | | | 10/01/2035 | | | 3,251,013 | |
| | | | | 1,000,000 | | | | 5.000 | | | 10/01/2037 | | | 1,069,664 | |
| | | | | 2,065,000 | | | | 5.000 | | | 10/01/2039 | | | 2,194,621 | |
| | Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (Baa2/A-) | |
| | | | | 925,000 | | | | 5.000 | | | 10/01/2047 | | | 964,319 | |
| | | | | 1,550,000 | | | | 4.000 | | | 10/01/2053 | | | 1,471,978 | |
| | Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (AGM) (A1/AA) | |
| | | | | 2,130,000 | | | | 3.000 | | | 10/01/2050 | | | 1,687,991 | |
| | | | | 2,960,000 | | | | 4.000 | | | 10/01/2053 | | | 2,842,560 | |
| | Metropolitan Washington Airports Authority Dulles Toll Road Subordinate Lien Revenue Refunding Bonds for Dulles Metrorail & Capital Improvement Projects Series 2019B (Baa2/A-) | |
| | | | | 13,315,000 | | | | 4.000 | | | 10/01/2049 | | | 12,860,130 | |
| | Washington Metropolitan Airports Authority Airport System Revenue Refunding Bonds Series 2015B (Aa3/AA-) | |
| | | | | 1,325,000 | | | | 5.000 | | | 10/01/2035 | | | 1,340,163 | |
| | | | | | | | | | | | | | | | |
| | | | | 91,986,780 | |
| | | |
| | Florida - 11.9% | |
| |
| | Abbott Square Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 915,000 | | | | 5.375 | | | 06/15/2042 | | | 949,548 | |
| | Aberdeen Community Development District Special Assessment Refunding Series 2020 A-1 (AGM) (NR/AA) | |
| | | | | 4,990,000 | | | | 3.250 | | | 05/01/2036 | | | 4,674,476 | |
| | Aberdeen Community Development District Special Assessment Refunding Series 2020 A-2 (NR/NR) | |
| | | | | 240,000 | | | | 4.000 | | | 05/01/2025 | | | 240,104 | |
| | Aberdeen Community Development District Special Assessment Series 2018 (NR/NR) | |
| | | | | 210,000 | | | | 4.500 | | | 05/01/2029 | | | 213,454 | |
| | Academical Village Community Development District Special Assessment Bonds Series 2020 (NR/NR) | |
| | | | | 165,000 | | | | 2.875 | | | 05/01/2025 | | | 163,559 | |
| | | | | 1,725,000 | | | | 4.000 | | | 05/01/2051 | | | 1,487,685 | |
| | Academical Village Community Development District Special Assessment Bonds Series 2020 (NR/NR) | |
| | | | | 1,420,000 | | | | 3.625 | | | 05/01/2040 | | | 1,224,869 | |
| | Alachua County Health Facilities Authority Continuing Care Retirement Community RB Series 2022 (NR/NR) | |
| | | | | 2,250,000 | | | | 4.000 | | | 10/01/2040 | | | 2,119,719 | |
| | Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (NR/A-) | |
| | | | | 370,000 | | | | 3.000 | | | 05/01/2025 | | | 366,252 | |
| | | | | 380,000 | | | | 3.000 | | | 05/01/2026 | | | 375,026 | |
| | | | | 395,000 | | | | 3.125 | | | 05/01/2027 | | | 391,697 | |
| | Anthem Park Community Development District Special Assessment RB Refunding Subordinate Series 2016 A-2 (NR/NR) | |
| | | | | 100,000 | | | | 4.250 | | | 05/01/2027 | | | 100,510 | |
| | | | | 280,000 | | | | 4.750 | | | 05/01/2036 | | | 281,532 | |
| | |
| 18 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Antillia Community Development District Miami-Dade County Florida Special Assessment Bonds Series 2024 (NR/NR) | |
| | $ | | | 500,000 | | | | 5.000 | % | | 05/01/2031 | | $ | 507,002 | |
| | Arbors Community Development District Capital Improvement RB Series 2023 (NR/NR) | |
| | | | | 525,000 | | | | 4.500 | | | 05/01/2030 | | | 534,597 | |
| | | | | 1,000,000 | | | | 5.400 | | | 05/01/2043 | | | 1,050,713 | |
| | Arlington Ridge Community Development District Special Assessment RB Series 2019 (NR/NR) | |
| | | | | 175,000 | | | | 3.600 | | | 05/01/2029 | | | 173,317 | |
| | | | | 305,000 | | | | 4.000 | | | 05/01/2036 | | | 296,699 | |
| | Armstrong Community Development District Special Assessment for Assessment Area Two Project Series 2019 A (NR/NR) | |
| | | | | 70,000 | | | | 3.125 | | | 11/01/2024 | | | 69,961 | |
| | | | | 990,000 | | | | 3.500 | | | 11/01/2030 | | | 951,377 | |
| | | | | 1,705,000 | | | | 4.000 | | | 11/01/2040 | | | 1,581,499 | |
| | Artisan Lakes East Community Development District RB for Capital Improvement Series 2018 (NR/NR) | |
| | | | | 630,000 | | | | 4.550 | (d) | | 05/01/2029 | | | 640,935 | |
| | 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 | | | 721,242 | |
| | 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 | | | 842,919 | |
| | Astonia Community Development District Special Assessment for Assessment Area 2 Project Series 2021 (NR/NR) | |
| | | | | 205,000 | | | | 2.500 | (d) | | 05/01/2026 | | | 200,523 | |
| | | | | 500,000 | | | | 3.000 | (d) | | 05/01/2031 | | | 470,357 | |
| | | | | 425,000 | | | | 3.200 | (d) | | 05/01/2041 | | | 356,869 | |
| | Astonia Community Development District Special Assessment for North Parcel Assessment Area Project Series 2021 (NR/NR) | |
| | | | | 105,000 | | | | 2.500 | (d) | | 05/01/2026 | | | 102,707 | |
| | | | | 315,000 | | | | 3.000 | (d) | | 05/01/2031 | | | 296,325 | |
| | Avalon Groves Community Development District Special Assessment for Assessment Area One Phase 1 Project 1 & 2 Series 2019 (NR/NR) | |
| | | | | 35,000 | | | | 3.350 | | | 11/01/2024 | | | 34,988 | |
| | | | | 200,000 | | | | 3.700 | | | 11/01/2029 | | | 198,803 | |
| | | | | 695,000 | | | | 4.125 | | | 11/01/2039 | | | 672,326 | |
| | Avalon Groves Community Development District Special Assessment for Assessment Area One Project Series 2017 (NR/NR) | |
| | | | | 95,000 | | | | 5.000 | | | 05/01/2028 | | | 97,254 | |
| | Avalon Groves Community Development District Special Assessment for Assessment Area Three Project Series 2021 (NR/NR) | |
| | | | | 200,000 | | | | 3.000 | | | 05/01/2032 | | | 186,723 | |
| | | | | 220,000 | | | | 3.375 | | | 05/01/2041 | | | 186,558 | |
| | Avalon Groves Community Development District Special Assessment for Assessment Area Two Project Series 2017 A-1 (NR/NR) | |
| | | | | 265,000 | | | | 5.375 | | | 05/01/2028 | | | 273,347 | |
| | Avalon Groves Community Development District Special Assessment for Phases 3 and 4 Sub Assessment Area One Series 2021 (NR/NR) | |
| | | | | 85,000 | | | | 2.250 | | | 05/01/2026 | | | 82,832 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Avalon Groves Community Development District Special Assessment for Phases 3 and 4 Sub Assessment Area One Series 2021 (NR/NR) – (continued) | |
| | $ | | | 435,000 | | | | 2.750 | % | | 05/01/2031 | | $ | 404,110 | |
| | 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 | | | 528,016 | |
| | Avalon Park West Community Development District Special Assessment Refunding Series 2020 (NR/NR) | |
| | | | | 115,000 | | | | 2.500 | (d) | | 05/01/2025 | | | 114,196 | |
| | | | | 320,000 | | | | 3.250 | (d) | | 05/01/2030 | | | 316,775 | |
| | Avelar Creek Community Development District Special Assessment Refunding Series 2016 (NR/A-) | |
| | | | | 180,000 | | | | 3.000 | | | 05/01/2025 | | | 178,425 | |
| | | | | 190,000 | | | | 3.000 | | | 05/01/2026 | | | 187,454 | |
| | Avenir Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 645,000 | | | | 4.500 | | | 05/01/2030 | | | 656,762 | |
| | | | | 1,125,000 | | | | 5.375 | | | 05/01/2043 | | | 1,158,270 | |
| | Aventura Isles Community Development District Miami-Dade County Special Assessment Refunding Bonds, Series 2024 (NR/NR) | |
| | | | | 1,110,000 | | | | 5.000 | | | 05/01/2043 | | | 1,135,443 | |
| | Aviary at Rutland Ranch Community Development District Special Assessment Refunding for Area 1 Project Series 2019 (NR/NR) | |
| | | | | 450,000 | | | | 4.000 | (d) | | 06/01/2030 | | | 450,210 | |
| | Babcock Ranch Community Independent Special District Special Assessment Area 2C Series 2020 (NR/NR) | |
| | | | | 105,000 | | | | 2.500 | | | 05/01/2025 | | | 104,178 | |
| | | | | 285,000 | | | | 3.000 | | | 05/01/2030 | | | 276,758 | |
| | | | | 775,000 | | | | 4.000 | | | 05/01/2040 | | | 756,923 | |
| | Babcock Ranch Community Independent Special District Special Assessment Area 3A Series 2020 (NR/NR) | |
| | | | | 165,000 | | | | 2.500 | | | 05/01/2025 | | | 163,708 | |
| | | | | 250,000 | | | | 3.000 | | | 05/01/2030 | | | 241,502 | |
| | Babcock Ranch Community Independent Special District Special Assessment Area 3B Series 2020 (NR/NR) | |
| | | | | 55,000 | | | | 2.500 | | | 05/01/2025 | | | 54,569 | |
| | | | | 145,000 | | | | 3.000 | | | 05/01/2030 | | | 140,079 | |
| | | | | 385,000 | | | | 4.000 | | | 05/01/2040 | | | 376,020 | |
| | Babcock Ranch Community Independent Special District Special Assessment RB Series 2015 (NR/NR) | |
| | | | | 205,000 | | | | 5.000 | | | 11/01/2031 | | | 207,351 | |
| | | | | 100,000 | | | | 5.250 | | | 11/01/2046 | | | 100,639 | |
| | Babcock Ranch Community Independent Special District Special Assessment RB Series 2018 (NR/NR) | |
| | | | | 70,000 | | | | 4.000 | (d) | | 11/01/2024 | | | 70,011 | |
| | | | | 360,000 | | | | 4.500 | (d) | | 11/01/2029 | | | 367,558 | |
| | Babcock Ranch Community Independent Special District Special Assessment RB Series 2022 (NR/NR) | |
| | | | | 2,000,000 | | | | 4.250 | | | 05/01/2032 | | | 2,020,294 | |
| | Babcock Ranch Community Independent Special District Special Assessment Series 2021 (NR/NR) | |
| | | | | 185,000 | | | | 2.375 | | | 05/01/2026 | | | 180,373 | |
| | Bannon Lakes Community Development District Special Assessment RB for St. Johns County Series 2016 (NR/NR) | |
| | | | | 35,000 | | | | 4.500 | | | 11/01/2025 | | | 35,137 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 19 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Bannon Lakes Community Development District Special Assessment RB Series 2016 (NR/NR) | |
| | $ | | | 175,000 | | | | 5.000 | % | | 11/01/2036 | | $ | 179,602 | |
| | | | | 305,000 | | | | 5.000 | | | 11/01/2048 | | | 306,285 | |
| | Bannon Lakes Community Development District Special Assessment RB Series 2022 (NR/NR) | |
| | | | | 345,000 | | | | 3.300 | | | 05/01/2032 | | | 330,081 | |
| | | | | 1,370,000 | | | | 4.000 | | | 05/01/2042 | | | 1,264,976 | |
| | Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015 A-1 (NR/A) | |
| | | | | 445,000 | | | | 4.250 | | | 05/01/2029 | | | 447,714 | |
| | | | | 460,000 | | | | 4.500 | | | 05/01/2035 | | | 461,053 | |
| | Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Subordinate Lien Series 2015 A-2 (NR/NR) | |
| | | | | 155,000 | | | | 4.500 | | | 05/01/2025 | | | 155,586 | |
| | Bay Laurel Center Community Development District Special Assessment RB Refunding Series 2016 Candler (NR/BBB+) | |
| | | | | 90,000 | | | | 3.000 | | | 05/01/2025 | | | 89,202 | |
| | Baywinds Community Development District Senior Special Assessment Refunding Bonds Series 2017 A-1 (NR/A+) | |
| | | | | 340,000 | | | | 3.500 | | | 05/01/2025 | | | 338,997 | |
| | | | | 350,000 | | | | 3.500 | | | 05/01/2026 | | | 349,817 | |
| | | | | 365,000 | | | | 3.500 | | | 05/01/2027 | | | 365,391 | |
| | Bella Collina Community Development District Special Assessment Bonds Series 2024 (NR/NR) | |
| | | | | 685,000 | | | | 5.000 | | | 05/01/2044 | | | 687,080 | |
| | | | | 915,000 | | | | 5.300 | | | 05/01/2055 | | | 919,791 | |
| | Bellagio Community Development District Special Assessment Bonds Series 2016 (NR/BBB) | |
| | | | | 170,000 | | | | 3.000 | | | 11/01/2025 | | | 167,160 | |
| | Belmond Reserve Community Development District Special Assessment Bonds Series 2020 (NR/NR) | |
| | | | | 215,000 | | | | 2.625 | | | 05/01/2025 | | | 213,383 | |
| | | | | 1,075,000 | | | | 3.250 | | | 05/01/2030 | | | 1,041,816 | |
| | Belmont II Community Development District Special Assessment Series 2020 (NR/NR) | |
| | | | | 130,000 | | | | 2.500 | | | 12/15/2025 | | | 128,152 | |
| | | | | 325,000 | | | | 3.125 | | | 12/15/2030 | | | 315,172 | |
| | Berry Bay Community Development District Special Assessment RB Series 2023 (NR/NR) | |
| | | | | 1,130,000 | | | | 5.500 | | | 05/01/2043 | | | 1,184,633 | |
| | Berry Bay II Community Development District Special Assessment Bonds, Series 2024 (NR/NR) | |
| | | | | 340,000 | | | | 4.450 | | | 05/01/2031 | | | 341,324 | |
| | | | | 620,000 | | | | 5.200 | | | 05/01/2044 | | | 625,457 | |
| | | | | 1,000,000 | | | | 5.450 | | | 05/01/2054 | | | 1,007,074 | |
| | Black Creek Community Development District Special Assessment Bonds Series 2020 (NR/NR) | |
| | | | | 25,000 | | | | 3.000 | | | 06/15/2025 | | | 24,828 | |
| | | | | 465,000 | | | | 3.250 | | | 06/15/2030 | | | 443,907 | |
| | Blue Lake Community Development District Special Assessment Bonds Series 2019 (NR/NR) | |
| | | | | 1,000,000 | | | | 4.000 | | | 06/15/2032 | | | 990,972 | |
| | Boggy Branch Community Development District Special Assessment Series 2021 (NR/NR) | |
| | | | | 180,000 | | | | 2.500 | | | 05/01/2026 | | | 175,526 | |
| | | | | 455,000 | | | | 3.000 | | | 05/01/2031 | | | 422,012 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Botaniko Community Development District Special Assessment Bonds Series 2020 (NR/NR) | |
| | $ | | | 85,000 | | | | 2.875 | % | | 05/01/2025 | | $ | 84,369 | |
| | | | | 1,130,000 | | | | 3.250 | | | 05/01/2031 | | | 1,071,545 | |
| | | | | 500,000 | | | | 3.625 | | | 05/01/2040 | | | 439,239 | |
| | Bradbury Community Development District City of Haines City, Florida Special Assessment Bonds, Series 2023 (NR/NR) | |
| | | | | 655,000 | | | | 4.375 | | | 05/01/2030 | | | 663,156 | |
| | Bridgewalk Community Development District Special Assessment Bonds for Assessment Area Two Project Series 2023 (NR/NR) | |
| | | | | 700,000 | | | | 6.250 | | | 12/15/2043 | | | 753,943 | |
| | Bridgewater Community Development District Special Assessment Bonds for Assessment Area One Project Series 2022 (NR/NR) | |
| | | | | 400,000 | | | | 3.000 | | | 06/15/2032 | | | 365,532 | |
| | | | | 1,095,000 | | | | 3.250 | | | 06/15/2042 | | | 891,148 | |
| | Bridgewater North Community Development District Capital Improvement RB Series 2022 (NR/NR) | |
| | | | | 1,000,000 | | | | 4.000 | | | 05/01/2042 | | | 908,922 | |
| | Brightwater Community Development District Special Assessment Bonds for Assessment Area One Series 2021 (NR/NR) | |
| | | | | 210,000 | | | | 2.375 | | | 05/01/2026 | | | 204,845 | |
| | | | | 475,000 | | | | 2.850 | | | 05/01/2031 | | | 437,238 | |
| | Brookstone Community Development District Special Assessment RB for Manatee County Series 2022 (NR/NR) | |
| | | | | 205,000 | | | | 4.375 | | | 05/01/2027 | | | 206,358 | |
| | | | | 350,000 | | | | 4.750 | | | 05/01/2032 | | | 359,112 | |
| | Broward County Port Facilities RB Series 2019A (A1/A) | |
| | | | | 1,005,000 | | | | 5.000 | | | 09/01/2037 | | | 1,092,372 | |
| | | | | 1,050,000 | | | | 5.000 | | | 09/01/2038 | | | 1,133,713 | |
| | Broward County Port Facilities RB Series 2019B (A1/A) | |
| | | | | 3,520,000 | | | | 4.000 | | | 09/01/2039 | | | 3,545,872 | |
| | | | | 4,700,000 | | | | 4.000 | | | 09/01/2049 | | | 4,461,060 | |
| | Broward County Port Facilities RB Series 2019B (AMT) (A1/A) | |
| | | | | 1,750,000 | | | | 4.000 | | | 09/01/2044 | | | 1,700,563 | |
| | Broward County Port Facilities RB Series 2022 (A1/NR) | |
| | | | | 4,960,000 | | | | 5.250 | | | 09/01/2047 | | | 5,333,613 | |
| | | | | 3,000,000 | | | | 5.500 | | | 09/01/2052 | | | 3,265,255 | |
| | Buckhead Trails Community Development District Special Assessment Bonds for Manatee County Project Series 2022 (NR/NR) | |
| | | | | 250,000 | | | | 4.750 | | | 05/01/2027 | | | 251,841 | |
| | | | | 400,000 | | | | 5.250 | | | 05/01/2032 | | | 413,311 | |
| | Buckhead Trails Community Development District Special Assessment Bonds for Manatee County Project Series 2024 (NR/NR) | |
| | | | | 600,000 | | | | 4.700 | | | 05/01/2031 | | | 605,796 | |
| | | | | 450,000 | | | | 5.600 | | | 05/01/2044 | | | 459,556 | |
| | Buena Lago Community Development District Capital Improvement RB for Assessment Area Two Series 2024 (NR/NR) | |
| | | | | 750,000 | | | | 5.250 | | | 05/01/2044 | | | 760,971 | |
| | Buena Lago Community Development District Capital Improvement RB Series 2022 (NR/NR) | |
| | | | | 665,000 | | | | 5.250 | | | 05/01/2042 | | | 697,447 | |
| | Caldera Community Development District Special Assessment Bonds for Assessment Area One Series 2024 (NR/NR) | |
| | | | | 375,000 | | | | 4.300 | | | 05/01/2031 | | | 376,505 | |
| | | | | 725,000 | | | | 5.000 | | | 05/01/2044 | | | 733,994 | |
| | |
| 20 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Campo Bello Community Development District Special Assessment Bonds Series 2019 (NR/NR) | |
| | $ | | | 50,000 | | | | 3.250 | % | | 12/15/2024 | | $ | 49,929 | |
| | | | | 1,280,000 | | | | 3.500 | | | 12/15/2030 | | | 1,229,400 | |
| | Capital Projects Finance Authority Educational Facilities RB Kissimmee Charter Academy Project Series 2024 (NR/NR) | |
| | | | | 300,000 | | | | 6.125 | (d) | | 06/15/2044 | | | 311,726 | |
| | Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (Ba2/NR) | |
| | | | | 28,215,000 | | | | 5.250 | (d) | | 12/01/2058 | | | 28,601,294 | |
| | Capital Trust Agency, Inc. RB for AcadeMir Charter School West Series 2021 A-2 (Ba2/NR) | |
| | | | | 610,000 | | | | 4.000 | (d) | | 07/01/2041 | | | 550,190 | |
| | | | | 760,000 | | | | 4.000 | (d) | | 07/01/2051 | | | 634,643 | |
| | Capital Trust Agency, Inc. RB for Imagine Charter School at North Manatee Series 2021 A (NR/NR) | |
| | | | | 230,000 | | | | 3.250 | (d) | | 06/01/2031 | | | 210,656 | |
| | Capital Trust Agency, Inc. RB for Imagine-Pasco County LLC Series 2020 A (Ba2/NR) | |
| | | | | 320,000 | | | | 3.000 | (d) | | 12/15/2029 | | | 301,975 | |
| | | | | 645,000 | | | | 5.000 | (d) | | 12/15/2039 | | | 653,049 | |
| | Capital Trust Agency, Inc. RB for University Bridge LLC Series 2018 A (Ba2/NR) | |
| | | | | 900,000 | | | | 4.000 | (d) | | 12/01/2028 | | | 902,751 | |
| | | | | 1,375,000 | | | | 5.250 | (d) | | 12/01/2043 | | | 1,410,597 | |
| | Capital Trust Agency, Inc. RB for WFCS Holdings LLC Series 2020 A-1 (NR/NR) | |
| | | | | 880,000 | | | | 4.500 | (d) | | 01/01/2035 | | | 889,507 | |
| | Capital Trust Authority Educational Facilities Lease RB for Seaside Community Charter School Project Series A (Baa3/NR) | |
| | | | | 505,000 | | | | 5.000 | | | 06/15/2034 | | | 534,358 | |
| | Capital Trust Authority Educational Facilities Revenue Refunding Bonds Southeastern University Inc Project Series 2023A (NR/BB) | |
| | | | | 2,500,000 | | | | 6.000 | (d) | | 05/01/2043 | | | 2,566,073 | |
| | | | | 2,500,000 | | | | 6.250 | (d) | | 05/01/2048 | | | 2,572,348 | |
| | Capital Trust Authority RB Anticipation Notes Convivial-St Petersburg Project Series 2024A (NR/NR) | |
| | | | | 2,725,000 | | | | 12.000 | (c)(d) | | 10/03/2029 | | | 2,724,992 | |
| | Caribe Palm Community Development District Special Assessment Refunding Series 2017 (NR/A-) | |
| | | | | 558,000 | | | | 4.250 | | | 05/01/2031 | | | 559,170 | |
| | Caymas Community Development District Capital Improvement RB, Series 2024 (Assessment Area One) (NR/NR) | |
| | | | | 800,000 | | | | 5.300 | | | 05/01/2044 | | | 815,351 | |
| | Celebration Community Development District Special Assessment for Assessment Area One Project Series 2021 (NR/NR) | |
| | | | | 70,000 | | | | 2.250 | | | 05/01/2026 | | | 68,454 | |
| | Center Lake Ranch West Community Development District Capital Improvement RB for Assessment Area One Series 2023 (NR/NR) | |
| | | | | 1,500,000 | | | | 5.750 | | | 05/01/2043 | | | 1,580,635 | |
| | Central Parc Community Development District City Of North Port Florida Special Assessment RB Series 2024 (NR/NR) | |
| | | | | 380,000 | | | | 4.900 | | | 05/01/2031 | | | 383,159 | |
| | Century Gardens at Tamiami Community Development District Special Assessment Bonds Series 2018 (NR/BBB) | |
| | | | | 110,000 | | | | 3.500 | | | 11/01/2025 | | | 109,196 | |
| | | | | 115,000 | | | | 3.500 | | | 11/01/2026 | | | 114,566 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Century Gardens at Tamiami Community Development District Special Assessment Refunding Series 2016 (NR/BBB) | |
| | $ | | | 250,000 | | | | 3.000 | % | | 05/01/2025 | | $ | 247,618 | |
| | | | | 255,000 | | | | 3.000 | | | 05/01/2026 | | | 251,584 | |
| | | | | 630,000 | | | | 4.250 | | | 05/01/2037 | | | 615,672 | |
| | Century Gardens Community Development District Special Assessment Bonds Series 2019 (NR/NR) | |
| | | | | 34,000 | | | | 3.875 | (d) | | 11/01/2024 | | | 33,997 | |
| | | | | 189,000 | | | | 4.200 | (d) | | 11/01/2029 | | | 190,775 | |
| | | | | 750,000 | | | | 5.000 | (d) | | 11/01/2049 | | | 753,830 | |
| | Century Park South Community Development District Special Assessment Bonds Series 2020 (NR/NR) | |
| | | | | 30,000 | | | | 3.000 | | | 05/01/2025 | | | 29,723 | |
| | | | | 625,000 | | | | 3.375 | | | 05/01/2031 | | | 592,813 | |
| | | | | 590,000 | | | | 3.750 | | | 05/01/2040 | | | 526,063 | |
| | CFM Community Development District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 100,000 | | | | 2.400 | | | 05/01/2026 | | | 97,548 | |
| | | | | 650,000 | | | | 2.875 | | | 05/01/2031 | | | 598,692 | |
| | | | | 740,000 | | | | 3.350 | | | 05/01/2041 | | | 620,849 | |
| | Chapel Creek Community Development District Special Assessment Series 2021 (NR/NR) | |
| | | | | 125,000 | | | | 2.500 | (d) | | 05/01/2026 | | | 122,163 | |
| | | | | 190,000 | | | | 3.000 | (d) | | 05/01/2031 | | | 176,606 | |
| | Chapel Crossings Community Development District Special Assessment Series 2020 (NR/NR) | |
| | | | | 120,000 | | | | 2.625 | (d) | | 05/01/2025 | | | 118,995 | |
| | Charles Cove Community Development District Special Assessment bond Series 2020 (NR/NR) | |
| | | | | 360,000 | | | | 3.750 | | | 05/01/2030 | | | 351,485 | |
| | | | | 975,000 | | | | 4.250 | | | 05/01/2040 | | | 930,625 | |
| | Charles Cove Community Development District Special Assessment RB Series 2021 (NR/NR) | |
| | | | | 1,430,000 | | | | 3.250 | | | 05/01/2041 | | | 1,176,278 | |
| | Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2015 (NR/NR) | |
| | | | | 1,250,000 | | | | 5.500 | (d) | | 10/01/2036 | | | 1,266,797 | |
| | Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2019 (NR/NR) | |
| | | | | 800,000 | | | | 5.000 | (d) | | 10/01/2029 | | | 828,432 | |
| | | | | 1,000,000 | | | | 5.000 | (d) | | 10/01/2034 | | | 1,024,322 | |
| | City of Cape Coral Water & Sewer RB Refunding Series 2015 (A1/A+) | |
| | | | | 1,000,000 | | | | 4.000 | | | 10/01/2034 | | | 1,005,829 | |
| | City of Fort Lauderdale, Florida Series 2023B (Prospect Lake Water Treatment Plant Project) (Aa1/AA+) | |
| | | | | 17,250,000 | | | | 5.500 | | | 09/01/2053 | | | 19,604,927 | |
| | City of Palmetto Educational Facilities Refunding RB Series 2022A (NR/BBB-) | |
| | | | | 2,000,000 | | | | 5.125 | | | 06/01/2042 | | | 2,071,049 | |
| | | | | 950,000 | | | | 5.250 | | | 06/01/2052 | | | 976,498 | |
| | 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 | | | 1,417,467 | |
| | 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 | | | 913,719 | |
| | | | | 750,000 | | | | 5.000 | | | 07/01/2040 | | | 804,800 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 21 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | City of Venice RB for Southwest Florida Retirement Center, Inc. Obligated Group Project Series 2019 (NR/NR) | |
| | $ | | | 415,000 | | | | 5.000 | % | | 01/01/2037 | | $ | 421,887 | |
| | | | | 1,485,000 | | | | 5.000 | | | 01/01/2047 | | | 1,449,434 | |
| | | | | 1,395,000 | | | | 5.000 | | | 01/01/2052 | | | 1,334,519 | |
| | City of West Palm Beach Utility System RB Series 2017 A (Aa2/ | |
| | AA+) | |
| | | | | 15,000,000 | | | | 5.000 | | | 10/01/2042 | | | 15,586,151 | |
| | CityPlace Community Development District Special Assessment Convertible Capital Appreciation RB Series 2018 (AGM) (A1/AA) | |
| | | | | 5,000,000 | | | | 0.000 | (i) | | 05/01/2038 | | | 4,960,570 | |
| | Coco Palms Community Development District Special Assessment | |
| | Bonds Expansion Area Project Series 2019 (NR/NR) | |
| | | | | 295,000 | | | | 4.000 | (d) | | 06/15/2029 | | | 295,945 | |
| | Coconut Cay Community Development District Special Assessment Series 2006 (NR/NR) | |
| | | | | 585,000 | | | | 5.375 | | | 05/01/2036 | | | 585,718 | |
| | Coddington Community Development District Capital Improvement RB Series 2022 (NR/NR) | |
| | | | | 615,000 | | | | 5.750 | | | 05/01/2042 | | | 652,652 | |
| | Concord Station Community Development District Capital Improvement RB Refunding Senior Lien Series 2016 A-1 (NR/A) | |
| | | | | 925,000 | | | | 2.750 | | | 05/01/2025 | | | 916,260 | |
| | | | | 915,000 | | | | 3.000 | | | 05/01/2026 | | | 902,882 | |
| | | | | 980,000 | | | | 3.200 | | | 05/01/2027 | | | 968,700 | |
| | | | | 1,015,000 | | | | 3.250 | | | 05/01/2028 | | | 1,007,211 | |
| | | | | 1,500,000 | | | | 3.750 | | | 05/01/2046 | | | 1,345,577 | |
| | Connerton East Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 1,580,000 | | | | 5.250 | | | 06/15/2043 | | | 1,654,576 | |
| | Cope’s Landing Community Development District Capital Improvement RB 2023 Project Area Series 2023 (NR/NR) | |
| | | | | 1,225,000 | | | | 5.750 | | | 05/01/2043 | | | 1,302,415 | |
| | Cope’s Landing Community Development District Capital Improvement RB for Assessment Area Two Series 2024 (NR/NR) | |
| | | | | 330,000 | | | | 4.400 | | | 05/01/2031 | | | 330,718 | |
| | | | | 475,000 | | | | 5.150 | | | 05/01/2044 | | | 478,579 | |
| | Copperspring Community Development District Special Assessment Bonds Series 2019 (NR/NR) | |
| | | | | 45,000 | | | | 3.200 | | | 12/15/2024 | | | 44,954 | |
| | | | | 600,000 | | | | 3.500 | | | 12/15/2029 | | | 590,818 | |
| | | | | 325,000 | | | | 4.000 | | | 12/15/2039 | | | 304,235 | |
| | Coral Bay Community Development District Capital Improvement RB Series 2022 (NR/NR) | |
| | | | | 315,000 | | | | 4.750 | | | 05/01/2032 | | | 322,383 | |
| | | | | 250,000 | | | | 5.500 | | | 05/01/2042 | | | 258,191 | |
| | Coral Bay of Lee County Community Development District Lee County Florida Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) | |
| | | | | 645,000 | | | | 4.700 | | | 05/01/2031 | | | 650,801 | |
| | | | | 1,045,000 | | | | 5.250 | | | 05/01/2044 | | | 1,065,079 | |
| | Coral Creek Community Development District Special Assessment RB for Charlotte County Project Series 2024 (NR/NR) | |
| | | | | 1,470,000 | | | | 4.600 | | | 05/01/2031 | | | 1,491,363 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Coral Keys Homes Community Development District Special Assessment Bonds Series 2020 (NR/NR) | |
| | $ | | | 55,000 | | | | 2.750 | % | | 05/01/2025 | | $ | 54,610 | |
| | Coral Lakes Community Development District Special Assessment Bonds for Assessment Area One Project Series 2024 (NR/NR) | |
| | | | | 505,000 | | | | 4.625 | | | 11/01/2031 | | | 513,236 | |
| | Cordoba Ranch Community Development District Special Assessment Refunding Bonds Series 2021 (NR/NR) | |
| | | | | 940,000 | | | | 3.000 | | | 05/01/2031 | | | 902,941 | |
| | | | | 820,000 | | | | 3.000 | | | 05/01/2037 | | | 721,734 | |
| | Corkscrew Crossing Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 675,000 | | | | 5.100 | | | 05/01/2043 | | | 688,353 | |
| | Corkscrew Farms Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR) | |
| | | | | 350,000 | | | | 4.500 | (d) | | 11/01/2028 | | | 353,308 | |
| | Coronado Community Development District Special Assessment Refunding & Improvement Bonds Series 2017 (NR/BBB+) | |
| | | | | 138,000 | | | | 3.500 | | | 05/01/2025 | | | 137,294 | |
| | | | | 143,000 | | | | 3.625 | | | 05/01/2026 | | | 143,133 | |
| | Country Walk Community Development District Special Assessment RB Refunding Senior Lien Series 2015 A-1 (NR/AA) | |
| | | | | 210,000 | | | | 3.500 | | | 05/01/2025 | | | 209,452 | |
| | | | | 210,000 | | | | 4.125 | | | 05/01/2035 | | | 210,381 | |
| | County of Broward RB for Port Facilities Senior Bonds Series
2019 B (A1/A) | |
| | | | | 1,610,000 | | | | 4.000 | | | 09/01/2036 | | | 1,633,806 | |
| | County of Miami-Dade Aviation RB Series 2019 A (NR/A+) | |
| | | | | 4,500,000 | | | | 4.000 | | | 10/01/2044 | | | 4,360,772 | |
| | | | | 6,000,000 | | | | 5.000 | | | 10/01/2044 | | | 6,206,034 | |
| | County of Osceola Transportation RB Refunding Series 2019 A-1 (NR/BBB+) | |
| | | | | 475,000 | | | | 5.000 | | | 10/01/2027 | | | 494,709 | |
| | | | | 525,000 | | | | 5.000 | | | 10/01/2028 | | | 553,543 | |
| | | | | 450,000 | | | | 5.000 | | | 10/01/2029 | | | 480,601 | |
| | | | | 770,000 | | | | 5.000 | | | 10/01/2030 | | | 822,328 | |
| | | | | 415,000 | | | | 5.000 | | | 10/01/2032 | | | 442,742 | |
| | | | | 350,000 | | | | 5.000 | | | 10/01/2033 | | | 373,315 | |
| | | | | 405,000 | | | | 5.000 | | | 10/01/2034 | | | 431,826 | |
| | | | | 435,000 | | | | 5.000 | | | 10/01/2035 | | | 463,423 | |
| | | | | 600,000 | | | | 5.000 | | | 10/01/2036 | | | 637,967 | |
| | | | | 525,000 | | | | 5.000 | | | 10/01/2037 | | | 556,741 | |
| | | | | 805,000 | | | | 5.000 | | | 10/01/2038 | | | 850,885 | |
| | | | | 1,000,000 | | | | 5.000 | | | 10/01/2039 | | | 1,054,771 | |
| | | | | 3,160,000 | | | | 5.000 | | | 10/01/2049 | | | 3,284,319 | |
| | County of Osceola Transportation RB Refunding Series 2019 A-2 (NR/BBB+) | |
| | | | | 155,000 | | | | 0.000 | (g) | | 10/01/2025 | | | 148,905 | |
| | | | | 275,000 | | | | 0.000 | (g) | | 10/01/2026 | | | 254,271 | |
| | | | | 360,000 | | | | 0.000 | (g) | | 10/01/2027 | | | 320,911 | |
| | | | | 500,000 | | | | 0.000 | (g) | | 10/01/2028 | | | 429,056 | |
| | | | | 700,000 | | | | 0.000 | (g) | | 10/01/2029 | | | 576,859 | |
| | Creek Preserve Community Development District Special Assessment RB Series 2019 (NR/NR) | |
| | | | | 120,000 | | | | 3.875 | (d) | | 11/01/2024 | | | 119,989 | |
| | | | | 740,000 | | | | 4.250 | (d) | | 11/01/2030 | | | 744,758 | |
| | |
| 22 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Creek Preserve Community Development District Special Assessment RB Series 2020 (NR/NR) | |
| | $ | | | 100,000 | | | | 3.125 | %(d) | | 11/01/2030 | | $ | 93,473 | |
| | Creekview Community Development District Special Assessment RB for Phase 2 Project Series 2024 (NR/NR) | |
| | | | | 870,000 | | | | 4.600 | (d) | | 05/01/2031 | | | 872,351 | |
| | Creekview Community Development District Special Assessment RB Series 2022 (NR/NR) | |
| | | | | 285,000 | | | | 3.875 | | | 05/01/2027 | | | 284,913 | |
| | | | | 615,000 | | | | 4.250 | | | 05/01/2032 | | | 621,547 | |
| | | | | 1,770,000 | | | | 4.625 | | | 05/01/2042 | | | 1,773,796 | |
| | Cresswind Deland Community Development District City of Deland Florida Special Assessment Bonds Series 2024 Assessment Area One (NR/NR) | |
| | | | | 545,000 | | | | 4.700 | | | 05/01/2031 | | | 550,536 | |
| | | | | 945,000 | | | | 5.375 | | | 05/01/2044 | | | 959,219 | |
| | Cross Creek North Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 2,000,000 | | | | 4.250 | | | 05/01/2042 | | | 1,932,461 | |
| | Cross Creek North Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 1,035,000 | | | | 5.125 | | | 05/01/2043 | | | 1,065,339 | |
| | Crossings Community Development District Osceola County Special Assessment Bonds Series 2024 (NR/NR) | |
| | | | | 800,000 | | | | 5.350 | | | 05/01/2044 | | | 811,084 | |
| | Crosswinds East Community Development District Special Assessment Bonds for Assessment Area Two Project Series 2024 (NR/NR) | |
| | | | | 245,000 | | | | 4.500 | | | 05/01/2031 | | | 245,981 | |
| | Crystal Cay Community Development District Special Assessment for 2021 Project Series 2021 (NR/NR) | |
| | | | | 95,000 | | | | 2.250 | | | 05/01/2026 | | | 92,790 | |
| | | | | 400,000 | | | | 2.700 | | | 05/01/2031 | | | 373,479 | |
| | Cypress Bay West Community Development District Capital Improvement RB for Assessment Area One Series 2023 (NR/NR) | |
| | | | | 590,000 | | | | 4.625 | | | 05/01/2030 | | | 599,707 | |
| | | | | 600,000 | | | | 5.250 | | | 05/01/2043 | | | 618,558 | |
| | Cypress Mill Community Development District Special Assessment Bonds for Bank Qualified 2023 Project Series 2023 (NR/BBB) | |
| | | | | 950,000 | | | | 5.000 | | | 05/01/2053 | | | 965,185 | |
| | Cypress Mill Community Development District Special Assessment for Area Two Project Series 2020 (NR/NR) | |
| | | | | 145,000 | | | | 2.625 | | | 06/15/2025 | | | 143,621 | |
| | | | | 615,000 | | | | 3.000 | | | 06/15/2031 | | | 572,629 | |
| | Cypress Park Estates Community Development District Special Assessment Area 1 Project Series 2020 (NR/NR) | |
| | | | | 55,000 | | | | 2.625 | (d) | | 05/01/2025 | | | 54,588 | |
| | | | | 295,000 | | | | 3.250 | (d) | | 05/01/2030 | | | 281,979 | |
| | Cypress Park Estates Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 135,000 | | | | 4.375 | | | 05/01/2027 | | | 135,475 | |
| | | | | 350,000 | | | | 4.750 | | | 05/01/2032 | | | 357,673 | |
| | | | | 450,000 | | | | 5.000 | | | 05/01/2042 | | | 453,063 | |
| | Davenport Road South Community Development District Special Assessment Bonds Series 2018 (NR/NR) | |
| | | | | 730,000 | | | | 4.500 | (d) | | 11/01/2028 | | | 739,764 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Deer Run Community Development District Special Assessment RB Refunding Series 2018 (NR/NR) | |
| | $ | | | 2,280,000 | | | | 5.400 | % | | 05/01/2039 | | $ | 2,408,565 | |
| | Deerbrook Community Development District Pasco County, Florida Special Assessment Bonds, Series 2023 2023 Project (NR/NR) | |
| | | | | 1,095,000 | | | | 5.250 | | | 05/01/2043 | | | 1,130,429 | |
| | Del Webb Bexley Community Development District Special Assessment Series 2018 (NR/NR) | |
| | | | | 1,665,000 | | | | 5.300 | | | 05/01/2039 | | | 1,721,572 | |
| | Del Webb Oak Creek Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 435,000 | | | | 4.125 | | | 05/01/2030 | | | 439,746 | |
| | DG Farms Community Development District Special Assessment Series 2020 (NR/NR) | |
| | | | | 155,000 | | | | 3.250 | | | 05/01/2030 | | | 149,602 | |
| | Downtown Doral South Community Development District Special Assessment Bonds Series 2018 (NR/NR) | |
| | | | | 1,545,000 | | | | 4.600 | (d) | | 05/01/2028 | | | 1,568,439 | |
| | | | | 745,000 | | | | 4.250 | (d) | | 12/15/2028 | | | 748,842 | |
| | | | | 2,395,000 | | | | 4.750 | (d) | | 12/15/2038 | | | 2,431,956 | |
| | Durbin Crossing Community Development District Special Assessment Refunding Senior Series 2017 A-1 (AGM) (NR/AA) | |
| | | | | 690,000 | | | | 3.750 | | | 05/01/2034 | | | 695,746 | |
| | | | | 955,000 | | | | 4.000 | | | 05/01/2037 | | | 965,581 | |
| | DW Bayview Community Development District Special Assessment Bond Series 2021 (NR/NR) | |
| | | | | 150,000 | | | | 2.375 | (d) | | 05/01/2026 | | | 146,886 | |
| | | | | 470,000 | | | | 3.000 | (d) | | 05/01/2032 | | | 451,444 | |
| | DW Bayview Community Development District Special Assessment Bonds for Manatee County Series 2022 (NR/NR) | |
| | | | | 175,000 | | | | 4.500 | | | 05/01/2032 | | | 180,612 | |
| | | | | 500,000 | | | | 5.125 | | | 05/01/2042 | | | 517,983 | |
| | Eagle Hammock Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 75,000 | | | | 4.375 | | | 05/01/2027 | | | 75,563 | |
| | Eagle Pointe Community Development District Special Assessment Bonds Series 2020 (NR/NR) | |
| | | | | 60,000 | | | | 3.000 | (d) | | 05/01/2025 | | | 59,676 | |
| | | | | 440,000 | | | | 3.625 | (d) | | 05/01/2031 | | | 423,655 | |
| | East 547 Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) | |
| | | | | 45,000 | | | | 2.500 | | | 05/01/2026 | | | 43,974 | |
| | | | | 230,000 | | | | 3.000 | | | 05/01/2031 | | | 213,912 | |
| | | | | 385,000 | | | | 3.300 | | | 05/01/2041 | | | 321,211 | |
| | East 547 Community Development District Special Assessment Bond for Assessment Area Two Project Series 2023 (NR/NR) | |
| | | | | 650,000 | | | | 6.250 | | | 05/01/2043 | | | 700,182 | |
| | East Bonita Beach Road Community Development District Special Assessment Bonds for Assessment Area Two Series 2021 (NR/NR) | |
| | | | | 205,000 | | | | 2.250 | | | 05/01/2026 | | | 200,077 | |
| | | | | 460,000 | | | | 3.000 | | | 05/01/2032 | | | 439,184 | |
| | East Homestead Community Development District Special Assessment Bonds Expansion Area Project Series 2019 (NR/NR) | |
| | | | | 50,000 | | | | 3.750 | | | 11/01/2024 | | | 49,996 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 23 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | East Homestead Community Development District Special Assessment Expansion Bonds Area Project Series 2019 (NR/NR) | |
| | $ | | | 280,000 | | | | 4.125 | % | | 11/01/2029 | | $ | 282,052 | |
| | Eden Hills Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 270,000 | | | | 3.250 | | | 05/01/2027 | | | 267,934 | |
| | | | | 530,000 | | | | 3.625 | | | 05/01/2032 | | | 520,021 | |
| | | | | 780,000 | | | | 4.000 | | | 05/01/2042 | | | 725,022 | |
| | Eden Hills Community Development District Special Assessment Series 2020 (NR/NR) | |
| | | | | 35,000 | | | | 2.750 | | | 05/01/2025 | | | 34,796 | |
| | | | | 110,000 | | | | 3.250 | | | 05/01/2030 | | | 108,270 | |
| | Edgewater East Community Development District Special Assessment for Assessment Area Once Series 2021 (NR/NR) | |
| | | | | 195,000 | | | | 2.500 | | | 05/01/2026 | | | 190,519 | |
| | | | | 700,000 | | | | 3.100 | | | 05/01/2031 | | | 656,602 | |
| | Edgewater East Community Development District Special Assessment RB Series 2022 (NR/NR) | |
| | | | | 650,000 | | | | 3.000 | | | 05/01/2027 | | | 632,304 | |
| | | | | 1,865,000 | | | | 3.375 | | | 05/01/2032 | | | 1,769,461 | |
| | | | | 1,870,000 | | | | 4.000 | | | 05/01/2042 | | | 1,712,485 | |
| | Edgewater West Community Development District Special Assessment RB for Assessment Area One Series 2024 (NR/NR) | |
| | | | | 2,000,000 | | | | 5.250 | (c) | | 05/01/2044 | | | 2,006,250 | |
| | Enbrook Community Development District Special Assessment Series 2020 (NR/NR) | |
| | | | | 430,000 | | | | 3.000 | (d) | | 05/01/2030 | | | 403,735 | |
| | Entrada Community Development District Capital Improvement RB Series 2023 (NR/NR) | |
| | | | | 620,000 | | | | 4.875 | | | 05/01/2033 | | | 645,536 | |
| | | | | 400,000 | | | | 5.600 | | | 05/01/2043 | | | 424,390 | |
| | Entrada Community Development District Special Assessment Bond Series 2021 (NR/NR) | |
| | | | | 375,000 | | | | 2.625 | (d) | | 05/01/2031 | | | 352,481 | |
| | | | | 1,860,000 | | | | 3.125 | (d) | | 05/01/2041 | | | 1,654,610 | |
| | Epperson North Community Development District Capital Improvement RB Series 2021A (NR/NR) | |
| | | | | 125,000 | | | | 2.450 | | | 11/01/2026 | | | 121,246 | |
| | | | | 245,000 | | | | 3.100 | | | 11/01/2031 | | | 227,914 | |
| | Epperson North Community Development District Special Assessment for Assessment Area #2 Series 2021 (NR/NR) | |
| | | | | 85,000 | | | | 2.500 | | | 05/01/2026 | | | 82,958 | |
| | | | | 315,000 | | | | 3.000 | | | 05/01/2031 | | | 292,597 | |
| | | | | 320,000 | | | | 3.500 | | | 05/01/2041 | | | 271,324 | |
| | Escambia County Health Facilities Authority Health Care Facilities RB Series 2020A (Baa2/BBB) | |
| | | | | 3,705,000 | | | | 4.000 | | | 08/15/2045 | | | 3,443,704 | |
| | 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 | | | 1,456,030 | |
| | | | | 3,140,000 | | | | 5.000 | | | 08/15/2032 | | | 3,353,680 | |
| | | | | 355,000 | | | | 5.000 | | | 08/15/2033 | | | 378,584 | |
| | | | | 2,045,000 | | | | 5.000 | | | 08/15/2034 | | | 2,167,826 | |
| | | | | 2,595,000 | | | | 5.000 | | | 08/15/2035 | | | 2,752,056 | |
| | | | | 9,500,000 | | | | 5.000 | | | 08/15/2036 | | | 10,027,580 | |
| | | | | 4,080,000 | | | | 5.000 | | | 08/15/2040 | | | 4,227,947 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Escambia County International Paper Company Environmental Improvement Revenue Refunding Bonds Series 2019B (Baa2/BBB) (PUTABLE) | |
| | $ | | | 400,000 | | | | 2.000 | %(a)(b) | | 11/01/2033 | | $ | 400,000 | |
| | Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-1 (NR/NR) | |
| | | | | 465,000 | | | | 3.250 | | | 11/01/2025 | | | 461,855 | |
| | | | | 1,375,000 | | | | 3.625 | | | 11/01/2030 | | | 1,325,057 | |
| | Evergreen Community Development District Special Assessment RB Series 2019 (NR/NR) | |
| | | | | 70,000 | | | | 4.125 | (d) | | 11/01/2024 | | | 70,007 | |
| | | | | 445,000 | | | | 4.250 | (d) | | 11/01/2029 | | | 449,606 | |
| | Everlands Community Development District Special Assessment Bonds for Assessment Area Two – 2024 Project Area Series 2024 (NR/NR) | |
| | | | | 850,000 | | | | 4.400 | | | 06/15/2031 | | | 861,146 | |
| | Everlands II Community Development District Special Assessment Bonds Series 2024 (NR/NR) | |
| | | | | 900,000 | | | | 4.600 | | | 06/15/2031 | | | 905,552 | |
| | Fallschase Community Development District Special Assessment Bonds for Leon County Series 2021 (NR/NR) | |
| | | | | 1,000,000 | | | | 4.000 | | | 05/01/2052 | | | 853,863 | |
| | Fallschase Community Development District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 700,000 | | | | 2.625 | | | 05/01/2026 | | | 685,439 | |
| | | | | 1,220,000 | | | | 3.125 | | | 05/01/2031 | | | 1,140,006 | |
| | Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR) | |
| | | | | 1,575,000 | | | | 4.250 | | | 05/01/2029 | | | 1,591,902 | |
| | | | | 3,020,000 | | | | 5.000 | | | 05/01/2035 | | | 3,119,683 | |
| | Finley Woods Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR) | |
| | | | | 355,000 | | | | 3.500 | | | 05/01/2030 | | | 342,097 | |
| | | | | 165,000 | | | | 4.000 | | | 05/01/2040 | | | 152,958 | |
| | Fishhawk Ranch Community Development District Special Assessment Refunding Bonds Series 2020 (AGM) (NR/AA) | |
| | | | | 1,450,000 | | | | 2.750 | | | 11/01/2035 | | | 1,265,718 | |
| | 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 | | | 1,200,711 | |
| | | | | 1,025,000 | | | | 5.250 | | | 06/01/2049 | | | 1,079,690 | |
| | | | | 3,010,000 | | | | 5.250 | | | 06/01/2054 | | | 3,145,746 | |
| | Florida Development Finance Corp. Educational Facilities RB Series 2022A (Ba3/NR) | |
| | | | | 1,265,000 | | | | 5.000 | (d) | | 07/01/2032 | | | 1,246,950 | |
| | | | | 3,000,000 | | | | 5.375 | (d) | | 07/01/2042 | | | 2,897,619 | |
| | Florida Development Finance Corp. Educational RB for Cornerstone Charter Academy Project Series 2022 (NR/BB+) | |
| | | | | 2,005,000 | | | | 5.000 | (d) | | 10/01/2042 | | | 2,028,687 | |
| | Florida Development Finance Corp. RB Brightline Florida Passenger Rail Project Brightline Trains Florida LLC Issue Series 2024 (AMT) (NR/BBB-) | |
| | | | | 6,700,000 | | | | 5.250 | | | 07/01/2047 | | | 6,917,966 | |
| | | | | 9,000,000 | | | | 5.500 | | | 07/01/2053 | | | 9,423,426 | |
| | |
| 24 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | 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)(d) | | 07/15/2032 | | $ | 49,728,048 | |
| | Florida Development Finance Corp. RB Brightline Florida Passenger Rail Project Brightline Trains Florida LLC Issue Series 2024 (AMT) (AGM) (NR/AA) | |
| | | | | 30,000,000 | | | | 5.000 | | | 07/01/2044 | | | 31,595,262 | |
| | | | | 12,400,000 | | | | 5.250 | | | 07/01/2047 | | | 13,234,050 | |
| | | | | 23,000,000 | | | | 5.250 | | | 07/01/2053 | | | 24,308,277 | |
| | Florida Development Finance Corp. RB for Brightline Florida Passenger Rail Expansion Project Series 2024A (NR/NR) | |
| | | | | 10,750,000 | | | | 8.250 | (a)(b)(d) | | 07/01/2057 | | | 11,071,606 | |
| | Florida Development Finance Corp. RB for Discovery High School & Discovery Academy of Lake Alfred Obligated Group Series 2020 A (NR/NR) | |
| | | | | 1,280,000 | | | | 4.000 | (d) | | 06/01/2030 | | | 1,140,295 | |
| | Florida Development Finance Corp. RB for Imagine School at Broward Series 2019 A (Baa3/NR) | |
| | | | | 425,000 | | | | 4.000 | (d) | | 12/15/2029 | | | 426,453 | |
| | | | | 725,000 | | | | 5.000 | (d) | | 12/15/2034 | | | 751,890 | |
| | | | | 770,000 | | | | 5.000 | (d) | | 12/15/2039 | | | 791,695 | |
| | Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR) | |
| | | | | 1,670,000 | | | | 5.125 | (d) | | 06/01/2040 | | | 1,692,239 | |
| | Florida Development Finance Corp. RB for River City Education Obligated Group Series 2021 A (Baa3/NR) | |
| | | | | 320,000 | | | | 4.000 | | | 07/01/2035 | | | 320,575 | |
| | Florida Development Finance Corp. RB for United Cerebral Palsy of Central Florida, Inc. Series 2020 A (NR/NR) | |
| | | | | 405,000 | | | | 4.000 | | | 06/01/2030 | | | 390,525 | |
| | Florida Development Finance Corp. RB Refunding for Glenridge on Palmer Ranch Obligated Group Series 2021 (NR/NR) | |
| | | | | 275,000 | | | | 5.000 | (d) | | 06/01/2031 | | | 289,026 | |
| | | | | 200,000 | | | | 5.000 | (d) | | 06/01/2035 | | | 209,146 | |
| | Florida Development Finance Corp. RB Refunding for Global Outreach Charter Academy Obligated Group Series 2021 A (B1/NR) | |
| | | | | 630,000 | | | | 4.000 | (d) | | 06/30/2036 | | | 552,237 | |
| | | | | 660,000 | | | | 4.000 | (d) | | 06/30/2041 | | | 536,084 | |
| | Florida Development Finance Corp. RB Refunding for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR) | |
| | | | | 415,000 | | | | 4.000 | (d) | | 06/01/2026 | | | 408,874 | |
| | Florida Development Finance Corp. RB Refunding for Nova Southeastern University, Inc. Series 2020 A (A3/A-) | |
| | | | | 300,000 | | | | 5.000 | | | 04/01/2027 | | | 316,080 | |
| | | | | 250,000 | | | | 5.000 | | | 04/01/2029 | | | 272,342 | |
| | Florida Development Finance Corp. RB Refunding for Renaissance Charter School, Inc. Series 2020 C (NR/NR) | |
| | | | | 470,000 | | | | 4.000 | (d) | | 09/15/2030 | | | 456,747 | |
| | | | | 1,050,000 | | | | 5.000 | (d) | | 09/15/2040 | | | 1,029,398 | |
| | Florida Development Finance Corp. Student Housing RB Senior Series 2024A-1 (NR/NR) | |
| | | | | 1,600,000 | | | | 5.000 | (d) | | 06/01/2044 | | | 1,649,265 | |
| | Florida Higher Educational Facilities Financial Authority RB for Florida Institute of Technology, Inc. Series 2019 (NR/BBB-) | |
| | | | | 350,000 | | | | 5.000 | | | 10/01/2024 | | | 350,000 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Florida Higher Educational Facilities Financial Authority RB for Jacksonville University Project Series 2018 A-1 (NR/NR) | |
| | $ | | | 2,000,000 | | | | 4.500 | %(d) | | 06/01/2033 | | $ | 2,019,332 | |
| | | | | 250,000 | | | | 4.750 | (d) | | 06/01/2038 | | | 250,817 | |
| | | | | 4,500,000 | | | | 5.000 | (d) | | 06/01/2048 | | | 4,446,774 | |
| | Florida Higher Educational Facilities Financial Authority RB for Ringling College of Art & Design, Inc. Series 2019 (NR/BBB) | |
| | | | | 2,000,000 | | | | 5.000 | | | 03/01/2044 | | | 2,035,772 | |
| | 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 | | | 2,774,144 | |
| | Florida Housing Finance Corp. Multifamily Mortgage RB for Brownsville Transit Village V 2024 Series B (GNMA COLL) (NR/AA+) (PUTABLE) | |
| | | | | 1,445,000 | | | | 3.350 | (a)(b) | | 10/01/2027 | | | 1,451,086 | |
| | Florida Insurance Assistance Interlocal Agency Insurance Assessment RB Series 2023A-1 (A2/A) | |
| | | | | 8,795,000 | | | | 5.000 | | | 09/01/2025 | | | 8,861,996 | |
| | | | | 4,530,000 | | | | 5.000 | | | 09/01/2026 | | | 4,662,845 | |
| | | | | 3,305,000 | | | | 5.000 | | | 09/01/2027 | | | 3,437,817 | |
| | Flow Way Community Development District Special Assessment Bonds for Phase 5 Project Series 2016 (NR/NR) | |
| | | | | 1,535,000 | | | | 4.875 | | | 11/01/2037 | | | 1,548,797 | |
| | Flow Way Community Development District Special Assessment Bonds for Phase 6 Project Series 2017 (NR/NR) | |
| | | | | 200,000 | | | | 4.000 | | | 11/01/2028 | | | 200,658 | |
| | | | | 1,065,000 | | | | 5.000 | | | 11/01/2038 | | | 1,088,445 | |
| | Flow Way Community Development District Special Assessment Bonds for Phase 7 & 8 Project Series 2019 (NR/NR) | |
| | | | | 95,000 | | | | 3.350 | | | 11/01/2024 | | | 94,944 | |
| | | | | 1,785,000 | | | | 4.125 | | | 11/01/2039 | | | 1,696,343 | |
| | Forest Brooke Community Development District Special Assessment Subordinated Bonds Series 2019 A-2 (NR/NR) | |
| | | | | 465,000 | | | | 3.750 | | | 11/01/2039 | | | 419,133 | |
| | Forest Lake Community Development District Special Assessment for Assessment Area1 Series 2020 (NR/NR) | |
| | | | | 180,000 | | | | 2.625 | (d) | | 05/01/2025 | | | 178,698 | |
| | | | | 495,000 | | | | 3.250 | (d) | | 05/01/2030 | | | 483,367 | |
| | Gardens at Hammock Beach Community Development District Flagler County Florida Special Assessment Bonds Assessment Area One Series 2024-1 (NR/NR) | |
| | | | | 525,000 | | | | 5.650 | | | 05/01/2054 | | | 531,831 | |
| | 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 | | | 271,442 | |
| | Gracewater Sarasota Community Development District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 615,000 | | | | 2.950 | | | 05/01/2031 | | | 565,742 | |
| | | | | 1,595,000 | | | | 3.350 | | | 05/01/2041 | | | 1,324,939 | |
| | Grand Bay at Doral Community Development District Special Assessment for South Parcel Assessment Area Project Series 2016 (NR/NR) | |
| | | | | 360,000 | | | | 4.250 | | | 05/01/2026 | | | 361,982 | |
| | Grand Oaks Community Development District Special Assessment Bonds Assessment Area 2 Series 2020 (NR/NR) | |
| | | | | 285,000 | | | | 3.250 | | | 05/01/2025 | | | 283,884 | |
| | | | | 1,355,000 | | | | 4.000 | | | 05/01/2030 | | | 1,349,487 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 25 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Grand Oaks Community Development District Special Assessment RB Series 2019 A (NR/NR) | |
| | $ | | | 100,000 | | | | 3.750 | % | | 11/01/2024 | | $ | 99,981 | |
| | | | | 555,000 | | | | 4.125 | | | 11/01/2029 | | | 558,867 | |
| | | | | 1,195,000 | | | | 4.750 | | | 11/01/2039 | | | 1,202,473 | |
| | | | | 1,930,000 | | | | 5.000 | | | 11/01/2050 | | | 1,937,362 | |
| | Grand Oaks Community Development District Special Assessment RB Series 2021 (NR/NR) | |
| | | | | 215,000 | | | | 3.200 | | | 11/01/2031 | | | 200,998 | |
| | | | | 500,000 | | | | 3.500 | | | 11/01/2041 | | | 423,993 | |
| | Grande Pines Community Development District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 295,000 | | | | 2.500 | | | 05/01/2026 | | | 288,329 | |
| | Grande Pines Community Development District Special Assessment RB for Assessment Area Two Series 2024 (NR/NR) | |
| | | | | 515,000 | | | | 4.650 | | | 05/01/2034 | | | 523,226 | |
| | | | | 755,000 | | | | 5.450 | | | 05/01/2044 | | | 774,591 | |
| | Greater Orlando Aviation Authority Airport Facilities RB Refunding for Jetblue Airways Corp. Project Series 2013 (NR/NR) | |
| | | | | 990,000 | | | | 5.000 | | | 11/15/2036 | | | 990,596 | |
| | Grove Resort Community Development District Special Assessment RB Series 2022 (NR/NR) | |
| | | | | 170,000 | | | | 3.300 | | | 05/01/2032 | | | 158,971 | |
| | | | | 440,000 | | | | 3.550 | | | 05/01/2042 | | | 374,271 | |
| | Gulfstream Polo Community Development District Special Assessment Phase#2 Project Series 2019 (NR/NR) | |
| | | | | 55,000 | | | | 3.000 | | | 11/01/2024 | | | 54,960 | |
| | | | | 1,195,000 | | | | 3.500 | | | 11/01/2030 | | | 1,159,568 | |
| | Hacienda Lakes Community Development District Special Assessment Refunding Series 2016 (NR/NR) | |
| | | | | 250,000 | | | | 3.875 | | | 05/01/2026 | | | 249,661 | |
| | Hacienda North Community Development District Special Assessment RB Series 2023 (NR/NR) | |
| | | | | 1,650,000 | | | | 6.300 | | | 05/01/2043 | | | 1,798,697 | |
| | Hamilton Bluff Community Development District Special Assessment Bonds, Series 2024 (Assessment Area One Project) (NR/NR) | |
| | | | | 1,000,000 | | | | 4.700 | | | 05/01/2031 | | | 1,011,721 | |
| | Hammock oaks Community Development District Special Assessment Area One Bonds Series 2023 (NR/NR) | |
| | | | | 700,000 | | | | 5.625 | | | 05/01/2043 | | | 732,700 | |
| | 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 | | | 927,811 | |
| | Hammock Reserve Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 280,000 | | | | 4.200 | | | 05/01/2027 | | | 280,965 | |
| | | | | 435,000 | | | | 4.400 | | | 05/01/2032 | | | 443,316 | |
| | | | | 565,000 | | | | 4.700 | | | 05/01/2042 | | | 559,954 | |
| | Hammock Reserve Community Development District Special Assessment for Assessment Area One Project Series 2020 (NR/NR) | |
| | | | | 110,000 | | | | 2.625 | | | 05/01/2025 | | | 109,154 | |
| | | | | 510,000 | | | | 3.250 | | | 05/01/2030 | | | 495,256 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Hammock Reserve Community Development District Special Assessment for Assessment Area Two Project Series 2021 (NR/ NR) | |
| | $ | | | 85,000 | | | | 2.375 | % | | 05/01/2026 | | $ | 82,949 | |
| | | | | 205,000 | | | | 3.000 | | | 05/01/2031 | | | 191,020 | |
| | Harbor Bay Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR) | |
| | | | | 1,880,000 | | | | 3.300 | | | 05/01/2029 | | | 1,828,402 | |
| | | | | 365,000 | | | | 3.700 | | | 05/01/2033 | | | 348,135 | |
| | Harbor Bay Community Development District Special Assessment RB Series 2019 A-1 (NR/NR) | |
| | | | | 1,140,000 | | | | 3.300 | | | 05/01/2029 | | | 1,108,712 | |
| | 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 | | | 828,024 | |
| | Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-) | |
| | | | | 265,000 | | | | 4.000 | | | 05/01/2025 | | | 265,687 | |
| | | | | 140,000 | | | | 4.000 | | | 05/01/2026 | | | 141,707 | |
| | Hawkstone Community Development District Special Assessment Area 1 RB Series 2019 (NR/NR) | |
| | | | | 35,000 | | | | 3.250 | | | 11/01/2024 | | | 34,978 | |
| | | | | 400,000 | | | | 3.500 | | | 11/01/2030 | | | 384,136 | |
| | | | | 1,000,000 | | | | 3.875 | | | 11/01/2039 | | | 916,345 | |
| | Hawkstone Community Development District Special Assessment Area 2 RB Series 2019 (NR/NR) | |
| | | | | 125,000 | | | | 3.625 | | | 11/01/2030 | | | 120,872 | |
| | Hawkstone Community Development District Special Assessment RB Series 2021 (NR/NR) | |
| | | | | 185,000 | | | | 2.600 | | | 05/01/2026 | | | 180,944 | |
| | | | | 435,000 | | | | 3.200 | | | 05/01/2031 | | | 409,969 | |
| | | | | 1,000,000 | | | | 3.450 | | | 05/01/2041 | | | 861,765 | |
| | Hawthorne Mill North Community Development District City of Lakeland Florida Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) | |
| | | | | 635,000 | | | | 4.600 | | | 05/01/2031 | | | 638,672 | |
| | | | | 1,000,000 | | | | 5.200 | | | 05/01/2044 | | | 1,012,479 | |
| | Heritage Harbour North Community Development District Special Assessment Series 2014 (NR/NR) | |
| | | | | 785,000 | | | | 5.000 | | | 05/01/2034 | | | 819,893 | |
| | Heritage Isle at Viera Community Development District Special Assessment Refunding Series 2017 (AGM) (NR/AA) | |
| | | | | 225,000 | | | | 4.000 | | | 05/01/2025 | | | 226,099 | |
| | | | | 230,000 | | | | 4.000 | | | 05/01/2026 | | | 234,474 | |
| | | | | 240,000 | | | | 4.000 | | | 05/01/2027 | | | 247,942 | |
| | | | | 250,000 | | | | 4.000 | | | 05/01/2028 | | | 258,867 | |
| | Heritage Landing Community Development District Special Assessment Refunding Bonds Series 2015 (NR/BBB) | |
| | | | | 625,000 | | | | 3.625 | | | 05/01/2025 | | | 622,747 | |
| | | | | 650,000 | | | | 3.750 | | | 05/01/2026 | | | 649,165 | |
| | | | | 1,005,000 | | | | 4.200 | | | 05/01/2031 | | | 1,005,325 | |
| | | | | 1,000,000 | | | | 4.350 | | | 05/01/2036 | | | 1,000,099 | |
| | Herons Glen Recreation District Special Assessment Refunding Bonds Series 2020 (BAM) (NR/AA) | |
| | | | | 365,000 | | | | 2.500 | | | 05/01/2030 | | | 348,264 | |
| | | | | 375,000 | | | | 2.500 | | | 05/01/2031 | | | 351,850 | |
| | | | | 300,000 | | | | 3.000 | | | 05/01/2032 | | | 295,143 | |
| | | | | 300,000 | | | | 3.000 | | | 05/01/2033 | | | 293,777 | |
| | |
| 26 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Herons Glen Recreation District Special Assessment Refunding Bonds Series 2020 (BAM) (NR/AA) – (continued) | |
| | $ | | | 245,000 | | | | 3.000 | % | | 05/01/2034 | | $ | 235,244 | |
| | | | | 255,000 | | | | 3.000 | | | 05/01/2035 | | | 243,769 | |
| | | | | 260,000 | | | | 3.000 | | | 05/01/2036 | | | 245,911 | |
| | Hickory Tree Community Development District Special Assessment Bonds for Assessment Area One Project Series 2024 (NR/NR) | |
| | | | | 500,000 | | | | 4.500 | | | 05/01/2031 | | | 502,203 | |
| | | | | 1,000,000 | | | | 5.150 | | | 05/01/2044 | | | 1,008,388 | |
| | 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 | | | 1,361,296 | |
| | Highland Meadows West Community Development District Special Assessment for Assessment Area 2 Series 2020 A (NR/NR) | |
| | | | | 60,000 | | | | 2.875 | | | 05/01/2025 | | | 59,575 | |
| | | | | 200,000 | | | | 3.250 | | | 05/01/2031 | | | 188,307 | |
| | Highland Meadows West Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR) | |
| | | | | 140,000 | | | | 3.250 | | | 05/01/2031 | | | 131,815 | |
| | Highlands Community Development District Special Assessment Bonds for Assessment Areas 3B and 5 Project Series 2018 (NR/NR) | |
| | | | | 60,000 | | | | 4.000 | (d) | | 12/15/2024 | | | 60,015 | |
| | | | | 550,000 | | | | 4.250 | (d) | | 12/15/2029 | | | 556,385 | |
| | Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area 7/7A Project Series 2019 (NR/NR) | |
| | | | | 20,000 | | | | 3.375 | | | 11/01/2025 | | | 19,924 | |
| | | | | 220,000 | | | | 3.875 | | | 11/01/2031 | | | 216,201 | |
| | | | | 300,000 | | | | 4.200 | | | 11/01/2039 | | | 286,900 | |
| | Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area Five Project Series 2017 (NR/NR) | |
| | | | | 295,000 | | | | 4.875 | | | 11/01/2027 | | | 299,796 | |
| | | | | 865,000 | | | | 5.375 | | | 11/01/2037 | | | 886,800 | |
| | | | | 775,000 | | | | 5.500 | | | 11/01/2047 | | | 788,780 | |
| | Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area Six Project Series 2017 (NR/NR) | |
| | | | | 60,000 | | | | 4.875 | | | 11/01/2027 | | | 60,969 | |
| | | | | 335,000 | | | | 5.500 | | | 11/01/2047 | | | 340,957 | |
| | Hillcrest Community Development District Special Assessment Bonds for Capital Improvement Program Series 2018 (NR/NR) | |
| | | | | 790,000 | | | | 4.000 | | | 11/01/2028 | | | 792,988 | |
| | | | | 700,000 | | | | 4.500 | | | 11/01/2038 | | | 697,516 | |
| | Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2020 (NR/NR) | |
| | | | | 345,000 | | | | 3.000 | (d) | | 05/01/2025 | | | 343,056 | |
| | | | | 1,020,000 | | | | 3.500 | (d) | | 05/01/2031 | | | 980,211 | |
| | Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2021 (NR/NR) | |
| | | | | 250,000 | | | | 2.800 | | | 05/01/2031 | | | 229,980 | |
| | | | | 1,000,000 | | | | 3.200 | | | 05/01/2041 | | | 826,394 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Hills of Minneola Community Development District City of Minneola Florida Special Assessment RB Series 2024 (NR/NR) | |
| | $ | | | 420,000 | | | | 4.700 | % | | 05/01/2031 | | $ | 426,005 | |
| | Hillsborough County Aviation Authority Revenue Refunding Bonds Series 2015-A (NR/AA-) | |
| | | | | 6,275,000 | | | | 5.000 | | | 10/01/2040 | | | 6,275,000 | |
| | Hillsborough County Aviation Authority Tampa International Airport RB 2024 Series B (AMT) (Aa3/NR) | |
| | | | | 3,000,000 | | | | 5.500 | | | 10/01/2049 | | | 3,379,994 | |
| | Hobe-St. Lucie Conservancy District Improvement Bonds Unit of Development No. 1A Series 2024 (NR/NR) | |
| | | | | 800,000 | | | | 5.600 | | | 05/01/2044 | | | 836,939 | |
| | Holly Hill Road East Community Development District Special Assessment for Area 3 Project Series 2020 (NR/NR) | |
| | | | | 45,000 | | | | 4.000 | | | 11/01/2025 | | | 45,030 | |
| | | | | 165,000 | | | | 4.500 | | | 11/01/2031 | | | 176,449 | |
| | | | | 170,000 | | | | 5.000 | | | 11/01/2041 | | | 183,572 | |
| | Homestead 50 Community Development District Special Assessment Refunding Bonds Series 2021 (NR/NR) | |
| | | | | 747,000 | | | | 3.000 | | | 05/01/2031 | | | 692,712 | |
| | | | | 933,000 | | | | 3.000 | | | 05/01/2037 | | | 789,897 | |
| | Housing Finance Authority of Broward County Multifamily Housing RB for Pinnacle 441 Phase 2 Series 2023 (Aaa/NR) (PUTABLE) | |
| | | | | 1,705,000 | | | | 4.050 | (a)(b) | | 09/01/2056 | | | 1,726,638 | |
| | Housing Finance Authority of Hillsborough County Multifamily Housing Zion Village RB Series 2024 (Aaa/NR) | |
| | | | | 3,685,000 | | | | 3.250 | (a)(b) | | 09/01/2042 | | | 3,702,765 | |
| | Housing Finance Authority of Miami-Dade County Multifamily Housing RB for St. Mary Towers Apartments Series 2024 (HUD SECT 8) (Aaa/NR) | |
| | | | | 1,000,000 | | | | 3.400 | (a)(b) | | 04/01/2041 | | | 1,002,062 | |
| | Hunt Club Grove Community Development District City of Lake Wales Florida Special Assessment Bonds Series 2024 Assessment Area One (NR/NR) | |
| | | | | 330,000 | | | | 4.850 | | | 06/15/2031 | | | 332,932 | |
| | | | | 1,040,000 | | | | 5.375 | | | 06/15/2044 | | | 1,058,058 | |
| | Hunters Ridge Community Development District No. 1 Assessment Area Special Assessment Bonds Series 2019 (NR/NR) | |
| | | | | 40,000 | | | | 4.000 | (d) | | 11/01/2024 | | | 40,000 | |
| | | | | 210,000 | | | | 5.000 | (d) | | 11/01/2039 | | | 214,270 | |
| | Island Lake Estates Community Development District 2023 Project Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 1,360,000 | | | | 5.750 | | | 12/15/2043 | | | 1,448,314 | |
| | K-Bar Ranch II Community Development District Special Assessment Bonds Series 2017 A (NR/NR) | |
| | | | | 1,175,000 | | | | 4.500 | (d) | | 05/01/2038 | | | 1,169,980 | |
| | | | | 1,855,000 | | | | 4.625 | (d) | | 05/01/2048 | | | 1,777,954 | |
| | K-Bar Ranch II Community Development District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 670,000 | | | | 2.750 | | | 05/01/2031 | | | 611,264 | |
| | | | | 765,000 | | | | 3.125 | | | 05/01/2041 | | | 620,717 | |
| | Kelly Park Community Development District (City of Apopka, Florida) Special Assessment Bonds, Series 2023 (Assessment Area One Project) (NR/NR) | |
| | | | | 915,000 | | | | 6.000 | | | 11/01/2043 | | | 966,446 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 27 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Kindred Community Development District II Special Assessment Bonds Series 2020 (NR/NR) | |
| | $ | | | 55,000 | | | | 2.625 | % | | 05/01/2025 | | $ | 54,592 | |
| | | | | 155,000 | | | | 3.000 | | | 05/01/2030 | | | 149,588 | |
| | Kindred Community Development District II Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 700,000 | | | | 3.125 | | | 05/01/2041 | | | 622,703 | |
| | Kindred Community Development District II Special Assessment RB Series 2023 (NR/NR) | |
| | | | | 640,000 | | | | 4.900 | | | 05/01/2033 | | | 667,316 | |
| | Kindred Community Development District Special Assessment Bond Series 2017 (NR/NR) | |
| | | | | 1,000,000 | | | | 4.625 | | | 05/01/2037 | | | 1,004,588 | |
| | Kingman Gate Community Development District Special Assessment Bonds Series 2020 (NR/NR) | |
| | | | | 155,000 | | | | 2.750 | | | 06/15/2025 | | | 153,909 | |
| | | | | 485,000 | | | | 3.125 | | | 06/15/2030 | | | 475,482 | |
| | | | | 375,000 | | | | 4.000 | | | 06/15/2040 | | | 372,739 | |
| | Kingman Gate Community Development District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 700,000 | | | | 3.600 | | | 06/15/2041 | | | 656,289 | |
| | Knightsbridge Community Development District Special Assessment Bonds Series 2024 (NR/NR) | |
| | | | | 245,000 | | | | 4.250 | (d) | | 06/15/2031 | | | 246,747 | |
| | Lake Deer Community Development District Special Assessment Bonds for Polk County Series 2022 (NR/NR) | |
| | | | | 200,000 | | | | 4.500 | | | 05/01/2027 | | | 200,512 | |
| | | | | 265,000 | | | | 5.000 | | | 05/01/2032 | | | 268,788 | |
| | | | | 770,000 | | | | 5.500 | | | 05/01/2042 | | | 798,650 | |
| | Lake Emma Community Development District Special Assessment Bonds for Assessment Area Two Series 2023 (NR/NR) | |
| | | | | 545,000 | | | | 4.500 | (d) | | 05/01/2030 | | | 552,541 | |
| | | | | 550,000 | | | | 5.250 | (d) | | 05/01/2043 | | | 568,184 | |
| | Lake Harris Community Development District 2023 Project Area Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 175,000 | | | | 4.700 | | | 05/01/2030 | | | 178,295 | |
| | Lake Hideaway Community Development District Hernando County Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) | |
| | | | | 750,000 | | | | 4.750 | | | 05/01/2031 | | | 756,451 | |
| | Lakeshore Ranch Community Development District Special Assessment Refunding Series 2019 A-2 (NR/NR) | |
| | | | | 355,000 | | | | 3.500 | | | 05/01/2030 | | | 342,097 | |
| | | | | 325,000 | | | | 4.000 | | | 05/01/2035 | | | 317,127 | |
| | Lakewood Park Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 625,000 | | | | 5.625 | | | 05/01/2043 | | | 659,984 | |
| | Lakewood Park Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) | |
| | | | | 70,000 | | | | 2.625 | | | 05/01/2026 | | | 68,544 | |
| | | | | 125,000 | | | | 3.200 | | | 05/01/2031 | | | 118,303 | |
| | Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2019 (NR/NR) | |
| | | | | 95,000 | | | | 3.125 | | | 05/01/2025 | | | 94,626 | |
| | | | | 370,000 | | | | 3.400 | | | 05/01/2030 | | | 359,104 | |
| | Lakewood Ranch Stewardship District Special Assessment for Lorraine Lakes Project Series 2020 (NR/NR) | |
| | | | | 225,000 | | | | 2.500 | (d) | | 05/01/2025 | | | 223,115 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Phase 2A Project Series 2019 (NR/NR) | |
| | $ | | | 225,000 | | | | 3.250 | % | | 05/01/2029 | | $ | 219,043 | |
| | | | | 200,000 | | | | 3.850 | | | 05/01/2039 | | | 185,854 | |
| | Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Project - Phase 2C Series 2020 (NR/NR) | |
| | | | | 470,000 | | | | 3.000 | | | 05/01/2030 | | | 444,077 | |
| | | | | 750,000 | | | | 3.500 | | | 05/01/2040 | | | 659,137 | |
| | Lakewood Ranch Stewardship District Special Assessment for Sweetwater Project Series 2021 (NR/NR) | |
| | | | | 295,000 | | | | 2.625 | | | 05/01/2031 | | | 269,397 | |
| | | | | 1,000,000 | | | | 3.100 | | | 05/01/2041 | | | 824,689 | |
| | Lakewood Ranch Stewardship District Special Assessment RB for Cresswind Project Series 2019 (NR/NR) | |
| | | | | 285,000 | | | | 3.800 | | | 05/01/2029 | | | 282,920 | |
| | Lakewood Ranch Stewardship District Special Assessment RB for Del Webb Project Series 2017 (NR/NR) | |
| | | | | 320,000 | | | | 4.300 | (d) | | 05/01/2027 | | | 323,517 | |
| | Lakewood Ranch Stewardship District Special Assessment RB for Indigo Expansion Area Project Series 2019 (NR/NR) | |
| | | | | 570,000 | | | | 3.200 | (d) | | 05/01/2029 | | | 559,015 | |
| | Lakewood Ranch Stewardship District Special Assessment RB for Lake Club Phase 4 Project Series 2019 (NR/NR) | |
| | | | | 220,000 | | | | 3.800 | | | 05/01/2029 | | | 218,542 | |
| | Lakewood Ranch Stewardship District Special Assessment RB for Lakewood Centre North Project Series 2015 (NR/NR) | |
| | | | | 240,000 | | | | 4.250 | | | 05/01/2025 | | | 240,675 | |
| | | | | 1,605,000 | | | | 4.875 | | | 05/01/2035 | | | 1,611,840 | |
| | | | | 905,000 | | | | 4.875 | | | 05/01/2045 | | | 905,868 | |
| | Lakewood Ranch Stewardship District Special Assessment RB for Lakewood National & Polo Run Projects Series 2017 (NR/NR) | |
| | | | | 515,000 | | | | 4.625 | | | 05/01/2027 | | | 522,869 | |
| | | | | 1,000,000 | | | | 5.250 | | | 05/01/2037 | | | 1,023,733 | |
| | Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project - Phase 1A Series 2018 (NR/NR) | |
| | | | | 870,000 | | | | 4.250 | | | 05/01/2028 | | | 878,114 | |
| | Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project - Phase 1B Series 2018 (NR/NR) | |
| | | | | 1,970,000 | | | | 4.750 | | | 05/01/2029 | | | 2,018,912 | |
| | | | | 2,250,000 | | | | 5.300 | | | 05/01/2039 | | | 2,334,492 | |
| | Lakewood Ranch Stewardship District Special Assessment RB for Taylor Ranch Project Series 2023 (NR/NR) | |
| | | | | 2,400,000 | | | | 6.125 | | | 05/01/2043 | | | 2,584,659 | |
| | 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 | | | 120,428 | |
| | | | | 5,470,000 | | | | 5.000 | | | 05/01/2036 | | | 5,544,399 | |
| | | | | 3,945,000 | | | | 5.125 | | | 05/01/2046 | | | 3,967,473 | |
| | 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 | | | 472,210 | |
| | | | | 500,000 | | | | 2.000 | | | 05/01/2029 | | | 463,811 | |
| | Lakewood Ranch Stewardship District Special Assessment RB Series 2021 (NR/NR) | |
| | | | | 425,000 | | | | 3.000 | | | 05/01/2041 | | | 347,866 | |
| | |
| 28 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Lakewood Ranch Stewardship District Special Assessment RB Series 2024 (NR/NR) | |
| | $ | | | 485,000 | | | | 5.300 | % | | 05/01/2044 | | $ | 497,316 | |
| | Lakewood Ranch Stewardship District Special Assessment Refunding for Northeast Sector Project - Phase 2B Series 2020 (NR/NR) | |
| | | | | 135,000 | | | | 2.500 | (d) | | 05/01/2025 | | | 133,906 | |
| | | | | 440,000 | | | | 3.200 | (d) | | 05/01/2030 | | | 421,460 | |
| | Lakewood Ranch Stewardship District The Isles at Lakewood Ranch Project Phase 1 Special Assessment Bonds Series 2019 (NR/NR) | |
| | | | | 275,000 | | | | 3.875 | | | 05/01/2029 | | | 275,774 | |
| | Landings at Miami Community Development District Special Assessment Bonds Series 2018 (NR/NR) | |
| | | | | 560,000 | | | | 4.125 | (d) | | 11/01/2028 | | | 563,605 | |
| | | | | 250,000 | | | | 4.750 | (d) | | 11/01/2048 | | | 245,610 | |
| | 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 | | | 277,851 | |
| | | | | 1,025,000 | | | | 5.500 | | | 05/01/2044 | | | 1,043,710 | |
| | | | | 860,000 | | | | 5.800 | | | 05/01/2055 | | | 876,838 | |
| | Landmark at Doral Community Development District Senior Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-1 (NR/AA-) | |
| | | | | 490,000 | | | | 3.000 | | | 05/01/2025 | | | 485,163 | |
| | | | | 500,000 | | | | 3.000 | | | 05/01/2026 | | | 493,301 | |
| | | | | 520,000 | | | | 3.000 | | | 05/01/2027 | | | 511,996 | |
| | | | | 535,000 | | | | 3.000 | | | 05/01/2028 | | | 523,853 | |
| | | | | 550,000 | | | | 3.000 | | | 05/01/2029 | | | 536,326 | |
| | | | | 1,605,000 | | | | 3.000 | | | 05/01/2035 | | | 1,458,748 | |
| | Landmark at Doral Community Development District Subordinate Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-2 (NR/NR) | |
| | | | | 535,000 | | | | 3.375 | | | 05/01/2030 | | | 513,548 | |
| | | | | 925,000 | | | | 4.000 | | | 05/01/2038 | | | 874,376 | |
| | Lawson Dunes Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 235,000 | | | | 4.375 | | | 05/01/2027 | | | 236,177 | |
| | | | | 435,000 | | | | 4.750 | | | 05/01/2032 | | | 445,491 | |
| | | | | 370,000 | | | | 5.000 | | | 05/01/2042 | | | 378,056 | |
| | 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 | | | 2,605,696 | |
| | 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 | | | 1,863,361 | |
| | Lee County Moody River Estates Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-) | |
| | | | | 330,000 | | | | 3.500 | | | 05/01/2025 | | | 329,120 | |
| | | | | 340,000 | | | | 3.500 | | | 05/01/2026 | | | 339,252 | |
| | Lee Memorial Health System Hospital Revenue & Revenue Refunding Bonds 2019 Series A-2 (A2/A+) | |
| | | | | 4,590,000 | | | | 5.000 | (a)(b) | | 04/01/2033 | | | 4,671,168 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | 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 | | $ | 1,009,458 | |
| | Live Oak Lake Community Development District Special Assessment Series 2020 (NR/NR) | |
| | | | | 310,000 | | | | 3.125 | | | 05/01/2025 | | | 308,161 | |
| | Long Lake Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR) | |
| | | | | 1,210,000 | | | | 5.000 | | | 05/01/2038 | | | 1,232,369 | |
| | Longleaf Community Development District (NR/NR) | |
| | | | | 391,000 | | | | 5.375 | | | 05/01/2030 | | | 391,268 | |
| | Longleaf Community Development District Capital Improvement RB for Neighborhood 4 – Assessment Area Two Series 2024A (NR/NR) | |
| | | | | 700,000 | | | | 5.200 | (c)(d) | | 05/01/2044 | | | 701,603 | |
| | Longleaf Community Development District Capital Improvement RB Series 2024 (NR/NR) | |
| | | | | 405,000 | | | | 4.500 | (d) | | 05/01/2031 | | | 411,279 | |
| | LT Ranch Community Development District Capital Improvement RB Series 2022-1 (NR/NR) | |
| | | | | 100,000 | | | | 5.300 | | | 05/01/2032 | | | 104,543 | |
| | | | | 285,000 | | | | 5.750 | | | 05/01/2042 | | | 301,064 | |
| | | | | 460,000 | | | | 5.900 | | | 05/01/2053 | | | 482,163 | |
| | LT Ranch Community Development District Special Assessment Series 2019 (NR/NR) | |
| | | | | 255,000 | | | | 3.000 | | | 05/01/2025 | | | 253,716 | |
| | | | | 975,000 | | | | 3.400 | | | 05/01/2030 | | | 940,586 | |
| | | | | 1,420,000 | | | | 4.000 | | | 05/01/2040 | | | 1,357,108 | |
| | LTC Ranch West Residential Community Development District City of Port St. Lucie Florida Special Assessment RB Series 2024 (NR/NR) | |
| | | | | 500,000 | | | | 4.875 | | | 05/01/2031 | | | 506,593 | |
| | | | | 315,000 | | | | 5.700 | | | 05/01/2044 | | | 323,559 | |
| | | | | 1,150,000 | | | | 5.750 | | | 05/01/2044 | | | 1,181,962 | |
| | LTC Ranch West Residential Community Development District Special Assessment Bonds Series 2021 B (NR/NR) | |
| | | | | 530,000 | | | | 3.250 | | | 05/01/2031 | | | 498,450 | |
| | LTC Ranch West Residential Community Development District Special Assessment for Assessment Area One Project Series 2021 A (NR/NR) | |
| | | | | 185,000 | | | | 2.500 | | | 05/01/2026 | | | 180,659 | |
| | | | | 700,000 | | | | 3.125 | | | 05/01/2031 | | | 653,360 | |
| | | | | 775,000 | | | | 3.450 | | | 05/01/2041 | | | 655,663 | |
| | 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 | | | 1,013,775 | |
| | Lucerne Park Community Development District Special Assessment Bonds Series 2019 (NR/NR) | |
| | | | | 290,000 | | | | 4.000 | | | 05/01/2029 | | | 291,099 | |
| | Lynwood Community Development District Special Assessment Bonds Series 2019 (NR/NR) | |
| | | | | 885,000 | | | | 3.625 | | | 06/15/2030 | | | 857,833 | |
| | Malabar Springs Community Development District Special Assessment Bonds for Assessment Area One Series 2024 (NR/NR) | |
| | | | | 500,000 | | | | 4.500 | | | 05/01/2031 | | | 501,449 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 29 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Mandarin Grove Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | $ | | | 1,205,000 | | | | 6.625 | %(d) | | 05/01/2053 | | $ | 1,343,656 | |
| | Mangrove Point Community Development District Capital Improvement RB Series 2022 (NR/NR) | |
| | | | | 350,000 | | | | 4.000 | | | 05/01/2032 | | | 349,677 | |
| | | | | 1,050,000 | | | | 4.250 | | | 05/01/2042 | | | 994,307 | |
| | Marion Ranch Community Development District Marion County Florida Special Assessment Bonds Series 2024 (NR/NR) | |
| | | | | 250,000 | | | | 5.100 | | | 05/01/2031 | | | 253,435 | |
| | | | | 450,000 | | | | 5.700 | | | 05/01/2044 | | | 463,086 | |
| | McJunkin Parkland Community Development District Special Assessment Bonds Series 2018 (NR/NR) | |
| | | | | 1,000,000 | | | | 4.750 | (d) | | 11/01/2029 | | | 1,022,730 | |
| | Meadow Pines Community Development District Special Assessment Refunding Bonds Senior Lien Series 2014 1 (NR/A) | |
| | | | | 745,000 | | | | 4.450 | | | 05/01/2030 | | | 745,420 | |
| | Meadow View at Twin Creeks Community Development District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 505,000 | | | | 3.000 | | | 05/01/2031 | | | 468,850 | |
| | | | | 1,785,000 | | | | 3.250 | | | 05/01/2041 | | | 1,471,881 | |
| | Merrick Square Community Development District Capital Improvement RB Series 2023 (NR/NR) | |
| | | | | 750,000 | | | | 5.400 | | | 05/01/2043 | | | 784,257 | |
| | Miami Dade County Aviation Revenue Refunding Bonds Series 2015A (NR/A+) | |
| | | | | 30,000,000 | | | | 5.000 | | | 10/01/2038 | | | 30,303,693 | |
| | Miami Dade County Aviation Revenue Refunding Bonds Series 2017B (AMT) (NR/A+) | |
| | | | | 11,565,000 | | | | 5.000 | | | 10/01/2040 | | | 11,860,199 | |
| | Miami RB Refunding Parking System Series 2019 (BAM) (A1/AA) | |
| | | | | 1,000,000 | | | | 4.000 | | | 10/01/2038 | | | 1,016,800 | |
| | Miami World Center Community Development District Special Assessment Bonds Series 2017 (NR/NR) | |
| | | | | 1,000,000 | | | | 4.750 | | | 11/01/2027 | | | 1,019,793 | |
| | | | | 850,000 | | | | 5.125 | | | 11/01/2039 | | | 872,073 | |
| | | | | 2,350,000 | | | | 5.250 | | | 11/01/2049 | | | 2,402,541 | |
| | Miami-Dade County Aviation Revenue Refunding Bonds Series 2019A (NR/A+) | |
| | | | | 2,225,000 | | | | 5.000 | | | 10/01/2049 | | | 2,291,970 | |
| | Miami-Dade County Aviation Revenue Refunding Bonds Series 2024A (AMT) (NR/A+) | |
| | | | | 3,130,000 | | | | 5.000 | | | 10/01/2027 | | | 3,294,351 | |
| | | | | 2,295,000 | | | | 5.000 | | | 10/01/2028 | | | 2,452,576 | |
| | Miami-Dade County Capital Asset Acquisition Special Obligation Bonds Series 2023A (Aa2/AA) | |
| | | | | 3,770,000 | | | | 5.000 | | | 04/01/2045 | | | 4,114,824 | |
| | | | | 9,810,000 | | | | 5.000 | | | 04/01/2048 | | | 10,639,787 | |
| | Miami-Dade County IDA Educational Facilities RB for Academir Charter Schools Project Series 2022A (Ba2/NR) | |
| | | | | 430,000 | | | | 5.000 | (d) | | 07/01/2037 | | | 446,350 | |
| | | | | 670,000 | | | | 5.250 | (d) | | 07/01/2042 | | | 694,893 | |
| | Miami-Dade County Seaport Revenue Refunding Bonds Series 2021A (AGM) (A3/AA) | |
| | | | | 10,000,000 | | | | 4.000 | | | 10/01/2041 | | | 9,966,830 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Miami-Dade County Seaport Revenue Refunding Bonds, Series 2022A (AMT) (A3/NR) | |
| | $ | | | 2,715,000 | | | | 5.250 | % | | 10/01/2052 | | $ | 2,909,282 | |
| | Miami-Dade County Water & Sewer Revenue System Bonds Series 2021 (BAM-TCRS) (Aa3/AA) | |
| | | | | 1,425,000 | | | | 4.000 | | | 10/01/2051 | | | 1,402,741 | |
| | Miami-Dade County, Florida Seaport RR Bonds, Series 2022A (AMT) (A3/NR) | |
| | | | | 2,030,000 | | | | 5.000 | | | 10/01/2042 | | | 2,200,505 | |
| | 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 | | | 5,121,430 | |
| | Mirada Community Development District Pasco County Florida Capital Improvement RB Series 2024 Assessment Area Five (NR/NR) | |
| | | | | 1,000,000 | | | | 5.000 | | | 05/01/2034 | | | 1,023,756 | |
| | Mirada Community Development District Pasco County Florida Capital Improvement Revenue and Refunding Bonds Series 2024 Assessment Area Three (NR/NR) | |
| | | | | 500,000 | | | | 4.750 | | | 05/01/2031 | | | 505,124 | |
| | Mirada II Community Development District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 210,000 | | | | 2.500 | | | 05/01/2026 | | | 204,915 | |
| | | | | 740,000 | | | | 3.125 | | | 05/01/2031 | | | 679,402 | |
| | Miranda II Community Development District Capital Improvement RB Series 2022 (NR/NR) | |
| | | | | 385,000 | | | | 4.625 | | | 05/01/2027 | | | 388,674 | |
| | | | | 260,000 | | | | 5.125 | | | 05/01/2032 | | | 271,089 | |
| | Mitchell Ranch Community Development District Special Assessment Bonds Series 2019 (NR/NR) | |
| | | | | 65,000 | | | | 3.125 | | | 12/15/2024 | | | 64,911 | |
| | | | | 675,000 | | | | 3.375 | | | 12/15/2030 | | | 651,680 | |
| | | | | 1,500,000 | | | | 4.000 | | | 12/15/2039 | | | 1,404,592 | |
| | Naples Reserve Community Development District Special Assessment Bonds Series 2014 (NR/NR) | |
| | | | | 1,545,000 | | | | 5.250 | | | 11/01/2035 | | | 1,546,183 | |
| | New Port Tampa Bay Community Development District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 500,000 | | | | 3.500 | | | 05/01/2031 | | | 478,109 | |
| | New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/A) | |
| | | | | 125,000 | | | | 3.500 | (d) | | 05/01/2026 | | | 124,126 | |
| | | | | 130,000 | | | | 3.500 | (d) | | 05/01/2027 | | | 129,503 | |
| | | | | 135,000 | | | | 3.500 | (d) | | 05/01/2028 | | | 134,014 | |
| | | | | 140,000 | | | | 3.500 | (d) | | 05/01/2029 | | | 138,812 | |
| | | | | 700,000 | | | | 3.500 | (d) | | 05/01/2038 | | | 651,458 | |
| | New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/NR) | |
| | | | | 10,000 | | | | 3.125 | (d) | | 05/01/2025 | | | 9,954 | |
| | | | | 30,000 | | | | 3.500 | (d) | | 05/01/2031 | | | 28,789 | |
| | Normandy Community Development District City of Jacksonville Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) | |
| | | | | 675,000 | | | | 4.625 | (d) | | 05/01/2031 | | | 676,970 | |
| | North Ar-1 of Pasco Community Development District Pasco County Florida Capital Improvement RB Series 2024A Assessment Area Five (NR/NR) | |
| | | | | 750,000 | | | | 4.875 | | | 05/01/2031 | | | 760,158 | |
| | |
| 30 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | North Ar-1 of Pasco Community Development District Pasco County Florida Capital Improvement RB Series 2024A Assessment Area Five (NR/NR) – (continued) | |
| | $ | | | 715,000 | | | | 5.750 | % | | 05/01/2044 | | $ | 736,001 | |
| | North AR-1 Pasco Community Development District Capital Improvement RB for Assessment Area Four Series 2024 (NR/NR) | |
| | | | | 355,000 | | | | 4.625 | | | 05/01/2031 | | | 359,151 | |
| | | | | 470,000 | | | | 5.450 | | | 05/01/2044 | | | 481,492 | |
| | North AR-1 Pasco Community Development District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 135,000 | | | | 2.625 | | | 05/01/2026 | | | 132,172 | |
| | | | | 280,000 | | | | 3.125 | | | 05/01/2031 | | | 262,561 | |
| | North Loop Community Development District (City of Punta Gorda, Florida) Special Assessment Bonds, Series 2023 (NR/ NR) | |
| | | | | 250,000 | | | | 5.625 | | | 05/01/2030 | | | 259,663 | |
| | | | | 525,000 | | | | 6.375 | | | 05/01/2043 | | | 573,333 | |
| | North Park Isle Community Development District Special Assessment RB Series 2021 (NR/NR) | |
| | | | | 280,000 | | | | 2.450 | | | 11/01/2026 | | | 271,487 | |
| | | | | 500,000 | | | | 3.000 | | | 11/01/2031 | | | 465,870 | |
| | North Powerline Road Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 210,000 | | | | 5.250 | (d) | | 05/01/2032 | | | 215,277 | |
| | North Powerline Road Community Development District Special Assessment Series 2020 (NR/NR) | |
| | | | | 135,000 | | | | 2.625 | | | 05/01/2025 | | | 133,880 | |
| | | | | 495,000 | | | | 3.125 | | | 05/01/2030 | | | 468,102 | |
| | | | | 430,000 | | | | 3.625 | | | 05/01/2040 | | | 378,654 | |
| | North Sumter County Utility Dependent District RB for Central Sumter Utility Series 2019 (BAM) (NR/AA) | |
| | | | | 655,000 | | | | 5.000 | | | 10/01/2030 | | | 719,319 | |
| | | | | 575,000 | | | | 5.000 | | | 10/01/2031 | | | 629,798 | |
| | | | | 1,025,000 | | | | 5.000 | | | 10/01/2033 | | | 1,115,855 | |
| | | | | 1,205,000 | | | | 5.000 | | | 10/01/2034 | | | 1,309,005 | |
| | | | | 1,000,000 | | | | 5.000 | | | 10/01/2036 | | | 1,081,254 | |
| | | | | 1,975,000 | | | | 5.000 | | | 10/01/2037 | | | 2,128,182 | |
| | | | | 2,075,000 | | | | 5.000 | | | 10/01/2038 | | | 2,225,535 | |
| | | | | 2,180,000 | | | | 5.000 | | | 10/01/2039 | | | 2,332,674 | |
| | | | | 2,630,000 | | | | 5.000 | | | 10/01/2044 | | | 2,766,029 | |
| | Ocala Preserve Community Development District Capital Improvement RB Series 2023 (NR/NR) | |
| | | | | 285,000 | | | | 4.875 | | | 05/01/2030 | | | 291,726 | |
| | Old Hickory Community Development District Special Assessment Bonds Series 2020 (NR/NR) | |
| | | | | 60,000 | | | | 2.500 | | | 06/15/2025 | | | 59,460 | |
| | | | | 300,000 | | | | 3.000 | | | 06/15/2030 | | | 287,639 | |
| | | | | 315,000 | | | | 4.000 | | | 06/15/2040 | | | 295,511 | |
| | Orange Blossom Groves Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 350,000 | | | | 4.250 | | | 06/15/2030 | | | 356,383 | |
| | | | | 585,000 | | | | 5.250 | | | 06/15/2043 | | | 612,612 | |
| | Orange Blossom Ranch Community Development District Special Assessment Bonds Series 2019 (NR/NR) | |
| | | | | 825,000 | | | | 4.100 | | | 05/01/2029 | | | 828,678 | |
| | Orlando Utilities Commission RB Series 2021 B (Aa2/AA) | |
| | | | | 4,325,000 | | | | 1.250 | (a)(b) | | 10/01/2046 | | | 3,849,208 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Osceola Chain Lakes Community Development District Special Assessment Bonds Series 2020 (NR/NR) | |
| | $ | | | 350,000 | | | | 3.500 | % | | 05/01/2030 | | $ | 333,052 | |
| | Osceola County Expressway System Senior Lien Convertible Capital Appreciation RB Series 2014B-2 (NR/NR) | |
| | | | | 5,000,000 | | | | 0.000 | (e)(i) | | 10/01/2031 | | | 5,980,522 | |
| | Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2016 (NR/NR) | |
| | | | | 3,280,000 | | | | 5.875 | | | 11/01/2037 | | | 3,416,636 | |
| | | | | 3,495,000 | | | | 6.000 | | | 11/01/2047 | | | 3,617,312 | |
| | Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2018 (NR/NR) | |
| | | | | 640,000 | | | | 4.875 | (d) | | 11/01/2028 | | | 653,246 | |
| | Osceola County Transportation Improvement & Refunding RB Series 2019A-1 (NR/BBB+) | |
| | | | | 400,000 | | | | 5.000 | | | 10/01/2026 | | | 410,853 | |
| | Osceola Village Center Community Development District Special Assessment Bond Series 2021 (NR/NR) | |
| | | | | 80,000 | | | | 2.375 | (d) | | 05/01/2026 | | | 78,032 | |
| | | | | 180,000 | | | | 2.875 | (d) | | 05/01/2031 | | | 165,987 | |
| | | | | 365,000 | | | | 3.300 | (d) | | 05/01/2041 | | | 304,154 | |
| | Palermo Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 525,000 | | | | 4.125 | | | 06/15/2030 | | | 531,998 | |
| | | | | 950,000 | | | | 5.000 | | | 06/15/2043 | | | 975,892 | |
| | Palm Beach County Educational Facilities Authority RB Palm Beach Atlantic University, Inc. Series 2024 (NR/NR) | |
| | | | | 4,000,000 | | | | 5.000 | | | 10/01/2034 | | | 4,358,128 | |
| | | | | 1,810,000 | | | | 5.000 | | | 10/01/2043 | | | 1,900,349 | |
| | | | | 3,280,000 | | | | 5.250 | | | 10/01/2053 | | | 3,431,426 | |
| | 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 | | | 250,233 | |
| | | | | 1,030,000 | | | | 5.000 | | | 11/15/2042 | | | 1,082,998 | |
| | 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 | | | 1,969,890 | |
| | | | | 1,825,000 | | | | 5.000 | | | 05/15/2053 | | | 1,829,636 | |
| | 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 | | | 612,332 | |
| | | | | 8,190,000 | | | | 4.000 | | | 05/15/2036 | | | 7,955,604 | |
| | Palm Beach County Health Facilities Authority RB Refunding for Lifespace Communities, Inc. Series 2023 C (NR/NR) | |
| | | | | 945,000 | | | | 7.500 | | | 05/15/2053 | | | 1,078,840 | |
| | Palm Coast Park Community Development District Special Assessment Bond for Somerset at Palm Coast Park, Series 2023 (NR/NR) | |
| | | | | 820,000 | | | | 4.700 | | | 05/01/2033 | | | 841,214 | |
| | | | | 400,000 | | | | 5.400 | | | 05/01/2043 | | | 416,015 | |
| | Palm Coast Park Community Development District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 275,000 | | | | 2.800 | | | 05/01/2031 | | | 251,499 | |
| | | | | 730,000 | | | | 3.125 | | | 05/01/2041 | | | 592,318 | |
| | Palm Coast Park Community Development District Special Assessment for Assessment Area One Series 2019 (NR/NR) | |
| | | | | 45,000 | | | | 3.400 | | | 05/01/2025 | | | 44,869 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 31 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Palm Coast Park Community Development District Special Assessment for Assessment Area One Series 2019 (NR/NR) – (continued) | |
| | $ | | | 245,000 | | | | 3.750 | % | | 05/01/2030 | | $ | 240,039 | |
| | | | | 965,000 | | | | 4.150 | | | 05/01/2040 | | | 916,159 | |
| | Palm Glades Community Development District Senior Special Assessment Bonds Series 2018 A-1 (NR/A) | |
| | | | | 215,000 | | | | 3.500 | | | 11/01/2025 | | | 214,481 | |
| | | | | 225,000 | | | | 3.500 | | | 11/01/2026 | | | 225,225 | |
| | | | | 230,000 | | | | 3.500 | | | 11/01/2027 | | | 230,362 | |
| | | | | 240,000 | | | | 3.500 | | | 11/01/2028 | | | 239,960 | |
| | Palm Glades Community Development District Special Assessment Bonds Series 2020 (NR/NR) | |
| | | | | 785,000 | | | | 4.000 | (d) | | 05/01/2050 | | | 677,761 | |
| | Palm Glades Community Development District Special Assessment Refunding Bonds Series 2016 (NR/A) | |
| | | | | 350,000 | | | | 3.750 | | | 05/01/2031 | | | 349,020 | |
| | | | | 1,045,000 | | | | 4.000 | | | 05/01/2036 | | | 1,046,292 | |
| | Palm Glades Community Development District Special Assessment Refunding Bonds Series 2017 (NR/BBB-) | |
| | | | | 160,000 | | | | 4.000 | | | 05/01/2027 | | | 160,437 | |
| | | | | 3,575,000 | | | | 5.000 | | | 05/01/2039 | | | 3,624,249 | |
| | Park East Community Development District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 655,000 | | | | 2.875 | | | 11/01/2031 | | | 591,863 | |
| | | | | 1,150,000 | | | | 3.150 | | | 11/01/2041 | | | 927,663 | |
| | Parker Pointe Community Development District Miami-Dade County Florida Special Assessment Bonds Series 2024 (NR/NR) | |
| | | | | 700,000 | | | | 5.500 | | | 05/01/2044 | | | 715,099 | |
| | Parkland Preserve Community Development District Special Assessment RB Series 2019 A (NR/NR) | |
| | | | | 465,000 | | | | 4.750 | | | 05/01/2030 | | | 474,641 | |
| | Parkview at Long Lake Ranch Community Development District Special Assessment Series 2020 (NR/NR) | |
| | | | | 625,000 | | | | 3.125 | | | 05/01/2030 | | | 590,719 | |
| | | | | 800,000 | | | | 3.750 | | | 05/01/2040 | | | 712,722 | |
| | Parkway Center Community Development District Special Assessment for Amenity Projects Series 2018-2 (NR/A-) | |
| | | | | 345,000 | | | | 4.250 | | | 05/01/2031 | | | 348,022 | |
| | | | | 1,030,000 | | | | 4.500 | | | 05/01/2038 | | | 1,030,922 | |
| | Parkway Center Community Development District Special Assessment Refunding Series 2018-1 (NR/BBB) | |
| | | | | 265,000 | | | | 4.000 | | | 05/01/2026 | | | 265,587 | |
| | | | | 275,000 | | | | 4.000 | | | 05/01/2027 | | | 276,702 | |
| | | | | 285,000 | | | | 4.125 | | | 05/01/2028 | | | 288,363 | |
| | Parrish Lakes Community Development District Capital Improvement RB for Special Assessment Area Two Series 2023A (NR/NR) | |
| | | | | 355,000 | | | | 4.625 | | | 05/01/2030 | | | 359,364 | |
| | | | | 515,000 | | | | 5.375 | | | 05/01/2043 | | | 529,578 | |
| | Parrish Lakes Community Development District Capital Improvement RB Series 2023 (NR/NR) | |
| | | | | 435,000 | | | | 4.000 | | | 05/01/2030 | | | 435,243 | |
| | Parrish Lakes Community Development District Manatee County Florida Capital Improvement RB Series 2024 Assessment Area Three (NR/NR) | |
| | | | | 475,000 | | | | 5.000 | | | 05/01/2031 | | | 478,330 | |
| | | | | 775,000 | | | | 5.500 | | | 05/01/2044 | | | 786,823 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | 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 | | $ | 257,956 | |
| | Parrish Plantation Community Development District Manatee County Florida Special Assessment RB Series 2024 Assessment Area Three Project (NR/NR) | |
| | | | | 375,000 | | | | 4.875 | | | 05/01/2031 | | | 380,314 | |
| | | | | 700,000 | | | | 5.800 | | | 05/01/2044 | | | 726,830 | |
| | Parrish Plantation Community Development District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 130,000 | | | | 2.500 | | | 05/01/2026 | | | 127,056 | |
| | | | | 335,000 | | | | 3.125 | | | 05/01/2031 | | | 314,516 | |
| | Pasco Community Development District Capital Improvement RB Series 2021A (NR/NR) | |
| | | | | 210,000 | | | | 3.250 | | | 05/01/2031 | | | 198,416 | |
| | | | | 750,000 | | | | 3.550 | | | 05/01/2041 | | | 647,857 | |
| | Pasco County Capital Improvement Cigarette Tax Allocation Bonds Series 2023A (AGM) (A1/AA) | |
| | | | | 480,000 | | | | 5.250 | | | 09/01/2035 | | | 552,874 | |
| | | | | 500,000 | | | | 5.250 | | | 09/01/2036 | | | 573,089 | |
| | | | | 250,000 | | | | 5.500 | | | 09/01/2037 | | | 289,918 | |
| | | | | 210,000 | | | | 5.500 | | | 09/01/2038 | | | 241,983 | |
| | | | | 3,665,000 | | | | 5.750 | | | 09/01/2054 | | | 4,147,464 | |
| | Paseo Community Development District Capital Improvement RB Refunding Series 2018 (NR/A-) | |
| | | | | 475,000 | | | | 4.000 | | | 05/01/2026 | | | 478,523 | |
| | | | | 515,000 | | | | 4.000 | | | 05/01/2028 | | | 524,824 | |
| | | | | 1,315,000 | | | | 4.500 | | | 05/01/2031 | | | 1,340,146 | |
| | Peace Creek Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 455,000 | | | | 4.250 | | | 06/15/2030 | | | 461,428 | |
| | Pentathlon Community Development District Special Assessment Revenue Refunding Series 2012 (NR/A-) | |
| | | | | 1,330,000 | | | | 4.500 | | | 11/01/2033 | | | 1,330,574 | |
| | Pine Isle Community Development District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 225,000 | | | | 3.000 | (d) | | 12/15/2031 | | | 217,472 | |
| | Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-1 (AGM) (NR/AA) | |
| | | | | 545,000 | | | | 2.000 | | | 05/01/2028 | | | 510,532 | |
| | | | | 555,000 | | | | 2.000 | | | 05/01/2029 | | | 511,001 | |
| | | | | 565,000 | | | | 2.125 | | | 05/01/2030 | | | 508,357 | |
| | | | | 1,000,000 | | | | 2.625 | | | 05/01/2034 | | | 875,914 | |
| | | | | 990,000 | | | | 2.800 | | | 05/01/2037 | | | 839,524 | |
| | Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-2 (NR/NR) | |
| | | | | 145,000 | | | | 2.750 | | | 05/01/2025 | | | 144,028 | |
| | 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 | | | 1,642,508 | |
| | Portico Community Development District Special Assessment Bonds Series 2020-2 (NR/NR) | |
| | | | | 20,000 | | | | 2.875 | | | 05/01/2025 | | | 19,859 | |
| | | | | 170,000 | | | | 3.250 | | | 05/01/2031 | | | 160,417 | |
| | Portico Community Development District Special Assessment Refunding Series 2020-1 (NR/NR) | |
| | | | | 435,000 | | | | 2.800 | | | 05/01/2025 | | | 431,745 | |
| | |
| 32 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Portico Community Development District Special Assessment Refunding Series 2020-1 (NR/NR) – (continued) | |
| | $ | | | 3,320,000 | | | | 3.200 | % | | 05/01/2031 | | $ | 3,132,622 | |
| | | | | 1,870,000 | | | | 3.500 | | | 05/01/2037 | | | 1,684,936 | |
| | Preserve At Savannah Lakes Community Development District Special Assessment Bonds Phase 1 Series 2024 (NR/NR) | |
| | | | | 250,000 | | | | 4.600 | | | 05/01/2031 | | | 253,630 | |
| | Preserve at South Branch Community Development District Special Assessment Phase 1 Series 2018 (NR/NR) | |
| | | | | 275,000 | | | | 4.750 | | | 11/01/2029 | | | 282,987 | |
| | Preserve at South Branch Community Development District Special Assessment Phase 2 RB Series 2019 (NR/NR) | |
| | | | | 30,000 | | | | 3.250 | | | 11/01/2024 | | | 29,982 | |
| | | | | 555,000 | | | | 3.500 | | | 11/01/2030 | | | 550,027 | |
| | Preserve at South Branch Community Development District Special Assessment Phase 3 Series 2021 (NR/NR) | |
| | | | | 110,000 | | | | 2.500 | | | 05/01/2026 | | | 108,168 | |
| | Preston Cove Community Development District Special Assessment RB Series 2022 (NR/NR) | |
| | | | | 310,000 | | | | 3.250 | | | 05/01/2027 | | | 304,707 | |
| | | | | 1,820,000 | | | | 4.000 | | | 05/01/2042 | | | 1,655,349 | |
| | Prosperity Lakes Community Development District (Manatee County, Florida) Special Assessment Bonds, Series 2023 (Assessment Area One) (NR/NR) | |
| | | | | 690,000 | | | | 5.875 | | | 12/15/2043 | | | 735,870 | |
| | Quail Roost Community Development District Special Assessment for Expansion Area Project Series 2021 (NR/NR) | |
| | | | | 90,000 | | | | 2.200 | | | 12/15/2026 | | | 87,106 | |
| | | | | 485,000 | | | | 2.700 | | | 12/15/2031 | | | 449,036 | |
| | | | | 730,000 | | | | 3.125 | | | 12/15/2041 | | | 600,962 | |
| | 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 | | | 649,949 | |
| | Randal Park Community Development District Randal Walk Special Assessment RB Series 2018 (NR/NR) | |
| | | | | 185,000 | | | | 4.500 | (d) | | 05/01/2029 | | | 188,010 | |
| | Randal Park Community Development District Special Assessment RB Series 2015 (NR/NR) | |
| | | | | 185,000 | | | | 4.250 | | | 11/01/2025 | | | 185,457 | |
| | Regal-Village Community Development District Capital Improvement Revenue Bonds Series 2024 (NR/NR) | |
| | | | | 370,000 | | | | 4.250 | | | 05/01/2031 | | | 372,671 | |
| | Reserve At Van Oaks Community Development District City of Auburndale, Florida Special Assessment Bonds, Series 2023 Series 2023 Project (NR/NR) | |
| | | | | 670,000 | | | | 5.125 | | | 05/01/2043 | | | 694,912 | |
| | Reunion East Community Development District Special Assessment Refunding Bonds for Osceola County Series 2015A (NR/NR) | |
| | | | | 165,000 | | | | 5.000 | | | 05/01/2025 | | | 166,914 | |
| | Reunion West Community Development District Special Assessment Bonds for Assessment Area 5 Project Series 2019 (NR/NR) | |
| | | | | 425,000 | | | | 4.000 | | | 05/01/2030 | | | 425,673 | |
| | Reunion West Community Development District Special Assessment Refunding Bonds Series 2022 (NR/NR) | |
| | | | | 1,150,000 | | | | 3.000 | | | 05/01/2036 | | | 1,031,418 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Rhodine Road North Community Development District Special Assessment Bonds Series 2019 (NR/NR) | |
| | $ | | | 405,000 | | | | 4.000 | % | | 05/01/2030 | | $ | 409,925 | |
| | | | | 615,000 | | | | 4.500 | | | 05/01/2040 | | | 617,355 | |
| | | | | 610,000 | | | | 4.750 | | | 05/01/2050 | | | 599,825 | |
| | Rhodine Road North Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 190,000 | | | | 3.000 | | | 05/01/2032 | | | 181,038 | |
| | | | | 400,000 | | | | 3.300 | | | 05/01/2042 | | | 342,743 | |
| | Ridge at Apopka Community Development District Special Assessment Bonds for Parcel Two Project Series 2023 (NR/NR) | |
| | | | | 290,000 | | | | 4.750 | | | 05/01/2030 | | | 295,029 | |
| | Ridge at Apopka Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 280,000 | | | | 4.750 | | | 05/01/2027 | | | 283,617 | |
| | | | | 700,000 | | | | 5.000 | | | 05/01/2032 | | | 730,569 | |
| | Ridge at Health Brook Community Development District Capital Improvement RB Series 2023 (NR/NR) | |
| | | | | 120,000 | | | | 4.375 | | | 05/01/2030 | | | 121,478 | |
| | | | | 270,000 | | | | 5.250 | | | 05/01/2043 | | | 279,697 | |
| | River Bend Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (NR/A-) | |
| | | | | 2,390,000 | | | | 4.000 | | | 05/01/2031 | | | 2,393,642 | |
| | | | | 890,000 | | | | 4.000 | | | 05/01/2035 | | | 886,692 | |
| | River Glen Community Development District Special Assessment Bond for Assessment Area Two Series 2021 (NR/NR) | |
| | | | | 295,000 | | | | 2.375 | | | 05/01/2026 | | | 287,485 | |
| | | | | 600,000 | | | | 3.000 | | | 05/01/2031 | | | 559,912 | |
| | River Hall Community Development District (Lee County, Florida) Capital Improvement RB, Series 2023A (Assessment Area 4) (NR/NR) | |
| | | | | 700,000 | | | | 6.250 | | | 05/01/2043 | | | 755,206 | |
| | River Hall Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR) | |
| | | | | 155,000 | | | | 2.750 | | | 05/01/2025 | | | 153,770 | |
| | | | | 690,000 | | | | 3.250 | | | 05/01/2031 | | | 653,390 | |
| | River Hall Community Development District Special Assessment Refunding Bonds Series 2021 A-2 (NR/NR) | |
| | | | | 80,000 | | | | 3.000 | | | 05/01/2026 | | | 78,756 | |
| | | | | 925,000 | | | | 3.000 | | | 05/01/2031 | | | 862,734 | |
| | | | | 920,000 | | | | 3.000 | | | 05/01/2036 | | | 798,830 | |
| | River Landing Community Development District Special Assessment Series 2020 A (NR/NR) | |
| | | | | 70,000 | | | | 3.000 | | | 05/01/2025 | | | 69,626 | |
| | | | | 470,000 | | | | 3.600 | | | 05/01/2030 | | | 454,818 | |
| | Rivers Edge II Community Development District Special Assessment Bond Series 2021 (NR/NR) | |
| | | | | 100,000 | | | | 2.400 | | | 05/01/2026 | | | 97,563 | |
| | | | | 300,000 | | | | 3.000 | | | 05/01/2031 | | | 279,125 | |
| | Rivers Edge III Community Development District Special Assessment Bond Series 2021 (NR/NR) | |
| | | | | 125,000 | | | | 2.400 | (d) | | 05/01/2026 | | | 121,991 | |
| | | | | 300,000 | | | | 3.000 | (d) | | 05/01/2031 | | | 279,066 | |
| | Riverwalk Community Development District City of Orlando Florida Special Assessment Bonds Series 2024 (NR/NR) | |
| | | | | 1,000,000 | | | | 5.500 | | | 05/01/2044 | | | 1,026,590 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 33 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Rivington Community Development District Special Assessment RB Series 2022 (NR/NR) | |
| | $ | | | 4,065,000 | | | | 4.000 | % | | 05/01/2052 | | $ | 3,457,691 | |
| | Rolling Hills Community Development District Capital Improvement and Refunding Bonds Series 2022A-2 (NR/NR) | |
| | | | | 900,000 | | | | 3.650 | | | 05/01/2032 | | | 860,252 | |
| | Rolling Hills Community Development District Capital Improvement RB Series 2022A-1 (NR/NR) | |
| | | | | 965,000 | | | | 3.750 | | | 05/01/2042 | | | 838,758 | |
| | Rolling Oaks Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 170,000 | | | | 5.625 | (d) | | 05/01/2029 | | | 174,009 | |
| | | | | 830,000 | | | | 6.250 | (d) | | 05/01/2042 | | | 889,365 | |
| | 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 | | | 410,593 | |
| | | | | 1,000,000 | | | | 5.000 | | | 05/01/2044 | | | 998,523 | |
| | Rustic Oaks Community Development District Capital Improvement RB Series 2022 (NR/NR) | |
| | | | | 615,000 | | | | 2.850 | | | 05/01/2027 | | | 593,418 | |
| | | | | 1,100,000 | | | | 3.200 | | | 05/01/2032 | | | 1,023,164 | |
| | Rutland Ranch Community Development District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 410,000 | | | | 3.400 | | | 11/01/2041 | | | 348,683 | |
| | Rye Crossing Community Development District Capital Improvement RB Series 2023 (NR/NR) | |
| | | | | 820,000 | | | | 5.000 | | | 05/01/2043 | | | 839,379 | |
| | Rye Crossing Community Development District Manatee County Florida Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) | |
| | | | | 310,000 | | | | 4.200 | | | 05/01/2031 | | | 310,393 | |
| | | | | 750,000 | | | | 5.000 | | | 05/01/2044 | | | 752,225 | |
| | Rye Ranch Community Development District (Manatee County, Florida) Special Assessment Bonds, Series 2023 (Pod A 2023 Project Area) (NR/NR) | |
| | | | | 235,000 | | | | 5.700 | | | 05/01/2030 | | | 244,165 | |
| | | | | 1,000,000 | | | | 6.500 | | | 05/01/2043 | | | 1,099,921 | |
| | Rye Ranch Community Development District Special Assessment Bonds for Assessment Area One, Series 2023 (NR/NR) | |
| | | | | 660,000 | | | | 5.750 | (d) | | 11/01/2043 | | | 689,782 | |
| | Sabal Palm Community Development District Broward County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) | |
| | | | | 1,625,000 | | | | 5.000 | | | 05/01/2044 | | | 1,663,128 | |
| | Saddle Creek Preserve of Polk County Community Development District Special Assessment Bonds Series 2020 (NR/NR) | |
| | | | | 120,000 | | | | 2.500 | | | 06/15/2025 | | | 118,802 | |
| | | | | 320,000 | | | | 3.000 | | | 06/15/2030 | | | 308,945 | |
| | | | | 290,000 | | | | 4.000 | | | 06/15/2040 | | | 282,866 | |
| | Saddle Creek Preserve of Polk County Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 215,000 | | | | 2.625 | | | 12/15/2027 | | | 207,280 | |
| | | | | 355,000 | | | | 3.100 | | | 12/15/2032 | | | 336,789 | |
| | Saltleaf Community Development District Lee County Florida Capital Improvement RB Series 2024 (NR/NR) | |
| | | | | 450,000 | | | | 4.750 | | | 05/01/2031 | | | 454,431 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Saltmeadows Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | $ | | | 585,000 | | | | 5.250 | % | | 05/01/2042 | | $ | 603,093 | |
| | Sampson Creek Community Development District Special Assessment Bonds Series 2020 (AGM) (NR/AA) | |
| | | | | 670,000 | | | | 2.375 | | | 05/01/2035 | | | 575,042 | |
| | | | | 1,425,000 | | | | 2.625 | | | 05/01/2040 | | | 1,152,399 | |
| | San Simeon Community Development District Special Assessment Bonds Series 2019 (NR/NR) | |
| | | | | 1,000,000 | | | | 3.750 | (d) | | 06/15/2031 | | | 973,352 | |
| | Sandmine Road Community Development District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 450,000 | | | | 3.000 | | | 11/01/2031 | | | 435,450 | |
| | | | | 1,100,000 | | | | 3.300 | | | 11/01/2041 | | | 986,951 | |
| | Sandmine Road Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 500,000 | | | | 5.750 | | | 11/01/2042 | | | 534,417 | |
| | 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 | | | 633,667 | |
| | Savanna Lakes Community Development District Lee County, Florida Special Assessment Bonds, Series 2023 Assessment Area One (NR/NR) | |
| | | | | 815,000 | | | | 5.125 | (d) | | 06/15/2043 | | | 838,619 | |
| | Sawgrass Village Community Development District (Manatee County, Florida) Special Assessment Bonds, Series 2023 (Assessment Area Two) (NR/NR) | |
| | | | | 415,000 | | | | 5.250 | | | 11/01/2030 | | | 425,749 | |
| | Sawgrass Village Community Development District Manatee County Florida Special Assessment Bonds Series 2024 Assessment Area Three (NR/NR) | |
| | | | | 300,000 | | | | 4.700 | (d) | | 05/01/2031 | | | 303,476 | |
| | | | | 700,000 | | | | 5.550 | (d) | | 05/01/2044 | | | 717,656 | |
| | Sawgrass Village Community Development District Manatee County, Florida Special Assessment Bonds, Series 2023 Series 2023 Project (NR/NR) | |
| | | | | 525,000 | | | | 4.875 | | | 05/01/2030 | | | 534,242 | |
| | | | | 1,260,000 | | | | 5.500 | | | 05/01/2043 | | | 1,303,885 | |
| | Sawgrass Village Community Development District Special Assessment Bonds Series 2023 (Assessment Area Two) (NR/NR) | |
| | | | | 1,100,000 | | | | 6.125 | | | 11/01/2043 | | | 1,177,040 | |
| | Scenic Highway Community Development District Special Assessment Series 2020 (NR/NR) | |
| | | | | 170,000 | | | | 2.750 | | | 05/01/2025 | | | 168,833 | |
| | | | | 465,000 | | | | 3.250 | | | 05/01/2030 | | | 454,343 | |
| | | | | 560,000 | | | | 3.750 | | | 05/01/2040 | | | 521,165 | |
| | Scenic Terrace North Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 645,000 | | | | 5.125 | | | 05/01/2030 | | | 658,989 | |
| | Scenic Terrace South Community Development District (Town of Lake Hamilton, Florida) Special Assessment Bonds, Series 2023 (Series 2023 Project) (NR/NR) | |
| | | | | 400,000 | | | | 6.500 | | | 11/01/2043 | | | 433,770 | |
| | Scenic Terrace South Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 250,000 | | | | 3.750 | | | 05/01/2027 | | | 248,525 | |
| | | | | 540,000 | | | | 4.125 | | | 05/01/2032 | | | 538,287 | |
| | |
| 34 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Scenic Terrace South Community Development District Special Assessment Bonds Series 2022 (NR/NR) – (continued) | |
| | $ | | | 1,190,000 | | | | 4.500 | % | | 05/01/2042 | | $ | 1,150,894 | |
| | Seagrove Community Development District St. Lucie County Florida Special Assessment Bonds Series 2024 (NR/NR) | |
| | | | | 980,000 | | | | 4.250 | | | 06/15/2031 | | | 982,962 | |
| | | | | 785,000 | | | | 4.875 | | | 06/15/2044 | | | 788,871 | |
| | Seaton Creek Reserve Community Development District City of Jacksonville, Florida Special Assessment Bonds, Series 2023 Assessment Area One (NR/NR) | |
| | | | | 725,000 | | | | 5.250 | (d) | | 06/15/2043 | | | 753,936 | |
| | 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 | | | 619,869 | |
| | Seminole Improvement District Utilities RB for City of Westlake Series 2022 (NR/NR) | |
| | | | | 400,000 | | | | 4.400 | | | 10/01/2027 | | | 402,253 | |
| | | | | 550,000 | | | | 5.000 | | | 10/01/2032 | | | 567,776 | |
| | 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 | (d) | | 05/01/2044 | | | 1,256,116 | |
| | Seminole Palms Community Development District City of Palm Coast, Florida Special Assessment Bonds, Series 2023 2023 Project Area (NR/NR) | |
| | | | | 1,000,000 | | | | 5.500 | | | 05/01/2043 | | | 1,043,345 | |
| | Shadowlawn Community Development District Special Assessment Revenue Bonds Series 2024 (NR/NR) | |
| | | | | 3,300,000 | | | | 4.700 | | | 05/01/2034 | | | 3,341,490 | |
| | Shell Point Community Development District Special Assessment Bonds Series 2019 (NR/NR) | |
| | | | | 70,000 | | | | 4.000 | (d) | | 11/01/2024 | | | 70,002 | |
| | | | | 735,000 | | | | 4.500 | (d) | | 11/01/2029 | | | 746,482 | |
| | Sherwood Manor Community Development District Special Assessment RB Series 2023 (NR/NR) | |
| | | | | 395,000 | | | | 4.625 | | | 05/01/2030 | | | 402,197 | |
| | | | | 725,000 | | | | 5.500 | | | 05/01/2043 | | | 760,052 | |
| | Shingle Creek at Bronson Community Development District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 1,000,000 | | | | 3.500 | | | 06/15/2041 | | | 919,263 | |
| | Shingle Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR) | |
| | | | | 1,895,000 | | | | 4.000 | | | 05/01/2029 | | | 1,903,399 | |
| | | | | 5,000,000 | | | | 4.750 | | | 05/01/2039 | | | 5,029,572 | |
| | Siena North Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 160,000 | | | | 3.300 | | | 06/15/2032 | | | 150,079 | |
| | | | | 450,000 | | | | 4.000 | | | 06/15/2042 | | | 409,981 | |
| | Silver Oaks Community Development District Special Assessment Bonds Series 2024 (NR/NR) | |
| | | | | 1,000,000 | | | | 5.550 | | | 05/01/2044 | | | 1,031,188 | |
| | Silver Palms West Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 900,000 | | | | 3.000 | | | 06/15/2032 | | | 836,293 | |
| | | | | 1,905,000 | | | | 3.250 | | | 06/15/2042 | | | 1,669,975 | |
| | Silverlake Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 695,000 | | | | 5.375 | | | 05/01/2043 | | | 724,295 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Six Mile Creek Community Development District Capital Improvement & Refunding RB Series 2021 (NR/NR) | |
| | $ | | | 120,000 | | | | 2.500 | % | | 05/01/2026 | | $ | 117,476 | |
| | | | | 325,000 | | | | 3.100 | | | 05/01/2031 | | | 305,002 | |
| | Six Mile Creek Community Development District Special Assessment for Assessment Area 3 Phase 1 Series 2021 (NR/NR) | |
| | | | | 155,000 | | | | 2.500 | | | 05/01/2026 | | | 151,863 | |
| | | | | 715,000 | | | | 3.000 | | | 05/01/2031 | | | 667,710 | |
| | Six Mile Creek Community Development District Special Assessment Refunding for Area 2 Phase 3A Project Series 2020 (NR/NR) | |
| | | | | 140,000 | | | | 3.125 | | | 11/01/2025 | | | 139,174 | |
| | | | | 495,000 | | | | 3.625 | | | 11/01/2031 | | | 494,445 | |
| | | | | 300,000 | | | | 4.125 | | | 11/01/2040 | | | 295,927 | |
| | Six Mile Creek Community Development District St. Johns County Florida Capital Improvement RB Series 2024 (NR/NR) | |
| | | | | 550,000 | | | | 5.100 | (c)(d) | | 05/01/2044 | | | 551,302 | |
| | 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 | | | 1,150,821 | |
| | Solaeris Community Development District St. Lucie County Florida Special Assessment Bonds Series 2024 (NR/NR) | |
| | | | | 500,000 | | | | 5.200 | | | 05/01/2031 | | | 508,226 | |
| | Somerset Bay Community Development District Hernando County Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) | |
| | | | | 950,000 | | | | 5.625 | (d) | | 05/01/2044 | | | 970,248 | |
| | 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 | | | 725,641 | |
| | South Creek Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) | |
| | | | | 120,000 | | | | 2.375 | | | 06/15/2026 | | | 117,251 | |
| | | | | 175,000 | | | | 2.875 | | | 06/15/2031 | | | 166,095 | |
| | | | | 475,000 | | | | 3.250 | | | 06/15/2041 | | | 402,508 | |
| | South Fork East Community Development District Capital Improvement RB Refunding Series 2017 (NR/BBB) | |
| | | | | 445,000 | | | | 3.450 | | | 05/01/2025 | | | 441,689 | |
| | | | | 465,000 | | | | 3.625 | | | 05/01/2026 | | | 462,418 | |
| | | | | 975,000 | | | | 4.125 | | | 05/01/2036 | | | 959,798 | |
| | South Fork III Community Development District Parcels V and W Special Assessment Bonds Series 2019 (NR/NR) | |
| | | | | 125,000 | | | | 4.250 | (d) | | 11/01/2024 | | | 125,031 | |
| | | | | 730,000 | | | | 4.500 | (d) | | 11/01/2029 | | | 743,107 | |
| | South Fork III Community Development District Special Assessment RB Refunding Series 2018 (NR/NR) | |
| | | | | 590,000 | | | | 4.625 | | | 05/01/2029 | | | 601,357 | |
| | South Kendall Community Development District Special Assessment Refunding Series 2016 (NR/BBB) | |
| | | | | 355,000 | | | | 2.750 | | | 11/01/2024 | | | 354,250 | |
| | | | | 370,000 | | | | 3.000 | | | 11/01/2025 | | | 365,299 | |
| | Southern Groves Community Development District No. 5 Special Assessment Bond Series 2021 (NR/NR) | |
| | | | | 185,000 | | | | 2.400 | | | 05/01/2026 | | | 181,102 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 35 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Southern Groves Community Development District No. 5 Special Assessment Refunding Series 2019 (NR/NR) | |
| | $ | | | 300,000 | | | | 3.250 | % | | 05/01/2029 | | $ | 288,463 | |
| | Southern Groves Community Development District No. 5 Special Assessment Series 2020 (NR/NR) | |
| | | | | 35,000 | | | | 3.375 | | | 05/01/2025 | | | 34,915 | |
| | | | | 610,000 | | | | 4.000 | | | 05/01/2030 | | | 619,599 | |
| | | | | 330,000 | | | | 4.300 | | | 05/01/2040 | | | 330,999 | |
| | | | | 300,000 | | | | 4.500 | | | 05/01/2046 | | | 293,972 | |
| | 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 | | | 589,752 | |
| | Springs at Lake Alfred Community Development District Special Assessment Bonds Series 2024 (NR/NR) | |
| | | | | 470,000 | | | | 4.375 | | | 05/01/2031 | | | 474,446 | |
| | 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 | | | 842,311 | |
| | St. Johns County Water & Sewer RB Series 2022 (Aa2/AAA) | |
| | | | | 7,065,000 | | | | 5.000 | | | 06/01/2047 | | | 7,751,683 | |
| | St. Johns County, Florida Water and Sewer RB, Series 2022 (Aa2/AAA) | |
| | | | | 14,955,000 | | | | 5.000 | | | 06/01/2052 | | | 16,170,527 | |
| | State of Florida State Board of Education Public Education Capital Outlay Refunding Bonds 2024 Series A (Aaa/AAA) | |
| | | | | 3,645,000 | | | | 5.000 | | | 06/01/2026 | | | 3,801,053 | |
| | Stellar North Community Development District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 95,000 | | | | 2.450 | | | 05/01/2026 | | | 92,644 | |
| | Stillwater Community Development District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 155,000 | | | | 2.375 | (d) | | 06/15/2026 | | | 150,835 | |
| | Stonebrier Community Development District Special Assessment Refunding Series 2016 (NR/A-) | |
| | | | | 280,000 | | | | 3.000 | | | 05/01/2025 | | | 278,755 | |
| | | | | 290,000 | | | | 3.000 | | | 05/01/2026 | | | 289,662 | |
| | Stonewater Community Development District Special Assessment RB Series 2021 (NR/NR) | |
| | | | | 460,000 | | | | 3.000 | (d) | | 11/01/2032 | | | 420,131 | |
| | | | | 585,000 | | | | 3.300 | (d) | | 11/01/2041 | | | 489,204 | |
| | Stoneybrook North Community Development District Capital Improvement Revenue Refunding Bonds Series 2022 (NR/NR) | |
| | | | | 760,000 | | | | 6.375 | | | 11/01/2052 | | | 849,574 | |
| | Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2019 (NR/NR) | |
| | | | | 500,000 | | | | 4.000 | | | 06/15/2030 | | | 507,469 | |
| | Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 825,000 | | | | 5.375 | | | 06/15/2043 | | | 881,641 | |
| | Stoneybrook South Community Development District Special Assessment Series 2020 (NR/NR) | |
| | | | | 280,000 | | | | 2.500 | (d) | | 12/15/2025 | | | 276,126 | |
| | | | | 500,000 | | | | 3.000 | (d) | | 12/15/2030 | | | 486,328 | |
| | | | | 1,000,000 | | | | 3.500 | (d) | | 12/15/2040 | | | 936,733 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Storey Creek Community Development District Special Assessment Bonds for Assessment Area One Project Series 2019 (NR/NR) | |
| | $ | | | 500,000 | | | | 3.625 | % | | 12/15/2030 | | $ | 484,436 | |
| | | | | 870,000 | | | | 4.000 | | | 12/15/2039 | | | 813,805 | |
| | Storey Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR) | |
| | | | | 110,000 | | | | 3.125 | | | 12/15/2025 | | | 108,864 | |
| | Storey Creek Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 220,000 | | | | 4.300 | | | 06/15/2027 | | | 222,279 | |
| | Storey Creek Community Development District Special Assessment Bonds Series 2024 (NR/NR) | |
| | | | | 300,000 | | | | 4.450 | | | 06/15/2031 | | | 305,788 | |
| | | | | 550,000 | | | | 5.250 | | | 06/15/2044 | | | 571,387 | |
| | Storey Drive Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 250,000 | | | | 3.000 | | | 06/15/2032 | | | 228,799 | |
| | | | | 1,000,000 | | | | 3.250 | | | 06/15/2042 | | | 818,001 | |
| | Storey Park Community Development District Special Assessment Bonds for Assessment Area Four Project Series 2021 (NR/NR) | |
| | | | | 125,000 | | | | 2.375 | (d) | | 06/15/2026 | | | 122,356 | |
| | | | | 225,000 | | | | 2.875 | (d) | | 06/15/2031 | | | 216,159 | |
| | | | | 275,000 | | | | 3.300 | (d) | | 06/15/2041 | | | 250,587 | |
| | Storey Park Community Development District Special Assessment Bonds for City of Orlando Series 2022 (NR/NR) | |
| | | | | 85,000 | | | | 4.250 | | | 06/15/2027 | | | 85,565 | |
| | | | | 260,000 | | | | 4.500 | | | 06/15/2032 | | | 267,844 | |
| | | | | 585,000 | | | | 5.000 | | | 06/15/2042 | | | 600,559 | |
| | Stuart Crossing Community Development District Special Assessment Bonds Series 2024 (NR/NR) | |
| | | | | 545,000 | | | | 5.250 | (d) | | 05/01/2044 | | | 555,926 | |
| | Summer Woods Community Development District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 275,000 | | | | 3.150 | | | 05/01/2031 | | | 257,187 | |
| | | | | 650,000 | | | | 3.450 | | | 05/01/2041 | | | 550,253 | |
| | Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2020 (NR/NR) | |
| | | | | 75,000 | | | | 3.000 | | | 05/01/2025 | | | 74,582 | |
| | | | | 455,000 | | | | 3.300 | | | 05/01/2031 | | | 430,404 | |
| | | | | 750,000 | | | | 3.750 | | | 05/01/2040 | | | 669,177 | |
| | Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2021 (NR/NR) | |
| | | | | 75,000 | | | | 2.400 | | | 05/01/2026 | | | 73,336 | |
| | | | | 160,000 | | | | 3.000 | | | 05/01/2031 | | | 153,031 | |
| | Summerstone Community Development District Special Assessment Bond for Phase Two Series 2021 (NR/NR) | |
| | | | | 375,000 | | | | 2.750 | (d) | | 05/01/2031 | | | 358,015 | |
| | | | | 700,000 | | | | 3.150 | (d) | | 05/01/2041 | | | 619,967 | |
| | Summerstone Community Development District Special Assessment Series 2020 (NR/NR) | |
| | | | | 165,000 | | | | 3.250 | | | 05/01/2030 | | | 162,677 | |
| | Sunbridge Stewardship District Special Assessment RB for Weslyn Park Project Series 2022 (NR/NR) | |
| | | | | 340,000 | | | | 4.200 | | | 05/01/2027 | | | 340,772 | |
| | | | | 460,000 | | | | 4.600 | | | 05/01/2032 | | | 467,339 | |
| | |
| 36 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Sweetwater Creek Community Development District Capital Improvement Special Assessment RB Refunding Series 2019 A-1 (AGM) (NR/AA) | |
| | $ | | | 395,000 | | | | 2.500 | % | | 05/01/2029 | | $ | 377,564 | |
| | | | | 715,000 | | | | 2.875 | | | 05/01/2033 | | | 658,266 | |
| | | | | 1,430,000 | | | | 3.000 | | | 05/01/2038 | | | 1,254,689 | |
| | Sweetwater Creek Community Development District Capital Improvement Special Assessment RB Refunding Series 2019 A-2 (NR/NR) | |
| | | | | 680,000 | | | | 3.500 | | | 05/01/2029 | | | 669,903 | |
| | Talis Park Community Development District Capital Improvement RB Refunding Senior Series 2016 A-1 (NR/A+) | |
| | | | | 195,000 | | | | 3.000 | | | 05/01/2025 | | | 193,377 | |
| | | | | 200,000 | | | | 3.000 | | | 05/01/2026 | | | 197,456 | |
| | | | | 1,120,000 | | | | 3.500 | | | 05/01/2031 | | | 1,104,543 | |
| | | | | 1,355,000 | | | | 4.000 | | | 05/01/2036 | | | 1,354,097 | |
| | Tamarindo Community Development District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 160,000 | | | | 2.375 | | | 05/01/2026 | | | 155,965 | |
| | | | | 285,000 | | | | 3.000 | | | 05/01/2031 | | | 264,869 | |
| | Tampa Bay Water Utility System Refunding RB Series 2015A (Aa1/AA+) | |
| | | | | 7,090,000 | | | | 4.000 | | | 10/01/2028 | | | 7,157,836 | |
| | Tapestry Community Development District Special Assessment RB Series 2016 (NR/NR) | |
| | | | | 1,115,000 | | | | 4.800 | | | 05/01/2036 | | | 1,121,944 | |
| | Tern Bay Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 1,655,000 | | | | 3.400 | | | 06/15/2032 | | | 1,571,632 | |
| | Terreno Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 1,415,000 | | | | 5.000 | | | 05/01/2043 | | | 1,448,280 | |
| | The School Board of Sumter County Florida Certificates of Participation Series 2024 (AGM) (NR/AA) | |
| | | | | 3,100,000 | | | | 5.250 | | | 01/01/2049 | | | 3,472,329 | |
| | Timber Creek Southwest Community Development District Special Assessment Bonds for Assessment Area Two Project Series 2021 (NR/NR) | |
| | | | | 400,000 | | | | 2.350 | | | 12/15/2026 | | | 386,909 | |
| | | | | 750,000 | | | | 3.000 | | | 12/15/2031 | | | 694,036 | |
| | | | | 2,000,000 | | | | 3.300 | | | 12/15/2041 | | | 1,687,551 | |
| | 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 | | | 202,745 | |
| | | | | 210,000 | | | | 3.125 | | | 05/01/2028 | | | 208,560 | |
| | | | | 230,000 | | | | 3.375 | | | 05/01/2032 | | | 225,469 | |
| | Tohoqua Community Development District Special Assessment Phase 4A/5A Project Series 2021 (NR/NR) | |
| | | | | 735,000 | | | | 3.600 | | | 05/01/2041 | | | 660,395 | |
| | Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 A-2 (NR/NR) | |
| | | | | 330,000 | | | | 5.200 | (d) | | 05/01/2028 | | | 338,569 | |
| | Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 B-2 (NR/NR) | |
| | | | | 300,000 | | | | 4.625 | | | 05/01/2028 | | | 304,726 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Tolomato Community Development District Special Assessment RB Refunding Series 2019 A-1 (AGM) (NR/AA) | |
| | $ | | | 4,695,000 | | | | 3.000 | % | | 05/01/2033 | | $ | 4,538,729 | |
| | | | | 5,280,000 | | | | 3.000 | | | 05/01/2037 | | | 4,994,250 | |
| | Tolomato Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR) | |
| | | | | 760,000 | | | | 3.850 | | | 05/01/2029 | | | 760,768 | |
| | Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 B (AGM) (NR/AA) | |
| | | | | 2,025,000 | | | | 3.000 | | | 05/01/2033 | | | 1,952,903 | |
| | | | | 4,925,000 | | | | 3.000 | | | 05/01/2040 | | | 4,426,365 | |
| | Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 C (NR/NR) | |
| | | | | 2,965,000 | | | | 3.750 | (d) | | 05/01/2029 | | | 2,957,616 | |
| | Toscana Isles Community Development District Special Assessment RB Series 2018 (NR/NR) | |
| | | | | 1,875,000 | | | | 5.000 | | | 11/01/2029 | | | 1,922,860 | |
| | | | | 95,000 | | | | 5.375 | | | 11/01/2039 | | | 100,195 | |
| | Touchstone Community Development District Special Assessment Bonds Series 2018 (NR/NR) | |
| | | | | 410,000 | | | | 4.250 | (d) | | 06/15/2028 | | | 413,048 | |
| | Touchstone Community Development District Special Assessment Bonds Series 2019 (NR/NR) | |
| | | | | 130,000 | | | | 3.125 | | | 12/15/2025 | | | 128,562 | |
| | | | | 735,000 | | | | 3.625 | | | 12/15/2031 | | | 704,528 | |
| | | | | 450,000 | | | | 4.000 | | | 12/15/2040 | | | 410,919 | |
| | Town of Davie RB Refunding for Nova Southeastern University, Inc. Series 2018 (A3/A-) | |
| | | | | 750,000 | | | | 5.000 | | | 04/01/2030 | | | 799,058 | |
| | | | | 650,000 | | | | 5.000 | | | 04/01/2031 | | | 690,545 | |
| | | | | 10,430,000 | | | | 5.000 | | | 04/01/2048 | | | 10,745,260 | |
| | 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 | | | 582,742 | |
| | Town of Palm Beach GO Bonds for Underground Utility Project Series 2018 (Aaa/AAA) | |
| | | | | 2,000,000 | | | | 4.000 | | | 07/01/2043 | | | 2,022,158 | |
| | | | | 7,000,000 | | | | 4.000 | | | 07/01/2047 | | | 6,961,216 | |
| | Towne Park Community Development District Special Assessment Area 3B Project Series 2019 (NR/NR) | |
| | | | | 360,000 | | | | 4.000 | | | 05/01/2030 | | | 360,522 | |
| | | | | 595,000 | | | | 4.375 | | | 05/01/2039 | | | 586,721 | |
| | Towne Park Community Development District Special Assessment Area 3D Project Series 2020 (NR/NR) | |
| | | | | 415,000 | | | | 3.125 | (d) | | 05/01/2030 | | | 400,214 | |
| | | | | 475,000 | | | | 3.625 | (d) | | 05/01/2040 | | | 434,020 | |
| | Towns At Woodsdale Community Development District (Pasco County, Florida) Capital Improvement RB, Series 2023 (NR/NR) | |
| | | | | 645,000 | | | | 6.125 | (d) | | 11/01/2043 | | | 691,328 | |
| | Tradition Community Development District No. 9 Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 200,000 | | | | 2.300 | | | 05/01/2026 | | | 194,946 | |
| | Trevesta Community Development District Special Assessment Area 1 Phase 2 Project Series 2018 (NR/NR) | |
| | | | | 70,000 | | | | 4.375 | (d) | | 11/01/2024 | | | 70,024 | |
| | | | | 485,000 | | | | 5.250 | (d) | | 11/01/2039 | | | 512,780 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 37 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Trevesta Community Development District Special Assessment Area 2 Project Series 2020 (NR/NR) | |
| | $ | | | 120,000 | | | | 2.500 | %(d) | | 05/01/2025 | | $ | 119,056 | |
| | | | | 235,000 | | | | 3.250 | (d) | | 05/01/2030 | | | 229,948 | |
| | Triple Creek Community Development District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 1,190,000 | | | | 3.125 | (d) | | 11/01/2041 | | | 969,837 | |
| | Triple Creek Community Development District Special Assessment for Villages N&P Projects Series 2021 (NR/NR) | |
| | | | | 105,000 | | | | 2.500 | | | 11/01/2026 | | | 101,699 | |
| | | | | 200,000 | | | | 3.000 | | | 11/01/2031 | | | 184,517 | |
| | Triple Creek Community Development District Special Assessment Series 2019 A (NR/NR) | |
| | | | | 490,000 | | | | 4.125 | | | 05/01/2029 | | | 493,478 | |
| | TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2017 (NR/NR) | |
| | | | | 3,955,000 | | | | 4.625 | (d) | | 11/01/2038 | | | 3,964,133 | |
| | TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2018 (NR/NR) | |
| | | | | 55,000 | | | | 4.000 | | | 11/01/2024 | | | 54,994 | |
| | | | | 495,000 | | | | 4.500 | | | 11/01/2029 | | | 503,803 | |
| | TSR Community Development District Special Assessment RB for 2016 Project Series 2016 (NR/NR) | |
| | | | | 2,000,000 | | | | 4.750 | | | 11/01/2047 | | | 1,958,363 | |
| | TSR Community Development District Special Assessment RB for Downtown Neighborhood Assessment Area Series 2019 (NR/NR) | |
| | | | | 110,000 | | | | 3.000 | | | 11/01/2024 | | | 109,895 | |
| | | | | 700,000 | | | | 3.375 | | | 11/01/2030 | | | 667,977 | |
| | TSR Community Development District Special Assessment RB for Village 1 Project Series 2015 (NR/NR) | |
| | | | | 215,000 | | | | 4.375 | | | 11/01/2025 | | | 215,473 | |
| | Tuckers Pointe Community Development District Special Assessment RB Series 2022 (NR/NR) | |
| | | | | 150,000 | | | | 3.000 | | | 05/01/2027 | | | 146,203 | |
| | | | | 465,000 | | | | 3.375 | | | 05/01/2032 | | | 438,316 | |
| | | | | 1,430,000 | | | | 4.000 | | | 05/01/2042 | | | 1,310,551 | |
| | Turnbull Creek Community Development District Senior Special Assessment Refunding Bonds Series 2015 A-1 (NR/A) | |
| | | | | 995,000 | | | | 4.250 | | | 05/01/2031 | | | 996,516 | |
| | 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 | | | 445,846 | |
| | | | | 1,065,000 | | | | 5.625 | | | 05/01/2044 | | | 1,093,963 | |
| | Twisted Oaks Pointe Community Development District City of Wildwood, Florida Special Assessment Bonds, Series 2023 Assessment Area One Project (NR/NR) | |
| | | | | 270,000 | | | | 4.500 | | | 05/01/2030 | | | 273,140 | |
| | | | | 500,000 | | | | 5.375 | | | 05/01/2043 | | | 515,563 | |
| | Twisted Oaks Pointe Community Development District City of Wildwood, Florida Special Assessment Bonds, Series 2023 Assessment Area Two Project (NR/NR) | |
| | | | | 225,000 | | | | 5.125 | | | 05/01/2030 | | | 229,906 | |
| | Two Creeks Community Development District RB Refunding for Capital Improvement Senior Lien Series 2016 A-1 (NR/A) | |
| | | | | 375,000 | | | | 2.625 | | | 05/01/2025 | | | 371,364 | |
| | | | | 385,000 | | | | 3.000 | | | 05/01/2026 | | | 380,715 | |
| | | | | 400,000 | | | | 3.125 | | | 05/01/2027 | | | 396,851 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Two Creeks Community Development District RB Refunding for Capital Improvement Senior Lien Series 2016 A-1 (NR/A) – (continued) | |
| | $ | | | 410,000 | | | | 3.250 | % | | 05/01/2028 | | $ | 407,263 | |
| | Two Creeks Community Development District RB Refunding for Capital Improvement Subordinate Lien Series 2016 A-2 (NR/NR) | |
| | | | | 20,000 | | | | 4.200 | | | 05/01/2026 | | | 20,074 | |
| | Two Lakes Community Development District Special Assessment Expansion Area Series 2019 (NR/NR) | |
| | | | | 115,000 | | | | 3.000 | | | 12/15/2024 | | | 114,731 | |
| | | | | 1,000,000 | | | | 3.375 | | | 12/15/2030 | | | 955,314 | |
| | Two Lakes Community Development District Special Assessment Series 2017 (NR/NR) | |
| | | | | 1,370,000 | | | | 5.000 | (d) | | 12/15/2032 | | | 1,432,284 | |
| | | | | 2,000,000 | | | | 5.000 | (d) | | 12/15/2037 | | | 2,071,550 | |
| | | | | 4,470,000 | | | | 5.000 | (d) | | 12/15/2047 | | | 4,519,136 | |
| | 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 | | | 2,930,002 | |
| | Two Rivers North Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 1,440,000 | | | | 5.125 | | | 05/01/2042 | | | 1,471,879 | |
| | Two Rivers Two Rivers West Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 600,000 | | | | 5.125 | | | 11/01/2030 | | | 613,908 | |
| | | | | 2,000,000 | | | | 6.000 | | | 11/01/2043 | | | 2,115,406 | |
| | Two Rivers West Community Development District Pasco County Florida Special Assessment Bonds Series 2024 (NR/NR) | |
| | | | | 485,000 | | | | 4.800 | (d) | | 05/01/2031 | | | 489,738 | |
| | | | | 700,000 | | | | 5.625 | (d) | | 05/01/2044 | | | 714,352 | |
| | Two Rivers West Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 600,000 | | | | 5.375 | | | 05/01/2033 | | | 629,329 | |
| | Union Park East Community Development District Special Assessment Bonds for Assessment Area 3 Project Series 2021 (NR/NR) | |
| | | | | 205,000 | | | | 3.350 | (d) | | 05/01/2041 | | | 172,201 | |
| | | | | 225,000 | | | | 4.000 | (d) | | 05/01/2051 | | | 194,628 | |
| | University Park Recreation District Special Assessment Series 2019 (BAM) (NR/AA) | |
| | | | | 300,000 | | | | 2.500 | | | 05/01/2027 | | | 296,378 | |
| | | | | 310,000 | | | | 2.500 | | | 05/01/2028 | | | 302,792 | |
| | | | | 315,000 | | | | 2.625 | | | 05/01/2029 | | | 308,042 | |
| | | | | 1,060,000 | | | | 3.000 | | | 05/01/2034 | | | 1,017,793 | |
| | | | | 2,130,000 | | | | 3.125 | | | 05/01/2038 | | | 2,014,069 | |
| | | | | 1,725,000 | | | | 3.250 | | | 05/01/2040 | | | 1,634,168 | |
| | Varrea South Community Development District City of Plant City, Florida Capital Improvement RB, Series 2023 2023 Assessment Area (NR/NR) | |
| | | | | 1,000,000 | | | | 5.125 | | | 05/01/2043 | | | 1,035,747 | |
| | V-Dana Community Development District Lee County, Florida Special Assessment Bonds, Series 2023 Assessment Area Two – 2023 Project Area (NR/NR) | |
| | | | | 885,000 | | | | 4.300 | | | 05/01/2030 | | | 897,957 | |
| | | | | 965,000 | | | | 5.250 | | | 05/01/2043 | | | 1,001,728 | |
| | |
| 38 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | V-Dana Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR) | |
| | $ | | | 120,000 | | | | 3.000 | %(d) | | 05/01/2025 | | $ | 119,389 | |
| | | | | 525,000 | | | | 3.500 | (d) | | 05/01/2031 | | | 503,998 | |
| | | | | 975,000 | | | | 4.000 | (d) | | 05/01/2040 | | | 907,570 | |
| | V-Dana Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) | |
| | | | | 1,000,000 | | | | 3.625 | | | 05/01/2041 | | | 896,573 | |
| | Ventana Community Development District Special Assessment RB Series 2018 (NR/NR) | |
| | | | | 1,000,000 | | | | 4.625 | (d) | | 05/01/2029 | | | 1,017,897 | |
| | | | | 1,000,000 | | | | 5.000 | (d) | | 05/01/2038 | | | 1,033,386 | |
| | Veranda Community Development District II Special Assessment Area 1 Gardens East Project Series 2018 A (NR/NR) | |
| | | | | 60,000 | | | | 4.000 | | | 11/01/2024 | | | 60,005 | |
| | | | | 300,000 | | | | 4.500 | | | 11/01/2029 | | | 305,663 | |
| | Veranda Community Development District II Special Assessment Area 1 Preserve West Project Series 2018 A (NR/NR) | |
| | | | | 65,000 | | | | 4.000 | | | 11/01/2024 | | | 65,005 | |
| | | | | 365,000 | | | | 4.500 | | | 11/01/2029 | | | 371,912 | |
| | Veranda Community Development District II Special Assessment Refunding for Veranda Estates Project Series 2021 (NR/NR) | |
| | | | | 45,000 | | | | 2.500 | (d) | | 05/01/2026 | | | 43,958 | |
| | | | | 130,000 | | | | 3.100 | (d) | | 05/01/2031 | | | 121,467 | |
| | Veranda Community Development District II Special Assessment Refunding for Veranda Oaks Project Series 2021 (NR/NR) | |
| | | | | 90,000 | | | | 2.500 | (d) | | 05/01/2026 | | | 87,917 | |
| | | | | 245,000 | | | | 3.100 | (d) | | 05/01/2031 | | | 228,918 | |
| | Veranda Community Development District Special Assessment Area Five Phase 2 Veranda Estates Project RB Refunding Series 2024 (NR/NR) | |
| | | | | 375,000 | | | | 4.500 | | | 05/01/2031 | | | 380,983 | |
| | Veranda Community Development District Special Assessment Area Five Phase 3 Preserve East Project RB Refunding Series 2024 (NR/NR) | |
| | | | | 660,000 | | | | 4.250 | | | 05/01/2031 | | | 668,894 | |
| | Veranda Landing Community Development District Special Assessment Bonds, Series 2023 (NR/NR) | |
| | | | | 800,000 | | | | 5.250 | | | 06/15/2043 | | | 831,357 | |
| | Verandah East Community Development District Special Assessment Refunding & Improvement RB Series 2016 (NR/NR) | |
| | | | | 1,000,000 | | | | 4.250 | | | 05/01/2037 | | | 955,420 | |
| | Verandah East Community Development District Special Assessment Revenue Refunding Improvement Bonds for Lee County Series 2016 (NR/NR) | |
| | | | | 650,000 | | | | 3.750 | | | 05/01/2026 | | | 645,718 | |
| | Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017 A-1 (NR/BBB+) | |
| | | | | 355,000 | | | | 3.500 | (d) | | 05/01/2025 | | | 352,726 | |
| | | | | 370,000 | | | | 3.625 | (d) | | 05/01/2026 | | | 368,989 | |
| | Verano #1 Community Development District Special Assessment Bonds for District #1 Project Series 2015 (NR/NR) | |
| | | | | 195,000 | | | | 4.750 | | | 11/01/2025 | | | 196,016 | |
| | Verano #2 Community Development District City of Port St. Lucie Florida Special Assessment Bonds Series 2024 (NR/NR) | |
| | | | | 850,000 | | | | 4.625 | | | 05/01/2031 | | | 860,700 | |
| | | | | 750,000 | | | | 5.500 | | | 05/01/2044 | | | 770,586 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Verano Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | $ | | | 1,000,000 | | | | 6.450 | % | | 11/01/2042 | | $ | 1,082,593 | |
| | Verano Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 285,000 | | | | 4.625 | | | 05/01/2030 | | | 290,593 | |
| | | | | 450,000 | | | | 5.375 | | | 05/01/2043 | | | 470,415 | |
| | Verano No 3 Community Development District Special Assessment for Phase 1 Assessment Area Series 2021 (NR/NR) | |
| | | | | 165,000 | | | | 2.375 | | | 05/01/2026 | | | 161,153 | |
| | | | | 300,000 | | | | 3.000 | | | 05/01/2031 | | | 280,711 | |
| | Verano No. 2 Community Development District Special Assessment Bonds for POD C Project Series 2020 (NR/NR) | |
| | | | | 250,000 | | | | 3.250 | | | 05/01/2031 | | | 235,522 | |
| | | | | 235,000 | | | | 4.000 | | | 05/01/2040 | | | 218,075 | |
| | Verano No. 2 Community Development District Special Assessment Bonds for POD D Project Series 2020 (NR/NR) | |
| | | | | 50,000 | | | | 2.875 | | | 05/01/2025 | | | 49,526 | |
| | | | | 250,000 | | | | 3.250 | | | 05/01/2031 | | | 235,522 | |
| | | | | 1,050,000 | | | | 4.000 | | | 05/01/2040 | | | 974,379 | |
| | Verano No. 2 Community Development District Special Assessment Bonds for POD E Project Series 2020 (NR/NR) | |
| | | | | 40,000 | | | | 2.875 | | | 05/01/2025 | | | 39,621 | |
| | | | | 250,000 | | | | 3.250 | | | 05/01/2031 | | | 235,521 | |
| | | | | 815,000 | | | | 4.000 | | | 05/01/2040 | | | 756,304 | |
| | 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 | | | 495,223 | |
| | Viera East Community Development District Special Assessment Bonds Series 2020 (AGM) (NR/AA) | |
| | | | | 380,000 | | | | 2.000 | | | 05/01/2027 | | | 360,196 | |
| | | | | 385,000 | | | | 2.000 | | | 05/01/2028 | | | 357,632 | |
| | | | | 395,000 | | | | 2.000 | | | 05/01/2029 | | | 360,323 | |
| | | | | 150,000 | | | | 2.125 | | | 05/01/2030 | | | 133,588 | |
| | Viera Stewardship District Special Assessment RB Series 2021 (NR/NR) | |
| | | | | 300,000 | | | | 2.300 | | | 05/01/2026 | | | 292,099 | |
| | | | | 930,000 | | | | 2.800 | | | 05/01/2031 | | | 849,757 | |
| | Viera Stewardship District Special Assessment RB Series 2023 (NR/NR) | |
| | | | | 1,465,000 | | | | 4.600 | | | 05/01/2033 | | | 1,501,723 | |
| | | | | 900,000 | | | | 5.300 | | | 05/01/2043 | | | 935,468 | |
| | Villa Portofino East Community Development District Special Assessment Refunding Series 2019 (NR/NR) | |
| | | | | 170,000 | | | | 3.125 | | | 05/01/2025 | | | 169,415 | |
| | | | | 500,000 | | | | 3.500 | | | 05/01/2030 | | | 484,002 | |
| | | | | 930,000 | | | | 3.750 | | | 05/01/2037 | | | 861,798 | |
| | Village Community Development District No. 12 Special Assessment RB Series 2018 (NR/NR) | |
| | | | | 735,000 | | | | 3.800 | | | 05/01/2028 | | | 741,879 | |
| | | | | 1,795,000 | | | | 4.000 | | | 05/01/2033 | | | 1,812,265 | |
| | Village Community Development District No. 13 Special Assessment RB Series 2019 (NR/NR) | |
| | | | | 1,200,000 | | | | 3.000 | | | 05/01/2029 | | | 1,170,733 | |
| | | | | 1,420,000 | | | | 3.375 | | | 05/01/2034 | | | 1,374,251 | |
| | | | | 3,765,000 | | | | 3.550 | | | 05/01/2039 | | | 3,554,110 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 39 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR) | |
| | $ | | | 575,000 | | | | 1.875 | %(d) | | 05/01/2025 | | $ | 570,411 | |
| | | | | 2,845,000 | | | | 2.625 | (d) | | 05/01/2030 | | | 2,693,045 | |
| | | | | 3,280,000 | | | | 3.000 | (d) | | 05/01/2035 | | | 3,011,057 | |
| | Village Community Development District No. 15 City of Wildwood, Florida Special Assessment RB, Series 2023 (NR/NR) | |
| | | | | 825,000 | | | | 4.250 | (d) | | 05/01/2028 | | | 837,943 | |
| | | | | 1,250,000 | | | | 4.375 | (d) | | 05/01/2033 | | | 1,296,251 | |
| | | | | 1,025,000 | | | | 4.850 | (d) | | 05/01/2038 | | | 1,075,230 | |
| | Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (BAM) (NR/AA) | |
| | | | | 1,670,000 | | | | 3.500 | | | 05/01/2032 | | | 1,676,433 | |
| | | | | 1,965,000 | | | | 4.000 | | | 05/01/2037 | | | 1,985,318 | |
| | Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (NR/NR) | |
| | | | | 305,000 | | | | 4.000 | | | 05/01/2026 | | | 310,078 | |
| | | | | 290,000 | | | | 4.000 | | | 05/01/2027 | | | 298,279 | |
| | | | | 305,000 | | | | 4.000 | | | 05/01/2028 | | | 316,160 | |
| | | | | 320,000 | | | | 4.000 | | | 05/01/2029 | | | 331,437 | |
| | Village Community Development District Special Assessment RB Series 2021 (NR/NR) | |
| | | | | 885,000 | | | | 2.550 | | | 05/01/2031 | | | 822,962 | |
| | | | | 1,900,000 | | | | 2.850 | | | 05/01/2036 | | | 1,683,386 | |
| | | | | 2,400,000 | | | | 3.000 | | | 05/01/2041 | | | 2,026,092 | |
| | Villages of Glen Creek Community Development District Capital Improvement RB Series 2022A (NR/NR) | |
| | | | | 100,000 | | | | 4.625 | | | 05/01/2027 | | | 100,658 | |
| | | | | 235,000 | | | | 4.875 | | | 05/01/2032 | | | 241,912 | |
| | | | | 610,000 | | | | 5.125 | | | 05/01/2042 | | | 624,615 | |
| | Villages of Glen Creek Community Development District Capital Improvement Revenue and Refunding Bonds Series 2022 (NR/NR) | |
| | | | | 200,000 | | | | 3.150 | | | 05/01/2032 | | | 186,116 | |
| | | | | 500,000 | | | | 3.450 | | | 05/01/2042 | | | 419,099 | |
| | Villamar Community Development District Special Assessment Bonds for Phase 3 Project Series 2022 (NR/NR) | |
| | | | | 105,000 | | | | 3.125 | | | 11/01/2027 | | | 102,521 | |
| | Villamar Community Development District Special Assessment Bonds for Phase 4 Project Series 2022 (NR/NR) | |
| | | | | 110,000 | | | | 3.250 | | | 05/01/2027 | | | 108,059 | |
| | Villamar Community Development District Special Assessment Bonds Series 2019 (NR/NR) | |
| | | | | 220,000 | | | | 4.000 | | | 05/01/2029 | | | 220,704 | |
| | Villamar Community Development District Special Assessment Bonds Series 2020 (NR/NR) | |
| | | | | 65,000 | | | | 2.625 | | | 05/01/2025 | | | 64,587 | |
| | | | | 245,000 | | | | 3.200 | | | 05/01/2030 | | | 239,961 | |
| | Villamar Community Development District Special Assessment Bonds, Series 2024 (NR/NR) | |
| | | | | 325,000 | | | | 4.625 | | | 05/01/2031 | | | 330,772 | |
| | Vizcaya In Kendall Community Development District Special Assessment Bonds Series 2016 (NR/BBB) | |
| | | | | 220,000 | | | | 2.750 | | | 11/01/2024 | | | 219,472 | |
| | | | | 225,000 | | | | 3.000 | | | 11/01/2025 | | | 221,181 | |
| | | | | 230,000 | | | | 3.200 | | | 11/01/2026 | | | 226,551 | |
| | | | | 1,400,000 | | | | 4.125 | | | 11/01/2046 | | | 1,279,912 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Waterford Community Development District Hernando County Florida Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) | |
| | $ | | | 700,000 | | | | 5.200 | %(d) | | 05/01/2044 | | $ | 701,053 | |
| | Waterford Landing Community Development District Capital Improvement RB Series 2014 (NR/NR) | |
| | | | | 510,000 | | | | 5.500 | | | 05/01/2034 | | | 510,497 | |
| | | | | 925,000 | | | | 5.750 | | | 05/01/2044 | | | 925,677 | |
| | 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 | | | 2,134,136 | |
| | Waterset Central Community Development District Special Assessment Bonds Series 2018 (NR/NR) | |
| | | | | 500,000 | | | | 5.125 | (d) | | 11/01/2038 | | | 511,666 | |
| | Waterset North Community Development District Special Assessment RB Series 2014 (NR/NR) | |
| | | | | 2,340,000 | | | | 5.500 | | | 11/01/2045 | | | 2,341,143 | |
| | Wellness Ridge Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 400,000 | | | | 4.250 | | | 06/15/2030 | | | 405,934 | |
| | Wesbridge Community Development District Special Assessment Series 2019 (NR/NR) | |
| | | | | 65,000 | | | | 3.250 | | | 11/01/2024 | | | 64,967 | |
| | | | | 375,000 | | | | 3.625 | | | 11/01/2029 | | | 369,752 | |
| | | | | 1,000,000 | | | | 4.000 | | | 11/01/2039 | | | 934,426 | |
| | West Hillcrest Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 900,000 | | | | 5.250 | | | 06/15/2043 | | | 939,196 | |
| | West Port Community Development District Special Assessment Area Two Series 2020 (NR/NR) | |
| | | | | 255,000 | | | | 2.750 | (d) | | 05/01/2026 | | | 249,645 | |
| | | | | 415,000 | | | | 3.250 | (d) | | 05/01/2031 | | | 390,822 | |
| | | | | 515,000 | | | | 3.625 | (d) | | 05/01/2041 | | | 446,315 | |
| | West Port Community Development District Special Assessment Bonds for Charlotte County Series 2022 (NR/NR) | |
| | | | | 170,000 | | | | 4.750 | | | 05/01/2032 | | | 173,332 | |
| | | | | 300,000 | | | | 5.125 | | | 05/01/2042 | | | 304,074 | |
| | West Port Community Development District Special Assessment Bonds Series 2020 (NR/NR) | |
| | | | | 95,000 | | | | 2.650 | (d) | | 05/01/2025 | | | 93,932 | |
| | | | | 630,000 | | | | 3.000 | (d) | | 05/01/2031 | | | 574,924 | |
| | | | | 1,725,000 | | | | 4.000 | (d) | | 05/01/2040 | | | 1,601,835 | |
| | | | | 1,595,000 | | | | 4.000 | (d) | | 05/01/2051 | | | 1,373,332 | |
| | West Port Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) | |
| | | | | 200,000 | | | | 2.400 | | | 05/01/2026 | | | 195,097 | |
| | | | | 575,000 | | | | 3.000 | | | 05/01/2031 | | | 534,466 | |
| | West Villages Improvement District Capital Improvement RB for Unit Of Development No. 10 Series 2024 (Assessment Area One) (NR/NR) | |
| | | | | 1,000,000 | | | | 5.375 | | | 05/01/2044 | | | 1,021,783 | |
| | West Villages Improvement District Special Assessment RB for Neighborhood Infrastructure Series 2022 (NR/NR) | |
| | | | | 435,000 | | | | 4.625 | | | 05/01/2029 | | | 441,919 | |
| | | | | 475,000 | | | | 5.375 | | | 05/01/2042 | | | 497,980 | |
| | West Villages Improvement District Special Assessment RB Series 2023 (NR/NR) | |
| | | | | 490,000 | | | | 4.625 | | | 05/01/2030 | | | 498,677 | |
| | |
| 40 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | West Villages Improvement District Special Assessment RB Series 2023 (NR/NR) – (continued) | |
| | $ | | | 770,000 | | | | 5.375 | % | | 05/01/2043 | | $ | 805,484 | |
| | 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 | | | 2,593,982 | |
| | | | | 1,930,000 | | | | 4.500 | | | 05/01/2034 | | | 1,947,926 | |
| | | | | 3,390,000 | | | | 5.000 | | | 05/01/2037 | | | 3,450,702 | |
| | West Villages Improvement District Unit of Development No. 7 Master Infrastructure Special Assessment RB Series 2019 (NR/NR) | |
| | | | | 750,000 | | | | 4.250 | | | 05/01/2029 | | | 755,345 | |
| | West Villages Improvement District Unit of Development No. 7 Special Assessment RB Series 2021 (NR/NR) | |
| | | | | 105,000 | | | | 2.500 | | | 05/01/2026 | | | 102,450 | |
| | West Villages Improvement District Unit of Development No. 7 Special Assessment RB Series 2023 (NR/NR) | |
| | | | | 465,000 | | | | 6.000 | | | 05/01/2043 | | | 500,580 | |
| | West Villages Improvement District Unit of Development No. 8 Special Assessment RB Series 2021 (NR/NR) | |
| | | | | 225,000 | | | | 2.500 | | | 05/01/2026 | | | 219,535 | |
| | Westside Community Development District Solara Phase 2 Assessment Area Special Assessment RB Series 2019 (NR/NR) | |
| | | | | 355,000 | | | | 3.900 | | | 05/01/2029 | | | 355,209 | |
| | Westside Community Development District Special Assessment RB Refunding Series 2019 (NR/NR) | |
| | | | | 810,000 | | | | 3.750 | (d) | | 05/01/2029 | | | 806,829 | |
| | Westside Haines City Community Development District Polk County Florida Special Assessment Bonds Series 2024 Assessment Area Two Project (NR/NR) | |
| | | | | 900,000 | | | | 4.875 | | | 05/01/2031 | | | 912,545 | |
| | Westside Haines City Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) | |
| | | | | 130,000 | | | | 2.500 | | | 05/01/2026 | | | 127,001 | |
| | | | | 650,000 | | | | 3.000 | | | 05/01/2031 | | | 602,729 | |
| | | | | 1,400,000 | | | | 3.250 | | | 05/01/2041 | | | 1,158,289 | |
| | Westview North Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 75,000 | | | | 5.000 | | | 06/15/2029 | | | 76,466 | |
| | | | | 1,000,000 | | | | 5.750 | | | 06/15/2042 | | | 1,053,578 | |
| | Westview South Community Development District Special Assessment Bonds for Assessment Area One, Series 2023 (NR/NR) | |
| | | | | 480,000 | | | | 4.875 | | | 05/01/2028 | | | 485,343 | |
| | | | | 905,000 | | | | 5.375 | | | 05/01/2043 | | | 934,469 | |
| | Westview South Community Development District Special Assessment Bonds for Assessment Area Two, Series 2023 (NR/NR) | |
| | | | | 550,000 | | | | 5.375 | | | 05/01/2043 | | | 567,896 | |
| | Whispering Pines Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 575,000 | | | | 5.375 | | | 05/01/2043 | | | 602,739 | |
| | Whispering Pines Community Development District Special Assessment Bonds Series 2024 (NR/NR) | |
| | | | | 135,000 | | | | 4.250 | | | 05/01/2031 | | | 135,926 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR) | |
| | $ | | | 1,285,000 | | | | 3.750 | %(d) | | 06/15/2030 | | $ | 1,258,455 | |
| | | | | 3,350,000 | | | | 4.250 | (d) | | 06/15/2039 | | | 3,191,721 | |
| | 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 | | | 766,353 | |
| | Willows Community Development District Special Assessment RB for Manatee County Series 2022 (NR/NR) | |
| | | | | 1,300,000 | | | | 5.625 | | | 05/01/2042 | | | 1,370,797 | |
| | Willows Community Development District Special Assessment RB Series 2019 (NR/NR) | |
| | | | | 500,000 | | | | 4.370 | | | 05/01/2029 | | | 506,307 | |
| | Wind Meadows South Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) | |
| | | | | 85,000 | | | | 2.400 | | | 05/01/2026 | | | 82,916 | |
| | | | | 300,000 | | | | 2.950 | | | 05/01/2031 | | | 277,436 | |
| | | | | 865,000 | | | | 3.350 | | | 05/01/2041 | | | 726,605 | |
| | Winding Cypress Community Development District Phase 3 Assessment Area Special Assessment Bonds Series 2019 (NR/NR) | |
| | | | | 200,000 | | | | 4.250 | | | 11/01/2029 | | | 202,113 | |
| | | | | 680,000 | | | | 4.875 | | | 11/01/2039 | | | 688,065 | |
| | Windsor Cay Community Development District Lake County Florida Special Assessment Bonds Series 2024 Assessment Area One Project (NR/NR) | |
| | | | | 315,000 | | | | 4.600 | | | 05/01/2031 | | | 318,728 | |
| | Windward at Lakewood Ranch Community Development District Capital Improvement RB Series 2022 (NR/NR) | |
| | | | | 900,000 | | | | 4.000 | | | 05/01/2042 | | | 806,676 | |
| | Windward Community Development District Special Assessment Series 2020 A-1 (NR/NR) | |
| | | | | 25,000 | | | | 3.000 | | | 05/01/2025 | | | 24,845 | |
| | | | | 230,000 | | | | 3.650 | | | 05/01/2030 | | | 223,359 | |
| | Wiregrass Community Development District Capital Improvement RB Series 2016 (NR/NR) | |
| | | | | 775,000 | | | | 4.875 | | | 05/01/2036 | | | 780,912 | |
| | | | | 250,000 | | | | 5.000 | | | 05/01/2047 | | | 250,613 | |
| | Wiregrass II Community Development District Special Assessment Series 2020 (NR/NR) | |
| | | | | 235,000 | | | | 2.500 | | | 05/01/2025 | | | 232,960 | |
| | | | | 640,000 | | | | 3.125 | | | 05/01/2030 | | | 605,070 | |
| | Wynnfield Lakes Community Development District Special Assessment Refunding Bonds Series 2014 (NR/BBB+) | |
| | | | | 1,450,000 | | | | 4.500 | | | 05/01/2036 | | | 1,450,086 | |
| | Yarborough Lane Community Development District Polk County Florida Special Assessment Bonds Series 2024 (NR/NR) | |
| | | | | 340,000 | | | | 4.750 | | | 05/01/2031 | | | 342,154 | |
| | | | | 875,000 | | | | 5.350 | | | 05/01/2044 | | | 885,750 | |
| | Zephyr Lakes Community Development District Special Assessment for Assessment Area Two Series 2021 (NR/NR) | |
| | | | | 90,000 | | | | 2.500 | | | 05/01/2026 | | | 87,916 | |
| | | | | 340,000 | | | | 3.000 | | | 05/01/2031 | | | 315,291 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | 1,249,128,315 | |
| | | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 41 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Georgia – 2.0% | |
| |
| | Bartow County Development Authority Pollution Control RB for Georgia Power Company Plant Bown Project Series 2009 (A3/A/A-2) (PUTABLE) | |
| | $ | | | 3,920,000 | | | | 3.950 | %(a)(b) | | 12/01/2032 | | $ | 4,070,564 | |
| | 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 | | | 1,688,137 | |
| | Cherokee County Water and Sewerage Authority Georgia Water and Sewerage RB, Series 2023 (Aa1/AA) | |
| | | | | 1,050,000 | | | | 4.000 | | | 08/01/2053 | | | 1,043,022 | |
| | City of Atlanta RB for Water & Wastewater Series 2018 B (Aa2/AA-) | |
| | | | | 4,750,000 | | | | 3.500 | | | 11/01/2043 | | | 4,479,213 | |
| | 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 | | | 2,722,303 | |
| | County of Fulton RB Refunding for Water & Sewerage Series 2013 A (Aa2/AA) | |
| | | | | 7,585,000 | | | | 4.000 | | | 01/01/2035 | | | 7,584,681 | |
| | Coweta County Water and Sewerage Authority RB Series 2024 (NR/AA+) | |
| | | | | 840,000 | | | | 4.000 | | | 06/01/2046 | | | 837,421 | |
| | | | | 1,675,000 | | | | 5.000 | | | 06/01/2049 | | | 1,853,982 | |
| | | | | 1,635,000 | | | | 5.000 | | | 06/01/2054 | | | 1,793,834 | |
| | Development Authority of Bartow County Pollution Control RB First Series 1997 (A3/A) | |
| | | | | 5,000,000 | | | | 1.800 | (b) | | 09/01/2029 | | | 4,406,437 | |
| | 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 | | | 4,402,251 | |
| | Development Authority of Burke County Pollution Control RB for Georgia Power Company Plant Vogtle Project Second Series 2008 (Baa1/BBB+) (PUTABLE) | |
| | | | | 3,055,000 | | | | 3.375 | (a)(b) | | 11/01/2048 | | | 3,088,146 | |
| | 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 | | | 3,921,716 | |
| | Development Authority of Fulton County RB Wellstar Health System, Inc. Project, Series 2020A (A2/A+) | |
| | | | | 4,000,000 | | | | 4.000 | | | 04/01/2050 | | | 3,882,103 | |
| | Downtown Smyrna Development Authority, Georgia RB (City of Smyrna Projects), Series 2021 (NR/AAA) | |
| | | | | 2,645,000 | | | | 5.000 | | | 02/01/2027 | | | 2,804,899 | |
| | Gainesville & Hall County Development Authority RB Refunding for Riverside Military Academy Series 2017 (NR/NR) | |
| | | | | 290,000 | | | | 5.000 | | | 03/01/2027 | | | 275,671 | |
| | 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 | | | 2,044,010 | |
| | | | | 1,850,000 | | | | 4.000 | | | 01/01/2036 | | | 1,868,193 | |
| | 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 | | | 757,486 | |
| | | | | 500,000 | | | | 4.000 | | | 08/01/2036 | | | 485,683 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Georgia – (continued) | |
| |
| | Glynn-Brunswick Memorial Hospital Authority RB Refunding for Southeast Georgia Health System Obligated Group Series 2020 (Baa1/BBB) – (continued) | |
| | $ | | | 750,000 | | | | 4.000 | % | | 08/01/2037 | | $ | 720,545 | |
| | | | | 745,000 | | | | 4.000 | | | 08/01/2038 | | | 713,428 | |
| | Main Street Natural Gas Inc. Gas Supply RB Series 2019A (A1/NR) | |
| | | | | 2,800,000 | | | | 5.000 | | | 05/15/2030 | | | 2,956,863 | |
| | Main Street Natural Gas Inc. Gas Supply RB Series 2019B (Aa2/NR) | |
| | | | | 24,050,000 | | | | 4.000 | (a)(b) | | 08/01/2049 | | | 24,054,714 | |
| | Main Street Natural Gas Inc. Gas Supply RB Series 2021A (Aa1/NR) | |
| | | | | 15,875,000 | | | | 4.000 | (a)(b) | | 07/01/2052 | | | 16,069,751 | |
| | Main Street Natural Gas Inc. Gas Supply RB Series 2021C (A3/NR) | |
| | | | | 10,295,000 | | | | 4.000 | (a)(b) | | 05/01/2052 | | | 10,471,526 | |
| | Main Street Natural Gas Inc. Gas Supply RB Series 2022A (A3/NR) | |
| | | | | 2,185,000 | | | | 4.000 | | | 12/01/2026 | | | 2,221,703 | |
| | Main Street Natural Gas Inc. Gas Supply RB Series 2023B (Aa1/NR) | |
| | | | | 7,745,000 | | | | 5.000 | (a)(b) | | 07/01/2053 | | | 8,384,504 | |
| | Main Street Natural Gas Inc., Gas Supply RB Series 2023E-1 (Aa1/NR) | |
| | | | | 2,760,000 | | | | 5.000 | (a)(b) | | 12/01/2053 | | | 3,005,510 | |
| | Main Street Natural Gas Inc., Gas Supply RB, Series 2019A (A1/NR) | |
| | | | | 1,215,000 | | | | 5.000 | | | 05/15/2028 | | | 1,283,996 | |
| | Main Street Natural Gas Inc., Gas Supply RB, Series 2023C (Aa1/NR) | |
| | | | | 24,500,000 | | | | 5.000 | (a)(b) | | 09/01/2053 | | | 26,464,773 | |
| | Medical Center Hospital Authority Revenue Anticipation Certificates for Piedmont Healthcare Project Series 2019A (A1/AA-) | |
| | | | | 2,850,000 | | | | 5.000 | (a)(b) | | 07/01/2054 | | | 2,913,040 | |
| | 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 | | | 1,734,560 | |
| | 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 | | | 1,966,959 | |
| | 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 | | | 3,568,915 | |
| | 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 | | | 1,966,959 | |
| | 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 | | | 2,471,040 | |
| | Municipal Electric Authority RB Georgia Plant Vogtle Units 3 & 4 Project Series 2019 A (A3/A) | |
| | | | | 4,360,000 | | | | 5.000 | | | 01/01/2025 | | | 4,376,212 | |
| | | | | 4,575,000 | | | | 5.000 | | | 01/01/2026 | | | 4,696,324 | |
| | | | | 4,805,000 | | | | 5.000 | | | 01/01/2027 | | | 5,053,990 | |
| | |
| 42 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Georgia – (continued) | |
| |
| | Municipal Electric Authority RB Georgia Plant Vogtle Units 3 & 4 Project Series 2019 A (A3/A) – (continued) | |
| | $ | | | 5,040,000 | | | | 5.000 | % | | 01/01/2028 | | $ | 5,410,615 | |
| | | | | 5,295,000 | | | | 5.000 | | | 01/01/2029 | | | 5,688,445 | |
| | | | | 1,080,000 | | | | 5.000 | | | 01/01/2034 | | | 1,146,521 | |
| | Private Colleges & Universities Authority RB Refunding for Agnes Scott College, Inc. Series 2021 (NR/A-) | |
| | | | | 495,000 | | | | 5.000 | | | 06/01/2031 | | | 543,044 | |
| | | | | 400,000 | | | | 5.000 | | | 06/01/2032 | | | 440,453 | |
| | | | | 500,000 | | | | 5.000 | | | 06/01/2033 | | | 549,654 | |
| | | | | 400,000 | | | | 4.000 | | | 06/01/2034 | | | 412,874 | |
| | | | | 500,000 | | | | 4.000 | | | 06/01/2035 | | | 512,158 | |
| | | | | 1,000,000 | | | | 4.000 | | | 06/01/2045 | | | 957,457 | |
| | Rockdale County Development Authority RB Refunding for Pratt Paper LLC Project Series 2018 (NR/NR) | |
| | | | | 2,615,000 | | | | 4.000 | (d) | | 01/01/2038 | | | 2,616,116 | |
| | Savanah Economic Development Authority Recovery Zone Facility Revenue Refunding Bonds Series 2019A (Baa2/BBB) (PUTABLE) | |
| | | | | 400,000 | | | | 2.000 | (a)(b) | | 11/01/2033 | | | 400,000 | |
| | 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)(c) | | 11/01/2033 | | | 930,992 | |
| | State of Georgia GO Bonds Series 2021A (Aaa/AAA) | |
| | | | | 4,745,000 | | | | 5.000 | | | 07/01/2025 | | | 4,828,962 | |
| | 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 | (d)(i) | | 12/15/2048 | | | 8,490,692 | |
| | The Atlanta Development Authority Senior RB for Westside Gulch Area Project Series 2024A-1 (NR/NR) | |
| | | | | 2,625,000 | | | | 5.000 | (d) | | 04/01/2034 | | | 2,701,501 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | 214,734,548 | |
| | | |
| | Guam - 0.7% | |
| |
| | A.B. Won Pat International Airport Authority Guam General RB 2023 Series A (Baa2/NR) | |
| | | | | 1,285,000 | | | | 5.250 | | | 10/01/2030 | | | 1,390,430 | |
| | A.B. Won Pat International Airport Authority Guam General RB 2023 Series A (Baa2/NR) | |
| | | | | 1,265,000 | | | | 5.250 | | | 10/01/2029 | | | 1,361,921 | |
| | A.B. Won Pat International Airport Authority Guam General RB 2024 Series A (AMT) (Baa2/NR) | |
| | | | | 250,000 | | | | 5.250 | (c) | | 10/01/2037 | | | 274,651 | |
| | | | | 250,000 | | | | 5.250 | (c) | | 10/01/2038 | | | 274,324 | |
| | | | | 350,000 | | | | 5.250 | (c) | | 10/01/2039 | | | 383,369 | |
| | | | | 200,000 | | | | 5.250 | (c) | | 10/01/2040 | | | 218,431 | |
| | | | | 350,000 | | | | 5.250 | (c) | | 10/01/2041 | | | 381,126 | |
| | | | | 250,000 | | | | 5.250 | (c) | | 10/01/2043 | | | 269,663 | |
| | Antonio B Won Pat International Airport Authority Taxable RB Refunding Series 2021 A (Baa2/NR) | |
| | | | | 765,000 | | | | 3.099 | | | 10/01/2028 | | | 724,955 | |
| | | | | 550,000 | | | | 3.189 | | | 10/01/2029 | | | 514,806 | |
| | | | | 740,000 | | | | 3.489 | | | 10/01/2031 | | | 678,366 | |
| | Guam Department of Education COPS Refunding for John F. Kennedy High School & Energy Efficiency Project Series 2020 A (Ba1/B+) | |
| | | | | 335,000 | | | | 3.625 | | | 02/01/2025 | | | 333,864 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Guam – (continued) | |
| |
| | Guam Department of Education COPS Refunding for John F. Kennedy High School & Energy Efficiency Project Series 2020 A (Ba1/B+) – (continued) | |
| | $ | | | 2,045,000 | | | | 4.250 | % | | 02/01/2030 | | $ | 2,032,399 | |
| | Guam Government GO Bonds Series 2019 (Baa3/BB-) | |
| | | | | 1,970,000 | | | | 5.000 | | | 11/15/2031 | | | 2,030,702 | |
| | Guam Government Limited Obligation RB Section 30 Series 2016 A (NR/BB) | |
| | | | | 2,755,000 | | | | 5.000 | | | 12/01/2025 | | | 2,808,300 | |
| | | | | 2,255,000 | | | | 5.000 | | | 12/01/2026 | | | 2,341,094 | |
| | | | | 2,000,000 | | | | 5.000 | | | 12/01/2027 | | | 2,074,694 | |
| | Guam Government RB Refunding Series 2021 E (Baa3/NR) | |
| | | | | 6,155,000 | | | | 3.250 | | | 11/15/2026 | | | 6,069,035 | |
| | Guam Government RB Refunding Series 2021 F (Baa3/NR) | |
| | | | | 525,000 | | | | 5.000 | | | 01/01/2028 | | | 554,756 | |
| | | | | 1,250,000 | | | | 5.000 | | | 01/01/2030 | | | 1,348,434 | |
| | | | | 950,000 | | | | 5.000 | | | 01/01/2031 | | | 1,033,250 | |
| | | | | 7,065,000 | | | | 4.000 | | | 01/01/2042 | | | 6,970,196 | |
| | Guam Power Authority RB Series 2014 A (AGM) (A1/AA) | |
| | | | | 325,000 | | | | 5.000 | | | 10/01/2039 | | | 325,348 | |
| | | | | 250,000 | | | | 5.000 | | | 10/01/2044 | | | 250,268 | |
| | Guam Power Authority Refunding RB 2024 Series A (Baa2/BBB) | |
| | | | | 535,000 | | | | 5.000 | | | 10/01/2039 | | | 594,714 | |
| | Guam Power Authority Refunding RB Series 2022 A (Baa2/BBB) | |
| | | | | 1,825,000 | | | | 5.000 | | | 10/01/2029 | | | 1,989,454 | |
| | Guam Power Authority Refunding RB Series 2024 A (Baa2/BBB) | |
| | | | | 450,000 | | | | 5.000 | | | 10/01/2040 | | | 497,559 | |
| | | | | 350,000 | | | | 5.000 | | | 10/01/2042 | | | 382,268 | |
| | | | | 350,000 | | | | 5.000 | | | 10/01/2043 | | | 380,621 | |
| | | | | 375,000 | | | | 5.000 | | | 10/01/2044 | | | 406,368 | |
| | Guam Waterworks Authority RB for Water & Wastewater System Series 2020 A (Baa2/A-) | |
| | | | | 6,995,000 | | | | 5.000 | | | 01/01/2050 | | | 7,281,515 | |
| | Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (Baa2/A-) | |
| | | | | 125,000 | | | | 5.000 | | | 07/01/2025 | | | 126,489 | |
| | | | | 785,000 | | | | 5.000 | | | 07/01/2026 | | | 810,899 | |
| | | | | 500,000 | | | | 5.000 | | | 07/01/2027 | | | 526,384 | |
| | | | | 525,000 | | | | 5.000 | | | 07/01/2028 | | | 552,437 | |
| | | | | 345,000 | | | | 5.000 | | | 07/01/2029 | | | 362,704 | |
| | | | | 1,000,000 | | | | 5.000 | | | 07/01/2035 | | | 1,041,176 | |
| | Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2024A (Baa2/A-) | |
| | | | | 1,375,000 | | | | 5.000 | | | 07/01/2035 | | | 1,544,488 | |
| | | | | 1,350,000 | | | | 5.000 | | | 07/01/2036 | | | 1,517,875 | |
| | | | | 1,325,000 | | | | 5.000 | | | 07/01/2037 | | | 1,484,431 | |
| | | | | 1,200,000 | | | | 5.000 | | | 07/01/2039 | | | 1,324,862 | |
| | | | | 1,000,000 | | | | 5.000 | | | 07/01/2042 | | | 1,092,781 | |
| | | | | 1,000,000 | | | | 5.000 | | | 07/01/2044 | | | 1,086,084 | |
| | | | | 1,100,000 | | | | 5.000 | | | 07/01/2045 | | | 1,190,911 | |
| | | | | 1,125,000 | | | | 5.000 | | | 01/01/2046 | | | 1,212,522 | |
| | Guam Waterworks Authority Water & Wastewater RB Series 2016 (Baa2/A-) | |
| | | | | 8,650,000 | | | | 5.000 | | | 01/01/2046 | | | 8,793,310 | |
| | Port Authority of Guam Port RB, 2018 Series B (AMT) (Baa2/A) | |
| | | | | 200,000 | | | | 5.000 | | | 07/01/2037 | | | 206,607 | |
| | Port Authority of Guam Private Activity RB Series 2018 B (Baa2/A) | |
| | | | | 400,000 | | | | 5.000 | | | 07/01/2029 | | | 421,340 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 43 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Guam – (continued) | |
| |
| | Port Authority of Guam Private Activity RB Series 2018 B (Baa2/A) – (continued) | |
| | $ | | | 600,000 | | | | 5.000 | % | | 07/01/2031 | | $ | 626,102 | |
| | | | | 250,000 | | | | 5.000 | | | 07/01/2033 | | | 259,569 | |
| | | | | 225,000 | | | | 5.000 | | | 07/01/2034 | | | 233,325 | |
| | | | | 225,000 | | | | 5.000 | | | 07/01/2036 | | | 232,876 | |
| | Port Authority of Guam RB Series 2018 A (Baa2/A) | |
| | | | | 2,500,000 | | | | 5.000 | | | 07/01/2048 | | | 2,548,048 | |
| | Territory of Guam Hotel Occupancy Tax RB Refunding Series 2021 A (Baa3/NR) | |
| | | | | 300,000 | | | | 5.000 | | | 11/01/2027 | | | 315,013 | |
| | | | | 450,000 | | | | 5.000 | | | 11/01/2028 | | | 478,148 | |
| | | | | 450,000 | | | | 5.000 | | | 11/01/2029 | | | 482,632 | |
| | | | | 1,000,000 | | | | 5.000 | | | 11/01/2030 | | | 1,076,536 | |
| | | | | | | | | | | | | | | | |
| | | | | 75,724,430 | |
| | | |
| | Hawaii - 0.4% | |
| |
| | City and County of Honolulu Multifamily Housing RB Maunakea Tower Apartments Series 2023 (HUD SECT 8) (Aaa/NR) (PUTABLE) | |
| | | | | 220,000 | | | | 5.000 | (a)(b) | | 06/01/2027 | | | 227,225 | |
| | 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 | (d) | | 07/01/2034 | | | 3,002,491 | |
| | 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 | | | 5,272,418 | |
| | Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2017 B (Ba3/NR) | |
| | | | | 6,575,000 | | | | 4.000 | | | 03/01/2037 | | | 6,133,879 | |
| | Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2019 (Ba3/NR) | |
| | | | | 12,795,000 | | | | 3.200 | | | 07/01/2039 | | | 10,783,160 | |
| | Hawaii State Department of Budget and Finance for Hawaiian Electric Company Inc. Special Purpose RB Series 2017A (Ba3/NR) | |
| | | | | 1,040,000 | | | | 3.500 | | | 10/01/2049 | | | 828,411 | |
| | Kauai County Community Facilities District No. 2008-1 Special Tax RB for Kukui’ula Development Series 2019 (NR/NR) | |
| | | | | 30,000 | | | | 4.000 | | | 05/15/2026 | | | 30,066 | |
| | | | | 35,000 | | | | 5.000 | | | 05/15/2030 | | | 36,316 | |
| | | | | 150,000 | | | | 5.000 | | | 05/15/2031 | | | 154,904 | |
| | | | | 180,000 | | | | 5.000 | | | 05/15/2032 | | | 185,305 | |
| | | | | 60,000 | | | | 3.000 | | | 05/15/2033 | | | 52,813 | |
| | | | | 100,000 | | | | 3.000 | | | 05/15/2034 | | | 86,574 | |
| | | | | 150,000 | | | | 3.000 | | | 05/15/2035 | | | 127,613 | |
| | | | | 670,000 | | | | 3.250 | | | 05/15/2039 | | | 556,314 | |
| | | | | 575,000 | | | | 5.000 | | | 05/15/2044 | | | 577,251 | |
| | | | | 1,000,000 | | | | 5.000 | | | 05/15/2049 | | | 1,000,586 | |
| | State of Hawaii Airports System RB Series 2022A (A1/AA-) | |
| | | | | 9,000,000 | | | | 5.000 | | | 07/01/2051 | | | 9,499,357 | |
| | State of Hawaii Department of Budget and Finance Special Purpose RB Refunding Series 2017A (Ba3/NR) | |
| | | | | 4,775,000 | | | | 3.100 | | | 05/01/2026 | | | 4,591,236 | |
| | | | | | | | | | | | | | | | |
| | | | | 43,145,919 | |
| | | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Idaho – 0.1% | |
| |
| | City of Boise City, Idaho Airport Revenue and Revenue Refunding Bonds, Series 2021A (A1/NR) | |
| | $ | | | 3,850,000 | | | | 5.000 | % | | 09/01/2051 | | $ | 4,117,860 | |
| | Nez Perce County PCRB Refunding for Potlatch Corp. Project Series 2016 (Baa3/BBB-) | |
| | | | | 4,515,000 | | | | 2.750 | | | 10/01/2024 | | | 4,515,000 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | 8,632,860 | |
| | | |
| | Illinois - 9.9% | |
| |
| | Barrington Community Unit School District GO School Bonds Series 2021 (NR/AAA) | |
| | | | | 2,255,000 | | | | 5.000 | | | 12/01/2029 | | | 2,516,149 | |
| | Belleville Tax Increment & Sales Tax Refunding RB for Carlyle Green Mount Redevelopment Project Series 2021B (NR/NR) | |
| | | | | 1,710,000 | | | | 3.750 | | | 07/01/2041 | | | 1,670,962 | |
| | Berwyn Municipal Securitization Corp. RB Refunding Series 2019 (AGM-CR) (NR/AA) | |
| | | | | 7,200,000 | | | | 5.000 | | | 01/01/2035 | | | 7,648,764 | |
| | Board of Education of The City of Chicago Dedicated Capital Improvement Series 2017 (NR/NR) | |
| | | | | 3,900,000 | | | | 5.000 | | | 04/01/2046 | | | 3,949,397 | |
| | 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 | | | 5,337,512 | |
| | Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2012A (Ba1/BB+) | |
| | | | | 10,975,000 | | | | 5.000 | | | 12/01/2042 | | | 10,974,266 | |
| | Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2021A (NR/BB+) | |
| | | | | 900,000 | | | | 5.000 | | | 12/01/2039 | | | 932,565 | |
| | 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 | | | 3,343,383 | |
| | 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 | | | 1,947,298 | |
| | 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 | | | 4,684,978 | |
| | Board of Trustee of Northern Illinois University Auxiliary Facilities System RB Series 2021 (BAM) (Baa3/AA) | |
| | | | | 650,000 | | | | 4.000 | | | 10/01/2043 | | | 637,708 | |
| | Champaign County Community Unit School District No. 4 Champaign GO Bonds Series 2020 A (NR/AA) | |
| | | | | 350,000 | | | | 0.000 | (g) | | 01/01/2026 | | | 335,033 | |
| | | | | 165,000 | | | | 0.000 | (g) | | 01/01/2027 | | | 152,830 | |
| | | | | 240,000 | | | | 0.000 | (g) | | 01/01/2028 | | | 214,637 | |
| | | | | 330,000 | | | | 5.000 | | | 01/01/2029 | | | 356,081 | |
| | | | | 110,000 | | | | 5.000 | | | 01/01/2031 | | | 117,843 | |
| | | | | 1,570,000 | | | | 5.000 | | | 01/01/2032 | | | 1,674,158 | |
| | | | | 630,000 | | | | 5.000 | | | 01/01/2033 | | | 668,922 | |
| | | | | 1,270,000 | | | | 5.000 | | | 01/01/2034 | | | 1,343,935 | |
| | Chicago Board of Education GO Bonds for Build America Bonds Series 2009 E (Ba1/BB+) | |
| | | | | 7,690,000 | | | | 5.482 | | | 12/01/2024 | | | 7,683,636 | |
| | Chicago GO Bonds 2019A (NR/BBB+) | |
| | | | | 2,750,000 | | | | 5.000 | | | 01/01/2027 | | | 2,862,142 | |
| | | | | 590,000 | | | | 5.000 | | | 01/01/2028 | | | 623,091 | |
| | |
| 44 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Illinois – (continued) | |
| |
| | Chicago GO Bonds 2019A (NR/NR) | |
| | $ | | | 1,025,000 | | | | 5.000 | % | | 01/01/2027 | | $ | 1,081,182 | |
| | | | | 100,000 | | | | 5.000 | | | 01/01/2028 | | | 107,885 | |
| | Chicago Illinois Board of Education Dedicated Capital Improvement Series 2016 (NR/NR) | |
| | | | | 3,550,000 | | | | 6.000 | | | 04/01/2046 | | | 3,709,323 | |
| | Chicago Illinois Board of Education Dedicated Capital Improvement Series 2017 (NR/NR) | |
| | | | | 835,000 | | | | 5.000 | | | 04/01/2034 | | | 859,122 | |
| | | | | 500,000 | | | | 5.000 | | | 04/01/2035 | | | 514,045 | |
| | | | | 335,000 | | | | 5.000 | | | 04/01/2036 | | | 344,007 | |
| | | | | 1,300,000 | | | | 5.000 | | | 04/01/2037 | | | 1,333,554 | |
| | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa2/BB+) | |
| | | | | 2,105,000 | | | | 0.000 | (g) | | 12/01/2026 | | | 1,953,112 | |
| | | | | 1,625,000 | | | | 0.000 | (g) | | 12/01/2027 | | | 1,450,683 | |
| | | | | 3,005,000 | | | | 0.000 | (g) | | 12/01/2029 | | | 2,462,869 | |
| | | | | 4,465,000 | | | | 0.000 | (g) | | 12/01/2030 | | | 3,497,470 | |
| | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa2/BB+) | |
| | | | | 465,000 | | | | 0.000 | (g) | | 12/01/2027 | | | 415,119 | |
| | | | | 1,040,000 | | | | 0.000 | (g) | | 12/01/2028 | | | 890,654 | |
| | | | | 90,000 | | | | 0.000 | (g) | | 12/01/2029 | | | 73,763 | |
| | Chicago Illinois Board of Education GO Bonds Capital Appreciation Series 2009 C (Baa3/BBB+) | |
| | | | | 510,000 | | | | 0.000 | (g) | | 01/01/2031 | | | 404,426 | |
| | Chicago Illinois Board of Education GO Bonds Series 2015 C (NR/BB+) | |
| | | | | 2,500,000 | | | | 6.000 | | | 12/01/2035 | | | 2,506,565 | |
| | Chicago Illinois Board of Education GO Refunding Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa2/BB+) | |
| | | | | 4,070,000 | | | | 0.000 | (g) | | 12/01/2031 | | | 3,039,442 | |
| | Chicago Illinois Board of Education GO Refunding Bonds Series 2005 A (AMBAC) (Ba1/BB+) | |
| | | | | 2,530,000 | | | | 5.500 | | | 12/01/2026 | | | 2,601,095 | |
| | | | | 11,080,000 | | | | 5.500 | | | 12/01/2029 | | | 11,769,500 | |
| | Chicago Illinois Board of Education Unlimited Tax GO Bonds for Capital Appreciation Boards School Reform Series 1998 B-1 (NATL) (Baa2/BB+) | |
| | | | | 205,000 | | | | 0.000 | (g) | | 12/01/2025 | | | 196,760 | |
| | Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Alternate Revenues Series 2015 C (NR/BB+) | |
| | | | | 4,120,000 | | | | 5.250 | | | 12/01/2039 | | | 4,122,943 | |
| | 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 | | | 10,407,278 | |
| | | | | 2,500,000 | | | | 6.138 | | | 12/01/2039 | | | 2,445,569 | |
| | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 A (NR/BB+) | |
| | | | | 5,160,000 | | | | 7.000 | | | 12/01/2044 | | | 5,301,095 | |
| | 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 | | | 7,413,062 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Illinois – (continued) | |
| |
| | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (NR/AA) | |
| | $ | | | 1,825,000 | | | | 5.000 | % | | 12/01/2024 | | $ | 1,827,625 | |
| | | | | 3,500,000 | | | | 5.000 | | | 12/01/2025 | | | 3,555,600 | |
| | | | | 1,270,000 | | | | 5.000 | | | 12/01/2026 | | | 1,320,194 | |
| | | | | 2,375,000 | | | | 5.000 | | | 12/01/2027 | | | 2,504,387 | |
| | | | | 2,500,000 | | | | 5.000 | | | 12/01/2028 | | | 2,675,557 | |
| | | | | 2,750,000 | | | | 5.000 | | | 12/01/2030 | | | 2,928,324 | |
| | | | | 4,700,000 | | | | 5.000 | | | 12/01/2031 | | | 4,992,422 | |
| | | | | 1,350,000 | | | | 5.000 | | | 12/01/2032 | | | 1,431,577 | |
| | | | | 3,800,000 | | | | 5.000 | | | 12/01/2033 | | | 4,024,912 | |
| | | | | 1,500,000 | | | | 5.000 | | | 12/01/2034 | | | 1,586,367 | |
| | | | | 1,000,000 | | | | 5.000 | | | 12/01/2035 | | | 1,055,349 | |
| | 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 | | | 2,320,816 | |
| | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2019 A (NR/BB+) | |
| | | | | 2,000,000 | | | | 0.000 | (g) | | 12/01/2025 | | | 1,916,967 | |
| | | | | 2,000,000 | | | | 0.000 | (g) | | 12/01/2026 | | | 1,848,592 | |
| | | | | 300,000 | | | | 0.000 | (g) | | 12/01/2027 | | | 266,738 | |
| | | | | 2,500,000 | | | | 4.000 | | | 12/01/2027 | | | 2,515,698 | |
| | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2019 B (NR/BB+) | |
| | | | | 1,250,000 | | | | 5.000 | | | 12/01/2024 | | | 1,251,978 | |
| | | | | 1,000,000 | | | | 5.000 | | | 12/01/2026 | | | 1,026,088 | |
| | | | | 3,060,000 | | | | 5.000 | | | 12/01/2028 | | | 3,212,333 | |
| | | | | 1,000,000 | | | | 5.000 | | | 12/01/2029 | | | 1,060,742 | |
| | | | | 3,000,000 | | | | 5.000 | | | 12/01/2030 | | | 3,159,724 | |
| | | | | 1,000,000 | | | | 5.000 | | | 12/01/2031 | | | 1,048,573 | |
| | | | | 1,000,000 | | | | 5.000 | | | 12/01/2032 | | | 1,046,286 | |
| | | | | 1,000,000 | | | | 5.000 | | | 12/01/2033 | | | 1,044,686 | |
| | Chicago Illinois Capital Appreciation GO Bonds for City Colleges Project Series 1999 (AGM-CR NATL) (A1/AA) | |
| | | | | 1,465,000 | | | | 0.000 | (g) | | 01/01/2030 | | | 1,233,892 | |
| | Chicago Illinois Capital Appreciation Refunding & Project Series 2009 C (Baa3/BBB+) | |
| | | | | 880,000 | | | | 0.000 | (g) | | 01/01/2032 | | | 666,976 | |
| | Chicago Illinois GO Bonds Project and Refunding RMKT 06/08/15 Series 2005 D (Baa3/BBB+) | |
| | | | | 430,000 | | | | 5.500 | | | 01/01/2037 | | | 431,186 | |
| | | | | 2,920,000 | | | | 5.500 | | | 01/01/2040 | | | 2,926,395 | |
| | Chicago Illinois GO Bonds Series 2015 A (NR/BBB+) | |
| | | | | 1,320,000 | | | | 5.500 | | | 01/01/2039 | | | 1,323,150 | |
| | Chicago Illinois GO Bonds Series 2019 (NR/BBB+) | |
| | | | | 4,280,000 | | | | 5.000 | | | 01/01/2029 | | | 4,582,105 | |
| | | | | 1,135,000 | | | | 5.000 | | | 01/01/2031 | | | 1,204,097 | |
| | Chicago Illinois GO Refunding Bonds Series 2015 C (NR/BBB+) | |
| | | | | 4,435,000 | | | | 5.000 | | | 01/01/2025 | | | 4,453,168 | |
| | | | | 5,600,000 | | | | 5.000 | | | 01/01/2038 | | | 5,636,484 | |
| | Chicago Illinois GO Refunding Bonds Series 2017 A (NR/BBB+) | |
| | | | | 375,000 | | | | 6.000 | | | 01/01/2038 | | | 391,878 | |
| | Chicago Illinois O’Hare International Airport RB General Airport Senior Lien Series 2017D (AMT) (NR/A+) | |
| | | | | 4,340,000 | | | | 5.000 | | | 01/01/2047 | | | 4,407,569 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 45 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Illinois – (continued) | |
| |
| | Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2016 C (NR/A+) | |
| | $ | | | 3,615,000 | | | | 5.000 | % | | 01/01/2037 | | $ | 3,675,924 | |
| | Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2016 D (NR/A+) | |
| | | | | 8,955,000 | | | | 5.250 | | | 01/01/2035 | | | 9,353,351 | |
| | Chicago Illinois Sales Tax Refunding Series 2002 (NR/NR) | |
| | | | | 1,105,000 | | | | 5.000 | | | 01/01/2025 | | | 1,109,669 | |
| | Chicago Illinois Wastewater Transmission RB Second Lien Series 2017 A (AGM) (NR/AA) | |
| | | | | 550,000 | | | | 5.250 | | | 01/01/2042 | | | 567,410 | |
| | | | | 1,330,000 | | | | 4.000 | | | 01/01/2052 | | | 1,290,290 | |
| | Chicago Park District GO LT Park Bonds Series 2024A (NR/AA-) | |
| | | | | 855,000 | | | | 5.000 | | | 01/01/2039 | | | 953,316 | |
| | | | | 515,000 | | | | 5.000 | | | 01/01/2040 | | | 570,991 | |
| | | | | 500,000 | | | | 5.000 | | | 01/01/2041 | | | 551,558 | |
| | Chicago Park District GO LT Refunding Bonds Series 2024B (NR/AA-) | |
| | | | | 3,350,000 | | | | 5.000 | | | 01/01/2038 | | | 3,771,569 | |
| | Chicago Transit Authority Sales Tax Receipts RB Series 2014 (NR/AA) | |
| | | | | 25,240,000 | | | | 5.250 | | | 12/01/2049 | | | 25,273,483 | |
| | City of Belleville Sales Tax Revenue Tax Allocation Refunding for Carlyle and Green Mount Redevelopment Project Series 2021 B (NR/NR) | |
| | | | | 200,000 | | | | 3.250 | | | 07/01/2029 | | | 200,091 | |
| | City of Chicago Board of Education Dedicated Capital Improvement Tax Bonds Series 2016 (NR/NR) | |
| | | | | 1,400,000 | | | | 5.750 | | | 04/01/2034 | | | 1,472,785 | |
| | City of Chicago Board of Education Dedicated Capital Improvement Tax Bonds Series 2023 (NR/NR) | |
| | | | | 2,500,000 | | | | 5.000 | | | 04/01/2045 | | | 2,659,981 | |
| | City of Chicago Board of Education GO Bonds Series 1999 A (NATL) (Baa2/BB+) | |
| | | | | 4,725,000 | | | | 5.500 | | | 12/01/2026 | | | 4,876,587 | |
| | City of Chicago Board of Education UT GO Bonds for Dedicated Revenues Series 2018D (NR/BB+) | |
| | | | | 2,550,000 | | | | 5.000 | | | 12/01/2046 | | | 2,549,894 | |
| | City of Chicago Board of Education UT GO Bonds Series 2018D (NR/BB+) | |
| | | | | 2,750,000 | | | | 5.000 | | | 12/01/2046 | | | 2,778,002 | |
| | City of Chicago Board of Education UT GO Bonds Series 2021A (NR/BB+) | |
| | | | | 2,300,000 | | | | 5.000 | | | 12/01/2036 | | | 2,405,806 | |
| | | | | 750,000 | | | | 5.000 | | | 12/01/2038 | | | 779,503 | |
| | City of Chicago Board of Education UT GO Refunding Bonds Series 2017C (NR/BB+) | |
| | | | | 500,000 | | | | 5.000 | | | 12/01/2025 | | | 506,529 | |
| | City of Chicago Board of Education UT GO Refunding Bonds Series 2017H (NR/BB+) | |
| | | | | 4,500,000 | | | | 5.000 | | | 12/01/2036 | | | 4,594,827 | |
| | City of Chicago Board of Education UT GO Refunding Bonds Series 2018A (AGM) (NR/AA) | |
| | | | | 2,450,000 | | | | 5.000 | | | 12/01/2029 | | | 2,618,856 | |
| | City of Chicago Board of Education UT GO Refunding Bonds Series 2018C (NR/BB+) | |
| | | | | 2,000,000 | | | | 5.000 | | | 12/01/2024 | | | 2,003,164 | |
| | | | | 6,495,000 | | | | 5.000 | | | 12/01/2025 | | | 6,579,812 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Illinois – (continued) | |
| |
| | City of Chicago Board of Education UT GO Refunding Bonds Series 2018C (AGM) (NR/AA) | |
| | $ | | | 15,000,000 | | | | 5.000 | % | | 12/01/2027 | | $ | 15,784,796 | |
| | | | | 5,450,000 | | | | 5.000 | | | 12/01/2029 | | | 5,794,988 | |
| | | | | 4,365,000 | | | | 5.000 | | | 12/01/2030 | | | 4,628,847 | |
| | City of Chicago Board of Education UT GO Refunding Bonds Series 2022B (NR/BB+) | |
| | | | | 3,000,000 | | | | 4.000 | | | 12/01/2037 | | | 2,940,927 | |
| | City of Chicago Board of Education UT GO Series 2015E Project Bonds (NR/BB+) | |
| | | | | 1,300,000 | | | | 5.125 | | | 12/01/2032 | | | 1,301,600 | |
| | City of Chicago GO Bonds Refunding Series 2020A (NR/BBB+) | |
| | | | | 4,675,000 | | | | 5.000 | | | 01/01/2026 | | | 4,778,813 | |
| | | | | 670,000 | | | | 5.000 | | | 01/01/2027 | | | 697,304 | |
| | | | | 8,835,000 | | | | 5.000 | | | 01/01/2028 | | | 9,330,525 | |
| | | | | 940,000 | | | | 5.000 | | | 01/01/2032 | | | 1,008,675 | |
| | City of Chicago GO Bonds Refunding Series 2021A (NR/BBB+) | |
| | | | | 1,260,000 | | | | 5.000 | | | 01/01/2027 | | | 1,311,381 | |
| | City of Chicago GO Bonds Refunding Series 2021B (NR/BBB+) | |
| | | | | 301,000 | | | | 4.000 | | | 01/01/2028 | | | 308,495 | |
| | City of Chicago GO Bonds Series 2015A (NR/BBB+) | |
| | | | | 2,700,000 | | | | 5.250 | (e) | | 01/01/2025 | | | 2,710,344 | |
| | City of Chicago GO Bonds Series 2019A (NR/BBB+) | |
| | | | | 10,995,000 | | | | 5.500 | | | 01/01/2049 | | | 11,471,490 | |
| | City of Chicago GO Bonds Series 2021B (NR/BBB+) | |
| | | | | 2,456,000 | | | | 4.000 | | | 01/01/2038 | | | 2,430,219 | |
| | | | | 5,330,000 | | | | 4.000 | | | 01/01/2044 | | | 4,989,938 | |
| | | | | 1,000,000 | | | | 4.000 | | | 01/01/2049 | | | 903,051 | |
| | City of Chicago GO Bonds Series 2023A (Baa3/BBB+) | |
| | | | | 1,000,000 | | | | 5.000 | | | 01/01/2029 | | | 1,070,585 | |
| | | | | 1,950,000 | | | | 4.000 | | | 01/01/2035 | | | 1,958,766 | |
| | | | | 3,250,000 | | | | 5.000 | | | 01/01/2035 | | | 3,543,491 | |
| | | | | 1,560,000 | | | | 5.500 | | | 01/01/2043 | | | 1,661,744 | |
| | City of Chicago GO Bonds Series 2024A (NR/BBB+) | |
| | | | | 12,025,000 | | | | 5.000 | | | 01/01/2044 | | | 12,655,182 | |
| | City of Chicago GO Refunding Bonds Series 2020 A (NR/BBB+) | |
| | | | | 2,745,000 | | | | 5.000 | | | 01/01/2025 | | | 2,756,245 | |
| | | | | 2,670,000 | | | | 5.000 | | | 01/01/2029 | | | 2,858,463 | |
| | | | | 10,215,000 | | | | 5.000 | | | 01/01/2030 | | | 11,045,756 | |
| | City of Chicago IL Waterworks Revenue RB Series 1999 (Baa1/A+) | |
| | | | | 1,560,000 | | | | 5.000 | | | 11/01/2028 | | | 1,632,817 | |
| | | | | 2,010,000 | | | | 5.000 | | | 11/01/2029 | | | 2,098,276 | |
| | | | | 1,000,000 | | | | 5.000 | | | 11/01/2030 | | | 1,040,546 | |
| | City of Chicago Midway Airport RB Refunding for Senior Lien Airport Series 2023C (AMT) (NR/A) | |
| | | | | 6,000,000 | | | | 5.000 | | | 01/01/2037 | | | 6,554,608 | |
| | | | | 4,750,000 | | | | 5.000 | | | 01/01/2038 | | | 5,171,008 | |
| | | | | 3,935,000 | | | | 5.000 | | | 01/01/2039 | | | 4,242,740 | |
| | City of Chicago Midway Airport Second Lien Revenue Refunding Bonds Series 2016B (NR/A) | |
| | | | | 8,000,000 | | | | 5.000 | | | 01/01/2041 | | | 8,101,475 | |
| | City of Chicago Midway Airport Senior Lien Airport Refunding RB Series 2023C (AMT) (NR/A) | |
| | | | | 2,000,000 | | | | 5.000 | | | 01/01/2028 | | | 2,107,458 | |
| | City of Chicago Multi-Family Housing RB for United Yards 1A Project Series 2024 (Aaa/NR) | |
| | | | | 2,200,000 | | | | 3.500 | (a)(b) | | 08/01/2027 | | | 2,219,340 | |
| | |
| 46 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Illinois – (continued) | |
| |
| | City of Chicago O’Hare International Airport General Airport Senior Lien RB Series 2022A (AMT) (NR/A+) | |
| | $ | | | 1,500,000 | | | | 5.250 | % | | 01/01/2053 | | $ | 1,585,930 | |
| | City of Chicago O’Hare International Airport General Airport Senior Lien RB Series 2022A (AMT) (AGM) (NR/AA) | |
| | | | | 4,500,000 | | | | 5.500 | | | 01/01/2053 | | | 4,873,040 | |
| | City of Chicago O’Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2015A (AMT) (NR/A+) | |
| | | | | 12,045,000 | | | | 5.000 | | | 01/01/2032 | | | 12,077,363 | |
| | City of Chicago O’Hare International Airport General Airport Senior Lien RB Series 2016D (NON-AMT) (NR/A+) | |
| | | | | 1,000,000 | | | | 5.000 | | | 01/01/2052 | | | 1,019,607 | |
| | City of Chicago O’Hare International Airport General Airport Senior Lien RB Series 2017D (NR/A+) | |
| | | | | 5,660,000 | | | | 5.000 | | | 01/01/2052 | | | 5,733,283 | |
| | City of Chicago O’Hare International Airport General Airport Senior Lien RB Series 2022A (NR/A+) | |
| | | | | 2,250,000 | | | | 4.500 | | | 01/01/2048 | | | 2,270,770 | |
| | 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 | | | 2,065,778 | |
| | | | | 2,500,000 | | | | 5.000 | | | 01/01/2037 | | | 2,741,305 | |
| | | | | 2,500,000 | | | | 5.000 | | | 01/01/2038 | | | 2,731,758 | |
| | City of Chicago O’Hare International Airport General Airport Senior Lien RB Series 2024B (NON-AMT) (NR/A+) | |
| | | | | 1,850,000 | | | | 5.000 | | | 01/01/2040 | | | 2,086,704 | |
| | | | | 2,000,000 | | | | 5.000 | | | 01/01/2041 | | | 2,244,454 | |
| | City of Chicago O’Hare International Airport General Airport Senior Lien Revenue Amt Series 2016G (AMT) (NR/A+) | |
| | | | | 2,375,000 | | | | 5.000 | | | 01/01/2042 | | | 2,421,280 | |
| | City of Chicago O’Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2015A (NR/A+) | |
| | | | | 27,000,000 | | | | 5.000 | | | 01/01/2027 | | | 27,095,953 | |
| | City of Chicago O’Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2015A (AMT) (NR/A+) | |
| | | | | 1,000,000 | | | | 5.000 | | | 01/01/2029 | | | 1,003,323 | |
| | 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 | | | 4,331,817 | |
| | 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 | | | 2,490,065 | |
| | 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 | | | 2,025,857 | |
| | City of Chicago Second Lien Wastewater Transmission RB, Refunding Series 2023B (AGM) (NR/AA) | |
| | | | | 3,350,000 | | | | 5.000 | | | 01/01/2035 | | | 3,814,861 | |
| | | | | 1,300,000 | | | | 5.000 | | | 01/01/2036 | | | 1,474,849 | |
| | | | | 200,000 | | | | 5.000 | | | 01/01/2037 | | | 225,815 | |
| | | | | 1,660,000 | | | | 5.000 | | | 01/01/2038 | | | 1,865,247 | |
| | City of Chicago Second Lien Wastewater Transmission Revenue Refunding Bonds Series 2008C (NR/A+) | |
| | | | | 2,000,000 | | | | 5.000 | | | 01/01/2035 | | | 2,007,328 | |
| | City of Chicago Second Lien Water Revenue Refunding Bonds Series 2004 (NR/A+) | |
| | | | | 1,645,000 | | | | 5.000 | | | 11/01/2026 | | | 1,725,483 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Illinois – (continued) | |
| |
| | Cook County Community School District No. 97 Oak Park GO Bonds Series 2020 (Aa2/NR) | |
| | $ | | | 200,000 | | | | 4.000 | % | | 01/01/2029 | | $ | 208,419 | |
| | | | | 145,000 | | | | 4.000 | | | 01/01/2030 | | | 150,734 | |
| | Cook County High School District No. 209 Proviso Township GO Bonds Limited Tax School Series 2018 B (AGM) (NR/AA) | |
| | | | | 10,350,000 | | | | 5.500 | | | 12/01/2036 | | | 11,259,375 | |
| | Cook County Sales Tax RB Series 2018 (NR/AA-) | |
| | | | | 3,500,000 | | | | 4.000 | | | 11/15/2037 | | | 3,562,708 | |
| | County of Cook Sales Tax RB Refunding Series 2021 A (NR/AA-) | |
| | | | | 3,750,000 | | | | 4.000 | | | 11/15/2039 | | | 3,785,084 | |
| | County of Will Illinois GO Bonds Series 2019 (Aa1/AA+) | |
| | | | | 1,500,000 | | | | 4.000 | | | 11/15/2047 | | | 1,466,081 | |
| | District of Greater Chicago Metropolitan Water Reclamation GO UT Bonds 2016 Series E (NR/AA+) | |
| | | | | 7,520,000 | | | | 5.000 | | | 12/01/2045 | | | 7,694,895 | |
| | Eastern Illinois Economic Development Authority, Illinois Business District RB Remington Road & I-57 Business District Series 2023 (NR/NR) | |
| | | | | 615,000 | | | | 5.000 | | | 11/01/2033 | | | 626,761 | |
| | Illinois Finance Authority RB for Columbia College Chicago Series 2019 (NR/BBB-) | |
| | | | | 1,320,000 | | | | 5.000 | | | 12/01/2034 | | | 1,327,913 | |
| | | | | 1,695,000 | | | | 5.000 | | | 12/01/2039 | | | 1,682,915 | |
| | Illinois Finance Authority RB for Cook County School District No. 73 East Prairie Series 2018 (BAM) (A1/AA) | |
| | | | | 2,325,000 | | | | 4.000 | | | 12/01/2036 | | | 2,358,670 | |
| | | | | 1,420,000 | | | | 4.000 | | | 12/01/2037 | | | 1,434,962 | |
| | | | | 4,230,000 | | | | 4.000 | | | 12/01/2042 | | | 4,257,674 | |
| | Illinois Finance Authority RB for Cook County School District No. 95 Brookfield Series 2018 (Aa2/NR) | |
| | | | | 500,000 | | | | 4.000 | | | 12/01/2038 | | | 504,948 | |
| | | | | 400,000 | | | | 4.000 | | | 12/01/2040 | | | 403,974 | |
| | | | | 1,085,000 | | | | 4.000 | | | 12/01/2042 | | | 1,094,358 | |
| | Illinois Finance Authority RB for Depaul College Prep Foundation Series 2023A (NR/BB+) | |
| | | | | 1,235,000 | | | | 5.500 | (d) | | 08/01/2043 | | | 1,351,723 | |
| | Illinois Finance Authority RB for Dominican University Series 2022 (NR/BBB-) | |
| | | | | 1,000,000 | | | | 5.000 | | | 03/01/2040 | | | 1,005,547 | |
| | | | | 685,000 | | | | 5.000 | | | 03/01/2042 | | | 686,817 | |
| | Illinois Finance Authority RB for DuPage County Community High School District No. 99 Downers Grove Series 2020 A (NR/AA+) | |
| | | | | 1,300,000 | | | | 4.000 | | | 12/15/2032 | | | 1,343,990 | |
| | | | | 3,740,000 | | | | 4.000 | | | 12/15/2033 | | | 3,848,353 | |
| | | | | 1,700,000 | | | | 4.000 | | | 12/15/2034 | | | 1,743,604 | |
| | | | | 1,395,000 | | | | 4.000 | | | 12/15/2035 | | | 1,433,820 | |
| | | | | 2,750,000 | | | | 3.000 | | | 12/15/2036 | | | 2,671,849 | |
| | | | | 2,000,000 | | | | 3.000 | | | 12/15/2037 | | | 1,902,908 | |
| | Illinois Finance Authority RB for Mercy Health Corporation Series 2016 (A2/NR) | |
| | | | | 15,205,000 | | | | 5.000 | | | 12/01/2046 | | | 15,324,974 | |
| | Illinois Finance Authority RB for Northwestern Memorial Healthcare Obligation Group Series 2017 A (Aa2/AA+) | |
| | | | | 24,305,000 | | | | 4.000 | | | 07/15/2047 | | | 23,606,664 | |
| | Illinois Finance Authority RB for Plymouth Place Series 2022A (NR/NR) | |
| | | | | 685,000 | | | | 5.500 | | | 05/15/2026 | | | 692,676 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 47 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Illinois – (continued) | |
| |
| | Illinois Finance Authority RB for Plymouth Place Series 2022A (NR/NR) – (continued) | |
| | $ | | | 725,000 | | | | 5.500 | % | | 05/15/2027 | | $ | 738,579 | |
| | | | | 765,000 | | | | 5.500 | | | 05/15/2028 | | | 785,158 | |
| | Illinois Finance Authority RB for Roosevelt University Series 2019 A (NR/NR) | |
| | | | | 9,600,000 | | | | 6.125 | (d) | | 04/01/2049 | | | 9,674,502 | |
| | 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 | | | 1,005,865 | |
| | Illinois Finance Authority RB Refunding for Christian Homes, Inc. Obligated Group Series 2021 B (NR/NR) | |
| | | | | 1,645,203 | | | | 3.250 | * | | 05/15/2027 | | | 658,081 | |
| | Illinois Finance Authority RB Refunding for Edward Elmhurst Healthcare Obligation Group Series 2018 A (NR/AA-) | |
| | | | | 4,000,000 | | | | 4.250 | (e) | | 01/01/2028 | | | 4,222,271 | |
| | Illinois Finance Authority RB Refunding for Franciscan Communities Project Series 2017 A (NR/NR) | |
| | | | | 875,000 | | | | 4.000 | | | 05/15/2027 | | | 874,327 | |
| | Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (Ba2/NR) | |
| | | | | 750,000 | | | | 5.000 | | | 09/01/2026 | | | 752,364 | |
| | | | | 500,000 | | | | 5.000 | | | 09/01/2027 | | | 503,710 | |
| | | | | 500,000 | | | | 5.000 | | | 09/01/2028 | | | 505,417 | |
| | | | | 1,600,000 | | | | 5.000 | | | 09/01/2030 | | | 1,617,865 | |
| | | | | 1,000,000 | | | | 5.000 | | | 09/01/2031 | | | 1,009,864 | |
| | | | | 1,000,000 | | | | 5.000 | | | 09/01/2032 | | | 1,009,001 | |
| | | | | 1,035,000 | | | | 5.000 | | | 09/01/2033 | | | 1,042,072 | |
| | | | | 1,150,000 | | | | 5.000 | | | 09/01/2034 | | | 1,154,873 | |
| | Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (Baa3/A-) | |
| | | | | 900,000 | | | | 4.000 | | | 09/01/2041 | | | 872,270 | |
| | | | | 4,100,000 | | | | 5.000 | | | 09/01/2046 | | | 4,156,471 | |
| | 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 | | | 615,118 | |
| | Illinois Finance Authority RB Refunding for Plymouth Place Obligated Group Series 2021 A (NR/NR) | |
| | | | | 375,000 | | | | 5.000 | | | 05/15/2041 | | | 368,254 | |
| | Illinois Finance Authority RB Refunding for University of Chicago Series 2018 A (Aa2/AA-) | |
| | | | | 3,025,000 | | | | 5.000 | | | 10/01/2041 | | | 3,132,056 | |
| | Illinois Finance Authority RB Refunding for University of Chicago Series 2021 A (Aa2/AA-) | |
| | | | | 1,380,000 | | | | 5.000 | | | 10/01/2037 | | | 1,665,295 | |
| | Illinois Finance Authority RB Series 2021 (NR/BB+) | |
| | | | | 375,000 | | | | 4.000 | (d) | | 10/01/2042 | | | 340,720 | |
| | Illinois Finance Authority RB The University of Chicago Series 2024A (Aa2/AA-) | |
| | | | | 625,000 | | | | 5.250 | | | 04/01/2041 | | | 724,157 | |
| | | | | 735,000 | | | | 5.250 | | | 04/01/2042 | | | 847,926 | |
| | | | | 900,000 | | | | 5.250 | | | 04/01/2043 | | | 1,033,980 | |
| | | | | 1,300,000 | | | | 5.250 | | | 04/01/2044 | | | 1,485,143 | |
| | | | | 1,600,000 | | | | 5.250 | | | 04/01/2045 | | | 1,817,961 | |
| | Illinois Finance Authority RB, Columbia College Chicago, Series 2019 (NR/BBB-) | |
| | | | | 1,000,000 | | | | 5.000 | | | 12/01/2049 | | | 946,485 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Illinois – (continued) | |
| |
| | Illinois Finance Authority Revenue Refunding Bonds Bradley University Project Series 2024 (NR/BBB+) | |
| | $ | | | 1,000,000 | | | | 5.000 | % | | 08/01/2029 | | $ | 1,070,213 | |
| | Illinois Housing Development Authority RB 2024 Series C (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/NR) | |
| | | | | 3,765,000 | | | | 4.250 | | | 10/01/2039 | | | 3,834,256 | |
| | | | | 3,000,000 | | | | 4.700 | | | 10/01/2044 | | | 3,082,888 | |
| | Illinois Sales Tax Securitization Corp. RB Refunding Second Lien Series 2020 A (NR/AA-) | |
| | | | | 1,230,000 | | | | 5.000 | | | 01/01/2036 | | | 1,331,682 | |
| | | | | 5,290,000 | | | | 4.000 | | | 01/01/2038 | | | 5,382,013 | |
| | Illinois Sales Tax Securitization Corp. RB Refunding Series 2018 C (NR/AA-) | |
| | | | | 5,985,000 | | | | 5.000 | | | 01/01/2027 | | | 6,290,800 | |
| | | | | 9,605,000 | | | | 5.000 | | | 01/01/2028 | | | 10,291,990 | |
| | | | | 11,500,000 | | | | 5.000 | | | 01/01/2029 | | | 12,542,390 | |
| | Illinois Sport Facilities Authority Sport Facilities Refunding Bonds Series 2021 (NR/BBB+) | |
| | | | | 1,500,000 | | | | 5.000 | | | 06/15/2030 | | | 1,606,864 | |
| | Illinois Sports Facilities Authority Refunding Bonds Series 2014 (AGM) (NR/AA) | |
| | | | | 4,160,000 | | | | 5.000 | | | 06/15/2027 | | | 4,182,889 | |
| | Illinois Sports Facilities Authority Sports Facilities Refunding Bonds Series 2021 (NR/BBB+) | |
| | | | | 480,000 | | | | 5.000 | | | 06/15/2032 | | | 511,809 | |
| | Illinois State GO Bonds Series 2017 A (A3/A-) | |
| | | | | 375,000 | | | | 4.500 | | | 12/01/2041 | | | 379,706 | |
| | Illinois State GO Bonds Series 2017 D (A3/A-) | |
| | | | | 2,000,000 | | | | 5.000 | | | 11/01/2025 | | | 2,043,418 | |
| | | | | 13,250,000 | | | | 5.000 | | | 11/01/2026 | | | 13,850,174 | |
| | | | | 24,005,000 | | | | 5.000 | | | 11/01/2028 | | | 25,494,983 | |
| | Illinois State GO Bonds Series 2018 A (A3/A-) | |
| | | | | 16,380,000 | | | | 5.000 | | | 05/01/2031 | | | 17,426,807 | |
| | | | | 1,760,000 | | | | 5.000 | | | 05/01/2042 | | | 1,819,528 | |
| | | | | 1,760,000 | | | | 5.000 | | | 05/01/2043 | | | 1,815,973 | |
| | Illinois State GO Bonds Series 2019 A (A3/A-) | |
| | | | | 8,000,000 | | | | 5.000 | | | 11/01/2024 | | | 8,010,026 | |
| | Illinois State GO Bonds Series 2019 C (A3/A-) | |
| | | | | 3,980,000 | | | | 4.000 | | | 11/01/2042 | | | 3,930,985 | |
| | Illinois State GO Bonds Series 2020 (A3/A-) | |
| | | | | 1,525,000 | | | | 5.500 | | | 05/01/2039 | | | 1,676,080 | |
| | | | | 4,240,000 | | | | 5.750 | | | 05/01/2045 | | | 4,659,661 | |
| | Illinois State GO Refunding Bonds Series 2016 (AGM) (A1/AA) | |
| | | | | 1,185,000 | | | | 4.000 | | | 02/01/2031 | | | 1,207,495 | |
| | Illinois State GO Refunding Bonds Series 2018 B (A3/A-) | |
| | | | | 2,340,000 | | | | 5.000 | | | 10/01/2031 | | | 2,501,594 | |
| | Illinois State Taxable Pension Funding GO Bonds Series 2003 (A3/A-) | |
| | | | | 11,454,118 | | | | 5.100 | | | 06/01/2033 | | | 11,633,908 | |
| | Illinois State Toll Highway Authority Toll Highway Senior RB 2019 Series C (Aa3/AA-) | |
| | | | | 5,000,000 | | | | 5.000 | | | 01/01/2025 | | | 5,021,685 | |
| | Metropolitan Pier & Exposition Authority Dedicated State Tax RB for McCormick Place Expansion Series 2002A (NATL) (Baa2/A) | |
| | | | | 2,000,000 | | | | 0.000 | (g) | | 06/15/2034 | | | 1,414,241 | |
| | | | | 1,860,000 | | | | 0.000 | (g) | | 06/15/2038 | | | 1,105,933 | |
| | |
| 48 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Illinois – (continued) | |
| |
| | Metropolitan Pier & Exposition Authority Mccormick Place Expansion Project Refunding Bonds Series 2024A (NR/A) | |
| | $ | | | 4,050,000 | | | | 5.000 | % | | 06/15/2029 | | $ | 4,309,196 | |
| | Metropolitan Pier & Exposition Authority Mccormick Place Expansion Project Refunding Bonds Series 2024B (NR/A) | |
| | | | | 8,310,000 | | | | 4.000 | | | 12/15/2026 | | | 8,534,943 | |
| | | | | 1,725,000 | | | | 4.000 | | | 12/15/2027 | | | 1,790,365 | |
| | Metropolitan Pier & Exposition Authority RB Capital Appreciation for McCormick Place Expansion Series 2002 A (NATL) (Baa2/A) | |
| | | | | 6,920,000 | | | | 0.000 | (g) | | 12/15/2032 | | | 5,196,227 | |
| | Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL) (Baa2/A) | |
| | | | | 1,370,000 | | | | 0.000 | (g) | | 12/15/2031 | | | 1,068,629 | |
| | | | | 2,190,000 | | | | 0.000 | (g) | | 06/15/2033 | | | 1,609,807 | |
| | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 A (NR/A) | |
| | | | | 2,000,000 | | | | 0.000 | (g) | | 12/15/2056 | | | 478,071 | |
| | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (AGM) (A1/AA) | |
| | | | | 18,150,000 | | | | 0.000 | (g) | | 12/15/2056 | | | 4,393,507 | |
| | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (NR/A) | |
| | | | | 2,000,000 | | | | 5.000 | | | 12/15/2028 | | | 2,114,678 | |
| | | | | 300,000 | | | | 5.000 | | | 12/15/2032 | | | 314,910 | |
| | | | | 600,000 | | | | 5.000 | | | 12/15/2033 | | | 629,049 | |
| | | | | 500,000 | | | | 5.000 | | | 12/15/2034 | | | 523,572 | |
| | | | | 1,260,000 | | | | 0.000 | (i) | | 12/15/2037 | | | 980,834 | |
| | | | | 3,500,000 | | | | 0.000 | (i) | | 12/15/2042 | | | 2,651,396 | |
| | | | | 3,850,000 | | | | 0.000 | (i) | | 12/15/2047 | | | 2,861,842 | |
| | Metropolitan Pier and Exposition Authority McCormick Place Expansion Project Refunding Bonds Series 2022A (NR/A) | |
| | | | | 5,355,000 | | | | 4.000 | | | 06/15/2052 | | | 5,058,422 | |
| | Regional Transportation Authority Illinois GO Bonds Series 2016 A (Aa3/AA) | |
| | | | | 2,730,000 | | | | 4.000 | | | 06/01/2046 | | | 2,663,613 | |
| | Regional Transportation Authority Illinois GO Refunding Bonds Series 2017 A (NR/AA) | |
| | | | | 4,430,000 | | | | 5.000 | | | 07/01/2029 | | | 4,708,732 | |
| | Sales Tax Securitization Corp Bonds Series 2018C (NR/AA-) | |
| | | | | 2,705,000 | | | | 5.000 | | | 01/01/2026 | | | 2,784,151 | |
| | Sales Tax Securitization Corp. Bonds Series 2018C (NR/AA-) | |
| | | | | 4,180,000 | | | | 5.000 | | | 01/01/2025 | | | 4,197,860 | |
| | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2020A (NR/AA-) | |
| | | | | 2,240,000 | | | | 5.000 | | | 01/01/2025 | | | 2,249,571 | |
| | | | | 3,535,000 | | | | 5.000 | | | 01/01/2026 | | | 3,638,438 | |
| | | | | 4,000,000 | | | | 5.000 | | | 01/01/2027 | | | 4,203,481 | |
| | | | | 10,905,000 | | | | 5.000 | | | 01/01/2028 | | | 11,684,971 | |
| | | | | 485,000 | | | | 5.000 | | | 01/01/2029 | | | 528,962 | |
| | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2021A (NR/AA-) | |
| | | | | 2,000,000 | | | | 5.000 | | | 01/01/2026 | | | 2,058,522 | |
| | | | | 7,500,000 | | | | 5.000 | | | 01/01/2029 | | | 8,179,820 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Illinois – (continued) | |
| |
| | Sales Tax Securitization Corporation Second Lien Sales Tax Securitization Bonds, Refunding Series 2023C (Forward Delivery) (NR/AA-) | |
| | $ | | | 1,000,000 | | | | 5.000 | % | | 01/01/2035 | | $ | 1,135,710 | |
| | Sales Tax Securitization Corporation Second Lien Sales Tax Securitization Bonds, Refunding Series 2023C Forward Delivery (NR/AA-) | |
| | | | | 100,000 | | | | 5.000 | | | 01/01/2036 | | | 112,891 | |
| | South Sangamon Water Commission GO Refunding Bonds for Alternative Revenue Source Series 2020 (AGM) (A3/AA) | |
| | | | | 1,000,000 | | | | 4.000 | | | 01/01/2032 | | | 1,034,111 | |
| | | | | 325,000 | | | | 4.000 | | | 01/01/2033 | | | 335,285 | |
| | | | | 475,000 | | | | 4.000 | | | 01/01/2034 | | | 489,174 | |
| | | | | 420,000 | | | | 4.000 | | | 01/01/2035 | | | 431,533 | |
| | | | | 470,000 | | | | 4.000 | | | 01/01/2037 | | | 478,923 | |
| | Southwestern Ill Dev Authority Local Govt Revenue Bonds Edwardsville Cusd #7 2007 (AGM) (NR/AA) | |
| | | | | 6,055,000 | | | | 0.000 | (g) | | 12/01/2025 | | | 5,841,753 | |
| | Springfield Illinois Senior Lien Electric RB Refunding Series 2015 (AGM) (A1/AA) | |
| | | | | 4,000,000 | | | | 3.500 | | | 03/01/2030 | | | 4,006,064 | |
| | State of Illinois GO Bonds Series 2016 (A3/A-) | |
| | | | | 1,115,000 | | | | 3.500 | | | 06/01/2031 | | | 1,100,034 | |
| | State of Illinois GO Bonds Series 2017 A (A3/A-) | |
| | | | | 1,455,000 | | | | 4.250 | | | 12/01/2040 | | | 1,465,133 | |
| | State of Illinois GO Bonds Series 2017 D (A3/A-) | |
| | | | | 925,000 | | | | 3.250 | | | 11/01/2026 | | | 926,733 | |
| | State of Illinois GO Bonds Series 2017C (A3/A-) | |
| | | | | 12,830,000 | | | | 5.000 | | | 11/01/2029 | | | 13,589,277 | |
| | State of Illinois GO Bonds Series 2017D (A3/A-) | |
| | | | | 10,000,000 | | | | 5.000 | | | 11/01/2027 | | | 10,657,073 | |
| | State of Illinois GO Bonds Series 2019B (A3/A-) | |
| | | | | 2,000,000 | | | | 4.000 | | | 11/01/2034 | | | 2,037,001 | |
| | State of Illinois GO Bonds Series 2020D (A3/A-) | |
| | | | | 5,425,000 | | | | 5.000 | | | 10/01/2024 | | | 5,425,000 | |
| | State of Illinois GO Bonds Series 2021A (A3/A-) | |
| | | | | 4,195,000 | | | | 4.000 | | | 03/01/2041 | | | 4,181,380 | |
| | State of Illinois GO Bonds Series 2022A (A3/A-) | |
| | | | | 875,000 | | | | 5.500 | | | 03/01/2047 | | | 963,100 | |
| | State of Illinois GO Bonds Series 2023B (A3/A-) | |
| | | | | 3,000,000 | | | | 5.500 | | | 05/01/2047 | | | 3,307,059 | |
| | State of Illinois GO Bonds Series of May 2024B (A3/A-) | |
| | | | | 7,220,000 | | | | 5.000 | | | 05/01/2040 | | | 8,010,079 | |
| | | | | 6,415,000 | | | | 5.000 | | | 05/01/2041 | | | 7,084,190 | |
| | State of Illinois GO Bonds, Series of May 2023B (A3/A-) | |
| | | | | 1,760,000 | | | | 5.250 | | | 05/01/2038 | | | 1,961,187 | |
| | | | | 2,195,000 | | | | 5.250 | | | 05/01/2039 | | | 2,436,666 | |
| | | | | 2,700,000 | | | | 5.250 | | | 05/01/2040 | | | 2,986,295 | |
| | State of Illinois GO Refunding Bonds Series 2018A (A3/A-) | |
| | | | | 500,000 | | | | 5.000 | | | 10/01/2028 | | | 541,045 | |
| | State of Illinois GO Refunding Bonds Series of October 2024 (A3/A-) | |
| | | | | 3,350,000 | | | | 5.000 | (c) | | 02/01/2039 | | | 3,744,519 | |
| | State of Illinois GO Unlimited Bonds Series 2017 A (A3/A-) | |
| | | | | 1,500,000 | | | | 4.000 | | | 12/01/2033 | | | 1,518,641 | |
| | | | | 10,700,000 | | | | 4.250 | | | 12/01/2037 | | | 10,831,052 | |
| | State of Illinois GO Unlimited Refunding Bonds Series 2018 B (A3/A-) | |
| | | | | 5,100,000 | | | | 5.000 | | | 10/01/2027 | | | 5,426,712 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 49 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Illinois – (continued) | |
| |
| | State of Illinois RB Refunding Series 2016 C (BAM-TCRS) (NR/AA) | |
| | $ | | | 5,580,000 | | | | 4.000 | % | | 06/15/2028 | | $ | 5,644,546 | |
| | State of Illinois Sales Tax RB Junior Obligation Series C (NR/A) | |
| | | | | 16,365,000 | | | | 5.000 | | | 06/15/2044 | | | 17,843,450 | |
| | Upper Illinois River Valley Development Authority Educational Facility RB for Elgin Math & Science Academy Charter School Project Series 2023A (Ba2/NR) | |
| | | | | 2,200,000 | | | | 5.625 | (d) | | 03/01/2043 | | | 2,279,007 | |
| | Upper Illinois River Valley Development Authority RB Refunding for Prairie Crossing Charter School Series 2020 (NR/NR) | |
| | | | | 265,000 | | | | 4.000 | (d) | | 01/01/2031 | | | 262,026 | |
| | | | | 1,050,000 | | | | 5.000 | (d) | | 01/01/2045 | | | 1,050,556 | |
| | Village of Hillside Illinois Tax Increment RB Refunding Series 2018 (NR/NR) | |
| | | | | 2,690,000 | | | | 5.000 | | | 01/01/2030 | | | 2,729,308 | |
| | Village of Morton Grove Tax Increment Senior Lien RB for Sawmill Station Redevelopment Project Series 2019 (NR/NR) | |
| | | | | 1,200,000 | | | | 4.250 | | | 01/01/2029 | | | 1,186,869 | |
| | Village of Romeoville GO Refunding Bonds Series 2019 (Aa2/NR) | |
| | | | | 3,055,000 | | | | 5.000 | | | 12/30/2027 | | | 3,296,687 | |
| | | | | 3,235,000 | | | | 5.000 | | | 12/30/2028 | | | 3,564,510 | |
| | Village of Romeoville RB Refunding for Lewis University Series 2018 B (NR/BBB) | |
| | | | | 210,000 | | | | 4.125 | | | 10/01/2041 | | | 191,107 | |
| | | | | 1,420,000 | | | | 4.125 | | | 10/01/2046 | | | 1,247,487 | |
| | 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 | | | 656,706 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | 1,044,155,029 | |
| | | |
| | Indiana - 0.7% | |
| |
| | City of Mishawaka RB for Sewerage Works Series 2018 (AGM) (NR/AA) | |
| | | | | 1,845,000 | | | | 2.000 | | | 09/01/2038 | | | 1,509,529 | |
| | City of Valparaiso Indiana Exempt Facilities Refunding RB Pratt Paper LIC Project Series 2024 (NR/NR) | |
| | | | | 2,550,000 | | | | 4.875 | (d) | | 01/01/2044 | | | 2,676,820 | |
| | Indiana Finance Authority CHF - Tippecanoe, LLC - Student Housing Project Student Housing RB Series 2023A (NR/BBB-) | |
| | | | | 1,550,000 | | | | 5.125 | | | 06/01/2058 | | | 1,617,129 | |
| | Indiana Finance Authority Educational Facilities RB for Marian University, Inc. Series 2019 A (NR/BBB) | |
| | | | | 540,000 | | | | 5.000 | | | 09/15/2034 | | | 560,958 | |
| | | | | 680,000 | | | | 5.000 | | | 09/15/2039 | | | 695,020 | |
| | | | | 445,000 | | | | 4.000 | | | 09/15/2044 | | | 397,108 | |
| | Indiana Finance Authority Environmental Improvement Revenue Refunding Bonds Series 2021A (B1/BB-) | |
| | | | | 4,915,000 | | | | 4.125 | | | 12/01/2026 | | | 4,991,898 | |
| | 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 | | | 1,445,621 | |
| | | | | 1,000,000 | | | | 5.000 | | | 10/01/2036 | | | 1,150,328 | |
| | | | | 1,000,000 | | | | 5.000 | | | 10/01/2037 | | | 1,147,179 | |
| | | | | 75,000 | | | | 5.000 | | | 10/01/2038 | | | 85,752 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Indiana – (continued) | |
| |
| | 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 | | $ | 1,143,132 | |
| | | | | 1,500,000 | | | | 5.000 | | | 10/01/2041 | | | 1,701,339 | |
| | | | | 1,700,000 | | | | 5.000 | | | 10/01/2043 | | | 1,908,079 | |
| | | | | 1,600,000 | | | | 5.000 | | | 10/01/2044 | | | 1,789,457 | |
| | | | | 1,250,000 | | | | 5.000 | | | 10/01/2045 | | | 1,393,490 | |
| | Indiana Finance Authority First Lien Wastewater Utility RB Series 2015A (NR/AA) | |
| | | | | 16,825,000 | | | | 5.000 | | | 10/01/2045 | | | 16,825,000 | |
| | Indiana Finance Authority Health Facility RB Series 2024 (A3/A-) | |
| | | | | 800,000 | | | | 5.000 | | | 03/01/2039 | | | 888,834 | |
| | | | | 925,000 | | | | 5.000 | | | 03/01/2040 | | | 1,018,843 | |
| | | | | 600,000 | | | | 5.000 | | | 03/01/2041 | | | 657,694 | |
| | | | | 4,000,000 | | | | 4.250 | | | 03/01/2049 | | | 3,942,386 | |
| | Indiana Finance Authority RB for BHI Senior Living Series 2016A (NR/NR) | |
| | | | | 1,675,000 | | | | 5.250 | | | 11/15/2046 | | | 1,702,713 | |
| | Indiana Finance Authority RB for Goshen Health Obligated Group Series 2019 B (NR/BBB+) | |
| | | | | 2,300,000 | | | | 2.100 | (a)(b) | | 11/01/2049 | | | 2,230,482 | |
| | Indiana Finance Authority RB for KIPP Indianapolis, Inc. Series 2020 A (Ba1/NR) | |
| | | | | 185,000 | | | | 4.000 | | | 07/01/2030 | | | 183,442 | |
| | | | | 300,000 | | | | 5.000 | | | 07/01/2040 | | | 303,740 | |
| | Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 B (Baa3/NR) | |
| | | | | 2,110,000 | | | | 3.000 | | | 11/01/2030 | | | 2,051,367 | |
| | Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 C (Baa3/NR) | |
| | | | | 2,350,000 | | | | 3.000 | | | 11/01/2030 | | | 2,284,697 | |
| | Indiana Finance Authority RB Refunding for BHI Senior Living Obligated Group Series 2021 B (NR/NR) | |
| | | | | 350,000 | | | | 1.990 | | | 11/15/2024 | | | 348,702 | |
| | | | | 360,000 | | | | 2.450 | | | 11/15/2025 | | | 349,994 | |
| | | | | 465,000 | | | | 2.520 | | | 11/15/2026 | | | 443,183 | |
| | | | | 610,000 | | | | 2.920 | | | 11/15/2027 | | | 576,485 | |
| | | | | 850,000 | | | | 3.210 | | | 11/15/2028 | | | 796,737 | |
| | | | | 880,000 | | | | 3.260 | | | 11/15/2029 | | | 811,243 | |
| | | | | 670,000 | | | | 3.300 | | | 11/15/2030 | | | 605,297 | |
| | South Bend Redevelopment Authority Lease Rental RB of 2024 (NR/AA) | |
| | | | | 2,850,000 | | | | 4.000 | | | 08/01/2039 | | | 2,867,917 | |
| | | | | 2,855,000 | | | | 4.000 | | | 08/01/2040 | | | 2,867,494 | |
| | | | | 3,080,000 | | | | 4.000 | | | 08/01/2041 | | | 3,063,062 | |
| | | | | 3,210,000 | | | | 4.000 | | | 08/01/2042 | | | 3,168,813 | |
| | | | | 1,400,000 | | | | 4.250 | | | 08/01/2043 | | | 1,410,085 | |
| | Town of Upland Economic Development RB for Taylor University Project Series 2021 (NR/A-) | |
| | | | | 1,300,000 | | | | 4.000 | | | 09/01/2033 | | | 1,339,035 | |
| | | | | | | | | | | | | | | | |
| | | | | 74,950,084 | |
| | | |
| | Iowa - 0.5% | |
| |
| | City of Coralville GO Annual Appropriation Refunding Bonds Series 2022C (NR/NR) | |
| | | | | 11,195,000 | | | | 5.000 | | | 05/01/2042 | | | 10,975,681 | |
| | City of Davenport GO Corporate Bonds Series 2019 IA (Aa2/AA) | |
| | | | | 1,060,000 | | | | 4.000 | | | 06/01/2031 | | | 1,092,671 | |
| | |
| 50 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Iowa – (continued) | |
| |
| | City of Waterloo Black Hawk County Iowa GO Capital Loan Notes Series 2024D (Aa2/NR) | |
| | $ | | | 3,650,000 | | | | 4.500 | % | | 06/01/2027 | | $ | 3,753,585 | |
| | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds Series 2022 (#Aaa/AA+) | |
| | | | | 5,800,000 | | | | 4.000 | (a)(b)(e) | | 12/01/2050 | | | 6,365,233 | |
| | Iowa Finance Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 A-1 (NR/NR) | |
| | | | | 1,700,000 | | | | 4.000 | | | 05/15/2055 | | | 1,441,447 | |
| | | | | 2,300,000 | | | | 5.000 | | | 05/15/2055 | | | 2,302,750 | |
| | Iowa Finance Authority RB for Lifespace Communities, Inc. Series 2016A (NR/NR) | |
| | | | | 3,825,000 | | | | 5.000 | | | 05/15/2047 | | | 3,836,475 | |
| | Iowa Finance Authority RB for Lifespace Communities, Inc. Series 2018A (NR/NR) | |
| | | | | 7,175,000 | | | | 5.000 | | | 05/15/2043 | | | 7,230,309 | |
| | | | | 5,400,000 | | | | 5.000 | | | 05/15/2048 | | | 5,421,796 | |
| | 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 | | | 5,850,661 | |
| | Iowa Higher Education Loan Authority Private College Facility RB Series 2022 (Baa1/BBB+) | |
| | | | | 925,000 | | | | 5.375 | | | 10/01/2052 | | | 969,003 | |
| | Iowa Tobacco Settlement Authority RB Refunding Series 2021 B-1 (NR/BBB+) | |
| | | | | 825,000 | | | | 4.000 | | | 06/01/2049 | | | 831,528 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | 50,071,139 | |
| | | |
| | Kansas - 0.2% | |
| |
| | City of Manhattan RB Refunding for Meadowlark Hills Retirement Community Obligated Group Series 2021 A (NR/NR) | |
| | | | | 825,000 | | | | 4.000 | | | 06/01/2036 | | | 814,714 | |
| | City of Topeka Health Care Facilities RB for Brewster Place Series 2022A (NR/NR) | |
| | | | | 1,750,000 | | | | 6.500 | | | 12/01/2052 | | | 1,859,940 | |
| | City of Wichita Health Care Facilities RB for Presbyterian Manors Obligated Group Series III-2019 (NR/NR) | |
| | | | | 1,060,000 | | | | 5.000 | | | 05/15/2025 | | | 1,058,335 | |
| | City of Wichita Health Care Facilities RB Presbyterian Manors, Inc. Series III, 2019 (NR/NR) | |
| | | | | 1,110,000 | | | | 5.000 | | | 05/15/2026 | | | 1,109,423 | |
| | Salina Airport Authority GO Bonds 2023B (AGM-CR) (Aa3/AA) | |
| | | | | 3,565,000 | | | | 4.000 | | | 09/01/2036 | | | 3,650,371 | |
| | Unified School District No. 500 Wyandotte County GO Improvement Bonds Series 2016-A (Aa3/AA-) | |
| | | | | 15,850,000 | | | | 5.250 | (e) | | 09/01/2026 | | | 16,674,040 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | 25,166,823 | |
| | | |
| | Kentucky - 1.4% | |
| |
| | City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022A (NR/NR) | |
| | | | | 1,925,000 | | | | 4.450 | (d) | | 01/01/2042 | | | 1,934,318 | |
| | City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022B (NR/NR) | |
| | | | | 1,840,000 | | | | 3.700 | (d) | | 01/01/2032 | | | 1,819,657 | |
| | City of Henderson, Kentucky Exempt Facilities RB Pratt Paper KY, LLC Project Series 2022A (NR/NR) | |
| | | | | 525,000 | | | | 4.700 | (d) | | 01/01/2052 | | | 526,270 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Kentucky – (continued) | |
| |
| | County of Carroll RB Refunding for Kentucky Utilities Co. Series 2006 B (A1/A) | |
| | $ | | | 4,525,000 | | | | 2.125 | % | | 10/01/2034 | | $ | 3,694,431 | |
| | County of Carroll RB Refunding for Kentucky Utilities Co. Series 2008 A (A1/A) | |
| | | | | 6,100,000 | | | | 2.000 | | | 02/01/2032 | | | 5,190,203 | |
| | County of Owen Water Facilities Refunding RB Series 2020 (NON-AMT) (Baa1/A) (PUTABLE) | |
| | | | | 1,000,000 | | | | 3.875 | (a)(b) | | 06/01/2040 | | | 1,009,639 | |
| | Fayette County School District Finance Corp. School Building RB Series 2023A (ST INTERCEPT) (Aa3/AA-) | |
| | | | | 4,145,000 | | | | 4.000 | | | 03/01/2045 | | | 4,118,174 | |
| | | | | 4,400,000 | | | | 4.000 | | | 03/01/2048 | | | 4,276,296 | |
| | Kentucky Bond Development Corp. RB Refunding for Transylvania University Series 2021 A (NR/A-) | |
| | | | | 280,000 | | | | 4.000 | | | 03/01/2046 | | | 254,956 | |
| | | | | 330,000 | | | | 4.000 | | | 03/01/2049 | | | 295,469 | |
| | 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 | | | 3,214,259 | |
| | | | | 400,000 | | | | 4.000 | | | 06/01/2045 | | | 389,972 | |
| | Kentucky Economic Development Finance Authority RB Series 2019A-2 (A3/A-) | |
| | | | | 1,675,000 | | | | 5.000 | | | 08/01/2044 | | | 1,746,034 | |
| | Kentucky Interlocal School Transportation Association Kista Equipment Lease Certificates of Participation Series of 2024 (ST INTERCEPT) (Aa3/NR) | |
| | | | | 1,070,000 | | | | 4.000 | | | 03/01/2026 | | | 1,084,334 | |
| | | | | 1,000,000 | | | | 4.000 | | | 03/01/2027 | | | 1,026,451 | |
| | Louisville & Jefferson County Metropolitan Government Health System RB for Norton Healthcare, Inc. Series 2016 A (NR/A) | |
| | | | | 2,000,000 | | | | 4.000 | | | 10/01/2034 | | | 2,014,876 | |
| | 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 | | | 14,261,241 | |
| | Louisville & Jefferson County Metropolitan Sewer District RB Refunding for Kentucky Sewer & Drainage System Series 2018 A (Aa3/AA) | |
| | | | | 10,000,000 | | | | 4.000 | | | 05/15/2038 | | | 10,059,066 | |
| | Louisville Jefferson County Metro Government Health System RB for Norton Healthcare Series 2023A (NR/A) | |
| | | | | 3,600,000 | | | | 5.000 | | | 10/01/2040 | | | 3,982,074 | |
| | | | | 2,455,000 | | | | 5.000 | | | 10/01/2041 | | | 2,694,248 | |
| | | | | 830,000 | | | | 5.000 | | | 10/01/2042 | | | 905,791 | |
| | Louisville Jefferson County Metro Government Health System RB Series 2016A (Norton Healthcare, Inc.) (NR/A) | |
| | | | | 2,125,000 | | | | 5.000 | | | 10/01/2033 | | | 2,180,969 | |
| | Public Energy Authority of Kentucky Gas Supply RB Series 2020A (A1/NR) | |
| | | | | 32,050,000 | | | | 4.000 | (a)(b) | | 12/01/2050 | | | 32,358,449 | |
| | Public Energy Authority of Kentucky Gas Supply RB Series 2022 A-1 (A1/NR) | |
| | | | | 17,730,000 | | | | 4.000 | (a)(b) | | 08/01/2052 | | | 18,200,384 | |
| | 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 | | | 6,390,265 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 51 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Kentucky – (continued) | |
| |
| | Public Energy Authority of Kentucky Gas Supply RR Bonds 2024 Series B (A1/NR) | |
| | $ | | | 14,000,000 | | | | 5.000 | %(a)(b) | | 01/01/2055 | | $ | 15,308,766 | |
| | University of Kentucky General Receipts Refunding Bonds Series 2015 A (ST INTERCEPT) (Aa2/AA+) | |
| | | | | 3,260,000 | | | | 4.000 | | | 04/01/2026 | | | 3,277,427 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | 142,214,019 | |
| | | |
| | Louisiana - 1.8% | |
| |
| | Calcasieu Parish Memorial Hospital Service District RB for Southwest Louisiana Healthcare System Obligated Group Series 2019 (NR/BB) | |
| | | | | 1,150,000 | | | | 4.000 | | | 12/01/2024 | | | 1,148,222 | |
| | | | | 4,155,000 | | | | 5.000 | | | 12/01/2025 | | | 4,157,676 | |
| | | | | 3,555,000 | | | | 5.000 | | | 12/01/2027 | | | 3,601,218 | |
| | | | | 1,600,000 | | | | 5.000 | | | 12/01/2028 | | | 1,626,250 | |
| | City of New Orleans Sewerage Service RB Series 2020 B (AGM) (NR/AA) | |
| | | | | 310,000 | | | | 4.000 | | | 06/01/2036 | | | 319,860 | |
| | | | | 285,000 | | | | 4.000 | | | 06/01/2037 | | | 292,552 | |
| | | | | 310,000 | | | | 4.000 | | | 06/01/2038 | | | 316,678 | |
| | | | | 400,000 | | | | 4.000 | | | 06/01/2039 | | | 407,172 | |
| | Lake Charles Harbor & Terminal District RB Series 2021 (A3/NR) (PUTABLE) | |
| | | | | 17,000,000 | | | | 1.000 | (a)(b) | | 12/01/2051 | | | 16,910,187 | |
| | Lakeshore Villages Master Community Development District Special Assessment Series 2019 (NR/NR) | |
| | | | | 2,540,000 | | | | 3.750 | (d) | | 06/01/2030 | | | 2,482,210 | |
| | | | | 5,070,000 | | | | 4.375 | (d) | | 06/01/2048 | | | 4,531,402 | |
| | Lakeshore Villages Master Community Development District Special Assessment Series 2021 (NR/NR) | |
| | | | | 245,000 | | | | 2.375 | | | 06/01/2026 | | | 238,340 | |
| | Louisiana Local Government Environmental Facilities & Community Development Authority Insurance Assessment RB for Louisiana Insurance Guaranty Association Project Series 2022B (A1/NR) | |
| | | | | 1,935,000 | | | | 5.000 | | | 08/15/2026 | | | 2,013,439 | |
| | Louisiana Local Government Environmental Facilities & Community Development Authority RB for Downsville Community Charter School Project Series 2023 (NR/NR) | |
| | | | | 1,690,000 | | | | 6.500 | (d) | | 06/15/2038 | | | 1,776,337 | |
| | Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for City of Shreveport Series 2008 (NR/BBB+) | |
| | | | | 16,840,000 | | | | 5.000 | (d) | | 04/01/2035 | | | 17,166,492 | |
| | 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 | | | 17,961,708 | |
| | Louisiana Offshore Terminal Authority Deepwater Port RB for Loop LLC Project Series 2007A (A3/NR) | |
| | | | | 7,110,000 | | | | 4.150 | | | 09/01/2027 | | | 7,245,999 | |
| | 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 | | | 6,441,623 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Louisiana – (continued) | |
| |
| | 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 | | $ | 8,043,493 | |
| | Louisiana Public Facilities Authority RB for Geo Academies Mid- City Project Series 2022 (NR/NR) | |
| | | | | 320,000 | | | | 5.625 | (d) | | 06/01/2037 | | | 334,622 | |
| | Louisiana Public Facilities Authority RB for Jefferson Rise Charter School Project Series 2022A (NR/NR) | |
| | | | | 400,000 | | | | 6.000 | (d) | | 06/01/2037 | | | 404,680 | |
| | 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 | | | 2,874,477 | |
| | Louisiana Public Facilities Authority RB for Louisiana Children’s Medical Center Obligated Series 2020 A (NR/A) | |
| | | | | 1,295,000 | | | | 4.000 | | | 06/01/2050 | | | 1,238,676 | |
| | 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 | | | 878,601 | |
| | Louisiana Public Facilities Authority RB Refunding for Loyola University New Orleans Series 2021 (Baa1/BBB) | |
| | | | | 1,625,000 | | | | 4.000 | | | 10/01/2036 | | | 1,637,623 | |
| | | | | 1,000,000 | | | | 4.000 | | | 10/01/2037 | | | 1,006,110 | |
| | Louisiana Public Facilities Authority RB Refunding for Ochsner Clinic Foundation Project Series 2017 (A3/A) | |
| | | | | 3,695,000 | | | | 4.000 | | | 05/15/2042 | | | 3,697,461 | |
| | | | | 600,000 | | | | 5.000 | | | 05/15/2046 | | | 613,872 | |
| | Louisiana Public Facilities Authority RB Series 2021A (NR/NR) | |
| | | | | 870,000 | | | | 4.000 | (d) | | 06/01/2031 | | | 826,822 | |
| | | | | 1,235,000 | | | | 4.000 | (d) | | 06/01/2041 | | | 1,045,042 | |
| | Louisiana Public Facilities Authority RB Series 2021C (NR/NR) | |
| | | | | 490,000 | | | | 4.000 | (d) | | 06/01/2031 | | | 465,681 | |
| | | | | 1,225,000 | | | | 4.000 | (d) | | 06/01/2041 | | | 1,036,581 | |
| | Louisiana Public Facilities Authority Revenue Refunding Bonds for Ochsner Clinic Foundation Project Series 2017 (A3/A) | |
| | | | | 2,400,000 | | | | 5.000 | | | 05/15/2042 | | | 2,464,024 | |
| | Louisiana Public Facilities Authority Senior Lien RB for I-10 Calcasieu River Bridge Public-Private Partnership Project Series 2024 (AMT) (Baa3/NR) | |
| | | | | 11,400,000 | | | | 5.500 | | | 09/01/2054 | | | 12,565,238 | |
| | | | | 28,485,000 | | | | 5.500 | | | 09/01/2059 | | | 31,215,165 | |
| | Louisiana Stadium and Exposition District Senior RB, Tax-Exempt Series 2023A (A2/NR) | |
| | | | | 2,250,000 | | | | 5.000 | | | 07/01/2035 | | | 2,558,310 | |
| | | | | 1,400,000 | | | | 5.000 | | | 07/01/2036 | | | 1,583,551 | |
| | | | | 200,000 | | | | 5.000 | | | 07/01/2037 | | | 225,640 | |
| | | | | 1,425,000 | | | | 5.000 | | | 07/01/2038 | | | 1,604,423 | |
| | Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-1 (Baa3/BBB-) (PUTABLE) | |
| | | | | 7,210,000 | | | | 4.050 | (a)(b) | | 06/01/2037 | | | 7,286,891 | |
| | Parish of St. John the Baptist Revenue Refunding Bonds for Marathon Oil Project Series 2017 (Baa3/BBB-) (PUTABLE) | |
| | | | | 21,235,000 | | | | 2.200 | (a)(b) | | 06/01/2037 | | | 20,799,999 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | 193,044,347 | |
| | | |
| | |
| 52 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Maine – 0.3% | |
| |
| | City of Portland General Airport RB Refunding Green Bonds Series 2019 (Baa1/A-) | |
| | $ | | | 800,000 | | | | 3.000 | % | | 01/01/2027 | | $ | 799,253 | |
| | | | | 300,000 | | | | 5.000 | | | 01/01/2028 | | | 321,096 | |
| | | | | 225,000 | | | | 5.000 | | | 01/01/2029 | | | 245,321 | |
| | | | | 270,000 | | | | 5.000 | | | 01/01/2030 | | | 298,889 | |
| | | | | 370,000 | | | | 5.000 | | | 01/01/2031 | | | 408,471 | |
| | | | | 810,000 | | | | 5.000 | | | 01/01/2032 | | | 887,430 | |
| | | | | 890,000 | | | | 5.000 | | | 01/01/2033 | | | 972,236 | |
| | | | | 620,000 | | | | 5.000 | | | 01/01/2034 | | | 676,283 | |
| | City of Portland, Maine General Airport Refunding RB Series 2016 (NON-AMT) (Baa1/A-) | |
| | | | | 1,295,000 | | | | 5.000 | | | 01/01/2038 | | | 1,313,703 | |
| | Finance Authority of Maine RB Refunding for Supplemental Education Loan Series 2019 A-1 (AMT) (AGM) (Aa3/AA) | |
| | | | | 500,000 | | | | 5.000 | | | 12/01/2024 | | | 500,861 | |
| | | | | 450,000 | | | | 5.000 | | | 12/01/2025 | | | 458,732 | |
| | | | | 1,530,000 | | | | 5.000 | | | 12/01/2026 | | | 1,574,335 | |
| | | | | 1,500,000 | | | | 5.000 | | | 12/01/2027 | | | 1,567,084 | |
| | | | | 1,000,000 | | | | 5.000 | | | 12/01/2028 | | | 1,052,278 | |
| | Maine Health & Higher Educational Facilities Authority RB for Maine Medical Center Series 2020 A (A1/A+) | |
| | | | | 200,000 | | | | 4.000 | | | 07/01/2045 | | | 194,362 | |
| | Maine Health & Higher Educational Facilities Authority RB for MaineHealth Series 2020A (A1/A+) | |
| | | | | 6,785,000 | | | | 4.000 | | | 07/01/2050 | | | 6,417,680 | |
| | 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 | | | 497,722 | |
| | Maine Health and Higher Educational Facilities Authority RB Series 2024A (AGC) (Aa3/AA) | |
| | | | | 3,775,000 | | | | 4.250 | | | 07/01/2054 | | | 3,754,082 | |
| | Maine State Housing Authority Mortgage Purchase Bonds 2022 Series F (Aa1/AA+) | |
| | | | | 2,000,000 | | | | 4.850 | | | 11/15/2042 | | | 2,052,051 | |
| | | | | 2,110,000 | | | | 4.950 | | | 11/15/2047 | | | 2,144,211 | |
| | Maine State Housing Authority Mortgage Purchase Bonds 2024 Series B (Aa1/AA+) | |
| | | | | 3,700,000 | | | | 4.650 | | | 11/15/2049 | | | 3,754,243 | |
| | Maine State Housing Authority Mortgage Purchase Bonds 2024 Series C (HUD SECT 8) (Aa1/AA+) | |
| | | | | 5,045,000 | | | | 4.550 | | | 11/15/2044 | | | 5,159,696 | |
| | | | | | | | | | | | | | | | |
| | | | | 35,050,019 | |
| | | |
| | Maryland - 1.0% | |
| |
| | Baltimore County RB for Riderwood Village Facility Series 2020 (NR/NR) | |
| | | | | 155,000 | | | | 4.000 | | | 01/01/2036 | | | 157,103 | |
| | | | | 900,000 | | | | 4.000 | | | 01/01/2039 | | | 903,841 | |
| | Baltimore Maryland Special Obligation Refunding for Baltimore Research Park Project Series 2017 A (NR/NR) | |
| | | | | 425,000 | | | | 4.000 | | | 09/01/2027 | | | 428,368 | |
| | | | | 650,000 | | | | 4.500 | | | 09/01/2033 | | | 654,031 | |
| | City of Baltimore Project RB for Stormwater Projects Series 2019A (Aa2/AA-) | |
| | | | | 4,465,000 | | | | 5.000 | | | 07/01/2049 | | | 4,704,343 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Maryland – (continued) | |
| |
| | City of Baltimore Tax Allocation Refunding for Harbor Point Special Taxing District Project Series 2019 A (NR/NR) | |
| | $ | | | 125,000 | | | | 2.800 | %(d) | | 06/01/2025 | | $ | 124,079 | |
| | | | | 135,000 | | | | 2.850 | (d) | | 06/01/2026 | | | 133,254 | |
| | | | | 175,000 | | | | 2.950 | (d) | | 06/01/2027 | | | 171,954 | |
| | | | | 190,000 | | | | 3.050 | (d) | | 06/01/2028 | | | 184,792 | |
| | | | | 200,000 | | | | 3.150 | (d) | | 06/01/2029 | | | 193,225 | |
| | | | | 300,000 | | | | 3.375 | (d) | | 06/01/2029 | | | 291,070 | |
| | | | | 200,000 | | | | 3.200 | (d) | | 06/01/2030 | | | 191,177 | |
| | | | | 200,000 | | | | 3.250 | (d) | | 06/01/2031 | | | 190,715 | |
| | | | | 250,000 | | | | 3.300 | (d) | | 06/01/2032 | | | 237,211 | |
| | | | | 270,000 | | | | 3.350 | (d) | | 06/01/2033 | | | 252,515 | |
| | City of Brunswick Special Tax Refunding for Brunswick Crossing Special Taxing District Series 2019 (NR/NR) | |
| | | | | 945,000 | | | | 4.000 | | | 07/01/2029 | | | 947,226 | |
| | City of Gaithersburg Economic Development Project RB for Asbury Maryland Obligated Group Series 2022 (NR/NR) | |
| | | | | 1,675,000 | | | | 5.000 | | | 01/01/2037 | | | 1,733,115 | |
| | 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 | | | 8,375,039 | |
| | County of Baltimore RB Refunding for Oak Crest Village, Inc. Series 2020 (NR/NR) | |
| | | | | 440,000 | | | | 4.000 | | | 01/01/2038 | | | 441,191 | |
| | | | | 370,000 | | | | 4.000 | | | 01/01/2039 | | | 369,652 | |
| | | | | 1,330,000 | | | | 4.000 | | | 01/01/2040 | | | 1,317,034 | |
| | County of Baltimore RB Refunding for Riderwood Village Obligated Group Series 2020 (NR/NR) | |
| | | | | 615,000 | | | | 4.000 | | | 01/01/2032 | | | 631,133 | |
| | | | | 530,000 | | | | 4.000 | | | 01/01/2033 | | | 542,533 | |
| | | | | 450,000 | | | | 4.000 | | | 01/01/2034 | | | 459,948 | |
| | | | | 150,000 | | | | 4.000 | | | 01/01/2035 | | | 152,663 | |
| | | | | 1,380,000 | | | | 4.000 | | | 01/01/2037 | | | 1,392,653 | |
| | | | | 1,045,000 | | | | 4.000 | | | 01/01/2038 | | | 1,051,774 | |
| | | | | 1,725,000 | | | | 4.000 | | | 01/01/2040 | | | 1,726,853 | |
| | Frederick County Maryland Special Tax for Lake Linganore Village Community Development Series 2001 A (AGC) (NR/AA) | |
| | | | | 355,000 | | | | 5.700 | | | 07/01/2029 | | | 355,784 | |
| | Frederick County Maryland Tax Allocation Refunding for Oakdale-Lake Linganore Development District Series 2019 B (NR/NR) | |
| | | | | 1,410,000 | | | | 3.750 | | | 07/01/2039 | | | 1,307,720 | |
| | Frederick County Urbana Community Development Authority Special Tax Refunding Series 2020 B (NR/NR) | |
| | | | | 235,000 | | | | 4.000 | | | 07/01/2040 | | | 224,985 | |
| | Hagerstown Stadium Authority Multi-Use Sports and Events Facility Lease RB Series 2022A (Aa2/NR) | |
| | | | | 1,990,000 | | | | 5.000 | | | 06/01/2040 | | | 2,199,083 | |
| | | | | 2,085,000 | | | | 5.000 | | | 06/01/2041 | | | 2,295,542 | |
| | | | | 2,190,000 | | | | 5.000 | | | 06/01/2042 | | | 2,400,833 | |
| | Howard County Consolidated Public Improvement Refunding Bonds 2017 Series D (Aaa/AAA) | |
| | | | | 2,355,000 | | | | 5.000 | | | 02/15/2027 | | | 2,500,440 | |
| | 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 | | | 1,672,318 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 53 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Maryland – (continued) | |
| |
| | Maryland Economic Development Corp. Private Activity RB for Purple Line Light Rail Project Series 2022A (Baa3/NR) | |
| | $ | | | 3,150,000 | | | | 5.000 | % | | 11/12/2028 | | $ | 3,227,275 | |
| | Maryland Economic Development Corp. RB for Ports America Chesapeake LLC Project Series 2019 A (AMT) (Baa2/NR) | |
| | | | | 1,000,000 | | | | 5.000 | | | 06/01/2049 | | | 1,028,789 | |
| | Maryland Economic Development Corp. RB for United States Social Security Administration Series 2021 (Ba2/NR) | |
| | | | | 5,460,000 | | | | 3.997 | | | 04/01/2034 | | | 4,467,376 | |
| | Maryland Health & Higher Educational Facilities Authority RB for Adventist Healthcare Obligated Group Series 2016 A (Baa3/NR) | |
| | | | | 12,975,000 | | | | 5.500 | | | 01/01/2046 | | | 13,209,371 | |
| | 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 | | | 1,870,479 | |
| | | | | 3,125,000 | | | | 5.500 | | | 06/01/2047 | | | 3,347,273 | |
| | Maryland Health & Higher Educational Facilities Authority RB for St. John’s College Series 2020 (NR/BBB+) | |
| | | | | 390,000 | | | | 4.000 | | | 10/01/2025 | | | 391,755 | |
| | 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 | | | 671,147 | |
| | | | | 350,000 | | | | 4.000 | | | 07/01/2040 | | | 347,491 | |
| | | | | 750,000 | | | | 4.000 | | | 07/01/2045 | | | 733,856 | |
| | Maryland Health & Higher Educational Facilities Authority RB Refunding for St. John’s College Series 2020 (NR/BBB+) | |
| | | | | 425,000 | | | | 4.000 | | | 10/01/2027 | | | 432,705 | |
| | | | | 440,000 | | | | 4.000 | | | 10/01/2028 | | | 449,852 | |
| | | | | 355,000 | | | | 4.000 | | | 10/01/2029 | | | 363,831 | |
| | | | | 475,000 | | | | 4.000 | | | 10/01/2030 | | | 485,106 | |
| | | | | 795,000 | | | | 3.000 | | | 10/01/2034 | | | 728,943 | |
| | | | | 475,000 | | | | 4.000 | | | 10/01/2040 | | | 460,032 | |
| | Maryland Health and Higher Educational Facilities Authority RB Adventist Healthcare Issue Series 2020 (Baa3/NR) | |
| | | | | 865,000 | | | | 4.000 | | | 01/01/2038 | | | 858,083 | |
| | Maryland Health and Higher Educational Facilities Authority RB Imagine Andrews Public Charter School Issue Series 2022A (NR/NR) | |
| | | | | 650,000 | | | | 5.500 | (d) | | 05/01/2042 | | | 657,059 | |
| | Maryland Health and Higher Educational Facilities Authority RB Monocacy Montessori Communities Issue Series 2023 (NR/NR) | |
| | | | | 250,000 | | | | 5.250 | (d) | | 07/01/2033 | | | 261,129 | |
| | | | | 300,000 | | | | 5.875 | (d) | | 07/01/2043 | | | 311,405 | |
| | Maryland Health and Higher Educational Facilities Authority RB University of Maryland Medical System Issue Series 2020B-1 (A2/A) | |
| | | | | 3,325,000 | | | | 5.000 | (a)(b) | | 07/01/2045 | | | 3,338,581 | |
| | Maryland Stadium Authority Baltimore City Public Schools Construction and Revitalization Program Revenue Bonds Series 2022C (ST INTERCEPT) (Aa3/AA-) | |
| | | | | 10,300,000 | | | | 0.000 | (g) | | 05/01/2051 | | | 3,090,638 | |
| | | | | 10,300,000 | | | | 0.000 | (g) | | 05/01/2052 | | | 2,936,428 | |
| | 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 | | | 3,035,665 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Maryland – (continued) | |
| |
| | Mayor and City Council of Baltimore City of Baltimore, Maryland Convention Center Hotel Revenue Refunding Bonds, Series 2017 (NR/B+) – (continued) | |
| | $ | | | 1,250,000 | | | | 5.000 | % | | 09/01/2035 | | $ | 1,258,429 | |
| | Mayor and City Council of Baltimore Subordinate Special Obligation RB for Harbor Point Project Series 2022 (NR/NR) | |
| | | | | 390,000 | | | | 4.500 | | | 06/01/2033 | | | 397,756 | |
| | | | | 675,000 | | | | 4.875 | | | 06/01/2042 | | | 691,281 | |
| | Prince George County Special Obligation Bonds Series 2018 (NR/NR) | |
| | | | | 3,295,000 | | | | 5.125 | (d) | | 07/01/2039 | | | 3,348,310 | |
| | State of Maryland GO Bonds for State & Local Facilities Loan Series 2022A (Aaa/AAA) | |
| | | | | 10,000,000 | | | | 5.000 | | | 06/01/2037 | | | 11,478,434 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | 104,793,676 | |
| | | |
| | Massachusetts - 1.0% | |
| |
| | Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2023, Series A (Aa1/AA+) | |
| | | | | 2,240,000 | | | | 5.000 | | | 05/01/2053 | | | 2,437,738 | |
| | Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2024 Series A (Aa1/AA+) | |
| | | | | 33,000,000 | | | | 5.000 | | | 01/01/2049 | | | 36,407,993 | |
| | Massachusetts Bay Transportation Authority Subordinated Sales Tax Bonds 2021 Series A (Aa3/AA+) | |
| | | | | 10,000,000 | | | | 4.000 | | | 07/01/2051 | | | 9,860,149 | |
| | Massachusetts Development Finance Agency RB for CHF Merrimack, Inc. Issue, Merrimack College Student Housing Project Series 2024A (NR/BB) | |
| | | | | 900,000 | | | | 5.000 | (d) | | 07/01/2044 | | | 944,491 | |
| | Massachusetts Development Finance Agency RB for Harvard University Series 2016 A (Aaa/AAA) | |
| | | | | 5,000,000 | | | | 5.000 | | | 07/15/2036 | | | 6,195,169 | |
| | Massachusetts Development Finance Agency RB for Linden Ponds, Inc. Series 2018 (NR/NR) | |
| | | | | 1,500,000 | | | | 5.000 | (d) | | 11/15/2028 | | | 1,572,651 | |
| | Massachusetts Development Finance Agency RB for Tufts Medicine Issue Series 2024 E (NR/BBB-) | |
| | | | | 15,575,000 | | | | 8.500 | | | 10/01/2026 | | | 15,912,602 | |
| | Massachusetts Development Finance Agency RB Refunding for Carleton-Willard Homes, Inc. Series 2019 (NR/A-) | |
| | | | | 225,000 | | | | 4.000 | | | 12/01/2042 | | | 215,974 | |
| | | | | 245,000 | | | | 5.000 | | | 12/01/2042 | | | 252,212 | |
| | Massachusetts Development Finance Agency RB Refunding for Milford Regional Medical Center Obligated Group Series 2020 G (NR/B) | |
| | | | | 125,000 | | | | 5.000 | (d) | | 07/15/2025 | | | 125,790 | |
| | Massachusetts Development Finance Agency RB Refunding for Wellforce Obligated Group Series 2020 C (AGM) (NR/AA) | |
| | | | | 425,000 | | | | 5.000 | | | 10/01/2029 | | | 468,808 | |
| | | | | 325,000 | | | | 5.000 | | | 10/01/2030 | | | 362,599 | |
| | | | | 450,000 | | | | 5.000 | | | 10/01/2031 | | | 501,289 | |
| | | | | 400,000 | | | | 5.000 | | | 10/01/2032 | | | 441,926 | |
| | | | | 500,000 | | | | 5.000 | | | 10/01/2033 | | | 548,697 | |
| | | | | 450,000 | | | | 5.000 | | | 10/01/2034 | | | 490,283 | |
| | Massachusetts Development Finance Agency Sustainability RB for Boston Medical Center Issue Series 2023 G (Baa2/BBB) | |
| | | | | 665,000 | | | | 5.000 | | | 07/01/2025 | | | 673,591 | |
| | |
| 54 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Massachusetts – (continued) | |
| |
| | Massachusetts Development Finance Agency Wellforce Obligation Group RB Refunding Series 2019 A (NR/BBB-) | |
| | $ | | | 425,000 | | | | 5.000 | % | | 07/01/2038 | | $ | 430,837 | |
| | | | | 2,250,000 | | | | 5.000 | | | 07/01/2039 | | | 2,272,976 | |
| | Massachusetts School Building Authority Senior Dedicated Sales Tax Bonds 2016 Series B (Aa1/AA+) | |
| | | | | 3,500,000 | | | | 5.000 | | | 11/15/2039 | | | 3,623,605 | |
| | Massachusetts School Building Authority Subordinated Dedicated Sales Tax Bonds 2018 Series B (Aa2/AA) | |
| | | | | 10,735,000 | | | | 4.000 | | | 02/15/2041 | | | 10,734,434 | |
| | Massachusetts State GO Bonds Consolidated Loan Series 2018 D (Aa1/AA+) | |
| | | | | 4,030,000 | | | | 4.000 | | | 05/01/2039 | | | 4,079,815 | |
| | The Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2018 Series E (Aa1/AA+) | |
| | | | | 7,525,000 | | | | 5.250 | | | 09/01/2043 | | | 8,052,844 | |
| | The Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2022, Series C (Aa1/AA+) | |
| | | | | 2,760,000 | | | | 5.000 | | | 10/01/2052 | | | 2,993,690 | |
| | | | | | | | | | | | | | | | |
| | | | | 109,600,163 | |
| | | |
| | 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 | | | 7,558,377 | |
| | City of Detroit Financial Recovery GO Bonds Series 2014 B-1 (NR/NR) | |
| | | | | 50,843,183 | | | | 4.000 | (b) | | 04/01/2044 | | | 40,526,608 | |
| | City of Detroit GO Bonds Series 2020 (Baa2/BBB) | |
| | | | | 275,000 | | | | 5.000 | | | 04/01/2025 | | | 276,836 | |
| | | | | 290,000 | | | | 5.000 | | | 04/01/2026 | | | 297,823 | |
| | | | | 615,000 | | | | 5.000 | | | 04/01/2027 | | | 645,358 | |
| | | | | 645,000 | | | | 5.000 | | | 04/01/2028 | | | 688,922 | |
| | | | | 455,000 | | | | 5.000 | | | 04/01/2029 | | | 494,018 | |
| | | | | 710,000 | | | | 5.000 | | | 04/01/2030 | | | 781,015 | |
| | City of Detroit GO Bonds Series 2021 A (Baa2/BBB) | |
| | | | | 1,365,000 | | | | 5.000 | | | 04/01/2030 | | | 1,501,528 | |
| | | | | 2,280,000 | | | | 5.000 | | | 04/01/2036 | | | 2,474,476 | |
| | | | | 250,000 | | | | 5.000 | | | 04/01/2038 | | | 269,670 | |
| | | | | 1,500,000 | | | | 5.000 | | | 04/01/2039 | | | 1,608,322 | |
| | City of Detroit GO Bonds Series 2021 B (Baa2/BBB) | |
| | | | | 500,000 | | | | 2.511 | | | 04/01/2025 | | | 494,269 | |
| | | | | 675,000 | | | | 2.711 | | | 04/01/2026 | | | 655,401 | |
| | City of Detroit Tax Exempt UT GO Bonds, Series 2023A Social Bonds (Baa2/BBB) | |
| | | | | 1,750,000 | | | | 5.250 | | | 05/01/2025 | | | 1,766,728 | |
| | | | | 1,250,000 | | | | 5.250 | | | 05/01/2026 | | | 1,290,707 | |
| | City of Detroit, County of Wayne, State of Michigan Unlimited Tax GO Bonds, Series 2021A (Tax-Exempt) (Social Bonds) (Baa2/BBB) | |
| | | | | 1,880,000 | | | | 5.000 | | | 04/01/2037 | | | 2,034,281 | |
| | City of Detroit, County of Wayne, UT GO Social Bonds Series 2021A (Tax Exempt) (Baa2/BBB) | |
| | | | | 1,250,000 | | | | 5.000 | | | 04/01/2035 | | | 1,361,365 | |
| | Detroit Financial Recovery Bonds LT Series B-2 (NR/NR) | |
| | | | | 2,556,114 | | | | 4.000 | (b) | | 04/01/2044 | | | 2,037,454 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Michigan – (continued) | |
| |
| | Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (Aa3/AA) | |
| | (3M USD LIBOR + 0.60%) | |
| | $ | | | 11,250,000 | | | | 4.347 | %(f) | | 07/01/2032 | | $ | 11,013,652 | |
| | Great Lakes Water Authority Sewage Disposal System RR Senior Lien Bonds Series 2018B (Aa3/AA-) | |
| | | | | 5,125,000 | | | | 5.000 | | | 07/01/2029 | | | 5,708,095 | |
| | Great Lakes Water Authority Water Supply System Revenue Refunding Senior Lien Bonds Series 2016C (Aa3/AA-) | |
| | | | | 10,525,000 | | | | 5.250 | | | 07/01/2035 | | | 10,921,265 | |
| | Great Lakes Water Authority Water Supply System RR Senior Lien Bonds, Series 2016C (Aa3/AA-) | |
| | | | | 17,775,000 | | | | 5.250 | | | 07/01/2034 | | | 18,468,613 | |
| | Ivywood Classical Academy Public School Academy Bonds, Series 2023 (NR/NR) | |
| | | | | 1,000,000 | | | | 5.875 | | | 01/01/2044 | | | 1,025,286 | |
| | Kentwood Economic Development Corp. RB Refunding for Holland Home Obligated Group Series 2022 (NR/NR) | |
| | | | | 485,000 | | | | 4.000 | | | 11/15/2031 | | | 475,366 | |
| | Michigan Finance Authority Act 38 Facilities Senior RB for The Henry Ford Health Detroit South Campus Central Utility Plant Project Series 2024 (Green Bonds) (A3/NR) | |
| | | | | 1,850,000 | | | | 5.500 | | | 02/28/2049 | | | 2,108,368 | |
| | 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 | | | 558,023 | |
| | 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 | | | 3,446,298 | |
| | Michigan Finance Authority Hospital RB for McLaren Health Care Corp. Obligated Group Series 2019 A (A1/NR) | |
| | | | | 6,380,000 | | | | 4.000 | | | 02/15/2047 | | | 6,254,170 | |
| | | | | 13,070,000 | | | | 4.000 | | | 02/15/2050 | | | 12,549,060 | |
| | Michigan Finance Authority Local Government Loan Program RB for Detroit Water & Sewage Department Water Supply System Project Series 2015C (A1/A+) | |
| | | | | 3,000,000 | | | | 5.000 | | | 07/01/2034 | | | 3,037,628 | |
| | 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 | | | 2,124,934 | |
| | Michigan Finance Authority RB Refunding for Hanley International Academy, Inc. Series 2021 (NR/BB+) | |
| | | | | 870,000 | | | | 3.500 | | | 09/01/2030 | | | 826,732 | |
| | Michigan Finance Authority RB Refunding for Kettering University Series 2020 (NR/A-) | |
| | | | | 450,000 | | | | 4.000 | | | 09/01/2045 | | | 418,465 | |
| | | | | 475,000 | | | | 4.000 | | | 09/01/2050 | | | 429,964 | |
| | Michigan Finance Authority Tobacco Settlement Asset-Backed Bonds Series 2020A-2 (NR/BBB+) | |
| | | | | 6,600,000 | | | | 5.000 | | | 06/01/2040 | | | 7,011,193 | |
| | Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-1 Class 2 (NR/BBB+) | |
| | | | | 745,000 | | | | 5.000 | | | 06/01/2049 | | | 768,726 | |
| | Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-2 Class 2 (NR/NR) | |
| | | | | 101,825,000 | | | | 0.000 | (g) | | 06/01/2065 | | | 11,942,942 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 55 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Michigan – (continued) | |
| |
| | 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 | | $ | 1,015,560 | |
| | 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 | | | 7,450,500 | |
| | Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (AGM) (A1/AA) | |
| | | | | 24,500,000 | | | | 4.250 | | | 12/31/2038 | | | 24,711,300 | |
| | Michigan Strategic Fund RB Refunding for DTE Electric Co. Series 1995 (Aa3/A) | |
| | | | | 7,500,000 | | | | 1.450 | | | 09/01/2030 | | | 6,472,931 | |
| | Michigan Strategic Fund RB Refunding for DTE Electric Co. Series 2008 (Aa3/A) | |
| | | | | 7,175,000 | | | | 1.350 | | | 08/01/2029 | | | 6,381,741 | |
| | Michigan Tobacco Settlement Finance Authority Tobacco Settlement Asset Backed RB Series C (NR/NR) | |
| | | | | 40,075,000 | | | | 0.000 | (g) | | 06/01/2058 | | | 1,255,822 | |
| | Universal Academy RB Refunding Series 2021 (NR/BBB-) | |
| | | | | 265,000 | | | | 2.000 | | | 12/01/2026 | | | 255,075 | |
| | | | | 500,000 | | | | 4.000 | | | 12/01/2031 | | | 494,872 | |
| | Van Buren Public Schools Michigan GO Unlimited Refunding Bonds Series 2019 (Q-SBLF) (NR/AA) | |
| | | | | 2,485,000 | | | | 4.000 | | | 11/01/2026 | | | 2,553,438 | |
| | | | | 2,585,000 | | | | 4.000 | | | 11/01/2027 | | | 2,687,771 | |
| | Warren Consolidated School District Unlimited Tax GO Refunding Bonds for School Building and Site Bonds Series 2016 (Q-SBLF) (NR/AA) | |
| | | | | 3,705,000 | | | | 5.000 | | | 05/01/2027 | | | 3,840,919 | |
| | Warren Consolidated Schools GO Bonds Series 2016 (Q-SBLF) (NR/AA) | |
| | | | | 1,145,000 | | | | 5.000 | | | 05/01/2025 | | | 1,158,150 | |
| | | | | 1,215,000 | | | | 5.000 | | | 05/01/2026 | | | 1,260,208 | |
| | Washtenaw County Ypsilanti Community Schools GO Refunding Bonds Series 2020 (Q-SBLF) (NR/AA) | |
| | | | | 580,000 | | | | 2.019 | | | 05/01/2025 | | | 572,861 | |
| | Wayne County Airport Authority RB for Detroit Metropolitan Wayne County Airport Series 2017 B (A1/A) | |
| | | | | 400,000 | | | | 5.000 | | | 12/01/2033 | | | 417,352 | |
| | | | | 1,065,000 | | | | 5.000 | | | 12/01/2034 | | | 1,109,881 | |
| | | | | 650,000 | | | | 5.000 | | | 12/01/2035 | | | 676,286 | |
| | | | | 800,000 | | | | 5.000 | | | 12/01/2036 | | | 830,736 | |
| | | | | 880,000 | | | | 5.000 | | | 12/01/2037 | | | 912,649 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | 229,909,990 | |
| | | |
| | Minnesota - 0.3% | |
| |
| | City of Independence RB for Global Academy, Inc. Series 2021 A (NR/BB) | |
| | | | | 1,315,000 | | | | 4.000 | | | 07/01/2031 | | | 1,282,613 | |
| | City of Minneapolis GO Green Bonds Series 2019 (NR/AAA) | |
| | | | | 2,390,000 | | | | 2.000 | | | 12/01/2029 | | | 2,213,843 | |
| | | | | 2,940,000 | | | | 2.000 | | | 12/01/2030 | | | 2,673,365 | |
| | City of St Cloud RB Refunding for CentraCare Health System Obligated Group Series 2019 (A2/NR) | |
| | | | | 675,000 | | | | 5.000 | | | 05/01/2048 | | | 704,733 | |
| | City of Woodbury RB Refunding for Math & Science Academy Series 2020 A (NR/BB+) | |
| | | | | 355,000 | | | | 3.000 | | | 12/01/2030 | | | 325,772 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | 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-) | |
| | $ | | | 450,000 | | | | 5.000 | % | | 06/15/2031 | | $ | 503,574 | |
| | | | | 580,000 | | | | 5.000 | | | 06/15/2033 | | | 654,560 | |
| | 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 | | | 530,960 | |
| | Duluth Economic Development Authority Health Care Facilities RB Refunding for Essentia Health Obligated Group Series 2018 A (NR/A-) | |
| | | | | 2,160,000 | | | | 4.250 | | | 02/15/2048 | | | 2,103,532 | |
| | Duluth Economic Development Authority RB Refunding for Benedictine Health System Obligated Group Series 2021 A (NR/NR) | |
| | | | | 400,000 | | | | 3.000 | | | 07/01/2025 | | | 394,596 | |
| | | | | 360,000 | | | | 3.000 | | | 07/01/2026 | | | 349,876 | |
| | Duluth Independent School District No.709 COPS Refunding Series 2019 B (SD CRED PROG) (Aa1/NR) | |
| | | | | 350,000 | | | | 5.000 | | | 02/01/2028 | | | 375,312 | |
| | Independent School District No. 709, (Duluth) St. Louis County, Minnesota Full Term Refunding Certificates of Participation, Series 2019B (SD CRED PROG) (Aa1/NR) | |
| | | | | 375,000 | | | | 5.000 | | | 02/01/2025 | | | 377,135 | |
| | Minnesota Higher Education Facilities Authority RB Refunding for Bethel University Project Series 2017 (NR/BB+) | |
| | | | | 500,000 | | | | 5.000 | | | 05/01/2047 | | | 461,193 | |
| | Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (Baa2/NR) | |
| | | | | 165,000 | | | | 4.000 | | | 12/01/2026 | | | 165,974 | |
| | | | | 165,000 | | | | 4.000 | | | 12/01/2027 | | | 166,357 | |
| | | | | 205,000 | | | | 4.000 | | | 12/01/2028 | | | 206,798 | |
| | | | | 125,000 | | | | 4.000 | | | 12/01/2029 | | | 125,912 | |
| | | | | 250,000 | | | | 4.000 | | | 12/01/2030 | | | 250,173 | |
| | | | | 170,000 | | | | 4.000 | | | 12/01/2031 | | | 169,155 | |
| | Minnesota Municipal Gas Agency Commodity Supply RB Series 2022 (Aa1/NR) | |
| | | | | 5,650,000 | | | | 4.000 | | | 12/01/2026 | | | 5,766,319 | |
| | Minnesota State Trunk Highway GO Refunding Bonds Series 2017 E (Aaa/AAA) | |
| | | | | 1,680,000 | | | | 3.000 | | | 10/01/2029 | | | 1,685,379 | |
| | State of Minnesota GO State Various Purpose Bonds Series 2015A (Aaa/AAA) | |
| | | | | 5,500,000 | | | | 5.000 | | | 08/01/2035 | | | 5,580,849 | |
| | | | | | | | | | | | | | | | |
| | | | | 27,067,980 | |
| | | |
| | 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 | | | 9,369,920 | |
| | Mississippi Development Bank Special Obligation Bonds Series 2021 (NR/BB) | |
| | | | | 440,000 | | | | 5.000 | (d) | | 10/01/2024 | | | 440,000 | |
| | | | | 660,000 | | | | 5.000 | (d) | | 10/01/2025 | | | 663,654 | |
| | | | | 750,000 | | | | 5.000 | (d) | | 10/01/2026 | | | 764,283 | |
| | | | | 700,000 | | | | 5.000 | (d) | | 10/01/2027 | | | 719,585 | |
| | | | | 950,000 | | | | 5.000 | (d) | | 10/01/2028 | | | 983,778 | |
| | | | | 700,000 | | | | 5.000 | (d) | | 10/01/2029 | | | 729,325 | |
| | |
| 56 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Mississippi – (continued) | |
| |
| | Mississippi Development Bank Special Obligation Bonds Series 2021 (NR/BB) – (continued) | |
| | $ | | | 175,000 | | | | 5.000 | %(d) | | 10/01/2030 | | $ | 182,325 | |
| | | | | 1,400,000 | | | | 5.000 | (d) | | 10/01/2031 | | | 1,455,903 | |
| | Mississippi State GO Bonds Series 2015 F (Aa2/AA) | |
| | | | | 1,000,000 | | | | 4.000 | (e) | | 11/01/2025 | | | 1,014,169 | |
| | | | | | | | | | | | | | | | |
| | | | | 16,322,942 | |
| | | |
| | Missouri - 0.5% | |
| |
| | Cape Girardeau County IDA Health Facilities RB for Southeast HEALTH Obligated Group Series 2021 (A1/A+) | |
| | | | | 1,200,000 | | | | 4.000 | | | 03/01/2041 | | | 1,209,096 | |
| | City of Poplar Bluff COPS Series 2021 (NR/BBB+) | |
| | | | | 875,000 | | | | 2.500 | | | 10/01/2041 | | | 609,583 | |
| | | | | 1,060,000 | | | | 2.625 | | | 10/01/2046 | | | 690,526 | |
| | 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 | | | 1,677,905 | |
| | 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 | | | 366,945 | |
| | 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 | | | 884,241 | |
| | | | | 515,000 | | | | 5.000 | | | 02/01/2033 | | | 575,651 | |
| | | | | 555,000 | | | | 5.000 | | | 02/01/2034 | | | 625,654 | |
| | I-470 Western Gateway Transportation Development District RB Series 2019 A (NR/NR) | |
| | | | | 700,000 | | | | 4.500 | (d) | | 12/01/2029 | | | 699,755 | |
| | Kansas City Industrial Development Authority RB for Kansas City International Airport Series 2019 C (A2/A) | |
| | | | | 2,000,000 | | | | 5.000 | | | 03/01/2033 | | | 2,160,443 | |
| | | | | 3,200,000 | | | | 5.000 | | | 03/01/2034 | | | 3,450,756 | |
| | Kansas City Industrial Development Authority Special Obligation Bonds for Kansas City International Airport Series 2019 A (A2/A) | |
| | | | | 5,000,000 | | | | 5.000 | | | 03/01/2034 | | | 5,273,356 | |
| | Metropolitan St. Louis Sewer District Wastewater System Improvement and Refunding RB Series 2017A (Aa1/AAA) | |
| | | | | 3,850,000 | | | | 5.000 | | | 05/01/2047 | | | 3,959,456 | |
| | Missouri Health & Educational Facilities Authority RB for Kansas City Art Institute Series 2018 (NR/A-) | |
| | | | | 2,585,000 | | | | 5.000 | | | 09/01/2043 | | | 2,665,454 | |
| | 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 | | | 357,926 | |
| | | | | 475,000 | | | | 4.000 | | | 08/01/2041 | | | 435,454 | |
| | 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 | | | 880,732 | |
| | | | | 1,065,000 | | | | 5.000 | | | 09/01/2031 | | | 1,088,789 | |
| | Missouri Health & Educational Facilities Authority RB Refunding for Mosaic Health System Series 2019 A (A1/NR) | |
| | | | | 520,000 | | | | 4.000 | | | 02/15/2037 | | | 529,690 | |
| | | | | 615,000 | | | | 4.000 | | | 02/15/2039 | | | 621,684 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Missouri – (continued) | |
| |
| | Missouri Health & Educational Facilities Authority RB Refunding for Mosaic Health System Series 2019 A (A1/NR) – (continued) | |
| | $ | | | 1,850,000 | | | | 4.000 | % | | 02/15/2044 | | $ | 1,845,855 | |
| | Missouri Southern State University Auxiliary Enterprise System RB Refunding Series 2021 (NR/NR) | |
| | | | | 495,000 | | | | 3.000 | | | 10/01/2026 | | | 490,867 | |
| | | | | 875,000 | | | | 4.000 | | | 10/01/2031 | | | 871,217 | |
| | Missouri Southern State University Auxiliary System RB Series 2019 A (AGM) (NR/AA) | |
| | | | | 275,000 | | | | 5.000 | | | 10/01/2030 | | | 301,085 | |
| | Missouri Southern State University RB Series 2019 A (AGM) (NR/AA) | |
| | | | | 210,000 | | | | 5.000 | | | 10/01/2026 | | | 218,525 | |
| | | | | 210,000 | | | | 5.000 | | | 10/01/2029 | | | 230,104 | |
| | | | | 150,000 | | | | 5.000 | | | 10/01/2032 | | | 163,375 | |
| | | | | 240,000 | | | | 4.000 | | | 10/01/2034 | | | 246,338 | |
| | | | | 125,000 | | | | 4.000 | | | 10/01/2035 | | | 127,996 | |
| | | | | 150,000 | | | | 4.000 | | | 10/01/2036 | | | 153,581 | |
| | | | | 170,000 | | | | 4.000 | | | 10/01/2037 | | | 173,535 | |
| | | | | 145,000 | | | | 4.000 | | | 10/01/2038 | | | 146,919 | |
| | | | | 110,000 | | | | 4.000 | | | 10/01/2039 | | | 111,041 | |
| | Plaza at Noah’s Ark Community Improvement District RB Refunding Series 2021 (NR/NR) | |
| | | | | 250,000 | | | | 3.000 | | | 05/01/2026 | | | 246,710 | |
| | St. Louis Municipal Finance Corp. Leasehold RB for Convention Center Expansion and Improvement Projects Series 2020 (AGM) (A1/AA) | |
| | | | | 6,000,000 | | | | 5.000 | | | 10/01/2049 | | | 6,259,734 | |
| | 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 | | | 4,233,283 | |
| | State of Missouri Health & Educational Facilities Authority Health Facilities RB for Mosaic Health System Series 2019A (A1/NR) | |
| | | | | 460,000 | | | | 4.000 | | | 02/15/2038 | | | 466,935 | |
| | 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 | | | 2,559,257 | |
| | 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 | (d) | | 06/01/2046 | | | 1,523,310 | |
| | | | | 1,125,000 | | | | 5.000 | (d) | | 06/01/2054 | | | 1,131,726 | |
| | The Industrial Development Authority of The City of Kansas City, Missouri Airport Special Obligation Bonds (Kansas City International Airport Terminal Modernization Project) Series 2019B (AGM) (A1/AA) | |
| | | | | 2,775,000 | | | | 5.000 | | | 03/01/2049 | | | 2,866,470 | |
| | 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 | | | 1,161,636 | |
| | 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 | | | 1,166,699 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 57 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Missouri – (continued) | |
| |
| | The Industrial Development Authority of the City of St. Louis Missouri Tax Increment and Special District RB Union Station Phase 2 Redevelopment Project Series 2024A (NR/NR) | |
| | $ | | | 375,000 | | | | 4.875 | % | | 06/15/2034 | | $ | 384,080 | |
| | The Industrial Development Authority of The County of Taney, Missouri Sales Tax Revenue Improvement Bonds Big Cedar Infrastructure Project Series 2023 (NR/NR) | |
| | | | | 1,000,000 | | | | 5.000 | (d) | | 10/01/2033 | | | 1,009,566 | |
| | | | | | | | | | | | | | | | |
| | | | | 56,852,940 | |
| | | |
| | Montana - 0.0% | |
| |
| | City of Billings RB for Sewer System Series 2017 (Aa3/NR) | |
| | | | | 575,000 | | | | 5.000 | | | 07/01/2029 | | | 612,594 | |
| | 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 | | | 3,978,245 | |
| | | | | | | | | | | | | | | | |
| | | | | 4,590,839 | |
| | | |
| | Nebraska - 0.1% | |
| |
| | Nebraska Educational Health Cultural & Social Services Finance Authority RB Refunding for Immanuel Retirement Communities Obligated Group Series 2019 A (NR/NR) | |
| | | | | 415,000 | | | | 4.000 | | | 01/01/2033 | | | 421,641 | |
| | | | | 2,000,000 | | | | 4.000 | | | 01/01/2035 | | | 2,012,281 | |
| | | | | 1,250,000 | | | | 4.000 | | | 01/01/2036 | | | 1,254,019 | |
| | | | | 1,185,000 | | | | 4.000 | | | 01/01/2037 | | | 1,182,436 | |
| | | | | 1,500,000 | | | | 4.000 | | | 01/01/2038 | | | 1,483,768 | |
| | | | | 2,000,000 | | | | 4.000 | | | 01/01/2039 | | | 1,971,415 | |
| | | | | | | | | | | | | | | | |
| | | | | 8,325,560 | |
| | | |
| | Nevada - 0.6% | |
| |
| | City of Las Vegas Nevada Special Improvement District No. 613 Sunstone Phases III and IV Local Improvement Bonds Series 2024 (NR/NR) | |
| | | | | 550,000 | | | | 5.250 | | | 12/01/2047 | | | 571,963 | |
| | City of Las Vegas Special Improvement District No. 814 Special Assessment Series 2019 (NR/NR) | |
| | | | | 195,000 | | | | 3.500 | | | 06/01/2025 | | | 193,836 | |
| | | | | 180,000 | | | | 3.500 | | | 06/01/2026 | | | 178,547 | |
| | | | | 190,000 | | | | 3.500 | | | 06/01/2027 | | | 187,498 | |
| | | | | 140,000 | | | | 3.500 | | | 06/01/2028 | | | 137,087 | |
| | | | | 155,000 | | | | 3.500 | | | 06/01/2029 | | | 150,275 | |
| | | | | 160,000 | | | | 3.250 | | | 06/01/2030 | | | 150,470 | |
| | | | | 290,000 | | | | 3.250 | | | 06/01/2031 | | | 268,405 | |
| | | | | 390,000 | | | | 3.500 | | | 06/01/2032 | | | 362,115 | |
| | | | | 435,000 | | | | 3.500 | | | 06/01/2033 | | | 399,349 | |
| | | | | 935,000 | | | | 3.500 | | | 06/01/2034 | | | 848,836 | |
| | City of Las Vegas Special Improvement District No. 816 Special Assessment Series 2021 (NR/NR) | |
| | | | | 415,000 | | | | 2.750 | | | 06/01/2033 | | | 365,042 | |
| | | | | 730,000 | | | | 2.750 | | | 06/01/2036 | | | 610,316 | |
| | City of North Las Vegas Special Improvement District No. 64 Special Assessment Bonds Series 2019 (NR/NR) | |
| | | | | 230,000 | | | | 4.250 | | | 06/01/2034 | | | 228,967 | |
| | | | | 230,000 | | | | 4.625 | | | 06/01/2043 | | | 227,660 | |
| | | | | 365,000 | | | | 4.625 | | | 06/01/2049 | | | 354,498 | |
| | City of Sparks RB Refunding for Nevada Tourism Improvement District No. 1 Senior Project Series 2019 A (Baa2/NR) | |
| | | | | 930,000 | | | | 2.750 | (d) | | 06/15/2028 | | | 909,416 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | 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 | | $ | 1,303,486 | |
| | Clark County School District GO Bonds Series 2018 A (A1/AA-) | |
| | | | | 3,745,000 | | | | 5.000 | | | 06/15/2030 | | | 4,047,053 | |
| | Clark County School District GO Bonds Series 2020 A (AGM) (A1/AA) | |
| | | | | 615,000 | | | | 5.000 | | | 06/15/2033 | | | 683,485 | |
| | | | | 850,000 | | | | 5.000 | | | 06/15/2034 | | | 942,965 | |
| | | | | 855,000 | | | | 4.000 | | | 06/15/2038 | | | 873,264 | |
| | | | | 950,000 | | | | 4.000 | | | 06/15/2039 | | | 968,853 | |
| | | | | 700,000 | | | | 4.000 | | | 06/15/2040 | | | 712,348 | |
| | Clark County School District, Nevada GO (Limited Tax) Building Bonds Series 2020A (AGM) (A1/AA) | |
| | | | | 105,000 | | | | 5.000 | | | 06/15/2030 | | | 118,573 | |
| | | | | 105,000 | | | | 5.000 | | | 06/15/2032 | | | 116,835 | |
| | Clark County, Nevada Airport System Subordinate Lien Refunding RB (McCarran International Airport) Series 2019A (NON-AMT) (Aa2/AA-) | |
| | | | | 2,600,000 | | | | 5.000 | | | 07/01/2026 | | | 2,708,342 | |
| | Director of The State of Nevada Department of Business and Industry RB for Brightline West Passenger Rail Project Series 2020A-4 (NR/NR) | |
| | | | | 1,400,000 | | | | 8.125 | (a)(b) | | 01/01/2050 | | | 1,441,887 | |
| | Henderson Local Improvement District No. T-18 Limited Obligation RB Series 2016 (NR/NR) | |
| | | | | 1,625,000 | | | | 4.000 | | | 09/01/2035 | | | 1,520,890 | |
| | Henderson Nevada Local Improvement District No. T-18 (NR/NR) | |
| | | | | 1,230,000 | | | | 4.000 | | | 09/01/2025 | | | 1,231,346 | |
| | 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 | | | 3,065,052 | |
| | 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 | | | 2,892,574 | |
| | Las Vegas Convention & Visitors Authority Convention Center Expansion RB Series 2018B (Aa3/AA-) | |
| | | | | 5,770,000 | | | | 4.000 | | | 07/01/2049 | | | 5,506,541 | |
| | Las Vegas Convention & Visitors Authority RB Refunding Series 2016 C (Aa3/AA-) | |
| | | | | 1,180,000 | | | | 5.000 | | | 07/01/2026 | | | 1,231,759 | |
| | Las Vegas Convention & Visitors Authority RB Refunding Series 2017 B (Aa3/AA-) | |
| | | | | 640,000 | | | | 5.000 | | | 07/01/2026 | | | 668,073 | |
| | Las Vegas Convention & Visitors Authority RB Series 2018 B (Aa3/AA-) | |
| | | | | 2,685,000 | | | | 5.000 | | | 07/01/2043 | | | 2,811,420 | |
| | Las Vegas Convention & Visitors Authority RB Series 2019 B (Aa3/AA-) | |
| | | | | 1,195,000 | | | | 5.000 | | | 07/01/2027 | | | 1,273,558 | |
| | Las Vegas Valley Water District GO LT Water Refunding Bonds Series 2021C (Aa1/AA) | |
| | | | | 7,305,000 | | | | 5.000 | | | 06/01/2025 | | | 7,404,820 | |
| | State of Nevada GO Refunding Bonds for Capital Improvements & Cultural Affairs Series 2015 B (Aa1/AA+) | |
| | | | | 5,000,000 | | | | 5.000 | | | 11/01/2026 | | | 5,066,171 | |
| | |
| 58 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Nevada – (continued) | |
| |
| | Tahoe-Douglas Visitors Authority RB Series 2020 (NR/NR) | |
| | $ | | | 1,700,000 | | | | 5.000 | % | | 07/01/2040 | | $ | 1,773,485 | |
| | 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 | | | 3,874,789 | |
| | 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 | | | 2,015,495 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | 60,397,344 | |
| | | |
| | New Hampshire - 0.9% | |
| |
| | National Finance Authority Health Care Facilities RB Novant Health Obligated Group Series 2024B (Aa2/A/A-1) | |
| | | | | 22,250,000 | | | | 4.100 | (a)(b) | | 11/01/2064 | | | 22,250,000 | |
| | National Finance Authority Hospital RB Series 2021B (AGM) (A1/AA) | |
| | | | | 3,500,000 | | | | 3.000 | | | 08/15/2046 | | | 2,913,084 | |
| | 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 | | | 8,782,766 | |
| | National Finance Authority Special RB Caldwell Ranch Project Brazoria and Fort Bend Counties Texas Series 2024 (NR/NR) | |
| | | | | 3,000,000 | | | | 4.875 | (d) | | 12/01/2033 | | | 3,008,288 | |
| | 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 | | | 4,414,366 | |
| | 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 | | | 2,437,345 | |
| | 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 | | | 5,966,945 | |
| | 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 | | | 9,166,157 | |
| | | | | 1,135,000 | | | | 5.000 | | | 08/01/2033 | | | 1,192,531 | |
| | | | | 4,200,000 | | | | 5.000 | | | 08/01/2034 | | | 4,413,542 | |
| | | | | 7,085,000 | | | | 5.000 | | | 08/01/2035 | | | 7,433,398 | |
| | | | | 5,430,000 | | | | 5.000 | | | 08/01/2036 | | | 5,688,408 | |
| | | | | 5,975,000 | | | | 5.000 | | | 08/01/2037 | | | 6,249,518 | |
| | | | | 5,945,000 | | | | 5.000 | | | 08/01/2038 | | | 6,197,418 | |
| | | | | 2,535,000 | | | | 5.000 | | | 08/01/2039 | | | 2,633,617 | |
| | | | | 2,790,000 | | | | 5.000 | | | 08/01/2040 | | | 2,883,984 | |
| | New Hampshire Health and Education Facilities Authority RB, Dartmouth College Issue, Series 2017 (Aa1/AAA) | |
| | | | | 2,225,000 | | | | 5.000 | | | 06/01/2028 | | | 2,437,014 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | 98,068,381 | |
| | | |
| | New Jersey - 3.9% | |
| |
| | Atlantic City New Jersey Tax Appeal Refunding Bonds Series 2017 A (BAM ST AID WITHHLDG) (A2/AA) | |
| | | | | 250,000 | | | | 5.000 | | | 03/01/2026 | | | 257,418 | |
| | 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 | | | 3,718,291 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | New Jersey – (continued) | |
| |
| | 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 | | $ | 1,242,506 | |
| | | | | 1,455,000 | | | | 3.000 | | | 02/15/2050 | | | 1,232,654 | |
| | Essex County Improvement Authority RB for Friends of TEAM Academy Charter School Obligated Group Series 2021 (NR/BBB) | |
| | | | | 470,000 | | | | 4.000 | | | 06/15/2038 | | | 472,102 | |
| | Hawthorne School District GO Bonds Series 2019 (BAM SCH BD RES FD) (NR/AA) | |
| | | | | 1,100,000 | | | | 3.000 | | | 09/01/2034 | | | 1,058,954 | |
| | | | | 1,350,000 | | | | 3.000 | | | 09/01/2035 | | | 1,277,035 | |
| | | | | 1,350,000 | | | | 3.000 | | | 09/01/2036 | | | 1,257,654 | |
| | | | | 1,350,000 | | | | 3.000 | | | 09/01/2037 | | | 1,250,683 | |
| | | | | 1,350,000 | | | | 3.000 | | | 09/01/2038 | | | 1,231,346 | |
| | | | | 1,100,000 | | | | 3.000 | | | 09/01/2039 | | | 992,563 | |
| | 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 | | | 507,770 | |
| | New Jersey Economic Development Authority RB for School Facilities Construction Series 2016 AAA (A2/A-) | |
| | | | | 4,000,000 | | | | 5.500 | (e) | | 12/15/2026 | | | 4,269,950 | |
| | New Jersey Economic Development Authority RB for School Facilities Construction Series 2018 EEE (A2/A-) | |
| | | | | 5,805,000 | | | | 5.000 | | | 06/15/2028 | | | 6,295,005 | |
| | | | | 10,295,000 | | | | 5.000 | | | 06/15/2029 | | | 11,218,373 | |
| | 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 | | | 1,334,843 | |
| | New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2018 FFF (A2/A-) | |
| | | | | 9,340,000 | | | | 5.000 | | | 06/15/2029 | | | 10,177,718 | |
| | New Jersey Economic Development Authority RB Refunding for The Seeing Eye, Inc. Project Series 2017 (NR/A+) | |
| | | | | 785,000 | | | | 3.000 | | | 06/01/2032 | | | 772,220 | |
| | | | | 1,545,000 | | | | 5.000 | | | 06/01/2032 | | | 1,622,928 | |
| | New Jersey Economic Development Authority School Facilities Construction Bonds 2016 Series AAA (A2/A-) | |
| | | | | 6,415,000 | | | | 5.000 | (e) | | 12/15/2026 | | | 6,779,396 | |
| | New Jersey Economic Development Authority School Facilities Construction Refunding Bonds, 2024 Series SSS (A2/A-) | |
| | | | | 1,610,000 | | | | 5.250 | | | 06/15/2036 | | | 1,901,917 | |
| | | | | 1,675,000 | | | | 5.250 | | | 06/15/2038 | | | 1,950,625 | |
| | 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 | | | 1,716,322 | |
| | | | | 1,675,000 | | | | 5.250 | | | 06/15/2039 | | | 1,939,586 | |
| | New Jersey Economic Development Authority Special Facility RB for Continental Airlines Project Series 1999 (Ba3/BB-) | |
| | | | | 5,250,000 | | | | 5.250 | | | 09/15/2029 | | | 5,256,060 | |
| | New Jersey Economic Development Authority Special Facility RB for Continental Airlines Project Series 2000 (Ba3/BB-) | |
| | | | | 1,100,000 | | | | 5.625 | | | 11/15/2030 | | | 1,107,344 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 59 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | New Jersey – (continued) | |
| |
| | New Jersey Economic Development Authority Special Facility Revenue and Refunding Bonds Series 2017 (Baa2/NR) | |
| | $ | | | 4,040,000 | | | | 5.000 | % | | 10/01/2047 | | $ | 4,119,078 | |
| | 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 | | | 5,623,907 | |
| | 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 | | | 10,334,665 | |
| | 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 | | | 4,903,801 | |
| | 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 | | | 1,172,681 | |
| | New Jersey Educational Facilities Authority RB Refunding for The College of New Jersey Series 2016 F (A2/A) | |
| | | | | 1,250,000 | | | | 3.000 | | | 07/01/2040 | | | 1,086,298 | |
| | 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 | | | 4,324,618 | |
| | | | | 6,560,000 | | | | 5.250 | | | 07/01/2054 | | | 7,304,378 | |
| | New Jersey Housing & Mortgage Finance Agency Multi-Family RB 2021 Series B (NON-AMT) (HUD SECT 8) (HUD SECT 8) (NR/AA-) | |
| | | | | 2,555,000 | | | | 0.750 | | | 11/01/2024 | | | 2,547,513 | |
| | | | | 1,910,000 | | | | 0.900 | | | 11/01/2025 | | | 1,847,021 | |
| | New Jersey State Transportation Trust Fund Authority Transportation System Bonds Series 2006C (AMBAC) (A2/A-) | |
| | | | | 19,370,000 | | | | 0.000 | (g) | | 12/15/2036 | | | 12,536,322 | |
| | New Jersey State Turnpike Authority RB Series 2015 E (A1/AA-) | |
| | | | | 1,675,000 | | | | 5.000 | | | 01/01/2032 | | | 1,681,022 | |
| | | | | 5,000,000 | | | | 5.000 | | | 01/01/2045 | | | 5,017,975 | |
| | New Jersey Transportation Trust Fund Authority Bonds Series 2006 C (AMBAC) (A2/A-) | |
| | | | | 290,000 | | | | 0.000 | (g) | | 12/15/2025 | | | 279,483 | |
| | New Jersey Transportation Trust Fund Authority Federal Highway Reimbursement Revenue Notes Series 2016A-1 (A3/A+) | |
| | | | | 2,200,000 | | | | 5.000 | | | 06/15/2027 | | | 2,280,576 | |
| | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2006 C (AMBAC) (A2/A-) | |
| | | | | 4,805,000 | | | | 0.000 | (g) | | 12/15/2035 | | | 3,245,861 | |
| | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2008 A (A2/A-) | |
| | | | | 3,000,000 | | | | 0.000 | (g) | | 12/15/2035 | | | 2,026,552 | |
| | | | | 11,270,000 | | | | 0.000 | (g) | | 12/15/2038 | | | 6,623,816 | |
| | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (A2/A-) | |
| | | | | 9,735,000 | | | | 0.000 | (g) | | 12/15/2026 | | | 9,127,000 | |
| | | | | 1,325,000 | | | | 0.000 | (g) | | 12/15/2031 | | | 1,044,570 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | 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 | %(g) | | 12/15/2036 | | $ | 3,236,015 | |
| | | | | 1,495,000 | | | | 0.000 | (g) | | 12/15/2037 | | | 924,638 | |
| | New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (A2/A-) | |
| | | | | 755,000 | | | | 5.000 | | | 06/15/2046 | | | 759,897 | |
| | New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL) (A2/A-) | |
| | | | | 20,405,000 | | | | 0.000 | (g) | | 12/15/2031 | | | 16,086,386 | |
| | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2008 A (A2/A-) | |
| | | | | 26,425,000 | | | | 0.000 | (g) | | 12/15/2036 | | | 17,102,339 | |
| | | | | 33,225,000 | | | | 0.000 | (g) | | 12/15/2037 | | | 20,602,607 | |
| | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (A2/A-) | |
| | | | | 230,000 | | | | 0.000 | (g) | | 12/15/2033 | | | 168,121 | |
| | | | | 30,275,000 | | | | 0.000 | (g) | | 12/15/2038 | | | 17,793,792 | |
| | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2019 A (A2/A-) | |
| | | | | 1,620,000 | | | | 5.000 | | | 12/15/2039 | | | 1,741,129 | |
| | 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 | | | 758,716 | |
| | New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (A2/A-) | |
| | | | | 2,905,000 | | | | 4.000 | | | 12/15/2031 | | | 3,004,143 | |
| | | | | 2,070,000 | | | | 5.000 | | | 12/15/2032 | | | 2,233,920 | |
| | | | | 7,775,000 | | | | 5.000 | | | 12/15/2034 | | | 8,345,563 | |
| | | | | 8,840,000 | | | | 5.000 | | | 12/15/2035 | | | 9,460,738 | |
| | | | | 3,455,000 | | | | 5.000 | | | 12/15/2036 | | | 3,686,823 | |
| | | | | 2,410,000 | | | | 4.250 | | | 12/15/2038 | | | 2,465,469 | |
| | New Jersey Transportation Trust Fund Authority RB Series 2016 (A3/A+) | |
| | | | | 2,435,000 | | | | 5.000 | | | 06/15/2030 | | | 2,513,570 | |
| | New Jersey Transportation Trust Fund Authority RB Series 2018 (A2/A-) | |
| | | | | 8,320,000 | | | | 5.000 | | | 12/15/2033 | | | 8,956,687 | |
| | New Jersey Transportation Trust Fund Authority RB Series 2020 AA (A2/A-) | |
| | | | | 120,000 | | | | 3.000 | | | 06/15/2050 | | | 97,488 | |
| | New Jersey Transportation Trust Fund Authority Transportation Program Bonds 2019 Series BB (A2/A-) | |
| | | | | 1,645,000 | | | | 5.000 | | | 06/15/2032 | | | 1,778,129 | |
| | New Jersey Transportation Trust Fund Authority Transportation Program Bonds 2020 Series AA (A2/A-) | |
| | | | | 4,600,000 | | | | 4.000 | | | 06/15/2045 | | | 4,617,414 | |
| | New Jersey Transportation Trust Fund Authority Transportation Program Bonds, 2023 Series AA (A2/A-) | |
| | | | | 4,675,000 | | | | 4.250 | | | 06/15/2044 | | | 4,780,715 | |
| | New Jersey Transportation Trust Fund Authority Transportation Program Notes 2014 Series BB-1 (A2/A-) | |
| | | | | 3,260,000 | | | | 5.000 | | | 06/15/2032 | | | 3,523,830 | |
| | New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2014 BB-1 (A2/A-) | |
| | | | | 1,320,000 | | | | 5.000 | | | 06/15/2030 | | | 1,435,414 | |
| | |
| 60 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | New Jersey – (continued) | |
| |
| | New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 AA (A2/A-) | |
| | $ | | | 3,060,000 | | | | 5.000 | % | | 06/15/2034 | | $ | 3,288,738 | |
| | | | | 10,000,000 | | | | 5.000 | | | 06/15/2037 | | | 10,657,497 | |
| | | | | 3,000,000 | | | | 5.250 | | | 06/15/2043 | | | 3,204,426 | |
| | | | | 10,000,000 | | | | 4.500 | | | 06/15/2049 | | | 10,181,283 | |
| | New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 BB (A2/A-) | |
| | | | | 2,000,000 | | | | 4.000 | | | 06/15/2044 | | | 2,008,370 | |
| | New Jersey Transportation Trust Fund Authority Transportation RB Series 2009 A (A2/A-) | |
| | | | | 6,255,000 | | | | 0.000 | (g) | | 12/15/2032 | | | 4,742,560 | |
| | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2010 Series A (A2/A-) | |
| | | | | 3,190,000 | | | | 0.000 | (g) | | 12/15/2029 | | | 2,717,647 | |
| | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2019 Series A (A2/A-) | |
| | | | | 2,500,000 | | | | 5.000 | | | 12/15/2032 | | | 2,750,417 | |
| | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2023 Series A (A2/A-) | |
| | | | | 4,550,000 | | | | 4.250 | | | 06/15/2040 | | | 4,712,128 | |
| | | | | 2,000,000 | | | | 5.250 | | | 06/15/2041 | | | 2,281,055 | |
| | | | | 3,000,000 | | | | 5.250 | | | 06/15/2042 | | | 3,406,894 | |
| | New Jersey Turnpike Authority Turnpike RB Series 2017 G (A1/AA-) | |
| | | | | 3,000,000 | | | | 4.000 | | | 01/01/2043 | | | 3,015,307 | |
| | New Jersey Turnpike Authority Turnpike RB Series 2022 B (A1/AA-) | |
| | | | | 1,400,000 | | | | 4.500 | | | 01/01/2048 | | | 1,455,240 | |
| | | | | 4,725,000 | | | | 5.250 | | | 01/01/2052 | | | 5,287,983 | |
| | New Jersey Turnpike Authority Turnpike RB Series 2024 C (A1/AA-) | |
| | | | | 16,750,000 | | | | 5.000 | (c) | | 01/01/2045 | | | 18,784,624 | |
| | 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 | | | 945,154 | |
| | Salem County Pollution Control Financing Authority Pollution Control RB for Philadelphia Electric Company Project 1993 Series A (Baa1/BBB+) | |
| | | | | 2,740,000 | | | | 4.450 | | | 03/01/2025 | | | 2,746,934 | |
| | South Jersey Port Corp. Subordinated Marine Terminal RB Series 2017 B (A3/NR) | |
| | | | | 1,020,000 | | | | 5.000 | | | 01/01/2037 | | | 1,062,400 | |
| | South Jersey Transport Corp. Subordinated Marine Terminal RB Series 2017B (A3/NR) | |
| | | | | 5,585,000 | | | | 5.000 | | | 01/01/2048 | | | 5,710,596 | |
| | South Jersey Transportation Authority RB Refunding Series 2019 A (AGM) (A1/AA) | |
| | | | | 725,000 | | | | 5.000 | | | 11/01/2033 | | | 787,677 | |
| | Tobacco Settlement Financing Corp. RB Series 2018 B (NR/BBB-) | |
| | | | | 16,445,000 | | | | 5.000 | | | 06/01/2046 | | | 16,587,675 | |
| | Union County Improvement Authority RB Aries Linden LLC Project Series 2019 (NR/NR) | |
| | | | | 6,455,000 | | | | 6.750 | (d) | | 12/01/2041 | | | 4,301,915 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 404,678,463 | |
| | | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | New Mexico – 0.3% | |
| |
| | 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 | | $ | 3,072,383 | |
| | 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 | | | 2,654,126 | |
| | 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 | | | 3,924,388 | |
| | City of Farmington Pollution Control Refunding RB 2005 Series A (A2/A-) | |
| | | | | 6,000,000 | | | | 1.800 | | | 04/01/2029 | | | 5,515,300 | |
| | 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 | | | 7,036,842 | |
| | New Mexico Mortgage Finance Authority Single Family Mortgage Program Class I Bonds 2024 Series C (NON-AMT) (GNMA/ FNMA/FHLMC) (Aaa/NR) | |
| | | | | 3,750,000 | | | | 4.700 | | | 09/01/2049 | | | 3,809,357 | |
| | Village of Los Ranchos de Albuquerque RB Refunding for Albuquerque Academy Series 2020 (NR/A-) | |
| | | | | 175,000 | | | | 4.000 | | | 09/01/2025 | | | 176,245 | |
| | | | | 200,000 | | | | 5.000 | | | 09/01/2029 | | | 218,373 | |
| | | | | 450,000 | | | | 5.000 | | | 09/01/2030 | | | 496,438 | |
| | | | | 300,000 | | | | 5.000 | | | 09/01/2031 | | | 330,247 | |
| | | | | 350,000 | | | | 5.000 | | | 09/01/2032 | | | 384,878 | |
| | Winrock Town Center Tax Increment Development District 1 Senior Lien Gross Receipts Tax Increment Bonds Series 2022 (NR/NR) | |
| | | | | 633,000 | | | | 3.750 | (d) | | 05/01/2028 | | | 633,239 | |
| | | | | 2,070,000 | | | | 4.000 | (d) | | 05/01/2033 | | | 2,032,497 | |
| | | | | 2,345,000 | | | | 4.250 | (d) | | 05/01/2040 | | | 2,253,354 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 32,537,667 | |
| | | |
| | New York - 8.1% | |
| |
| | Allegany County Capital Resource Corp. RB Alfred University Project Series 2024 (NR/BBB+) | |
| | | | | 2,000,000 | | | | 5.250 | | | 04/01/2049 | | | 2,105,369 | |
| | | | | 1,925,000 | | | | 5.250 | | | 04/01/2054 | | | 2,010,749 | |
| | Allegany County Capital Resource Corp. RB for Alfred University Project Series 2024 (NR/BBB+) | |
| | | | | 1,255,000 | | | | 5.250 | | | 04/01/2039 | | | 1,369,966 | |
| | Brooklyn Arena Local Development Corp. Pilot RB Series 2009 (Ba1/NR) | |
| | | | | 1,800,000 | | | | 0.000 | (g) | | 07/15/2044 | | | 754,855 | |
| | Brooklyn Arena Local Development Corp. Pilot Revenue Refunding Bonds for Barclays Center Series 2016A (Ba1/NR) | |
| | | | | 1,400,000 | | | | 5.000 | | | 07/15/2042 | | | 1,428,444 | |
| | Build NYC Resource Corp. RB for Academic Leadership Charter School Project Series 2021 (NR/BBB-) | |
| | | | | 110,000 | | | | 4.000 | | | 06/15/2025 | | | 109,774 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 61 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | New York – (continued) | |
| |
| | Build NYC Resource Corp. RB for Academic Leadership Charter School Series 2021 (NR/BBB-) | |
| | $ | | | 200,000 | | | | 4.000 | % | | 06/15/2027 | | $ | 200,055 | |
| | | | | 200,000 | | | | 4.000 | | | 06/15/2028 | | | 199,416 | |
| | Build NYC Resource Corp. RB for Global Community Charter School Project Series 2022A (NR/BB+) | |
| | | | | 725,000 | | | | 5.000 | | | 06/15/2042 | | | 751,112 | |
| | Build NYC Resource Corp. RB for Grand Concourse Academy Charter School Project Series 2022A (NR/BBB-) | |
| | | | | 600,000 | | | | 5.000 | | | 07/01/2042 | | | 619,661 | |
| | Build NYC Resource Corp. RB for Hellenic Classical Charter Schools Series 2021 A (NR/NR) | |
| | | | | 1,425,000 | | | | 5.000 | (d) | | 12/01/2041 | | | 1,392,495 | |
| | 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 | | | 2,644,805 | |
| | Build NYC Resource Corp. RB for NEW World Preparatory Charter School Series 2021 A (NR/NR) | |
| | | | | 300,000 | | | | 4.000 | (d) | | 06/15/2031 | | | 293,334 | |
| | | | | 425,000 | | | | 4.000 | (d) | | 06/15/2041 | | | 381,151 | |
| | Build NYC Resource Corp. RB for Shefa School Series 2021 B (NR/NR) | |
| | | | | 2,465,000 | | | | 4.000 | (d) | | 06/15/2027 | | | 2,391,291 | |
| | Build NYC Resource Corp. RB for Unity Preparatory Charter School of Brooklyn Project Series 2023A (NR/BB) | |
| | | | | 350,000 | | | | 5.000 | (d) | | 06/15/2033 | | | 377,503 | |
| | | | | 425,000 | | | | 5.250 | (d) | | 06/15/2043 | | | 442,996 | |
| | Build NYC Resource Corp. Tax Exempt RB Series 2022A (NR/NR) | |
| | | | | 260,000 | | | | 6.500 | (d) | | 07/01/2032 | | | 274,605 | |
| | | | | 2,500,000 | | | | 6.500 | (d) | | 07/01/2042 | | | 2,577,538 | |
| | | | | 850,000 | | | | 6.500 | (d) | | 07/01/2052 | | | 865,860 | |
| | Build NYC Resource Corp. Taxable RB Taxable Series 2022A (NR/NR) | |
| | | | | 900,000 | | | | 9.750 | (d) | | 07/01/2032 | | | 902,236 | |
| | Build NYC Resource Corporation RB Classical Charter Schools Project Series 2023A (NR/BBB-) | |
| | | | | 750,000 | | | | 4.750 | | | 06/15/2053 | | | 751,937 | |
| | 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 | | | 8,140,554 | |
| | City of New Rochelle RB for Iona College Project Series 2015 A (Baa2/BBB) | |
| | | | | 325,000 | | | | 5.000 | | | 07/01/2025 | | | 329,247 | |
| | | | | 335,000 | | | | 5.000 | | | 07/01/2026 | | | 340,063 | |
| | | | | 425,000 | | | | 5.000 | | | 07/01/2027 | | | 430,521 | |
| | City of New York GO Bonds 2023 Series C (Aa2/AA) | |
| | | | | 2,845,000 | | | | 5.000 | | | 08/01/2026 | | | 2,974,684 | |
| | City of New York GO Bonds Fiscal 2008 Series A Subseries A-4 (AGM) (Aa2/AA) | |
| | | | | 1,945,000 | | | | 5.000 | | | 08/01/2026 | | | 2,039,741 | |
| | City of New York GO Bonds Fiscal 2008 Series C Subseries C-4 (AGM) (Aa2/AA) | |
| | | | | 5,760,000 | | | | 5.000 | | | 10/01/2026 | | | 6,053,085 | |
| | City of New York GO Bonds Fiscal 2009 Series B Subseries B-3 (Aa2/AA) | |
| | | | | 1,905,000 | | | | 5.000 | | | 09/01/2026 | | | 1,996,477 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | New York – (continued) | |
| |
| | 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 | | $ | 2,816,364 | |
| | | | | 3,900,000 | | | | 4.500 | | | 05/01/2049 | | | 4,020,135 | |
| | City of New York GO Tax Exempt Bonds 2020 Series D (Aa2/AA) | |
| | | | | 4,750,000 | | | | 4.000 | | | 03/01/2050 | | | 4,695,711 | |
| | 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 | | | 1,257,598 | |
| | Dormitory Authority of The State of New York New York Institute of Technology RB Series 2024 (Baa2/BBB) | |
| | | | | 2,300,000 | | | | 5.250 | | | 07/01/2049 | | | 2,508,652 | |
| | | | | 2,750,000 | | | | 5.250 | | | 07/01/2054 | | | 2,975,633 | |
| | Dormitory Authority of The State of New York Pace University RB Series 2024A (Baa3/BBB-) | |
| | | | | 900,000 | | | | 5.250 | | | 05/01/2044 | | | 994,268 | |
| | | | | 1,400,000 | | | | 5.500 | | | 05/01/2049 | | | 1,552,762 | |
| | | | | 2,800,000 | | | | 5.500 | | | 05/01/2056 | | | 3,085,986 | |
| | Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose, Series 2015E (Aa1/AA+) | |
| | | | | 14,675,000 | | | | 3.250 | | | 03/15/2035 | | | 14,491,307 | |
| | Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose, Series 2024A (Tax-Exempt) (Aa1/NR) | |
| | | | | 10,000,000 | | | | 5.250 | | | 03/15/2052 | | | 11,197,129 | |
| | Dutchess County Local Development Corp. RB Refunding for Bard College Project Series 2020 A (NR/BBB-) | |
| | | | | 1,000,000 | | | | 5.000 | | | 07/01/2045 | | | 1,036,407 | |
| | Empire State Urban Development Corp. State Personal Income Tax RB Series 2020E (NR/AA+) | |
| | | | | 500,000 | | | | 4.000 | | | 03/15/2039 | | | 510,322 | |
| | Erie Tobacco Asset Securitization Corp. RB Asset-Backed Bonds Series 2006 A (NR/NR) | |
| | | | | 29,200,000 | | | | 0.000 | (d)(g) | | 06/01/2060 | | | 1,465,560 | |
| | Essex County IDA Environmental Improvement Revenue Refunding Bonds Series 2019A (Baa2/BBB) (PUTABLE) | |
| | | | | 500,000 | | | | 2.100 | (a)(b) | | 03/01/2027 | | | 500,000 | |
| | Freddie Mac Multifamily ML Certificates RB Pass Through Series 2017 A (Aaa/NR) ((SOFR + 0.614%)) | |
| | | | | 6,667,782 | | | | 5.878 | (f) | | 01/25/2033 | | | 6,639,891 | |
| | Genesee County Funding Corp. Tax Exempt RB for Rochester Regional Health Project Series 2022A (NR/BBB+) | |
| | | | | 200,000 | | | | 5.000 | | | 12/01/2025 | | | 203,238 | |
| | Long Island Power Authority Electric System General RB Series 2024A (A2/A) | |
| | | | | 2,000,000 | | | | 5.000 | | | 09/01/2042 | | | 2,276,943 | |
| | Metropolitan Transportation Authority Dedicated Tax Fund Green Bonds Series 2024A (NR/AA) | |
| | | | | 5,000,000 | | | | 4.000 | | | 11/15/2051 | | | 4,922,934 | |
| | Metropolitan Transportation Authority RB Green Bond Series 2015 A-2 (A3/NR) | |
| | | | | 2,500,000 | | | | 5.000 | (a)(b) | | 11/15/2045 | | | 2,737,675 | |
| | Metropolitan Transportation Authority RB Green Bond Series 2016 A-1 (A3/A-) | |
| | | | | 645,000 | | | | 5.000 | | | 11/15/2027 | | | 665,136 | |
| | |
| 62 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | New York – (continued) | |
| |
| | Metropolitan Transportation Authority RB Green Bond Series 2020 C-1 (A3/A-) | |
| | $ | | | 9,325,000 | | | | 4.750 | % | | 11/15/2045 | | $ | 9,663,267 | |
| | | | | 4,445,000 | | | | 5.000 | | | 11/15/2050 | | | 4,661,637 | |
| | | | | 1,800,000 | | | | 5.250 | | | 11/15/2055 | | | 1,904,361 | |
| | Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (A3/A-) | |
| | | | | 3,275,000 | | | | 5.000 | | | 11/15/2029 | | | 3,624,266 | |
| | | | | 1,450,000 | | | | 5.000 | | | 11/15/2030 | | | 1,625,965 | |
| | Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 A-2 (A3/A-) | |
| | | | | 1,340,000 | | | | 5.000 | | | 11/15/2027 | | | 1,423,706 | |
| | Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 C-1 (A3/A-) | |
| | | | | 2,465,000 | | | | 4.000 | | | 11/15/2032 | | | 2,522,258 | |
| | Metropolitan Transportation Authority RB Refunding Green Bond Series 2024A (A3/A-) | |
| | | | | 7,785,000 | | | | 5.000 | | | 11/15/2037 | | | 8,856,898 | |
| | | | | 8,605,000 | | | | 5.000 | | | 11/15/2039 | | | 9,665,415 | |
| | | | | 5,445,000 | | | | 5.000 | | | 11/15/2040 | | | 6,073,321 | |
| | | | | 4,190,000 | | | | 4.000 | | | 11/15/2043 | | | 4,191,248 | |
| | | | | 14,200,000 | | | | 5.250 | | | 11/15/2049 | | | 15,612,159 | |
| | Metropolitan Transportation Authority RB Refunding Series 2016 B (A3/A-) | |
| | | | | 545,000 | | | | 5.000 | | | 11/15/2027 | | | 567,971 | |
| | Metropolitan Transportation Authority RB Refunding Series 2016 D (A3/A-) | |
| | | | | 530,000 | | | | 5.000 | | | 11/15/2029 | | | 551,903 | |
| | | | | 755,000 | | | | 5.250 | | | 11/15/2031 | | | 788,373 | |
| | Metropolitan Transportation Authority RB Series 2016 C-1 (A3/A-) | |
| | | | | 595,000 | | | | 5.000 | | | 11/15/2028 | | | 619,839 | |
| | Metropolitan Transportation Authority Transportation RB Series 2015A-1 (A3/A-) | |
| | | | | 475,000 | | | | 5.000 | | | 11/15/2025 | | | 481,496 | |
| | Metropolitan Transportation Authority Transportation RB Series 2015B (A3/A-) | |
| | | | | 2,340,000 | | | | 5.250 | | | 11/15/2055 | | | 2,355,560 | |
| | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2019A (AGM) (A1/AA) | |
| | | | | 11,050,000 | | | | 5.000 | | | 11/15/2044 | | | 11,646,512 | |
| | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2019C (AGM) (A1/AA) | |
| | | | | 4,980,000 | | | | 4.000 | | | 11/15/2047 | | | 4,908,677 | |
| | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2020D (A3/A-) | |
| | | | | 3,000,000 | | | | 4.000 | | | 11/15/2047 | | | 2,945,455 | |
| | Metropolitan Transportation Authority Transportation Revenue Green Bonds Subseries 2021A-1 (A3/A-) | |
| | | | | 5,000,000 | | | | 4.000 | | | 11/15/2047 | | | 4,909,092 | |
| | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2020E (A3/A-) | |
| | | | | 3,750,000 | | | | 5.000 | | | 11/15/2027 | | | 4,012,902 | |
| | | | | 400,000 | | | | 5.000 | | | 11/15/2028 | | | 435,925 | |
| | Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2017B (A3/A-) | |
| | | | | 1,655,000 | | | | 5.000 | | | 11/15/2025 | | | 1,694,922 | |
| | Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2017C-1 (A3/A-) | |
| | | | | 2,765,000 | | | | 5.000 | | | 11/15/2027 | | | 2,958,847 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | New York – (continued) | |
| |
| | Metropolitan Transportation Authority Transportation Revenue Variable Rate Refunding Bonds Series 2020B (Aa1/AA/A-1+) | |
| | $ | | | 7,250,000 | | | | 3.900 | %(a)(b) | | 11/15/2046 | | $ | 7,250,000 | |
| | MTA Hudson Rail Yards Trust Obligations Series 2016A (A3/NR) | |
| | | | | 2,000,000 | | | | 5.000 | | | 11/15/2056 | | | 2,003,169 | |
| | Nassau County Tobacco Settlement Corp. RB for Asset Backed Bonds Series 2006 D (NR/NR) | |
| | | | | 82,790,000 | | | | 0.000 | (g) | | 06/01/2060 | | | 5,658,324 | |
| | 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 | | | 10,237,728 | |
| | New York City Industrial Development Agency RB for Churchill School & Center for Learning Disabilities, Inc. Series 1999 (AGC) (NR/AA) | |
| | | | | 1,045,000 | | | | 2.250 | | | 10/01/2029 | | | 995,474 | |
| | 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 | | | 3,665,230 | |
| | New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (Baa1/AA) | |
| | | | | 2,175,000 | | | | 4.000 | | | 03/01/2045 | | | 2,134,127 | |
| | 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 | | | 2,318,276 | |
| | | | | 2,555,000 | | | | 3.000 | | | 03/01/2040 | | | 2,298,753 | |
| | | | | 1,925,000 | | | | 4.000 | | | 03/01/2045 | | | 1,910,135 | |
| | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Adjustable Rate Fiscal 2014 Series Aa Fiscal 2014 Subseries Aa1 Aa2 Aa5 Aa6 (Aa1/AA+/A-1) | |
| | | | | 14,560,000 | | | | 4.050 | (a)(b) | | 06/15/2050 | | | 14,560,000 | |
| | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Fiscal 2009 Subseries Bb-1 (Aa1/AA+/A-1) | |
| | | | | 4,860,000 | | | | 3.800 | (a)(b) | | 06/15/2039 | | | 4,860,000 | |
| | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Fiscal 2018 Series Bb (Aa1/AA+) | |
| | | | | 11,150,000 | | | | 5.000 | | | 06/15/2046 | | | 11,604,417 | |
| | 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+) | |
| | | | | 10,000,000 | | | | 5.250 | (c) | | 06/15/2053 | | | 11,228,679 | |
| | 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+) | |
| | | | | 6,350,000 | | | | 5.000 | (c) | | 06/15/2049 | | | 7,026,957 | |
| | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB, Fiscal 2019 Series Ee, (Aa1/AA+) | |
| | | | | 1,000,000 | | | | 4.000 | | | 06/15/2040 | | | 1,016,655 | |
| | 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 | | | 5,142,655 | |
| | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2018 Series B Subseries B-1 (Aa1/AAA) | |
| | | | | 18,400,000 | | | | 5.000 | | | 08/01/2045 | | | 19,152,324 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 63 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | New York – (continued) | |
| |
| | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2023 Series D Subseries D-1 Tax- Exempt Bonds (Aa1/AAA) | |
| | $ | | | 6,000,000 | | | | 5.500 | % | | 11/01/2045 | | $ | 6,865,333 | |
| | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2025 Series A Subseries A-1 Tax- Exempt Bonds (Aa1/AAA) | |
| | | | | 3,000,000 | | | | 5.000 | | | 11/01/2039 | | | 3,456,794 | |
| | | | | 2,500,000 | | | | 5.000 | | | 11/01/2040 | | | 2,855,884 | |
| | 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 | | | 832,563 | |
| | New York City Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds Adjustable Rate Bonds Fiscal 2019 Subseries B-4 (Aa1/AAA/A-1) | |
| | | | | 10,930,000 | | | | 4.050 | (a)(b) | | 08/01/2042 | | | 10,930,000 | |
| | New York City Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds Fiscal 2015 Subseries E-3 (Aa1/AAA/A-1) | |
| | | | | 2,630,000 | | | | 4.050 | (a)(b) | | 02/01/2045 | | | 2,630,000 | |
| | New York City Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds Fiscal 2024 Series C (Aa1/AAA) | |
| | | | | 6,490,000 | | | | 5.500 | | | 05/01/2042 | | | 7,585,418 | |
| | | | | 3,500,000 | | | | 5.500 | | | 05/01/2053 | | | 3,986,127 | |
| | New York Convention Center Development Corp. Revenue Refunding Bonds Series 2015 (A2/NR) | |
| | | | | 3,755,000 | | | | 5.000 | | | 11/15/2030 | | | 3,828,157 | |
| | New York Counties Tobacco Trust IV RB Series 2005 F (NR/NR) | |
| | | | | 143,440,000 | | | | 0.000 | (g) | | 06/01/2060 | | | 9,492,027 | |
| | New York Housing Development Corp. Multi-Family Mortgage RB for 8 Spruce Street Series 2014 Class E (NR/BBB-) | |
| | | | | 4,840,000 | | | | 3.500 | | | 02/15/2048 | | | 4,825,350 | |
| | New York Liberty Development Corp. RB for World Trade Center Project Series 2014 (NR/NR) | |
| | | | | 4,050,000 | | | | 5.150 | (d) | | 11/15/2034 | | | 4,055,266 | |
| | | | | 9,000,000 | | | | 5.375 | (d) | | 11/15/2040 | | | 9,010,598 | |
| | New York Liberty Development Corp. RB for World Trade Center Project Series 2014 Class 3 (NR/NR) | |
| | | | | 4,175,000 | | | | 7.250 | (d) | | 11/15/2044 | | | 4,183,276 | |
| | New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR) | |
| | | | | 20,610,000 | | | | 5.000 | (d) | | 11/15/2044 | | | 20,622,758 | |
| | 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 | | | 801,590 | |
| | 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 | | | 986,938 | |
| | New York NY GO Bonds 2018 E-1 (Aa2/AA) | |
| | | | | 9,725,000 | | | | 5.000 | | | 03/01/2044 | | | 10,187,187 | |
| | New York Port Authority Consolidated Bonds 273rd Series (Aa3/AA-) | |
| | | | | 7,835,000 | | | | 4.000 | | | 07/15/2051 | | | 7,582,854 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | New York – (continued) | |
| |
| | New York St Dorm Auth St Pers Income Tax Rev General Purpose Bonds 2022 A (NR/NR) | |
| | $ | | | 450,000 | | | | 5.000 | % | | 03/15/2027 | | $ | 477,577 | |
| | New York State Dormitory Authority General Purpose Personal Income Tax RB Series 2016 D (Aa1/AA+) | |
| | | | | 2,550,000 | | | | 5.000 | (e) | | 08/15/2026 | | | 2,674,621 | |
| | New York State Dormitory Authority Personal Income Tax RB Series 2021E (NR/AA+) | |
| | | | | 10,000,000 | | | | 4.000 | | | 03/15/2038 | | | 10,432,075 | |
| | New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 A (Baa1/NR) | |
| | | | | 1,400,000 | | | | 5.000 | | | 07/01/2033 | | | 1,480,947 | |
| | New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 B (Baa1/NR) | |
| | | | | 100,000 | | | | 3.560 | | | 07/01/2026 | | | 98,386 | |
| | | | | 100,000 | | | | 3.670 | | | 07/01/2027 | | | 97,777 | |
| | | | | 40,000 | | | | 3.760 | | | 07/01/2028 | | | 38,749 | |
| | | | | 200,000 | | | | 3.820 | | | 07/01/2029 | | | 192,044 | |
| | 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 | | | 978,141 | |
| | | | | 1,185,000 | | | | 5.000 | | | 07/01/2029 | | | 1,219,733 | |
| | | | | 745,000 | | | | 5.000 | | | 07/01/2030 | | | 766,470 | |
| | | | | 100,000 | | | | 4.000 | | | 07/01/2031 | | | 96,577 | |
| | New York State Dormitory Authority RB Refunding for Catholic Health System Obligated Group Series 2019 A (Caa1/B-) | |
| | | | | 540,000 | | | | 5.000 | | | 07/01/2032 | | | 539,080 | |
| | | | | 465,000 | | | | 5.000 | | | 07/01/2034 | | | 462,286 | |
| | | | | 1,005,000 | | | | 5.000 | | | 07/01/2035 | | | 998,739 | |
| | | | | 440,000 | | | | 5.000 | | | 07/01/2036 | | | 437,074 | |
| | | | | 545,000 | | | | 4.000 | | | 07/01/2040 | | | 479,894 | |
| | | | | 590,000 | | | | 5.000 | | | 07/01/2041 | | | 582,511 | |
| | | | | 2,315,000 | | | | 4.000 | | | 07/01/2045 | | | 1,974,460 | |
| | New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (Baa3/BBB-) | |
| | | | | 530,000 | | | | 4.000 | | | 09/01/2036 | | | 528,642 | |
| | | | | 500,000 | | | | 4.000 | | | 09/01/2037 | | | 500,274 | |
| | | | | 575,000 | | | | 4.000 | | | 09/01/2038 | | | 572,048 | |
| | | | | 615,000 | | | | 4.000 | | | 09/01/2039 | | | 606,329 | |
| | | | | 750,000 | | | | 4.000 | | | 09/01/2040 | | | 732,556 | |
| | 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 | | | 2,671,334 | |
| | New York State Dormitory Authority RB Refunding for State of New York Personal Income Tax Series 2020 A (Aa1/NR) | |
| | | | | 4,450,000 | | | | 3.000 | | | 03/15/2038 | | | 4,183,215 | |
| | New York State Dormitory Authority RB Series 2020 B (Aa2/NR) | |
| | | | | 1,100,000 | | | | 3.000 | | | 04/01/2042 | | | 972,923 | |
| | | | | 1,550,000 | | | | 3.000 | | | 04/01/2048 | | | 1,262,777 | |
| | New York State Dormitory Authority State Personal Income Tax Revenue General Purpose Bonds 2020A (Aa1/NR) | |
| | | | | 24,990,000 | | | | 4.000 | | | 03/15/2043 | | | 25,140,792 | |
| | New York State Dormitory Authority State Personal Income Tax Revenue General Purpose Bonds 2020A (NR/NR) | |
| | | | | 10,000 | | | | 4.000 | (e) | | 09/15/2030 | | | 10,812 | |
| | New York State Energy Research & Development Authority RB Refunding for Central Hudson Gas & Electric Corp. Projects Series 1999 B (AMT) (AMBAC) (Baa1/BBB+) | |
| | | | | 5,350,000 | | | | 7.249 | (a)(b) | | 07/01/2034 | | | 5,350,000 | |
| | |
| 64 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | New York – (continued) | |
| |
| | New York State Environmental Facilities Corp Solid Waste Disposal RB Series 2014 (B1/B+) (PUTABLE) | |
| | $ | | | 1,440,000 | | | | 2.875 | %(a)(b)(d) | | 12/01/2044 | | $ | 1,362,404 | |
| | 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 | | | 740,415 | |
| | New York State Housing Finance Agency 2021 Series J-2 (SONYMA HUD SECT 8) (Aa2/NR) | |
| | | | | 3,050,000 | | | | 1.100 | (a)(b) | | 11/01/2061 | | | 2,868,544 | |
| | New York State Thruway Authority General RB Series P (Aa3/A+) | |
| | | | | 1,800,000 | | | | 5.000 | | | 01/01/2049 | | | 1,988,823 | |
| | | | | 1,865,000 | | | | 5.250 | | | 01/01/2054 | | | 2,087,664 | |
| | New York State Urban Development Corp. RB for State of New York Personal Income Tax Revenue Series 2020 A (Aa1/NR) | |
| | | | | 7,000,000 | | | | 3.000 | | | 03/15/2050 | | | 5,802,956 | |
| | 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 | | | 11,834,671 | |
| | New York State Urban Development Corporation State Sales Tax RB, Series 2023A (Tax-Exempt) (Aa1/NR) | |
| | | | | 8,000,000 | | | | 5.000 | | | 03/15/2051 | | | 8,746,052 | |
| | New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2020C (AGM-CR) (A1/AA) | |
| | | | | 1,000,000 | | | | 4.000 | | | 12/01/2040 | | | 1,018,864 | |
| | 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 | | | 2,706,148 | |
| | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (Baa3/NR) | |
| | | | | 4,750,000 | | | | 5.000 | | | 01/01/2027 | | | 4,893,302 | |
| | | | | 310,000 | | | | 5.000 | | | 01/01/2031 | | | 321,247 | |
| | | | | 8,645,000 | | | | 5.000 | | | 01/01/2033 | | | 8,935,284 | |
| | | | | 3,800,000 | | | | 5.000 | | | 01/01/2034 | | | 3,923,208 | |
| | | | | 9,625,000 | | | | 4.000 | | | 01/01/2036 | | | 9,625,640 | |
| | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa3/NR) | |
| | | | | 2,850,000 | | | | 5.000 | | | 01/01/2036 | | | 2,934,348 | |
| | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (Baa3/NR) | |
| | | | | 4,580,000 | | | | 4.000 | | | 10/01/2030 | | | 4,620,368 | |
| | | | | 4,815,000 | | | | 5.000 | | | 10/01/2035 | | | 5,083,021 | |
| | | | | 8,140,000 | | | | 5.000 | | | 10/01/2040 | | | 8,444,099 | |
| | | | | 9,800,000 | | | | 4.375 | | | 10/01/2045 | | | 9,589,855 | |
| | New York Transportation Development Corp. RB for Empire State Thruway Partners LLC Series 2021 (NR/NR) | |
| | | | | 1,225,000 | | | | 2.500 | | | 10/31/2031 | | | 1,050,864 | |
| | | | | 600,000 | | | | 4.000 | | | 10/31/2034 | | | 595,798 | |
| | | | | 4,780,000 | | | | 4.000 | | | 10/31/2041 | | | 4,517,045 | |
| | 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 | | | 1,451,831 | |
| | 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 | | | 531,965 | |
| | | | | 500,000 | | | | 5.000 | | | 12/01/2029 | | | 538,211 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | New York – (continued) | |
| |
| | New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 A (Baa1/NR) – (continued) | |
| | $ | | | 2,200,000 | | | | 5.000 | % | | 12/01/2036 | | $ | 2,330,060 | |
| | 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 | | | 181,429 | |
| | 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 | | | 690,979 | |
| | | | | 15,675,000 | | | | 5.000 | | | 07/01/2041 | | | 15,674,900 | |
| | | | | 4,050,000 | | | | 5.000 | | | 07/01/2046 | | | 4,050,033 | |
| | New York Transportation Development Corp. Special Facilities Bonds Series 2016A (Baa2/NR) | |
| | | | | 8,425,000 | | | | 5.250 | | | 01/01/2050 | | | 8,425,383 | |
| | New York Transportation Development Corp. Special Facilities RB for John F. Kennedy international Airport New Terminal One Project Green Bonds Series (AMT) (AGM) (A1/AA) | |
| | | | | 4,750,000 | | | | 5.000 | | | 06/30/2049 | | | 5,007,066 | |
| | 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) | |
| | | | | 3,125,000 | | | | 6.000 | | | 06/30/2054 | | | 3,414,770 | |
| | 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 | | | 2,598,132 | |
| | 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 | | | 526,830 | |
| | 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 | | | 5,754,769 | |
| | New York Transportation Development Corp. Special Facility RB for Delta Air Lines Inc. Laguardia Airport Terminals C&D Redevelopment Project Series 2023 (Baa3/BB+) | |
| | | | | 750,000 | | | | 6.000 | | | 04/01/2035 | | | 847,997 | |
| | 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 | | | 2,253,124 | |
| | 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 | | | 6,305,082 | |
| | | | | 5,675,000 | | | | 5.375 | | | 08/01/2036 | | | 6,085,471 | |
| | New York Transportation Development Corp. Special Facility RB Series 2021 (NR/NR) | |
| | | | | 4,060,000 | | | | 3.000 | | | 08/01/2031 | | | 3,831,591 | |
| | 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 | | | 2,379,398 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 65 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | New York – (continued) | |
| |
| | 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 | | $ | 1,375,395 | |
| | 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 | | | 425,113 | |
| | 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 | | | 1,075,937 | |
| | | | | 670,000 | | | | 4.000 | | | 12/01/2035 | | | 675,128 | |
| | | | | 1,135,000 | | | | 4.000 | | | 12/01/2036 | | | 1,140,166 | |
| | | | | 1,260,000 | | | | 3.000 | | | 12/01/2039 | | | 1,059,100 | |
| | | | | 840,000 | | | | 3.000 | | | 12/01/2040 | | | 695,344 | |
| | | | | 1,680,000 | | | | 4.000 | | | 12/01/2049 | | | 1,633,593 | |
| | Oneida County Local Development Corp. RB Refunding for Utica College Project Series 2019 (NR/NR) | |
| | | | | 345,000 | | | | 4.000 | | | 07/01/2039 | | | 307,380 | |
| | | | | 4,225,000 | | | | 3.000 | | | 07/01/2044 | | | 3,020,036 | |
| | Orange County Funding Corp. Tax Exempt Revenue Refunding Bonds for Mount Saint Mary College Project Series 2022A (NR/NR) | |
| | | | | 4,720,000 | | | | 4.000 | | | 07/01/2035 | | | 4,141,487 | |
| | Port Authority of New York & New Jersey Consolidated RB Series 221 (Aa3/AA-) | |
| | | | | 2,000,000 | | | | 4.000 | | | 07/15/2045 | | | 1,969,943 | |
| | | | | 1,500,000 | | | | 4.000 | | | 07/15/2050 | | | 1,455,294 | |
| | Port Authority of New York and New Jersey Consolidated Bonds 242nd Series (Aa3/AA-) | |
| | | | | 1,500,000 | | | | 5.000 | | | 12/01/2026 | | | 1,561,358 | |
| | Port Authority of New York Consolidated Bonds 227th Series (Aa3/AA-) | |
| | | | | 8,975,000 | | | | 3.000 | | | 10/01/2027 | | | 8,911,146 | |
| | | | | 1,555,000 | | | | 3.000 | | | 10/01/2028 | | | 1,539,482 | |
| | Port Authority of New York Consolidated Bonds 234th Series (Aa3/AA-) | |
| | | | | 1,520,000 | | | | 5.250 | | | 08/01/2047 | | | 1,649,198 | |
| | 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 | | | 1,658,336 | |
| | State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2022A (A3/A-) | |
| | | | | 6,200,000 | | | | 4.250 | | | 05/01/2052 | | | 6,191,748 | |
| | | | | 5,225,000 | | | | 5.000 | | | 05/01/2052 | | | 5,585,544 | |
| | State of New York Dormitory Authority Personal Income Tax RB Series 2018A (Aa1/NR) | |
| | | | | 10,200,000 | | | | 4.000 | | | 03/15/2048 | | | 10,048,589 | |
| | State of New York Dormitory Authority Personal Income Tax RB Series 2019D (Aa1/NR) | |
| | | | | 10,000,000 | | | | 4.000 | | | 02/15/2047 | | | 9,909,737 | |
| | State of New York Dormitory Authority Personal Income Tax RB Series 2021A (NR/AA+) | |
| | | | | 10,215,000 | | | | 4.000 | | | 03/15/2038 | | | 10,603,284 | |
| | | | | 8,175,000 | | | | 4.000 | | | 03/15/2040 | | | 8,348,093 | |
| | State of New York Dormitory Authority Personal Income Tax RB Series 2021E (NR/AA+) | |
| | | | | 6,800,000 | | | | 4.000 | | | 03/15/2046 | | | 6,734,968 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | New York – (continued) | |
| |
| | State of New York Dormitory Authority Personal Income Tax RB Series 2021E (NR/AA+) – (continued) | |
| | $ | | | 8,700,000 | | | | 4.000 | % | | 03/15/2047 | | $ | 8,580,164 | |
| | State of New York Dormitory Authority RB for St. Joseph’s College Series 2020A (NR/NR) | |
| | | | | 1,070,000 | | | | 5.000 | | | 07/01/2027 | | | 1,091,214 | |
| | Suffolk Tobacco Asset Securitization Corp. RB Series 2021 B-1 (NR/BBB-) | |
| | | | | 3,430,000 | | | | 4.000 | | | 06/01/2050 | | | 3,446,913 | |
| | The City of New York Adjustable Rate Bonds GO Bonds Fiscal 2017 Series A Subseries A-5 (Aa2/AA/A-1) | |
| | | | | 12,545,000 | | | | 4.050 | (a)(b) | | 08/01/2044 | | | 12,545,000 | |
| | The City of New York GO Bonds Fiscal 2014 Ser D Sub Series D-4 (Aa1/AAA/A-1+) | |
| | | | | 8,075,000 | | | | 3.850 | (a)(b) | | 08/01/2040 | | | 8,075,000 | |
| | Triborough Bridge & Tunnel Authority General Revenue Bond Series 2022A (Aa3/AA-) | |
| | | | | 5,900,000 | | | | 5.500 | | | 11/15/2057 | | | 6,600,709 | |
| | Triborough Bridge & Tunnel Authority Sales Tax RB for TBTA Capital Lockbox City Sales Tax Series 2023A (NR/AA+) | |
| | | | | 8,150,000 | | | | 4.250 | | | 05/15/2058 | | | 8,204,116 | |
| | Triborough Bridge & Tunnel Authority Sales Tax RB Subseries 2024A-1 (NR/AA+) | |
| | | | | 4,000,000 | | | | 5.000 | | | 05/15/2049 | | | 4,409,683 | |
| | | | | 5,000,000 | | | | 5.000 | | | 05/15/2054 | | | 5,472,392 | |
| | Westchester County Local Development Corporation RB for New York Blood Center Project Series 2024 (Baa1/NR) | |
| | | | | 2,555,000 | | | | 5.000 | | | 07/01/2035 | | | 2,867,045 | |
| | | | | 1,345,000 | | | | 5.000 | | | 07/01/2038 | | | 1,489,042 | |
| | Westchester County Local Development Corporation RB for Westchester Medical Center Obligated Group Project Series 2016 (B1/BBB-) | |
| | | | | 1,000,000 | | | | 5.000 | | | 11/01/2024 | | | 1,000,019 | |
| | Yonkers Economic Development Corp. RB for Charter School of Educational Excellence Project Series 2019 A (NR/NR) | |
| | | | | 200,000 | | | | 4.000 | | | 10/15/2029 | | | 200,599 | |
| | Yonkers Economic Development Corp. RB Refunding for Charter School of Educational Excellence Series 2020 A (NR/BB) | |
| | | | | 300,000 | | | | 4.000 | | | 10/15/2030 | | | 301,947 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 851,313,899 | |
| | | |
| |
| | North Carolina - 1.0% | |
| |
| | Charlotte Douglas International Airport RB Series 2023A (NON-AMT) Series 2023B (AMT) (Aa3/NR) | |
| | | | | 6,525,000 | | | | 5.000 | | | 07/01/2048 | | | 7,180,032 | |
| | Charlotte-Mecklenburg Hospital Authority Variable Rate Health Care RB for Atrium Health Series 2021B (Aa3/AA) (PUTABLE) | |
| | | | | 20,000,000 | | | | 5.000 | (a)(b) | | 01/15/2050 | | | 20,038,166 | |
| | 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)(c) | | 11/01/2033 | | | 1,107,125 | |
| | Columbus County Industrial Facilities & Pollution Control Financing Authority Refunding RB for International Paper Company Project Series 2019B (NR/BBB) (PUTABLE) | |
| | | | | 1,000,000 | | | | 3.450 | (a)(b)(c) | | 11/01/2033 | | | 1,006,477 | |
| | |
| 66 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | North Carolina – (continued) | |
| |
| | Columbus County Industrial Facilities & Pollution Control Financing Authority Revenue Refunding Bonds Series 2019A (Baa2/BBB) (PUTABLE) | |
| | $ | | | 375,000 | | | | 2.000 | %(a)(b) | | 11/01/2033 | | $ | 375,000 | |
| | Columbus County Industrial Facilities & Pollution Control Financing Authority Revenue Refunding Bonds Series 2019B (Baa2/BBB) (PUTABLE) | |
| | | | | 400,000 | | | | 2.000 | (a)(b) | | 11/01/2033 | | | 400,000 | |
| | Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2019 C (Baa2/BBB) (PUTABLE) | |
| | | | | 1,750,000 | | | | 2.100 | (a)(b) | | 03/01/2027 | | | 1,750,000 | |
| | County of Mecklenburg GO Bonds for Public Improvement Series 2018 (Aaa/AAA) | |
| | | | | 5,250,000 | | | | 5.000 | | | 03/01/2029 | | | 5,702,568 | |
| | County of Wake GO Public Improvement Bonds Series 2022A (Aaa/AAA) | |
| | | | | 5,000,000 | | | | 5.000 | | | 02/01/2025 | | | 5,032,308 | |
| | County of Wake GO Refunding Bonds Series 2023B (Aaa/AAA) | |
| | | | | 1,810,000 | | | | 5.000 | | | 05/01/2026 | | | 1,883,368 | |
| | Greater Asheville Regional Airport Authority Airport System RB Series 2022A (AMT) (AGM) (A1/AA) | |
| | | | | 1,000,000 | | | | 5.000 | | | 07/01/2028 | | | 1,063,914 | |
| | | | | 1,900,000 | | | | 5.500 | | | 07/01/2052 | | | 2,079,416 | |
| | Greater Asheville Regional Airport Authority Airport System RB Series 2023 (AGM) (A1/AA) | |
| | | | | 1,150,000 | | | | 5.250 | | | 07/01/2053 | | | 1,243,076 | |
| | North Carolina Department of Transportation Tax Exempt Private Activity Bonds Series 2015 (NR/NR) | |
| | | | | 2,735,000 | | | | 5.000 | | | 12/31/2037 | | | 2,755,145 | |
| | 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 | | | 1,526,939 | |
| | North Carolina Housing Finance Agency Home Ownership RB Series 55-A (NON-AMT) (GNMA/FNMA/FHLMC) (Aa1/AA+) | |
| | | | | 9,730,000 | | | | 4.350 | (c) | | 01/01/2044 | | | 9,829,281 | |
| | 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 | | | 3,877,407 | |
| | North Carolina Medical Care Commission RB for Forest at Duke, Inc. Obligated Group Series 2021 (NR/NR) | |
| | | | | 680,000 | | | | 4.000 | | | 09/01/2041 | | | 643,720 | |
| | | | | 325,000 | | | | 4.000 | | | 09/01/2046 | | | 294,403 | |
| | North Carolina Medical Care Commission RB for Lutheran Services for the Aging, Inc. Obligated Group Series 2021 A (NR/NR) | |
| | | | | 235,000 | | | | 4.000 | | | 03/01/2025 | | | 234,862 | |
| | | | | 220,000 | | | | 5.000 | | | 03/01/2026 | | | 222,751 | |
| | | | | 270,000 | | | | 5.000 | | | 03/01/2027 | | | 276,091 | |
| | | | | 255,000 | | | | 5.000 | | | 03/01/2028 | | | 263,236 | |
| | | | | 250,000 | | | | 4.000 | | | 03/01/2029 | | | 250,319 | |
| | | | | 260,000 | | | | 4.000 | | | 03/01/2030 | | | 260,164 | |
| | | | | 270,000 | | | | 4.000 | | | 03/01/2031 | | | 269,744 | |
| | | | | 725,000 | | | | 4.000 | | | 03/01/2036 | | | 712,884 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | North Carolina – (continued) | |
| |
| | North Carolina Medical Care Commission RB for Maryfield, Inc. Obligated Group Series 2020 A (NR/NR) | |
| | $ | | | 1,355,000 | | | | 5.000 | % | | 10/01/2040 | | $ | 1,391,570 | |
| | 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 | | | 5,019,956 | |
| | North Carolina Medical Care Commission RB Refunding for EveryAge Obligated Group Series 2021 A (NR/NR) | |
| | | | | 910,000 | | | | 4.000 | | | 09/01/2041 | | | 866,654 | |
| | 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 | | | 575,628 | |
| | | | | 1,785,000 | | | | 3.000 | | | 07/01/2027 | | | 1,719,978 | |
| | | | | 1,040,000 | | | | 4.000 | | | 07/01/2030 | | | 1,023,346 | |
| | | | | 1,080,000 | | | | 5.000 | | | 07/01/2031 | | | 1,110,864 | |
| | | | | 1,110,000 | | | | 5.000 | | | 07/01/2032 | | | 1,141,241 | |
| | | | | 1,375,000 | | | | 5.000 | | | 07/01/2033 | | | 1,413,105 | |
| | North Carolina Medical Care Commission Retirement Facilities First Mortgage RB Series 2024A (NR/NR) | |
| | | | | 750,000 | | | | 5.000 | | | 10/01/2044 | | | 793,896 | |
| | North Carolina Turnpike Authority RB Senior Lien for Triangle Expressway Series 2019 (AGM) (NR/AA) | |
| | | | | 3,000,000 | | | | 3.000 | | | 01/01/2042 | | | 2,548,085 | |
| | | | | 3,500,000 | | | | 5.000 | | | 01/01/2049 | | | 3,671,496 | |
| | North Carolina Turnpike Authority Triangle Expressway System Senior Lien Turnpike RB Series 2019 (NR/BBB) | |
| | | | | 9,500,000 | | | | 5.000 | | | 01/01/2049 | | | 9,921,239 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 101,475,454 | |
| | | |
| |
| | 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 | | | 3,986,465 | |
| | 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 | | | 1,451,682 | |
| | City of Horace GO Refunding Bonds Series 2021 (Baa3/NR) | |
| | | | | 1,100,000 | | | | 3.000 | | | 05/01/2041 | | | 837,574 | |
| | | | | 2,750,000 | | | | 3.000 | | | 05/01/2046 | | | 1,931,149 | |
| | City of Horace, North Dakota Temporary Refunding Improvement Bonds, Series 2023B (Baa3/NR) | |
| | | | | 5,300,000 | | | | 5.125 | | | 07/01/2025 | | | 5,304,339 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 13,511,209 | |
| | | |
| |
| | Ohio - 2.2% | |
| |
| | American Municipal Power RB for Prairie State Energy Campus Project Refunding Series 2019B (A1/A) | |
| | | | | 1,255,000 | | | | 5.000 | | | 02/15/2025 | | | 1,264,116 | |
| | Bon Secours Mercy Health Hospital Facilities RB Series 2022B-1 (A2/A+) | |
| | | | | 7,110,000 | | | | 5.000 | (a)(b) | | 10/01/2049 | | | 7,416,029 | |
| | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/NR) | |
| | | | | 31,565,000 | | | | 5.000 | | | 06/01/2055 | | | 29,687,520 | |
| | 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 | | | 474,412 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 67 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Ohio – (continued) | |
| |
| | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/A-) – (continued) | |
| | $ | | | 310,000 | | | | 4.000 | % | | 06/01/2037 | | $ | 313,265 | |
| | | | | 2,655,000 | | | | 4.000 | | | 06/01/2038 | | | 2,673,702 | |
| | 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 | | | 3,932,323 | |
| | 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 | (g) | | 06/01/2057 | | | 3,585,867 | |
| | Buckeye Tobacco Settlement Financing Authority Tobacco Settlement Asset Backed Refunding Bonds Series 2020 (NR/BBB+) | |
| | | | | 6,710,000 | | | | 4.000 | | | 06/01/2048 | | | 6,261,725 | |
| | Cleveland Airport Special RB for Continental Airlines, Inc. Project Series 1998 (Ba3/BB-) | |
| | | | | 7,195,000 | | | | 5.375 | | | 09/15/2027 | | | 7,199,334 | |
| | Columbus-Franklin County Finance Authority Lease RB for The Cornerstone Academy Community School Series 2023 (NR/NR) | |
| | | | | 2,525,000 | | | | 7.000 | (d) | | 07/01/2053 | | | 2,628,187 | |
| | County of Cuyahoga Health Care and Independent Living Facilities Refunding RB for Eliza Jennings Senior Health Care Network Series 2022A (NR/NR) | |
| | | | | 2,185,000 | | | | 5.000 | | | 05/15/2032 | | | 2,210,859 | |
| | County of Cuyahoga Hospital RB Series 2017 (Baa2/BBB) | |
| | | | | 6,500,000 | | | | 5.000 | | | 02/15/2037 | | | 6,679,566 | |
| | 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 | | | 362,512 | |
| | | | | 625,000 | | | | 4.000 | | | 09/01/2045 | | | 533,205 | |
| | | | | 850,000 | | | | 5.000 | | | 09/01/2049 | | | 808,361 | |
| | County of Franklin Healthcare Facilities RB for Ohio Living Communities Series 2023 (NR/NR) | |
| | | | | 3,210,000 | | | | 5.000 | | | 07/01/2035 | | | 3,428,868 | |
| | | | | 3,915,000 | | | | 5.000 | | | 07/01/2036 | | | 4,152,327 | |
| | County of Franklin Ohio Health Care Facilities Refunding RB Series 2022 (NR/NR) | |
| | | | | 5,000 | | | | 4.000 | (e) | | 07/01/2028 | | | 5,401 | |
| | | | | 4,220,000 | | | | 4.000 | | | 07/01/2040 | | | 3,888,306 | |
| | County of Franklin RB Refunding for Wesley Communities Obligated Group Series 2020 (NR/NR) | |
| | | | | 3,680,000 | | | | 5.250 | | | 11/15/2040 | | | 3,774,194 | |
| | County of Franklin RB Series OH 2019A (Aa3/AA-) | |
| | | | | 5,500,000 | | | | 4.000 | | | 12/01/2044 | | | 5,483,738 | |
| | County of Lucas Hospital RB for Promedica Healthcare Obligated Group Series 2018A (Ba2/BB) | |
| | | | | 11,225,000 | | | | 5.250 | | | 11/15/2048 | | | 11,465,717 | |
| | County of Montgomery Ohio Health Care Facilities Revenue Refunding and Improvement Bonds Series 2024 (Baa1/NR) | |
| | | | | 2,000,000 | | | | 5.250 | | | 09/01/2054 | | | 2,147,387 | |
| | County of Warren Ohio Hospital Facilities Refunding RB Series 2024A (NR/NR) | |
| | | | | 1,755,000 | | | | 5.000 | | | 05/15/2034 | | | 1,954,906 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Ohio – (continued) | |
| |
| | Cuyahoga County Ohio Hospital RB for Metrohealth System Series 2017 (Baa2/BBB) | |
| | $ | | | 7,325,000 | | | | 5.250 | % | | 02/15/2047 | | $ | 7,475,633 | |
| | | | | 2,825,000 | | | | 5.000 | | | 02/15/2052 | | | 2,857,661 | |
| | | | | 760,000 | | | | 5.000 | | | 02/15/2057 | | | 767,565 | |
| | Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2009 B (Baa2/BBB) | |
| | | | | 10,000,000 | | | | 8.223 | | | 02/15/2040 | | | 11,542,647 | |
| | Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (Baa2/BBB) | |
| | | | | 1,000,000 | | | | 5.000 | | | 02/15/2025 | | | 1,002,962 | |
| | | | | 2,865,000 | | | | 5.500 | | | 02/15/2057 | | | 2,925,373 | |
| | Cuyahoga Metropolitan Housing Authority RB for Social Bonds Series 2021 (HUD SECT 8) (NR/A+) | |
| | | | | 3,550,000 | | | | 2.000 | | | 12/01/2031 | | | 3,054,676 | |
| | Evans Farm New Community Authority Special Assessment Bonds Series 2020 (NR/NR) | |
| | | | | 2,000,000 | | | | 3.750 | | | 12/01/2038 | | | 1,711,397 | |
| | Franklin County Convention Facilities Authority RB for Greater Columbus Convention Center Project Series 2019 (NR/BBB-) | |
| | | | | 250,000 | | | | 5.000 | | | 12/01/2025 | | | 252,387 | |
| | | | | 325,000 | | | | 5.000 | | | 12/01/2026 | | | 331,554 | |
| | | | | 325,000 | | | | 5.000 | | | 12/01/2027 | | | 334,417 | |
| | | | | 425,000 | | | | 5.000 | | | 12/01/2028 | | | 440,586 | |
| | | | | 400,000 | | | | 5.000 | | | 12/01/2029 | | | 416,673 | |
| | | | | 680,000 | | | | 5.000 | | | 12/01/2030 | | | 704,777 | |
| | | | | 800,000 | | | | 5.000 | | | 12/01/2031 | | | 825,930 | |
| | | | | 660,000 | | | | 5.000 | | | 12/01/2032 | | | 679,696 | |
| | | | | 1,170,000 | | | | 5.000 | | | 12/01/2033 | | | 1,205,937 | |
| | | | | 1,725,000 | | | | 5.000 | | | 12/01/2035 | | | 1,770,283 | |
| | | | | 650,000 | | | | 5.000 | | | 12/01/2037 | | | 662,570 | |
| | | | | 1,630,000 | | | | 5.000 | | | 12/01/2038 | | | 1,655,162 | |
| | | | | 2,000,000 | | | | 5.000 | | | 12/01/2051 | | | 2,012,168 | |
| | Lakewood City School District GO Refunding Bonds Series 2014 C (Aa2/AA) | |
| | | | | 3,215,000 | | | | 5.000 | | | 12/01/2027 | | | 3,223,374 | |
| | Lancaster Port Authority Gas Supply Revenue Refunding Bonds Series 2019 (Aa1/NR) | |
| | | | | 1,860,000 | | | | 5.000 | (a)(b) | | 08/01/2049 | | | 1,870,253 | |
| | Northeast Ohio Medical University RB Refunding Series 2021 A (Baa1/NR) | |
| | | | | 250,000 | | | | 4.000 | | | 12/01/2035 | | | 251,869 | |
| | 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 | | | 3,562,909 | |
| | 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 | | | 14,366,548 | |
| | Ohio Air Quality Development Authority Exempt Facilities RB for Pratt Paper LLC Project Series 2017 (NR/NR) | |
| | | | | 700,000 | | | | 4.500 | (d) | | 01/15/2048 | | | 703,161 | |
| | Ohio Air Quality Development Authority Pollution Control RB Refunding Series 2009-D (NON-AMT) (WR/BBB-) | |
| | | | | 1,100,000 | | | | 3.375 | | | 08/01/2029 | | | 1,096,115 | |
| | Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 A (Baa3/NR) | |
| | | | | 925,000 | | | | 2.875 | | | 02/01/2026 | | | 907,643 | |
| | |
| 68 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Ohio – (continued) | |
| |
| | Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 D (Baa3/NR) | |
| | $ | | | 2,305,000 | | | | 2.875 | % | | 02/01/2026 | | $ | 2,261,749 | |
| | 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 | | | 3,109,453 | |
| | Ohio Air Quality Development Authority Revenue Refunding Bonds Series 2014A (Baa2/BBB) | |
| | | | | 2,500,000 | | | | 2.400 | (a)(b) | | 12/01/2038 | | | 2,362,620 | |
| | Ohio Air Quality Development Authority Revenue Refunding Bonds Series 2014B (Baa2/BBB) | |
| | | | | 3,500,000 | | | | 2.600 | (a)(b) | | 06/01/2041 | | | 3,316,333 | |
| | Ohio Air Quality Development Authority Revenue Refunding Bonds Series 2014C (NR/BBB) (PUTABLE) | |
| | | | | 8,000,000 | | | | 2.100 | (a)(b) | | 12/01/2027 | | | 8,000,000 | |
| | Ohio Higher Educational Facility Commission RB for University Circle, Inc. Series 2020 (A3/NR) | |
| | | | | 1,445,000 | | | | 5.000 | | | 01/15/2035 | | | 1,571,053 | |
| | Ohio Higher Educational Facility Commission RB Refunding for Judson Obligated Group Series 2020 A (NR/NR) | |
| | | | | 1,260,000 | | | | 5.000 | | | 12/01/2042 | | | 1,278,470 | |
| | | | | 1,250,000 | | | | 5.000 | | | 12/01/2045 | | | 1,261,665 | |
| | Ohio Higher Educational Facility Commission RB Refunding for Xavier University Series 2020 (A3/NR) | |
| | | | | 695,000 | | | | 4.000 | | | 05/01/2037 | | | 708,212 | |
| | Ohio Housing Finance Agency Residential Mortgage RB 2024 Series B Mortgage-Backed Securities Program (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/NR) | |
| | | | | 2,500,000 | | | | 4.650 | | | 09/01/2049 | | | 2,545,656 | |
| | Ohio State Higher Education Facility Commission RB Series 2020 (A3/NR) | |
| | | | | 900,000 | | | | 5.000 | | | 01/15/2040 | | | 963,332 | |
| | Ohio State Hospital RB Refunding for Aultman Health Foundation Obligated Group Series 2018 (NR/NR) | |
| | | | | 925,000 | | | | 5.000 | (d) | | 12/01/2033 | | | 926,374 | |
| | | | | 1,795,000 | | | | 5.000 | (d) | | 12/01/2038 | | | 1,781,068 | |
| | | | | 2,725,000 | | | | 5.000 | (d) | | 12/01/2048 | | | 2,602,437 | |
| | Port of Greater Cincinnati Development Authority Education RB Series 2021 (NR/NR) | |
| | | | | 1,500,000 | | | | 4.375 | (a)(b) | | 06/15/2056 | | | 1,486,651 | |
| | Port of Greater Cincinnati Development Authority Ohio Tax Increment Financing RB Series 2024 (NR/NR) | |
| | | | | 1,190,000 | | | | 5.000 | | | 12/01/2044 | | | 1,236,407 | |
| | Port of Greater Cincinnati Development Authority RB Series 2021 (NR/NR) | |
| | | | | 390,000 | | | | 3.750 | (d) | | 12/01/2031 | | | 375,386 | |
| | Port of Greater Cincinnati Development Authority Special Obligation Development TIF RB, Series 2016B (NR/NR) | |
| | | | | 3,725,000 | | | | 5.000 | | | 12/01/2046 | | | 3,683,068 | |
| | State of Ohio Higher Educational Facilities Senior Lien Hospital Bonds Series 2020 (A3/NR) | |
| | | | | 1,140,000 | | | | 5.000 | | | 01/15/2037 | | | 1,233,152 | |
| | State of Ohio Higher Educational Facility RB for Capital University 2022 Project (NR/BBB-) | |
| | | | | 1,500,000 | | | | 5.750 | | | 09/01/2037 | | | 1,590,296 | |
| | | | | 1,500,000 | | | | 6.000 | | | 09/01/2042 | | | 1,581,552 | |
| | State of Ohio Hospital RB, Series 2020 Premier Health Partners Obligated Group (Baa1/NR) | |
| | | | | 1,270,000 | | | | 4.000 | | | 11/15/2041 | | | 1,190,460 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | 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 | | $ | 3,527,868 | |
| | | | | 960,000 | | | | 4.000 | | | 01/01/2041 | | | 956,690 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 230,493,705 | |
| | | |
| |
| | Oklahoma - 0.4% | |
| |
| | City of Tulsa GO Bonds Series 2021 (Aa1/AA) | |
| | | | | 3,800,000 | | | | 2.000 | | | 11/01/2029 | | | 3,552,578 | |
| | Norman Regional Hospital Authority RB Norman Regional Hospital Authority Obligated Group Series 2019 (Ba1/BBB-) | |
| | | | | 925,000 | | | | 4.000 | | | 09/01/2045 | | | 789,144 | |
| | Oklahoma Capitol Improvement Authority State Facilities Refunding RB Series 2024A (NR/AA-) | |
| | | | | 3,300,000 | | | | 5.000 | | | 07/01/2026 | | | 3,436,097 | |
| | | | | 3,400,000 | | | | 5.000 | | | 07/01/2027 | | | 3,627,250 | |
| | Oklahoma Capitol Improvement Authority State Facilities Refunding RB Series 2024B (NR/AA-) | |
| | | | | 650,000 | | | | 5.000 | | | 07/01/2026 | | | 676,807 | |
| | | | | 500,000 | | | | 5.000 | | | 07/01/2027 | | | 533,419 | |
| | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (Ba3/BB) | |
| | | | | 2,125,000 | | | | 5.000 | | | 08/15/2029 | | | 2,233,615 | |
| | | | | 5,400,000 | | | | 5.500 | | | 08/15/2057 | | | 5,572,260 | |
| | 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 | | | 3,441,183 | |
| | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018B (Ba3/BB) | |
| | | | | 2,725,000 | | | | 5.500 | | | 08/15/2052 | | | 2,818,930 | |
| | Oklahoma Housing Finance Agency Collateralized RB Pioneer Plaza Apartments, Series 2023A HUD SECT 8 FHA 221(D)(4) (Aaa/NR) | |
| | | | | 775,000 | | | | 4.000 | (a)(b) | | 06/01/2028 | | | 777,225 | |
| | Oklahoma Turnpike Authority Oklahoma Turnpike System Second Senior RB Series 2023 (Aa3/AA-) | |
| | | | | 4,000,000 | | | | 5.500 | | | 01/01/2053 | | | 4,447,922 | |
| | Payne County Economic Development Authority Educational Facilities Lease RB Stillwater Public Schools Project Series 2024 (BAM) (A2/AA) | |
| | | | | 2,105,000 | | | | 5.000 | | | 09/01/2026 | | | 2,191,105 | |
| | | | | 1,740,000 | | | | 5.000 | | | 09/01/2027 | | | 1,850,722 | |
| | Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (NR/B+) | |
| | | | | 1,785,000 | | | | 5.000 | (a)(b) | | 06/01/2035 | | | 1,798,569 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 37,746,826 | |
| | | |
| |
| | Oregon - 0.4% | |
| |
| | City of Portland, Oregon Second Lien Sewer System Revenue and Refunding Bonds, 2023 Series A (Aa2/AA) | |
| | | | | 5,500,000 | | | | 5.000 | | | 12/01/2035 | | | 6,385,798 | |
| | 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 | | | 243,808 | |
| | | | | 120,000 | | | | 5.250 | | | 11/15/2050 | | | 120,809 | |
| | Forest Grove Oregon Student Housing RB Refunding for Oak Tree Foundation Project Series 2017 (NR/BBB) | |
| | | | | 1,385,000 | | | | 3.500 | | | 03/01/2029 | | | 1,347,053 | |
| | | | | 1,540,000 | | | | 3.750 | | | 03/01/2032 | | | 1,460,083 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 69 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Oregon – (continued) | |
| |
| | 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 | | $ | 1,970,331 | |
| | Oregon State Facilities Authority RB Refunding for Reed College Project Series 2017 A (WR/NR) | |
| | | | | 8,895,000 | | | | 5.000 | (e) | | 07/01/2027 | | | 9,490,628 | |
| | 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 | | | 559,705 | |
| | | | | 225,000 | | | | 5.000 | | | 10/01/2035 | | | 238,725 | |
| | Port of Portland International Airport RB Series 28 (NR/AA-) | |
| | | | | 2,145,000 | | | | 4.000 | | | 07/01/2047 | | | 2,084,299 | |
| | Port of Portland RB for International Airport Series 2019 25-B (NR/AA-) | |
| | | | | 2,365,000 | | | | 5.000 | | | 07/01/2033 | | | 2,516,285 | |
| | | | | 1,000,000 | | | | 5.000 | | | 07/01/2034 | | | 1,062,344 | |
| | | | | 1,000,000 | | | | 5.000 | | | 07/01/2035 | | | 1,060,145 | |
| | State of Oregon GO Refunding Bonds for Higher Education Series 2021 H (Aa1/AA+) | |
| | | | | 1,175,000 | | | | 1.250 | | | 08/01/2027 | | | 1,113,453 | |
| | | | | 860,000 | | | | 1.375 | | | 08/01/2028 | | | 801,801 | |
| | | | | 875,000 | | | | 1.500 | | | 08/01/2029 | | | 805,746 | |
| | 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 | | | 4,849,252 | |
| | Warm Springs Reservation Confederated Tribe Hydroelectric RB Refunding for Pelton-Round Butte Project Series 2019 B (A3/NR) | |
| | | | | 190,000 | | | | 5.000 | (d) | | 11/01/2034 | | | 208,060 | |
| | | | | 500,000 | | | | 5.000 | (d) | | 11/01/2036 | | | 544,947 | |
| | Washington County School District No. 1 GO Bonds Series 2017 (SCH BD GTY) (Aa1/NR) | |
| | | | | 4,155,000 | | | | 5.000 | | | 06/15/2029 | | | 4,429,080 | |
| | Yamhill County Hospital Authority Revenue and Refunding Tax Exempt Bonds Series 2021A (NR/NR) | |
| | | | | 1,625,000 | | | | 5.000 | | | 11/15/2051 | | | 1,419,907 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 42,712,259 | |
| | | |
| |
| | Pennsylvania - 3.2% | |
| |
| | 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 | | | 926,854 | |
| | Allegheny County Higher Education Building Authority University Revenue Refunding Bonds Series 2022 (NR/BBB-) | |
| | | | | 1,000,000 | | | | 5.250 | | | 09/01/2035 | | | 991,331 | |
| | Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A USD (NR/A) | |
| | | | | 18,400,000 | | | | 4.000 | | | 04/01/2044 | | | 17,677,401 | |
| | 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 | | | 5,470,902 | |
| | Allegheny County Hospital Development Authority UPMC RB Series 2019A (A2/A) | |
| | | | | 6,230,000 | | | | 4.000 | | | 07/15/2038 | | | 6,292,894 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Pennsylvania – (continued) | |
| |
| | Allegheny County Industrial Development Authority RB Refunding for United States Steel Corp. Project Series 2019 (B1/BB-) | |
| | $ | | | 1,850,000 | | | | 4.875 | % | | 11/01/2024 | | $ | 1,851,853 | |
| | | | | 2,750,000 | | | | 5.125 | | | 05/01/2030 | | | 3,001,563 | |
| | Allentown Neighborhood Improvement Zone Development Authority RB Refunding Series 2022 (Baa3/NR) | |
| | | | | 75,000 | | | | 5.000 | | | 05/01/2026 | | | 77,133 | |
| | | | | 525,000 | | | | 5.000 | | | 05/01/2027 | | | 549,039 | |
| | | | | 700,000 | | | | 5.000 | | | 05/01/2029 | | | 751,830 | |
| | | | | 750,000 | | | | 5.000 | | | 05/01/2030 | | | 812,811 | |
| | | | | 750,000 | | | | 5.000 | | | 05/01/2031 | | | 818,215 | |
| | Allentown Neighborhood Improvement Zone Development Authority Senior Tax RB for Waterfront - 30 E. Allen Street Project Series 2024A (NR/NR) | |
| | | | | 800,000 | | | | 5.250 | (d) | | 05/01/2032 | | | 840,760 | |
| | Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2017 (Ba3/NR) | |
| | | | | 1,380,000 | | | | 5.000 | (d) | | 05/01/2027 | | | 1,426,788 | |
| | | | | 1,600,000 | | | | 5.000 | (d) | | 05/01/2032 | | | 1,633,473 | |
| | Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2018 (Ba3/NR) | |
| | | | | 800,000 | | | | 5.000 | (d) | | 05/01/2028 | | | 829,678 | |
| | Allentown Neighborhood Improvement Zone Development Authority Tax Revenue Refunding Bonds Series 2022 (Baa3/NR) | |
| | | | | 500,000 | | | | 5.000 | | | 05/01/2025 | | | 504,589 | |
| | | | | 900,000 | | | | 5.000 | | | 05/01/2033 | | | 985,835 | |
| | | | | 1,000,000 | | | | 5.000 | | | 05/01/2034 | | | 1,091,753 | |
| | | | | 900,000 | | | | 5.000 | | | 05/01/2035 | | | 979,339 | |
| | | | | 1,000,000 | | | | 5.000 | | | 05/01/2036 | | | 1,082,784 | |
| | Allentown Neighborhood Improvement Zone Development Authority Tax Revenue Refunding Bonds Series 2022 forward Delivery (Baa3/NR) | |
| | | | | 750,000 | | | | 5.000 | | | 05/01/2032 | | | 823,375 | |
| | Bethel Park School District Allegheny County Pennsylvania GO Limited Tax Bonds Series of 2024 (ST AID WITHHLDG) (Aa2/NR) | |
| | | | | 695,000 | | | | 5.000 | (c) | | 08/01/2039 | | | 795,244 | |
| | | | | 1,090,000 | | | | 5.000 | (c) | | 08/01/2040 | | | 1,239,702 | |
| | | | | 1,550,000 | | | | 5.000 | (c) | | 08/01/2041 | | | 1,750,778 | |
| | | | | 2,125,000 | | | | 5.000 | (c) | | 08/01/2043 | | | 2,375,700 | |
| | | | | 1,695,000 | | | | 5.000 | (c) | | 08/01/2044 | | | 1,883,934 | |
| | Bucks County Industrial Development Authority RB for Grand View Hospital and Sellersville PA Obligated Group Series 2021 (NR/BB-) | |
| | | | | 325,000 | | | | 5.000 | | | 07/01/2025 | | | 323,945 | |
| | | | | 420,000 | | | | 5.000 | | | 07/01/2026 | | | 422,194 | |
| | | | | 425,000 | | | | 5.000 | | | 07/01/2027 | | | 435,185 | |
| | | | | 450,000 | | | | 5.000 | | | 07/01/2028 | | | 464,445 | |
| | | | | 475,000 | | | | 5.000 | | | 07/01/2029 | | | 493,645 | |
| | | | | 650,000 | | | | 5.000 | | | 07/01/2030 | | | 677,411 | |
| | Bucks County Industrial Development Authority RB Refunding for Pennswood Village Obligated Group Series 2018 A (NR/NR) | |
| | | | | 100,000 | | | | 5.000 | | | 10/01/2030 | | | 103,120 | |
| | | | | 350,000 | | | | 5.000 | | | 10/01/2031 | | | 360,922 | |
| | | | | 410,000 | | | | 5.000 | | | 10/01/2033 | | | 422,773 | |
| | |
| 70 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Pennsylvania – (continued) | |
| |
| | Chester County IDA RB for Collegium Charter School Project Series 2022 (NR/BB) | |
| | $ | | | 900,000 | | | | 6.000 | %(d) | | 10/15/2052 | | $ | 950,956 | |
| | Chester County IDA RB Series 2021 (Aa2/NR) | |
| | | | | 10,000,000 | | | | 4.000 | | | 12/01/2046 | | | 9,901,116 | |
| | City of Erie Higher Education Building Authority RB for Gannon University Series 2021 (Baa2/BBB+) | |
| | | | | 500,000 | | | | 4.000 | | | 05/01/2036 | | | 479,261 | |
| | | | | 595,000 | | | | 4.000 | | | 05/01/2041 | | | 537,072 | |
| | | | | 380,000 | | | | 5.000 | | | 05/01/2047 | | | 378,955 | |
| | City of Wilkes-Barre Finance Authority University Revenue Refunding Bonds Series 2021 (NR/BBB-) | |
| | | | | 2,075,000 | | | | 4.000 | | | 03/01/2042 | | | 1,781,558 | |
| | Coatesville School District GO Refunding Bonds Series 2017 (AGM ST AID WITHHLDG) (A1/AA) | |
| | | | | 1,000,000 | | | | 5.000 | | | 08/01/2025 | | | 1,016,435 | |
| | Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (AGM) (A1/AA) | |
| | | | | 21,580,000 | | | | 4.000 | | | 06/01/2039 | | | 21,733,421 | |
| | Commonwealth of Pennsylvania COPS Series 2018 A (A2/A) | |
| | | | | 1,250,000 | | | | 4.000 | | | 07/01/2046 | | | 1,219,740 | |
| | Commonwealth of Pennsylvania GO Bonds 1st Series 2015 (Aa3/A+) | |
| | | | | 6,500,000 | | | | 5.000 | | | 03/15/2033 | | | 6,556,271 | |
| | Dauphin County General Authority RB for The Harrisburg University of Science & Technology Series 2020 (NR/BB-) | |
| | | | | 2,000,000 | | | | 5.875 | (d) | | 10/15/2040 | | | 1,646,242 | |
| | | | | 6,375,000 | | | | 6.250 | (d) | | 10/15/2053 | | | 4,990,460 | |
| | Dauphin County General Authority University RB for Harrisburg University of Science & Technology Project Series 2017 (NR/BB-) | |
| | | | | 950,000 | | | | 5.000 | (d) | | 10/15/2034 | | | 795,780 | |
| | Delaware County Authority RB for Villanova University Series 2015 (Aa3/AA-) | |
| | | | | 1,120,000 | | | | 5.000 | | | 08/01/2040 | | | 1,133,763 | |
| | Doylestown Hospital Authority Commonwealth of Pennsylvania Doylestown Hospital RB Series 2024 (NR/NR) | |
| | | | | 1,400,000 | | | | 5.000 | (d) | | 07/01/2031 | | | 1,494,109 | |
| | Franklin County Industrial Development Authority RB Refunding for Menno-Haven, Inc. Obligated Group Series 2018 (NR/NR) | |
| | | | | 750,000 | | | | 5.000 | | | 12/01/2038 | | | 759,106 | |
| | Geisinger Authority Health System RB for Geisinger Health System Series 2007 (WR/AA-) (3M USD LIBOR + 0.77%) | |
| | | | | 15,800,000 | | | | 4.461 | (f) | | 05/01/2037 | | | 14,909,703 | |
| | General Authority of Southcentral Pennsylvania RB Refunding WellSpan Health Obligation Group Series 2019 A (Aa3/NR) | |
| | | | | 725,000 | | | | 4.000 | | | 06/01/2044 | | | 717,877 | |
| | 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 | | | 845,391 | |
| | Lancaster Municipal Authority Healthcare Facilities RB for Garden Spot Village Project Series A of 2024 (NR/NR) | |
| | | | | 900,000 | | | | 5.000 | | | 05/01/2049 | | | 948,879 | |
| | Latrobe Industrial Development Authority RB Refunding for Seton Hill University Series 2021 (NR/BBB-) | |
| | | | | 150,000 | | | | 5.000 | | | 03/01/2025 | | | 150,300 | |
| | | | | 185,000 | | | | 5.000 | | | 03/01/2026 | | | 187,175 | |
| | | | | 150,000 | | | | 5.000 | | | 03/01/2027 | | | 154,201 | |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Pennsylvania – (continued) | |
| |
| | Latrobe Industrial Development Authority RB Refunding for Seton Hill University Series 2021 (NR/BBB-) – (continued) | |
| | $ | | | 135,000 | | | | 5.000 | % | | 03/01/2028 | | $ | 140,133 | |
| | | | | 160,000 | | | | 5.000 | | | 03/01/2029 | | | 167,378 | |
| | Latrobe Industrial Development Authority University RB Refunding for Seton Hill University Series 2021 (NR/BBB-) | |
| | | | | 175,000 | | | | 5.000 | | | 03/01/2031 | | | 184,089 | |
| | | | | 300,000 | | | | 5.000 | | | 03/01/2033 | | | 312,827 | |
| | Lincoln University of The Commonwealth System of Higher Education RB Refunding Tax Exempt Social Bonds 2023 Series A (Baa3/NR) | |
| | | | | 3,240,000 | | | | 5.250 | | | 07/01/2044 | | | 3,253,836 | |
| | 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 | | | 1,008,110 | |
| | | | | 550,000 | | | | 4.000 | | | 09/01/2038 | | | 552,917 | |
| | | | | 1,000,000 | | | | 4.000 | | | 09/01/2039 | | | 1,001,169 | |
| | Montgomery County IDA Exempt Facilities Revenue Refunding Bonds 2023 Series A (Baa1/BBB+) (PUTABLE) | |
| | | | | 2,250,000 | | | | 4.100 | (a)(b) | | 04/01/2053 | | | 2,312,189 | |
| | Montgomery County IDA Exempt Facilities Revenue Refunding Bonds 2023 Series B (Baa1/BBB+) | |
| | | | | 1,645,000 | | | | 4.100 | | | 06/01/2029 | | | 1,708,150 | |
| | Montgomery County IDA Exempt Facilities Revenue Refunding Bonds 2023 Series C (Baa1/BBB+) (PUTABLE) | |
| | | | | 2,665,000 | | | | 4.450 | (a)(b) | | 10/01/2034 | | | 2,742,055 | |
| | 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 | | | 1,079,697 | |
| | Montgomery County Industrial Development Authority RB ACTS Retirement-Life Communities, Inc. Obligated Group Series 2020 C (NR/NR) | |
| | | | | 600,000 | | | | 4.000 | | | 11/15/2043 | | | 592,705 | |
| | Montgomery County Industrial Development Authority RB Refunding for The Public School of Germantown Series 2021 A (NR/BBB+) | |
| | | | | 400,000 | | | | 4.000 | | | 10/01/2036 | | | 388,760 | |
| | | | | 400,000 | | | | 4.000 | | | 10/01/2041 | | | 370,496 | |
| | Northampton County General Purpose Authority Hospital RB Series 2016A (A3/A-) | |
| | | | | 24,840,000 | | | | 5.000 | | | 08/15/2046 | | | 25,062,976 | |
| | 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 | | | 980,044 | |
| | Pennsylvania Economic Development Financing Authority RB for Presbyterian Senior Living Project Series 2021 (NR/NR) | |
| | | | | 1,600,000 | | | | 4.000 | | | 07/01/2030 | | | 1,640,052 | |
| | | | | 1,900,000 | | | | 4.000 | | | 07/01/2033 | | | 1,945,644 | |
| | Pennsylvania Economic Development Financing Authority RB for Presbyterian Senior Living Series 2023B-2 (NR/NR) | |
| | | | | 4,140,000 | | | | 5.000 | | | 07/01/2038 | | | 4,479,589 | |
| | Pennsylvania Economic Development Financing Authority RB for The Pennsylvania Rapid Bridge Replacement Project Series 2015 (NR/BBB) | |
| | | | | 750,000 | | | | 5.000 | | | 06/30/2042 | | | 759,199 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 71 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Pennsylvania – (continued) | |
| |
| | Pennsylvania Economic Development Financing Authority RB Refunding for American Water Co. Project Series 2019 (A1/A+) | |
| | $ | | | 8,250,000 | | | | 3.000 | % | | 04/01/2039 | | $ | 7,383,093 | |
| | Pennsylvania Economic Development Financing Authority RB Refunding for Presbyterian Homes Obligated Group Series 2021 (NR/NR) | |
| | | | | 1,800,000 | | | | 4.000 | | | 07/01/2041 | | | 1,800,529 | |
| | Pennsylvania Economic Development Financing Authority RB Refunding for UPMC Obligated Group Series 2021 A (A2/A) | |
| | | | | 1,200,000 | | | | 4.000 | | | 10/15/2040 | | | 1,207,160 | |
| | 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 | | | 10,108,780 | |
| | 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 | | | 5,713,011 | |
| | Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (AGM) (A1/AA) | |
| | | | | 5,000,000 | | | | 5.000 | | | 12/31/2057 | | | 5,259,331 | |
| | Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (Baa2/NR) | |
| | | | | 6,650,000 | | | | 5.750 | | | 06/30/2048 | | | 7,414,948 | |
| | | | | 1,350,000 | | | | 5.250 | | | 06/30/2053 | | | 1,427,429 | |
| | | | | 10,000,000 | | | | 6.000 | | | 06/30/2061 | | | 11,300,656 | |
| | Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Rapid Bridge Replacement Project Series 2015 (NR/BBB) | |
| | | | | 1,800,000 | | | | 5.000 | | | 12/31/2024 | | | 1,802,877 | |
| | Pennsylvania Economic Development Financing Authority UPMC RB Series 2021A (A2/A) | |
| | | | | 1,220,000 | | | | 4.000 | | | 10/15/2037 | | | 1,251,762 | |
| | Pennsylvania Economic Development Financing Authority UPMC RB, Series 2020A (A2/A) | |
| | | | | 2,200,000 | | | | 4.000 | | | 04/15/2036 | | | 2,261,089 | |
| | Pennsylvania Higher Educational Facilities Authority Duquesne University of the Holy Spirit RB Series 2019 A (A2/A) | |
| | | | | 350,000 | | | | 4.000 | | | 03/01/2037 | | | 356,987 | |
| | | | | 675,000 | | | | 5.000 | | | 03/01/2038 | | | 717,847 | |
| | | | | 500,000 | | | | 5.000 | | | 03/01/2039 | | | 529,461 | |
| | Pennsylvania Higher Educational Facilities Authority RB for Foundation for Indiana University of Pennsylvania Series 2007 A (AGC) (WR/AA) (3M USD LIBOR + 0.60%) | |
| | | | | 580,000 | | | | 4.347 | (f) | | 07/01/2027 | | | 574,685 | |
| | Pennsylvania Turnpike Commission Oil Franchise Tax Subordinated RB Series 2018 B (A2/NR) | |
| | | | | 9,995,000 | | | | 5.250 | | | 12/01/2048 | | | 10,549,778 | |
| | Pennsylvania Turnpike Commission RB Series 2018 A (Aa3/NR) | |
| | | | | 23,255,000 | | | | 5.250 | | | 12/01/2044 | | | 24,836,942 | |
| | Pennsylvania Turnpike Commission RB Series 2019 A (A2/NR) | |
| | | | | 4,250,000 | | | | 5.000 | | | 12/01/2036 | | | 4,618,621 | |
| | | | | 4,275,000 | | | | 5.000 | | | 12/01/2038 | | | 4,643,651 | |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Pennsylvania – (continued) | |
| |
| | Pennsylvania Turnpike Commission Registration Fee Revenue Refunding Bonds Series of 2023 (A1/AA-) (SIFMA Municipal Swap Index Yield + 0.85%) | |
| | $ | | | 2,075,000 | | | | 4.000 | %(a)(f) | | 07/15/2041 | | $ | 2,075,492 | |
| | Philadelphia Airport Revenue and Refunding Bonds Series 2021 (A2/NR) | |
| | | | | 5,750,000 | | | | 5.000 | | | 07/01/2026 | | | 5,928,678 | |
| | 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 | | | 660,650 | |
| | Philadelphia Authority for Industrial Development RB for Independence Charter School Series 2019 (NR/NR) | |
| | | | | 345,000 | | | | 4.000 | | | 06/15/2029 | | | 338,087 | |
| | | | | 1,000,000 | | | | 5.000 | | | 06/15/2039 | | | 1,000,463 | |
| | Philadelphia Authority for Industrial Development RB for MaST Community Charter School II Series 2020 A (NR/BBB-) | |
| | | | | 435,000 | | | | 5.000 | | | 08/01/2030 | | | 452,389 | |
| | | | | 290,000 | | | | 5.000 | | | 08/01/2040 | | | 298,189 | |
| | Philadelphia Authority for Industrial Development RB Refunding for Philadelphia Performing Arts Charter School Series 2020 (NR/BB+) | |
| | | | | 900,000 | | | | 5.000 | (d) | | 06/15/2040 | | | 917,545 | |
| | Philadelphia Authority for Industrial Development Tacony Charter School Project Social Bond RB Series 2023 (NR/BB+) | |
| | | | | 1,400,000 | | | | 5.000 | (d) | | 06/15/2033 | | | 1,457,587 | |
| | Philadelphia Hospitals and Higher Education Facilities Authority RB Refunding for Temple University Health System Obligation Group Series 2017 (Baa3/BBB) | |
| | | | | 2,310,000 | | | | 5.000 | | | 07/01/2028 | | | 2,383,610 | |
| | Philadelphia IDA University RB for St. Joseph’s University Project Series 2022 (NR/A-) | |
| | | | | 2,500,000 | | | | 5.250 | | | 11/01/2052 | | | 2,723,591 | |
| | Philadelphia School District GO Bonds Series 2015 A (ST AID WITHHLDG) (A1/NR) | |
| | | | | 2,415,000 | | | | 5.000 | | | 09/01/2027 | | | 2,458,151 | |
| | Pittsburgh Water & Sewer Authority First Lien RB Series 2019 A (AGM) (A1/AA) | |
| | | | | 1,000,000 | | | | 5.000 | | | 09/01/2034 | | | 1,095,161 | |
| | | | | 1,720,000 | | | | 5.000 | | | 09/01/2035 | | | 1,881,846 | |
| | | | | 1,285,000 | | | | 5.000 | | | 09/01/2036 | | | 1,403,441 | |
| | | | | 2,000,000 | | | | 5.000 | | | 09/01/2037 | | | 2,173,778 | |
| | Pittsburgh Water & Sewer Authority Subordinate RB Refunding Series 2019 B (AGM) (NR/AA) | |
| | | | | 2,500,000 | | | | 4.000 | | | 09/01/2034 | | | 2,577,044 | |
| | Scranton Redevelopment Authority RB Refunding for Guaranteed Lease Series 2016 A (MUN GOVT GTD) (NR/BBB+) | |
| | | | | 335,000 | | | | 5.000 | | | 11/15/2028 | | | 335,189 | |
| | Susquehanna Area Regional Airport Authority RB Refunding for Airport System Series 2017 (Baa3/NR) | |
| | | | | 1,100,000 | | | | 5.000 | | | 01/01/2035 | | | 1,125,298 | |
| | The Berks County Municipal Authority RB for Alvernia University Project Series 2020 (NR/BB+) | |
| | | | | 750,000 | | | | 4.000 | | | 10/01/2029 | | | 727,419 | |
| | | | | 425,000 | | | | 5.000 | | | 10/01/2039 | | | 415,789 | |
| | The Berks County Municipal Authority RB for Tower Health Project Series 2024 A-4 (NR/CC) | |
| | | | | 4,291,000 | | | | 7.000 | | | 06/30/2039 | | | 3,905,098 | |
| | |
| 72 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Pennsylvania – (continued) | |
| |
| | The Berks County Municipal Authority RB for Tower Health Project Series 2024 B-1 (NR/NR) | |
| | $ | | | 3,083,000 | | | | 0.000 | %(i) | | 06/30/2044 | | $ | 1,965,595 | |
| | The Berks County Municipal Authority RB for Tower Health Project Series 2024 B-2 (NR/CC) | |
| | | | | 2,256,000 | | | | 0.000 | (i) | | 06/30/2044 | | | 1,172,425 | |
| | The Berks County Municipal Authority RB for Tower Health Project Series 2024A-1 (NR/NR) | |
| | | | | 1,509,000 | | | | 8.000 | | | 06/30/2034 | | | 1,542,733 | |
| | The Berks County Municipal Authority RB for Tower Health Project Series 2024A-2 (NR/NR) | |
| | | | | 748,000 | | | | 6.000 | | | 06/30/2034 | | | 812,773 | |
| | The Berks County Municipal Authority RB for Tower Health Project Series 2024A-3 (NR/NR) | |
| | | | | 6,171,000 | | | | 5.000 | | | 06/30/2039 | | | 6,109,297 | |
| | The Berks County Municipal Authority RB for Tower Health Project Series 2024B-1 (NR/NR) | |
| | | | | 75,000 | | | | 8.000 | | | 06/30/2034 | | | 74,999 | |
| | The Berks County Municipal Authority RB for Tower Health Project Series 2024B-2 (NR/NR) | |
| | | | | 38,000 | | | | 6.000 | | | 06/30/2034 | | | 41,291 | |
| | The Hospitals and Higher Education Facilities Authority of Philadelphia Hospital RB (Temple University Health System Obligated Group) Series 2017 (Baa3/BBB) | |
| | | | | 3,190,000 | | | | 5.000 | | | 07/01/2027 | | | 3,305,966 | |
| | Upper Dauphin IDA RB for Pennsylvania Steam Academy Charter School Project Series 2022B (NR/NR) | |
| | | | | 200,000 | | | | 6.000 | (d) | | 07/01/2029 | | | 199,937 | |
| | Westmoreland County Industrial Development Authority RB Refunding for Excela Health Obligated Group Series 2020 A (Baa3/NR) | |
| | | | | 490,000 | | | | 5.000 | | | 07/01/2030 | | | 514,240 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 340,971,372 | |
| | | |
| | Puerto Rico - 5.7% | |
| |
| | GDB Debt Recovery Authority Bonds (NR/NR) | |
| | | | | 6,857,248 | | | | 7.500 | | | 08/20/2040 | | | 6,668,674 | |
| | HTA Trust Certificates Class L-2028 Units (NR/NR) | |
| | | | | 1,287,868 | | | | 5.250 | | | 07/01/2038 | | | 1,288,225 | |
| | Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2020A (NR/NR) | |
| | | | | 16,475,000 | | | | 5.000 | (d) | | 07/01/2035 | | | 17,290,529 | |
| | Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2022A (NR/NR) | |
| | | | | 5,580,000 | | | | 5.000 | (d) | | 07/01/2037 | | | 5,925,951 | |
| | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR) | |
| | | | | 20,865,000 | | | | 5.000 | (d) | | 07/01/2047 | | | 21,350,950 | |
| | Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Refunding Bonds 2021 B (NR/NR) | |
| | | | | 900,000 | | | | 5.000 | (d) | | 07/01/2037 | | | 949,530 | |
| | Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2021B (NR/NR) | |
| | | | | 9,700,000 | | | | 4.000 | (d) | | 07/01/2042 | | | 9,299,374 | |
| | Puerto Rico Commonwealth GO Bonds (NR/NR) | |
| | | | | 19,472,866 | | | | 0.000 | (b)(i)(j) | | 11/01/2043 | | | 12,535,657 | |
| | Puerto Rico Commonwealth GO Clawback Bonds (NR/NR) | |
| | | | | 8,810,823 | | | | 0.000 | (b)(i)(j) | | 11/01/2051 | | | 4,812,912 | |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Puerto Rico – (continued) | |
| |
| | Puerto Rico Commonwealth GO Clawback CVIs (NR/NR) | |
| | $ | | | 12,461,820 | | | | 0.000 | %(b)(i)(j) | | 11/01/2051 | | $ | 8,146,915 | |
| | Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR/NR) | |
| | | | | 2,146,973 | | | | 5.375 | | | 07/01/2025 | | | 2,159,493 | |
| | | | | 1,750,000 | | | | 5.625 | | | 07/01/2027 | | | 1,827,076 | |
| | | | | 10,915,508 | | | | 5.625 | | | 07/01/2029 | | | 11,786,413 | |
| | | | | 13,899,948 | | | | 5.750 | | | 07/01/2031 | | | 15,455,858 | |
| | | | | 19,245,062 | | | | 0.000 | (g) | | 07/01/2033 | | | 13,062,332 | |
| | | | | 4,598,951 | | | | 4.000 | | | 07/01/2033 | | | 4,602,881 | |
| | | | | 3,601,382 | | | | 4.000 | | | 07/01/2035 | | | 3,593,515 | |
| | | | | 7,727,039 | | | | 4.000 | | | 07/01/2037 | | | 7,667,532 | |
| | | | | 12,189,086 | | | | 4.000 | | | 07/01/2041 | | | 11,776,173 | |
| | | | | 15,453,596 | | | | 4.000 | | | 07/01/2046 | | | 14,577,515 | |
| | Puerto Rico Electric Power Authority Power RB Series 2012A (WR/NR) | |
| | | | | 5,465,000 | | | | 5.000 | * | | 07/01/2042 | | | 2,937,438 | |
| | Puerto Rico Electric Power Authority Power RB Series 2013A (WR/NR) | |
| | | | | 1,350,000 | | | | 7.000 | * | | 07/01/2033 | | | 725,625 | |
| | | | | 11,365,000 | | | | 6.750 | * | | 07/01/2036 | | | 6,108,688 | |
| | Puerto Rico Electric Power Authority Power RB Series 4 (NR/NR) | |
| | | | | 196,972 | | | | 10.000 | * | | 07/01/2022 | | | 105,872 | |
| | Puerto Rico Electric Power Authority Power RB Series AAA (WR/NR) | |
| | | | | 1,050,000 | | | | 5.250 | * | | 07/01/2031 | | | 564,375 | |
| | Puerto Rico Electric Power Authority Power RB Series CCC (WR/NR) | |
| | | | | 4,075,000 | | | | 5.250 | * | | 07/01/2026 | | | 2,190,312 | |
| | | | | 1,555,000 | | | | 5.000 | * | | 07/01/2028 | | | 835,813 | |
| | Puerto Rico Electric Power Authority Power RB Series E-1 (NR/NR) | |
| | | | | 590,915 | | | | 10.000 | * | | 01/01/2021 | | | 317,617 | |
| | Puerto Rico Electric Power Authority Power RB Series E-2 (NR/NR) | |
| | | | | 590,915 | | | | 10.000 | * | | 07/01/2021 | | | 317,617 | |
| | Puerto Rico Electric Power Authority Power RB Series E-3 (NR/NR) | |
| | | | | 196,972 | | | | 10.000 | * | | 01/01/2022 | | | 105,872 | |
| | Puerto Rico Electric Power Authority Power RB Series TT (WR/NR) | |
| | | | | 220,000 | | | | 5.000 | * | | 07/01/2025 | | | 118,250 | |
| | | | | 5,550,000 | | | | 5.000 | * | | 07/01/2032 | | | 2,983,125 | |
| | Puerto Rico Electric Power Authority Power RB Series VV (NATL) (NR/NR) | |
| | | | | 350,000 | | | | 5.250 | | | 07/01/2029 | | | 345,708 | |
| | | | | 215,000 | | | | 5.250 | | | 07/01/2030 | | | 212,220 | |
| | | | | 1,150,000 | | | | 5.250 | | | 07/01/2032 | | | 1,142,618 | |
| | Puerto Rico Electric Power Authority Power RB Series WW (WR/NR) | |
| | | | | 4,585,000 | | | | 5.500 | * | | 07/01/2038 | | | 2,464,438 | |
| | Puerto Rico Electric Power Authority Power RB Series XX (WR/NR) | |
| | | | | 17,660,000 | | | | 5.250 | * | | 07/01/2040 | | | 9,492,250 | |
| | Puerto Rico Electric Power Authority Power RB Series ZZ (WR/NR) | |
| | | | | 1,000,000 | | | | 5.250 | * | | 07/01/2019 | | | 537,500 | |
| | | | | 1,365,000 | | | | 5.250 | * | | 07/01/2026 | | | 733,688 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 73 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Puerto Rico – (continued) | |
| |
| | Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (A1/AA) (3M USD LIBOR + 0.52%) | |
| | $ | | | 21,915,000 | | | | 4.263 | %(f) | | 07/01/2029 | | $ | 21,103,040 | |
| | Puerto Rico Electric Power Authority RB Series TT (WR/NR) | |
| | | | | 3,250,000 | | | | 5.000 | * | | 07/01/2037 | | | 1,746,875 | |
| | 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 | | | 2,568,496 | |
| | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue Restructured Bonds Series 2019A-2B (NR/NR) | |
| | | | | 8,420,000 | | | | 4.550 | | | 07/01/2040 | | | 8,463,618 | |
| | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Restructured Bonds Series A-2 (NR/NR) | |
| | | | | 4,000,000 | | | | 4.329 | | | 07/01/2040 | | | 3,991,690 | |
| | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) | |
| | | | | 17,210,000 | | | | 0.000 | (g) | | 07/01/2027 | | | 15,558,998 | |
| | | | | 11,021,000 | | | | 0.000 | (g) | | 07/01/2029 | | | 9,225,958 | |
| | | | | 19,009,000 | | | | 0.000 | (g) | | 07/01/2031 | | | 14,660,490 | |
| | | | | 28,145,000 | | | | 0.000 | (g) | | 07/01/2033 | | | 19,913,578 | |
| | | | | 59,662,000 | | | | 0.000 | (g) | | 07/01/2046 | | | 20,137,703 | |
| | | | | 17,036,000 | | | | 0.000 | (g) | | 07/01/2051 | | | 4,178,711 | |
| | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR) | |
| | | | | 154,915,000 | | | | 4.329 | | | 07/01/2040 | | | 154,593,180 | |
| | | | | 143,000 | | | | 4.536 | | | 07/01/2053 | | | 141,504 | |
| | | | | 20,205,000 | | | | 4.784 | | | 07/01/2058 | | | 20,249,273 | |
| | Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) | |
| | | | | 30,664,000 | | | | 4.500 | | | 07/01/2034 | | | 30,720,741 | |
| | | | | 18,568,000 | | | | 4.750 | | | 07/01/2053 | | | 18,616,286 | |
| | | | | 41,312,000 | | | | 5.000 | | | 07/01/2058 | | | 41,719,968 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 594,606,640 | |
| | | |
| | Rhode Island - 0.4% | |
| |
| | Providence Public Buildings Authority Capital Improvement Program Projects RB 2024 Series A (AGC) (A1/AA) | |
| | | | | 1,100,000 | | | | 5.250 | | | 09/15/2042 | | | 1,233,931 | |
| | | | | 500,000 | | | | 5.250 | | | 09/15/2043 | | | 558,480 | |
| | | | | 1,000,000 | | | | 5.250 | | | 09/15/2044 | | | 1,113,891 | |
| | 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 | | | 3,963,407 | |
| | Rhode Island Health and Educational Building Corporation Hospital Financing RB Lifespan Obligated Group Issue Series 2024 (NR/BBB+) | |
| | | | | 3,500,000 | | | | 5.250 | | | 05/15/2049 | | | 3,798,683 | |
| | | | | 4,500,000 | | | | 5.250 | | | 05/15/2054 | | | 4,856,695 | |
| | 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 | | | 4,912,282 | |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Rhode Island – (continued) | |
| |
| | Rhode Island Health and Educational Building Corporation Public Schools RB Financing Program RB Series 2024 A (ST AID WITHHLDG) (NR/AA) | |
| | $ | | | 7,500,000 | | | | 5.000 | % | | 05/15/2049 | | $ | 8,140,029 | |
| | Rhode Island Housing & Mortgage Finance Corp. Homeownership Opportunity Bonds Series 78-A (Aa1/AA+) | |
| | | | | 4,970,000 | | | | 5.000 | | | 10/01/2042 | | | 5,282,844 | |
| | Rhode Island Housing & Mortgage Finance Corp. Homeownership Opportunity Bonds Series 82-A (NON-AMT) (GNMA COLL) (Aa1/AA+) | |
| | | | | 4,060,000 | | | | 4.450 | | | 10/01/2044 | | | 4,123,645 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 37,983,887 | |
| | | |
| | South Carolina - 0.8% | |
| |
| | City of Charleston Waterworks & Sewer System Capital Improvement RB Series 2022 (Aaa/AAA) | |
| | | | | 7,145,000 | | | | 5.000 | | | 01/01/2052 | | | 7,811,811 | |
| | Clemson University Athletic Facilities RB Series 2015 (Aa3/NR) | |
| | | | | 1,570,000 | | | | 4.000 | | | 05/01/2026 | | | 1,582,172 | |
| | Lexington County School District No. 1/SC GO Refunding Bonds Series 2019 A (SCSDE) (Aa1/AA) | |
| | | | | 2,495,000 | | | | 5.000 | | | 02/01/2031 | | | 2,711,053 | |
| | Lexington County School District No. 2 GO Bonds Series 2017 C (SCSDE) (Aa1/AA) | |
| | | | | 2,000,000 | | | | 5.000 | | | 03/01/2031 | | | 2,103,697 | |
| | | | | 1,615,000 | | | | 4.000 | | | 03/01/2032 | | | 1,645,661 | |
| | Richland County at Sandhill Improvement District Refunding Assessment RB Series 2021 (NR/NR) | |
| | | | | 610,000 | | | | 3.000 | (d) | | 11/01/2026 | | | 586,877 | |
| | | | | 900,000 | | | | 3.625 | (d) | | 11/01/2031 | | | 799,520 | |
| | | | | 1,170,000 | | | | 3.750 | (d) | | 11/01/2036 | | | 971,698 | |
| | South Carolina Economic Development Authority Educational Facilities Tax Exempt RB for Polaris Tech Charter School Project Series 2022A (NR/NR) | |
| | | | | 1,920,000 | | | | 5.125 | (d) | | 06/15/2042 | | | 1,916,107 | |
| | South Carolina Jobs-Economic Development Authority Economic Development RB Wofford College Project Series 2024 (NR/A-) | |
| | | | | 8,350,000 | | | | 5.000 | | | 04/01/2034 | | | 9,573,869 | |
| | South Carolina Jobs-Economic Development Authority Health Care Facilities RB Novant Health Obligated Group Series 2024A (A1/A+) | |
| | | | | 4,125,000 | | | | 4.000 | | | 11/01/2042 | | | 4,193,368 | |
| | | | | 4,125,000 | | | | 5.250 | | | 11/01/2043 | | | 4,684,505 | |
| | South Carolina Ports Authority RB Series 2018 (A1/A+) | |
| | | | | 3,750,000 | | | | 5.000 | | | 07/01/2037 | | | 3,923,710 | |
| | South Carolina Public Service Authority Revenue Obligations 2022 Tax Exempt Series E (A3/A-) | |
| | | | | 10,000,000 | | | | 5.750 | | | 12/01/2047 | | | 11,378,983 | |
| | 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 | | | 5,403,036 | |
| | South Carolina Public Service Authority Santee Cooper Revenue Obligations, Series 2014 Tax-Exempt Series A (A3/A-) | |
| | | | | 8,745,000 | | | | 5.500 | | | 12/01/2054 | | | 8,755,524 | |
| | South Carolina State Housing Finance and Development Authority Mortgage RB Series 2024 B (NON-AMT) (Aaa/NR) | |
| | | | | 5,500,000 | | | | 4.625 | | | 07/01/2054 | | | 5,586,524 | |
| | |
| 74 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | South Carolina – (continued) | |
| |
| | Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (A1/AA) | |
| | $ | | | 500,000 | | | | 5.000 | % | | 04/15/2032 | | $ | 548,468 | |
| | | | | 500,000 | | | | 5.000 | | | 04/15/2033 | | | 547,469 | |
| | | | | 500,000 | | | | 5.000 | | | 04/15/2034 | | | 546,553 | |
| | | | | 525,000 | | | | 5.000 | | | 04/15/2035 | | | 572,194 | |
| | | | | 600,000 | | | | 4.000 | | | 04/15/2036 | | | 613,316 | |
| | | | | 550,000 | | | | 4.000 | | | 04/15/2037 | | | 558,117 | |
| | | | | 525,000 | | | | 4.000 | | | 04/15/2038 | | | 531,372 | |
| | | | | 700,000 | | | | 4.000 | | | 04/15/2039 | | | 705,950 | |
| | | | | 750,000 | | | | 4.000 | | | 04/15/2040 | | | 753,759 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 79,005,313 | |
| | | |
| | 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 | | | 605,942 | |
| | | | | 1,200,000 | | | | 4.000 | | | 08/01/2051 | | | 1,046,029 | |
| | Rapid City Area School District No. 51-4 Limited Tax Capital Outlay GO Refunding Bonds Series 2017 B (ST AID WITHHLDG) (NR/AA+) | |
| | | | | 1,075,000 | | | | 5.000 | | | 01/01/2025 | | | 1,079,551 | |
| | | | | 730,000 | | | | 5.000 | | | 01/01/2026 | | | 751,218 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 3,482,740 | |
| | | |
| | Tennessee - 0.4% | |
| |
| | City of Johnson GO Refunding Bonds Series 2019 B (Aa2/NR) | |
| | | | | 1,225,000 | | | | 4.000 | | | 06/01/2037 | | | 1,255,206 | |
| | Greeneville Health & Educational Facilities Board RB for Ballad Health Obligated Group Series 2018 A (A3/A-) | |
| | | | | 1,800,000 | | | | 4.000 | | | 07/01/2040 | | | 1,769,628 | |
| | Health, Educational and Housing Facility Board of The County of Knox Student Housing RB Series 2024A-1 (Tax-Exempt) (BAM) (NR/AA) | |
| | | | | 1,000,000 | | | | 5.250 | | | 07/01/2049 | | | 1,083,641 | |
| | | | | 1,250,000 | | | | 5.500 | | | 07/01/2054 | | | 1,377,931 | |
| | Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board RB for Vanderbilt University Medical Center Series 2016 A (WR/A) | |
| | | | | 700,000 | | | | 5.000 | | | 07/01/2046 | | | 706,443 | |
| | Metropolitan Government Nashville & Davidson County Health & Educational Facilities RB Refunding for Trevecca Nazarene University Project Series 2019 (NR/NR) | |
| | | | | 20,000 | | | | 3.000 | | | 10/01/2024 | | | 20,000 | |
| | Metropolitan Nashville Airport Authority Airport Improvement RB Series 2022B (AMT) (A1/NR) | |
| | | | | 1,700,000 | | | | 5.000 | | | 07/01/2026 | | | 1,759,000 | |
| | Nashville Metropolitan Development & Housing Agency RB for Fifth+ Broadway Development Project Series 2018 (NR/NR) | |
| | | | | 455,000 | | | | 4.500 | (d) | | 06/01/2028 | | | 462,485 | |
| | Tennergy Corp. Gas Supply RB Series 2024 Sub-Series 2024A (Aa1/NR) | |
| | | | | 14,250,000 | | | | 5.000 | (a)(b) | | 10/01/2054 | | | 15,364,820 | |
| | Tennergy Corporation Gas Supply RB, Series 2019A (WR/NR) | |
| | | | | 9,465,000 | | | | 5.000 | (a)(b) | | 02/01/2050 | | | 9,465,000 | |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Tennessee – (continued) | |
| |
| | The Health and Educational Facilities Board of The Metropolitan Government of Nashville and Davidson County, Multifamily Housing RB Ben Allen Ridge Apartments Project Series 2022B (FNMA COLL) (Aaa/NR) (PUTABLE) | |
| | $ | | | 1,550,000 | | | | 3.850 | %(a)(b) | | 02/01/2048 | | $ | 1,564,081 | |
| | The Public Building Authority of Blount County Local Government Public Improvement Bonds Series D-3-A (Aa1/NR) | |
| | | | | 2,350,000 | | | | 3.900 | (a)(b) | | 06/01/2034 | | | 2,350,000 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 37,178,235 | |
| | | |
| | Texas - 9.5% | |
| |
| | Aldine independent School District Harris County Texas UT Refunding Bonds Series 2024A (PSF-GTD) (Aaa/AAA) | |
| | | | | 2,500,000 | | | | 3.000 | (c) | | 02/15/2042 | | | 2,264,980 | |
| | Arlington Higher Education Finance Corp. Education RB Basis Texas Charter Schools, Inc. Series 2024 (Ba2/NR) | |
| | | | | 925,000 | | | | 4.250 | (d) | | 06/15/2039 | | | 925,325 | |
| | | | | 830,000 | | | | 4.500 | (d) | | 06/15/2044 | | | 820,202 | |
| | | | | 915,000 | | | | 4.750 | (d) | | 06/15/2049 | | | 916,521 | |
| | Arlington Higher Education Finance Corp. Education RB Series 2022A (NR/NR) | |
| | | | | 1,425,000 | | | | 5.625 | | | 08/15/2052 | | | 1,388,481 | |
| | Arlington Higher Education Finance Corp. Great Hearts America - Texas Education RB Series 2024A (Baa3/NR) | |
| | | | | 1,050,000 | | | | 4.500 | | | 08/15/2039 | | | 1,055,647 | |
| | | | | 1,075,000 | | | | 4.750 | | | 08/15/2044 | | | 1,077,590 | |
| | | | | 750,000 | | | | 5.000 | | | 08/15/2049 | | | 753,330 | |
| | Arlington Higher Education Finance Corp. Harmony Public Schools Education RB Series 2024 (PSF-GTD) (NR/AAA) | |
| | | | | 8,000,000 | | | | 4.000 | | | 02/15/2049 | | | 7,935,642 | |
| | Arlington Higher Education Finance Corp. RB Refunding for Wayside Schools Series 2021 A (NR/BB) | |
| | | | | 205,000 | | | | 5.000 | | | 08/15/2025 | | | 206,508 | |
| | | | | 190,000 | | | | 5.000 | | | 08/15/2026 | | | 193,742 | |
| | | | | 200,000 | | | | 5.000 | | | 08/15/2027 | | | 206,045 | |
| | | | | 80,000 | | | | 5.000 | | | 08/15/2028 | | | 83,050 | |
| | | | | 160,000 | | | | 4.000 | | | 08/15/2029 | | | 160,246 | |
| | | | | 165,000 | | | | 4.000 | | | 08/15/2030 | | | 164,181 | |
| | | | | 180,000 | | | | 4.000 | | | 08/15/2031 | | | 177,809 | |
| | Arlington Independent School District UT School Building and Refunding Bonds Series 2023 (PSF-GTD) (Aaa/AAA) | |
| | | | | 1,970,000 | | | | 5.000 | | | 02/15/2025 | | | 1,983,654 | |
| | | | | 1,125,000 | | | | 5.000 | | | 02/15/2027 | | | 1,192,217 | |
| | Austin Community College District Limited Tax Bonds Series 2023 (Aa1/AA+) | |
| | | | | 3,750,000 | | | | 5.250 | | | 08/01/2053 | | | 4,169,222 | |
| | Austin Convention Enterprises, Inc. Convention Center Hotel First Tier RB Refunding Series 2017 A (NR/BB+) | |
| | | | | 1,355,000 | | | | 5.000 | | | 01/01/2029 | | | 1,383,380 | |
| | Austin Independent School District UT School Building Bonds Series 2023 (NON-PSF) (Aaa/NR) | |
| | | | | 5,670,000 | | | | 5.000 | | | 08/01/2043 | | | 6,296,739 | |
| | Bastrop County, Special Assessment RB, Series 2023 Double Eagle Ranch Public Improvement District Improvement Area 1 Project (NR/NR) | |
| | | | | 1,000,000 | | | | 5.250 | (d) | | 09/01/2043 | | | 1,029,106 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 75 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | 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) | |
| | $ | | | 3,075,000 | | | | 4.000 | %(a)(b) | | 02/01/2054 | | $ | 3,189,175 | |
| | Carrollton-Farmers Branch Independent School District UT School Building Bonds Series 2023 (PSF-GTD) (Aaa/AAA) | |
| | | | | 1,600,000 | | | | 5.000 | | | 02/15/2026 | | | 1,652,590 | |
| | | | | 1,925,000 | | | | 5.000 | | | 02/15/2027 | | | 2,039,100 | |
| | Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2020 A (A3/A+) | |
| | | | | 620,000 | | | | 5.000 | | | 01/01/2028 | | | 662,771 | |
| | | | | 650,000 | | | | 5.000 | | | 01/01/2029 | | | 707,585 | |
| | | | | 1,115,000 | | | | 5.000 | | | 01/01/2034 | | | 1,216,183 | |
| | | | | 610,000 | | | | 5.000 | | | 01/01/2036 | | | 661,685 | |
| | | | | 645,000 | | | | 5.000 | | | 01/01/2037 | | | 697,602 | |
| | | | | 675,000 | | | | 5.000 | | | 01/01/2038 | | | 728,813 | |
| | | | | 1,420,000 | | | | 5.000 | | | 01/01/2039 | | | 1,524,775 | |
| | Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2021D (A3/A+) | |
| | | | | 2,330,000 | | | | 3.000 | | | 01/01/2046 | | | 1,917,089 | |
| | Central Texas Regional Mobility Authority Senior Lien Revenue Refunding Bonds Series 2021D (A3/A+) | |
| | | | | 1,100,000 | | | | 4.000 | | | 01/01/2040 | | | 1,116,499 | |
| | 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 | | | 4,702,046 | |
| | 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 | | | 1,114,856 | |
| | City of Anna Special Assessment Bonds for Hurricane Creek Public Improvement District Project Series 2019 (NR/NR) | |
| | | | | 135,000 | | | | 5.750 | (d) | | 09/01/2029 | | | 139,347 | |
| | City of Anna Special Assessment Bonds for Sherley Tract Public Improvement District No. 2 Series 2021 (NR/NR) | |
| | | | | 195,000 | | | | 3.250 | (d) | | 09/15/2026 | | | 190,551 | |
| | City of Anna Special Assessment RB for Hurricane Creek Public Improvement District Project Series 2022 (NR/NR) | |
| | | | | 1,402,000 | | | | 5.750 | (d) | | 09/01/2042 | | | 1,449,061 | |
| | City of Anna Special Assessment RB for Meadow Vista Public Improvement District Improvement Area #1 Project Series 2024 (NR/NR) | |
| | | | | 305,000 | | | | 4.875 | (d) | | 09/15/2031 | | | 309,777 | |
| | | | | 400,000 | | | | 5.500 | (d) | | 09/15/2044 | | | 405,700 | |
| | City of Anna Special Assessment RB for Woods At Lindsey Place Public and District Improvement Area #1 Project Series 2023 (NR/NR) | |
| | | | | 781,000 | | | | 5.625 | (d) | | 09/15/2043 | | | 804,604 | |
| | City of Aubrey Special Assessment RB for Aubrey Public Improvement District No. 1 Project Series 2023 (NR/NR) | |
| | | | | 850,000 | | | | 5.000 | (d) | | 09/01/2030 | | | 866,176 | |
| | City of Aubrey Special Assessment RB for Jackson Ridge Public Improvement District Project Series 2022 (NR/NR) | |
| | | | | 776,000 | | | | 5.250 | (d) | | 09/01/2032 | | | 799,002 | |
| | City of Aubrey Special Assessment Revenue Refunding Bonds Series 2024 (Jackson Ridge Public Improvement District Phase #1 and Phase #2 Assessments) (BAM) (NR/AA) | |
| | | | | 1,350,000 | | | | 5.000 | | | 09/01/2037 | | | 1,518,568 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Texas – (continued) | |
| |
| | City of Aubrey Special Assessment Revenue Refunding Bonds Series 2024 (Jackson Ridge Public Improvement District Phase #1 and Phase #2 Assessments) (BAM) (NR/AA) – (continued) | |
| | $ | | | 1,250,000 | | | | 5.000 | % | | 09/01/2045 | | $ | 1,374,269 | |
| | City of Austin Airport System RB Series 2019B (AMT) (A1/A+) | |
| | | | | 4,000,000 | | | | 5.000 | | | 11/15/2031 | | | 4,306,077 | |
| | City of Austin Airport System RB Series 2022 (A1/A+) | |
| | | | | 7,435,000 | | | | 5.000 | | | 11/15/2052 | | | 7,858,123 | |
| | City of Austin RB for Airport System Series 2019 B (A1/A+) | |
| | | | | 1,980,000 | | | | 5.000 | | | 11/15/2032 | | | 2,127,094 | |
| | City of Austin Special Assessment RB for Estancia Hill Country Public Improvement District Series 2018 (NR/NR) | |
| | | | | 325,000 | | | | 4.500 | (d) | | 11/01/2024 | | | 324,856 | |
| | | | | 2,815,000 | | | | 4.000 | (d) | | 11/01/2028 | | | 2,796,089 | |
| | City of Austin Special Assessment RB for Whisper Valley Public Improvement District Project Series 2022 (NR/NR) | |
| | | | | 777,000 | | | | 5.375 | (d) | | 11/01/2042 | | | 798,992 | |
| | City of Austin Water & Wastewater System Revenue Refunding Bonds Series 2022 (Aa2/AA) | |
| | | | | 1,300,000 | | | | 5.000 | | | 11/15/2038 | | | 1,477,113 | |
| | | | | 2,250,000 | | | | 5.000 | | | 11/15/2039 | | | 2,539,140 | |
| | | | | 2,000,000 | | | | 5.000 | | | 11/15/2040 | | | 2,237,746 | |
| | City of Beaumont Waterworks and Sewer System RB Series 2024 (BAM) (A1/AA) | |
| | | | | 1,075,000 | | | | 5.000 | | | 09/01/2041 | | | 1,201,327 | |
| | | | | 750,000 | | | | 5.000 | | | 09/01/2042 | | | 834,678 | |
| | | | | 1,000,000 | | | | 5.000 | | | 09/01/2044 | | | 1,101,717 | |
| | City of Boyd Special Assessment RB, Series 2024 (City of Boyd Public Improvement District No. 1 Improvement Area #1 Project) (NR/NR) | |
| | | | | 1,405,000 | | | | 5.500 | (d) | | 09/15/2053 | | | 1,431,273 | |
| | City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2020 (NR/NR) | |
| | | | | 125,000 | | | | 2.500 | (d) | | 09/01/2025 | | | 122,993 | |
| | | | | 140,000 | | | | 3.125 | (d) | | 09/01/2030 | | | 131,594 | |
| | | | | 180,000 | | | | 3.250 | (d) | | 09/01/2030 | | | 168,682 | |
| | | | | 355,000 | | | | 4.000 | (d) | | 09/01/2040 | | | 326,241 | |
| | City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2021 (NR/NR) | |
| | | | | 88,000 | | | | 2.500 | (d) | | 09/01/2026 | | | 85,071 | |
| | | | | 158,000 | | | | 3.000 | (d) | | 09/01/2031 | | | 142,996 | |
| | | | | 329,000 | | | | 3.375 | (d) | | 09/01/2041 | | | 277,537 | |
| | City of Celina Special Assessment RB for Celina Hills Public Improvement District Project Series 2022 (NR/NR) | |
| | | | | 430,000 | | | | 4.625 | (d) | | 09/01/2032 | | | 431,699 | |
| | | | | 704,000 | | | | 4.875 | (d) | | 09/01/2042 | | | 704,841 | |
| | City of Celina Special Assessment RB for Chalk Hill Public Improvement District No. 2 Phases #2-3 Direct Improvement Project Series 2023 (NR/NR) | |
| | | | | 767,000 | | | | 5.750 | (d) | | 09/01/2043 | | | 784,476 | |
| | City of Celina Special Assessment RB for Hillside Public Improvement District Series 2022 (NR/NR) | |
| | | | | 168,000 | | | | 2.750 | (d) | | 09/01/2027 | | | 158,338 | |
| | | | | 432,000 | | | | 3.125 | (d) | | 09/01/2032 | | | 377,540 | |
| | City of Celina Special Assessment RB for North Sky Public Improvement District Project Series 2023 (NR/NR) | |
| | | | | 812,000 | | | | 5.375 | | | 09/01/2043 | | | 834,207 | |
| | | | | 1,006,000 | | | | 5.625 | | | 09/01/2052 | | | 1,037,303 | |
| | | | | 1,000,000 | | | | 6.125 | (d) | | 09/01/2052 | | | 1,029,045 | |
| | |
| 76 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Texas – (continued) | |
| |
| | City of Celina Special Assessment RB for Parvin Public Improvement District Project Series 2023 (NR/NR) | |
| | $ | | | 459,000 | | | | 5.750 | %(d) | | 09/01/2030 | | $ | 466,148 | |
| | City of Celina Special Assessment RB for Ten Mile Creek Public Improvement District Project Series 2023 (NR/NR) | |
| | | | | 492,000 | | | | 4.750 | (d) | | 09/01/2030 | | | 499,629 | |
| | | | | 235,000 | | | | 5.500 | (d) | | 09/01/2030 | | | 238,596 | |
| | | | | 1,169,000 | | | | 5.500 | (d) | | 09/01/2042 | | | 1,208,373 | |
| | City of Celina Special Assessment RB for Wells South Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR) | |
| | | | | 255,000 | | | | 4.875 | (d) | | 09/01/2032 | | | 262,568 | |
| | | | | 495,000 | | | | 5.500 | (d) | | 09/01/2042 | | | 510,472 | |
| | City of Celina Special Assessment RB Series 2022 (NR/NR) | |
| | | | | 144,000 | | | | 2.875 | (d) | | 09/01/2027 | | | 137,468 | |
| | | | | 143,000 | | | | 3.250 | (d) | | 09/01/2027 | | | 137,152 | |
| | | | | 250,000 | | | | 3.250 | (d) | | 09/01/2032 | | | 224,635 | |
| | | | | 235,000 | | | | 3.625 | (d) | | 09/01/2032 | | | 214,878 | |
| | | | | 1,175,000 | | | | 3.500 | (d) | | 09/01/2042 | | | 966,044 | |
| | City of Celina Texas A Municipal Corp. of The State of Texas Located in Collin and Denton Counties Special Assessment RB Series 2024 (NR/NR) | |
| | | | | 475,000 | | | | 5.500 | (d) | | 09/01/2044 | | | 489,847 | |
| | 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 | | | 115,480 | |
| | | | | 570,000 | | | | 4.800 | | | 09/01/2037 | | | 571,647 | |
| | | | | 647,000 | | | | 5.250 | | | 09/01/2046 | | | 649,473 | |
| | City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1B Project Series 2018 (NR/NR) | |
| | | | | 300,000 | | | | 5.375 | (d) | | 09/01/2038 | | | 306,932 | |
| | 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 | | | 313,556 | |
| | City of Celina, Collin and Denton Counties Special Assessment RB, Series 2023 Cross Creek Meadows Public Improvement District Improvement Area 1 Project (NR/NR) | |
| | | | | 601,000 | | | | 4.500 | (d) | | 09/01/2030 | | | 607,390 | |
| | | | | 1,524,000 | | | | 5.375 | (d) | | 09/01/2043 | | | 1,566,784 | |
| | City of Celina, Collin and Denton Counties Special Assessment RB, Series 2023 Cross Creek Meadows Public Improvement District Major Improvement Area Project (NR/NR) | |
| | | | | 216,000 | | | | 5.000 | (d) | | 09/01/2030 | | | 218,408 | |
| | 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 | | | 880,388 | |
| | | | | 1,000,000 | | | | 5.000 | | | 09/01/2045 | | | 1,051,774 | |
| | 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 | | | 2,319,663 | |
| | | | | 1,550,000 | | | | 5.000 | | | 09/01/2037 | | | 1,694,800 | |
| | | | | 1,092,000 | | | | 5.000 | | | 09/01/2040 | | | 1,172,400 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Texas – (continued) | |
| |
| | 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 | | $ | 1,088,243 | |
| | | | | 2,566,000 | | | | 5.000 | | | 09/01/2045 | | | 2,698,851 | |
| | 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 | | | 775,917 | |
| | | | | 1,954,000 | | | | 5.000 | | | 09/01/2045 | | | 2,055,166 | |
| | City of Celinac Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR) | |
| | | | | 100,000 | | | | 3.250 | (d) | | 09/01/2026 | | | 98,537 | |
| | | | | 185,000 | | | | 3.750 | (d) | | 09/01/2031 | | | 176,381 | |
| | City of Crandall Cartwright Ranch Public Improvement District Special Assessment Bond Series 2021 (NR/NR) | |
| | | | | 214,000 | | | | 3.375 | (d) | | 09/15/2026 | | | 211,895 | |
| | | | | 410,000 | | | | 4.000 | (d) | | 09/15/2031 | | | 401,631 | |
| | City of Crandall Special Assessment RB for River Ridge Public Improvement District Project Series 2022 (NR/NR) | |
| | | | | 381,000 | | | | 5.375 | (d) | | 09/15/2027 | | | 389,377 | |
| | City of Dallas Fort Worth International Airport Joint Revenue Refunding Bonds Series 2021A (A1/NR) | |
| | | | | 3,975,000 | | | | 4.000 | | | 11/01/2039 | | | 4,067,568 | |
| | City of Dallas fort Worth International Airport Joint Revenue Refunding Bonds Series 2021B (NON-AMT) (A1/NR) | |
| | | | | 6,240,000 | | | | 4.000 | | | 11/01/2045 | | | 6,212,131 | |
| | City of Dallas fort Worth International Airport Joint Revenue Refunding Bonds Series 2023C (A1/AA-) | |
| | | | | 6,400,000 | | | | 5.000 | | | 11/01/2026 | | | 6,653,004 | |
| | City of Dallas Housing Finance Corp. Multifamily Housing RB for Positano Series 2023 (FHA 221(D4)) (Aaa/NR) | |
| | | | | 2,955,000 | | | | 5.000 | (a)(b) | | 09/01/2026 | | | 3,008,712 | |
| | City of Dallas Housing Finance Corp. Multifamily Housing RB for The Mondello Series 2024 (FHA 221(D4)) (Aaa/NR) | |
| | | | | 1,065,000 | | | | 5.000 | (a)(b) | | 08/01/2027 | | | 1,104,572 | |
| | City of Dallas Housing Finance Corp. Multifamily Housing Revenue Notes for Estates at Ferguson Series 2023 (Aaa/NR) | |
| | | | | 1,725,000 | | | | 5.000 | (a)(b) | | 07/01/2042 | | | 1,802,869 | |
| | City of Dallas International Airport Joint Revenue Refunding Bonds Series 2022B (A1/AA-) | |
| | | | | 4,000,000 | | | | 4.000 | | | 11/01/2041 | | | 4,020,502 | |
| | City of Dayton Senior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #1 Project Series 2022A (NR/NR) | |
| | | | | 268,000 | | | | 4.875 | (d) | | 09/01/2032 | | | 275,522 | |
| | | | | 765,000 | | | | 5.125 | (d) | | 09/01/2042 | | | 781,385 | |
| | City of Dayton Senior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #2 Project Series 2024A (NR/NR) | |
| | | | | 793,000 | | | | 4.500 | (d) | | 09/01/2031 | | | 794,168 | |
| | | | | 1,220,000 | | | | 5.375 | (d) | | 09/01/2044 | | | 1,229,173 | |
| | City of Decatur, Texas, (A Municipal Corporation of The State of Texas Located In Wise County) Special Assessment RB, Series 2023 (Vista Park Public Improvement District No. 1 Improvement Area #1 Project) (NR/NR) | |
| | | | | 417,000 | | | | 5.750 | (d) | | 09/15/2030 | | | 425,641 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 77 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Texas – (continued) | |
| |
| | City of Denton Texas Certificates of Obligation Series 2024 (NR/AA+) | |
| | $ | | | 13,085,000 | | | | 4.000 | % | | 02/15/2042 | | $ | 13,194,777 | |
| | | | | 13,620,000 | | | | 4.000 | | | 02/15/2043 | | | 13,653,622 | |
| | | | | 2,645,000 | | | | 4.125 | | | 02/15/2050 | | | 2,613,746 | |
| | 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)(d) | | 09/15/2031 | | | 350,081 | |
| | 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 | | | 596,888 | |
| | City of Dripping Springs, Hays County Special Assessment RB, Series 2023 Heritage Public Improvement District Improvement Area 1 Project (NR/NR) | |
| | | | | 1,000,000 | | | | 5.375 | (d) | | 09/01/2043 | | | 1,026,323 | |
| | City of Elmendorf Hickory Ridge Public Improvement District Special Assessment Bond for Improvement Area No. 1 Series 2021 (NR/NR) | |
| | | | | 357,000 | | | | 2.875 | (d) | | 09/01/2026 | | | 346,257 | |
| | | | | 398,000 | | | | 3.375 | (d) | | 09/01/2031 | | | 367,513 | |
| | | | | 1,206,000 | | | | 3.750 | (d) | | 09/01/2041 | | | 1,019,798 | |
| | City of Fate Special Assessment for Williamsburg East Public Improvement District Area No. 1 Series 2020 (NR/NR) | |
| | | | | 100,000 | | | | 2.625 | (d) | | 08/15/2025 | | | 98,367 | |
| | | | | 171,000 | | | | 3.375 | (d) | | 08/15/2030 | | | 158,676 | |
| | City of Fate Special Assessment RB for Monterra Public Improvement District Improvement Area #2 Project Series 2024 (NR/NR) | |
| | | | | 570,000 | | | | 4.500 | (d) | | 08/15/2031 | | | 570,711 | |
| | City of Fate Special Assessment RB for Monterra Public Improvement District Series 2021 (NR/NR) | |
| | | | | 297,000 | | | | 2.750 | (d) | | 08/15/2026 | | | 288,873 | |
| | | | | 612,000 | | | | 3.375 | (d) | | 08/15/2031 | | | 570,486 | |
| | | | | 846,000 | | | | 3.750 | (d) | | 08/15/2041 | | | 740,415 | |
| | City of Fate Special Assessment RB for Williamsburg East Public Improvement District Project Series 2022 (NR/NR) | |
| | | | | 355,000 | | | | 4.875 | (d) | | 08/15/2027 | | | 358,050 | |
| | | | | 778,000 | | | | 5.250 | (d) | | 08/15/2032 | | | 798,604 | |
| | | | | 1,300,000 | | | | 5.875 | (d) | | 08/15/2042 | | | 1,333,754 | |
| | City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Phase#1 Series 2019 (NR/NR) | |
| | | | | 340,000 | | | | 3.500 | (d) | | 08/15/2029 | | | 331,150 | |
| | | | | 1,905,000 | | | | 4.000 | (d) | | 08/15/2039 | | | 1,777,319 | |
| | | | | 1,825,000 | | | | 4.250 | (d) | | 08/15/2049 | | | 1,670,008 | |
| | City of Fate Special Assessment RB for Williamsburg Public Improvement District Series 2022 (NR/NR) | |
| | | | | 295,000 | | | | 4.000 | (d) | | 08/15/2032 | | | 287,091 | |
| | | | | 1,129,000 | | | | 4.250 | (d) | | 08/15/2042 | | | 1,059,702 | |
| | 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 | | | 170,008 | |
| | | | | 170,000 | | | | 4.000 | | | 08/15/2029 | | | 175,726 | |
| | | | | 925,000 | | | | 3.000 | | | 08/15/2034 | | | 856,809 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Texas – (continued) | |
| |
| | City of Fate, Rockwall County Special Assessment RB, Series 2023 Williamsburg Public Improvement District No. 1 Phase 3B (NR/NR) | |
| | $ | | | 384,000 | | | | 4.250 | %(d) | | 08/15/2030 | | $ | 386,631 | |
| | | | | 761,000 | | | | 5.125 | (d) | | 08/15/2043 | | | 765,626 | |
| | 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 | | | 702,591 | |
| | | | | 1,073,000 | | | | 4.125 | | | 09/01/2039 | | | 1,089,985 | |
| | | | | 1,168,000 | | | | 4.250 | | | 09/01/2041 | | | 1,188,403 | |
| | City of Galveston Wharves and Terminal First Lien RB Series 2024A (NR/A) | |
| | | | | 750,000 | | | | 5.250 | | | 08/01/2039 | | | 823,931 | |
| | | | | 625,000 | | | | 5.500 | | | 08/01/2040 | | | 699,383 | |
| | | | | 600,000 | | | | 5.500 | | | 08/01/2041 | | | 670,565 | |
| | | | | 700,000 | | | | 5.500 | | | 08/01/2042 | | | 781,395 | |
| | | | | 550,000 | | | | 5.500 | | | 08/01/2043 | | | 611,593 | |
| | | | | 630,000 | | | | 5.500 | | | 08/01/2044 | | | 699,367 | |
| | City of Georgetown Special Assessment RB for Parks at Westhaven Public Improvement District Project Series 2022 (NR/NR) | |
| | | | | 184,000 | | | | 3.625 | (d) | | 09/15/2027 | | | 182,992 | |
| | | | | 409,000 | | | | 3.875 | (d) | | 09/15/2032 | | | 392,304 | |
| | 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 | | | 226,650 | |
| | | | | 1,350,000 | | | | 4.625 | | | 09/01/2037 | | | 1,350,914 | |
| | 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 | | | 390,309 | |
| | | | | 1,800,000 | | | | 4.500 | | | 09/01/2037 | | | 1,781,069 | |
| | 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 | | | 440,921 | |
| | | | | 460,000 | | | | 4.000 | | | 09/01/2026 | | | 464,218 | |
| | | | | 480,000 | | | | 4.000 | | | 09/01/2027 | | | 486,502 | |
| | City of Haslet Special Assessment RB for Haslet Public Improvement District Series 2021 (NR/NR) | |
| | | | | 256,000 | | | | 3.250 | (d) | | 09/01/2031 | | | 230,788 | |
| | | | | 1,271,000 | | | | 3.625 | (d) | | 09/01/2041 | | | 1,059,084 | |
| | City of Haslet Special Assessment RB Refunding for Haslet Public Improvement District No. 5 1 Project Series 2019 (NR/NR) | |
| | | | | 290,000 | | | | 3.625 | (d) | | 09/01/2029 | | | 282,991 | |
| | | | | 785,000 | | | | 4.125 | (d) | | 09/01/2039 | | | 738,445 | |
| | City of Horseshoe Bay Special Assessment Refunding Bonds for Public Improvement District Series 2020 (NR/NR) | |
| | | | | 461,000 | | | | 3.000 | | | 10/01/2025 | | | 454,535 | |
| | | | | 640,000 | | | | 3.000 | | | 10/01/2030 | | | 586,294 | |
| | | | | 436,000 | | | | 3.250 | | | 10/01/2033 | | | 389,013 | |
| | City of Houston Airport System Special Facilities RB for United Airlines Inc. Airport Improvement Projects Series 2018C (AMT) (NR/BB-) | |
| | | | | 1,170,000 | | | | 5.000 | | | 07/15/2028 | | | 1,210,065 | |
| | |
| 78 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Texas – (continued) | |
| |
| | 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 | | $ | 2,197,768 | |
| | 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 | | | 4,335,966 | |
| | City of Houston Airport System Subordinate Lien Revenue Refunding Bonds Series 2018D (A1/NR) | |
| | | | | 1,655,000 | | | | 5.000 | | | 07/01/2032 | | | 1,770,245 | |
| | City of Houston Airport System Subordinate Lien Revenue Refunding Bonds Series 2020A (AMT) (A1/A+) | |
| | | | | 1,000,000 | | | | 4.000 | | | 07/01/2047 | | | 967,424 | |
| | City of Houston Texas Combined Utility System First Lien Revenue Refunding Bonds Series 2024A (Aa2/NR) | |
| | | | | 8,750,000 | | | | 5.000 | | | 11/15/2026 | | | 9,212,630 | |
| | | | | 8,750,000 | | | | 5.000 | | | 11/15/2027 | | | 9,417,829 | |
| | City of Houston, Texas Airport System Subordinate Lien RR Bonds Series 2018D (A1/NR) | |
| | | | | 2,220,000 | | | | 5.000 | | | 07/01/2031 | | | 2,386,289 | |
| | 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 | | | 1,793,497 | |
| | City of Hutto Emory Crossing Public Improvement District Special Assessment Bond Series 2021 (NR/NR) | |
| | | | | 11,000 | | | | 2.625 | (d) | | 09/01/2026 | | | 10,711 | |
| | | | | 206,000 | | | | 3.250 | (d) | | 09/01/2031 | | | 191,288 | |
| | City of Hutto Special Assessment RB for Cottonwood Creek Public Improvement Series 2021 (NR/NR) | |
| | | | | 360,000 | | | | 3.125 | (d) | | 09/01/2031 | | | 336,645 | |
| | | | | 939,000 | | | | 3.500 | (d) | | 09/01/2041 | | | 806,283 | |
| | City of Hutto Special Assessment RB for Durango Farms Public Improvement District Project Series 2021 (NR/NR) | |
| | | | | 122,000 | | | | 2.750 | (d) | | 09/01/2026 | | | 118,887 | |
| | | | | 392,000 | | | | 3.500 | (d) | | 09/01/2031 | | | 368,899 | |
| | | | | 900,000 | | | | 3.875 | (d) | | 09/01/2041 | | | 808,588 | |
| | City of Hutto Special Assessment RB for Emory Crossing Public Improvement District Improvement Area #2 Project Series 2023 (NR/NR) | |
| | | | | 270,000 | | | | 4.500 | (d) | | 09/01/2030 | | | 275,807 | |
| | | | | 859,000 | | | | 5.250 | (d) | | 09/01/2043 | | | 885,534 | |
| | City of Irving RB Refunding for Hotel Occupancy Tax Series 2019 (NR/BBB+) | |
| | | | | 130,000 | | | | 5.000 | | | 08/15/2025 | | | 130,920 | |
| | | | | 150,000 | | | | 5.000 | | | 08/15/2026 | | | 152,968 | |
| | | | | 100,000 | | | | 5.000 | | | 08/15/2027 | | | 103,104 | |
| | | | | 125,000 | | | | 5.000 | | | 08/15/2028 | | | 130,167 | |
| | | | | 150,000 | | | | 5.000 | | | 08/15/2029 | | | 157,421 | |
| | | | | 200,000 | | | | 5.000 | | | 08/15/2030 | | | 208,931 | |
| | | | | 280,000 | | | | 5.000 | | | 08/15/2032 | | | 290,306 | |
| | | | | 300,000 | | | | 5.000 | | | 08/15/2034 | | | 311,186 | |
| | | | | 175,000 | | | | 5.000 | | | 08/15/2035 | | | 181,212 | |
| | | | | 250,000 | | | | 5.000 | | | 08/15/2036 | | | 257,761 | |
| | | | | 250,000 | | | | 5.000 | | | 08/15/2037 | | | 256,757 | |
| | | | | 300,000 | | | | 5.000 | | | 08/15/2038 | | | 307,308 | |
| | | | | 300,000 | | | | 5.000 | | | 08/15/2039 | | | 305,585 | |
| | City of Justin Special Assessment for Timberbrook Public Improvement District No. 1 Series 2021 (NR/NR) | |
| | | | | 254,000 | | | | 2.500 | (d) | | 09/01/2026 | | | 247,732 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Texas – (continued) | |
| |
| | City of Justin Special Assessment for Timberbrook Public Improvement District No. 1 Series 2021 (NR/NR) – (continued) | |
| | $ | | | 729,000 | | | | 3.000 | %(d) | | 09/01/2031 | | $ | 673,246 | |
| | | | | 1,484,000 | | | | 3.375 | (d) | | 09/01/2041 | | | 1,262,727 | |
| | City of Justin Texas Special Assessment RB Series 2024 Timberbrook Public Improvement District No. 2 Improvement Area #1 Project (NR/NR) | |
| | | | | 353,000 | | | | 4.500 | (d) | | 09/01/2031 | | | 360,251 | |
| | | | | 578,000 | | | | 5.500 | (d) | | 09/01/2044 | | | 598,707 | |
| | City of Kaufman Special Assessment for Public Improvement District No. 1 Phases#1 Series 2021 (NR/NR) | |
| | | | | 160,000 | | | | 2.625 | (d) | | 09/15/2026 | | | 154,287 | |
| | | | | 230,000 | | | | 3.125 | (d) | | 09/15/2031 | | | 206,260 | |
| | City of Kaufman Special Assessment RB for Kaufman Public Improvement District Project Series 2022 (NR/NR) | |
| | | | | 722,000 | | | | 5.625 | (d) | | 09/15/2042 | | | 748,503 | |
| | City of Kyle Special Assessment RB for 6 Creeks Public Improvement District Project Series 2023 (NR/NR) | |
| | | | | 723,000 | | | | 4.375 | (d) | | 09/01/2028 | | | 731,769 | |
| | | | | 750,000 | | | | 4.500 | (d) | | 09/01/2033 | | | 763,069 | |
| | City of Kyle Special Assessment RB for 6 Creeks Public Improvement Project Series 2021 (NR/NR) | |
| | | | | 431,000 | | | | 3.375 | (d) | | 09/01/2031 | | | 410,105 | |
| | | | | 628,000 | | | | 3.750 | (d) | | 09/01/2041 | | | 567,192 | |
| | City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2019 (NR/NR) | |
| | | | | 1,180,000 | | | | 4.750 | (d) | | 09/01/2044 | | | 1,167,069 | |
| | City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2020 (NR/NR) | |
| | | | | 610,000 | | | | 3.125 | (d) | | 09/01/2030 | | | 574,140 | |
| | City of Kyle Special Assessment RB for Plum Creek North Public Improvement District Area #1 Project Series 2022 (NR/NR) | |
| | | | | 1,000,000 | | | | 4.125 | (d) | | 09/01/2041 | | | 935,784 | |
| | City of Kyle Special Assessment RB for Southwest Kyle Public Improvement District No. 1 Series 2019 (NR/NR) | |
| | | | | 255,000 | | | | 4.250 | (d) | | 09/01/2029 | | | 257,187 | |
| | | | | 1,000,000 | | | | 4.875 | (d) | | 09/01/2044 | | | 1,006,865 | |
| | City of Kyle Special Assessment RB Series 2022 (NR/NR) | |
| | | | | 321,000 | | | | 4.375 | | | 09/01/2027 | | | 324,625 | |
| | | | | 535,000 | | | | 4.750 | | | 09/01/2032 | | | 546,085 | |
| | City of Kyle Special Assessment RB, Series 2023 Porter Country Public Improvement District Improvement Area 1 Project (NR/NR) | |
| | | | | 1,229,000 | | | | 5.750 | (d) | | 09/01/2043 | | | 1,258,134 | |
| | City of Kyle Texas A Municipal Corp. of The State of Texas Located In Hays County Special Assessment RB Series 2024 (NR/NR) | |
| | | | | 560,000 | | | | 5.500 | (d) | | 09/01/2044 | | | 573,605 | |
| | City of Kyle, Hays County Special Assessment RB, Series 2023 Limestone Creek Public Improvement District Improvement Area 1 Project (NR/NR) | |
| | | | | 678,000 | | | | 5.500 | (d) | | 09/01/2043 | | | 695,710 | |
| | City of Kyle, Texas, Special Assessment RB for Southwest Kyle Public Improvement District Project Series 2023 (NR/NR) | |
| | | | | 1,500,000 | | | | 6.750 | (d) | | 09/01/2048 | | | 1,609,300 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 79 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Texas – (continued) | |
| |
| | City of Lago Vista Special Assessment RB for Tessera On Lake Travis Public Improvement District Improvement Area #3 Project Series 2024 (NR/NR) | |
| | $ | | | 474,000 | | | | 4.750 | %(d) | | 09/01/2030 | | $ | 478,404 | |
| | | | | 1,210,000 | | | | 5.625 | (d) | | 09/01/2043 | | | 1,237,102 | |
| | 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 | | | 158,194 | |
| | | | | 430,000 | | | | 3.125 | | | 09/01/2030 | | | 402,894 | |
| | City of Laredo Waterworks and Sewer System RB New Series 2024 (Aa3/AA-) | |
| | | | | 2,765,000 | | | | 4.000 | (c) | | 03/01/2049 | | | 2,715,857 | |
| | | | | 7,500,000 | | | | 4.000 | (c) | | 03/01/2054 | | | 7,285,273 | |
| | 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 | | | 1,891,489 | |
| | City of Lavon Special Assessment RB for Lakepointe Public Improvement District Improvement Area#1 Project Series 2019 (NR/NR) | |
| | | | | 245,000 | | | | 3.750 | (d) | | 09/15/2029 | | | 239,244 | |
| | City of Lavon Special Assessment RB for Lakepointe Public Improvement District Major Improvement Area Project Series 2019 (NR/NR) | |
| | | | | 50,000 | | | | 4.375 | (d) | | 09/15/2029 | | | 50,195 | |
| | City of Lavon Special Assessment RB for Lakepointe Public Improvement District Project Series 2022 (NR/NR) | |
| | | | | 1,500,000 | | | | 5.875 | (d) | | 09/15/2042 | | | 1,553,544 | |
| | | | | 2,126,000 | | | | 6.125 | (d) | | 09/15/2052 | | | 2,200,249 | |
| | City of Lavon Special Assessment RB Series 2022 (NR/NR) | |
| | | | | 400,000 | | | | 3.500 | (d) | | 09/15/2027 | | | 397,860 | |
| | | | | 276,000 | | | | 3.750 | (d) | | 09/15/2027 | | | 271,335 | |
| | | | | 1,000,000 | | | | 3.875 | (d) | | 09/15/2032 | | | 973,991 | |
| | | | | 455,000 | | | | 4.125 | (d) | | 09/15/2032 | | | 438,910 | |
| | City of Liberty Hill Special Assessment Bonds for Summerlyn West Public Improvement District Series 2020 (NR/NR) | |
| | | | | 120,000 | | | | 2.500 | (d) | | 09/01/2025 | | | 118,529 | |
| | | | | 330,000 | | | | 3.125 | (d) | | 09/01/2030 | | | 312,902 | |
| | | | | 845,000 | | | | 4.000 | (d) | | 09/01/2040 | | | 793,675 | |
| | City of Liberty Hill Special Assessment RB for Butler Farms Public Improvement Project Series 2022 (NR/NR) | |
| | | | | 558,000 | | | | 2.625 | (d) | | 09/01/2027 | | | 541,099 | |
| | | | | 750,000 | | | | 3.125 | (d) | | 09/01/2032 | | | 702,957 | |
| | | | | 1,772,000 | | | | 3.375 | (d) | | 09/01/2042 | | | 1,492,394 | |
| | City of Lubbock Texas Combination Tax and Revenue Certificates of Obligation Series 2024 (NR/AA+) | |
| | | | | 1,895,000 | | | | 5.000 | | | 02/15/2041 | | | 2,125,403 | |
| | City of Manor Manor Heights Public Improvement District Special Assessment Bond Series 2021 (NR/NR) | |
| | | | | 195,000 | | | | 2.500 | (d) | | 09/15/2026 | | | 188,098 | |
| | | | | 250,000 | | | | 3.125 | (d) | | 09/15/2031 | | | 225,683 | |
| | | | | 310,000 | | | | 3.750 | (d) | | 09/15/2031 | | | 281,466 | |
| | City of Manor Special Assessment RB for Lagos Public Improvement District Series 2020 (NR/NR) | |
| | | | | 45,000 | | | | 3.750 | (d) | | 09/15/2025 | | | 44,941 | |
| | City of Manor Texas A Municipal Corp. of The State of Texas Located In Travis County Special Assessment RB Series 2024 (NR/NR) | |
| | | | | 500,000 | | | | 4.625 | (d) | | 09/15/2031 | | | 506,832 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Texas – (continued) | |
| |
| | City of Manor Texas A Municipal Corp. of The State of Texas Located In Travis County Special Assessment RB Series 2024 (NR/NR) – (continued) | |
| | $ | | | 408,000 | | | | 5.375 | %(d) | | 09/15/2044 | | $ | 416,110 | |
| | City of Manor, Travis County Special Assessment RB, Series 2023 Manor Heights Public Improvement District Improvement Area 3 Project (NR/NR) | |
| | | | | 528,000 | | | | 5.250 | (d) | | 09/15/2043 | | | 534,954 | |
| | City of Marble Falls Thunder Rock Public Improvement District Special Assessment Bond Series 2021 (NR/NR) | |
| | | | | 230,000 | | | | 3.375 | (d) | | 09/01/2026 | | | 224,072 | |
| | | | | 350,000 | | | | 3.875 | (d) | | 09/01/2031 | | | 327,217 | |
| | City of McLendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #2 Project Series 2019 (NR/NR) | |
| | | | | 280,000 | | | | 3.750 | (d) | | 09/15/2029 | | | 277,544 | |
| | City of McLendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #3 Project Series 2021 (NR/NR) | |
| | | | | 90,000 | | | | 2.625 | (d) | | 09/15/2026 | | | 86,762 | |
| | | | | 480,000 | | | | 3.125 | (d) | | 09/15/2031 | | | 431,524 | |
| | City of McLendon-Chisholm Special Assessment RB for Sonoma Public Improvement District Project Series 2022 (NR/NR) | |
| | | | | 400,000 | | | | 5.375 | (d) | | 09/15/2032 | | | 410,443 | |
| | City of Mesquite Special Assessment RB for Iron Horse Public Improvement District Project Series 2019 (NR/NR) | |
| | | | | 400,000 | | | | 5.250 | (d) | | 09/15/2029 | | | 408,621 | |
| | 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 | (d) | | 09/15/2029 | | | 803,644 | |
| | | | | 775,000 | | | | 5.375 | (d) | | 09/15/2029 | | | 790,684 | |
| | City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area A-1 Projects Series 2023 (NR/NR) | |
| | | | | 806,000 | | | | 4.750 | (d) | | 09/01/2030 | | | 814,531 | |
| | City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area A-1 Projects, Series 2023 (NR/NR) | |
| | | | | 1,275,000 | | | | 5.500 | (d) | | 09/01/2043 | | | 1,302,812 | |
| | City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area C-1 Projects Series 2023 (NR/NR) | |
| | | | | 411,000 | | | | 4.625 | (d) | | 09/01/2030 | | | 418,884 | |
| | City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area C-1 Projects, Series 2023 (NR/NR) | |
| | | | | 400,000 | | | | 5.375 | (d) | | 09/01/2043 | | | 410,071 | |
| | City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area C-2 Projects Series 2023 (NR/NR) | |
| | | | | 392,000 | | | | 4.625 | (d) | | 09/01/2030 | | | 396,073 | |
| | City of Mesquite, Dallas and Kaufman Counties Special Assessment RB, Series 2023 Heartland Town Center Public Improvement District Phase 2 Specific Improvements Project (NR/NR) | |
| | | | | 559,000 | | | | 5.125 | (d) | | 09/01/2052 | | | 566,802 | |
| | |
| 80 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Texas – (continued) | |
| |
| | City of Midlothian Special Assessment for Redden Farms Public Improvement District Series 2021 (NR/NR) | |
| | $ | | | 410,000 | | | | 3.500 | %(d) | | 09/15/2031 | | $ | 381,530 | |
| | | | | 1,000,000 | | | | 3.875 | (d) | | 09/15/2041 | | | 872,146 | |
| | 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 | (d) | | 09/15/2027 | | | 393,833 | |
| | | | | 626,000 | | | | 4.750 | (d) | | 09/15/2032 | | | 627,883 | |
| | | | | 1,417,000 | | | | 5.250 | (d) | | 09/15/2042 | | | 1,423,511 | |
| | City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project Series 2022 (NR/NR) | |
| | | | | 180,000 | | | | 5.125 | (d) | | 09/15/2027 | | | 180,716 | |
| | | | | 310,000 | | | | 5.500 | (d) | | 09/15/2032 | | | 312,499 | |
| | | | | 600,000 | | | | 6.000 | (d) | | 09/15/2042 | | | 616,056 | |
| | City of Mustang Ridge Special Assessment RB for Durango Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) | |
| | | | | 676,000 | | | | 6.125 | (d) | | 09/01/2043 | | | 701,941 | |
| | City of North Richland Hills Special Assessment for City Point Public Improvement District Project Series 2019 (NR/NR) | |
| | | | | 254,000 | | | | 4.875 | (d) | | 09/01/2030 | | | 256,122 | |
| | | | | 265,000 | | | | 5.250 | (d) | | 09/01/2030 | | | 268,691 | |
| | | | | 381,000 | | | | 5.250 | (d) | | 09/01/2040 | | | 387,961 | |
| | | | | 310,000 | | | | 5.625 | (d) | | 09/01/2040 | | | 315,362 | |
| | | | | 815,000 | | | | 4.125 | (d) | | 09/01/2049 | | | 732,047 | |
| | City of Oak Point Public Improvement District No. 2 Special Assessment Series 2020 (NR/NR) | |
| | | | | 95,000 | | | | 2.500 | (d) | | 09/01/2025 | | | 93,307 | |
| | | | | 455,000 | | | | 3.250 | (d) | | 09/01/2030 | | | 426,080 | |
| | City of Oak Point Special Assessment for Wildridge Public Improvement District No. 1 Project Series 2019 (NR/NR) | |
| | | | | 140,000 | | | | 3.500 | (d) | | 09/01/2029 | | | 136,469 | |
| | | | | 360,000 | | | | 4.000 | (d) | | 09/01/2039 | | | 337,542 | |
| | City of Oak Point Special Assessment for Wildridge Public Improvement District No. 1 Project Series 2021 (NR/NR) | |
| | | | | 142,000 | | | | 2.375 | (d) | | 09/01/2026 | | | 137,495 | |
| | City of Oak Point Special Assessment RB for Wildridge Public Improvement District No. 1 Series 2018 (NR/NR) | |
| | | | | 210,000 | | | | 4.000 | (d) | | 09/01/2028 | | | 210,546 | |
| | | | | 1,560,000 | | | | 4.500 | (d) | | 09/01/2048 | | | 1,469,351 | |
| | 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 | (d) | | 09/15/2031 | | | 252,055 | |
| | | | | 475,000 | | | | 5.350 | (d) | | 09/15/2044 | | | 479,031 | |
| | City of Oak Point Texas Special Assessment RB Series 2024 (NR/NR) | |
| | | | | 625,000 | | | | 5.100 | (c)(d) | | 09/15/2044 | | | 626,521 | |
| | 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 | | | 3,177,608 | |
| | City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone A Improvement Project Series 2022 (NR/NR) | |
| | | | | 309,000 | | | | 4.875 | (d) | | 09/15/2027 | | | 311,049 | |
| | | | | 350,000 | | | | 5.250 | (d) | | 09/15/2032 | | | 359,078 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Texas – (continued) | |
| |
| | City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone A Improvement Project Series 2022 (NR/NR) – (continued) | |
| | $ | | | 245,000 | | | | 5.750 | %(d) | | 09/15/2032 | | $ | 249,738 | |
| | City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone B Improvement Project Series 2022 (NR/NR) | |
| | | | | 280,000 | | | | 4.875 | (d) | | 09/15/2027 | | | 281,857 | |
| | | | | 300,000 | | | | 5.250 | (d) | | 09/15/2032 | | | 307,781 | |
| | City of Pilot Point Special Assessment RB for Mobberly Public Improvement District Major Improvement Area Series 2022 (NR/NR) | |
| | | | | 1,000,000 | | | | 5.500 | (d) | | 09/15/2048 | | | 1,019,938 | |
| | 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 | (d) | | 09/15/2030 | | | 326,909 | |
| | City of Plano Collin Creek East Public Improvement District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 2,875,000 | | | | 4.375 | (d) | | 09/15/2051 | | | 2,450,638 | |
| | City of Plano Collin Creek West Public Improvement District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 1,876,000 | | | | 4.000 | (d) | | 09/15/2051 | | | 1,594,190 | |
| | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Phases 5-7 Project Series 2022 (NR/NR) | |
| | | | | 700,000 | | | | 4.250 | (d) | | 09/01/2042 | | | 648,806 | |
| | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2019 (NR/NR) | |
| | | | | 321,000 | | | | 3.750 | (d) | | 09/01/2029 | | | 318,963 | |
| | | | | 846,000 | | | | 4.250 | (d) | | 09/01/2039 | | | 817,673 | |
| | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2020 (NR/NR) | |
| | | | | 180,000 | | | | 3.375 | (d) | | 09/01/2030 | | | 170,048 | |
| | City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2019 (NR/NR) | |
| | | | | 415,000 | | | | 4.250 | | | 09/01/2029 | | | 417,411 | |
| | | | | 655,000 | | | | 4.875 | | | 09/01/2039 | | | 657,627 | |
| | | | | 1,000,000 | | | | 5.000 | | | 09/01/2049 | | | 1,002,475 | |
| | City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR) | |
| | | | | 289,000 | | | | 3.375 | (d) | | 09/01/2041 | | | 239,534 | |
| | City of Princeton Special Assessment RB for Eastridge Public Improvement District Improvement Area No. 2 Project Series 2023 (NR/NR) | |
| | | | | 450,000 | | | | 4.500 | (d) | | 09/01/2030 | | | 455,667 | |
| | City of Princeton Special Assessment RB for Eastridge Public Improvement District Improvement Area Project Series 2022 | |
| | | | | (NR/NR | ) | | | | | | | | | | |
| | | | | 301,000 | | | | 4.250 | (d) | | 09/01/2027 | | | 302,783 | |
| | | | | 382,000 | | | | 4.750 | (d) | | 09/01/2032 | | | 388,810 | |
| | City of Princeton Special Assessment RB for Sicily Public Improvement District Improvement Area No. 1 Project, Series 2023 (NR/NR) | |
| | | | | 975,000 | | | | 7.000 | (d) | | 09/01/2043 | | | 1,011,489 | |
| | City of Princeton Special Assessment RB for Southridge Public Improvement District Improvement Area No. 1 Project, Series 2023 (NR/NR) | |
| | | | | 1,286,000 | | | | 6.250 | (d) | | 09/01/2043 | | | 1,351,306 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 81 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Texas – (continued) | |
| |
| | City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District No. 2 Series 2019 (NR/NR) | |
| | $ | | | 365,000 | | | | 4.000 | %(d) | | 09/01/2029 | | $ | 359,984 | |
| | | | | 480,000 | | | | 5.000 | (d) | | 09/01/2029 | | | 488,389 | |
| | City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District Project Series 2023 (NR/NR) | |
| | | | | 1,000,000 | | | | 5.125 | (d) | | 09/01/2043 | | | 1,013,126 | |
| | City of Princeton Special Assessment RB for Winchester Public Improvement District Project Series 2022 (NR/NR) | |
| | | | | 306,000 | | | | 4.250 | (d) | | 09/01/2027 | | | 307,755 | |
| | | | | 460,000 | | | | 4.750 | (d) | | 09/01/2032 | | | 468,074 | |
| | City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2020 (NR/NR) | |
| | | | | 305,000 | | | | 3.250 | (d) | | 09/01/2030 | | | 285,405 | |
| | City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2021 (NR/NR) | |
| | | | | 140,000 | | | | 2.375 | (d) | | 09/01/2026 | | | 134,521 | |
| | | | | 469,000 | | | | 3.250 | (d) | | 09/01/2041 | | | 372,312 | |
| | City of Princeton Special Assessment RB Series 2024 (NR/NR) | |
| | | | | 302,000 | | | | 4.250 | (d) | | 09/01/2031 | | | 302,670 | |
| | City of Princeton Texas Special Assessment RB Series 2024 (NR/NR) | |
| | | | | 320,000 | | | | 4.375 | (d) | | 09/01/2031 | | | 321,197 | |
| | 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 | (d) | | 09/15/2026 | | | 120,503 | |
| | | | | 355,000 | | | | 3.125 | (d) | | 09/15/2031 | | | 317,834 | |
| | City of Royse City Special Assessment for Creekshaw Public Improvement District Area #1 Series 2020 (NR/NR) | |
| | | | | 140,000 | | | | 2.625 | (d) | | 09/15/2025 | | | 138,209 | |
| | | | | 405,000 | | | | 3.375 | (d) | | 09/15/2030 | | | 382,420 | |
| | City of Royse City Special Assessment for Creekshaw Public Improvement District Series 2020 (NR/NR) | |
| | | | | 225,000 | | | | 3.625 | (d) | | 09/15/2030 | | | 212,865 | |
| | | | | 140,000 | | | | 4.375 | (d) | | 09/15/2030 | | | 137,724 | |
| | | | | 500,000 | | | | 4.125 | (d) | | 09/15/2040 | | | 461,454 | |
| | | | | 400,000 | | | | 4.875 | (d) | | 09/15/2040 | | | 391,824 | |
| | City of Royse City Special Assessment for Waterscape Public Improvement District Improvement Series 2019 (NR/NR) | |
| | | | | 370,000 | | | | 4.125 | (d) | | 09/15/2029 | | | 370,287 | |
| | | | | 1,050,000 | | | | 4.625 | (d) | | 09/15/2039 | | | 1,035,482 | |
| | City of Royse City Special Assessment RB for Liberty Crossing Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) | |
| | | | | 1,192,000 | | | | 6.375 | (d) | | 09/15/2053 | | | 1,247,652 | |
| | City of Royse City Texas A Municipal Corp. of The State of Texas Located In Rockwall Collin and Hunt Counties Special Assessment RB Series 2024 (NR/NR) | |
| | | | | 342,000 | | | | 4.625 | (d) | | 09/15/2031 | | | 345,839 | |
| | 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 | (d) | | 09/15/2044 | | | 951,996 | |
| | City of Sachse Special Assessment for Public Improvement District No. 1 Series 2020 (NR/NR) | |
| | | | | 150,000 | | | | 2.500 | (d) | | 09/15/2025 | | | 148,428 | |
| | | | | 305,000 | | | | 3.250 | (d) | | 09/15/2030 | | | 285,380 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity
Date | | Value | |
| |
| | 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 | %(d) | | 09/15/2050 | | $ | 692,195 | |
| | City of San Antonio Electric & Gas Systems Variable Rate Junior Lien Revenue Refunding Bonds Series 2015A (Aa3/A+) | |
| | | | | 26,495,000 | | | | 1.750 | (a)(b) | | 02/01/2033 | | | 26,420,700 | |
| | City of San Antonio Electric & Gas Systems Variable Rate Junior Lien Revenue Refunding Bonds Series 2015C (Aa3/A+) | |
| | | | | 30,610,000 | | | | 1.750 | (a)(b) | | 12/01/2045 | | | 30,524,160 | |
| | City of San Antonio Electric and Gas Systems Revenue Refunding Bonds New Series 2024D (Aa2/AA-) | |
| | | | | 4,600,000 | | | | 5.000 | | | 02/01/2041 | | | 5,212,174 | |
| | City of San Antonio Electric and Gas Systems Revenue Refunding Bonds New Series 2024E (Aa2/AA-) | |
| | | | | 3,475,000 | | | | 5.000 | | | 02/01/2041 | | | 3,937,458 | |
| | 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 | | | 3,657,235 | |
| | City of San Marcos Special Assessment for Whisper Public Improvement District Series 2020 (NR/NR) | |
| | | | | 115,000 | | | | 4.375 | | | 09/01/2025 | | | 115,479 | |
| | | | | 500,000 | | | | 4.875 | | | 09/01/2030 | | | 506,006 | |
| | | | | 635,000 | | | | 5.375 | | | 09/01/2040 | | | 650,964 | |
| | City of San Marcos Special Assessment RB for Whisper South Public Improvement Project 2022 (NR/NR) | |
| | | | | 300,000 | | | | 3.750 | (d) | | 09/01/2027 | | | 295,998 | |
| | | | | 425,000 | | | | 4.000 | (d) | | 09/01/2032 | | | 414,586 | |
| | City of San Marcos, Texas (A Municipal Corporation of The State of Texas Located In Hays, Caldwell and Guadalupe Counties) Special Assessment RB, Series 2024 (Trace Public Improvement District) (NR/NR) | |
| | | | | 209,000 | | | | 4.875 | (d) | | 09/01/2030 | | | 210,915 | |
| | City of Santa Fe Special Assessment RB for Mulberry Farms Public Improvement District Series 2022 (NR/NR) | |
| | | | | 146,000 | | | | 4.375 | (d) | | 09/01/2027 | | | 145,738 | |
| | City of Sinton Special Assessment RB Series 2022 (NR/NR) | |
| | | | | 281,000 | | | | 4.375 | (d) | | 09/01/2027 | | | 278,603 | |
| | | | | 659,000 | | | | 4.750 | (d) | | 09/01/2032 | | | 647,508 | |
| | City of Tomball Special Assessment RB for Raburn Reserve Public Improvement District Improvement Area No. 2 Series 2023 (NR/NR) | |
| | | | | 225,000 | | | | 4.875 | (d) | | 09/15/2033 | | | 229,852 | |
| | City of Tomball Special Assessment RB for Raburn Reserve Public Improvement District Improvement Area No. 3 Series 2023 (NR/NR) | |
| | | | | 283,000 | | | | 5.000 | (d) | | 09/15/2033 | | | 288,690 | |
| | City of Venus Special Assessment RB for Patriot Estates Public Improvement Project Series 2021 (NR/NR) | |
| | | | | 1,010,000 | | | | 3.375 | (d) | | 09/15/2041 | | | 850,608 | |
| | City of Waxahachie Special Assessment RB for North Grove Public Improvement Area Project Series 2022 (NR/NR) | |
| | | | | 1,125,000 | | | | 5.500 | (d) | | 08/15/2052 | | | 1,150,650 | |
| | Clifton Higher Education Finance Corp. Education Revenue and Refunding Bonds Series 2024 (PSF-GTD) (NR/AAA) | |
| | | | | 1,000,000 | | | | 5.000 | | | 08/15/2037 | | | 1,119,064 | |
| | | | | 1,000,000 | | | | 5.000 | | | 08/15/2039 | | | 1,109,275 | |
| | |
| 82 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Texas – (continued) | |
| |
| | 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 | | $ | 733,830 | |
| | | | | 575,000 | | | | 4.000 | | | 04/01/2035 | | | 596,252 | |
| | | | | 1,345,000 | | | | 4.000 | | | 04/01/2037 | | | 1,381,238 | |
| | 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 | | | 4,405,978 | |
| | | | | 3,875,000 | | | | 4.000 | | | 08/15/2037 | | | 3,901,361 | |
| | Club Municipal Management District Special Assessment RB Series 2021 (NR/NR) | |
| | | | | 470,000 | | | | 3.000 | (d) | | 09/01/2031 | | | 426,924 | |
| | | | | 930,000 | | | | 3.250 | (d) | | 09/01/2041 | | | 760,210 | |
| | Comal Independent School District GO Refunding Bonds Series 2017 (PSF-GTD) (Aaa/NR) | |
| | | | | 495,000 | | | | 5.000 | | | 02/01/2026 | | | 511,203 | |
| | Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 A (NR/B) | |
| | | | | 475,000 | | | | 2.500 | | | 10/01/2031 | | | 412,899 | |
| | Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 C (Aa3/NR) | |
| | | | | | 100,000 | | | | 5.000 | | | 10/01/2028 | | | 109,017 | |
| | | | | 115,000 | | | | 5.000 | | | 10/01/2029 | | | 127,699 | |
| | | | | 120,000 | | | | 5.000 | | | 10/01/2030 | | | 134,930 | |
| | | | | 100,000 | | | | 5.000 | | | 10/01/2031 | | | 113,852 | |
| | | | | 100,000 | | | | 5.000 | | | 10/01/2032 | | | 112,109 | |
| | | | | 170,000 | | | | 5.000 | | | 10/01/2033 | | | 190,141 | |
| | | | | 185,000 | | | | 5.000 | | | 10/01/2034 | | | 206,447 | |
| | | | | 200,000 | | | | 5.000 | | | 10/01/2036 | | | 221,660 | |
| | | | | 500,000 | | | | 4.000 | | | 10/01/2041 | | | 500,391 | |
| | County of Hays Special Assessment for La Cima Public Improvement District Series 2020 (NR/NR) | |
| | | | | 95,000 | | | | 2.500 | (d) | | 09/15/2025 | | | 93,213 | |
| | | | | 350,000 | | | | 3.250 | (d) | | 09/15/2030 | | | 322,725 | |
| | County of Medina Woodlands Public Improvement District Special Assessment for Improvement Area #1 Project Series 2021 (NR/NR) | |
| | | | | 170,000 | | | | 3.500 | (d) | | 09/01/2026 | | | 166,398 | |
| | | | | 395,000 | | | | 4.125 | (d) | | 09/01/2031 | | | 381,951 | |
| | Crandall Independent School District (Kaufman County, Texas) Unlimited Tax School Building Bonds, Series 2023 (PSF-GTD) (NR/AAA) | |
| | | | | 1,315,000 | | | | 5.000 | | | 08/15/2048 | | | 1,439,238 | |
| | Crane Independent School District UT School Building Bonds Series 2023 (PSF-GTD) (NR/AAA) | |
| | | | | 1,770,000 | | | | 4.125 | | | 02/15/2048 | | | 1,771,103 | |
| | Crowley Independent School District UT Refunding Bonds Series 2016B (PSF-GTD) (Aaa/NR) | |
| | | | | 500,000 | | | | 5.000 | (e) | | 08/01/2025 | | | 508,619 | |
| | 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 | | | 7,233,923 | |
| | 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 | | | 3,225,876 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity
Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Texas – (continued) | |
| |
| | Ector County Hospital District GO Refunding Bonds Series 2020 (Baa2/BBB-) | |
| | $ | | | 320,000 | | | | 5.000 | % | | 09/15/2025 | | $ | 322,825 | |
| | Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR) | |
| | | | | 235,000 | | | | 4.000 | (d) | | 08/15/2029 | | | 229,010 | |
| | | | | 775,000 | | | | 4.500 | (d) | | 08/15/2035 | | | 741,745 | |
| | | | | 575,000 | | | | 5.000 | (d) | | 08/15/2044 | | | 549,567 | |
| | Edinburg Economic Development Corp. Sales Tax RB Series 2021 A (NR/NR) | |
| | | | | 1,175,000 | | | | 3.125 | | | 08/15/2036 | | | 989,243 | |
| | | | | 950,000 | | | | 3.250 | | | 08/15/2041 | | | 738,529 | |
| | Fort Worth Special Assessment RB for Fort Worth Public Improvement District No. 17 Major Improvement Project Series 2017 (NR/NR) | |
| | | | | | 190,000 | | | | 5.000 | (d) | | 09/01/2027 | | | 191,941 | |
| | | | | 225,000 | | | | 5.000 | (d) | | 09/01/2032 | | | 226,026 | |
| | | | | 330,000 | | | | 5.125 | (d) | | 09/01/2037 | | | 330,573 | |
| | Frisco Independent School District, Collin and Denton Counties, UT School Building and Refunding Bonds, Series 2023 (PSF-GTD) (Aaa/AAA) | |
| | | | | 1,560,000 | | | | 5.000 | | | 02/15/2035 | | | 1,809,740 | |
| | | | | 1,430,000 | | | | 5.000 | | | 02/15/2036 | | | 1,652,441 | |
| | | | | 600,000 | | | | 5.000 | | | 02/15/2037 | | | 690,483 | |
| | 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 | (c) | | 08/15/2049 | | | 1,165,884 | |
| | Grand Parkway Transportation Corp. System RB Subordinate Tier Series 2018 A (NR/AA+) | |
| | | | | 14,225,000 | | | | 5.000 | | | 10/01/2037 | | | 15,088,560 | |
| | Grand Parkway Transportation Corp. System Toll Convertible RB Series 2013 B (NR/AA+) | |
| | | | | 5,095,000 | | | | 5.800 | | | 10/01/2046 | | | 5,524,695 | |
| | | | | 6,075,000 | | | | 5.850 | | | 10/01/2047 | | | 6,595,138 | |
| | 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 | | | 4,231,238 | |
| | 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 | | | 497,317 | |
| | | | | 500,000 | | | | 5.000 | | | 09/01/2028 | | | 538,395 | |
| | | | | 745,000 | | | | 5.000 | | | 09/01/2029 | | | 815,223 | |
| | | | | 465,000 | | | | 4.000 | | | 09/01/2031 | | | 480,643 | |
| | | | | 415,000 | | | | 4.000 | | | 09/01/2033 | | | 425,624 | |
| | | | | 650,000 | | | | 4.000 | | | 09/01/2034 | | | 665,330 | |
| | | | | 580,000 | | | | 4.000 | | | 09/01/2036 | | | 592,001 | |
| | Harlandale Independent School District UT Refunding Bonds Series 2015A (PSF-GTD) (NR/AAA) | |
| | | | | 5,855,000 | | | | 4.000 | (e) | | 08/15/2025 | | | 5,910,587 | |
| | Harris County Cultural Education Facilities Finance Corp. RB Refunding for Texas Children’s Hospital Obligated Group Series 2019 B (Aa2/AA-) | |
| | | | | 3,000,000 | | | | 5.000 | (a)(b) | | 10/01/2041 | | | 3,000,000 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 83 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity
Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Texas – (continued) | |
| |
| | 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 | | $ | 10,717,561 | |
| | Harris County UT Road Refunding Bonds Series 2023A (Aaa/NR) | |
| | | | | 3,335,000 | | | | 4.250 | | | 09/15/2048 | | | 3,376,979 | |
| | Harris County, Texas Permanent Improvement Refunding Bonds, Series 2023A (Aaa/NR) | |
| | | | | 2,000,000 | | | | 5.000 | | | 09/15/2048 | | | 2,199,459 | |
| | Hays County Special Assessment RB for La Cima Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR) | |
| | | | | 469,000 | | | | 4.750 | (d) | | 09/15/2027 | | | 472,604 | |
| | | | | 700,000 | | | | 4.875 | (d) | | 09/15/2032 | | | 709,248 | |
| | Hickory Creek Texas Special Assessment RB for Hickory Farms Public Improvement Series 2019 (NR/NR) | |
| | | | | 490,000 | | | | 4.000 | (d) | | 09/01/2029 | | | 487,123 | |
| | Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (NR/BBB-) | |
| | | | | 100,000 | | | | 3.500 | | | 09/01/2025 | | | 99,329 | |
| | | | | 100,000 | | | | 3.500 | | | 09/01/2026 | | | 99,416 | |
| | | | | 105,000 | | | | 3.500 | | | 09/01/2027 | | | 104,003 | |
| | Highland Park Independent School District (Potter County, Texas) Unlimited Tax School Building Bonds, Series 2023 (PSF-GTD) (NR/AAA) | |
| | | | | 2,000,000 | | | | 5.250 | | | 02/15/2041 | | | 2,270,183 | |
| | Highland Park Independent School District UT School Building Bonds Series 2023 (PSF-GTD) (NR/AAA) | |
| | | | | 600,000 | | | | 5.250 | | | 02/15/2039 | | | 688,312 | |
| | | | | 2,340,000 | | | | 5.250 | | | 02/15/2042 | | | 2,643,847 | |
| | | | | 2,390,000 | | | | 5.250 | | | 02/15/2043 | | | 2,688,154 | |
| | Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 A (NR/NR) | |
| | | | | 830,000 | | | | 5.000 | | | 07/01/2027 | | | 850,084 | |
| | Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 B-2 (NR/NR) | |
| | | | | 5,880,000 | | | | 5.000 | | | 07/15/2027 | | | 6,024,549 | |
| | Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 C (NR/NR) | |
| | | | | 3,600,000 | | | | 5.000 | | | 07/15/2027 | | | 3,688,499 | |
| | Houston Higher Education Finance Corp. RB for Houston Baptist University Series 2021 (NR/BBB-) | |
| | | | | 440,000 | | | | 3.375 | | | 10/01/2037 | | | 388,911 | |
| | Houston Housing Finance Corp. Multifamily Housing Revenue Notes for Summerdale Apartments Series 2023 (Aaa/NR) | |
| | | | | 2,440,000 | | | | 5.000 | (a)(b) | | 08/01/2041 | | | 2,505,949 | |
| | Houston Independent School District Limited Tax GO Refunding Bonds Series 2017 (PSF-GTD) (Aaa/AAA) | |
| | | | | 3,425,000 | | | | 4.000 | | | 02/15/2042 | | | 3,433,485 | |
| | Hutto Independent School District UT School Building Bonds Series 2023 (PSF-GTD) (Aaa/AAA) | |
| | | | | 2,750,000 | | | | 5.000 | | | 08/01/2048 | | | 3,012,306 | |
| | | | | 2,500,000 | | | | 5.000 | | | 08/01/2053 | | | 2,707,437 | |
| | Joshua Farms Municipal Management District No. 1, Johnson County, Special Assessment RB, Series 2023 Improvement Areas 1-2 Project (NR/NR) | |
| | | | | 1,617,000 | | | | 5.250 | (d) | | 09/01/2043 | | | 1,657,360 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Texas – (continued) | |
| |
| | Judson Independent School District UT School Building Bonds Series 2024 (PSF-GTD) (Aaa/NR) | |
| | $ | | | 4,760,000 | | | | 4.000 | % | | 02/01/2053 | | $ | 4,623,301 | |
| | Justin Special Assessment RB for Timberbrook Public Improvement District No. 1 Major Improvement Area Project Series 2018 (NR/NR) | |
| | | | | 1,315,000 | | | | 5.000 | (d) | | 09/01/2038 | | | 1,341,598 | |
| | 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 | | | 6,287,633 | |
| | Kaufman County Fresh Water Supply District No. 1-D GO Bonds Series 2021 (NR/NR) | |
| | | | | 150,000 | | | | 2.000 | | | 09/01/2025 | | | 146,281 | |
| | | | | 150,000 | | | | 2.000 | | | 09/01/2026 | | | 143,073 | |
| | | | | 150,000 | | | | 2.000 | | | 09/01/2027 | | | 139,811 | |
| | | | | 155,000 | | | | 2.000 | | | 09/01/2028 | | | 140,849 | |
| | | | | 160,000 | | | | 2.000 | | | 09/01/2029 | | | 142,394 | |
| | Kennedale Independent School District (Tarrant County, Texas) Unlimited Tax School Building Bonds, Series 2023 (PSF-GTD) (NR/AAA) | |
| | | | | 1,795,000 | | | | 5.000 | | | 02/15/2038 | | | 2,051,701 | |
| | Kermit Independent School District UT School Building Bonds Series 2023 (PSF-GTD) (NR/AAA) | |
| | | | | 1,000,000 | | | | 5.000 | | | 02/15/2048 | | | 1,100,329 | |
| | | | | 1,960,000 | | | | 5.000 | | | 02/15/2053 | | | 2,130,485 | |
| | Leander Independent School District UT School Building Bonds Series 2022 (PSF-GTD) (NR/AAA) | |
| | | | | 1,145,000 | | | | 5.000 | | | 08/15/2026 | | | 1,198,254 | |
| | Love Field Airport Modernization Corp. General Airport Revenue Refunding Bonds Series 2021 (NR/A) | |
| | | | | 3,620,000 | | | | 5.000 | | | 11/01/2027 | | | 3,805,143 | |
| | Lower Colorado River Authority LCRA Transmission Services Corp. Project RB Refunding Series 2019 (NR/A) | |
| | | | | 2,035,000 | | | | 5.000 | | | 05/15/2030 | | | 2,235,626 | |
| | | | | 1,520,000 | | | | 5.000 | | | 05/15/2031 | | | 1,662,829 | |
| | Lower Colorado River Authority Transmission Contract Refunding RB for LCRA Transmission Services Corp. Project Series 2024A (AGC) (NR/AA) | |
| | | | | 4,250,000 | | | | 5.000 | | | 05/15/2042 | | | 4,743,404 | |
| | Lubbock Independent School District GO Bonds Series 2019 (PSF-GTD) (Aaa/AAA) | |
| | | | | 1,250,000 | | | | 4.000 | | | 02/15/2040 | | | 1,265,141 | |
| | Mansfield Independent School District Unlimited Tax School Building Bonds, Series 2015 (PSF-GTD) (Aaa/NR) | |
| | | | | 1,360,000 | | | | 5.000 | (e) | | 02/15/2025 | | | 1,369,155 | |
| | Mansfield Independent School District UT School Building Bonds Series 2015 (PSF-GTD) (Aaa/NR) | |
| | | | | 3,855,000 | | | | 5.000 | (e) | | 02/15/2025 | | | 3,880,950 | |
| | Matagorda County Navigation District Number One Pollution Control Revenue Refunding Bonds for Central Power and Light Company Project Series 1996 (Baa2/BBB+) | |
| | | | | 2,660,000 | | | | 4.250 | | | 05/01/2030 | | | 2,767,164 | |
| | Matagorda County Texas Navigation District No. 1 PCRB Refunding for Central Power & Light Co. Project Series 2001 A (Baa2/BBB+) | |
| | | | | 6,350,000 | | | | 2.600 | | | 11/01/2029 | | | 6,101,236 | |
| | |
| 84 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Texas – (continued) | |
| |
| | Maypearl Independent School District (Ellis County, Texas) Unlimited Tax School Building Bonds, Series 2023 (PSF-GTD) (NR/AAA) | |
| | $ | | | 1,000,000 | | | | 5.000 | % | | 02/15/2037 | | $ | 1,142,039 | |
| | Maypearl Independent School District Unlimited Tax School Building Bonds Series 2023 (PSF-GTD) (NR/AAA) | |
| | | | | 1,350,000 | | | | 5.000 | | | 02/15/2048 | | | 1,477,272 | |
| | Memorial-Heights Redevelopment Authority RB for City of Houston Reinvestment Zone No. 5 Series 2021 (AGM) (NR/AA) | |
| | | | | 2,500,000 | | | | 3.000 | | | 09/01/2043 | | | 2,115,778 | |
| | | | | 1,500,000 | | | | 3.000 | | | 09/01/2048 | | | 1,203,851 | |
| | Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (NR/BB-) | |
| | | | | 5,575,000 | | | | 4.625 | (d) | | 10/01/2031 | | | 5,598,139 | |
| | Mitchell County Hospital District GO Bonds Series 2020 (NR/NR) | |
| | | | | 625,000 | | | | 5.250 | | | 02/15/2030 | | | 627,938 | |
| | | | | 405,000 | | | | 5.375 | | | 02/15/2035 | | | 410,314 | |
| | Montgomery County Toll Road Authority Senior Lien RB Series 2018 (NR/BBB+) | |
| | | | | 710,000 | | | | 5.000 | | | 09/15/2033 | | | 718,832 | |
| | | | | 750,000 | | | | 5.000 | | | 09/15/2034 | | | 758,994 | |
| | | | | 790,000 | | | | 5.000 | | | 09/15/2035 | | | 799,086 | |
| | Montgomery County Toll Road Authority Senior Lien Toll Road RB Series 2018 (NR/BBB+) | |
| | | | | 1,650,000 | | | | 5.000 | | | 09/15/2030 | | | 1,673,011 | |
| | New Hope Cultural Education Facilities Finance Corp Revenue & Refunding Bonds Series 2021 (Ba2/BB+) | |
| | | | | 1,660,000 | | | | 4.000 | (d) | | 08/15/2036 | | | 1,614,826 | |
| | New Hope Cultural Education Facilities Finance Corp. Education Revenue Refunding Bonds for Jubilee Academic Center Series 2021 (Ba2/BB+) | |
| | | | | 1,950,000 | | | | 4.000 | (d) | | 08/15/2041 | | | 1,795,987 | |
| | New Hope Cultural Education Facilities Finance Corp. RB for CHF-Collegiate Housing College Station I LLC Series 2014 A (AGM) (A1/AA) | |
| | | | | 250,000 | | | | 5.000 | | | 04/01/2046 | | | 250,057 | |
| | New Hope Cultural Education Facilities Finance Corp. RB Refunding for Wichita Falls Retirement Foundation Obligated Group Series 2021 (NR/NR) | |
| | | | | 345,000 | | | | 2.000 | | | 01/01/2026 | | | 334,173 | |
| | | | | 1,200,000 | | | | 4.000 | | | 01/01/2031 | | | 1,165,878 | |
| | 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 | | | 4,516,431 | |
| | New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Cityscape Schools, Inc. Series 2019 A (NR/BBB-) | |
| | | | | 325,000 | | | | 4.000 | (d) | | 08/15/2029 | | | 324,680 | |
| | | | | 610,000 | | | | 5.000 | (d) | | 08/15/2039 | | | 615,201 | |
| | New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Collegiate Housing Island Campus Project Series 2017 A (WR/NR) | |
| | | | | 765,000 | | | | 5.000 | | | 04/01/2027 | | | 812,566 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Texas – (continued) | |
| |
| | New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station II, LLC - Texas A&M University Collegiate Housing Corpus Christi Project Series 2016 A (WR/NR) | |
| | $ | | | 365,000 | | | | 4.000 | % | | 04/01/2025 | | $ | 366,591 | |
| | | | | 335,000 | | | | 5.000 | (e) | | 04/01/2026 | | | 346,457 | |
| | New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Tarleton State University Collegiate Housing Project Series 2015 A (WR/NR) | |
| | | | | 250,000 | | | | 5.000 | (e) | | 04/01/2025 | | | 252,258 | |
| | North Texas Tollway Authority RB Convertible Capital Appreciation Special Project System Series 2011 (NR/NR) | |
| | | | | 1,000,000 | | | | 7.000 | (e) | | 09/01/2031 | | | 1,240,020 | |
| | North Texas tollway Authority RB for First Tier Series 2008 D (AGC) (Aa3/AA) | |
| | | | | 4,900,000 | | | | 0.000 | (g) | | 01/01/2037 | | | 3,200,145 | |
| | North Texas Tollway Authority RB for Second Tier Series 2021 B (A1/A+) | |
| | | | | 1,950,000 | | | | 4.000 | | | 01/01/2040 | | | 1,953,262 | |
| | North Texas Tollway Authority RB Refunding for First Tier Series 2017 A (Aa3/AA-) | |
| | | | | 5,000,000 | | | | 5.000 | | | 01/01/2038 | | | 5,270,222 | |
| | North Texas Tollway Authority RB Refunding for Second Tier Series 2017 B (A1/A+) | |
| | | | | 2,000,000 | | | | 5.000 | | | 01/01/2032 | | | 2,082,823 | |
| | North Texas Tollway Authority System RB Refunding for Capital Appreciation First Tier Series 2008 I (Aa3/NR) | |
| | | | | 6,000,000 | | | | 6.500 | (e) | | 01/01/2025 | | | 6,045,507 | |
| | Northside Independent School District (A Political Subdivision of The State of Texas Located Primarily In Bexar County) Unlimited Tax School Building and Refunding Bonds, Series 2023A (PSF-GTD) (Aaa/NR) | |
| | | | | 650,000 | | | | 5.000 | | | 08/15/2037 | | | 740,450 | |
| | 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 | | | 10,459,573 | |
| | 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 | | | 1,948,779 | |
| | 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 | | | 4,974,710 | |
| | Perryton Independent School District Unlimited Tax School Building Bonds Series 2023 (PSF-GTD) (NR/AAA) | |
| | | | | 2,775,000 | | | | 4.125 | | | 08/15/2048 | | | 2,781,967 | |
| | 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 | | | 2,131,308 | |
| | Port Arthur Independent School District Unlimited Tax School Building Bonds Series 2015A (PSF-GTD) (Aaa/NR) | |
| | | | | 10,375,000 | | | | 5.000 | (e) | | 02/15/2025 | | | 10,441,360 | |
| | Port Beaumont Navigation District RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 A (NR/NR) | |
| | | | | 750,000 | | | | 1.875 | (d) | | 01/01/2026 | | | 731,129 | |
| | | | | 550,000 | | | | 2.000 | (d) | | 01/01/2027 | | | 526,478 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 85 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Texas – (continued) | |
| |
| | Port Beaumont Navigation District RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 A (NR/NR) – (continued) | |
| | $ | | | 575,000 | | | | 2.125 | %(d) | | 01/01/2028 | | $ | 542,346 | |
| | | | | 800,000 | | | | 2.250 | (d) | | 01/01/2029 | | | 742,650 | |
| | | | | 850,000 | | | | 2.500 | (d) | | 01/01/2030 | | | 782,372 | |
| | | | | 800,000 | | | | 2.625 | (d) | | 01/01/2031 | | | 729,117 | |
| | Port Beaumont Navigation District RB Refunding for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2020 A (NR/NR) | |
| | | | | 3,470,000 | | | | 3.625 | (d) | | 01/01/2035 | | | 3,248,962 | |
| | Port of Beaumont Industrial Development Authority RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 B (NR/NR) | |
| | | | | 13,100,000 | | | | 4.100 | (d) | | 01/01/2028 | | | 11,767,103 | |
| | Port of Beaumont Navigation District of Jefferson County Texas Dock and Wharf Facility RB Series 2024A (NR/NR) | |
| | | | | 2,100,000 | | | | 5.000 | (d) | | 01/01/2039 | | | 2,194,437 | |
| | Port of Beaumont Navigation District of Jefferson County Texas Facility RB Series 2024B (NR/NR) | |
| | | | | 3,400,000 | | | | 10.000 | (d) | | 07/01/2026 | | | 3,507,099 | |
| | 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 | | | 2,643,506 | |
| | Rockwall Independent School District UT Refunding Bonds Series 2015 (PSF-GTD) (Aaa/AAA) | |
| | | | | 5,140,000 | | | | 5.000 | (e) | | 02/15/2025 | | | 5,175,749 | |
| | Royse City Special Assessment RB for Creekshaw Public Improvement District Improvement Area Project Series 2022 (NR/NR) | |
| | | | | 51,000 | | | | 4.875 | (d) | | 09/15/2027 | | | 51,503 | |
| | | | | 284,000 | | | | 5.250 | (d) | | 09/15/2032 | | | 291,358 | |
| | | | | 590,000 | | | | 5.875 | (d) | | 09/15/2042 | | | 608,360 | |
| | Royse Special Assessment RB for Parkside Village Public Improvement District Series 2019 (NR/NR) | |
| | | | | 355,000 | | | | 3.625 | (d) | | 09/15/2029 | | | 347,817 | |
| | | | | 1,250,000 | | | | 4.125 | (d) | | 09/15/2039 | | | 1,183,038 | |
| | San Antonio Housing Trust Public Facility Corporation Multifamily Housing RB Palladium San Antonio Series 2024 (Aaa/NR) (PUTABLE) | |
| | | | | 2,190,000 | | | | 3.450 | (a)(b) | | 07/01/2029 | | | 2,219,193 | |
| | Sherman Independent School District Unlimited Tax School Building Bonds Series 2023-B (PSF-GTD) (Aaa/AAA) | |
| | | | | 13,000,000 | | | | 5.000 | | | 02/15/2048 | | | 14,186,433 | |
| | | | | 5,500,000 | | | | 5.000 | | | 02/15/2053 | | | 5,937,420 | |
| | Smha Finance Public Facility Corporation Texas Multifamily Housing Revenue Bonds Centerpoint Depot Series 2024 (Aaa/NR) (PUTABLE) | |
| | | | | 5,335,000 | | | | 3.700 | (a)(b) | | 07/01/2028 | | | 5,441,092 | |
| | South Manvel Development Authority Tax Increment Contract RB Series 2023 (NR/NR) | |
| | | | | 1,200,000 | | | | 4.500 | | | 04/01/2030 | | | 1,208,998 | |
| | | | | 1,600,000 | | | | 5.000 | | | 04/01/2038 | | | 1,624,361 | |
| | 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 | | | 344,357 | |
| | | | | 380,000 | | | | 5.000 | | | 09/01/2029 | | | 416,731 | |
| | | | | 450,000 | | | | 4.000 | | | 09/01/2032 | | | 468,350 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Texas – (continued) | |
| |
| | Southwest Houston Redevelopment Authority RB for City of Houston TX Reinvestment Zone No. 20 Series 2020 (AGM) (NR/AA) – (continued) | |
| | $ | | | 395,000 | | | | 4.000 | % | | 09/01/2034 | | $ | 406,869 | |
| | | | | 615,000 | | | | 4.000 | | | 09/01/2036 | | | 629,373 | |
| | | | | 1,040,000 | | | | 2.625 | | | 09/01/2038 | | | 857,353 | |
| | | | | 1,230,000 | | | | 2.750 | | | 09/01/2039 | | | 1,005,189 | |
| | | | | 1,200,000 | | | | 2.750 | | | 09/01/2040 | | | 960,883 | |
| | Spring Independent School District UT School Building Bonds Series 2023 (Aa2/AA-) | |
| | | | | 4,725,000 | | | | 4.000 | | | 08/15/2052 | | | 4,632,630 | |
| | State of Texas College Student Loan GO Unlimited Bonds Series 2019 (Aaa/AAA) | |
| | | | | 5,905,000 | | | | 5.000 | | | 08/01/2026 | | | 6,119,079 | |
| | | | | 5,010,000 | | | | 5.000 | | | 08/01/2028 | | | 5,357,361 | |
| | | | | 6,835,000 | | | | 5.000 | | | 08/01/2029 | | | 7,347,885 | |
| | Strategic Housing Finance Corporation of Travis County Multifamily Housing RB Series 2024 (Aaa/NR) | |
| | | | | 4,740,000 | | | | 3.350 | (a)(b) | | 03/01/2046 | | | 4,771,323 | |
| | Tarrant County Cultural Education Facilities Finance Corp. RB for Christus Health Series 2018B (A1/A+) | |
| | | | | 8,770,000 | | | | 5.000 | | | 07/01/2035 | | | 9,377,630 | |
| | Tarrant County Cultural Education Facilities Finance Corp. Revenue Refunding Bonds Christus Health Series 2024B (A1/NR) | |
| | | | | 1,025,000 | | | | 5.000 | | | 07/01/2026 | | | 1,063,065 | |
| | | | | 1,550,000 | | | | 5.000 | | | 07/01/2027 | | | 1,640,445 | |
| | | | | 1,650,000 | | | | 5.000 | | | 07/01/2028 | | | 1,778,408 | |
| | 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 | | | 5,205,936 | |
| | Tarrant County Cultural Education Facilities Finance Corporation Revenue Refunding Bonds Trinity Terrace Project Series 2024 (NR/NR) | |
| | | | | 825,000 | | | | 5.000 | | | 10/01/2031 | | | 920,935 | |
| | | | | 1,075,000 | | | | 5.000 | | | 10/01/2044 | | | 1,168,240 | |
| | Tarrant County Hospital District LT Bonds Series 2023 (Aa1/NR) | |
| | | | | 2,200,000 | | | | 4.250 | | | 08/15/2053 | | | 2,201,633 | |
| | Tarrant County Housing Finance Corp. Multifamily Housing RB for Tobias Place Apartments Series 2023B (FNMA) (Aaa/NR) | |
| | | | | 1,875,000 | | | | 5.000 | (a)(b) | | 03/01/2027 | | | 1,926,437 | |
| | Texas Department of Housing and Community Affairs Multifamily Housing RB for North Grand Villas Series 2023 (FHA 221(D4)) (Aaa/NR) | |
| | | | | 915,000 | | | | 5.000 | (a)(b) | | 08/01/2026 | | | 929,663 | |
| | Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A1/A-) (3M USD LIBOR + 0.70%) | |
| | | | | 2,760,000 | | | | 4.190 | (f) | | 12/15/2026 | | | 2,761,123 | |
| | Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2008 D (A1/A-) | |
| | | | | 4,410,000 | | | | 6.250 | | | 12/15/2026 | | | 4,560,564 | |
| | Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 B (A1/A-) (SIFMA Municipal Swap Index Yield + 0.55%) | |
| | | | | 1,485,000 | | | | 3.700 | (f) | | 09/15/2027 | | | 1,473,434 | |
| | Texas Municipal Gas Acquisition & Supply Corp. III Gas Supply Revenue Refunding Bonds Series 2021 (A1/BBB+) | |
| | | | | 2,000,000 | | | | 5.000 | | | 12/15/2024 | | | 2,005,294 | |
| | |
| 86 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Texas – (continued) | |
| |
| | Texas Municipal Gas Acquisition & Supply Corp. III Gas Supply Revenue Refunding Bonds Series 2021 (A1/BBB+) – (continued) | |
| | $ | | | 2,500,000 | | | | 5.000 | % | | 12/15/2025 | | $ | 2,542,251 | |
| | Texas Municipal Gas Acquisition and Supply Corp. II RB for LIBOR Index Rate Series 2012 C (A1/A-) (3M USD LIBOR + 0.86%) | |
| | | | | 61,800,000 | | | | 4.117 | (f) | | 09/15/2027 | | | 61,821,476 | |
| | 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 | | | 3,460,193 | |
| | Texas Municipal Gas Acquisition and Supply Corporation Iii Gas Supply RR Bonds, Series 2021 (A1/BBB+) | |
| | | | | 8,740,000 | | | | 5.000 | | | 12/15/2031 | | | 9,498,331 | |
| | 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 | | | 2,491,186 | |
| | 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 | | | 4,577,431 | |
| | 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 | | | 7,626,215 | |
| | | | | 7,030,000 | | | | 5.000 | | | 12/31/2036 | | | 7,536,612 | |
| | Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (Baa1/NR) | |
| | | | | 12,405,000 | | | | 5.000 | | | 06/30/2058 | | | 12,697,501 | |
| | Texas Public Finance Authority Texas Southern University Revenue Financing System Bonds, Series 2023 (BAM) (NR/AA) | |
| | | | | 1,335,000 | | | | 5.250 | | | 05/01/2040 | | | 1,475,194 | |
| | 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 | | | 3,220,824 | |
| | Texas Transportation Commission Central Texas Turnpike System RB 2nd Tier Revenue Refunding Bonds Series 2015-C (A3/A-) | |
| | | | | 1,495,000 | | | | 5.000 | | | 08/15/2042 | | | 1,497,103 | |
| | Texas Transportation Commission Central Texas Turnpike System RB Second Tier Revenue Refunding Bonds Series 2015-C (A3/A-) | |
| | | | | 1,525,000 | | | | 5.000 | | | 08/15/2028 | | | 1,527,145 | |
| | Texas Transportation Commission State Highway Improvement GO Refunding Bonds Series 2024 (Aaa/AAA) | |
| | | | | 5,000,000 | | | | 5.000 | | | 04/01/2026 | | | 5,187,062 | |
| | Texas Water Development Board State Water Implementation Revenue Fund for Texas RB Series 2015A (NR/AAA) | |
| | | | | 6,295,000 | | | | 4.000 | | | 10/15/2040 | | | 6,298,532 | |
| | 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 | | | 2,615,432 | |
| | Town of Lakewood Village Special Assessment RB for Lakewood Village Public Improvement District Project Series 2022 (NR/NR) | |
| | | | | 300,000 | | | | 4.375 | (d) | | 09/15/2027 | | | 300,296 | |
| | | | | 445,000 | | | | 4.750 | (d) | | 09/15/2032 | | | 445,873 | |
| | | | | 1,200,000 | | | | 5.250 | (d) | | 09/15/2042 | | | 1,204,738 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Texas – (continued) | |
| |
| | Town of Little Elm Special Assessment RB for Spiritas East Public Improvement Project Series 2022 (NR/NR) | |
| | $ | | | 37,000 | | | | 3.250 | %(d) | | 09/01/2027 | | $ | 36,376 | |
| | | | | 205,000 | | | | 3.500 | (d) | | 09/01/2032 | | | 192,443 | |
| | Town of Little Elm Special Assessment RB for Valencia Public Improvement District Project Series 2022 (NR/NR) | |
| | | | | 324,000 | | | | 6.000 | (d) | | 09/01/2027 | | | 331,226 | |
| | | | | 712,000 | | | | 6.125 | (d) | | 09/01/2032 | | | 751,418 | |
| | Town of Little Elm Special Assessment RB for Valencia Public Improvement Project Series 2021 (NR/NR) | |
| | | | | 831,000 | | | | 4.000 | (d) | | 09/01/2047 | | | 728,600 | |
| | 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 | (d) | | 09/01/2028 | | | 309,860 | |
| | Town of Little Special Assessment RB for Lakeside Estates Public Improvement District No. 2 Project Series 2017 (NR/NR) | |
| | | | | 170,000 | | | | 4.500 | (d) | | 09/01/2027 | | | 172,575 | |
| | 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 | (d) | | 09/01/2031 | | | 256,559 | |
| | | | | 650,000 | | | | 5.000 | (d) | | 09/01/2044 | | | 652,671 | |
| | Travis County Development Authority Contract Assessment RB for Bella Fortuna Public Improvement District Series 2024 (NR/NR) | |
| | | | | 843,000 | | | | 5.375 | (d) | | 09/01/2044 | | | 858,675 | |
| | | | | 750,000 | | | | 5.625 | (d) | | 09/01/2051 | | | 765,451 | |
| | Travis County Development Authority Contract Assessment RB for Turner’s Crossing Public Improvement District Improvement Area Project Series 2022 (NR/NR) | |
| | | | | 868,000 | | | | 5.375 | (d) | | 09/01/2042 | | | 885,273 | |
| | Travis County Texas Permanent Improvement Bonds Series 2024 (Aaa/AAA) | |
| | | | | 840,000 | | | | 4.000 | | | 03/01/2043 | | | 848,568 | |
| | Travis County Texas Unlimited Tax Road Bonds Series 2024 (Aaa/AAA) | |
| | | | | 965,000 | | | | 4.000 | | | 03/01/2044 | | | 968,324 | |
| | University Houston Consolidated RB Refunding Series 2017 C (Aa2/AA) | |
| | | | | 8,500,000 | | | | 3.250 | | | 02/15/2041 | | | 7,765,803 | |
| | 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 | | | 809,099 | |
| | | | | 950,000 | | | | 3.000 | | | 09/01/2034 | | | 854,049 | |
| | Viridian Municipal Management District Special Assessment Bonds Series 2020 (NR/NR) | |
| | | | | 131,000 | | | | 2.375 | | | 12/01/2025 | | | 127,856 | |
| | | | | 308,000 | | | | 2.875 | | | 12/01/2030 | | | 277,776 | |
| | Viridian Municipal Management District Tarrant County Special Assessment RB Series 2018 (NR/NR) | |
| | | | | 520,000 | | | | 4.250 | | | 12/01/2029 | | | 520,039 | |
| | | | | 1,159,000 | | | | 4.625 | | | 12/01/2035 | | | 1,159,049 | |
| | | | | 1,604,000 | | | | 5.000 | | | 12/01/2045 | | | 1,603,987 | |
| | 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 | | | 759,240 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 87 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity
Date | | Value | |
| |
| | 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) – (continued) | |
| | $ | | | 1,000,000 | | | | 5.625 | % | | 08/15/2052 | | $ | 1,025,603 | |
| | 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 | | | 296,654 | |
| | | | | 345,000 | | | | 3.000 | | | 08/15/2036 | | | 305,025 | |
| | | | | 745,000 | | | | 3.000 | | | 08/15/2039 | | | 612,121 | |
| | Williamson County Texas Unlimited Tax Road Bonds Limited Tax Notes Series 2024 (NR/AAA) | |
| | | | | 3,500,000 | | | | 5.000 | | | 02/15/2026 | | | 3,618,403 | |
| | Wise County Texas Tax Notes Series 2024 (NR/AA+) | |
| | | | | 1,070,000 | | | | 5.000 | | | 02/15/2026 | | | 1,101,071 | |
| | | | | 1,130,000 | | | | 5.000 | | | 02/15/2027 | | | 1,189,812 | |
| | | | | 1,070,000 | | | | 5.000 | | | 02/15/2028 | | | 1,151,424 | |
| | Yoakum Independent School District Unlimited Tax School Building Bonds Series 2023 (PSF-GTD) (NR/AAA) | |
| | | | | 1,000,000 | | | | 4.250 | | | 02/15/2048 | | | 1,013,723 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | 995,850,538 | |
| | | |
| | Utah - 0.8% | |
| |
| | Black Desert Public Infrastructure District GO Bonds Series 2021 A (NR/NR) | |
| | | | | 1,675,000 | | | | 3.250 | (d) | | 03/01/2031 | | | 1,603,155 | |
| | | | | 1,875,000 | | | | 3.500 | (d) | | 03/01/2036 | | | 1,736,160 | |
| | | | | 1,900,000 | | | | 3.750 | (d) | | 03/01/2041 | | | 1,716,387 | |
| | Black Desert Public Infrastructure District In Ivins City Washington County Utah Special Assessment Bonds Series 2024 (NR/NR) | |
| | | | | 2,300,000 | | | | 5.625 | (d) | | 12/01/2053 | | | 2,399,324 | |
| | Medical School Campus Public Infrastructure District GO Bonds Series 2020 A (NR/NR) | |
| | | | | 3,875,000 | | | | 5.250 | (d) | | 02/01/2040 | | | 3,475,360 | |
| | Salt Lake City Airport RB (AMT) for Salt Lake City International Airport Series 2017A (A2/A+) | |
| | | | | 1,060,000 | | | | 5.000 | | | 07/01/2047 | | | 1,079,977 | |
| | Salt Lake City Airport RB for Salt Lake City International Airport Series 2023A (AMT) (A2/A+) | |
| | | | | 1,500,000 | | | | 5.250 | | | 07/01/2053 | | | 1,621,403 | |
| | | | | 6,300,000 | | | | 5.500 | | | 07/01/2053 | | | 6,973,264 | |
| | Salt Lake City International Airport RB Series 2018A (A2/A+) | |
| | | | | 10,525,000 | | | | 5.000 | | | 07/01/2036 | | | 11,007,989 | |
| | | | | 5,000,000 | | | | 5.000 | | | 07/01/2038 | | | 5,209,576 | |
| | | | | 7,500,000 | | | | 5.250 | | | 07/01/2048 | | | 7,770,439 | |
| | Salt Lake City International Airport RB Series 2018A (AMT) (A2/A+) | |
| | | | | 4,000,000 | | | | 5.000 | | | 07/01/2029 | | | 4,241,854 | |
| | Salt Lake City International Airport RB Series 2021A (A2/A+) | |
| | | | | 5,950,000 | | | | 5.000 | | | 07/01/2046 | | | 6,259,289 | |
| | | | | 1,500,000 | | | | 4.000 | | | 07/01/2051 | | | 1,443,972 | |
| | Salt Lake City International Airport RB Series 2023A (A2/A+) | |
| | | | | 200,000 | | | | 5.250 | | | 07/01/2048 | | | 217,695 | |
| | Salt Lake City RB for International Airport Series 2018 A (A2/A+) | |
| | | | | 5,500,000 | | | | 5.000 | | | 07/01/2030 | | | 5,815,415 | |
| | Salt Lake City, Utah Airport RB, Series 2017A (AMT) Salt Lake City International Airport (A2/A+) | |
| | | | | 5,200,000 | | | | 5.000 | | | 07/01/2042 | | | 5,322,693 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Utah – (continued) | |
| |
| | Utah Charter School Finance Authority Charter School RB for Beehive Science & Technology Academy Project Series 2021A (NR/NR) | |
| | $ | | | 2,325,000 | | | | 4.000 | %(d) | | 10/15/2041 | | $ | 1,937,463 | |
| | Utah Charter School Finance Authority Charter School RB Series 2022A (NR/BB+) | |
| | | | | 1,610,000 | | | | 5.625 | (d) | | 06/15/2042 | | | 1,656,716 | |
| | Utah Charter School Finance Authority Charter School Revenue Refunding Bonds Series 2022A (NR/BB) | |
| | | | | 500,000 | | | | 4.000 | (d) | | 07/15/2037 | | | 446,403 | |
| | | | | 3,485,000 | | | | 4.250 | (d) | | 07/15/2050 | | | 2,938,434 | |
| | Utah Charter School Finance Authority Charter School Revenue Refunding Bonds Series 2022B (NR/BB) | |
| | | | | 65,000 | | | | 5.750 | (d) | | 07/15/2026 | | | 64,439 | |
| | Utah Charter School Finance Authority RB for Bridge Elementary Project Series 2021A (NR/NR) | |
| | | | | 890,000 | | | | 4.000 | (d) | | 06/15/2041 | | | 734,869 | |
| | 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 | | | 733,301 | |
| | | | | 625,000 | | | | 5.000 | | | 04/15/2044 | | | 647,090 | |
| | | | | 1,150,000 | | | | 5.000 | | | 04/15/2049 | | | 1,182,354 | |
| | Utah Transit Authority Sales Tax RB Refunding Subordinate Series 2015 A (Aa2/AA+) | |
| | | | | 3,065,000 | | | | 4.000 | (e) | | 06/15/2025 | | | 3,087,338 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | 81,322,359 | |
| | | |
| | Vermont - 0.1% | |
| |
| | University of Vermont State Agricultural College GO Bonds Series 2017 (Aa3/A+) | |
| | | | | 365,000 | | | | 5.000 | | | 10/01/2043 | | | 377,068 | |
| | Vermont Economic Development Authority RB Refunding for Wake Robin Corp. Series 2017 A (NR/NR) | |
| | | | | 745,000 | | | | 5.000 | | | 05/01/2025 | | | 748,329 | |
| | | | | 585,000 | | | | 5.000 | | | 05/01/2026 | | | 592,255 | |
| | Vermont Economic Development Authority Solid Waste Disposal RB for Casella Waste System Project Series 2022 (B1/B+) | |
| | | | | 2,175,000 | | | | 5.000 | (a)(b)(d) | | 06/01/2052 | | | 2,224,205 | |
| | Vermont Educational and Health Buildings Financing Agency RB Saint Michael’s College Project, Series 2023 (NR/BBB-) | |
| | | | | 2,700,000 | | | | 5.500 | (d) | | 10/01/2043 | | | 2,630,854 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | 6,572,711 | |
| | | |
| | 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 | | | 863,331 | |
| | Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2014 C (NR/NR) | |
| | | | | 4,700,000 | | | | 5.000 | (d) | | 10/01/2039 | | | 4,521,905 | |
| | Virgin Islands Public Finance Authority RB Series 2014 A (AGM-CR) (A1/AA) | |
| | | | | 5,000,000 | | | | 5.000 | (d) | | 10/01/2034 | | | 5,007,045 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | 10,392,281 | |
| | | |
| | |
| 88 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Virginia - 1.2% | |
| |
| | City of Virginia Beach Development Authority Residential Care Facility RB (Westminster-Canterbury On Chesapeake Bay) Series 2023A Tax Exempt Fixed Rate Bonds (NR/NR) | |
| | $ | | | 2,700,000 | | | | 7.000 | % | | 09/01/2053 | | $ | 3,142,918 | |
| | Fairfax County Economic Development Authority Residential Care Facilities Mortgage RB Refunding for Goodwin House Incorporated Series 2016 A (NR/NR) | |
| | | | | 1,250,000 | | | | 4.000 | (e) | | 10/01/2024 | | | 1,275,000 | |
| | Farmville Industrial Development Authority RB Refunding for Longwood Housing Foundation LLC Series 2020 A (NR/ BBB-) | |
| | | | | 3,000,000 | | | | 5.000 | | | 01/01/2040 | | | 3,063,770 | |
| | Norfolk Redevelopment and Housing Authority Multifamily Housing RB Braywood Manor Apartments, Series 2023 (HUD SECT 8) (Aaa/NR) | |
| | | | | 4,215,000 | | | | 5.000 | (a)(b) | | 05/01/2043 | | | 4,346,669 | |
| | Salem Economic Development Authority RB Refunding for Roanoke College Series 2020 (NR/BBB+) | |
| | | | | 350,000 | | | | 5.000 | | | 04/01/2027 | | | 364,227 | |
| | | | | 400,000 | | | | 5.000 | | | 04/01/2028 | | | 421,864 | |
| | | | | 460,000 | | | | 5.000 | | | 04/01/2029 | | | 490,567 | |
| | | | | 350,000 | | | | 5.000 | | | 04/01/2030 | | | 375,728 | |
| | | | | 740,000 | | | | 5.000 | | | 04/01/2031 | | | 789,480 | |
| | | | | 300,000 | | | | 5.000 | | | 04/01/2032 | | | 318,544 | |
| | | | | 650,000 | | | | 5.000 | | | 04/01/2033 | | | 687,925 | |
| | | | | 395,000 | | | | 5.000 | | | 04/01/2034 | | | 417,965 | |
| | | | | 110,000 | | | | 5.000 | | | 04/01/2035 | | | 116,253 | |
| | | | | 430,000 | | | | 5.000 | | | 04/01/2036 | | | 453,080 | |
| | | | | 1,030,000 | | | | 5.000 | | | 04/01/2037 | | | 1,080,362 | |
| | | | | 410,000 | | | | 4.000 | | | 04/01/2039 | | | 398,242 | |
| | | | | 265,000 | | | | 4.000 | | | 04/01/2040 | | | 254,797 | |
| | Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 A-1 (B3/B-) | |
| | | | | 8,510,000 | | | | 6.706 | | | 06/01/2046 | | | 7,224,383 | |
| | Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (NR/CCC-) | |
| | | | | 122,865,000 | | | | 0.000 | (g) | | 06/01/2047 | | | 34,599,693 | |
| | Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 D (NR/CCC-) | |
| | | | | 13,500,000 | | | | 0.000 | (g) | | 06/01/2047 | | | 3,718,836 | |
| | University of Virginia Rector & Visitors General Revenue Pledge Refunding Bonds Series 2015A (Aaa/AAA) | |
| | | | | 20,705,000 | | | | 5.000 | | | 04/01/2045 | | | 20,861,182 | |
| | 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 | | | 4,141,345 | |
| | Virginia College Building Authority RB Refunding for Regent University Project Series 2021 (NR/BBB) | |
| | | | | 300,000 | | | | 5.000 | | | 06/01/2028 | | | 315,727 | |
| | | | | 375,000 | | | | 5.000 | | | 06/01/2029 | | | 398,874 | |
| | | | | 300,000 | | | | 5.000 | | | 06/01/2031 | | | 322,495 | |
| | | | | 875,000 | | | | 4.000 | | | 06/01/2036 | | | 870,269 | |
| | Virginia Housing Development Authority RB Series 2019 E (Aa1/ AA+) | |
| | | | | 5,000,000 | | | | 3.100 | | | 12/01/2045 | | | 4,184,002 | |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | 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 | | $ | 1,041,855 | |
| | Virginia Port Authority Commonwealth Port Fund RB Series 2015 (Aa1/AA+) | |
| | | | | 5,000,000 | | | | 5.000 | (e) | | 07/01/2025 | | | 5,064,389 | |
| | Virginia Port Authority Port Facilities RB Refunding Series 2015 A (AMT) (WR/NR) | |
| | | | | 750,000 | | | | 5.000 | (e) | | 07/01/2025 | | | 759,379 | |
| | Virginia Port Authority Port Facilities Revenue Refunding Bonds Series 2015A (WR/NR) | |
| | | | | 2,000,000 | | | | 5.000 | (e) | | 07/01/2025 | | | 2,025,011 | |
| | Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (Baa3/NR) | |
| | | | | 1,050,000 | | | | 5.000 | | | 12/31/2056 | | | 1,064,653 | |
| | Virginia Small Business Financing Authority Senior Lien Revenue Refunding Bonds Series 2022 (Baa1/NR) | |
| | | | | 1,875,000 | | | | 5.000 | | | 12/31/2052 | | | 1,972,597 | |
| | Virginia Small Business Financing Authority Senior Lien Revenue Refunding Bonds Series 2022 (AMT) (NR/BBB) | |
| | | | | 6,500,000 | | | | 4.000 | | | 01/01/2048 | | | 6,072,208 | |
| | Virginia Small Business Financing Authority Solid Waste Disposal RB Series 2018 (NR/B) | |
| | | | | 300,000 | | | | 5.000 | (a)(b)(d) | | 01/01/2048 | | | 300,048 | |
| | Virginia Small Business Financing Authority Tax Exempt Senior Lien Private Activity RB Series 2017 (Baa3/NR) | |
| | | | | 5,385,000 | | | | 5.000 | | | 12/31/2049 | | | 5,481,061 | |
| | | | | 4,950,000 | | | | 5.000 | | | 12/31/2052 | | | 5,029,320 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | 123,444,718 | |
| | | |
| | Washington - 2.2% | |
| |
| | 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 | | | 6,655,142 | |
| | | | | 6,700,000 | | | | 5.000 | | | 12/01/2042 | | | 7,569,093 | |
| | | | | 4,600,000 | | | | 5.000 | | | 12/01/2043 | | | 5,174,746 | |
| | City of Seattle Drainage and Wastewater System Improvement and Refunding RB Series 2022 (Aa1/AA+) | |
| | | | | 1,200,000 | | | | 4.000 | | | 09/01/2036 | | | 1,269,345 | |
| | | | | 2,665,000 | | | | 4.000 | | | 09/01/2037 | | | 2,805,652 | |
| | City of Seattle RB for Municipal Light & Power Improvement Series 2018 A (Aa2/AA) | |
| | | | | 3,340,000 | | | | 4.000 | | | 01/01/2033 | | | 3,440,938 | |
| | | | | 6,715,000 | | | | 4.000 | | | 01/01/2034 | | | 6,894,446 | |
| | | | | 11,655,000 | | | | 4.000 | | | 01/01/2043 | | | 11,682,976 | |
| | City of Seattle RB Refunding for Drainage & Wastewater Series 2014 (Aa1/AA+) | |
| | | | | 13,715,000 | | | | 4.000 | | | 05/01/2044 | | | 13,714,601 | |
| | City of Seattle RB Refunding for Drainage & Wastewater Series 2017 (Aa1/AA+) | |
| | | | | 6,555,000 | | | | 4.000 | | | 07/01/2035 | | | 6,681,663 | |
| | City of Tacoma Electric System RB Green Bonds Series 2024A (NR/AA) | |
| | | | | 1,000,000 | | | | 5.000 | | | 01/01/2049 | | | 1,096,472 | |
| | Energy Northwest Columbia Generating Station Electric Revenue Refunding Bonds Series 2021-A (Aa1/AA-) | |
| | | | | 8,830,000 | | | | 4.000 | | | 07/01/2042 | | | 8,975,306 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 89 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity
Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Washington – (continued) | |
| |
| | Highline School District No. 401, King County, Washington UT GO Bonds, 2023 (SCH BD GTY) (Aaa/NR) | |
| | $ | | | 2,750,000 | | | | 5.000 | % | | 12/01/2039 | | $ | 3,110,659 | |
| | Port of Seattle Industrial Development Corp. RB Refunding for Delta Air Lines, Inc. Series 2012 (NR/BB+) | |
| | | | | 8,685,000 | | | | 5.000 | | | 04/01/2030 | | | 8,688,418 | |
| | Port of Seattle Intermediate Lien RB Series 2017C (A1/AA-) | |
| | | | | 4,740,000 | | | | 5.000 | | | 05/01/2042 | | | 4,875,557 | |
| | Port of Seattle Intermediate Lien RB Series 2019 (A1/AA-) | |
| | | | | 7,000,000 | | | | 5.000 | | | 04/01/2039 | | | 7,313,255 | |
| | Port of Seattle Intermediate Lien Revenue and Refunding Bonds Series 2021C (A1/AA-) | |
| | | | | 4,000,000 | | | | 5.000 | | | 08/01/2037 | | | 4,317,146 | |
| | | | | 700,000 | | | | 4.000 | | | 08/01/2041 | | | 701,179 | |
| | Port of Seattle Intermediate Lien Revenue Bonds Series 2018A (A1/AA-) | |
| | | | | 2,500,000 | | | | 5.000 | | | 05/01/2043 | | | 2,558,510 | |
| | Port of Seattle Intermediate Lien Revenue Refunding Bond Series 2022A (A1/AA-) | |
| | | | | 865,000 | | | | 5.000 | | | 08/01/2028 | | | 943,221 | |
| | Port of Seattle RB Refunding for Intermediate Lien Series 2021 C (A1/AA-) | |
| | | | | 5,000,000 | | | | 5.000 | | | 08/01/2039 | | | 5,364,502 | |
| | Port of Tacoma Revenue and Refunding Bonds 2016B (Aa3/AA) | |
| | | | | 12,455,000 | | | | 5.000 | | | 12/01/2043 | | | 12,776,542 | |
| | Public Hospital District No. 2 Quincy Valley Medical Center UT GO Bonds 2024 (Baa1/NR) | |
| | | | | 800,000 | | | | 5.500 | | | 12/01/2044 | | | 866,037 | |
| | State of Washington Various Purpose GO Bonds Series 2024C (Aaa/AA+) | |
| | | | | 15,000,000 | | | | 5.000 | | | 02/01/2047 | | | 16,658,041 | |
| | | | | 32,000,000 | | | | 5.000 | | | 02/01/2049 | | | 35,376,029 | |
| | State of Washington Various Purpose GO Bonds Series R-2022A (Aaa/AA+) | |
| | | | | 2,490,000 | | | | 5.000 | | | 02/01/2027 | | | 2,640,010 | |
| | Washington Health Care Facilities Authority RB (Commonspirit Health) Series 2019A-2 (A3/A-) | |
| | | | | 5,000,000 | | | | 5.000 | | | 08/01/2037 | | | 5,333,944 | |
| | | | | 1,040,000 | | | | 5.000 | | | 08/01/2039 | | | 1,100,889 | |
| | Washington Health Care Facilities Authority RB for Commonspirit Health Series 2019A-1 (A3/A-) | |
| | | | | 3,370,000 | | | | 4.000 | | | 08/01/2044 | | | 3,276,322 | |
| | Washington Health Care Facilities Authority RB for Fred Hutchinson Cancer Research Center Series 2015 (WR/NR) | |
| | | | | 1,500,000 | | | | 5.000 | (e) | | 07/01/2025 | | | 1,522,113 | |
| | 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 | | | 2,133,578 | |
| | | | | 1,000,000 | | | | 5.000 | | | 08/01/2038 | | | 1,063,176 | |
| | 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 | | | 608,887 | |
| | Washington Health Care Facilities Authority RB Refunding for Providence St. Joseph Health Obligated Group Series 2021 B (A2/A) | |
| | | | | 900,000 | | | | 4.000 | (a)(b) | | 10/01/2042 | | | 925,280 | |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity
Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Washington – (continued) | |
| |
| | Washington Higher Education Facilities Authority RB for Seattle University Project Series 2020 (NR/A) | |
| | $ | | | 1,200,000 | | | | 4.000 | % | | 05/01/2050 | | $ | 1,139,539 | |
| | Washington State Convention Center Public Facilities District RB Series 2018 (Baa1/BBB) | |
| | | | | 320,000 | | | | 5.000 | | | 07/01/2029 | | | 339,689 | |
| | | | | 18,275,000 | | | | 5.000 | | | 07/01/2048 | | | 18,694,488 | |
| | Washington State Convention Center Public Facilities District Subordinate Lodging Tax Refunding Bonds Series 2021B (Baa3/BBB-) | |
| | | | | 2,925,000 | | | | 4.000 | | | 07/01/2043 | | | 2,810,862 | |
| | Washington State Housing Finance Commission Nonprofit Housing RB for Presbyterian Retirement Communities Northwest Obligated Group Transforming Age Projects Series 2019 A (NR/NR) | |
| | | | | 745,000 | | | | 5.000 | (d) | | 01/01/2034 | | | 747,240 | |
| | | | | 1,400,000 | | | | 5.000 | (d) | | 01/01/2039 | | | 1,375,820 | |
| | 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 | | | 1,434,292 | |
| | Washington State Housing Finance Commission Nonprofit RB Refunding Series 2023 (NR/BBB) | |
| | | | | 900,000 | | | | 5.625 | (d) | | 07/01/2038 | | | 999,563 | |
| | Washington State Motor Vehicle Fuel Tax GO Refunding Bonds Series 2015 C (AMBAC) (Aaa/AA+) | |
| | | | | 6,855,000 | | | | 0.000 | (g) | | 06/01/2028 | | | 6,190,612 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | 231,845,780 | |
| | | |
| | West Virginia - 0.6% | |
| |
| | County of Ohio Special District Excise Tax RB Refunding for Fort Henry Economic Opportunity Development District The Highlands Project Series 2019 B (NR/BBB-) | |
| | | | | 770,000 | | | | 3.000 | | | 03/01/2035 | | | 694,222 | |
| | | | | 1,285,000 | | | | 3.000 | | | 03/01/2037 | | | 1,098,492 | |
| | Monongalia County Commission Senior Tax Increment Revenue, Refunding and Improvement Bonds for Development District No. 4 – University Town Centre Series 2023 A (NR/NR) | |
| | | | | 460,000 | | | | 5.000 | (d) | | 06/01/2033 | | | 486,017 | |
| | Monongalia County Commission Subordinate Special District Excise Tax Revenue & Improvement Bonds for University Town Centre Economic Opportunity Development District Series 2023 A (NR/NR) | |
| | | | | 1,725,000 | | | | 7.000 | (d) | | 06/01/2043 | | | 1,863,168 | |
| | State of West Virginia GO Bonds Series 2018 B (Aa2/AA-) | |
| | | | | 7,140,000 | | | | 5.000 | | | 06/01/2035 | | | 7,610,350 | |
| | State of West Virginia GO State Road Bonds Series 2019 A (Aa2/ AA-) | |
| | | | | 605,000 | | | | 5.000 | | | 06/01/2035 | | | 656,620 | |
| | State of West Virginia, West Virginia GO State Road Bonds, Series 2019 A (Aa2/AA-) | |
| | | | | 1,600,000 | | | | 5.000 | | | 12/01/2036 | | | 1,731,355 | |
| | West Virginia Economic Development Authority RB for Arch Resources, Inc. Series 2020 (B2/BB) | |
| | | | | 1,575,000 | | | | 5.000 | (a)(b) | | 07/01/2045 | | | 1,578,825 | |
| | 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 | | | 7,479,029 | |
| | |
| 90 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | West Virginia – (continued) | |
| |
| | 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 | | $ | 9,003,631 | |
| | 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 | | | 3,614,821 | |
| | West Virginia Hospital Finance Authority Hospital Refunding and Improvement RB for Vandalia Health Group Series 2023B (AGM) (A1/AA) | |
| | | | | 2,855,000 | | | | 5.125 | | | 09/01/2042 | | | 3,163,581 | |
| | 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 | | | 3,337,102 | |
| | 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 | | | 1,040,293 | |
| | | | | 950,000 | | | | 5.000 | | | 01/01/2034 | | | 987,073 | |
| | | | | 825,000 | | | | 5.000 | | | 01/01/2035 | | | 855,829 | |
| | | | | 2,330,000 | | | | 5.000 | | | 01/01/2036 | | | 2,409,007 | |
| | 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 | | | 2,530,817 | |
| | | | | 4,775,000 | | | | 5.000 | | | 09/01/2030 | | | 5,057,035 | |
| | | | | 1,520,000 | | | | 5.000 | | | 09/01/2032 | | | 1,597,044 | |
| | West Virginia Housing Development Fund Housing Finance Bonds 2024 Series B (NON-AMT) (Aaa/AAA) | |
| | | | | 3,825,000 | | | | 4.350 | | | 11/01/2039 | | | 3,986,949 | |
| | | | | 4,685,000 | | | | 4.700 | | | 11/01/2044 | | | 4,829,917 | |
| | | | | | | | | | | | | | | | |
| | | | | 65,611,177 | |
| | | |
| | Wisconsin - 1.4% | |
| |
| | City of Milwaukee Wisconsin General Obligation Promissory Notes Series 2022 N3 (AGM) (NR/AA) | |
| | | | | 4,100,000 | | | | 5.000 | | | 04/01/2026 | | | 4,239,815 | |
| | City of Milwaukee Wisconsin General Obligation Promissory Notes Series 2022 N7 (BAM) (NR/AA) | |
| | | | | 1,475,000 | | | | 5.000 | | | 04/01/2026 | | | 1,525,299 | |
| | Public Finance Authority Charter School RB for Coral Academy of Science Reno Series 2022A (NR/NR) | |
| | | | | 800,000 | | | | 5.875 | (d) | | 06/01/2052 | | | 822,937 | |
| | Public Finance Authority Charter School RB for Founders Academy of Las Vegas Series 2023A (NR/BB-) | |
| | | | | 300,000 | | | | 6.375 | (d) | | 07/01/2043 | | | 316,298 | |
| | Public Finance Authority Charter School RB Series 2021A (Ba2/ NR) | |
| | | | | 165,000 | | | | 4.250 | (d) | | 06/15/2031 | | | 159,333 | |
| | 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 | | | 716,238 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Wisconsin – (continued) | |
| |
| | Public Finance Authority Education RB for Clove Garden School Series 2022 (NR/NR) | |
| | $ | | | 1,060,000 | | | | 5.375 | %(d) | | 06/15/2042 | | $ | 1,068,803 | |
| | Public Finance Authority Education RB Mater Academy of Nevada - East Las Vegas Campus Project Series 2024A (NR/BB) | |
| | | | | 690,000 | | | | 5.000 | (c)(d) | | 12/15/2044 | | | 708,099 | |
| | Public Finance Authority Education RB Series 2022 (NR/NR) | |
| | | | | 1,290,000 | | | | 5.000 | (d) | | 01/01/2042 | | | 1,208,792 | |
| | Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (Baa3/BBB-) | |
| | | | | 1,000,000 | | | | 4.300 | | | 11/01/2030 | | | 1,004,435 | |
| | Public Finance Authority Limited Obligation Grant RB (American Dream @ Meadowlands Project) Series 2017A (Tax-Exempt) Series 2017B (NR/NR) | |
| | | | | 10,975,000 | | | | 6.750 | (d) | | 08/01/2031 | | | 9,850,063 | |
| | Public Finance Authority RB for Appalachian Regional Healthcare System Obligated Group Series 2021 A (NR/BBB-) | |
| | | | | 265,000 | | | | 5.000 | | | 07/01/2035 | | | 276,114 | |
| | | | | 310,000 | | | | 5.000 | | | 07/01/2036 | | | 320,803 | |
| | | | | 265,000 | | | | 5.000 | | | 07/01/2037 | | | 273,126 | |
| | | | | 310,000 | | | | 5.000 | | | 07/01/2038 | | | 317,706 | |
| | | | | 310,000 | | | | 5.000 | | | 07/01/2039 | | | 315,988 | |
| | | | | 285,000 | | | | 5.000 | | | 07/01/2040 | | | 289,766 | |
| | | | | 310,000 | | | | 5.000 | | | 07/01/2041 | | | 314,216 | |
| | Public Finance Authority RB for Beyond Boone LLC Series 2020 A (AGM) (A1/AA) | |
| | | | | 220,000 | | | | 4.000 | | | 07/01/2026 | | | 223,384 | |
| | | | | 220,000 | | | | 4.000 | | | 07/01/2027 | | | 225,475 | |
| | | | | 220,000 | | | | 4.000 | | | 07/01/2028 | | | 227,365 | |
| | | | | 220,000 | | | | 4.000 | | | 07/01/2029 | | | 225,991 | |
| | | | | 265,000 | | | | 4.000 | | | 07/01/2030 | | | 271,410 | |
| | | | | 355,000 | | | | 4.000 | | | 07/01/2031 | | | 361,965 | |
| | | | | 420,000 | | | | 4.000 | | | 07/01/2032 | | | 426,713 | |
| | | | | 175,000 | | | | 4.000 | | | 07/01/2033 | | | 177,586 | |
| | | | | 130,000 | | | | 4.000 | | | 07/01/2034 | | | 131,757 | |
| | | | | 155,000 | | | | 4.000 | | | 07/01/2035 | | | 156,828 | |
| | | | | 220,000 | | | | 4.000 | | | 07/01/2036 | | | 222,077 | |
| | | | | 220,000 | | | | 4.000 | | | 07/01/2037 | | | 222,111 | |
| | | | | 265,000 | | | | 4.000 | | | 07/01/2038 | | | 266,937 | |
| | | | | 265,000 | | | | 4.000 | | | 07/01/2039 | | | 266,094 | |
| | | | | 265,000 | | | | 4.000 | | | 07/01/2040 | | | 265,859 | |
| | Public Finance Authority RB for Charter Day School Obligated Group Series 2020 A (Ba2/NR) | |
| | | | | 1,685,000 | | | | 5.000 | (d) | | 12/01/2035 | | | 1,717,298 | |
| | | | | 1,950,000 | | | | 5.000 | (d) | | 12/01/2045 | | | 1,899,870 | |
| | Public Finance Authority RB for Coral Academy Of Science Las Vegas Series 2021 A (NR/BBB-) | |
| | | | | 875,000 | | | | 4.000 | | | 07/01/2041 | | | 811,040 | |
| | | | | 1,000,000 | | | | 4.000 | | | 07/01/2051 | | | 853,227 | |
| | Public Finance Authority RB for Eno River Academy Holdings, Inc. Series 2020 A (Ba1/NR) | |
| | | | | 395,000 | | | | 4.000 | (d) | | 06/15/2030 | | | 393,680 | |
| | | | | 815,000 | | | | 5.000 | (d) | | 06/15/2040 | | | 828,609 | |
| | Public Finance Authority RB for Masonic & Eastern Star Home of NC, Inc. Obligated Group Series 2020 A (NR/NR) | |
| | | | | 1,450,000 | | | | 4.000 | (d) | | 03/01/2030 | | | 1,438,366 | |
| | Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 A (Ba2/NR) | |
| | | | | 6,950,000 | | | | 5.625 | (d) | | 06/01/2050 | | | 6,728,585 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 91 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Wisconsin – (continued) | |
| |
| | Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 B (Ba2/NR) | |
| | $ | | | 7,575,000 | | | | 6.500 | %(d) | | 06/01/2045 | | $ | 6,815,057 | |
| | Public Finance Authority RB for Prime Healthcare Foundation, Inc. Series 2018 A (NR/NR) | |
| | | | | 500,000 | | | | 5.200 | | | 12/01/2037 | | | 512,335 | |
| | | | | 1,430,000 | | | | 5.350 | | | 12/01/2045 | | | 1,453,855 | |
| | Public Finance Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2021 B (NR/BB) | |
| | | | | 2,470,000 | | | | 6.000 | (d) | | 07/01/2031 | | | 2,203,577 | |
| | Public Finance Authority RB Refunding for Blue Ridge Healthcare Obligated Group Series 2020 A (A3/A) | |
| | | | | 750,000 | | | | 5.000 | | | 01/01/2029 | | | 799,689 | |
| | | | | 1,400,000 | | | | 5.000 | | | 01/01/2032 | | | 1,494,470 | |
| | | | | 950,000 | | | | 5.000 | | | 01/01/2033 | | | 1,013,504 | |
| | | | | 900,000 | | | | 5.000 | | | 01/01/2036 | | | 956,115 | |
| | | | | 500,000 | | | | 5.000 | | | 01/01/2037 | | | 529,555 | |
| | | | | 2,000,000 | | | | 5.000 | | | 01/01/2039 | | | 2,098,407 | |
| | | | | 875,000 | | | | 5.000 | | | 01/01/2040 | | | 913,162 | |
| | Public Finance Authority RB Refunding for Coral Academy of Science Reno Series 2019 A (NR/NR) | |
| | | | | 285,000 | | | | 5.000 | (d) | | 06/01/2029 | | | 290,566 | |
| | | | | 710,000 | | | | 5.000 | (d) | | 06/01/2039 | | | 711,285 | |
| | Public Finance Authority RB Refunding for Fellowship Senior Living Obligated Group Series 2019 A (NR/NR) | |
| | | | | 1,000,000 | | | | 4.000 | | | 01/01/2030 | | | 987,997 | |
| | Public Finance Authority RB Refunding for Penick Village Obligated Group Series 2019 (NR/NR) | |
| | | | | 370,000 | | | | 4.000 | (d) | | 09/01/2029 | | | 355,945 | |
| | | | | 770,000 | | | | 5.000 | (d) | | 09/01/2039 | | | 761,833 | |
| | Public Finance Authority RB Refunding for Rider University A New Jersey Non-Profit Corp. Series 2021 A (NR/BB) | |
| | | | | 5,900,000 | | | | 4.500 | (d) | | 07/01/2048 | | | 4,748,591 | |
| | Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (NR/BB+) | |
| | | | | 2,770,000 | | | | 6.125 | (d) | | 10/01/2049 | | | 2,531,453 | |
| | 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 | | | 1,941,060 | |
| | Public Finance Authority RB Roseman University of Health Sciences 2020 (NR/BB) | |
| | | | | 110,000 | | | | 3.000 | (d) | | 04/01/2025 | | | 109,389 | |
| | | | | 500,000 | | | | 5.000 | (d) | | 04/01/2030 | | | 521,314 | |
| | Public Finance Authority RB Roseman University of Health Sciences 2020 (NR/NR) | |
| | | | | 5,000 | | | | 3.000 | (d) | | 04/01/2025 | | | 4,999 | |
| | Public Finance Authority Refunding RB Series 2021C (A2/A) | |
| | | | | 600,000 | | | | 4.000 | (a)(b) | | 10/01/2041 | | | 616,853 | |
| | Public Finance Authority Retirement Communities RB for Acts Retirement-Life Communities Obligated Group Series 2020A (NR/NR) | |
| | | | | 1,205,000 | | | | 5.000 | | | 11/15/2041 | | | 1,271,013 | |
| | Public Finance Authority Retirement Communities RB Refunding for The Evergreens Obligated Group Series 2019 A (NR/NR) | |
| | | | | 985,000 | | | | 5.000 | | | 11/15/2044 | | | 1,023,601 | |
| | | | | 570,000 | | | | 5.000 | | | 11/15/2049 | | | 586,768 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Wisconsin – (continued) | |
| |
| | 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 | | $ | 3,438,427 | |
| | Public Finance Authority Senior Living Revenue Refunding Bonds for Fellowship Senior Living Project Series 2019A (NR/NR) | |
| | | | | 8,955,000 | | | | 4.000 | | | 01/01/2052 | | | 7,521,899 | |
| | Public Finance Authority Student Housing RB Series 2021A-1 (Ba1/NR) | |
| | | | | 630,000 | | | | 4.000 | (d) | | 07/01/2041 | | | 588,180 | |
| | | | | 2,725,000 | | | | 4.000 | (d) | | 07/01/2051 | | | 2,383,121 | |
| | Public Finance Authority Tax Increment Revenue Senior Bonds for Miami Worldcenter Project Series 2024A (NR/NR) | |
| | | | | 5,000,000 | | | | 5.000 | (d) | | 06/01/2041 | | | 5,132,422 | |
| | Public Finance Authority, Wisconsin Special Revenue Bonds Signorelli Projects Municipal Utility Districts Montgomery and Waller Counties, Texas Series 2024 (NR/NR) | |
| | | | | 2,775,000 | | | | 5.375 | (d) | | 12/15/2032 | | | 2,783,309 | |
| | Racine Unified School District Racine County Wisconsin GO Promissory Notes (BAM) (Aa3/AA) | |
| | | | | 1,250,000 | | | | 5.000 | | | 04/01/2038 | | | 1,399,417 | |
| | | | | 1,340,000 | | | | 5.000 | | | 04/01/2039 | | | 1,492,712 | |
| | | | | 1,750,000 | | | | 5.000 | | | 04/01/2040 | | | 1,940,309 | |
| | | | | 1,675,000 | | | | 5.000 | | | 04/01/2041 | | | 1,844,577 | |
| | State of Wisconsin GO Bonds of Series 2024 A (Aa1/AA+) | |
| | | | | 2,220,000 | | | | 5.000 | | | 05/01/2027 | | | 2,366,664 | |
| | Wisconsin Health & Educational Facilities Authority RB for Hmong American Peace Academy Ltd. Series 2020 (NR/BBB) | |
| | | | | 350,000 | | | | 4.000 | | | 03/15/2030 | | | 352,942 | |
| | Wisconsin Health & Educational Facilities Authority RB for Three Pillars Senior Living Communities Series 2024A (NR/NR) | |
| | | | | 1,165,000 | | | | 5.250 | | | 08/15/2039 | | | 1,277,577 | |
| | 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 | | | 1,385,272 | |
| | 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 | | | 4,231,402 | |
| | Wisconsin Health & Educational Facilities Authority RB Refunding for Lawrence University of Wisconsin Series 2020 (Baa1/NR) | |
| | | | | 1,185,000 | | | | 3.000 | | | 02/01/2042 | | | 924,192 | |
| | | | | 390,000 | | | | 4.000 | | | 02/01/2045 | | | 354,588 | |
| | Wisconsin Health & Educational Facilities Authority RB Series 2021 for Hope Christian Schools (NR/NR) | |
| | | | | 465,000 | | | | 3.000 | | | 12/01/2031 | | | 402,862 | |
| | | | | 775,000 | | | | 4.000 | | | 12/01/2041 | | | 621,886 | |
| | Wisconsin Health & Educational Facilities Authority Refunding RB Series 2021B (NR/NR) | |
| | | | | 475,000 | | | | 4.000 | | | 09/15/2036 | | | 469,419 | |
| | | | | 460,000 | | | | 4.000 | | | 09/15/2041 | | | 437,004 | |
| | | | | 425,000 | | | | 4.000 | | | 09/15/2045 | | | 389,217 | |
| | Wisconsin Health & Educational Facilities Authority Refunding RB Series 2022 (NR/NR) | |
| | | | | 700,000 | | | | 4.000 | | | 09/15/2036 | | | 691,776 | |
| | | | | 680,000 | | | | 4.000 | | | 09/15/2041 | | | 646,006 | |
| | | | | 575,000 | | | | 4.000 | | | 09/15/2045 | | | 526,587 | |
| | |
| 92 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Wisconsin – (continued) | |
| |
| | Wisconsin Health and Educational Facilities Authority RB for Forensic Science and Protective Medicine Collaboration, Inc. Project Series 2024 (Baa2/NR) | |
| | $ | | | 7,680,000 | | | | 5.000 | %(d) | | 08/01/2027 | | $ | 7,896,442 | |
| | Wisconsin Health and Educational Facilities Authority RB Series 2018C (Aa3/AA) (SIFMA Municipal Swap Index Yield + 0.18%) | |
| | | | | 2,775,000 | | | | 3.330 | (a)(f) | | 08/15/2054 | | | 2,732,197 | |
| | Wisconsin Health and Educational Facilities Authority RB Series 2024A (BAM) (NR/AA) | |
| | | | | 5,675,000 | | | | 4.500 | | | 02/15/2054 | | | 5,675,735 | |
| | Wisconsin Housing & Economic Development Authority Home Ownership RB 2021 Series D (GNMA/FHLMC/FNMA COLL) (Aa2/AA+)
(SIFMA Municipal Swap Index Yield + 0.15%) | |
| | | | | 5,500,000 | | | | 3.300 | (a)(f) | | 03/01/2042 | | | 5,494,253 | |
| | 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 | | | 5,977,377 | |
| | Wisconsin State Health and Educational Facilities Authority Variable Rate Refunding RB Froedtert Health Inc. Obligated Group Series 2021B (NR/AA/A-1) | |
| | | | | 2,260,000 | | | | 3.900 | (a)(b) | | 04/01/2048 | | | 2,260,000 | |
| | | | | | | | | | | | | | | | |
| | | | | 150,960,222 | |
| | | |
| | Wyoming - 0.2% | |
| |
| | County of Campbell RB Refunding for Basin Electric Power Cooperative Series 2019 A (A3/A) | |
| | | | | 18,675,000 | | | | 3.625 | | | 07/15/2039 | | | 17,647,446 | |
| | | |
| | TOTAL MUNICIPAL BONDS | |
| | (Cost $10,274,741,502) | | | 10,333,699,274 | |
| | | |
| | | |
| |
| | Corporate Bonds - 0.3% | |
| | Healthcare-Services - 0.0% | |
| |
| | Prime Healthcare Foundation, Inc. Series | |
| | | | | 4,975,000 | | | | 7.000 | % | | 12/01/27 | | | 5,173,942 | |
| | Toledo Hospital RB Series 2022 B | |
| | | | | 1,895,000 | | | | 5.325 | | | 11/15/28 | | | 1,875,993 | |
| | | | | | | | | | | | | | | | |
| | | | | 7,049,935 | |
| | | |
| | Real Estate - 0.3% | |
| |
| | Benloch Ranch Improvement Association No. 1 Series 2020 | |
| | | | | 2,853,750 | | | | 9.750 | (d)(h) | | 12/01/39 | | | 2,661,693 | |
| | Benloch Ranch Improvement Association No. 1 Series 2021 | |
| | | | | 1,655,909 | | | | 9.750 | (d)(h) | | 12/01/39 | | | 1,544,467 | |
| | Benloch Ranch Improvement Association No. 2 | |
| | | | | 14,700,000 | | | | 10.000 | (d)(h) | | 12/01/51 | | | 12,027,540 | |
| | Brixton Park Improvement Association No. 1 Series | |
| | | | | 16,042,697 | | | | 6.875 | (d)(h) | | 12/01/51 | | | 13,438,967 | |
| | | | | | | | | | | | | | | | |
| | | | | 29,672,667 | |
| | | |
| | TOTAL CORPORATE BONDS | |
| | (Cost $41,164,733) | | | 36,722,602 | |
| | | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Bank Loans(k) - 0.0% | |
| | Engineering & Construction - 0.0% | |
| |
| | Rialto Bioenergy Facility, LLC (SOFR + 0.1%) | |
| | $ | | | 8,719,737 | | | | 5.330 | %(h) | | 10/31/24 | | $ | 998,948 | |
| | | | | | | | | | | | | | | | |
| | | | | 998,948 | |
| | | |
| | TOTAL BANK LOANS
(Cost $ 8,686,894) | | | 998,948 | |
| | | |
| | TOTAL INVESTMENTS - 98.8%
(Cost $10,324,593,129) | | $ | 10,371,420,824 | |
| | | |
| | OTHER ASSETS IN EXCESS
OF LIABILITIES - 1.2% | | | 124,639,638 | |
| | | |
| | NET ASSETS - 100.0% | | $ | 10,496,060,462 | |
| | | |
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 September 30, 2024. |
| | (b) | Variable Rate Demand Instruments – rate shown is that which is in effect on September 30, 2024. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. |
| | (d) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| | (e) | Pre-refunded security. Maturity date disclosed is pre-refunding date. |
| | (f) | Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on September 30, 2024. |
| | (g) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| | (h) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| | (i) | Zero coupon bond until next reset date. |
| | (j) | Contingent value instrument that only pays out if a portion of the territory’s Sales and Use Tax outperforms the projections in the Oversight Board’s Certified Fiscal Plan. |
| | (k) | Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on September 30, 2024. 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.
| | |
| The accompanying notes are an integral part of these financial statements. | | 93 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | |
Investment Abbreviations: |
ABS | | - Asset-Backed Security |
AGC | | - Insured by Assured Guaranty Corp. |
AGM | | - Insured by Assured Guaranty Municipal Corp. |
AGM-CR | | - Insured by Assured Guaranty Municipal Corp. Insured Custodial receipts |
AMBAC | | - Insured by American Municipal Bond Assurance Corp. |
AMT | | - Alternative Minimum Tax (subject to) |
BAM | | - Build America Mutual Assurance Co. |
CFD | | - Community Facilities District |
COPS | | - Certificates of Participation |
FHLMC | | - Insured by Federal Home Loan Mortgage Corp. |
FNMA | | - Insured by Federal National Mortgage Association |
GNMA | | - Insured by Government National Mortgage Association |
GO | | - General Obligation |
HUD SECT 8 | | - Hud Section 8 |
IDA | | - Industrial Development Agency |
LIBOR | | - London Interbank Offered Rates |
LP | | - Limited Partnership |
LT | | - Limited Tax |
MTA | | - Metropolitan Transportation Authority |
MUN GOVT | | - |
GTD | | Municipal Government Guaranteed NATL |
NATL | | - National Public Finance Guarantee Corp. |
| | |
Investment Abbreviations: (continued) |
NR | | - Not Rated |
PCRB | | - Pollution Control Revenue Bond |
PSF-GTD | | - Guaranteed by Permanent School Fund |
Q-SBLF | | - Qualified School Bond Loan Fund |
RB | | - Revenue Bond |
RMKT | | - Remarketed |
RR | | - Revenue Refunding |
SCH BD | | - |
GTY | | School Bond Guaranty |
SCH BD RES - | | |
FD | | School Board Reserve Fund |
SCSDE | | - South Carolina State Department of Education |
SD CRED | | - |
PROG | | School District Credit Program |
SIFMA | | - Securities Industry and Financial Markets Association |
SOFR | | - Secured Overnight Financing Rate |
SONYMA | | - State of New York Mortgage Agency |
ST AID | | - |
WITHHLDG | | State Aid Withholding |
ST APPROP | | - State Appropriation |
TCRS | | - Transferable Custody Receipts |
UPMC | | - University of Pittsburgh Medical Center |
USD | | - United States Dollar |
UT | | - Unlimited Tax |
WR | | - Withdrawn Rating |
|
| | |
| 94 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
|
Schedule of Investments September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds - 97.6% | |
| | Alabama - 2.1% | |
| |
| | Black Belt Energy Gas District Gas Prepay RB 2019 Series A (A1/ NR) | |
| | $ | | | 1,275,000 | | | | 4.000 | %(a)(b) | | 12/01/2049 | | $ | 1,282,314 | |
| | Black Belt Energy Gas District Gas Project RB Series 2022C-1 (A1/NR) | |
| | | | | 10,000,000 | | | | 5.250 | (a)(b) | | 02/01/2053 | | | 10,725,514 | |
| | 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) | | 07/01/2045 | | | 5,839,429 | |
| | 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) | | 07/01/2028 | | | 2,075,133 | |
| | Energy Southeast a Cooperative District Energy Supply RB 2024 Series B (A1/NR) | |
| | | | | 3,150,000 | | | | 5.250 | (a)(b) | | 07/01/2054 | | | 3,487,054 | |
| | 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 | | | 2,868,323 | |
| | Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (B1/BB-) | |
| | | | | 25,350,000 | | | | 5.750 | | | 10/01/2049 | | | 26,732,475 | |
| | Jefferson County Sewer Revenue Warrants Series 2024 (Baa1/ BBB+) | |
| | | | | 22,340,000 | | | | 5.250 | | | 10/01/2049 | | | 24,324,469 | |
| | | | | 23,620,000 | | | | 5.500 | | | 10/01/2053 | | | 26,004,323 | |
| | Midcity Improvement District Special Assessment RB Series 2022 (NR/NR) | |
| | | | | 1,085,000 | | | | 4.500 | | | 11/01/2042 | | | 936,416 | |
| | | | | 1,000,000 | | | | 4.750 | | | 11/01/2049 | | | 856,735 | |
| | Midcity Improvement District Special Assessment RB Series 2024 (NR/NR) | |
| | | | | 400,000 | | | | 6.500 | (c) | | 11/01/2044 | | | 399,830 | |
| | | | | 550,000 | | | | 6.750 | (c) | | 11/01/2053 | | | 549,362 | |
| | Southeast Alabama Gas Supply District Gas Supply RB Refunding Series 2024B (A1/NR) | |
| | | | | 80,000,000 | | | | 5.000 | (a)(b) | | 06/01/2049 | | | 87,907,232 | |
| | Southeast Energy Authority Commodity Supply RB for Project No. 6 Series 2023B (Aa1/NR) | |
| | | | | 10,000,000 | | | | 5.000 | (a)(b) | | 01/01/2054 | | | 10,769,150 | |
| | Sumter County IDA Exempt Facilities RB for Enviva Project Series 2022 (WR/NR) | |
| | | | | 10,073,131 | | | | 6.000 | (a)(b) | | 07/15/2052 | | | 4,835,103 | |
| | The Black Belt Energy Gas District Gas Supply RB, Series 2023B (Aa1/NR) | |
| | | | | 18,620,000 | | | | 5.250 | (a)(b) | | 12/01/2053 | | | 20,444,900 | |
| | 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 | | | 3,221,633 | |
| | The Educational Building Authority of The City of Homewood Alabama RB CHF – Horizons II L.L.C. Student Housing & Parking Project at Samford University Tax-Exempt Series 2024-C (Baa2/NR) | |
| | | | | 2,930,000 | | | | 5.500 | | | 10/01/2054 | | | 3,146,462 | |
| | | | | 1,100,000 | | | | 5.000 | | | 10/01/2056 | | | 1,126,391 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Alabama – (continued) | |
| |
| | The Industrial Development Authority of Mobile County Solid Waste Disposal RB Am Ns Calvert LLC Project Series 2024A (Baa3/BBB-) | |
| | $ | | | 14,400,000 | | | | 5.000 | % | | 06/01/2054 | | $ | 14,940,602 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 252,472,850 | |
| | | |
| | Alaska - 0.0% | |
| |
| | Northern tobacco Securitization Corp. tobacco Settlement Asset Back Bonds Series 2021 (NR/NR) | |
| | | | | 19,470,000 | | | | 0.000 | (e) | | 06/01/2066 | | | 2,730,993 | |
| | | |
| | American Samoa - 0.1% | |
| |
| | American Samoa Economic Development Authority General RB Series 2021A (Ba3/NR) | |
| | | | | 6,375,000 | | | | 5.000 | (c) | | 09/01/2038 | | | 6,494,764 | |
| | American Samoa Economic Development Authority RB Refunding Series 2021 C (Ba3/NR) | |
| | | | | 1,800,000 | | | | 3.720 | (c) | | 09/01/2027 | | | 1,696,112 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 8,190,876 | |
| | | |
| | Arizona - 1.4% | |
| |
| | Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (NR/AA-)
(S&P 7 Day Municipal Intermediate Grade Rate + 0.81%) | |
| | | | | 20,000,000 | | | | 4.900 | (a)(f) | | 01/01/2037 | | | 19,449,846 | |
| | Arizona IDA Education RB for Academies of Math & Science Projects Series 2023 (NR/BB+) | |
| | | | | 900,000 | | | | 5.375 | (c) | | 07/01/2053 | | | 921,586 | |
| | | | | 1,000,000 | | | | 5.500 | (c) | | 07/01/2058 | | | 1,028,771 | |
| | Arizona IDA Education RB for Benjamin Franklin Charter School Projects Series 2023A (Ba1/NR) | |
| | | | | 1,000,000 | | | | 5.250 | (c) | | 07/01/2053 | | | 1,009,011 | |
| | | | | 1,000,000 | | | | 5.500 | (c) | | 07/01/2058 | | | 1,015,756 | |
| | Arizona IDA Lease RB for Greenville University Student Housing and Athletic Facilities Project Series 2022 (NR/BB+) | |
| | | | | 17,000,000 | | | | 6.500 | (c) | | 11/01/2053 | | | 17,684,847 | |
| | 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 | | | 1,448,362 | |
| | Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (NR/CC) | |
| | | | | 1,000,000 | | | | 5.000 | | | 01/01/2043 | | | 683,390 | |
| | | | | 5,250,000 | | | | 4.500 | | | 01/01/2049 | | | 3,214,050 | |
| | | | | 3,300,000 | | | | 5.000 | | | 01/01/2054 | | | 2,064,183 | |
| | Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project Second Tier Series 2019 B (NR/D) | |
| | | | | 275,000 | | | | 5.000 | * | | 01/01/2037 | | | 151,847 | |
| | | | | 200,000 | | | | 5.000 | * | | 01/01/2038 | | | 106,282 | |
| | | | | 650,000 | | | | 5.000 | * | | 01/01/2043 | | | 310,251 | |
| | | | | 3,450,000 | | | | 5.000 | * | | 01/01/2049 | | | 1,595,625 | |
| | | | | 1,100,000 | | | | 5.125 | * | | 01/01/2054 | | | 495,000 | |
| | Arizona Industrial Development Authority RB for Provident Group - EMU Properties LLC Series 2018 (Ca/NR) | |
| | | | | 1,000,000 | | | | 5.000 | * | | 05/01/2038 | | | 550,000 | |
| | | | | 2,780,000 | | | | 5.000 | * | | 05/01/2043 | | | 1,529,000 | |
| | | | | 3,450,000 | | | | 5.000 | * | | 05/01/2048 | | | 1,897,500 | |
| | | | | 2,000,000 | | | | 5.000 | * | | 05/01/2051 | | | 1,100,000 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 95 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | 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 | %(c) | | 12/15/2041 | | $ | 853,048 | |
| | | | | 2,115,000 | | | | 4.000 | (c) | | 12/15/2051 | | | 1,796,331 | |
| | Arizona Industrial Development Authority RB Refunding for Doral Academy of Northern Nevada Obligated Group Series 2021 A (Ba1/NR) | |
| | | | | 470,000 | | | | 4.000 | (c) | | 07/15/2051 | | | 399,089 | |
| | | | | 445,000 | | | | 4.000 | (c) | | 07/15/2056 | | | 368,280 | |
| | Arizona Industrial Development Authority RB Refunding for Pinecrest Academy of Nevada Series 2020 A-1 (NR/BB+) | |
| | | | | 10,845,000 | | | | 5.000 | (c) | | 07/15/2053 | | | 10,873,411 | |
| | City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 A (Aa3/A+) | |
| | | | | 1,625,000 | | | | 3.000 | | | 07/01/2049 | | | 1,308,266 | |
| | City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 B (Aa3/A+) | |
| | | | | 2,710,000 | | | | 3.250 | | | 07/01/2049 | | | 2,231,207 | |
| | County of Maricopa IDA Education RB Series 2021A (NR/BBB-) | |
| | | | | 1,250,000 | | | | 4.000 | (c) | | 07/01/2056 | | | 1,083,377 | |
| | County of Maricopa IDA Education RB Taxable Convertible Series 2021B (NR/BBB-) | |
| | | | | 3,400,000 | | | | 3.500 | (c) | | 07/01/2044 | | | 2,889,357 | |
| | County of Maricopa IDA Exempt Facilities RB for Commercial Metals Company Project Series 2022 (Ba2/BB+) | |
| | | | | 8,225,000 | | | | 4.000 | (c) | | 10/15/2047 | | | 7,540,125 | |
| | County of Pima IDA Senior Living RB for La Posada at Pusch Ridge Project Series 2022A (NR/NR) | |
| | | | | 4,500,000 | | | | 6.875 | (c) | | 11/15/2052 | | | 4,921,053 | |
| | | | | 2,750,000 | | | | 7.000 | (c) | | 11/15/2057 | | | 3,013,424 | |
| | Equitable School Revolving Fund National Charter School Revolving Loan Fund RB (NR/A) | |
| | | | | 4,325,000 | | | | 4.000 | | | 11/01/2051 | | | 4,151,488 | |
| | Estrella Mountain Ranch Community Facilities District Lucero Assessment District No. 1 Special Assessment RB Series 2019 (NR/NR) | |
| | | | | 530,000 | | | | 3.500 | | | 07/01/2029 | | | 505,645 | |
| | | | | 595,000 | | | | 4.100 | | | 07/01/2034 | | | 561,918 | |
| | | | | 1,848,000 | | | | 4.750 | | | 07/01/2043 | | | 1,711,111 | |
| | 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 | | | 17,178,676 | |
| | La Paz County Industrial Development Authority RB for American Fiber Optics LLC Series 2018 A (NR/NR) | |
| | | | | 3,100,000 | | | | 6.000 | (c)* | | 08/01/2028 | | | 1,550,000 | |
| | | | | 16,130,000 | | | | 6.250 | (c)* | | 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 | | | 495,463 | |
| | Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2020 A (NR/BB) | |
| | | | | 700,000 | | | | 5.000 | (c) | | 07/01/2050 | | | 701,671 | |
| | | | | 1,340,000 | | | | 5.000 | (c) | | 07/01/2054 | | | 1,333,481 | |
| | Maricopa County Industrial Development Authority RB for Ottawa University Series 2020 (NR/NR) | |
| | | | | 1,885,000 | | | | 5.250 | (c) | | 10/01/2040 | | | 1,816,453 | |
| | | | | 1,885,000 | | | | 5.500 | (c) | | 10/01/2051 | | | 1,770,270 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Arizona – (continued) | |
| |
| | Maricopa County Pollution Control Corp Pollution Control Revenue Refunding Bonds Series A (A2/A-) | |
| | $ | | | 2,000,000 | | | | 2.400 | % | | 06/01/2035 | | $ | 1,720,337 | |
| | Pima County IDA RB Refunding for Career Success Schools, Inc. Series 2020 (NR/NR) | |
| | | | | 250,000 | | | | 5.500 | (c) | | 05/01/2040 | | | 251,647 | |
| | | | | 950,000 | | | | 5.750 | (c) | | 05/01/2050 | | | 957,613 | |
| | Salt River Agricultural Improvement and Power District Project Electric System RB Series 2023B (Aa1/AA+) | |
| | | | | 9,260,000 | | | | 5.250 | | | 01/01/2053 | | | 10,384,318 | |
| | Tempe Industrial Development Authority RB for Tempe Life Care Village Obligated Group Series 2019 (NR/NR) | |
| | | | | 1,520,000 | | | | 5.000 | | | 12/01/2050 | | | 1,531,453 | |
| | | | | 1,900,000 | | | | 5.000 | | | 12/01/2054 | | | 1,907,420 | |
| | 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 | | | 878,047 | |
| | | | | 1,000,000 | | | | 5.000 | | | 07/01/2042 | | | 1,023,992 | |
| | 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 | (c)(g) | | 06/15/2054 | | | 1,059,333 | |
| | | | | 1,375,000 | | | | 5.000 | (c)(g) | | 06/15/2059 | | | 1,383,343 | |
| | | | | 1,825,000 | | | | 5.000 | (c)(g) | | 06/15/2064 | | | 1,830,914 | |
| | The Industrial Development Authority of The County of Maricopa Education RB (Legacy Traditional Schools Projects) Series 2021A (NR/BBB-) | |
| | | | | 1,150,000 | | | | 4.000 | (c) | | 07/01/2051 | | | 1,019,977 | |
| | 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 | | | 3,537,941 | |
| | The Industrial Development Authority of The County of Maricopa Educational Facilities Valley Christian Schools Project RB Series 2023A (NR/NR) | |
| | | | | 1,700,000 | | | | 6.250 | (c) | | 07/01/2053 | | | 1,755,527 | |
| | | | | 1,800,000 | | | | 6.375 | (c) | | 07/01/2058 | | | 1,864,364 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 164,479,677 | |
| | | |
| | Arkansas - 0.2% | |
| |
| | Arkansas Development Finance Authority Environmental Improvement RB Series 2022 (AMT) (NR/BB-) | |
| | | | | 16,175,000 | | | | 5.450 | | | 09/01/2052 | | | 16,948,361 | |
| | Arkansas Development Finance Authority Environmental Improvement RB Series 2023 United States Steel Corporation Project Green Bonds (AMT) (NR/BB-) | |
| | | | | 1,375,000 | | | | 5.700 | | | 05/01/2053 | | | 1,464,196 | |
| | Arkansas Development Finance Authority RB for Baptist Health Obligated Group Series 2019 (NR/A) | |
| | | | | 5,370,000 | | | | 3.200 | | | 12/01/2049 | | | 4,260,007 | |
| | 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 | | | 1,167,051 | |
| | | | | 775,000 | | | | 3.500 | | | 07/01/2046 | | | 541,792 | |
| | | | | 500,000 | | | | 4.000 | | | 07/01/2052 | | | 367,748 | |
| | |
| 96 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Arkansas – (continued) | |
| |
| | Arkansas Development Finance Authority RB Refunding for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 (NR/NR) | |
| | $ | | | 5,090,000 | | | | 3.500 | % | | 07/01/2038 | | $ | 4,050,660 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 28,799,815 | |
| | | |
| | California - 8.8% | |
| |
| | ABC Unified School District GO Bonds Series 2001 C (NATL) (Aa2/AA-) | |
| | | | | 1,600,000 | | | | 0.000 | (e) | | 08/01/2026 | | | 1,526,108 | |
| | Airport Commission of The City and County of San Francisco Second Series RB Series 2019A (AMT) (NR/NR) | |
| | | | | 45,000 | | | | 4.000 | (d) | | 05/01/2049 | | | 46,628 | |
| | Airport Commission of The City and County of San Francisco Second Series RB Series 2019A (AMT) (A1/A+) | |
| | | | | 3,980,000 | | | | 4.000 | | | 05/01/2049 | | | 3,873,979 | |
| | Airport Commission of The City and County of San Francisco Second Series RB Series 2019E (AMT) (NR/A+) | |
| | | | | 1,535,000 | | | | 4.000 | | | 05/01/2050 | | | 1,488,875 | |
| | Airport Commission of The City and County of San Francisco Second Series RB Series 2019E (AMT) (NR/NR) | |
| | | | | 145,000 | | | | 4.000 | (d) | | 05/01/2050 | | | 150,247 | |
| | Alameda Corridor Transportation Authority Convertible Capital Appreciation Bonds Series 2022A (A3/A-) | |
| | | | | 1,850,000 | | | | 0.000 | (h) | | 10/01/2047 | | | 1,113,579 | |
| | | | | 1,850,000 | | | | 0.000 | (h) | | 10/01/2048 | | | 1,108,202 | |
| | | | | 2,300,000 | | | | 0.000 | (h) | | 10/01/2049 | | | 1,374,205 | |
| | | | | 1,375,000 | | | | 0.000 | (h) | | 10/01/2050 | | | 817,503 | |
| | Alameda Corridor Transportation Authority Convertible Capital Appreciation Bonds Series 2022A (AGM) (A1/AA) | |
| | | | | 3,225,000 | | | | 0.000 | (h) | | 10/01/2051 | | | 1,888,381 | |
| | Alhambra California Unified School District Election of 2008 GO Bonds Capital Appreciation for Elementary Schools Improvement District Series 2011 B (AGM) (Aa2/AA) | |
| | | | | 4,995,000 | | | | 0.000 | (e) | | 08/01/2037 | | | 3,301,118 | |
| | Alvord Unified School District GO Bonds Capital Appreciation for 2007 Election Series 2007 B (AGM) (A1/AA) | |
| | | | | 2,050,000 | | | | 0.000 | (e) | | 08/01/2036 | | | 1,296,419 | |
| | 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 | | | 4,051,035 | |
| | Burbank-Glendale-Pasadena Airport Authority Airport Senior RB 2024 Series B (AMT) (A2/A) | |
| | | | | 5,875,000 | | | | 5.250 | | | 07/01/2054 | | | 6,394,440 | |
| | Burbank-Glendale-Pasadena Airport Authority Airport Senior RB 2024 Series B (AMT) (AGM) (A1/AA) | |
| | | | | 5,000,000 | | | | 4.500 | | | 07/01/2054 | | | 5,067,551 | |
| | Calaveras Unified School District GO Bonds for Capital Appreciation Series 2000 (AGM) (A1/AA) | |
| | | | | 1,055,000 | | | | 0.000 | (e) | | 08/01/2025 | | | 1,029,737 | |
| | 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 | | | 3,259,244 | |
| | California Community Choice Financing Authority Clean Energy Project RB Green Bonds Series 2024A (A1/NR) | |
| | | | | 24,500,000 | | | | 5.000 | (a)(b) | | 05/01/2054 | | | 26,948,709 | |
| | California Community Choice Financing Authority Clean Energy Project RB Series 2023B (A1/NR) | |
| | | | | 2,000,000 | | | | 5.000 | (a)(b) | | 07/01/2053 | | | 2,145,904 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | California – (continued) | |
| |
| | California Community College Financing Authority RB for NCCD- Orange Coast Properties LLC Series 2018 (NR/BB+) | |
| | $ | | | 2,755,000 | | | | 5.250 | % | | 05/01/2048 | | $ | 2,831,653 | |
| | | | | 2,850,000 | | | | 5.250 | | | 05/01/2053 | | | 2,921,699 | |
| | California Community College Financing Authority Student Housing RB for Napa Valley College Project Series 2022A (NR/NR) | |
| | | | | 9,275,000 | | | | 5.750 | (c) | | 07/01/2060 | | | 9,649,528 | |
| | California Community Housing Agency Aster Apartments RB Series 2021 A-1 (NR/NR) | |
| | | | | 9,775,000 | | | | 4.000 | (c) | | 02/01/2056 | | | 8,860,299 | |
| | California Community Housing Agency Essential Housing Junior RB Series 2021A-2 (NR/NR) | |
| | | | | 2,300,000 | | | | 4.000 | (c) | | 08/01/2050 | | | 1,894,690 | |
| | California Community Housing Agency Essential Housing RB Series 2021A (NR/NR) | |
| | | | | 20,820,000 | | | | 4.000 | (c) | | 02/01/2056 | | | 17,772,031 | |
| | California Community Housing Agency Essential Housing RB Series 2021A-1 (NR/NR) | |
| | | | | 1,825,000 | | | | 3.000 | (c) | | 02/01/2057 | | | 1,318,044 | |
| | California Community Housing Agency RB Series 2021A-1 Senior Bonds (NR/NR) | |
| | | | | 6,450,000 | | | | 4.000 | (c) | | 02/01/2056 | | | 5,614,088 | |
| | 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 | | | 1,363,890 | |
| | California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-2 (NR/NR) | |
| | | | | 7,375,000 | | | | 0.000 | (e) | | 06/01/2055 | | | 1,691,332 | |
| | California County Tobacco Securitization Agency RB Refunding Series 2020 B-1 (NR/BBB+) | |
| | | | | 205,000 | | | | 5.000 | | | 06/01/2049 | | | 210,647 | |
| | California County Tobacco Securitization Agency RB Refunding Series 2020 B-2 (NR/NR) | |
| | | | | 145,960,000 | | | | 0.000 | (e) | | 06/01/2055 | | | 29,043,238 | |
| | California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (NR/NR) | |
| | | | | 145,220,000 | | | | 0.000 | (e) | | 06/01/2055 | | | 20,005,449 | |
| | California Enterprise Development Authority RB Refunding for Rocklin Academy Obligated Group Series 2021 A (NR/BB+) | |
| | | | | 595,000 | | | | 4.000 | (c) | | 06/01/2061 | | | 515,864 | |
| | California Health Facilities Financing Authority RB for Commonspirit Health Series 2020A (A3/A-) | |
| | | | | 5,705,000 | | | | 4.000 | | | 04/01/2049 | | | 5,623,973 | |
| | California Health Facilities Financing Authority RB for Commonspirit Health Series 2024A (A3/A-) | |
| | | | | 4,600,000 | | | | 5.000 | | | 12/01/2054 | | | 5,004,480 | |
| | 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 | | | 2,524,572 | |
| | California Infrastructure & Economic Development Bank Brightline West Passenger Rail Project Series RB Series 2020A-1 (NR/NR) | |
| | | | | 900,000 | | | | 5.000 | (c) | | 01/01/2055 | | | 907,931 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 97 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | California – (continued) | |
| |
| | California Infrastructure and Economic Development Bank RB Brightline West Passenger Rail Project Series 2020A-4 (NR/NR) | |
| | $ | | | 20,800,000 | | | | 8.000 | %(a)(b)(c) | | 01/01/2050 | | $ | 21,422,299 | |
| | California Municipal Finance Authority Charter School Leave Revenue Refunding Bonds Series 2022 (NR/BB+) | |
| | | | | 750,000 | | | | 5.000 | | | 07/01/2052 | | | 764,361 | |
| | | | | 3,725,000 | | | | 5.000 | | | 07/01/2062 | | | 3,772,179 | |
| | 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 | | | 2,876,746 | |
| | | | | 5,250,000 | | | | 5.000 | | | 09/01/2057 | | | 5,487,777 | |
| | California Municipal Finance Authority RB (California Lutheran University) Series 2018 (Baa1/NR) | |
| | | | | 225,000 | | | | 5.000 | | | 10/01/2035 | | | 236,469 | |
| | California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A3/BBB+) | |
| | | | | 3,800,000 | | | | 5.000 | | | 02/01/2042 | | | 3,873,587 | |
| | | | | 10,000,000 | | | | 5.000 | | | 02/01/2047 | | | 10,080,642 | |
| | California Municipal Finance Authority RB for P3 Claremont Holdings LLC Series 2020 A (NR/NR) | |
| | | | | 1,135,000 | | | | 5.000 | (c) | | 07/01/2052 | | | 1,096,746 | |
| | California Municipal Finance Authority RB for The Learning Choice Academy Series 2021 A (NR/BBB-) | |
| | | | | 1,510,000 | | | | 4.000 | | | 07/01/2051 | | | 1,351,908 | |
| | | | | 1,035,000 | | | | 4.000 | | | 07/01/2055 | | | 909,461 | |
| | California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (Baa1/NR) | |
| | | | | 250,000 | | | | 5.000 | | | 10/01/2034 | | | 263,339 | |
| | | | | 300,000 | | | | 5.000 | | | 10/01/2037 | | | 314,157 | |
| | | | | 300,000 | | | | 5.000 | | | 10/01/2038 | | | 313,304 | |
| | California Municipal Finance Authority RB Refunding for Claremont Graduate University Series 2020 B (NR/NR) | |
| | | | | 1,090,000 | | | | 5.000 | (c) | | 10/01/2049 | | | 1,090,783 | |
| | | | | 1,740,000 | | | | 5.000 | (c) | | 10/01/2054 | | | 1,727,695 | |
| | California Municipal Finance Authority Senior Lien RB for Linxs APM Project Series 2018A (A2/NR) | |
| | | | | 14,040,000 | | | | 4.000 | | | 12/31/2047 | | | 13,219,296 | |
| | California Municipal Finance Authority Senior Lien RB for Linxs APM Project Series 2018A (NR/NR) | |
| | | | | 7,395,000 | | | | 5.000 | | | 12/31/2043 | | | 7,575,465 | |
| | 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 | | | 11,515,293 | |
| | California Pollution Control Financing Authority Solid Waste Disposal RB for Rialto Bioenergy Facility LLC Project Series 2019 (NR/NR) | |
| | | | | 26,895,001 | | | | 7.500 | (c)(i)* | | 12/01/2040 | | | 3,227,400 | |
| | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Desalination Project Series 2012 (Baa3/NR) | |
| | | | | 1,325,000 | | | | 5.000 | (c) | | 07/01/2037 | | | 1,327,968 | |
| | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Desalination Project Series 2023 (Baa3/NR) | |
| | | | | 2,355,000 | | | | 5.000 | (c) | | 07/01/2035 | | | 2,625,644 | |
| | | | | 1,730,000 | | | | 5.000 | (c) | | 07/01/2037 | | | 1,911,073 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | California – (continued) | |
| |
| | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Desalination Project Series 2023 (Baa3/NR) – (continued) | |
| | $ | | | 1,750,000 | | | | 5.000 | %(c) | | 07/01/2038 | | $ | 1,927,675 | |
| | | | | 1,200,000 | | | | 5.000 | (c) | | 11/21/2045 | | | 1,284,201 | |
| | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (Baa3/NR) | |
| | | | | 12,660,000 | | | | 5.000 | (c) | | 11/21/2045 | | | 12,678,991 | |
| | California Pollution Control Financing Authority Water Furnishing RB Refunding for San Diego County Water Desalination Project Series 2019 (Baa3/NR) | |
| | | | | 8,500,000 | | | | 5.000 | (c) | | 11/21/2045 | | | 8,815,485 | |
| | California Pollution Control Financing Authority Water Furnishing RR Bonds, Series 2019 (San Diego County Water Authority Desalination Project Pipeline) (Baa3/NR) | |
| | | | | 550,000 | | | | 5.000 | (c) | | 07/01/2039 | | | 577,761 | |
| | California Public Finance Authority RB for Excelsior Charter School Project Series 2020 A (NR/NR) | |
| | | | | 1,540,000 | | | | 5.000 | (c) | | 06/15/2050 | | | 1,532,997 | |
| | | | | 1,030,000 | | | | 5.000 | (c) | | 06/15/2055 | | | 1,016,988 | |
| | California Public Finance Authority Senior Living Revenue Refunding Bonds for Enso Village Project Series 2021B1 (NR/NR) | |
| | | | | 900,000 | | | | 3.125 | (c) | | 05/15/2029 | | | 888,431 | |
| | California School Finance Authority Charter School RB Envision Education Obligated Group Series 2024A (NR/BB+) | |
| | | | | 1,620,000 | | | | 5.000 | (c) | | 06/01/2064 | | | 1,634,183 | |
| | California School Finance Authority Charter School RB for Citizens of the World Obligated Group Series 2022A (NR/BB-) | |
| | | | | 4,605,000 | | | | 6.375 | (c) | | 04/01/2062 | | | 4,754,122 | |
| | California School Finance Authority Charter School RB for Classical Academies Oceanside Project Series 2022A (NR/BBB-) | |
| | | | | 2,055,000 | | | | 5.000 | (c) | | 10/01/2052 | | | 2,099,494 | |
| | | | | 3,250,000 | | | | 5.000 | (c) | | 10/01/2061 | | | 3,311,308 | |
| | California School Finance Authority Charter School RB for Classical Academies Vista Project Series 2021 (NR/BBB-) | |
| | | | | 1,450,000 | | | | 4.000 | (c) | | 10/01/2046 | | | 1,327,486 | |
| | California School Finance Authority Charter School RB for Harbor Springs Obligated Group Series 2024A (NR/BB+) | |
| | | | | 2,235,000 | | | | 5.500 | (c) | | 07/01/2054 | | | 2,346,289 | |
| | | | | 2,200,000 | | | | 5.625 | (c) | | 07/01/2063 | | | 2,307,136 | |
| | California School Finance Authority Charter School RB for Hawking Steam Charter School Project Series 2022 (NR/BB+) | |
| | | | | 1,055,000 | | | | 5.250 | (c) | | 07/01/2052 | | | 1,084,737 | |
| | | | | 745,000 | | | | 5.375 | (c) | | 07/01/2056 | | | 768,649 | |
| | | | | 1,525,000 | | | | 5.500 | (c) | | 07/01/2062 | | | 1,577,511 | |
| | California School Finance Authority Charter School RB for Lighthouse Community Public School Obligated Group Series 2022A (NR/NR) | |
| | | | | 1,800,000 | | | | 6.500 | (c) | | 06/01/2062 | | | 1,915,746 | |
| | California School Finance Authority Charter School RB for Orange County Educational Arts Academy Project Series 2023A (NR/NR) | |
| | | | | 560,000 | | | | 5.625 | (c) | | 06/01/2043 | | | 578,246 | |
| | | | | 700,000 | | | | 5.875 | (c) | | 06/01/2053 | | | 723,010 | |
| | |
| 98 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | California – (continued) | |
| |
| | California School Finance Authority Charter School RB for River Springs Charter School Series 2022A (NR/BB+) | |
| | $ | | | 2,905,000 | | | | 5.000 | %(c) | | 07/01/2052 | | $ | 2,929,148 | |
| | | | | 4,190,000 | | | | 5.000 | (c) | | 07/01/2061 | | | 4,206,043 | |
| | California School Finance Authority Charter School RB for Valley International Preparatory High School Project Series 2022A (NR/NR) | |
| | | | | 2,230,000 | | | | 5.250 | (c) | | 03/01/2062 | | | 1,736,030 | |
| | California School Finance Authority Charter School Refunding RB Partnerships to Uplift Communities Project Series 2023 (NR/BB+) | |
| | | | | 500,000 | | | | 5.250 | (c) | | 08/01/2038 | | | 532,526 | |
| | | | | 550,000 | | | | 5.500 | (c) | | 08/01/2043 | | | 590,025 | |
| | | | | 400,000 | | | | 5.500 | (c) | | 08/01/2047 | | | 425,231 | |
| | California School Finance Authority Educational Facilities RB New Designs Charter School Project Series 2024A (NR/BB+) | |
| | | | | 1,475,000 | | | | 5.000 | (c) | | 06/01/2064 | | | 1,480,607 | |
| | California School Finance Authority RB for Classical Academy Obligated Group Series 2020 A (NR/BBB-) | |
| | | | | 3,500,000 | | | | 5.000 | (c) | | 10/01/2050 | | | 3,546,957 | |
| | California School Finance Authority RB for Fenton Charter Public Schools Series 2020 A (NR/BB+) | |
| | | | | 2,770,000 | | | | 5.000 | (c) | | 07/01/2058 | | | 2,780,285 | |
| | California School Finance Authority RB for iLEAD Lancaster Series 2021 A (ST INTERCEPT) (NR/NR) | |
| | | | | 600,000 | | | | 5.000 | (c) | | 06/01/2051 | | | 586,883 | |
| | | | | 2,440,000 | | | | 5.000 | (c) | | 06/01/2061 | | | 2,340,550 | |
| | California School Finance Authority RB for Lifeline Education Charter School, Inc. Series 2020 A (NR/BB+) | |
| | | | | 1,340,000 | | | | 5.000 | (c) | | 07/01/2045 | | | 1,359,502 | |
| | | | | 1,240,000 | | | | 5.000 | (c) | | 07/01/2055 | | | 1,251,665 | |
| | California School Finance Authority RB for Santa Clarita Valley International Charter School Series 2021 A (NR/NR) | |
| | | | | 600,000 | | | | 4.000 | (c) | | 06/01/2041 | | | 508,301 | |
| | | | | 700,000 | | | | 4.000 | (c) | | 06/01/2051 | | | 531,464 | |
| | | | | 1,220,000 | | | | 4.000 | (c) | | 06/01/2061 | | | 876,275 | |
| | California School Finance Authority RB for VSF School Facilities No. 1 LLC Series 2020 A (NR/BBB-) | |
| | | | | 2,420,000 | | | | 5.000 | (c) | | 07/01/2059 | | | 2,454,092 | |
| | California School Finance Authority RB for VSF School Facilities No. 1 LLC Series 2020 B (NR/BBB-) | |
| | | | | 945,000 | | | | 4.000 | (c) | | 07/01/2045 | | | 866,367 | |
| | California School Finance Authority School Facility Refunding RB for Value Schools Series 2023A (ST INTERCEPT) (NR/BBB-) | |
| | | | | 700,000 | | | | 5.250 | (c) | | 07/01/2048 | | | 730,840 | |
| | California Statewide Communities Development Authority (Marin General Hospital) RB Series 2018A (Green Bonds) (NR/BBB) | |
| | | | | 500,000 | | | | 5.000 | | | 08/01/2038 | | | 514,565 | |
| | California Statewide Communities Development Authority CFD No. 2022-03 Sheldon Farms Special Tax Bonds, Series 2023 (NR/NR) | |
| | | | | 1,000,000 | | | | 5.000 | | | 09/01/2053 | | | 1,043,285 | |
| | California Statewide Communities Development Authority Community Facilities District No. 2007-01 Special Tax Refunding for Orinda Wilder Project Series 2015 (NR/NR) | |
| | | | | 740,000 | | | | 5.000 | | | 09/01/2037 | | | 749,228 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | 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) | |
| | $ | | | 2,880,000 | | | | 7.250 | %(c) | | 09/01/2050 | | $ | 3,033,128 | |
| | California Statewide Communities Development Authority Community Facilities District No. 2020-02 Special Tax for Improvement Area No. 1 Series 2021 (NR/NR) | |
| | | | | 3,245,000 | | | | 4.000 | | | 09/01/2051 | | | 3,088,918 | |
| | California Statewide Communities Development Authority Community Facilities District Special Tax Bonds Series 2022 (NR/NR) | |
| | | | | 4,500,000 | | | | 5.000 | | | 09/01/2052 | | | 4,707,403 | |
| | California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2018 B (NR/BBB+) | |
| | | | | 575,000 | | | | 5.000 | | | 09/02/2043 | | | 591,572 | |
| | California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2019 A (NR/NR) | |
| | | | | 1,345,000 | | | | 5.000 | | | 09/02/2039 | | | 1,420,945 | |
| | | | | 895,000 | | | | 5.000 | | | 09/02/2044 | | | 936,208 | |
| | California Statewide Communities Development Authority RB for Lancer Educational Housing LLC Project Series 2019 A (NR/NR) | |
| | | | | 375,000 | | | | 5.000 | (c) | | 06/01/2034 | | | 392,666 | |
| | | | | 475,000 | | | | 5.000 | (c) | | 06/01/2039 | | | 487,664 | |
| | | | | 1,340,000 | | | | 5.000 | (c) | | 06/01/2051 | | | 1,351,500 | |
| | California Statewide Communities Development Authority RB for Lancer Plaza Project Series 2013 (NR/NR) | |
| | | | | 1,875,000 | | | | 5.875 | | | 11/01/2043 | | | 1,877,574 | |
| | California Statewide Communities Development Authority RB for Loma Linda University Medical Center Obligated Group Series 2018 A (NR/BB) | |
| | | | | 10,095,000 | | | | 5.500 | (c) | | 12/01/2058 | | | 10,452,850 | |
| | California Statewide Communities Development Authority RB for Loma Linda University Medical Center Series 2014A (NR/BB) | |
| | | | | 18,325,000 | | | | 5.250 | | | 12/01/2044 | | | 18,324,963 | |
| | California Statewide Communities Development Authority RB for Loma Linda University Medical Center Series 2016A (NR/BB) | |
| | | | | 1,600,000 | | | | 5.000 | (c) | | 12/01/2041 | | | 1,622,702 | |
| | | | | 2,080,000 | | | | 5.000 | (c) | | 12/01/2046 | | | 2,103,656 | |
| | | | | 10,030,000 | | | | 5.250 | (c) | | 12/01/2056 | | | 10,153,566 | |
| | 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 | | | 2,758,200 | |
| | California Statewide Communities Development Authority RB for Marin General Hospital Series 2018A (NR/BBB) | |
| | | | | 175,000 | | | | 5.000 | | | 08/01/2037 | | | 180,920 | |
| | California Statewide Communities Development Authority RB for NCCD-Hooper Street LLC Project Series 2019 (NR/B) | |
| | | | | 2,350,000 | | | | 5.250 | (c) | | 07/01/2039 | | | 2,423,339 | |
| | | | | 3,125,000 | | | | 5.250 | (c) | | 07/01/2049 | | | 3,185,053 | |
| | | | | 1,900,000 | | | | 5.250 | (c) | | 07/01/2052 | | | 1,934,090 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 99 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | California – (continued) | |
| |
| | California Statewide Communities Development Authority RB Green Bonds for Marin General Hospital Series 2018A (NR/BBB) | |
| | $ | | | 365,000 | | | | 5.000 | % | | 08/01/2028 | | $ | 384,215 | |
| | California Statewide Communities Development Authority RB Refunding for California Baptist University Series 2017 A (NR/NR) | |
| | | | | 935,000 | | | | 5.000 | (c) | | 11/01/2032 | | | 969,755 | |
| | | | | 1,875,000 | | | | 5.000 | (c) | | 11/01/2041 | | | 1,902,879 | |
| | California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2014 A (NR/BB) | |
| | | | | 13,765,000 | | | | 5.500 | | | 12/01/2054 | | | 13,780,348 | |
| | California Statewide Communities Development Authority Special Assessment Bond Series 2020 (NR/NR) | |
| | | | | 1,230,000 | | | | 4.000 | | | 09/02/2050 | | | 1,122,130 | |
| | California Statewide Communities Development Authority Special Assessment Bonds Series 2018 C (NR/NR) | |
| | | | | 3,095,000 | | | | 5.000 | | | 09/02/2038 | | | 3,245,785 | |
| | California Statewide Communities Development Authority Special Assessment Series 2021 A (NR/NR) | |
| | | | | 1,990,000 | | | | 4.000 | | | 09/02/2051 | | | 1,831,386 | |
| | California Statewide Communities Development Authority Special Tax Bonds Series 2022 (NR/NR) | |
| | | | | 1,525,000 | | | | 5.250 | | | 09/01/2052 | | | 1,621,683 | |
| | California Statewide Communities Development Authority Statewide Community Infrastructure Program RB Series 2018B (NR/BBB+) | |
| | | | | 1,040,000 | | | | 5.000 | | | 09/02/2048 | | | 1,063,859 | |
| | California Statewide Communities Development Authority Statewide Community Infrastructure Program RB Series 2018C (NR/NR) | |
| | | | | 2,960,000 | | | | 5.000 | | | 09/02/2048 | | | 3,052,348 | |
| | 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 | | | 3,131,459 | |
| | California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation for Turbo Pooled Program Series 2006 B (NR/NR) | |
| | | | | 36,600,000 | | | | 0.000 | (e) | | 06/01/2046 | | | 6,510,452 | |
| | Capistrano Unified School District Special Tax for Capital Appreciation Series 2005 (NATL) (Baa2/NR) | |
| | | | | 7,000,000 | | | | 0.000 | (e) | | 09/01/2033 | | | 5,036,354 | |
| | Chino Public Financing Authority Tax Exempt RB Series 2019 A (NR/NR) | |
| | | | | 190,000 | | | | 3.000 | | | 09/01/2037 | | | 168,455 | |
| | | | | 195,000 | | | | 3.000 | | | 09/01/2038 | | | 168,586 | |
| | | | | 205,000 | | | | 3.000 | | | 09/01/2039 | | | 172,738 | |
| | | | | 210,000 | | | | 3.000 | | | 09/01/2040 | | | 174,128 | |
| | | | | 715,000 | | | | 3.125 | | | 09/01/2044 | | | 578,535 | |
| | 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 | | | 874,714 | |
| | City & County of San Francisco Special Tax District No. 2020-1 for Mission Rock Facilities and Services Series 2021 A (NR/NR) | |
| | | | | 1,500,000 | | | | 4.000 | (c) | | 09/01/2051 | | | 1,376,068 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | California – (continued) | |
| |
| | City and County of San Francisco Special Tax District No. 2020-1 (Mission Rock Facilities and Services) Shoreline (Tax Zone 1) Special Tax Bonds, Series 2023C (NR/NR) | |
| | $ | | | 1,345,000 | | | | 5.750 | %(c) | | 09/01/2053 | | $ | 1,466,331 | |
| | City and County of San Francisco Special Tax District No. 2020-1 (Mission Rock Facilities and Services) Special Tax Bonds, Series 2023B (NR/NR) | |
| | | | | 1,650,000 | | | | 5.750 | (c) | | 09/01/2053 | | | 1,806,108 | |
| | City of Alameda Community Facilities District 2023 Special Tax Bonds (NR/NR) | |
| | | | | 1,050,000 | | | | 5.000 | | | 09/01/2053 | | | 1,093,320 | |
| | 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 | | | 940,983 | |
| | City of Chino Community Facilities Improvement Area Special Tax Bonds Series 2022 (NR/NR) | |
| | | | | 2,700,000 | | | | 5.375 | | | 09/01/2052 | | | 2,882,417 | |
| | City of Dublin, Community Facilities District No. 2015-1 (Dublin Crossing) Improvement Area No.5, California Special Tax Bonds, Series 2023 (NR/NR) | |
| | | | | 1,150,000 | | | | 5.375 | | | 09/01/2051 | | | 1,230,229 | |
| | 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 | | | 880,204 | |
| | City of Fremont Community Facilities District No. 1 Special Tax for Pacific Commons Series 2015 (NR/NR) | |
| | | | | 3,000,000 | | | | 5.000 | | | 09/01/2045 | | | 3,022,829 | |
| | City of Los Angeles Department of Airports International Airport Subordinate RB 2018 Series F (Aa3/AA-) | |
| | | | | 4,500,000 | | | | 4.000 | | | 05/15/2049 | | | 4,400,316 | |
| | City of Los Angeles Department of Airports International Airport Subordinate RB 2023 Series A (Aa3/AA-) | |
| | | | | 450,000 | | | | 4.125 | | | 05/15/2043 | | | 449,333 | |
| | City of Oroville RB for Oroville Hospital Series 2019 (NR/NR) | |
| | | | | 1,900,000 | | | | 5.250 | | | 04/01/2034 | | | 1,435,962 | |
| | | | | 3,565,000 | | | | 5.250 | | | 04/01/2039 | | | 2,698,067 | |
| | | | | 16,065,000 | | | | 5.250 | | | 04/01/2049 | | | 12,200,646 | |
| | | | | 11,685,000 | | | | 5.250 | | | 04/01/2054 | | | 8,779,952 | |
| | City of Palm Desert Community Facilities District No. 2021-1 Special Tax Bonds Series 2024 (NR/NR) | |
| | | | | 600,000 | | | | 5.000 | | | 09/01/2049 | | | 631,079 | |
| | | | | 525,000 | | | | 5.000 | | | 09/01/2053 | | | 549,302 | |
| | 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 | | | 395,525 | |
| | | | | 450,000 | | | | 4.000 | | | 09/01/2041 | | | 429,440 | |
| | | | | 550,000 | | | | 4.000 | | | 09/01/2051 | | | 495,072 | |
| | 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 | | | 1,596,506 | |
| | 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 | | | 545,173 | |
| | City of Rancho Cordova Sunridge Anatolia Community Facilities District Special Tax Bonds Series 2016 (NR/NR) | |
| | | | | 500,000 | | | | 4.000 | | | 09/01/2029 | | | 507,011 | |
| | |
| 100 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | California – (continued) | |
| |
| | 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 | | $ | 1,746,552 | |
| | 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 | | | 356,249 | |
| | | | | 375,000 | | | | 4.000 | | | 09/01/2040 | | | 376,809 | |
| | | | | 425,000 | | | | 4.000 | | | 09/01/2045 | | | 413,727 | |
| | | | | 950,000 | | | | 4.000 | | | 09/01/2050 | | | 899,664 | |
| | 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 | | | 450,335 | |
| | City of Sacramento Natomas Meadows Community Facilities District No. 2007-01 Special Tax Bonds for Improvement Area No. 1 Series 2017 (NR/NR) | |
| | | | | 280,000 | | | | 5.000 | (c) | | 09/01/2032 | | | 288,742 | |
| | | | | 700,000 | | | | 5.000 | (c) | | 09/01/2037 | | | 721,719 | |
| | | | | 1,745,000 | | | | 5.000 | (c) | | 09/01/2047 | | | 1,784,623 | |
| | City of San Francisco Airport Commission International Airport Second Series RB Series 2019A (A1/A+) | |
| | | | | 2,000,000 | | | | 5.000 | | | 05/01/2049 | | | 2,069,873 | |
| | City of San Francisco Improvement Area Community Facilities District Special Tax Bonds Series 2021 (NR/NR) | |
| | | | | 925,000 | | | | 4.000 | | | 09/01/2046 | | | 879,622 | |
| | City of San Jose, California Airport Revenue Refunding Bonds Series 2017A (A2/A) | |
| | | | | 4,310,000 | | | | 5.000 | | | 03/01/2047 | | | 4,364,189 | |
| | CMFA Special Finance Agency Essential Housing RB Series 2021A-1 (NR/NR) | |
| | | | | 4,465,000 | | | | 3.000 | (c) | | 12/01/2056 | | | 3,275,013 | |
| | CMFA Special Finance Agency VIII Essential Housing RB 2021A-1 (NR/NR) | |
| | | | | 5,500,000 | | | | 3.000 | (c) | | 08/01/2056 | | | 4,040,925 | |
| | 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 | | | 1,672,859 | |
| | 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 | | | 1,367,320 | |
| | 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 | | | 2,677,148 | |
| | | | | 200,000 | | | | 4.000 | | | 09/01/2045 | | | 192,535 | |
| | County of Los Angeles Community Facilities District Special Tax Bonds Series 2022 (NR/NR) | |
| | | | | 2,775,000 | | | | 5.000 | | | 09/01/2052 | | | 2,937,251 | |
| | County of San Diego Community Facilities District No. 2008-01 Special Tax Series 2020 A (NR/NR) | |
| | | | | 695,000 | | | | 3.000 | | | 09/01/2050 | | | 517,596 | |
| | CSCDA Community Improvement Authority Essential Housing RB Series 2021A-2 (NR/NR) | |
| | | | | 11,225,000 | | | | 3.000 | (c) | | 12/01/2056 | | | 8,099,080 | |
| | CSCDA Community Improvement Authority Essential Housing Senior Lien RB Series 2021A-1 (NR/NR) | |
| | | | | 6,725,000 | | | | 3.600 | (c) | | 05/01/2047 | | | 5,816,980 | |
| | CSCDA Community Improvement Authority Essential Housing Senior Lien RB Series 2021A-2 (NR/NR) | |
| | | | | 900,000 | | | | 3.250 | (c) | | 04/01/2057 | | | 681,975 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | California – (continued) | |
| |
| | Denair California Unified School District GO Bonds Capital Appreciation Election 2001 Series 2003 B (NATL) (Baa2/A-) | |
| | $ | | | 1,305,000 | | | | 0.000 | %(e) | | 08/01/2027 | | $ | 1,199,585 | |
| | Department of Airports of The City of Los Angeles LAX Subordinate RB 2021 Series D (Private Activity/AMT) (Aa3/ AA-) | |
| | | | | 11,895,000 | | | | 4.000 | | | 05/15/2051 | | | 11,544,540 | |
| | Department of Airports of The City of Los Angeles LAX Subordinate RB 2022 Series A (Private Activity/AMT) (Aa3/ AA-) | |
| | | | | 7,955,000 | | | | 4.000 | | | 05/15/2049 | | | 7,778,782 | |
| | Dublin Unified School District GO Bonds Election of 2020 Series B (Aa1/AA+) | |
| | | | | 15,000,000 | | | | 4.250 | | | 08/01/2053 | | | 15,259,689 | |
| | East Garrison Public Finance Authority Special Tax for East Garrison Project Series 2019 (NR/NR) | |
| | | | | 445,000 | | | | 3.125 | | | 09/01/2044 | | | 357,693 | |
| | Eastern Foothill Transportation Corridor Agency Senior Lien Toll Road Refunding RB Series 2021A (Baa1/A) | |
| | | | | 1,000,000 | | | | 4.000 | | | 01/15/2046 | | | 991,784 | |
| | El Rancho California Unified School District GO Bonds Capital Appreciation Election 2003 Series 2007 (NATL) (Baa2/NR) | |
| | | | | 5,400,000 | | | | 0.000 | (e) | | 08/01/2032 | | | 4,222,354 | |
| | Fairfield COPS Capital Appreciation for Water Financing Series 2007 A (AGC) (WR/AA) | |
| | | | | 4,180,000 | | | | 0.000 | (e) | | 04/01/2029 | | | 3,682,160 | |
| | Folsom Cordova Unified School District No. 4 GO for School Facilities Improvement Capital Appreciation for Election of 2006 Series 2007 A (NATL) (Aa2/AA-) | |
| | | | | 3,460,000 | | | | 0.000 | (e) | | 10/01/2032 | | | 2,724,796 | |
| | Foothill/Eastern Transportation Corridor Agency toll Road RB Refunding Capital Appreciation Senior Lien Series 2015 A (AGM) (A1/AA) | |
| | | | | 10,000,000 | | | | 0.000 | (e) | | 01/15/2035 | | | 7,180,570 | |
| | Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding RMKT 08/24/17 Series 2013 B Subseries B-1 (Baa1/A) | |
| | | | | 22,010,000 | | | | 3.950 | | | 01/15/2053 | | | 21,048,341 | |
| | Golden State Securitization Settlement Corp ABS Bond Series 2021 2021B-1 (NR/BBB-) | |
| | | | | 16,310,000 | | | | 3.850 | | | 06/01/2050 | | | 15,289,363 | |
| | Golden State tobacco Securitization Corp. tobacco Settlement Asset Backed Bonds Series 2022A-1 (NR/BBB+) | |
| | | | | 5,375,000 | | | | 5.000 | | | 06/01/2051 | | | 5,667,866 | |
| | Golden State tobacco Securitization Settlement Corp ABS Bond Series 2021B-2 (NR/NR) | |
| | | | | 130,250,000 | | | | 0.000 | (e) | | 06/01/2066 | | | 15,496,741 | |
| | Golden Valley Unified School District Financing Authority RB for Golden Valley Unified School District Community Facilities District No. 2017-1 Series 2021 A (NR/NR) | |
| | | | | 250,000 | | | | 4.000 | | | 09/01/2046 | | | 232,054 | |
| | | | | 750,000 | | | | 4.000 | | | 09/01/2056 | | | 663,868 | |
| | 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 | | | 691,913 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 101 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | 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 | | $ | 3,659,379 | |
| | 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 | | | 1,091,526 | |
| | | | | 1,000,000 | | | | 5.625 | | | 09/01/2053 | | | 1,090,908 | |
| | Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds for Capital Appreciation Series 2007 C-1 (NR/CCC) | |
| | | | | 112,360,000 | | | | 0.000 | (e) | | 06/01/2036 | | | 52,036,523 | |
| | Inland Empire tobacco Securitization Authority RB Turbo Asset-Backed Bonds for Capital Appreciation Series 2007 C-2 (NR/CCC) | |
| | | | | 51,235,000 | | | | 0.000 | (e) | | 06/01/2047 | | | 10,492,062 | |
| | Inland Empire tobacco Securitization Authority RB Turbo Asset-Backed Bonds for Capital Appreciation Series 2007 D (NR/CCC) | |
| | | | | 290,580,000 | | | | 0.000 | (e) | | 06/01/2057 | | | 24,470,468 | |
| | Irvine Unified School District Community Facilities District Special Tax Bonds Series 2017 D (NR/NR) | |
| | | | | 4,600,000 | | | | 5.000 | | | 03/01/2057 | | | 4,700,135 | |
| | Lodi Unified School District GO Bonds Series 2021 (Aa2/NR) | |
| | | | | 3,700,000 | | | | 3.000 | | | 08/01/2046 | | | 3,195,521 | |
| | Los Angeles County GO Bonds for Westside Union School District Election Series 2008 B (Aa2/AA-) | |
| | | | | 49,925,000 | | | | 0.000 | (e) | | 08/01/2050 | | | 16,240,767 | |
| | Los Angeles County Public Works Financing Authority Lease RB 2020 Series A (NR/AA+) | |
| | | | | 2,125,000 | | | | 3.000 | | | 12/01/2050 | | | 1,759,418 | |
| | Merced-Union High School District Election of 2008 GO Bonds Series 2011 C (Aa3/NR) | |
| | | | | 3,760,000 | | | | 0.000 | (e) | | 08/01/2035 | | | 2,671,374 | |
| | M-S-R Energy Authority Gas RB Series 2009 A (NR/BBB+) | |
| | | | | 12,950,000 | | | | 6.500 | | | 11/01/2039 | | | 16,942,219 | |
| | M-S-R Energy Authority Gas RB Series 2009 B (NR/BBB+) | |
| | | | | 3,000,000 | | | | 6.500 | | | 11/01/2039 | | | 3,920,777 | |
| | M-S-R Energy Authority Gas RB Series 2009 C (NR/BBB+) | |
| | | | | 8,200,000 | | | | 6.125 | | | 11/01/2029 | | | 8,798,006 | |
| | | | | 20,315,000 | | | | 6.500 | | | 11/01/2039 | | | 26,550,194 | |
| | 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 | | | 5,118,960 | |
| | New Haven Unified School District GO Refunding Bonds for Capital Appreciation Series 2009 (AGC) (Aa2/AA) | |
| | | | | 860,000 | | | | 0.000 | (e) | | 08/01/2025 | | | 840,304 | |
| | | | | 1,105,000 | | | | 0.000 | (e) | | 08/01/2026 | | | 1,053,587 | |
| | | | | 5,550,000 | | | | 0.000 | (e) | | 08/01/2030 | | | 4,727,698 | |
| | | | | 7,855,000 | | | | 0.000 | (e) | | 08/01/2032 | | | 6,242,284 | |
| | | | | 7,000,000 | | | | 0.000 | (e) | | 08/01/2034 | | | 5,178,122 | |
| | Orange County California Community Facilities District No. 2015-1 Village of Esencia Special Tax Bonds Series 2015 A (NR/NR) | |
| | | | | 1,000,000 | | | | 5.250 | | | 08/15/2045 | | | 1,009,521 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | California – (continued) | |
| |
| | Orange County California Community Facilities District No. 2017-1 Village of Esencia Special Tax Bonds Series 2018 A (NR/NR) | |
| | $ | | | 200,000 | | | | 5.000 | % | | 08/15/2028 | | $ | 215,106 | |
| | Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (AGC) (A1/AA) | |
| | | | | 10,750,000 | | | | 7.000 | | | 08/01/2038 | | | 12,317,932 | |
| | Poway Unified School District GO Bonds Capital Appreciation for School Facility Improvement Series 2011 B (Aa2/AA-) | |
| | | | | 1,300,000 | | | | 0.000 | (e) | | 08/01/2040 | | | 740,982 | |
| | 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 | | | 856,428 | |
| | | | | 820,000 | | | | 3.000 | | | 09/01/2033 | | | 774,199 | |
| | | | | 750,000 | | | | 3.000 | | | 09/01/2034 | | | 702,002 | |
| | Rancho Cordova Community Facilities District No. 2018-1 Special Tax for Grantline 208 Series 2019 (NR/NR) | |
| | | | | 400,000 | | | | 5.000 | | | 09/01/2049 | | | 414,353 | |
| | Rialto Unified School District County of San Bernardino, California GO Bonds, Election of 2022, Series 2023 (BAM) (Aa3/AA) | |
| | | | | 4,000,000 | | | | 4.000 | | | 08/01/2052 | | | 4,001,184 | |
| | Rialto Unified School District GO Election of 2010 Series 2011 A (AGM) (Aa3/AA) | |
| | | | | 6,200,000 | | | | 0.000 | (e) | | 08/01/2036 | | | 3,940,617 | |
| | 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 | | | 2,917,147 | |
| | | | | 3,875,000 | | | | 5.000 | | | 09/01/2052 | | | 3,967,373 | |
| | River Islands Public Financing Authority Community Facilities District No. 2003-1 Special Tax series 2022 (NR/NR) | |
| | | | | 400,000 | | | | 5.750 | | | 09/01/2052 | | | 419,231 | |
| | Riverside County Redevelopment Agency Tax Allocation for Capital Appreciation Jurupa Valley Redevelopment Project Area Series 2011 B (NR/A+) | |
| | | | | 2,220,000 | | | | 0.000 | (e) | | 10/01/2033 | | | 1,643,073 | |
| | | | | 2,220,000 | | | | 0.000 | (e) | | 10/01/2035 | | | 1,526,452 | |
| | | | | 1,840,000 | | | | 0.000 | (e) | | 10/01/2037 | | | 1,156,161 | |
| | | | | 5,100,000 | | | | 0.000 | (e) | | 10/01/2038 | | | 3,034,496 | |
| | | | | 8,425,000 | | | | 0.000 | (e) | | 10/01/2039 | | | 4,770,932 | |
| | | | | 13,395,000 | | | | 0.000 | (e) | | 10/01/2040 | | | 7,216,397 | |
| | | | | 7,275,000 | | | | 0.000 | (e) | | 10/01/2041 | | | 3,730,520 | |
| | | | | 6,360,000 | | | | 0.000 | (e) | | 10/01/2042 | | | 3,115,272 | |
| | San Bernardino City Unified School District GO Bonds Capital Appreciation for Election of 1999 Series 2003 C (NATL) (A1/A+) | |
| | | | | 1,420,000 | | | | 0.000 | (e) | | 08/01/2025 | | | 1,383,610 | |
| | San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (A2/NR) | |
| | | | | 1,755,000 | | | | 5.000 | | | 07/01/2046 | | | 1,864,295 | |
| | | | | 2,165,000 | | | | 5.000 | | | 07/01/2056 | | | 2,276,411 | |
| | San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (AMT) (A2/NR) | |
| | | | | 6,080,000 | | | | 5.000 | | | 07/01/2051 | | | 6,408,847 | |
| | San Diego Unified School District 2010 GO Bonds (Aa2/AA-) | |
| | | | | 900,000 | | | | 0.000 | (e) | | 07/01/2043 | | | 460,163 | |
| | |
| 102 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | California – (continued) | |
| |
| | San Diego Unified School District GO Refunding Bonds Series 2012 R-1 (Aa2/AA-) | |
| | $ | | | 10,000,000 | | | | 0.000 | %(e) | | 07/01/2030 | | $ | 8,547,631 | |
| | | | | 3,305,000 | | | | 0.000 | (e) | | 07/01/2031 | | | 2,729,515 | |
| | San Gorgonio Memorial Health Care District GO Refunding Bonds Series 2020 (B1/NR) | |
| | | | | 1,370,000 | | | | 4.000 | | | 08/01/2032 | | | 1,244,084 | |
| | | | | 1,560,000 | | | | 4.000 | | | 08/01/2033 | | | 1,388,884 | |
| | | | | 1,680,000 | | | | 4.000 | | | 08/01/2034 | | | 1,475,689 | |
| | | | | 1,810,000 | | | | 4.000 | | | 08/01/2035 | | | 1,566,987 | |
| | | | | 1,945,000 | | | | 4.000 | | | 08/01/2036 | | | 1,656,389 | |
| | San Juan Unified School District GO Bonds for Capital Appreciation Series 2000 (NATL) (Aa2/A+) | |
| | | | | 1,595,000 | | | | 0.000 | (e) | | 08/01/2025 | | | 1,557,574 | |
| | Santa Monica Redevelopment Agency Tax Allocation for Earthquake Recovery Redevelopment Project Series 2011 (NR/AA) | |
| | | | | 2,000,000 | | | | 5.000 | | | 07/01/2042 | | | 2,001,756 | |
| | Silicon Valley tobacco Securitization Authority tobacco Settlement ABS Series 2007D (NR/NR) | |
| | | | | 27,250,000 | | | | 0.000 | (e) | | 06/01/2056 | | | 2,789,092 | |
| | Silicon Valley tobacco Securitization Authority tobacco Settlement Asset Backed RB Series 2007 C (NR/NR) | |
| | | | | 91,400,000 | | | | 0.000 | (e) | | 06/01/2056 | | | 10,250,519 | |
| | Tejon Ranch Public Facilities Financing Authority Special Tax for Community Facilities District No. 2008-1 Series 2020 (NR/NR) | |
| | | | | 4,750,000 | | | | 4.000 | | | 09/01/2050 | | | 4,491,248 | |
| | Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-2 (NR/NR) | |
| | | | | 9,510,000 | | | | 0.000 | (e) | | 06/01/2054 | | | 1,900,504 | |
| | Transbay Joint Powers Authority Tax Allocation for Transbay Redevelopment Project Series 2020 A (NR/NR) | |
| | | | | 2,155,000 | | | | 5.000 | | | 10/01/2049 | | | 2,218,476 | |
| | 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 | | | 757,486 | |
| | West Patterson Financing Authority California Community Facilities Villages of Patterson Special Tax Bonds Series 2024 (NR/NR) | |
| | | | | 780,000 | | | | 4.625 | | | 09/01/2049 | | | 793,139 | |
| | | | | 2,425,000 | | | | 5.000 | | | 09/01/2054 | | | 2,531,649 | |
| | William S. Hart Union High School District GO Bonds Capital Appreciation 2008 Election Series B (AGM) (Aa2/AA) | |
| | | | | 8,360,000 | | | | 0.000 | (e) | | 08/01/2034 | | | 6,214,176 | |
| | Yosemite Community College District GO Bonds Election of 2004 Series 2010 D (Aa2/AA-) | |
| | | | | 19,135,000 | | | | 0.000 | (h) | | 08/01/2042 | | | 16,794,654 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 1,035,653,051 | |
| | | |
| | Colorado - 5.2% | |
| |
| | Allison Valley Metropolitan District No. 2 GO Refunding Bonds Series 2020 (NR/NR) | |
| | | | | 1,575,000 | | | | 4.700 | | | 12/01/2047 | | | 1,451,756 | |
| | Amber Creek Metropolitan District GO Refunding & Improvement Bonds Series 2017 A (NR/NR) | |
| | | | | 595,000 | | | | 5.000 | | | 12/01/2037 | | | 563,773 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Colorado – (continued) | |
| |
| | Amber Creek Metropolitan District GO Refunding & Improvement Bonds Series 2017 A (NR/NR) – (continued) | |
| | $ | | | 613,000 | | | | 5.125 | % | | 12/01/2047 | | $ | 563,550 | |
| | 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 | | | 2,366,521 | |
| | Aurora Crossroads Metropolitan District No. 2 GO Bonds Series 2020 B (NR/NR) | |
| | | | | 4,000,000 | | | | 7.750 | | | 12/15/2050 | | | 3,946,922 | |
| | Banning Lewis Ranch Metropolitan District No. 8 GO Bonds Series 2021 (NR/NR) | |
| | | | | 4,000,000 | | | | 4.875 | (c) | | 12/01/2051 | | | 3,339,444 | |
| | Banning Lewis Ranch Regional Metropolitan District No. 2 GO Bonds Series 2021 (NR/NR) | |
| | | | | 4,690,000 | | | | 5.750 | | | 12/01/2051 | | | 4,481,000 | |
| | 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 | (g) | | 12/15/2054 | | | 3,059,128 | |
| | Belford North Metropolitan District GO Bonds Series 2020 A (NR/NR) | |
| | | | | 3,250,000 | | | | 5.500 | | | 12/01/2050 | | | 3,116,849 | |
| | Belford North Metropolitan District GO Bonds Series 2020 B (NR/NR) | |
| | | | | 6,000,000 | | | | 8.500 | | | 12/15/2050 | | | 5,930,747 | |
| | Bella Mesa Metropolitan District GO Convertible Capital Appreciation Bonds Series 2020 A (NR/NR) | |
| | | | | 1,930,000 | | | | 0.000 | (c)(h) | | 12/01/2049 | | | 1,798,160 | |
| | Bent Grass Metropolitan District Refunding GO Bonds Series 2020 (NR/NR) | |
| | | | | 1,185,000 | | | | 5.250 | (c) | | 12/01/2049 | | | 1,185,816 | |
| | 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 | | | 21,295,855 | |
| | Brighton Crossing Metropolitan District No. 4 Limited Tax GO Bonds Subordinate Series 2017 B (NR/NR) | |
| | | | | 670,000 | | | | 7.000 | | | 12/15/2047 | | | 657,712 | |
| | Brighton Crossing Metropolitan District No. 6 Limited Tax GO Bonds Series 2020A(3) (NR/NR) | |
| | | | | 3,835,000 | | | | 5.000 | | | 12/01/2050 | | | 3,537,577 | |
| | Buffalo Highlands Metropolitan District GO Bonds Series 2018 A (NR/NR) | |
| | | | | 2,250,000 | | | | 5.375 | | | 12/01/2048 | | | 2,259,506 | |
| | Canyon Pines Metropolitan District Special Improvement District No. 1 Special Assessment Bond Series 2021 A-2 (NR/NR) | |
| | | | | 11,500,000 | | | | 3.750 | | | 12/01/2040 | | | 9,637,988 | |
| | Canyons Metropolitan District No. 5 GO Refunding & Improvement Bonds Senior Series 2017 A (NR/NR) | |
| | | | | 1,750,000 | | | | 6.000 | | | 12/01/2037 | | | 1,756,331 | |
| | | | | 4,000,000 | | | | 6.125 | | | 12/01/2047 | | | 4,018,573 | |
| | Canyons Metropolitan District No. 5 GO Refunding & Improvement Bonds Series 2017 A (NR/NR) | |
| | | | | 2,000,000 | | | | 6.125 | | | 12/01/2047 | | | 2,007,721 | |
| | Cascade Ridge Metropolitan District GO Bonds Series 2021 (NR/NR) | |
| | | | | 2,500,000 | | | | 5.000 | | | 12/01/2051 | | | 2,280,492 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 103 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Colorado – (continued) | |
| |
| | Castleview Metropolitan District LT GO Bonds Series 2021A3 (NR/NR) | |
| | $ | | | 4,220,000 | | | | 5.000 | % | | 12/01/2050 | | $ | 3,646,310 | |
| | Chambers Highpoint Metropolitan District No. 2 GO Bonds Series 2021 (NR/NR) | |
| | | | | 835,000 | | | | 5.000 | | | 12/01/2051 | | | 755,984 | |
| | Cherry Creek South Metropolitan District Lt Go Bonds Series 2021 (NR/NR) | |
| | | | | 9,400,000 | | | | 6.000 | | | 12/01/2051 | | | 8,169,261 | |
| | Citadel on Colfax Business Improvement District Senior RB Series 2020 A (NR/NR) | |
| | | | | 2,575,000 | | | | 5.350 | | | 12/01/2050 | | | 2,471,326 | |
| | City and County of Denver, Colorado, For and On Behalf of Its Department of Aviation Airport System RB Series 2022A (AMT) (Aa3/AA-) | |
| | | | | 1,915,000 | | | | 5.000 | | | 11/15/2047 | | | 2,033,790 | |
| | City of Denver Airport System Subordinate RB Series 2018A (A1/ A+) | |
| | | | | 7,000,000 | | | | 4.000 | | | 12/01/2043 | | | 6,811,055 | |
| | 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 | (c) | | 12/01/2053 | | | 2,229,667 | |
| | Cloverleaf Metropolitan District GO LT Bonds Series 2022A (NR/NR) | |
| | | | | 1,825,000 | | | | 6.000 | | | 12/01/2051 | | | 1,869,749 | |
| | Colorado Bridge and Tunnel Enterprise Senior Infrastructure RB Series 2024A (AGM) (A1/AA) | |
| | | | | 1,500,000 | | | | 5.250 | | | 12/01/2049 | | | 1,685,163 | |
| | | | | 6,000,000 | | | | 5.500 | | | 12/01/2054 | | | 6,847,920 | |
| | Colorado Education & Cultural Facilities Authority Charter School RB Series 2021 (Baa3/NR) | |
| | | | | 2,075,000 | | | | 4.000 | | | 10/01/2061 | | | 1,704,514 | |
| | Colorado Educational & Cultural Facilities Authority RB for Aspen View Academy, Inc. Series 2021 (Baa3/NR) | |
| | | | | 475,000 | | | | 4.000 | | | 05/01/2051 | | | 430,803 | |
| | | | | 1,000,000 | | | | 4.000 | | | 05/01/2061 | | | 874,446 | |
| | Colorado Educational & Cultural Facilities Authority RB for Vega Collegiate Academy Series 2021 A (ST INTERCEPT) (Ba2/ NR) | |
| | | | | 900,000 | | | | 5.000 | (c) | | 02/01/2051 | | | 876,645 | |
| | | | | 2,335,000 | | | | 5.000 | (c) | | 02/01/2061 | | | 2,229,212 | |
| | Colorado Educational & Cultural Facilities Authority RB Refunding for Rocky Mountain Classical Academy Project Series 2019 (Ba1/NR) | |
| | | | | 6,000,000 | | | | 5.000 | (c) | | 10/01/2059 | | | 5,911,019 | |
| | 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 | | | 1,613,673 | |
| | | | | 1,955,000 | | | | 5.000 | | | 09/01/2062 | | | 1,990,189 | |
| | Colorado Educational and Cultural Facilities Authority Charter School RB for Mountain Phoenix Community School Project Series 2023 (NR/NR) | |
| | | | | 4,355,000 | | | | 6.250 | (c) | | 07/01/2053 | | | 4,481,042 | |
| | Colorado Educational and Cultural Facilities Authority Charter School RB Refunding for Rocky Mountain Classical Academy Project Series 2019 (Ba1/NR) | |
| | | | | 6,140,000 | | | | 5.000 | (c) | | 10/01/2049 | | | 6,144,873 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Colorado – (continued) | |
| |
| | Colorado Educational and Educational Facilities Authority Charter School RB Ascent Classical Academy Charter Schools Inc. Series 2024A (NR/BB) | |
| | $ | | | 3,500,000 | | | | 5.800 | %(c) | | 04/01/2054 | | $ | 3,684,248 | |
| | | | | 2,050,000 | | | | 5.750 | (c) | | 04/01/2059 | | | 2,139,375 | |
| | Colorado Health Facilities Authority American Eagle Delaware Holding Company Series 2022A-1 (NR/NR) | |
| | | | | 3,245,000 | | | | 6.000 | | | 07/01/2036 | | | 3,278,659 | |
| | Colorado Health Facilities Authority American Eagle Delaware Holding Company Series 2022A-2 (NR/NR) | |
| | | | | 2,055,000 | | | | 6.000 | | | 07/01/2031 | | | 2,090,033 | |
| | Colorado Health Facilities Authority RB for Commonspirit Health Series 2022A (A3/A-) | |
| | | | | 2,500,000 | | | | 5.250 | | | 11/01/2052 | | | 2,730,372 | |
| | Colorado Health Facilities Authority RB for Commonspirit Health Series 2024A (A3/A-) | |
| | | | | 4,600,000 | | | | 5.250 | | | 12/01/2054 | | | 5,053,570 | |
| | Colorado Health Facilities Authority RB for Parkview Medical Center, Inc. Obligated Group Series 2020 A (Aa2/NR) | |
| | | | | 2,650,000 | | | | 4.000 | (d) | | 09/01/2050 | | | 2,869,967 | |
| | 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 | | | 26,452,915 | |
| | Colorado Health Facilities Authority RB Refunding for Christian Living Neighborhoods Obligated Group Series 2021 (NR/NR) | |
| | | | | 950,000 | | | | 4.000 | | | 01/01/2042 | | | 864,386 | |
| | Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (A3/A-) | |
| | | | | 2,135,000 | | | | 3.250 | | | 08/01/2049 | | | 1,696,265 | |
| | Colorado High Performance Transportation Enterprise C-470 Express Lanes Senior RB Series 2017 (NR/NR) | |
| | | | | 900,000 | | | | 5.000 | | | 12/31/2051 | | | 900,707 | |
| | | | | 9,680,000 | | | | 5.000 | | | 12/31/2056 | | | 9,685,054 | |
| | Colorado Springs Urban Renewal Authority RB for Canyon Creek Project Series 2018 A (NR/NR) | |
| | | | | 3,000,000 | | | | 5.750 | * | | 12/01/2047 | | | 2,541,521 | |
| | Conestoga Metropolitan District LT GO Refunding & Improvement Bonds Series 2021A3 (NR/NR) | |
| | | | | 850,000 | | | | 5.250 | | | 12/01/2051 | | | 807,933 | |
| | Constitution Heights Metropolitan District GO Refunding Bonds Series 2020 (NR/NR) | |
| | | | | 1,760,000 | | | | 5.000 | | | 12/01/2049 | | | 1,738,317 | |
| | Copper Ridge Metropolitan District RB Series 2019 (NR/NR) | |
| | | | | 6,615,000 | | | | 5.000 | | | 12/01/2039 | | | 6,509,972 | |
| | | | | 1,750,000 | | | | 5.000 | | | 12/01/2043 | | | 1,680,539 | |
| | Copperleaf Metropolitan District GO LT Bonds Series 2021 (NR/NR) | |
| | | | | 3,600,000 | | | | 4.875 | | | 12/01/2051 | | | 3,042,853 | |
| | Copperleaf Metropolitan District No. 6 Arapoe County Subordinate LT GO Bonds Series 2022B (NR/NR) | |
| | | | | 725,000 | | | | 6.000 | | | 12/15/2041 | | | 729,002 | |
| | Cornerstar Metropolitan District GO Refunding Bonds Series 2017 A (NR/NR) | |
| | | | | 1,000,000 | | | | 5.125 | | | 12/01/2037 | | | 1,003,388 | |
| | | | | 2,100,000 | | | | 5.250 | | | 12/01/2047 | | | 2,104,091 | |
| | Creekside Village Metropolitan District GO Bonds Series 2019 A (NR/NR) | |
| | | | | 3,261,000 | | | | 5.000 | | | 12/01/2049 | | | 3,193,627 | |
| | |
| 104 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Colorado – (continued) | |
| |
| | Creekwalk Marketplace Business Improvement District LT Supported & Special Revenue Senior Bonds Series 2021A (NR/NR) | |
| | $ | | | 2,045,000 | | | | 5.500 | %(c) | | 12/01/2039 | | $ | 1,823,803 | |
| | | | | 5,790,000 | | | | 5.750 | (c) | | 12/01/2049 | | | 5,082,327 | |
| | Creekwalk Marketplace Business Improvement District LT Supported & Special Revenue Subordinate Bonds Series 2021B (NR/NR) | |
| | | | | 2,350,000 | | | | 8.000 | (c) | | 12/15/2049 | | | 2,147,953 | |
| | Creekwalk Marketplace Business Improvement District RB Series 2019 A (NR/NR) | |
| | | | | 5,490,000 | | | | 5.500 | (c) | | 12/01/2039 | | | 4,896,176 | |
| | | | | 10,900,000 | | | | 5.750 | (c) | | 12/01/2049 | | | 9,567,765 | |
| | Creekwalk Marketplace Business Improvement District RB Series 2019 B (NR/NR) | |
| | | | | 2,370,000 | | | | 8.000 | (c) | | 12/15/2049 | | | 2,166,233 | |
| | Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (NR/ BB-) | |
| | | | | 34,160,000 | | | | 5.000 | | | 10/01/2032 | | | 34,169,876 | |
| | Denver Convention Center Hotel Authority RB Refunding Series 2016 (Baa2/BBB-) | |
| | | | | 665,000 | | | | 5.000 | | | 12/01/2030 | | | 683,552 | |
| | | | | 2,500,000 | | | | 5.000 | | | 12/01/2032 | | | 2,562,354 | |
| | Denver Convention Center Hotel Authority Senior Revenue Refunding Bonds Series 2016 (Baa2/BBB-) | |
| | | | | 325,000 | | | | 5.000 | | | 12/01/2031 | | | 333,549 | |
| | Denver Health & Hospital Authority COPS Series 2018 (NR/BBB) | |
| | | | | 1,825,000 | | | | 4.000 | | | 12/01/2038 | | | 1,730,671 | |
| | | | | 1,690,000 | | | | 5.000 | | | 12/01/2048 | | | 1,679,861 | |
| | Denver Health & Hospital Authority Healthcare Revenue Refunding Bonds Series 2017A (NR/BBB) | |
| | | | | 7,200,000 | | | | 5.000 | (c) | | 12/01/2034 | | | 7,431,382 | |
| | | | | 7,300,000 | | | | 4.000 | (c) | | 12/01/2035 | | | 6,986,335 | |
| | | | | 7,300,000 | | | | 4.000 | (c) | | 12/01/2036 | | | 6,908,614 | |
| | Denver Health & Hospital Authority RB Series 2019 A (NR/BBB) | |
| | | | | 415,000 | | | | 5.000 | | | 12/01/2030 | | | 436,040 | |
| | | | | 950,000 | | | | 4.000 | | | 12/01/2040 | | | 895,636 | |
| | Dinosaur Ridge Metropolitan District RB Refunding and Improvement Bonds Series 2019 A (NR/NR) | |
| | | | | 3,925,000 | | | | 5.000 | | | 06/01/2049 | | | 3,938,780 | |
| | E-470 Public Highway Authority RB Refunding Capital Appreciation Series 2006 B (NATL) (A1/A+) | |
| | | | | 3,000,000 | | | | 0.000 | (e) | | 09/01/2039 | | | 1,446,511 | |
| | E-470 Public Highway Authority RB Series 2004 A (NATL) (A1/ A+) | |
| | | | | 15,000,000 | | | | 0.000 | (e) | | 09/01/2028 | | | 13,322,130 | |
| | | | | 4,120,000 | | | | 0.000 | (e) | | 09/01/2034 | | | 2,880,788 | |
| | E-470 Public Highway Authority RB Series 2010 A (A1/A+) | |
| | | | | 20,000,000 | | | | 0.000 | (e) | | 09/01/2040 | | | 10,512,274 | |
| | Eagle Brook Meadows Metropolitan District No. 3 GO Bonds Series 2021 (NR/NR) | |
| | | | | 1,600,000 | | | | 5.000 | | | 12/01/2051 | | | 1,484,488 | |
| | El Paso County Waterview II Metropolitan LT GO Bonds Series 2022A (NR/NR) | |
| | | | | 2,000,000 | | | | 5.000 | | | 12/01/2051 | | | 1,980,022 | |
| | Fiddler’s Business Improvement District GO Refunding Bonds Series 2022 (NR/NR) | |
| | | | | 2,950,000 | | | | 5.550 | (c) | | 12/01/2047 | | | 3,066,780 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Colorado – (continued) | |
| |
| | First Creek Village Metropolitan District GO Bonds Series 2019 A (Baa3/NR) | |
| | $ | | | 1,580,000 | | | | 5.000 | % | | 08/01/2049 | | $ | 1,591,022 | |
| | First Creek Village Metropolitan District GO Bonds Series 2019 B (NR/NR) | |
| | | | | 515,000 | | | | 6.750 | | | 08/01/2049 | | | 520,795 | |
| | Four Corners Business Improvement District LT Supported RB Series 2022 (NR/NR) | |
| | | | | 2,500,000 | | | | 6.000 | | | 12/01/2052 | | | 2,582,715 | |
| | Glen Metropolitan District GO LT Bonds Series 2021 (NR/NR) | |
| | | | | 2,370,000 | | | | 4.250 | | | 12/01/2051 | | | 1,972,731 | |
| | Greenspire Metropolitan District GO LT Bonds Series 2022 (NR/ NR) | |
| | | | | 1,430,000 | | | | 5.125 | | | 12/01/2051 | | | 1,366,815 | |
| | Hidden Creek Metropolitan District GO Bonds Series 2021 A (NR/ NR) | |
| | | | | 1,140,000 | | | | 4.625 | (c) | | 12/01/2045 | | | 976,718 | |
| | High Plains Metropolitan District GO Refunding Bonds Series 2017 (NATL) (A2/NR) | |
| | | | | 3,680,000 | | | | 4.000 | | | 12/01/2047 | | | 3,659,309 | |
| | Highlands Metropolitan District No. 1 GO Bonds Series 2021 (NR/ NR) | |
| | | | | 570,000 | | | | 5.000 | | | 12/01/2051 | | | 519,724 | |
| | Hunters Overlook Metropolitan District No. 5 GO Bonds Series 2019 A (NR/NR) | |
| | | | | 2,000,000 | | | | 5.000 | | | 12/01/2049 | | | 1,931,319 | |
| | Jay Grove Metropolitan District GO Bonds Series 2021 (NR/NR) | |
| | | | | 1,225,000 | | | | 4.250 | | | 12/01/2051 | | | 1,005,834 | |
| | Jefferson Center Metropolitan District No. 1 RB Series 2020 A-2 (B1/NR) | |
| | | | | 580,000 | | | | 4.125 | | | 12/01/2040 | | | 547,678 | |
| | | | | 900,000 | | | | 4.375 | | | 12/01/2047 | | | 856,563 | |
| | Johnstown Farms East Metropolitan District GO LT Bonds Series 2021 (NR/NR) | |
| | | | | 1,000,000 | | | | 5.000 | | | 12/01/2051 | | | 904,538 | |
| | Johnstown Plaza Metropolitan District LT GO Refunding and Improvement Bonds Series 2022 (NR/NR) | |
| | | | | 12,627,000 | | | | 4.250 | | | 12/01/2046 | | | 11,726,206 | |
| | Johnstown Village Metropolitan District No. 2 GO Bonds Series 2020 A (NR/NR) | |
| | | | | 1,980,000 | | | | 5.000 | | | 12/01/2050 | | | 1,808,661 | |
| | Jones District Community Authority Board RB for Convertible Capital Appreciation Bonds Series 2020 (NR/NR) | |
| | | | | 7,800,000 | | | | 0.000 | (h) | | 12/01/2050 | | | 7,366,433 | |
| | Kremmling Memorial Hospital District Certificates of Participation Series 2024 (NR/NR) | |
| | | | | 11,000,000 | | | | 6.625 | (c) | | 12/01/2056 | | | 10,873,258 | |
| | Lanterns Metropolitan District No. 1 GO Bonds Series 2019 A (NR/NR) | |
| | | | | 4,190,000 | | | | 5.000 | | | 12/01/2049 | | | 4,191,301 | |
| | Lanterns Metropolitan District No. 1 GO Bonds Series 2019 B (NR/NR) | |
| | | | | 683,000 | | | | 7.750 | | | 12/15/2049 | | | 680,618 | |
| | 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 | | | 3,666,229 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 105 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Colorado – (continued) | |
| |
| | Lochbuie Station Residential Metropolitan District GO Bonds Series 2020 A (NR/NR) | |
| | $ | | | 1,180,000 | | | | 5.750 | % | | 12/01/2050 | | $ | 1,192,862 | |
| | Loretto Heights Community Authority RB Series 2021 (NR/NR) | |
| | | | | 4,500,000 | | | | 4.875 | | | 12/01/2051 | | | 3,762,020 | |
| | Meadowlark Metropolitan District GO Bonds Series 2020 A (NR/ NR) | |
| | | | | 525,000 | | | | 4.875 | | | 12/01/2040 | | | 535,234 | |
| | | | | 750,000 | | | | 5.125 | | | 12/01/2050 | | | 765,668 | |
| | Meridian Ranch Metropolitan District GO LT Bonds Series 2022 (NR/NR) | |
| | | | | 2,925,000 | | | | 6.750 | | | 12/01/2052 | | | 3,004,668 | |
| | Mirabelle Metropolitan District No. 2 GO Bonds Series 2020 A (NR/NR) | |
| | | | | 2,665,000 | | | | 5.000 | | | 12/01/2049 | | | 2,686,777 | |
| | Mirabelle Metropolitan District No. 2 GO Bonds Series 2020 B (NR/NR) | |
| | | | | 1,473,000 | | | | 7.375 | | | 12/15/2049 | | | 1,472,380 | |
| | Morgan Hill Metropolitan District GO LT Refunding & Improvement Bonds Senior Series 2021A (NR/NR) | |
| | | | | 2,900,000 | | | | 4.000 | | | 12/01/2051 | | | 2,397,392 | |
| | Mountain Sky Metropolitan District GO Bonds Series 2020 A (NR/ NR) | |
| | | | | 980,000 | | | | 5.000 | | | 12/01/2049 | | | 951,677 | |
| | Muegge Farms Metropolitan District No. 1 GO Bonds Series 2021 (NR/NR) | |
| | | | | 3,225,000 | | | | 5.000 | | | 12/01/2051 | | | 2,921,230 | |
| | Mulberry Metropolitan District LT GO Bonds Series 2022A (NR/ NR) | |
| | | | | 2,550,000 | | | | 7.000 | | | 12/01/2052 | | | 2,662,295 | |
| | Murphy Creek Metropolitan District GO LT Bonds Series 2021 (NR/NR) | |
| | | | | 12,788,000 | | | | 5.000 | | | 12/01/2051 | | | 11,551,024 | |
| | Murphy Creek Metropolitan District GO LT Bonds Series 2022A (NR/NR) | |
| | | | | 2,140,000 | | | | 6.000 | | | 12/01/2052 | | | 2,177,173 | |
| | Nexus North at DIA Metropolitan District GO Bonds Series 2021 (NR/NR) | |
| | | | | 1,140,000 | | | | 5.000 | | | 12/01/2051 | | | 1,045,363 | |
| | Nine Mile Metropolitan District In The Town of Erie Boulder County RB Series 2020 (NR/NR) | |
| | | | | 5,760,000 | | | | 5.125 | | | 12/01/2040 | | | 5,867,085 | |
| | North Holly Metropolitan District Limited Tax GO Bonds Series 2018 A (NR/NR) | |
| | | | | 1,260,000 | | | | 5.500 | | | 12/01/2048 | | | 1,268,254 | |
| | North Range Metropolitan District No. 2 GO Refunding Bonds Series 2017 A (NR/NR) | |
| | | | | 3,180,000 | | | | 5.625 | | | 12/01/2037 | | | 3,192,468 | |
| | | | | 7,855,000 | | | | 5.750 | | | 12/01/2047 | | | 7,890,355 | |
| | North Range Metropolitan District Subordinate LT GO Special RB Series 2017B (NR/NR) | |
| | | | | 1,784,000 | | | | 7.750 | | | 12/15/2047 | | | 1,792,340 | |
| | Northglenn Urban Renewal Authority Tax Allocation for Urban Renewal Plan 2 Series 2019 (NR/BBB-) | |
| | | | | 350,000 | | | | 4.000 | | | 12/01/2032 | | | 350,963 | |
| | | | | 340,000 | | | | 4.000 | | | 12/01/2033 | | | 339,709 | |
| | | | | 190,000 | | | | 4.000 | | | 12/01/2034 | | | 188,877 | |
| | | | | 550,000 | | | | 4.000 | | | 12/01/2036 | | | 540,439 | |
| | | | | 215,000 | | | | 4.000 | | | 12/01/2038 | | | 206,196 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Colorado – (continued) | |
| |
| | Palisade Metropolitan District No. 2 GO Refunding Limited Tax Bonds Series 2019 (NR/NR) | |
| | $ | | | 4,711,000 | | | | 7.250 | % | | 12/15/2049 | | $ | 4,594,059 | |
| | Parkdale Community Authority for Parkdale Metropolitan District No. 1 Series 2020 A (NR/NR) | |
| | | | | 2,140,000 | | | | 5.000 | | | 12/01/2040 | | | 2,117,047 | |
| | | | | 3,335,000 | | | | 5.250 | | | 12/01/2050 | | | 3,221,708 | |
| | Parkdale Community Authority for Parkdale Metropolitan District No. 1 Series 2020 B (NR/NR) | |
| | | | | 1,924,000 | | | | 7.750 | | | 12/15/2050 | | | 1,853,393 | |
| | Parkdale Community Authority Limited Tax Supported Convertible Capital Appreciation RB Series 2024A (NR/NR) | |
| | | | | 5,170,000 | | | | 0.000 | (c)(h) | | 12/01/2053 | | | 4,090,456 | |
| | Parkdale Community Authority Subordinate Limited Tax Supported RB Series 2024B (NR/NR) | |
| | | | | 1,392,000 | | | | 9.000 | (c) | | 12/15/2053 | | | 1,407,570 | |
| | Patriot Park Metropolitan District No. 2 GO Bonds Series 2021 (NR/NR) | |
| | | | | 1,011,000 | | | | 4.300 | | | 12/01/2050 | | | 919,843 | |
| | Pinon Pines Metropolitan District No. 2 GO Bonds Series 2020 (NR/NR) | |
| | | | | 1,200,000 | | | | 5.000 | | | 12/01/2050 | | | 1,151,607 | |
| | Plaza Metropolitan District No. 1 RB Refunding Series 2013 (NR/ NR) | |
| | | | | 1,000,000 | | | | 5.000 | (c) | | 12/01/2040 | | | 1,000,094 | |
| | Pomponio Terrace Metropolitan District GO Bonds Series 2019 A (NR/NR) | |
| | | | | 796,000 | | | | 5.000 | | | 12/01/2049 | | | 791,787 | |
| | Powhaton Community Authority LT Supported RB Series 2021 (NR/NR) | |
| | | | | 5,460,000 | | | | 5.000 | | | 12/01/2051 | | | 4,966,597 | |
| | 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 | | | 1,089,552 | |
| | 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 | | | 1,743,283 | |
| | Prairie Center Metropolitan District No. 3 Limited Property Tax Supported RB Refunding Series 2017 A (NR/NR) | |
| | | | | 6,500,000 | | | | 5.000 | (c) | | 12/15/2041 | | | 6,560,867 | |
| | Prairie Center Metropolitan District No. 7 GO Bonds Series 2020 (NR/NR) | |
| | | | | 725,000 | | | | 4.875 | | | 12/15/2044 | | | 667,732 | |
| | Pueblo Urban Renewal Authority Tax Allocation Series 2021 A (NR/NR) | |
| | | | | 5,400,000 | | | | 4.750 | (c) | | 12/01/2045 | | | 3,761,111 | |
| | Pueblo Urban Renewal Authority Tax Allocation Series 2021 B (NR/NR) | |
| | | | | 150,000 | | | | 0.000 | (c)(e) | | 12/01/2025 | | | 138,743 | |
| | Raindance Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR) | |
| | | | | 9,930,000 | | | | 5.000 | | | 12/01/2049 | | | 9,670,179 | |
| | Rampart Range Metropolitan District No. 5 RB Series 2021 (NR/ NR) | |
| | | | | 1,750,000 | | | | 4.000 | | | 12/01/2051 | | | 1,501,235 | |
| | Reunion Metropolitan District RB Series 2021 A (NR/NR) | |
| | | | | 2,160,861 | | | | 3.625 | | | 12/01/2044 | | | 1,658,291 | |
| | |
| 106 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Colorado – (continued) | |
| |
| | Ridgeline Vista Metropolitan District GO Bonds Series 2021 A (NR/NR) | |
| | $ | | | 1,000,000 | | | | 5.250 | % | | 12/01/2060 | | $ | 883,327 | |
| | Ritoro Metropolitan District GO Bonds Series 2019 A (NR/NR) | |
| | | | | 1,150,000 | | | | 5.000 | | | 12/01/2049 | | | 1,145,540 | |
| | Riverview Metropolitan District GO Refunding Bonds Series 2021 (NR/NR) | |
| | | | | 500,000 | | | | 5.000 | | | 12/01/2051 | | | 470,440 | |
| | RRC Metropolitan District LT GO Bonds Series 2021 (NR/NR) | |
| | | | | 5,125,000 | | | | 5.250 | | | 12/01/2051 | | | 4,641,552 | |
| | Sabell Metropolitan District GO Bonds Series 2020 A (NR/NR) | |
| | | | | 1,055,000 | | | | 5.000 | (c) | | 12/01/2050 | | | 1,003,849 | |
| | Second Creek Farm Metropolitan District No. 3 GO Bonds Series 2019 A (NR/NR) | |
| | | | | 3,450,000 | | | | 5.000 | | | 12/01/2039 | | | 3,458,626 | |
| | | | | 5,695,000 | | | | 5.000 | | | 12/01/2049 | | | 5,577,340 | |
| | Senac South Metropolitan District GO LT Bonds Series 2021A3 (NR/NR) | |
| | | | | 9,375,000 | | | | 5.250 | | | 12/01/2051 | | | 8,667,105 | |
| | Settler’s Crossing Metropolitan District No. 1 GO Bonds Series 2020 A (NR/NR) | |
| | | | | 2,200,000 | | | | 5.000 | (c) | | 12/01/2040 | | | 2,221,898 | |
| | | | | 1,625,000 | | | | 5.125 | (c) | | 12/01/2050 | | | 1,636,337 | |
| | Sky Ranch Community Authority Board District No. 1 RB Senior Lien Series 2019 A (NR/NR) | |
| | | | | 1,453,000 | | | | 5.000 | | | 12/01/2049 | | | 1,458,911 | |
| | Sky Ranch Community Authority Board LT Support District Bonds Series 2022A (NR/NR) | |
| | | | | 4,345,000 | | | | 5.750 | | | 12/01/2052 | | | 4,353,517 | |
| | South Sloan’s Lake Metropolitan District No. 2 GO Improvement Bonds Series 2019 (AGM) (Baa1/AA) | |
| | | | | 750,000 | | | | 4.000 | | | 12/01/2044 | | | 739,427 | |
| | | | | 2,210,000 | | | | 3.000 | | | 12/01/2049 | | | 1,745,357 | |
| | South Timnath Metropolitan District No. 1 GO Limited Subordinate Tax Bonds Series 2019 B (NR/NR) | |
| | | | | 2,208,000 | | | | 8.000 | | | 12/15/2048 | | | 1,980,064 | |
| | South Timnath Metropolitan District No. 1 GO Limited Taxable Bonds Series 2019 A (NR/NR) | |
| | | | | 500,000 | | | | 5.500 | | | 12/01/2048 | | | 439,423 | |
| | Southlands Metropolitan District No. 1 GO Refunding Bonds Series 2017A-1 (Ba1/NR) | |
| | | | | 1,750,000 | | | | 5.000 | | | 12/01/2047 | | | 1,759,575 | |
| | St. Vrain Lakes Metropolitan District No. 2 Limited Tax GO Bonds Series 2017 A (NR/NR) | |
| | | | | 2,550,000 | | | | 5.125 | | | 12/01/2047 | | | 2,553,694 | |
| | Sterling Hills West Metropolitan District GO Refunding Bonds Series 2017 (A2/NR) | |
| | | | | 650,000 | | | | 5.000 | | | 12/01/2039 | | | 676,751 | |
| | 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 | | | 1,053,628 | |
| | Sterling Ranch Community Authority Board Douglas County Colorado Special Improvement District No. 1 Special Assessment RB Series 2024 (NR/NR) | |
| | | | | 1,000,000 | | | | 5.625 | | | 12/01/2043 | | | 1,045,634 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Colorado – (continued) | |
| |
| | 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 | | $ | 712,396 | |
| | 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 | | | 2,358,166 | |
| | Takoda Metropolitan District Limited Tax GO Refunding Bonds Series 2018 (Baa3/NR) | |
| | | | | 8,000,000 | | | | 6.000 | | | 12/01/2050 | | | 8,410,526 | |
| | The Village Metropolitan District GO Refunding Bonds Series 2020 (NR/NR) | |
| | | | | 1,100,000 | | | | 5.000 | | | 12/01/2040 | | | 1,114,048 | |
| | | | | 1,750,000 | | | | 5.000 | | | 12/01/2049 | | | 1,767,115 | |
| | Timberleaf Metropolitan District GO Bonds Series 2020 A (NR/ NR) | |
| | | | | 1,730,000 | | | | 5.750 | | | 12/01/2050 | | | 1,746,564 | |
| | 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 | | | 727,679 | |
| | Village Metropolitan District No. 2 Limited Tax GO and Special RB Series 2019 (NR/NR) | |
| | | | | 500,000 | | | | 4.375 | | | 12/01/2044 | | | 499,201 | |
| | Villages at Johnstown Metropolitan District No. 3 GO Bonds Series 2020 A (NR/NR) | |
| | | | | 580,000 | | | | 5.000 | | | 12/01/2040 | | | 570,020 | |
| | | | | 1,020,000 | | | | 5.000 | | | 12/01/2050 | | | 954,207 | |
| | West Meadow Metropolitan District town of Fraser, Grand County, Colorado Limited Tax GO Senior Bonds Series 2023A (NR/ NR) | |
| | | | | 2,250,000 | | | | 6.500 | (c) | | 12/01/2050 | | | 2,380,789 | |
| | Westerly Metropolitan District No. 4 GO Bonds Series 2021 A (NR/NR) | |
| | | | | 1,500,000 | | | | 5.000 | | | 12/01/2050 | | | 1,351,284 | |
| | Westerly Metropolitan District No. 4 GO Bonds Series 2021 A-2 (NR/NR) | |
| | | | | 1,000,000 | | | | 0.000 | (h) | | 12/01/2050 | | | 765,355 | |
| | Westerly Metropolitan District No. 4 GO Bonds Series 2021 B-3 (NR/NR) | |
| | | | | 4,238,000 | | | | 8.000 | | | 12/15/2050 | | | 3,967,181 | |
| | Wildgrass at Rockrimmon Metropolitan District GO Bonds Series 2020 A (NR/NR) | |
| | | | | 960,000 | | | | 5.000 | (c) | | 12/01/2050 | | | 925,238 | |
| | Wildgrass at Rockrimmon Metropolitan District GO Bonds Series 2020 B (NR/NR) | |
| | | | | 181,000 | | | | 7.750 | | | 12/15/2050 | | | 180,182 | |
| | Windshire Park Metropolitan District No. 2 GO Refunding & Improvement Bonds Senior Series 2017 A (NR/NR) | |
| | | | | 1,500,000 | | | | 6.500 | | | 12/01/2047 | | | 1,567,419 | |
| | Winsome Metropolitan District No. 3 GO Bonds Series 2021 A (NR/NR) | |
| | | | | 2,184,000 | | | | 5.125 | (c) | | 12/01/2050 | | | 1,969,816 | |
| | Woodmen Heights Metropolitan District No. 2 GO Refunding Bonds Series 2020 B-1 (NR/NR) | |
| | | | | 1,764,000 | | | | 6.250 | | | 12/15/2040 | | | 1,766,438 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 606,624,445 | |
| | | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 107 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Connecticut - 0.6% | |
| |
| | City of New Haven CT GO Bonds Series 2018 (NR/A-) | |
| | $ | | | 310,000 | | | | 5.500 | % | | 08/01/2038 | | $ | 330,024 | |
| | City of New Haven GO Bonds Series 2018 A (NR/A-) | |
| | | | | 900,000 | | | | 5.500 | | | 08/01/2034 | | | 966,841 | |
| | | | | 500,000 | | | | 5.500 | | | 08/01/2035 | | | 536,171 | |
| | | | | 420,000 | | | | 5.500 | | | 08/01/2036 | | | 449,304 | |
| | | | | 500,000 | | | | 5.500 | | | 08/01/2037 | | | 534,122 | |
| | City of Stamford Housing Authority RB Anticipation Notes for Dogwoods Project Series 2022 (NR/NR) | |
| | | | | 3,925,000 | | | | 11.000 | (c) | | 12/01/2027 | | | 4,631,832 | |
| | Connecticut Airport Authority Customer Facility Charge RB for Ground Transportation Center Project Series 2019A (NR/A) | |
| | | | | 1,750,000 | | | | 4.000 | | | 07/01/2049 | | | 1,643,950 | |
| | Connecticut State Health & Educational Facilities Authority RB for McLean Affiliates Obligated Group Series 2020 A (NR/NR) | |
| | | | | 1,150,000 | | | | 5.000 | (c) | | 01/01/2045 | | | 1,082,611 | |
| | | | | 3,065,000 | | | | 5.000 | (c) | | 01/01/2055 | | | 2,752,218 | |
| | 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 | | | 902,268 | |
| | | | | 3,500,000 | | | | 4.000 | | | 07/01/2044 | | | 2,851,651 | |
| | | | | 5,325,000 | | | | 4.000 | | | 07/01/2049 | | | 4,175,443 | |
| | Great Pond Improvement District RB for Great Pond Phase 1 Project Series 2019 (NR/NR) | |
| | | | | 2,500,000 | | | | 4.750 | (c) | | 10/01/2048 | | | 2,468,825 | |
| | Mohegan Tribal Finance Authority Tribal RB Economic Development Bonds Series 2015 (NR/B-) | |
| | | | | 28,300,000 | | | | 7.000 | (c) | | 02/01/2045 | | | 28,547,625 | |
| | 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 | | | 2,382,143 | |
| | 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 | | | 4,693,273 | |
| | Steel Point Infrastructure Improvement District Special Obligation RB Series 2024 (NR/NR) | |
| | | | | 2,300,000 | | | | 6.000 | (c) | | 04/01/2052 | | | 2,491,263 | |
| | Steel Point Infrastructure Improvement District Special Obligation RB Series 2024 Steelpointe Harbor Project (NR/NR) | |
| | | | | 925,000 | | | | 5.625 | (c) | | 04/01/2044 | | | 985,040 | |
| | Steel Point Infrastructure Improvement District Tax Allocation for Steelpointe Harbor Project Series 2021 (NR/NR) | |
| | | | | 2,025,000 | | | | 4.000 | (c) | | 04/01/2051 | | | 1,749,964 | |
| | town of Hamden RB for Whitney Center Project Series 2022A (NR/NR) | |
| | | | | 6,925,000 | | | | 7.000 | | | 01/01/2053 | | | 7,604,730 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 71,779,298 | |
| | | |
| | 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 | | | 908,913 | |
| | | | | 1,125,000 | | | | 4.000 | | | 06/01/2057 | | | 927,390 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Delaware – (continued) | |
| |
| | Delaware Economic Development Authority RB for ACTS Retirement-Life Communities, Inc. Obligated Group Series 2018 B (NR/NR) | |
| | $ | | | 2,000,000 | | | | 5.000 | % | | 11/15/2048 | | $ | 2,050,603 | |
| | Delaware Health Facilities Authority RB Refunding for Bayhealth Medical Center Obligated Group Series 2017 A (NR/AA-) | |
| | | | | 3,130,000 | | | | 4.000 | | | 07/01/2043 | | | 3,117,462 | |
| | Delaware State Economic Development Authority RB for First State Montessori Academy, Inc. Series 2019 A (NR/BBB-) | |
| | | | | 855,000 | | | | 5.000 | | | 08/01/2049 | | | 858,567 | |
| | | | | 835,000 | | | | 5.000 | | | 08/01/2054 | | | 835,858 | |
| | Delaware State Economic Development Authority RB for Newark Charter School, Inc. Series 2020 (NR/BBB+) | |
| | | | | 1,900,000 | | | | 5.000 | | | 09/01/2050 | | | 1,945,949 | |
| | town of Bridgeville Special Tax Refunding for Heritage Shores Special Development District Series 2020 (Baa3/NR) | |
| | | | | 4,843,000 | | | | 4.000 | | | 07/01/2035 | | | 4,846,510 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 15,491,252 | |
| | | |
| | District of Columbia - 0.8% | |
| |
| | District Columbia Tobacco Settlement Filing Corp / Tobacco Asset Backed Bds 2006 A (NR/NR) | |
| | | | | 107,420,000 | | | | 0.000 | (e) | | 06/15/2046 | | | 25,108,501 | |
| | District of Columbia (Washington, D.C.) Income Tax Secured RB, Series 2023A (Tax-Exempt) (Aa1/AAA) | |
| | | | | 3,000,000 | | | | 5.250 | | | 05/01/2048 | | | 3,364,855 | |
| | District of Columbia Metropolitan Airport Authority Airport System Revenue Refunding Bonds Series 2021A (Aa3/AA-) | |
| | | | | 5,000,000 | | | | 4.000 | | | 10/01/2051 | | | 4,851,742 | |
| | District of Columbia Union Market Project Tax Increment RB Convertible Capital Appreciation Bonds Series 2024B (NR/ NR) | |
| | | | | 3,675,000 | | | | 0.000 | (c)(h) | | 06/01/2049 | | | 2,188,353 | |
| | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2019A (AMT) (Aa3/AA-) | |
| | | | | 2,500,000 | | | | 5.000 | | | 10/01/2049 | | | 2,592,308 | |
| | Metropolitan Washington Airports Authority Dulles toll Road RB Second Senior Lien Capital Appreciation for Dulles Metrorail and Capital Improvement Project Series 2010 B (Baa1/A-) | |
| | | | | 37,100,000 | | | | 6.500 | | | 10/01/2044 | | | 41,135,575 | |
| | Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (AGM) (A1/AA) | |
| | | | | 3,000,000 | | | | 3.000 | | | 10/01/2050 | | | 2,377,453 | |
| | | | | 3,170,000 | | | | 4.000 | | | 10/01/2053 | | | 3,044,228 | |
| | Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (Baa2/A-) | |
| | | | | 1,115,000 | | | | 4.000 | | | 10/01/2053 | | | 1,058,874 | |
| | 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 | | | 6,059,128 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 91,781,017 | |
| | | |
| | Florida - 14.6% | |
| |
| | Abbott Square Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 1,385,000 | | | | 5.500 | | | 06/15/2052 | | | 1,433,677 | |
| | |
| 108 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Aberdeen Community Development District Special Assessment Refunding Series 2020 A-2 (NR/NR) | |
| | $ | | | 3,560,000 | | | | 4.750 | % | | 05/01/2036 | | $ | 3,619,879 | |
| | Aberdeen Community Development District Special Assessment Series 2018 (NR/NR) | |
| | | | | 615,000 | | | | 5.000 | | | 05/01/2039 | | | 627,635 | |
| | | | | 1,025,000 | | | | 5.100 | | | 05/01/2049 | | | 1,034,569 | |
| | Academical Village Community Development District Special Assessment Bonds Series 2020 (NR/NR) | |
| | | | | 5,755,000 | | | | 4.000 | | | 05/01/2051 | | | 4,963,263 | |
| | Academical Village Community Development District Special Assessment Bonds Series 2020 (NR/NR) | |
| | | | | 1,580,000 | | | | 3.625 | | | 05/01/2040 | | | 1,362,882 | |
| | Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (NR/A-) | |
| | | | | 1,715,000 | | | | 3.500 | | | 05/01/2031 | | | 1,692,317 | |
| | Antillia Community Development District Miami-Dade County Florida Special Assessment Bonds Series 2024 (NR/NR) | |
| | | | | 900,000 | | | | 5.600 | | | 05/01/2044 | | | 926,862 | |
| | | | | 1,295,000 | | | | 5.875 | | | 05/01/2054 | | | 1,333,176 | |
| | Arbors Community Development District Capital Improvement RB Series 2023 (NR/NR) | |
| | | | | 1,125,000 | | | | 5.400 | | | 05/01/2043 | | | 1,182,053 | |
| | | | | 2,050,000 | | | | 5.625 | | | 05/01/2053 | | | 2,156,051 | |
| | Arborwood Community Development District RB Capital Improvement Refunding Senior Lien Series 2018 A-1 (AGM) (NR/AA) | |
| | | | | 3,970,000 | | | | 3.500 | | | 05/01/2032 | | | 3,992,234 | |
| | | | | 6,695,000 | | | | 3.700 | | | 05/01/2036 | | | 6,750,707 | |
| | Arborwood Community Development District RB Capital Improvement Refunding Subordinate Lien Series 2018 A-2 (NR/NR) | |
| | | | | 635,000 | | | | 4.625 | | | 05/01/2028 | | | 644,231 | |
| | | | | 1,770,000 | | | | 5.000 | | | 05/01/2036 | | | 1,813,500 | |
| | Arborwood Community Development District Special Assessment Capital Improvement Refunding Series 2014 B A-1 (NR/NR) | |
| | | | | 3,005,000 | | | | 6.900 | | | 05/01/2036 | | | 3,007,278 | |
| | Arborwood Community Development District Special Assessment Capital Improvement Refunding Series 2014 B A-2 (NR/NR) | |
| | | | | 435,000 | | | | 6.900 | | | 05/01/2036 | | | 435,248 | |
| | Armstrong Community Development District Special Assessment for Assessment Area Two Project Series 2019 A (NR/NR) | |
| | | | | 495,000 | | | | 4.000 | | | 11/01/2040 | | | 459,145 | |
| | | | | 3,140,000 | | | | 4.000 | | | 11/01/2050 | | | 2,706,890 | |
| | Artisan Lakes East Community Development District RB for Capital Improvement Series 2018 (NR/NR) | |
| | | | | 1,845,000 | | | | 5.100 | (c) | | 05/01/2039 | | | 1,887,402 | |
| | | | | 3,080,000 | | | | 5.200 | (c) | | 05/01/2049 | | | 3,118,094 | |
| | Artisan Lakes East Community Development District Special Assessment Bond Series 2021-2 (NR/NR) | |
| | | | | 270,000 | | | | 2.750 | (c) | | 05/01/2031 | | | 248,996 | |
| | | | | 515,000 | | | | 3.125 | (c) | | 05/01/2041 | | | 427,778 | |
| | 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 | | | 1,783,664 | |
| | Astonia Community Development District Special Assessment for Assessment Area 2 Project Series 2021 (NR/NR) | |
| | | | | 500,000 | | | | 3.200 | (c) | | 05/01/2041 | | | 419,846 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | 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 | | $ | 1,076,439 | |
| | Astonia Community Development District Special Assessment for North Parcel Assessment Area Project Series 2021 (NR/NR) | |
| | | | | 775,000 | | | | 3.200 | (c) | | 05/01/2041 | | | 650,761 | |
| | 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 | | | 610,818 | |
| | Avalon Groves Community Development District Special Assessment for Assessment Area One Project Series 2017 (NR/NR) | |
| | | | | 740,000 | | | | 5.750 | | | 05/01/2048 | | | 776,320 | |
| | Avalon Groves Community Development District Special Assessment for Assessment Area Three Project Series 2021 (NR/NR) | |
| | | | | 250,000 | | | | 3.375 | | | 05/01/2041 | | | 211,997 | |
| | Avalon Groves Community Development District Special Assessment for Assessment Area Two Project Series 2017 A-1 (NR/NR) | |
| | | | | 1,785,000 | | | | 6.000 | | | 05/01/2048 | | | 1,905,099 | |
| | 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 | | | 547,322 | |
| | 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 | | | 811,515 | |
| | Avalon Park West Community Development District Special Assessment Refunding Series 2020 (NR/NR) | |
| | | | | 580,000 | | | | 3.750 | (c) | | 05/01/2040 | | | 571,544 | |
| | Avenir Community Development District City of Palm Beach Gardens Florida Senior Special Assessment Bonds Series 2021A-1 (NR/NR) | |
| | | | | 4,170,000 | | | | 3.400 | | | 05/01/2052 | | | 3,236,973 | |
| | Avenir Community Development District Special Assessment Bonds for Assessment Area Two - 2021B Project Series 2021B (NR/NR) | |
| | | | | 4,500,000 | | | | 5.000 | (c) | | 05/01/2041 | | | 4,667,119 | |
| | Avenir Community Development District Special Assessment Bonds Series 2019B- Parcel A-4 Project (NR/NR) | |
| | | | | 1,585,000 | | | | 5.250 | | | 05/01/2029 | | | 1,603,636 | |
| | Avenir Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 1,170,000 | | | | 5.375 | | | 05/01/2043 | | | 1,204,601 | |
| | | | | 4,845,000 | | | | 5.625 | | | 05/01/2054 | | | 5,021,097 | |
| | Aviary at Rutland Ranch Community Development District Special Assessment Refunding for Area 1 Project Series 2019 (NR/ NR) | |
| | | | | 900,000 | | | | 4.500 | (c) | | 06/01/2039 | | | 892,383 | |
| | | | | 1,630,000 | | | | 4.625 | (c) | | 06/01/2049 | | | 1,564,701 | |
| | Babcock Ranch Community Independent Special District Special Assessment RB Series 2015 (NR/NR) | |
| | | | | 525,000 | | | | 4.750 | | | 11/01/2026 | | | 530,575 | |
| | | | | 700,000 | | | | 5.000 | | | 11/01/2031 | | | 708,029 | |
| | | | | 5,975,000 | | | | 5.250 | | | 11/01/2046 | | | 6,013,152 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 109 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Babcock Ranch Community Independent Special District Special Assessment RB Series 2022 (NR/NR) | |
| | $ | | | 3,500,000 | | | | 5.000 | % | | 05/01/2042 | | $ | 3,572,793 | |
| | Bannon Lakes Community Development District Special Assessment RB Series 2016 (NR/NR) | |
| | | | | 955,000 | | | | 5.000 | | | 11/01/2036 | | | 980,114 | |
| | | | | 1,055,000 | | | | 5.000 | | | 11/01/2048 | | | 1,059,445 | |
| | Bannon Lakes Community Development District Special Assessment Series 2021 (NR/NR) | |
| | | | | 705,000 | | | | 3.500 | (c) | | 05/01/2041 | | | 624,328 | |
| | Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015 A-1 (NR/A) | |
| | | | | 1,555,000 | | | | 4.250 | | | 05/01/2029 | | | 1,564,483 | |
| | Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Subordinate Lien Series 2015 A-2 (NR/NR) | |
| | | | | 895,000 | | | | 5.000 | | | 05/01/2035 | | | 899,166 | |
| | Bay Laurel Center Community Development District Special Assessment RB Refunding Series 2016 Candler (NR/BBB+) | |
| | | | | 855,000 | | | | 3.750 | | | 05/01/2031 | | | 844,270 | |
| | | | | 995,000 | | | | 4.000 | | | 05/01/2037 | | | 972,991 | |
| | Baywinds Community Development District Senior Special Assessment Refunding Bonds Series 2017 A-1 (NR/A+) | |
| | | | | 2,810,000 | | | | 4.250 | | | 05/01/2037 | | | 2,821,641 | |
| | Beaumont Community Development District Special Assessment Bonds for Assessment Area Two-Commercial Project Series 2019 (NR/NR) | |
| | | | | 1,225,000 | | | | 6.375 | (c) | | 11/01/2049 | | | 1,283,255 | |
| | Bellagio Community Development District Special Assessment Bonds Series 2013 (NR/BBB) | |
| | | | | 325,000 | | | | 6.000 | | | 11/01/2027 | | | 338,545 | |
| | | | | 490,000 | | | | 3.750 | | | 11/01/2031 | | | 479,804 | |
| | | | | 2,970,000 | | | | 6.500 | | | 11/01/2043 | | | 3,203,653 | |
| | | | | 1,490,000 | | | | 4.125 | | | 11/01/2046 | | | 1,326,615 | |
| | Belmond Reserve Community Development District Special Assessment Bonds Series 2020 (NR/NR) | |
| | | | | 1,045,000 | | | | 4.000 | | | 05/01/2040 | | | 1,032,524 | |
| | Belmont Community Development District Capital Improvement Phase 1 Project Series 2013 A (NR/NR) | |
| | | | | 770,000 | | | | 6.125 | | | 11/01/2033 | | | 833,374 | |
| | | | | 1,000,000 | | | | 6.500 | | | 11/01/2043 | | | 1,116,151 | |
| | Belmont II Community Development District Special Assessment RB Series 2020 (NR/NR) | |
| | | | | 1,500,000 | | | | 4.000 | | | 12/15/2050 | | | 1,337,572 | |
| | Belmont II Community Development District Special Assessment Series 2020 (NR/NR) | |
| | | | | 1,285,000 | | | | 3.625 | | | 12/15/2040 | | | 1,225,620 | |
| | Berry Bay Community Development District Special Assessment for Assessment Area 1 Project Series 2021 (NR/NR) | |
| | | | | 1,250,000 | | | | 3.625 | | | 05/01/2041 | | | 1,090,441 | |
| | Berry Bay Community Development District Special Assessment RB Series 2023 (NR/NR) | |
| | | | | 1,525,000 | | | | 5.750 | | | 05/01/2053 | | | 1,603,481 | |
| | Bexley Community Development District Special Assessment Bonds Series 2016 (NR/NR) | |
| | | | | 1,680,000 | | | | 4.700 | | | 05/01/2036 | | | 1,687,921 | |
| | | | | 3,200,000 | | | | 4.875 | | | 05/01/2047 | | | 3,175,623 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | 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 | | $ | 936,704 | |
| | Black Creek Community Development District Special Assessment Bonds Series 2020 (NR/NR) | |
| | | | | 325,000 | | | | 3.750 | | | 06/15/2040 | | | 290,872 | |
| | | | | 950,000 | | | | 4.000 | | | 06/15/2050 | | | 817,713 | |
| | Blue Lake Community Development District Special Assessment Bonds Series 2019 (NR/NR) | |
| | | | | 900,000 | | | | 4.250 | | | 06/15/2039 | | | 864,474 | |
| | Boggy Branch Community Development District Special Assessment Series 2021 (NR/NR) | |
| | | | | 1,165,000 | | | | 3.500 | | | 05/01/2041 | | | 989,612 | |
| | | | | 1,355,000 | | | | 4.000 | | | 05/01/2051 | | | 1,148,152 | |
| | Botaniko Community Development District Special Assessment Bonds Series 2020 (NR/NR) | |
| | | | | 565,000 | | | | 3.625 | | | 05/01/2040 | | | 496,340 | |
| | Bradbury Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 1,800,000 | | | | 5.250 | | | 05/01/2043 | | | 1,850,697 | |
| | | | | 2,250,000 | | | | 5.500 | | | 05/01/2053 | | | 2,313,306 | |
| | Bridgewalk Community Development District (Osceola County, Florida) Special Assessment Bonds, Series 2023 (Assessment Area Two Project) (NR/NR) | |
| | | | | 675,000 | | | | 6.500 | | | 12/15/2053 | | | 726,488 | |
| | Bridgewater Community Development District Special Assessment Refunding Bonds for Assessment Area Two Series 2015 (NR/ NR) | |
| | | | | 5,660,000 | | | | 5.750 | | | 05/01/2035 | | | 5,897,842 | |
| | Brightwater Community Development District Special Assessment Bonds for Assessment Area One Series 2021 (NR/NR) | |
| | | | | 940,000 | | | | 3.150 | | | 05/01/2041 | | | 768,345 | |
| | Brookstone Community Development District Special Assessment RB for Manatee County Series 2022 (NR/NR) | |
| | | | | 1,000,000 | | | | 5.500 | | | 05/01/2042 | | | 1,041,800 | |
| | | | | 1,500,000 | | | | 5.625 | | | 05/01/2052 | | | 1,554,820 | |
| | Buckhead Trails Community Development District Special Assessment Bonds for Manatee County Project Series 2022 (NR/NR) | |
| | | | | 900,000 | | | | 5.625 | | | 05/01/2042 | | | 946,518 | |
| | | | | 1,305,000 | | | | 5.750 | | | 05/01/2052 | | | 1,361,438 | |
| | Buckhead Trails Community Development District Special Assessment Bonds for Manatee County Project Series 2024 (NR/NR) | |
| | | | | 550,000 | | | | 5.600 | | | 05/01/2044 | | | 561,680 | |
| | | | | 1,550,000 | | | | 5.875 | | | 05/01/2054 | | | 1,582,511 | |
| | Buena Lago Community Development District Capital Improvement RB Series 2022 (NR/NR) | |
| | | | | 1,040,000 | | | | 5.500 | | | 05/01/2052 | | | 1,098,607 | |
| | 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 | | | 914,305 | |
| | 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 | | | 12,661,782 | |
| | |
| 110 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Campo Bello Community Development District Special Assessment Bonds Series 2019 (NR/NR) | |
| | $ | | | 1,000,000 | | | | 4.000 | % | | 12/15/2039 | | $ | 934,368 | |
| | | | | 1,350,000 | | | | 4.000 | | | 12/15/2049 | | | 1,165,289 | |
| | Capital Projects Finance Authority Educational Facilities RB Kissimmee Charter Academy Project Series 2024 (NR/NR) | |
| | | | | 175,000 | | | | 6.500 | (c) | | 06/15/2054 | | | 181,853 | |
| | | | | 445,000 | | | | 6.625 | (c) | | 06/15/2059 | | | 462,326 | |
| | Capital Trust Agency Educational Facilities RB Series 2021A (NR/ NR) | |
| | | | | 2,210,000 | | | | 5.000 | (c) | | 12/01/2056 | | | 1,723,800 | |
| | Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (Ba2/NR) | |
| | | | | 63,655,000 | | | | 5.250 | (c) | | 12/01/2058 | | | 64,526,507 | |
| | Capital Trust Agency, Inc. RB for AcadeMir Charter School West Series 2021 A-2 (Ba2/NR) | |
| | | | | 595,000 | | | | 4.000 | (c) | | 07/01/2056 | | | 485,256 | |
| | Capital Trust Agency, Inc. RB for Imagine Charter School at North Manatee Series 2021 A (NR/NR) | |
| | | | | 3,030,000 | | | | 5.000 | (c) | | 06/01/2056 | | | 2,837,630 | |
| | Capital Trust Agency, Inc. RB for Imagine-Pasco County LLC Series 2020 A (Ba2/NR) | |
| | | | | 1,155,000 | | | | 5.000 | (c) | | 12/15/2049 | | | 1,136,825 | |
| | | | | 1,075,000 | | | | 5.000 | (c) | | 12/15/2054 | | | 1,045,340 | |
| | Capital Trust Agency, Inc. RB for University Bridge LLC Series 2018 A (Ba2/NR) | |
| | | | | 2,025,000 | | | | 5.250 | (c) | | 12/01/2043 | | | 2,077,425 | |
| | Capital Trust Authority Educational Facilities Lease RB Seaside Community Charter School Project Series A (Baa3/NR) | |
| | | | | 1,220,000 | | | | 5.000 | | | 06/15/2044 | | | 1,242,757 | |
| | | | | 1,385,000 | | | | 5.125 | | | 06/15/2059 | | | 1,397,245 | |
| | Capital Trust Authority Educational Facilities Revenue Refunding Bonds for Southeastern University, Inc. Project Series 2023A (NR/BB) | |
| | | | | 4,470,000 | | | | 6.375 | (c) | | 05/01/2053 | | | 4,603,230 | |
| | Capital Trust Authority Educational Facilities Revenue Refunding Bonds Southeastern University Inc Project Series 2023A (NR/ BB) | |
| | | | | 4,775,000 | | | | 6.250 | (c) | | 05/01/2048 | | | 4,913,185 | |
| | Capital Trust Authority RB Anticipation Notes Convivial-St Petersburg Project Series 2024A (NR/NR) | |
| | | | | 10,125,000 | | | | 12.000 | (c)(g) | | 10/03/2029 | | | 10,124,970 | |
| | Carlton Lakes Community Development District Special Assessment RB Series 2018 (NR/NR) | |
| | | | | 495,000 | | | | 5.125 | | | 05/01/2038 | | | 506,112 | |
| | | | | 1,000,000 | | | | 5.250 | | | 05/01/2049 | | | 1,013,130 | |
| | Caymas Community Development District Capital Improvement RB, Series 2024 (Assessment Area One) (NR/NR) | |
| | | | | 900,000 | | | | 5.625 | | | 05/01/2054 | | | 917,350 | |
| | 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 | | | 2,399,561 | |
| | Central Parc Community Development District City of North Port Florida Special Assessment RB Series 2024 (NR/NR) | |
| | | | | 650,000 | | | | 5.700 | | | 05/01/2044 | | | 662,262 | |
| | | | | 650,000 | | | | 6.000 | | | 05/01/2054 | | | 664,528 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Centre Lake Community Development District Special Assessment Series 2016 (NR/NR) | |
| | $ | | | 260,000 | | | | 4.125 | % | | 12/15/2027 | | $ | 261,754 | |
| | | | | 500,000 | | | | 4.500 | | | 12/15/2032 | | | 505,781 | |
| | | | | 975,000 | | | | 4.700 | | | 12/15/2037 | | | 982,157 | |
| | Century Parc Community Development District Special Assessment Refunding Series 2012 (NR/A) | |
| | | | | 1,705,000 | | | | 4.500 | | | 11/01/2031 | | | 1,706,554 | |
| | Century Park South Community Development District Special Assessment Bonds Series 2020 (NR/NR) | |
| | | | | 630,000 | | | | 3.750 | | | 05/01/2040 | | | 561,728 | |
| | CFM Community Development District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 820,000 | | | | 3.350 | | | 05/01/2041 | | | 687,968 | |
| | Chapel Creek Community Development District (Pasco County, Florida) / Special Assessment Bonds, Series 2024 (Series 2024 Project) (NR/NR) | |
| | | | | 300,000 | | | | 4.625 | | | 05/01/2031 | | | 304,349 | |
| | | | | 750,000 | | | | 5.500 | | | 05/01/2044 | | | 774,014 | |
| | | | | 1,055,000 | | | | 5.750 | | | 05/01/2054 | | | 1,084,322 | |
| | Chapel Creek Community Development District Special Assessment Series 2021 (NR/NR) | |
| | | | | 520,000 | | | | 3.375 | (c) | | 05/01/2041 | | | 440,827 | |
| | | | | 750,000 | | | | 4.000 | (c) | | 05/01/2052 | | | 639,935 | |
| | Chapel Crossings Community Development District Special Assessment Series 2020 (NR/NR) | |
| | | | | 1,605,000 | | | | 3.700 | (c) | | 05/01/2040 | | | 1,424,895 | |
| | | | | 2,815,000 | | | | 4.000 | (c) | | 05/01/2051 | | | 2,389,506 | |
| | Charles Cove Community Development District Special Assessment bond Series 2020 (NR/NR) | |
| | | | | 1,510,000 | | | | 4.375 | | | 05/01/2050 | | | 1,384,225 | |
| | Charles Cove Community Development District Special Assessment RB Series 2021 (NR/NR) | |
| | | | | 1,055,000 | | | | 4.000 | | | 05/01/2052 | | | 900,825 | |
| | Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2015 (NR/NR) | |
| | | | | 700,000 | | | | 5.500 | (c) | | 10/01/2036 | | | 709,406 | |
| | Charlotte County Industrial Development Authority Utility System RB for town & Country Utilities Project Series 2019 (NR/NR) | |
| | | | | 5,900,000 | | | | 5.000 | (c) | | 10/01/2049 | | | 5,945,424 | |
| | City of Palmetto Educational Facilities Refunding RB Series 2022A (NR/BBB-) | |
| | | | | 975,000 | | | | 5.250 | | | 06/01/2052 | | | 1,002,195 | |
| | | | | 1,750,000 | | | | 5.375 | | | 06/01/2057 | | | 1,804,169 | |
| | | | | 1,375,000 | | | | 5.625 | | | 06/01/2062 | | | 1,430,999 | |
| | City of Venice RB for Southwest Florida Retirement Center, Inc. Obligated Group Project Series 2019 (NR/NR) | |
| | | | | 480,000 | | | | 5.000 | | | 01/01/2037 | | | 487,965 | |
| | | | | 1,725,000 | | | | 5.000 | | | 01/01/2047 | | | 1,683,686 | |
| | | | | 1,615,000 | | | | 5.000 | | | 01/01/2052 | | | 1,544,981 | |
| | CityPlace Community Development District Special Assessment Convertible Capital Appreciation RB Series 2018 (AGM) (A1/ AA) | |
| | | | | 25,620,000 | | | | 0.000 | (h) | | 05/01/2046 | | | 25,089,018 | |
| | Coco Palms Community Development District Expansion Area Project Special Assessment Bonds Series 2019 (NR/NR) | |
| | | | | 500,000 | | | | 4.750 | (c) | | 06/15/2039 | | | 504,594 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 111 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Coddington Community Development District Capital Improvement RB Series 2022 (NR/NR) | |
| | $ | | | 900,000 | | | | 5.750 | % | | 05/01/2052 | | $ | 944,424 | |
| | Collier County Educational Facilities Authority Revenue Refunding Bonds for Ave Maria University Project Series 2023 (NR/ BBB-) | |
| | | | | 4,165,000 | | | | 5.000 | | | 06/01/2043 | | | 4,093,861 | |
| | Concord Station Community Development District Capital Improvement RB Refunding Senior Lien Series 2016 A-1 (NR/A) | |
| | | | | 2,990,000 | | | | 3.500 | | | 05/01/2032 | | | 2,940,079 | |
| | | | | 1,495,000 | | | | 3.625 | | | 05/01/2035 | | | 1,477,066 | |
| | | | | 1,750,000 | | | | 3.750 | | | 05/01/2046 | | | 1,569,840 | |
| | 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 | | | 841,562 | |
| | Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 B (NR/NR) | |
| | | | | 2,939,931 | | | | 0.000 | (e)* | | 05/01/2017 | | | 1,558,163 | |
| | Connerton East Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 2,045,000 | | | | 5.375 | | | 06/15/2053 | | | 2,128,542 | |
| | Cope’s Landing Community Development District Capital Improvement RB for Assessment Area Two Series 2024 (NR/ NR) | |
| | | | | 525,000 | | | | 5.150 | | | 05/01/2044 | | | 528,955 | |
| | Cope’s Landing Community Development District Capital Improvement RB Series 2023 (NR/NR) | |
| | | | | 1,675,000 | | | | 5.875 | | | 05/01/2053 | | | 1,771,778 | |
| | 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 | | | 1,208,917 | |
| | Copper Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR) | |
| | | | | 270,000 | | | | 4.000 | (c) | | 11/01/2029 | | | 270,463 | |
| | | | | 500,000 | | | | 4.750 | (c) | | 11/01/2038 | | | 504,106 | |
| | Copperspring Community Development District Special Assessment Bonds Series 2019 (NR/NR) | |
| | | | | 425,000 | | | | 4.000 | | | 12/15/2039 | | | 397,846 | |
| | Coral Bay Community Development District Capital Improvement RB Series 2022 (NR/NR) | |
| | | | | 495,000 | | | | 5.625 | | | 05/01/2052 | | | 510,385 | |
| | 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 | | | 1,530,754 | |
| | Coral Creek Community Development District Special Assessment RB for Charlotte County Project Series 2024 (NR/NR) | |
| | | | | 2,315,000 | | | | 5.450 | | | 05/01/2044 | | | 2,389,290 | |
| | | | | 1,720,000 | | | | 5.750 | | | 05/01/2054 | | | 1,771,701 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Coral Keys Homes Community Development District Special Assessment Bonds Series 2020 (NR/NR) | |
| | $ | | | 535,000 | | | | 4.000 | % | | 05/01/2040 | | $ | 506,091 | |
| | 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 | | | 1,216,901 | |
| | | | | 1,000,000 | | | | 5.750 | | | 11/01/2053 | | | 1,039,943 | |
| | Corkscrew Crossing Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 1,600,000 | | | | 5.300 | | | 05/01/2053 | | | 1,631,357 | |
| | Corkscrew Farms Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/ NR) | |
| | | | | 2,180,000 | | | | 5.125 | (c) | | 11/01/2050 | | | 2,211,056 | |
| | Coronado Community Development District Special Assessment Refunding & Improvement Bonds Series 2017 (NR/BBB+) | |
| | | | | 782,000 | | | | 4.000 | | | 05/01/2031 | | | 780,721 | |
| | | | | 1,407,000 | | | | 4.250 | | | 05/01/2038 | | | 1,371,868 | |
| | Country Walk Community Development District Special Assessment RB Refunding Senior Lien Series 2015 A-1 (NR/ AA) | |
| | | | | 930,000 | | | | 3.750 | | | 05/01/2029 | | | 932,151 | |
| | County of Lake RB Refunding for Waterman Communities, Inc. Series 2020 A (NR/NR) | |
| | | | | 4,000,000 | | | | 5.750 | | | 08/15/2050 | | | 3,972,001 | |
| | | | | 2,100,000 | | | | 5.750 | | | 08/15/2055 | | | 2,063,512 | |
| | County of Miami-Dade Aviation RB Series 2019 A (NR/A+) | |
| | | | | 5,220,000 | | | | 5.000 | | | 10/01/2044 | | | 5,399,250 | |
| | Covington Park Community Development District Special Assessment RB for Capital Improvement Series 2018 (NR/ BBB) | |
| | | | | 500,000 | | | | 4.000 | | | 05/01/2038 | | | 483,807 | |
| | | | | 1,175,000 | | | | 4.125 | | | 05/01/2048 | | | 1,102,236 | |
| | Creek Preserve Community Development District Special Assessment RB Series 2019 (NR/NR) | |
| | | | | 1,565,000 | | | | 4.700 | (c) | | 11/01/2039 | | | 1,565,781 | |
| | | | | 2,495,000 | | | | 4.750 | (c) | | 11/01/2049 | | | 2,432,696 | |
| | Creekview Community Development District Clay County Florida Special Assessment RB Series 2024 (NR/NR) | |
| | | | | 2,270,000 | | | | 5.375 | (c) | | 05/01/2044 | | | 2,282,444 | |
| | | | | 3,435,000 | | | | 5.625 | (c) | | 05/01/2055 | | | 3,453,606 | |
| | Cresswind Deland Community Development District City of Deland Florida Special Assessment Bonds Series 2024 (NR/ NR) | |
| | | | | 1,075,000 | | | | 5.750 | | | 05/01/2054 | | | 1,097,769 | |
| | Cross Creek North Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 1,850,000 | | | | 4.500 | | | 05/01/2052 | | | 1,771,996 | |
| | Cross Creek North Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 1,375,000 | | | | 5.375 | | | 05/01/2053 | | | 1,414,002 | |
| | Crossings Community Development District Osceola County Florida Special Assessment Bonds Series 2024 (NR/NR) | |
| | | | | 1,275,000 | | | | 5.600 | | | 05/01/2054 | | | 1,292,463 | |
| | Crossings Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 2,440,000 | | | | 5.125 | | | 05/01/2052 | | | 2,459,192 | |
| | |
| 112 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | 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 | | $ | 927,667 | |
| | 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 | | | 689,125 | |
| | Crosswinds East Community Development District Special Assessment Bonds for Assessment Area One Project Series 2024 (NR/NR) | |
| | | | | 955,000 | | | | 4.625 | | | 05/01/2031 | | | 969,179 | |
| | | | | 1,430,000 | | | | 5.500 | | | 05/01/2044 | | | 1,478,268 | |
| | | | | 1,500,000 | | | | 5.750 | | | 05/01/2054 | | | 1,546,220 | |
| | Crystal Cay Community Development District Special Assessment for 2021 Project Series 2021 (NR/NR) | |
| | | | | 1,000,000 | | | | 4.000 | | | 05/01/2051 | | | 907,841 | |
| | Cypress Bay West Community Development District Capital Improvement RB for Assessment Area One Series 2023 (NR/ NR) | |
| | | | | 670,000 | | | | 5.250 | | | 05/01/2043 | | | 690,723 | |
| | | | | 1,150,000 | | | | 5.500 | | | 05/01/2053 | | | 1,187,699 | |
| | Cypress Bluff Community Development District Special Assessment for Del WEBB Project Series 2020 A (NR/NR) | |
| | | | | 1,170,000 | | | | 3.800 | (c) | | 05/01/2050 | | | 1,057,914 | |
| | Cypress Park Estates Community Development District Special Assessment Area 1 Project Series 2020 (NR/NR) | |
| | | | | 1,175,000 | | | | 3.875 | (c) | | 05/01/2040 | | | 1,075,990 | |
| | | | | 1,210,000 | | | | 4.000 | (c) | | 05/01/2051 | | | 1,039,445 | |
| | Cypress Park Estates Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 480,000 | | | | 5.000 | | | 05/01/2042 | | | 483,268 | |
| | | | | 975,000 | | | | 5.125 | | | 05/01/2052 | | | 982,288 | |
| | Cypress Ridge Community development District Special Assessment Bonds for Assessment Area 1 Series 2023 (NR/ NR) | |
| | | | | 825,000 | | | | 4.875 | | | 05/01/2030 | | | 841,129 | |
| | | | | 1,570,000 | | | | 5.625 | | | 05/01/2043 | | | 1,637,130 | |
| | | | | 1,890,000 | | | | 5.875 | | | 05/01/2053 | | | 1,974,078 | |
| | Davenport Road South Community Development District Special Assessment Bonds Series 2018 (NR/NR) | |
| | | | | 3,170,000 | | | | 5.125 | (c) | | 11/01/2048 | | | 3,231,115 | |
| | Deer Run Community Development District Special Assessment RB Refunding Series 2018 (NR/NR) | |
| | | | | 1,460,000 | | | | 5.400 | | | 05/01/2039 | | | 1,542,327 | |
| | | | | 2,570,000 | | | | 5.500 | | | 05/01/2044 | | | 2,694,419 | |
| | Deerbrook Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 1,150,000 | | | | 5.500 | | | 05/01/2053 | | | 1,190,945 | |
| | Del Webb Bexley Community Development District Special Assessment Series 2018 (NR/NR) | |
| | | | | 2,640,000 | | | | 5.400 | | | 05/01/2049 | | | 2,699,605 | |
| | Del Webb Oak Creek Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 1,500,000 | | | | 5.000 | | | 05/01/2043 | | | 1,535,117 | |
| | | | | 1,650,000 | | | | 5.250 | | | 05/01/2053 | | | 1,696,472 | |
| | DG Farms Community Development District Special Assessment Series 2020 (NR/NR) | |
| | | | | 700,000 | | | | 4.000 | | | 05/01/2051 | | | 600,013 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Downtown Doral South Community Development District Special Assessment Bonds Series 2018 (NR/NR) | |
| | $ | | | 1,000,000 | | | | 4.750 | %(c) | | 12/15/2038 | | $ | 1,015,430 | |
| | Durbin Crossing Community Development District Special Assessment Refunding Senior Series 2017 A-1 (AGM) (NR/ AA) | |
| | | | | 3,090,000 | | | | 3.750 | | | 05/01/2034 | | | 3,115,733 | |
| | | | | 4,260,000 | | | | 4.000 | | | 05/01/2037 | | | 4,307,196 | |
| | DW Bayview Community Development District Special Assessment Bond Series 2021 (NR/NR) | |
| | | | | 1,035,000 | | | | 3.375 | (c) | | 05/01/2041 | | | 931,955 | |
| | DW Bayview Community Development District Special Assessment Bonds for Manatee County Series 2022 (NR/NR) | |
| | | | | 750,000 | | | | 5.250 | | | 05/01/2052 | | | 770,538 | |
| | Eagle Hammock Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 2,000,000 | | | | 5.375 | | | 05/01/2052 | | | 2,054,072 | |
| | Eagle Pointe Community Development District Special Assessment Bonds Series 2020 (NR/NR) | |
| | | | | 1,195,000 | | | | 4.125 | (c) | | 05/01/2040 | | | 1,121,848 | |
| | | | | 3,785,000 | | | | 4.125 | (c) | | 05/01/2051 | | | 3,322,873 | |
| | East 547 Community Development District Special Assessment Bond for Assessment Area Two Series 2023 (NR/NR) | |
| | | | | 925,000 | | | | 6.500 | | | 05/01/2054 | | | 1,000,042 | |
| | 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 | | | 843,566 | |
| | East Bonita Beach Road Community Development District Special Assessment Bonds Series 2018 (NR/NR) | |
| | | | | 1,000,000 | | | | 5.000 | (c) | | 11/01/2048 | | | 1,010,245 | |
| | East Homestead Community Development District Special Assessment Expansion Area Bonds Project Series 2019 (NR/ NR) | |
| | | | | 500,000 | | | | 4.750 | | | 11/01/2039 | | | 503,167 | |
| | | | | 920,000 | | | | 5.000 | | | 11/01/2049 | | | 927,993 | |
| | Eden Hills Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 805,000 | | | | 4.000 | | | 05/01/2042 | | | 748,260 | |
| | | | | 2,390,000 | | | | 4.125 | | | 05/01/2052 | | | 2,081,082 | |
| | Eden Hills Community Development District Special Assessment Series 2020 (NR/NR) | |
| | | | | 190,000 | | | | 4.000 | | | 05/01/2040 | | | 185,994 | |
| | | | | 500,000 | | | | 4.125 | | | 05/01/2051 | | | 447,096 | |
| | Edgewater East Community Development District Special Assessment for Assessment Area Once Series 2021 (NR/NR) | |
| | | | | 1,425,000 | | | | 3.600 | | | 05/01/2041 | | | 1,242,751 | |
| | Edgewater East Community Development District Special Assessment RB Series 2022 (NR/NR) | |
| | | | | 1,970,000 | | | | 4.000 | | | 05/01/2042 | | | 1,804,062 | |
| | Edgewater West Community Development District Osceola County Florida Special Assessment RB Series 2024 Assessment Area One (NR/NR) | |
| | | | | 2,500,000 | | | | 5.500 | (g) | | 05/01/2054 | | | 2,503,715 | |
| | Entrada Community Development District Capital Improvement RB Series 2023 (NR/NR) | |
| | | | | 1,730,000 | | | | 5.800 | | | 05/01/2053 | | | 1,825,333 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 113 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Epperson North Community Development District Special Assessment for Assessment Area #2 Series 2021 (NR/NR) | |
| | $ | | | 375,000 | | | | 3.500 | % | | 05/01/2041 | | $ | 317,958 | |
| | Escambia County Health Facilities Authority Health Care Facilities RB Series 2020A (Baa2/BBB) | |
| | | | | 15,210,000 | | | | 4.000 | | | 08/15/2045 | | | 14,137,310 | |
| | 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 | | | 1,352,486 | |
| | Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-1 (NR/NR) | |
| | | | | 985,000 | | | | 4.000 | | | 11/01/2040 | | | 923,084 | |
| | Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-2 (NR/NR) | |
| | | | | 35,000 | | | | 4.000 | | | 11/01/2040 | | | 32,800 | |
| | | | | 900,000 | | | | 4.125 | | | 11/01/2050 | | | 796,940 | |
| | Estancia at Wiregrass Community Development District Capital Improvement RB Series 2013 (NR/NR) | |
| | | | | 435,000 | | | | 6.375 | | | 11/01/2026 | | | 435,869 | |
| | | | | 3,225,000 | | | | 7.000 | | | 11/01/2045 | | | 3,398,087 | |
| | Estancia at Wiregrass Community Development District Capital Improvement RB Series 2015 (NR/NR) | |
| | | | | 805,000 | | | | 5.250 | | | 11/01/2035 | | | 809,629 | |
| | | | | 1,305,000 | | | | 5.375 | | | 11/01/2046 | | | 1,309,414 | |
| | Evergreen Community Development District Special Assessment RB Series 2019 (NR/NR) | |
| | | | | 1,345,000 | | | | 5.000 | (c) | | 11/01/2039 | | | 1,377,616 | |
| | | | | 1,800,000 | | | | 5.125 | (c) | | 11/01/2049 | | | 1,820,373 | |
| | 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 | | | 771,521 | |
| | | | | 1,000,000 | | | | 5.550 | | | 06/15/2054 | | | 1,028,291 | |
| | Everlands II Community Development District City of Palm Bay Florida Special Assessment Bonds Series 2024 (NR/NR) | |
| | | | | 675,000 | | | | 5.200 | | | 06/15/2044 | | | 683,849 | |
| | | | | 900,000 | | | | 5.450 | | | 06/15/2054 | | | 909,468 | |
| | Fallschase Community Development District Special Assessment Bonds for Leon County Series 2021 (NR/NR) | |
| | | | | 6,645,000 | | | | 4.000 | | | 05/01/2052 | | | 5,673,918 | |
| | Fallschase Community Development District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 1,445,000 | | | | 3.375 | | | 05/01/2041 | | | 1,223,855 | |
| | Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR) | |
| | | | | 2,405,000 | | | | 5.000 | | | 05/01/2035 | | | 2,484,383 | |
| | Finley Woods Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR) | |
| | | | | 185,000 | | | | 4.000 | | | 05/01/2040 | | | 171,498 | |
| | | | | 500,000 | | | | 4.200 | | | 05/01/2050 | | | 445,740 | |
| | Fishhawk Community Development District II Special Assessment RB Refunding Series 2013 A (NR/A-) | |
| | | | | 1,445,000 | | | | 4.375 | | | 05/01/2034 | | | 1,445,428 | |
| | Fishhawk Ranch Community Development District Special Assessment Refunding Bonds Series 2020 (AGM) (NR/AA) | |
| | | | | 1,250,000 | | | | 3.000 | | | 11/01/2041 | | | 1,017,650 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Florida Development Finance Corp. Educational Facilities RB Series 2022A (Ba3/NR) | |
| | $ | | | 5,000,000 | | | | 5.500 | %(c) | | 07/01/2052 | | $ | 4,733,768 | |
| | | | | 3,825,000 | | | | 5.625 | (c) | | 07/01/2056 | | | 3,647,523 | |
| | Florida Development Finance Corp. Educational RB for Cornerstone Charter Academy Project Series 2022 (NR/BB+) | |
| | | | | 3,770,000 | | | | 5.125 | (c) | | 10/01/2052 | | | 3,787,115 | |
| | | | | 1,725,000 | | | | 5.250 | (c) | | 10/01/2056 | | | 1,738,472 | |
| | Florida Development Finance Corp. Educational Revenue Refunding Bonds for Central Charter School Project Series 2022 (NR/NR) | |
| | | | | 2,735,000 | | | | 5.875 | (c) | | 08/15/2052 | | | 2,761,149 | |
| | | | | 2,430,000 | | | | 6.000 | (c) | | 08/15/2057 | | | 2,464,583 | |
| | Florida Development Finance Corp. Healthcare Facilities RB for Tampa General Hospital Project Series 2024A (Fixed Mode) (NR/A-) | |
| | | | | 6,000,000 | | | | 5.250 | | | 08/01/2049 | | | 6,451,541 | |
| | | | | 4,000,000 | | | | 4.500 | | | 08/01/2055 | | | 3,974,143 | |
| | | | | 2,000,000 | | | | 5.250 | | | 08/01/2055 | | | 2,132,702 | |
| | Florida Development Finance Corp. RB Brightline Florida Passenger Rail Project Brightline Trains Florida LLC Issue Series 2024 (AMT) (NR/BBB-) | |
| | | | | 26,000,000 | | | | 5.250 | | | 07/01/2047 | | | 26,845,837 | |
| | | | | 35,000,000 | | | | 5.500 | | | 07/01/2053 | | | 36,646,655 | |
| | Florida Development Finance Corp. RB Brightline Florida Passenger Rail Project Brightline Trains Florida LLC Issue Series 2024 (AMT) (NR/NR) | |
| | | | | 106,810,000 | | | | 12.000 | (a)(b)(c) | | 07/15/2032 | | | 113,881,922 | |
| | Florida Development Finance Corp. RB Brightline Florida Passenger Rail Project Brightline Trains Florida LLC Issue Series 2024 (AMT) (AGM) (NR/AA) | |
| | | | | 5,500,000 | | | | 5.250 | | | 07/01/2047 | | | 5,869,942 | |
| | | | | 10,000,000 | | | | 5.250 | | | 07/01/2053 | | | 10,568,816 | |
| | Florida Development Finance Corp. RB for Brightline Florida Passenger Rail Expansion Project Series 2024A (NR/NR) | |
| | | | | 35,750,000 | | | | 8.250 | (a)(b)(c) | | 07/01/2057 | | | 36,819,526 | |
| | Florida Development Finance Corp. RB for Discovery High School & Discovery Academy of Lake Alfred Obligated Group Series 2020 A (NR/NR) | |
| | | | | 1,650,000 | | | | 5.000 | (c) | | 06/01/2040 | | | 1,363,508 | |
| | | | | 2,595,000 | | | | 5.000 | (c) | | 06/01/2055 | | | 1,887,475 | |
| | Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/NR) | |
| | | | | 2,555,000 | | | | 5.250 | (c) | | 06/01/2050 | | | 2,554,091 | |
| | | | | 3,560,000 | | | | 5.250 | (c) | | 06/01/2055 | | | 3,510,588 | |
| | Florida Development Finance Corp. RB for River City Education Obligated Group Series 2021 A (Baa3/NR) | |
| | | | | 600,000 | | | | 4.000 | | | 07/01/2045 | | | 557,651 | |
| | | | | 800,000 | | | | 4.000 | | | 07/01/2055 | | | 700,627 | |
| | 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 | | | 808,666 | |
| | | | | 1,850,000 | | | | 5.000 | | | 06/01/2050 | | | 1,715,986 | |
| | Florida Development Finance Corp. RB Refunding for Glenridge on Palmer Ranch Obligated Group Series 2021 (NR/NR) | |
| | | | | 3,725,000 | | | | 5.000 | (c) | | 06/01/2051 | | | 3,738,991 | |
| | |
| 114 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Florida Development Finance Corp. RB Refunding for Global Outreach Charter Academy Obligated Group Series 2021 A (B1/NR) | |
| | $ | | | 830,000 | | | | 4.000 | %(c) | | 06/30/2046 | | $ | 633,826 | |
| | | | | 2,580,000 | | | | 4.000 | (c) | | 06/30/2056 | | | 1,834,235 | |
| | Florida Development Finance Corp. RB Refunding for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (NR/ NR) | |
| | | | | 2,090,000 | | | | 4.000 | (c) | | 06/01/2055 | | | 1,609,536 | |
| | Florida Development Finance Corp. RB Refunding for Renaissance Charter School, Inc. Series 2020 C (NR/NR) | |
| | | | | 2,085,000 | | | | 5.000 | (c) | | 09/15/2050 | | | 1,944,150 | |
| | Florida Development Finance Corp. Student Housing RB SFP - Tampa I - The Henry Project Senior Series 2024A-1 (NR/NR) | |
| | | | | 2,750,000 | | | | 5.250 | (c) | | 06/01/2054 | | | 2,837,969 | |
| | | | | 1,925,000 | | | | 5.250 | (c) | | 06/01/2059 | | | 1,979,088 | |
| | Florida Higher Educational Facilities Financial Authority RB for Jacksonville University Project Series 2018 A-1 (NR/NR) | |
| | | | | 1,750,000 | | | | 4.750 | (c) | | 06/01/2038 | | | 1,755,720 | |
| | | | | 3,000,000 | | | | 5.000 | (c) | | 06/01/2048 | | | 2,964,516 | |
| | 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 | | | 3,150,977 | |
| | | | | 7,900,000 | | | | 5.000 | | | 03/01/2049 | | | 5,746,763 | |
| | Florida Higher Educational Facilities Financial Authority RB Ringling College of Art and Design, Inc. Series 2017 (NR/ BBB) | |
| | | | | 6,060,000 | | | | 5.000 | | | 03/01/2047 | | | 6,113,205 | |
| | Flow Way Community Development District Special Assessment Bonds for Phase 7 & 8 Project Series 2019 (NR/NR) | |
| | | | | 885,000 | | | | 4.125 | | | 11/01/2039 | | | 841,044 | |
| | Forest Brooke Community Development District Special Assessment Bonds Series 2019 A-1 (NR/A+) | |
| | | | | 1,850,000 | | | | 3.250 | | | 11/01/2049 | | | 1,485,651 | |
| | Forest Brooke Community Development District Special Assessment Subordinated Bonds Series 2019 A-2 (NR/NR) | |
| | | | | 250,000 | | | | 4.000 | | | 11/01/2049 | | | 216,589 | |
| | 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 | | | 905,910 | |
| | | | | 1,150,000 | | | | 5.875 | | | 05/01/2055 | | | 1,163,417 | |
| | Grand Oaks Community Development District Special Assessment Bonds Assessment Area 2 Series 2020 (NR/NR) | |
| | | | | 1,090,000 | | | | 4.250 | | | 05/01/2040 | | | 1,040,225 | |
| | | | | 1,375,000 | | | | 4.500 | | | 05/01/2052 | | | 1,276,564 | |
| | Grand Oaks Community Development District Special Assessment RB Series 2021 (NR/NR) | |
| | | | | 1,105,000 | | | | 4.000 | | | 11/01/2051 | | | 947,097 | |
| | Grande Pines Community Development District Special Assessment RB for Assessment Area Two Series 2024 (NR/ NR) | |
| | | | | 860,000 | | | | 5.450 | | | 05/01/2044 | | | 882,316 | |
| | | | | 1,010,000 | | | | 5.800 | | | 05/01/2054 | | | 1,035,798 | |
| | 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 | | | 3,167,585 | |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Greater Orlando Aviation Authority Airport Facilities RB Refunding for Jetblue Airways Corp. Project Series 2013 (NR/ NR) – (continued) | |
| | $ | | | 5,000,000 | | | | 5.000 | % | | 11/15/2036 | | $ | 5,003,011 | |
| | Greater Orlando Aviation Authority Priority Subordinated Airport Facilities RB Series 2017 A (A1/AA-) | |
| | | | | 6,380,000 | | | | 5.000 | | | 10/01/2047 | | | 6,521,767 | |
| | Hacienda Lakes Community Development District Special Assessment Refunding Series 2016 (NR/NR) | |
| | | | | 1,515,000 | | | | 4.500 | | | 05/01/2036 | | | 1,516,763 | |
| | | | | 2,275,000 | | | | 4.625 | | | 05/01/2046 | | | 2,190,852 | |
| | Hacienda North Community Development District (Collier County, Florida) Special Assessment RB, Series 2023 (NR/NR) | |
| | | | | 2,750,000 | | | | 6.500 | | | 05/01/2053 | | | 2,992,454 | |
| | Hamilton Bluff Community Development District Special Assessment Bonds, Series 2024 (Assessment Area One Project) (NR/NR) | |
| | | | | 1,000,000 | | | | 5.500 | | | 05/01/2044 | | | 1,024,308 | |
| | | | | 1,150,000 | | | | 5.800 | | | 05/01/2054 | | | 1,175,852 | |
| | Hammock Oaks Community Development District Special Assessment Area One Bonds Series 2023 (NR/NR) | |
| | | | | 1,000,000 | | | | 5.750 | | | 05/01/2053 | | | 1,036,669 | |
| | 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 | | | 1,161,765 | |
| | Hammock Reserve Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 590,000 | | | | 4.700 | | | 05/01/2042 | | | 584,731 | |
| | | | | 940,000 | | | | 5.000 | | | 05/01/2052 | | | 943,767 | |
| | Hammock Reserve Community Development District Special Assessment for Assessment Area One Project Series 2020 (NR/NR) | |
| | | | | 540,000 | | | | 4.000 | | | 05/01/2040 | | | 515,948 | |
| | | | | 860,000 | | | | 4.000 | | | 05/01/2051 | | | 760,704 | |
| | Hammock Reserve Community Development District Special Assessment for Assessment Area Two Project Series 2021 (NR/ NR) | |
| | | | | 525,000 | | | | 3.375 | | | 05/01/2041 | | | 449,110 | |
| | Harbor Bay Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR) | |
| | | | | 915,000 | | | | 3.750 | | | 05/01/2034 | | | 867,356 | |
| | Harbor Bay Community Development District Special Assessment RB Series 2019 A-1 (NR/NR) | |
| | | | | 2,010,000 | | | | 3.875 | | | 05/01/2039 | | | 1,857,826 | |
| | | | | 1,400,000 | | | | 4.100 | | | 05/01/2048 | | | 1,241,162 | |
| | 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 | | | 1,148,547 | |
| | Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-) | |
| | | | | 1,335,000 | | | | 4.250 | | | 05/01/2035 | | | 1,340,985 | |
| | | | | 1,810,000 | | | | 4.250 | | | 05/01/2039 | | | 1,782,619 | |
| | Hawkstone Community Development District Special Assessment Area 1 RB Series 2019 (NR/NR) | |
| | | | | 640,000 | | | | 3.875 | | | 11/01/2039 | | | 586,461 | |
| | | | | 1,150,000 | | | | 4.000 | | | 11/01/2051 | | | 977,522 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 115 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Hawkstone Community Development District Special Assessment Area 2 RB Series 2019 (NR/NR) | |
| | $ | | | 200,000 | | | | 4.000 | % | | 11/01/2039 | | $ | 186,860 | |
| | | | | 495,000 | | | | 4.250 | | | 11/01/2051 | | | 439,453 | |
| | Hawkstone Community Development District Special Assessment RB Series 2023 (NR/NR) | |
| | | | | 1,530,000 | | | | 5.375 | | | 05/01/2043 | | | 1,589,353 | |
| | | | | 1,265,000 | | | | 5.500 | | | 05/01/2053 | | | 1,307,573 | |
| | 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 | | | 1,307,867 | |
| | Heritage Harbour North Community Development District Special Assessment Series 2014 (NR/NR) | |
| | | | | 625,000 | | | | 5.000 | | | 05/01/2034 | | | 652,781 | |
| | | | | 2,170,000 | | | | 5.125 | | | 05/01/2045 | | | 2,219,617 | |
| | 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 | | | 500,772 | |
| | | | | 500,000 | | | | 5.150 | | | 05/01/2034 | | | 500,749 | |
| | Heritage Lake Park Community Development District Special Assessment Series 2005 (NR/NR) | |
| | | | | 1,305,000 | | | | 5.700 | | | 05/01/2036 | | | 1,306,497 | |
| | Heritage Landing Community Development District Special Assessment Refunding Bonds Series 2015 (NR/BBB) | |
| | | | | 2,190,000 | | | | 4.200 | | | 05/01/2031 | | | 2,190,709 | |
| | | | | 1,990,000 | | | | 4.350 | | | 05/01/2036 | | | 1,990,197 | |
| | 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 | | | 1,613,238 | |
| | Higher Educational Facilities Financing Authority Educational Facilities Revenue Refunding Bonds for Saint Leo University Project Series 2019 (NR/BB) | |
| | | | | 1,650,000 | | | | 5.000 | | | 03/01/2039 | | | 1,321,258 | |
| | Highland Meadows West Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR) | |
| | | | | 475,000 | | | | 3.625 | | | 05/01/2040 | | | 418,280 | |
| | | | | 665,000 | | | | 4.000 | | | 05/01/2050 | | | 573,662 | |
| | Highland Trails Community Development District Capital Improvement RB for Assessment Area One Series 2024 (NR/ NR) | |
| | | | | 250,000 | | | | 4.700 | | | 05/01/2031 | | | 253,346 | |
| | | | | 810,000 | | | | 5.500 | | | 05/01/2044 | | | 830,923 | |
| | | | | 890,000 | | | | 5.850 | | | 05/01/2054 | | | 915,960 | |
| | Highlands Community Development District Special Assessment Bonds for Assessment Areas 3B and 5 Project Series 2018 (NR/NR) | |
| | | | | 1,000,000 | | | | 4.875 | (c) | | 12/15/2038 | | | 1,015,212 | |
| | | | | 1,000,000 | | | | 5.000 | (c) | | 12/15/2048 | | | 1,007,401 | |
| | Highlands Community Development District Special Assessment Refunding Series 2016 (NR/BBB) | |
| | | | | 2,150,000 | | | | 4.250 | | | 05/01/2036 | | | 2,129,190 | |
| | 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 | | | 540,840 | |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2020 (NR/NR) | |
| | $ | | | 1,965,000 | | | | 4.000 | %(c) | | 05/01/2040 | | $ | 1,825,421 | |
| | | | | 3,275,000 | | | | 4.000 | (c) | | 05/01/2050 | | | 2,851,858 | |
| | Hills of Minneola Community Development District City of Minneola Florida Special Assessment RB Series 2024 (NR/ NR) | |
| | | | | 600,000 | | | | 5.550 | | | 05/01/2044 | | | 618,754 | |
| | | | | 900,000 | | | | 5.875 | | | 05/01/2054 | | | 927,706 | |
| | Hobe-St. Lucie Conservancy District Improvement Bonds Unit of Development No. 1A Series 2024 (NR/NR) | |
| | | | | 900,000 | | | | 5.600 | | | 05/01/2044 | | | 941,556 | |
| | | | | 2,750,000 | | | | 5.875 | | | 05/01/2055 | | | 2,870,127 | |
| | Holly Hill Road East Community Development District Special Assessment for Area 3 Project Series 2020 (NR/NR) | |
| | | | | 180,000 | | | | 5.000 | | | 11/01/2041 | | | 194,370 | |
| | 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 | | | 1,268,609 | |
| | Hunters Ridge Community Development District No. 1 Assessment Area Special Assessment Bonds Series 2019 (NR/NR) | |
| | | | | 410,000 | | | | 5.125 | (c) | | 11/01/2049 | | | 414,156 | |
| | Island Lake Estates Community Development District (Charlotte County, Florida) Special Assessment Bonds, Series 2023 (2023 Project) (NR/NR) | |
| | | | | 1,550,000 | | | | 6.000 | | | 12/15/2053 | | | 1,641,750 | |
| | Isles Bartram Park Community Development District Special Assessment Bonds Series 2017 (NR/NR) | |
| | | | | 975,000 | | | | 5.000 | | | 11/01/2047 | | | 975,182 | |
| | JEA Water And Sewer System Revenue Bonds, 2024 Series A (Aa2/AA+) | |
| | | | | 5,000,000 | | | | 5.500 | | | 10/01/2054 | | | 5,646,983 | |
| | K-Bar Ranch II Community Development District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 955,000 | | | | 3.125 | | | 05/01/2041 | | | 774,882 | |
| | Kelly Park Community Development District (City of Apopka, Florida) Special Assessment Bonds, Series 2023 (Assessment Area One Project) (NR/NR) | |
| | | | | 1,120,000 | | | | 6.250 | | | 11/01/2053 | | | 1,179,000 | |
| | Kindred Community Development District II Special Assessment Bonds Series 2020 (NR/NR) | |
| | | | | 290,000 | | | | 3.500 | | | 05/01/2040 | | | 268,489 | |
| | | | | 470,000 | | | | 3.750 | | | 05/01/2050 | | | 411,042 | |
| | Kindred Community Development District II Special Assessment RB Series 2023 (NR/NR) | |
| | | | | 600,000 | | | | 5.650 | | | 05/01/2043 | | | 637,011 | |
| | | | | 1,000,000 | | | | 5.875 | | | 05/01/2054 | | | 1,054,154 | |
| | Kindred Community Development District Special Assessment Bond Series 2017 (NR/NR) | |
| | | | | 1,000,000 | | | | 5.000 | | | 05/01/2048 | | | 1,004,658 | |
| | Kingman Gate Community Development District Special Assessment Bonds Series 2020 (NR/NR) | |
| | | | | 1,340,000 | | | | 4.000 | | | 06/15/2040 | | | 1,331,922 | |
| | | | | 1,060,000 | | | | 4.000 | | | 06/15/2050 | | | 983,590 | |
| | Lake Deer Community Development District Special Assessment Bonds for Polk County Series 2022 (NR/NR) | |
| | | | | 1,415,000 | | | | 5.625 | | | 05/01/2053 | | | 1,460,572 | |
| | |
| 116 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Lake Emma Community Development District Lake County, Fl Special Assessment Bonds, Series 2023 Assessment Area Two (NR/NR) | |
| | $ | | | 900,000 | | | | 5.500 | %(c) | | 05/01/2053 | | $ | 927,592 | |
| | Lake Emma Community Development District Special Assessment Bonds for Assessment Area Two Series 2023 (NR/NR) | |
| | | | | 635,000 | | | | 5.250 | (c) | | 05/01/2043 | | | 655,994 | |
| | Lake Harris Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 795,000 | | | | 5.375 | | | 05/01/2043 | | | 829,925 | |
| | | | | 585,000 | | | | 5.625 | | | 05/01/2053 | | | 611,507 | |
| | 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 | | | 1,696,535 | |
| | | | | 2,555,000 | | | | 5.900 | | | 05/01/2054 | | | 2,593,241 | |
| | 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 | | | 232,074 | |
| | 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 | | | 292,401 | |
| | Lakes of Sarasota Community Development District Special Assessment for Phases 1 Project Series 2021 B-2 (NR/NR) | |
| | | | | 800,000 | | | | 4.125 | | | 05/01/2031 | | | 801,604 | |
| | Lakeside Preserve Community Development District (City of Lakeland, Florida) Special Assessment Bonds, Series 2023 (Series 2023 Project) (NR/NR) | |
| | | | | 300,000 | | | | 5.250 | | | 05/01/2030 | | | 307,960 | |
| | | | | 785,000 | | | | 6.000 | | | 05/01/2043 | | | 836,442 | |
| | | | | 1,235,000 | | | | 6.375 | | | 05/01/2054 | | | 1,323,278 | |
| | Lakewood Park Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 810,000 | | | | 5.750 | | | 05/01/2053 | | | 851,685 | |
| | Lakewood Park Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) | |
| | | | | 325,000 | | | | 3.625 | | | 05/01/2041 | | | 282,836 | |
| | Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2020 A (NR/NR) | |
| | | | | 525,000 | | | | 3.200 | | | 05/01/2030 | | | 506,025 | |
| | | | | 525,000 | | | | 3.750 | | | 05/01/2040 | | | 492,775 | |
| | | | | 670,000 | | | | 3.900 | | | 05/01/2050 | | | 583,969 | |
| | Lakewood Ranch Stewardship District Special Assessment for Lorraine Lakes Project Series 2020 (NR/NR) | |
| | | | | 1,085,000 | | | | 3.625 | (c) | | 05/01/2040 | | | 982,623 | |
| | Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Phase 2A Project Series 2019 (NR/NR) | |
| | | | | 250,000 | | | | 3.850 | | | 05/01/2039 | | | 232,317 | |
| | Lakewood Ranch Stewardship District Special Assessment RB for Country Club East Project Series 2014 (NR/NR) | |
| | | | | 6,295,000 | | | | 5.600 | | | 05/01/2044 | | | 6,556,467 | |
| | Lakewood Ranch Stewardship District Special Assessment RB for Cresswind Project Series 2019 (NR/NR) | |
| | | | | 530,000 | | | | 4.400 | | | 05/01/2039 | | | 529,011 | |
| | | | | 1,615,000 | | | | 4.500 | | | 05/01/2049 | | | 1,549,540 | |
| | Lakewood Ranch Stewardship District Special Assessment RB for Del Webb Project Series 2017 (NR/NR) | |
| | | | | 1,000,000 | | | | 5.000 | (c) | | 05/01/2037 | | | 1,018,416 | |
| | | | | 2,365,000 | | | | 5.125 | (c) | | 05/01/2047 | | | 2,393,653 | |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Lakewood Ranch Stewardship District Special Assessment RB for Indigo Expansion Area Project Series 2019 (NR/NR) | |
| | $ | | | 575,000 | | | | 3.750 | %(c) | | 05/01/2039 | | $ | 548,310 | |
| | Lakewood Ranch Stewardship District Special Assessment RB for Lake Club Phase 4 Project Series 2019 (NR/NR) | |
| | | | | 435,000 | | | | 4.400 | | | 05/01/2039 | | | 434,189 | |
| | | | | 505,000 | | | | 4.500 | | | 05/01/2049 | | | 484,531 | |
| | Lakewood Ranch Stewardship District Special Assessment RB for Lakewood National & Polo Run Projects Series 2017 (NR/NR) | |
| | | | | 765,000 | | | | 4.625 | | | 05/01/2027 | | | 776,688 | |
| | | | | 2,500,000 | | | | 5.250 | | | 05/01/2037 | | | 2,559,333 | |
| | | | | 6,265,000 | | | | 5.375 | | | 05/01/2047 | | | 6,396,360 | |
| | 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 | | | 1,200,950 | |
| | | | | 2,545,000 | | | | 5.100 | | | 05/01/2048 | | | 2,577,877 | |
| | Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project - Phase 1B Series 2018 (NR/NR) | |
| | | | | 3,760,000 | | | | 5.450 | | | 05/01/2048 | | | 3,873,253 | |
| | Lakewood Ranch Stewardship District Special Assessment RB for Taylor Ranch Project 2023 (NR/NR) | |
| | | | | 3,575,000 | | | | 6.300 | | | 05/01/2054 | | | 3,820,342 | |
| | Lakewood Ranch Stewardship District Special Assessment RB for Villages of Lakewood Ranch South Project Series 2016 (NR/ NR) | |
| | | | | 420,000 | | | | 4.250 | | | 05/01/2026 | | | 421,497 | |
| | | | | 4,625,000 | | | | 5.000 | | | 05/01/2036 | | | 4,687,905 | |
| | | | | 1,600,000 | | | | 5.125 | | | 05/01/2046 | | | 1,609,115 | |
| | Lakewood Ranch Stewardship District Special Assessment RB Refunding for Country Club East Project Series 2020 (AGM) (NR/AA) | |
| | | | | 1,835,000 | | | | 2.500 | | | 05/01/2033 | | | 1,632,718 | |
| | | | | 1,685,000 | | | | 2.625 | | | 05/01/2037 | | | 1,430,860 | |
| | Lakewood Ranch Stewardship District Special Assessment RB Series 2024 (NR/NR) | |
| | | | | 430,000 | | | | 5.550 | | | 05/01/2054 | | | 439,818 | |
| | Lakewood Ranch Stewardship District Special Assessment Refunding for Northeast Sector Project - Phase 2B Series 2020 (NR/NR) | |
| | | | | 2,100,000 | | | | 3.750 | (c) | | 05/01/2040 | | | 1,932,993 | |
| | Lakewood Ranch Stewardship District Special Assessment The Isles at Lakewood Ranch Project Series 2021 (NR/NR) | |
| | | | | 650,000 | | | | 3.125 | | | 05/01/2041 | | | 541,252 | |
| | 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 | | | 1,173,878 | |
| | 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 | | | 1,754,133 | |
| | | | | 1,990,000 | | | | 3.000 | | | 05/01/2038 | | | 1,709,349 | |
| | Landmark at Doral Community Development District Subordinate Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-2 (NR/NR) | |
| | | | | 645,000 | | | | 3.375 | | | 05/01/2030 | | | 619,137 | |
| | | | | 895,000 | | | | 4.000 | | | 05/01/2038 | | | 846,018 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 117 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Lawson Dunes Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | $ | | | 360,000 | | | | 5.000 | % | | 05/01/2042 | | $ | 367,838 | |
| | | | | 1,145,000 | | | | 5.125 | | | 05/01/2052 | | | 1,156,454 | |
| | 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 | | | 3,973,810 | |
| | 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 | | | 2,507,058 | |
| | | | | 8,800,000 | | | | 5.250 | | | 10/01/2057 | | | 8,298,597 | |
| | 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 | | | 1,849,879 | |
| | Live Oak Lake Community Development District Special Assessment Series 2020 (NR/NR) | |
| | | | | 1,610,000 | | | | 4.400 | | | 05/01/2040 | | | 1,496,607 | |
| | | | | 2,840,000 | | | | 4.600 | | | 05/01/2051 | | | 2,610,765 | |
| | Long Lake Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR) | |
| | | | | 985,000 | | | | 5.125 | | | 05/01/2048 | | | 993,628 | |
| | | | | 1,775,000 | | | | 5.125 | | | 05/01/2049 | | | 1,789,388 | |
| | Longleaf Community Development District (NR/NR) | |
| | | | | 864,000 | | | | 5.375 | | | 05/01/2030 | | | 864,592 | |
| | Longleaf Community Development District Capital Improvement RB Series 2024 (NR/NR) | |
| | | | | 1,270,000 | | | | 5.400 | (c) | | 05/01/2044 | | | 1,317,611 | |
| | | | | 1,330,000 | | | | 5.750 | (c) | | 05/01/2054 | | | 1,382,113 | |
| | Longleaf Community Development District Pasco County Florida Capital Improvement RB Series 2024A (NR/NR) | |
| | | | | 1,060,000 | | | | 5.450 | (c)(g) | | 05/01/2055 | | | 1,061,306 | |
| | Longleaf Community Development District Special Assessment Refunding Series 2005 (NR/NR) | |
| | | | | 2,315,000 | | | | 5.400 | | | 05/01/2030 | | | 2,316,575 | |
| | Los Cayos Community Development District Special Assessment Bonds, Series 2024 (2024 Project) (NR/NR) | |
| | | | | 800,000 | | | | 5.550 | | | 06/15/2054 | | | 821,476 | |
| | LT Ranch Community Development District Special Assessment Series 2019 (NR/NR) | |
| | | | | 3,800,000 | | | | 4.000 | | | 05/01/2050 | | | 3,336,221 | |
| | 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 | | | 520,961 | |
| | 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 | | | 1,342,746 | |
| | 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 | | | 1,321,499 | |
| | LTC Ranch West Residential Community Development District Special Assessment Bonds Series 2021 B (NR/NR) | |
| | | | | 1,280,000 | | | | 3.250 | | | 05/01/2031 | | | 1,203,805 | |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | 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 | | $ | 706,424 | |
| | Lucerne Park Community Development District Special Assessment Bonds Series 2019 (NR/NR) | |
| | | | | 855,000 | | | | 4.625 | | | 05/01/2039 | | | 855,686 | |
| | | | | 1,340,000 | | | | 4.750 | | | 05/01/2050 | | | 1,301,898 | |
| | Lynwood Community Development District Special Assessment Bonds Series 2019 (NR/NR) | |
| | | | | 1,755,000 | | | | 4.000 | | | 06/15/2039 | | | 1,641,897 | |
| | | | | 2,920,000 | | | | 4.375 | | | 06/15/2049 | | | 2,687,370 | |
| | 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 | | | 1,308,748 | |
| | | | | 1,500,000 | | | | 5.500 | | | 05/01/2054 | | | 1,509,955 | |
| | Mandarin Grove Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 1,275,000 | | | | 6.625 | (c) | | 05/01/2053 | | | 1,421,710 | |
| | Marion Ranch Community Development District Marion County Florida Special Assessment Bonds Series 2024 (NR/NR) | |
| | | | | 500,000 | | | | 5.700 | | | 05/01/2044 | | | 514,541 | |
| | | | | 1,630,000 | | | | 5.950 | | | 05/01/2054 | | | 1,676,875 | |
| | McJunkin Parkland Community Development District Special Assessment Bonds Series 2018 (NR/NR) | |
| | | | | 2,800,000 | | | | 5.125 | (c) | | 11/01/2038 | | | 2,901,439 | |
| | | | | 4,750,000 | | | | 5.250 | (c) | | 11/01/2049 | | | 4,844,034 | |
| | Meadow Pointe IV Community Development District RB for Capital Improvement Series 2014 A (NR/NR) | |
| | | | | 430,000 | | | | 7.250 | | | 05/01/2035 | | | 430,827 | |
| | Meadow View at Twin Creeks Community Development District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 530,000 | | | | 3.750 | | | 05/01/2052 | | | 434,561 | |
| | Mediterranean Community Development District Special Assessment Refunding & Improvement Bonds for Area Two Project Series 2017 (NR/NR) | |
| | | | | 1,000,000 | | | | 4.750 | | | 05/01/2037 | | | 1,009,021 | |
| | | | | 1,700,000 | | | | 5.000 | | | 05/01/2048 | | | 1,710,235 | |
| | Merrick Square Community Development District Capital Improvement RB Series 2023 (NR/NR) | |
| | | | | 900,000 | | | | 5.625 | | | 05/01/2053 | | | 942,061 | |
| | Miami World Center Community Development District Special Assessment Bonds Series 2017 (NR/NR) | |
| | | | | 600,000 | | | | 4.750 | | | 11/01/2027 | | | 611,876 | |
| | | | | 5,300,000 | | | | 5.125 | | | 11/01/2039 | | | 5,437,634 | |
| | | | | 4,135,000 | | | | 5.250 | | | 11/01/2049 | | | 4,227,449 | |
| | Miami-Dade County IDA Educational Facilities RB for Academir Charter Schools Project Series 2022A (Ba2/NR) | |
| | | | | 1,585,000 | | | | 5.250 | (c) | | 07/01/2052 | | | 1,620,168 | |
| | | | | 2,000,000 | | | | 5.500 | (c) | | 07/01/2061 | | | 2,063,276 | |
| | Miami-Dade County Seaport Revenue Refunding Bonds, Series 2022A (AMT) (A3/NR) | |
| | | | | 3,035,000 | | | | 5.250 | | | 10/01/2052 | | | 3,252,181 | |
| | Miami-Dade County Water & Sewer Revenue System Bonds Series 2021 (BAM-TCRS) (Aa3/AA) | |
| | | | | 1,575,000 | | | | 4.000 | | | 10/01/2051 | | | 1,550,398 | |
| | |
| 118 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Midtown Miami Community Development District Special Assessment RB Refunding for Parking Garage Project Series 2014 A (NR/NR) | |
| | $ | | | 3,440,000 | | | | 5.000 | % | | 05/01/2029 | | $ | 3,441,860 | |
| | 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 | | | 3,515,982 | |
| | Mirada Community Development District Capital Improvement RB Series 2021 (NR/NR) | |
| | | | | 1,320,000 | | | | 3.250 | | | 05/01/2032 | | | 1,235,766 | |
| | Mirada Community Development District Pasco County Florida Capital Improvement Revenue and Refunding Bonds Series 2024 Assessment Area Three (NR/NR) | |
| | | | | 1,125,000 | | | | 5.625 | | | 05/01/2044 | | | 1,147,537 | |
| | | | | 1,500,000 | | | | 6.000 | | | 05/01/2055 | | | 1,539,034 | |
| | Mirada II Community Development District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 1,860,000 | | | | 3.500 | | | 05/01/2041 | | | 1,598,792 | |
| | | | | 2,430,000 | | | | 4.000 | | | 05/01/2051 | | | 2,090,671 | |
| | Miranda II Community Development District Capital Improvement RB Series 2022 (NR/NR) | |
| | | | | 790,000 | | | | 5.600 | | | 05/01/2042 | | | 828,447 | |
| | | | | 1,250,000 | | | | 5.750 | | | 05/01/2053 | | | 1,305,898 | |
| | Miromar Lakes Community Development District RB Refunding for Capital Improvement Series 2015 (NR/NR) | |
| | | | | 1,075,000 | | | | 5.000 | | | 05/01/2028 | | | 1,080,820 | |
| | | | | 1,200,000 | | | | 5.000 | | | 05/01/2035 | | | 1,204,824 | |
| | Naples Reserve Community Development District Special Assessment Bonds Series 2014 (NR/NR) | |
| | | | | 740,000 | | | | 5.250 | | | 11/01/2035 | | | 740,566 | |
| | | | | 1,225,000 | | | | 5.625 | | | 11/01/2045 | | | 1,225,825 | |
| | Naples Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR) | |
| | | | | 1,185,000 | | | | 5.125 | (c) | | 11/01/2048 | | | 1,198,709 | |
| | New Port Tampa Bay Community Development District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 565,000 | | | | 3.875 | | | 05/01/2041 | | | 505,305 | |
| | | | | 2,250,000 | | | | 4.125 | | | 05/01/2052 | | | 1,961,778 | |
| | New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/A) | |
| | | | | 815,000 | | | | 3.500 | (c) | | 05/01/2038 | | | 758,483 | |
| | New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/NR) | |
| | | | | 30,000 | | | | 3.500 | (c) | | 05/01/2031 | | | 28,789 | |
| | | | | 85,000 | | | | 4.000 | (c) | | 05/01/2038 | | | 80,862 | |
| | 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 | (c) | | 05/01/2044 | | | 1,609,587 | |
| | | | | 2,300,000 | | | | 5.550 | (c) | | 05/01/2054 | | | 2,308,128 | |
| | North Ar-1 of Pasco Community Development District Pasco County Florida Capital Improvement RB Series 2024A Assessment Area Five (NR/NR) | |
| | | | | 815,000 | | | | 5.750 | | | 05/01/2044 | | | 838,939 | |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | North AR-1 of Pasco Community Development District Pasco County Florida Capital Improvement RB Series 2024A Assessment Area Five (NR/NR) | |
| | $ | | | 2,330,000 | | | | 6.000 | % | | 05/01/2054 | | $ | 2,402,736 | |
| | North AR-1 Pasco Community Development District Capital Improvement RB for Assessment Area Four Series 2024 (NR/ NR) | |
| | | | | 515,000 | | | | 5.450 | | | 05/01/2044 | | | 527,592 | |
| | | | | 1,085,000 | | | | 5.750 | | | 05/01/2054 | | | 1,109,703 | |
| | North AR-1 Pasco Community Development District Capital Improvement RB for Assessment Area Three, Series 2023 (NR/NR) | |
| | | | | 605,000 | | | | 5.000 | | | 05/01/2030 | | | 616,359 | |
| | | | | 1,000,000 | | | | 5.750 | | | 05/01/2043 | | | 1,044,390 | |
| | | | | 1,500,000 | | | | 6.000 | | | 05/01/2054 | | | 1,564,954 | |
| | North Loop Community Development District (City of Punta Gorda, Florida) Special Assessment Bonds, Series 2023 (NR/ NR) | |
| | | | | 1,850,000 | | | | 6.625 | | | 05/01/2054 | | | 2,024,316 | |
| | North Park Isle Community Development District Special Assessment RB Series 2021 (NR/NR) | |
| | | | | 1,200,000 | | | | 3.375 | | | 11/01/2041 | | | 1,023,527 | |
| | | | | 3,770,000 | | | | 4.000 | | | 11/01/2051 | | | 3,263,478 | |
| | North Powerline Road Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 1,255,000 | | | | 5.625 | (c) | | 05/01/2052 | | | 1,290,435 | |
| | North Powerline Road Community Development District Special Assessment Series 2020 (NR/NR) | |
| | | | | 465,000 | | | | 3.625 | | | 05/01/2040 | | | 409,475 | |
| | Ocala Preserve Community Development District Capital Improvement RB Series 2023 (NR/NR) | |
| | | | | 1,240,000 | | | | 5.700 | | | 05/01/2043 | | | 1,315,617 | |
| | | | | 1,250,000 | | | | 5.875 | | | 05/01/2053 | | | 1,323,199 | |
| | Old Hickory Community Development District Special Assessment Bonds Series 2020 (NR/NR) | |
| | | | | 340,000 | | | | 4.000 | | | 06/15/2040 | | | 318,965 | |
| | Orange Blossom Groves Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 665,000 | | | | 5.250 | | | 06/15/2043 | | | 696,388 | |
| | | | | 1,275,000 | | | | 5.375 | | | 06/15/2053 | | | 1,327,086 | |
| | Orange Blossom Ranch Community Development District Special Assessment Bonds Series 2019 (NR/NR) | |
| | | | | 2,200,000 | | | | 4.850 | | | 05/01/2039 | | | 2,220,625 | |
| | | | | 3,625,000 | | | | 5.000 | | | 05/01/2049 | | | 3,643,064 | |
| | 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 | | | 1,005,973 | |
| | Osceola Chain Lakes Community Development District Special Assessment Bonds Series 2020 (NR/NR) | |
| | | | | 840,000 | | | | 4.000 | | | 05/01/2040 | | | 780,640 | |
| | | | | 905,000 | | | | 4.000 | | | 05/01/2050 | | | 777,441 | |
| | Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2018 (NR/NR) | |
| | | | | 1,675,000 | | | | 5.375 | (c) | | 11/01/2038 | | | 1,737,130 | |
| | | | | 3,295,000 | | | | 5.500 | (c) | | 11/01/2049 | | | 3,383,761 | |
| | Palermo Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 1,050,000 | | | | 5.000 | | | 06/15/2043 | | | 1,078,618 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 119 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity
Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Palermo Community Development District Special Assessment Bonds Series 2023 (NR/NR) – (continued) | |
| | $ | | | 1,375,000 | | | | 5.250 | % | | 06/15/2053 | | $ | 1,417,083 | |
| | Palm Beach County Educational Facilities Authority RB Palm Beach Atlantic University, Inc. Series 2024 (NR/NR) | |
| | | | | 1,800,000 | | | | 5.250 | | | 10/01/2048 | | | 1,897,020 | |
| | | | | 2,850,000 | | | | 5.250 | | | 10/01/2053 | | | 2,981,575 | |
| | Palm Beach County Health Facilities Authority Hospital RB for Jupiter Medical Center Project 2022 Series A (NR/BBB-) | |
| | | | | 1,700,000 | | | | 5.000 | | | 11/01/2047 | | | 1,762,357 | |
| | Palm Beach County Health Facilities Authority RB (Lifespace Communities, Inc.), Series 2023C (NR/NR) | |
| | | | | 1,225,000 | | | | 7.625 | | | 05/15/2058 | | | 1,402,001 | |
| | Palm Beach County Health Facilities Authority RB Anticipation Notes for Green Cay Life Plan Village Project Series 2022A (NR/NR) | |
| | | | | 7,075,000 | | | | 11.500 | (c) | | 07/01/2027 | | | 8,936,194 | |
| | 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 | | | 3,939,781 | |
| | | | | 2,175,000 | | | | 5.000 | | | 05/15/2053 | | | 2,180,525 | |
| | Palm Beach County Health Facilities Authority Revenue Refunding Bonds Series 2022 (NR/NR) | |
| | | | | 1,650,000 | | | | 4.000 | | | 06/01/2036 | | | 1,641,511 | |
| | | | | 1,700,000 | | | | 4.250 | | | 06/01/2056 | | | 1,512,590 | |
| | 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 | | | 520,019 | |
| | | | | 1,000,000 | | | | 5.600 | | | 05/01/2053 | | | 1,039,066 | |
| | Palm Coast Park Community Development District Special Assessment for Assessment Area One Series 2019 (NR/NR) | |
| | | | | 1,175,000 | | | | 4.300 | | | 05/01/2050 | | | 1,062,166 | |
| | Palm Glades Community Development District Senior Special Assessment Bonds Series 2018 A-1 (NR/A) | |
| | | | | 625,000 | | | | 4.000 | | | 11/01/2038 | | | 609,538 | |
| | | | | 3,290,000 | | | | 4.200 | | | 11/01/2048 | | | 3,110,515 | |
| | Palm Glades Community Development District Special Assessment Refunding Bonds Series 2016 (NR/A) | |
| | | | | 3,155,000 | | | | 3.750 | | | 05/01/2031 | | | 3,146,168 | |
| | | | | 2,140,000 | | | | 4.000 | | | 05/01/2036 | | | 2,142,645 | |
| | Palm Glades Community Development District Special Assessment Refunding Bonds Series 2017 (NR/BBB-) | |
| | | | | 375,000 | | | | 4.000 | | | 05/01/2027 | | | 376,024 | |
| | | | | 2,380,000 | | | | 5.000 | | | 05/01/2039 | | | 2,412,787 | |
| | Parkland Preserve Community Development District Special Assessment RB Series 2019 A (NR/NR) | |
| | | | | 1,855,000 | | | | 5.250 | | | 05/01/2039 | | | 1,917,607 | |
| | | | | 5,090,000 | | | | 5.375 | | | 05/01/2050 | | | 5,204,458 | |
| | Parkview at Long Lake Ranch Community Development District Special Assessment Series 2020 (NR/NR) | |
| | | | | 800,000 | | | | 4.000 | | | 05/01/2051 | | | 689,941 | |
| | Parkway Center Community Development District Special Assessment for Amenity Projects Series 2018-2 (NR/A-) | |
| | | | | 2,285,000 | | | | 4.700 | | | 05/01/2049 | | | 2,245,229 | |
| | Parkway Center Community Development District Special Assessment Refunding Series 2018-1 (NR/BBB) | |
| | | | | 1,065,000 | | | | 4.500 | | | 05/01/2034 | | | 1,066,435 | |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity
Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Parrish Lakes Community Development District Capital Improvement RB for Special Assessment Area Two Series 2023A (NR/NR) | |
| | $ | | | 590,000 | | | | 5.375 | % | | 05/01/2043 | | $ | 606,701 | |
| | | | | 1,475,000 | | | | 5.625 | | | 05/01/2053 | | | 1,521,168 | |
| | Parrish Lakes Community Development District Capital Improvement RB Series 2023 (NR/NR) | |
| | | | | 1,375,000 | | | | 5.125 | | | 05/01/2043 | | | 1,396,947 | |
| | | | | 1,525,000 | | | | 5.400 | | | 05/01/2053 | | | 1,553,821 | |
| | Parrish Lakes Community Development District Manatee County Florida Capital Improvement RB Series 2024 Assessment Area Three (NR/NR) | |
| | | | | 875,000 | | | | 5.500 | | | 05/01/2044 | | | 888,348 | |
| | | | | 2,050,000 | | | | 5.800 | | | 05/01/2054 | | | 2,080,842 | |
| | 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 | | | 387,762 | |
| | Parrish Plantation Community Development District Manatee County Florida Special Assessment RB Series 2024 Assessment Area Three Project (NR/NR) | |
| | | | | 1,445,000 | | | | 6.050 | | | 05/01/2054 | | | 1,503,026 | |
| | Parrish Plantation Community Development District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 795,000 | | | | 3.500 | | | 05/01/2041 | | | 679,737 | |
| | Paseo Community Development District Capital Improvement RB Refunding Series 2018 (NR/A-) | |
| | | | | 3,165,000 | | | | 4.375 | | | 05/01/2036 | | | 3,177,691 | |
| | Peace Creek Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 1,375,000 | | | | 5.125 | | | 06/15/2043 | | | 1,429,681 | |
| | | | | 1,900,000 | | | | 5.375 | | | 06/15/2053 | | | 1,980,366 | |
| | Peace Creek Village Community Development District Special Assessment Bonds Series 2024 (NR/NR) | |
| | | | | 405,000 | | | | 4.625 | | | 05/01/2031 | | | 410,336 | |
| | | | | 1,325,000 | | | | 5.500 | | | 05/01/2044 | | | 1,366,413 | |
| | | | | 905,000 | | | | 5.750 | | | 05/01/2054 | | | 928,107 | |
| | Pine Isle Community Development District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 1,000,000 | | | | 3.250 | (c) | | 12/15/2041 | | | 891,509 | |
| | Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-2 (NR/NR) | |
| | | | | 650,000 | | | | 3.300 | | | 05/01/2030 | | | 637,520 | |
| | | | | 690,000 | | | | 3.750 | | | 05/01/2037 | | | 670,472 | |
| | 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 | | | 1,120,474 | |
| | Portico Community Development District Special Assessment Bonds Series 2020-2 (NR/NR) | |
| | | | | 555,000 | | | | 3.625 | | | 05/01/2040 | | | 490,714 | |
| | Portico Community Development District Special Assessment Refunding Series 2020-1 (NR/NR) | |
| | | | | 1,915,000 | | | | 3.500 | | | 05/01/2037 | | | 1,725,482 | |
| | Portofino Isles Community Development District Special Assessment RB Refunding Series 2013 (NR/BBB) | |
| | | | | 2,790,000 | | | | 4.750 | | | 05/01/2033 | | | 2,790,912 | |
| | |
| 120 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity
Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Preserve at Savannah Lakes Community Development District Special Assessment Bonds Phase 1 Series 2024 (NR/NR) | |
| | $ | | | 1,000,000 | | | | 5.750 | % | | 05/01/2054 | | $ | 1,030,055 | |
| | Preserve at South Branch Community Development District Special Assessment Phase 1 Series 2018 (NR/NR) | |
| | | | | 1,045,000 | | | | 5.375 | | | 11/01/2049 | | | 1,075,072 | |
| | Preserve at South Branch Community Development District Special Assessment Phase 2 RB Series 2019 (NR/NR) | |
| | | | | 250,000 | | | | 4.000 | | | 11/01/2039 | | | 241,036 | |
| | | | | 1,205,000 | | | | 4.000 | | | 11/01/2050 | | | 1,079,852 | |
| | Preserve at South Branch Community Development District Special Assessment Phase 3 Series 2021 (NR/NR) | |
| | | | | 750,000 | | | | 3.500 | | | 05/01/2041 | | | 700,057 | |
| | Prosperity Lakes Community Development District (Manatee County, Florida) Special Assessment Bonds, Series 2023 (Assessment Area One) (NR/NR) | |
| | | | | 1,060,000 | | | | 6.125 | | | 12/15/2053 | | | 1,129,756 | |
| | Ranches at Lake McLeod Community Development District Special Assessment Bonds for Assessment Area One Series 2023 (NR/NR) | |
| | | | | 730,000 | | | | 5.500 | | | 06/15/2053 | | | 758,875 | |
| | Regal-Village Community Development District Capital Improvement Revenue Bonds Series 2024 (NR/NR) | |
| | | | | 700,000 | | | | 5.200 | | | 05/01/2044 | | | 715,679 | |
| | | | | 575,000 | | | | 5.500 | | | 05/01/2054 | | | 587,701 | |
| | Reserve At Van Oaks Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 965,000 | | | | 5.375 | | | 05/01/2053 | | | 1,000,567 | |
| | Reunion East Community Development District (NR/NR) | |
| | | | | 2,170,000 | | | | 7.200 | * | | 05/01/2022 | | | 22 | |
| | Reunion West Community Development District Special Assessment Bonds for Assessment Area 5 Project Series 2019 (NR/NR) | |
| | | | | 470,000 | | | | 4.500 | | | 05/01/2039 | | | 469,249 | |
| | | | | 1,520,000 | | | | 4.625 | | | 05/01/2050 | | | 1,459,629 | |
| | Rhodine Road North Community Development District Special Assessment Bonds Series 2019 (NR/NR) | |
| | | | | 825,000 | | | | 4.500 | | | 05/01/2040 | | | 828,159 | |
| | | | | 825,000 | | | | 4.750 | | | 05/01/2050 | | | 811,238 | |
| | Ridge at Apopka Community Development District Special Assessment Bonds for Parcel Two Project Series 2023 (NR/ NR) | |
| | | | | 590,000 | | | | 5.500 | | | 05/01/2043 | | | 614,314 | |
| | | | | 700,000 | | | | 5.750 | | | 05/01/2053 | | | 726,133 | |
| | Ridge at Apopka Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 2,150,000 | | | | 5.500 | | | 05/01/2052 | | | 2,195,510 | |
| | Ridge at Health Brook Community Development District Capital Improvement RB Series 2023 (NR/NR) | |
| | | | | 300,000 | | | | 5.250 | | | 05/01/2043 | | | 310,775 | |
| | | | | 540,000 | | | | 5.500 | | | 05/01/2053 | | | 558,083 | |
| | River Glen Community Development District Special Assessment Bond for Assessment Area Two Series 2021 (NR/NR) | |
| | | | | 1,000,000 | | | | 3.375 | | | 05/01/2041 | | | 859,429 | |
| | | | | 2,390,000 | | | | 4.000 | | | 05/01/2051 | | | 2,042,281 | |
| | River Hall Community Development District (Lee County, Florida) Capital Improvement RB, Series 2023A (Assessment Area 4) (NR/NR) | |
| | | | | 1,555,000 | | | | 6.500 | | | 05/01/2054 | | | 1,675,095 | |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity
Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | River Hall Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR) | |
| | $ | | | 1,030,000 | | | | 3.625 | % | | 05/01/2040 | | $ | 904,926 | |
| | River Landing Community Development District Special Assessment Series 2020 A (NR/NR) | |
| | | | | 1,100,000 | | | | 4.350 | | | 05/01/2051 | | | 999,267 | |
| | River Landing Community Development District Special Assessment Series 2020 B (NR/NR) | |
| | | | | 200,000 | | | | 4.250 | | | 11/01/2035 | | | 193,646 | |
| | Rivers Edge II Community Development District Special Assessment Bond Series 2021 (NR/NR) | |
| | | | | 1,035,000 | | | | 3.500 | | | 05/01/2041 | | | 889,439 | |
| | Rivers Edge III Community Development District Special Assessment Bond Series 2021 (NR/NR) | |
| | | | | 815,000 | | | | 3.500 | (c) | | 05/01/2041 | | | 695,494 | |
| | | | | 905,000 | | | | 4.000 | (c) | | 05/01/2051 | | | 772,214 | |
| | Riverwalk Community Development District City of Orlando Florida Special Assessment Bonds Series 2024 (NR/NR) | |
| | | | | 1,350,000 | | | | 5.800 | | | 05/01/2054 | | | 1,384,391 | |
| | Rolling Oaks Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 1,350,000 | | | | 6.500 | (c) | | 05/01/2053 | | | 1,442,788 | |
| | Rookery Community Development District City of Green Cove Springs Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) | |
| | | | | 1,375,000 | | | | 5.350 | | | 05/01/2055 | | | 1,379,096 | |
| | Rustic Oaks Community Development District Capital Improvement RB Series 2022 (NR/NR) | |
| | | | | 2,435,000 | | | | 3.450 | | | 05/01/2042 | | | 2,074,483 | |
| | Rye Crossing Community Development District Capital Improvement RB Series 2023 (NR/NR) | |
| | | | | 1,075,000 | | | | 5.250 | | | 05/01/2053 | | | 1,097,858 | |
| | 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 | | | 1,002,926 | |
| | Rye Ranch Community Development District (Manatee County, Florida) Special Assessment Bonds, Series 2023 (Pod A 2023 Project Area) (NR/NR) | |
| | | | | 1,745,000 | | | | 6.625 | | | 05/01/2054 | | | 1,902,581 | |
| | Rye Ranch Community Development District Special Assessment Bonds for Assessment Area One, Series 2023 (NR/NR) | |
| | | | | 710,000 | | | | 6.000 | (c) | | 11/01/2053 | | | 744,674 | |
| | Saddle Creek Preserve of Polk County Community Development District Special Assessment Bonds Series 2020 (NR/NR) | |
| | | | | 320,000 | | | | 4.000 | | | 06/15/2040 | | | 312,128 | |
| | | | | 780,000 | | | | 4.000 | | | 06/15/2050 | | | 688,505 | |
| | Saddle Creek Preserve of Polk County Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 1,315,000 | | | | 4.000 | | | 12/15/2051 | | | 1,137,005 | |
| | Saltleaf Community Development District Lee County Florida Capital Improvement RB Series 2024 (NR/NR) | |
| | | | | 1,500,000 | | | | 5.625 | | | 05/01/2044 | | | 1,532,298 | |
| | | | | 2,700,000 | | | | 6.000 | | | 05/01/2056 | | | 2,778,418 | |
| | Saltmeadows Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 1,020,000 | | | | 5.500 | | | 05/01/2053 | | | 1,056,316 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 121 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity
Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | San Simeon Community Development District Special Assessment Bonds Series 2019 (NR/NR) | |
| | $ | | | 1,410,000 | | | | 4.125 | %(c) | | 06/15/2039 | | $ | 1,329,115 | |
| | Sandmine Road Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 650,000 | | | | 6.000 | | | 11/01/2052 | | | 695,680 | |
| | Sandmine Road Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR) | |
| | | | | 375,000 | | | | 3.125 | (c) | | 05/01/2030 | | | 368,858 | |
| | | | | 980,000 | | | | 3.625 | (c) | | 05/01/2040 | | | 949,250 | |
| | | | | 950,000 | | | | 3.750 | (c) | | 05/01/2050 | | | 850,545 | |
| | Sarasota County Public Hospital District Fixed Rate Hospital RB Series 2018 (A1/NR) | |
| | | | | 4,350,000 | | | | 4.000 | | | 07/01/2048 | | | 4,216,027 | |
| | 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 | | | 709,590 | |
| | Savanna Lakes Community Development District Special Assessment Area One Bonds, Series 2023 (NR/NR) | |
| | | | | 1,065,000 | | | | 5.375 | (c) | | 06/15/2053 | | | 1,095,522 | |
| | Sawgrass Village Community Development District (Manatee County, Florida) Special Assessment Bonds, Series 2023 (Assessment Area Two) (NR/NR) | |
| | | | | 1,365,000 | | | | 6.375 | | | 11/01/2053 | | | 1,458,618 | |
| | Sawgrass Village Community Development District Manatee County Florida Special Assessment Bonds Series 2024 Assessment Area Three (NR/NR) | |
| | | | | 1,380,000 | | | | 5.875 | (c) | | 05/01/2054 | | | 1,417,101 | |
| | Sawgrass Village Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 2,300,000 | | | | 5.750 | | | 05/01/2053 | | | 2,377,820 | |
| | Scenic Highway Community Development District Special Assessment Series 2020 (NR/NR) | |
| | | | | 620,000 | | | | 3.750 | | | 05/01/2040 | | | 577,004 | |
| | | | | 1,835,000 | | | | 4.000 | | | 05/01/2051 | | | 1,577,690 | |
| | Scenic Terrace North Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 1,975,000 | | | | 5.875 | | | 05/01/2043 | | | 2,065,521 | |
| | | | | 2,210,000 | | | | 6.125 | | | 05/01/2054 | | | 2,319,648 | |
| | Scenic Terrace South Community Development District (Town of Lake Hamilton, Florida) Special Assessment Bonds, Series 2023 (Series 2023 Project) (NR/NR) | |
| | | | | 900,000 | | | | 6.750 | | | 11/01/2053 | | | 977,257 | |
| | Scenic Terrace South Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 1,245,000 | | | | 4.500 | | | 05/01/2042 | | | 1,204,087 | |
| | | | | 2,810,000 | | | | 4.625 | | | 05/01/2053 | | | 2,652,793 | |
| | Seagrove Community Development District St. Lucie County Florida Special Assessment Bonds Series 2024 (NR/NR) | |
| | | | | 1,250,000 | | | | 5.200 | | | 06/15/2054 | | | 1,260,503 | |
| | Seaton Creek Reserve Community Development District Special Assessment Bonds for Assessment Area One Bonds Series 2023 (NR/NR) | |
| | | | | 980,000 | | | | 5.500 | (c) | | 06/15/2053 | | | 1,018,763 | |
| | Sebastian Isles Community Development District City of Florida City Florida Capital Improvement RB Series 2024 (NR/NR) | |
| | 900,000 | | | | 5.300 | | | 05/01/2054 | | | 906,302 | |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity
Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Sedona Point Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | $ | | | 1,185,000 | | | | 5.000 | % | | 06/15/2053 | | $ | 1,204,621 | |
| | Seminole County Industrial Development Authority RB for The Galileo School Foundation, Inc. Series 2021 A (Ba1/NR) | |
| | | | | 315,000 | | | | 4.000 | (c) | | 06/15/2036 | | | 305,107 | |
| | | | | 425,000 | | | | 4.000 | (c) | | 06/15/2041 | | | 389,796 | |
| | | | | 2,270,000 | | | | 4.000 | (c) | | 06/15/2051 | | | 1,954,900 | |
| | | | | 1,105,000 | | | | 4.000 | (c) | | 06/15/2056 | | | 931,464 | |
| | Seminole Improvement District Utilities RB for City of Westlake Series 2022 (NR/NR) | |
| | | | | 900,000 | | | | 5.300 | | | 10/01/2037 | | | 938,995 | |
| | 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 | (c) | | 05/01/2055 | | | 1,760,916 | |
| | Seminole Palms Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 900,000 | | | | 5.700 | | | 05/01/2053 | | | 936,832 | |
| | Shadowlawn Community Development District Special Assessment Revenue Bonds Series 2024 (NR/NR) | |
| | | | | 2,600,000 | | | | 5.500 | | | 05/01/2044 | | | 2,653,496 | |
| | | | | 3,300,000 | | | | 5.850 | | | 05/01/2054 | | | 3,366,834 | |
| | Shell Point Community Development District Special Assessment Bonds Series 2019 (NR/NR) | |
| | | | | 2,200,000 | | | | 5.250 | (c) | | 11/01/2039 | | | 2,267,235 | |
| | | | | 2,815,000 | | | | 5.375 | (c) | | 11/01/2049 | | | 2,875,423 | |
| | Sherwood Manor Community Development District Special Assessment Bonds Series 2018 (NR/NR) | |
| | | | | 3,800,000 | | | | 5.250 | (c) | | 11/01/2049 | | | 3,894,881 | |
| | Sherwood Manor Community Development District Special Assessment RB Series 2023 (NR/NR) | |
| | | | | 825,000 | | | | 5.500 | | | 05/01/2043 | | | 864,887 | |
| | | | | 1,435,000 | | | | 5.625 | | | 05/01/2053 | | | 1,496,458 | |
| | Shingle Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR) | |
| | | | | 4,000,000 | | | | 5.000 | | | 05/01/2049 | | | 4,025,531 | |
| | Silver Oaks Community Development District Special Assessment Bonds Series 2024 (NR/NR) | |
| | | | | 1,600,000 | | | | 5.850 | | | 05/01/2054 | | | 1,649,234 | |
| | Silverlake Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 885,000 | | | | 5.500 | | | 05/01/2053 | | | 916,219 | |
| | Six Mile Creek Community Development District Capital Improvement RB Series 2021 (NR/NR) | |
| | | | | 655,000 | | | | 4.000 | | | 05/01/2052 | | | 562,666 | |
| | Six Mile Creek Community Development District Capital Improvement RB Series 2023 (NR/NR) | |
| | | | | 1,375,000 | | | | 5.700 | | | 05/01/2054 | | | 1,435,162 | |
| | 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 | | | 1,138,841 | |
| | Six Mile Creek Community Development District Special Assessment Refunding for Area 2 Phase 3A Project Series 2020 (NR/NR) | |
| | | | | 305,000 | | | | 4.125 | | | 11/01/2040 | | | 300,859 | |
| | | | | 940,000 | | | | 4.250 | | | 11/01/2050 | | | 886,780 | |
| | |
| 122 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity
Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Six Mile Creek Community Development District St. Johns County Florida Capital Improvement RB Series 2024 (NR/NR) | |
| | $ | | | 1,090,000 | | | | 5.375 | %(c)(g) | | 05/01/2055 | | $ | 1,092,517 | |
| | Solaeris Community Development District St. Lucie County Florida Special Assessment Bonds Series 2024 (NR/NR) | |
| | | | | 1,650,000 | | | | 6.000 | | | 05/01/2044 | | | 1,729,132 | |
| | | | | 2,525,000 | | | | 6.250 | | | 05/01/2055 | | | 2,626,953 | |
| | Somerset Bay Community Development District Hernando County Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) | |
| | | | | 1,305,000 | | | | 5.900 | (c) | | 05/01/2054 | | | 1,332,449 | |
| | Sorrento Pines Community Development District Special Assessment Bonds for Assessment Area One Series 2023 (NR/ NR) | |
| | | | | 525,000 | | | | 5.500 | | | 05/01/2053 | | | 544,806 | |
| | South Fork III Community Development District Parcels V and W Special Assessment Bonds Series 2019 (NR/NR) | |
| | | | | 2,100,000 | | | | 5.125 | (c) | | 11/01/2039 | | | 2,153,403 | |
| | | | | 3,480,000 | | | | 5.250 | (c) | | 11/01/2049 | | | 3,536,510 | |
| | South Fork III Community Development District Special Assessment RB Refunding Series 2018 (NR/NR) | |
| | | | | 1,310,000 | | | | 5.000 | | | 05/01/2038 | | | 1,334,167 | |
| | | | | 2,505,000 | | | | 5.375 | | | 05/01/2049 | | | 2,544,221 | |
| | South Kendall Community Development District Special Assessment Refunding Series 2016 (NR/BBB) | |
| | | | | 330,000 | | | | 4.125 | | | 11/01/2040 | | | 315,385 | |
| | 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 | | | 756,645 | |
| | | | | 485,000 | | | | 3.625 | | | 05/01/2035 | | | 471,740 | |
| | | | | 1,695,000 | | | | 3.750 | | | 05/01/2038 | | | 1,640,966 | |
| | South Village Community Development District Capital Improvement and Special Assessment Refunding Subordinate Lien Series 2016 A-2 (NR/NR) | |
| | | | | 470,000 | | | | 4.875 | | | 05/01/2035 | | | 474,172 | |
| | | | | 95,000 | | | | 5.000 | | | 05/01/2038 | | | 95,803 | |
| | South-Dade Venture Community Development District Special Assessment RB Refunding Series 2013 (NR/NR) | |
| | | | | 2,010,000 | | | | 5.250 | | | 05/01/2034 | | | 2,021,807 | |
| | Southern Groves Community Development District No. 5 Special Assessment Refunding Series 2019 (NR/NR) | |
| | | | | 365,000 | | | | 3.600 | | | 05/01/2034 | | | 341,756 | |
| | | | | 600,000 | | | | 4.000 | | | 05/01/2043 | | | 541,943 | |
| | Southern Groves Community Development District No. 5 Special Assessment Series 2020 (NR/NR) | |
| | | | | 415,000 | | | | 4.300 | | | 05/01/2040 | | | 416,256 | |
| | | | | 175,000 | | | | 4.500 | | | 05/01/2046 | | | 171,484 | |
| | Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2011 A-1 (NR/NR) | |
| | | | | 2,875,000 | | | | 5.800 | | | 05/01/2035 | | | 2,759,462 | |
| | 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 | | | 1,743,639 | |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity
Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | 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 | | $ | 843,794 | |
| | Spencer Creek Community Development District Special Assessment RB Series 2019 (NR/NR) | |
| | | | | 425,000 | | | | 4.375 | | | 05/01/2029 | | | 430,599 | |
| | | | | 1,000,000 | | | | 5.000 | | | 05/01/2039 | | | 1,021,232 | |
| | | | | 1,750,000 | | | | 5.250 | | | 05/01/2049 | | | 1,776,919 | |
| | Spring Lake Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR) | |
| | | | | 1,245,000 | | | | 5.125 | (c) | | 11/01/2037 | | | 1,268,975 | |
| | | | | 1,785,000 | | | | 5.250 | (c) | | 11/01/2047 | | | 1,804,410 | |
| | Spring Ridge Community Development District Special Assessment RB Series A-1 (NR/NR) | |
| | | | | 910,000 | | | | 4.800 | | | 05/01/2035 | | | 911,640 | |
| | Springs at Lake Alfred Community Development District Special Assessment Bonds Series 2024 (NR/NR) | |
| | | | | 450,000 | | | | 5.250 | | | 05/01/2044 | | | 458,999 | |
| | | | | 900,000 | | | | 5.600 | | | 05/01/2054 | | | 919,062 | |
| | 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 | | | 619,666 | |
| | | | | 475,000 | | | | 4.000 | | | 12/15/2046 | | | 398,097 | |
| | | | | 2,350,000 | | | | 4.000 | | | 12/15/2050 | | | 1,899,276 | |
| | St. Johns County Industrial Development Authority RB Refunding for Presbyterian Retirement Communities, Inc. Obligated Group Series 2020 A (NR/NR) | |
| | | | | 7,475,000 | | | | 4.000 | | | 08/01/2055 | | | 6,864,013 | |
| | Sterling Hill Community Development District RB for Capital Improvement Series 2003 B (NR/NR) | |
| | | | | 418,112 | | | | 5.500 | * | | 11/01/2010 | | | 192,332 | |
| | Stonegate Community Development District Special Assessment Refunding Bonds Series 2013 (NR/NR) | |
| | | | | 2,130,000 | | | | 5.000 | | | 05/01/2034 | | | 2,131,600 | |
| | Stonegate Preserve Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 1,000,000 | | | | 5.875 | | | 12/15/2043 | | | 1,064,952 | |
| | | | | 1,200,000 | | | | 6.125 | | | 12/15/2053 | | | 1,275,366 | |
| | 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 | | | 1,231,460 | |
| | Stoneybrook North Community Development District Capital Improvement Revenue Refunding Bonds Series 2022 (NR/NR) | |
| | | | | 775,000 | | | | 6.375 | | | 11/01/2052 | | | 866,342 | |
| | Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2019 (NR/NR) | |
| | | | | 1,100,000 | | | | 4.500 | | | 06/15/2039 | | | 1,117,510 | |
| | | | | 1,100,000 | | | | 4.625 | | | 06/15/2049 | | | 1,106,101 | |
| | Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 555,000 | | | | 5.500 | | | 06/15/2053 | | | 590,771 | |
| | 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 | | | 1,876,009 | |
| | | | | 3,495,000 | | | | 5.500 | | | 11/01/2044 | | | 3,676,771 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 123 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity
Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Stoneybrook South Community Development District Special Assessment Series 2020 (NR/NR) | |
| | $ | | | 2,875,000 | | | | 3.750 | %(c) | | 12/15/2050 | | $ | 2,538,348 | |
| | Storey Creek Community Development District Special Assessment Bonds for Assessment Area One Project Series 2019 (NR/NR) | |
| | | | | 420,000 | | | | 4.000 | | | 12/15/2039 | | | 392,872 | |
| | | | | 860,000 | | | | 4.125 | | | 12/15/2049 | | | 761,006 | |
| | Storey Creek Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 575,000 | | | | 5.200 | | | 06/15/2042 | | | 590,920 | |
| | | | | 925,000 | | | | 5.375 | | | 06/15/2052 | | | 949,001 | |
| | Storey Creek Community Development District Special Assessment Bonds Series 2024 (NR/NR) | |
| | | | | 1,000,000 | | | | 5.500 | | | 06/15/2054 | | | 1,032,988 | |
| | Storey Drive Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 1,000,000 | | | | 4.000 | | | 06/15/2052 | | | 842,344 | |
| | Storey Park Community Development District Special Assessment Bonds for Assessment Area Four Project Series 2021 (NR/NR) | |
| | | | | 325,000 | | | | 3.300 | (c) | | 06/15/2041 | | | 296,149 | |
| | Storey Park Community Development District Special Assessment Bonds for City of Orlando Series 2022 (NR/NR) | |
| | | | | 1,000,000 | | | | 5.150 | | | 06/15/2052 | | | 1,020,657 | |
| | Stuart Crossing Community Development District Special Assessment Bonds Series 2024 (NR/NR) | |
| | | | | 900,000 | | | | 5.500 | (c) | | 05/01/2054 | | | 913,044 | |
| | Summer Woods Community Development District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 1,600,000 | | | | 4.000 | | | 05/01/2052 | | | 1,363,086 | |
| | Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2020 (NR/NR) | |
| | | | | 870,000 | | | | 3.750 | | | 05/01/2040 | | | 776,245 | |
| | | | | 1,150,000 | | | | 4.000 | | | 05/01/2050 | | | 984,657 | |
| | Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2021 (NR/NR) | |
| | | | | 405,000 | | | | 3.400 | | | 05/01/2041 | | | 354,029 | |
| | | | | 275,000 | | | | 4.000 | | | 05/01/2051 | | | 237,797 | |
| | Summerstone Community Development District Special Assessment Series 2020 (NR/NR) | |
| | | | | 705,000 | | | | 3.750 | | | 05/01/2040 | | | 670,445 | |
| | | | | 875,000 | | | | 4.000 | | | 05/01/2051 | | | 805,701 | |
| | Sunbridge Stewardship District Special Assessment RB for Weslyn Park Project Series 2022 (NR/NR) | |
| | | | | 1,000,000 | | | | 5.200 | | | 05/01/2042 | | | 1,024,610 | |
| | | | | 1,800,000 | | | | 5.350 | | | 05/01/2052 | | | 1,836,260 | |
| | Sunbridge Stewardship District Special Assessment RB Series 2022 (NR/NR) | |
| | | | | 1,550,000 | | | | 5.500 | | | 05/01/2052 | | | 1,601,835 | |
| | Sweetwater Creek Community Development District Capital Improvement Special Assessment RB Refunding Series 2019 A-2 (NR/NR) | |
| | | | | 1,615,000 | | | | 4.000 | | | 05/01/2038 | | | 1,527,009 | |
| | Talis Park Community Development District Capital Improvement RB Refunding Subordinate Series 2016 A-2 (NR/NR) | |
| | | | | 405,000 | | | | 3.750 | | | 05/01/2026 | | | 403,865 | |
| | | | | 1,550,000 | | | | 4.000 | | | 05/01/2033 | | | 1,535,130 | |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity
Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Talis Park Community Development District Capital Improvement RB Series 2013 (NR/NR) | |
| | $ | | | 1,325,000 | | | | 5.250 | % | | 11/01/2034 | | $ | 1,326,128 | |
| | | | | 2,295,000 | | | | 6.000 | | | 11/01/2044 | | | 2,297,478 | |
| | Tamarindo Community Development District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 715,000 | | | | 3.375 | | | 05/01/2041 | | | 606,359 | |
| | Tapestry Community Development District Special Assessment RB Series 2016 (NR/NR) | |
| | | | | 1,110,000 | | | | 4.800 | | | 05/01/2036 | | | 1,116,913 | |
| | | | | 1,715,000 | | | | 5.000 | | | 05/01/2046 | | | 1,720,502 | |
| | Tern Bay Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 4,400,000 | | | | 4.000 | | | 06/15/2042 | | | 4,050,253 | |
| | Terreno Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 900,000 | | | | 5.250 | | | 05/01/2053 | | | 920,266 | |
| | 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 | | | 1,729,740 | |
| | Timber Creek Southwest Community Development District Special Assessment Bonds Series 2020 (NR/NR) | |
| | | | | 1,000,000 | | | | 4.000 | | | 06/15/2040 | | | 930,805 | |
| | Tison’s Landing Community Development District Special Assessment RB Refunding & Improvement Bonds Senior Series 2016 A-1 (NR/A+) | |
| | | | | 685,000 | | | | 3.375 | | | 05/01/2032 | | | 671,505 | |
| | | | | 1,345,000 | | | | 3.600 | | | 05/01/2037 | | | 1,311,920 | |
| | 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 | | | 1,761,205 | |
| | Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 A-2 (NR/NR) | |
| | | | | 375,000 | | | | 5.625 | (c) | | 05/01/2040 | | | 387,828 | |
| | Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 B-2 (NR/NR) | |
| | | | | 300,000 | | | | 5.125 | | | 05/01/2039 | | | 306,213 | |
| | Tolomato Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR) | |
| | | | | 1,155,000 | | | | 4.250 | | | 05/01/2037 | | | 1,144,042 | |
| | Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 C (NR/NR) | |
| | | | | 8,310,000 | | | | 4.400 | (c) | | 05/01/2040 | | | 8,191,958 | |
| | Toscana Isles Community Development District Special Assessment RB Series 2014 (NR/NR) | |
| | | | | 185,000 | | | | 5.750 | | | 11/01/2027 | | | 190,535 | |
| | | | | 1,955,000 | | | | 6.250 | | | 11/01/2044 | | | 2,047,703 | |
| | Toscana Isles Community Development District Special Assessment RB Series 2018 (NR/NR) | |
| | | | | 2,645,000 | | | | 5.375 | | | 11/01/2039 | | | 2,789,641 | |
| | | | | 5,390,000 | | | | 5.500 | | | 11/01/2049 | | | 5,606,418 | |
| | Touchstone Community Development District Special Assessment Bonds Series 2018 (NR/NR) | |
| | | | | 1,560,000 | | | | 4.625 | (c) | | 06/15/2038 | | | 1,565,219 | |
| | | | | 2,440,000 | | | | 4.750 | (c) | | 06/15/2048 | | | 2,392,913 | |
| | |
| 124 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Touchstone Community Development District Special Assessment Bonds Series 2019 (NR/NR) | |
| | $ | | | 550,000 | | | | 4.000 | % | | 12/15/2040 | | $ | 502,235 | |
| | | | | 1,145,000 | | | | 4.125 | | | 12/15/2049 | | | 1,007,577 | |
| | Towne Park Community Development District Special Assessment Area 3B Project Series 2019 (NR/NR) | |
| | | | | 1,085,000 | | | | 4.625 | | | 05/01/2050 | | | 1,041,116 | |
| | Towne Park Community Development District Special Assessment Area 3D Project Series 2020 (NR/NR) | |
| | | | | 525,000 | | | | 3.625 | (c) | | 05/01/2040 | | | 479,706 | |
| | | | | 1,000,000 | | | | 4.000 | (c) | | 05/01/2051 | | | 903,576 | |
| | Towns at Woodsdale Community Development District (Pasco County, Florida) Capital Improvement RB, Series 2023 (NR/NR) | |
| | | | | 1,220,000 | | | | 6.375 | (c) | | 11/01/2053 | | | 1,310,388 | |
| | Tradition Community Development District No. 9 Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 1,700,000 | | | | 3.000 | | | 05/01/2041 | | | 1,350,209 | |
| | | | | 1,300,000 | | | | 4.000 | | | 05/01/2052 | | | 1,095,499 | |
| | Trevesta Community Development District Special Assessment Area 1 Phase 2 Project Series 2018 (NR/NR) | |
| | | | | 975,000 | | | | 5.375 | (c) | | 11/01/2049 | | | 1,008,381 | |
| | Trevesta Community Development District Special Assessment Area 2 Project Series 2020 (NR/NR) | |
| | | | | 875,000 | | | | 3.750 | (c) | | 05/01/2040 | | | 818,998 | |
| | Triple Creek Community Development District Special Assessment for Villages N&P Projects Series 2021 (NR/NR) | |
| | | | | 700,000 | | | | 3.500 | | | 11/01/2041 | | | 598,836 | |
| | Triple Creek Community Development District Special Assessment Series 2017 A (NR/NR) | |
| | | | | 770,000 | | | | 5.250 | | | 11/01/2027 | | | 784,501 | |
| | | | | 2,735,000 | | | | 6.125 | | | 11/01/2046 | | | 2,886,568 | |
| | Triple Creek Community Development District Special Assessment Series 2018 A (NR/NR) | |
| | | | | 785,000 | | | | 4.700 | (c) | | 11/01/2029 | | | 803,547 | |
| | | | | 1,525,000 | | | | 5.125 | (c) | | 11/01/2038 | | | 1,581,052 | |
| | | | | 2,165,000 | | | | 5.375 | (c) | | 11/01/2048 | | | 2,225,252 | |
| | Triple Creek Community Development District Special Assessment Series 2019 A (NR/NR) | |
| | | | | 1,000,000 | | | | 4.625 | | | 05/01/2039 | | | 1,003,528 | |
| | | | | 1,990,000 | | | | 4.750 | | | 05/01/2050 | | | 1,930,246 | |
| | TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2017 (NR/NR) | |
| | | | | 4,625,000 | | | | 4.750 | (c) | | 11/01/2048 | | | 4,513,979 | |
| | TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2018 (NR/NR) | |
| | | | | 1,200,000 | | | | 5.000 | | | 11/01/2039 | | | 1,226,867 | |
| | | | | 1,850,000 | | | | 5.125 | | | 11/01/2049 | | | 1,869,907 | |
| | TSR Community Development District Special Assessment RB for 2016 Project Series 2016 (NR/NR) | |
| | | | | 930,000 | | | | 4.000 | | | 11/01/2027 | | | 932,016 | |
| | | | | 3,160,000 | | | | 4.625 | | | 11/01/2037 | | | 3,168,279 | |
| | | | | 2,790,000 | | | | 4.750 | | | 11/01/2047 | | | 2,731,916 | |
| | TSR Community Development District Special Assessment RB for Village 4 Project Series 2015 A (NR/NR) | |
| | | | | 2,420,000 | | | | 5.625 | | | 11/01/2045 | | | 2,493,223 | |
| | Tuckers Pointe Community Development District Special Assessment RB Series 2022 (NR/NR) | |
| | | | | 1,400,000 | | | | 4.000 | | | 05/01/2052 | | | 1,202,132 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Tuckers Pointe Community Development District Special Assessment Revenue Note Series 2022 (NR/NR) | |
| | $ | | | 4,200,000 | | | | 3.625 | % | | 05/01/2032 | | $ | 4,015,650 | |
| | Turnbull Creek Community Development District Senior Special Assessment Refunding Series 2015 A-1 (NR/A) | |
| | | | | 2,245,000 | | | | 4.375 | | | 05/01/2035 | | | 2,249,312 | |
| | 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 | | | 1,286,211 | |
| | 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 | | | 592,897 | |
| | 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 | | | 709,555 | |
| | | | | 650,000 | | | | 6.125 | | | 05/01/2054 | | | 683,432 | |
| | Twisted Oaks Pointe Community Development District Special Assessment Bonds for Assessment Area One Series 2023 (NR/NR) | |
| | | | | 750,000 | | | | 5.625 | | | 05/01/2053 | | | 774,722 | |
| | Two Creeks Community Development District RB Refunding for Capital Improvement Senior Lien Series 2016 A-1 (NR/A) | |
| | | | | 1,695,000 | | | | 3.500 | | | 05/01/2032 | | | 1,668,900 | |
| | | | | 2,535,000 | | | | 3.625 | | | 05/01/2037 | | | 2,469,043 | |
| | 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 | | | 617,969 | |
| | Two Lakes Community Development District Special Assessment Expansion Area Series 2019 (NR/NR) | |
| | | | | 2,300,000 | | | | 3.750 | | | 12/15/2039 | | | 2,074,752 | |
| | Two Lakes Community Development District Special Assessment Series 2017 (NR/NR) | |
| | | | | 1,000,000 | | | | 5.000 | (c) | | 12/15/2032 | | | 1,045,463 | |
| | | | | 1,705,000 | | | | 5.000 | (c) | | 12/15/2037 | | | 1,765,996 | |
| | | | | 5,330,000 | | | | 5.000 | (c) | | 12/15/2047 | | | 5,388,589 | |
| | Two Rivers East Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 3,190,000 | | | | 5.875 | | | 05/01/2053 | | | 3,316,265 | |
| | Two Rivers North Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 1,850,000 | | | | 5.250 | | | 05/01/2052 | | | 1,890,004 | |
| | Two Rivers Two Rivers West Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 2,000,000 | | | | 6.125 | | | 11/01/2053 | | | 2,102,260 | |
| | Two Rivers West Community Development District Pasco County Florida Special Assessment Bonds Series 2024 Series 2024 Project (NR/NR) | |
| | | | | 1,375,000 | | | | 5.875 | (c) | | 05/01/2054 | | | 1,402,830 | |
| | Two Rivers West Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 1,600,000 | | | | 6.000 | | | 05/01/2043 | | | 1,693,846 | |
| | | | | 2,545,000 | | | | 6.250 | | | 05/01/2053 | | | 2,692,530 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 125 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Union Park East Community Development District Capital Improvement RB for Assessment Area One Series 2017 A-1 (NR/NR) | |
| | $ | | | 2,410,000 | | | | 5.500 | %(c) | | 11/01/2047 | | $ | 2,471,259 | |
| | University Park Recreation District Special Assessment Series 2019 (BAM) (NR/AA) | |
| | | | | 2,800,000 | | | | 3.375 | | | 05/01/2045 | | | 2,541,615 | |
| | Varrea South Community Development District Capital Improvement RB Series 2023 (NR/NR) | |
| | | | | 1,375,000 | | | | 5.400 | | | 05/01/2053 | | | 1,429,048 | |
| | V-Dana Community Development District Lee County, Florida Special Assessment Bonds, Series 2023 Assessment Area Two – 2023 Project Area (NR/NR) | |
| | | | | 1,090,000 | | | | 5.250 | | | 05/01/2043 | | | 1,131,485 | |
| | V-Dana Community Development District Special Assessment Bonds for Assessment Area Two Series 2023 (NR/NR) | |
| | | | | 2,305,000 | | | | 5.500 | | | 05/01/2054 | | | 2,387,068 | |
| | V-Dana Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR) | |
| | | | | 1,400,000 | | | | 4.000 | (c) | | 05/01/2051 | | | 1,204,639 | |
| | Venetian Parc Community Development District Special Assessment Area One Project Series 2013 (NR/NR) | |
| | | | | 260,000 | | | | 6.000 | | | 11/01/2027 | | | 268,983 | |
| | | | | 2,050,000 | | | | 6.500 | | | 11/01/2043 | | | 2,221,280 | |
| | Venetian Parc Community Development District Special Assessment Area Two Project Series 2013 (NR/NR) | |
| | | | | 375,000 | | | | 6.375 | | | 11/01/2027 | | | 375,844 | |
| | | | | 2,295,000 | | | | 7.125 | | | 11/01/2044 | | | 2,301,436 | |
| | Ventana Community Development District Special Assessment RB Series 2018 (NR/NR) | |
| | | | | 4,655,000 | | | | 5.125 | (c) | | 05/01/2049 | | | 4,715,392 | |
| | Veranda Community Development District II Special Assessment Area 1 Gardens East Project Series 2018 A (NR/NR) | |
| | | | | 760,000 | | | | 5.000 | | | 11/01/2039 | | | 777,442 | |
| | | | | 1,305,000 | | | | 5.125 | | | 11/01/2049 | | | 1,319,552 | |
| | Veranda Community Development District II Special Assessment Area 2 Preserve West Project Series 2018 A (NR/NR) | |
| | | | | 960,000 | | | | 5.000 | | | 11/01/2039 | | | 982,032 | |
| | | | | 1,560,000 | | | | 5.125 | | | 11/01/2049 | | | 1,577,396 | |
| | Veranda Community Development District II Special Assessment Refunding for Veranda Estates Project Series 2021 (NR/NR) | |
| | | | | 245,000 | | | | 3.600 | (c) | | 05/01/2041 | | | 213,541 | |
| | Veranda Community Development District II Special Assessment Refunding for Veranda Oaks Project Series 2021 (NR/NR) | |
| | | | | 505,000 | | | | 3.600 | (c) | | 05/01/2041 | | | 440,156 | |
| | | | | 815,000 | | | | 4.000 | (c) | | 05/01/2051 | | | 697,068 | |
| | 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 | | | 1,061,176 | |
| | | | | 475,000 | | | | 5.625 | | | 05/01/2054 | | | 488,817 | |
| | 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 | | | 1,651,405 | |
| | | | | 3,250,000 | | | | 5.375 | | | 05/01/2054 | | | 3,336,116 | |
| | Veranda Landing Community Development District Special Assessment Bonds, Series 2023 (NR/NR) | |
| | | | | 900,000 | | | | 5.500 | | | 06/15/2053 | | | 936,319 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Verandah East Community Development District Special Assessment Refunding & Improvement RB Series 2016 (NR/NR) | |
| | $ | | | 4,355,000 | | | | 4.000 | % | | 05/01/2031 | | $ | 4,284,866 | |
| | | | | 1,700,000 | | | | 4.125 | | | 05/01/2034 | | | 1,657,237 | |
| | | | | 1,000,000 | | | | 4.250 | | | 05/01/2037 | | | 955,420 | |
| | Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017 A-1 (NR/BBB+) | |
| | | | | 1,980,000 | | | | 4.000 | (c) | | 05/01/2031 | | | 1,959,836 | |
| | | | | 2,940,000 | | | | 4.000 | (c) | | 05/01/2037 | | | 2,872,163 | |
| | Verano #1 Community Development District Special Assessment Bonds for District #1 Project Series 2015 (NR/NR) | |
| | | | | 735,000 | | | | 5.125 | | | 11/01/2035 | | | 761,284 | |
| | | | | 990,000 | | | | 5.250 | | | 11/01/2046 | | | 1,008,350 | |
| | 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 | | | 899,017 | |
| | | | | 1,910,000 | | | | 5.800 | | | 05/01/2054 | | | 1,961,527 | |
| | Verano Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 1,000,000 | | | | 6.625 | | | 11/01/2052 | | | 1,082,088 | |
| | Verano Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 500,000 | | | | 5.375 | | | 05/01/2043 | | | 522,683 | |
| | | | | 800,000 | | | | 5.625 | | | 05/01/2053 | | | 838,527 | |
| | Verano No. 2 Community Development District Special Assessment Bonds for POD C Project Series 2020 (NR/NR) | |
| | | | | 265,000 | | | | 4.000 | | | 05/01/2040 | | | 245,915 | |
| | | | | 1,700,000 | | | | 4.000 | | | 05/01/2050 | | | 1,469,981 | |
| | Verano No. 2 Community Development District Special Assessment Bonds for POD D Project Series 2020 (NR/NR) | |
| | | | | 370,000 | | | | 4.000 | | | 05/01/2040 | | | 343,353 | |
| | | | | 2,015,000 | | | | 4.000 | | | 05/01/2050 | | | 1,740,864 | |
| | Verano No. 2 Community Development District Special Assessment Bonds for POD E Project Series 2020 (NR/NR) | |
| | | | | 265,000 | | | | 4.000 | | | 05/01/2040 | | | 245,915 | |
| | | | | 1,740,000 | | | | 4.000 | | | 05/01/2050 | | | 1,503,277 | |
| | Viera East Community Development District Special Assessment Bonds Series 2020 (AGM) (NR/AA) | |
| | | | | 1,625,000 | | | | 2.600 | | | 05/01/2034 | | | 1,400,551 | |
| | Viera Stewardship District Special Assessment RB Series 2023 (NR/NR) | |
| | | | | 1,000,000 | | | | 5.300 | | | 05/01/2043 | | | 1,039,409 | |
| | | | | 2,750,000 | | | | 5.500 | | | 05/01/2054 | | | 2,848,253 | |
| | Villa Portofino East Community Development District Special Assessment Refunding Series 2019 (NR/NR) | |
| | | | | 1,000,000 | | | | 3.750 | | | 05/01/2037 | | | 926,664 | |
| | Village Community Development District No. 13 Special Assessment RB Series 2019 (NR/NR) | |
| | | | | 9,510,000 | | | | 3.700 | | | 05/01/2050 | | | 8,365,604 | |
| | Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR) | |
| | | | | 4,100,000 | | | | 3.250 | (c) | | 05/01/2040 | | | 3,658,109 | |
| | | | | 9,105,000 | | | | 3.500 | (c) | | 05/01/2051 | | | 7,670,257 | |
| | Village Community Development District No. 15 Special Assessment Rb Series 2023 (NR/NR) | |
| | | | | 4,600,000 | | | | 5.250 | (c) | | 05/01/2054 | | | 4,796,698 | |
| | |
| 126 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Village Community Development District No. 15 Special Assessment RB Series 2023 (NR/NR) | |
| | $ | | | 2,050,000 | | | | 5.000 | %(c) | | 05/01/2043 | | $ | 2,136,642 | |
| | Village Community Development District Special Assessment RB Series 2021 (NR/NR) | |
| | | | | 4,425,000 | | | | 3.250 | | | 05/01/2052 | | | 3,499,656 | |
| | Villages of Glen Creek Community Development District Capital Improvement RB Series 2022A (NR/NR) | |
| | | | | 1,150,000 | | | | 5.250 | | | 05/01/2053 | | | 1,173,101 | |
| | Villages of Glen Creek Community Development District Capital Improvement Revenue and Refunding Bonds Series 2022 (NR/NR) | |
| | | | | 1,105,000 | | | | 4.000 | | | 05/01/2052 | | | 949,441 | |
| | Villamar Community Development District Special Assessment Bonds Series 2019 (NR/NR) | |
| | | | | 885,000 | | | | 4.625 | | | 05/01/2039 | | | 885,711 | |
| | | | | 1,355,000 | | | | 4.875 | | | 05/01/2050 | | | 1,340,579 | |
| | Villamar Community Development District Special Assessment Bonds Series 2020 (NR/NR) | |
| | | | | 555,000 | | | | 3.750 | | | 05/01/2040 | | | 523,880 | |
| | | | | 1,000,000 | | | | 4.000 | | | 05/01/2051 | | | 863,755 | |
| | Villamar Community Development District Special Assessment Bonds, Series 2024 (NR/NR) | |
| | | | | 570,000 | | | | 5.500 | | | 05/01/2044 | | | 593,523 | |
| | | | | 1,000,000 | | | | 5.750 | | | 05/01/2054 | | | 1,036,128 | |
| | Vizcaya In Kendall Community Development District Special Assessment Bonds Series 2016 (NR/BBB) | |
| | | | | 1,000,000 | | | | 3.750 | | | 11/01/2031 | | | 970,788 | |
| | | | | 1,000,000 | | | | 4.000 | | | 11/01/2036 | | | 970,074 | |
| | | | | 1,300,000 | | | | 4.125 | | | 11/01/2046 | | | 1,188,490 | |
| | Waterford Community Development District Capital Improvement RB Series 2023 (NR/NR) | |
| | | | | 440,000 | | | | 5.375 | | | 05/01/2043 | | | 456,525 | |
| | | | | 550,000 | | | | 5.600 | | | 05/01/2053 | | | 570,599 | |
| | Waterford Community Development District Hernando County Florida Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) | |
| | | | | 825,000 | | | | 5.450 | (c) | | 05/01/2054 | | | 826,220 | |
| | Waterford Landing Community Development District Capital Improvement RB Series 2014 (NR/NR) | |
| | | | | 2,230,000 | | | | 5.500 | | | 05/01/2034 | | | 2,232,175 | |
| | | | | 3,810,000 | | | | 5.750 | | | 05/01/2044 | | | 3,812,788 | |
| | Watergrass Community Development District II Special Assessment Bonds Series 2018 (NR/NR) | |
| | | | | 4,040,000 | | | | 5.250 | | | 05/01/2049 | | | 4,089,164 | |
| | 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 | | | 3,210,298 | |
| | Waterset Central Community Development District Special Assessment Bonds Series 2018 (NR/NR) | |
| | | | | 1,640,000 | | | | 5.125 | (c) | | 11/01/2038 | | | 1,678,265 | |
| | | | | 2,800,000 | | | | 5.250 | (c) | | 11/01/2049 | | | 2,837,360 | |
| | Waterset North Community Development District Special Assessment RB Series 2014 (NR/NR) | |
| | | | | 1,200,000 | | | | 5.125 | | | 11/01/2035 | | | 1,200,782 | |
| | | | | 1,930,000 | | | | 5.500 | | | 11/01/2045 | | | 1,930,943 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Wellness Ridge Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | $ | | | 1,320,000 | | | | 5.125 | % | | 06/15/2043 | | $ | 1,370,572 | |
| | | | | 1,215,000 | | | | 5.375 | | | 06/15/2053 | | | 1,264,635 | |
| | Wesbridge Community Development District Special Assessment Series 2019 (NR/NR) | |
| | | | | 1,215,000 | | | | 4.250 | | | 11/01/2049 | | | 1,096,945 | |
| | West Hillcrest Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 1,150,000 | | | | 5.500 | | | 06/15/2053 | | | 1,198,714 | |
| | West Port Community Development District Special Assessment Area Two Series 2020 (NR/NR) | |
| | | | | 570,000 | | | | 3.625 | (c) | | 05/01/2041 | | | 493,980 | |
| | | | | 1,545,000 | | | | 4.000 | (c) | | 05/01/2051 | | | 1,318,197 | |
| | West Port Community Development District Special Assessment Bonds for Charlotte County Series 2022 (NR/NR) | |
| | | | | 550,000 | | | | 5.250 | | | 05/01/2052 | | | 557,919 | |
| | West Port Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) | |
| | | | | 1,445,000 | | | | 3.400 | | | 05/01/2041 | | | 1,217,596 | |
| | West Villages Improvement District Capital Improvement RB for Unit of Development No. 10 Series 2024 (Assessment Area One) (NR/NR) | |
| | | | | 1,150,000 | | | | 5.625 | | | 05/01/2054 | | | 1,170,444 | |
| | West Villages Improvement District Special Assessment RB for Neighborhood Infrastructure Series 2022 (NR/NR) | |
| | | | | 475,000 | | | | 5.375 | | | 05/01/2042 | | | 497,980 | |
| | | | | 1,350,000 | | | | 5.500 | | | 05/01/2053 | | | 1,401,157 | |
| | West Villages Improvement District Special Assessment RB Series 2023 (NR/NR) | |
| | | | | 850,000 | | | | 5.375 | | | 05/01/2043 | | | 889,171 | |
| | | | | 2,265,000 | | | | 5.625 | | | 05/01/2053 | | | 2,370,428 | |
| | 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 | | | 2,328,466 | |
| | | | | 3,790,000 | | | | 5.000 | | | 05/01/2050 | | | 3,796,848 | |
| | West Villages Improvement District Unit of Development No. 7 Special Assessment RB Series 2023 (NR/NR) | |
| | | | | 570,000 | | | | 6.250 | | | 05/01/2054 | | | 613,682 | |
| | Westside Community Development District Special Assessment RB for Solara Phase 1 Assessment Area Series 2018 (NR/NR) | |
| | | | | 440,000 | | | | 5.000 | (c) | | 05/01/2038 | | | 449,503 | |
| | | | | 600,000 | | | | 5.200 | (c) | | 05/01/2048 | | | 608,469 | |
| | Westside Community Development District Special Assessment RB for Solara Phase 2 Assessment Area Series 2019 (NR/NR) | |
| | | | | 990,000 | | | | 4.625 | | | 05/01/2039 | | | 990,795 | |
| | | | | 1,590,000 | | | | 4.850 | | | 05/01/2049 | | | 1,571,093 | |
| | Westside Community Development District Special Assessment RB Refunding Series 2019 (NR/NR) | |
| | | | | 800,000 | | | | 4.100 | (c) | | 05/01/2037 | | | 772,667 | |
| | | | | 795,000 | | | | 4.125 | (c) | | 05/01/2038 | | | 761,316 | |
| | Westside Community Development District Special Assessment RB Series 2019 (NR/NR) | |
| | | | | 1,200,000 | | | | 5.000 | | | 05/01/2039 | | | 1,224,482 | |
| | | | | 2,000,000 | | | | 5.200 | | | 05/01/2050 | | | 2,023,565 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 127 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Westside Haines City Community Development District Polk County Florida Special Assessment Bonds Series 2024 Assessment Area Two Project (NR/NR) | |
| | $ | | | 2,050,000 | | | | 5.750 | % | | 05/01/2044 | | $ | 2,111,825 | |
| | | | | 2,550,000 | | | | 6.000 | | | 05/01/2054 | | | 2,631,591 | |
| | Westview North Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 1,150,000 | | | | 6.000 | | | 06/15/2052 | | | 1,210,348 | |
| | Westview South Community Development District Special Assessment Bonds for Assessment Area One, Series 2023 (NR/NR) | |
| | | | | 1,030,000 | | | | 5.375 | | | 05/01/2043 | | | 1,063,539 | |
| | | | | 3,245,000 | | | | 5.600 | | | 05/01/2053 | | | 3,352,160 | |
| | | | | 1,415,000 | | | | 5.625 | | | 05/01/2053 | | | 1,469,601 | |
| | Westview South Community Development District Special Assessment Bonds for Assessment Area Two, Series 2023 (NR/NR) | |
| | | | | 600,000 | | | | 5.375 | | | 05/01/2043 | | | 619,523 | |
| | Westwood of Pasco Community Development District Capital Improvement RB, Series 2023 (NR/NR) | |
| | | | | 675,000 | | | | 5.625 | | | 05/01/2053 | | | 701,045 | |
| | Whispering Pines Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 830,000 | | | | 5.500 | | | 05/01/2053 | | | 863,667 | |
| | Whispering Pines Community Development District Special Assessment Bonds Series 2024 (NR/NR) | |
| | | | | 420,000 | | | | 5.200 | | | 05/01/2044 | | | 429,085 | |
| | | | | 490,000 | | | | 5.500 | | | 05/01/2054 | | | 499,686 | |
| | Willowbrook Community Development District City of Winter Haven Florida Special Assessment Bonds Series 2024 Assessment Area One Project (NR/NR) | |
| | | | | 1,000,000 | | | | 5.900 | | | 05/01/2055 | | | 1,021,158 | |
| | Willows Community Development District Special Assessment RB for Manatee County Series 2022 (NR/NR) | |
| | | | | 1,100,000 | | | | 5.750 | | | 05/01/2052 | | | 1,155,404 | |
| | Wind Meadows South Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) | |
| | | | | 1,175,000 | | | | 4.000 | | | 05/01/2052 | | | 1,007,010 | |
| | 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 | | | 1,151,151 | |
| | Winding Cypress Community Development District Phase 3 Assessment Area Special Assessment Bonds Series 2019 (NR/NR) | |
| | | | | 970,000 | | | | 5.000 | | | 11/01/2049 | | | 975,493 | |
| | 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 | | | 1,779,039 | |
| | Windsor Cay Community Development District Lake County Florida Special Assessment Bonds Series 2024 (NR/NR) | |
| | | | | 1,000,000 | | | | 5.450 | | | 05/01/2044 | | | 1,025,954 | |
| | | | | 1,000,000 | | | | 5.750 | | | 05/01/2054 | | | 1,027,040 | |
| | Windward at Lakewood Ranch Community Development District Capital Improvement RB Series 2022 (NR/NR) | |
| | | | | 1,040,000 | | | | 4.250 | | | 05/01/2052 | | | 907,838 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Florida – (continued) | |
| |
| | Windward Community Development District Special Assessment Series 2020 A-1 (NR/NR) | |
| | $ | | | 400,000 | | | | 4.400 | % | | 11/01/2035 | | $ | 401,639 | |
| | | | | 625,000 | | | | 4.250 | | | 05/01/2040 | | | 594,755 | |
| | | | | 1,000,000 | | | | 4.500 | | | 05/01/2051 | | | 931,093 | |
| | Wiregrass Community Development District Capital Improvement RB Series 2014 (NR/NR) | |
| | | | | 380,000 | | | | 5.375 | | | 05/01/2035 | | | 382,512 | |
| | | | | 3,010,000 | | | | 5.625 | | | 05/01/2045 | | | 3,024,592 | |
| | Wiregrass Community Development District Capital Improvement RB Series 2016 (NR/NR) | |
| | | | | 780,000 | | | | 4.875 | | | 05/01/2036 | | | 785,950 | |
| | Wiregrass II Community Development District Special Assessment Series 2020 (NR/NR) | |
| | | | | 1,585,000 | | | | 3.700 | | | 05/01/2040 | | | 1,410,024 | |
| | | | | 3,450,000 | | | | 3.875 | | | 05/01/2050 | | | 2,882,397 | |
| | Zephyr Lakes Community Development District Special Assessment for Assessment Area Two Series 2021 (NR/NR) | |
| | | | | 560,000 | | | | 3.375 | | | 05/01/2041 | | | 469,711 | |
| | | | | 890,000 | | | | 4.000 | | | 05/01/2051 | | | 760,447 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 1,710,794,320 | |
| | | |
| | Georgia - 1.7% | |
| |
| | Atlanta Development Authority RB for New Downtown Atlanta Stadium Project Senior Lien Series 2015 A-1 (Aa3/A+) | |
| | | | | 1,500,000 | | | | 5.250 | | | 07/01/2040 | | | 1,518,569 | |
| | 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 | | | 1,000,062 | |
| | Cherokee County Water and Sewerage Authority Georgia Water and Sewerage RB, Series 2023 (Aa1/AA) | |
| | | | | 1,200,000 | | | | 4.000 | | | 08/01/2053 | | | 1,192,025 | |
| | Columbia County Hospital Authority Revenue Anticipation Certificates, (Wellstar Health System, Inc. Project) Series 2023A (A2/A+) | |
| | | | | 1,495,000 | | | | 5.125 | | | 04/01/2053 | | | 1,617,688 | |
| | Coweta County Water and Sewerage Authority RB Series 2024 (NR/AA+) | |
| | | | | 1,865,000 | | | | 5.000 | | | 06/01/2054 | | | 2,046,177 | |
| | Development Authority of Dekalb County RB for The Globe Academy, Inc., Project Series 2024A (Baa2/NR) | |
| | | | | 300,000 | | | | 5.000 | | | 06/01/2050 | | | 304,105 | |
| | | | | 480,000 | | | | 5.000 | | | 06/01/2055 | | | 484,055 | |
| | | | | 2,635,000 | | | | 5.000 | | | 06/01/2063 | | | 2,644,148 | |
| | Gainesville & Hall County Development Authority RB Refunding for Riverside Military Academy Series 2017 (NR/NR) | |
| | | | | 900,000 | | | | 5.125 | | | 03/01/2052 | | | 634,866 | |
| | George L Smith II Congress Center Authority RB for Convention Center Hotel Second Tier Series 2021B (NR/NR) | |
| | | | | 18,210,000 | | | | 5.000 | (c) | | 01/01/2054 | | | 17,564,749 | |
| | George L Smith II Congress Center Authority RB for Signia Hotel Management LLC Series 2021 (NR/NR) | |
| | | | | 3,690,000 | | | | 3.625 | (c) | | 01/01/2031 | | | 3,530,640 | |
| | | | | 1,340,000 | | | | 5.000 | (c) | | 01/01/2036 | | | 1,361,401 | |
| | 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 | | | 11,088,127 | |
| | |
| 128 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Georgia – (continued) | |
| |
| | Main Street Natural Gas Inc. Gas Supply RB Series 2022C (NR/BBB-) | |
| | $ | | | 3,115,000 | | | | 4.000 | %(c) | | 11/01/2026 | | $ | 3,115,408 | |
| | Main Street Natural Gas Inc. Gas Supply RB Series 2023B (Aa1/NR) | |
| | | | | 7,000,000 | | | | 5.000 | (a)(b) | | 07/01/2053 | | | 7,577,989 | |
| | Main Street Natural Gas Inc., Gas Supply RB Series 2023E-1 (Aa1/ NR) | |
| | | | | 7,235,000 | | | | 5.000 | (a)(b) | | 12/01/2053 | | | 7,878,576 | |
| | Main Street Natural Gas Inc., Gas Supply RB, Series 2023C (Aa1/NR) | |
| | | | | 500,000 | | | | 5.000 | (a)(b) | | 09/01/2053 | | | 540,097 | |
| | Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A1/NR) | |
| | | | | 3,300,000 | | | | 5.000 | | | 05/15/2043 | | | 3,424,823 | |
| | | | | 17,350,000 | | | | 5.000 | | | 05/15/2049 | | | 19,235,338 | |
| | Main Street Natural Gas, Inc. Gas Supply RB, Series 2022B (A3/NR) | |
| | | | | 25,000,000 | | | | 5.000 | (a)(b) | | 12/01/2052 | | | 26,443,187 | |
| | Main Street Natural Gas, Inc., Gas Supply RB Series 2024A (Aa1/NR) | |
| | | | | 13,750,000 | | | | 5.000 | (a)(b) | | 05/01/2054 | | | 15,029,919 | |
| | Main Street Natural Gas, Inc., Gas Supply RB Series 2024B (Aa1/NR) | |
| | | | | 7,500,000 | | | | 5.000 | (a)(b) | | 12/01/2054 | | | 8,223,985 | |
| | Municipal Electric Authority of Georgia Plant Vogtle Project J Bonds Series 2019A (A3/A) | |
| | | | | 5,000,000 | | | | 5.000 | | | 01/01/2059 | | | 5,127,445 | |
| | Municipal Electric Authority RB Georgia Plant Vogtle Units 3 & 4 Project Series 2019 A (A3/A) | |
| | | | | 2,500,000 | | | | 5.000 | | | 01/01/2039 | | | 2,623,473 | |
| | | | | 7,000,000 | | | | 5.000 | | | 01/01/2049 | | | 7,228,351 | |
| | Rockdale County Development Authority RB Refunding for Pratt Paper LLC Project Series 2018 (NR/NR) | |
| | | | | 1,500,000 | | | | 4.000 | (c) | | 01/01/2038 | | | 1,500,640 | |
| | 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 | (c)(h) | | 12/15/2048 | | | 30,778,758 | |
| | The Atlanta Development Authority Senior RB Westside Gulch Area Project Series 2024A-2 (NR/NR) | |
| | | | | 12,875,000 | | | | 5.500 | (c) | | 04/01/2039 | | | 13,316,108 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 197,030,709 | |
| | | |
| | 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 | | | 662,544 | |
| | | | | 220,000 | | | | 5.250 | | | 10/01/2035 | | | 240,446 | |
| | | | | 510,000 | | | | 5.250 | | | 10/01/2036 | | | 556,492 | |
| | | | | 300,000 | | | | 5.375 | | | 10/01/2040 | | | 328,206 | |
| | A.B. Won Pat International Airport Authority Guam General RB 2023 Series A (AMT) (Baa2/NR) | |
| | | | | 975,000 | | | | 5.375 | | | 10/01/2043 | | | 1,054,557 | |
| | Antonio B Won Pat International Airport Authority Taxable RB Refunding Series 2021 A (Baa2/NR) | |
| | | | | 1,500,000 | | | | 3.839 | | | 10/01/2036 | | | 1,322,614 | |
| | | | | 1,925,000 | | | | 4.460 | | | 10/01/2043 | | | 1,674,468 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Guam – (continued) | |
| |
| | 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 | | $ | 7,727,887 | |
| | Guam Government Limited Obligation RB Section 30 Series 2016 A (NR/BB) | |
| | | | | 500,000 | | | | 5.000 | | | 12/01/2031 | | | 513,921 | |
| | Guam Government Limited Obligation Section 30 Bond Series 2016A (NR/BB) | |
| | | | | 3,000,000 | | | | 5.000 | | | 12/01/2046 | | | 3,022,041 | |
| | Guam Waterworks Authority RB for Water & Wastewater System Series 2020 A (Baa2/A-) | |
| | | | | 1,540,000 | | | | 5.000 | | | 01/01/2050 | | | 1,603,079 | |
| | Guam Waterworks Authority Water & Wastewater RB Series 2016 (Baa2/A-) | |
| | | | | 5,000,000 | | | | 5.000 | | | 01/01/2046 | | | 5,082,838 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 23,789,093 | |
| | | |
| | Hawaii - 0.6% | |
| |
| | Department of Budget and Finance of The State of Hawaii Special Purpose Refunding RB Hawai’I Pacific University Project Series 2024 (NR/BB) | |
| | | | | 2,750,000 | | | | 5.000 | (c) | | 07/01/2039 | | | 2,794,366 | |
| | | | | 2,750,000 | | | | 5.125 | (c) | | 07/01/2043 | | | 2,755,637 | |
| | 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 | | | 16,786,377 | |
| | Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2017 B (Ba3/NR) | |
| | | | | 1,200,000 | | | | 4.000 | | | 03/01/2037 | | | 1,119,491 | |
| | Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2019 (Ba3/NR) | |
| | | | | 15,755,000 | | | | 3.200 | | | 07/01/2039 | | | 13,277,741 | |
| | Hawaii State Department of Budget and Finance for Hawaiian Electric Company Inc. Special Purpose RB Series 2017A (Ba3/NR) | |
| | | | | 945,000 | | | | 3.500 | | | 10/01/2049 | | | 752,739 | |
| | 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 | | | 2,459,592 | |
| | State of Hawaii Airports System RB Series 2022A (A1/AA-) | |
| | | | | 2,750,000 | | | | 5.000 | | | 07/01/2047 | | | 2,913,884 | |
| | State of Hawaii Department of Budget and Finance Pacific University Special Purpose Revenue Refunding Bonds Series 2018 (NR/NR) | |
| | | | | 12,700,000 | | | | 6.000 | (c) | | 07/01/2028 | | | 13,129,186 | |
| | State of Hawaii Department of Budget and Finance Special Purpose RB Refunding Series 2017A (Ba3/NR) | |
| | | | | 18,675,000 | | | | 3.100 | | | 05/01/2026 | | | 17,956,300 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 73,945,313 | |
| | | |
| | Idaho - 0.0% | |
| |
| | Avimor Community Infrastructure District No. 1 in The City of Eagle Idaho in The Counties of Ada Boise and Gem Idaho Special Assessment Bonds Series 2024 (NR/NR) | |
| | | | | 2,350,000 | | | | 5.875 | (c) | | 09/01/2053 | | | 2,472,547 | |
| | | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 129 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Illinois - 6.7% | |
| |
| | Belleville Tax Increment & Sales Tax Refunding RB for Carlyle Green Mount Redevelopment Project Series 2021B (NR/NR) | |
| | $ | | | 915,000 | | | | 3.750 | % | | 07/01/2041 | | $ | 894,111 | |
| | Board of Education of The City of Chicago Dedicated Capital Improvement Series 2017 (NR/NR) | |
| | | | | 1,725,000 | | | | 5.000 | | | 04/01/2046 | | | 1,746,849 | |
| | Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2012A (Ba1/BB+) | |
| | | | | 2,500,000 | | | | 5.000 | | | 12/01/2042 | | | 2,499,833 | |
| | 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 | | | 6,804,167 | |
| | 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 | | | 3,248,269 | |
| | Board of Education of The City of Chicago UT GO Refunding Bonds Dedicated Revenues, Series 2017G (NR/BB+) | |
| | | | | 8,000,000 | | | | 5.000 | | | 12/01/2044 | | | 8,085,549 | |
| | Chicago Illinois Board of Education Dedicated Capital Improvement Series 2016 (NR/NR) | |
| | | | | 16,000,000 | | | | 6.000 | | | 04/01/2046 | | | 16,718,077 | |
| | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa2/BB+) | |
| | | | | 9,310,000 | | | | 0.000 | (e) | | 12/01/2029 | | | 7,630,387 | |
| | | | | 6,345,000 | | | | 0.000 | (e) | | 12/01/2030 | | | 4,970,089 | |
| | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa2/BB+) | |
| | | | | 185,000 | | | | 0.000 | (e) | | 12/01/2029 | | | 151,624 | |
| | Chicago Illinois Board of Education GO Bonds Capital Appreciation Series 2009 C (Baa3/BBB+) | |
| | | | | 160,000 | | | | 0.000 | (e) | | 01/01/2031 | | | 126,879 | |
| | Chicago Illinois Board of Education GO Bonds Series 2017 A (NR/BB+) | |
| | | | | 5,500,000 | | | | 7.000 | (c) | | 12/01/2046 | | | 5,947,860 | |
| | Chicago Illinois Board of Education GO Refunding Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa2/BB+) | |
| | | | | 23,595,000 | | | | 0.000 | (e) | | 12/01/2031 | | | 17,620,548 | |
| | Chicago Illinois Board of Education GO Refunding Bonds Series 2005 A (AMBAC) (Ba1/BB+) | |
| | | | | 6,330,000 | | | | 5.500 | | | 12/01/2027 | | | 6,589,038 | |
| | | | | 3,000,000 | | | | 5.500 | | | 12/01/2028 | | | 3,157,332 | |
| | Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Alternate Revenues Series 2015 C (NR/BB+) | |
| | | | | 20,125,000 | | | | 5.250 | | | 12/01/2035 | | | 20,148,826 | |
| | | | | 10,410,000 | | | | 5.250 | | | 12/01/2039 | | | 10,417,437 | |
| | 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 | | | 2,455,724 | |
| | 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 | | | 13,560,542 | |
| | 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 | | | 11,486,883 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Illinois – (continued) | |
| |
| | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 A (NR/BB+) | |
| | $ | | | 54,375,000 | | | | 7.000 | % | | 12/01/2044 | | $ | 55,861,830 | |
| | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 B (NR/BB+) | |
| | | | | 61,035,000 | | | | 6.500 | | | 12/01/2046 | | | 63,502,627 | |
| | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2017H (NR/BB+) | |
| | | | | 16,390,000 | | | | 5.000 | | | 12/01/2046 | | | 16,519,927 | |
| | Chicago Illinois Capital Appreciation Refunding & Project Series 2009 C (Baa3/BBB+) | |
| | | | | 11,415,000 | | | | 0.000 | (e) | | 01/01/2032 | | | 8,651,742 | |
| | Chicago Illinois GO Bonds Project and Refunding RMKT 06/08/15 Series 2005 D (Baa3/BBB+) | |
| | | | | 1,700,000 | | | | 5.500 | | | 01/01/2037 | | | 1,704,689 | |
| | | | | 100,000 | | | | 5.500 | | | 01/01/2040 | | | 100,219 | |
| | Chicago Illinois GO Bonds Series 2015 A (NR/BBB+) | |
| | | | | 4,180,000 | | | | 5.500 | | | 01/01/2039 | | | 4,189,976 | |
| | Chicago Illinois GO Refunding Bonds RMKT 06/08/15 Series 2007 E (Baa3/BBB+) | |
| | | | | 3,775,000 | | | | 5.500 | | | 01/01/2042 | | | 3,782,075 | |
| | Chicago Illinois GO Refunding Bonds RMKT 06/08/15 Series 2007 F (Baa3/BBB+) | |
| | | | | 2,500,000 | | | | 5.500 | | | 01/01/2042 | | | 2,504,685 | |
| | Chicago Illinois GO Refunding Bonds Series 2015 C (NR/BBB+) | |
| | | | | 14,455,000 | | | | 5.000 | | | 01/01/2038 | | | 14,549,174 | |
| | Chicago Illinois O’Hare International Airport RB General Airport Senior Lien Series 2017D (AMT) (NR/A+) | |
| | | | | 255,000 | | | | 5.000 | | | 01/01/2047 | | | 258,970 | |
| | Chicago Illinois Wastewater Transmission RB Second Lien Series 2017 A (AGM) (NR/AA) | |
| | | | | 5,460,000 | | | | 4.000 | | | 01/01/2052 | | | 5,296,982 | |
| | Chicago Park District GO Bonds Limited Tax Series 2018 A (NR/AA-) | |
| | | | | 2,585,000 | | | | 4.000 | | | 01/01/2041 | | | 2,586,884 | |
| | City of Chicago Board of Education Dedicated Capital Improvement Tax Bonds Series 2023 (NR/NR) | |
| | | | | 6,850,000 | | | | 5.750 | | | 04/01/2048 | | | 7,637,134 | |
| | City of Chicago Board of Education UT GO Bonds for Dedicated Revenues Series 2018D (NR/BB+) | |
| | | | | 14,270,000 | | | | 5.000 | | | 12/01/2046 | | | 14,269,408 | |
| | City of Chicago Board of Education UT GO Bonds Series 2018D (NR/BB+) | |
| | | | | 15,205,000 | | | | 5.000 | | | 12/01/2046 | | | 15,359,828 | |
| | City of Chicago Board of Education UT GO Bonds Series 2022A (NR/BB+) | |
| | | | | 4,700,000 | | | | 4.000 | | | 12/01/2047 | | | 4,169,003 | |
| | City of Chicago GO Bonds Series 2019A (NR/BBB+) | |
| | | | | 5,000,000 | | | | 5.500 | | | 01/01/2049 | | | 5,216,685 | |
| | City of Chicago GO Bonds Series 2021B (NR/BBB+) | |
| | | | | 2,383,000 | | | | 4.000 | | | 01/01/2049 | | | 2,151,971 | |
| | City of Chicago IL GO Bonds Series 2019 (NR/BBB+) | |
| | | | | 5,000,000 | | | | 5.000 | | | 01/01/2044 | | | 5,148,845 | |
| | City of Chicago O’Hare International Airport General Airport Senior Lien RB Series 2022A (AMT) (AGM) (NR/AA) | |
| | | | | 20,000,000 | | | | 5.500 | | | 01/01/2053 | | | 21,657,958 | |
| | 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 | | | 1,231,739 | |
| | |
| 130 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity
Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Illinois – (continued) | |
| |
| | City of Chicago O’Hare International Airport General Airport Senior Lien RB Series 2015C (AMT) (NR/A+) | |
| | $ | | | 1,000,000 | | | | 5.000 | % | | 01/01/2046 | | $ | 1,001,074 | |
| | City of Chicago O’Hare International Airport General Airport Senior Lien RB Series 2017D (NR/A+) | |
| | | | | 7,450,000 | | | | 5.000 | | | 01/01/2052 | | | 7,546,460 | |
| | City of Chicago O’Hare International Airport General Airport Senior Lien RB Series 2022A (NR/A+) | |
| | | | | 2,400,000 | | | | 4.500 | | | 01/01/2048 | | | 2,422,155 | |
| | | | | 1,000,000 | | | | 5.500 | | | 01/01/2055 | | | 1,089,725 | |
| | City of Chicago O’Hare International Airport General Airport Senior Lien RB Series 2024A (AMT) (NR/A+) | |
| | | | | 20,000,000 | | | | 5.500 | | | 01/01/2053 | | | 22,238,418 | |
| | City of Chicago O’Hare International Airport General Airport Senior Lien Revenue and RR Bonds Series 2018A (AMT) (NR/A+) | |
| | | | | 7,670,000 | | | | 5.000 | | | 01/01/2048 | | | 7,876,401 | |
| | | | | 3,500,000 | | | | 5.000 | | | 01/01/2053 | | | 3,579,385 | |
| | 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 | | | 2,469,177 | |
| | 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 | | | 1,443,915 | |
| | County of Will Illinois GO Bonds Series 2019 (Aa1/AA+) | |
| | | | | 2,500,000 | | | | 4.000 | | | 11/15/2047 | | | 2,443,469 | |
| | Du Page County Special Service Area No. 31 Special Tax for Monarch Landing Project Series 2006 (NR/NR) | |
| | | | | 963,000 | | | | 5.625 | | | 03/01/2036 | | | 964,145 | |
| | 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 | | | 5,002,462 | |
| | Illinois Finance Authority RB for Clark-Lindsey Series 2022A (NR/NR) | |
| | | | | 950,000 | | | | 5.375 | | | 06/01/2042 | | | 925,931 | |
| | Illinois Finance Authority RB for Depaul College Prep Foundation Series 2023A (NR/BB+) | |
| | | | | 4,000,000 | | | | 5.625 | (c) | | 08/01/2053 | | | 4,322,032 | |
| | Illinois Finance Authority RB for Dominican University Series 2022 (NR/BBB-) | |
| | | | | 1,200,000 | | | | 5.000 | | | 03/01/2047 | | | 1,188,745 | |
| | | | | 1,050,000 | | | | 5.000 | | | 03/01/2052 | | | 1,020,572 | |
| | Illinois Finance Authority RB for Lake Forest College Series 2022A (NR/BBB) | |
| | | | | 2,250,000 | | | | 5.500 | | | 10/01/2047 | | | 2,353,586 | |
| | | | | 1,925,000 | | | | 5.250 | | | 10/01/2052 | | | 1,966,275 | |
| | Illinois Finance Authority RB for Plymouth Place Series 2022A (NR/NR) | |
| | | | | 1,750,000 | | | | 6.625 | | | 05/15/2052 | | | 1,891,865 | |
| | | | | 3,700,000 | | | | 6.750 | | | 05/15/2058 | | | 4,006,511 | |
| | Illinois Finance Authority RB for Roosevelt University Series 2007 (B2/NR) | |
| | | | | 2,950,000 | | | | 5.500 | | | 04/01/2032 | | | 2,949,838 | |
| | Illinois Finance Authority RB for Roosevelt University Series 2019 A (NR/NR) | |
| | | | | 15,725,000 | | | | 6.125 | (c) | | 04/01/2049 | | | 15,847,035 | |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity
Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Illinois – (continued) | |
| |
| | Illinois Finance Authority RB for Roosevelt University Series 2019A (NR/NR) | |
| | $ | | | 14,970,000 | | | | 6.125 | %(c) | | 04/01/2058 | | $ | 14,991,391 | |
| | Illinois Finance Authority RB for University of Illinois Series 2020 (NR/BBB+) | |
| | | | | 1,000,000 | | | | 4.000 | | | 10/01/2040 | | | 969,876 | |
| | | | | 950,000 | | | | 4.000 | | | 10/01/2050 | | | 890,591 | |
| | Illinois Finance Authority RB Refunding for Franciscan Communities Project Series 2017 A (NR/NR) | |
| | | | | 1,015,000 | | | | 4.000 | | | 05/15/2027 | | | 1,014,219 | |
| | | | | 2,825,000 | | | | 5.000 | | | 05/15/2037 | | | 2,876,621 | |
| | | | | 1,055,000 | | | | 5.000 | | | 05/15/2047 | | | 1,060,032 | |
| | Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (Ba2/NR) | |
| | | | | 1,500,000 | | | | 4.000 | | | 09/01/2035 | | | 1,367,687 | |
| | | | | 1,725,000 | | | | 5.000 | | | 09/01/2036 | | | 1,708,023 | |
| | | | | 2,000,000 | | | | 4.000 | | | 09/01/2037 | | | 1,753,771 | |
| | | | | 2,000,000 | | | | 4.000 | | | 09/01/2039 | | | 1,702,752 | |
| | | | | 1,500,000 | | | | 5.000 | | | 09/01/2040 | | | 1,432,238 | |
| | | | | 1,500,000 | | | | 4.000 | | | 09/01/2041 | | | 1,243,053 | |
| | Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (Baa3/A-) | |
| | | | | 500,000 | | | | 5.000 | | | 09/01/2036 | | | 513,962 | |
| | | | | 3,470,000 | | | | 5.000 | | | 09/01/2046 | | | 3,517,794 | |
| | Illinois Finance Authority RB Refunding for Plymouth Place Obligated Group Series 2021 A (NR/NR) | |
| | | | | 950,000 | | | | 5.000 | | | 05/15/2051 | | | 881,198 | |
| | | | | 765,000 | | | | 5.000 | | | 05/15/2056 | | | 696,020 | |
| | Illinois Finance Authority RB Series 2018B (NR/NR) | |
| | | | | 2,775,000 | | | | 6.125 | (c) | | 04/01/2058 | | | 2,778,966 | |
| | Illinois Finance Authority RB Series 2021 (NR/BB+) | |
| | | | | 2,125,000 | | | | 4.000 | (c) | | 10/01/2042 | | | 1,930,745 | |
| | Illinois Finance Authority RB Series 2022A (NR/NR) | |
| | | | | 13,050,000 | | | | 5.500 | | | 06/01/2057 | | | 12,456,113 | |
| | Illinois Finance Authority RB, Columbia College Chicago, Series 2019 (NR/BBB-) | |
| | | | | 4,325,000 | | | | 5.000 | | | 12/01/2049 | | | 4,093,548 | |
| | Illinois Finance Authority Revenue Refunding Bonds for The Admiral at The Lake Project Series 2017 (NR/NR) | |
| | | | | 10,995,000 | | | | 5.000 | | | 05/15/2033 | | | 10,420,902 | |
| | Illinois State GO Bonds Series 2014 (A3/A-) | |
| | | | | 2,525,000 | | | | 5.000 | | | 05/01/2029 | | | 2,536,147 | |
| | | | | 5,000,000 | | | | 5.000 | | | 05/01/2039 | | | 5,022,074 | |
| | Illinois State GO Bonds Series 2017 A (A3/A-) | |
| | | | | 9,500,000 | | | | 5.000 | | | 12/01/2035 | | | 9,913,092 | |
| | | | | 1,805,000 | | | | 4.500 | | | 12/01/2041 | | | 1,827,650 | |
| | | | | 4,730,000 | | | | 5.000 | | | 12/01/2042 | | | 4,870,279 | |
| | Illinois State GO Bonds Series 2017 D (A3/A-) | |
| | | | | 2,740,000 | | | | 5.000 | | | 11/01/2028 | | | 2,910,071 | |
| | Illinois State GO Bonds Series 2018 A (A3/A-) | |
| | | | | 5,280,000 | | | | 5.000 | | | 05/01/2042 | | | 5,458,583 | |
| | | | | 5,280,000 | | | | 5.000 | | | 05/01/2043 | | | 5,447,920 | |
| | Illinois State GO Bonds Series 2019 C (A3/A-) | |
| | | | | 1,500,000 | | | | 4.000 | | | 11/01/2042 | | | 1,481,527 | |
| | Illinois State GO Bonds Series 2020 (A3/A-) | |
| | | | | 1,575,000 | | | | 5.500 | | | 05/01/2039 | | | 1,731,033 | |
| | | | | 4,250,000 | | | | 5.750 | | | 05/01/2045 | | | 4,670,651 | |
| | Illinois State GO Bonds Series 2020 C (A3/A-) | |
| | | | | 1,975,000 | | | | 4.250 | | | 10/01/2045 | | | 1,977,665 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 131 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity
Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Illinois – (continued) | |
| |
| | Lincolnshire Special Service Area No. 1 Special Tax for Sedgebrook Project Series 2004 A (NR/NR) | |
| | $ | | | 1,466,000 | | | | 6.250 | % | | 03/01/2034 | | $ | 1,467,532 | |
| | Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Bonds McCormick Place Expansion 2002 A (NATL) (Baa2/A) | |
| | | | | 3,665,000 | | | | 0.000 | (e) | | 12/15/2029 | | | 3,104,761 | |
| | Metropolitan Pier & Exposition Auth Ill Dedicated St Tax Rev Bonds McCormick Place Expansion Proj * (NATL) (Baa2/A) | |
| | | | | 1,220,000 | | | | 0.000 | (e) | | 06/15/2028 | | | 1,087,768 | |
| | Metropolitan Pier & Exposition Authority Dedicated State Tax RB for McCormick Place Expansion Series 2002A (NATL) (Baa2/A) | |
| | | | | 11,900,000 | | | | 0.000 | (e) | | 06/15/2038 | | | 7,075,594 | |
| | Metropolitan Pier & Exposition Authority RB Capital Appreciation for McCormick Place Expansion Series 2002 A (NATL) (Baa2/A) | |
| | | | | 13,500,000 | | | | 0.000 | (e) | | 12/15/2032 | | | 10,137,147 | |
| | Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (ETM) (NATL) (NR/NR) | |
| | | | | 530,000 | | | | 0.000 | (e) | | 06/15/2030 | | | 448,138 | |
| | Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL) (Baa2/A) | |
| | | | | 1,320,000 | | | | 0.000 | (e) | | 12/15/2031 | | | 1,029,628 | |
| | Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2010 B1 (AGM) (A1/AA) | |
| | | | | 3,200,000 | | | | 0.000 | (e) | | 06/15/2044 | | | 1,417,360 | |
| | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 A (NR/A) | |
| | | | | 66,700,000 | | | | 0.000 | (e) | | 12/15/2056 | | | 15,943,668 | |
| | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (AGM) (A1/AA) | |
| | | | | 18,400,000 | | | | 0.000 | (e) | | 12/15/2056 | | | 4,454,024 | |
| | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (NR/A) | |
| | 97,495,000 | | | | 0.000 | (e) | | 12/15/2054 | | | 25,470,822 | |
| | Metropolitan Pier and Exposition Authority Dedicated State Tax RB Series 2002A (NATL) (Baa2/A) | |
| | | | | 2,200,000 | | | | 0.000 | (e) | | 12/15/2034 | | | 1,524,763 | |
| | Metropolitan Pier and Exposition Authority McCormick Place Expansion Project RB, Series 2010B1 (AGM) (A1/AA) | |
| | | | | 3,455,000 | | | | 0.000 | (e) | | 06/15/2045 | | | 1,456,064 | |
| | Metropolitan Pier and Exposition Authority McCormick Place Expansion Project Refunding Bonds Series 2022A (NR/A) | |
| | | | | 2,125,000 | | | | 4.000 | | | 06/15/2052 | | | 2,007,310 | |
| | Metropolitan Pier and Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2024 B (NR/A) | |
| | | | | 4,500,000 | | | | 5.000 | | | 06/15/2053 | | | 4,877,482 | |
| | Plano Special Service Area No. 5 Special Tax Bonds for Lakewood Springs Club Series 2006 (NR/NR) | |
| | | | | 1,412,000 | | | | 6.000 | | | 03/01/2036 | | | 1,371,599 | |
| | Regional Transportation Authority Illinois GO Bonds Series 2016 A (Aa3/AA) | |
| | | | | 5,000,000 | | | | 4.000 | | | 06/01/2046 | | | 4,878,412 | |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity
Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Illinois – (continued) | |
| |
| | Southwestern Illinois Development Authority Environmental Improvement RB Series 2012 (United States Steel Corporation Project) (B1/BB-) | |
| | $ | | | 3,300,000 | | | | 5.750 | % | | 08/01/2042 | | $ | 3,303,409 | |
| | State of Illinois GO Bonds Series 2014 (A3/A-) | |
| | | | | 3,435,000 | | | | 5.250 | | | 02/01/2033 | | | 3,453,075 | |
| | | | | 2,665,000 | | | | 5.250 | | | 02/01/2034 | | | 2,679,023 | |
| | State of Illinois GO Bonds Series 2017 A (A3/A-) | |
| | | | | 9,500,000 | | | | 4.250 | | | 12/01/2040 | | | 9,566,159 | |
| | State of Illinois GO Bonds Series 2017C (A3/A-) | |
| | | | | 10,000,000 | | | | 5.000 | | | 11/01/2029 | | | 10,591,798 | |
| | State of Illinois GO Bonds Series 2020C (A3/A-) | |
| | | | | 1,000,000 | | | | 4.000 | | | 10/01/2041 | | | 992,453 | |
| | State of Illinois GO Bonds Series 2021A (A3/A-) | |
| | | | | 4,520,000 | | | | 4.000 | | | 03/01/2041 | | | 4,505,324 | |
| | | | | 9,000,000 | | | | 5.000 | | | 03/01/2046 | | | 9,543,470 | |
| | State of Illinois GO Bonds Series 2022A (A3/A-) | |
| | | | | 3,000,000 | | | | 5.500 | | | 03/01/2047 | | | 3,302,057 | |
| | State of Illinois GO Bonds Series of May 2024B (A3/A-) | |
| | | | | 3,500,000 | | | | 5.250 | | | 05/01/2048 | | | 3,844,048 | |
| | | | | 4,000,000 | | | | 5.250 | | | 05/01/2049 | | | 4,383,603 | |
| | State of Illinois GO Refunding Bonds Series 2018A (A3/A-) | |
| | | | | 2,000,000 | | | | 5.000 | | | 10/01/2028 | | | 2,164,179 | |
| | State of Illinois GO Unlimited Bonds Series 2017 A (A3/A-) | |
| | | | | 2,750,000 | | | | 4.000 | | | 12/01/2033 | | | 2,784,175 | |
| | | | | 7,950,000 | | | | 4.250 | | | 12/01/2037 | | | 8,047,370 | |
| | State of Illinois Sales Tax RB Junior Obligation Series C (NR/A) | |
| | | | | 10,000,000 | | | | 5.000 | | | 06/15/2044 | | | 10,903,422 | |
| | Upper Illinois River Valley Development Authority Educational Facility RB for Elgin Math & Science Academy Charter School Project Series 2023A (Ba2/NR) | |
| | | | | 3,170,000 | | | | 5.750 | (c) | | 03/01/2053 | | | 3,273,682 | |
| | Upper Illinois River Valley Development Authority RB Refunding for Prairie Crossing Charter School Series 2020 (NR/NR) | |
| | | | | 480,000 | | | | 5.000 | (c) | | 01/01/2045 | | | 480,254 | |
| | | | | 1,800,000 | | | | 5.000 | (c) | | 01/01/2055 | | | 1,774,661 | |
| | Village of Bellwood Cook County Illinois Tax Increment RB Series 2024 (NR/BBB) | |
| | | | | 2,525,000 | | | | 5.000 | | | 12/01/2050 | | | 2,611,966 | |
| | 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 | | | 1,954,779 | |
| | Village of Romeoville RB Refunding for Lewis University Series 2018 B (NR/BBB) | |
| | | | | 540,000 | | | | 4.125 | | | 10/01/2041 | | | 491,419 | |
| | | | | 2,330,000 | | | | 4.125 | | | 10/01/2046 | | | 2,046,933 | |
| | | | | | | | | | | | | | | | |
| | | | | 791,757,076 | |
| | | |
| | Indiana - 0.2% | |
| |
| | City of Valparaiso Indiana Exempt Facilities Refunding RB Pratt Paper LIC Project Series 2024 (NR/NR) | |
| | | | | 4,755,000 | | | | 5.000 | (c) | | 01/01/2054 | | | 4,966,185 | |
| | Indiana Finance Authority Educational Facilities RB for Marian University, Inc. Series 2019 A (NR/BBB) | |
| | | | | 400,000 | | | | 4.000 | | | 09/15/2049 | | | 347,411 | |
| | Indiana Finance Authority Environmental Improvement Revenue Refunding Bonds Series 2021A (B1/BB-) | |
| | | | | 4,415,000 | | | | 4.125 | | | 12/01/2026 | | | 4,484,075 | |
| | |
| 132 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity
Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Indiana – (continued) | |
| |
| | Indiana Finance Authority Midwestern Disaster Relief RB Series 2012A (Baa3/NR) | |
| | $ | | | 1,000,000 | | | | 4.250 | % | | 11/01/2030 | | $ | 1,049,083 | |
| | Indiana Finance Authority RB for KIPP Indianapolis, Inc. Series 2020 A (Ba1/NR) | |
| | | | | 1,780,000 | | | | 5.000 | | | 07/01/2055 | | | 1,782,201 | |
| | Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 B (Baa3/NR) | |
| | | | | 1,000,000 | | | | 3.000 | | | 11/01/2030 | | | 972,211 | |
| | Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 C (Baa3/NR) | |
| | | | | 1,000,000 | | | | 3.000 | | | 11/01/2030 | | | 972,211 | |
| | Indiana Finance Authority Student Housing RB Series 2023A (NR/BBB-) | |
| | | | | 2,100,000 | | | | 5.000 | | | 06/01/2053 | | | 2,187,708 | |
| | | | | 5,500,000 | | | | 5.375 | | | 06/01/2064 | | | 5,795,559 | |
| | Indianapolis Airport Authority Special Facilities RB for United Air Lines, Inc. Project Series 1995 A (WR/NR) | |
| | | | | 7,520,823 | | | | 6.500 | * | | 11/15/2031 | | | 75 | |
| | The Indianapolis Local Public Improvement Bond Bank, Indiana Convention Center Hotel Senior RB, Series 2023E (NR/BBB-) | |
| | | | | 2,750,000 | | | | 6.000 | | | 03/01/2053 | | | 3,059,300 | |
| | Town of Upland RB Refunding for Taylor University, Inc. Series 2021 (NR/A-) | |
| | | | | 3,300,000 | | | | 2.500 | | | 09/01/2050 | | | 2,046,549 | |
| | Town of Whiteland Indiana Economic Development RB for Patch Whiteland Project Phase II (NR/NR) | |
| | | | | 1,375,000 | | | | 6.125 | (c) | | 03/01/2049 | | | 1,416,142 | |
| | | | | | | | | | | | | | | | |
| | | | | 29,078,710 | |
| | | |
| | Iowa - 0.4% | | | | |
| |
| | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds for Iowa Fertilizer Company Project Series 2022 (#Aaa/AA+) | |
| | | | | 2,300,000 | | | | 5.000 | (a)(b)(d) | | 12/01/2050 | | | 2,691,935 | |
| | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds Series 2022 (#Aaa/AA+) | |
| | | | | 15,800,000 | | | | 5.000 | (d) | | 12/01/2050 | | | 18,492,423 | |
| | Iowa Finance Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 A-1 (NR/NR) | |
| | | | | 2,050,000 | | | | 4.000 | | | 05/15/2055 | | | 1,738,215 | |
| | | | | 3,600,000 | | | | 5.000 | | | 05/15/2055 | | | 3,604,305 | |
| | Iowa Finance Authority RB for Lifespace Communities, Inc. Series 2016A (NR/NR) | |
| | | | | 4,355,000 | | | | 5.000 | | | 05/15/2047 | | | 4,368,065 | |
| | Iowa Finance Authority RB for Lifespace Communities, Inc. Series 2018A (NR/NR) | |
| | | | | 11,900,000 | | | | 5.000 | | | 05/15/2043 | | | 11,991,731 | |
| | | | | 5,735,000 | | | | 5.000 | | | 05/15/2048 | | | 5,758,148 | |
| | Iowa Higher Education Loan Authority Private College Facility RB Series 2022 (Baa1/BBB+) | |
| | | | | 975,000 | | | | 5.375 | | | 10/01/2052 | | | 1,021,382 | |
| | 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 | | | 2,891,932 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 52,558,136 | |
| | | |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity
Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Kansas - 0.1% | |
| |
| | City of Manhattan Health Care Facilities RB Series 2022A (NR/NR) | |
| | $ | | | 2,070,000 | | | | 4.000 | % | | 06/01/2052 | | $ | 1,739,107 | |
| | 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 | | | 946,404 | |
| | City of Prairie Village Special Obligation Tax Increment Revenue Refunding Bonds Series 2021 (NR/NR) | |
| | | | | 390,000 | | | | 2.875 | | | 04/01/2030 | | | 389,348 | |
| | | | | 940,000 | | | | 3.125 | | | 04/01/2036 | | | 891,827 | |
| | City of Topeka Health Care Facilities RB for Brewster Place Series 2022A (NR/NR) | |
| | | | | 1,775,000 | | | | 6.500 | | | 12/01/2052 | | | 1,886,511 | |
| | 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 | | | 1,154,987 | |
| | | | | 1,215,000 | | | | 5.000 | | | 05/15/2029 | | | 1,214,559 | |
| | | | | 2,850,000 | | | | 5.000 | | | 05/15/2034 | | | 2,844,151 | |
| | | | | 1,190,000 | | | | 5.000 | | | 05/15/2050 | | | 1,041,935 | |
| | Kansas City Unified Government Sales Tax Special Obligation Capital Appreciation RB for Vacation Village Project Area Four - Multi-Sport Athletic Complex Project, Series 2015 (NR/NR) | |
| | | | | 2,440,000 | | | | 0.000 | (c)(e) | | 09/01/2034 | | | 1,076,939 | |
| | | | | | | | | | | | | | | | |
| | | | | 13,185,768 | |
| | | |
| | Kentucky - 0.2% | |
| |
| | City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022B (NR/NR) | |
| | | | | 3,150,000 | | | | 4.450 | (c) | | 01/01/2042 | | | 3,165,248 | |
| | | | | 3,375,000 | | | | 4.700 | (c) | | 01/01/2052 | | | 3,383,162 | |
| | City of Henderson, Kentucky Exempt Facilities RB Pratt Paper KY, LLC Project Series 2022A (NR/NR) | |
| | | | | 1,540,000 | | | | 4.700 | (c) | | 01/01/2052 | | | 1,543,724 | |
| | County of Carroll RB Refunding for Kentucky Utilities Co. Series 2006 B (A1/A) | |
| | | | | 2,000,000 | | | | 2.125 | | | 10/01/2034 | | | 1,632,897 | |
| | County of Carroll RB Refunding for Kentucky Utilities Co. Series 2008 A (A1/A) | |
| | | | | 3,000,000 | | | | 2.000 | | | 02/01/2032 | | | 2,552,559 | |
| | Kentucky Bond Development Corp. RB for Centre College of Kentucky Series 2021 (Baa1/A) | |
| | | | | 750,000 | | | | 4.000 | | | 06/01/2046 | | | 717,254 | |
| | Kentucky Bond Development Corp. RB Refunding for Transylvania University Series 2021 A (NR/A-) | |
| | | | | 205,000 | | | | 4.000 | | | 03/01/2046 | | | 186,664 | |
| | Kentucky Economic Development Finance Authority Hospital RB Refunding for Louisville Arena Authority, Inc. Series 2017 A (AGM) (A1/AA) | |
| | | | | 900,000 | | | | 4.000 | | | 12/01/2041 | | | 901,406 | |
| | 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 | | | 2,851,671 | |
| | 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 | | | 3,730,829 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 133 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity
Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Kentucky – (continued) | |
| |
| | Louisville & Jefferson County Metropolitan Government RB for Norton Healthcare Obligated Group Series 2020 A (NR/A) | |
| | $ | | | 1,500,000 | | | | 3.000 | % | | 10/01/2043 | | $ | 1,200,228 | |
| | | | | | | | | | | | | | | | |
| | | | | 21,865,642 | |
| | | |
| | Louisiana - 1.2% | |
| |
| | 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 | | | 1,608,682 | |
| | | | | 4,765,000 | | | | 5.000 | | | 12/01/2039 | | | 4,721,081 | |
| | City of New Orleans Public Improvement Bonds Series 2021A (A2/A+) | |
| | | | | 5,000,000 | | | | 5.000 | | | 12/01/2050 | | | 5,310,978 | |
| | Juban Crossing Economic Development District Revenue and Refunding Bonds for General Infrastructure Projects Series 2015C (NR/NR) | |
| | | | | 6,485,000 | | | | 7.000 | (c) | | 09/15/2044 | | | 6,494,731 | |
| | Lakeshore Villages Master Community Development District Special Assessment RB Series 2022 (NR/NR) | |
| | | | | 1,410,000 | | | | 5.500 | | | 06/01/2052 | | | 1,453,559 | |
| | Lakeshore Villages Master Community Development District Special Assessment Series 2019 (NR/NR) | |
| | | | | 1,900,000 | | | | 4.125 | (c) | | 06/01/2039 | | | 1,777,234 | |
| | | | | 2,300,000 | | | | 4.375 | (c) | | 06/01/2048 | | | 2,055,665 | |
| | Lakeshore Villages Master Community Development District Special Assessment Series 2021 (NR/NR) | |
| | | | | 1,810,000 | | | | 3.200 | | | 06/01/2041 | | | 1,500,177 | |
| | Louisiana Local Government Environmental Facilities & Community Development Authority RB for Downsville Community Charter School Project Series 2023 (NR/NR) | |
| | | | | 5,395,000 | | | | 6.625 | (c) | | 06/15/2062 | | | 5,549,467 | |
| | 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 | | | 8,720,183 | |
| | Louisiana Public Facilities Authority RB for Geo Academies Mid- City Project Series 2022 (NR/NR) | |
| | | | | 930,000 | | | | 6.125 | (c) | | 06/01/2052 | | | 971,414 | |
| | | | | 1,325,000 | | | | 6.250 | (c) | | 06/01/2062 | | | 1,385,637 | |
| | Louisiana Public Facilities Authority RB for Jefferson Rise Charter School Project Series 2022A (NR/NR) | |
| | | | | 900,000 | | | | 6.250 | (c) | | 06/01/2052 | | | 912,556 | |
| | | | | 1,850,000 | | | | 6.375 | (c) | | 06/01/2062 | | | 1,871,160 | |
| | 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 | | | 1,628,599 | |
| | Louisiana Public Facilities Authority RB Refunding for Ochsner Clinic Foundation Project Series 2017 (A3/A) | |
| | | | | 7,725,000 | | | | 4.000 | | | 05/15/2042 | | | 7,730,146 | |
| | | | | 3,100,000 | | | | 5.000 | | | 05/15/2046 | | | 3,171,671 | |
| | Louisiana Public Facilities Authority RB Series 2021A (NR/NR) | |
| | | | | 2,470,000 | | | | 4.000 | (c) | | 06/01/2051 | | | 1,903,011 | |
| | | | | 2,070,000 | | | | 4.000 | (c) | | 06/01/2056 | | | 1,549,056 | |
| | Louisiana Public Facilities Authority RB Series 2021C (NR/NR) | |
| | | | | 1,640,000 | | | | 4.000 | (c) | | 06/01/2051 | | | 1,263,538 | |
| | | | | 1,065,000 | | | | 4.000 | (c) | | 06/01/2056 | | | 796,978 | |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity
Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Louisiana – (continued) | |
| |
| | Louisiana Public Facilities Authority Revenue Bonds Series 2024A (NR/NR) | |
| | $ | | | 4,730,000 | | | | 7.375 | %(c) | | 06/01/2054 | | $ | 4,983,962 | |
| | | | | 4,600,000 | | | | 7.500 | (c) | | 06/01/2059 | | | 4,868,961 | |
| | Louisiana Public Facilities Authority Revenue Refunding Bonds for Ochsner Clinic Foundation Project Series 2017 (A3/A) | |
| | | | | 10,000,000 | | | | 5.000 | | | 05/15/2042 | | | 10,266,765 | |
| | Louisiana Public Facilities Authority Senior Lien RB I-10 Calcasieu River Bridge Public-Private Partnership Project Series 2024 (AMT) (Baa3/NR) | |
| | | | | 23,900,000 | | | | 5.750 | | | 09/01/2064 | | | 26,577,068 | |
| | | | | 18,385,000 | | | | 5.000 | | | 09/01/2066 | | | 19,080,361 | |
| | New Orleans Aviation Board General Airport RB for North Terminal Project Series 2015 B (A2/A) | |
| | | | | 4,455,000 | | | | 5.000 | | | 01/01/2040 | | | 4,459,806 | |
| | Parish of St. James RB for NuStar Logistics LP Series 2008 (Ba1/ BB+) (PUTABLE) | |
| | | | | 1,400,000 | | | | 6.100 | (a)(b)(c) | | 06/01/2038 | | | 1,565,392 | |
| | Parish of St. James RB for NuStar Logistics LP Series 2010 (Ba1/BB+) | |
| | | | | 2,375,000 | | | | 6.350 | (c) | | 07/01/2040 | | | 2,641,290 | |
| | Plaquemines Port Harbor and Terminal District Dock and Wharf Facilities RB Nola Terminal LLC Project Series 2024A (NR/NR) | |
| | | | | 6,450,000 | | | | 9.000 | (c) | | 12/01/2044 | | | 6,666,364 | |
| | | | | | | | | | | | | | | | |
| | | | | 143,485,492 | |
| | | |
| | Maine - 0.1% | |
| |
| | Finance Authority of Maine RB Series 2021 (NR/NR) | |
| | | | | 10,175,000 | | | | 8.000 | (c) | | 12/01/2051 | | | 3,345,482 | |
| | Maine Health & Higher Educational Facilities Authority RB for Maine Medical Center Series 2018 A (A1/A+) | |
| | | | | 4,000,000 | | | | 5.000 | | | 07/01/2048 | | | 4,107,821 | |
| | | | | | | | | | | | | | | | |
| | | | | 7,453,303 | |
| | | |
| | Maryland - 0.8% | |
| |
| | Baltimore County RB for Riderwood Village Facility Series 2020 (NR/NR) | |
| | | | | 3,000,000 | | | | 4.000 | | | 01/01/2039 | | | 3,012,803 | |
| | Baltimore Maryland Special Obligation Refunding for Baltimore Research Park Project Series 2017 A (NR/NR) | |
| | | | | 2,950,000 | | | | 4.500 | | | 09/01/2033 | | | 2,968,295 | |
| | | | | 3,000,000 | | | | 5.000 | | | 09/01/2038 | | | 3,041,219 | |
| | City Council of Baltimore Convention Center Hotel Revenue Refunding Bonds Series 2017 (NR/B+) | |
| | | | | 7,775,000 | | | | 5.000 | | | 09/01/2042 | | | 7,799,634 | |
| | City of Baltimore RB Refunding for Baltimore Hotel Corp. Series 2017 (NR/B+) | |
| | | | | 1,400,000 | | | | 5.000 | | | 09/01/2028 | | | 1,431,555 | |
| | | | | 2,235,000 | | | | 5.000 | | | 09/01/2039 | | | 2,244,631 | |
| | | | | 14,715,000 | | | | 5.000 | | | 09/01/2046 | | | 14,742,503 | |
| | City of Baltimore Tax Allocation for Harbor Point Special Taxing District Project Series 2019 B (NR/NR) | |
| | | | | 325,000 | | | | 3.550 | (c) | | 06/01/2034 | | | 300,724 | |
| | | | | 200,000 | | | | 3.700 | (c) | | 06/01/2039 | | | 180,684 | |
| | | | | 300,000 | | | | 3.875 | (c) | | 06/01/2046 | | | 264,477 | |
| | City of Baltimore Tax Allocation Refunding Senior Lien for Harbor Point Special Taxing District Project Series 2019 A (NR/NR) | |
| | | | | 290,000 | | | | 3.400 | (c) | | 06/01/2034 | | | 267,813 | |
| | |
| 134 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity
Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Maryland – (continued) | |
| |
| | City of Baltimore Tax Allocation Refunding Senior Lien for Harbor Point Special Taxing District Project Series 2019 A (NR/NR) – (continued) | |
| | $ | | | 310,000 | | | | 3.450 | %(c) | | 06/01/2035 | | $ | 283,806 | |
| | | | | 550,000 | | | | 3.500 | (c) | | 06/01/2039 | | | 495,824 | |
| | | | | 1,650,000 | | | | 3.625 | (c) | | 06/01/2046 | | | 1,424,767 | |
| | City of Brunswick Special Tax Refunding for Brunswick Crossing Special Taxing District Series 2019 (NR/NR) | |
| | | | | 1,450,000 | | | | 5.000 | | | 07/01/2036 | | | 1,486,338 | |
| | County of Baltimore RB Refunding for Oak Crest Village, Inc. Series 2020 (NR/NR) | |
| | | | | 2,370,000 | | | | 4.000 | | | 01/01/2050 | | | 2,191,459 | |
| | County of Baltimore RB Refunding for Riderwood Village Obligated Group Series 2020 (NR/NR) | |
| | | | | 1,850,000 | | | | 4.000 | | | 01/01/2045 | | | 1,787,261 | |
| | | | | 9,765,000 | | | | 4.000 | | | 01/01/2050 | | | 9,169,678 | |
| | County of Prince George’s Special Obligation Bonds for Westphalia town Center Project Series 2018 (NR/NR) | |
| | | | | 4,535,000 | | | | 5.250 | (c) | | 07/01/2048 | | | 4,610,194 | |
| | Frederick County Urbana Community Development Authority Special Tax Series 2020 C (NR/NR) | |
| | | | | 3,700,000 | | | | 4.000 | (c) | | 07/01/2050 | | | 3,469,033 | |
| | Maryland Economic Development Corp. RB for Baltimore City Project Series 2018 A (NR/BBB) | |
| | | | | 2,375,000 | | | | 5.000 | | | 06/01/2058 | | | 2,422,740 | |
| | Maryland Economic Development Corp. RB for Morgan State University Project Series 2020 (NR/BBB-) | |
| | | | | 925,000 | | | | 4.000 | | | 07/01/2040 | | | 911,765 | |
| | | | | 1,400,000 | | | | 4.250 | | | 07/01/2050 | | | 1,349,097 | |
| | | | | 1,025,000 | | | | 5.000 | | | 07/01/2050 | | | 1,061,711 | |
| | | | | 2,415,000 | | | | 5.000 | | | 07/01/2056 | | | 2,483,457 | |
| | Maryland Economic Development Corp. RB for Ports America Chesapeake LLC Project Series 2019 A (Baa2/NR) | |
| | | | | 1,000,000 | | | | 5.000 | | | 06/01/2044 | | | 1,036,237 | |
| | Maryland Economic Development Corp. RB for Ports America Chesapeake LLC Project Series 2019 A (AMT) (Baa2/NR) | |
| | | | | 2,250,000 | | | | 5.000 | | | 06/01/2049 | | | 2,314,775 | |
| | Maryland Economic Development Corp. RB for United States Social Security Administration Series 2021 (Ba2/NR) | |
| | | | | 6,070,000 | | | | 3.997 | | | 04/01/2034 | | | 4,966,478 | |
| | 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 | | | 1,101,284 | |
| | | | | 2,000,000 | | | | 6.000 | | | 07/01/2058 | | | 2,232,435 | |
| | 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 | | | 966,147 | |
| | Maryland Health & Higher Educational Facilities Authority RB Refunding for St. John’s College Series 2020 (NR/BBB+) | |
| | | | | 840,000 | | | | 3.000 | | | 10/01/2034 | | | 770,204 | |
| | | | | 500,000 | | | | 4.000 | | | 10/01/2040 | | | 484,244 | |
| | Maryland Health and Higher Educational Facilities Authority RB for Monocacy Montessori Communities Issue Series 2023 (NR/NR) | |
| | | | | 900,000 | | | | 6.125 | (c) | | 07/01/2053 | | | 934,892 | |
| | | | | 900,000 | | | | 6.250 | (c) | | 07/01/2063 | | | 935,886 | |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity
Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Maryland – (continued) | |
| |
| | Maryland Health and Higher Educational Facilities Authority RB Imagine Andrews Public Charter School Issue Series 2022A (NR/NR) | |
| | $ | | | 1,355,000 | | | | 5.500 | %(c) | | 05/01/2052 | | $ | 1,361,958 | |
| | Maryland Stadium Authority Baltimore City Public Schools Construction and Revitalization Program Revenue Bonds Series 2022C (ST INTERCEPT) (Aa3/AA-) | |
| | | | | 13,800,000 | | | | 0.000 | (e) | | 05/01/2053 | | | 3,737,316 | |
| | | | | 10,125,000 | | | | 0.000 | (e) | | 05/01/2054 | | | 2,611,429 | |
| | | | | 8,750,000 | | | | 0.000 | (e) | | 05/01/2055 | | | 2,149,312 | |
| | 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 | | | 1,409,440 | |
| | 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 | | | 1,468,207 | |
| | | | | | | | | | | | | | | | |
| | | | | 97,881,712 | |
| | | |
| | Massachusetts - 1.0% | |
| |
| | Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2023 Series D (Aa1/AA+) | |
| | | | | 50,000,000 | | | | 5.000 | | | 10/01/2050 | | | 54,974,955 | |
| | Commonwealth of Massachusetts GO Limited Bonds Series 2016 E (Aa1/AA+) | |
| | | | | 2,130,000 | | | | 3.000 | | | 04/01/2044 | | | 1,857,039 | |
| | Massachusetts Development Finance Agency RB CHF Merrimack, Inc. Issue Merrimack College Student Housing Project Series 2024A (NR/BB) | |
| | | | | 1,100,000 | | | | 5.000 | (c) | | 07/01/2054 | | | 1,135,840 | |
| | | | | 1,000,000 | | | | 5.000 | (c) | | 07/01/2060 | | | 1,024,672 | |
| | Massachusetts Development Finance Agency RB for Boston Medical Center Series G (Baa2/BBB) | |
| | | | | 1,740,000 | | | | 5.250 | | | 07/01/2052 | | | 1,909,077 | |
| | Massachusetts Development Finance Agency RB for Linden Ponds, Inc. Series 2018 (NR/NR) | |
| | | | | 1,000,000 | | | | 5.000 | (c) | | 11/15/2033 | | | 1,044,849 | |
| | | | | 900,000 | | | | 5.000 | (c) | | 11/15/2038 | | | 938,141 | |
| | | | | 2,350,000 | | | | 5.125 | (c) | | 11/15/2046 | | | 2,435,987 | |
| | Massachusetts Development Finance Agency RB for Merrimack College Series 2022 (NR/BBB-) | |
| | | | | 2,075,000 | | | | 5.000 | | | 07/01/2052 | | | 2,132,194 | |
| | Massachusetts Development Finance Agency RB for Simmons College Issue Series 2015 K-1 (Baa3/BBB-) | |
| | | | | 1,950,000 | | | | 5.000 | | | 10/01/2036 | | | 1,968,697 | |
| | Massachusetts Development Finance Agency RB for Simmons University issue, Series 2023 N (Baa3/BBB-) | |
| | | | | 580,000 | | | | 5.250 | | | 10/01/2039 | | | 614,665 | |
| | | | | 1,450,000 | | | | 5.000 | | | 10/01/2043 | | | 1,482,392 | |
| | Massachusetts Development Finance Agency RB for Tufts Medicine Issue Series 2024 E (NR/BBB-) | |
| | | | | 17,725,000 | | | | 8.500 | | | 10/01/2026 | | | 18,109,205 | |
| | Massachusetts Development Finance Agency Wellforce Obligation Group RB Refunding Series 2019 A (NR/BBB-) | |
| | | | | 24,315,000 | | | | 5.000 | | | 07/01/2044 | | | 24,469,033 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 114,096,746 | |
| | | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 135 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Michigan - 1.9% | |
| |
| | City of Detroit Financial Recovery GO Bonds Series 2014 B-1 (NR/NR) | |
| | $ | | | 106,985,536 | | | | 4.000 | %(b) | | 04/01/2044 | | $ | 85,277,133 | |
| | City of Detroit GO Bonds Series 2020 (Baa2/BBB) | |
| | | | | 665,000 | | | | 5.500 | | | 04/01/2031 | | | 741,865 | |
| | | | | 470,000 | | | | 5.500 | | | 04/01/2033 | | | 519,144 | |
| | | | | 280,000 | | | | 5.500 | | | 04/01/2034 | | | 308,775 | |
| | | | | 300,000 | | | | 5.500 | | | 04/01/2035 | | | 330,132 | |
| | | | | 245,000 | | | | 5.500 | | | 04/01/2036 | | | 268,803 | |
| | | | | 465,000 | | | | 5.500 | | | 04/01/2037 | | | 508,876 | |
| | | | | 495,000 | | | | 5.500 | | | 04/01/2038 | | | 540,256 | |
| | | | | 355,000 | | | | 5.500 | | | 04/01/2039 | | | 385,466 | |
| | | | | 690,000 | | | | 5.500 | | | 04/01/2040 | | | 746,445 | |
| | | | | 1,360,000 | | | | 5.500 | | | 04/01/2045 | | | 1,452,834 | |
| | City of Detroit GO Bonds Series 2021 A (Baa2/BBB) | |
| | | | | 900,000 | | | | 5.000 | | | 04/01/2050 | | | 941,001 | |
| | City of Detroit GO Bonds Series 2021 B (Baa2/BBB) | |
| | | | | 1,145,000 | | | | 2.960 | | | 04/01/2027 | | | 1,101,123 | |
| | | | | 950,000 | | | | 3.110 | | | 04/01/2028 | | | 904,357 | |
| | | | | 450,000 | | | | 3.244 | | | 04/01/2029 | | | 423,809 | |
| | | | | 125,000 | | | | 3.344 | | | 04/01/2030 | | | 116,191 | |
| | | | | 475,000 | | | | 3.644 | | | 04/01/2034 | | | 425,265 | |
| | City of Detroit MI GO Bonds Series 2020 (Baa2/BBB) | |
| | | | | 295,000 | | | | 5.500 | | | 04/01/2032 | | | 326,765 | |
| | City of Detroit Unlimited Tax GO Bonds Series 2021A Tax-Exempt Social Bonds (Baa2/BBB) | |
| | | | | 675,000 | | | | 4.000 | | | 04/01/2042 | | | 662,444 | |
| | City of Detroit UT GO Bonds Series 2021A (Baa2/BBB) | |
| | | | | 2,750,000 | | | | 5.000 | | | 04/01/2046 | | | 2,890,158 | |
| | City of Detroit, County of Wayne, Unlimited Tax GO Bonds Series 2023C (Tax Exempt) (Baa2/BBB) | |
| | | | | 1,200,000 | | | | 6.000 | | | 05/01/2043 | | | 1,379,920 | |
| | City of Detroit, County of Wayne, Unlimited Tax GO Bonds Series 2021A (Baa2/BBB) | |
| | | | | 725,000 | | | | 4.000 | | | 04/01/2041 | | | 720,341 | |
| | City of Detroit, County of Wayne, Unlimited Tax GO Social Bonds Series 2023A (Tax Exempt) (Baa2/BBB) | |
| | | | | 3,675,000 | | | | 6.000 | | | 05/01/2039 | | | 4,300,967 | |
| | 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 | | | 3,603,729 | |
| | Detroit Financial Recovery Bonds LT Series B-2 (NR/NR) | |
| | | | | 3,401,333 | | | | 4.000 | (b) | | 04/01/2044 | | | 2,711,170 | |
| | Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (Aa3/AA) (3M USD LIBOR + 0.60%) | |
| | | | | 4,675,000 | | | | 4.347 | (f) | | 07/01/2032 | | | 4,576,784 | |
| | Grand Rapids Charter township Economic Development Corp. RB Refunding for United Methodist Retirement Communities, Inc. Obligated Group Series 2020 (NR/NR) | |
| | | | | 7,875,000 | | | | 5.000 | | | 05/15/2037 | | | 7,903,564 | |
| | | | | 4,125,000 | | | | 5.000 | | | 05/15/2044 | | | 3,935,232 | |
| | Ivywood Classical Academy Public School Academy Bonds, Series 2023 (NR/NR) | |
| | | | | 900,000 | | | | 6.000 | | | 01/01/2054 | | | 917,192 | |
| | | | | 900,000 | | | | 6.250 | | | 01/01/2059 | | | 922,954 | |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Michigan – (continued) | |
| |
| | Kentwood Economic Development Corp. RB for Holland Home Obligated Group Series 2021 (NR/NR) | |
| | $ | | | 475,000 | | | | 4.000 | % | | 11/15/2045 | | $ | 418,430 | |
| | Kentwood Economic Development Corp. RB Refunding for Holland Home Obligated Group Series 2022 (NR/NR) | |
| | | | | 1,725,000 | | | | 4.000 | | | 11/15/2043 | | | 1,549,097 | |
| | 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 | | | 2,761,745 | |
| | Michigan Finance Authority Hospital RB for Henry Ford Health System Obligated Group Series 2019 A (A2/A) | |
| | | | | 975,000 | | | | 4.000 | | | 11/15/2050 | | | 908,146 | |
| | 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 | | | 1,488,221 | |
| | Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Second Lien Series 2015 C (A1/A+) | |
| | | | | 1,600,000 | | | | 5.000 | | | 07/01/2033 | | | 1,620,187 | |
| | 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 | | | 757,847 | |
| | Michigan Finance Authority Public School Academy Limited Obligation Revenue & Revenue Refunding Bonds Series 2021 (NR/BB+) | |
| | | | | 800,000 | | | | 4.000 | | | 12/01/2041 | | | 696,610 | |
| | | | | 1,230,000 | | | | 4.000 | | | 12/01/2051 | | | 999,374 | |
| | Michigan Finance Authority Public School Academy Limited Obligation Revenue Refunding Bonds Series 2021 (NR/NR) | |
| | | | | 1,515,000 | | | | 4.250 | | | 12/01/2039 | | | 1,282,311 | |
| | | | | 1,190,000 | | | | 5.000 | | | 12/01/2046 | | | 1,044,901 | |
| | Michigan Finance Authority RB Refunding for Hanley International Academy, Inc. Series 2021 (NR/BB+) | |
| | | | | 1,000,000 | | | | 5.000 | | | 09/01/2040 | | | 1,005,608 | |
| | Michigan Finance Authority RB Refunding for Kettering University Series 2020 (NR/A-) | |
| | | | | 475,000 | | | | 4.000 | | | 09/01/2045 | | | 441,713 | |
| | | | | 500,000 | | | | 4.000 | | | 09/01/2050 | | | 452,593 | |
| | Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 A-1 (NR/A-) | |
| | | | | 7,225,000 | | | | 3.267 | | | 06/01/2039 | | | 6,901,194 | |
| | Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-2 Class 2 (NR/NR) | |
| | | | | 252,800,000 | | | | 0.000 | (e) | | 06/01/2065 | | | 29,650,634 | |
| | Michigan Mathematics & Science Initiative RB Refunding Series 2021 (NR/BB+) | |
| | | | | 805,000 | | | | 4.000 | | | 01/01/2031 | | | 790,716 | |
| | | | | 1,115,000 | | | | 4.000 | | | 01/01/2041 | | | 1,021,942 | |
| | | | | 1,695,000 | | | | 4.000 | | | 01/01/2051 | | | 1,468,413 | |
| | 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 | | | 2,572,044 | |
| | Michigan Strategic Fund RB Refunding for United Methodist Retirement Communities, Inc. Obligated Group Series 2020 (NR/NR) | |
| | | | | 1,875,000 | | | | 5.000 | | | 05/15/2037 | | | 1,881,801 | |
| | | | | 1,400,000 | | | | 5.000 | | | 05/15/2044 | | | 1,335,594 | |
| | |
| 136 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Michigan – (continued) | |
| |
| | Michigan Strategic Fund Variable Rate Limited Obligation RB for Graphic Packaging International Coated Recycled Board Machine Project Green Bonds Series 2021 (Ba2/BB) (PUTABLE) | |
| | $ | | | 6,700,000 | | | | 4.000 | %(a)(b) | | 10/01/2061 | | $ | 6,735,941 | |
| | Michigan tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 B (NR/CCC-) | |
| | | | | 42,935,000 | | | | 0.000 | (e) | | 06/01/2052 | | | 5,859,120 | |
| | Michigan Tobacco Settlement Finance Authority Tobacco Settlement Asset Backed RB Series C (NR/NR) | |
| | | | | 365,435,000 | | | | 0.000 | (e) | | 06/01/2058 | | | 11,451,563 | |
| | Star International Academy RB Refunding Series 2020 (NR/BBB) | |
| | | | | 4,080,000 | | | | 5.000 | | | 03/01/2033 | | | 4,166,822 | |
| | Tipton Academy Michigan Public School Academy RB Series 2021 (NR/BB) | |
| | | | | 4,955,000 | | | | 4.000 | | | 06/01/2051 | | | 3,811,969 | |
| | Universal Academy RB Refunding Series 2021 (NR/BBB-) | |
| | | | | 1,035,000 | | | | 4.000 | | | 12/01/2040 | | | 980,302 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 223,897,533 | |
| | | |
| | Minnesota - 0.3% | |
| |
| | City of St. Paul Housing & Redevelopment Authority Charter School Lease RB for Higher Ground Academy Project Series 2023 (NR/BB+) | |
| | | | | 1,630,000 | | | | 5.500 | | | 12/01/2057 | | | 1,696,260 | |
| | City of Woodbury RB Refunding for Math & Science Academy Series 2020 A (NR/BB+) | |
| | | | | 540,000 | | | | 4.000 | | | 12/01/2040 | | | 488,838 | |
| | | | | 425,000 | | | | 4.000 | | | 12/01/2050 | | | 358,871 | |
| | Duluth Economic Development Authority Health Care Facilities RB for Essentia Health Obligated Group Series 2018A (NR/A-) | |
| | | | | 18,575,000 | | | | 5.250 | | | 02/15/2058 | | | 19,105,567 | |
| | 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 | | | 1,329,316 | |
| | 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 | | | 1,297,209 | |
| | Duluth Independent School District No.709 COPS Refunding Series 2019 A (Baa1/NR) | |
| | | | | 755,000 | | | | 4.000 | (d) | | 03/01/2029 | | | 780,055 | |
| | | | | 1,260,000 | | | | 4.000 | (d) | | 03/01/2032 | | | 1,301,814 | |
| | | | | 685,000 | | | | 4.200 | (d) | | 03/01/2034 | | | 710,922 | |
| | Minnesota Higher Education Facilities Authority RB Refunding for Bethel University Project Series 2017 (NR/BB+) | |
| | | | | 1,525,000 | | | | 5.000 | | | 05/01/2032 | | | 1,529,643 | |
| | | | | 2,400,000 | | | | 5.000 | | | 05/01/2047 | | | 2,213,728 | |
| | Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (Baa2/NR) | |
| | | | | 425,000 | | | | 4.000 | | | 12/01/2034 | | | 415,736 | |
| | | | | 650,000 | | | | 4.000 | | | 12/01/2040 | | | 597,874 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 31,825,833 | |
| | | |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Mississippi - 0.1% | |
| |
| | Mississippi Business Finance Corp. System Energy Resources Inc. RB Series 2021 (Baa2/BBB+) | |
| | $ | | | 4,000,000 | | | | 2.375 | % | | 06/01/2044 | | $ | 2,645,153 | |
| | Mississippi Development Bank Special Obligation Bonds Series 2021 (NR/BB) | |
| | | | | 1,225,000 | | | | 5.000 | (c) | | 10/01/2030 | | | 1,276,275 | |
| | | | | 1,530,000 | | | | 5.000 | (c) | | 10/01/2033 | | | 1,576,378 | |
| | | | | 850,000 | | | | 4.000 | (c) | | 10/01/2034 | | | 792,745 | |
| | | | | 700,000 | | | | 4.000 | (c) | | 10/01/2035 | | | 651,076 | |
| | | | | 750,000 | | | | 4.000 | (c) | | 10/01/2036 | | | 692,048 | |
| | | | | 3,000,000 | | | | 4.000 | (c) | | 10/01/2041 | | | 2,564,052 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 10,197,727 | |
| | | |
| | Missouri - 0.5% | |
| |
| | Branson Regional Airport Transport Development District Series 2018A, B, & C (NR/NR) | |
| | | | | 545,266 | | | | 5.000 | (b)(c)* | | 04/01/2043 | | | 16,358 | |
| | Branson Regional Airport Transport Development District Series 2018B & C (NR/NR) | |
| | | | | 2,752,991 | | | | 5.000 | (b)(c)* | | 04/01/2043 | | | 82,590 | |
| | Cape Girardeau County IDA Health Facilities RB for Southeast HEALTH Obligated Group Series 2021 (A1/A+) | |
| | | | | 950,000 | | | | 4.000 | | | 03/01/2041 | | | 957,201 | |
| | | | | 2,825,000 | | | | 3.000 | | | 03/01/2046 | | | 2,239,743 | |
| | Cape Girardeau County IDA Health Facilities RB Refunding for South Eastern Health Series 2017 A (A1/A+) | |
| | | | | 1,925,000 | | | | 5.000 | | | 03/01/2036 | | | 1,995,193 | |
| | 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 | | | 2,031,130 | |
| | 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 | | | 2,593,127 | |
| | 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 | | | 1,100,834 | |
| | 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 | | | 1,998,307 | |
| | | | | 1,130,000 | | | | 5.250 | | | 02/01/2054 | | | 1,212,464 | |
| | I-470 Western Gateway Transportation Development District RB Series 2019 A (NR/NR) | |
| | | | | 4,750,000 | | | | 5.250 | (c) | | 12/01/2048 | | | 4,780,283 | |
| | Joplin Industrial Development Authority RB for 32nd Street Place Community Improvement District Series 2021 (NR/NR) | |
| | | | | 870,000 | | | | 3.500 | | | 11/01/2040 | | | 814,620 | |
| | | | | 2,450,000 | | | | 4.250 | | | 11/01/2050 | | | 2,134,171 | |
| | Kansas City Missouri Industrial Development Authority Senior Sales Tax RB Refunding and Improvement Bonds for Ward Parkway Center Community Improvement District Series 2016 A (NR/NR) | |
| | | | | 1,000,000 | | | | 5.000 | (c) | | 04/01/2036 | | | 1,000,065 | |
| | | | | 1,150,000 | | | | 5.000 | (c) | | 04/01/2046 | | | 1,093,301 | |
| | Missouri Health & Educational Facilities Authority RB for Kansas City Art Institute Series 2018 (NR/A-) | |
| | | | | 830,000 | | | | 5.000 | | | 09/01/2038 | | | 868,658 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 137 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Missouri – (continued) | |
| |
| | Missouri Health & Educational Facilities Authority RB for Kansas City Art Institute Series 2018 (NR/A-) – (continued) | |
| | $ | | | 2,600,000 | | | | 5.000 | % | | 09/01/2048 | | $ | 2,669,100 | |
| | 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 | | | 1,354,940 | |
| | Missouri Southern State University RB Series 2019 A (AGM) (NR/ AA) | |
| | | | | 400,000 | | | | 3.000 | | | 10/01/2044 | | | 344,365 | |
| | | | | 500,000 | | | | 3.125 | | | 10/01/2049 | | | 420,552 | |
| | Plaza at Noah’s Ark Community Improvement District RB Refunding Series 2021 (NR/NR) | |
| | | | | 1,375,000 | | | | 3.125 | | | 05/01/2035 | | | 1,222,729 | |
| | St. Louis IDA Financing RB Refunding for Ballpark Village Development Project Series 2017 A (NR/NR) | |
| | | | | 3,250,000 | | | | 4.750 | | | 11/15/2047 | | | 2,809,878 | |
| | Stone Canyon Community Improvement District RB for Public Infrastructure Improvement Project Series 2007 (NR/NR) | |
| | | | | 1,250,000 | | | | 5.750 | * | | 04/01/2027 | | | 350,000 | |
| | Taney County IDA Sales Tax Revenue Improvement Bonds for Big Cedar Infrastructure Project Series 2023 (NR/NR) | |
| | | | | 4,170,000 | | | | 6.000 | (c) | | 10/01/2049 | | | 4,234,134 | |
| | 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 | | | 5,078,304 | |
| | 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 | | | 2,374,627 | |
| | 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 | (c) | | 05/01/2054 | | | 5,483,519 | |
| | University City IDA Tax Increment Special District RB for Markets at Olive Project Series 2023A (NR/NR) | |
| | | | | 2,035,000 | | | | 4.875 | | | 06/15/2036 | | | 2,093,375 | |
| | | | | 5,500,000 | | | | 5.500 | | | 06/15/2042 | | | 5,647,134 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 59,000,702 | |
| | | |
| | Nevada - 0.3% | |
| |
| | City of Henderson Local Improvement District No. T-21 Local Improvement Bonds Series 2022 (NR/NR) | |
| | | | | 685,000 | | | | 3.500 | | | 09/01/2045 | | | 568,308 | |
| | | | | 465,000 | | | | 4.000 | | | 09/01/2051 | | | 416,730 | |
| | 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 | | | 571,656 | |
| | City of Las Vegas Special Improvement District No. 813 for Summerlin Village 26 Local Improvement Bonds Series 2017 (NR/NR) | |
| | | | | 280,000 | | | | 4.250 | | | 06/01/2037 | | | 280,218 | |
| | | | | 405,000 | | | | 4.375 | | | 06/01/2042 | | | 405,213 | |
| | | | | 460,000 | | | | 4.500 | | | 06/01/2047 | | | 460,180 | |
| | City of Las Vegas Special Improvement District No. 814 Special Assessment Series 2019 (NR/NR) | |
| | | | | 475,000 | | | | 4.000 | | | 06/01/2039 | | | 442,853 | |
| | | | | 1,300,000 | | | | 4.000 | | | 06/01/2044 | | | 1,145,082 | |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Nevada – (continued) | |
| |
| | City of Las Vegas Special Improvement District No. 814 Special Assessment Series 2019 (NR/NR) – (continued) | |
| | $ | | | 1,290,000 | | | | 4.000 | % | | 06/01/2049 | | $ | 1,094,385 | |
| | City of Las Vegas Special Improvement District No. 815 Special Assessment Series 2020 (NR/NR) | |
| | | | | 920,000 | | | | 5.000 | | | 12/01/2049 | | | 909,954 | |
| | City of Las Vegas Special Improvement District No. 816 Special Assessment Series 2021 (NR/NR) | |
| | | | | 600,000 | | | | 3.000 | | | 06/01/2041 | | | 484,736 | |
| | | | | 1,270,000 | | | | 3.125 | | | 06/01/2051 | | | 941,527 | |
| | City of North Las Vegas Special Improvement District No. 64 Special Assessment Bonds Series 2019 (NR/NR) | |
| | | | | 325,000 | | | | 4.250 | | | 06/01/2034 | | | 323,541 | |
| | | | | 320,000 | | | | 4.625 | | | 06/01/2043 | | | 316,745 | |
| | | | | 560,000 | | | | 4.625 | | | 06/01/2049 | | | 543,887 | |
| | City of Sparks RB Refunding for Nevada Tourism Improvement District No. 1 Senior Project Series 2019 A (Baa2/NR) | |
| | | | | 1,070,000 | | | | 2.750 | (c) | | 06/15/2028 | | | 1,046,317 | |
| | Director of The State of Nevada Department of Business and Industry RB for Brightline West Passenger Rail Project Series 2020A-4 (NR/NR) | |
| | | | | 4,000,000 | | | | 8.125 | (a)(b) | | 01/01/2050 | | | 4,119,676 | |
| | Henderson Local Improvement District No. T-16 Special Assessment Limited Obligation Series 2005 (NR/NR) | |
| | | | | 590,000 | | | | 5.125 | | | 03/01/2025 | | | 588,760 | |
| | Henderson Local Improvement District No. T-18 Limited Obligation RB Series 2016 (NR/NR) | |
| | | | | 2,100,000 | | | | 4.000 | | | 09/01/2035 | | | 1,965,457 | |
| | Las Vegas Convention & Visitors Authority Convention Center Expansion RB Series 2018B (Aa3/AA-) | |
| | | | | 3,700,000 | | | | 4.000 | | | 07/01/2049 | | | 3,531,057 | |
| | Las Vegas Convention & Visitors Authority RB Refunding Series 2017 B (Aa3/AA-) | |
| | | | | 700,000 | | | | 5.000 | | | 07/01/2030 | | | 741,552 | |
| | Tahoe-Douglas Visitors Authority RB Series 2020 (NR/NR) | |
| | | | | 2,635,000 | | | | 5.000 | | | 07/01/2045 | | | 2,712,883 | |
| | | | | 2,825,000 | | | | 5.000 | | | 07/01/2051 | | | 2,887,923 | |
| | 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 | | | 5,074,516 | |
| | 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 | | | 3,044,710 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 34,617,866 | |
| | | |
| | New Hampshire - 0.9% | |
| |
| | National Finance Authority RB for Presbyterian Senior Living Project Series 2023A (NR/NR) | |
| | | | | 2,300,000 | | | | 5.250 | | | 07/01/2048 | | | 2,463,432 | |
| | National Finance Authority Special RB Caldwell Ranch Project Brazoria and Fort Bend Counties Texas Series 2024 (NR/NR) | |
| | | | | 3,525,000 | | | | 4.875 | (c) | | 12/01/2033 | | | 3,534,738 | |
| | National Finance Authority Special RB Series 2024 (NR/NR) | |
| | | | | 18,375,000 | | | | 5.375 | (c) | | 12/15/2035 | | | 18,361,276 | |
| | National Finance Authority Specialty Pharmacy Limited Obligation RB University Hospitals Home Care Services Inc. Series 2024A (NR/NR) | |
| | | | | 16,505,000 | | | | 5.625 | (c) | | 12/15/2033 | | | 17,020,007 | |
| | | | | 6,965,000 | | | | 6.250 | (c) | | 12/15/2038 | | | 7,304,689 | |
| | |
| 138 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | New Hampshire – (continued) | |
| |
| | New Hampshire Business Finance Authority RB for Casella Waste Systems, Inc. Series 2013 (B1/B+) | |
| | $ | | | 4,800,000 | | | | 2.950 | %(c) | | 04/01/2029 | | $ | 4,585,368 | |
| | New Hampshire Business Finance Authority RB Refunding for Covanta Holding Corp. Series 2020 A (B3/B) | |
| | | | | 6,800,000 | | | | 3.625 | (a)(b)(c) | | 07/01/2043 | | | 5,815,010 | |
| | New Hampshire Business Finance Authority RB Refunding for Covanta Holding Corp. Series 2020 B (AMT) (B3/B) | |
| | | | | 10,545,000 | | | | 3.750 | (a)(b)(c) | | 07/01/2045 | | | 9,109,512 | |
| | 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 | | | 10,751,388 | |
| | New Hampshire Health and Education Facilities Authority RB for Dartmouth Hitchcock Health Obligated Group 2020 A (AGM-CR) (NR/AA) | |
| | | | | 5,000,000 | | | | 5.000 | | | 08/01/2059 | | | 5,777,919 | |
| | 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 | | | 2,258,979 | |
| | | | | 3,170,000 | | | | 5.000 | | | 08/01/2035 | | | 3,325,882 | |
| | | | | 2,000,000 | | | | 5.000 | | | 08/01/2036 | | | 2,095,178 | |
| | | | | 5,350,000 | | | | 5.000 | | | 08/01/2037 | | | 5,595,803 | |
| | | | | 2,935,000 | | | | 5.000 | | | 08/01/2038 | | | 3,059,617 | |
| | | | | 4,235,000 | | | | 5.000 | | | 08/01/2039 | | | 4,399,751 | |
| | | | | 1,710,000 | | | | 5.000 | | | 08/01/2040 | | | 1,767,603 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 107,226,152 | |
| | | |
| | New Jersey - 4.1% | |
| |
| | New Jersey Economic Development Authority Energy Facilities RB for UMM Energy Partners, LLC Project Series 2012 A (AMT) (Baa2/NR) | |
| | | | | 1,000,000 | | | | 4.750 | | | 06/15/2032 | | | 1,000,338 | |
| | | | | 1,000,000 | | | | 5.000 | | | 06/15/2037 | | | 1,000,269 | |
| | | | | 1,000,000 | | | | 5.125 | | | 06/15/2043 | | | 1,000,206 | |
| | 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 | | | 504,054 | |
| | | | | 1,150,000 | | | | 5.000 | | | 07/01/2047 | | | 1,152,311 | |
| | 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 | | | 5,063,294 | |
| | 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 | | | 5,033,382 | |
| | New Jersey Economic Development Authority Special Facility RB for Continental Airlines Project Series 1999 (Ba3/BB-) | |
| | | | | 19,960,000 | | | | 5.250 | | | 09/15/2029 | | | 19,983,040 | |
| | New Jersey Economic Development Authority Special Facility RB for Continental Airlines Project Series 2000 (Ba3/BB-) | |
| | | | | 5,000,000 | | | | 5.625 | | | 11/15/2030 | | | 5,033,382 | |
| | 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 | | | 2,541,294 | |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | New Jersey – (continued) | |
| |
| | New Jersey Economic Development Authority State Lease RB for Juvenile Justice Commission Facilities Project Series 2018 C (A2/A-) | |
| | $ | | | 5,000,000 | | | | 5.000 | % | | 06/15/2042 | | $ | 5,174,062 | |
| | 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 | | | 1,000,936 | |
| | 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 | | | 2,528,593 | |
| | New Jersey Educational Facilities Authority RB for Seton Hall University Series 2020 C (AGM) (A1/AA) | |
| | | | | 1,110,000 | | | | 3.250 | | | 07/01/2049 | | | 963,431 | |
| | New Jersey Educational Facilities Authority RB for Stevens Institute of Technology 2020 Series A (NR/BBB+) | |
| | | | | 1,710,000 | | | | 5.000 | | | 07/01/2045 | | | 1,777,559 | |
| | New Jersey Educational Facilities Authority RB for Stevens Institute of Technology Series 2020 A (NR/BBB+) | |
| | | | | 3,350,000 | | | | 3.000 | | | 07/01/2050 | | | 2,601,652 | |
| | 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 | | | 9,723,985 | |
| | 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 | | | 4,902,881 | |
| | | | | 7,440,000 | | | | 5.250 | | | 07/01/2054 | | | 8,284,233 | |
| | New Jersey State Transportation Trust Fund Authority Transportation System Bonds Series 2006C (AMBAC) (A2/A-) | |
| | | | | 93,770,000 | | | | 0.000 | (e) | | 12/15/2036 | | | 60,688,225 | |
| | New Jersey State Transportation Trust Fund Authority Transportation System Bonds Series 2006C (AGM) (A1/AA) | |
| | | | | 25,400,000 | | | | 0.000 | (e) | | 12/15/2034 | | | 17,996,825 | |
| | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2006 C (AMBAC) (A2/A-) | |
| | | | | 115,550,000 | | | | 0.000 | (e) | | 12/15/2035 | | | 78,056,024 | |
| | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2008 A (A2/A-) | |
| | | | | 47,575,000 | | | | 0.000 | (e) | | 12/15/2035 | | | 32,137,736 | |
| | | | | 35,245,000 | | | | 0.000 | (e) | | 12/15/2038 | | | 20,714,854 | |
| | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (A2/A-) | |
| | | | | 4,000,000 | | | | 0.000 | (e) | | 12/15/2026 | | | 3,750,179 | |
| | | | | 1,900,000 | | | | 0.000 | (e) | | 12/15/2034 | | | 1,336,798 | |
| | New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2014 AA (A2/A-) | |
| | | | | 15,000,000 | | | | 5.000 | | | 06/15/2038 | | | 15,030,779 | |
| | New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (A2/A-) | |
| | | | | 1,000,000 | | | | 5.250 | | | 06/15/2041 | | | 1,010,828 | |
| | | | | 2,500,000 | | | | 5.000 | | | 06/15/2045 | | | 2,517,250 | |
| | | | | 1,770,000 | | | | 5.000 | | | 06/15/2046 | | | 1,781,480 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 139 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | New Jersey – (continued) | |
| |
| | New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL) (A2/A-) | |
| | $ | | | 10,000,000 | | | | 0.000 | %(e) | | 12/15/2030 | | $ | 8,195,450 | |
| | New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (AGM) (A1/AA) | |
| | | | | 11,150,000 | | | | 0.000 | (e) | | 12/15/2033 | | | 8,224,295 | |
| | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2008 A (A2/A-) | |
| | | | | 52,985,000 | | | | 0.000 | (e) | | 12/15/2036 | | | 34,292,051 | |
| | | | | 5,470,000 | | | | 0.000 | (e) | | 12/15/2037 | | | 3,391,911 | |
| | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (A2/A-) | |
| | | | | 3,280,000 | | | | 0.000 | (e) | | 12/15/2033 | | | 2,397,542 | |
| | | | | 1,565,000 | | | | 0.000 | (e) | | 12/15/2036 | | | 1,012,873 | |
| | | | | 5,000,000 | | | | 0.000 | (e) | | 12/15/2038 | | | 2,938,694 | |
| | | | | 16,175,000 | | | | 0.000 | (e) | | 12/15/2039 | | | 9,038,452 | |
| | 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 | | | 1,166,462 | |
| | 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 | | | 5,396,412 | |
| | New Jersey Transportation Trust Fund Authority RB Series 2018 (A2/A-) | |
| | | | | 3,500,000 | | | | 5.000 | | | 12/15/2033 | | | 3,767,837 | |
| | New Jersey Transportation Trust Fund Authority RB Series 2020 AA (A2/A-) | |
| | | | | 935,000 | | | | 3.000 | | | 06/15/2050 | | | 759,591 | |
| | New Jersey Transportation Trust Fund Authority Transportation Program Bonds 2020 Series AA (A2/A-) | |
| | | | | 5,000,000 | | | | 4.000 | | | 06/15/2050 | | | 4,960,024 | |
| | New Jersey Transportation Trust Fund Authority Transportation Program Bonds, 2023 Series AA (A2/A-) | |
| | | | | 5,325,000 | | | | 4.250 | | | 06/15/2044 | | | 5,445,413 | |
| | New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 AA (A2/A-) | |
| | | | | 7,000,000 | | | | 5.250 | | | 06/15/2043 | | | 7,476,995 | |
| | New Jersey Transportation Trust Fund Authority Transportation RB Series 2009 A (A2/A-) | |
| | | | | 230,000 | | | | 0.000 | (e) | | 12/15/2032 | | | 174,387 | |
| | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2023 Series A (A2/A-) | |
| | | | | 5,200,000 | | | | 4.250 | | | 06/15/2040 | | | 5,385,289 | |
| | New Jersey Turnpike Authority RB Series 2024 B (A1/AA-) | |
| | | | | 10,000,000 | | | | 4.125 | | | 01/01/2054 | | | 10,022,990 | |
| | New Jersey Turnpike Authority Turnpike RB Series 2022 B (A1/AA-) | |
| | | | | 1,500,000 | | | | 4.500 | | | 01/01/2048 | | | 1,559,185 | |
| | | | | 3,000,000 | | | | 5.250 | | | 01/01/2052 | | | 3,357,450 | |
| | 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 | | | 948,920 | |
| | South Jersey Transport Corp. Subordinated Marine Terminal RB Series 2017B (A3/NR) | |
| | | | | 20,000,000 | | | | 5.000 | | | 01/01/2048 | | | 20,449,762 | |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | New Jersey – (continued) | |
| |
| | South Jersey Transportation Authority Transportation System RB 2022 Series A (Baa2/BBB+) | |
| | $ | | | 1,500,000 | | | | 4.625 | % | | 11/01/2047 | | $ | 1,545,103 | |
| | Tobacco Settlement Financing Corp. RB Series 2018 B (NR/BBB-) | |
| | | | | 14,070,000 | | | | 5.000 | | | 06/01/2046 | | | 14,192,070 | |
| | Union County Improvement Authority RB Aries Linden LLC Project Series 2019 (NR/NR) | |
| | | | | 11,570,000 | | | | 6.750 | (c) | | 12/01/2041 | | | 7,710,792 | |
| | Union County Improvement Authority Solid Waste Disposal RB Series 2019 (AMT) (NR/NR) | |
| | | | | 1,940,000 | | | | 6.000 | (c) | | 12/01/2025 | | | 1,831,427 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 479,931,257 | |
| | | |
| | 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 | | | 508,175 | |
| | | | | 1,000,000 | | | | 5.000 | | | 05/15/2049 | | | 1,006,830 | |
| | Village of Los Ranchos de Albuquerque RB Refunding for Albuquerque Academy Series 2020 (NR/A-) | |
| | | | | 500,000 | | | | 4.000 | | | 09/01/2033 | | | 515,454 | |
| | | | | 375,000 | | | | 4.000 | | | 09/01/2034 | | | 385,037 | |
| | | | | 300,000 | | | | 4.000 | | | 09/01/2035 | | | 306,397 | |
| | | | | 1,200,000 | | | | 4.000 | | | 09/01/2040 | | | 1,195,474 | |
| | Winrock Town Center Tax Increment Development District 1 Senior Lien Gross Receipts Tax Increment Bonds Series 2022 (NR/NR) | |
| | | | | 4,825,000 | | | | 4.250 | (c) | | 05/01/2040 | | | 4,636,431 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 8,553,798 | |
| | | |
| | New York - 7.3% | |
| |
| | Brooklyn Arena Local Development Corp. Pilot RB for Barclays Center Project Series 2009 (Ba1/NR) | |
| | | | | 9,610,000 | | | | 0.000 | (e) | | 07/15/2045 | | | 3,841,284 | |
| | Brooklyn Arena Local Development Corp. Pilot RB Refunding for Barclays Center Series 2016 A (AGM) (A1/AA) | |
| | | | | 1,240,000 | | | | 3.000 | | | 07/15/2043 | | | 1,000,179 | |
| | Brooklyn Arena Local Development Corp. Pilot Revenue Refunding Bonds for Barclays Center Series 2016A (Ba1/NR) | |
| | | | | 19,300,000 | | | | 5.000 | | | 07/15/2042 | | | 19,692,116 | |
| | Brooklyn Arena Local Development Corp. RB for Brooklyn Events Center LLC Series 2009 (Ba1/NR) | |
| | | | | 5,740,000 | | | | 0.000 | (e) | | 07/15/2046 | | | 2,186,035 | |
| | Build NYC Resource Corp. RB for Global Community Charter School Project Series 2022A (NR/BB+) | |
| | | | | 1,175,000 | | | | 5.000 | | | 06/15/2052 | | | 1,197,394 | |
| | | | | 950,000 | | | | 5.000 | | | 06/15/2057 | | | 965,036 | |
| | Build NYC Resource Corp. RB for Grand Concourse Academy Charter School Project Series 2022A (NR/BBB-) | |
| | | | | 670,000 | | | | 5.000 | | | 07/01/2052 | | | 682,257 | |
| | | | | 505,000 | | | | 5.000 | | | 07/01/2056 | | | 512,667 | |
| | Build NYC Resource Corp. RB for Hellenic Classical Charter Schools Series 2021 A (NR/NR) | |
| | | | | 4,920,000 | | | | 5.000 | (c) | | 12/01/2051 | | | 4,574,001 | |
| | | | | 1,100,000 | | | | 5.000 | (c) | | 12/01/2055 | | | 1,008,997 | |
| | Build NYC Resource Corp. RB for Kipp NYC Public School Facilities Canal West Project Series 2022 (NR/BBB-) | |
| | | | | 2,750,000 | | | | 5.250 | | | 07/01/2052 | | | 2,903,289 | |
| | | | | 2,000,000 | | | | 5.250 | | | 07/01/2057 | | | 2,105,883 | |
| | |
| 140 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | New York – (continued) | |
| |
| | Build NYC Resource Corp. RB for Kipp NYC Public School Facilities Canal West Project Series 2022 (NR/BBB-) – (continued) | |
| | $ | | | 5,000,000 | | | | 5.250 | % | | 07/01/2062 | | $ | 5,247,984 | |
| | Build NYC Resource Corp. RB for NEW World Preparatory Charter School Series 2021 A (NR/NR) | |
| | | | | 590,000 | | | | 4.000 | (c) | | 06/15/2051 | | | 490,516 | |
| | | | | 450,000 | | | | 4.000 | (c) | | 06/15/2056 | | | 364,662 | |
| | Build NYC Resource Corp. RB for Shefa School Series 2021 A (NR/NR) | |
| | | | | 850,000 | | | | 2.500 | (c) | | 06/15/2031 | | | 772,270 | |
| | | | | 4,965,000 | | | | 5.000 | (c) | | 06/15/2051 | | | 4,974,160 | |
| | Build NYC Resource Corp. Tax Exempt RB Series 2022A (NR/ NR) | |
| | | | | 6,125,000 | | | | 6.500 | (c) | | 07/01/2042 | | | 6,314,968 | |
| | | | | 1,900,000 | | | | 6.500 | (c) | | 07/01/2052 | | | 1,935,453 | |
| | | | | 1,850,000 | | | | 6.500 | (c) | | 07/01/2057 | | | 1,878,837 | |
| | Build NYC Resource Corp. Taxable RB Taxable Series 2022A (NR/NR) | |
| | | | | 1,900,000 | | | | 9.750 | (c) | | 07/01/2032 | | | 1,904,720 | |
| | Build NYC Resource Corporation RB for Classical Charter Schools Project Series 2023A (NR/BBB-) | |
| | | | | 800,000 | | | | 4.750 | | | 06/15/2058 | | | 799,382 | |
| | Build NYC Resource Corporation RB for Unity Preparatory Charter School of Brooklyn Project, Series 2023A (NR/BB) | |
| | | | | 725,000 | | | | 5.500 | (c) | | 06/15/2053 | | | 758,022 | |
| | | | | 1,275,000 | | | | 5.500 | (c) | | 06/15/2063 | | | 1,323,899 | |
| | City of Albany Capital Resource Corp. Tax-Exempt RB Kipp Capital Region Public Charter Schools Project Series 2024 (NR/BBB-) | |
| | | | | 1,100,000 | | | | 4.750 | | | 06/01/2054 | | | 1,109,046 | |
| | | | | 2,400,000 | | | | 5.000 | | | 06/01/2064 | | | 2,438,748 | |
| | City of New York GO Bonds Fiscal 2022 Series D Tax Exempt Bonds Subseries D-1 (Aa2/AA) | |
| | | | | 4,100,000 | | | | 4.500 | | | 05/01/2049 | | | 4,226,295 | |
| | City of New York GO Bonds Fiscal 2024 Series C (Aa2/AA) | |
| | | | | 10,000,000 | | | | 4.125 | | | 03/01/2054 | | | 9,960,977 | |
| | City of New York GO Tax Exempt Bonds 2020 Series D (Aa2/AA) | |
| | | | | 5,250,000 | | | | 4.000 | | | 03/01/2050 | | | 5,189,997 | |
| | County of Westchester Industrial Development Agency Special Facility RB Million Air Two LLC General Aviation Facilities Project Series 2017A (Tax-Exempt-AMT) (NR/NR) | |
| | | | | 2,650,000 | | | | 7.000 | (c) | | 06/01/2046 | | | 2,775,148 | |
| | Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose, Series 2024A (Tax-Exempt) (Aa1/NR) | |
| | | | | 16,565,000 | | | | 4.000 | | | 03/15/2054 | | | 15,992,017 | |
| | Dutchess County Local Development Corp. RB for Health QuestSystems, Inc. Project Series 2016B (Baa3/BBB) | |
| | | | | 18,375,000 | | | | 5.000 | | | 07/01/2046 | | | 18,544,559 | |
| | Dutchess County Local Development Corp. RB Refunding for Bard College Project Series 2020 A (NR/BBB-) | |
| | | | | 1,000,000 | | | | 5.000 | | | 07/01/2040 | | | 1,050,124 | |
| | | | | 2,565,000 | | | | 5.000 | | | 07/01/2045 | | | 2,658,384 | |
| | | | | 5,775,000 | | | | 5.000 | | | 07/01/2051 | | | 5,931,057 | |
| | 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 | | | 1,417,579 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | New York – (continued) | |
| |
| | Erie Tobacco Asset Securitization Corp. RB Asset-Backed Bonds Series 2006 A (NR/NR) | |
| | $ | | | 66,000,000 | | | | 0.000 | %(c)(e) | | 06/01/2060 | | $ | 3,312,566 | |
| | Hempstead town Local Development Corp. RB Refunding for Molloy College Project Series 2017 (NR/BBB) | |
| | | | | 900,000 | | | | 5.000 | | | 07/01/2033 | | | 926,202 | |
| | | | | 850,000 | | | | 5.000 | | | 07/01/2035 | | | 871,062 | |
| | | | | 670,000 | | | | 5.000 | | | 07/01/2036 | | | 685,416 | |
| | Huntington Local Development Corp. RB for Gurwin Independent Housing Obligated Group Series 2021 A (NR/NR) | |
| | | | | 5,060,000 | | | | 5.250 | | | 07/01/2056 | | | 4,562,048 | |
| | Metropolitan Transportation Authority RB Green Bond Series 2016 A-1 (A3/A-) | |
| | | | | 625,000 | | | | 5.000 | | | 11/15/2027 | | | 644,512 | |
| | Metropolitan Transportation Authority RB Green Bond Series 2020 C-1 (A3/A-) | |
| | | | | 7,950,000 | | | | 4.750 | | | 11/15/2045 | | | 8,238,389 | |
| | | | | 2,000,000 | | | | 5.000 | | | 11/15/2050 | | | 2,097,474 | |
| | | | | 2,000,000 | | | | 5.250 | | | 11/15/2055 | | | 2,115,957 | |
| | Metropolitan Transportation Authority RB Green Bond Series 2020 D-3 (A3/A-) | |
| | | | | 5,285,000 | | | | 4.000 | | | 11/15/2050 | | | 5,139,926 | |
| | Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 C-1 (A3/A-) | |
| | | | | 950,000 | | | | 4.000 | | | 11/15/2035 | | | 965,327 | |
| | Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 C-2 (A3/A-) | |
| | | | | 650,000 | | | | 0.000 | (e) | | 11/15/2040 | | | 331,413 | |
| | Metropolitan Transportation Authority RB Refunding Green Bond Series 2024A (BAM) (A3/AA) | |
| | | | | 27,600,000 | | | | 4.000 | | | 11/15/2048 | | | 27,341,965 | |
| | Metropolitan Transportation Authority RB Refunding Green Bond Series 2024A (A3/A-) | |
| | | | | 16,330,000 | | | | 5.250 | | | 11/15/2049 | | | 17,953,982 | |
| | Metropolitan Transportation Authority RB Refunding Series 2016 D (A3/A-) | |
| | | | | 735,000 | | | | 5.000 | | | 11/15/2029 | | | 765,375 | |
| | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2019C (AGM) (A1/AA) | |
| | | | | 1,785,000 | | | | 4.000 | | | 11/15/2048 | | | 1,754,909 | |
| | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2020A-1 (A3/A-) | |
| | | | | 4,435,000 | | | | 4.000 | | | 11/15/2040 | | | 4,488,479 | |
| | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2020D (A3/A-) | |
| | | | | 5,000,000 | | | | 5.000 | | | 11/15/2045 | | | 5,301,826 | |
| | Metropolitan Transportation Authority Transportation Revenue Green Bonds Subseries 2020A-1 (AGM) (A1/AA) | |
| | | | | 10,000,000 | | | | 4.000 | | | 11/15/2050 | | | 9,880,565 | |
| | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2015C (A3/A-) | |
| | | | | 550,000 | | | | 5.250 | | | 11/15/2028 | | | 563,755 | |
| | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2020E (A3/A-) | |
| | | | | 4,415,000 | | | | 4.000 | | | 11/15/2045 | | | 4,370,224 | |
| | Nassau County Tobacco Settlement Corp. RB for Asset Backed Bonds Series 2006 D (NR/NR) | |
| | | | | 202,665,000 | | | | 0.000 | (e) | | 06/01/2060 | | | 13,851,241 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 141 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | New York – (continued) | |
| |
| | New York City Housing Development Corp. Multi-Family Mortgage RB for 8 Spruce Street Series 2014 F (NR/NR) | |
| | $ | | | 2,000,000 | | | | 4.500 | % | | 02/15/2048 | | $ | 1,993,945 | |
| | 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 | | | 11,427,156 | |
| | 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 | | | 1,521,777 | |
| | 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 | | | 13,113,352 | |
| | 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 | | | 4,939,607 | |
| | New York Counties Tobacco Trust IV RB Series 2005 F (NR/NR) | |
| | | | | 178,305,000 | | | | 0.000 | (e) | | 06/01/2060 | | | 11,799,191 | |
| | New York Liberty Development Corp. RB for World Trade Center Project Series 2014 (NR/NR) | |
| | | | | 6,250,000 | | | | 5.150 | (c) | | 11/15/2034 | | | 6,258,126 | |
| | | | | 21,095,000 | | | | 5.375 | (c) | | 11/15/2040 | | | 21,119,842 | |
| | New York Liberty Development Corp. RB for World Trade Center Project Series 2014 Class 3 (NR/NR) | |
| | | | | 29,525,000 | | | | 7.250 | (c) | | 11/15/2044 | | | 29,583,524 | |
| | New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR) | |
| | | | | 42,270,000 | | | | 5.000 | (c) | | 11/15/2044 | | | 42,296,165 | |
| | New York Liberty Development Corp. Revenue Refunding Bonds for World Trade Center Project Series 2021A (BAM-TCRS) (NR/AA) | |
| | | | | 10,585,000 | | | | 3.000 | | | 11/15/2051 | | | 8,465,515 | |
| | 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 | | | 1,265,669 | |
| | 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 | | | 1,318,993 | |
| | New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 B (Baa1/NR) | |
| | | | | 150,000 | | | | 3.560 | | | 07/01/2026 | | | 147,579 | |
| | | | | 150,000 | | | | 3.670 | | | 07/01/2027 | | | 146,665 | |
| | | | | 60,000 | | | | 3.760 | | | 07/01/2028 | | | 58,124 | |
| | | | | 300,000 | | | | 3.820 | | | 07/01/2029 | | | 288,067 | |
| | 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 | | | 690,525 | |
| | | | | 870,000 | | | | 4.000 | | | 07/01/2032 | | | 831,974 | |
| | | | | 925,000 | | | | 4.000 | | | 07/01/2033 | | | 876,927 | |
| | | | | 845,000 | | | | 4.000 | | | 07/01/2035 | | | 784,888 | |
| | New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (AGM) (A1/AA) | |
| | | | | 8,480,000 | | | | 3.000 | | | 09/01/2050 | | | 6,714,834 | |
| | New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (Baa3/BBB-) | |
| | | | | 3,160,000 | | | | 4.000 | | | 09/01/2045 | | | 2,998,408 | |
| | | | | 2,325,000 | | | | 4.000 | | | 09/01/2050 | | | 2,142,628 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | New York – (continued) | |
| |
| | New York State Dormitory Authority Revenues Non State Supported Debt Series 2022 1- A (NR/AA-) | |
| | $ | | | 8,000,000 | | | | 4.000 | % | | 07/01/2051 | | $ | 7,932,834 | |
| | New York State Dormitory Authority State Personal Income Tax Revenue General Purpose Bonds 2020A (Aa1/NR) | |
| | | | | 1,695,000 | | | | 4.000 | | | 03/15/2043 | | | 1,705,228 | |
| | New York State Environmental Facilities Corp Solid Waste Disposal RB Series 2014 (B1/B+) (PUTABLE) | |
| | | | | 1,685,000 | | | | 2.875 | (a)(b)(c) | | 12/01/2044 | | | 1,594,202 | |
| | New York State Environmental Facilities Corporation Solid Waste Disposal RB for Casella Waste Systems, Inc. Project Series 2020R-2 (B1/B+) | |
| | | | | 2,475,000 | | | | 5.125 | (a)(b)(c) | | 09/01/2050 | | | 2,603,471 | |
| | New York State Thruway Authority General RB Series P (Aa3/A+) | |
| | | | | 2,070,000 | | | | 5.000 | | | 01/01/2049 | | | 2,287,146 | |
| | | | | 2,135,000 | | | | 5.250 | | | 01/01/2054 | | | 2,389,900 | |
| | 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 | | | 5,406,025 | |
| | New York State Urban Development Corporation State Personal Income Tax RB (General Purpose) Series 2023A (Tax-Exempt) (Aa1/NR) | |
| | | | | 18,900,000 | | | | 5.000 | | | 03/15/2058 | | | 20,567,228 | |
| | | | | 30,000,000 | | | | 5.000 | | | 03/15/2063 | | | 32,527,998 | |
| | 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 | | | 993,392 | |
| | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (Baa3/NR) | |
| | | | | 1,315,000 | | | | 5.000 | | | 01/01/2031 | | | 1,362,707 | |
| | | | | 4,665,000 | | | | 5.000 | | | 01/01/2033 | | | 4,821,643 | |
| | | | | 2,075,000 | | | | 5.000 | | | 01/01/2034 | | | 2,142,277 | |
| | | | | 10,465,000 | | | | 4.000 | | | 01/01/2036 | | | 10,465,696 | |
| | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa3/NR) | |
| | | | | 7,150,000 | | | | 5.000 | | | 01/01/2036 | | | 7,361,611 | |
| | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (Baa3/NR) | |
| | | | | 9,000,000 | | | | 4.000 | | | 10/01/2030 | | | 9,079,325 | |
| | | | | 7,580,000 | | | | 5.000 | | | 10/01/2035 | | | 8,001,932 | |
| | | | | 12,975,000 | | | | 5.000 | | | 10/01/2040 | | | 13,459,728 | |
| | | | | 5,405,000 | | | | 4.375 | | | 10/01/2045 | | | 5,289,098 | |
| | New York Transportation Development Corp. RB for Empire State Thruway Partners LLC Series 2021 (AMT) (NR/NR) | |
| | | | | 10,000,000 | | | | 4.000 | | | 04/30/2053 | | | 8,825,547 | |
| | New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 A (AMT) (Baa1/NR) | |
| | | | | 700,000 | | | | 4.000 | | | 12/01/2039 | | | 693,739 | |
| | 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 | | | 7,589,951 | |
| | | | | 8,500,000 | | | | 5.000 | | | 07/01/2046 | | | 8,500,070 | |
| | New York Transportation Development Corp. Special Facilities Bonds Series 2016A (Baa2/NR) | |
| | | | | 22,935,000 | | | | 5.250 | | | 01/01/2050 | | | 22,936,044 | |
| | |
| 142 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | New York – (continued) | |
| |
| | New York Transportation Development Corp. Special Facilities Bonds Series 2016A (AMT) (Baa2/NR) | |
| | $ | | | 10,000,000 | | | | 4.000 | % | | 07/01/2046 | | $ | 9,354,141 | |
| | 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) | |
| | | | | 3,425,000 | | | | 6.000 | | | 06/30/2054 | | | 3,742,588 | |
| | New York Transportation Development Corp. Special Facilities RB Series 2024 John F. Kennedy International Airport New Terminal One Project (AMT) (Baa3/NR) | |
| | | | | 6,115,000 | | | | 5.500 | | | 06/30/2054 | | | 6,577,647 | |
| | New York Transportation Development Corp. Special Facilities RB Series 2024 John F. Kennedy International Airport New Terminal One Project Green Bonds (Baa3/NR) | |
| | | | | 17,250,000 | | | | 5.000 | | | 06/30/2060 | | | 17,709,188 | |
| | New York Transportation Development Corp. Special Facility RB for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (Baa2/NR) | |
| | | | | 2,500,000 | | | | 4.000 | | | 07/01/2033 | | | 2,500,079 | |
| | | | | 2,500,000 | | | | 4.000 | | | 07/01/2041 | | | 2,424,773 | |
| | 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 | | | 6,942,013 | |
| | | | | 9,565,000 | | | | 5.375 | | | 08/01/2036 | | | 10,256,833 | |
| | New York Transportation Development Corporation Special Facilities RB, Series 2023 (Delta Air Lines, Inc. - Laguardia Airport Terminals C&D Redevelopment Project) (Baa3/BB+) | |
| | | | | 6,875,000 | | | | 5.625 | | | 04/01/2040 | | | 7,470,728 | |
| | New York Transportation Development Corporation Special Facilities RB, Series 2023 (JFK International Airport New Terminal One Project) (Green Bonds) (Baa3/AA) | |
| | | | | 17,110,000 | | | | 5.375 | | | 06/30/2060 | | | 17,874,947 | |
| | 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 | | | 425,730 | |
| | | | | 710,000 | | | | 4.000 | | | 12/01/2033 | | | 718,644 | |
| | 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 | | | 910,410 | |
| | | | | 1,470,000 | | | | 3.000 | | | 12/01/2039 | | | 1,235,616 | |
| | | | | 980,000 | | | | 3.000 | | | 12/01/2040 | | | 811,235 | |
| | Oneida County Local Development Corp. RB Refunding for Utica College Project Series 2019 (NR/NR) | |
| | | | | 405,000 | | | | 4.000 | | | 07/01/2039 | | | 360,837 | |
| | | | | 4,835,000 | | | | 3.000 | | | 07/01/2044 | | | 3,456,065 | |
| | Oneida Indian Nation Tax RB Series 2024B (Federally Tax-Exempt) (NR/NR) | |
| | | | | 2,300,000 | | | | 6.000 | (c) | | 09/01/2043 | | | 2,554,324 | |
| | Onondaga Civic Development Corp. New York Tax-Exempt RR Bonds Crouse Health Hospital Inc. Project Series 2024A (NR/NR) | |
| | | | | 900,000 | | | | 5.125 | | | 08/01/2044 | | | 924,092 | |
| | | | | 900,000 | | | | 5.375 | | | 08/01/2054 | | | 932,435 | |
| | Port Authority of New York Consolidated Bonds 234th Series (Aa3/AA-) | |
| | | | | 1,850,000 | | | | 5.250 | | | 08/01/2047 | | | 2,007,248 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | New York – (continued) | |
| |
| | Port Authority of New York Consolidated Bonds 234th Series (Aa3/ AA-) – (continued) | |
| | $ | | | 2,300,000 | | | | 5.500 | % | | 08/01/2052 | | $ | 2,522,887 | |
| | State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2022A (A3/A-) | |
| | | | | 6,510,000 | | | | 4.250 | | | 05/01/2052 | | | 6,501,335 | |
| | Suffolk Regional Off-Track Betting Corporation Tax Exempt GO RB Series 2024 (NR/NR) | |
| | | | | 13,800,000 | | | | 5.750 | | | 12/01/2044 | | | 14,488,494 | |
| | | | | 13,800,000 | | | | 6.000 | | | 12/01/2053 | | | 14,550,709 | |
| | The Orange County Funding Corporation Tax-Exempt RB Mount Saint Mary College Project Series 2012A (NR/NR) | |
| | | | | 670,000 | | | | 5.000 | | | 07/01/2042 | | | 612,518 | |
| | 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 | | | 5,380,967 | |
| | Triborough Bridge & Tunnel Authority Payroll Mobility Tax Senior Lien Green Bonds Series 2024A (NR/AA+) | |
| | | | | 48,695,000 | | | | 5.000 | | | 05/15/2054 | | | 53,336,715 | |
| | 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 | | | 10,066,400 | |
| | Triborough Bridge & Tunnel Authority Sales Tax RB Subseries 2024A-1 (NR/AA+) | |
| | | | | 15,000,000 | | | | 4.125 | | | 05/15/2064 | | | 14,678,152 | |
| | Westchester County Local Development Corp. RB Series 2016 (B1/BBB-) | |
| | | | | 900,000 | | | | 5.000 | | | 11/01/2033 | | | 899,994 | |
| | | | | 1,415,000 | | | | 5.000 | | | 11/01/2034 | | | 1,413,176 | |
| | Westchester County Local Development Corporation RB for Westchester Medical Center Obligated Group Project Series 2016 (B1/BBB-) | |
| | | | | 725,000 | | | | 5.000 | | | 11/01/2030 | | | 726,621 | |
| | | | | 5,845,000 | | | | 5.000 | | | 11/01/2046 | | | 5,652,616 | |
| | Westchester County Local Development Corporation RB, Series 2023 (Westchester Medical Center Obligated Group Project) (NR/BBB-) | |
| | | | | 900,000 | | | | 6.250 | | | 11/01/2052 | | | 1,032,516 | |
| | Western Regional off-Track Betting Corp. RB Refunding Series 2021 (NR/NR) | |
| | | | | 1,785,000 | | | | 4.125 | (c) | | 12/01/2041 | | | 1,659,177 | |
| | Yonkers Economic Development Corp. RB for Charter School of Educational Excellence Project Series 2019 A (NR/NR) | |
| | | | | 475,000 | | | | 5.000 | | | 10/15/2039 | | | 487,228 | |
| | | | | 1,180,000 | | | | 5.000 | | | 10/15/2049 | | | 1,188,265 | |
| | | | | 1,225,000 | | | | 5.000 | | | 10/15/2054 | | | 1,230,320 | |
| | 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 | | | 2,910,046 | |
| | | | | 1,325,000 | | | | 5.000 | | | 10/15/2050 | | | 1,341,410 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 854,079,947 | |
| | | |
| | 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 | | | 5,019,102 | |
| | Greater Asheville Regional Airport Authority Airport System RB Series 2023 (AGM) (A1/AA) | |
| | | | | 6,740,000 | | | | 5.250 | | | 07/01/2053 | | | 7,285,506 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 143 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | North Carolina – (continued) | |
| |
| | North Carolina Department of Transportation Tax Exempt Private Activity Bonds Series 2015 (NR/NR) | |
| | $ | | | 3,345,000 | | | | 5.000 | % | | 12/31/2037 | | $ | 3,369,638 | |
| | North Carolina Department of Transportation Tax Exempt Private Activity RB Series 2015 (NR/NR) | |
| | | | | 5,000,000 | | | | 5.000 | | | 06/30/2054 | | | 5,010,296 | |
| | North Carolina Medical Care Commission RB for Forest at Duke, Inc. Obligated Group Series 2021 (NR/NR) | |
| | | | | 365,000 | | | | 4.000 | | | 09/01/2046 | | | 330,637 | |
| | 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 | | | 943,262 | |
| | | | | 6,025,000 | | | | 4.000 | | | 03/01/2051 | | | 5,256,885 | |
| | North Carolina Medical Care Commission RB for Maryfield, Inc. Obligated Group Series 2020 A (NR/NR) | |
| | | | | 1,400,000 | | | | 5.000 | | | 10/01/2045 | | | 1,417,942 | |
| | | | | 3,260,000 | | | | 5.000 | | | 10/01/2050 | | | 3,274,753 | |
| | 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 | | | 1,674,714 | |
| | 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 | | | 1,393,334 | |
| | | | | 1,650,000 | | | | 5.000 | | | 07/01/2039 | | | 1,679,731 | |
| | | | | 1,035,000 | | | | 4.000 | | | 07/01/2044 | | | 908,118 | |
| | | | | 1,160,000 | | | | 5.000 | | | 07/01/2044 | | | 1,165,653 | |
| | North Carolina Medical Care Commission Retirement Facilities First Mortgage RB Series 2024A (NR/NR) | |
| | | | | 1,460,000 | | | | 5.000 | | | 10/01/2049 | | | 1,526,422 | |
| | | | | 2,745,000 | | | | 5.125 | | | 10/01/2054 | | | 2,873,550 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 43,129,543 | |
| | | |
| | 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 | | | 1,490,393 | |
| | City of Horace North Dakota Temporary Refunding Improvement Bonds Series 2024B (Baa3/NR) | |
| | | | | 2,250,000 | | | | 4.850 | | | 08/01/2026 | | | 2,259,312 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 3,749,705 | |
| | | |
| | Ohio - 4.2% | |
| |
| | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/BBB+) | |
| | | | | 8,200,000 | | | | 3.000 | | | 06/01/2048 | | | 6,359,970 | |
| | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/NR) | |
| | | | | 145,785,000 | | | | 5.000 | | | 06/01/2055 | | | 137,113,737 | |
| | Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 B-3 Class 2 (NR/NR) | |
| | | | | 336,480,000 | | | | 0.000 | (e) | | 06/01/2057 | | | 32,017,317 | |
| | Buckeye Tobacco Settlement Financing Authority Tobacco Settlement Asset Backed Refunding Bonds Series 2020 (NR/BBB+) | |
| | | | | 3,330,000 | | | | 4.000 | | | 06/01/2048 | | | 3,107,533 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Ohio – (continued) | |
| |
| | Centerville Ohio Health Care RB Refunding and Improvement for Graceworks Lutheran Services Series 2017 (NR/NR) | |
| | $ | | | 2,400,000 | | | | 5.250 | % | | 11/01/2037 | | $ | 2,426,796 | |
| | | | | 1,000,000 | | | | 5.250 | | | 11/01/2047 | | | 978,744 | |
| | | | | 2,320,000 | | | | 5.250 | | | 11/01/2050 | | | 2,239,420 | |
| | Cleveland Airport Special RB for Continental Airlines, Inc. Project Series 1998 (Ba3/BB-) | |
| | | | | 22,500,000 | | | | 5.375 | | | 09/15/2027 | | | 22,513,552 | |
| | Cleveland-Cuyahoga County Port Authority Tax Allocation for Flats East Bank TIF District Series 2021 B (NR/NR) | |
| | | | | 2,490,000 | | | | 4.500 | (c) | | 12/01/2055 | | | 2,219,688 | |
| | Cleveland-Cuyahoga County Port Authority Tax Allocation Refunding for Flats East Bank TIF District Series 2021 A (NR/ BB) | |
| | | | | 1,345,000 | | | | 4.000 | (c) | | 12/01/2055 | | | 1,153,004 | |
| | Columbus-Franklin County Finance Authority Lease RB for The Cornerstone Academy Community School Series 2023 (NR/NR) | |
| | | | | 6,425,000 | | | | 7.000 | (c) | | 07/01/2053 | | | 6,687,565 | |
| | County of Cuyahoga Health Care and Independent Living Facilities Refunding RB for Eliza Jennings Senior Health Care Network Series 2022A (NR/NR) | |
| | | | | 1,505,000 | | | | 5.000 | | | 05/15/2032 | | | 1,522,812 | |
| | | | | 2,775,000 | | | | 5.375 | | | 05/15/2037 | | | 2,862,432 | |
| | | | | 3,910,000 | | | | 5.500 | | | 05/15/2042 | | | 3,977,377 | |
| | 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 | | | 2,175,068 | |
| | | | | 825,000 | | | | 4.000 | | | 09/01/2045 | | | 703,831 | |
| | | | | 1,075,000 | | | | 5.000 | | | 09/01/2049 | | | 1,022,339 | |
| | County of Franklin Health Care Facilities RB for Ohio Living Communities Series 2023 (NR/NR) | |
| | | | | 4,600,000 | | | | 5.250 | | | 07/01/2041 | | | 4,866,719 | |
| | | | | 12,065,000 | | | | 5.500 | | | 07/01/2041 | | | 13,018,852 | |
| | County of Franklin RB Refunding for Wesley Communities Obligated Group Series 2020 (NR/NR) | |
| | | | | 12,520,000 | | | | 5.250 | | | 11/15/2055 | | | 12,497,281 | |
| | County of Lucas Hospital RB for Promedica Healthcare Obligated Group Series 2015B (Ba2/BB) | |
| | | | | 1,470,000 | | | | 4.000 | | | 11/15/2045 | | | 1,337,578 | |
| | County of Lucas Hospital RB for Promedica Healthcare Obligated Group Series 2018A (Ba2/BB) | |
| | | | | 50,060,000 | | | | 5.250 | | | 11/15/2048 | | | 51,133,522 | |
| | County of Summit Green Local School District Improvement Bonds Series 2022A (SD CRED PROG) (NR/AA+) | |
| | | | | 4,205,000 | | | | 5.500 | | | 11/01/2059 | | | 4,565,732 | |
| | Cuyahoga County Ohio Hospital RB for Metrohealth System Series 2017 (Baa2/BBB) | |
| | | | | 9,110,000 | | | | 5.250 | | | 02/15/2047 | | | 9,297,340 | |
| | | | | 3,450,000 | | | | 5.000 | | | 02/15/2057 | | | 3,484,341 | |
| | Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2009 B (Baa2/BBB) | |
| | | | | 29,500,000 | | | | 8.223 | | | 02/15/2040 | | | 34,050,809 | |
| | Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (Baa2/BBB) | |
| | | | | 7,520,000 | | | | 5.000 | | | 02/15/2042 | | | 7,639,979 | |
| | | | | 7,500,000 | | | | 4.750 | | | 02/15/2047 | | | 7,523,598 | |
| | |
| 144 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Ohio – (continued) | |
| |
| | Franklin County Convention Facilities Authority RB for Greater Columbus Convention Center Project Series 2019 (NR/BBB-) | |
| | $ | | | 13,400,000 | | | | 5.000 | % | | 12/01/2051 | | $ | 13,481,528 | |
| | Hamilton County Health Care RB Refunding for Life Enriching Community Project Series 2012 (NR/NR) | |
| | | | | 2,000,000 | | | | 5.000 | | | 01/01/2042 | | | 2,000,095 | |
| | | | | 1,610,000 | | | | 5.000 | | | 01/01/2046 | | | 1,609,872 | |
| | Muskingum County Hospital Facilities RB Refunding for Genesis Healthcare System Project Series 2013 (Ba2/BB+) | |
| | | | | 10,050,000 | | | | 5.000 | | | 02/15/2048 | | | 10,004,504 | |
| | Northeast Ohio Medical University RB Refunding Series 2021 A (Baa1/NR) | |
| | | | | 450,000 | | | | 3.000 | | | 12/01/2040 | | | 378,860 | |
| | | | | 200,000 | | | | 4.000 | | | 12/01/2045 | | | 188,053 | |
| | Ohio Air Quality Development Authority Exempt Facilities RB for Pratt Paper LLC Project Series 2017 (NR/NR) | |
| | | | | 10,610,000 | | | | 4.500 | (c) | | 01/15/2048 | | | 10,657,916 | |
| | Ohio Air Quality Development Authority Exempt Facilities RB for Pratt Paper LLC Project Series 2017 (AMT) (NR/NR) | |
| | | | | 1,935,000 | | | | 3.750 | (c) | | 01/15/2028 | | | 1,934,481 | |
| | | | | 4,230,000 | | | | 4.250 | (c) | | 01/15/2038 | | | 4,270,617 | |
| | Ohio Higher Educational Facility Commission RB Refunding for Judson Obligated Group Series 2020 A (NR/NR) | |
| | | | | 4,790,000 | | | | 5.000 | | | 12/01/2050 | | | 4,796,721 | |
| | Ohio State Higher Education Facilities RB Series 2020 (A3/NR) | |
| | | | | 10,060,000 | | | | 5.000 | | | 01/15/2050 | | | 10,535,861 | |
| | Ohio State Hospital RB Refunding for Aultman Health Foundation Obligated Group Series 2018 (NR/NR) | |
| | | | | 1,075,000 | | | | 5.000 | (c) | | 12/01/2033 | | | 1,076,597 | |
| | | | | 2,085,000 | | | | 5.000 | (c) | | 12/01/2038 | | | 2,068,817 | |
| | | | | 5,000,000 | | | | 5.000 | (c) | | 12/01/2048 | | | 4,775,113 | |
| | Ohio State RB Refunding for University Hospitals Health System, Inc. Obligated Group Series 2020 A (A2/A) | |
| | | | | 2,000,000 | | | | 3.000 | | | 01/15/2045 | | | 1,606,466 | |
| | Port of Greater Cincinnati Development Authority Education RB Series 2021 (NR/NR) | |
| | | | | 2,750,000 | | | | 4.375 | (a)(b) | | 06/15/2056 | | | 2,725,527 | |
| | Port of Greater Cincinnati Development Authority Ohio Tax Increment Financing RB Series 2024 (NR/NR) | |
| | | | | 2,000,000 | | | | 5.125 | | | 12/01/2055 | | | 2,053,698 | |
| | Port of Greater Cincinnati Development Authority RB Series 2021 (NR/NR) | |
| | | | | 2,090,000 | | | | 4.250 | (c) | | 12/01/2050 | | | 1,929,111 | |
| | Port of Greater Cincinnati Development Authority Special Obligation Development TIF RB, Series 2016B (NR/NR) | |
| | | | | 4,225,000 | | | | 5.000 | | | 12/01/2046 | | | 4,177,440 | |
| | State of Ohio Higher Educational Facility RB for Capital University 2022 Project (NR/BBB-) | |
| | | | | 1,800,000 | | | | 6.000 | | | 09/01/2047 | | | 1,887,353 | |
| | | | | 3,225,000 | | | | 6.000 | | | 09/01/2052 | | | 3,361,036 | |
| | State of Ohio Hospital RB for University Hospital Health System Series 2021A (A2/A) | |
| | | | | 22,915,000 | | | | 4.000 | | | 01/15/2046 | | | 22,407,050 | |
| | State of Ohio Hospital RB Series 2020A (A2/A) | |
| | | | | 3,000,000 | | | | 4.000 | | | 01/15/2050 | | | 2,827,685 | |
| | toledo-Lucas County Port Authority Parking System RB Series 2021 (Baa3/NR) | |
| | | | | 1,475,000 | | | | 4.000 | | | 01/01/2043 | | | 1,450,756 | |
| | | | | 950,000 | | | | 4.000 | | | 01/01/2046 | | | 915,952 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Ohio – (continued) | |
| |
| | toledo-Lucas County Port Authority Parking System RB Series 2021 (Baa3/NR) – (continued) | |
| | $ | | | 950,000 | | | | 4.000 | % | | 01/01/2051 | | $ | 897,132 | |
| | | | | 2,520,000 | | | | 4.000 | | | 01/01/2057 | | | 2,343,944 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 494,859,121 | |
| | | |
| | Oklahoma - 0.8% | |
| |
| | Norman Regional Hospital Authority RB Norman Regional Hospital Authority Obligated Group Series 2019 (Ba1/BBB-) | |
| | | | | 1,075,000 | | | | 4.000 | | | 09/01/2045 | | | 917,113 | |
| | Oklahoma County Finance Authority Charter School Lease RB Astec Project Series 2024 (NR/NR) | |
| | | | | 900,000 | | | | 6.000 | (c) | | 06/15/2044 | | | 932,526 | |
| | | | | 1,550,000 | | | | 6.250 | (c) | | 06/15/2054 | | | 1,600,726 | |
| | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (Ba3/BB) | |
| | | | | 31,535,000 | | | | 5.500 | | | 08/15/2057 | | | 32,540,963 | |
| | 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 | | | 2,197,666 | |
| | | | | 2,000,000 | | | | 4.125 | | | 08/15/2057 | | | 1,875,488 | |
| | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018B (Ba3/BB) | |
| | | | | 2,050,000 | | | | 5.250 | | | 08/15/2048 | | | 2,103,928 | |
| | | | | 8,005,000 | | | | 5.500 | | | 08/15/2052 | | | 8,280,931 | |
| | Oklahoma Water Resources Board Revolving Fund RB for Drinking Water Program Series 2023A (OK CERF) (NR/AAA) | |
| | | | | 1,000,000 | | | | 4.000 | | | 04/01/2048 | | | 1,003,055 | |
| | | | | 4,000,000 | | | | 4.125 | | | 04/01/2053 | | | 3,994,925 | |
| | Tulsa Authority for Economic Opportunity Increment District No. 8 Tax Allocation for Santa Fe Square Project Series 2021 (NR/NR) | |
| | | | | 7,130,000 | | | | 4.375 | (c) | | 12/01/2041 | | | 6,711,521 | |
| | Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2001 A (AMT) (NR/NR) | |
| | | | | 4,680,000 | | | | 5.500 | | | 12/01/2035 | | | 4,688,889 | |
| | Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2001 B (AMT) (NR/NR) | |
| | | | | 25,675,000 | | | | 5.500 | | | 12/01/2035 | | | 25,723,764 | |
| | Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (NR/B+) | |
| | | | | 5,670,000 | | | | 5.000 | (a)(b) | | 06/01/2035 | | | 5,713,103 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 98,284,598 | |
| | | |
| | Oregon - 0.1% | |
| |
| | Clackamas County Hospital Facility Authority RB Refunding for Rose Villa, Inc. Obligated Group Series 2020 A (NR/NR) | |
| | | | | 130,000 | | | | 5.250 | | | 11/15/2050 | | | 130,876 | |
| | | | | 225,000 | | | | 5.375 | | | 11/15/2055 | | | 226,674 | |
| | 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 | | | 284,700 | |
| | Port of Portland International Airport RB Series 28 (NR/AA-) | |
| | | | | 2,400,000 | | | | 4.000 | | | 07/01/2047 | | | 2,332,083 | |
| | 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 | | | 5,542,105 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 145 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Oregon – (continued) | |
| |
| | Yamhill County Hospital Authority Revenue and Refunding Tax Exempt Bonds Series 2021A (NR/NR) | |
| | $ | | | 1,825,000 | | | | 5.000 | % | | 11/15/2051 | | $ | 1,594,665 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 10,111,103 | |
| | | |
| | Pennsylvania - 3.1% | |
| |
| | Allegheny County Airport Authority Airport RB Series 2021A (AMT) (A2/NR) | |
| | | | | 3,000,000 | | | | 5.000 | | | 01/01/2056 | | | 3,112,511 | |
| | Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A USD (NR/A) | |
| | | | | 32,000,000 | | | | 4.000 | | | 04/01/2044 | | | 30,743,306 | |
| | Allegheny County IDA Penn Hills Charter School of Entrepeneurship Series A (NR/BB) | |
| | | | | | 1,225,000 | | | | 4.000 | | | 06/15/2041 | | | 1,106,404 | |
| | | | | 975,000 | | | | 4.000 | | | 06/15/2051 | | | 819,291 | |
| | | | | 1,070,000 | | | | 4.000 | | | 06/15/2056 | | | 878,486 | |
| | 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 | | | 3,438,153 | |
| | Allentown Neighborhood Improvement Zone Development Authority Senior Tax RB Series 2024A (NR/NR) | |
| | | | | 1,175,000 | | | | 5.250 | (c) | | 05/01/2042 | | | 1,214,540 | |
| | Allentown Neighborhood Improvement Zone Development Authority Subordinate Tax RB for City Center Project Series 2022 (NR/NR) | |
| | | | | 6,075,000 | | | | 5.250 | (c) | | 05/01/2042 | | | 6,166,896 | |
| | Allentown Neighborhood Improvement Zone Development Authority Subordinate Tax RB Series 2024B (NR/NR) | |
| | | | | 2,900,000 | | | | 6.000 | (c) | | 05/01/2042 | | | 3,078,362 | |
| | Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Project Series 2024 (Ba3/ NR) | |
| | | | | 7,750,000 | | | | 5.000 | (c) | | 05/01/2042 | | | 7,991,297 | |
| | Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2017 (Ba3/NR) | |
| | | | | 150,000 | | | | 5.000 | (c) | | 05/01/2027 | | | 155,085 | |
| | | | | 1,400,000 | | | | 5.000 | (c) | | 05/01/2032 | | | 1,429,289 | |
| | | | | 15,735,000 | | | | 5.000 | (c) | | 05/01/2042 | | | 15,830,049 | |
| | Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2018 (Ba3/NR) | |
| | | | | 1,000,000 | | | | 5.000 | (c) | | 05/01/2033 | | | 1,026,531 | |
| | | | | 3,000,000 | | | | 5.000 | (c) | | 05/01/2042 | | | 3,029,531 | |
| | Bucks County IDA Hospital RB for Grand View Hospital Project Series 2021 (NR/BB-) | |
| | | | | 11,200,000 | | | | 4.000 | | | 07/01/2051 | | | 9,471,860 | |
| | Bucks County Industrial Development Authority RB for Grand View Hospital and Sellersville PA Obligated Group Series 2021 (NR/BB-) | |
| | | | | 4,005,000 | | | | 5.000 | | | 07/01/2054 | | | 3,966,773 | |
| | 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 | | | 1,288,836 | |
| | Cheltenham Township IDA Arcadia University RB Series of 2024 (NR/BBB-) | |
| | | | | 5,100,000 | | | | 5.000 | | | 04/01/2044 | | | 5,162,544 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Pennsylvania – (continued) | |
| |
| | Cheltenham Township IDA Arcadia University RB Series of 2024 (NR/BBB-) – (continued) | |
| | $ | | | 1,800,000 | | | | 5.750 | % | | 04/01/2054 | | $ | 1,851,162 | |
| | Chester County IDA RB for Collegium Charter School Project Series 2022 (NR/BB) | |
| | | | | 2,850,000 | | | | 6.000 | (c) | | 10/15/2052 | | | 3,011,360 | |
| | Chester County IDA Student Housing RB for University Student Housing, LLC Project West Chester University Series 2013 A (Ba2/NR) | |
| | | | | 500,000 | | | | 5.000 | | | 08/01/2035 | | | 500,112 | |
| | | | | 1,000,000 | | | | 5.000 | | | 08/01/2045 | | | 989,593 | |
| | Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (AGM) (A1/AA) | |
| | | | | 2,325,000 | | | | 4.000 | | | 06/01/2039 | | | 2,341,529 | |
| | Cumberland County Municipal Authority RB Series 2015 (NR/NR) | |
| | | | | 745,000 | | | | 5.000 | | | 01/01/2038 | | | 745,978 | |
| | Dauphin County General Authority RB for The Harrisburg University of Science & Technology Series 2020 (NR/BB-) | |
| | | | | 5,100,000 | | | | 5.875 | (c) | | 10/15/2040 | | | 4,197,917 | |
| | | | | 17,325,000 | | | | 6.250 | (c) | | 10/15/2053 | | | 13,562,308 | |
| | Dauphin County General Authority University RB for Harrisburg University of Science & Technology Project Series 2017 (NR/ BB-) | |
| | | | | 950,000 | | | | 5.000 | (c) | | 10/15/2034 | | | 795,780 | |
| | Doylestown Hospital Authority Commonwealth of Pennsylvania Doylestown Hospital RB Series 2024 (NR/NR) | |
| | | | | 2,375,000 | | | | 5.375 | (c) | | 07/01/2039 | | | 2,602,586 | |
| | Doylestown Hospital Authority Commonwealth of Pennsylvania Hospital RB 2013 Series A (B3/CCC) | |
| | | | | 2,000,000 | | | | 5.000 | | | 07/01/2025 | | | 2,001,384 | |
| | | | | 2,095,000 | | | | 5.000 | | | 07/01/2026 | | | 2,096,711 | |
| | | | | 555,000 | | | | 5.000 | | | 07/01/2027 | | | 555,488 | |
| | | | | 1,000,000 | | | | 5.000 | | | 07/01/2028 | | | 1,000,956 | |
| | Doylestown Hospital Authority RB Series 2016A (B3/NR) | |
| | | | | 180,000 | | | | 4.000 | (d) | | 07/01/2045 | | | 190,538 | |
| | Doylestown Hospital Authority RB Series 2016A (B3/B+) | |
| | | | | | 445,000 | | | | 5.000 | | | 07/01/2041 | | | 451,196 | |
| | | | | 1,620,000 | | | | 4.000 | | | 07/01/2045 | | | 1,544,430 | |
| | | | | 1,340,000 | | | | 5.000 | | | 07/01/2046 | | | 1,354,593 | |
| | Doylestown Hospital Authority RB Series 2019A (NR/NR) | |
| | | | | 105,000 | | | | 5.000 | (d) | | 07/01/2041 | | | 109,194 | |
| | | | | 310,000 | | | | 5.000 | (d) | | 07/01/2046 | | | 322,382 | |
| | Franklin County Industrial Development Authority RB Refunding for Menno-Haven, Inc. Obligated Group Series 2018 (NR/NR) | |
| | | | | 1,100,000 | | | | 5.000 | | | 12/01/2043 | | | 1,099,655 | |
| | | | | 900,000 | | | | 5.000 | | | 12/01/2048 | | | 876,298 | |
| | | | | 1,750,000 | | | | 5.000 | | | 12/01/2053 | | | 1,671,858 | |
| | Geisinger Authority Health System RB for Geisinger Health System Series 2007 (WR/AA-) (3M USD LIBOR + 0.77%) | |
| | | | | 52,950,000 | | | | 4.461 | (f) | | 05/01/2037 | | | 49,966,379 | |
| | 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 | | | 676,881 | |
| | Latrobe Industrial Development Authority RB for Seton Hill University Series of 2021 (NR/BBB-) | |
| | | | | 285,000 | | | | 5.000 | | | 03/01/2032 | | | 298,319 | |
| | |
| 146 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Pennsylvania – (continued) | |
| |
| | Latrobe Industrial Development Authority RB Refunding for Seton Hill University Series 2021 (NR/BBB-) | |
| | $ | | | 450,000 | | | | 4.000 | % | | 03/01/2035 | | $ | 433,651 | |
| | | | | 465,000 | | | | 4.000 | | | 03/01/2036 | | | 444,005 | |
| | | | | 275,000 | | | | 4.000 | | | 03/01/2037 | | | 260,571 | |
| | | | | 335,000 | | | | 4.000 | | | 03/01/2039 | | | 309,729 | |
| | | | | 250,000 | | | | 4.000 | | | 03/01/2040 | | | 228,279 | |
| | | | | 250,000 | | | | 4.000 | | | 03/01/2041 | | | 225,558 | |
| | | | | 625,000 | | | | 4.000 | | | 03/01/2046 | | | 542,974 | |
| | | | | 675,000 | | | | 4.000 | | | 03/01/2051 | | | 564,389 | |
| | Lincoln University of The Commonwealth System of Higher Education RB Refunding Tax Exempt Social Bonds 2023 Series A (Baa3/NR) | |
| | | | | 3,420,000 | | | | 5.250 | | | 07/01/2044 | | | 3,434,605 | |
| | Mercer County Industrial Development Authority College RB for Thiel College Project Series 2020 (NR/NR) | |
| | | | | 4,110,000 | | | | 6.125 | (c) | | 10/01/2050 | | | 3,074,402 | |
| | 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 | | | 1,798,086 | |
| | | | | 2,100,000 | | | | 5.000 | | | 11/01/2049 | | | 1,938,636 | |
| | Northeastern Pennsylvania Hospital & Education Authority RB for King’s College Project Series 2019 (NR/BBB) | |
| | | | | 945,000 | | | | 5.000 | | | 05/01/2044 | | | 939,421 | |
| | | | | 1,245,000 | | | | 5.000 | | | 05/01/2049 | | | 1,215,604 | |
| | Pennsylvania Economic Development Financing Authority Exempt Facilities RR Bonds Series 2009B (B3/BB-) | |
| | | | | 3,675,000 | | | | 5.250 | (a)(b) | | 12/01/2038 | | | 3,744,639 | |
| | Pennsylvania Economic Development Financing Authority Exempt Facilities RR Bonds Series 2009C (B3/BB-) | |
| | | | | 6,450,000 | | | | 5.250 | (a)(b) | | 12/01/2037 | | | 6,572,730 | |
| | Pennsylvania Economic Development Financing Authority RB for Presbyterian Senior Living Project, Series 2023B-1 (NR/NR) | |
| | | | | 1,850,000 | | | | 5.250 | | | 07/01/2049 | | | 1,978,254 | |
| | Pennsylvania Economic Development Financing Authority RB for Presbyterian Senior Living Project, Series 2023B-2 (NR/NR) | |
| | | | | 2,750,000 | | | | 5.000 | | | 07/01/2042 | | | 2,942,512 | |
| | | | | 2,300,000 | | | | 5.250 | | | 07/01/2046 | | | 2,471,733 | |
| | Pennsylvania Economic Development Financing Authority RB Refunding for Presbyterian Homes Obligated Group Series 2021 (NR/NR) | |
| | | | | 2,250,000 | | | | 4.000 | | | 07/01/2046 | | | 2,160,666 | |
| | 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 | | | 1,453,863 | |
| | | | | 6,825,000 | | | | 6.000 | | | 06/30/2061 | | | 7,712,698 | |
| | Pennsylvania Economic Development Financing Authority Tax Exempt Private Activity RB for Penndot Major Bridges Package One Project Series 2022 (AGM) (A1/AA) | |
| | | | | 5,000,000 | | | | 5.000 | | | 12/31/2057 | | | 5,259,330 | |
| | Pennsylvania Higher Educational Facilities Authority La Salle University RB Series 2012 (NR/BB-) | |
| | | | | 2,695,000 | | | | 5.000 | | | 05/01/2037 | | | 2,290,944 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Pennsylvania – (continued) | |
| |
| | Pennsylvania Higher Educational Facilities Authority RB for Foundation for Indiana University of Pennsylvania Series 2007 A (AGC) (WR/AA) | |
| | (3M USD LIBOR + 0.60%) | |
| | $ | | | 4,505,000 | | | | 4.347 | %(f) | | 07/01/2027 | | $ | 4,463,721 | |
| | (3M USD LIBOR + 0.65%) | |
| | | | | 10,850,000 | | | | 4.393 | (f) | | 07/01/2039 | | | 10,098,784 | |
| | Pennsylvania Higher Educational Facilities Authority RB for La Salle University Series 2012 (NR/BB-) | |
| | | | | 5,645,000 | | | | 5.000 | | | 05/01/2042 | | | 4,539,524 | |
| | 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 | | | 366,090 | |
| | | | | 400,000 | | | | 5.000 | | | 07/01/2035 | | | 394,473 | |
| | 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 | | | 1,732,463 | |
| | Philadelphia Authority for Industrial Development Charter School RB for Tacony Academy Charter School Project Series 2023 (NR/BB+) | |
| | | | | 1,150,000 | | | | 5.375 | (c) | | 06/15/2038 | | | 1,201,998 | |
| | | | | 1,600,000 | | | | 5.500 | (c) | | 06/15/2043 | | | 1,656,704 | |
| | Philadelphia Authority For Industrial Development La Salle University RB Series 2017 (NR/BB-) | |
| | | | | 3,480,000 | | | | 4.000 | | | 05/01/2042 | | | 2,447,871 | |
| | Philadelphia Authority For Industrial Development La Salle University RB Series 2024 (NR/BB-) | |
| | | | | 18,735,000 | | | | 6.250 | (c) | | 05/01/2042 | | | 18,195,606 | |
| | Philadelphia Authority for Industrial Development RB for Independence Charter School Series 2019 (NR/NR) | |
| | | | | 2,225,000 | | | | 5.000 | | | 06/15/2050 | | | 2,107,131 | |
| | Philadelphia Authority for Industrial Development RB for MaST Community Charter School II Series 2020 A (NR/BBB-) | |
| | | | | 310,000 | | | | 5.000 | | | 08/01/2040 | | | 318,754 | |
| | | | | 1,075,000 | | | | 5.000 | | | 08/01/2050 | | | 1,098,992 | |
| | 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 | | | 3,057,543 | |
| | 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 | | | 4,587,880 | |
| | Scranton Redevelopment Authority RB Refunding for Guaranteed Lease Series 2016 A (MUN GOVT GTD) (NR/BBB+) | |
| | | | | 1,820,000 | | | | 5.000 | | | 11/15/2028 | | | 1,821,027 | |
| | Susquehanna Area Regional Airport Authority Airport System RB Series 2017 (Baa3/NR) | |
| | | | | 2,325,000 | | | | 5.000 | | | 01/01/2038 | | | 2,366,651 | |
| | Susquehanna Area Regional Airport Authority RB Refunding for Airport System Series 2017 (Baa3/NR) | |
| | | | | 1,100,000 | | | | 5.000 | | | 01/01/2035 | | | 1,125,298 | |
| | The Berks County Municipal Authority RB for Alvernia University Project Series 2020 (NR/BB+) | |
| | | | | 475,000 | | | | 5.000 | | | 10/01/2039 | | | 464,705 | |
| | | | | 1,125,000 | | | | 5.000 | | | 10/01/2049 | | | 1,032,503 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 147 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Pennsylvania – (continued) | |
| |
| | The Berks County Municipal Authority RB for Tower Health Project Series 2024 A-4 (NR/CC) | |
| | $ | | | 8,997,800 | | | | 7.000 | % | | 06/30/2039 | | $ | 8,188,602 | |
| | The Berks County Municipal Authority RB for Tower Health Project Series 2024 B-1 (NR/NR) | |
| | | | | 10,459,233 | | | | 0.000 | (h) | | 06/30/2044 | | | 6,668,380 | |
| | The Berks County Municipal Authority RB for Tower Health Project Series 2024 B-2 (NR/CC) | |
| | | | | 4,730,000 | | | | 0.000 | (h) | | 06/30/2044 | | | 2,458,142 | |
| | The Berks County Municipal Authority RB for Tower Health Project Series 2024A-1 (NR/NR) | |
| | | | | 4,178,000 | | | | 8.000 | | | 06/30/2034 | | | 4,271,396 | |
| | The Berks County Municipal Authority RB for Tower Health Project Series 2024A-2 (NR/NR) | |
| | | | | 2,084,000 | | | | 6.000 | | | 06/30/2034 | | | 2,264,463 | |
| | The Berks County Municipal Authority RB for Tower Health Project Series 2024A-3 (NR/NR) | |
| | | | | 20,938,000 | | | | 5.000 | | | 06/30/2039 | | | 20,728,643 | |
| | The Berks County Municipal Authority RB for Tower Health Project Series 2024B-1 (NR/NR) | |
| | | | | 209,000 | | | | 8.000 | | | 06/30/2034 | | | 208,997 | |
| | The Berks County Municipal Authority RB for Tower Health Project Series 2024B-2 (NR/NR) | |
| | | | | 104,000 | | | | 6.000 | | | 06/30/2034 | | | 113,006 | |
| | Upper Dauphin IDA RB for Pennsylvania Steam Academy Charter School Project Series 2022A (NR/NR) | |
| | | | | 4,485,000 | | | | 6.250 | (c) | | 07/01/2057 | | | 4,516,952 | |
| | Washington County Redevelopment Authority RB Refunding for Victory Center Tax Increment Financing Project Series 2018 (NR/BB) | |
| | | | | 765,000 | | | | 5.000 | | | 07/01/2028 | | | 773,298 | |
| | | | | 1,000,000 | | | | 5.000 | | | 07/01/2035 | | | 1,006,822 | |
| | Westmoreland County Industrial Development Authority RB Refunding for Excela Health Obligated Group Series 2020 A (Baa3/NR) | |
| | | | | 1,400,000 | | | | 4.000 | | | 07/01/2037 | | | 1,307,966 | |
| | 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 | | | 647,358 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 362,953,353 | |
| | | |
| | Puerto Rico - 9.4% | |
| |
| | GDB Debt Recovery Authority Bonds (NR/NR) | |
| | | | | 19,320,760 | | | | 7.500 | | | 08/20/2040 | | | 18,789,439 | |
| | HTA Trust Certificates Class L-2028 Units (NR/NR) | |
| | | | | 3,919,542 | | | | 5.250 | | | 07/01/2038 | | | 3,920,628 | |
| | Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2020A (NR/NR) | |
| | | | | 7,950,000 | | | | 5.000 | (c) | | 07/01/2035 | | | 8,343,533 | |
| | Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2022A (NR/NR) | |
| | | | | 9,270,000 | | | | 5.000 | (c) | | 07/01/2037 | | | 9,844,725 | |
| | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR) | |
| | | | | 42,415,000 | | | | 5.000 | (c) | | 07/01/2047 | | | 43,402,854 | |
| | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding Series 2021 C (NR/NR) | |
| | | | | 9,400,000 | | | | 3.500 | (c) | | 07/01/2026 | | | 8,974,314 | |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Puerto Rico – (continued) | |
| |
| | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding Series 2021 C (NR/NR) – (continued) | |
| | $ | | | 9,400,000 | | | | 3.750 | %(c) | | 07/01/2027 | | $ | 8,807,437 | |
| | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding Series 2022 A (NR/NR) | |
| | | | | 2,000,000 | | | | 4.000 | (c) | | 07/01/2042 | | | 1,917,397 | |
| | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Series 2021 A (NR/NR) | |
| | | | | 2,500,000 | | | | 4.000 | (c) | | 07/01/2042 | | | 2,396,746 | |
| | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Series 2021 B (NR/NR) | |
| | | | | 495,000 | | | | 5.000 | (c) | | 07/01/2025 | | | 498,386 | |
| | Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Refunding Bonds 2021 B (NR/NR) | |
| | | | | 1,035,000 | | | | 5.000 | (c) | | 07/01/2037 | | | 1,091,960 | |
| | Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2021B (NR/NR) | |
| | | | | 33,370,000 | | | | 4.000 | (c) | | 07/01/2042 | | | 31,991,766 | |
| | Puerto Rico Commonwealth GO Bonds (NR/NR) | |
| | | | | 55,669,260 | | | | 0.000 | (b)(h)(j) | | 11/01/2043 | | | 35,837,086 | |
| | Puerto Rico Commonwealth GO Clawback Bonds (NR/NR) | |
| | | | | 30,513,687 | | | | 0.000 | (b)(h)(j) | | 11/01/2051 | | | 16,668,101 | |
| | Puerto Rico Commonwealth GO Clawback CVIs (NR/NR) | |
| | | | | 38,246,940 | | | | 0.000 | (b)(h)(j) | | 11/01/2051 | | | 25,003,937 | |
| | Puerto Rico Commonwealth GO CVIs (NR/NR) | |
| | | | | 2,012,047 | | | | 0.000 | (b)(h)(j) | | 11/01/2051 | | | 648,885 | |
| | Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR/NR) | |
| | | | | 9,811,379 | | | | 5.625 | | | 07/01/2029 | | | 10,594,190 | |
| | | | | 16,610,960 | | | | 5.750 | | | 07/01/2031 | | | 18,470,331 | |
| | | | | 61,106,206 | | | | 0.000 | (e) | | 07/01/2033 | | | 41,475,031 | |
| | | | | 3,435,196 | | | | 4.000 | | | 07/01/2033 | | | 3,438,132 | |
| | | | | 7,201,113 | | | | 4.000 | | | 07/01/2035 | | | 7,185,381 | |
| | | | | 10,253,482 | | | | 4.000 | | | 07/01/2037 | | | 10,174,519 | |
| | | | | 19,508,950 | | | | 4.000 | | | 07/01/2041 | | | 18,848,072 | |
| | | | | 51,667,776 | | | | 4.000 | | | 07/01/2046 | | | 48,738,673 | |
| | Puerto Rico Electric Power Authority Power RB Series 2012A (WR/NR) | |
| | | | | 1,905,000 | | | | 4.800 | * | | 07/01/2029 | | | 1,023,938 | |
| | | | | 31,935,000 | | | | 5.000 | * | | 07/01/2042 | | | 17,165,062 | |
| | Puerto Rico Electric Power Authority Power RB Series 2013A (WR/NR) | |
| | | | | 715,000 | | | | 7.250 | * | | 07/01/2030 | | | 384,313 | |
| | | | | 6,760,000 | | | | 7.000 | * | | 07/01/2033 | | | 3,633,500 | |
| | | | | 14,065,000 | | | | 6.750 | * | | 07/01/2036 | | | 7,559,937 | |
| | | | | 6,190,000 | | | | 7.000 | * | | 07/01/2040 | | | 3,327,125 | |
| | Puerto Rico Electric Power Authority Power RB Series 4 (NR/NR) | |
| | | | | 1,678,950 | | | | 10.000 | * | | 07/01/2022 | | | 902,436 | |
| | Puerto Rico Electric Power Authority Power RB Series A-4 (NR/NR) | |
| | | | | 747,236 | | | | 10.000 | * | | 07/01/2019 | | | 401,639 | |
| | Puerto Rico Electric Power Authority Power RB Series AAA (WR/NR) | |
| | | | | 130,000 | | | | 5.250 | * | | 07/01/2023 | | | 69,875 | |
| | | | | 3,420,000 | | | | 5.250 | * | | 07/01/2031 | | | 1,838,250 | |
| | Puerto Rico Electric Power Authority Power RB Series B-4 (NR/NR) | |
| | | | | 747,235 | | | | 10.000 | * | | 07/01/2019 | | | 401,639 | |
| | |
| 148 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Puerto Rico – (continued) | |
| |
| | Puerto Rico Electric Power Authority Power RB Series BBB (WR/NR) | |
| | $ | | | 90,000 | | | | 5.400 | %* | | 07/01/2028 | | $ | 48,375 | |
| | Puerto Rico Electric Power Authority Power RB Series CCC (WR/NR) | |
| | | | | 80,000 | | | | 5.000 | * | | 07/01/2022 | | | 43,000 | |
| | | | | 90,000 | | | | 4.250 | * | | 07/01/2023 | | | 48,375 | |
| | | | | 60,000 | | | | 4.500 | * | | 07/01/2023 | | | 32,250 | |
| | | | | 50,000 | | | | 4.600 | * | | 07/01/2024 | | | 26,875 | |
| | | | | 210,000 | | | | 4.625 | * | | 07/01/2025 | | | 112,875 | |
| | | | | 900,000 | | | | 5.000 | * | | 07/01/2025 | | | 483,750 | |
| | | | | 25,000 | | | | 5.000 | * | | 07/01/2026 | | | 13,438 | |
| | | | | 10,000,000 | | | | 5.250 | * | | 07/01/2026 | | | 5,375,000 | |
| | | | | 65,000 | | | | 4.800 | * | | 07/01/2027 | | | 34,937 | |
| | | | | 4,980,000 | | | | 5.000 | * | | 07/01/2028 | | | 2,676,750 | |
| | Puerto Rico Electric Power Authority Power RB Series E-1 (NR/NR) | |
| | | | | 5,036,850 | | | | 10.000 | * | | 01/01/2021 | | | 2,707,307 | |
| | Puerto Rico Electric Power Authority Power RB Series E-2 (NR/NR) | |
| | | | | 5,036,850 | | | | 10.000 | * | | 07/01/2021 | | | 2,707,307 | |
| | Puerto Rico Electric Power Authority Power RB Series E-3 (NR/NR) | |
| | | | | 1,678,950 | | | | 10.000 | * | | 01/01/2022 | | | 902,436 | |
| | Puerto Rico Electric Power Authority Power RB Series EEE (WR/NR) | |
| | | | | 1,175,000 | | | | 5.950 | * | | 07/01/2030 | | | 631,563 | |
| | | | | 4,620,000 | | | | 6.050 | * | | 07/01/2032 | | | 2,483,250 | |
| | | | | 115,000 | | | | 6.250 | * | | 07/01/2040 | | | 61,812 | |
| | Puerto Rico Electric Power Authority Power RB Series SS (WR/ NR) | |
| | | | | 130,000 | | | | 4.625 | * | | 07/01/2030 | | | 69,875 | |
| | Puerto Rico Electric Power Authority Power RB Series TT (WR/NR) | |
| | | | | 300,000 | | | | 4.200 | * | | 07/01/2019 | | | 161,250 | |
| | | | | 700,000 | | | | 5.000 | * | | 07/01/2025 | | | 376,250 | |
| | | | | 9,895,000 | | | | 5.000 | * | | 07/01/2032 | | | 5,318,562 | |
| | Puerto Rico Electric Power Authority Power RB Series VV (NATL) (NR/NR) | |
| | | | | 1,250,000 | | | | 5.250 | | | 07/01/2032 | | | 1,241,976 | |
| | Puerto Rico Electric Power Authority Power RB Series WW (WR/NR) | |
| | | | | 2,000,000 | | | | 5.500 | * | | 07/01/2020 | | | 1,075,000 | |
| | | | | 3,765,000 | | | | 5.250 | * | | 07/01/2033 | | | 2,023,687 | |
| | | | | 16,115,000 | | | | 5.500 | * | | 07/01/2038 | | | 8,661,813 | |
| | Puerto Rico Electric Power Authority Power RB Series XX (WR/NR) | |
| | | | | 20,000 | | | | 4.875 | * | | 07/01/2027 | | | 10,750 | |
| | | | | 42,715,000 | | | | 5.250 | * | | 07/01/2040 | | | 22,959,313 | |
| | Puerto Rico Electric Power Authority Power RB Series YY (WR/NR) | |
| | | | | 2,460,000 | | | | 6.125 | * | | 07/01/2040 | | | 1,322,250 | |
| | Puerto Rico Electric Power Authority Power RB Series ZZ (WR/NR) | |
| | | | | 65,000 | | | | 3.700 | * | | 07/01/2017 | | | 34,937 | |
| | | | | 1,230,000 | | | | 5.000 | * | | 07/01/2017 | | | 661,125 | |
| | | | | 145,000 | | | | 4.250 | * | | 07/01/2018 | | | 77,937 | |
| | | | | 3,130,000 | | | | 5.000 | * | | 07/01/2019 | | | 1,682,375 | |
| | | | | 260,000 | | | | 4.250 | * | | 07/01/2020 | | | 139,750 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity
Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Puerto Rico – (continued) | |
| |
| | Puerto Rico Electric Power Authority Power RB Series ZZ (WR/NR) – (continued) | |
| | $ | | | 25,000 | | | | 5.250 | %* | | 07/01/2020 | | $ | 13,438 | |
| | | | | 80,000 | | | | 4.375 | * | | 07/01/2021 | | | 43,000 | |
| | | | | 100,000 | | | | 4.375 | * | | 07/01/2022 | | | 53,750 | |
| | | | | 65,000 | | | | 5.000 | * | | 07/01/2022 | | | 34,938 | |
| | | | | 190,000 | | | | 4.500 | * | | 07/01/2023 | | | 102,125 | |
| | | | | 135,000 | | | | 4.625 | * | | 07/01/2025 | | | 72,562 | |
| | | | | 1,575,000 | | | | 5.250 | * | | 07/01/2026 | | | 846,563 | |
| | Puerto Rico Electric Power Authority Power Revenue Refunding Bonds Series DDD (WR/NR) | |
| | | | | 215,000 | | | | 3.300 | * | | 07/01/2019 | | | 115,562 | |
| | | | | 80,000 | | | | 3.500 | * | | 07/01/2020 | | | 43,000 | |
| | | | | 155,000 | | | | 3.625 | * | | 07/01/2021 | | | 83,313 | |
| | | | | 60,000 | | | | 3.750 | * | | 07/01/2022 | | | 32,250 | |
| | | | | 730,000 | | | | 3.875 | * | | 07/01/2023 | | | 392,375 | |
| | Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (A1/AA) (3M USD LIBOR + 0.52%) | |
| | | | | 52,372,000 | | | | 4.263 | (f) | | 07/01/2029 | | | 50,431,596 | |
| | Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ (WR/NR) | |
| | | | | 126,000 | | | | 5.000 | * | | 07/01/2024 | | | 67,725 | |
| | Puerto Rico Electric Power Authority RB Series 2010 AAA (WR/NR) | |
| | | | | 1,489,000 | | | | 5.250 | * | | 07/01/2027 | | | 800,337 | |
| | | | | 2,119,000 | | | | 5.250 | * | | 07/01/2028 | | | 1,138,963 | |
| | Puerto Rico Electric Power Authority RB Series TT (WR/NR) | |
| | | | | 5,135,000 | | | | 5.000 | * | | 07/01/2037 | | | 2,760,062 | |
| | Puerto Rico Electric Power Authority RB Series WW (WR/NR) | |
| | | | | 4,625,000 | | | | 5.000 | * | | 07/01/2028 | | | 2,485,938 | |
| | Puerto Rico Industrial Tourist Educational, Medical and Environmental Control Facilities Financing Authority Dock and Wharf RB (Forward Delivery) Series 2023A-1, Series A-2 and A-3 And Series 2023B (NR/BBB-) | |
| | | | | 1,355,000 | | | | 6.500 | | | 01/01/2042 | | | 1,610,252 | |
| | | | | 6,375,000 | | | | 6.750 | | | 01/01/2045 | | | 7,623,437 | |
| | 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-) | |
| | | | | 2,750,000 | | | | 6.500 | | | 01/01/2041 | | | 3,280,232 | |
| | | | | 820,000 | | | | 6.500 | | | 01/01/2042 | | | 974,470 | |
| | | | | 2,300,000 | | | | 6.750 | | | 01/01/2046 | | | 2,750,416 | |
| | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) | |
| | | | | 11,000 | | | | 0.000 | (e) | | 07/01/2029 | | | 9,208 | |
| | | | | 4,301,000 | | | | 0.000 | (e) | | 07/01/2031 | | | 3,317,101 | |
| | | | | 5,295,000 | | | | 0.000 | (e) | | 07/01/2033 | | | 3,746,399 | |
| | | | | 373,971,000 | | | | 0.000 | (e) | | 07/01/2046 | | | 126,226,357 | |
| | | | | 206,225,000 | | | | 0.000 | (e) | | 07/01/2051 | | | 50,584,332 | |
| | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR) | |
| | | | | 108,671,000 | | | | 4.329 | | | 07/01/2040 | | | 108,445,247 | |
| | | | | 562,000 | | | | 4.536 | | | 07/01/2053 | | | 556,119 | |
| | | | | 13,175,000 | | | | 4.784 | | | 07/01/2058 | | | 13,203,869 | |
| | Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) | |
| | | | | 3,939,000 | | | | 4.500 | | | 07/01/2034 | | | 3,946,289 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 149 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Puerto Rico – (continued) | |
| |
| | Puerto Rico Sales Tax Financing Corporation Sales Tax | |
| | Restructured RB Series 2018 A-1 (NR/NR) – (continued) | |
| | $ | | | 54,641,000 | | | | 4.750 | % | | 07/01/2053 | | $ | 54,783,094 | |
| | | | | 180,275,000 | | | | 5.000 | | | 07/01/2058 | | | 182,055,269 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 1,100,604,975 | |
| | | |
| | Rhode Island - 0.6% | |
| |
| | Rhode Island Health and Educational Building Corporation Hospital Financing RB Lifespan Obligated Group Issue Series 2024 (NR/BBB+) | |
| | | | | 21,500,000 | | | | 5.250 | | | 05/15/2054 | | | 23,204,211 | |
| | Rhode Island Health and Educational Building Corporation Public Schools Financing RB for Town of Cumberland Issue Series 2023 A (NR/AA+) | |
| | | | | 10,000,000 | | | | 4.125 | | | 05/15/2053 | | | 9,775,686 | |
| | Rhode Island Housing & Mortgage Finance Corp. Homeownership Opportunity Bonds Series 82-A (Non-AMT) (GNMA COLL) (Aa1/AA+) | |
| | | | | 7,290,000 | | | | 4.600 | | | 10/01/2049 | | | 7,370,926 | |
| | tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2007 B (NR/CCC-) | |
| | | | | 124,220,000 | | | | 0.000 | (e) | | 06/01/2052 | | | 21,507,575 | |
| | Tobacco Settlement Financing Corporation Tobacco Settlement Asset-Backed Bonds Series 2015B (NR/NR) | |
| | | | | 2,750,000 | | | | 5.000 | | | 06/01/2050 | | | 2,759,776 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 64,618,174 | |
| | | |
| | South Carolina - 0.4% | |
| |
| | Lancaster County Assessment RB for Edgewater Improvement District Series 2003 A (NR/NR) | |
| | | | | 2,520,000 | | | | 6.875 | | | 11/01/2035 | | | 2,522,801 | |
| | South Carolina Economic Development Authority Educational Facilities Tax Exempt RB for Polaris Tech Charter School Project Series 2022A (NR/NR) | |
| | | | | 6,160,000 | | | | 5.250 | (c) | | 06/15/2052 | | | 6,122,810 | |
| | | | | 5,615,000 | | | | 5.250 | (c) | | 06/15/2057 | | | 5,501,734 | |
| | 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 | | | 7,055,567 | |
| | | | | 4,550,000 | | | | 5.500 | | | 11/01/2054 | | | 5,135,900 | |
| | South Carolina Jobs-Economic Development Authority RB for ACTS Retirement-Life Communities, Inc. Obligated Group Series 2018 C (NR/NR) | |
| | | | | 2,150,000 | | | | 5.000 | | | 11/15/2047 | | | 2,208,484 | |
| | South Carolina Public Service Authority Revenue Obligations 2015 Tax Exempt Series E (NR/A-) | |
| | | | | 5,000,000 | | | | 5.250 | | | 12/01/2055 | | | 5,041,524 | |
| | South Carolina Public Service Authority Revenue Obligations 2022 Tax Exempt Series E (AGM) (A1/AA) | |
| | | | | 9,000,000 | | | | 5.000 | | | 12/01/2052 | | | 9,612,354 | |
| | Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (A1/AA) | |
| | | | | 2,000,000 | | | | 3.000 | | | 04/15/2049 | | | 1,566,592 | |
| | 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 | | | 4,864,681 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 49,632,447 | |
| | | |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | 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 | | $ | 894,760 | |
| | | | | 1,450,000 | | | | 4.000 | | | 08/01/2061 | | | 1,212,422 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 2,107,182 | |
| | | |
| | Tennessee - 0.3% | |
| |
| | City of Chattanooga Health, Educational & Housing Board RB for Commonspirit Health Series 2019A-2 (A3/A-) | |
| | | | | 4,750,000 | | | | 5.000 | | | 08/01/2049 | | | 4,922,622 | |
| | Greeneville Health & Educational Facilities Board RB for Ballad Health Obligated Group Series 2018 A (A3/A-) | |
| | | | | 1,230,000 | | | | 4.000 | | | 07/01/2040 | | | 1,209,246 | |
| | 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 | | | 2,187,758 | |
| | | | | 4,000,000 | | | | 5.000 | | | 07/01/2064 | | | 4,170,847 | |
| | Industrial Development Board of The Metropolitan Government of Davidson County Senior Special Assessment RB Series 2021A (NR/NR) | |
| | | | | 1,150,000 | | | | 4.000 | (c) | | 06/01/2051 | | | 1,008,186 | |
| | Industrial Development Board of The Metropolitan Government of Davidson County Senior Special Assessment Revenue Capital Appreciation Bonds Series 2021B (NR/NR) | |
| | | | | 2,825,000 | | | | 0.000 | (c)(e) | | 06/01/2043 | | | 1,173,319 | |
| | Memphis-Shelby County Industrial Development Board Tax Allocation Refunding Bonds Series 2017 A (NR/NR) | |
| | | | | 100,000 | | | | 4.750 | | | 07/01/2027 | | | 89,448 | |
| | | | | 4,100,000 | | | | 5.625 | | | 01/01/2046 | | | 2,855,302 | |
| | 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 | | | 349,477 | |
| | | | | 410,000 | | | | 5.000 | | | 10/01/2039 | | | 424,332 | |
| | | | | 500,000 | | | | 5.000 | | | 10/01/2048 | | | 507,393 | |
| | Metropolitan Nashville Airport Authority Airport Subordinate RB Series 2022B (AMT) (A2/NR) | |
| | | | | 6,950,000 | | | | 5.000 | | | 07/01/2054 | | | 7,235,325 | |
| | Nashville Metropolitan Development & Housing Agency RB for Fifth+ Broadway Development Project Series 2018 (NR/NR) | |
| | | | | 850,000 | | | | 5.125 | (c) | | 06/01/2036 | | | 871,207 | |
| | 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 | (c) | | 06/01/2044 | | | 936,983 | |
| | | | | 2,025,000 | | | | 5.250 | (c) | | 06/01/2056 | | | 2,112,033 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 30,053,478 | |
| | | |
| | Texas - 8.2% | |
| |
| | Argyle Special Assessment RB for Waterbrook of Argyle Public Improvement District Project Series 2018 (NR/NR) | |
| | | | | 400,000 | | | | 4.625 | (c) | | 09/01/2028 | | | 406,819 | |
| | | | | 2,340,000 | | | | 5.125 | (c) | | 09/01/2038 | | | 2,371,704 | |
| | | | | 2,580,000 | | | | 5.250 | (c) | | 09/01/2047 | | | 2,608,905 | |
| | Arlington Higher Education Finance Corp. Education RB for Basis Texas Charter Schools Inc. Series 2024 (Ba2/NR) | |
| | | | | 970,000 | | | | 4.875 | (c) | | 06/15/2054 | | | 973,437 | |
| | |
| 150 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Texas – (continued) | |
| |
| | Arlington Higher Education Finance Corp. Education RB for Basis Texas Charter Schools Inc. Series 2024 (Ba2/NR) – (continued) | |
| | $ | | | 900,000 | | | | 4.875 | %(c) | | 06/15/2059 | | $ | 902,056 | |
| | | | | 1,100,000 | | | | 5.000 | (c) | | 06/15/2064 | | | 1,103,194 | |
| | Arlington Higher Education Finance Corp. Education RB for Great Hearts America - Texas Series 2024A (Baa3/NR) | |
| | | | | 1,100,000 | | | | 5.000 | | | 08/15/2054 | | | 1,101,852 | |
| | 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 | | | 10,312,690 | |
| | Arlington Higher Education Finance Corp. Education RB for Legacy Traditional Schools Project Series 2022A (NR/NR) | |
| | | | | 5,500,000 | | | | 6.750 | (c) | | 02/15/2062 | | | 5,714,330 | |
| | Arlington Higher Education Finance Corp. Education RB Series 2022A (NR/NR) | |
| | | | | 1,495,000 | | | | 5.625 | | | 08/15/2052 | | | 1,456,688 | |
| | | | | 1,780,000 | | | | 5.750 | | | 08/15/2057 | | | 1,751,145 | |
| | Arlington Higher Education Finance Corp. RB Refunding for Wayside Schools Series 2021 A (NR/BB) | |
| | | | | 305,000 | | | | 4.000 | | | 08/15/2036 | | | 291,226 | |
| | | | | 560,000 | | | | 4.000 | | | 08/15/2041 | | | 507,239 | |
| | | | | 810,000 | | | | 4.000 | | | 08/15/2046 | | | 706,758 | |
| | 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 | | | 2,318,111 | |
| | Aubrey Independent School District UT School Building Bonds Series 2022 (PSF-GTD) (Aaa/AAA) | |
| | | | | 5,000,000 | | | | 4.000 | | | 02/15/2052 | | | 4,867,863 | |
| | Austin Convention Enterprises, Inc. Convention Center Hotel First Tier RB Refunding Series 2017 A (NR/BB+) | |
| | | | | 1,480,000 | | | | 5.000 | | | 01/01/2029 | | | 1,510,998 | |
| | Austin Convention Enterprises, Inc. Convention Center Hotel First Tier RR Bonds, Series 2017A (NR/BB+) | |
| | | | | 450,000 | | | | 5.000 | | | 01/01/2032 | | | 457,077 | |
| | | | | 450,000 | | | | 5.000 | | | 01/01/2033 | | | 456,753 | |
| | Bastrop County Special Assessment for Double Eagle Ranch Public Improvement District Area One Project RB Series 2023 (NR/NR) | |
| | | | | 900,000 | | | | 5.375 | (c) | | 09/01/2053 | | | 922,393 | |
| | 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 | | | 3,582,092 | |
| | | | | 2,435,000 | | | | 5.000 | | | 12/01/2040 | | | 2,366,037 | |
| | Brazoria County Industrial Development Corp. Solid Waste Disposal Facilities RB for Aleon Renewable Metals Project (NR/NR) | |
| | | | | 6,600,000 | | | | 10.000 | (a)(b)(c) | | 06/01/2042 | | | 6,648,831 | |
| | Caddo Mills Independent School District Unlimited Tax School Building Bonds, Series 2023 (PSF-GTD) (Aaa/NR) | |
| | | | | 5,035,000 | | | | 4.250 | | | 02/15/2053 | | | 5,049,347 | |
| | Cedar Bayou Navigation District Special Assessment Series 2020 (NR/NR) | |
| | | | | 9,415,000 | | | | 6.000 | | | 09/15/2051 | | | 8,122,509 | |
| | Celina Independent School District Unlimited Tax School Building Bonds, Series 2023 (PSF-GTD) (Aaa/AAA) | |
| | | | | 10,000,000 | | | | 4.000 | | | 02/15/2053 | | | 9,842,754 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Texas – (continued) | |
| |
| | Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2021D (A3/A+) | |
| | $ | | | 3,670,000 | | | | 3.000 | % | | 01/01/2046 | | $ | 3,019,621 | |
| | City of Anna Special Assessment Bonds for Hurricane Creek Public Improvement District Project Series 2019 (NR/NR) | |
| | | | | 2,190,000 | | | | 6.500 | (c) | | 09/01/2048 | | | 2,289,275 | |
| | City Of Anna Special Assessment RB for Anacapri Public Improvement District Improvement Area 1 Project, Series 2023 (NR/NR) | |
| | | | | 2,300,000 | | | | 7.375 | (c) | | 09/15/2052 | | | 2,461,489 | |
| | City of Anna Special Assessment RB for Hurricane Creek Public Improvement District Project Series 2022 (NR/NR) | |
| | | | | 1,931,000 | | | | 6.000 | (c) | | 09/01/2052 | | | 1,996,689 | |
| | City of Anna Special Assessment RB for Meadow Vista Public Improvement District Improvement Area #1 Project Series 2024 (NR/NR) | |
| | | | | 450,000 | | | | 5.500 | (c) | | 09/15/2044 | | | 456,413 | |
| | City of Anna Special Assessment RB for The Woods at Lindsey Place Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) | |
| | | | | 1,375,000 | | | | 5.875 | (c) | | 09/15/2053 | | | 1,422,398 | |
| | 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 | (c) | | 09/15/2054 | | | 1,116,314 | |
| | City of Aubrey Special Assessment for Aubrey Public Improvement District No. 1 RB Series 2023 (NR/NR) | |
| | | | | 1,425,000 | | | | 5.875 | (c) | | 09/01/2043 | | | 1,470,976 | |
| | | | | 1,475,000 | | | | 6.000 | (c) | | 09/01/2053 | | | 1,521,571 | |
| | City of Aubrey Special Assessment RB for Jackson Ridge Public Improvement District Project Series 2022 (NR/NR) | |
| | | | | 1,620,000 | | | | 6.000 | (c) | | 09/01/2045 | | | 1,694,836 | |
| | City of Austin Special Assessment RB for Estancia Hill Country Public Improvement District Series 2018 (NR/NR) | |
| | | | | 4,150,000 | | | | 5.125 | (c) | | 11/01/2033 | | | 4,173,550 | |
| | City of Austin Special Assessment RB for Whisper Valley Public Improvement District Project Series 2022 (NR/NR) | |
| | | | | 1,170,000 | | | | 5.500 | (c) | | 11/01/2051 | | | 1,198,621 | |
| | City of Bee Cave Special Assessment RB Series 2021 (NR/NR) | |
| | | | | 563,000 | | | | 4.750 | (c) | | 09/01/2031 | | | 535,866 | |
| | | | | 1,540,000 | | | | 5.000 | (c) | | 09/01/2041 | | | 1,489,017 | |
| | | | | 1,907,000 | | | | 5.250 | (c) | | 09/01/2051 | | | 1,873,952 | |
| | City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2020 (NR/NR) | |
| | | | | 430,000 | | | | 3.750 | (c) | | 09/01/2040 | | | 379,328 | |
| | | | | 1,451,000 | | | | 4.000 | (c) | | 09/01/2050 | | | 1,258,062 | |
| | City of Celina Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR) | |
| | | | | 450,000 | | | | 4.250 | (c) | | 09/01/2041 | | | 420,131 | |
| | City of Celina Special Assessment RB for Celina Hills Public Improvement District Project Series 2022 (NR/NR) | |
| | | | | 1,021,000 | | | | 5.000 | (c) | | 09/01/2051 | | | 1,019,132 | |
| | City of Celina Special Assessment RB for Chalk Hill Public Improvement District No. 2 Phases #2-3 Direct Improvement Project Series 2023 (NR/NR) | |
| | | | | 1,624,000 | | | | 6.000 | (c) | | 09/01/2053 | | | 1,664,938 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 151 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | 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 | %(c) | | 09/01/2053 | | $ | 2,156,280 | |
| | | | | 1,424,000 | | | | 6.125 | (c) | | 09/01/2053 | | | 1,473,300 | |
| | City of Celina Special Assessment RB for Harper Estates Public Improvement District Project Series 2023 (NR/NR) | |
| | | | | 6,576,000 | | | | 6.750 | (c) | | 09/01/2052 | | | 6,764,216 | |
| | City of Celina Special Assessment RB for Hillside Public Improvement District Series 2022 (NR/NR) | |
| | | | | 812,000 | | | | 3.375 | (c) | | 09/01/2042 | | | 649,328 | |
| | | | | 3,549,000 | | | | 4.000 | (c) | | 09/01/2052 | | | 2,992,447 | |
| | City of Celina Special Assessment RB for Mosaic Public Improvement District Phase #1 Project Series 2023 (NR/NR) | |
| | | | | 1,225,000 | | | | 5.125 | (c) | | 09/01/2043 | | | 1,235,802 | |
| | | | | 1,676,000 | | | | 5.500 | (c) | | 09/01/2053 | | | 1,710,823 | |
| | City of Celina Special Assessment RB for Parks at Wilson Creek Series 2021 (NR/NR) | |
| | | | | 67,000 | | | | 2.750 | (c) | | 09/01/2026 | | | 65,231 | |
| | | | | 152,000 | | | | 3.500 | (c) | | 09/01/2026 | | | 150,339 | |
| | | | | 240,000 | | | | 3.250 | (c) | | 09/01/2031 | | | 223,835 | |
| | | | | 446,000 | | | | 4.000 | (c) | | 09/01/2031 | | | 434,429 | |
| | | | | 1,134,000 | | | | 3.500 | (c) | | 09/01/2041 | | | 981,380 | |
| | | | | 959,000 | | | | 4.250 | (c) | | 09/01/2041 | | | 908,097 | |
| | | | | 1,916,000 | | | | 4.000 | (c) | | 09/01/2051 | | | 1,646,276 | |
| | | | | 1,410,000 | | | | 4.500 | (c) | | 09/01/2051 | | | 1,311,748 | |
| | City of Celina Special Assessment RB for Parvin Public Improvement District Project Series 2023 (NR/NR) | |
| | | | | 1,604,000 | | | | 6.500 | (c) | | 09/01/2043 | | | 1,650,784 | |
| | | | | 2,100,000 | | | | 6.750 | (c) | | 09/01/2053 | | | 2,165,726 | |
| | City of Celina Special Assessment RB for Ten Mile Creek Public Improvement District Project Series 2023 (NR/NR) | |
| | | | | 701,000 | | | | 6.250 | (c) | | 09/01/2042 | | | 723,860 | |
| | | | | 1,365,000 | | | | 5.750 | (c) | | 09/01/2052 | | | 1,414,602 | |
| | | | | 1,175,000 | | | | 6.500 | (c) | | 09/01/2052 | | | 1,216,347 | |
| | City of Celina Special Assessment RB for Wells South Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR) | |
| | | | | 1,215,000 | | | | 5.625 | (c) | | 09/01/2052 | | | 1,247,781 | |
| | City of Celina Special Assessment RB Series 2022 (NR/NR) | |
| | | | | 910,000 | | | | 4.000 | (c) | | 09/01/2043 | | | 803,492 | |
| | | | | 933,000 | | | | 4.125 | (c) | | 09/01/2051 | | | 797,888 | |
| | City of Celina Texas a Municipal Corp. of The State of Texas Located in Collin and Denton Counties Special Assessment RB Series 2024 (NR/NR) | |
| | | | | 1,200,000 | | | | 5.750 | (c) | | 09/01/2054 | | | 1,240,294 | |
| | City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1B Project Series 2018 (NR/NR) | |
| | | | | 400,000 | | | | 5.500 | (c) | | 09/01/2046 | | | 408,073 | |
| | 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 | | | 1,160,942 | |
| | | | | 1,686,000 | | | | 5.750 | | | 09/01/2047 | | | 1,717,159 | |
| | City of Celina Texas Municipal Corp. Special Assessment RB for Sutton Fields II Public Improvement District Phase#2-3 Project Series 2019 (NR/NR) | |
| | | | | 2,330,000 | | | | 4.250 | (c) | | 09/01/2049 | | | 2,109,713 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Texas – (continued) | |
| |
| | City of Celina Texas Municipal Corp. Special Assessment RB for Sutton Fields II Public Improvement District Phase#4 Project Series 2020 (NR/NR) | |
| | $ | | | 1,800,000 | | | | 4.125 | %(c) | | 09/01/2050 | | $ | 1,572,396 | |
| | City of Celinac Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR) | |
| | | | | 175,000 | | | | 4.750 | (c) | | 09/01/2031 | | | 174,389 | |
| | | | | 370,000 | | | | 5.250 | (c) | | 09/01/2041 | | | 374,725 | |
| | | | | 500,000 | | | | 5.500 | (c) | | 09/01/2050 | | | 509,453 | |
| | City of Crandall Cartwright Ranch Public Improvement District Special Assessment Bond Series 2021 (NR/NR) | |
| | | | | 137,000 | | | | 4.125 | (c) | | 09/15/2026 | | | 136,961 | |
| | | | | 261,000 | | | | 4.750 | (c) | | 09/15/2031 | | | 263,995 | |
| | | | | 900,000 | | | | 4.250 | (c) | | 09/15/2041 | | | 836,948 | |
| | | | | 500,000 | | | | 5.000 | (c) | | 09/15/2041 | | | 501,119 | |
| | | | | 1,400,000 | | | | 4.500 | (c) | | 09/15/2051 | | | 1,271,345 | |
| | | | | 650,000 | | | | 5.250 | (c) | | 09/15/2051 | | | 654,004 | |
| | City of Crandall Special Assessment RB for River Ridge Public Improvement District Project Series 2022 (NR/NR) | |
| | | | | 4,500,000 | | | | 6.125 | (c) | | 09/15/2052 | | | 4,769,765 | |
| | City of Crandall Special Assessment RB for River Ridge Public Improvement District Single Family Residential Major Improvement Project Series 2022 (NR/NR) | |
| | | | | 1,580,000 | | | | 6.750 | (c) | | 09/15/2052 | | | 1,696,887 | |
| | 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 | (c) | | 09/01/2052 | | | 1,318,713 | |
| | City of Dayton Junior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #2 Project Series 2024B (NR/NR) | |
| | | | | 2,250,000 | | | | 6.250 | (c) | | 09/01/2054 | | | 2,281,242 | |
| | City of Dayton Senior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #1 Project Series 2022A (NR/NR) | |
| | | | | 1,413,000 | | | | 5.250 | (c) | | 09/01/2052 | | | 1,432,659 | |
| | City of Dayton Senior Lien Special Assessment RB for Westpointe Villages Public Improvement District Improvement Area #2 Project Series 2024A (NR/NR) | |
| | | | | 1,595,000 | | | | 5.750 | (c) | | 09/01/2054 | | | 1,619,497 | |
| | City of Decatur, Texas, (A Municipal Corporation of The State of Texas Located In Wise County) Special Assessment RB, Series 2023 (Vista Park Public Improvement District No. 1 Improvement Area #1 Project) (NR/NR) | |
| | | | | 1,963,000 | | | | 6.875 | (c) | | 09/15/2054 | | | 2,049,280 | |
| | City of Dorchester Texas Special Assessment RB Series 2024 (NR/NR) | |
| | | | | 950,000 | | | | 6.000 | (c)(g) | | 09/15/2044 | | | 953,644 | |
| | | | | 1,200,000 | | | | 7.000 | (c)(g) | | 09/15/2044 | | | 1,203,527 | |
| | | | | 1,350,000 | | | | 6.250 | (c)(g) | | 09/15/2054 | | | 1,352,255 | |
| | | | | 1,313,000 | | | | 7.250 | (c)(g) | | 09/15/2054 | | | 1,314,154 | |
| | City of Dripping Springs Special Assessment RB for Heritage Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) | |
| | | | | 1,219,000 | | | | 5.500 | (c) | | 09/01/2053 | | | 1,238,186 | |
| | City of Dripping Springs Texas Special Assessment RB Series 2024 (NR/NR) | |
| | | | | 770,000 | | | | 5.250 | (g) | | 09/01/2054 | | | 765,828 | |
| | |
| 152 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Texas – (continued) | |
| |
| | City of Elmendorf Hickory Ridge Public Improvement District Special Assessment Bond for Improvement Area No. 1 Series 2021 (NR/NR) | |
| | $ | | | 2,571,000 | | | | 4.000 | %(c) | | 09/01/2051 | | $ | 2,132,387 | |
| | City of Fate Special Assessment for Williamsburg East Public Improvement District Area No. 1 Series 2020 (NR/NR) | |
| | | | | 692,000 | | | | 3.875 | (c) | | 08/15/2040 | | | 604,810 | |
| | | | | 994,000 | | | | 4.125 | (c) | | 08/15/2050 | | | 871,125 | |
| | City of Fate Special Assessment RB for Monterra Public Improvement District Improvement Area #2 Project Series 2024 (NR/NR) | |
| | | | | 900,000 | | | | 5.375 | (c) | | 08/15/2044 | | | 912,393 | |
| | | | | 1,350,000 | | | | 5.750 | (c) | | 08/15/2054 | | | 1,377,931 | |
| | City of Fate Special Assessment RB for Monterra Public Improvement District Series 2021 (NR/NR) | |
| | | | | 925,000 | | | | 3.750 | (c) | | 08/15/2041 | | | 809,556 | |
| | | | | 1,656,000 | | | | 4.000 | (c) | | 08/15/2051 | | | 1,414,485 | |
| | City of Fate Special Assessment RB for Williamsburg East Public Improvement District Project Series 2022 (NR/NR) | |
| | | | | 2,275,000 | | | | 6.000 | (c) | | 08/15/2052 | | | 2,366,885 | |
| | City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Phase#1 Series 2019 (NR/NR) | |
| | | | | 1,360,000 | | | | 4.250 | (c) | | 08/15/2049 | | | 1,244,499 | |
| | City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Series 2018 (NR/NR) | |
| | | | | 910,000 | | | | 4.350 | (c) | | 08/15/2039 | | | 875,395 | |
| | | | | 1,920,000 | | | | 4.500 | (c) | | 08/15/2048 | | | 1,808,901 | |
| | City of Fate Special Assessment RB for Williamsburg Public Improvement District Series 2022 (NR/NR) | |
| | | | | 1,000,000 | | | | 4.375 | (c) | | 08/15/2052 | | | 901,908 | |
| | City of Fate, Texas Special Assessment RB for Williamsburg Public Improvement District No. 1 Phase 3B Series 2023 (NR/NR) | |
| | | | | 1,286,000 | | | | 5.375 | (c) | | 08/15/2053 | | | 1,296,995 | |
| | City of Forney Special Assessment RB for Bellagio Public Improvement District No. 1 RB Series 2023 (NR/NR) | |
| | | | | 7,112,000 | | | | 6.500 | (c) | | 09/15/2053 | | | 7,185,687 | |
| | City of Georgetown Special Assessment RB for Parks at Westhaven Public Improvement District Project Series 2022 (NR/NR) | |
| | | | | 961,000 | | | | 4.125 | (c) | | 09/15/2042 | | | 888,046 | |
| | | | | 617,000 | | | | 4.250 | (c) | | 09/15/2047 | | | 563,499 | |
| | 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 | | | 4,358,755 | |
| | 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 | | | 1,375,381 | |
| | | | | 2,435,000 | | | | 5.000 | | | 09/01/2044 | | | 2,448,271 | |
| | 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 | | | 2,237,299 | |
| | | | | 4,715,000 | | | | 4.500 | | | 09/01/2038 | | | 4,562,016 | |
| | City of Haslet Special Assessment RB for Haslet Public Improvement District Series 2021 (NR/NR) | |
| | | | | 1,852,000 | | | | 4.000 | (c) | | 09/01/2051 | | | 1,554,950 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Texas – (continued) | |
| |
| | City of Haslet Special Assessment RB Refunding for Haslet Public Improvement District No. 5 1 Project Series 2019 (NR/NR) | |
| | $ | | | 2,450,000 | | | | 4.375 | %(c) | | 09/01/2049 | | $ | 2,242,358 | |
| | City of Houston Airport System Special Facilities RB for United Airlines Inc. Airport Improvement Projects Series 2018C (AMT) (NR/BB-) | |
| | | | | 9,895,000 | | | | 5.000 | | | 07/15/2028 | | | 10,233,840 | |
| | 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 | | | 4,581,699 | |
| | 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 | | | 906,096 | |
| | City of Hutto Emory Crossing Public Improvement District Special Assessment Bond Series 2021 (NR/NR) | |
| | | | | 1,000,000 | | | | 4.000 | (c) | | 09/01/2056 | | | 841,665 | |
| | City of Hutto Special Assessment RB for Cottonwood Creek Public Improvement Series 2021 (NR/NR) | |
| | | | | 2,491,000 | | | | 4.000 | (c) | | 09/01/2051 | | | 2,133,722 | |
| | City of Hutto Special Assessment RB for Durango Farms Public Improvement District Project Series 2021 (NR/NR) | |
| | | | | 2,329,000 | | | | 4.000 | (c) | | 09/01/2056 | | | 1,999,914 | |
| | City of Hutto Special Assessment RB for Emory Crossing Public Improvement District Improvement Area #2 Project , Series 2023 (NR/NR) | |
| | | | | 1,950,000 | | | | 5.625 | (c) | | 09/01/2058 | | | 2,014,968 | |
| | City of Justin Special Assessment for Timberbrook Public Improvement District No. 1 Series 2021 (NR/NR) | |
| | | | | 1,978,000 | | | | 4.000 | (c) | | 09/01/2051 | | | 1,758,802 | |
| | City of Kaufman Special Assessment for Public Improvement District No. 1 Phases#1 Series 2021 (NR/NR) | |
| | | | | 575,000 | | | | 3.625 | (c) | | 09/15/2041 | | | 477,125 | |
| | City of Kaufman Special Assessment RB for Kaufman Public Improvement District Project Series 2022 (NR/NR) | |
| | | | | 620,000 | | | | 6.000 | (c) | | 09/15/2052 | | | 650,523 | |
| | City of Kyle Special Assessment RB for 6 Creeks Public Improvement District Project Series 2023 (NR/NR) | |
| | | | | 2,050,000 | | | | 5.250 | (c) | | 09/01/2043 | | | 2,120,614 | |
| | | | | 1,297,000 | | | | 5.500 | (c) | | 09/01/2047 | | | 1,349,698 | |
| | City of Kyle Special Assessment RB for 6 Creeks Public Improvement Project Series 2021 (NR/NR) | |
| | | | | 700,000 | | | | 3.750 | (c) | | 09/01/2041 | | | 632,220 | |
| | City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2019 (NR/NR) | |
| | | | | 1,405,000 | | | | 4.625 | (c) | | 09/01/2039 | | | 1,408,835 | |
| | | | | 900,000 | | | | 4.750 | (c) | | 09/01/2044 | | | 890,137 | |
| | City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2020 (NR/NR) | |
| | | | | 1,310,000 | | | | 3.625 | (c) | | 09/01/2040 | | | 1,158,439 | |
| | | | | 1,400,000 | | | | 4.000 | (c) | | 09/01/2046 | | | 1,241,157 | |
| | City of Kyle Special Assessment RB for Plum Creek North Public Improvement District Project Series 2022 (NR/NR) | |
| | | | | 211,000 | | | | 4.125 | (c) | | 09/01/2027 | | | 210,392 | |
| | City of Kyle Special Assessment RB for Southwest Kyle Public Improvement District No. 1 Series 2019 (NR/NR) | |
| | | | | 1,225,000 | | | | 4.875 | (c) | | 09/01/2044 | | | 1,233,410 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 153 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Texas – (continued) | |
| |
| | City of Kyle Special Assessment RB Porter Country Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) | |
| | $ | | | 3,507,000 | | | | 6.000 | %(c) | | 09/01/2053 | | $ | 3,598,010 | |
| | City of Kyle Special Assessment RB Series 2022 (NR/NR) | |
| | | | | 1,950,000 | | | | 5.000 | | | 09/01/2042 | | | 1,946,254 | |
| | City of Kyle Texas A Municipal Corp. of The State of Texas Located In Hays County Special Assessment RB Series 2024 (NR/NR) | |
| | | | | 1,000,000 | | | | 5.750 | (c) | | 09/01/2053 | | | 1,025,520 | |
| | City of Kyle, Texas Special Assessment RB Limestone Creek Public Improvement District Improvement Area #1 Project Series 2023 (NR/NR) | |
| | | | | 1,680,000 | | | | 5.750 | (c) | | 09/01/2053 | | | 1,727,665 | |
| | City of Lago Vista Special Assessment RB for Tessera On Lake Travis Public Improvement District Improvement Area #3 Project Series 2024 (NR/NR) | |
| | | | | 2,000,000 | | | | 6.000 | (c) | | 09/01/2054 | | | 2,066,920 | |
| | 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 | | | 848,214 | |
| | City of Lavon Special Assessment RB for Lakepointe Public Improvement District Improvement Area#1 Project Series 2019 (NR/NR) | |
| | | | | 565,000 | | | | 4.250 | (c) | | 09/15/2039 | | | 531,808 | |
| | | | | 2,415,000 | | | | 4.500 | (c) | | 09/15/2049 | | | 2,217,184 | |
| | City of Lavon Special Assessment RB for Lakepointe Public Improvement District Major Improvement Area Project Series 2019 (NR/NR) | |
| | | | | 850,000 | | | | 5.000 | (c) | | 09/15/2049 | | | 828,365 | |
| | City of Lavon Special Assessment RB Series 2022 (NR/NR) | |
| | | | | 2,123,000 | | | | 4.000 | (c) | | 09/15/2042 | | | 1,937,233 | |
| | | | | 900,000 | | | | 4.375 | (c) | | 09/15/2042 | | | 852,389 | |
| | | | | 4,978,000 | | | | 4.125 | (c) | | 09/15/2052 | | | 4,295,602 | |
| | | | | 1,396,000 | | | | 4.500 | (c) | | 09/15/2052 | | | 1,314,500 | |
| | City of Lewisville, Texas, Special Assessment RB, Series 2023 (Lakeside Crossing Public Improvement District) (NR/NR) | |
| | | | | 1,500,000 | | | | 8.000 | (c) | | 09/01/2053 | | | 1,598,620 | |
| | City of Liberty Hill Special Assessment Bonds for Summerlyn West Public Improvement District Series 2020 (NR/NR) | |
| | | | | 1,890,000 | | | | 4.000 | (c) | | 09/01/2054 | | | 1,612,296 | |
| | City of Liberty Hill Special Assessment RB for Butler Farms Public Improvement Project Series 2022 (NR/NR) | |
| | | | | 145,000 | | | | 3.500 | (c) | | 09/01/2027 | | | 140,381 | |
| | | | | 275,000 | | | | 3.875 | (c) | | 09/01/2032 | | | 255,667 | |
| | | | | 550,000 | | | | 4.125 | (c) | | 09/01/2042 | | | 490,102 | |
| | | | | 900,000 | | | | 4.375 | (c) | | 09/01/2052 | | | 791,957 | |
| | City of Manor Manor Heights Public Improvement District Special Assessment Bond Series 2021 (NR/NR) | |
| | | | | 700,000 | | | | 3.500 | (c) | | 09/15/2041 | | | 575,159 | |
| | | | | 830,000 | | | | 4.125 | (c) | | 09/15/2041 | | | 746,624 | |
| | | | | 900,000 | | | | 4.000 | (c) | | 09/15/2051 | | | 751,991 | |
| | | | | 1,125,000 | | | | 4.375 | (c) | | 09/15/2051 | | | 971,783 | |
| | City of Manor Special Assessment RB for Lagos Public Improvement District Series 2020 (NR/NR) | |
| | | | | 295,000 | | | | 4.500 | (c) | | 09/15/2040 | | | 285,429 | |
| | | | | 525,000 | | | | 4.625 | (c) | | 09/15/2049 | | | 497,613 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Texas – (continued) | |
| |
| | City of Manor Special Assessment RB for Manor Heights Public Improvement District Improvement Area #3 Project Series 2023 (NR/NR) | |
| | $ | | | 597,000 | | | | 5.500 | %(c) | | 09/15/2053 | | $ | 604,686 | |
| | City of Manor Texas a Municipal Corp. of The State of Texas Located In Travis County Special Assessment RB Series 2024 (NR/NR) | |
| | | | | 600,000 | | | | 5.625 | (c) | | 09/15/2054 | | | 610,689 | |
| | City of Marble Falls Texas Special Assessment RB Series 2024 (NR/NR) | |
| | | | | 904,000 | | | | 6.375 | (c) | | 09/01/2044 | | | 907,778 | |
| | | | | 502,000 | | | | 7.375 | (c) | | 09/01/2044 | | | 505,774 | |
| | | | | 1,100,000 | | | | 6.625 | (c) | | 09/01/2054 | | | 1,105,233 | |
| | | | | 1,024,000 | | | | 7.625 | (c) | | 09/01/2054 | | | 1,032,328 | |
| | City of Marble Falls Thunder Rock Public Improvement District Special Assessment Bond Series 2021 (NR/NR) | |
| | | | | 110,000 | | | | 4.125 | (c) | | 09/01/2026 | | | 108,658 | |
| | | | | 150,000 | | | | 4.625 | (c) | | 09/01/2031 | | | 145,043 | |
| | | | | 900,000 | | | | 4.125 | (c) | | 09/01/2041 | | | 816,682 | |
| | | | | 450,000 | | | | 4.875 | (c) | | 09/01/2041 | | | 417,472 | |
| | | | | 1,370,000 | | | | 4.375 | (c) | | 09/01/2051 | | | 1,214,026 | |
| | | | | 520,000 | | | | 5.125 | (c) | | 09/01/2051 | | | 498,939 | |
| | City of McLendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #2 Project Series 2019 (NR/NR) | |
| | | | | 780,000 | | | | 4.250 | (c) | | 09/15/2039 | | | 749,472 | |
| | | | | 2,950,000 | | | | 4.375 | (c) | | 09/15/2049 | | | 2,743,253 | |
| | City of McLendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #3 Project Series 2021 (NR/NR) | |
| | | | | 585,000 | | | | 3.625 | (c) | | 09/15/2041 | | | 486,473 | |
| | | | | 820,000 | | | | 4.000 | (c) | | 09/15/2051 | | | 689,360 | |
| | City of McLendon-Chisholm Special Assessment RB for Sonoma Public Improvement District Project Series 2022 (NR/NR) | |
| | | | | 2,430,000 | | | | 5.750 | (c) | | 09/15/2052 | | | 2,466,307 | |
| | City of Mesquite Special Assessment RB for Iron Horse Public Improvement District Project Series 2019 (NR/NR) | |
| | | | | 1,155,000 | | | | 5.750 | (c) | | 09/15/2039 | | | 1,184,177 | |
| | | | | 2,055,000 | | | | 6.000 | (c) | | 09/15/2049 | | | 2,120,273 | |
| | City of Mesquite Special Assessment RB for Polo Ridge Public Improvement District No. 2 Phase #1 Project Series 2019 (NR/NR) | |
| | | | | 2,405,000 | | | | 5.875 | (c) | | 09/15/2039 | | | 2,462,927 | |
| | | | | 5,200,000 | | | | 5.125 | (c) | | 09/15/2048 | | | 5,231,043 | |
| | | | | 3,830,000 | | | | 6.125 | (c) | | 09/15/2048 | | | 3,948,038 | |
| | City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area A-1 Projects, Series 2023 (NR/NR) | |
| | | | | 1,475,000 | | | | 5.500 | (c) | | 09/01/2043 | | | 1,507,175 | |
| | | | | 4,570,000 | | | | 5.750 | (c) | | 09/01/2053 | | | 4,696,399 | |
| | City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area C-1 Projects, Series 2023 (NR/NR) | |
| | | | | 452,000 | | | | 5.375 | (c) | | 09/01/2043 | | | 463,381 | |
| | | | | 1,110,000 | | | | 5.625 | (c) | | 09/01/2053 | | | 1,140,469 | |
| | City of Mesquite Special Assessment RB for Solterra Public Improvement District Improvement Area C-2 Project, Series 2023 (NR/NR) | |
| | | | | 916,000 | | | | 5.625 | (c) | | 09/01/2053 | | | 938,521 | |
| | |
| 154 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Texas – (continued) | |
| |
| | City of Midlothian Special Assessment for Redden Farms Public Improvement District Series 2021 (NR/NR) | |
| | $ | | | 55,000 | | | | 4.125 | %(c) | | 09/15/2031 | | $ | 55,023 | |
| | | | | 420,000 | | | | 4.500 | (c) | | 09/15/2041 | | | 408,758 | |
| | | | | 1,540,000 | | | | 4.125 | (c) | | 09/15/2051 | | | 1,294,900 | |
| | | | | 510,000 | | | | 4.750 | (c) | | 09/15/2051 | | | 488,090 | |
| | City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project #1 Series 2022 (NR/NR) | |
| | | | | 2,310,000 | | | | 5.375 | (c) | | 09/15/2052 | | | 2,333,759 | |
| | City of Midlothian Special Assessment RB for Westside Preserve Public Improvement District Major Improvement Area Project Series 2022 (NR/NR) | |
| | | | | 1,300,000 | | | | 6.125 | (c) | | 09/15/2052 | | | 1,342,032 | |
| | City of Mustang Ridge, Texas, Special Assessment RB, Series 2023 (DuranGO Public Improvement District Improvement Area #1 Project) (NR/NR) | |
| | | | | 769,000 | | | | 6.375 | (c) | | 09/01/2053 | | | 800,284 | |
| | City of New Braunfels Special Assessment RB for Solms Landing Public Improvement Project Series 2021 (NR/NR) | |
| | | | | 141,000 | | | | 3.625 | (c) | | 09/01/2026 | | | 137,276 | |
| | | | | 320,000 | | | | 4.250 | (c) | | 09/01/2031 | | | 304,853 | |
| | | | | 782,000 | | | | 4.500 | (c) | | 09/01/2041 | | | 714,421 | |
| | | | | 1,355,000 | | | | 4.750 | (c) | | 09/01/2051 | | | 1,235,684 | |
| | City of New Braunfels Utility System RB Refunding Series 2024 (Aa1/NR) | |
| | | | | 17,500,000 | | | | 4.000 | | | 07/01/2055 | | | 16,546,742 | |
| | City of North Richland Hills Special Assessment for City Point Public Improvement District Project Series 2019 (NR/NR) | |
| | | | | 361,000 | | | | 5.250 | (c) | | 09/01/2040 | | | 367,595 | |
| | | | | 355,000 | | | | 5.625 | (c) | | 09/01/2040 | | | 361,140 | |
| | | | | 560,000 | | | | 4.125 | (c) | | 09/01/2049 | | | 503,002 | |
| | | | | 932,000 | | | | 5.375 | (c) | | 09/01/2050 | | | 946,781 | |
| | 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 | (c) | | 09/15/2054 | | | 1,008,790 | |
| | City of Oak Point Public Improvement District No. 2 Special Assessment Series 2020 (NR/NR) | |
| | | | | 1,175,000 | | | | 3.750 | (c) | | 09/01/2040 | | | 1,045,228 | |
| | City of Oak Point Special Assessment RB for Wildridge Public Improvement District No. 1 Series 2018 (NR/NR) | |
| | | | | 1,340,000 | | | | 4.125 | (c) | | 09/01/2048 | | | 1,216,460 | |
| | | | | 1,440,000 | | | | 4.500 | (c) | | 09/01/2048 | | | 1,356,325 | |
| | City of Oak Point Texas Special Assessment RB Series 2024 (NR/NR) | |
| | | | | 900,000 | | | | 5.250 | (c)(g) | | 09/15/2054 | | | 895,022 | |
| | 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 | | | 3,614,226 | |
| | City of Pilot Point Special Assessment RB for Creekview Public Improvement Zone A Improvement Project Series 2022 (NR/NR) | |
| | | | | 600,000 | | | | 5.500 | (c) | | 09/15/2042 | | | 612,044 | |
| | | | | 1,350,000 | | | | 5.625 | (c) | | 09/15/2052 | | | 1,381,222 | |
| | | | | 1,928,000 | | | | 6.125 | (c) | | 09/15/2052 | | | 2,009,156 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | 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 | %(c) | | 09/15/2042 | | $ | 561,040 | |
| | | | | 1,200,000 | | | | 5.625 | (c) | | 09/15/2052 | | | 1,227,753 | |
| | City of Pilot Point Special Assessment RB for Mobberly Public Improvement District Improvement Area #1B Project Series 2023 (NR/NR) | |
| | | | | 926,000 | | | | 5.625 | (c) | | 09/15/2048 | | | 951,298 | |
| | City of Pilot Point Special Assessment RB for Mobberly Public Improvement District Major Improvement Area Series 2022 (NR/NR) | |
| | | | | 3,701,000 | | | | 6.000 | (c) | | 09/15/2052 | | | 3,851,465 | |
| | | | | 1,480,000 | | | | 6.500 | (c) | | 09/15/2052 | | | 1,550,505 | |
| | City of Plano Special Assessment RB, Series 2023 (Haggard Farm Public Improvement District Improvement Area #1 Project) (NR/NR) | |
| | | | | 1,285,000 | | | | 7.500 | (c) | | 09/15/2053 | | | 1,383,255 | |
| | City of Plano Special Assessment RB, Series 2023 (Haggard Farm Public Improvement District Major Improvement Area Project) (NR/NR) | |
| | | | | 1,610,000 | | | | 8.250 | (c) | | 09/15/2043 | | | 1,725,252 | |
| | | | | 2,575,000 | | | | 8.500 | (c) | | 09/15/2053 | | | 2,763,867 | |
| | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Phases 5-7 Project Series 2022 (NR/NR) | |
| | | | | 1,040,000 | | | | 4.375 | (c) | | 09/01/2052 | | | 927,786 | |
| | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2018 (NR/NR) | |
| | | | | 2,460,000 | | | | 4.875 | (c) | | 09/01/2048 | | | 2,465,068 | |
| | City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2020 (NR/NR) | |
| | | | | 126,000 | | | | 3.875 | (c) | | 09/01/2040 | | | 111,721 | |
| | | | | 175,000 | | | | 4.125 | (c) | | 09/01/2050 | | | 153,333 | |
| | City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2019 (NR/NR) | |
| | | | | 400,000 | | | | 4.875 | | | 09/01/2039 | | | 401,604 | |
| | | | | 835,000 | | | | 5.000 | | | 09/01/2049 | | | 837,067 | |
| | City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR) | |
| | | | | 398,000 | | | | 4.000 | (c) | | 09/01/2051 | | | 340,390 | |
| | City of Princeton Special Assessment RB for Eastridge Public Improvement District Improvement Area No. 2 Project, Series 2023 (NR/NR) | |
| | | | | 1,055,000 | | | | 5.250 | (c) | | 09/01/2043 | | | 1,073,881 | |
| | | | | 1,431,000 | | | | 5.500 | (c) | | 09/01/2053 | | | 1,456,014 | |
| | City of Princeton Special Assessment RB for Eastridge Public Improvement District Improvement Area Project Series 2022 (NR/NR) | |
| | | | | 700,000 | | | | 5.125 | (c) | | 09/01/2042 | | | 704,904 | |
| | | | | 1,300,000 | | | | 5.250 | (c) | | 09/01/2052 | | | 1,299,172 | |
| | City of Princeton Special Assessment RB for Sicily Public Improvement District Improvement Area No. 1 Project, Series 2023 (NR/NR) | |
| | | | | 1,225,000 | | | | 7.000 | (c) | | 09/01/2043 | | | 1,270,845 | |
| | | | | 2,750,000 | | | | 7.000 | (c) | | 09/01/2053 | | | 2,831,421 | |
| | City of Princeton Special Assessment RB for Sicily Public Improvement District Major Improvement Area Project, Series 2023 (NR/NR) | |
| | | | | 1,850,000 | | | | 7.875 | (c) | | 09/01/2053 | | | 1,921,707 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 155 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Texas – (continued) | |
| |
| | City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District No. 2 Series 2019 (NR/NR) | |
| | $ | | | 2,205,000 | | | | 4.500 | %(c) | | 09/01/2039 | | $ | 2,132,387 | |
| | | | | 1,185,000 | | | | 5.500 | (c) | | 09/01/2039 | | | 1,215,597 | |
| | | | | 1,490,000 | | | | 4.750 | (c) | | 09/01/2049 | | | 1,424,591 | |
| | | | | 2,140,000 | | | | 5.750 | (c) | | 09/01/2049 | | | 2,193,950 | |
| | City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District Project Series 2023 (NR/NR) | |
| | | | | 2,041,000 | | | | 5.375 | (c) | | 09/01/2053 | | | 2,074,127 | |
| | City of Princeton Special Assessment RB for Winchester Public Improvement District Project Series 2022 (NR/NR) | |
| | | | | 2,050,000 | | | | 5.250 | (c) | | 09/01/2052 | | | 2,060,865 | |
| | City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2020 (NR/NR) | |
| | | | | 750,000 | | | | 3.750 | (c) | | 09/01/2040 | | | 652,523 | |
| | | | | 1,250,000 | | | | 4.000 | (c) | | 09/01/2050 | | | 1,069,384 | |
| | City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2021 (NR/NR) | |
| | | | | 1,449,000 | | | | 4.000 | (c) | | 09/01/2051 | | | 1,233,535 | |
| | City of Princeton Special Assessment RB Series 2024 (NR/NR) | |
| | | | | 713,000 | | | | 5.000 | (c) | | 09/01/2044 | | | 719,185 | |
| | | | | 872,000 | | | | 5.125 | (c) | | 09/01/2044 | | | 879,810 | |
| | | | | 906,000 | | | | 5.250 | (c) | | 09/01/2054 | | | 911,446 | |
| | | | | 1,100,000 | | | | 5.375 | (c) | | 09/01/2054 | | | 1,108,347 | |
| | City of Princeton Special Assessment RB, Series 2023 (Southridge Public Improvement District Improvement Area No. 1 Project) (NR/NR) | |
| | | | | 1,284,000 | | | | 6.375 | (c) | | 09/01/2053 | | | 1,345,956 | |
| | City of Red Oak Public Improvement District No. 1 Special Assessment Bonds for Improvement Area #1 Project Series 2021 (NR/NR) | |
| | | | | 809,000 | | | | 3.375 | (c) | | 09/15/2041 | | | 666,713 | |
| | | | | 565,000 | | | | 4.000 | (c) | | 09/15/2051 | | | 486,852 | |
| | City of Rockdale, Texas, Special Assessment RB, Series 2023 (Cornerstone Public Improvement District Improvement Area #1) (NR/NR) | |
| | | | | 4,600,000 | | | | 7.500 | (c) | | 09/15/2054 | | | 4,874,244 | |
| | City of Royse City Special Assessment for Creekshaw Public Improvement District Area #1 Series 2020 (NR/NR) | |
| | | | | 1,195,000 | | | | 3.875 | (c) | | 09/15/2040 | | | 1,067,432 | |
| | | | | 1,750,000 | | | | 4.125 | (c) | | 09/15/2050 | | | 1,526,106 | |
| | City of Royse City Special Assessment for Creekshaw Public Improvement District Series 2020 (NR/NR) | |
| | | | | 110,000 | | | | 4.375 | (c) | | 09/15/2030 | | | 108,211 | |
| | | | | 500,000 | | | | 4.125 | (c) | | 09/15/2040 | | | 461,454 | |
| | | | | 1,520,000 | | | | 4.375 | (c) | | 09/15/2050 | | | 1,382,427 | |
| | | | | 600,000 | | | | 5.125 | (c) | | 09/15/2050 | | | 596,038 | |
| | City of Royse City Special Assessment for Waterscape Public Improvement District Improvement Series 2019 (NR/NR) | |
| | | | | 1,760,000 | | | | 4.750 | (c) | | 09/15/2049 | | | 1,709,161 | |
| | 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 | (c) | | 09/15/2054 | | | 923,106 | |
| | | | | 350,000 | | | | 5.625 | (c) | | 09/15/2054 | | | 353,301 | |
| | City of Royse City Texas A Municipal Corp. of The State of Texas Located In Rockwall Collin and Hunt Counties Special Assessment RB Series 2024 (NR/NR) | |
| | | | | 900,000 | | | | 5.875 | (c) | | 09/15/2054 | | | 927,519 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Texas – (continued) | |
| |
| | City of Sachse Special Assessment for Public Improvement District No. 1 Series 2020 (NR/NR) | |
| | $ | | | 1,070,000 | | | | 3.750 | %(c) | | 09/15/2040 | | $ | 942,027 | |
| | | | | 1,490,000 | | | | 4.000 | (c) | | 09/15/2050 | | | 1,301,862 | |
| | City of Sachse Special Assessment RB for Sachse Public Improvement District Project Series 2022 (NR/NR) | |
| | | | | 613,000 | | | | 6.875 | (c) | | 09/15/2042 | | | 641,455 | |
| | | | | 1,350,000 | | | | 7.000 | (c) | | 09/15/2052 | | | 1,419,995 | |
| | City of San Marcos Special Assessment for Whisper Public Improvement District Series 2020 (NR/NR) | |
| | | | | 665,000 | | | | 5.375 | | | 09/01/2040 | | | 681,718 | |
| | | | | 1,500,000 | | | | 5.625 | | | 09/01/2050 | | | 1,532,761 | |
| | City of San Marcos Special Assessment RB for Whisper South Public Improvement Project 2022 (NR/NR) | |
| | | | | 1,522,000 | | | | 4.500 | (c) | | 09/01/2051 | | | 1,384,455 | |
| | City of San Marcos, Texas, Special Assessment RB, Series 2024 (Trace Public Improvement District) (NR/NR) | |
| | | | | 1,386,000 | | | | 6.000 | (c) | | 09/01/2048 | | | 1,408,978 | |
| | City of Seagoville Special Assessment RB for Santorini Public Improvement District Improvement Area #1 Project Series 2024 (NR/NR) | |
| | | | | 1,877,000 | | | | 6.000 | (c) | | 09/15/2044 | | | 1,921,007 | |
| | | | | 2,300,000 | | | | 6.250 | (c) | | 09/15/2054 | | | 2,346,575 | |
| | City of Seagoville Special Assessment RB for Santorini Public Improvement District Major Improvement Area Project Series 2024 (NR/NR) | |
| | | | | 3,675,000 | | | | 7.000 | (c) | | 09/15/2054 | | | 3,720,304 | |
| | 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 | | | 1,716,229 | |
| | City of Shenandoah Special Assessment RB for Metropark Public Improvement District Series 2018 (NR/NR) | |
| | | | | 685,000 | | | | 5.000 | | | 09/01/2028 | | | 699,181 | |
| | | | | 2,035,000 | | | | 5.600 | | | 09/01/2038 | | | 2,089,436 | |
| | | | | 2,470,000 | | | | 5.700 | | | 09/01/2047 | | | 2,524,471 | |
| | City of Sinton Special Assessment RB Series 2022 (NR/NR) | |
| | | | | 900,000 | | | | 5.125 | (c) | | 09/01/2042 | | | 899,847 | |
| | | | | 1,150,000 | | | | 5.250 | (c) | | 09/01/2051 | | | 1,147,944 | |
| | City of Tomball Special Assessment RB for Raburn Reserve Public Improvement District Improvement Area Three, Series 2023 (NR/NR) | |
| | | | | 1,237,000 | | | | 6.000 | (c) | | 09/15/2053 | | | 1,295,739 | |
| | City of Tomball Special Assessment RB for Raburn Reserve Public Improvement District Improvement Area Two, Series 2023 (NR/NR) | |
| | | | | 1,000,000 | | | | 5.750 | (c) | | 09/15/2052 | | | 1,028,502 | |
| | City of Uhland Special Assessment RB for Watermill Public Improvement District Series 2022 (NR/NR) | |
| | | | | 2,000,000 | | | | 6.625 | (c) | | 09/01/2052 | | | 2,128,998 | |
| | City of Waxahachie Special Assessment RB for North Grove Public Improvement Area Project Series 2022 (NR/NR) | |
| | | | | 1,171,000 | | | | 5.500 | (c) | | 08/15/2052 | | | 1,197,699 | |
| | 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 | | | 5,108,824 | |
| | |
| 156 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Texas – (continued) | |
| |
| | Clifton Higher Education Finance Corporation Education RB Valor Education Series 2024A (NR/NR) | |
| | $ | | | 300,000 | | | | 5.000 | %(c) | | 06/15/2034 | | $ | 301,255 | |
| | | | | 525,000 | | | | 5.750 | (c) | | 06/15/2044 | | | 531,606 | |
| | | | | 700,000 | | | | 6.000 | (c) | | 06/15/2054 | | | 707,568 | |
| | Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 A (NR/B) | |
| | | | | 1,175,000 | | | | 4.000 | | | 10/01/2050 | | | 983,747 | |
| | Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 C (Aa3/NR) | |
| | | | | 625,000 | | | | 4.000 | | | 10/01/2050 | | | 588,885 | |
| | County of Hays Special Assessment for La Cima Public Improvement District Series 2020 (NR/NR) | |
| | | | | 800,000 | | | | 3.750 | (c) | | 09/15/2040 | | | 689,864 | |
| | | | | 1,185,000 | | | | 4.000 | (c) | | 09/15/2050 | | | 1,024,381 | |
| | County of Medina Woodlands Public Improvement District Special Assessment for Improvement Area #1 Project Series 2021 (NR/NR) | |
| | | | | 985,000 | | | | 4.500 | (c) | | 09/01/2041 | | | 933,671 | |
| | Cypress-Fairbanks Independent School District UT School Building Bonds Series 2023 (PSF-GTD) (Aaa/AAA) | |
| | | | | 6,000,000 | | | | 4.000 | | | 02/15/2048 | | | 5,959,664 | |
| | Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR) | |
| | | | | 350,000 | | | | 4.000 | (c) | | 08/15/2029 | | | 341,078 | |
| | | | | 1,150,000 | | | | 4.500 | (c) | | 08/15/2035 | | | 1,100,655 | |
| | | | | 875,000 | | | | 5.000 | (c) | | 08/15/2044 | | | 836,297 | |
| | Fort Bend County Industrial Development Corp. RB for NRG Energy, Inc. Project Series 2012 A (Baa2/NR) | |
| | | | | 1,545,000 | | | | 4.750 | | | 05/01/2038 | | | 1,545,487 | |
| | Fort Bend County Industrial Development Corp. RB for NRG Energy, Inc. Project Series 2012 B (Baa2/NR) | |
| | | | | 7,055,000 | | | | 4.750 | | | 11/01/2042 | | | 7,057,074 | |
| | Fort Worth Special Assessment RB for Fort Worth Public Improvement District No. 17 Major Improvement Project Series 2017 (NR/NR) | |
| | | | | 795,000 | | | | 5.000 | (c) | | 09/01/2027 | | | 803,124 | |
| | | | | 895,000 | | | | 5.000 | (c) | | 09/01/2032 | | | 899,080 | |
| | | | | 1,315,000 | | | | 5.125 | (c) | | 09/01/2037 | | | 1,317,282 | |
| | Grand Parkway Transportation Corp. System Toll Convertible RB Series 2013 B (NR/AA+) | |
| | | | | 12,620,000 | | | | 5.800 | | | 10/01/2046 | | | 13,684,327 | |
| | | | | 5,000,000 | | | | 5.850 | | | 10/01/2047 | | | 5,428,097 | |
| | Greater Texoma Authority Contract RB for City of Sherman Project Series 2023 (AGM) (NR/AA) | |
| | | | | 2,000,000 | | | | 4.250 | | | 10/01/2053 | | | 1,990,409 | |
| | Harris County-Houston Sports Authority RB Refunding Series 2004 A (NATL) (Baa2/BB) | |
| | | | | 6,250,000 | | | | 0.000 | (e) | | 11/15/2036 | | | 3,071,591 | |
| | Hays County Special Assessment RB for La Cima Public Improvement District Neighborhood Improvement Project Series 2022 (NR/NR) | |
| | | | | 1,789,000 | | | | 5.500 | (c) | | 09/15/2042 | | | 1,826,387 | |
| | | | | 3,204,000 | | | | 5.750 | (c) | | 09/15/2052 | | | 3,274,738 | |
| | Hickory Creek Texas Special Assessment RB for Hickory Farms Public Improvement Series 2019 (NR/NR) | |
| | | | | 1,340,000 | | | | 4.500 | (c) | | 09/01/2039 | | | 1,297,258 | |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Texas – (continued) | |
| |
| | Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (NR/BBB-) | |
| | $ | | | 595,000 | | | | 3.750 | % | | 09/01/2032 | | $ | 584,947 | |
| | | | | 510,000 | | | | 3.875 | | | 09/01/2037 | | | 495,548 | |
| | | | | 930,000 | | | | 4.000 | | | 09/01/2047 | | | 839,095 | |
| | Hidalgo County Regional Mobility Authority Junior Lien toll and Vehicle Registration Fee Revenue and Refunding Bonds Series 2022B (Baa3/BB+) | |
| | | | | 6,105,000 | | | | 0.000 | (e) | | 12/01/2049 | | | 1,661,355 | |
| | | | | 6,365,000 | | | | 0.000 | (e) | | 12/01/2050 | | | 1,637,848 | |
| | | | | 6,760,000 | | | | 0.000 | (e) | | 12/01/2051 | | | 1,632,213 | |
| | | | | 6,925,000 | | | | 0.000 | (e) | | 12/01/2052 | | | 1,578,152 | |
| | | | | 7,155,000 | | | | 0.000 | (e) | | 12/01/2053 | | | 1,529,682 | |
| | | | | 7,300,000 | | | | 0.000 | (e) | | 12/01/2054 | | | 1,471,604 | |
| | Highland Park Independent School District UT School Building Bonds, Series 2023 (PSF-GTD) (NR/AAA) | |
| | | | | 7,500,000 | | | | 4.000 | | | 02/15/2048 | | | 7,416,017 | |
| | Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 A (NR/NR) | |
| | | | | 875,000 | | | | 5.000 | | | 07/01/2027 | | | 896,173 | |
| | Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 B-2 (NR/NR) | |
| | | | | 950,000 | | | | 5.000 | | | 07/15/2027 | | | 973,354 | |
| | Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 C (NR/NR) | |
| | | | | 8,580,000 | | | | 5.000 | | | 07/15/2027 | | | 8,790,923 | |
| | 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 | | | 10,100,989 | |
| | 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 | | | 9,254,086 | |
| | 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 | | | 15,170,109 | |
| | Houston Higher Education Finance Corp. RB for Houston Baptist University Series 2021 (NR/BBB-) | |
| | | | | 1,585,000 | | | | 4.000 | | | 10/01/2051 | | | 1,341,043 | |
| | 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 | | | 1,850,888 | |
| | Joshua Farms Municipal Management District No. 1 Special Assessment RB for Improvement Areas #1-2 Project Series 2023 (NR/NR) | |
| | | | | 3,084,000 | | | | 5.500 | (c) | | 09/01/2053 | | | 3,143,288 | |
| | Judson Independent School District UT School Building Bonds Series 2024 (PSF-GTD) (Aaa/NR) | |
| | | | | 5,240,000 | | | | 4.000 | | | 02/01/2053 | | | 5,089,517 | |
| | Justin Special Assessment RB for Timberbrook Public Improvement District No. 1 Major Improvement Area Project Series 2018 (NR/NR) | |
| | | | | 625,000 | | | | 5.000 | (c) | | 09/01/2028 | | | 640,283 | |
| | | | | 1,170,000 | | | | 5.375 | (c) | | 09/01/2038 | | | 1,198,714 | |
| | | | | 1,930,000 | | | | 5.125 | (c) | | 09/01/2047 | | | 1,963,739 | |
| | | | | 1,500,000 | | | | 5.500 | (c) | | 09/01/2047 | | | 1,527,340 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 157 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Texas – (continued) | |
| |
| | Kaufman County Fresh Water Supply District No. 1-D GO Bonds Series 2021 (NR/NR) | |
| | $ | | | 165,000 | | | | 2.375 | % | | 09/01/2031 | | $ | 142,440 | |
| | | | | 165,000 | | | | 2.375 | | | 09/01/2032 | | | 139,541 | |
| | | | | 175,000 | | | | 2.375 | | | 09/01/2033 | | | 145,418 | |
| | | | | 175,000 | | | | 2.500 | | | 09/01/2034 | | | 143,646 | |
| | | | | 365,000 | | | | 2.500 | | | 09/01/2036 | | | 285,142 | |
| | | | | 385,000 | | | | 2.625 | | | 09/01/2038 | | | 287,692 | |
| | | | | 370,000 | | | | 3.000 | | | 09/01/2041 | | | 279,834 | |
| | | | | 520,000 | | | | 3.000 | | | 09/01/2046 | | | 363,403 | |
| | | | | 1,265,000 | | | | 3.000 | | | 09/01/2051 | | | 837,317 | |
| | 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 | | | 351,592 | |
| | | | | 590,000 | | | | 3.000 | | | 09/01/2044 | | | 453,662 | |
| | | | | 650,000 | | | | 3.000 | | | 09/01/2047 | | | 478,794 | |
| | Lamar Consolidated Independent School District (Fort Bend County, Texas) Unlimited Tax Schoolhouse Bonds, Series 2023 (AGM) (Aa3/AA) | |
| | | | | 10,000,000 | | | | 5.500 | | | 02/15/2058 | | | 11,200,106 | |
| | Matagorda County Navigation District Number One Pollution Control Revenue Refunding Bonds for Central Power and Light Company Project Series 1996 (Baa2/BBB+) | |
| | | | | 3,065,000 | | | | 4.250 | | | 05/01/2030 | | | 3,188,480 | |
| | Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (NR/BB-) | |
| | | | | 23,375,000 | | | | 4.625 | (c) | | 10/01/2031 | | | 23,472,018 | |
| | Mitchell County Hospital District GO Bonds Series 2020 (NR/NR) | |
| | | | | 705,000 | | | | 5.500 | | | 02/15/2040 | | | 707,026 | |
| | | | | 1,325,000 | | | | 5.250 | | | 02/15/2045 | | | 1,292,380 | |
| | | | | 780,000 | | | | 4.000 | | | 02/15/2051 | | | 614,092 | |
| | Montgomery County toll Road Authority Senior Lien RB Series 2018 (NR/BBB+) | |
| | | | | 2,000,000 | | | | 5.000 | | | 09/15/2043 | | | 2,015,080 | |
| | | | | 2,200,000 | | | | 5.000 | | | 09/15/2048 | | | 2,215,099 | |
| | New Hope Cultural Education Facilities Finance Corp Revenue & Refunding Bonds Series 2021 (Ba2/BB+) | |
| | | | | 2,850,000 | | | | 4.000 | (c) | | 08/15/2046 | | | 2,532,131 | |
| | | | | 11,105,000 | | | | 4.000 | (c) | | 08/15/2056 | | | 9,372,938 | |
| | New Hope Cultural Education Facilities Finance Corp. RB Refunding for Wichita Falls Retirement Foundation Obligated Group Series 2021 (NR/NR) | |
| | | | | 1,630,000 | | | | 4.000 | | | 01/01/2036 | | | 1,537,182 | |
| | | | | 1,600,000 | | | | 4.000 | | | 01/01/2041 | | | 1,429,576 | |
| | 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 | | | 2,393,628 | |
| | | | | 3,055,000 | | | | 6.000 | | | 07/15/2057 | | | 3,179,877 | |
| | New Hope Cultural Education Facilities Finance Corp. Retirement Facility RB for the Outlook at Windhaven Project Series 2022B-3 (NR/NR) | |
| | | | | 4,700,000 | | | | 4.250 | | | 10/01/2026 | | | 4,700,620 | |
| | New Hope Cultural Education Facilities Finance Corp. Retirement Facility RB Series 2016 (NR/NR) | |
| | | | | 2,100,000 | | | | 5.000 | | | 11/01/2040 | | | 2,122,560 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Texas – (continued) | |
| |
| | New Hope Cultural Education Facilities Finance Corp. Senior Living RB for Sanctuary LTC Project Series 2021A-1 (NR/NR) | |
| | $ | | | 41,275,000 | | | | 5.500 | % | | 01/01/2057 | | $ | 41,196,842 | |
| | New Hope Cultural Education Facilities Finance Corp. Senior Living RB Series 2021B (NR/NR) | |
| | | | | 3,250,000 | | | | 7.000 | | | 01/01/2057 | | | 1,768,493 | |
| | New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Cityscape Schools, Inc. Series 2019 A (NR/BBB-) | |
| | | | | 1,130,000 | | | | 5.000 | (c) | | 08/15/2039 | | | 1,139,634 | |
| | New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station II, LLC - Texas A&M University Collegiate Housing Corpus Christi Project Series 2016 A (WR/NR) | |
| | | | | 375,000 | | | | 4.000 | | | 04/01/2026 | | | 382,347 | |
| | New Hope Cultural Education Facilities Finance Corp. Texas Senior Living RB Series 2021A-1 (NR/NR) | |
| | | | | 2,750,000 | | | | 5.250 | | | 01/01/2042 | | | 2,749,147 | |
| | North Parkway Municipal Management Contract RB for Legacy Hills Public Improvement Project Series 2021 (NR/NR) | |
| | | | | 1,395,000 | | | | 4.000 | (c) | | 09/15/2041 | | | 1,295,438 | |
| | | | | 6,110,000 | | | | 5.000 | (c) | | 09/15/2051 | | | 6,137,250 | |
| | North Parkway Municipal Management Special Assessment RB for Major Improvements Project Series 2021 (NR/NR) | |
| | | | | 4,700,000 | | | | 4.750 | (c) | | 09/15/2041 | | | 4,710,620 | |
| | North Texas tollway Authority RB for Second Tier Series 2021 B (A1/A+) | |
| | | | | 11,955,000 | | | | 3.000 | | | 01/01/2046 | | | 9,488,156 | |
| | Northside Independent School District UT School Building and Refunding Bonds Series 2023A (PSF-GTD) (Aaa/NR) | |
| | | | | 2,320,000 | | | | 4.000 | | | 08/15/2048 | | | 2,306,913 | |
| | | | | 5,310,000 | | | | 4.125 | | | 08/15/2053 | | | 5,318,853 | |
| | Northside Independent School District, Bexar County UT School Building and Refunding Bonds, Series 2023A (PSF-GTD) (Aaa/NR) | |
| | | | | 2,070,000 | | | | 4.000 | | | 08/15/2045 | | | 2,090,141 | |
| | Port Beaumont Navigation District RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 A (AMT) (NR/NR) | |
| | | | | 1,650,000 | | | | 2.750 | (c) | | 01/01/2036 | | | 1,416,649 | |
| | | | | 3,675,000 | | | | 2.875 | (c) | | 01/01/2041 | | | 2,992,185 | |
| | | | | 11,125,000 | | | | 3.000 | (c) | | 01/01/2050 | | | 8,149,485 | |
| | Port of Beaumont Industrial Development Authority RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 B (NR/NR) | |
| | | | | 29,500,000 | | | | 4.100 | (c) | | 01/01/2028 | | | 26,498,437 | |
| | Port of Beaumont Navigation District of Jefferson County Texas Dock and Wharf Facility RB Series 2024A (NR/NR) | |
| | | | | 2,400,000 | | | | 5.000 | (c) | | 01/01/2039 | | | 2,507,928 | |
| | | | | 1,700,000 | | | | 5.125 | (c) | | 01/01/2044 | | | 1,773,326 | |
| | | | | 2,650,000 | | | | 5.250 | (c) | | 01/01/2054 | | | 2,768,720 | |
| | Port of Beaumont Navigation District of Jefferson County Texas Facility RB Series 2024B (NR/NR) | |
| | | | | 10,475,000 | | | | 10.000 | (c) | | 07/01/2026 | | | 10,804,959 | |
| | Rowlett Special Assessment RB for Bayside Public Improvement District North Improvement Area Project Series 2016 (NR/NR) | |
| | | | | 316,000 | | | | 5.750 | | | 09/15/2036 | | | 317,548 | |
| | | | | 928,000 | | | | 6.000 | | | 09/15/2046 | | | 933,766 | |
| | |
| 158 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity
Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Texas – (continued) | |
| |
| | Royse City Special Assessment RB for Creekshaw Public Improvement District Improvement Area Project Series 2022 (NR/NR) | |
| | $ | | | 1,166,000 | | | | 6.000 | %(c) | | 09/15/2052 | | $ | 1,213,404 | |
| | Royse Special Assessment RB for Parkside Village Public Improvement District Series 2019 (NR/NR) | |
| | | | | 825,000 | | | | 4.125 | (c) | | 09/15/2039 | | | 780,805 | |
| | | | | 3,275,000 | | | | 4.375 | (c) | | 09/15/2049 | | | 3,041,007 | |
| | South Manvel Development Authority (A Public Not-For-Profit Local Government Corporation Acting On The Behalf of The City of Manvel, Texas) Tax Increment Contract RB, Series 2023 (NR/NR) | |
| | | | | 1,375,000 | | | | 5.000 | | | 04/01/2043 | | | 1,376,667 | |
| | | | | 2,300,000 | | | | 5.250 | | | 04/01/2050 | | | 2,321,045 | |
| | Spring Independent School District UT School Building Bonds Series 2023 (Aa2/AA-) | |
| | | | | 5,275,000 | | | | 4.000 | | | 08/15/2052 | | | 5,171,877 | |
| | Tarrant County Cultural Education Facilities Finance Corp. RB Refunding for Air Force Village Obligated Group Series 2016 (NR/NR) | |
| | | | | 9,850,000 | | | | 5.000 | | | 05/15/2045 | | | 9,623,922 | |
| | 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 | | | 1,764,955 | |
| | Tarrant County Hospital District LT Bonds Series 2023 (Aa1/NR) | |
| | | | | 2,445,000 | | | | 4.250 | | | 08/15/2053 | | | 2,446,815 | |
| | Texas Municipal Gas Acquisition and Supply Corporation Iii Gas Supply RR Bonds, Series 2021 (A1/BBB+) | |
| | | | | 8,295,000 | | | | 5.000 | | | 12/15/2031 | | | 9,014,721 | |
| | 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 | | | 28,354,799 | |
| | Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Blueridge Transportation Group, LLC SH 288 toll Lanes Project Series 2016 (AMT) (Baa2/NR) | |
| | | | | 3,160,000 | | | | 5.000 | | | 12/31/2050 | | | 3,160,145 | |
| | | | | 3,900,000 | | | | 5.000 | | | 12/31/2055 | | | 3,900,179 | |
| | Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (Baa1/NR) | |
| | | | | 47,380,000 | | | | 5.000 | | | 06/30/2058 | | | 48,497,187 | |
| | town of Flower Mound River Walk Public Improvement District No. 1 Special Assessment Refunding Bonds Series 2021 (NR/NR) | |
| | | | | 1,475,000 | | | | 4.000 | (c) | | 09/01/2043 | | | 1,309,015 | |
| | town of Lakewood Village Special Assessment RB for Lakewood Village Public Improvement District Project Series 2022 (NR/NR) | |
| | | | | 2,225,000 | | | | 5.375 | (c) | | 09/15/2052 | | | 2,243,562 | |
| | town of Little Elm Special Assessment RB for Spiritas East Public Improvement Project Series 2022 (NR/NR) | |
| | | | | 429,000 | | | | 3.750 | (c) | | 09/01/2042 | | | 368,502 | |
| | | | | 410,000 | | | | 4.000 | (c) | | 09/01/2051 | | | 346,358 | |
| | town of Little Elm Special Assessment RB for Valencia Public Improvement District Project Series 2022 (NR/NR) | |
| | | | | 2,000,000 | | | | 6.875 | (c) | | 09/01/2052 | | | 2,136,899 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | 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 | %(c) | | 09/01/2047 | | $ | 1,390,021 | |
| | town of Little Special Assessment RB for Lakeside Estates Public Improvement District No. 2 Project Series 2017 (NR/NR) | |
| | | | | 1,400,000 | | | | 5.000 | (c) | | 09/01/2047 | | | 1,406,319 | |
| | 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 | (c) | | 09/01/2054 | | | 501,716 | |
| | Travis County Development Authority Contract Assessment RB for Turner’s Crossing Public Improvement District Improvement Area Project Series 2022 (NR/NR) | |
| | | | | 1,145,000 | | | | 5.500 | (c) | | 09/01/2052 | | | 1,151,211 | |
| | 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 | | | 1,414,410 | |
| | | | | 860,000 | | | | 3.000 | | | 09/01/2037 | | | 733,093 | |
| | | | | 625,000 | | | | 3.000 | | | 09/01/2039 | | | 507,795 | |
| | | | | 600,000 | | | | 3.000 | | | 09/01/2040 | | | 480,449 | |
| | Village of Salado Texas A Municipal Corp. of The State of Texas Located In Bell County Special Assessment RB Series 2024 (NR/NR) | |
| | | | | 720,000 | | | | 6.250 | (c) | | 09/01/2044 | | | 741,067 | |
| | | | | 610,000 | | | | 6.500 | (c) | | 09/01/2054 | | | 626,279 | |
| | Viridian Municipal Management District Special Assessment Bonds Series 2020 (NR/NR) | |
| | | | | 390,000 | | | | 3.125 | | | 12/01/2035 | | | 331,767 | |
| | | | | 457,000 | | | | 3.375 | | | 12/01/2040 | | | 376,879 | |
| | | | | 786,000 | | | | 3.500 | | | 12/01/2047 | | | 622,528 | |
| | Viridian Municipal Management District Tarrant County Special Assessment RB Series 2015 (NR/NR) | |
| | | | | 346,000 | | | | 4.000 | | | 12/01/2027 | | | 346,093 | |
| | | | | 1,545,000 | | | | 4.750 | | | 12/01/2035 | | | 1,546,034 | |
| | Westpointe Special Improvement District Limited Ad Valorem Tax Bonds Series 2023A (BAM) (Baa3/AA) | |
| | | | | 2,700,000 | | | | 4.750 | | | 08/15/2049 | | | 2,777,231 | |
| | Westpointe Special Improvement District Limited Ad Valorem Tax Bonds, Series 2023A (BAM) (Baa3/AA) | |
| | | | | 1,175,000 | | | | 4.500 | | | 08/15/2041 | | | 1,209,469 | |
| | | | | 1,345,000 | | | | 4.625 | | | 08/15/2044 | | | 1,380,745 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 962,298,749 | |
| | | |
| | Utah - 0.9% | |
| |
| | Black Desert Public Infrastructure District GO Bonds Series 2021 A (NR/NR) | |
| | | | | 2,010,000 | | | | 3.750 | (c) | | 03/01/2041 | | | 1,815,757 | |
| | Black Desert Public Infrastructure District GO Bonds Series 2021 B (NR/NR) | |
| | | | | 5,000,000 | | | | 7.375 | (c) | | 09/15/2051 | | | 4,500,720 | |
| | Black Desert Public Infrastructure District In Ivins City Washington County Utah Special Assessment Bonds Series 2024 (NR/NR) | |
| | | | | 7,000,000 | | | | 5.625 | (c) | | 12/01/2053 | | | 7,302,291 | |
| | Coral Junction Public Infrastructure District Special Assessment Bonds Series 2022A-2 (NR/NR) | |
| | | | | 2,274,000 | | | | 5.500 | (c) | | 06/01/2041 | | | 2,273,464 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 159 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Utah – (continued) | |
| |
| | Firefly Public Infrastructure Disrict No. 1 Limited Tax GO Bonds Series 2024A-1 (NR/NR) | |
| | $ | | | 1,870,000 | | | | 6.625 | %(c) | | 03/01/2054 | | $ | 1,951,460 | |
| | Firefly Public Infrastructure Disrict No. 1 Special Assessment Bonds Series 2024A-2 (NR/NR) | |
| | | | | 6,450,000 | | | | 5.625 | (c) | | 12/01/2043 | | | 6,740,146 | |
| | Medical School Campus Public Infrastructure District GO Bonds Series 2020 A (NR/NR) | |
| | | | | 10,250,000 | | | | 5.500 | (c) | | 02/01/2050 | | | 8,853,131 | |
| | Medical School Campus Public Infrastructure District GO Bonds Series 2020 B (NR/NR) | |
| | | | | 1,954,000 | | | | 7.875 | (c) | | 08/15/2050 | | | 1,682,380 | |
| | Military Installation Development Authority RB Series 2021 A-1 (NR/NR) | |
| | | | | 1,500,000 | | | | 4.000 | | | 06/01/2036 | | | 1,409,121 | |
| | | | | 4,050,000 | | | | 4.000 | | | 06/01/2041 | | | 3,715,277 | |
| | | | | 18,925,000 | | | | 4.000 | | | 06/01/2052 | | | 16,414,003 | |
| | Olympia Public Infrastructure District No. 1 Limited Tax GO Bonds Series 2024A-1 (NR/NR) | |
| | | | | 985,000 | | | | 6.375 | (c) | | 03/01/2055 | | | 1,018,421 | |
| | Olympia Public Infrastructure District No. 1 Special RB Series 2024A-2 (NR/NR) | |
| | | | | 3,445,000 | | | | 5.125 | (c) | | 12/01/2029 | | | 3,543,938 | |
| | Red Bridge Public Infrastructure District No. 1 GO Bonds Series 2021 A (NR/NR) | |
| | | | | 1,180,000 | | | | 3.625 | (c) | | 02/01/2035 | | | 981,606 | |
| | | | | 500,000 | | | | 4.125 | (c) | | 02/01/2041 | | | 414,697 | |
| | | | | 500,000 | | | | 4.375 | (c) | | 02/01/2051 | | | 383,896 | |
| | Red Bridge Public Infrastructure District No. 1 GO Bonds Series 2021 B (NR/NR) | |
| | | | | 600,000 | | | | 7.375 | (c) | | 08/15/2051 | | | 497,962 | |
| | ROAM Public Infrastructure District No. 1 GO Bonds Series 2021 A (NR/NR) | |
| | | | | 1,625,000 | | | | 4.250 | (c) | | 03/01/2051 | | | 1,237,473 | |
| | Salt Lake City Airport RB (AMT) for Salt Lake City International Airport Series 2017A (A2/A+) | |
| | | | | 290,000 | | | | 5.000 | | | 07/01/2047 | | | 295,465 | |
| | Salt Lake City Airport RB (AMT) for Salt Lake City International Airport Series 2021A (A2/A+) | |
| | | | | 3,925,000 | | | | 5.000 | | | 07/01/2051 | | | 4,097,247 | |
| | Salt Lake City Airport RB for Salt Lake City International Airport Series 2023A (AMT) (A2/A+) | |
| | | | | 2,640,000 | | | | 5.500 | | | 07/01/2053 | | | 2,922,130 | |
| | Salt Lake City Apartment RB Series 2021 A (AGM-CR) (A1/AA) | |
| | | | | 10,000,000 | | | | 4.000 | | | 07/01/2051 | | | 9,626,484 | |
| | Salt Lake City International Airport RB Series 2023A (A2/A+) | |
| | | | | 2,800,000 | | | | 5.250 | | | 07/01/2048 | | | 3,047,729 | |
| | Utah Charter School Finance Authority Charter School RB for Beehive Science & Technology Academy Project Series 2021A (NR/NR) | |
| | | | | 1,800,000 | | | | 4.000 | (c) | | 10/15/2051 | | | 1,352,198 | |
| | | | | 4,240,000 | | | | 4.000 | (c) | | 10/15/2056 | | | 3,081,079 | |
| | Utah Charter School Finance Authority Charter School RB Series 2022A (NR/BB+) | |
| | | | | 6,365,000 | | | | 5.750 | (c) | | 06/15/2052 | | | 6,506,634 | |
| | Utah Charter School Finance Authority Charter School Revenue Refunding Bonds Series 2022A (NR/BB) | |
| | | | | 3,630,000 | | | | 4.250 | (c) | | 07/15/2050 | | | 3,060,693 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Utah – (continued) | |
| |
| | Utah Charter School Finance Authority RB for Bridge Elementary Project Series 2021A (NR/NR) | |
| | $ | | | 1,220,000 | | | | 4.250 | %(c) | | 06/15/2051 | | $ | 963,138 | |
| | Utah Charter School Finance Authority RB for Technology Academy Project Series 2021A (NR/NR) | |
| | | | | 6,600,000 | | | | 4.000 | (c) | | 10/15/2061 | | | 4,675,012 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 104,363,552 | |
| | | |
| | 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 | | | 1,006,163 | |
| | Vermont Economic Development Authority Solid Waste Disposal RB for Casella Waste System Project Series 2022 (B1/B+) | |
| | | | | 2,250,000 | | | | 5.000 | (a)(b)(c) | | 06/01/2052 | | | 2,300,902 | |
| | Vermont Educational and Health Buildings Financing Agency RB for Saint Michael’s College Project Series 2023 (NR/BBB-) | |
| | | | | 5,925,000 | | | | 5.250 | (c) | | 10/01/2052 | | | 5,324,010 | |
| | Vermont Educational and Health Buildings Financing Agency RB Saint Michael’s College Project, Series 2023 (NR/BBB-) | |
| | | | | 3,075,000 | | | | 5.500 | (c) | | 10/01/2043 | | | 2,996,250 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 11,627,325 | |
| | | |
| | Virgin Islands - 0.1% | |
| |
| | Matching Fund Special Purpose Securitization Corp. Matching Fund Securitization Bonds Series 2022A (NR/NR) | |
| | | | | 1,950,000 | | | | 5.000 | | | 10/01/2039 | | | 2,040,599 | |
| | Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2014 C (NR/NR) | |
| | | | | 9,850,000 | | | | 5.000 | (c) | | 10/01/2039 | | | 9,476,759 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 11,517,358 | |
| | | |
| | 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 | | | 3,785,613 | |
| | 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 | | | 1,738,126 | |
| | City of Virginia Beach Development Authority Residential Care Facility RB (Westminster-Canterbury On Chesapeake Bay) Series 2023A Tax Exempt Fixed Rate Bonds (NR/NR) | |
| | | | | 2,900,000 | | | | 7.000 | | | 09/01/2053 | | | 3,375,727 | |
| | | | | 8,735,000 | | | | 7.000 | | | 09/01/2059 | | | 10,093,000 | |
| | Farmville Industrial Development Authority RB Refunding for Longwood Housing Foundation LLC Series 2020 A (NR/BBB-) | |
| | | | | 7,360,000 | | | | 5.000 | | | 01/01/2050 | | | 7,374,292 | |
| | | | | 5,000,000 | | | | 5.000 | | | 01/01/2059 | | | 4,931,226 | |
| | James City County Economic Development Authority RB Refunding for Virginia United Methodist Homes, Inc. Obligated Group Series 2021 A (NR/NR) | |
| | | | | 580,000 | | | | 4.000 | | | 06/01/2041 | | | 525,166 | |
| | | | | 940,000 | | | | 4.000 | | | 06/01/2047 | | | 792,775 | |
| | Salem Economic Development Authority RB Refunding for Roanoke College Series 2020 (NR/BBB+) | |
| | | | | 710,000 | | | | 4.000 | | | 04/01/2045 | | | 655,823 | |
| | |
| 160 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Virginia – (continued) | |
| |
| | Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 A-1 (B3/B-) | |
| | $ | | | 10,510,000 | | | | 6.706 | % | | 06/01/2046 | | $ | 8,922,241 | |
| | Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (NR/CCC-) | |
| | | | | 236,845,000 | | | | 0.000 | (e) | | 06/01/2047 | | | 66,697,305 | |
| | Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 D (NR/CCC-) | |
| | | | | 34,250,000 | | | | 0.000 | (e) | | 06/01/2047 | | | 9,434,823 | |
| | Virginia College Building Authority RB Refunding for Regent University Project Series 2021 (NR/BBB) | |
| | | | | 1,525,000 | | | | 3.000 | | | 06/01/2041 | | | 1,266,393 | |
| | | | | 1,050,000 | | | | 4.000 | | | 06/01/2046 | | | 962,016 | |
| | Virginia Housing Development Authority Rental Housing Bonds 2024 Series D (NON-AMT) (Aa1/AA+) | |
| | | | | 2,750,000 | | | | 4.500 | | | 08/01/2054 | | | 2,779,092 | |
| | Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (Baa3/NR) | |
| | | | | 19,870,000 | | | | 5.000 | | | 12/31/2056 | | | 20,147,296 | |
| | Virginia Small Business Financing Authority Senior Lien RB Refunding for I-495 Hot Lanes Project, Series 2022 (Tax Exempt/AMT) (Baa1/NR) | |
| | | | | 1,000,000 | | | | 5.000 | | | 12/31/2057 | | | 1,049,091 | |
| | Virginia Small Business Financing Authority Senior Lien RB Refunding I-495 Hot Lanes Project, Series 2022 (Tax-Exempt/AMT) (Baa1/NR) | |
| | | | | 5,605,000 | | | | 5.000 | | | 12/31/2047 | | | 5,949,784 | |
| | Virginia Small Business Financing Authority Solid Waste Disposal RB Series 2018 (NR/B) | |
| | | | | 1,000,000 | | | | 5.000 | (a)(b)(c) | | 01/01/2048 | | | 1,000,160 | |
| | Virginia Small Business Financing Authority Tax Exempt Senior Lien Private Activity RB Series 2017 (Baa3/NR) | |
| | | | | 5,415,000 | | | | 5.000 | | | 12/31/2049 | | | 5,511,596 | |
| | | | | 4,765,000 | | | | 5.000 | | | 12/31/2052 | | | 4,841,355 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 161,832,900 | |
| | | |
| | Washington - 1.3% | |
| |
| | City of Tacoma Electric System RB Green Bonds Series 2024A (NR/AA) | |
| | | | | 1,000,000 | | | | 5.000 | | | 01/01/2054 | | | 1,087,200 | |
| | Grant County Public Hospital District UT GO Bonds Series 2023 (Baa1/NR) | |
| | | | | 14,405,000 | | | | 5.000 | | | 12/01/2044 | | | 14,724,170 | |
| | Port of Seattle Industrial Development Corp. RB Refunding for Delta Air Lines, Inc. Series 2012 (NR/BB+) | |
| | | | | 3,880,000 | | | | 5.000 | | | 04/01/2030 | | | 3,881,527 | |
| | Port of Seattle Intermediate Lien Revenue and Refunding Bonds Series 2022B (A1/AA-) | |
| | | | | 3,000,000 | | | | 5.500 | | | 08/01/2047 | | | 3,289,668 | |
| | Port of Seattle Intermediate Lien Revenue Refunding Bonds Series 2022B (AMT) (A1/AA-) | |
| | | | | 2,765,000 | | | | 4.000 | | | 08/01/2047 | | | 2,644,985 | |
| | Public Hospital District Hospital RB Series 2024 (Baa3/NR) | |
| | | | | 2,500,000 | | | | 5.500 | | | 12/01/2054 | | | 2,696,077 | |
| | Washington Higher Education Facilities Authority RB for Seattle University Project, Series 2020 (NR/A) | |
| | | | | 925,000 | | | | 4.000 | | | 05/01/2045 | | | 903,785 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Washington – (continued) | |
| |
| | Washington State Convention Center Public Facilities District Lodging Tax Bonds Series 2018 (AGM-CR) (A1/AA) | |
| | $ | | | 19,805,000 | | | | 4.000 | % | | 07/01/2058 | | $ | 18,658,435 | |
| | Washington State Convention Center Public Facilities District Lodging Tax Refunding Bonds Series 2021B (Baa1/BBB) | |
| | | | | 3,715,000 | | | | 3.000 | | | 07/01/2058 | | | 2,687,252 | |
| | Washington State Convention Center Public Facilities District RB Series 2018 (Baa1/BBB) | |
| | | | | 40,975,000 | | | | 5.000 | | | 07/01/2048 | | | 41,915,548 | |
| | | | | 35,000,000 | | | | 4.000 | | | 07/01/2058 | | | 32,738,188 | |
| | Washington State Convention Center Public Facilities District Subordinate Lodging Tax Refunding Bonds Series 2021B (Baa3/BBB-) | |
| | | | | 3,320,000 | | | | 4.000 | | | 07/01/2043 | | | 3,190,449 | |
| | | | | 11,620,000 | | | | 4.000 | | | 07/01/2058 | | | 10,416,527 | |
| | Washington State Housing Finance Commission Nonprofit Housing RB for Presbyterian Retirement Communities Northwest Obligated Group Transforming Age Projects Series 2019 A (NR/NR) | |
| | | | | 1,350,000 | | | | 5.000 | (c) | | 01/01/2049 | | | 1,239,456 | |
| | | | | 3,800,000 | | | | 5.000 | (c) | | 01/01/2055 | | | 3,432,371 | |
| | 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 | | | 2,187,864 | |
| | | | | 1,935,000 | | | | 5.000 | | | 07/01/2048 | | | 2,036,116 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 147,729,618 | |
| | | |
| | West Virginia - 0.5% | |
| |
| | City of South Charleston Special District Excise Tax Revenue Improvement Bonds Series 2022 A (NR/NR) | |
| | | | | 1,345,000 | | | | 4.250 | (c) | | 06/01/2042 | | | 1,084,127 | |
| | | | | 2,350,000 | | | | 4.500 | (c) | | 06/01/2050 | | | 1,830,894 | |
| | City of South Charleston Special District Excise Tax Revenue Improvement Bonds Series 2022 B (NR/NR) | |
| | | | | 2,450,000 | | | | 5.500 | (c) | | 06/01/2032 | | | 2,226,375 | |
| | | | | 2,725,000 | | | | 6.000 | (c) | | 06/01/2037 | | | 2,354,803 | |
| | County of Ohio Special District Excise Tax RB Refunding for Fort Henry Economic Opportunity Development District The Highlands Project Series 2019 B (NR/BBB-) | |
| | | | | 955,000 | | | | 3.000 | | | 03/01/2035 | | | 861,015 | |
| | | | | 1,595,000 | | | | 3.000 | | | 03/01/2037 | | | 1,363,498 | |
| | Monongalia County Commission Excise Tax District RB Refunding Series 2021 A (NR/NR) | |
| | | | | 2,550,000 | | | | 4.125 | (c) | | 06/01/2043 | | | 2,322,453 | |
| | Monongalia County Commission Excise Tax District RB Series 2021 B (NR/NR) | |
| | | | | 1,605,000 | | | | 4.875 | (c) | | 06/01/2043 | | | 1,588,987 | |
| | Monongalia County Commission Senior Tax Increment Revenue, Refunding and Improvement Bonds for Development District No. 4 – University town Centre Series 2023 A (NR/NR) | |
| | | | | 900,000 | | | | 5.750 | (c) | | 06/01/2043 | | | 978,121 | |
| | | | | 1,350,000 | | | | 6.000 | (c) | | 06/01/2053 | | | 1,466,662 | |
| | The County Commission of Monongalia County Subordinate Special District Excise Tax Convertible Capital Appreciation Revenue, Refunding and Improvement Bonds, Series 2023 B (University Town Centre Economic Opportunity Development District) (NR/NR) | |
| | | | | 15,000,000 | | | | 0.000 | (c)(h) | | 06/01/2053 | | | 3,463,873 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 161 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | West Virginia – (continued) | |
| |
| | West Virginia Economic Development Authority RB for Arch Resources, Inc. Series 2020 (B2/BB) | |
| | $ | | | 9,300,000 | | | | 5.000 | %(a)(b) | | 07/01/2045 | | $ | 9,322,589 | |
| | West Virginia Economic Development Authority RB for Arch Resources, Inc. Series 2021 (AMT) (B2/BB) | |
| | | | | 4,850,000 | | | | 4.125 | (a)(b) | | 07/01/2045 | | | 4,851,379 | |
| | West Virginia Economic Development Authority Solid Waste Disposal Facilities Revenue Refunding Bonds Kentucky Power Company - Mitchell Project, Series 2014A (Baa3/BBB) (PUTABLE) | |
| | | | | 4,085,000 | | | | 4.700 | (a)(b) | | 04/01/2036 | | | 4,142,088 | |
| | 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 | | | 3,752,835 | |
| | West Virginia Hospital Finance Authority RB Refunding for Cabell Huntington Hospital Obligated Group Series 2018 A (Baa3/BBB) | |
| | | | | 6,120,000 | | | | 5.000 | | | 01/01/2043 | | | 6,225,681 | |
| | | | | 13,000,000 | | | | 4.125 | | | 01/01/2047 | | | 11,096,018 | |
| | 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 | | | 1,802,855 | |
| | | | | 1,600,000 | | | | 5.000 | | | 09/01/2039 | | | 1,639,126 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 62,373,379 | |
| | | |
| | Wisconsin - 3.0% | |
| |
| | 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 | | | 2,340,211 | |
| | | | | 1,600,000 | | | | 5.000 | | | 07/01/2058 | | | 1,631,333 | |
| | Public Finance Authority Charter School RB (Alamance Community School Project) Series 2023A (Ba2/NR) | |
| | | | | 1,025,000 | | | | 6.500 | (c) | | 06/15/2043 | | | 1,133,729 | |
| | | | | 1,310,000 | | | | 7.000 | (c) | | 06/15/2053 | | | 1,468,750 | |
| | | | | 1,395,000 | | | | 7.000 | (c) | | 06/15/2058 | | | 1,551,201 | |
| | Public Finance Authority Charter School RB for Coral Academy of Science Reno Series 2022A (NR/NR) | |
| | | | | 1,400,000 | | | | 6.000 | (c) | | 06/01/2062 | | | 1,443,087 | |
| | Public Finance Authority Charter School RB Series 2021A (Ba2/NR) | |
| | | | | 1,250,000 | | | | 5.000 | (c) | | 06/15/2051 | | | 1,116,295 | |
| | 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 | | | 924,934 | |
| | Public Finance Authority Education RB for Clove Garden School Series 2022 (NR/NR) | |
| | | | | 1,630,000 | | | | 5.500 | (c) | | 06/15/2052 | | | 1,637,141 | |
| | | | | 2,700,000 | | | | 5.750 | (c) | | 06/15/2062 | | | 2,728,378 | |
| | Public Finance Authority Education RB for North Carolina Leadership Charter Academy, Inc. Series 2019 A (NR/NR) | |
| | | | | 180,000 | | | | 4.000 | (c) | | 06/15/2029 | | | 177,971 | |
| | | | | 385,000 | | | | 5.000 | (c) | | 06/15/2039 | | | 385,882 | |
| | Public Finance Authority Education RB for Triad Educational Services Series 2022 (NR/BBB-) | |
| | | | | 600,000 | | | | 5.500 | | | 06/15/2050 | | | 627,215 | |
| | | | | 1,450,000 | | | | 5.250 | | | 06/15/2052 | | | 1,492,979 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Wisconsin – (continued) | |
| |
| | Public Finance Authority Education RB for Triad Educational Services Series 2022 (NR/BBB-) – (continued) | |
| | $ | | | 1,400,000 | | | | 5.375 | % | | 06/15/2057 | | $ | 1,447,647 | |
| | Public Finance Authority Education RB for Uwharrie Charter Academy Project Series 2022A (Ba2/NR) | |
| | | | | 1,400,000 | | | | 5.000 | (c) | | 06/15/2052 | | | 1,406,010 | |
| | | | | 1,850,000 | | | | 5.000 | (c) | | 06/15/2057 | | | 1,852,065 | |
| | | | | 1,850,000 | | | | 5.000 | (c) | | 06/15/2062 | | | 1,840,150 | |
| | Public Finance Authority Education RB Series 2022 (NR/NR) | |
| | | | | 3,925,000 | | | | 5.000 | (c) | | 01/01/2057 | | | 3,435,244 | |
| | Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (Baa3/BBB-) | |
| | | | | 5,900,000 | | | | 4.300 | | | 11/01/2030 | | | 5,926,167 | |
| | Public Finance Authority Founders Academy Charter School RB Series 2023A (NR/BB-) | |
| | | | | 550,000 | | | | 6.625 | (c) | | 07/01/2053 | | | 580,596 | |
| | | | | 500,000 | | | | 6.750 | (c) | | 07/01/2058 | | | 529,845 | |
| | Public Finance Authority Hotel RB for Grand Hyatt San Antonio Hotel Acquisition Project Subordinate Lien Series 2022B (NR/NR) | |
| | | | | 900,000 | | | | 5.625 | (c) | | 02/01/2046 | | | 943,744 | |
| | Public Finance Authority Limited Obligation Grant RB (American Dream @ Meadowlands Project) Series 2017A (Tax-Exempt) Series 2017B (NR/NR) | |
| | | | | 43,075,000 | | | | 6.750 | (c) | | 08/01/2031 | | | 38,659,812 | |
| | Public Finance Authority Limited Obligation Pilot RB American Dream Meadowlands Project Series 2017 (NR/NR) | |
| | | | | 2,300,000 | | | | 6.500 | (c) | | 12/01/2037 | | | 2,358,164 | |
| | | | | 5,875,000 | | | | 7.000 | (c) | | 12/01/2050 | | | 6,019,912 | |
| | Public Finance Authority Quality Education Academy Project Charter School RB Series 2023A (Ba2/NR) | |
| | | | | 475,000 | | | | 6.250 | (c) | | 07/15/2053 | | | 514,268 | |
| | | | | 1,175,000 | | | | 6.500 | (c) | | 07/15/2063 | | | 1,284,045 | |
| | Public Finance Authority RB for Beyond Boone LLC Series 2020 A (AGM) (A1/AA) | |
| | | | | 950,000 | | | | 4.000 | | | 07/01/2050 | | | 924,600 | |
| | | | | 1,185,000 | | | | 4.000 | | | 07/01/2055 | | | 1,123,541 | |
| | | | | 1,520,000 | | | | 4.000 | | | 07/01/2059 | | | 1,436,607 | |
| | Public Finance Authority RB for Charter Day School Obligated Group Series 2020 A (Ba2/NR) | |
| | | | | 1,230,000 | | | | 5.000 | (c) | | 12/01/2035 | | | 1,253,576 | |
| | | | | 12,380,000 | | | | 5.000 | (c) | | 12/01/2055 | | | 11,723,276 | |
| | Public Finance Authority RB for Coral Academy of Science Las Vegas Series 2021 A (NR/BBB-) | |
| | | | | 4,115,000 | | | | 4.000 | | | 07/01/2061 | | | 3,447,324 | |
| | Public Finance Authority RB for Eno River Academy Holdings, Inc. Series 2020 A (Ba1/NR) | |
| | | | | 1,300,000 | | | | 5.000 | (c) | | 06/15/2054 | | | 1,299,663 | |
| | Public Finance Authority RB for Founders Academy of Las Vegas Series 2020 A (NR/BB-) | |
| | | | | 445,000 | | | | 4.000 | (c) | | 07/01/2030 | | | 431,066 | |
| | | | | 700,000 | | | | 5.000 | (c) | | 07/01/2040 | | | 680,478 | |
| | | | | 1,875,000 | | | | 5.000 | (c) | | 07/01/2055 | | | 1,700,238 | |
| | Public Finance Authority RB for High Desert Montessori Charter School Series 2021 A (NR/NR) | |
| | | | | 300,000 | | | | 5.000 | (c) | | 06/01/2036 | | | 282,635 | |
| | | | | 900,000 | | | | 5.000 | (c) | | 06/01/2051 | | | 748,601 | |
| | | | | 1,075,000 | | | | 5.000 | (c) | | 06/01/2061 | | | 868,025 | |
| | |
| 162 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Wisconsin – (continued) | |
| |
| | Public Finance Authority RB for Masonic & Eastern Star Home of NC, Inc. Obligated Group Series 2020 A (NR/NR) | |
| | $ | | | 6,775,000 | | | | 5.250 | %(c) | | 03/01/2045 | | $ | 6,799,374 | |
| | | | | 7,110,000 | | | | 5.250 | (c) | | 03/01/2055 | | | 6,918,098 | |
| | Public Finance Authority RB for McLemore Resort Manager LLC Series 2021 A (NR/NR) | |
| | | | | 16,200,000 | | | | 4.500 | (c) | | 06/01/2056 | | | 13,533,742 | |
| | Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 A (Ba2/NR) | |
| | | | | 12,925,000 | | | | 5.625 | (c) | | 06/01/2050 | | | 12,513,231 | |
| | Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 B (Ba2/NR) | |
| | | | | 14,840,000 | | | | 6.500 | (c) | | 06/01/2045 | | | 13,351,214 | |
| | Public Finance Authority RB for Prime Healthcare Foundation, Inc. Series 2018 A (NR/NR) | |
| | | | | 2,600,000 | | | | 5.200 | | | 12/01/2037 | | | 2,664,144 | |
| | | | | 1,525,000 | | | | 5.350 | | | 12/01/2045 | | | 1,550,439 | |
| | Public Finance Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2021 B (NR/BB) | |
| | | | | 4,470,000 | | | | 6.000 | (c) | | 07/01/2031 | | | 3,987,851 | |
| | Public Finance Authority RB Refunding for Blue Ridge Healthcare Obligated Group Series 2020 A (A3/A) | |
| | | | | 1,425,000 | | | | 4.000 | | | 01/01/2045 | | | 1,365,863 | |
| | | | | 1,900,000 | | | | 3.000 | | | 01/01/2050 | | | 1,465,960 | |
| | Public Finance Authority RB Refunding for Coral Academy of Science Reno Series 2019 A (NR/NR) | |
| | | | | 1,950,000 | | | | 5.000 | (c) | | 06/01/2050 | | | 1,857,488 | |
| | Public Finance Authority RB Refunding for Penick Village Obligated Group Series 2019 (NR/NR) | |
| | | | | 1,450,000 | | | | 5.000 | (c) | | 09/01/2049 | | | 1,333,444 | |
| | | | | 1,360,000 | | | | 5.000 | (c) | | 09/01/2054 | | | 1,225,437 | |
| | Public Finance Authority RB Refunding for Rider University A New Jersey Non-Profit Corp. Series 2021 A (NR/BB) | |
| | | | | 9,950,000 | | | | 4.500 | (c) | | 07/01/2048 | | | 8,008,218 | |
| | Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (NR/BB+) | |
| | | | | 3,205,000 | | | | 6.125 | (c) | | 10/01/2049 | | | 2,928,992 | |
| | Public Finance Authority RB Refunding for UMA Education, Inc. Series 2019 A (NR/BB+) | |
| | | | | 1,020,000 | | | | 5.000 | (c) | | 10/01/2034 | | | 1,055,946 | |
| | | | | 350,000 | | | | 5.000 | (c) | | 10/01/2039 | | | 357,758 | |
| | Public Finance Authority Retirement Communities RB Refunding for The Evergreens Obligated Group Series 2019 A (NR/NR) | |
| | | | | 765,000 | | | | 5.000 | | | 11/15/2049 | | | 787,504 | |
| | Public Finance Authority Revenue Refunding Bonds for Roseman University of Health Sciences Series 2022 (NR/NR) | |
| | | | | 100,000 | | | | 4.000 | (c)(d) | | 04/01/2042 | | | 108,880 | |
| | Public Finance Authority Revenue Refunding Bonds for Roseman University of Health Sciences Series 2022 (NR/BB) | |
| | | | | 800,000 | | | | 4.000 | (c) | | 04/01/2042 | | | 762,451 | |
| | | | | 1,400,000 | | | | 4.000 | (c) | | 04/01/2052 | | | 1,262,398 | |
| | 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 | | | 10,146,794 | |
| | Public Finance Authority Senior RB for Fargo-Moorhead Metropolitan Area Flood Risk Management Project Series 2021 (AMT) (Baa3/NR) | |
| | | | | 3,800,000 | | | | 4.000 | | | 03/31/2056 | | | 3,311,751 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity
Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | Wisconsin – (continued) | |
| |
| | Public Finance Authority Special Facility RB for Million Air Two LLC General Aviation Facilities Project Series 2017B (NR/NR) | |
| | $ | | | 15,155,000 | | | | 7.125 | %(c) | | 06/01/2041 | | $ | 15,923,695 | |
| | Public Finance Authority Special RB Series 2024 (NR/NR) | |
| | | | | 9,500,000 | | | | 5.500 | (c) | | 12/15/2028 | | | 9,557,004 | |
| | 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 | | | 3,258,716 | |
| | Public Finance Authority Student Housing RB Series 2021A-1 (Ba1/NR) | |
| | | | | 8,815,000 | | | | 4.000 | (c) | | 07/01/2061 | | | 7,420,002 | |
| | Public Finance Authority Student Housing RB Subordinate Series 2021B (NR/NR) | |
| | | | | 1,875,000 | | | | 5.250 | (c) | | 07/01/2061 | | | 1,732,861 | |
| | Public Finance Authority Tax Increment Revenue Senior Bonds for Miami Worldcenter Project Series 2024A (NR/NR) | |
| | | | | 13,850,000 | | | | 5.000 | (c) | | 06/01/2041 | | | 14,216,807 | |
| | Public Finance Authority Tax Increment Revenue Subordinate Bonds for Miami Worldcenter Project Series 2024B (NR/NR) | |
| | | | | 7,375,000 | | | | 8.000 | (c) | | 06/15/2042 | | | 7,482,729 | |
| | Public Finance Authority Wisconsin Texas Infrastructure Program Tax-Exempt Revenue Anticipation Bonds Elevon Project Series 2024 (NR/NR) | |
| | | | | 3,175,000 | | | | 5.000 | (c) | | 07/15/2030 | | | 3,195,042 | |
| | Public Finance Authority Wisconsin Texas Infrastructure Program Tax-Exempt Revenue Anticipation Bonds Nolina & Sorella Projects Series 2024 (NR/NR) | |
| | | | | 6,900,000 | | | | 5.500 | (c) | | 12/15/2032 | | | 6,906,044 | |
| | Public Finance Authority, Wisconsin Special Revenue Bonds Signorelli Projects Municipal Utility Districts Montgomery and Waller Counties, Texas Series 2024 (NR/NR) | |
| | | | | 6,525,000 | | | | 5.375 | (c) | | 12/15/2032 | | | 6,544,537 | |
| | Wisconsin Health & Educational Facilities Authority RB Refunding for Lawrence University of Wisconsin Series 2020 (Baa1/NR) | |
| | | | | 1,315,000 | | | | 3.000 | | | 02/01/2042 | | | 1,025,581 | |
| | | | | 435,000 | | | | 4.000 | | | 02/01/2045 | | | 395,501 | |
| | Wisconsin Health & Educational Facilities Authority RB Series 2021 for Hope Christian Schools (NR/NR) | |
| | | | | 950,000 | | | | 4.000 | | | 12/01/2051 | | | 699,254 | |
| | | | | 950,000 | | | | 4.000 | | | 12/01/2056 | | | 677,847 | |
| | Wisconsin Health and Educational Facilities Authority RB for Forensic Science and Protective Medicine Collaboration, Inc. Project Series 2024 (Baa2/NR) | |
| | | | | 8,740,000 | | | | 5.000 | (c) | | 08/01/2027 | | | 8,986,316 | |
| | Wisconsin Health and Educational Facilities Authority RB for Three Pillars Senior Living Communities Series 2024A (NR/NR) | |
| | | | | 2,875,000 | | | | 5.750 | | | 08/15/2054 | | | 3,139,102 | |
| | | | | 4,600,000 | | | | 5.750 | | | 08/15/2059 | | | 5,003,507 | |
| | Wisconsin Health and Educational Facilities Authority RB Series 2024A (NR/BBB) | |
| | | | | 9,200,000 | | | | 5.500 | | | 02/15/2054 | | | 10,120,016 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 163 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest
Rate | | | Maturity
Date | | Value | |
| |
| | 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 | %(c) | | 02/01/2062 | | $ | 34,627,000 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 349,584,943 | |
| | | |
| | Wyoming - 0.2% | |
| |
| | County of Campbell RB Refunding for Basin Electric Power Cooperative Series 2019 A (A3/A) | |
| | | | | 28,040,000 | | | | 3.625 | | | 07/15/2039 | | | 26,497,155 | |
| | | |
| | TOTAL MUNICIPAL BONDS
(Cost $11,336,364,645) | | | 11,464,657,314 | |
| | | |
| | | |
| |
| | Corporate Bonds – 0.7% | |
| | Healthcare-Services - 0.2% | |
| |
| | Prime Healthcare Foundation, Inc. Series | |
| | | | | 16,525,000 | | | | 7.000 | % | | 12/01/27 | | | 17,185,807 | |
| | Toledo Hospital RB Series 2022 B | |
| | | | | 4,988,000 | | | | 5.325 | | | 11/15/28 | | | 4,937,971 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 22,123,778 | |
| | | |
| | Real Estate - 0.5% | |
| |
| | Benloch Ranch Improvement Association No. 1 Series 2020 | |
| | | | | 5,959,805 | | | | 9.750 | (c)(i) | | 12/01/39 | | | 5,558,710 | |
| | Benloch Ranch Improvement Association No. 1 Series 2021 | |
| | | | | 3,674,355 | | | | 9.750 | (c)(i) | | 12/01/39 | | | 3,427,071 | |
| | Benloch Ranch Improvement Association No. 2 | |
| | | | | 29,700,000 | | | | 10.000 | (c)(i) | | 12/01/51 | | | 24,300,540 | |
| | Brixton Park Improvement Association No. 1 Series | |
| | | | | 27,165,373 | | | | 6.875 | (c)(i) | | 12/01/51 | | | 22,756,433 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 56,042,754 | |
| | | |
| | TOTAL CORPORATE BONDS
(Cost $85,906,075) | | | 78,166,532 | |
| | | |
| | | |
| |
| | Bank Loans(k) - 0.0% | |
| | Engineering & Construction - 0.0% | |
| |
| | Rialto Bioenergy Facility, LLC (SOFR + 0.1%) | |
| | | | | 28,360,478 | | | | 5.330 | (i) | | 10/31/24 | | | 3,248,937 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 3,248,937 | |
| | | |
| | TOTAL BANK LOANS
(Cost $28,253,664) | | | 3,248,937 | |
| | | |
| | TOTAL INVESTMENTS - 98.3%
(Cost $11,450,524,384) | | $ | 11,546,072,783 | |
| | | |
| | OTHER ASSETS IN EXCESS OF LIABILITIES - 1.7% | | | 196,941,625 | |
| | | |
| | NET ASSETS - 100.0% | | $ | 11,743,014,408 | |
| | | |
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 September 30, 2024. |
| | (b) | Variable Rate Demand Instruments – rate shown is that which is in effect on September 30, 2024. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. |
| | (c) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| | (d) | Pre-refunded security. Maturity date disclosed is pre-refunding date. |
| | (e) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| | (f) | Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on September 30, 2024. |
| | (h) | Zero coupon bond until next reset date. |
| | (i) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| | (j) | Contingent value instrument that only pays out if a portion of the territory’s Sales and Use Tax outperforms the projections in the Oversight Board’s Certified Fiscal Plan. |
| | (k) | Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on September 30, 2024. 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.
| | |
| 164 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
| | |
Investment Abbreviations: |
| ABS | | - Asset-Backed Security |
| AGC | | - Insured by Assured Guaranty Corp. |
| AGM | | - Insured by Assured Guaranty Municipal Corp. |
| AGM-CR | | - Insured by Assured Guaranty Municipal Corp. Insured |
| | Custodial receipts |
| AMBAC | | - Insured by American Municipal Bond Assurance Corp. |
| AMT | | - Alternative Minimum Tax (subject to) |
| BAM | | - Build America Mutual Assurance Co. |
| CFD | | - Community Facilities District |
| COPS | | - Certificates of Participation |
| ETM | | - Escrowed to Maturity |
| GNMA | | - Insured by Government National Mortgage Association |
| GO | | - General Obligation |
| IDA | | - Industrial Development Agency |
| LIBOR | | - London Interbank Offered Rates |
| LP | | - Limited Partnership |
| LT | | - Limited Tax |
| MUN GOVT | | - |
| GTD | | Municipal Government Guaranteed NATL |
| NATL | | - National Public Finance Guarantee Corp. |
| NR | | - Not Rated |
| PSF-GTD | | - Guaranteed by Permanent School Fund |
| RB | | - Revenue Bond |
| RMKT | | - Remarketed |
| RR | | - Revenue Refunding |
| SD CRED | | - |
| PROG | | School District Credit Program |
| SOFR | | - Secured Overnight Financing Rate |
| TCRS | | - Transferable Custody Receipts |
| USD | | - United States Dollar |
| UT | | - Unlimited Tax |
| WR | | - Withdrawn Rating |
| | |
| The accompanying notes are an integral part of these financial statements. | | 165 |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
|
Schedule of Investments September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds - 98.1% | |
| |
| | Alabama - 1.6% | |
| | Ascension Health RB for Ascension Senior Credit Group Series 2016C (Aa2/AA+) | |
| | $ | | | 500,000 | | | | 5.000 | % | | 11/15/2046 | | $ | 507,973 | |
| | Black Belt Energy Gas District Gas Prepay RB 2019 Series A (A1/NR) | |
| | | | | 1,000,000 | | | | 4.000 | (a)(b) | | 12/01/2049 | | | 1,005,736 | |
| | Energy Southeast a Cooperative District Energy Supply RB 2024 Series B (A1/NR) | |
| | | | | 350,000 | | | | 5.250 | (a)(b) | | 07/01/2054 | | | 387,450 | |
| | Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (B1/BB-) | |
| | | | | 100,000 | | | | 5.750 | | | 10/01/2049 | | | 105,454 | |
| | Jefferson County Sewer Revenue Warrants Series 2024 (Baa1/BBB+) | |
| | | | | 480,000 | | | | 5.250 | | | 10/01/2049 | | | 522,639 | |
| | | | | 505,000 | | | | 5.500 | | | 10/01/2053 | | | 555,977 | |
| | Midcity Improvement District Special Assessment RB Series 2022 (NR/NR) | |
| | | | | 100,000 | | | | 3.875 | | | 11/01/2027 | | | 97,147 | |
| | | | | 100,000 | | | | 4.250 | | | 11/01/2032 | | | 91,811 | |
| | 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 | | | 415,017 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 3,689,204 | |
| | | |
| | Arizona - 1.5% | |
| | Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (NR/AA-)
(S&P 7 Day Municipal Intermediate Grade Rate + 0.81%) | |
| | | | | 525,000 | | | | 4.900 | (b)(c) | | 01/01/2037 | | | 510,559 | |
| | 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 | | | 504,538 | |
| | Arizona Industrial Development Authority Hospital RB Phoenix Children’s Hospital Series 2020A (A1/A+) | |
| | | | | 300,000 | | | | 4.000 | | | 02/01/2050 | | | 295,387 | |
| | 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 | | | 22,171 | |
| | Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (NR/CC) | |
| | | | | 180,000 | | | | 4.500 | | | 01/01/2049 | | | 110,196 | |
| | Arizona Industrial Development Authority RB for Somerset Academy of Las Vegas Series 2021 A (NR/BB) | |
| | | | | 25,000 | | | | 4.000 | (d) | | 12/15/2051 | | | 21,233 | |
| | 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 | | | 241,826 | |
| | County of Maricopa IDA Education RB Series 2021A (NR/BBB-) | |
| | | | | 75,000 | | | | 4.000 | (d) | | 07/01/2041 | | | 71,624 | |
| | County of Maricopa IDA Education RB Taxable Convertible Series 2021B (NR/BBB-) | |
| | | | | 25,000 | | | | 2.100 | (a)(d) | | 07/01/2026 | | | 24,489 | |
| | | | | 150,000 | | | | 2.625 | (a)(d) | | 07/01/2031 | | | 138,723 | |
| | | | | 150,000 | | | | 3.500 | (a)(d) | | 07/01/2044 | | | 127,472 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Arizona – (continued) | |
| | Estrella Mountain Ranch Community Facilities District Lucero Assessment District No. 1 Special Assessment RB Series 2019 (NR/NR) | |
| | $ | | | 99,000 | | | | 4.750 | % | | 07/01/2043 | | $ | 91,667 | |
| | La Paz County Industrial Development Authority RB for Harmony Public Schools Series 2021 A (NR/BBB+) | |
| | | | | 50,000 | | | | 4.000 | | | 02/15/2046 | | | 44,409 | |
| | 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 | | | 84,404 | |
| | Maricopa County Industrial Development Authority RB for Ottawa University Series 2020 (NR/NR) | |
| | | | | 25,000 | | | | 5.125 | (d) | | 10/01/2030 | | | 25,068 | |
| | 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 | | | 302,544 | |
| | Salt Verde Financial Corp. RB Gas Senior Series 2007-1 (A3/BBB+) | |
| | | | | 105,000 | | | | 5.000 | | | 12/01/2037 | | | 117,365 | |
| | 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 | | | 151,917 | |
| | 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)(e) | | 06/15/2054 | | | 151,333 | |
| | 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 | | | 299,563 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 3,336,488 | |
| | | |
| | 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 | | | 44,886 | |
| | | | | 25,000 | | | | 3.500 | | | 07/01/2046 | | | 17,477 | |
| | Arkansas Development Finance Authority RB Refunding for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 (NR/NR) | |
| | | | | 100,000 | | | | 3.500 | | | 07/01/2038 | | | 79,581 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 141,944 | |
| | | |
| | California - 8.1% | |
| | 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 | | | 565,787 | |
| | Bay Area Toll Authority Bridge RB 2021 Series D (Aa3/AA) (SIFMA Municipal Swap Index Yield + 0.30%) | |
| | | | | 500,000 | | | | 3.450 | (b)(c) | | 04/01/2056 | | | 493,234 | |
| | Bay Area Toll Authority Bridge RB 2021 Series E (Aa3/AA) (SIFMA Municipal Swap Index Yield + 0.41%) | |
| | | | | 350,000 | | | | 3.560 | (b)(c) | | 04/01/2056 | | | 344,676 | |
| | Burbank-Glendale-Pasadena Airport Authority Airport Senior RB 2024 Series B (AMT) (AGM) (A1/AA) | |
| | | | | 250,000 | | | | 4.375 | | | 07/01/2049 | | | 252,974 | |
| | |
| 166 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | California – (continued) | |
| | Burbank-Glendale-Pasadena Airport Authority Airport Senior RB 2024 Series B (AMT) (A2/A) | |
| | $ | | | 425,000 | | | | 5.250 | % | | 07/01/2049 | | $ | 466,288 | |
| | 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 | | | 624,688 | |
| | California Community Housing Agency Essential Housing RB Series 2021A (NR/NR) | |
| | | | | 635,000 | | | | 4.000 | (d) | | 02/01/2056 | | | 542,038 | |
| | California Community Housing Agency RB Series 2021A-1 Senior Bonds (NR/NR) | |
| | | | | 150,000 | | | | 4.000 | (d) | | 02/01/2056 | | | 130,560 | |
| | California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 A (NR/BBB+) | |
| | | | | 50,000 | | | | 4.000 | | | 06/01/2049 | | | 47,269 | |
| | California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-1 (NR/BBB+) | |
| | | | | 10,000 | | | | 5.000 | | | 06/01/2049 | | | 10,297 | |
| | California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-2 (NR/NR) | |
| | | | | 250,000 | | | | 0.000 | (f) | | 06/01/2055 | | | 57,333 | |
| | California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (NR/NR) | |
| | | | | 400,000 | | | | 0.000 | (f) | | 06/01/2055 | | | 55,104 | |
| | California Health Facilities Financing Authority RB Adventist Health System West Series 2024A (NR/BBB+) | |
| | | | | 600,000 | | | | 5.250 | | | 12/01/2043 | | | 669,025 | |
| | California Health Facilities Financing Authority RB for Providence Health & Services Series 2014B (A2/A) | |
| | | | | 410,000 | | | | 5.000 | | | 10/01/2044 | | | 409,999 | |
| | 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 | | | 134,977 | |
| | California Infrastructure and Economic Development Bank RB Brightline West Passenger Rail Project Series 2020A-4 (NR/NR) | |
| | | | | 300,000 | | | | 8.000 | (a)(b)(d) | | 01/01/2050 | | | 308,975 | |
| | California Municipal Finance Authority RB for The Learning Choice Academy Series 2021 A (NR/BBB-) | |
| | | | | 100,000 | | | | 4.000 | | | 07/01/2041 | | | 95,613 | |
| | California Municipal Finance Authority Revenue Refunding Bonds for Eisenhower Medical Center Series 2017A (Baa2/NR) | |
| | | | | 150,000 | | | | 5.000 | | | 07/01/2047 | | | 151,422 | |
| | California Municipal Finance Authority Senior Lien RB for Linxs APM Project Series 2018A (NR/NR) | |
| | | | | 1,000,000 | | | | 5.000 | | | 12/31/2043 | | | 1,024,404 | |
| | California Municipal Finance Authority Special Facility RB For United Airlines International Airport Project Series 2019 (NR/BB-) | |
| | | | | 150,000 | | | | 4.000 | | | 07/15/2029 | | | 151,185 | |
| | 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 | | | 251,733 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | California – (continued) | |
| | 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 | | $ | 300,672 | |
| | 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 | | | 308,595 | |
| | | | | 250,000 | | | | 5.000 | (d) | | 07/01/2035 | | | 278,731 | |
| | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (Baa3/NR) | |
| | | | | 250,000 | | | | 5.000 | (d) | | 11/21/2045 | | | 250,375 | |
| | 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 | | | 257,707 | |
| | 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 | | | 265,825 | |
| | California School Finance Authority RB for Lifeline Education Charter School, Inc. Series 2020 A (NR/BB+) | |
| | | | | 365,000 | | | | 3.000 | (d) | | 07/01/2030 | | | 349,389 | |
| | California School Finance Authority RB for Santa Clarita Valley International Charter School Series 2021 A (NR/NR) | |
| | | | | 260,000 | | | | 4.000 | (d) | | 06/01/2031 | | | 248,023 | |
| | 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 | | | 260,821 | |
| | 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 | | | 130,497 | |
| | 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 | | | 162,241 | |
| | California Statewide Communities Development Authority RB for Loma Linda University Medical Center Series 2016A (NR/BB) | |
| | | | | 250,000 | | | | 5.250 | (d) | | 12/01/2056 | | | 253,080 | |
| | 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 | | | 500,557 | |
| | California Statewide Communities Development Authority Special Tax Bonds Series 2022 (NR/NR) | |
| | | | | 50,000 | | | | 5.125 | | | 09/01/2042 | | | 53,706 | |
| | California Statewide Communities Development Authority Student Housing Refunding RB for University of California Irvine East Campus Apartments Series 2016 (Baa1/NR) | |
| | | | | 100,000 | | | | 5.000 | | | 05/15/2040 | | | 101,702 | |
| | California Statewide Community Development Authority Pollution Control Refunding RB 2010 Series A (A2/A-) | |
| | | | | 190,000 | | | | 1.750 | | | 09/01/2029 | | | 172,794 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 167 |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | California – (continued) | |
| | City of Alameda Community Facilities District 2023 Special Tax Bonds (NR/NR) | |
| | $ | | | 50,000 | | | | 5.000 | % | | 09/01/2048 | | $ | 51,787 | |
| | 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 | | | 241,163 | |
| | City of Ontario CA Community Facilities District No. 43 Special Tax Bonds Series 2020 (NR/NR) | |
| | | | | 25,000 | | | | 3.000 | | | 09/01/2039 | | | 21,122 | |
| | City of Palm Desert Community Facilities District No. 2021-1 Special Tax Refunding Bonds Series 2021 (NR/NR) | |
| | | | | 100,000 | | | | 3.000 | | | 09/01/2031 | | | 94,173 | |
| | 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 | | | 24,630 | |
| | City of San Francisco Airport Commission International Airport Second Series RB Series 2018E (A1/A+) | |
| | | | | 400,000 | | | | 5.000 | | | 05/01/2048 | | | 419,498 | |
| | City of San Francisco Airport Commission International Airport Second Series RB Series 2019A (A1/A+) | |
| | | | | 490,000 | | | | 5.000 | | | 05/01/2049 | | | 507,119 | |
| | CMFA Special Finance Agency VIII Essential Housing RB 2021A-1 (NR/NR) | |
| | | | | 150,000 | | | | 3.000 | (d) | | 08/01/2056 | | | 110,207 | |
| | County of Los Angeles CA Community Facilities District NO 2021-01 (NR/NR) | |
| | | | | 100,000 | | | | 5.000 | | | 09/01/2047 | | | 106,349 | |
| | 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 | | | 520,366 | |
| | 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 | | | 485,269 | |
| | Eastern Foothill Transportation Corridor Agency Senior Lien Toll Road Refunding RB Series 2021A (Baa1/A) | |
| | | | | 750,000 | | | | 4.000 | | | 01/15/2046 | | | 743,838 | |
| | 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 | | | 105,308 | |
| | Golden State Securitization Settlement Corp ABS Bond Series 2021 2021B-1 (NR/BBB-) | |
| | | | | 520,000 | | | | 3.850 | | | 06/01/2050 | | | 487,460 | |
| | Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 C-1 (NR/CCC) | |
| | | | | 250,000 | | | | 0.000 | (f) | | 06/01/2036 | | | 115,781 | |
| | Los Angeles County Public Works Financing Authority Lease RB 2020 Series A (NR/AA+) | |
| | | | | 125,000 | | | | 3.000 | | | 12/01/2050 | | | 103,495 | |
| | Modesto Financing Authority Domestic Project RB 2007F (NATL) (Baa2/AA) (3M USD LIBOR + 0.63%) | |
| | | | | 525,000 | | | | 4.166 | (c) | | 09/01/2037 | | | 501,986 | |
| | 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 | | | 117,000 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | California – (continued) | |
| | Roseville California Community Facilities District No. 5 Special Tax for Fiddyment Ranch Project Series 2021 (NR/NR) | |
| | $ | | | 25,000 | | | | 2.500 | % | | 09/01/2037 | | $ | 20,569 | |
| | | | | 275,000 | | | | 4.000 | | | 09/01/2050 | | | 255,974 | |
| | Sacramento County Financing Authority RB Series 2007B (NATL) (Aa3/AA-) (3M USD LIBOR + 0.55%) | |
| | | | | 785,000 | | | | 4.086 | (c) | | 06/01/2034 | | | 756,454 | |
| | San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (A2/NR) | |
| | | | | 150,000 | | | | 4.000 | | | 07/01/2039 | | | 150,166 | |
| | San Gorgonio Memorial Health Care District GO Refunding Bonds Series 2020 (B1/NR) | |
| | | | | 100,000 | | | | 4.000 | | | 08/01/2032 | | | 90,809 | |
| | State of California Various Purpose GO Bonds (Aa2/AA-) | |
| | | | | 1,100,000 | | | | 7.500 | | | 04/01/2034 | | | 1,318,674 | |
| | Town of Tiburon Special Assessment for Assessment District No. 2017-1 Series 2021 A (NR/NR) | |
| | | | | 50,000 | | | | 2.500 | | | 09/02/2046 | | | 34,580 | |
| | Washington Township Health Care District RB 2023 Series A (Baa3/NR) | |
| | | | | 50,000 | | | | 5.750 | | | 07/01/2053 | | | 54,600 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 18,120,673 | |
| | | |
| | Colorado - 4.0% | |
| | 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 | (e) | | 12/01/2046 | | | 123,250 | |
| | | | | 100,000 | | | | 5.000 | (e) | | 12/01/2049 | | | 106,961 | |
| | | | | 125,000 | | | | 4.250 | (e) | | 12/01/2054 | | | 124,886 | |
| | Citadel on Colfax Business Improvement District Senior RB Series 2020 A (NR/NR) | |
| | | | | 125,000 | | | | 5.350 | | | 12/01/2050 | | | 119,967 | |
| | Citadel on Colfax Business Improvement District Senior RB Series 2020 B (NR/NR) | |
| | | | | 100,000 | | | | 7.875 | | | 12/15/2050 | | | 97,374 | |
| | City of Denver Airport System Subordinate RB Series 2018A (A1/A+) | |
| | | | | 575,000 | | | | 5.250 | | | 12/01/2043 | | | 601,264 | |
| | Colorado Education & Cultural Facilities Authority Charter School RB Series 2021 (Baa3/NR) | |
| | | | | 100,000 | | | | 4.000 | | | 10/01/2056 | | | 83,781 | |
| | 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 | | | 104,902 | |
| | Colorado Health Facilities Authority American Eagle Delaware Holding Company Series 2022A-1 (NR/NR) | |
| | | | | 695,000 | | | | 6.000 | | | 07/01/2036 | | | 702,209 | |
| | Colorado Health Facilities Authority American Eagle Delaware Holding Company Series 2022A-2 (NR/NR) | |
| | | | | 440,000 | | | | 6.000 | | | 07/01/2031 | | | 447,501 | |
| | Colorado Health Facilities Authority Hospital RB Boulder Community Health Project Series 2020 (A3/A-) | |
| | | | | 275,000 | | | | 4.000 | | | 10/01/2038 | | | 277,065 | |
| | | | | 300,000 | | | | 4.000 | | | 10/01/2039 | | | 300,769 | |
| | | | | 300,000 | | | | 4.000 | | | 10/01/2040 | | | 297,950 | |
| | |
| 168 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) |
|
| |
| | Colorado – (continued) | |
| | Colorado Health Facilities Authority RB for Parkview Medical | |
| | | | | Center, Inc. Obligated Group Series 2020 A (Aa2/NR) | |
| | $ | | | 350,000 | | | | 4.000 | %(g) | | 09/01/2050 | | $ | 379,052 | |
| | 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 | | | 80,058 | |
| | Colorado Health Facilities Authority RB Refunding for Adventist Health System/Sunbelt Obligated Group Series 2019 A (Aa2/AA) | |
| | | | | 100,000 | | | | 4.000 | | | 11/15/2043 | | | 99,689 | |
| | Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (A3/A-) | |
| | | | | 450,000 | | | | 5.000 | | | 08/01/2038 | | | 478,429 | |
| | Colorado Health Facilities Authority RB Series 2019A-2 (A3/A-) | |
| | | | | 885,000 | | | | 4.000 | | | 08/01/2049 | | | 842,841 | |
| | Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (NR/BB-) | |
| | | | | 650,000 | | | | 5.000 | | | 10/01/2032 | | | 650,188 | |
| | Denver Health & Hospital Authority Healthcare Revenue Refunding Bonds Series 2017A (NR/BBB) | |
| | | | | 175,000 | | | | 4.000 | (d) | | 12/01/2035 | | | 167,481 | |
| | | | | 185,000 | | | | 4.000 | (d) | | 12/01/2036 | | | 175,081 | |
| | Fiddler’s Business Improvement District GO Refunding Bonds Series 2022 (NR/NR) | |
| | | | | 150,000 | | | | 5.000 | (d) | | 12/01/2032 | | | 156,285 | |
| | Rampart Range Metropolitan District No. 5 RB Series 2021 (NR/NR) | |
| | | | | 500,000 | | | | 4.000 | | | 12/01/2041 | | | 465,002 | |
| | Senac South Metropolitan District GO LT Bonds Series 2021A3 (NR/NR) | |
| | | | | 915,000 | | | | 5.250 | | | 12/01/2051 | | | 845,910 | |
| | Sterling Ranch Community Authority Board RB Refunding for Sterling Ranch Colorado Metropolitan District No. 2 Series 2020 A (NR/NR) | |
| | | | | 575,000 | | | | 3.375 | | | 12/01/2030 | | | 557,281 | |
| | 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 | | | 308,294 | |
| | 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 | | | 100,501 | |
| | | | | 250,000 | | | | 4.250 | | | 12/01/2054 | | | 249,670 | |
| | 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 | | | 51,666 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 8,995,307 | |
| | | |
| | Connecticut - 0.3% | |
| | City of Stamford Housing Authority RB Anticipation Notes for Dogwoods Project Series 2022 (NR/NR) | |
| | | | | 100,000 | | | | 11.000 | (d) | | 12/01/2027 | | | 118,008 | |
| | State of Connecticut Health & Educational Facilities Authority RB Series E (NR/NR) | |
| | | | | 230,000 | | | | 4.000 | | | 07/01/2041 | | | 215,733 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | 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 | | $ | 53,368 | |
| | 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 | | | 127,832 | |
| | Steel Point Infrastructure Improvement District Tax Allocation for Steelpointe Harbor Project Series 2021 (NR/NR) | |
| | | | | 100,000 | | | | 4.000 | (d) | | 04/01/2041 | | | 93,886 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 608,827 | |
| | | |
| | Delaware - 0.0% | |
| | Delaware Economic Development Authority Charter School RB for Aspira of Delaware Charter Operations Project Series 2022A (NR/BB) | |
| | | | | 50,000 | | | | 3.000 | | | 06/01/2032 | | | 45,868 | |
| | | | | 50,000 | | | | 4.000 | | | 06/01/2042 | | | 45,537 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 91,405 | |
| | | |
| | District of Columbia - 1.3% | |
| | District of Columbia Private Activity RB Series 2022A (A3/NR) | |
| | | | | 100,000 | | | | 5.500 | | | 02/28/2037 | | | 117,682 | |
| | District of Columbia Union Market Project Tax Increment RB Convertible Capital Appreciation Bonds. Series 2024B (NR/NR) | |
| | | | | 100,000 | | | | 0.000 | (d)(h) | | 06/01/2041 | | | 60,873 | |
| | Metropolitan Washington Airport Authority Revenue & Refunding Bonds Series 2018A (Aa3/AA-) | |
| | | | | 1,450,000 | | | | 5.000 | | | 10/01/2043 | | | 1,495,742 | |
| | Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (AGM) (A1/AA) | |
| | | | | 125,000 | | | | 3.000 | | | 10/01/2050 | | | 99,061 | |
| | | | | 100,000 | | | | 4.000 | | | 10/01/2053 | | | 96,032 | |
| | 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 | | | 627,795 | |
| | 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 | | | 306,363 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 2,803,548 | |
| | | |
| | Florida - 19.0% | |
| | Abbott Square Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 200,000 | | | | 5.000 | | | 06/15/2032 | | | 207,254 | |
| | AH at Turnpike South Community Development District Special Assessment Phase 3 Project Series 2021 (NR/NR) | |
| | | | | 500,000 | | | | 4.000 | | | 05/01/2051 | | | 429,190 | |
| | Alachua County Health Facilities Authority Continuing Care Retirement Community RB Series 2022 (NR/NR) | |
| | | | | 250,000 | | | | 4.000 | | | 10/01/2046 | | | 222,011 | |
| | Astonia Community Development District Polk County, Florida Special Assessment Bonds, Series 2023 Assessment Area Three Project (NR/NR) | |
| | | | | 65,000 | | | | 5.125 | | | 06/15/2043 | | | 66,972 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 169 |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) |
|
| |
| | Florida – (continued) | |
| | Astonia Community Development District Special Assessment for Assessment Area 2 Project Series 2021 (NR/NR) | |
| | $ | | | 55,000 | | | | 3.200 | %(d) | | 05/01/2041 | | $ | 46,183 | |
| | Astonia Community Development District Special Assessment for North Parcel Assessment Area Project Series 2021 (NR/NR) | |
| | | | | 10,000 | | | | 2.500 | (d) | | 05/01/2026 | | | 9,782 | |
| | | | | 50,000 | | | | 3.200 | (d) | | 05/01/2041 | | | 41,984 | |
| | Avalon Groves Community Development District Special Assessment for Assessment Area Three Project Series 2021 (NR/NR) | |
| | | | | 65,000 | | | | 2.375 | | | 05/01/2026 | | | 63,576 | |
| | 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 | | | 21,051 | |
| | Avenir Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 40,000 | | | | 4.500 | | | 05/01/2030 | | | 40,729 | |
| | Aventura Isles Community Development District Miami-Dade County Special Assessment Refunding Bonds, Series 2024 (NR/NR) | |
| | | | | 100,000 | | | | 5.000 | | | 05/01/2043 | | | 102,292 | |
| | Babcock Ranch Community Independent Special District Special Assessment Series 2021 (NR/NR) | |
| | | | | 660,000 | | | | 2.875 | | | 05/01/2031 | | | 609,443 | |
| | Bannon Lakes Community Development District Special Assessment Series 2021 (NR/NR) | |
| | | | | 200,000 | | | | 3.000 | (d) | | 05/01/2031 | | | 188,668 | |
| | Bellagio Community Development District Special Assessment Bonds Series 2013 (NR/BBB) | |
| | | | | 30,000 | | | | 6.000 | | | 11/01/2027 | | | 31,250 | |
| | Belmont II Community Development District Special Assessment Series 2020 (NR/NR) | |
| | | | | 100,000 | | | | 3.625 | | | 12/15/2040 | | | 95,379 | |
| | Berry Bay Community Development District Special Assessment for Assessment Area 1 Project Series 2021 (NR/NR) | |
| | | | | 500,000 | | | | 3.125 | | | 05/01/2031 | | | 469,643 | |
| | Black Creek Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 160,000 | | | | 4.800 | | | 06/15/2027 | | | 162,705 | |
| | Bridgewalk Community Development District Special Assessment Bonds for Assessment Area Two Project Series 2023 (NR/NR) | |
| | | | | 60,000 | | | | 6.250 | | | 12/15/2043 | | | 64,624 | |
| | Bridgewater Community Development District Special Assessment Bonds for Assessment Area One Project Series 2022 (NR/NR) | |
| | | | | 100,000 | | | | 3.250 | | | 06/15/2042 | | | 81,383 | |
| | Broward County Port Facilities RB Series 2019B (A1/A) | |
| | | | | 300,000 | | | | 4.000 | | | 09/01/2049 | | | 284,749 | |
| | Buckhead Trails Community Development District Special Assessment Bonds for Manatee County Project Series 2022 (NR/NR) | |
| | | | | 35,000 | | | | 4.750 | | | 05/01/2027 | | | 35,258 | |
| | Buena Lago Community Development District Capital Improvement RB for Assessment Area Two Series 2024 (NR/NR) | |
| | | | | 50,000 | | | | 5.250 | | | 05/01/2044 | | | 50,731 | |
| | Buena Lago Community Development District Capital Improvement RB Series 2022 (NR/NR) | |
| | | | | 125,000 | | | | 4.000 | | | 05/01/2027 | | | 125,213 | |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) |
|
| |
| | Florida – (continued) | |
| | Capital Projects Finance Authority Educational Facilities RB Kissimmee Charter Academy Project Series 2024 (NR/NR) | |
| | $ | | | 100,000 | | | | 6.125 | %(d) | | 06/15/2044 | | $ | 103,909 | |
| | Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (Ba2/NR) | |
| | | | | 625,000 | | | | 5.250 | (d) | | 12/01/2058 | | | 633,557 | |
| | Capital Trust Agency, Inc. RB for AcadeMir Charter School West Series 2021 A-2 (Ba2/NR) | |
| | | | | 100,000 | | | | 4.000 | (d) | | 07/01/2051 | | | 83,506 | |
| | Capital Trust Agency, Inc. RB for University Bridge LLC Series 2018 A (Ba2/NR) | |
| | | | | 100,000 | | | | 4.000 | (d) | | 12/01/2028 | | | 100,306 | |
| | | | | 300,000 | | | | 5.250 | (d) | | 12/01/2043 | | | 307,766 | |
| | Capital Trust Authority Educational Facilities Lease RB for Seaside Community Charter School Project Series A (Baa3/NR) | |
| | | | | 100,000 | | | | 5.000 | | | 06/15/2034 | | | 105,813 | |
| | Capital Trust Authority RB Anticipation Notes Convivial-St Petersburg Project Series 2024A (NR/NR) | |
| | | | | 150,000 | | | | 12.000 | (d)(e) | | 10/03/2029 | | | 150,000 | |
| | Celebration Community Development District Special Assessment for Assessment Area One Project Series 2021 (NR/NR) | |
| | | | | 235,000 | | | | 2.750 | | | 05/01/2031 | | | 222,687 | |
| | Central Parc Community Development District City Of North Port Florida Special Assessment RB Series 2024 (NR/NR) | |
| | | | | 100,000 | | | | 4.900 | | | 05/01/2031 | | | 100,831 | |
| | 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 | | | 99,038 | |
| | CFM Community Development District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 100,000 | | | | 3.350 | | | 05/01/2041 | | | 83,899 | |
| | Chapel Creek Community Development District Special Assessment Series 2021 (NR/NR) | |
| | | | | 75,000 | | | | 3.375 | (d) | | 05/01/2041 | | | 63,581 | |
| | Chapel Crossings Community Development District Special Assessment Series 2020 (NR/NR) | |
| | | | | 95,000 | | | | 3.700 | (d) | | 05/01/2040 | | | 84,340 | |
| | Charles Cove Community Development District Special Assessment RB Series 2021 (NR/NR) | |
| | | | | 105,000 | | | | 2.400 | | | 05/01/2026 | | | 102,410 | |
| | City of Jacksonville RB Refunding for Genesis Health, Inc. Obligated Group Series 2020 (NR/A-) | |
| | | | | 145,000 | | | | 4.000 | | | 11/01/2039 | | | 143,396 | |
| | City of Palmetto Educational Facilities Refunding RB Series 2022A (NR/BBB-) | |
| | | | | 100,000 | | | | 5.125 | | | 06/01/2042 | | | 103,552 | |
| | Coddington Community Development District (NR/NR) | |
| | | | | 260,000 | | | | 5.000 | | | 05/01/2032 | | | 273,721 | |
| | Connerton East Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 100,000 | | | | 5.250 | | | 06/15/2043 | | | 104,720 | |
| | Cope’s Landing Community Development District Capital Improvement RB 2023 Project Area Series 2023 (NR/NR) | |
| | | | | 100,000 | | | | 5.750 | | | 05/01/2043 | | | 106,320 | |
| | Copper Oaks Community Development District Special Assessment Refunding and Improvement Bonds Series 2021 (NR/NR) | |
| | | | | 175,000 | | | | 3.000 | | | 05/01/2031 | | | 162,282 | |
| | |
| 170 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) |
|
| |
| | Florida – (continued) | |
| | Copper Oaks Community Development District Special Assessment Refunding and Improvement Bonds Series 2021 (NR/NR) – (continued) | |
| | $ | | | 175,000 | | | | 3.000 | % | | 05/01/2035 | | $ | 152,632 | |
| | Corkscrew Crossing Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 200,000 | | | | 4.300 | | | 05/01/2033 | | | 204,187 | |
| | Creekview Community Development District Special Assessment RB Series 2022 (NR/NR) | |
| | | | | 25,000 | | | | 3.875 | | | 05/01/2027 | | | 24,992 | |
| | | | | 40,000 | | | | 4.250 | | | 05/01/2032 | | | 40,426 | |
| | | | | 220,000 | | | | 4.625 | | | 05/01/2042 | | | 220,472 | |
| | Cross Creek North Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 340,000 | | | | 4.250 | | | 05/01/2042 | | | 328,518 | |
| | Cross Creek North Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 100,000 | | | | 5.125 | | | 05/01/2043 | | | 102,931 | |
| | Crossings Community Development District Osceola County Special Assessment Bonds Series 2024 (NR/NR) | |
| | | | | 100,000 | | | | 5.350 | | | 05/01/2044 | | | 101,385 | |
| | Crossings Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 125,000 | | | | 4.250 | | | 05/01/2027 | | | 125,562 | |
| | | | | 255,000 | | | | 4.750 | | | 05/01/2032 | | | 261,533 | |
| | Cypress Bluff Community Development District Special Assessment for Del WEBB Project Series 2020 A (NR/NR) | |
| | | | | 145,000 | | | | 2.700 | (d) | | 05/01/2025 | | | 144,112 | |
| | | | | 310,000 | | | | 3.125 | (d) | | 05/01/2030 | | | 304,258 | |
| | Cypress Mill Community Development District Special Assessment Bonds for Bank Qualified 2023 Project Series 2023 (NR/BBB) | |
| | | | | 50,000 | | | | 5.000 | | | 05/01/2053 | | | 50,799 | |
| | Cypress Park Estates Community Development District Special Assessment Area 1 Project Series 2020 (NR/NR) | |
| | | | | 25,000 | | | | 2.625 | (d) | | 05/01/2025 | | | 24,813 | |
| | Deerbrook Community Development District Pasco County, Florida Special Assessment Bonds, Series 2023 2023 Project (NR/NR) | |
| | | | | 100,000 | | | | 5.250 | | | 05/01/2043 | | | 103,236 | |
| | DG Farms Community Development District Special Assessment Series 2020 (NR/NR) | |
| | | | | 270,000 | | | | 3.750 | | | 05/01/2040 | | | 246,285 | |
| | DW Bayview Community Development District Special Assessment Bond Series 2021 (NR/NR) | |
| | | | | 50,000 | | | | 3.375 | (d) | | 05/01/2041 | | | 45,022 | |
| | DW Bayview Community Development District Special Assessment Bonds for Manatee County Series 2022 (NR/NR) | |
| | | | | 105,000 | | | | 4.300 | | | 05/01/2027 | | | 105,774 | |
| | Eagle Hammock Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 190,000 | | | | 4.875 | | | 05/01/2032 | | | 196,849 | |
| | East 547 Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) | |
| | | | | 30,000 | | | | 3.300 | | | 05/01/2041 | | | 25,029 | |
| | Eden Hills Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 75,000 | | | | 3.625 | | | 05/01/2032 | | | 73,588 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) |
|
| |
| | Florida – (continued) | |
| | Eden Hills Community Development District Special Assessment Series 2020 (NR/NR) | |
| | $ | | | 100,000 | | | | 4.000 | % | | 05/01/2040 | | $ | 97,892 | |
| | Edgewater East Community Development District Special Assessment for Assessment Area Once Series 2021 (NR/NR) | |
| | | | | 130,000 | | | | 3.600 | | | 05/01/2041 | | | 113,374 | |
| | Edgewater East Community Development District Special Assessment RB Series 2022 (NR/NR) | |
| | | | | 125,000 | | | | 3.375 | | | 05/01/2032 | | | 118,597 | |
| | Escambia County Health Facilities Authority Health Care Facilities RB Series 2020A (Baa2/BBB) | |
| | | | | 760,000 | | | | 4.000 | | | 08/15/2045 | | | 706,401 | |
| | Eureka Grove Community Development District Special Assessment Bonds for 2021 Project Series 2021 (NR/NR) | |
| | | | | 685,000 | | | | 3.500 | | | 05/01/2041 | | | 586,392 | |
| | 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 | | | 540,065 | |
| | Everlands II Community Development District Special Assessment Bonds Series 2024 (NR/NR) | |
| | | | | 80,000 | | | | 4.600 | | | 06/15/2031 | | | 80,494 | |
| | Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR) | |
| | | | | 190,000 | | | | 5.000 | | | 05/01/2035 | | | 196,271 | |
| | 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 | | | 160,095 | |
| | | | | 125,000 | | | | 5.250 | | | 06/01/2049 | | | 131,669 | |
| | Florida Development Finance Corp. Educational Facilities RB Series 2022A (Ba3/NR) | |
| | | | | 100,000 | | | | 5.000 | (d) | | 07/01/2032 | | | 98,573 | |
| | | | | 135,000 | | | | 5.375 | (d) | | 07/01/2042 | | | 130,393 | |
| | Florida Development Finance Corp. Educational RB for Cornerstone Charter Academy Project Series 2022 (NR/BB+) | |
| | | | | 100,000 | | | | 5.000 | (d) | | 10/01/2042 | | | 101,181 | |
| | Florida Development Finance Corp. Healthcare Facilities RB for Tampa General Hospital Project Series 2024A (Fixed Mode) (NR/A-) | |
| | | | | 600,000 | | | | 5.250 | | | 08/01/2049 | | | 645,154 | |
| | Florida Development Finance Corp. RB Brightline Florida Passenger Rail Project Brightline Trains Florida LLC Issue Series 2024 (AMT) (AGM) (NR/AA) | |
| | | | | 1,000,000 | | | | 5.000 | | | 07/01/2044 | | | 1,053,175 | |
| | | | | 550,000 | | | | 5.250 | | | 07/01/2047 | | | 586,994 | |
| | | | | 1,000,000 | | | | 5.250 | | | 07/01/2053 | | | 1,056,882 | |
| | 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 | | | 2,638,870 | |
| | Florida Development Finance Corp. RB Brightline Florida Passenger Rail Project Brightline Trains Florida LLC Issue Series 2024 (AMT) (NR/BBB-) | |
| | | | | 300,000 | | | | 5.250 | | | 07/01/2047 | | | 309,760 | |
| | | | | 300,000 | | | | 5.500 | | | 07/01/2053 | | | 314,114 | |
| | Florida Development Finance Corp. RB for Brightline Florida Passenger Rail Expansion Project Series 2024A (NR/NR) | |
| | | | | 500,000 | | | | 8.250 | (a)(b)(d) | | 07/01/2057 | | | 514,958 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 171 |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | 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) | |
| | $ | | | 100,000 | | | | 4.000 | %(d) | | 06/01/2030 | | $ | 89,086 | |
| | 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 | | | 101,332 | |
| | Florida Development Finance Corp. RB for United Cerebral Palsy of Central Florida, Inc. Series 2020 A (NR/NR) | |
| | | | | 45,000 | | | | 4.000 | | | 06/01/2030 | | | 43,392 | |
| | 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 | | | 81,225 | |
| | Florida Development Finance Corp. Student Housing RB Senior Series 2024A-1 (NR/NR) | |
| | | | | 100,000 | | | | 5.000 | (d) | | 06/01/2044 | | | 103,079 | |
| | Florida Higher Educational Facilities Financial Authority RB Ringling College of Art and Design, Inc. Series 2017 (NR/BBB) | |
| | | | | 150,000 | | | | 5.000 | | | 03/01/2047 | | | 151,317 | |
| | Forest Lake Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 30,000 | | | | 4.750 | (d) | | 05/01/2027 | | | 30,322 | |
| | | | | 90,000 | | | | 5.000 | (d) | | 05/01/2032 | | | 93,239 | |
| | Gracewater Sarasota Community Development District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 165,000 | | | | 2.950 | | | 05/01/2031 | | | 151,785 | |
| | | | | 75,000 | | | | 3.350 | | | 05/01/2041 | | | 62,301 | |
| | Grand Oaks Community Development District Special Assessment Bonds Assessment Area 2 Series 2020 (NR/NR) | |
| | | | | 100,000 | | | | 4.000 | | | 05/01/2030 | | | 99,593 | |
| | Grand Oaks Community Development District Special Assessment RB Series 2019 A (NR/NR) | |
| | | | | 50,000 | | | | 4.750 | | | 11/01/2039 | | | 50,313 | |
| | Grand Oaks Community Development District Special Assessment RB Series 2021 (NR/NR) | |
| | | | | 60,000 | | | | 3.500 | | | 11/01/2041 | | | 50,879 | |
| | Grande Pines Community Development District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 710,000 | | | | 3.750 | | | 05/01/2041 | | | 623,609 | |
| | Grande Pines Community Development District Special Assessment RB for Assessment Area Two Series 2024 (NR/NR) | |
| | | | | 100,000 | | | | 5.450 | | | 05/01/2044 | | | 102,595 | |
| | Hacienda North Community Development District Special Assessment RB Series 2023 (NR/NR) | |
| | | | | 100,000 | | | | 6.300 | | | 05/01/2043 | | | 109,012 | |
| | Hamilton Bluff Community Development District Special Assessment Bonds, Series 2024 (Assessment Area One Project) (NR/NR) | |
| | | | | 100,000 | | | | 5.800 | | | 05/01/2054 | | | 102,248 | |
| | 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 | | | 103,090 | |
| | Hammock Reserve Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 20,000 | | | | 4.200 | | | 05/01/2027 | | | 20,069 | |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) |
|
| |
| | Florida – (continued) | |
| | 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 | | $ | 82,802 | |
| | Harmony West Community Development District Special Assessment RB Series 2023 (NR/NR) | |
| | | | | 300,000 | | | | 5.300 | | | 05/01/2053 | | | 310,771 | |
| | Hawkstone Community Development District Special Assessment RB Series 2021 (NR/NR) | |
| | | | | 125,000 | | | | 3.450 | | | 05/01/2041 | | | 107,721 | |
| | Hawkstone Community Development District Special Assessment RB Series 2023 (NR/NR) | |
| | | | | 420,000 | | | | 4.375 | | | 05/01/2030 | | | 424,997 | |
| | Highland Meadows West Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR) | |
| | | | | 20,000 | | | | 2.875 | | | 05/01/2025 | | | 19,858 | |
| | Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2020 (NR/NR) | |
| | | | | 25,000 | | | | 3.500 | (d) | | 05/01/2031 | | | 24,025 | |
| | Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2021 (NR/NR) | |
| | | | | 90,000 | | | | 2.375 | | | 05/01/2026 | | | 87,800 | |
| | Hillsborough County Aviation Authority Revenue Refunding Bonds Series 2015-A (NR/AA-) | |
| | | | | 350,000 | | | | 5.000 | | | 10/01/2040 | | | 350,000 | |
| | Hobe-St. Lucie Conservancy District Improvement Bonds Unit of Development No. 1A Series 2024 (NR/NR) | |
| | | | | 100,000 | | | | 5.600 | | | 05/01/2044 | | | 104,617 | |
| | Homestead 50 Community Development District Special Assessment Refunding Bonds Series 2021 (NR/NR) | |
| | | | | 125,000 | | | | 3.000 | | | 05/01/2037 | | | 105,828 | |
| | Island Lake Estates Community Development District 2023 Project Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 100,000 | | | | 5.750 | | | 12/15/2043 | | | 106,494 | |
| | K-Bar Ranch II Community Development District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 100,000 | | | | 3.125 | | | 05/01/2041 | | | 81,139 | |
| | Kindred Community Development District II Special Assessment Bonds Series 2020 (NR/NR) | |
| | | | | 100,000 | | | | 3.500 | | | 05/01/2040 | | | 92,582 | |
| | Kindred Community Development District II Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 100,000 | | | | 2.700 | | | 05/01/2031 | | | 94,380 | |
| | Kingman Gate Community Development District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 50,000 | | | | 3.600 | | | 06/15/2041 | | | 46,878 | |
| | Lake Deer Community Development District Special Assessment Bonds for Polk County Series 2022 (NR/NR) | |
| | | | | 105,000 | | | | 5.500 | | | 05/01/2042 | | | 108,907 | |
| | Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2019 (NR/NR) | |
| | | | | 85,000 | | | | 3.400 | | | 05/01/2030 | | | 82,497 | |
| | Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2020 A (NR/NR) | |
| | | | | 100,000 | | | | 3.200 | | | 05/01/2030 | | | 96,386 | |
| | |
| 172 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) |
|
| |
| | Florida – (continued) | |
| | Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Phase 2A Project Series 2019 (NR/NR) | |
| | $ | | | 125,000 | | | | 3.250 | % | | 05/01/2029 | | $ | 121,690 | |
| | Lakewood Ranch Stewardship District Special Assessment RB Series 2021 (NR/NR) | |
| | | | | 95,000 | | | | 2.300 | | | 05/01/2026 | | | 92,644 | |
| | Landings at Miami Community Development District Special Assessment Bonds Series 2018 (NR/NR) | |
| | | | | 100,000 | | | | 4.750 | (d) | | 11/01/2048 | | | 98,244 | |
| | 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 | | | 70,895 | |
| | Lawson Dunes Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 80,000 | | | | 4.750 | | | 05/01/2032 | | | 81,929 | |
| | | | | 45,000 | | | | 5.000 | | | 05/01/2042 | | | 45,980 | |
| | 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 | | | 164,570 | |
| | 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 | | | 151,083 | |
| | Liberty Cove Community Development District Special Assessment RB for Assessment Area One Project Series 2024 (NR/NR) | |
| | | | | 85,000 | | | | 5.375 | | | 05/01/2044 | | | 85,804 | |
| | Longleaf Community Development District Capital Improvement RB for Neighborhood 4 – Assessment Area Two Series 2024A (NR/NR) | |
| | | | | 50,000 | | | | 5.200 | (d)(e) | | 05/01/2044 | | | 50,114 | |
| | Los Cayos Community Development District Special Assessment Bonds, Series 2024 (2024 Project) (NR/NR) | |
| | | | | 325,000 | | | | 4.400 | | | 06/15/2031 | | | 329,037 | |
| | 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 | | | 102,779 | |
| | LTC Ranch West Residential Community Development District Special Assessment Bonds Series 2021 B (NR/NR) | |
| | | | | 40,000 | | | | 3.250 | | | 05/01/2031 | | | 37,619 | |
| | 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 | | | 42,301 | |
| | Mangrove Point Community Development District Capital Improvement RB Series 2022 (NR/NR) | |
| | | | | 75,000 | | | | 4.250 | | | 05/01/2042 | | | 71,022 | |
| | Meadow View at Twin Creeks Community Development District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 160,000 | | | | 3.250 | | | 05/01/2041 | | | 131,933 | |
| | Miami Dade County Aviation Revenue Refunding Bonds Series 2017B (AMT) (NR/A+) | |
| | | | | 175,000 | | | | 5.000 | | | 10/01/2040 | | | 179,467 | |
| | Miami-Dade County IDA Educational Facilities RB for Academir Charter Schools Project Series 2022A (Ba2/NR) | |
| | | | | 100,000 | | | | 5.000 | (d) | | 07/01/2037 | | | 103,803 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) |
|
| |
| | Florida – (continued) | |
| | Miami-Dade County IDA Educational Facilities RB for Academir Charter Schools Project Series 2022A (Ba2/NR) – (continued) | |
| | $ | | | 100,000 | | | | 5.250 | %(d) | | 07/01/2042 | | $ | 103,715 | |
| | 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 | | | 240,067 | |
| | Mirada II Community Development District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 100,000 | | | | 3.500 | | | 05/01/2041 | | | 85,956 | |
| | | | | 100,000 | | | | 4.000 | | | 05/01/2051 | | | 86,036 | |
| | Normandy Community Development District City of Jacksonville Florida Capital Improvement RB Series 2024 Assessment Area One (NR/NR) | |
| | | | | 75,000 | | | | 4.625 | (d) | | 05/01/2031 | | | 75,219 | |
| | North Ar-1 of Pasco Community Development District Pasco County Florida Capital Improvement RB Series 2024A Assessment Area Five (NR/NR) | |
| | | | | 100,000 | | | | 5.750 | | | 05/01/2044 | | | 102,937 | |
| | North AR-1 Pasco Community Development District Capital Improvement RB for Assessment Area Four Series 2024 (NR/NR) | |
| | | | | 100,000 | | | | 5.450 | | | 05/01/2044 | | | 102,445 | |
| | North Park Isle Community Development District Special Assessment RB Series 2021 (NR/NR) | |
| | | | | 200,000 | | | | 3.375 | | | 11/01/2041 | | | 170,588 | |
| | North Powerline Road Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 120,000 | | | | 4.750 | (d) | | 05/01/2027 | | | 120,882 | |
| | North Powerline Road Community Development District Special Assessment Series 2020 (NR/NR) | |
| | | | | 100,000 | | | | 3.625 | | | 05/01/2040 | | | 88,059 | |
| | Ocala Preserve Community Development District Capital Improvement RB Series 2021 (NR/NR) | |
| | | | | 115,000 | | | | 2.375 | | | 11/01/2026 | | | 111,088 | |
| | | | | 330,000 | | | | 2.875 | | | 11/01/2031 | | | 301,169 | |
| | Orange Blossom Groves Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 50,000 | | | | 5.250 | | | 06/15/2043 | | | 52,360 | |
| | Palm Beach County Educational Facilities Authority RB Palm Beach Atlantic University, Inc. Series 2024 (NR/NR) | |
| | | | | 200,000 | | | | 5.000 | | | 10/01/2034 | | | 217,906 | |
| | | | | 150,000 | | | | 5.000 | | | 10/01/2043 | | | 157,488 | |
| | 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 | | | 85,647 | |
| | Palm Beach County Health Facilities Authority RB Refunding for Lifespace Communities, Inc. Series 2023 C (NR/NR) | |
| | | | | 50,000 | | | | 7.500 | | | 05/15/2053 | | | 57,081 | |
| | Palm Beach County Health Facilities Authority Revenue Refunding Bonds Series 2022 (NR/NR) | |
| | | | | 175,000 | | | | 4.000 | | | 06/01/2036 | | | 174,100 | |
| | Park East Community Development District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 40,000 | | | | 3.150 | | | 11/01/2041 | | | 32,267 | |
| | Parkview at Long Lake Ranch Community Development District Special Assessment Series 2020 (NR/NR) | |
| | | | | 155,000 | | | | 3.750 | | | 05/01/2040 | | | 138,090 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 173 |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) |
|
| |
| | Florida – (continued) | |
| | Parrish Lakes Community Development District Manatee County Florida Capital Improvement RB Series 2024 Assessment Area Three (NR/NR) | |
| | $ | | | 100,000 | | | | 5.000 | % | | 05/01/2031 | | $ | 100,701 | |
| | Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-1 (AGM) (NR/AA) | |
| | | | | 210,000 | | | | 2.625 | | | 05/01/2034 | | | 183,942 | |
| | Portico Community Development District Special Assessment Refunding Series 2020-1 (NR/NR) | |
| | | | | 125,000 | | | | 3.500 | | | 05/01/2037 | | | 112,629 | |
| | Preserve At Savannah Lakes Community Development District Special Assessment Bonds Phase 1 Series 2024 (NR/NR) | |
| | | | | 510,000 | | | | 5.450 | | | 05/01/2044 | | | 526,368 | |
| | Preserve at South Branch Community Development District Special Assessment Phase 2 RB Series 2019 (NR/NR) | |
| | | | | 100,000 | | | | 3.500 | | | 11/01/2030 | | | 99,104 | |
| | Preston Cove Community Development District Special Assessment RB Series 2022 (NR/NR) | |
| | | | | 675,000 | | | | 3.600 | | | 05/01/2032 | | | 644,291 | |
| | Quail Roost Community Development District Special Assessment for Expansion Area Project Series 2021 (NR/NR) | |
| | | | | 25,000 | | | | 2.200 | | | 12/15/2026 | | | 24,196 | |
| | Reunion West Community Development District Special Assessment Refunding Bonds Series 2022 (NR/NR) | |
| | | | | 100,000 | | | | 3.000 | | | 05/01/2036 | | | 89,689 | |
| | Rhodine Road North Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 90,000 | | | | 3.300 | | | 05/01/2042 | | | 77,117 | |
| | Riverwalk Community Development District City of Orlando Florida Special Assessment Bonds Series 2024 (NR/NR) | |
| | | | | 95,000 | | | | 5.500 | | | 05/01/2044 | | | 97,526 | |
| | Rolling Hills Community Development District Capital Improvement RB Series 2022A-1 (NR/NR) | |
| | | | | 195,000 | | | | 3.125 | | | 05/01/2027 | | | 191,143 | |
| | | | | 365,000 | | | | 3.400 | | | 05/01/2032 | | | 343,961 | |
| | Rutland Ranch Community Development District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 120,000 | | | | 2.450 | | | 11/01/2026 | | | 116,494 | |
| | Rye Crossing Community Development District Capital Improvement RB Series 2023 (NR/NR) | |
| | | | | 75,000 | | | | 5.000 | | | 05/01/2043 | | | 76,772 | |
| | Rye Ranch Community Development District Special Assessment Bonds for Assessment Area One, Series 2023 (NR/NR) | |
| | | | | 50,000 | | | | 5.750 | (d) | | 11/01/2043 | | | 52,256 | |
| | Sabal Palm Community Development District Broward County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) | |
| | | | | 100,000 | | | | 5.000 | | | 05/01/2044 | | | 102,346 | |
| | Sampson Creek Community Development District Special Assessment Bonds Series 2020 (AGM) (NR/AA) | |
| | | | | 100,000 | | | | 2.625 | | | 05/01/2040 | | | 80,870 | |
| | Sandmine Road Community Development District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 85,000 | | | | 3.300 | | | 11/01/2041 | | | 76,264 | |
| | Sarasota County Public Hospital District Fixed Rate Hospital RB Series 2018 (A1/NR) | |
| | | | | 250,000 | | | | 4.000 | | | 07/01/2048 | | | 242,300 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) |
|
| |
| | Florida – (continued) | |
| | Sawgrass Village Community Development District Special Assessment Bonds Series 2023 (Assessment Area Two) (NR/NR) | |
| | $ | | | 100,000 | | | | 6.125 | % | | 11/01/2043 | | $ | 107,004 | |
| | Scenic Highway Community Development District Special Assessment Series 2020 (NR/NR) | |
| | | | | 50,000 | | | | 3.750 | | | 05/01/2040 | | | 46,533 | |
| | Scenic Terrace South Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 45,000 | | | | 4.125 | | | 05/01/2032 | | | 44,857 | |
| | | | | 65,000 | | | | 4.500 | | | 05/01/2042 | | | 62,864 | |
| | 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 | | | 103,991 | |
| | 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 | | | 232,451 | |
| | Seminole Improvement District Utilities RB for City of Westlake Series 2022 (NR/NR) | |
| | | | | 100,000 | | | | 5.000 | | | 10/01/2032 | | | 103,232 | |
| | Seminole Palms Community Development District City of Palm Coast, Florida Special Assessment Bonds, Series 2023 2023 Project Area (NR/NR) | |
| | | | | 90,000 | | | | 5.500 | | | 05/01/2043 | | | 93,901 | |
| | Shadowlawn Community Development District Special Assessment Revenue Bonds Series 2024 (NR/NR) | |
| | | | | 200,000 | | | | 4.700 | | | 05/01/2034 | | | 202,515 | |
| | Sherwood Manor Community Development District Special Assessment RB Series 2023 (NR/NR) | |
| | | | | 40,000 | | | | 4.625 | | | 05/01/2030 | | | 40,729 | |
| | | | | 70,000 | | | | 5.500 | | | 05/01/2043 | | | 73,384 | |
| | Siena North Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 50,000 | | | | 4.000 | | | 06/15/2042 | | | 45,553 | |
| | Silver Palms West Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 100,000 | | | | 3.000 | | | 06/15/2032 | | | 92,921 | |
| | | | | 140,000 | | | | 3.250 | | | 06/15/2042 | | | 122,728 | |
| | 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 | | | 171,900 | |
| | Six Mile Creek Community Development District St. Johns County Florida Capital Improvement RB Series 2024 (NR/NR) | |
| | | | | 75,000 | | | | 5.100 | (d)(e) | | 05/01/2044 | | | 75,178 | |
| | 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 | | | 104,620 | |
| | 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 | | | 51,066 | |
| | 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 | | | 72,564 | |
| | |
| 174 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) |
|
| |
| | Florida – (continued) | |
| | South Creek Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) | |
| | $ | | | 25,000 | | | | 3.250 | % | | 06/15/2041 | | $ | 21,185 | |
| | 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 | | | 101,681 | |
| | St. Augustine Lakes Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 520,000 | | | | 5.375 | | | 06/15/2042 | | | 541,754 | |
| | 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 | | | 93,590 | |
| | 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 | | | 137,739 | |
| | Stellar North Community Development District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 430,000 | | | | 3.000 | | | 05/01/2031 | | | 398,984 | |
| | Stonegate Preserve Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 325,000 | | | | 5.125 | | | 12/15/2030 | | | 334,649 | |
| | Stonewater Community Development District Special Assessment RB Series 2021 (NR/NR) | |
| | | | | 50,000 | | | | 3.300 | (d) | | 11/01/2041 | | | 41,812 | |
| | Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2019 (NR/NR) | |
| | | | | 50,000 | | | | 4.500 | | | 06/15/2039 | | | 50,796 | |
| | Storey Creek Community Development District (NR/NR) | |
| | | | | 240,000 | | | | 5.000 | | | 06/15/2032 | | | 252,525 | |
| | Storey Creek Community Development District Special Assessment Bonds Series 2024 (NR/NR) | |
| | | | | 100,000 | | | | 5.250 | | | 06/15/2044 | | | 103,889 | |
| | Storey Drive Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 100,000 | | | | 3.000 | | | 06/15/2032 | | | 91,520 | |
| | 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 | | | 24,018 | |
| | Stuart Crossing Community Development District Special Assessment Bonds Series 2024 (NR/NR) | |
| | | | | 100,000 | | | | 5.250 | (d) | | 05/01/2044 | | | 102,005 | |
| | Summer Woods Community Development District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 75,000 | | | | 3.450 | | | 05/01/2041 | | | 63,491 | |
| | Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2020 (NR/NR) | |
| | | | | 80,000 | | | | 3.750 | | | 05/01/2040 | | | 71,379 | |
| | Talis Park Community Development District Capital Improvement RB Refunding Subordinate Series 2016 A-2 (NR/NR) | |
| | | | | 45,000 | | | | 4.000 | | | 05/01/2033 | | | 44,568 | |
| | Tamarindo Community Development District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 50,000 | | | | 3.375 | | | 05/01/2041 | | | 42,403 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) |
|
| |
| | Florida – (continued) | |
| | Timber Creek Southwest Community Development District Special Assessment Bonds for Assessment Area Two Project Series 2021 (NR/NR) | |
| | $ | | | 50,000 | | | | 3.300 | % | | 12/15/2041 | | $ | 42,189 | |
| | Towne Park Community Development District Special Assessment Area 3D Project Series 2020 (NR/NR) | |
| | | | | 75,000 | | | | 3.625 | (d) | | 05/01/2040 | | | 68,529 | |
| | Towns at Woodsdale Community Development District Capital Improvement RB for Pasco County Series 2023 (NR/NR) | |
| | | | | 200,000 | | | | 5.375 | (d) | | 11/01/2030 | | | 206,225 | |
| | Tradition Community Development District No. 9 Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 540,000 | | | | 2.700 | | | 05/01/2031 | | | 491,507 | |
| | Trevesta Community Development District Special Assessment Area 2 Project Series 2020 (NR/NR) | |
| | | | | 100,000 | | | | 3.250 | (d) | | 05/01/2030 | | | 97,850 | |
| | Triple Creek Community Development District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 230,000 | | | | 2.375 | (d) | | 11/01/2026 | | | 222,335 | |
| | Triple Creek Community Development District Special Assessment for Villages N&P Projects Series 2021 (NR/NR) | |
| | | | | 20,000 | | | | 2.500 | | | 11/01/2026 | | | 19,372 | |
| | | | | 50,000 | | | | 3.000 | | | 11/01/2031 | | | 46,129 | |
| | | | | 40,000 | | | | 3.500 | | | 11/01/2041 | | | 34,219 | |
| | TSR Community Development District Special Assessment RB for Downtown Neighborhood Assessment Area Series 2019 (NR/NR) | |
| | | | | 100,000 | | | | 3.375 | | | 11/01/2030 | | | 95,425 | |
| | Tuckers Pointe Community Development District Special Assessment RB Series 2022 (NR/NR) | |
| | | | | 75,000 | | | | 4.000 | | | 05/01/2042 | | | 68,735 | |
| | 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 | | | 209,286 | |
| | Two Rivers North Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 100,000 | | | | 5.125 | | | 05/01/2042 | | | 102,214 | |
| | Two Rivers West Community Development District Pasco County Florida Special Assessment Bonds Series 2024 (NR/NR) | |
| | | | | 50,000 | | | | 5.625 | (d) | | 05/01/2044 | | | 51,025 | |
| | University Park Recreation District Special Assessment Series 2019 (BAM) (NR/AA) | |
| | | | | 85,000 | | | | 3.375 | | | 05/01/2045 | | | 77,156 | |
| | 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 | | | 77,681 | |
| | V-Dana Community Development District Lee County, Florida Special Assessment Bonds, Series 2023 Assessment Area Two – 2023 Project Area (NR/NR) | |
| | | | | 75,000 | | | | 5.250 | | | 05/01/2043 | | | 77,854 | |
| | V-Dana Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) | |
| | | | | 250,000 | | | | 3.625 | | | 05/01/2041 | | | 224,143 | |
| | Veranda Community Development District II Special Assessment Refunding for Veranda Oaks Project Series 2021 (NR/NR) | |
| | | | | 15,000 | | | | 3.600 | (d) | | 05/01/2041 | | | 13,074 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 175 |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) |
|
| |
| | Florida – (continued) | |
| | Veranda Landing Community Development District Special Assessment Bonds, Series 2023 (NR/NR) | |
| | $ | | | 90,000 | | | | 5.250 | % | | 06/15/2043 | | $ | 93,528 | |
| | Verandah East Community Development District Special Assessment Refunding & Improvement RB Series 2016 (NR/NR) | |
| | | | | 115,000 | | | | 4.125 | | | 05/01/2034 | | | 112,107 | |
| | Verano Community Development District Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 270,000 | | | | 5.875 | | | 11/01/2029 | | | 278,137 | |
| | Villa Portofino East Community Development District Special Assessment Refunding Series 2019 (NR/NR) | |
| | | | | 100,000 | | | | 3.750 | | | 05/01/2037 | | | 92,666 | |
| | Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR) | |
| | | | | 50,000 | | | | 2.625 | (d) | | 05/01/2030 | | | 47,330 | |
| | | | | 50,000 | | | | 3.000 | (d) | | 05/01/2035 | | | 45,900 | |
| | Village Community Development District Special Assessment RB Series 2021 (NR/NR) | |
| | | | | 50,000 | | | | 2.550 | | | 05/01/2031 | | | 46,495 | |
| | | | | 100,000 | | | | 2.850 | | | 05/01/2036 | | | 88,599 | |
| | | | | 100,000 | | | | 3.000 | | | 05/01/2041 | | | 84,421 | |
| | Villages of Glen Creek Community Development District Capital Improvement RB Series 2022A (NR/NR) | |
| | | | | 100,000 | | | | 5.125 | | | 05/01/2042 | | | 102,396 | |
| | Villages of Glen Creek Community Development District Capital Improvement Revenue and Refunding Bonds Series 2022 (NR/NR) | |
| | | | | 45,000 | | | | 3.450 | | | 05/01/2042 | | | 37,719 | |
| | Villamar Community Development District City of Winter Haven Florida Special Assessment Bonds Series 2022 (NR/NR) | |
| | | | | 200,000 | | | | 4.125 | | | 05/01/2052 | | | 174,385 | |
| | Villamar Community Development District Special Assessment Bonds for Phase 4 Project Series 2022 (NR/NR) | |
| | | | | 670,000 | | | | 4.000 | | | 05/01/2042 | | | 608,937 | |
| | Villamar Community Development District Special Assessment Bonds Series 2020 (NR/NR) | |
| | | | | 100,000 | | | | 3.750 | | | 05/01/2040 | | | 94,393 | |
| | Villamar Community Development District Special Assessment Bonds, Series 2024 (NR/NR) | |
| | | | | 100,000 | | | | 5.500 | | | 05/01/2044 | | | 104,127 | |
| | Waterford Community Development District Hernando County Florida Capital Improvement RB Series 2024 Assessment Area Two (NR/NR) | |
| | | | | 50,000 | | | | 5.200 | (d) | | 05/01/2044 | | | 50,075 | |
| | West Port Community Development District Special Assessment Bonds for Charlotte County Series 2022 (NR/NR) | |
| | | | | 60,000 | | | | 5.125 | | | 05/01/2042 | | | 60,815 | |
| | West Port Community Development District Special Assessment Bonds Series 2020 (NR/NR) | |
| | | | | 125,000 | | | | 4.000 | (d) | | 05/01/2040 | | | 116,075 | |
| | | | | 100,000 | | | | 4.000 | (d) | | 05/01/2051 | | | 86,102 | |
| | West Port Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR) | |
| | | | | 50,000 | | | | 2.400 | | | 05/01/2026 | | | 48,774 | |
| | | | | 25,000 | | | | 3.000 | | | 05/01/2031 | | | 23,238 | |
| | West Villages Improvement District Special Assessment RB Series 2023 (NR/NR) | |
| | | | | 85,000 | | | | 4.625 | | | 05/01/2030 | | | 86,505 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) |
|
| |
| | Florida – (continued) | |
| | West Villages Improvement District Unit of Development No. 7 Master Infrastructure Special Assessment RB Series 2019 (NR/NR) | |
| | $ | | | 50,000 | | | | 4.750 | % | | 05/01/2039 | | $ | 49,754 | |
| | West Villages Improvement District Unit of Development No. 7 Special Assessment RB Series 2021 (NR/NR) | |
| | | | | 60,000 | | | | 3.500 | | | 05/01/2041 | | | 51,095 | |
| | West Villages Improvement District Unit of Development No. 8 Special Assessment RB Series 2021 (NR/NR) | |
| | | | | 100,000 | | | | 3.500 | | | 05/01/2041 | | | 85,159 | |
| | Westside Haines City Community Development District Polk County Florida Special Assessment Bonds Series 2024 Assessment Area Two Project (NR/NR) | |
| | | | | 100,000 | | | | 4.875 | | | 05/01/2031 | | | 101,394 | |
| | 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 | | | 82,735 | |
| | Westwood of Pasco Community Development District Capital Improvement RB, Series 2023 (NR/NR) | |
| | | | | 170,000 | | | | 4.625 | | | 05/01/2030 | | | 172,871 | |
| | Whispering Pines Community Development District Special Assessment Bonds Series 2023 (NR/NR) | |
| | | | | 130,000 | | | | 4.500 | | | 05/01/2030 | | | 132,446 | |
| | Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR) | |
| | | | | 150,000 | | | | 4.250 | (d) | | 06/15/2039 | | | 142,913 | |
| | Willows Community Development District Special Assessment RB for Manatee County Series 2022 (NR/NR) | |
| | | | | 135,000 | | | | 5.625 | | | 05/01/2042 | | | 142,352 | |
| | Wind Meadows South Community Development District City of Bartow, Florida Special Assessment Bonds, Series 2023 Assessment Area Two Project (NR/NR) | |
| | | | | 235,000 | | | | 4.500 | | | 05/01/2030 | | | 238,794 | |
| | Wind Meadows South Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR) | |
| | | | | 25,000 | | | | 2.400 | | | 05/01/2026 | | | 24,387 | |
| | | | | 150,000 | | | | 2.950 | | | 05/01/2031 | | | 138,718 | |
| | | | | 75,000 | | | | 3.350 | | | 05/01/2041 | | | 63,000 | |
| | Wiregrass II Community Development District Special Assessment Series 2020 (NR/NR) | |
| | | | | 100,000 | | | | 3.700 | | | 05/01/2040 | | | 88,961 | |
| | Zephyr Lakes Community Development District Special Assessment for Assessment Area Two Series 2021 (NR/NR) | |
| | | | | 25,000 | | | | 3.375 | | | 05/01/2041 | | | 20,969 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 42,456,761 | |
| | | |
| | Georgia - 1.6% | |
| | Columbia County Hospital Authority Revenue Anticipation Certificates for Wellstar Health System, Inc. Project Series 2023A (A2/A+) | |
| | | | | 120,000 | | | | 5.750 | | | 04/01/2053 | | | 137,259 | |
| | Development Authority of Fulton County RB Wellstar Health System, Inc. Project, Series 2020A (A2/A+) | |
| | | | | 750,000 | | | | 4.000 | | | 04/01/2050 | | | 727,894 | |
| | 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 | | | 125,394 | |
| | |
| 176 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) |
|
| |
| | Georgia – (continued) | |
| | George L Smith II Congress Center Authority RB for Signia Hotel Management LLC Series 2021 (NR/BBB-) | |
| | $ | | | 35,000 | | | | 2.375 | % | | 01/01/2031 | | $ | 32,298 | |
| | Main Street Natural Gas Inc. Gas Supply RB Series 2021A (Aa1/NR) | |
| | | | | 975,000 | | | | 4.000 | (a)(b) | | 07/01/2052 | | | 986,961 | |
| | Main Street Natural Gas Inc. Gas Supply RB Series 2021C (A3/NR) | |
| | | | | 500,000 | | | | 4.000 | (a)(b) | | 05/01/2052 | | | 508,573 | |
| | Main Street Natural Gas Inc., Gas Supply RB Series 2023E-1 (Aa1/NR) | |
| | | | | 365,000 | | | | 5.000 | (a)(b) | | 12/01/2053 | | | 397,468 | |
| | 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)(h) | | 12/15/2048 | | | 466,988 | |
| | The Atlanta Development Authority Senior RB for Westside Gulch Area Project Series 2024A-1 (NR/NR) | |
| | | | | 125,000 | | | | 5.000 | (d) | | 04/01/2034 | | | 128,643 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 3,511,478 | |
| | | |
| | Guam - 1.0% | |
| | A.B. Won Pat International Airport Authority Guam General RB 2023 Series A (Baa2/NR) | |
| | | | | 100,000 | | | | 5.250 | | | 10/01/2029 | | | 107,662 | |
| | | | | 100,000 | | | | 5.250 | | | 10/01/2030 | | | 108,204 | |
| | A.B. Won Pat International Airport Authority Guam General RB 2024 Series A (AMT) (Baa2/NR) | |
| | | | | 200,000 | | | | 5.250 | (e) | | 10/01/2042 | | | 216,650 | |
| | Antonio B Won Pat International Airport Authority Taxable RB Refunding Series 2021 A (Baa2/NR) | |
| | | | | 50,000 | | | | 4.460 | | | 10/01/2043 | | | 43,493 | |
| | Guam Department of Education COPS Refunding for John F. Kennedy High School & Energy Efficiency Project Series 2020 A (Ba1/B+) | |
| | | | | 15,000 | | | | 3.625 | | | 02/01/2025 | | | 14,949 | |
| | | | | 60,000 | | | | 4.250 | | | 02/01/2030 | | | 59,630 | |
| | Guam Government RB Refunding Series 2021 F (Baa3/NR) | |
| | | | | 450,000 | | | | 4.000 | | | 01/01/2042 | | | 443,962 | |
| | Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2024A (Baa2/A-) | |
| | | | | 500,000 | | | | 5.000 | | | 07/01/2042 | | | 546,391 | |
| | Guam Waterworks Authority Water & Wastewater RB Series 2016 (Baa2/A-) | |
| | | | | 745,000 | | | | 5.000 | | | 01/01/2046 | | | 757,343 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 2,298,284 | |
| | | |
| | Hawaii - 0.2% | |
| | Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2019 (Ba3/NR) | |
| | | | | 100,000 | | | | 3.200 | | | 07/01/2039 | | | 84,276 | |
| | Hawaii State Department of Budget and Finance for Hawaiian Electric Company Inc. Special Purpose RB Series 2017A (Ba3/NR) | |
| | | | | 100,000 | | | | 3.500 | | | 10/01/2049 | | | 79,655 | |
| | State of Hawaii Department of Budget and Finance Special Purpose RB Refunding Series 2017A (Ba3/NR) | |
| | | | | 200,000 | | | | 3.100 | | | 05/01/2026 | | | 192,303 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 356,234 | |
| | | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) |
|
| |
| | Idaho - 0.1% | |
| | City of Boise City, Idaho Airport Revenue and Revenue Refunding Bonds, Series 2021A (A1/NR) | |
| | $ | | | 275,000 | | | | 5.000 | % | | 09/01/2051 | | $ | 294,133 | |
| | | |
| | Illinois - 7.3% | |
| | 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 | | | 1,009,932 | |
| | Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2021A (NR/BB+) | |
| | | | | 100,000 | | | | 5.000 | | | 12/01/2039 | | | 103,618 | |
| | Board of Education of The City of Chicago UT GO Bonds Dedicated Revenues, Series 2022A (NR/BB+) | |
| | | | | 175,000 | | | | 5.000 | | | 12/01/2047 | | | 178,654 | |
| | Board of Education of The City of Chicago UT GO Refunding Bonds Dedicated Revenues, Series 2017G (NR/BB+) | |
| | | | | 100,000 | | | | 5.000 | | | 12/01/2034 | | | 102,489 | |
| | | | | 250,000 | | | | 5.000 | | | 12/01/2044 | | | 252,674 | |
| | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (Ba1/BB+) | |
| | | | | 500,000 | | | | 6.038 | | | 12/01/2029 | | | 501,314 | |
| | 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 | | | 102,734 | |
| | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 B (NR/BB+) | |
| | | | | 100,000 | | | | 6.500 | | | 12/01/2046 | | | 104,043 | |
| | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2019 B (NR/BB+) | |
| | | | | 975,000 | | | | 5.000 | | | 12/01/2025 | | | 987,732 | |
| | City of Chicago Board of Education Dedicated Capital Improvement Tax Bonds Series 2023 (NR/NR) | |
| | | | | 150,000 | | | | 5.000 | | | 04/01/2045 | | | 159,599 | |
| | City of Chicago Board of Education UT GO Bonds Series 2021A (NR/BB+) | |
| | | | | 210,000 | | | | 5.000 | | | 12/01/2036 | | | 219,661 | |
| | | | | 250,000 | | | | 5.000 | | | 12/01/2038 | | | 259,834 | |
| | City of Chicago Board of Education UT GO Bonds Series 2022A (NR/BB+) | |
| | | | | 500,000 | | | | 4.000 | | | 12/01/2047 | | | 443,511 | |
| | City of Chicago Board of Education UT GO Series 2015E Project Bonds (NR/BB+) | |
| | | | | 100,000 | | | | 5.125 | | | 12/01/2032 | | | 100,123 | |
| | City of Chicago GO Bonds Series 2021B (NR/BBB+) | |
| | | | | 500,000 | | | | 4.000 | | | 01/01/2038 | | | 494,751 | |
| | City of Chicago GO Bonds Series 2023A (Baa3/BBB+) | |
| | | | | 200,000 | | | | 5.500 | | | 01/01/2043 | | | 213,044 | |
| | City of Chicago GO Bonds Series 2024A (NR/BBB+) | |
| | | | | 650,000 | | | | 5.000 | | | 01/01/2044 | | | 684,064 | |
| | City of Chicago Midway Airport RB Refunding for Senior Lien Airport Series 2023C (AMT) (NR/A) | |
| | | | | 250,000 | | | | 5.000 | | | 01/01/2038 | | | 272,158 | |
| | | | | 175,000 | | | | 5.000 | | | 01/01/2039 | | | 188,686 | |
| | City of Chicago O’Hare International Airport General Airport Senior Lien RB Series 2022A (NR/A+) | |
| | | | | 150,000 | | | | 4.500 | | | 01/01/2048 | | | 151,385 | |
| | City of Chicago O’Hare International Airport General Airport Senior Lien RB Series 2024B (NON-AMT) (NR/A+) | |
| | | | | 500,000 | | | | 5.000 | | | 01/01/2041 | | | 561,114 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 177 |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) |
|
| |
| | Illinois – (continued) | |
| | 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 | | $ | 127,436 | |
| | City of Chicago O’Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2022D (NR/A+) | |
| | | | | 100,000 | | | | 4.000 | | | 01/01/2042 | | | 99,603 | |
| | Eastern Illinois Economic Development Authority, Illinois Business District RB Remington Road & I-57 Business District Series 2023 (NR/NR) | |
| | | | | 100,000 | | | | 5.000 | | | 11/01/2033 | | | 101,912 | |
| | Illinois Finance Authority RB for Depaul College Prep Foundation Series 2023A (NR/BB+) | |
| | | | | 125,000 | | | | 5.500 | (d) | | 08/01/2043 | | | 136,814 | |
| | Illinois Finance Authority RB for Dominican University Series 2022 (NR/BBB-) | |
| | | | | 165,000 | | | | 5.000 | | | 03/01/2040 | | | 165,915 | |
| | Illinois Finance Authority RB for Northwestern Memorial Healthcare Obligation Group Series 2017 A (Aa2/AA+) | |
| | | | | 250,000 | | | | 4.000 | | | 07/15/2047 | | | 242,817 | |
| | Illinois Finance Authority RB for Roosevelt University Series 2019 A (NR/NR) | |
| | | | | 475,000 | | | | 6.125 | (d) | | 04/01/2049 | | | 478,686 | |
| | Illinois Finance Authority RB Refunding for Plymouth Place Obligated Group Series 2021 A (NR/NR) | |
| | | | | 25,000 | | | | 5.000 | | | 05/15/2041 | | | 24,550 | |
| | Illinois Finance Authority RB Series 2015A (NR/NR) | |
| | | | | 1,060,000 | | | | 5.000 | | | 05/15/2028 | | | 1,062,461 | |
| | Illinois Finance Authority RB Series 2021 (NR/BB+) | |
| | | | | 250,000 | | | | 4.000 | (d) | | 10/01/2042 | | | 227,146 | |
| | Illinois Housing Development Authority RB 2024 Series C (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/NR) | |
| | | | | 200,000 | | | | 4.250 | | | 10/01/2039 | | | 203,679 | |
| | | | | 150,000 | | | | 4.700 | | | 10/01/2044 | | | 154,144 | |
| | Illinois State GO Bonds Series 2017 D (A3/A-) | |
| | | | | 600,000 | | | | 5.000 | | | 11/01/2028 | | | 637,242 | |
| | Illinois State GO Bonds Series 2019 C (A3/A-) | |
| | | | | 1,000,000 | | | | 4.000 | | | 11/01/2042 | | | 987,685 | |
| | Illinois State GO Bonds Series 2020 (A3/A-) | |
| | | | | 50,000 | | | | 5.500 | | | 05/01/2039 | | | 54,953 | |
| | | | | 150,000 | | | | 5.750 | | | 05/01/2045 | | | 164,847 | |
| | Illinois State GO Refunding Bonds Series 2018 B (A3/A-) | |
| | | | | 375,000 | | | | 5.000 | | | 10/01/2031 | | | 400,897 | |
| | Metropolitan Pier & Exposition Authority Mccormick Place Expansion Project Refunding Bonds Series 2024A (NR/A) | |
| | | | | 200,000 | | | | 5.000 | | | 06/15/2029 | | | 212,800 | |
| | Metropolitan Pier & Exposition Authority Mccormick Place Expansion Project Refunding Bonds Series 2024B (NR/A) | |
| | | | | 400,000 | | | | 4.000 | | | 12/15/2026 | | | 410,828 | |
| | | | | 100,000 | | | | 4.000 | | | 12/15/2027 | | | 103,789 | |
| | Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL) (Baa2/A) | |
| | | | | 200,000 | | | | 0.000 | (f) | | 06/15/2033 | | | 147,014 | |
| | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (AGM) (A1/AA) | |
| | | | | 375,000 | | | | 0.000 | (f) | | 12/15/2056 | | | 90,775 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) |
|
| |
| | Illinois – (continued) | |
| | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (NR/A) | |
| | $ | | | 185,000 | | | | 0.000 | %(f) | | 12/15/2054 | | $ | 48,332 | |
| | Metropolitan Pier and Exposition Authority Dedicated State Tax RB Series 2002A (NATL) (Baa2/A) | |
| | | | | 800,000 | | | | 0.000 | (f) | | 12/15/2034 | | | 554,459 | |
| | Metropolitan Pier and Exposition Authority McCormick Place Expansion Project Refunding Bonds Series 2022A (NR/A) | |
| | | | | 30,000 | | | | 4.000 | | | 06/15/2052 | | | 28,339 | |
| | State of Illinois GO Bonds Series 2016 (A3/A-) | |
| | | | | 1,000,000 | | | | 4.000 | | | 06/01/2033 | | | 1,005,696 | |
| | State of Illinois GO Bonds Series 2017 D (A3/A-) | |
| | | | | 30,000 | | | | 3.250 | | | 11/01/2026 | | | 30,056 | |
| | State of Illinois GO Bonds Series of May 2024B (A3/A-) | |
| | | | | 375,000 | | | | 5.000 | | | 05/01/2040 | | | 416,036 | |
| | | | | 335,000 | | | | 5.000 | | | 05/01/2041 | | | 369,946 | |
| | State of Illinois GO Unlimited Bonds Series 2017 A (A3/A-) | |
| | | | | 300,000 | | | | 4.250 | | | 12/01/2037 | | | 303,674 | |
| | Upper Illinois River Valley Development Authority Educational Facility RB for Elgin Math & Science Academy Charter School Project Series 2023A (Ba2/NR) | |
| | | | | 150,000 | | | | 5.625 | (d) | | 03/01/2043 | | | 155,387 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 16,239,038 | |
| | | |
| | Indiana - 0.7% | |
| | City of Valparaiso Indiana Exempt Facilities Refunding RB Pratt Paper LIC Project Series 2024 (NR/NR) | |
| | | | | 200,000 | | | | 4.875 | (d) | | 01/01/2044 | | | 209,947 | |
| | Indiana Finance Authority CHF - Tippecanoe, LLC - Student Housing Project Student Housing RB Series 2023A (NR/BBB-) | |
| | | | | 100,000 | | | | 5.125 | | | 06/01/2058 | | | 104,331 | |
| | Indiana Finance Authority Environmental Improvement Revenue Refunding Bonds Series 2021A (B1/BB-) | |
| | | | | 650,000 | | | | 4.125 | | | 12/01/2026 | | | 660,169 | |
| | Indiana Finance Authority Health Facility RB Series 2024 (A3/A-) | |
| | | | | 75,000 | | | | 5.000 | | | 03/01/2040 | | | 82,609 | |
| | | | | 250,000 | | | | 4.250 | | | 03/01/2049 | | | 246,399 | |
| | Indiana Finance Authority RB for Goshen Health Obligated Group Series 2019 B (NR/BBB+) | |
| | | | | 35,000 | | | | 2.100 | (a)(b) | | 11/01/2049 | | | 33,942 | |
| | Indiana Finance Authority RB Refunding for BHI Senior Living Obligated Group Series 2021 B (NR/NR) | |
| | | | | 50,000 | | | | 2.520 | | | 11/15/2026 | | | 47,654 | |
| | | | | 50,000 | | | | 2.920 | | | 11/15/2027 | | | 47,253 | |
| | | | | 50,000 | | | | 3.210 | | | 11/15/2028 | | | 46,867 | |
| | | | | 50,000 | | | | 3.260 | | | 11/15/2029 | | | 46,093 | |
| | | | | 50,000 | | | | 3.300 | | | 11/15/2030 | | | 45,172 | |
| | Town of Upland Economic Development RB for Taylor University Project Series 2021 (NR/A-) | |
| | | | | 85,000 | | | | 4.000 | | | 09/01/2033 | | | 87,552 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 1,657,988 | |
| | | |
| | Iowa - 0.9% | |
| | City of Coralville GO Annual Appropriation Refunding Bonds Series 2022C (NR/NR) | |
| | | | | 575,000 | | | | 5.000 | | | 05/01/2042 | | | 563,735 | |
| | |
| 178 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) |
|
| |
| | Iowa – (continued) | |
| | Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds Series 2022 (#Aaa/AA+) | |
| | $ | | | 300,000 | | | | 4.000 | %(a)(b)(g) | | 12/01/2050 | | $ | 329,236 | |
| | Iowa Finance Authority RB for Lifespace Communities, Inc. Series 2016A (NR/NR) | |
| | | | | 105,000 | | | | 5.000 | | | 05/15/2047 | | | 105,315 | |
| | Iowa Finance Authority RB for Lifespace Communities, Inc. Series 2018A (NR/NR) | |
| | | | | 175,000 | | | | 5.000 | | | 05/15/2043 | | | 176,349 | |
| | | | | 300,000 | | | | 5.000 | | | 05/15/2048 | | | 301,211 | |
| | Iowa Finance Authority Single Family Mortgage Bonds 2024 Series C (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/AAA) | |
| | | | | 250,000 | | | | 4.500 | | | 07/01/2044 | | | 254,377 | |
| | Iowa Higher Education Loan Authority Private College Facility RB Series 2022 (Baa1/BBB+) | |
| | | | | 310,000 | | | | 5.000 | | | 10/01/2034 | | | 333,802 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 2,064,025 | |
| | | |
| | 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 | | | 49,377 | |
| | Salina Airport Authority GO Bonds 2023B (AGM-CR) (Aa3/AA) | |
| | | | | 200,000 | | | | 4.000 | | | 09/01/2036 | | | 204,789 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 254,166 | |
| | | |
| | Kentucky - 0.6% | |
| | City of Henderson Exempt Facilities RB for Pratt Paper, LLC Project Series 2022A (NR/NR) | |
| | | | | 200,000 | | | | 4.450 | (d) | | 01/01/2042 | | | 200,968 | |
| | County of Carroll RB Refunding for Kentucky Utilities Co. Series 2006 B (A1/A) | |
| | | | | 150,000 | | | | 2.125 | | | 10/01/2034 | | | 122,467 | |
| | County of Carroll RB Refunding for Kentucky Utilities Co. Series 2008 A (A1/A) | |
| | | | | 150,000 | | | | 2.000 | | | 02/01/2032 | | | 127,628 | |
| | 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 | | | 73,120 | |
| | Louisville & Jefferson County Metropolitan Government RB Refunding for Louisville Gas & Electric Co. Series 2003 A (A1/A) | |
| | | | | 500,000 | | | | 2.000 | | | 10/01/2033 | | | 413,369 | |
| | Louisville Jefferson County Metro Government Health System RB for Norton Healthcare Series 2023A (NR/A) | |
| | | | | 215,000 | | | | 5.000 | | | 10/01/2041 | | | 235,953 | |
| | | | | 150,000 | | | | 5.000 | | | 10/01/2042 | | | 163,697 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 1,337,202 | |
| | | |
| | Louisiana - 1.8% | |
| | Lakeshore Villages Master Community Development District Special Assessment RB Series 2022 (NR/NR) | |
| | | | | 170,000 | | | | 4.450 | | | 06/01/2027 | | | 171,438 | |
| | | | | 250,000 | | | | 5.000 | | | 06/01/2032 | | | 256,503 | |
| | Lakeshore Villages Master Community Development District Special Assessment Series 2021 (NR/NR) | |
| | | | | 695,000 | | | | 2.875 | | | 06/01/2031 | | | 628,419 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) |
|
| |
| | Louisiana – (continued) | |
| | 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 | | $ | 105,109 | |
| | 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 | | | 245,916 | |
| | Louisiana Public Facilities Authority RB for Jefferson Rise Charter School Project Series 2022A (NR/NR) | |
| | | | | 100,000 | | | | 6.000 | (d) | | 06/01/2037 | | | 101,170 | |
| | Louisiana Public Facilities Authority RB Series 2021A (NR/NR) | |
| | | | | 100,000 | | | | 4.000 | (d) | | 06/01/2041 | | | 84,619 | |
| | Louisiana Public Facilities Authority RB Series 2021C (NR/NR) | |
| | | | | 100,000 | | | | 4.000 | (d) | | 06/01/2041 | | | 84,619 | |
| | Louisiana Public Facilities Authority Senior Lien RB for I-10 Calcasieu River Bridge Public-Private Partnership Project Series 2024 (AMT) (Baa3/NR) | |
| | | | | 600,000 | | | | 5.500 | | | 09/01/2054 | | | 661,328 | |
| | | | | 1,515,000 | | | | 5.500 | | | 09/01/2059 | | | 1,660,206 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 3,999,327 | |
| | | |
| | Maine - 0.7% | |
| | Maine Health & Higher Educational Facilities Authority RB for MaineHealth Series 2020A (A1/A+) | |
| | | | | 340,000 | | | | 4.000 | | | 07/01/2050 | | | 321,593 | |
| | Maine Health and Higher Education Facilities Authority RB Series 2021A (AGM State Intercept State Reserve Bond Guarantee) (Aa3/AA) | |
| | | | | 375,000 | | | | 4.000 | | | 07/01/2037 | | | 385,987 | |
| | | | | 325,000 | | | | 4.000 | | | 07/01/2041 | | | 330,357 | |
| | Maine Health and Higher Educational Facilities Authority RB Series 2024A (AGC) (Aa3/AA) | |
| | | | | 225,000 | | | | 4.250 | | | 07/01/2054 | | | 223,753 | |
| | Maine State Housing Authority Mortgage Purchase Bonds 2024 Series B (Aa1/AA+) | |
| | | | | 200,000 | | | | 4.650 | | | 11/15/2049 | | | 202,932 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 1,464,622 | |
| | | |
| | Maryland - 0.9% | |
| | Baltimore County RB for Riderwood Village Facility Series 2020 (NR/NR) | |
| | | | | 100,000 | | | | 4.000 | | | 01/01/2039 | | | 100,427 | |
| | City of Gaithersburg Economic Development Project RB for Asbury Maryland Obligated Group Series 2022 (NR/NR) | |
| | | | | 175,000 | | | | 5.000 | | | 01/01/2037 | | | 181,072 | |
| | City of Gaithersburg Economic Development Project RB Series 2022 (NR/NR) | |
| | | | | 100,000 | | | | 5.125 | | | 01/01/2042 | | | 102,501 | |
| | Frederick County Urbana Community Development Authority Special Tax Refunding Series 2020 B (NR/NR) | |
| | | | | 80,000 | | | | 4.000 | | | 07/01/2040 | | | 76,591 | |
| | Maryland Economic Development Corp. RB for United States Social Security Administration Series 2021 (Ba2/NR) | |
| | | | | 195,000 | | | | 3.997 | | | 04/01/2034 | | | 159,549 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 179 |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Maryland – (continued) | |
| | Maryland Economic Development Corp. Senior Student Housing RB for Morgan State University Project Series 2022A (NR/BBB-) | |
| | $ | | | 250,000 | | | | 5.625 | % | | 07/01/2043 | | $ | 277,655 | |
| | 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 | | | 101,086 | |
| | Maryland Health and Higher Educational Facilities Authority RB Monocacy Montessori Communities Issue Series 2023 (NR/NR) | |
| | | | | 100,000 | | | | 5.875 | (d) | | 07/01/2043 | | | 103,802 | |
| | Maryland Stadium Authority Baltimore City Public Schools Construction and Revitalization Program Revenue Bonds Series 2022C (ST INTERCEPT) (Aa3/AA-) | |
| | | | | 700,000 | | | | 0.000 | (f) | | 05/01/2051 | | | 210,043 | |
| | | | | 700,000 | | | | 0.000 | (f) | | 05/01/2052 | | | 199,563 | |
| | 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 | | | 151,783 | |
| | | | | 100,000 | | | | 5.000 | | | 09/01/2035 | | | 100,674 | |
| | 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 | | | 102,412 | |
| | Prince George County Special Obligation Bonds Series 2018 (NR/NR) | |
| | | | | 175,000 | | | | 5.125 | (d) | | 07/01/2039 | | | 177,831 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 2,044,989 | |
| | | |
| | Massachusetts - 1.2% | |
| | Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2024 Series A (Aa1/AA+) | |
| | | | | 1,545,000 | | | | 5.000 | | | 01/01/2049 | | | 1,704,556 | |
| | 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 | | | 104,943 | |
| | Massachusetts Development Finance Agency RB for Tufts Medicine Issue Series 2024 E (NR/BBB-) | |
| | | | | 800,000 | | | | 8.500 | | | 10/01/2026 | | | 817,341 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 2,626,840 | |
| | | |
| | Michigan - 2.1% | |
| | City of Detroit Financial Recovery GO Bonds Series 2014 B-1 (NR/NR) | |
| | | | | 1,665,000 | | | | 4.000 | (a) | | 04/01/2044 | | | 1,327,156 | |
| | City of Detroit GO Bonds Series 2020 (Baa2/BBB) | |
| | | | | 205,000 | | | | 5.500 | | | 04/01/2045 | | | 218,994 | |
| | City of Detroit GO Bonds Series 2021 A (Baa2/BBB) | |
| | | | | 105,000 | | | | 5.000 | | | 04/01/2034 | | | 114,637 | |
| | City of Detroit GO Bonds Series 2021 B (Baa2/BBB) | |
| | | | | 50,000 | | | | 2.711 | | | 04/01/2026 | | | 48,548 | |
| | City of Detroit, County of Wayne, UT GO Social Bonds Series 2021A (Tax Exempt) (Baa2/BBB) | |
| | | | | 75,000 | | | | 5.000 | | | 04/01/2035 | | | 81,682 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Michigan – (continued) | |
| | City of Kalamazoo Economic Development Corporation Limited obligation RB for Revel Creek Project, Series 2020A (Baa2/BBB) | |
| | $ | | | 300,000 | | | | 5.250 | % | | 05/01/2027 | | $ | 317,069 | |
| | Detroit Financial Recovery Bonds LT Series B-2 (NR/NR) | |
| | | | | 400,000 | | | | 4.000 | (a) | | 04/01/2044 | | | 318,836 | |
| | Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (Aa3/AA) (3M USD LIBOR + 0.60%) | |
| | | | | 585,000 | | | | 4.347 | (c) | | 07/01/2032 | | | 572,710 | |
| | 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 | | | 86,515 | |
| | Michigan Finance Authority Tobacco Settlement Asset-Backed Bonds Series 2020A-2 (NR/BBB+) | |
| | | | | 225,000 | | | | 5.000 | | | 06/01/2040 | | | 239,018 | |
| | Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 A-1 (NR/A-) | |
| | | | | 325,000 | | | | 3.267 | | | 06/01/2039 | | | 310,434 | |
| | Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-2 Class 2 (NR/NR) | |
| | | | | 3,505,000 | | | | 0.000 | (f) | | 06/01/2065 | | | 411,098 | |
| | Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (AGM) (A1/AA) | |
| | | | | 500,000 | | | | 4.250 | | | 12/31/2038 | | | 504,312 | |
| | Michigan Tobacco Settlement Finance Authority Tobacco Settlement Asset Backed RB Series C (NR/NR) | |
| | | | | 1,150,000 | | | | 0.000 | (f) | | 06/01/2058 | | | 36,037 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 4,587,046 | |
| | | |
| | Minnesota - 0.6% | |
| | City of Independence RB for Global Academy, Inc. Series 2021 A (NR/BB) | |
| | | | | 75,000 | | | | 4.000 | | | 07/01/2031 | | | 73,153 | |
| | 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 | | | 420,614 | |
| | 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 | | | 448,973 | |
| | Duluth Independent School District No.709 COPS Refunding Series 2019 A (Baa1/NR) | |
| | | | | 25,000 | | | | 4.000 | (g) | | 03/01/2032 | | | 25,830 | |
| | Minnesota Municipal Gas Agency Commodity Supply RB Series 2022 (Aa1/NR) | |
| | | | | 330,000 | | | | 4.000 | | | 12/01/2026 | | | 336,794 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 1,305,364 | |
| | | |
| | Mississippi - 0.2% | |
| | Mississippi Business Finance Corp. System Energy Resources Inc. RB Series 2021 (Baa2/BBB+) | |
| | | | | 200,000 | | | | 2.375 | | | 06/01/2044 | | | 132,257 | |
| | Mississippi Development Bank Special Obligation Bonds Series 2021 (NR/BB) | |
| | | | | 100,000 | | | | 5.000 | (d) | | 10/01/2033 | | | 103,031 | |
| | | | | 200,000 | | | | 4.000 | (d) | | 10/01/2041 | | | 170,937 | |
| | |
| 180 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Mississippi – (continued) | |
| | Warren County RB Refunding for International Paper Company, Series 2020 B (AMT) (Baa2/BBB) (PUTABLE) | |
| | $ | | | 75,000 | | | | 1.600 | %(a)(b) | | 08/01/2027 | | $ | 73,755 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 479,980 | |
| | | |
| | Missouri - 0.4% | |
| | 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 | | | 101,691 | |
| | Joplin Industrial Development Authority RB for 32nd Street Place Community Improvement District Series 2021 (NR/NR) | |
| | | | | 85,000 | | | | 3.500 | | | 11/01/2040 | | | 79,589 | |
| | | | | 100,000 | | | | 4.250 | | | 11/01/2050 | | | 87,109 | |
| | 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 | | | 24,184 | |
| | | | | 25,000 | | | | 4.000 | | | 08/01/2041 | | | 22,919 | |
| | 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 | | | 279,146 | |
| | 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 | | | 101,554 | |
| | The Industrial Development Authority of The County of Taney, Missouri Sales Tax Revenue Improvement Bonds Big Cedar Infrastructure Project Series 2023 (NR/NR) | |
| | | | | 100,000 | | | | 5.000 | (d) | | 10/01/2033 | | | 100,957 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 797,149 | |
| | | |
| | Nevada - 0.2% | |
| | City of Las Vegas Special Improvement District No. 816 Special Assessment Series 2021 (NR/NR) | |
| | | | | 50,000 | | | | 3.125 | | | 06/01/2051 | | | 37,068 | |
| | Director of The State of Nevada Department of Business and Industry RB for Brightline West Passenger Rail Project Series 2020A-4 (NR/NR) | |
| | | | | 100,000 | | | | 8.125 | (a)(b) | | 01/01/2050 | | | 102,992 | |
| | Henderson Local Improvement District No. T-18 Limited Obligation RB Series 2016 (NR/NR) | |
| | | | | 100,000 | | | | 4.000 | | | 09/01/2035 | | | 93,593 | |
| | Tahoe-Douglas Visitors Authority RB Series 2020 (NR/NR) | |
| | | | | 100,000 | | | | 5.000 | | | 07/01/2040 | | | 104,323 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 337,976 | |
| | | |
| | New Hampshire - 0.3% | |
| | National Finance Authority Hospital RB Series 2021B (AGM) (A1/AA) | |
| | | | | 500,000 | | | | 3.000 | | | 08/15/2046 | | | 416,155 | |
| | New Hampshire Business Finance Authority RB Refunding for Springpoint Senior Living Obligated Group Series 2021 (NR/NR) | |
| | | | | 225,000 | | | | 4.000 | | | 01/01/2041 | | | 211,326 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 627,481 | |
| | | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | New Jersey - 2.4% | |
| | Atlantic County Improvement GO Lease RB for Stockton University Atlantic City Campus Project Series 2021A (AGM) (A1/AA) | |
| | $ | | | 140,000 | | | | 4.000 | % | | 07/01/2053 | | $ | 135,563 | |
| | New Jersey Economic Development Authority Special Facility RB for Continental Airlines Project Series 1999 (Ba3/BB-) | |
| | | | | 665,000 | | | | 5.250 | | | 09/15/2029 | | | 665,767 | |
| | 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 | | | 327,210 | |
| | 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 | | | 227,352 | |
| | | | | 350,000 | | | | 5.250 | | | 07/01/2054 | | | 389,715 | |
| | New Jersey State Transportation Trust Fund Authority Transportation System Bonds Series 2006C (AGM) (A1/AA) | |
| | | | | 975,000 | | | | 0.000 | (f) | | 12/15/2034 | | | 690,823 | |
| | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (A2/A-) | |
| | | | | 2,450,000 | | | | 0.000 | (f) | | 12/15/2038 | | | 1,439,960 | |
| | New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (A2/A-) | |
| | | | | 70,000 | | | | 5.000 | | | 12/15/2032 | | | 75,543 | |
| | New Jersey Transportation Trust Fund Authority RB Series 2020 AA (A2/A-) | |
| | | | | 75,000 | | | | 3.000 | | | 06/15/2050 | | | 60,930 | |
| | New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 BB (A2/A-) | |
| | | | | 400,000 | | | | 3.500 | | | 06/15/2046 | | | 361,983 | |
| | New Jersey Turnpike Authority Turnpike RB Series 2017 G (A1/AA-) | |
| | | | | 615,000 | | | | 4.000 | | | 01/01/2043 | | | 618,138 | |
| | New Jersey Turnpike Authority Turnpike RB Series 2022 B (A1/AA-) | |
| | | | | 100,000 | | | | 4.500 | | | 01/01/2048 | | | 103,946 | |
| | 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 | | | 105,017 | |
| | South Jersey Transport Corp. Subordinated Marine Terminal RB Series 2017B (A3/NR) | |
| | | | | 100,000 | | | | 5.000 | | | 01/01/2048 | | | 102,249 | |
| | Union County Improvement Authority RB Aries Linden LLC Project Series 2019 (NR/NR) | |
| | | | | 200,000 | | | | 6.750 | (d) | | 12/01/2041 | | | 133,289 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 5,437,485 | |
| | | |
| | New Mexico - 0.9% | |
| | 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 | | | 681,604 | |
| | City of Farmington Pollution Control Refunding RB 2005 Series A (A2/A-) | |
| | | | | 200,000 | | | | 1.800 | | | 04/01/2029 | | | 183,844 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 181 |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | New Mexico – (continued) | |
| | City of Farmington, New Mexico Pollution Control Revenue Refunding Bonds Public Service Company of New Mexico San Juan Project 2010 Series D (Baa2/BBB) (PUTABLE) | |
| | $ | | | 380,000 | | | | 3.900 | %(a)(b) | | 06/01/2040 | | $ | 391,222 | |
| | New Mexico Mortgage Finance Authority Single Family Mortgage Program Class I Bonds 2024 Series C (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/NR) | |
| | | | | 250,000 | | | | 4.700 | | | 09/01/2049 | | | 253,957 | |
| | 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 | | | 480,459 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 1,991,086 | |
| | | |
| | New York - 6.3% | |
| | Allegany County Capital Resource Corp. RB Alfred University Project Series 2024 (NR/BBB+) | |
| | | | | 70,000 | | | | 5.250 | | | 04/01/2049 | | | 73,688 | |
| | | | | 80,000 | | | | 5.250 | | | 04/01/2054 | | | 83,564 | |
| | Brooklyn Arena Local Development Corp. Pilot RB Series 2009 (Ba1/NR) | |
| | | | | 200,000 | | | | 0.000 | (f) | | 07/15/2044 | | | 83,873 | |
| | Brooklyn Arena Local Development Corp. Pilot Revenue Refunding Bonds for Barclays Center Series 2016A (Ba1/NR) | |
| | | | | 100,000 | | | | 5.000 | | | 07/15/2042 | | | 102,032 | |
| | Build NYC Resource Corp. RB for Academic Leadership Charter School Project Series 2021 (NR/BBB-) | |
| | | | | 100,000 | | | | 4.000 | | | 06/15/2030 | | | 99,035 | |
| | Build NYC Resource Corp. RB for Hellenic Classical Charter Schools Series 2021 A (NR/NR) | |
| | | | | 100,000 | | | | 5.000 | (d) | | 12/01/2041 | | | 97,719 | |
| | Build NYC Resource Corp. RB for NEW World Preparatory Charter School Series 2021 A (NR/NR) | |
| | | | | 100,000 | | | | 4.000 | (d) | | 06/15/2041 | | | 89,682 | |
| | Build NYC Resource Corp. RB for Shefa School Series 2021 B (NR/NR) | |
| | | | | 100,000 | | | | 4.000 | (d) | | 06/15/2027 | | | 97,010 | |
| | 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 | | | 104,234 | |
| | Build NYC Resource Corp. Tax Exempt RB Series 2022A (NR/NR) | |
| | | | | 100,000 | | | | 6.500 | (d) | | 07/01/2032 | | | 105,618 | |
| | | | | 150,000 | | | | 6.500 | (d) | | 07/01/2042 | | | 154,652 | |
| | | | | 100,000 | | | | 6.500 | (d) | | 07/01/2052 | | | 101,866 | |
| | Build NYC Resource Corp. Taxable RB Taxable Series 2022A (NR/NR) | |
| | | | | 100,000 | | | | 9.750 | (d) | | 07/01/2032 | | | 100,248 | |
| | Build NYC Resource Corporation RB Classical Charter Schools Project Series 2023A (NR/BBB-) | |
| | | | | 100,000 | | | | 4.750 | | | 06/15/2053 | | | 100,258 | |
| | 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 | | | 102,785 | |
| | City of New York GO Tax Exempt Bonds 2020 Series D (Aa2/AA) | |
| | | | | 290,000 | | | | 4.000 | | | 03/01/2050 | | | 286,686 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | New York – (continued) | |
| | Dormitory Authority of The State of New York New York Institute of Technology RB Series 2024 (Baa2/BBB) | |
| | $ | | | 200,000 | | | | 5.250 | % | | 07/01/2049 | | $ | 218,144 | |
| | | | | 250,000 | | | | 5.250 | | | 07/01/2054 | | | 270,512 | |
| | Dormitory Authority of The State of New York Pace University RB Series 2024A (Baa3/BBB-) | |
| | | | | 100,000 | | | | 5.250 | | | 05/01/2044 | | | 110,474 | |
| | | | | 100,000 | | | | 5.500 | | | 05/01/2049 | | | 110,912 | |
| | | | | 150,000 | | | | 5.500 | | | 05/01/2056 | | | 165,321 | |
| | Erie Tobacco Asset Securitization Corp. RB Asset-Backed Bonds Series 2006 A (NR/NR) | |
| | | | | 800,000 | | | | 0.000 | (d)(f) | | 06/01/2060 | | | 40,152 | |
| | Genesee County Funding Corp. Tax Exempt RB for Rochester Regional Health Project Series 2022A (NR/BBB+) | |
| | | | | 250,000 | | | | 5.000 | | | 12/01/2041 | | | 261,503 | |
| | Metropolitan Transportation Authority RB Green Bond Series 2020 C-1 (A3/A-) | |
| | | | | 225,000 | | | | 4.750 | | | 11/15/2045 | | | 233,162 | |
| | | | | 125,000 | | | | 5.000 | | | 11/15/2050 | | | 131,092 | |
| | | | | 75,000 | | | | 5.250 | | | 11/15/2055 | | | 79,348 | |
| | Metropolitan Transportation Authority RB Refunding Series 2016 D (A3/A-) | |
| | | | | 175,000 | | | | 5.250 | | | 11/15/2031 | | | 182,735 | |
| | Metropolitan Transportation Authority RB Refunding Series 2017 D (A3/A-) | |
| | | | | 250,000 | | | | 5.000 | | | 11/15/2032 | | | 265,222 | |
| | Metropolitan Transportation Authority Transportation Revenue Green Bonds Series 2020D (A3/A-) | |
| | | | | 100,000 | | | | 5.000 | | | 11/15/2045 | | | 106,037 | |
| | Nassau County Tobacco Settlement Corp. RB for Asset Backed Bonds Series 2006 D (NR/NR) | |
| | | | | 2,255,000 | | | | 0.000 | (f) | | 06/01/2060 | | | 154,119 | |
| | 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 | | | 181,974 | |
| | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Adjustable Rate Fiscal 2011 Series Dd (Aa1/AA+/A-1+) | |
| | | | | 680,000 | | | | 1.750 | (a)(b) | | 06/15/2043 | | | 680,000 | |
| | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Adjustable Rate Series Bb-1B (Aa1/AA+/A-1+) | |
| | | | | 740,000 | | | | 4.000 | (a)(b) | | 06/15/2049 | | | 740,000 | |
| | New York City Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds Adjustable Rate Bonds Fiscal 2019 Subseries B-5 (Aa1/AAA/A-1) | |
| | | | | 680,000 | | | | 3.900 | (a)(b) | | 08/01/2042 | | | 680,000 | |
| | New York Counties Tobacco Trust IV RB Series 2005 F (NR/NR) | |
| | | | | 3,500,000 | | | | 0.000 | (f) | | 06/01/2060 | | | 231,610 | |
| | New York Housing Development Corp. Multi-Family Mortgage RB for 8 Spruce Street Series 2014 Class E (NR/BBB-) | |
| | | | | 100,000 | | | | 3.500 | | | 02/15/2048 | | | 99,697 | |
| | New York Liberty Development Corp. RB for World Trade Center Project Series 2014 (NR/NR) | |
| | | | | 125,000 | | | | 5.150 | (d) | | 11/15/2034 | | | 125,162 | |
| | | | | 225,000 | | | | 5.375 | (d) | | 11/15/2040 | | | 225,265 | |
| | 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 | | | 275,545 | |
| | |
| 182 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
| | | | | | | | | | | | | | | | |
| | | | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | New York – (continued) | |
| | New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR) | |
| | $ | | | 740,000 | | | | 5.000 | %(d) | | 11/15/2044 | | $ | 740,458 | |
| | New York State Dormitory Authority RB for Brooklyn St. Joseph’s College Series 2021 (NR/NR) | |
| | | | | 225,000 | | | | 4.000 | | | 07/01/2040 | | | 198,547 | |
| | New York State Dormitory Authority RB Refunding for Catholic Health System Obligated Group Series 2019 A (Caa1/B-) | |
| | | | | 200,000 | | | | 5.000 | | | 07/01/2035 | | | 198,754 | |
| | New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (Baa3/BBB-) | |
| | | | | 250,000 | | | | 4.000 | | | 09/01/2037 | | | 250,137 | |
| | 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 | | | 246,805 | |
| | New York Transportation Development Corp. for Terminal 4 John F. Kennedy International Airport Project Special Facilities RB Series 2020C (AGM-CR) (A1/AA) | |
| | | | | 75,000 | | | | 4.000 | | | 12/01/2040 | | | 76,415 | |
| | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (Baa3/NR) | |
| | | | | 400,000 | | | | 5.000 | | | 01/01/2027 | | | 412,067 | |
| | | | | 190,000 | | | | 5.000 | | | 01/01/2033 | | | 196,380 | |
| | | | | 100,000 | | | | 4.000 | | | 01/01/2036 | | | 100,007 | |
| | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (Baa3/NR) | |
| | | | | 100,000 | | | | 5.000 | | | 10/01/2040 | | | 103,736 | |
| | | | | 795,000 | | | | 4.375 | | | 10/01/2045 | | | 777,952 | |
| | New York Transportation Development Corp. RB for Empire State Thruway Partners LLC Series 2021 (NR/NR) | |
| | | | | 25,000 | | | | 2.500 | | | 10/31/2031 | | | 21,446 | |
| | 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 | | | 100,142 | |
| | | | | 200,000 | | | | 5.000 | | | 07/01/2046 | | | 200,001 | |
| | New York Transportation Development Corp. Special Facilities RB for John F. Kennedy international Airport New Terminal One Project Green Bonds Series (AMT) (AGM) (A1/AA) | |
| | | | | 275,000 | | | | 5.000 | | | 06/30/2049 | | | 289,883 | |
| | 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 | | | 208,685 | |
| | 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 | | | 245,864 | |
| | New York Transportation Development Corp. Special Facility RB for Delta Air Lines Inc. Laguardia Airport Terminals C&D Redevelopment Project Series 2023 (Baa3/BB+) | |
| | | | | 250,000 | | | | 6.000 | | | 04/01/2035 | | | 282,666 | |
| | 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 | | | 219,447 | |
| | | | | 15,000 | | | | 5.375 | | | 08/01/2036 | | | 16,085 | |
| | | | | | | | | | | | | | | | |
| | | | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | New York – (continued) | |
| | 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 | | $ | 215,398 | |
| | Oneida County Local Development Corp. RB Refunding for Utica College Project Series 2019 (NR/NR) | |
| | | | | 135,000 | | | | 3.000 | | | 07/01/2044 | | | 96,498 | |
| | 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 | | | 219,358 | |
| | State of New York Dormitory Authority Northwell Health Obligated Group RB Series 2022A (A3/A-) | |
| | | | | 325,000 | | | | 4.250 | | | 05/01/2052 | | | 324,568 | |
| | | | | 385,000 | | | | 5.000 | | | 05/01/2052 | | | 411,566 | |
| | 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 | | | 422,217 | |
| | | | | 100,000 | | | | 5.000 | | | 07/15/2056 | | | 104,394 | |
| | Triborough Bridge & Tunnel Authority Sales Tax RB Subseries 2024A-1 (NR/AA+) | |
| | | | | 110,000 | | | | 5.000 | | | 05/15/2054 | | | 120,393 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 14,150,805 | |
| | | |
| | North Carolina - 0.7% | |
| | Columbus County Industrial Facilities & Pollution Control Financing Authority Refunding RB for International Paper Company Project Series 2019B (NR/BBB) (PUTABLE) | |
| | | | | 400,000 | | | | 3.450 | (a)(b)(e) | | 11/01/2033 | | | 402,591 | |
| | Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2020 A (Baa2/BBB) (PUTABLE) | |
| | | | | 75,000 | | | | 1.375 | (a)(b) | | 05/01/2034 | | | 73,640 | |
| | Greater Asheville Regional Airport Authority Airport System RB Series 2022A (AMT) (AGM) (A1/AA) | |
| | | | | 100,000 | | | | 5.500 | | | 07/01/2052 | | | 109,443 | |
| | Greater Asheville Regional Airport Authority Airport System RB Series 2023 (AGM) (A1/AA) | |
| | | | | 200,000 | | | | 5.250 | | | 07/01/2053 | | | 216,187 | |
| | North Carolina Department of Transportation Tax Exempt Private Activity Bonds Series 2015 (NR/NR) | |
| | | | | 200,000 | | | | 5.000 | | | 12/31/2037 | | | 201,473 | |
| | North Carolina Medical Care Commission Health Care Facilities First Mortgage Revenue Refunding Bonds Pennybyrn At Maryfield Series 2015 (NR/NR) | |
| | | | | 250,000 | | | | 5.000 | | | 10/01/2035 | | | 250,155 | |
| | North Carolina Medical Care Commission RB for Forest at Duke, Inc. Obligated Group Series 2021 (NR/NR) | |
| | | | | 50,000 | | | | 4.000 | | | 09/01/2041 | | | 47,332 | |
| | 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 | | | 73,747 | |
| | | | | 100,000 | | | | 4.000 | | | 03/01/2051 | | | 87,251 | |
| | North Carolina Medical Care Commission RB Refunding for EveryAge Obligated Group Series 2021 A (NR/NR) | |
| | | | | 50,000 | | | | 4.000 | | | 09/01/2041 | | | 47,619 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 1,509,438 | |
| | | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 183 |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | North Dakota - 0.1% | |
| | City of Horace, North Dakota Temporary Refunding Improvement Bonds, Series 2023B (Baa3/NR) | |
| | $ | | | 300,000 | | | | 5.125 | % | | 07/01/2025 | | $ | 300,246 | |
| | | |
| | Ohio - 3.6% | |
| | 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 | | | 1,128,624 | |
| | 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 | (f) | | 06/01/2057 | | | 95,154 | |
| | Cleveland Airport Special RB for Continental Airlines, Inc. Project Series 1998 (Ba3/BB-) | |
| | | | | 280,000 | | | | 5.375 | | | 09/15/2027 | | | 280,169 | |
| | 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 | | | 130,108 | |
| | County of Cuyahoga Health Care and Independent Living Facilities Refunding RB for Eliza Jennings Senior Health Care Network Series 2022A (NR/NR) | |
| | | | | 95,000 | | | | 5.000 | | | 05/15/2032 | | | 96,125 | |
| | | | | 310,000 | | | | 5.375 | | | 05/15/2037 | | | 319,767 | |
| | County of Franklin Healthcare Facilities RB for Ohio Living Communities Series 2023 (NR/NR) | |
| | | | | 200,000 | | | | 5.000 | | | 07/01/2035 | | | 213,637 | |
| | | | | 225,000 | | | | 5.000 | | | 07/01/2036 | | | 238,639 | |
| | County of Franklin Ohio Health Care Facilities Refunding RB Series 2022 (NR/NR) | |
| | | | | 200,000 | | | | 4.000 | | | 07/01/2040 | | | 184,280 | |
| | County of Franklin RB Refunding for Wesley Communities Obligated Group Series 2020 (NR/NR) | |
| | | | | 150,000 | | | | 5.250 | | | 11/15/2040 | | | 153,839 | |
| | County of Franklin RB Series OH 2019A (Aa3/AA-) | |
| | | | | 500,000 | | | | 4.000 | | | 12/01/2044 | | | 498,522 | |
| | County of Lucas Hospital RB for Promedica Healthcare Obligated Group Series 2018A (Ba2/BB) | |
| | | | | 600,000 | | | | 5.250 | | | 11/15/2048 | | | 612,867 | |
| | County of Summit Green Local School District Improvement Bonds Series 2022A (SD CRED PROG) (NR/AA+) | |
| | | | | 500,000 | | | | 5.000 | | | 11/01/2052 | | | 529,192 | |
| | Cuyahoga County Ohio Hospital RB for Metrohealth System Series 2017 (Baa2/BBB) | |
| | | | | 625,000 | | | | 5.250 | | | 02/15/2047 | | | 637,853 | |
| | | | | 225,000 | | | | 5.000 | | | 02/15/2052 | | | 227,601 | |
| | | | | 100,000 | | | | 5.000 | | | 02/15/2057 | | | 100,995 | |
| | Evans Farm New Community Authority Special Assessment Bonds Series 2020 (NR/NR) | |
| | | | | 170,000 | | | | 3.750 | | | 12/01/2038 | | | 145,469 | |
| | 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 | | | 254,493 | |
| | 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 | | | 769,636 | |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Ohio – (continued) | |
| | Ohio Air Quality Development Authority Pollution Control RB Refunding Series 2009-D (NON-AMT) (WR/BBB-) | |
| | $ | | | 100,000 | | | | 3.375 | %(a) | | 08/01/2029 | | $ | 99,647 | |
| | Ohio Higher Educational Facility Commission RB Refunding for Judson Obligated Group Series 2020 A (NR/NR) | |
| | | | | 100,000 | | | | 5.000 | | | 12/01/2042 | | | 101,466 | |
| | | | | 100,000 | | | | 5.000 | | | 12/01/2045 | | | 100,933 | |
| | Ohio Housing Finance Agency Residential Mortgage RB 2024 Series B Mortgage-Backed Securities Program (NON-AMT) (GNMA/FNMA/FHLMC) (Aaa/NR) | |
| | | | | 285,000 | | | | 4.650 | | | 09/01/2049 | | | 290,205 | |
| | Ohio State Higher Education Facilities RB Series 2020 (A3/NR) | |
| | | | | 100,000 | | | | 5.000 | | | 01/15/2050 | | | 104,730 | |
| | Ohio State Higher Education Facility Commission RB Series 2020 (A3/NR) | |
| | | | | 100,000 | | | | 5.000 | | | 01/15/2040 | | | 107,037 | |
| | Port of Greater Cincinnati Development Authority Education RB Series 2021 (NR/NR) | |
| | | | | 100,000 | | | | 4.375 | (a)(b) | | 06/15/2056 | | | 99,110 | |
| | Port of Greater Cincinnati Development Authority Ohio Tax Increment Financing RB Series 2024 (NR/NR) | |
| | | | | 65,000 | | | | 5.000 | | | 12/01/2044 | | | 67,535 | |
| | Port of Greater Cincinnati Development Authority RB Series 2021 (NR/NR) | |
| | | | | 100,000 | | | | 4.250 | (d) | | 12/01/2050 | | | 92,302 | |
| | Port of Greater Cincinnati Development Authority Special Obligation Development TIF RB, Series 2016B (NR/NR) | |
| | | | | 200,000 | | | | 5.000 | | | 12/01/2046 | | | 197,749 | |
| | Toledo-Lucas County Port Authority Parking System RB Series 2021 (Baa3/NR) | |
| | | | | 175,000 | | | | 4.000 | | | 01/01/2038 | | | 176,393 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 8,054,077 | |
| | | |
| | Oklahoma - 0.3% | |
| | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (Ba3/BB) | |
| | | | | 35,000 | | | | 5.000 | | | 08/15/2038 | | | 36,118 | |
| | | | | 50,000 | | | | 5.500 | | | 08/15/2057 | | | 51,595 | |
| | Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018B (Ba3/BB) | |
| | | | | 375,000 | | | | 5.500 | | | 08/15/2052 | | | 387,926 | |
| | The Oklahoma Development Finance Authority Health System RB for Ou Medicine Project Series 2018B (Ba3/BB) | |
| | | | | 250,000 | | | | 5.250 | | | 08/15/2043 | | | 258,311 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 733,950 | |
| | | |
| | Oregon - 0.0% | |
| | Yamhill County Hospital Authority Revenue and Refunding Tax Exempt Bonds Series 2021A (NR/NR) | |
| | | | | 125,000 | | | | 5.000 | | | 11/15/2051 | | | 109,224 | |
| | | |
| | Pennsylvania - 2.0% | |
| | Allegheny County Higher Education Building Authority University Revenue Refunding Bonds Series 2022 (NR/BBB-) | |
| | | | | 90,000 | | | | 5.250 | | | 09/01/2035 | | | 89,220 | |
| | Allegheny County Industrial Development Authority RB Refunding for United States Steel Corp. Project Series 2019 (B1/BB-) | |
| | | | | 75,000 | | | | 5.125 | | | 05/01/2030 | | | 81,861 | |
| | |
| 184 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Pennsylvania – (continued) | |
| | 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 | | $ | 105,095 | |
| | Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Project Series 2024 (Ba3/NR) | |
| | | | | 250,000 | | | | 5.000 | (d) | | 05/01/2042 | | | 257,784 | |
| | Bucks County IDA Hospital RB for Grand View Hospital Project Series 2021 (NR/BB-) | |
| | | | | 275,000 | | | | 4.000 | | | 07/01/2051 | | | 232,568 | |
| | City of Wilkes-Barre Finance Authority University Revenue Refunding Bonds Series 2021 (NR/BBB-) | |
| | | | | 100,000 | | | | 4.000 | | | 03/01/2042 | | | 85,858 | |
| | Dauphin County General Authority RB for The Harrisburg University of Science & Technology Series 2020 (NR/BB-) | |
| | | | | 100,000 | | | | 5.875 | (d) | | 10/15/2040 | | | 82,312 | |
| | | | | 200,000 | | | | 6.250 | (d) | | 10/15/2053 | | | 156,564 | |
| | Doylestown Hospital Authority Commonwealth of Pennsylvania Doylestown Hospital RB Series 2024 (NR/NR) | |
| | | | | 100,000 | | | | 5.000 | (d) | | 07/01/2031 | | | 106,722 | |
| | 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 | | | 93,932 | |
| | Lancaster County Hospital Authority RB Series 2020 (NR/NR) | |
| | | | | 250,000 | | | | 5.000 | | | 03/01/2050 | | | 219,302 | |
| | Lancaster Municipal Authority Healthcare Facilities RB for Garden Spot Village Project Series B of 2024 (NR/NR) | |
| | | | | 400,000 | | | | 5.000 | | | 05/01/2054 | | | 417,559 | |
| | Latrobe Industrial Development Authority RB Refunding for Seton Hill University Series 2021 (NR/BBB-) | |
| | | | | 250,000 | | | | 4.000 | | | 03/01/2038 | | | 234,841 | |
| | 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 | | | 150,641 | |
| | Montgomery County IDA Retirement Communities RB for Acts Retirement Life Communities Obligated Group Series 2020C (NR/NR) | |
| | | | | 100,000 | | | | 5.000 | | | 11/15/2045 | | | 104,319 | |
| | 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 | | | 390,260 | |
| | | | | 100,000 | | | | 5.250 | | | 06/30/2053 | | | 105,736 | |
| | 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 | | | 262,967 | |
| | Pennsylvania Economic Development Financing Authority UPMC RB, Series 2020A (A2/A) | |
| | | | | 100,000 | | | | 4.000 | | | 04/15/2036 | | | 102,777 | |
| | 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 | | | 101,638 | |
| | Philadelphia Authority for Industrial Development Tacony Charter School Project Social Bond RB Series 2023 (NR/BB+) | |
| | | | | 100,000 | | | | 5.000 | (d) | | 06/15/2033 | | | 104,113 | |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Pennsylvania – (continued) | |
| | Susquehanna Area Regional Airport Authority Airport System RB Series 2017 (Baa3/NR) | |
| | $ | | | 420,000 | | | | 5.000 | % | | 01/01/2038 | | $ | 427,524 | |
| | The Berks County Municipal Authority RB for Alvernia University Project Series 2020 (NR/BB+) | |
| | | | | 100,000 | | | | 5.000 | | | 10/01/2049 | | | 91,778 | |
| | The Berks County Municipal Authority RB for Tower Health Project Series 2024 A-4 (NR/CC) | |
| | | | | 35,000 | | | | 7.000 | | | 06/30/2039 | | | 31,852 | |
| | The Berks County Municipal Authority RB for Tower Health Project Series 2024 B-1 (NR/NR) | |
| | | | | 136,000 | | | | 0.000 | (h) | | 06/30/2044 | | | 86,708 | |
| | The Berks County Municipal Authority RB for Tower Health Project Series 2024 B-2 (NR/CC) | |
| | | | | 18,000 | | | | 0.000 | (h) | | 06/30/2044 | | | 9,354 | |
| | The Berks County Municipal Authority RB for Tower Health Project Series 2024A-1 (NR/NR) | |
| | | | | 60,000 | | | | 8.000 | | | 06/30/2034 | | | 61,341 | |
| | The Berks County Municipal Authority RB for Tower Health Project Series 2024A-2 (NR/NR) | |
| | | | | 48,000 | | | | 6.000 | | | 06/30/2034 | | | 52,157 | |
| | The Berks County Municipal Authority RB for Tower Health Project Series 2024A-3 (NR/NR) | |
| | | | | 273,000 | | | | 5.000 | | | 06/30/2039 | | | 270,270 | |
| | The Berks County Municipal Authority RB for Tower Health Project Series 2024B-1 (NR/NR) | |
| | | | | 3,000 | | | | 8.000 | | | 06/30/2034 | | | 3,000 | |
| | The Berks County Municipal Authority RB for Tower Health Project Series 2024B-2 (NR/NR) | |
| | | | | 2,000 | | | | 6.000 | | | 06/30/2034 | | | 2,173 | |
| | Upper Dauphin IDA RB for Pennsylvania Steam Academy Charter School Project Series 2022B (NR/NR) | |
| | | | | 30,000 | | | | 6.000 | (d) | | 07/01/2029 | | | 29,991 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 4,552,217 | |
| | | |
| | Puerto Rico - 9.8% | |
| | GDB Debt Recovery Authority Bonds (NR/NR) | |
| | | | | 324,329 | | | | 7.500 | | | 08/20/2040 | | | 315,410 | |
| | HTA Trust Certificates Class L-2028 Units (NR/NR) | |
| | | | | 91,406 | | | | 5.250 | | | 07/01/2038 | | | 91,431 | |
| | Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2020A (NR/NR) | |
| | | | | 500,000 | | | | 5.000 | (d) | | 07/01/2035 | | | 524,750 | |
| | Puerto Rico Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2022A (NR/NR) | |
| | | | | 250,000 | | | | 5.000 | (d) | | 07/01/2037 | | | 265,500 | |
| | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR) | |
| | | | | 500,000 | | | | 5.000 | (d) | | 07/01/2047 | | | 511,645 | |
| | Puerto Rico Commonwealth Aqueduct and Sewer Authority Revenue Refunding Bonds Series 2021B (NR/NR) | |
| | | | | 600,000 | | | | 4.000 | (d) | | 07/01/2042 | | | 575,219 | |
| | Puerto Rico Commonwealth GO Bonds (NR/NR) | |
| | | | | 652,160 | | | | 0.000 | (a)(h)(i) | | 11/01/2043 | | | 419,828 | |
| | Puerto Rico Commonwealth GO Clawback Bonds (NR/NR) | |
| | | | | 596,872 | | | | 0.000 | (a)(h)(i) | | 11/01/2051 | | | 326,041 | |
| | Puerto Rico Commonwealth GO Clawback CVIs (NR/NR) | |
| | | | | 578,877 | | | | 0.000 | (a)(h)(i) | | 11/01/2051 | | | 378,441 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 185 |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Puerto Rico – (continued) | |
| | Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR/NR) | |
| | $ | | | 322,380 | | | | 5.625 | % | | 07/01/2029 | | $ | 348,101 | |
| | | | | 755,281 | | | | 5.750 | | | 07/01/2031 | | | 839,825 | |
| | | | | 514,493 | | | | 0.000 | (f) | | 07/01/2033 | | | 349,205 | |
| | | | | 322,248 | | | | 4.000 | | | 07/01/2033 | | | 322,523 | |
| | | | | 132,356 | | | | 4.000 | | | 07/01/2035 | | | 132,067 | |
| | | | | 223,596 | | | | 4.000 | | | 07/01/2037 | | | 221,874 | |
| | | | | 729,448 | | | | 4.000 | | | 07/01/2041 | | | 704,738 | |
| | | | | 435,624 | | | | 4.000 | | | 07/01/2046 | | | 410,928 | |
| | Puerto Rico Electric Power Authority Power RB Series 2012A (WR/NR) | |
| | | | | 200,000 | | | | 5.000 | * | | 07/01/2042 | | | 107,500 | |
| | | | | 250,000 | | | | 5.050 | * | | 07/01/2042 | | | 134,375 | |
| | Puerto Rico Electric Power Authority Power RB Series 2013A (WR/NR) | |
| | | | | 50,000 | | | | 7.000 | * | | 07/01/2033 | | | 26,875 | |
| | | | | 150,000 | | | | 7.000 | * | | 07/01/2040 | | | 80,625 | |
| | Puerto Rico Electric Power Authority Power RB Series AAA (WR/NR) | |
| | | | | 100,000 | | | | 5.250 | * | | 07/01/2031 | | | 53,750 | |
| | Puerto Rico Electric Power Authority Power RB Series CCC (WR/NR) | |
| | | | | 250,000 | | | | 5.250 | * | | 07/01/2026 | | | 134,375 | |
| | | | | 340,000 | | | | 5.250 | * | | 07/01/2027 | | | 182,750 | |
| | | | | 415,000 | | | | 5.000 | * | | 07/01/2028 | | | 223,062 | |
| | Puerto Rico Electric Power Authority Power RB Series TT (WR/NR) | |
| | | | | 100,000 | | | | 5.000 | * | | 07/01/2032 | | | 53,750 | |
| | Puerto Rico Electric Power Authority Power RB Series XX (WR/NR) | |
| | | | | 675,000 | | | | 5.250 | * | | 07/01/2040 | | | 362,813 | |
| | Puerto Rico Electric Power Authority Power RB Series ZZ (WR/NR) | |
| | | | | 145,000 | | | | 4.250 | * | | 07/01/2020 | | | 77,938 | |
| | | | | 50,000 | | | | 5.250 | * | | 07/01/2026 | | | 26,875 | |
| | Puerto Rico Electric Power Authority RB Series TT (WR/NR) | |
| | | | | 175,000 | | | | 5.000 | * | | 07/01/2037 | | | 94,063 | |
| | 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 | | | | 6.250 | | | 01/01/2040 | | | 176,327 | |
| | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue Restructured Bonds Series 2019A-2B (NR/NR) | |
| | | | | 575,000 | | | | 4.550 | | | 07/01/2040 | | | 577,979 | |
| | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Restructured Bonds Series A-2 (NR/NR) | |
| | | | | 1,403,000 | | | | 4.329 | | | 07/01/2040 | | | 1,400,085 | |
| | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) | |
| | | | | 127,000 | | | | 0.000 | (f) | | 07/01/2027 | | | 114,816 | |
| | | | | 451,000 | | | | 0.000 | (f) | | 07/01/2031 | | | 347,829 | |
| | | | | 599,000 | | | | 0.000 | (f) | | 07/01/2033 | | | 423,814 | |
| | | | | 2,576,000 | | | | 0.000 | (f) | | 07/01/2046 | | | 869,477 | |
| | | | | 909,000 | | | | 0.000 | (f) | | 07/01/2051 | | | 222,966 | |
| | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR) | |
| | | | | 2,712,000 | | | | 4.329 | | | 07/01/2040 | | | 2,706,366 | |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Puerto Rico – (continued) | |
| | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR) – (continued) | |
| | $ | | | 19,000 | | | | 4.536 | % | | 07/01/2053 | | $ | 18,801 | |
| | | | | 2,929,000 | | | | 4.784 | | | 07/01/2058 | | | 2,935,418 | |
| | Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) | |
| | | | | 1,208,000 | | | | 4.500 | | | 07/01/2034 | | | 1,210,235 | |
| | | | | 470,000 | | | | 4.750 | | | 07/01/2053 | | | 471,222 | |
| | | | | 2,210,000 | | | | 5.000 | | | 07/01/2058 | | | 2,231,825 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 22,003,437 | |
| | | |
| | Rhode Island - 0.6% | |
| | Providence Public Buildings Authority Capital Improvement Program Projects RB 2024 Series A (AGC) (A1/AA) | |
| | | | | 150,000 | | | | 5.250 | | | 09/15/2042 | | | 168,263 | |
| | Rhode Island Health and Educational Building Corporation Hospital Financing RB Lifespan Obligated Group Issue Series 2024 (NR/BBB+) | |
| | | | | 150,000 | | | | 5.250 | | | 05/15/2049 | | | 162,801 | |
| | | | | 500,000 | | | | 5.250 | | | 05/15/2054 | | | 539,633 | |
| | Rhode Island Housing & Mortgage Finance Corp. Homeownership Opportunity Bonds Series 78-A (Aa1/AA+) | |
| | | | | 250,000 | | | | 5.000 | | | 10/01/2042 | | | 265,737 | |
| | 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 | | | 203,135 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 1,339,569 | |
| | | |
| | South Carolina - 1.1% | |
| | Richland County at Sandhill Improvement District Refunding Assessment RB Series 2021 (NR/NR) | |
| | | | | 100,000 | | | | 3.625 | (d) | | 11/01/2031 | | | 88,836 | |
| | | | | 100,000 | | | | 3.750 | (d) | | 11/01/2036 | | | 83,051 | |
| | 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 | | | 99,797 | |
| | 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 | | | 254,144 | |
| | | | | 250,000 | | | | 5.250 | | | 11/01/2043 | | | 283,909 | |
| | South Carolina Public Service Authority Revenue Obligations 2022 Tax Exempt Series E (A3/A-) | |
| | | | | 480,000 | | | | 5.750 | | | 12/01/2047 | | | 546,191 | |
| | South Carolina State Housing Finance and Development Authority Mortgage RB Series 2024 B (NON-AMT) (Aaa/NR) | |
| | | | | 500,000 | | | | 4.625 | | | 07/01/2054 | | | 507,866 | |
| | Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (A1/AA) | |
| | | | | 795,000 | | | | 3.000 | | | 04/15/2049 | | | 622,720 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 2,486,514 | |
| | | |
| | 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 | | | 43,584 | |
| | | |
| | |
| 186 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Texas - 8.8% | |
| | Aldine independent School District Harris County Texas UT Refunding Bonds Series 2024A (PSF-GTD) (Aaa/AAA) | |
| | $ | | | 1,000,000 | | | | 3.000 | %(e) | | 02/15/2042 | | $ | 905,992 | |
| | Arlington Higher Education Finance Corp. Education RB Basis Texas Charter Schools, Inc. Series 2024 (Ba2/NR) | |
| | | | | 150,000 | | | | 4.250 | (d) | | 06/15/2039 | | | 150,053 | |
| | Arlington Higher Education Finance Corp. Education RB Series 2022A (NR/NR) | |
| | | | | 100,000 | | | | 5.625 | | | 08/15/2052 | | | 97,437 | |
| | 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 | | | 181,498 | |
| | 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 | | | 282,215 | |
| | | | | 157,000 | | | | 4.500 | (d) | | 09/15/2031 | | | 151,602 | |
| | 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 | | | 103,357 | |
| | 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 | | | 101,566 | |
| | 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 | | | 103,022 | |
| | City of Aubrey Special Assessment Revenue Refunding Bonds Series 2024 (Jackson Ridge Public Improvement District Phase #1 and Phase #2 Assessments) (BAM) (NR/AA) | |
| | | | | 250,000 | | | | 5.000 | | | 09/01/2045 | | | 274,854 | |
| | City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2021 (NR/NR) | |
| | | | | 50,000 | | | | 3.375 | (d) | | 09/01/2041 | | | 42,179 | |
| | 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 | | | 46,681 | |
| | 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 | | | 100,119 | |
| | City of Celina Special Assessment RB for North Sky Public Improvement District Project Series 2023 (NR/NR) | |
| | | | | 433,000 | | | | 4.375 | | | 09/01/2030 | | | 437,663 | |
| | | | | 167,000 | | | | 4.875 | (d) | | 09/01/2030 | | | 169,049 | |
| | City of Celina Special Assessment RB Series 2022 (NR/NR) | |
| | | | | 100,000 | | | | 3.625 | (d) | | 09/01/2032 | | | 91,437 | |
| | 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 | | | 102,807 | |
| | 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 | | | 81,618 | |
| | | | | 85,000 | | | | 5.000 | | | 09/01/2045 | | | 89,401 | |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Texas – (continued) | |
| | 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 | | $ | 110,882 | |
| | | | | 100,000 | | | | 5.000 | | | 09/01/2037 | | | 109,342 | |
| | | | | 100,000 | | | | 5.000 | | | 09/01/2040 | | | 107,363 | |
| | 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 | | | 108,824 | |
| | | | | 125,000 | | | | 5.000 | | | 09/01/2045 | | | 131,472 | |
| | 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 | | | 81,618 | |
| | | | | 125,000 | | | | 5.000 | | | 09/01/2045 | | | 131,472 | |
| | 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 | | | 558,071 | |
| | 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 | | | 271,799 | |
| | City of Dripping Springs Special Assessment RB for Heritage Public Improvement District Improvement Area #2 Project Series 2024 (NR/NR) | |
| | | | | 50,000 | | | | 5.000 | (e) | | 09/01/2044 | | | 50,074 | |
| | 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 | | | 307,897 | |
| | 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 | | | 92,793 | |
| | City of Fate Special Assessment RB for Monterra Public Improvement District Series 2021 (NR/NR) | |
| | | | | 100,000 | | | | 3.375 | (d) | | 08/15/2031 | | | 93,217 | |
| | 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 | | | 325,231 | |
| | City of Fate Special Assessment RB for Williamsburg Public Improvement District Series 2022 (NR/NR) | |
| | | | | 75,000 | | | | 4.250 | (d) | | 08/15/2042 | | | 70,396 | |
| | City of Fate, Rockwall County Special Assessment RB, Series 2023 Williamsburg Public Improvement District No. 1 Phase 3B (NR/NR) | |
| | | | | 100,000 | | | | 5.125 | (d) | | 08/15/2043 | | | 100,608 | |
| | 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 | | | 99,452 | |
| | 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 | | | 206,849 | |
| | City of Hutto Emory Crossing Public Improvement District Special Assessment Bond Series 2021 (NR/NR) | |
| | | | | 519,000 | | | | 3.625 | (d) | | 09/01/2041 | | | 448,542 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 187 |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Texas – (continued) | |
| | City of Hutto Special Assessment RB for Cottonwood Creek Public Improvement Series 2021 (NR/NR) | |
| | $ | | | 100,000 | | | | 3.500 | %(d) | | 09/01/2041 | | $ | 85,866 | |
| | 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 | | | 89,843 | |
| | City of Kyle Special Assessment RB for 6 Creeks Public Improvement Project Series 2021 (NR/NR) | |
| | | | | 100,000 | | | | 3.375 | (d) | | 09/01/2031 | | | 95,152 | |
| | 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 | | | 187,157 | |
| | 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 | | | 191,341 | |
| | 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 | | | 179,997 | |
| | City of Lavon Heritage Public Improvement District No. 1 Special Assessment Refunding Series 2021 (BAM) (NR/AA) | |
| | | | | 500,000 | | | | 2.500 | | | 09/15/2039 | | | 383,004 | |
| | 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 | | | 101,988 | |
| | 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 | | | 313,528 | |
| | City of McLendon-Chisholm Special Assessment Refunding Bonds Sonoma Public Improvement District Series 2020 (BAM) (NR/AA) | |
| | | | | 50,000 | | | | 2.500 | | | 09/15/2035 | | | 41,812 | |
| | 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 | | | 101,058 | |
| | 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 | | | 124,661 | |
| | 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 | | | 76,047 | |
| | City of Midlothian Special Assessment for Redden Farms Public Improvement District Series 2021 (NR/NR) | |
| | | | | 100,000 | | | | 3.875 | (d) | | 09/15/2041 | | | 87,215 | |
| | 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 | | | 100,459 | |
| | 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 | | | 154,014 | |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Texas – (continued) | |
| | 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 | | $ | 51,919 | |
| | City of Oak Point Special Assessment for Wildridge Public Improvement District No. 1 Project Series 2021 (NR/NR) | |
| | | | | 265,000 | | | | 2.750 | (d) | | 09/01/2031 | | | 238,634 | |
| | 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 | | | 100,849 | |
| | City of Oak Point Texas Special Assessment RB Series 2024 (NR/NR) | |
| | | | | 100,000 | | | | 5.100 | (d)(e) | | 09/15/2044 | | | 100,243 | |
| | 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 | | | 101,934 | |
| | | | | 100,000 | | | | 5.500 | (d) | | 09/15/2042 | | | 102,007 | |
| | 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 | | | 102,007 | |
| | 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 | | | 252,432 | |
| | | | | 410,000 | | | | 5.625 | (d) | | 09/15/2032 | | | 424,083 | |
| | City of Plano Collin Creek East Public Improvement District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 125,000 | | | | 4.375 | (d) | | 09/15/2051 | | | 106,549 | |
| | City of Plano Collin Creek West Public Improvement District Special Assessment Bonds Series 2021 (NR/NR) | |
| | | | | 125,000 | | | | 4.000 | (d) | | 09/15/2051 | | | 106,223 | |
| | 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 | | | 48,197 | |
| | City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2019 (NR/NR) | |
| | | | | 100,000 | | | | 4.875 | | | 09/01/2039 | | | 100,401 | |
| | City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR) | |
| | | | | 25,000 | | | | 3.375 | (d) | | 09/01/2041 | | | 20,721 | |
| | 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 | | | 75,525 | |
| | 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 | | | 103,742 | |
| | 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 | | | 105,078 | |
| | 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 | | | 101,313 | |
| | |
| 188 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Texas – (continued) | |
| | City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2020 (NR/NR) | |
| | $ | | | 100,000 | | | | 3.750 | %(d) | | 09/01/2040 | | $ | 87,003 | |
| | City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2021 (NR/NR) | |
| | | | | 50,000 | | | | 3.250 | (d) | | 09/01/2041 | | | 39,692 | |
| | 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 | | | 337,065 | |
| | 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 | | | 24,680 | |
| | | | | 50,000 | | | | 3.375 | (d) | | 09/15/2030 | | | 47,213 | |
| | 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 | | | 104,669 | |
| | City of Sachse Special Assessment for Public Improvement District No. 1 Series 2020 (NR/NR) | |
| | | | | 100,000 | | | | 3.250 | (d) | | 09/15/2030 | | | 93,567 | |
| | 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 | | | 289,579 | |
| | City of Uhland Special Assessment RB for Watermill Public Improvement District Series 2022 (NR/NR) | |
| | | | | 250,000 | | | | 6.625 | (d) | | 09/01/2052 | | | 266,125 | |
| | 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 | | | 310,406 | |
| | Club Municipal Management District Special Assessment RB Series 2021 (NR/NR) | |
| | | | | 50,000 | | | | 3.250 | (d) | | 09/01/2041 | | | 40,872 | |
| | Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 A (NR/B) | |
| | | | | 25,000 | | | | 2.500 | | | 10/01/2031 | | | 21,732 | |
| | 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 | | | 94,789 | |
| | Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR) | |
| | | | | 100,000 | | | | 5.000 | (d) | | 08/15/2044 | | | 95,577 | |
| | Edinburg Economic Development Corp. Sales Tax RB Series 2021 A (NR/NR) | |
| | | | | 75,000 | | | | 3.125 | | | 08/15/2036 | | | 63,143 | |
| | | | | 70,000 | | | | 3.250 | | | 08/15/2041 | | | 54,418 | |
| | 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 | | | 514,032 | |
| | 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 | | | 286,739 | |
| | Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 B-2 (NR/NR) | |
| | | | | 250,000 | | | | 5.000 | | | 07/15/2027 | | | 256,146 | |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Texas – (continued) | |
| | Kaufman County Fresh Water Supply District No. 1-D GO Bonds Series 2021 (NR/NR) | |
| | $ | | | 320,000 | | | | 2.250 | % | | 09/01/2030 | | $ | 281,401 | |
| | Matagorda County Navigation District Number One Pollution Control Revenue Refunding Bonds for Central Power and Light Company Project Series 1996 (Baa2/BBB+) | |
| | | | | 135,000 | | | | 4.250 | | | 05/01/2030 | | | 140,439 | |
| | Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (NR/BB-) | |
| | | | | 100,000 | | | | 4.625 | (d) | | 10/01/2031 | | | 100,415 | |
| | Mitchell County Hospital District GO Bonds Series 2020 (NR/NR) | |
| | | | | 80,000 | | | | 5.250 | | | 02/15/2030 | | | 80,376 | |
| | 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 | | | 224,574 | |
| | North Parkway Municipal Management Contract RB for Legacy Hills Public Improvement Project Series 2021 (NR/NR) | |
| | | | | 100,000 | | | | 3.000 | (d) | | 09/15/2026 | | | 98,525 | |
| | | | | 300,000 | | | | 3.625 | (d) | | 09/15/2031 | | | 285,195 | |
| | North Texas tollway Authority RB for First Tier Series 2008 D (AGC) (Aa3/AA) | |
| | | | | 200,000 | | | | 0.000 | (f) | | 01/01/2037 | | | 130,618 | |
| | 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 | | | 97,484 | |
| | | | | 150,000 | | | | 2.500 | (d) | | 01/01/2030 | | | 138,066 | |
| | 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 | | | 128,194 | |
| | 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 | | | 449,126 | |
| | 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 | | | 104,497 | |
| | Port of Beaumont Navigation District of Jefferson County Texas Facility RB Series 2024B (NR/NR) | |
| | | | | 200,000 | | | | 10.000 | (d) | | 07/01/2026 | | | 206,300 | |
| | South Manvel Development Authority Tax Increment Contract RB Series 2023 (NR/NR) | |
| | | | | 50,000 | | | | 4.500 | | | 04/01/2030 | | | 50,375 | |
| | | | | 75,000 | | | | 5.000 | | | 04/01/2038 | | | 76,142 | |
| | Tarrant County Cultural Education Facilities Finance Corporation Revenue Refunding Bonds Trinity Terrace Project Series 2024 (NR/NR) | |
| | | | | 100,000 | | | | 5.000 | | | 10/01/2044 | | | 108,673 | |
| | Tarrant County Hospital District LT Bonds Series 2023 (Aa1/NR) | |
| | | | | 125,000 | | | | 4.250 | | | 08/15/2053 | | | 125,093 | |
| | Texas Municipal Gas Acquisition and Supply Corp. II RB for LIBOR Index Rate Series 2012 C (A1/A-)
(3M USD LIBOR + 0.86%) | |
| | | | | 1,200,000 | | | | 4.117 | (c) | | 09/15/2027 | | | 1,200,417 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 189 |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Texas – (continued) | |
| | Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (Baa1/NR) | |
| | $ | | | 200,000 | | | | 5.000 | % | | 06/30/2058 | | $ | 204,716 | |
| | 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 | | | 312,458 | |
| | 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 | | | 200,790 | |
| | Town of Little Elm Special Assessment RB for Valencia Public Improvement Project Series 2021 (NR/NR) | |
| | | | | 281,000 | | | | 2.875 | (d) | | 09/01/2031 | | | 248,442 | |
| | 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 | | | 89,900 | |
| | Viridian Municipal Management District Special Assessment Bonds Series 2020 (NR/NR) | |
| | | | | 50,000 | | | | 2.875 | | | 12/01/2030 | | | 45,093 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 19,628,207 | |
| | | |
| | Utah - 0.9% | |
| | Black Desert Public Infrastructure District GO Bonds Series 2021 A (NR/NR) | |
| | | | | 500,000 | | | | 3.500 | (d) | | 03/01/2036 | | | 462,976 | |
| | 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 | | | 104,318 | |
| | Salt Lake City International Airport RB Series 2021A (A2/A+) | |
| | | | | 1,000,000 | | | | 5.000 | | | 07/01/2046 | | | 1,051,981 | |
| | Utah Charter School Finance Authority Charter School RB Series 2022A (NR/BB+) | |
| | | | | 250,000 | | | | 5.750 | (d) | | 06/15/2052 | | | 255,563 | |
| | Utah Charter School Finance Authority Charter School Revenue Refunding Bonds Series 2022A (NR/BB) | |
| | | | | 100,000 | | | | 4.000 | (d) | | 07/15/2037 | | | 89,281 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 1,964,119 | |
| | | |
| | 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 | | | 153,394 | |
| | 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 | | | 170,518 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 323,912 | |
| | | |
| | Virgin Islands - 0.0% | |
| | Matching Fund Special Purpose Securitization Corp. Matching Fund Securitization Bonds Series 2022A (NR/NR) | |
| | | | | 50,000 | | | | 5.000 | | | 10/01/2039 | | | 52,323 | |
| | | |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Virginia - 0.8% | |
| | City of Virginia Beach Development Authority Residential Care Facility RB (Westminster-Canterbury On Chesapeake Bay) Series 2023A Tax Exempt Fixed Rate Bonds (NR/NR) | |
| | $ | | | 125,000 | | | | 7.000 | % | | 09/01/2053 | | $ | 145,506 | |
| | Norfolk Redevelopment and Housing Authority Multifamily Housing RB Braywood Manor Apartments, Series 2023 (HUD SECT 8) (Aaa/NR) | |
| | | | | 120,000 | | | | 5.000 | (a)(b) | | 05/01/2043 | | | 123,749 | |
| | Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (NR/CCC-) | |
| | | | | 300,000 | | | | 0.000 | (f) | | 06/01/2047 | | | 84,482 | |
| | 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 | | | 208,370 | |
| | Virginia Commonwealth University Health System Authority General Revenue Refunding Bonds Series 2024B (Aa1/AAA/A-1+) | |
| | | | | 780,000 | | | | 1.750 | (a)(b) | | 07/01/2037 | | | 780,000 | |
| | Virginia Housing Development Authority RB Series 2019 E (Aa1/AA+) | |
| | | | | 250,000 | | | | 3.100 | | | 12/01/2045 | | | 209,200 | |
| | Virginia Small Business Financing Authority Senior Lien Revenue Refunding Bonds Series 2022 (Baa1/NR) | |
| | | | | 125,000 | | | | 5.000 | | | 12/31/2052 | | | 131,506 | |
| | Virginia Small Business Financing Authority Tax Exempt Senior Lien Private Activity RB Series 2017 (Baa3/NR) | |
| | | | | 50,000 | | | | 5.000 | | | 12/31/2052 | | | 50,801 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 1,733,614 | |
| | | |
| | Washington - 0.3% | |
| | Port of Seattle Intermediate Lien RB Series 2017C (A1/AA-) | |
| | | | | 215,000 | | | | 5.000 | | | 05/01/2042 | | | 221,149 | |
| | Port of Seattle Intermediate Lien RB Series 2019 (A1/AA-) | |
| | | | | 225,000 | | | | 5.000 | | | 04/01/2039 | | | 235,069 | |
| | Public Hospital District No. 2 Quincy Valley Medical Center UT GO Bonds 2024 (Baa1/NR) | |
| | | | | 100,000 | | | | 5.500 | | | 12/01/2044 | | | 108,255 | |
| | Washington State Housing Finance Commission Nonprofit RB Refunding Series 2023 (NR/BBB) | |
| | | | | 100,000 | | | | 5.625 | (d) | | 07/01/2038 | | | 111,062 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 675,535 | |
| | | |
| | West Virginia - 0.5% | |
| | Monongalia County Commission Excise Tax District RB Refunding Series 2021 A (NR/NR) | |
| | | | | 95,000 | | | | 4.125 | (d) | | 06/01/2043 | | | 86,523 | |
| | Monongalia County Commission Subordinate Special District Excise Tax Revenue & Improvement Bonds for University Town Centre Economic Opportunity Development District Series 2023 A (NR/NR) | |
| | | | | 125,000 | | | | 7.000 | (d) | | 06/01/2043 | | | 135,012 | |
| | West Virginia Economic Development Authority RB for Arch Resources, Inc. Series 2021 (AMT) (B2/BB) | |
| | | | | 100,000 | | | | 4.125 | (a)(b) | | 07/01/2045 | | | 100,028 | |
| | |
| 190 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | West Virginia – (continued) | |
| | 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 | | $ | 381,737 | |
| | 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 | | | 160,672 | |
| | 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 | | | 168,541 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 1,032,513 | |
| | | |
| | 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 | | | 102,867 | |
| | Public Finance Authority Charter School RB for Founders Academy of Las Vegas Series 2023A (NR/BB-) | |
| | | | | 25,000 | | | | 6.375 | (d) | | 07/01/2043 | | | 26,358 | |
| | Public Finance Authority Charter School RB Series 2021A (Ba2/NR) | |
| | | | | 510,000 | | | | 5.000 | (d) | | 06/15/2041 | | | 484,897 | |
| | 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 | | | 102,320 | |
| | Public Finance Authority Education RB for Clove Garden School Series 2022 (NR/NR) | |
| | | | | 360,000 | | | | 5.000 | (d) | | 06/15/2032 | | | 364,563 | |
| | Public Finance Authority Education RB Mater Academy of Nevada - East Las Vegas Campus Project Series 2024A (NR/BB) | |
| | | | | 100,000 | | | | 5.000 | (d)(e) | | 12/15/2039 | | | 104,689 | |
| | Public Finance Authority Education RB Series 2022 (NR/NR) | |
| | | | | 200,000 | | | | 5.000 | (d) | | 01/01/2042 | | | 187,410 | |
| | Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (Baa3/BBB-) | |
| | | | | 220,000 | | | | 4.300 | | | 11/01/2030 | | | 220,976 | |
| | Public Finance Authority Limited Obligation Grant RB (American Dream @ Meadowlands Project) Series 2017A (Tax-Exempt) Series 2017B (NR/NR) | |
| | | | | 625,000 | | | | 6.750 | (d) | | 08/01/2031 | | | 560,937 | |
| | Public Finance Authority RB for Charter Day School Obligated Group Series 2020 A (Ba2/NR) | |
| | | | | 50,000 | | | | 5.000 | (d) | | 12/01/2045 | | | 48,715 | |
| | Public Finance Authority RB for High Desert Montessori Charter School Series 2021 A (NR/NR) | |
| | | | | 100,000 | | | | 5.000 | (d) | | 06/01/2061 | | | 80,747 | |
| | 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 | | | 74,398 | |
| | Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 A (Ba2/NR) | |
| | | | | 250,000 | | | | 5.625 | (d) | | 06/01/2050 | | | 242,035 | |
| | Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 B (Ba2/NR) | |
| | | | | 290,000 | | | | 6.500 | (d) | | 06/01/2045 | | | 260,906 | |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Wisconsin – (continued) | |
| | Public Finance Authority RB for Prime Healthcare Foundation, Inc. Series 2018 A (NR/NR) | |
| | $ | | | 100,000 | | | | 5.350 | % | | 12/01/2045 | | $ | 101,668 | |
| | 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 | | | 89,214 | |
| | Public Finance Authority RB Refunding for Rider University A New Jersey Non-Profit Corp. Series 2021 A (NR/BB) | |
| | | | | 150,000 | | | | 4.500 | (d) | | 07/01/2048 | | | 120,727 | |
| | Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (NR/BB+) | |
| | | | | 25,000 | | | | 6.125 | (d) | | 10/01/2049 | | | 22,847 | |
| | Public Finance Authority Student Housing RB Series 2021A-1 (Ba1/NR) | |
| | | | | 50,000 | | | | 4.000 | (d) | | 07/01/2041 | | | 46,681 | |
| | | | | 150,000 | | | | 4.000 | (d) | | 07/01/2051 | | | 131,181 | |
| | 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 | | | 150,449 | |
| | Wisconsin Health & Educational Facilities Authority RB Series 2021 for Hope Christian Schools (NR/NR) | |
| | | | | 40,000 | | | | 3.000 | | | 12/01/2031 | | | 34,655 | |
| | | | | 75,000 | | | | 4.000 | | | 12/01/2041 | | | 60,182 | |
| | 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 | | | 380,428 | |
| | Wisconsin Health and Educational Facilities Authority RB Series 2018C (Aa3/AA) (SIFMA Municipal Swap Index Yield + 0.18%) | |
| | | | | 175,000 | | | | 3.330 | (b)(c) | | 08/15/2054 | | | 172,301 | |
| | Wisconsin Health and Educational Facilities Authority RB Series 2024A (BAM) (NR/AA) | |
| | | | | 250,000 | | | | 4.500 | | | 02/15/2054 | | | 250,032 | |
| | 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 | | | 314,599 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 4,736,782 | |
| | | |
| | TOTAL MUNICIPAL BONDS (Cost $219,701,937) | | | 219,386,116 | |
| | | |
| | | | | | | | | | | | | | | | |
| |
| | Corporate Bonds - 0.6% | |
| |
| | Healthcare-Services - 0.0% | |
| | Toledo Hospital RB Series 2022 B | |
| | | | | 75,000 | | | | 5.325 | % | | 11/15/28 | | | 74,248 | |
| | | |
| | Real Estate - 0.6% | |
| | Benloch Ranch Improvement Association No. 1 Series 2020 | |
| | | | | 48,991 | | | | 9.750 | %(d)(j) | | 12/01/39 | | | 45,694 | |
| | Benloch Ranch Improvement Association No. 1 Series 2021 | |
| | | | | 48,991 | | | | 9.750 | (d)(j) | | 12/01/39 | | | 45,694 | |
| | Benloch Ranch Improvement Association No. 2 | |
| | | | | 700,000 | | | | 10.000 | (d)(j) | | 12/01/51 | | | 572,740 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 191 |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Corporate Bonds – (continued) | |
| |
| | Brixton Park Improvement Association No. 1 Series | |
| | $ | | | 782,571 | | | | 6.875 | %(d)(j) | | 12/01/51 | | $ | 655,560 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 1,319,688 | |
| | | |
| | TOTAL CORPORATE BONDS (Cost $1,612,683) | | | 1,393,936 | |
| | | |
| | TOTAL INVESTMENTS - 98.7% (Cost $221,314,620) | | $ | 220,780,052 | |
| | | |
| | OTHER ASSETS IN EXCESS OF
LIABILITIES - 1.3% | | | 3,016,528 | |
| | | |
| | NET ASSETS - 100.0% | | $ | 223,796,580 | |
| | | |
| | |
| 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 September 30, 2024. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. |
| (b) | | Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on September 30, 2024. |
| (c) | | Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on September 30, 2024. |
| (d) | | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (e) | | When-issued security. |
| (f) | | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (g) | | Pre-refunded security. Maturity date disclosed is pre-refunding date. |
| (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. |
| (j) | | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
|
| Security ratings disclosed, if any, are issued by either Standard & Poor’s, Moody’s Investor Service or Fitch and are unaudited. A brief description of the ratings is available in the Fund’s Statement of Additional Information. |
| | |
|
| Investment Abbreviations: |
| ABS | | - Asset-Backed Security |
| AGC | | - Insured by Assured Guaranty Corp. |
| AGM | | - Insured by Assured Guaranty Municipal Corp. |
| AGM-CR | | - Insured by Assured Guaranty Municipal Corp. Insured Custodial receipts |
| AMT | | - Alternative Minimum Tax (subject to) |
| BAM | | - Build America Mutual Assurance Co. |
| CFD | | - Community Facilities District |
| COPS | | - Certificates of Participation |
| FHLMC | | - Insured by Federal Home Loan Mortgage Corp. |
| FNMA | | - Insured by Federal National Mortgage Association |
| GNMA | | - Insured by Government National Mortgage Association |
| GO | | - General Obligation |
| HUD SECT 8 | | - Hud Section 8 |
| IDA | | - Industrial Development Agency |
| LIBOR | | - London Interbank Offered Rates |
| LP | | - Limited Partnership |
| LT | | - Limited Tax |
| NATL | | - National Public Finance Guarantee Corp. |
| NR | | - Not Rated |
| PSF-GTD | | - Guaranteed by Permanent School Fund |
| RB | | - Revenue Bond |
| RR | | - Revenue Refunding |
| SD CRED | | - |
| PROG | | School District Credit Program |
| SIFMA | | - Securities Industry and Financial Markets Association |
| UPMC | | - University of Pittsburgh Medical Center |
| USD | | - United States Dollar |
| UT | | - Unlimited Tax |
| WR | | - Withdrawn Rating |
|
|
| | |
| 192 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
|
Schedule of Investments September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds - 99.7% | |
| |
| | Alabama - 2.3% | |
| | Alabama Federal Aid Highway Finance Authority Special Obligation RB Series 2016A (NR/NR) | |
| | $ | | | 10,000,000 | | | | 5.000 | %(a) | | 09/01/2026 | | $ | 10,473,381 | |
| | Black Belt Energy Gas District Gas Prepay RB 2019 Series A (A1/NR) | |
| | | | | 24,725,000 | | | | 4.000 | (b)(c) | | 12/01/2049 | | | 24,866,835 | |
| | Black Belt Energy Gas District Gas Supply RB Series 2022 (Aa1/NR) | |
| | | | | 15,000,000 | | | | 4.000 | (b)(c) | | 07/01/2052 | | | 15,172,536 | |
| | Chatom Industrial Development Board Gulf Opportunity Zone Refunding Bonds for Powersouth Energy Cooperative Projects Series 2020 (AGM) (A1/AA) | |
| | | | | 425,000 | | | | 5.000 | | | 08/01/2025 | | | 430,789 | |
| | | | | 550,000 | | | | 5.000 | | | 08/01/2027 | | | 581,048 | |
| | | | | 485,000 | | | | 5.000 | | | 08/01/2028 | | | 521,499 | |
| | | | | 485,000 | | | | 5.000 | | | 08/01/2029 | | | 528,877 | |
| | | | | 425,000 | | | | 5.000 | | | 08/01/2030 | | | 468,503 | |
| | Health Care Authority for Baptist Health Series 2023 (A3/BBB+) | |
| | | | | 690,000 | | | | 5.000 | | | 11/15/2024 | | | 690,876 | |
| | | | | 675,000 | | | | 5.000 | | | 11/15/2025 | | | 688,063 | |
| | | | | 1,405,000 | | | | 5.000 | | | 11/15/2026 | | | 1,461,875 | |
| | | | | 1,480,000 | | | | 5.000 | | | 11/15/2027 | | | 1,566,547 | |
| | | | | 2,675,000 | | | | 5.000 | | | 11/15/2028 | | | 2,874,372 | |
| | | | | 1,335,000 | | | | 5.000 | | | 11/15/2029 | | | 1,452,970 | |
| | Houston County Health Care Authority RB for Southeast Alabama Medical Center Series 2016 A (NR/BBB+) | |
| | | | | 1,000,000 | | | | 5.000 | | | 10/01/2024 | | | 1,000,000 | |
| | Houston County Healthcare Authority Hospital RB for Southeast Alabama Medical Center Series 2016-A (NR/BBB+) | |
| | | | | 2,000,000 | | | | 5.000 | | | 10/01/2030 | | | 2,030,426 | |
| | Independent Development Board City of Prattville International Paper Company Project Environmental Improvement Revenue Refunding Bonds Series 2019B (Baa2/BBB) (PUTABLE) | |
| | | | | 225,000 | | | | 2.000 | (b)(c) | | 11/01/2033 | | | 225,000 | |
| | Industrial Development Board City of Prattville International Paper Company Project Recovery Zone Facility Revenue Refunding Bonds Series 2019C (Baa2/BBB) (PUTABLE) | |
| | | | | 675,000 | | | | 2.000 | (b)(c) | | 11/01/2033 | | | 675,000 | |
| | Industrial Development Board City of Selma Gulf Opportunity Zone Revenue Refunding Bonds Series 2020A (NON-AMT) (Baa2/BBB) (PUTABLE) | |
| | | | | 6,500,000 | | | | 1.375 | (b)(c) | | 05/01/2034 | | | 6,382,101 | |
| | Industrial Development Board City of Selma International Paper Company Project Gulf Opportunity Zone Revenue Refunding Bonds Series 2019A (Baa2/BBB) (PUTABLE) | |
| | | | | 1,875,000 | | | | 2.000 | (b)(c) | | 11/01/2033 | | | 1,875,000 | |
| | Industrial Development Board of the City of Mobile Alabama RB for Alabama Power Co. Series 2007 A (A1/A) (PUTABLE) | |
| | | | | 3,335,000 | | | | 1.000 | (b)(c) | | 06/01/2034 | | | 3,271,957 | |
| | Jefferson County Sewer Revenue Warrants Series 2024 (Baa1/BBB+) | |
| | | | | 500,000 | | | | 5.000 | | | 10/01/2024 | | | 500,000 | |
| | | | | 1,000,000 | | | | 5.000 | | | 10/01/2025 | | | 1,018,397 | |
| | | | | 1,250,000 | | | | 5.000 | | | 10/01/2026 | | | 1,301,424 | |
| | | | | 1,000,000 | | | | 5.000 | | | 10/01/2027 | | | 1,061,646 | |
| | | | | 1,000,000 | | | | 5.000 | | | 10/01/2028 | | | 1,080,756 | |
| | Southeast Energy Authority Commodity Supply RB for Project No. 6 Series 2023B (Aa1/NR) | |
| | | | | 8,590,000 | | | | 5.000 | (b)(c) | | 01/01/2054 | | | 9,250,700 | |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Alabama – (continued) | |
| | The Black Belt Energy Gas District Gas Supply RB, Series 2023B (Aa1/NR) | |
| | $ | | | 3,220,000 | | | | 5.250 | %(b)(c) | | 12/01/2053 | | $ | 3,535,584 | |
| | 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 | | | 6,344,127 | |
| | 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 | | | 2,563,125 | |
| | 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)(d) | | 11/01/2033 | | | 3,507,574 | |
| | Water Works Board of The City of Birmingham Revenue Anticipation Bond Series 2024 (NR/NR) | |
| | | | | 4,575,000 | | | | 3.750 | (e) | | 09/01/2026 | | | 4,579,846 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 111,980,834 | |
| | | |
| | Alaska - 0.4% | |
| | Alaska Municipal Bond Bank GO Refunding Bonds 2016 Series 4 (AMT) (NR/AA-) | |
| | | | | 1,755,000 | | | | 5.000 | | | 12/01/2030 | | | 1,820,008 | |
| | | | | 1,960,000 | | | | 5.000 | | | 12/01/2032 | | | 2,028,024 | |
| | North Slope Borough General Purpose GO Bonds Series 2023A (NR/AA) | |
| | | | | 800,000 | | | | 5.000 | | | 06/30/2026 | | | 833,218 | |
| | | | | 2,000,000 | | | | 5.000 | | | 06/30/2027 | | | 2,136,847 | |
| | North Slope Borough GO Bonds Series 2022A (NR/AA) | |
| | | | | 4,700,000 | | | | 5.000 | | | 06/30/2027 | | | 5,021,590 | |
| | State of Alaska GO Refunding Bonds Series 2025A (Aa3/AA) | |
| | | | | 1,420,000 | | | | 5.000 | (d) | | 08/01/2027 | | | 1,487,238 | |
| | | | | 2,130,000 | | | | 5.000 | (d) | | 08/01/2028 | | | 2,271,809 | |
| | State of Alaska International Airports System Private Activity Revenue Refunding Bonds Series 2021C (AMT) (Aa3/NR) | |
| | | | | 1,975,000 | | | | 5.000 | | | 10/01/2025 | | | 2,011,973 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 17,610,707 | |
| | | |
| | Arizona - 4.2% | |
| | 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 | | | 1,463,026 | |
| | | | | 825,000 | | | | 5.000 | | | 09/01/2027 | | | 882,586 | |
| | Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (NR/AA-) (S&P 7 Day Municipal Intermediate Grade Rate + 0.81%) | |
| | | | | 82,960,000 | | | | 4.900 | (c)(f) | | 01/01/2037 | | | 80,677,961 | |
| | Arizona IDA Multifamily Housing RB for Unity At West Glendale Project Series 2024 (Aaa/NR) | |
| | | | | 680,000 | | | | 5.000 | (b)(c) | | 03/01/2045 | | | 702,107 | |
| | Arizona Industrial Development Authority Multifamily Housing Bonds Ironwood Ranch Apartments Project Series 2024 (Aaa/NR) | |
| | | | | 3,750,000 | | | | 5.000 | (b)(c) | | 02/01/2058 | | | 3,897,038 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 193 |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Arizona – (continued) | |
| | Arizona Industrial Development Authority Multifamily Housing Bonds The Ranches At Gunsmoke Project Series 2024 (Aaa/NR) | |
| | $ | | | 10,000,000 | | | | 5.000 | %(b)(c) | | 03/01/2058 | | $ | 10,423,634 | |
| | Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project Second Tier Series 2019 B (NR/NR) | |
| | | | | 560,000 | | | | 5.000 | * | | 01/01/2024 | | | 336,000 | |
| | Arizona Transportation Board Highway Revenue and Revenue Refunding Bonds Series 2023 (Aa1/AA+) | |
| | | | | 4,000,000 | | | | 5.000 | | | 07/01/2025 | | | 4,065,681 | |
| | | | | 2,370,000 | | | | 5.000 | | | 07/01/2026 | | | 2,473,966 | |
| | | | | 3,800,000 | | | | 5.000 | | | 07/01/2027 | | | 4,065,966 | |
| | 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 | | | 10,415,057 | |
| | City of Chandler IDA RB for Intel Corp. Project Series 2022-2 (Baa1/BBB+) | |
| | | | | 41,135,000 | | | | 5.000 | (b)(c) | | 09/01/2052 | | | 42,318,059 | |
| | City of Phoenix Civic Improvement Corp. Junior Lien Airport RB Series 2019B (Aa3/A+) | |
| | | | | 1,215,000 | | | | 5.000 | | | 07/01/2025 | | | 1,230,546 | |
| | 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 | | | 1,782,439 | |
| | County of Pinal IDA Correctional Facility Contract Refunding Bonds Series 2020A (NR/BBB) | |
| | | | | 3,900,000 | | | | 2.000 | | | 10/01/2024 | | | 3,900,000 | |
| | | | | 1,540,000 | | | | 2.000 | | | 10/01/2025 | | | 1,510,572 | |
| | 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 | | | 10,692,705 | |
| | 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 | | | 1,755,647 | |
| | 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 | | | 3,547,239 | |
| | 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 | | | 1,693,215 | |
| | 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 | | | 1,039,318 | |
| | Pima County Sewer System Revenue Refunding Obligations Series 2022 (NR/AA) | |
| | | | | 1,905,000 | | | | 5.000 | | | 07/01/2026 | | | 1,988,895 | |
| | | | | 2,000,000 | | | | 5.000 | | | 07/01/2027 | | | 2,136,980 | |
| | Salt River Agricultural Improvement and Power District Project Electric System RB 2015 Series A (Aa1/AA+) | |
| | | | | 6,625,000 | | | | 5.000 | | | 12/01/2045 | | | 6,705,227 | |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Arizona – (continued) | |
| | 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 | | $ | 3,145,416 | |
| | 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 | | | 3,510,977 | |
| | 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 | | | 432,404 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 206,792,661 | |
| | | |
| | 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 | | | 567,661 | |
| | | |
| | California - 6.8% | |
| | 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 | | | 502,558 | |
| | | | | 370,000 | | | | 4.000 | | | 09/01/2026 | | | 375,505 | |
| | | | | 415,000 | | | | 4.000 | | | 09/01/2027 | | | 420,750 | |
| | | | | 410,000 | | | | 4.000 | | | 09/01/2028 | | | 414,957 | |
| | | | | 345,000 | | | | 4.000 | | | 09/01/2029 | | | 348,557 | |
| | 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 | | | | 3.600 | (c)(f) | | 04/01/2056 | | | 6,978,599 | |
| | 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 | | | | 4.400 | (c)(f) | | 04/01/2036 | | | 15,116,710 | |
| | Beaumont Community Facilities District No. 2016-2 Special Tax Series 2019 (NR/NR) | |
| | | | | 230,000 | | | | 4.000 | | | 09/01/2026 | | | 234,066 | |
| | | | | 235,000 | | | | 4.000 | | | 09/01/2027 | | | 240,868 | |
| | | | | 255,000 | | | | 4.000 | | | 09/01/2029 | | | 260,287 | |
| | 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 | | | 6,670,586 | |
| | California Community Choice Financing Authority Clean Energy Project RB Green Bonds Series 2024A (A1/NR) | |
| | | | | 27,500,000 | | | | 5.000 | (b)(c) | | 05/01/2054 | | | 30,248,551 | |
| | California Community Choice Financing Authority Clean Energy Project RB Series 2022A (A1/NR) | |
| | | | | 13,010,000 | | | | 4.000 | (b)(c) | | 05/01/2053 | | | 13,321,665 | |
| | California Health Facilities Financing Authority RB Adventist Health System West Series 2024A (NR/BBB+) | |
| | | | | 11,425,000 | | | | 5.000 | | | 12/01/2028 | | | 12,443,454 | |
| | California Housing Finance Agency Limited Obligation Multifamily Housing Issue V RB 2023 (Aaa/NR) | |
| | | | | 1,043,000 | | | | 5.000 | (b)(c) | | 05/01/2054 | | | 1,084,735 | |
| | California Infrastructure & Economic Development Bank RB for California Academy of Sciences Series 2024A (A2/NR) | |
| | | | | 6,160,000 | | | | 3.250 | | | 08/01/2029 | | | 6,254,145 | |
| | |
| 194 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | California – (continued) | |
| | 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 | | $ | 18,022,210 | |
| | 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 | | | | 3.850 | (c)(f) | | 12/01/2050 | | | 4,998,108 | |
| | 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 | | | 2,991,495 | |
| | California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (Baa1/NR) | |
| | | | | 300,000 | | | | 5.000 | | | 10/01/2026 | | | 311,683 | |
| | 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 | | | 1,021,779 | |
| | California Municipal Finance Authority Senior Lien RB for Linxs APM Project Series 2018A (NR/NR) | |
| | | | | 4,265,000 | | | | 5.000 | | | 06/30/2028 | | | 4,489,586 | |
| | | | | 3,235,000 | | | | 5.000 | | | 12/31/2028 | | | 3,404,611 | |
| | 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 | | | 1,175,418 | |
| | 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 | | | 10,000,839 | |
| | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Desalination Project Series 2023 (Baa3/NR) | |
| | | | | 2,700,000 | | | | 5.000 | (e) | | 07/01/2026 | | | 2,783,417 | |
| | | | | 4,665,000 | | | | 5.000 | (e) | | 07/01/2028 | | | 4,975,040 | |
| | | | | 4,610,000 | | | | 5.000 | (e) | | 07/01/2029 | | | 4,994,554 | |
| | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (Baa3/NR) | |
| | | | | 5,010,000 | | | | 5.000 | (e) | | 11/21/2045 | | | 5,017,515 | |
| | California Public Finance Authority RB for Henry Mayo Newhall Hospital Series 2021A (NR/BBB-) | |
| | | | | 400,000 | | | | 4.000 | | | 10/15/2027 | | | 406,507 | |
| | 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 | | | 391,303 | |
| | California State University RB Refunding Series 2016 B-2 (Aa2/AA-) | |
| | | | | 12,100,000 | | | | 0.550 | (b)(c) | | 11/01/2049 | | | 11,242,730 | |
| | California Statewide Communities Development Authority Community Facilities District No. 2007-01 Special Tax Refunding for Orinda Wilder Project Series 2015 (NR/NR) | |
| | | | | 695,000 | | | | 5.000 | | | 09/01/2030 | | | 705,884 | |
| | California Statewide Communities Development Authority Multifamily Housing RB Vintage At Folsom 2024 Series E-2 (Aaa/NR) | |
| | | | | 675,000 | | | | 5.000 | (b)(c) | | 10/01/2028 | | | 715,411 | |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | California – (continued) | |
| | California Statewide Communities Development Authority RB John Muir Health Series 2024A (NR/A+) | |
| | $ | | | 450,000 | | | | 5.000 | % | | 12/01/2027 | | $ | 484,682 | |
| | | | | 1,000,000 | | | | 5.000 | | | 12/01/2028 | | | 1,099,842 | |
| | California Statewide Community Development Authority Pollution Control Refunding RB 2006 Series B (NON-AMT) (A2/A-) | |
| | | | | 8,500,000 | | | | 1.450 | | | 04/01/2028 | | | 7,878,440 | |
| | Chino Public Financing Authority Tax Exempt RB Series 2019 A (NR/NR) | |
| | | | | 245,000 | | | | 4.000 | | | 09/01/2027 | | | 249,813 | |
| | City of Chino Community Facilities Improvement Area Special Tax Bonds Series 2022 (NR/NR) | |
| | | | | 550,000 | | | | 4.000 | | | 09/01/2025 | | | 552,715 | |
| | | | | 1,285,000 | | | | 5.000 | | | 09/01/2030 | | | 1,408,814 | |
| | City of Chino Public Financing Authority Local Agency Refunding Bonds Series 2019A (NR/NR) | |
| | | | | 230,000 | | | | 4.000 | | | 09/01/2026 | | | 233,379 | |
| | 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 | | | 639,223 | |
| | | | | 220,000 | | | | 5.000 | | | 09/02/2028 | | | 237,909 | |
| | | | | 230,000 | | | | 5.000 | | | 09/02/2029 | | | 250,685 | |
| | | | | 240,000 | | | | 5.000 | | | 09/02/2030 | | | 263,127 | |
| | | | | 1,095,000 | | | | 5.000 | | | 09/02/2034 | | | 1,214,519 | |
| | City of Los Angeles Department of Airports International Airport Series RB 2022 Series G (Aa2/AA) | |
| | | | | 750,000 | | | | 5.000 | | | 05/15/2026 | | | 773,079 | |
| | 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 | | | 3,371,747 | |
| | City of Los Angeles Department of Airports International Airport Subordinate RB 2016 Series B (Aa3/AA-) | |
| | | | | 1,000,000 | | | | 5.000 | | | 05/15/2029 | | | 1,027,880 | |
| | City of Los Angeles Department of Airports International Airport Subordinate RB 2018 Series C (Aa3/AA-) | |
| | | | | 5,060,000 | | | | 5.000 | | | 05/15/2030 | | | 5,313,890 | |
| | City of Los Angeles Department of Airports International Airport Subordinate RB 2018 Series D (Aa3/AA-) | |
| | | | | 7,425,000 | | | | 5.000 | | | 05/15/2025 | | | 7,495,742 | |
| | City of Ontario CA Community Facilities District No. 43 Special Tax Bonds Series 2020 (NR/NR) | |
| | | | | 305,000 | | | | 4.000 | | | 09/01/2028 | | | 314,337 | |
| | | | | 330,000 | | | | 4.000 | | | 09/01/2030 | | | 341,615 | |
| | City of Rocklin Community Facilities District No. 10 Special Tax Bonds Series 2019 (NR/NR) | |
| | | | | 100,000 | | | | 5.000 | | | 09/01/2026 | | | 102,128 | |
| | | | | 100,000 | | | | 5.000 | | | 09/01/2027 | | | 102,170 | |
| | | | | 95,000 | | | | 5.000 | | | 09/01/2028 | | | 97,048 | |
| | | | | 95,000 | | | | 5.000 | | | 09/01/2029 | | | 97,034 | |
| | City of San Francisco Infrastructure and Revitalization Financing District Tax Increment RB Series 2022A (NR/NR) | |
| | | | | 160,000 | | | | 5.000 | (e) | | 09/01/2027 | | | 170,125 | |
| | City of San José Multifamily Housing RB for Parkmoor Series 2023F-2 (Cash Collateralized) (HUD SECT 8) (Aaa/NR) | |
| | | | | 1,450,000 | | | | 5.000 | (b)(c) | | 06/01/2027 | | | 1,498,577 | |
| | Coachella Valley Water District Drinking Water System Revenue Notes Series 2022A (NR/AA+) | |
| | | | | 12,015,000 | | | | 1.375 | | | 06/01/2025 | | | 11,828,855 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 195 |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | California – (continued) | |
| | 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 | | $ | 356,453 | |
| | Golden State Tobacco Securitization Corp. Enhanced Tobacco Settlement Asset Backed Bonds Series 2015A (ST APPROP) (Aa3/A+) | |
| | | | | 5,000,000 | | | | 5.000 | (a) | | 06/01/2025 | | | 5,075,505 | |
| | 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 | | | 3,331,852 | |
| | Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds Series 2019 (NR/A-) | |
| | | | | 2,120,000 | | | | 3.678 | | | 06/01/2038 | | | 1,988,938 | |
| | Irvine Facilities Financing Authority Gateway Preserve Land Acquisition Project Lease RB, Series 2023A (NR/AA+) | |
| | | | | 7,000,000 | | | | 5.250 | | | 05/01/2048 | | | 7,165,661 | |
| | Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 A (NR/NR) | |
| | | | | 645,000 | | | | 5.000 | | | 09/01/2025 | | | 655,180 | |
| | | | | 645,000 | | | | 5.000 | | | 09/01/2026 | | | 669,786 | |
| | Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 B (NR/NR) | |
| | | | | 475,000 | | | | 5.000 | | | 09/01/2025 | | | 482,497 | |
| | Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 C (NR/NR) | |
| | | | | 425,000 | | | | 5.000 | | | 09/01/2026 | | | 441,332 | |
| | Los Angeles County Development Authority Multifamily Housing RB West La Va - Building 156 & 157 Apartments, 2023 Series C (HUD SECT 8) (Aaa/NR) | |
| | | | | 2,370,000 | | | | 3.750 | (b)(c) | | 12/01/2046 | | | 2,396,806 | |
| | Los Angeles Unified School District County of Los Angeles California 2024 GO Refunding Bonds Series A (Aa2/NR) | |
| | | | | 1,825,000 | | | | 5.000 | | | 07/01/2026 | | | 1,910,823 | |
| | | | | 3,645,000 | | | | 5.000 | | | 07/01/2027 | | | 3,911,771 | |
| | Modesto Financing Authority Domestic Project RB 2007F (NATL) (Baa2/AA)
(3M USD LIBOR + 0.63%) | |
| | | | | 7,000,000 | | | | 4.166 | (f) | | 09/01/2037 | | | 6,693,151 | |
| | Northern California Gas Authority No. 1 RB for Gas Project Series 2007 B (A1/A-)
(3M USD LIBOR + 0.72%) | |
| | | | | 5,275,000 | | | | 4.467 | (f) | | 07/01/2027 | | | 5,279,809 | |
| | 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 | | | 265,578 | |
| | Perris Joint Powers Authority Local Agency RB 2024 Series (NR/NR) | |
| | | | | 820,000 | | | | 5.000 | | | 09/01/2026 | | | 855,412 | |
| | | | | 870,000 | | | | 5.000 | | | 09/01/2027 | | | 925,054 | |
| | | | | 900,000 | | | | 5.000 | | | 09/01/2028 | | | 968,709 | |
| | | | | 930,000 | | | | 5.000 | | | 09/01/2029 | | | 1,013,601 | |
| | | | | 1,005,000 | | | | 5.000 | | | 09/01/2030 | | | 1,101,835 | |
| | | | | 1,080,000 | | | | 5.000 | | | 09/01/2031 | | | 1,187,674 | |
| | | | | 1,145,000 | | | | 5.000 | | | 09/01/2032 | | | 1,265,239 | |
| | Rancho Cordova Community Facilities District No. 2003-1 Special Tax Refunding for Sunridge Anatolia Series 2016 (NR/NR) | |
| | | | | 400,000 | | | | 4.000 | | | 09/01/2025 | | | 402,083 | |
| | | | | 305,000 | | | | 4.000 | | | 09/01/2027 | | | 309,680 | |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | California – (continued) | |
| | Rancho Cordova Community Facilities District No. 2003-1 Special Tax Refunding for Sunridge Anatolia Series 2016
(NR/NR) – (continued) | |
| | $ | | | 500,000 | | | | 4.000 | % | | 09/01/2028 | | $ | 507,347 | |
| | Riverside Unified School District Community Facilities District No. 32 Special Tax Series 2020 (NR/NR) | |
| | | | | 205,000 | | | | 4.000 | | | 09/01/2025 | | | 205,901 | |
| | | | | 210,000 | | | | 4.000 | | | 09/01/2026 | | | 212,812 | |
| | Rocklin City of CFD No. 10 Whitney Ranch Special Tax Bonds, Series 2019 (NR/NR) | |
| | | | | 100,000 | | | | 5.000 | | | 09/01/2030 | | | 102,040 | |
| | 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 | | | 805,039 | |
| | Sacramento City Financing Authority RB Series 2007B (NATL) (Aa3/AA-)
(3M USD LIBOR + 0.57%) | |
| | | | | 10,000,000 | | | | 4.106 | (f) | | 06/01/2039 | | | 9,230,836 | |
| | Sacramento County Financing Authority RB Series 2007B (NATL) (Aa3/AA-)
(3M USD LIBOR + 0.55%) | |
| | | | | 14,165,000 | | | | 4.086 | (f) | | 06/01/2034 | | | 13,649,901 | |
| | San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Second Series 2019 H (AMT) (A1/A+) | |
| | | | | 4,000,000 | | | | 5.000 | | | 05/01/2027 | | | 4,203,140 | |
| | San Gorgonio Memorial Healthcare District 2020 GO Refunding Bonds (B1/NR) | |
| | | | | 930,000 | | | | 4.000 | | | 08/01/2025 | | | 920,271 | |
| | | | | 1,020,000 | | | | 3.000 | | | 08/01/2026 | | | 978,075 | |
| | Sierra View Local Health Care District RB Refunding for Tulare County Series 2020 (NR/NR) | |
| | | | | 320,000 | | | | 4.000 | | | 07/01/2026 | | | 324,049 | |
| | State of California GO Bonds (Aa2/AA-) | |
| | | | | 5,760,000 | | | | 5.000 | | | 03/01/2026 | | | 5,814,457 | |
| | State of California Various Purpose GO Refunding Bonds (Aa2/AA-) | |
| | | | | 2,350,000 | | | | 5.000 | | | 04/01/2026 | | | 2,438,663 | |
| | | | | 2,350,000 | | | | 5.000 | | | 04/01/2027 | | | 2,503,247 | |
| | | | | 20,000,000 | | | | 5.000 | | | 12/01/2028 | | | 22,118,234 | |
| | Transbay Joint Powers Authority Senior Tax Allocation Bonds Series 2020A (NR/NR) | |
| | | | | 1,200,000 | | | | 5.000 | | | 10/01/2026 | | | 1,242,947 | |
| | | | | 1,435,000 | | | | 5.000 | | | 10/01/2028 | | | 1,532,794 | |
| | Transbay Joint Powers Authority Senior Tax Allocation Bonds Series 2020A Tax-Exempt Green Bonds (NR/NR) | |
| | | | | 1,260,000 | | | | 5.000 | | | 10/01/2027 | | | 1,326,441 | |
| | Washington Township Healthcare District Revenue Refunding Bonds 2020 Series A (Baa3/NR) | |
| | | | | 225,000 | | | | 5.000 | | | 07/01/2025 | | | 227,072 | |
| | | | | 250,000 | | | | 5.000 | | | 07/01/2026 | | | 257,194 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 336,866,347 | |
| | | |
| | Colorado - 3.8% | |
| | Baseline Metropolitan District No.1 In The City and County of Broomfield Colorado Special Revenue Refunding and Improvement Bonds Series 2024A (AGC) (NR/AA) | |
| | | | | 3,050,000 | | | | 5.000 | (d) | | 12/01/2024 | | | 3,057,903 | |
| | |
| 196 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Colorado – (continued) | |
| | Baseline Metropolitan District No.1 In The City and County of Broomfield Colorado Special Revenue Refunding and Improvement Bonds Series 2024A (AGC) (NR/AA) – (continued) | |
| | $ | | | 300,000 | | | | 5.000 | %(d) | | 12/01/2025 | | $ | 306,348 | |
| | | | | 500,000 | | | | 5.000 | (d) | | 12/01/2026 | | | 521,538 | |
| | | | | 1,000,000 | | | | 5.000 | (d) | | 12/01/2027 | | | 1,061,536 | |
| | | | | 580,000 | | | | 5.000 | (d) | | 12/01/2028 | | | 626,092 | |
| | | | | 750,000 | | | | 5.000 | (d) | | 12/01/2029 | | | 821,650 | |
| | | | | 750,000 | | | | 5.000 | (d) | | 12/01/2030 | | | 828,917 | |
| | | | | 1,000,000 | | | | 5.000 | (d) | | 12/01/2031 | | | 1,110,183 | |
| | | | | 1,050,000 | | | | 5.000 | (d) | | 12/01/2032 | | | 1,161,710 | |
| | City of Denver Aviation Airport System RB Series 2022C (Aa3/AA-) | |
| | | | | 1,260,000 | | | | 5.000 | | | 11/15/2026 | | | 1,328,017 | |
| | | | | 1,215,000 | | | | 5.000 | | | 11/15/2027 | | | 1,311,239 | |
| | | | | 1,380,000 | | | | 5.000 | | | 11/15/2028 | | | 1,522,193 | |
| | City of Denver Aviation Airport System RB Series 2022D (Aa3/AA-) | |
| | | | | 1,000,000 | | | | 5.000 | | | 11/15/2025 | | | 1,021,281 | |
| | | | | 3,750,000 | | | | 5.250 | | | 11/15/2026 | | | 3,931,941 | |
| | | | | 4,500,000 | | | | 5.250 | | | 11/15/2027 | | | 4,805,994 | |
| | | | | 6,500,000 | | | | 5.500 | | | 11/15/2028 | | | 7,162,210 | |
| | City of Denver RB for Department of Aviation Airport System Series 2022A (AMT) (Aa3/AA-) | |
| | | | | 1,850,000 | | | | 5.000 | | | 11/15/2025 | | | 1,889,369 | |
| | | | | 9,980,000 | | | | 5.000 | | | 11/15/2026 | | | 10,390,174 | |
| | Colorado Health Facilities Authority RB for AdventHealth Obligated Group Series 2019B (NR/NR) | |
| | | | | 1,585,000 | | | | 5.000 | (a)(b)(c) | | 11/19/2026 | | | 1,665,659 | |
| | Colorado Health Facilities Authority RB for Commonspirit Health Series 2019A-1 (A3/A-) | |
| | | | | 405,000 | | | | 5.000 | | | 08/01/2025 | | | 411,709 | |
| | | | | 1,715,000 | | | | 5.000 | | | 08/01/2026 | | | 1,784,493 | |
| | | | | 4,325,000 | | | | 5.000 | | | 08/01/2027 | | | 4,594,743 | |
| | Colorado Health Facilities Authority RB for Commonspirit Health Series 2019A-2 (A3/A-) | |
| | | | | 2,675,000 | | | | 5.000 | | | 08/01/2026 | | | 2,783,393 | |
| | Colorado Health Facilities Authority RB for Commonspirit Health Series 2019B-2 (A3/A-) | |
| | | | | 7,520,000 | | | | 5.000 | (b)(c) | | 08/01/2049 | | | 7,684,052 | |
| | Colorado Health Facilities Authority RB for Commonspirit Health Series 2022A (A3/A-) | |
| | | | | 50,000 | | | | 5.000 | | | 11/01/2024 | | | 50,056 | |
| | | | | 125,000 | | | | 5.000 | | | 11/01/2025 | | | 127,852 | |
| | | | | 1,145,000 | | | | 5.000 | | | 11/01/2026 | | | 1,198,748 | |
| | | | | 125,000 | | | | 5.000 | | | 11/01/2027 | | | 133,472 | |
| | Colorado Health Facilities Authority RB for Intermountain Healthcare Series 2022C (Aa1/AA+) | |
| | | | | 22,000,000 | | | | 5.000 | (b)(c) | | 05/15/2062 | | | 23,830,785 | |
| | Colorado Health Facilities Authority RB for Sanford Series 2019A (NR/A+) | |
| | | | | 500,000 | | | | 5.000 | | | 11/01/2025 | | | 511,841 | |
| | Colorado Health Facilities Authority RB for Series Intermount Health Series 2024E (Aa1/AA+/A-1+) | |
| | | | | 8,025,000 | | | | 3.800 | (b)(c) | | 05/15/2064 | | | 8,025,000 | |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Colorado – (continued) | |
| | 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 | | $ | 1,083,546 | |
| | Colorado Health Facilities Authority RB Series 2019B
Series 2019B-1 (A3/A-) | |
| | | | | 8,015,000 | | | | 5.000 | (b)(c) | | 08/01/2049 | | | 8,055,019 | |
| | Colorado High Performance Transportation Enterprise C-470 Express Lanes Senior RB Series 2017 (NR/NR) | |
| | | | | 1,000,000 | | | | 5.000 | | | 12/31/2047 | | | 1,001,017 | |
| | | | | 1,000,000 | | | | 5.000 | | | 12/31/2051 | | | 1,000,786 | |
| | Colorado Housing and Finance Authority for The Benefit of Fitz Affordable Owner LLC Multifamily Housing RB for Fitzsimons Gateway Apartments Project Series 2024B (Aaa/NR) | |
| | | | | 2,000,000 | | | | 3.180 | (b)(c) | | 09/01/2028 | | | 2,011,275 | |
| | Colorado Housing and Finance Authority Multifamily Housing RB for The Reserves at Eagle Point Project Series 2024 (Aaa/NR) | |
| | | | | 1,255,000 | | | | 3.500 | (b)(c) | | 11/01/2043 | | | 1,264,819 | |
| | Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (NR/BBB) | |
| | | | | 5,245,000 | | | | 5.000 | (e) | | 12/01/2026 | | | 5,425,990 | |
| | Denver Convention Center Hotel Authority Senior Revenue Refunding Bonds Series 2016 (Baa2/BBB-) | |
| | | | | 2,000,000 | | | | 5.000 | | | 12/01/2026 | | | 2,068,062 | |
| | Denver Health & Hospital Authority COPS Series 2018 (NR/BBB) | |
| | | | | 205,000 | | | | 5.000 | | | 12/01/2025 | | | 208,437 | |
| | E-470 Public Highway Authority Colorado Revenue Refunding Bonds Series 2004 A (NATL) (A1/A+) | |
| | | | | 16,250,000 | | | | 0.000 | (g) | | 09/01/2027 | | | 14,899,748 | |
| | E-470 Public Highway Authority RB Series 2004 A (NATL) (A1/A+) | |
| | | | | 4,040,000 | | | | 0.000 | (g) | | 09/01/2028 | | | 3,588,094 | |
| | Maiker Housing Partners Multifamily Housing RB for Overlook at Thornton Series 2023 (Aaa/NR) | |
| | | | | 2,500,000 | | | | 4.500 | (b)(c) | | 05/01/2042 | | | 2,502,759 | |
| | Regional Transportation District Private Activity Bonds for Denver Transit Partners Eagle P3 Project Series 2020 (Baa1/NR) | |
| | | | | 450,000 | | | | 5.000 | | | 07/15/2028 | | | 481,171 | |
| | Regional Transportation District Sales Tax RB for Fastracks Project Series 2016A (Aa2/AAA) | |
| | | | | 19,445,000 | | | | 5.000 | | | 11/01/2046 | | | 19,991,455 | |
| | 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 | | | 348,650 | |
| | Regional Transportation District Tax Exempt Private Activity Bonds Series 2020 (Baa1/NR) | |
| | | | | 250,000 | | | | 5.000 | | | 07/15/2026 | | | 258,275 | |
| | | | | 500,000 | | | | 5.000 | | | 01/15/2027 | | | 521,242 | |
| | South Sloan Lake Metropolitan District LT GO Refunding & Improvement Bonds Series 2019 (AGM) (Baa1/AA) | |
| | | | | 150,000 | | | | 5.000 | | | 12/01/2024 | | | 150,280 | |
| | South Sloan’s Lake Metropolitan District No. 2 GO Improvement Bonds Series 2019 (AGM) (Baa1/AA) | |
| | | | | 75,000 | | | | 5.000 | | | 12/01/2025 | | | 76,593 | |
| | | | | 190,000 | | | | 5.000 | | | 12/01/2026 | | | 198,002 | |
| | | | | 150,000 | | | | 5.000 | | | 12/01/2027 | | | 158,967 | |
| | | | | 235,000 | | | | 5.000 | | | 12/01/2028 | | | 253,135 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 197 |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Colorado – (continued) | |
| | South Sloan’s Lake Metropolitan District No. 2 GO Improvement Bonds Series 2019 (AGM) (Baa1/AA) – (continued) | |
| | $ | | | 175,000 | | | | 5.000 | % | | 12/01/2029 | | $ | 191,219 | |
| | | | | 300,000 | | | | 4.000 | | | 12/01/2030 | | | 314,021 | |
| | | | | 300,000 | | | | 4.000 | | | 12/01/2031 | | | 312,597 | |
| | 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 | | | 51,173 | |
| | | | | 80,000 | | | | 5.000 | | | 12/01/2026 | | | 83,792 | |
| | | | | 110,000 | | | | 5.000 | | | 12/01/2028 | | | 119,826 | |
| | | | | 130,000 | | | | 5.000 | | | 12/01/2029 | | | 144,017 | |
| | | | | 150,000 | | | | 5.000 | | | 12/01/2030 | | | 168,005 | |
| | | | | 150,000 | | | | 5.000 | | | 12/01/2031 | | | 169,852 | |
| | University of Colorado Hospital Authority Refunding RB
Series 2018B Series 2018C (Aa2/AA/A-1+) | |
| | | | | 9,025,000 | | | | 3.800 | (b)(c) | | 11/15/2035 | | | 9,025,000 | |
| | University of Colorado Hospital Authority Revenue and Refunding RB Series 2024A (Aa2/AA) | |
| | | | | 10,765,000 | | | | 5.000 | | | 11/15/2029 | | | 12,050,944 | |
| | University of Colorado Regents Enterprise Refunding RB Series 2021C3B (Aa1/NR) (PUTABLE) | |
| | | | | 5,000,000 | | | | 2.000 | (b)(c) | | 06/01/2051 | | | 4,879,562 | |
| | Vauxmont Metropolitan District Limited Tax Convertible to Unlimited Tax GO Refunding Bonds Series 2019 (AGM) (NR/AA) | |
| | | | | 125,000 | | | | 5.000 | | | 12/15/2027 | | | 129,234 | |
| | Vauxmont Metropolitan District Subordinate LT GO Special Revenue Refunding Bonds Series 2019 (AGM) (NR/AA) | |
| | | | | 130,000 | | | | 5.000 | | | 12/15/2024 | | | 130,354 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 188,977,016 | |
| | | |
| | Connecticut - 1.0% | |
| | City of Bridgeport Connecticut GO Bonds 2024 Series A (BAM) (NR/AA) | |
| | | | | 1,000,000 | | | | 5.000 | (d) | | 07/01/2030 | | | 1,123,623 | |
| | | | | 2,200,000 | | | | 5.000 | (d) | | 07/01/2031 | | | 2,506,984 | |
| | | | | 800,000 | | | | 5.000 | (d) | | 07/01/2032 | | | 921,006 | |
| | City of New Haven GO Bonds Series 2018 A (NR/A-) | |
| | | | | 600,000 | | | | 5.000 | | | 08/01/2025 | | | 608,124 | |
| | City of New Haven GO Bonds Series 2023 (Baa1/A-) | |
| | | | | 500,000 | | | | 5.000 | | | 08/01/2025 | | | 506,770 | |
| | City of New Haven GO Bonds Series 2023 (BAM) (Baa1/AA) | |
| | | | | 700,000 | | | | 5.000 | | | 08/01/2026 | | | 727,527 | |
| | | | | 650,000 | | | | 5.000 | | | 08/01/2027 | | | 689,221 | |
| | | | | 900,000 | | | | 5.000 | | | 08/01/2028 | | | 970,067 | |
| | Connecticut Health & Educational Facilities Authority RB for University of Hartford Series N (NR/BB+) | |
| | | | | 390,000 | | | | 5.000 | | | 07/01/2025 | | | 390,841 | |
| | 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 | | | 4,203,587 | |
| | Hartford County Metropolitan District GO Bonds Series 2016 C (AGM) (Aa2/AA) | |
| | | | | 5,540,000 | | | | 5.000 | | | 11/01/2026 | | | 5,839,029 | |
| | Housing Authority of The City of Norwalk Multifamily Housing RB Wall Street Place Series 2024 (Aaa/NR) | |
| | | | | 2,410,000 | | | | 3.050 | (b)(c) | | 09/01/2058 | | | 2,423,602 | |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Connecticut – (continued) | |
| | State of Connecticut GO Bonds 2016 Series A (Aa3/AA-) | |
| | $ | | | 7,500,000 | | | | 4.000 | % | | 03/15/2034 | | $ | 7,573,839 | |
| | State of Connecticut GO Unlimited Bonds Series 2019 A (Aa3/AA-) | |
| | | | | 1,500,000 | | | | 5.000 | | | 04/15/2025 | | | 1,516,647 | |
| | 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 | | | 5,409,555 | |
| | State of Connecticut Health and Educational Facilities Authority RB for University of Yale Series 2010A-3 (Aaa/NR/AAA) (PUTABLE) | |
| | | | | 5,520,000 | | | | 2.950 | (b)(c) | | 07/01/2049 | | | 5,543,632 | |
| | State of Connecticut Special Tax Obligation Bonds for Transportation Infrastructure Purposes 2022 Series A (Aa3/AA) | |
| | | | | 2,415,000 | | | | 5.000 | | | 07/01/2026 | | | 2,520,093 | |
| | | | | 1,500,000 | | | | 5.000 | | | 07/01/2027 | | | 1,604,299 | |
| | 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 | | | 1,826,155 | |
| | | | | 2,150,000 | | | | 5.000 | | | 07/01/2027 | | | 2,299,495 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 49,204,096 | |
| | | |
| | 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 | | | 5,316,747 | |
| | Delaware Health Facilities Authority RB for Beebee Medical Center Project Series 2018 (NR/BBB) | |
| | | | | 700,000 | | | | 5.000 | | | 06/01/2025 | | | 706,419 | |
| | | | | 725,000 | | | | 5.000 | | | 06/01/2027 | | | 755,056 | |
| | 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 | | | 14,259,749 | |
| | New Castle County GO Bonds Series 2015 (Aaa/AAA) | |
| | | | | 5,000,000 | | | | 5.000 | (a) | | 10/01/2025 | | | 5,113,538 | |
| | University of Delaware RB Series 2015 (NR/NR) | |
| | | | | 1,805,000 | | | | 5.000 | (a) | | 05/01/2025 | | | 1,825,171 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 27,976,680 | |
| | | |
| | District of Columbia - 2.2% | |
| | District of Columbia GO Bonds Series 2016A (Aaa/AA+) | |
| | | | | 3,415,000 | | | | 5.000 | | | 06/01/2027 | | | 3,557,652 | |
| | District of Columbia GO Bonds Series 2016D (Aaa/AA+) | |
| | | | | 3,170,000 | | | | 5.000 | | | 06/01/2027 | | | 3,341,615 | |
| | District of Columbia Housing Finance Agency Multifamily Housing RB for Edgewood Commons V Apartments Project Series 2023 (HUD SECT 8 FHA 221(D4)) (Aaa/NR) | |
| | | | | 4,820,000 | | | | 5.000 | (b)(c) | | 06/01/2027 | | | 4,926,537 | |
| | Metro Washington Airports Authority Airport System Revenue and Refunding Bonds Series 2015B (AMT) (Aa3/AA-) | |
| | | | | 5,000,000 | | | | 5.000 | | | 10/01/2032 | | | 5,063,604 | |
| | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2017A (Aa3/AA-) | |
| | | | | 5,505,000 | | | | 5.000 | | | 10/01/2028 | | | 5,784,821 | |
| | |
| 198 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | District of Columbia – (continued) | |
| | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2017A (AMT) (Aa3/AA-) | |
| | $ | | | 15,185,000 | | | | 5.000 | % | | 10/01/2029 | | $ | 15,949,121 | |
| | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2021A (Aa3/AA-) | |
| | | | | 24,325,000 | | | | 5.000 | | | 10/01/2026 | | | 25,149,406 | |
| | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2022A (AMT) (Aa3/NR) | |
| | | | | 2,395,000 | | | | 5.000 | | | 10/01/2027 | | | 2,517,251 | |
| | Metropolitan Washington Airports Authority Dulles toll Road RB Third Senior Lien Convertible Capital Appreciation Bonds Series 2009C (AGC) (A1/AA) | |
| | | | | 28,430,000 | | | | 6.500 | (a) | | 10/01/2026 | | | 30,649,394 | |
| | Washington Convention and Sports Authority Senior Lien Dedicated Tax Revenue Refunding Bonds Series 2018A (Aa3/A+) | |
| | | | | 3,535,000 | | | | 5.000 | | | 10/01/2027 | | | 3,785,290 | |
| | Washington Metropolitan Airports Authority Airport System Revenue Refunding Bonds Series 2015B (Aa3/AA-) | |
| | | | | 4,295,000 | | | | 5.000 | | | 10/01/2035 | | | 4,344,152 | |
| | Washington Metropolitan Area Transit Authority Second Lien RB for Sustainability Climate Transition Bonds Series 2023A (NR/AA) | |
| | | | | 950,000 | | | | 5.000 | | | 07/15/2025 | | | 966,226 | |
| | | | | 625,000 | | | | 5.000 | | | 07/15/2026 | | | 652,567 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 106,687,636 | |
| | | |
| | Florida - 5.4% | |
| | Aberdeen Community Development District Special Assessment Refunding Series 2020 A-1 (AGM) (NR/AA) | |
| | | | | 990,000 | | | | 5.000 | | | 05/01/2025 | | | 997,999 | |
| | | | | 1,045,000 | | | | 5.000 | | | 05/01/2026 | | | 1,074,395 | |
| | | | | 1,095,000 | | | | 5.000 | | | 05/01/2027 | | | 1,144,704 | |
| | | | | 1,155,000 | | | | 5.000 | | | 05/01/2028 | | | 1,225,268 | |
| | | | | 1,195,000 | | | | 2.375 | | | 05/01/2029 | | | 1,134,847 | |
| | | | | 1,225,000 | | | | 2.625 | | | 05/01/2030 | | | 1,152,707 | |
| | Alta Lakes Community Development District Special Assessment Bonds Series 2019 (NR/NR) | |
| | | | | 555,000 | | | | 3.750 | | | 05/01/2029 | | | 552,028 | |
| | Aventura Isles Community Development District Miami-Dade County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) | |
| | | | | 180,000 | | | | 5.000 | | | 05/01/2025 | | | 181,340 | |
| | | | | 190,000 | | | | 5.000 | | | 05/01/2026 | | | 193,400 | |
| | | | | 975,000 | | | | 5.000 | | | 05/01/2034 | | | 1,042,981 | |
| | Bannon Lakes Community Development District Special Assessment RB for St. Johns County Series 2016 (NR/NR) | |
| | | | | 115,000 | | | | 4.500 | | | 11/01/2025 | | | 115,449 | |
| | Beach Road Golf Estates Community Development District Special Assessment Series 2015 (NR/NR) | |
| | | | | 2,500,000 | | | | 4.700 | | | 11/01/2029 | | | 2,521,994 | |
| | Bellalago Educational Facilities Benefit District Capital Improvement RB, Series 2014 (A2/NR) | |
| | | | | 1,165,000 | | | | 4.000 | | | 05/01/2025 | | | 1,160,654 | |
| | | | | 1,220,000 | | | | 4.125 | | | 05/01/2026 | | | 1,219,949 | |
| | | | | 1,070,000 | | | | 4.250 | | | 05/01/2027 | | | 1,069,946 | |
| | Bexley Community Development District Special Assessment RB for Pasco County Series 2016 (NR/NR) | |
| | | | | 200,000 | | | | 4.100 | | | 05/01/2026 | | | 200,657 | |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Florida – (continued) | |
| | Bluewaters Community Development District Miami-Dade County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) | |
| | $ | | | 168,000 | | | | 5.000 | % | | 05/01/2025 | | $ | 169,189 | |
| | | | | 176,000 | | | | 5.000 | | | 05/01/2026 | | | 178,976 | |
| | | | | 185,000 | | | | 5.000 | | | 05/01/2027 | | | 189,784 | |
| | | | | 1,869,000 | | | | 5.000 | | | 05/01/2035 | | | 1,999,743 | |
| | Broward County School Board Certificates of Participation Series 2015A (Aa3/A+) | |
| | | | | 16,915,000 | | | | 5.000 | | | 07/01/2025 | | | 17,177,421 | |
| | Capital Trust Agency, Inc. RB for Liza Jackson Preparatory School, Inc. Series 2020 A (Baa3/NR) | |
| | | | | 315,000 | | | | 4.000 | | | 08/01/2030 | | | 316,355 | |
| | Century Gardens at Tamiami Community Development District Special Assessment Bonds Series 2018 (NR/BBB) | |
| | | | | 105,000 | | | | 3.500 | | | 11/01/2024 | | | 104,836 | |
| | Century Gardens Community Development District Miami-Dade County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) | |
| | | | | 118,000 | | | | 5.000 | | | 05/01/2025 | | | 119,013 | |
| | | | | 125,000 | | | | 5.000 | | | 05/01/2026 | | | 128,239 | |
| | | | | 131,000 | | | | 5.000 | | | 05/01/2027 | | | 135,990 | |
| | | | | 1,126,000 | | | | 5.000 | | | 05/01/2034 | | | 1,204,943 | |
| | City of Fort Lauderdale Special Assessment Bonds for Las Olas Isles Underground Project Series 2022 (NR/NR) | |
| | | | | 220,000 | | | | 5.000 | (e) | | 07/01/2029 | | | 230,095 | |
| | City of Ft. Lauderdale Special Assessment Bonds for Las Olas Isles Undergrounding Project Series 2022 (NR/NR) | |
| | | | | 180,000 | | | | 5.000 | (e) | | 07/01/2025 | | | 181,770 | |
| | | | | 190,000 | | | | 5.000 | (e) | | 07/01/2026 | | | 193,939 | |
| | | | | 200,000 | | | | 5.000 | (e) | | 07/01/2027 | | | 205,773 | |
| | City of Jacksonville Special Revenue Refunding Bonds Series 2023A (NR/AA) | |
| | | | | 700,000 | | | | 5.000 | | | 10/01/2025 | | | 715,570 | |
| | City of Jacksonville Special Revenue Refunding Bonds Series 2023B (NR/AA) | |
| | | | | 1,250,000 | | | | 5.000 | | | 10/01/2025 | | | 1,277,803 | |
| | City of Orlando Community Redevelopment Agency Tax Increment Revenue Refunding Bonds Series 2012 (NR/NR) | |
| | | | | 1,765,000 | | | | 5.000 | | | 04/01/2025 | | | 1,766,182 | |
| | 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 | | | 1,532,058 | |
| | 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 | | | 3,121,304 | |
| | | | | 7,170,000 | | | | 5.000 | | | 08/15/2027 | | | 7,615,176 | |
| | Cityplace Community Development District Special Assessment Revenue Refunding Bonds Series 2012 (NR/NR) | |
| | | | | 2,415,000 | | | | 5.000 | | | 05/01/2026 | | | 2,457,689 | |
| | Collier County Water-Sewer District Water And Sewer Refunding Revenue Bonds Series 2016 (Aaa/NR) | |
| | | | | 1,000,000 | | | | 5.000 | (a) | | 07/01/2026 | | | 1,043,440 | |
| | Copper Creek Community Development District Special Assessment Bonds for City of Port St. Lucie Series 2019 (NR/NR) | |
| | | | | 45,000 | | | | 3.875 | (e) | | 11/01/2024 | | | 44,994 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 199 |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Florida – (continued) | |
| | Copper Oaks Community Development District Special Assessment Refunding and Improvement Bonds Series 2021 (NR/NR) | |
| | $ | | | 183,000 | | | | 3.000 | % | | 05/01/2025 | | $ | 181,776 | |
| | Coral Keys Homes Community Development District Miami-Dade County, Florida Special Assessment Bonds, Series 2020 (NR/NR) | |
| | | | | 170,000 | | | | 3.125 | | | 05/01/2030 | | | 164,442 | |
| | Cordoba Ranch Community Development District Special Assessment Refunding Bonds Series 2021 (NR/NR) | |
| | | | | 150,000 | | | | 3.000 | | | 05/01/2025 | | | 149,283 | |
| | | | | 315,000 | | | | 3.000 | | | 05/01/2026 | | | 311,327 | |
| | Cypress Mill Community Development District Special Assessment Bonds for Bank Qualified 2023 Project Series 2023 (NR/BBB) | |
| | | | | 245,000 | | | | 4.000 | | | 05/01/2028 | | | 247,556 | |
| | | | | 250,000 | | | | 4.000 | | | 05/01/2033 | | | 247,461 | |
| | Cypress Shadows Community Development District Capital Improvement Revenue Refunding Bonds Series 2022 (NR/NR) | |
| | | | | 34,000 | | | | 4.000 | | | 11/01/2024 | | | 34,006 | |
| | | | | 37,000 | | | | 4.000 | | | 11/01/2026 | | | 37,109 | |
| | Duval County School Board Certificates of Participation
Series 2022A (AGM) (NR/AA) | |
| | | | | 3,185,000 | | | | 5.000 | | | 07/01/2026 | | | 3,319,635 | |
| | | | | 5,105,000 | | | | 5.000 | | | 07/01/2027 | | | 5,436,236 | |
| | Entrada Community Development District St Johns County, Florida Capital Improvement RB, Series 2021 (NR/NR) | |
| | | | | 165,000 | | | | 2.125 | (e) | | 05/01/2026 | | | 160,821 | |
| | Escambia County International Paper Company Environmental Improvement Revenue Refunding Bonds Series 2019B (Baa2/BBB) (PUTABLE) | |
| | | | | 425,000 | | | | 2.000 | (b)(c) | | 11/01/2033 | | | 425,000 | |
| | Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR) | |
| | | | | 2,185,000 | | | | 4.250 | | | 05/01/2029 | | | 2,208,448 | |
| | Fishhawk Ranch Community Development District Special Assessment Refunding Bonds Series 2020 (AGM) (NR/AA) | |
| | | | | 270,000 | | | | 2.000 | | | 11/01/2024 | | | 269,270 | |
| | | | | 275,000 | | | | 2.000 | | | 11/01/2025 | | | 268,871 | |
| | | | | 280,000 | | | | 2.000 | | | 11/01/2026 | | | 270,023 | |
| | | | | 290,000 | | | | 2.000 | | | 11/01/2027 | | | 274,734 | |
| | | | | 295,000 | | | | 2.000 | | | 11/01/2028 | | | 274,748 | |
| | | | | 300,000 | | | | 2.000 | | | 11/01/2029 | | | 275,354 | |
| | | | | 305,000 | | | | 2.125 | | | 11/01/2030 | | | 270,654 | |
| | Florida Development Finance Corp. RB for Imagine School at Broward Series 2019 A (Baa3/NR) | |
| | | | | 95,000 | | | | 2.625 | (e) | | 12/15/2024 | | | 94,581 | |
| | 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 | | | 159,191 | |
| | | | | 375,000 | | | | 5.000 | | | 06/01/2029 | | | 402,716 | |
| | | | | 295,000 | | | | 5.000 | | | 06/01/2030 | | | 319,027 | |
| | | | | 415,000 | | | | 5.000 | | | 06/01/2031 | | | 450,711 | |
| | 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 | | | 783,285 | |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Florida – (continued) | |
| | Florida Insurance Assistance Interlocal Agency Insurance Assessment RB Series 2023A-1 (A2/A) | |
| | $ | | | 6,425,000 | | | | 5.000 | % | | 09/01/2025 | | $ | 6,473,942 | |
| | | | | 5,510,000 | | | | 5.000 | | | 09/01/2026 | | | 5,671,585 | |
| | | | | 4,020,000 | | | | 5.000 | | | 09/01/2027 | | | 4,181,551 | |
| | Florida Municipal Power Agency All-Requirements Power Supply Project Refunding RB Series 2016A (A2/NR) | |
| | | | | 2,285,000 | | | | 5.000 | | | 10/01/2027 | | | 2,378,650 | |
| | Flow Way Community Development District Collier County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) | |
| | | | | 160,000 | | | | 5.000 | | | 05/01/2025 | | | 161,162 | |
| | | | | 165,000 | | | | 5.000 | | | 05/01/2026 | | | 167,876 | |
| | | | | 125,000 | | | | 5.000 | | | 05/01/2027 | | | 128,336 | |
| | | | | 745,000 | | | | 5.000 | | | 05/01/2034 | | | 797,554 | |
| | 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 | | | 989,378 | |
| | Fontainbleau Lakes Community Development District Special Assessment RB Refunding Series 2016 (NR/BBB+) | |
| | | | | 255,000 | | | | 2.750 | | | 05/01/2025 | | | 252,413 | |
| | | | | 260,000 | | | | 3.000 | | | 05/01/2026 | | | 257,046 | |
| | Gardens at Hammock Beach Community Development District Flagler County Florida Special Assessment Bonds Assessment Area One Series 2024-1 (NR/NR) | |
| | | | | 190,000 | | | | 4.800 | | | 05/01/2031 | | | 191,196 | |
| | Gateway Services Community Development District Special Assessment Bonds Series 2023-1 (AGM) (NR/AA) | |
| | | | | 1,730,000 | | | | 3.250 | | | 05/01/2028 | | | 1,737,819 | |
| | Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (NR/A-) | |
| | | | | 1,000,000 | | | | 4.000 | | | 05/01/2031 | | | 1,002,744 | |
| | Herons Glen Recreation District Special Assessment Refunding Bonds Series 2020 (BAM) (NR/AA) | |
| | | | | 175,000 | | | | 2.500 | | | 05/01/2025 | | | 173,507 | |
| | | | | 200,000 | | | | 2.500 | | | 05/01/2026 | | | 197,611 | |
| | Highlands Community Development District Special Assessment Refunding Series 2016 (NR/BBB) | |
| | | | | 320,000 | | | | 3.000 | | | 05/01/2025 | | | 316,759 | |
| | Hillsborough County Aviation Authority Florida Tampa International Airport RB 2024 Series B (AMT) (Aa3/NR) | |
| | | | | 1,845,000 | | | | 5.000 | | | 10/01/2028 | | | 1,972,395 | |
| | Hillsborough County Industrial Development Authority Health System RB Baycare Health System Series 2024C (Aa2/NR) | |
| | | | | 10,000,000 | | | | 5.000 | | | 11/15/2029 | | | 11,179,253 | |
| | Homestead 50 Community Development District Special Assessment Refunding Bonds Series 2021 (NR/NR) | |
| | | | | 132,000 | | | | 3.000 | | | 05/01/2025 | | | 131,298 | |
| | | | | 139,000 | | | | 3.000 | | | 05/01/2026 | | | 136,942 | |
| | Housing Finance Authority of Broward County Florida Multifamily Housing RB Series 2024 (HUD SECT 8) (Aaa/NR) (PUTABLE) | |
| | | | | 3,750,000 | | | | 3.150 | (b)(c) | | 03/01/2028 | | | 3,766,476 | |
| | Housing Finance Authority of Broward County Multifamily Housing RB for Pinnacle 441 Phase 2 Series 2023 (Aaa/NR) (PUTABLE) | |
| | | | | 1,200,000 | | | | 4.050 | (b)(c) | | 09/01/2056 | | | 1,215,229 | |
| | |
| 200 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Florida – (continued) | |
| | Housing Finance Authority of Hillsborough County Multifamily Housing Zion Village RB Series 2024 (Aaa/NR) | |
| | $ | | | 1,755,000 | | | | 3.250 | %(b)(c) | | 09/01/2042 | | $ | 1,763,461 | |
| | Housing Finance Authority of Miami-Dade County Multifamily Housing RB for Emerald Dunes Series 2023B (Aaa/NR) (PUTABLE) | |
| | | | | 1,155,000 | | | | 4.050 | (b)(c) | | 09/01/2026 | | | 1,163,416 | |
| | Housing Finance Authority of Polk County Multifamily Housing RB for Episcopal Catholic Apartments Series 2023 (HUD SECT 8) (Aaa/NR) (PUTABLE) | |
| | | | | 1,643,000 | | | | 4.150 | (b)(c) | | 12/01/2040 | | | 1,670,931 | |
| | JEA Electric System RB Series Three 2024A (AGC) (A1/AA) | |
| | | | | 1,000,000 | | | | 5.000 | (d) | | 10/01/2030 | | | 1,131,510 | |
| | | | | 1,700,000 | | | | 5.000 | (d) | | 10/01/2031 | | | 1,945,933 | |
| | | | | 1,250,000 | | | | 5.000 | (d) | | 10/01/2032 | | | 1,444,457 | |
| | 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 | | | 4,595,393 | |
| | Lake Frances Community Development District Miami-Dade County Florida Special Assessment Refunding Bonds Series 2018 (NR/BBB-) | |
| | | | | 492,000 | | | | 4.000 | | | 05/01/2031 | | | 486,432 | |
| | Lake Frances Community Development District Special Assessment Refunding Series 2018 (NR/BBB-) | |
| | | | | 84,000 | | | | 3.000 | | | 05/01/2025 | | | 83,192 | |
| | 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 | | | 4,312,752 | |
| | 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 | | | 56,665 | |
| | | | | 70,000 | | | | 2.000 | | | 05/01/2029 | | | 64,934 | |
| | 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 | | | 5,034,938 | |
| | Lee Memorial Health System Hospital Revenue & Revenue Refunding Bonds 2019 Series A-2 (A2/A+) | |
| | | | | 8,410,000 | | | | 5.000 | (b)(c) | | 04/01/2033 | | | 8,558,719 | |
| | Marshall Creek Community Development District Special Assessment Refunding Series 2015 A (NR/NR) | |
| | | | | 1,350,000 | | | | 5.000 | | | 05/01/2032 | | | 1,356,464 | |
| | Miami Dade County Educational Facility Authority RB for University of Miami (AMBAC) (A2/A-) | |
| | | | | 10,995,000 | | | | 5.250 | | | 04/01/2027 | | | 11,636,635 | |
| | Miami-Dade County Aviation Revenue Refunding Bonds Series 2014A (AMT) (A1/A+) | |
| | | | | 20,000,000 | | | | 5.000 | | | 10/01/2035 | | | 20,022,204 | |
| | Miami-Dade County Aviation Revenue Refunding Bonds Series 2024A (AMT) (NR/A+) | |
| | | | | 1,520,000 | | | | 5.000 | | | 10/01/2027 | | | 1,599,812 | |
| | | | | 1,110,000 | | | | 5.000 | | | 10/01/2028 | | | 1,186,214 | |
| | Miami-Dade County General Obligation Bonds Building Better Communities Program Series 2015-D (Aa2/AA) | |
| | | | | 3,710,000 | | | | 5.000 | | | 07/01/2027 | | | 3,851,482 | |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Florida – (continued) | |
| | 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 | | $ | 500,375 | |
| | New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/A) | |
| | | | | 125,000 | | | | 3.500 | (e) | | 05/01/2025 | | | 124,006 | |
| | 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 | | | 200,806 | |
| | Oak Creek Community Development District Special Assessment Refunding Bonds Series 2015 A-1 (NR/A+) | |
| | | | | 1,150,000 | | | | 4.450 | | | 05/01/2031 | | | 1,153,064 | |
| | Orange County Health Facilities Authority RB Presbyterian Retirement Communities Obligated Group Project Series 2024 (NR/NR) | |
| | | | | 1,000,000 | | | | 5.000 | | | 08/01/2025 | | | 1,016,713 | |
| | | | | 700,000 | | | | 5.000 | | | 08/01/2026 | | | 726,416 | |
| | | | | 1,245,000 | | | | 5.000 | | | 08/01/2027 | | | 1,316,283 | |
| | | | | 1,295,000 | | | | 5.000 | | | 08/01/2028 | | | 1,393,008 | |
| | | | | 915,000 | | | | 5.000 | | | 08/01/2029 | | | 1,001,581 | |
| | | | | 955,000 | | | | 5.000 | | | 08/01/2030 | | | 1,058,289 | |
| | | | | 1,510,000 | | | | 5.000 | | | 08/01/2031 | | | 1,688,706 | |
| | | | | 1,585,000 | | | | 5.000 | | | 08/01/2032 | | | 1,776,982 | |
| | | | | 1,665,000 | | | | 5.000 | | | 08/01/2033 | | | 1,876,061 | |
| | | | | 1,745,000 | | | | 5.000 | | | 08/01/2034 | | | 1,959,314 | |
| | Orange County Health Facilities Authority Revenue Hospital Bonds for AdventHealth Obligated Group Series 2021 C (NR/AA) (PUTABLE) | |
| | | | | 15,575,000 | | | | 5.000 | (b)(c) | | 11/15/2052 | | | 16,273,288 | |
| | Osceola County Transportation Improvement & Refunding RB
Series 2019A-1 (NR/BBB+) | |
| | | | | 780,000 | | | | 5.000 | | | 10/01/2024 | | | 780,000 | |
| | Osceola County Transportation Improvement Refunding RB
Series 2019A-1 (NR/BBB+) | |
| | | | | 275,000 | | | | 5.000 | | | 10/01/2025 | | | 278,653 | |
| | 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 | | | 1,104,272 | |
| | Palm Glades Community Development District Senior Special Assessment Bonds Series 2018A-1 (NR/A) | |
| | | | | 210,000 | | | | 3.000 | | | 11/01/2024 | | | 209,747 | |
| | Parkway Center Community Development District Special Assessment Refunding Bonds Series 2018-1 (NR/BBB) | |
| | | | | 255,000 | | | | 3.500 | | | 05/01/2025 | | | 253,581 | |
| | Pasco County Capital Improvement Cigarette Tax Allocation Bonds Series 2023A (AGM) (A1/AA) | |
| | | | | 250,000 | | | | 5.250 | | | 09/01/2025 | | | 254,849 | |
| | | | | 250,000 | | | | 5.250 | | | 09/01/2026 | | | 261,814 | |
| | | | | 300,000 | | | | 5.250 | | | 09/01/2027 | | | 321,257 | |
| | | | | 300,000 | | | | 5.250 | | | 09/01/2028 | | | 327,770 | |
| | Pine Ridge Plantation Community Development District Capital Improvement Revenue & Refunding Bonds Series 2021A-1 (AGM) (NR/AA) | |
| | | | | 510,000 | | | | 2.000 | | | 05/01/2025 | | | 502,642 | |
| | | | | 520,000 | | | | 2.000 | | | 05/01/2026 | | | 504,907 | |
| | | | | 530,000 | | | | 2.000 | | | 05/01/2027 | | | 506,072 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 201 |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Florida – (continued) | |
| | Reunion East Community Development District Special Assessment Refunding Bonds for Osceola County Series 2015A (NR/NR) | |
| | $ | | | 680,000 | | | | 5.000 | % | | 05/01/2025 | | $ | 687,887 | |
| | Reunion East Community Development District Special Assessment Refunding Bonds Series 2015 A (NR/NR) | |
| | | | | 6,820,000 | | | | 5.000 | | | 05/01/2033 | | | 6,865,018 | |
| | Reunion West Community Development District Special Assessment Refunding Bonds Series 2022 (NR/NR) | |
| | | | | 225,000 | | | | 3.000 | | | 05/01/2025 | | | 224,033 | |
| | | | | 285,000 | | | | 3.000 | | | 05/01/2026 | | | 282,072 | |
| | | | | 390,000 | | | | 3.000 | | | 05/01/2027 | | | 382,357 | |
| | River Bend Community Development District Senior Special Assessment Revenue Refunding Bonds Series 2016A-1 | |
| | | | | (NR/A- | ) | | | | | | | | | | |
| | | | | 415,000 | | | | 2.750 | | | 05/01/2025 | | | 411,004 | |
| | | | | 425,000 | | | | 3.000 | | | 05/01/2026 | | | 419,787 | |
| | River Glen Community Development District Capital Improvement Revenue & Refunding Bonds Series 2021 (NR/BBB+) | |
| | | | | 139,000 | | | | 2.500 | | | 05/01/2025 | | | 137,348 | |
| | | | | 143,000 | | | | 2.500 | | | 05/01/2026 | | | 139,394 | |
| | | | | 146,000 | | | | 2.500 | | | 05/01/2027 | | | 140,918 | |
| | | | | 148,000 | | | | 2.500 | | | 05/01/2028 | | | 140,919 | |
| | | | | 157,000 | | | | 2.500 | | | 05/01/2030 | | | 143,463 | |
| | River Hall Community Development District Special Assessment Refunding Bonds Series 2021 A-1 (NR/NR) | |
| | | | | 180,000 | | | | 3.000 | | | 05/01/2025 | | | 178,961 | |
| | | | | 225,000 | | | | 3.000 | | | 05/01/2026 | | | 221,502 | |
| | Sabal Palm Community Development District Broward County Florida Special Assessment Refunding Bonds Series 2024 | |
| | | | | (NR/NR | ) | | | | | | | | | | |
| | | | | 85,000 | | | | 5.000 | | | 05/01/2025 | | | 85,607 | |
| | | | | 65,000 | | | | 5.000 | | | 05/01/2026 | | | 66,142 | |
| | | | | 70,000 | | | | 5.000 | | | 05/01/2027 | | | 71,883 | |
| | Sandmine Road Community Development District Special Assessment Bonds for Polk County Series 2020 (NR/NR) | |
| | | | | 105,000 | | | | 2.625 | (e) | | 05/01/2025 | | | 104,276 | |
| | Sarasota National Community Development District Special Assessment Refunding Bonds Series 2020 (NR/NR) | |
| | | | | 240,000 | | | | 3.000 | | | 05/01/2025 | | | 239,030 | |
| | School Board of Miami-Dade County Florida Certificates of Participation Series 2016B (A1/A+) | |
| | | | | 7,340,000 | | | | 5.000 | | | 08/01/2027 | | | 7,578,314 | |
| | South Village Community Development District Capital Improvement Revenue & Refunding Bonds Series 2016A-1 (NR/A+) | |
| | | | | 100,000 | | | | 2.750 | | | 05/01/2025 | | | 99,397 | |
| | | | | 95,000 | | | | 3.000 | | | 05/01/2026 | | | 94,110 | |
| | 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 | | | 2,543,205 | |
| | Storey Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR) | |
| | | | | 190,000 | | | | 3.125 | | | 12/15/2025 | | | 188,038 | |
| | Storey Park Community Development District Special Assessment Bonds for Assessment Area Three Project Series 2019 (NR/NR) | |
| | | | | 460,000 | | | | 3.750 | (e) | | 06/15/2029 | | | 459,442 | |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Florida – (continued) | |
| | Summerstone Community Development District Pasco County, Florida Special Assessment RB, Series 2020 Phase One (NR/NR) | |
| | $ | | | 35,000 | | | | 2.500 | % | | 05/01/2025 | | $ | 34,736 | |
| | Summerville Community Development District Special Assessment Refunding Series 2020 (NR/NR) | |
| | | | | 121,000 | | | | 3.000 | | | 05/01/2025 | | | 120,356 | |
| | | | | 725,000 | | | | 3.500 | | | 05/01/2031 | | | 696,138 | |
| | Tampa Bay Water Utility System Refunding RB Series 2015A (Aa1/AA+) | |
| | | | | 4,225,000 | | | | 4.000 | | | 10/01/2029 | | | 4,274,282 | |
| | Tapestry Community Development District Special Assessment RB for City of Kissimmee Series 2016 (NR/NR) | |
| | | | | 230,000 | | | | 4.250 | | | 05/01/2026 | | | 230,968 | |
| | 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 | | | 242,137 | |
| | Tolomato Community Development District Special Assessment Refunding Bonds Series 2022A (AGM) (NR/AA) | |
| | | | | 760,000 | | | | 3.000 | | | 05/01/2025 | | | 757,084 | |
| | | | | 1,605,000 | | | | 3.000 | | | 05/01/2027 | | | 1,613,513 | |
| | Touchstone Community Development District Senior Special Assessment Bonds Series 2022A-1 (NR/BBB+) | |
| | | | | 105,000 | | | | 4.500 | | | 05/01/2026 | | | 106,548 | |
| | | | | 115,000 | | | | 4.500 | | | 05/01/2028 | | | 118,764 | |
| | | | | 120,000 | | | | 4.500 | | | 05/01/2029 | | | 124,715 | |
| | Trails at Monterey Community Development District Special Assessment Refunding Bonds Series 2012 (NR/A-) | |
| | | | | 140,000 | | | | 4.150 | | | 05/01/2025 | | | 140,100 | |
| | | | | 145,000 | | | | 4.250 | | | 05/01/2026 | | | 145,163 | |
| | Venetian Parc Community Development District Miami-Dade County Florida Special Assessment Refunding Bonds Series 2024 Assessment Area Two (NR/NR) | |
| | | | | 115,000 | | | | 5.000 | (e) | | 05/01/2025 | | | 115,820 | |
| | | | | 120,000 | | | | 5.000 | (e) | | 05/01/2026 | | | 122,195 | |
| | | | | 100,000 | | | | 5.000 | (e) | | 05/01/2027 | | | 102,807 | |
| | | | | 1,075,000 | | | | 5.000 | (e) | | 05/01/2034 | | | 1,150,833 | |
| | Verandah East Community Development District Special Assessment Revenue Refunding Improvement Bonds for Lee County
Series 2016 (NR/NR) | |
| | | | | 1,035,000 | | | | 3.750 | | | 05/01/2026 | | | 1,028,181 | |
| | Viera East Community Development District Special Revenue Assessment Bonds Series 2020 (AGM) (NR/AA) | |
| | | | | 500,000 | | | | 2.000 | | | 05/01/2025 | | | 491,513 | |
| | | | | 795,000 | | | | 2.000 | | | 05/01/2026 | | | 766,789 | |
| | Villa Portofino West Community District Special Assessment Refunding Series 2020 (NR/NR) | |
| | | | | 177,000 | | | | 3.000 | | | 05/01/2025 | | | 176,058 | |
| | | | | 973,000 | | | | 3.500 | | | 05/01/2030 | | | 937,634 | |
| | Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR) | |
| | | | | 10,000 | | | | 1.875 | (e) | | 05/01/2025 | | | 9,920 | |
| | Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (NR/NR) | |
| | | | | 280,000 | | | | 4.000 | | | 05/01/2025 | | | 281,012 | |
| | Village Community Development District Special Assessment Revenue Refunding Bonds Series 2020 (AGM) (NR/AA) | |
| | | | | 1,315,000 | | | | 5.000 | | | 05/01/2025 | | | 1,327,661 | |
| | |
| 202 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Florida – (continued) | |
| | Village Community Development District Special Assessment Revenue Refunding Bonds Series 2020 (AGM) (NR/AA) – (continued) | |
| | $ | | | 1,385,000 | | | | 5.000 | % | | 05/01/2026 | | $ | 1,429,986 | |
| | Watergrass Community Development District Special Assessment Revenue Refunding Bonds Series 2021 (NR/NR) (NR/NR) | |
| | | | | 215,000 | | | | 2.000 | | | 05/01/2026 | | | 208,391 | |
| | Waterset Central Community Development District Special Assessment Bonds for Hillsborough County Series 2018 (NR/NR) | |
| | | | | 95,000 | | | | 4.000 | (e) | | 11/01/2024 | | | 95,008 | |
| | Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR) | |
| | | | | 2,000,000 | | | | 3.750 | (e) | | 06/15/2030 | | | 1,958,686 | |
| | Winding Cypress Community Development District Special Assessment Bonds for Collier County Series 2015 (NR/NR) | |
| | | | | 170,000 | | | | 4.375 | | | 11/01/2025 | | | 170,678 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 267,833,370 | |
| | | |
| | Georgia - 2.3% | |
| | Bartow County Development Authority Pollution Control RB for Georgia Power Company Plant Bown Project Series 2009 (A3/A/A-2) (PUTABLE) | |
| | | | | 3,130,000 | | | | 3.950 | (b)(c) | | 12/01/2032 | | | 3,250,221 | |
| | 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 | | | 1,353,551 | |
| | Burke County Development Authority Pollution Control RB for Oglethorpe Power Corp. Series 2013 A (Baa1/BBB+) (PUTABLE) | |
| | | | | 2,000,000 | | | | 1.500 | (b)(c) | | 01/01/2040 | | | 1,974,213 | |
| | City of Atlanta GO Public Improvement Bonds Series 2022A-1 (Aa1/NR) | |
| | | | | 835,000 | | | | 5.000 | | | 12/01/2024 | | | 837,419 | |
| | | | | 545,000 | | | | 5.000 | | | 12/01/2025 | | | 560,433 | |
| | | | | 1,000,000 | | | | 5.000 | | | 12/01/2026 | | | 1,055,056 | |
| | | | | 525,000 | | | | 5.000 | | | 12/01/2027 | | | 567,110 | |
| | City of Atlanta GO Public Improvement Bonds Series 2022A-2 (Aa1/NR) | |
| | | | | 1,105,000 | | | | 5.000 | | | 12/01/2025 | | | 1,136,291 | |
| | | | | 1,100,000 | | | | 5.000 | | | 12/01/2026 | | | 1,160,561 | |
| | | | | 2,375,000 | | | | 5.000 | | | 12/01/2027 | | | 2,565,498 | |
| | Colquitt County School District GO Bonds Series 2023 (ST AID WITHHLDG) (Aa1/NR) | |
| | | | | 585,000 | | | | 5.000 | | | 12/01/2025 | | | 601,020 | |
| | | | | 935,000 | | | | 5.000 | | | 12/01/2026 | | | 986,274 | |
| | 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 | | | 4,812,624 | |
| | 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 | | | 2,420,986 | |
| | Development Authority of Burke County Pollution Control RB for Georgia Power Company Plant Vogtle Project Second Series 2008 (Baa1/BBB+) (PUTABLE) | |
| | | | | 2,020,000 | | | | 3.375 | (b)(c) | | 11/01/2048 | | | 2,041,917 | |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | 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) | |
| | $ | | | 1,950,000 | | | | 3.700 | %(b)(c) | | 10/01/2032 | | $ | 2,012,460 | |
| | Housing Authority of Douglas County Multifamily Housing RB Astoria at Crystal Lake Project Series 2024B (Aaa/NR) | |
| | | | | 1,000,000 | | | | 5.000 | (b)(c) | | 10/01/2028 | | | 1,058,917 | |
| | Housing Authority of The City of Lawrenceville Multifamily Housing RB Applewood Towers Project Series 2024B (Aaa/ NR) | |
| | | | | 1,615,000 | | | | 5.000 | (b)(c) | | 10/01/2028 | | | 1,710,627 | |
| | Main Street Natural Gas Inc. Gas Supply RB Series 2019A (A1/NR) | |
| | | | | 2,500,000 | | | | 5.000 | | | 05/15/2025 | | | 2,517,082 | |
| | | | | 3,000,000 | | | | 5.000 | | | 05/15/2026 | | | 3,071,334 | |
| | | | | 500,000 | | | | 5.000 | | | 05/15/2027 | | | 520,303 | |
| | | | | 1,975,000 | | | | 5.000 | | | 05/15/2030 | | | 2,085,645 | |
| | Main Street Natural Gas Inc. Gas Supply RB Series 2019C (A3/NR) | |
| | | | | 5,230,000 | | | | 4.000 | (b)(c) | | 03/01/2050 | | | 5,278,059 | |
| | Main Street Natural Gas Inc. Gas Supply RB Series 2021A (Aa1/NR) | |
| | | | | 3,000,000 | | | | 4.000 | (b)(c) | | 07/01/2052 | | | 3,036,803 | |
| | Main Street Natural Gas Inc. Gas Supply RB Series 2021C (A3/ NR) | |
| | | | | 1,000,000 | | | | 4.000 | | | 12/01/2025 | | | 1,006,758 | |
| | Main Street Natural Gas Inc. Gas Supply RB Series 2022B (A3/NR) | |
| | | | | 1,740,000 | | | | 5.000 | | | 06/01/2027 | | | 1,820,899 | |
| | Main Street Natural Gas Inc. Gas Supply RB Series 2022C (NR/BBB-) | |
| | | | | 1,705,000 | | | | 4.000 | (e) | | 11/01/2025 | | | 1,703,490 | |
| | | | | 3,665,000 | | | | 4.000 | (e) | | 11/01/2026 | | | 3,665,480 | |
| | Main Street Natural Gas Inc. Gas Supply RB Series 2023B (Aa1/ NR) | |
| | | | | 13,040,000 | | | | 5.000 | (b)(c) | | 07/01/2053 | | | 14,116,711 | |
| | Main Street Natural Gas Inc., Gas Supply RB Series 2023E-1 (Aa1/NR) | |
| | | | | 4,000,000 | | | | 5.000 | (b)(c) | | 12/01/2053 | | | 4,355,812 | |
| | Main Street Natural Gas Inc., Gas Supply RB, Series 2019A (A1/NR) | |
| | | | | 3,740,000 | | | | 5.000 | | | 05/15/2028 | | | 3,952,382 | |
| | Main Street Natural Gas, Inc. Gas Supply RB Series 2022A (A3/NR) | |
| | | | | 500,000 | | | | 4.000 | | | 12/01/2025 | | | 503,550 | |
| | Main Street Natural Gas, Inc. Gas Supply RB Series 2022C (NR/BBB-) | |
| | | | | 3,810,000 | | | | 4.000 | (e) | | 11/01/2027 | | | 3,805,714 | |
| | Main Street Natural Gas, Inc., Gas Supply RB Series 2024A (Aa1/NR) | |
| | | | | 2,800,000 | | | | 5.000 | (b)(c) | | 05/01/2054 | | | 3,060,638 | |
| | Medical Center Hospital Authority Revenue Anticipation Certificates for Piedmont Healthcare Project Series 2019A (A1/AA-) | |
| | | | | 7,190,000 | | | | 5.000 | (b)(c) | | 07/01/2054 | | | 7,349,037 | |
| | 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 | | | 2,133,040 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 203 |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Georgia – (continued) | |
| | 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 | | $ | 1,581,678 | |
| | 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 | | | 2,914,952 | |
| | 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 | | | 1,581,678 | |
| | Municipal Electric Authority of Georgia Project One Subordinated Bonds Series 2024A (A2/A-) | |
| | | | | 300,000 | | | | 5.000 | (d) | | 01/01/2027 | | | 315,490 | |
| | | | | 275,000 | | | | 5.000 | (d) | | 01/01/2028 | | | 295,172 | |
| | | | | 125,000 | | | | 5.000 | (d) | | 01/01/2029 | | | 136,636 | |
| | | | | 400,000 | | | | 5.000 | (d) | | 01/01/2030 | | | 444,393 | |
| | | | | 500,000 | | | | 5.000 | (d) | | 01/01/2031 | | | 560,688 | |
| | Richmond County Board of Education GO Sales Tax Bonds Series 2023 (ST AID WITHHLDG) (Aa1/AA+) | |
| | | | | 875,000 | | | | 5.000 | | | 10/01/2025 | | | 894,636 | |
| | | | | 2,850,000 | | | | 5.000 | | | 10/01/2026 | | | 2,994,890 | |
| | | | | 650,000 | | | | 5.000 | | | 10/01/2027 | | | 699,513 | |
| | Savanah Economic Development Authority Recovery Zone Facility Revenue Refunding Bonds Series 2019A (Baa2/BBB) (PUTABLE) | |
| | | | | 425,000 | | | | 2.000 | (b)(c) | | 11/01/2033 | | | 425,000 | |
| | Urban Residential Finance Authority of The City of Atlanta Georgia Multifamily Housing RB Series 2024B (Aaa/NR) | |
| | | | | 8,800,000 | | | | 2.920 | (b)(c)(d) | | 05/01/2029 | | | 8,800,408 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 115,733,049 | |
| | | |
| | Guam - 0.3% | |
| | A.B. Won Pat International Airport Authority Guam General RB 2024 Series A (AMT) (Baa2/NR) | |
| | | | | 120,000 | | | | 5.000 | (d) | | 10/01/2027 | | | 125,156 | |
| | | | | 200,000 | | | | 5.000 | (d) | | 10/01/2028 | | | 210,926 | |
| | | | | 500,000 | | | | 5.000 | (d) | | 10/01/2029 | | | 532,493 | |
| | | | | 250,000 | | | | 5.000 | (d) | | 10/01/2030 | | | 267,118 | |
| | | | | 250,000 | | | | 5.000 | (d) | | 10/01/2031 | | | 268,054 | |
| | | | | 350,000 | | | | 5.000 | (d) | | 10/01/2032 | | | 375,940 | |
| | A.B. Won Pat International Airport Authority Guam General RB 2024 Series B (NON-AMT) (Baa2/NR) | |
| | | | | 200,000 | | | | 5.000 | (d) | | 10/01/2030 | | | 220,680 | |
| | | | | 200,000 | | | | 5.000 | (d) | | 10/01/2031 | | | 222,466 | |
| | | | | 400,000 | | | | 5.000 | (d) | | 10/01/2032 | | | 447,368 | |
| | | | | 200,000 | | | | 5.000 | (d) | | 10/01/2033 | | | 224,762 | |
| | Guam Power Authority Refunding RB Series 2022 A (Baa2/BBB) | |
| | | | | 1,300,000 | | | | 5.000 | | | 10/01/2029 | | | 1,417,145 | |
| | Guam Power Authority Revenue Refunding Bonds 2024 Series A (Baa2/BBB) | |
| | | | | 500,000 | | | | 5.000 | | | 10/01/2025 | | | 510,010 | |
| | | | | 500,000 | | | | 5.000 | | | 10/01/2026 | | | 521,694 | |
| | | | | 450,000 | | | | 5.000 | | | 10/01/2027 | | | 478,316 | |
| | | | | 500,000 | | | | 5.000 | | | 10/01/2028 | | | 540,249 | |
| | Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2024A (Baa2/A-) | |
| | | | | 350,000 | | | | 5.000 | | | 07/01/2025 | | | 354,690 | |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Guam – (continued) | |
| | Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2024A (Baa2/A-) – (continued) | |
| | $ | | | 350,000 | | | | 5.000 | % | | 07/01/2026 | | $ | 362,517 | |
| | | | | 350,000 | | | | 5.000 | | | 07/01/2027 | | | 369,608 | |
| | | | | 750,000 | | | | 5.000 | | | 07/01/2028 | | | 805,991 | |
| | | | | 700,000 | | | | 5.000 | | | 07/01/2029 | | | 763,171 | |
| | | | | 1,125,000 | | | | 5.000 | | | 07/01/2030 | | | 1,238,912 | |
| | Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2024B (Baa2/A-) | |
| | | | | 500,000 | | | | 5.000 | | | 07/01/2025 | | | 506,699 | |
| | | | | 600,000 | | | | 5.000 | | | 07/01/2026 | | | 621,458 | |
| | | | | 500,000 | | | | 5.000 | | | 07/01/2027 | | | 528,012 | |
| | | | | 1,000,000 | | | | 5.000 | | | 07/01/2028 | | | 1,074,655 | |
| | | | | 985,000 | | | | 5.000 | | | 07/01/2029 | | | 1,073,891 | |
| | | | | 1,175,000 | | | | 5.000 | | | 07/01/2030 | | | 1,293,975 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 15,355,956 | |
| | | |
| | 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 | | | 5,642,088 | |
| | City and County of Honolulu Multifamily Housing RB Maunakea Tower Apartments Series 2023 (HUD SECT 8) (Aaa/NR) (PUTABLE) | |
| | | | | 7,040,000 | | | | 5.000 | (b)(c) | | 06/01/2027 | | | 7,271,197 | |
| | City and County of Honolulu Wastewater System RB Junior
Series 2025A (NR/AA+) | |
| | | | | 3,400,000 | | | | 5.000 | (d) | | 07/01/2032 | | | 3,834,190 | |
| | City of Honolulu GO Bonds Series A (Aa2/NR) | |
| | | | | 10,575,000 | | | | 4.000 | | | 10/01/2034 | | | 10,636,747 | |
| | Kauai County Community Facilities District No. 2008-1 Special Tax RB for Kukui’ula Development Series 2019 (NR/NR) | |
| | | | | 75,000 | | | | 5.000 | | | 05/15/2029 | | | 78,239 | |
| | State of Hawaii Department of Budget and Finance Special Purpose RB Refunding Series 2017A (Ba3/NR) | |
| | | | | 10,735,000 | | | | 3.100 | | | 05/01/2026 | | | 10,321,868 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 37,784,329 | |
| | | |
| | Illinois - 7.2% | |
| | Board of Trustee of Northern Illinois University Auxiliary Facilities System RB Series 2021 (BAM) (Baa3/AA) | |
| | | | | 325,000 | | | | 5.000 | | | 10/01/2025 | | | 330,601 | |
| | | | | 250,000 | | | | 5.000 | | | 10/01/2026 | | | 259,210 | |
| | | | | 325,000 | | | | 5.000 | | | 10/01/2028 | | | 347,297 | |
| | Carol Stream Park District GO Refunding Park Bonds Series 2016 (BAM) (NR/AA) | |
| | | | | 4,705,000 | | | | 5.000 | | | 01/01/2037 | | | 4,806,513 | |
| | Chicago GO Bonds 2019A (NR/NR) | |
| | | | | 550,000 | | | | 5.000 | | | 01/01/2028 | | | 593,368 | |
| | Chicago GO Bonds 2019A (NR/BBB+) | |
| | | | | 3,210,000 | | | | 5.000 | | | 01/01/2028 | | | 3,390,038 | |
| | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa2/BB+) | |
| | | | | 660,000 | | | | 0.000 | (g) | | 12/01/2026 | | | 612,377 | |
| | | | | 4,645,000 | | | | 0.000 | (g) | | 12/01/2027 | | | 4,146,720 | |
| | | | | 365,000 | | | | 0.000 | (g) | | 12/01/2029 | | | 299,151 | |
| | |
| 204 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Illinois – (continued) | |
| | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL) (Baa2/BB+) | |
| | $ | | | 250,000 | | | | 0.000 | %(g) | | 12/01/2027 | | $ | 223,182 | |
| | | | | 95,000 | | | | 0.000 | (g) | | 12/01/2029 | | | 77,861 | |
| | Chicago Illinois Board of Education GO Bonds Series 1999 A (NATL) (Baa2/BB+) | |
| | | | | 9,285,000 | | | | 0.000 | (g) | | 12/01/2024 | | | 9,223,083 | |
| | Chicago Illinois Board of Education Unlimited Tax GO Bonds for Capital Appreciation Boards School Reform Series 1998 B-1 (NATL) (Baa2/BB+) | |
| | | | | 640,000 | | | | 0.000 | (g) | | 12/01/2025 | | | 614,274 | |
| | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (NR/AA) | |
| | | | | 2,275,000 | | | | 5.000 | | | 12/01/2024 | | | 2,278,273 | |
| | | | | 1,825,000 | | | | 5.000 | | | 12/01/2025 | | | 1,853,992 | |
| | | | | 3,615,000 | | | | 5.000 | | | 12/01/2026 | | | 3,757,876 | |
| | Chicago O’Hare International Airport RB Refunding Series 2015 A (AMT) (NR/A+) | |
| | | | | 11,000,000 | | | | 5.000 | | | 01/01/2031 | | | 11,032,432 | |
| | Chicago Park District GO LT Refunding Bonds Series 2023C (NR/AA-) | |
| | | | | 2,400,000 | | | | 5.000 | | | 01/01/2026 | | | 2,460,960 | |
| | | | | 2,780,000 | | | | 5.000 | | | 01/01/2027 | | | 2,917,064 | |
| | | | | 1,965,000 | | | | 5.000 | | | 01/01/2028 | | | 2,104,912 | |
| | Chicago Transit Authority Sales Tax Receipts RB Series 2014 (NR/AA) | |
| | | | | 11,750,000 | | | | 5.250 | | | 12/01/2049 | | | 11,765,588 | |
| | City of Chicago Board of Education Capital Appreciation Bonds for School Reform Series 1998B-1 (NATL) (Baa2/BB+) | |
| | | | | 685,000 | | | | 0.000 | (g) | | 12/01/2028 | | | 587,593 | |
| | City of Chicago Board of Education GO Bonds Series 1999 A (NATL) (Baa2/BB+) | |
| | | | | 5,000,000 | | | | 5.500 | | | 12/01/2026 | | | 5,160,410 | |
| | | | | 1,755,000 | | | | 0.000 | (g) | | 12/01/2030 | | | 1,374,706 | |
| | City of Chicago Board of Education UT GO Refunding Bonds
Series 2018A (AGM) (NR/AA) | |
| | | | | 1,500,000 | | | | 5.000 | | | 12/01/2029 | | | 1,603,381 | |
| | City of Chicago Board of Education UT GO Refunding Bonds
Series 2018C (AGM) (NR/AA) | |
| | | | | 5,000,000 | | | | 5.000 | | | 12/01/2027 | | | 5,261,598 | |
| | | | | 7,535,000 | | | | 5.000 | | | 12/01/2029 | | | 8,011,970 | |
| | | | | 1,000,000 | | | | 5.000 | | | 12/01/2030 | | | 1,060,446 | |
| | City of Chicago GO Bonds Project & Refunding Series 2017A (NR/BBB+) | |
| | | | | 2,000,000 | | | | 5.625 | | | 01/01/2031 | | | 2,088,137 | |
| | City of Chicago GO Bonds Refunding Series 2020A (NR/BBB+) | |
| | | | | 3,430,000 | | | | 5.000 | | | 01/01/2027 | | | 3,569,780 | |
| | | | | 5,245,000 | | | | 5.000 | | | 01/01/2028 | | | 5,539,174 | |
| | City of Chicago GO Bonds Refunding Series 2021B (NR/BBB+) | |
| | | | | 1,855,000 | | | | 4.000 | | | 01/01/2028 | | | 1,901,191 | |
| | City of Chicago GO Refunding Bonds Series 2020 A (NR/BBB+) | |
| | | | | 1,000,000 | | | | 5.000 | | | 01/01/2029 | | | 1,070,585 | |
| | 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 | | | 3,343,476 | |
| | | | | 2,345,000 | | | | 5.000 | | | 01/01/2027 | | | 2,474,938 | |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Illinois – (continued) | |
| | City of Chicago Midway Airport RB Refunding for Senior Lien Airport Series 2023C (AMT) (NR/A) | |
| | $ | | | 5,000,000 | | | | 5.000 | % | | 01/01/2026 | | $ | 5,104,091 | |
| | | | | 5,755,000 | | | | 5.000 | | | 01/01/2027 | | | 5,970,019 | |
| | City of Chicago Midway Airport Senior Lien Airport Refunding RB Series 2023C (AMT) (NR/A) | |
| | | | | 1,000,000 | | | | 5.000 | | | 01/01/2028 | | | 1,053,729 | |
| | City of Chicago O’Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2022C (AMT) (NR/A+) | |
| | | | | 2,000,000 | | | | 5.000 | | | 01/01/2025 | | | 2,006,732 | |
| | City of Chicago O’Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2015A (NR/A+) | |
| | | | | 5,000,000 | | | | 5.000 | | | 01/01/2027 | | | 5,017,769 | |
| | City of Chicago Second Lien Wastewater Transmission RB Refunding Series 2024A (NR/A+) | |
| | | | | 500,000 | | | | 5.000 | | | 01/01/2026 | | | 513,543 | |
| | | | | 600,000 | | | | 5.000 | | | 01/01/2027 | | | 630,880 | |
| | City of Chicago Second Lien Water RB Refunding Series 2024A (NR/A+) | |
| | | | | 2,650,000 | | | | 5.000 | | | 11/01/2031 | | | 3,014,179 | |
| | City of Chicago Second Lien Water Revenue Refunding Bonds Series 2004 (NR/A+) | |
| | | | | 1,900,000 | | | | 5.000 | | | 11/01/2026 | | | 1,992,960 | |
| | City of Chicago Special Assessment Improvement Bonds Refunding Series 2022 (NR/NR) | |
| | | | | 314,000 | | | | 2.270 | (e) | | 12/01/2024 | | | 312,865 | |
| | | | | 329,000 | | | | 2.530 | (e) | | 12/01/2025 | | | 325,850 | |
| | | | | 305,000 | | | | 2.690 | (e) | | 12/01/2026 | | | 301,309 | |
| | | | | 255,000 | | | | 2.870 | (e) | | 12/01/2027 | | | 250,891 | |
| | City of Chicago Special Assessment Improvement Bonds Refunding Series 2022 Lakeshore East Project (NR/NR) | |
| | | | | 270,000 | | | | 3.040 | (e) | | 12/01/2028 | | | 264,344 | |
| | Illinois Community College District No. 512 GO Bonds Series 2020 (Aaa/NR) | |
| | | | | 1,980,000 | | | | 4.000 | | | 12/15/2025 | | | 2,009,590 | |
| | Illinois Finance Authority RB for Presbyterian Homes Obligated Group Series 2021 B (NR/NR) (SIFMA Municipal Swap Index Yield + 0.70%) | |
| | | | | 2,250,000 | | | | 3.850 | (c)(f) | | 05/01/2042 | | | 2,220,127 | |
| | Illinois Finance Authority RB for University of Illinois Series 2020 (NR/BBB+) | |
| | | | | 500,000 | | | | 5.000 | | | 10/01/2026 | | | 515,932 | |
| | 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 | | | 704,106 | |
| | Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (Ba2/NR) | |
| | | | | 600,000 | | | | 5.000 | | | 09/01/2025 | | | 599,953 | |
| | Illinois Finance Authority RB Refunding for Lifespace Communities, Inc. Obligated Group Series 2015 A (NR/NR) | |
| | | | | 540,000 | | | | 5.000 | | | 05/15/2026 | | | 541,183 | |
| | Illinois Finance Authority RB The University of Chicago Series 2024B (Aa2/AA-) | |
| | | | | 2,400,000 | | | | 5.000 | | | 04/01/2027 | | | 2,545,502 | |
| | | | | 2,700,000 | | | | 5.000 | | | 04/01/2028 | | | 2,926,346 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 205 |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Illinois – (continued) | |
| | Illinois Finance Authority Revenue Refunding Bonds Bradley University Project Series 2024 (NR/BBB+) | |
| | $ | | | 430,000 | | | | 5.000 | % | | 08/01/2025 | | $ | 435,298 | |
| | | | | 500,000 | | | | 5.000 | | | 08/01/2026 | | | 516,146 | |
| | | | | 500,000 | | | | 5.000 | | | 08/01/2027 | | | 522,459 | |
| | | | | 805,000 | | | | 5.000 | | | 08/01/2028 | | | 851,922 | |
| | Illinois Finance Authority Taxable RB for Theory and Computing Sciences Building Trust Series 2023 (A2/NR) | |
| | | | | 12,575,000 | | | | 6.693 | | | 07/01/2033 | | | 12,907,346 | |
| | Illinois Housing Development Authority Multifamily Housing RB Series 2024 Walden Oaks Il (HUD SECT 8 FHA 221(D)(4)) (Aaa/NR) | |
| | | | | 2,500,000 | | | | 5.000 | (b)(c) | | 10/01/2027 | | | 2,599,763 | |
| | Illinois Housing Development Authority Multifamily Housing RB, Series 2023 (6900 Crandon) (HUD SECT 8 FHA 221(d)(4)) (Aaa/NR) | |
| | | | | 1,330,000 | | | | 5.000 | (b)(c) | | 02/01/2027 | | | 1,363,995 | |
| | Illinois Housing Development Authority Multifamily Housing RB, Series 2023 South Shore (FHA 221(D4) HUD SECT 8) (FHA 221(D4) HUD SECT 8) (Aaa/NR) | |
| | | | | 5,335,000 | | | | 4.000 | (b)(c) | | 06/01/2026 | | | 5,354,331 | |
| | Illinois Housing Development Authority Multifamily Housing RB, Series 2023 South Shore (HHDC) (HUD SECT 8) (Aaa/NR) | |
| | | | | 4,340,000 | | | | 5.000 | (b)(c) | | 02/01/2027 | | | 4,448,066 | |
| | Illinois Sports Facilities Authority RB Bonds Series 2001 (AMBAC) (NR/BBB+) | |
| | | | | 3,235,000 | | | | 0.000 | (g) | | 06/15/2025 | | | 3,153,196 | |
| | Illinois State GO Bonds Series 2017 D (A3/A-) | |
| | | | | 26,975,000 | | | | 5.000 | | | 11/01/2025 | | | 27,560,603 | |
| | | | | 34,465,000 | | | | 5.000 | | | 11/01/2026 | | | 36,026,130 | |
| | Illinois State GO Bonds Series 2019 A (A3/A-) | |
| | | | | 4,000,000 | | | | 5.000 | | | 11/01/2024 | | | 4,005,013 | |
| | Metropolitan Pier & Exposition Authority Mccormick Place Expansion Project Refunding Bonds Series 2024A (NR/A) | |
| | | | | 1,950,000 | | | | 5.000 | | | 06/15/2029 | | | 2,074,798 | |
| | Metropolitan Pier & Exposition Authority Mccormick Place Expansion Project Refunding Bonds Series 2024B (NR/A) | |
| | | | | 4,035,000 | | | | 4.000 | | | 12/15/2026 | | | 4,144,223 | |
| | | | | 840,000 | | | | 4.000 | | | 12/15/2027 | | | 871,830 | |
| | Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2022 B (NR/A) | |
| | | | | 3,000,000 | | | | 5.000 | | | 12/15/2027 | | | 3,065,185 | |
| | Northern Illinois University Board of Trustees Auxiliary Facilities System RB Series 2021 (BAM) (Baa3/AA) | |
| | | | | 325,000 | | | | 5.000 | | | 10/01/2030 | | | 354,191 | |
| | Sales Tax Securitization Corp Bonds Series 2018C (NR/AA-) | |
| | | | | 10,900,000 | | | | 5.000 | | | 01/01/2026 | | | 11,218,946 | |
| | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2020A (NR/AA-) | |
| | | | | 3,480,000 | | | | 5.000 | | | 01/01/2026 | | | 3,581,829 | |
| | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2021A (NR/AA-) | |
| | | | | 5,105,000 | | | | 5.000 | | | 01/01/2027 | | | 5,364,693 | |
| | State of Illinois Build Illinois Junior Obligation Bonds Series 2021A (NR/A) | |
| | | | | 2,460,000 | | | | 4.000 | | | 06/15/2025 | | | 2,477,406 | |
| | State of Illinois General Obligation Bonds Series of May 2024B (A3/A-) | |
| | | | | 3,000,000 | | | | 5.000 | | | 05/01/2026 | | | 3,100,483 | |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Illinois – (continued) | |
| | State of Illinois General Obligation Bonds Series of May 2024B (A3/A-) – (continued) | |
| | $ | | | 3,000,000 | | | | 5.000 | % | | 05/01/2027 | | $ | 3,166,539 | |
| | State of Illinois GO Bonds Refunding Series 2022B (A3/A-) | |
| | | | | 3,000,000 | | | | 5.000 | | | 03/01/2025 | | | 3,022,640 | |
| | State of Illinois GO Bonds Series 2014 (A3/A-) | |
| | | | | 1,280,000 | | | | 5.000 | | | 05/01/2028 | | | 1,285,651 | |
| | | | | 1,295,000 | | | | 5.000 | | | 04/01/2031 | | | 1,300,903 | |
| | State of Illinois GO Bonds Series 2016 (A3/A-) | |
| | | | | 2,965,000 | | | | 5.000 | | | 01/01/2026 | | | 3,041,894 | |
| | | | | 5,700,000 | | | | 5.000 | | | 11/01/2028 | | | 5,928,321 | |
| | State of Illinois GO Bonds Series 2017A (A3/A-) | |
| | | | | 3,455,000 | | | | 5.000 | | | 12/01/2027 | | | 3,686,967 | |
| | State of Illinois GO Bonds Series 2017C (A3/A-) | |
| | | | | 6,540,000 | | | | 5.000 | | | 11/01/2029 | | | 6,927,036 | |
| | State of Illinois GO Bonds Series 2017D (A3/A-) | |
| | | | | 5,560,000 | | | | 5.000 | | | 11/01/2027 | | | 5,925,333 | |
| | State of Illinois GO Bonds Series 2020 (A3/A-) | |
| | | | | 1,065,000 | | | | 5.500 | | | 05/01/2030 | | | 1,164,767 | |
| | State of Illinois GO Bonds Series 2021A (A3/A-) | |
| | | | | 2,750,000 | | | | 5.000 | | | 03/01/2026 | | | 2,832,040 | |
| | State of Illinois GO Bonds, Refunding Series of May 2023D (A3/A-) | |
| | | | | 8,035,000 | | | | 5.000 | | | 07/01/2025 | | | 8,152,648 | |
| | State of Illinois GO Refunding Bonds Series 2016 (A3/A-) | |
| | | | | 4,215,000 | | | | 5.000 | | | 02/01/2026 | | | 4,332,456 | |
| | | | | 4,020,000 | | | | 5.000 | | | 02/01/2028 | | | 4,217,472 | |
| | | | | 2,100,000 | | | | 5.000 | | | 02/01/2029 | | | 2,197,926 | |
| | State of Illinois GO Refunding Bonds Series 2018A (A3/A-) | |
| | | | | 6,490,000 | | | | 5.000 | | | 10/01/2028 | | | 7,022,762 | |
| | State of Illinois GO Refunding Bonds Series 2018B (A3/A-) | |
| | | | | 6,000,000 | | | | 5.000 | | | 10/01/2028 | | | 6,492,538 | |
| | State of Illinois GO Refunding Bonds Series of October 2016 Il (A3/A-) | |
| | | | | 225,000 | | | | 5.000 | | | 02/01/2027 | | | 236,323 | |
| | State of Illinois GO Unlimited Refunding Bonds Series 2018 B (A3/A-) | |
| | | | | 2,000,000 | | | | 5.000 | | | 10/01/2025 | | | 2,040,482 | |
| | The County of Cook Illinois Sales Tax RB Series 2024 (NR/AA-) | |
| | | | | 750,000 | | | | 5.000 | | | 11/15/2027 | | | 803,427 | |
| | | | | 1,000,000 | | | | 5.000 | | | 11/15/2028 | | | 1,092,532 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 355,832,566 | |
| | | |
| | Indiana - 1.0% | |
| | 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 | | | 4,119,723 | |
| | City of Rockport Pollution Control Revenue Refunding Bonds Series 1995 (NON-AMT) (Baa2/BBB+) | |
| | | | | 3,445,000 | | | | 3.125 | | | 07/01/2025 | | | 3,419,866 | |
| | City of Rockport Pollution Control Revenue Refunding Bonds Series 2009 B (NON-AMT) (A3/BBB+) | |
| | | | | 10,000,000 | | | | 3.050 | | | 06/01/2025 | | | 9,957,398 | |
| | City of Rockport Pollution Control Revenue Refunding Bonds Series D (A3/BBB+) | |
| | | | | 10,000,000 | | | | 0.750 | | | 04/01/2025 | | | 9,830,604 | |
| | |
| 206 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Indiana – (continued) | |
| | 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 | | $ | 7,218,295 | |
| | Indiana Finance Authority Health Facility RB Series 2024 (A3/A-) | |
| | | | | 500,000 | | | | 5.000 | | | 03/01/2025 | | | 503,301 | |
| | | | | 450,000 | | | | 5.000 | | | 03/01/2026 | | | 463,260 | |
| | | | | 300,000 | | | | 5.000 | | | 03/01/2027 | | | 315,035 | |
| | | | | 350,000 | | | | 5.000 | | | 03/01/2028 | | | 373,906 | |
| | | | | 385,000 | | | | 5.000 | | | 03/01/2029 | | | 418,157 | |
| | | | | 1,030,000 | | | | 5.000 | | | 03/01/2030 | | | 1,132,638 | |
| | | | | 610,000 | | | | 5.000 | | | 03/01/2031 | | | 676,388 | |
| | 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 | | | 2,902,789 | |
| | 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 | | | 4,391,554 | |
| | Indiana Finance Authority RB Refunding for Indianapolis Power & Light Co. Series 2021 (A2/A-) | |
| | | | | 3,000,000 | | | | 0.650 | | | 08/01/2025 | | | 2,923,366 | |
| | Indiana Housing & Community Development Authority Multifamily Housing RB Partners Preservation Projects Series 2023 (FHA 221(D)(4)) (FHA 221(D)(4)) (Aaa/NR) (PUTABLE) | |
| | | | | 700,000 | | | | 4.100 | (b)(c) | | 09/01/2028 | | | 704,468 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 49,350,748 | |
| | | |
| | Iowa - 0.1% | |
| | City of Waterloo Black Hawk County Iowa GO Capital Loan Notes Series 2024D (Aa2/NR) | |
| | | | | 1,900,000 | | | | 4.500 | | | 06/01/2027 | | | 1,953,921 | |
| | Iowa Finance Authority RB Refunding for Lifespace Communities, Inc. Obligated Group Series 2021 A (NR/NR) | |
| | | | | 2,105,000 | | | | 4.000 | | | 05/15/2026 | | | 2,103,613 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 4,057,534 | |
| | | |
| | Kansas - 0.6% | |
| | City of Burlington Environmental Improvement RB Refunding for Energy Metro, Inc. Project Series 2023 (A2/A) | |
| | | | | 3,775,000 | | | | 4.300 | (b)(c) | | 03/01/2045 | | | 3,809,273 | |
| | City of Manhattan GO Temporary Notes Series 2022-01 (Aa3/NR) | |
| | | | | 17,410,000 | | | | 1.750 | | | 06/15/2025 | | | 17,160,851 | |
| | Unified School District No. 500 Wyandotte County GO Improvement Bonds Series 2016-A (Aa3/AA-) | |
| | | | | 9,150,000 | | | | 5.250 | (a) | | 09/01/2026 | | | 9,625,707 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 30,595,831 | |
| | | |
| | Kentucky - 1.3% | |
| | County of Boone Pollution Control Revenue Refunding Bonds Series 2008A (NON-AMT) (Baa1/BBB+) | |
| | | | | 5,040,000 | | | | 3.700 | | | 08/01/2027 | | | 5,080,659 | |
| | County of Owen Water Facilities Refunding RB Series 2020 (NON-AMT) (Baa1/A) (PUTABLE) | |
| | | | | 700,000 | | | | 3.875 | (b)(c) | | 06/01/2040 | | | 706,747 | |
| | Kenton County Kentucky Airport Board Cincinnati Northern Kentucky International Airport RB Series 2024 (A1/NR) | |
| | | | | 1,000,000 | | | | 5.000 | | | 01/01/2029 | | | 1,072,447 | |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Kentucky – (continued) | |
| | 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 | | $ | 8,357,544 | |
| | Kentucky Economic Development Finance Authority Healthcare Facilities Refunding RB Series 2022 (NR/NR) | |
| | | | | 3,570,000 | | | | 4.500 | | | 10/01/2027 | | | 3,570,812 | |
| | 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 | | | 557,368 | |
| | | | | 520,000 | | | | 4.000 | | | 03/01/2027 | | | 533,755 | |
| | Kentucky Public Energy Authority Gas Supply RB 2018 Series C-1 (A1/NR) | |
| | | | | 2,775,000 | | | | 4.000 | (b)(c) | | 12/01/2049 | | | 2,785,405 | |
| | 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 | | | 3,625,868 | |
| | Louisville Jefferson County Metro Government Health System RB for Norton Healthcare Series 2023A (NR/A) | |
| | | | | 700,000 | | | | 5.000 | | | 10/01/2026 | | | 729,663 | |
| | | | | 1,700,000 | | | | 5.000 | | | 10/01/2027 | | | 1,806,749 | |
| | Public Energy Authority of Kentucky Gas Supply RB Series 2019 A-1 (A1/NR) | |
| | | | | 24,230,000 | | | | 4.000 | (b)(c) | | 12/01/2049 | | | 24,317,671 | |
| | Public Energy Authority of Kentucky Gas Supply RB Series 2019C (A1/NR) | |
| | | | | 9,450,000 | | | | 4.000 | (b)(c) | | 02/01/2050 | | | 9,621,287 | |
| | Public Energy Authority of Kentucky Gas Supply Revenue Refunding Bonds 2024 Series B (A1/NR) | |
| | | | | 500,000 | | | | 5.000 | | | 08/01/2025 | | | 505,287 | |
| | | | | 390,000 | | | | 5.000 | | | 02/01/2026 | | | 397,297 | |
| | | | | 800,000 | | | | 5.000 | | | 08/01/2026 | | | 822,454 | |
| | | | | 500,000 | | | | 5.000 | | | 02/01/2027 | | | 517,603 | |
| | | | | 1,150,000 | | | | 5.000 | | | 08/01/2027 | | | 1,197,609 | |
| | | | | 575,000 | | | | 5.000 | | | 02/01/2028 | | | 602,818 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 66,809,043 | |
| | | |
| | Louisiana - 1.4% | |
| | City of New Orleans GO Refunding Bonds Series 2022 (A2/A+) | |
| | | | | 3,000,000 | | | | 5.000 | | | 12/01/2025 | | | 3,068,557 | |
| | | | | 4,255,000 | | | | 5.000 | | | 12/01/2026 | | | 4,466,421 | |
| | | | | 1,715,000 | | | | 5.000 | | | 12/01/2027 | | | 1,836,406 | |
| | City of New Orleans Sewerage Service RB Series 2015 (NR/A) | |
| | | | | 1,000,000 | | | | 5.000 | (a) | | 06/01/2025 | | | 1,014,102 | |
| | East Baton Rouge Sewerage Commission Tax Exempt Revenue Refunding Bonds Series 2020A (NR/AA-) | |
| | | | | 1,100,000 | | | | 5.000 | | | 02/01/2026 | | | 1,133,940 | |
| | Louisiana Housing Corporation Multifamily Housing RB Arbours At Acadiana Project Series 2024 (FHA 221(D)(4)) (Aaa/NR) | |
| | | | | 2,228,000 | | | | 5.000 | (b)(c) | | 04/01/2028 | | | 2,340,745 | |
| | Louisiana Housing Corporation Multifamily Housing RB Arbours At Bordeaux Project Series 2024 (FHA 221(D)(4)) (Aaa/NR) | |
| | | | | 2,000,000 | | | | 5.000 | (b)(c) | | 04/01/2028 | | | 2,101,207 | |
| | Louisiana Housing Corporation Multifamily Housing RB Arbours At Lafayette Phase II Project Series 2024 (FHA 221(D)(4)) (Aaa/NR) | |
| | | | | 2,200,000 | | | | 5.000 | (b)(c) | | 04/01/2028 | | | 2,309,135 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 207 |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Louisiana – (continued) | |
| | Louisiana Local Government Environmental Facilities & Community Development Authority Insurance Assessment RB for Louisiana Insurance Guaranty Association Project Series 2022B (A1/NR) | |
| | $ | | | 2,250,000 | | | | 5.000 | % | | 08/15/2025 | | $ | 2,288,205 | |
| | | | | 3,300,000 | | | | 5.000 | | | 08/15/2027 | | | 3,480,666 | |
| | 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 | | | 1,278,847 | |
| | Louisiana Offshore Terminal Authority Deepwater Port RB for Loop LLC Project Series 2007A (A3/NR) | |
| | | | | 7,725,000 | | | | 4.150 | | | 09/01/2027 | | | 7,872,762 | |
| | 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 | | | 2,534,437 | |
| | 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 | | | 3,844,605 | |
| | 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 | | | 6,634,122 | |
| | New Orleans Aviation Board General Airport RB for North Terminal Project Series 2015 B (A2/A) | |
| | | | | 7,460,000 | | | | 5.000 | | | 01/01/2040 | | | 7,468,048 | |
| | New Orleans Aviation Board General Airport RB for North Terminal Project Series 2015 B (AMT) (A2/A) | |
| | | | | 3,750,000 | | | | 5.000 | | | 01/01/2034 | | | 3,758,428 | |
| | Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-1 (Baa3/BBB-) (PUTABLE) | |
| | | | | 5,755,000 | | | | 4.050 | (b)(c) | | 06/01/2037 | | | 5,816,374 | |
| | Parish of St. John the Baptist Revenue Refunding Bonds for Marathon Oil Project Series 2017 (Baa3/BBB-) (PUTABLE) | |
| | | | | 1,235,000 | | | | 2.200 | (b)(c) | | 06/01/2037 | | | 1,209,701 | |
| | State of Louisiana Gasoline and Fuels Tax Revenue Refunding Bonds 2017 Series B (Aa2/AA) | |
| | | | | 1,425,000 | | | | 5.000 | | | 05/01/2026 | | | 1,479,624 | |
| | State of Louisiana Gasoline and Fuels Tax Second Lien Revenue Refunding Bonds 2022 Series A (Aa3/AA) (SOFR + 0.50%) | |
| | | | | 4,330,000 | | | | 3.888 | (c)(f) | | 05/01/2043 | | | 4,319,214 | |
| | State of Louisiana Grant Anticipation RB Series 2023 (NR/AA) | |
| | | | | 900,000 | | | | 5.000 | | | 09/01/2026 | | | 943,026 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 71,198,572 | |
| | | |
| | Maine - 0.0% | |
| | Maine Turnpike Authority RB Refunding Series 2015 (Aa3/AA-) | |
| | | | | 1,575,000 | | | | 5.000 | | | 07/01/2026 | | | 1,602,363 | |
| | | |
| | Maryland - 1.0% | |
| | Maryland Department of Transportation Consolidated Transportation Bonds Refunding Series 2016 (Aaa/AAA) | |
| | | | | 3,025,000 | | | | 4.000 | | | 09/01/2027 | | | 3,159,960 | |
| | | | | | | | | | | | | | | | |
| | | Principal
Amount | | | Interest
Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Maryland – (continued) | |
| | Maryland Economic Development Corp. Private Activity RB for Purple Line Light Rail Project Series 2022A (Baa3/NR) | |
| | $ | | | 2,550,000 | | | | 5.000 | % | | 11/12/2028 | | $ | 2,612,556 | |
| | Maryland Health & Higher Educational Facilities Authority RB for St. John’s College Series 2020 (NR/BBB+) | |
| | | | | 305,000 | | | | 4.000 | | | 10/01/2026 | | | 308,806 | |
| | Maryland Health & Higher Educational Facilities Authority RB Refunding for St. John’s College Series 2020 (NR/BBB+) | |
| | | | | 350,000 | | | | 4.000 | | | 10/01/2024 | | | 350,000 | |
| | 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 | | | 175,040 | |
| | | | | 275,000 | | | | 5.250 | | | 06/01/2027 | | | 287,720 | |
| | | | | 665,000 | | | | 5.250 | | | 06/01/2028 | | | 706,009 | |
| | | | | 400,000 | | | | 5.250 | | | 06/01/2029 | | | 429,913 | |
| | | | | 920,000 | | | | 5.250 | | | 06/01/2030 | | | 997,807 | |
| | | | | 975,000 | | | | 5.250 | | | 06/01/2031 | | | 1,063,585 | |
| | Maryland Stadium Authority RB Football Stadium Issue Series 2023A (NR/AA) | |
| | | | | 2,000,000 | | | | 5.000 | | | 03/01/2026 | | | 2,066,993 | |
| | Maryland Transportation Authority Projects RB Refunding Tax- Exempt Bonds Series 2024A (Aa2/NR) | |
| | | | | 5,725,000 | | | | 5.000 | | | 07/01/2026 | | | 5,974,134 | |
| | State of Maryland GO Bonds for State & Local Facilities Loan
Series 2020A (Aaa/AAA) | |
| | | | | 10,290,000 | | | | 5.000 | | | 03/15/2027 | | | 10,947,899 | |
| | State of Maryland GO Bonds for State & Local Facilities Loan
Series 2021A (Aaa/AAA) | |
| | | | | 17,825,000 | | | | 5.000 | | | 08/01/2027 | | | 19,139,154 | |
| | Washington Suburban Sanitary District Consolidated Public Improvement Green Bonds of Series 2024 (CNTY GTD) (Aaa/AAA) | |
| | | | | 490,000 | | | | 5.000 | | | 06/01/2026 | | | 510,560 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 48,730,136 | |
| | | |
| | Massachusetts - 1.4% | |
| | City of Boston GO Bonds 2017 Series A (Aaa/AAA) | |
| | | | | 2,015,000 | | | | 5.000 | | | 04/01/2025 | | | 2,036,845 | |
| | Massachusetts Bay Transportation Authority Sales Tax RB Series 2005 A (Aa2/AA+) | |
| | | | | 25,035,000 | | | | 5.000 | | | 07/01/2026 | | | 26,172,768 | |
| | Massachusetts Development Finance Agency RB for Wellforce Issue, Serries 2020C (AGM) (NR/AA) | |
| | | | | 500,000 | | | | 5.000 | | | 10/01/2028 | | | 542,135 | |
| | 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 | | | 6,909,757 | |
| | Massachusetts School Building Authority Senior Dedicated Sales Tax Bonds 2016 Series B (Aa1/AA+) | |
| | | | | 5,165,000 | | | | 5.000 | | | 11/15/2031 | | | 5,392,745 | |
| | | | | 11,750,000 | | | | 5.000 | | | 11/15/2032 | | | 12,256,797 | |
| | 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 | | | | 3.750 | (c)(e)(f) | | 07/01/2049 | | | 6,248,301 | |
| | The Commonwealth of Massachusetts GO Refunding Bonds Series 2016A (Aa1/AA+) | |
| | | | | 8,110,000 | | | | 5.000 | | | 07/01/2025 | | | 8,243,169 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 67,802,517 | |
| | | |
| | |
| 208 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Michigan - 1.5% | |
| | Birmingham Public Schools County of Oakland State of Michigan 2024 School Building and Site Bonds (NR/AA+) | |
| | $ | | | 375,000 | | | | 5.000 | % | | 05/01/2026 | | $ | 389,013 | |
| | | | | 500,000 | | | | 5.000 | | | 05/01/2027 | | | 531,479 | |
| | City of Detroit Downtown Development Authority Tax Increment Revenue Refunding Bonds Series 2024 (NR/BBB+) | |
| | | | | 3,525,000 | | | | 5.000 | | | 07/01/2048 | | | 3,752,575 | |
| | Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (Aa3/AA) | |
| | | | | (3M USD LIBOR + 0.60%) | | | | |
| | | | | 28,240,000 | | | | 4.347 | (f) | | 07/01/2032 | | | 27,646,714 | |
| | Detroit Regional Convention Facility Authority Special Tax Revenue Refunding Bonds Series 2024C (NR/A+) | |
| | | | | 500,000 | | | | 5.000 | | | 10/01/2026 | | | 523,520 | |
| | | | | 900,000 | | | | 5.000 | | | 10/01/2027 | | | 960,141 | |
| | | | | 600,000 | | | | 5.000 | | | 10/01/2028 | | | 652,836 | |
| | Lansing Board of Water & Light Utility System RB Series 2021B (Aa3/AA-) | |
| | | | | 5,000,000 | | | | 2.000 | (b)(c) | | 07/01/2051 | | | 4,856,083 | |
| | Michigan Finance Authority Higher Education Facilities Limited Obligation Revenue Refunding Bonds for Lawrence Technology University Series 2022 (NR/BBB-) | |
| | | | | 140,000 | | | | 4.000 | | | 02/01/2027 | | | 139,078 | |
| | Michigan Finance Authority Hospital RB for Trinity Health Credit Group Series 2022B (Aa3/AA-) | |
| | | | | 6,250,000 | | | | 5.000 | (b)(c) | | 12/01/2043 | | | 6,732,851 | |
| | Michigan Finance Authority Hospital Revenue Refunding Bonds Series 2015B (A1/NR) | |
| | | | | 1,215,000 | | | | 5.000 | | | 05/15/2034 | | | 1,226,725 | |
| | Michigan Finance Authority Hospital Revenue Refunding Bonds Series 2022B (Aa3/AA) | |
| | | |
| (SIFMA Municipal Swap Index Yield +
0.75%) | | | | |
| | | | | 5,845,000 | | | | 3.900 | (c)(f) | | 04/15/2047 | | | 5,808,528 | |
| | 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 | | | 1,013,809 | |
| | 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 | | | 5,727,255 | |
| | Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (NR/NR) | |
| | | | | 3,500,000 | | | | 5.000 | | | 12/31/2024 | | | 3,500,772 | |
| | Star International Academy RB Refunding Series 2020 (NR/BBB) | |
| | | | | 2,550,000 | | | | 5.000 | | | 03/01/2030 | | | 2,617,458 | |
| | Star International Academy Refunding Bonds Series 2020 (NR/BBB) | |
| | | | | 720,000 | | | | 4.000 | | | 03/01/2025 | | | 717,446 | |
| | | | | 745,000 | | | | 4.000 | | | 03/01/2026 | | | 740,380 | |
| | | | | 775,000 | | | | 4.000 | | | 03/01/2027 | | | 769,604 | |
| | 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 | | | 2,544,679 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Michigan – (continued) | |
| | Wayne County Airport Authority Revenue Refunding Bonds Series 2017 E (A1/NR) | |
| | $ | | | 3,000,000 | | | | 4.000 | %(e) | | 12/01/2025 | | $ | 3,025,686 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 73,876,632 | |
| | | |
| | Minnesota - 1.1% | |
| | City of Minneapolis GO Refunding Bonds Series 2020 (NR/AAA) | |
| | | | | 5,730,000 | | | | 2.000 | | | 12/01/2029 | | | 5,307,665 | |
| | 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 | | | 2,695,377 | |
| | City of St. Cloud Minnesota Health Care RB Series 2024 (A2/NR) | |
| | | | | 525,000 | | | | 5.000 | (d) | | 05/01/2031 | | | 592,187 | |
| | | | | 550,000 | | | | 5.000 | (d) | | 05/01/2032 | | | 626,132 | |
| | 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 | | | 343,060 | |
| | | | | 460,000 | | | | 5.000 | | | 06/15/2028 | | | 494,580 | |
| | | | | 400,000 | | | | 5.000 | | | 06/15/2029 | | | 437,394 | |
| | Duluth Independent School District Refunding Certificates of Participation Series 2019A (Baa1/NR) | |
| | | | | 640,000 | | | | 3.250 | | | 03/01/2025 | | | 639,982 | |
| | | | | 700,000 | | | | 4.000 | | | 03/01/2026 | | | 712,261 | |
| | Metropolitan Council GO Grant Anticipation Notes Series 2021B (Aaa/AAA) | |
| | | | | 1,590,000 | | | | 5.000 | | | 12/01/2024 | | | 1,594,688 | |
| | 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 | | | 3,158,815 | |
| | Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (Baa2/NR) | |
| | | | | 100,000 | | | | 4.000 | | | 12/01/2024 | | | 99,871 | |
| | Minnesota Special School District Refunding Certificates of Participation for Minnesota School District Credit Enhancement Program Series 2022C (SD CRED PROG) (Aa1/AAA) | |
| | | | | 2,000,000 | | | | 5.000 | | | 02/01/2026 | | | 2,063,307 | |
| | | | | 9,385,000 | | | | 5.000 | | | 02/01/2027 | | | 9,928,435 | |
| | Minnesota State Trunk Highway GO Bonds Series 2023B (Aaa/AAA) | |
| | | | | 5,000,000 | | | | 5.000 | | | 08/01/2025 | | | 5,092,604 | |
| | Minnesota State Trunk Highway GO Refunding Bonds Series 2023E (Aaa/AAA) | |
| | | | | 5,000,000 | | | | 5.000 | | | 08/01/2025 | | | 5,092,605 | |
| | | | | 5,000,000 | | | | 5.000 | | | 08/01/2026 | | | 5,234,245 | |
| | State of Minnesota GO State Various Purpose Bonds Series 2023A (Aaa/AAA) | |
| | | | | 7,815,000 | | | | 5.000 | | | 08/01/2026 | | | 8,181,125 | |
| | Western Minnesota Municipal Power Agency Power Supply Revenue Refunding Bonds 2022 Series A (Aa2/NR) | |
| | | | | 375,000 | | | | 5.000 | | | 01/01/2025 | | | 376,654 | |
| | | | | 825,000 | | | | 5.000 | | | 01/01/2026 | | | 849,701 | |
| | | | | 640,000 | | | | 5.000 | | | 01/01/2027 | | | 676,024 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 54,196,712 | |
| | | |
| | Mississippi - 0.6% | |
| | Lowndes County Solid Waste Disposal and Pollution Control Refunding RB Series 2022 (Baa2/BBB) (PUTABLE) | |
| | | | | 10,500,000 | | | | 2.650 | (b)(c) | | 04/01/2037 | | | 10,356,227 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 209 |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Mississippi – (continued) | |
| | Mississippi Development Bank Special Obligation Refunding Bonds Series 2024A (Aa3/AA-) | |
| | $ | | | 1,000,000 | | | | 5.000 | %(d) | | 01/01/2031 | | $ | 1,128,274 | |
| | Warren County Gulf Opportunity Zone Revenue Refunding Bonds Series 2020A (NON-AMT) (Baa2/BBB) (PUTABLE) | |
| | | | | 9,085,000 | | | | 1.375 | (b)(c) | | 05/01/2034 | | | 8,920,214 | |
| | Warren County Gulf Opportunity Zone Revenue Refunding Bonds Series 2020C (NON-AMT) (Baa2/BBB) | |
| | | | | 9,300,000 | | | | 1.375 | (b)(c) | | 08/01/2027 | | | 9,131,146 | |
| | Warren County RB Refunding for International Paper Company, Series 2020 B (AMT) (Baa2/BBB) (PUTABLE) | |
| | | | | 1,175,000 | | | | 1.600 | (b)(c) | | 08/01/2027 | | | 1,155,492 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 30,691,353 | |
| | | |
| | Missouri - 1.1% | |
| | 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 | | | 1,522,074 | |
| | 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 | | | 322,575 | |
| | Health and Educational Facilities Authority of The State of Missouri Senior Living Facilities RB Lutheran Senior Services Projects Series 2024A (NR/NR) | |
| | | | | 265,000 | | | | 5.000 | | | 02/01/2025 | | | 266,284 | |
| | | | | 480,000 | | | | 5.000 | | | 02/01/2026 | | | 489,778 | |
| | | | | 760,000 | | | | 5.000 | | | 02/01/2027 | | | 787,716 | |
| | | | | 950,000 | | | | 5.000 | | | 02/01/2028 | | | 998,741 | |
| | | | | 590,000 | | | | 5.000 | | | 02/01/2029 | | | 629,727 | |
| | | | | 485,000 | | | | 5.000 | | | 02/01/2030 | | | 524,095 | |
| | State of Missouri Environmental Improvement and Energy Resources Authority Environmental Improvement RB Series 2008 (Baa1/A-) (PUTABLE) | |
| | | | | 4,000,000 | | | | 3.500 | (b)(c) | | 05/01/2038 | | | 3,984,266 | |
| | 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 | | | 40,703,896 | |
| | The Planned Industrial Expansion Authority of Kansas City Multifamily Housing RB for The Depot on Old Santa Fe Series 2023 (Aaa/NR) | |
| | | | | 5,000,000 | | | | 5.000 | (b)(c) | | 07/01/2045 | | | 5,221,260 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 55,450,412 | |
| | | |
| | Montana - 0.1% | |
| | City of Forsyth, Rosebud County, Montana Pollution Control Revenue Refunding Bonds Northwestern Corporation Colstrip Project Series 2023 (A3/NR) | |
| | | | | 2,825,000 | | | | 3.875 | | | 07/01/2028 | | | 2,900,269 | |
| | Montana Board of Housing Multifamily Housing RB Twin Creek 4 Apartments Project Series 2024 (Aaa/NR) | |
| | | | | 1,800,000 | | | | 5.000 | (b)(c) | | 09/01/2028 | | | 1,903,072 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 4,803,341 | |
| | | |
| | Nebraska - 0.5% | |
| | Nebraska Investment Finance Authority Multifamily Housing RB Mural Nebraska Series 2024A (Aaa/NR) | |
| | | | | 7,000,000 | | | | 3.000 | (b)(c) | | 04/01/2042 | | | 6,997,041 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Nebraska – (continued) | |
| | Public Power Generation Agency Whelan Energy Center Unit 2 Revenue Refunding Bonds 2024 Series A (A2/NR) | |
| | $ | | | 2,730,000 | | | | 5.000 | %(d) | | 01/01/2031 | | $ | 3,076,793 | |
| | Sarpy County School District 0001 Bellevue Public School, State of Nebraska GO School Building Bonds Series 2017 (A1/NR) | |
| | | | | 1,420,000 | | | | 5.000 | (a) | | 12/15/2027 | | | 1,530,478 | |
| | Sarpy County School District GO Bonds for Gretna Public Schools Series 2022B (NR/A+) | |
| | | | | 6,875,000 | | | | 5.000 | | | 12/15/2027 | | | 7,055,938 | |
| | 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 | | | 4,601,264 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 23,261,514 | |
| | | |
| | Nevada - 0.4% | |
| | City of Las Vegas Special Improvement District No. 812 for Summerlin Village 24 Local Improvement Bonds Series 2015 (NR/NR) | |
| | | | | 1,295,000 | | | | 5.000 | | | 12/01/2027 | | | 1,310,322 | |
| | Clark County Harry Reid International Airport Passenger Facility Charge Refunding RB Series 2022B (Aa2/NR) | |
| | | | | 925,000 | | | | 5.000 | | | 07/01/2025 | | | 939,320 | |
| | | | | 675,000 | | | | 5.000 | | | 07/01/2026 | | | 703,127 | |
| | | | | 870,000 | | | | 5.000 | | | 07/01/2027 | | | 930,813 | |
| | Clark County Jet Aviation Fuel Tax Refunding RB Series 2022A (Aa3/NR) | |
| | | | | 1,275,000 | | | | 5.000 | | | 07/01/2025 | | | 1,290,934 | |
| | | | | 1,000,000 | | | | 5.000 | | | 07/01/2026 | | | 1,034,706 | |
| | 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 | | | 1,027,748 | |
| | County of Humboldt Nevada Pollution Control RB Refunding for Idaho Power Co. Series 2003 (A2/A-) | |
| | | | | 12,000,000 | | | | 1.450 | | | 12/01/2024 | | | 11,936,945 | |
| | Henderson Nevada Local Improvement District No. T-18 (NR/NR) | |
| | | | | 1,075,000 | | | | 4.000 | | | 09/01/2025 | | | 1,076,177 | |
| | State of Nevada Highway Improvement Indexed Tax and Subordinate Motor Vehicle Fuel Tax RB Series 2024B (Aa1/AA+) | |
| | | | | 1,480,000 | | | | 5.000 | | | 12/01/2026 | | | 1,558,447 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 21,808,539 | |
| | | |
| | New Hampshire - 0.5% | |
| | National Finance Authority Health Care Facilities RB Novant Health Obligated Group Series 2024B (Aa2/A/A-1) | |
| | | | | 12,605,000 | | | | 4.100 | (b)(c) | | 11/01/2064 | | | 12,605,000 | |
| | New Hampshire Business Finance Authority RB Refunding for Springpoint Senior Living Obligated Group Series 2021 (NR/NR) | |
| | | | | 285,000 | | | | 4.000 | | | 01/01/2025 | | | 284,929 | |
| | | | | 265,000 | | | | 4.000 | | | 01/01/2026 | | | 264,795 | |
| | | | | 250,000 | | | | 4.000 | | | 01/01/2027 | | | 250,096 | |
| | 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 | | | 4,070,670 | |
| | New Hampshire Housing Finance Authority Multi-Family Housing RB 2022 Series 1 (NON-AMT) (FHA 542(C)) (Aaa/NR) | |
| | | | | 5,575,000 | | | | 2.800 | | | 02/01/2025 | | | 5,565,338 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 23,040,828 | |
| | | |
| | |
| 210 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | New Jersey - 4.0% | |
| | Camden County Improvement Authority Multi-Family Housing RB Series 2024 (HUD SECT 8) (Aaa/NR) | |
| | $ | | | 2,750,000 | | | | 5.000 | %(b)(c) | | 03/01/2027 | | $ | 2,825,441 | |
| | Casino Reinvestment Development Authority Casino Reinvestment Development Authority Luxury Tax RB Series 2024A (AGC) (A1/AA) | |
| | | | | 1,400,000 | | | | 5.000 | | | 11/01/2027 | | | 1,495,270 | |
| | | | | 800,000 | | | | 5.000 | | | 11/01/2028 | | | 869,613 | |
| | Casino Reinvestment Development Authority Luxury Tax RB Series 2024 B (AGC) (A1/AA) | |
| | | | | 520,000 | | | | 5.000 | | | 11/01/2027 | | | 555,386 | |
| | | | | 700,000 | | | | 5.000 | | | 11/01/2028 | | | 760,911 | |
| | County of Morris GO Bonds for General Improvement and County College Series 2021 (Aaa/AAA) | |
| | | | | 4,615,000 | | | | 2.000 | | | 02/01/2027 | | | 4,496,897 | |
| | New Jersey Economic Development Authority RB Refunding for New Jersey-American Water Co., Inc. Series 2020 E (AMT) (A1/A+) | |
| | | | | 3,100,000 | | | | 0.850 | | | 12/01/2025 | | | 2,967,015 | |
| | 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 | | | | 4.400 | (f) | | 09/01/2025 | | | 13,323,727 | |
| | 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 | | | 2,108,829 | |
| | New Jersey Economic Development Authority School Facilities Construction Refunding Bonds 2016 Series BBB (A2/A-) | |
| | | | | 2,850,000 | | | | 5.500 | (a) | | 12/15/2026 | | | 3,042,339 | |
| | 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 | | | 4,159,765 | |
| | | | | 2,480,000 | | | | 5.000 | | | 06/15/2027 | | | 2,635,522 | |
| | 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 | | | 2,190,121 | |
| | | | | 1,710,000 | | | | 5.000 | | | 10/01/2027 | | | 1,784,157 | |
| | 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 | | | 3,533,770 | |
| | New Jersey Educational Facilities Authority Princeton University RB 2022 Series A (Aaa/AAA) | |
| | | | | 3,130,000 | | | | 5.000 | | | 03/01/2027 | | | 3,330,074 | |
| | New Jersey Health Care Facilities Financing Authority Revenue Refunding Bonds for RWJ Barnabas Health Obligated Group Issue Series 2019B-2 (A1/AA-) | |
| | | | | 5,700,000 | | | | 5.000 | (b)(c) | | 07/01/2042 | | | 5,776,554 | |
| | 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 | | | 2,233,832 | |
| | 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 | | | 1,822,597 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | New Jersey – (continued) | |
| | 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 | | $ | 2,650,544 | |
| | | | | 2,600,000 | | | | 2.900 | | | 04/01/2026 | | | 2,577,566 | |
| | New Jersey Transportation Trust Fund Authority Bonds Series 2006 C (AMBAC) (A2/A-) | |
| | | | | 10,765,000 | | | | 0.000 | (g) | | 12/15/2025 | | | 10,374,597 | |
| | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (A2/A-) | |
| | | | | 365,000 | | | | 0.000 | (g) | | 12/15/2026 | | | 342,204 | |
| | | | | 4,155,000 | | | | 0.000 | (g) | | 12/15/2027 | | | 3,779,598 | |
| | | | | 24,515,000 | | | | 0.000 | (g) | | 12/15/2028 | | | 21,597,215 | |
| | New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL) (A2/A-) | |
| | | | | 46,605,000 | | | | 0.000 | (g) | | 12/15/2027 | | | 42,394,271 | |
| | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2019 A (A2/A-) | |
| | | | | 450,000 | | | | 5.000 | | | 12/15/2024 | | | 451,465 | |
| | 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 | | | 1,615,498 | |
| | 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 | | | 7,631,138 | |
| | New Jersey Transportation Trust Fund Authority Transportation Program Bonds, 2023 Series AA (A2/A-) | |
| | | | | 1,615,000 | | | | 5.000 | | | 06/15/2025 | | | 1,638,272 | |
| | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2010 Series A (A2/A-) | |
| | | | | 9,265,000 | | | | 0.000 | (g) | | 12/15/2029 | | | 7,893,103 | |
| | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2021 Series A (A2/A-) | |
| | | | | 3,095,000 | | | | 5.000 | | | 06/15/2026 | | | 3,218,618 | |
| | New Jersey Turnpike Authority RB Series 2024 A (A1/AA-) | |
| | | | | 10,000,000 | | | | 5.000 | | | 01/01/2027 | | | 10,564,881 | |
| | 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 | | | 587,114 | |
| | Salem County Pollution Control Financing Authority Pollution Control RB for Philadelphia Electric Company Project 1993 Series A (Baa1/BBB+) | |
| | | | | 1,645,000 | | | | 4.450 | (b) | | 03/01/2025 | | | 1,649,163 | |
| | State of New Jersey COVID 19 Emergency GO Bonds Series 2020 A (A1/A) | |
| | | | | 12,750,000 | | | | 5.000 | | | 06/01/2027 | | | 13,596,154 | |
| | Tobacco Settlement Financing Corp. Tobacco Settlement Bonds Series 2018A (NR/A) | |
| | | | | 1,495,000 | | | | 5.000 | | | 06/01/2027 | | | 1,566,762 | |
| | Union County Utilities Authority Resource Recovery Facility Lease Revenue Refunding Bonds for Covanta Union Series 2011A (AMT) (CNTY GTD) (NR/AA+) | |
| | | | | 4,495,000 | | | | 5.250 | | | 12/01/2031 | | | 4,500,133 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 198,540,116 | |
| | | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 211 |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | 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 B (NON-AMT) (Baa2/BBB) (PUTABLE) | |
| | $ | | | 1,525,000 | | | | 3.875 | %(b)(c) | | 06/01/2040 | | $ | 1,574,919 | |
| | 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 | | | 1,358,045 | |
| | 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 | | | 2,013,831 | |
| | 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 | | | 5,348,412 | |
| | 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 | | | 3,149,948 | |
| | New Mexico Hospital Equipment Loan Council Hospital System RB for Presbyterian Healthcare Services Series 2019B (Aa3/AA-) | |
| | | | | 7,680,000 | | | | 5.000 | (b)(c) | | 08/01/2049 | | | 7,788,481 | |
| | New Mexico Mortgage Finance Authority Multifamily Housing RB for Mountain View II & III Apartments Project Series 2023 (HUD SECT 8) (Aaa/NR) | |
| | | | | 2,600,000 | | | | 5.000 | (b)(c) | | 02/01/2042 | | | 2,623,156 | |
| | New Mexico Mortgage Finance Authority Multifamily Housing RB for Santa Fe Apartments and Sangre De Cristo Project Series 2023 (HUD SECT 8) (Aaa/NR) | |
| | | | | 3,555,000 | | | | 5.000 | (b)(c) | | 02/01/2042 | | | 3,560,422 | |
| | 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 | | | 1,146,289 | |
| | 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 | | | 798,450 | |
| | | | | 735,000 | | | | 5.000 | | | 08/01/2027 | | | 783,742 | |
| | State of New Mexico Severance Tax Bonds Series 2022A (Aa3/AA-) | |
| | | | | 4,880,000 | | | | 5.000 | | | 07/01/2026 | | | 5,096,641 | |
| | Village of Los Ranchos de Albuquerque RB Refunding for Albuquerque Academy Series 2020 (NR/A-) | |
| | | | | 175,000 | | | | 5.000 | | | 09/01/2027 | | | 184,920 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 35,427,256 | |
| | | |
| | New York - 11.9% | |
| | Allegany County Capital Resource Corp. RB Alfred University Project Series 2024 (NR/BBB+) | |
| | | | | 285,000 | | | | 5.000 | | | 04/01/2030 | | | 309,064 | |
| | | | | 330,000 | | | | 5.000 | | | 04/01/2031 | | | 360,013 | |
| | | | | 425,000 | | | | 5.000 | | | 04/01/2032 | | | 466,265 | |
| | | | | 195,000 | | | | 5.000 | | | 04/01/2033 | | | 215,079 | |
| | | | | 220,000 | | | | 5.000 | | | 04/01/2034 | | | 243,700 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | New York – (continued) | |
| | Build NYC Resource Corp. RB for Academic Leadership Charter School Project Series 2021 (NR/BBB-) | |
| | $ | | | 100,000 | | | | 4.000 | % | | 06/15/2026 | | $ | 99,293 | |
| | Build NYC Resource Corp. RB for Grand Concourse Academy Charter School Project Series 2022A (NR/BBB-) | |
| | | | | 190,000 | | | | 3.400 | | | 07/01/2027 | | | 189,962 | |
| | Build NYC Resource Corporation RB Classical Charter Schools Project Series 2023A (NR/BBB-) | |
| | | | | 970,000 | | | | 4.000 | | | 06/15/2033 | | | 977,329 | |
| | 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 | | | 5,329,390 | |
| | 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 | | | 346,966 | |
| | City of New York GO Bonds 2023 Series C (Aa2/AA) | |
| | | | | 3,000,000 | | | | 5.000 | | | 08/01/2025 | | | 3,053,096 | |
| | City of New York GO Bonds 2023 Series D (Aa2/AA) | |
| | | | | 1,885,000 | | | | 5.000 | | | 08/01/2025 | | | 1,918,362 | |
| | City of New York GO Bonds Fiscal 2008 Series A Subseries A-4 (AGM) (Aa2/AA) | |
| | | | | 1,000,000 | | | | 5.000 | | | 08/01/2026 | | | 1,048,710 | |
| | City of New York GO Bonds Fiscal 2008 Series C Subseries C-4 (AGM) (Aa2/AA) | |
| | | | | 1,000,000 | | | | 5.000 | | | 10/01/2026 | | | 1,050,883 | |
| | City of New York GO Bonds Fiscal 2009 Series B Subseries B-3 (Aa2/AA) | |
| | | | | 4,285,000 | | | | 5.000 | | | 09/01/2026 | | | 4,490,763 | |
| | City of New York GO Bonds Fiscal 2021 Series A (Aa2/AA) | |
| | | | | 10,260,000 | | | | 5.000 | | | 08/01/2026 | | | 10,727,682 | |
| | City of Yonkers GO Serial Bonds Series 2022F (BAM) (A2/AA) | |
| | | | | 175,000 | | | | 5.000 | | | 11/15/2025 | | | 179,710 | |
| | | | | 250,000 | | | | 5.000 | | | 11/15/2026 | | | 263,632 | |
| | | | | 200,000 | | | | 5.000 | | | 11/15/2027 | | | 216,128 | |
| | County of Monroe Industrial Development Agency Multifamily Housing RB andrews Terrace Community Partners L.P. Project Series 2023B-1 (HUD SECT 8) (Aaa/NR) | |
| | | | | 4,300,000 | | | | 5.000 | (b)(c) | | 07/01/2028 | | | 4,530,935 | |
| | Dormitory Authority of The State of New York Pace University RB Series 2024A (Baa3/BBB-) | |
| | | | | 300,000 | | | | 5.250 | | | 05/01/2027 | | | 316,722 | |
| | | | | 250,000 | | | | 5.250 | | | 05/01/2028 | | | 268,589 | |
| | | | | 350,000 | | | | 5.250 | | | 05/01/2029 | | | 381,652 | |
| | | | | 565,000 | | | | 5.250 | | | 05/01/2030 | | | 623,856 | |
| | | | | 400,000 | | | | 5.250 | | | 05/01/2031 | | | 446,482 | |
| | Dormitory Authority of The State of New York Pace University RB Series 2024B (Baa3/BBB-) | |
| | | | | 625,000 | | | | 5.000 | | | 05/01/2025 | | | 630,194 | |
| | | | | 1,375,000 | | | | 5.000 | | | 05/01/2026 | | | 1,414,322 | |
| | | | | 1,435,000 | | | | 5.000 | | | 05/01/2027 | | | 1,506,134 | |
| | | | | 1,375,000 | | | | 5.000 | | | 05/01/2028 | | | 1,465,655 | |
| | | | | 1,750,000 | | | | 5.000 | | | 05/01/2029 | | | 1,889,714 | |
| | | | | 1,750,000 | | | | 5.000 | | | 05/01/2030 | | | 1,910,091 | |
| | | | | 2,500,000 | | | | 5.000 | | | 05/01/2031 | | | 2,753,768 | |
| | Empire State Development Corp. State Personal Income Tax RB Series 2022A (Aa1/NR) | |
| | | | | 21,000,000 | | | | 5.000 | | | 09/15/2028 | | | 23,211,598 | |
| | |
| 212 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | New York – (continued) | |
| | Genesee County Funding Corp. Tax Exempt RB for Rochester Regional Health Project Series 2022A (NR/BBB+) | |
| | $ | | | 175,000 | | | | 5.000 | % | | 12/01/2024 | | $ | 175,206 | |
| | | | | 275,000 | | | | 5.000 | | | 12/01/2026 | | | 284,898 | |
| | Long Island Power Authority Electric System General RB Series 2024B (A2/A) | |
| | | | | 10,000,000 | | | | 3.000 | (b)(c) | | 09/01/2049 | | | 9,859,621 | |
| | Long Island Power Authority RB Refunding Series 2020 B (A2/A) | |
| | | | | 8,000,000 | | | | 0.850 | (b)(c) | | 09/01/2050 | | | 7,793,229 | |
| | Long Island Power Authority RB Refunding Series 2021 B (A2/A) | |
| | | | | 15,000,000 | | | | 1.500 | (b)(c) | | 09/01/2051 | | | 14,421,172 | |
| | Long Island Power Authority RB Series 2021 (A2/A) | |
| | | | | 10,000,000 | | | | 1.000 | | | 09/01/2025 | | | 9,684,796 | |
| | Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (A3/A-) | |
| | | | | 4,250,000 | | | | 4.000 | | | 11/15/2026 | | | 4,367,667 | |
| | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2015C (A3/A-) | |
| | | | | 4,250,000 | | | | 5.250 | | | 11/15/2028 | | | 4,356,292 | |
| | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2015D-1 (A3/A-) | |
| | | | | 10,000,000 | | | | 5.000 | | | 11/15/2033 | | | 10,197,200 | |
| | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2017D (A3/A-) | |
| | | | | 1,075,000 | | | | 5.000 | | | 11/15/2027 | | | 1,150,365 | |
| | Metropolitan Transportation Authority Transportation Revenue Refunding Bonds Series 2020E (A3/A-) | |
| | | | | 3,000,000 | | | | 5.000 | | | 11/15/2028 | | | 3,269,438 | |
| | Metropolitan Transportation Authority Transportation Revenue Variable Rate Bonds for Transportation Revenue Variable Rate Refunding Bonds Subseries 2002G-1H (A3/A-) | |
| | | | | (SOFR + 0.60%) | |
| | | | | 16,750,000 | | | | 3.843 | (f) | | 11/01/2026 | | | 16,732,506 | |
| | Metropolitan Transportational Authority Revenue Green Bonds Series 2019A (A3/A-) | |
| | | | | 10,175,000 | | | | 5.000 | (b)(c) | | 11/15/2048 | | | 10,186,322 | |
| | New York City GO Bonds Subseries 2006 C-4 (AGM) (Aa2/AA) | |
| | | | | 300,000 | | | | 2.990 | (b)(c) | | 01/01/2032 | | | 300,000 | |
| | New York City Housing Development Corp. Series F-2-B (REMIC FHA INS 542(C)) (REMIC FHA INS 542(c)) (Aa2/AA+) | |
| | | | | 5,265,000 | | | | 3.400 | (b)(c) | | 11/01/2062 | | | 5,278,810 | |
| | New York City Industrial Development Agency RB for Yankee Stadium LLC Series 2006 (FGIC) (Baa1/NR) | |
| | | | | (MUNI-CPI + 0.87%) | |
| | | | | 2,505,000 | | | | 3.765 | | | 03/01/2025 | | | 2,502,162 | |
| | | | | (MUNI-CPI + 0.88%) | |
| | | | | 2,610,000 | | | | 3.775 | | | 03/01/2026 | | | 2,617,322 | |
| | | | | (MUNI-CPI + 0.89%) | |
| | | | | 2,800,000 | | | | 3.785 | | | 03/01/2027 | | | 2,820,666 | |
| | New York City Municipal Water Finance Authority Water & Sewer Second General Resolution RB Adjustable Rate 2021 Series Ee Subseries Ee-1 and Ee-2 (Aa1/AA+/A-1+) | |
| | | | | 3,400,000 | | | | 2.050 | (b)(c) | | 06/15/2045 | | | 3,400,000 | |
| | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Adjustable Rate Series Bb-1B (Aa1/AA+/A-1+) | |
| | | | | 11,770,000 | | | | 4.000 | (b)(c) | | 06/15/2049 | | | 11,770,000 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | New York – (continued) | |
| | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Fiscal 2009 Subseries Bb-1 (Aa1/AA+/A-1) | |
| | $ | | | 2,400,000 | | | | 3.800 | %(b)(c) | | 06/15/2039 | | $ | 2,400,000 | |
| | 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 | | | 10,053,959 | |
| | 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 | | | 3,294,299 | |
| | 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 | | | 3,420,289 | |
| | | | | 2,435,000 | | | | 5.000 | | | 11/01/2027 | | | 2,621,163 | |
| | New York City Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds Fiscal 2015 Subseries E-3 (Aa1/AAA/A-1) | |
| | | | | 11,140,000 | | | | 4.050 | (b)(c) | | 02/01/2045 | | | 11,140,000 | |
| | New York Convention Center Development Corp. RB Refunding for New York City Hotel Unit Fee Revenue Series 2015 (A2/ NR) | |
| | | | | 25,000 | | | | 5.000 | | | 11/15/2024 | | | 25,035 | |
| | New York Liberty Development Corp. RB for World Trade Center Project Series 2014 (NR/NR) | |
| | | | | 1,805,000 | | | | 5.150 | (e) | | 11/15/2034 | | | 1,807,347 | |
| | New York Port Authority Consolidated Bonds 186th Series (Aa3/AA-) | |
| | | | | 4,000,000 | | | | 5.000 | | | 10/15/2033 | | | 4,004,495 | |
| | New York Port Authority Consolidated Bonds 197th Series (Aa3/AA-) | |
| | | | | 4,000,000 | | | | 5.000 | | | 11/15/2034 | | | 4,131,096 | |
| | New York Port Authority Consolidated Bonds 207th Series (Aa3/ AA-) | |
| | | | | 6,035,000 | | | | 5.000 | | | 09/15/2027 | | | 6,354,294 | |
| | New York State Dormitory Authority RB Refunding for Bidding Group 1 Series 2018 C (Aa1/AA+) | |
| | | | | 3,960,000 | | | | 5.000 | | | 03/15/2026 | | | 4,108,114 | |
| | 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 | | | 1,158,447 | |
| | New York State Energy Research & Development Authority RB Refunding for Central Hudson Gas & Electric Corp. Projects Series 1999 B (AMT) (Baa1/BBB+) | |
| | | | | 27,750,000 | | | | 7.249 | (b)(c) | | 07/01/2034 | | | 27,750,000 | |
| | New York State Environmental Facilities Corp. State Clean Water & Drinking Water Revolving Funds RB for Municipal Water Finance Authority Projects - Second Resolution Bonds Series 2016 (Aaa/AAA) | |
| | | | | 3,000,000 | | | | 5.000 | | | 06/15/2035 | | | 3,106,279 | |
| | New York State Housing Finance Agency 2021 Series J-2 (SONYMA HUD SECT 8) (Aa2/NR) | |
| | | | | 3,860,000 | | | | 1.100 | (b)(c) | | 11/01/2061 | | | 3,630,354 | |
| | 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 | | | 22,000,286 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 213 |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | New York – (continued) | |
| | 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 | | $ | 18,008,282 | |
| | New York State Housing Finance Agency RB Series 2021 D-2 (SONYMA) (Aa2/NR) | |
| | | | | 7,870,000 | | | | 0.650 | (b)(c) | | 11/01/2056 | | | 7,661,536 | |
| | New York State Thruway Authority General RB Series P (Aa3/A+) | |
| | | | | 10,000,000 | | | | 5.000 | | | 01/01/2027 | | | 10,583,440 | |
| | New York State Thruway Authority Personal Income Tax RB Series 2021A-1 (NR/AA+) | |
| | | | | 40,000,000 | | | | 5.000 | | | 03/15/2028 | | | 43,409,544 | |
| | 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 | | | 431,168 | |
| | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (Baa3/NR) | |
| | | | | 7,000,000 | | | | 5.000 | | | 01/01/2029 | | | 7,293,237 | |
| | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa3/NR) | |
| | | | | 8,540,000 | | | | 5.000 | | | 01/01/2030 | | | 8,884,249 | |
| | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (Baa3/NR) | |
| | | | | 8,000,000 | | | | 5.000 | | | 01/01/2025 | | | 8,022,882 | |
| | | | | 3,425,000 | | | | 5.000 | | | 01/01/2026 | | | 3,481,711 | |
| | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (Baa3/NR) | |
| | | | | 7,675,000 | | | | 4.000 | | | 10/01/2030 | | | 7,742,647 | |
| | 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 | | | 1,385,104 | |
| | 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 | | | 6,149,961 | |
| | New York Transportation Development Corp. Special Facilities Bonds Series 2016A (Baa2/NR) | |
| | | | | 14,275,000 | | | | 5.250 | | | 01/01/2050 | | | 14,275,649 | |
| | New York Transportation Development Corp. Special Facilities RB for Laguardia Airport Terminal B Redevelopment Project Series 2018 (Baa3/NR) | |
| | | | | 7,765,000 | | | | 5.000 | | | 01/01/2028 | | | 8,094,529 | |
| | 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 | | | 526,830 | |
| | New York Variable Rate GO Bonds series 2008 L-4 (Aa1/AA+/A-1) | |
| | | | | 950,000 | | | | 3.900 | (b)(c) | | 04/01/2038 | | | 950,000 | |
| | Orange County Funding Corp. Tax Exempt Revenue Refunding Bonds for Mount Saint Mary College Project Series 2022A (NR/NR) | |
| | | | | 1,020,000 | | | | 5.000 | | | 07/01/2025 | | | 1,022,859 | |
| | | | | 1,080,000 | | | | 5.000 | | | 07/01/2026 | | | 1,082,582 | |
| | | | | 1,090,000 | | | | 5.000 | | | 07/01/2027 | | | 1,080,925 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | New York – (continued) | |
| | Port Authority of New York Consolidated Bonds 185th Series (AMT) (Aa3/AA-) | |
| | $ | | | 2,495,000 | | | | 5.000 | % | | 09/01/2028 | | $ | 2,498,206 | |
| | Port Authority of New York Consolidated Bonds 227th Series (Aa3/AA-) | |
| | | | | 10,000,000 | | | | 3.000 | | | 10/01/2028 | | | 9,900,204 | |
| | Power Authority of The State of New York Green Transmission Project RB Series 2023A (AGM) (Aa3/AA) | |
| | | | | 500,000 | | | | 5.000 | | | 11/15/2026 | | | 528,270 | |
| | | | | 500,000 | | | | 5.000 | | | 11/15/2027 | | | 541,175 | |
| | 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 | | | 2,338,125 | |
| | State of New York Dormitory Authority Personal Income Tax RB Series 2020A (Aa1/NR) | |
| | | | | 20,000,000 | | | | 5.000 | | | 03/15/2025 | | | 20,184,798 | |
| | State of New York Dormitory Authority RB for St. Joseph’s College Series 2020A (NR/NR) | |
| | | | | 1,025,000 | | | | 5.000 | | | 07/01/2026 | | | 1,037,744 | |
| | State of New York Dormitory Authority Wagner College RB Series 2022 (NR/NR) | |
| | | | | 675,000 | | | | 5.000 | | | 07/01/2026 | | | 691,760 | |
| | | | | 705,000 | | | | 5.000 | | | 07/01/2027 | | | 729,532 | |
| | | | | 740,000 | | | | 5.000 | | | 07/01/2028 | | | 773,763 | |
| | The City of New York Adjustable Rate Bonds GO Bonds Fiscal 2017 Series A Subseries A-5 (Aa2/AA/A-1) | |
| | | | | 1,965,000 | | | | 1.750 | (b)(c) | | 08/01/2044 | | | 1,965,000 | |
| | The City of New York GO Bonds Fiscal 2014 Ser D Sub Series D-4 (Aa1/AAA/A-1+) | |
| | | | | 2,525,000 | | | | 3.850 | (b)(c) | | 08/01/2040 | | | 2,525,000 | |
| | The City of New York GO Bonds Tax-Exempt Bonds Subseries F-1 (Aa2/AA) | |
| | | | | 2,655,000 | | | | 5.000 | | | 08/01/2025 | | | 2,701,990 | |
| | | | | 1,000,000 | | | | 5.000 | | | 08/01/2026 | | | 1,045,583 | |
| | The Port Authority of New York and New Jersey Consolidated Bonds Two Hundred Forty-Fifth Series Consolidated Bonds (Aa3/AA-) | |
| | | | | 4,500,000 | | | | 5.000 | (d) | | 09/01/2032 | | | 5,009,783 | |
| | 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 | | | 1,786,866 | |
| | Triborough Bridge & Tunnel Authority Payroll Mobility Tax Senior Lien Bonds Series 2021C (NR/AA+) | |
| | | | | 40,900,000 | | | | 5.000 | (b)(c) | | 05/15/2051 | | | 42,201,454 | |
| | Triborough Bridge & Tunnel Authority Payroll Mobility Tax Senior Lien Green Bonds Series 2022E (NR/AA+) | |
| | | | | 26,915,000 | | | | 5.000 | | | 11/15/2027 | | | 28,921,497 | |
| | 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 | | | 5,314,882 | |
| | Westchester County Local Development Corp. Revenue Refunding Bonds for Kendal on Hudson Project Series 2022B (NR/NR) | |
| | | | | 210,000 | | | | 5.000 | | | 01/01/2027 | | | 216,703 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 586,008,338 | |
| | | |
| | |
| 214 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | North Carolina – 1.9% | |
| | Charlotte-Mecklenburg Hospital Authority RB Series 2018E (Aa3/AA) | |
| | $ | | | 6,500,000 | | | | 0.800 | %(b)(c) | | 01/15/2048 | | $ | 6,349,439 | |
| | City of Charlotte Water & Sewer System Refunding RB Series 2015 (Aaa/AAA) | |
| | | | | 10,000,000 | | | | 5.000 | | | 07/01/2027 | | | 10,175,910 | |
| | Columbus County Industrial Facilities & Pollution Control Financing Authority Revenue Refunding Bonds Series 2019A (Baa2/BBB) (PUTABLE) | |
| | | | | 425,000 | | | | 2.000 | (b)(c) | | 11/01/2033 | | | 425,000 | |
| | Columbus County Industrial Facilities & Pollution Control Financing Authority Revenue Refunding Bonds Series 2019B (Baa2/BBB) (PUTABLE) | |
| | | | | 450,000 | | | | 2.000 | (b)(c) | | 11/01/2033 | | | 450,000 | |
| | Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2020 A (Baa2/BBB) (PUTABLE) | |
| | | | | 4,550,000 | | | | 1.375 | (b)(c) | | 05/01/2034 | | | 4,467,471 | |
| | Greater Ashville Regional Airport Authority Airport System RB Series 2022A (AMT) (AGM) (A1/AA) | |
| | | | | 750,000 | | | | 5.000 | | | 07/01/2027 | | | 786,069 | |
| | North Carolina Capital Facilities Finance Agency RB for Duke University Project Series 2015B (Aa1/NR) | |
| | | | | 30,000,000 | | | | 5.000 | (a) | | 10/01/2025 | | | 30,666,282 | |
| | North Carolina Housing Finance Agency Multifamily Housing RB Series 2024 (Aaa/NR) (PUTABLE) | |
| | | | | 2,205,000 | | | | 5.000 | (b)(c) | | 04/01/2029 | | | 2,352,929 | |
| | North Carolina Medical Care Commission Retirement Facilities First Mortgage RB Carolina Meadows Series 2024 (NR/NR) | |
| | | | | 7,495,000 | | | | 5.000 | | | 12/01/2034 | | | 8,632,054 | |
| | 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 | | | 353,353 | |
| | 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 | | | 527,467 | |
| | State of North Carolina Limited Obligation Bonds Series 2020B (Aa1/AA+) | |
| | | | | 13,610,000 | | | | 5.000 | | | 05/01/2026 | | | 14,148,957 | |
| | State of North Carolina Limited Obligation Refunding Bonds Series 2017B (Aa1/AA+) | |
| | | | | 12,190,000 | | | | 5.000 | | | 05/01/2026 | | | 12,672,725 | |
| | 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 | | | 1,127,064 | |
| | The Charlotte-Mecklenburg Hospital Authority Atrium Health Variable Rate Health Care Refunding RB Series 2021E (Aa1/AA-/A-1+) | |
| | | | | 3,335,000 | | | | 3.850 | (b)(c) | | 01/15/2042 | | | 3,335,000 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 96,469,720 | |
| | | |
| | North Dakota - 0.2% | |
| | City of Grand Forks Health Care System RB for Altru Health System Series 2021 (Baa3/NR) | |
| | | | | 2,000,000 | | | | 5.000 | | | 12/01/2028 | | | 2,074,279 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | |
| | North Dakota – (continued) | | | | |
| | City of Grand Forks RB Refunding for Altru Health System Obligated Group Series 2021 (Baa3/NR) | |
| | $ | | | 125,000 | | | | 5.000 | % | | 12/01/2024 | | $ | 125,042 | |
| | | | | 165,000 | | | | 5.000 | | | 12/01/2025 | | | 166,560 | |
| | | | | 225,000 | | | | 5.000 | | | 12/01/2026 | | | 229,643 | |
| | City of Horace Temporary Refunding Improvement Bonds Series 2022B (Baa3/NR) | |
| | | | | 5,375,000 | | | | 4.000 | | | 01/01/2025 | | | 5,373,644 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 7,969,168 | |
| | | |
| | Ohio - 1.7% | | | | | | | |
| | 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 | | | 127,197 | |
| | 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 | | | 181,171 | |
| | American Municipal Power RB for Prairie State Energy Campus Project Refunding Series 2023A (A1/A) | |
| | | | | 2,500,000 | | | | 5.000 | | | 02/15/2026 | | | 2,580,770 | |
| | | | | 2,750,000 | | | | 5.000 | | | 02/15/2027 | | | 2,909,082 | |
| | City of Cleveland Airport System RB Series 2018A (AMT) (A2/A) | |
| | | | | 2,000,000 | | | | 5.000 | | | 01/01/2026 | | | 2,044,849 | |
| | County of Franklin Healthcare Facilities RB for Ohio Living Communities Series 2023 (NR/NR) | |
| | | | | 6,000,000 | | | | 5.000 | | | 07/01/2031 | | | 6,228,242 | |
| | County of Montgomery Ohio Health Care Facilities Revenue Refunding and Improvement Bonds Series 2024 (Baa1/NR) | |
| | | | | 500,000 | | | | 5.000 | | | 09/01/2025 | | | 508,132 | |
| | | | | 400,000 | | | | 5.000 | | | 09/01/2026 | | | 415,239 | |
| | | | | 400,000 | | | | 5.000 | | | 09/01/2027 | | | 422,710 | |
| | | | | 325,000 | | | | 5.000 | | | 09/01/2028 | | | 349,117 | |
| | | | | 470,000 | | | | 5.000 | | | 09/01/2029 | | | 512,124 | |
| | | | | 375,000 | | | | 5.000 | | | 09/01/2030 | | | 412,502 | |
| | | | | 375,000 | | | | 5.000 | | | 09/01/2031 | | | 415,671 | |
| | County of Warren Ohio Hospital Facilities Refunding RB Series 2024A Community First Solutions Obligated Group (NR/NR) | |
| | | | | 420,000 | | | | 5.000 | | | 05/15/2025 | | | 424,891 | |
| | Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (Baa2/BBB) | |
| | | | | 500,000 | | | | 5.000 | | | 02/15/2025 | | | 501,481 | |
| | Franklin County Finance Authority Multifamily Housing RB for Dering Family Homes Project Series 2023 (HUD SECT 8) (Aaa/NR) | |
| | | | | 5,000,000 | | | | 5.000 | (b)(c) | | 07/01/2045 | | | 5,200,444 | |
| | 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 | | | 3,817,403 | |
| | 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 | | | 6,613,987 | |
| | Ohio Air Quality Development Authority Collateralized Air Quality Revenue Refunding Bonds for Dayton Power and Light Company Project 2015 Series A (Baa1/BBB) (PUTABLE) | |
| | | | | 15,250,000 | | | | 4.250 | (b)(c) | | 11/01/2040 | | | 15,649,276 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 215 |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Ohio – (continued) | |
| | Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 A (Baa3/NR) | |
| | $ | | | 1,075,000 | | | | 2.875 | % | | 02/01/2026 | | $ | 1,054,829 | |
| | Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 D (Baa3/NR) | |
| | | | | 2,695,000 | | | | 2.875 | | | 02/01/2026 | | | 2,644,431 | |
| | Ohio Air Quality Development Authority Revenue Refunding Bonds American Electric Power Company Project Series 2005A Bonds (AMT) (Baa2/BBB) | |
| | | | | 1,000,000 | | | | 3.750 | (d) | | 01/01/2029 | | | 999,792 | |
| | Ohio Housing Finance Agency Multifamily Housing RB for Cherry Blossom Apartments Project Series 2023 (HUD SECT 8) (Aaa/NR) (PUTABLE) | |
| | | | | 1,700,000 | | | | 5.000 | (b)(c) | | 08/01/2026 | | | 1,727,242 | |
| | Ohio State RB Refunding for Premier Health Partners Obligated Group Series 2020 (Baa1/NR) | |
| | | | | 140,000 | | | | 5.000 | | | 11/15/2024 | | | 140,131 | |
| | | | | 280,000 | | | | 5.000 | | | 11/15/2025 | | | 284,303 | |
| | Ohio Water Development Authority Drinking Water Assistance Fund RB Series 2016 (Aaa/AAA) | |
| | | | | 4,080,000 | | | | 4.000 | | | 12/01/2033 | | | 4,144,460 | |
| | Ohio Water Development Authority Fresh Water Development RB Series 2016B (Aaa/AAA) | |
| | | | | 1,000,000 | | | | 5.000 | | | 06/01/2026 | | | 1,041,810 | |
| | State of Ohio Higher Educational Facility Revenue Refunding Bonds Series 2021B (Aa3/AA-) | |
| | | | | (SIFMA Municipal Swap Index Yield + 0.23%) | |
| | | | | 4,400,000 | | | | 3.380 | (c)(f) | | 12/01/2042 | | | 4,332,790 | |
| | State of Ohio Major Infrastructure RB Series 2016-1 (Aa1/AA+) | |
| | | | | 4,335,000 | | | | 5.000 | | | 12/15/2027 | | | 4,519,984 | |
| | The Franklin County Convention Facilities Authority Tax and Lease Revenue Anticipation Refunding Bonds Series 2024 (Aa2/AA) | |
| | | | | 9,815,000 | | | | 5.000 | (d) | | 12/01/2032 | | | 11,345,139 | |
| | Willoughby Eastlake City School District GO UT School Improvement Bonds Series 2016 (A2/NR) | |
| | | | | 2,500,000 | | | | 5.000 | (a) | | 12/01/2025 | | | 2,567,199 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 84,116,398 | |
| | | |
| | Oklahoma - 0.8% | |
| | City of Tulsa GO Bonds Series 2021 (Aa1/AA) | |
| | | | | 9,300,000 | | | | 1.000 | | | 11/01/2026 | | | 8,800,479 | |
| | Independent School District Combined Purpose GO Bonds Series 2021B (NR/AA) | |
| | | | | 10,000,000 | | | | 1.000 | | | 09/01/2025 | | | 9,737,750 | |
| | Independent School District GO Combined Purposed Bonds Series 2021 (NR/AA+) | |
| | | | | 8,840,000 | | | | 1.250 | | | 06/01/2026 | | | 8,448,033 | |
| | Independent School District No. 6 GO Combined Purpose Bonds Series 2023 (NR/AA-) | |
| | | | | 9,925,000 | | | | 5.000 | | | 09/01/2025 | | | 10,092,532 | |
| | Oklahoma Capitol Improvement Authority State Facilities Refunding RB Series 2024A (NR/AA-) | |
| | | | | 1,725,000 | | | | 5.000 | | | 07/01/2026 | | | 1,796,142 | |
| | | | | 1,775,000 | | | | 5.000 | | | 07/01/2027 | | | 1,893,638 | |
| | Oklahoma Capitol Improvement Authority State Facilities Refunding RB Series 2024B (NR/AA-) | |
| | | | | 340,000 | | | | 5.000 | | | 07/01/2026 | | | 354,022 | |
| | | | | 250,000 | | | | 5.000 | | | 07/01/2027 | | | 266,710 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | | |
| | Oklahoma – (continued) | | | | | | | |
| | Oklahoma Housing Finance Agency Collateralized RB Pioneer Plaza Apartments, Series 2023A (HUD SECT 8 FHA 221(D)(4)) (Aaa/NR) | |
| | $ | | | 575,000 | | | | 4.000 | %(b)(c) | | 06/01/2028 | | $ | 576,651 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 41,965,957 | |
| | | |
| | Oregon - 0.3% | | | | | | | |
| | Corvallis School District No. 509J GO Convertible Deferred Interest Bonds Series 2018A (SCH BD GTY) (Aa1/AA+) | |
| | | | | 2,790,000 | | | | 5.000 | | | 06/15/2026 | | | 2,908,366 | |
| | Forest Grove Oregon Student Housing RB Refunding for Oak Tree Foundation Project Series 2017 (NR/BBB) | |
| | | | | 200,000 | | | | 5.000 | | | 03/01/2025 | | | 200,599 | |
| | Oregon Facilities Authority Revenue Refunding Bonds 2020 Series A (NR/BBB+) | |
| | | | | 400,000 | | | | 5.000 | | | 10/01/2024 | | | 400,000 | |
| | | | | 125,000 | | | | 5.000 | | | 10/01/2026 | | | 128,738 | |
| | Port of Portland International Airport RB Series 27A (NR/AA-) | |
| | | | | 2,410,000 | | | | 5.000 | | | 07/01/2028 | | | 2,565,789 | |
| | Portland Oregon Water System RB Refunding First Lien Series 2016 A (Aa1/NR) | |
| | | | | 7,090,000 | | | | 4.000 | | | 04/01/2029 | | | 7,229,429 | |
| | State of Oregon GO Bonds 2021 Series H (Aa1/AA+) | |
| | | | | 1,330,000 | | | | 1.000 | | | 08/01/2026 | | | 1,276,159 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 14,709,080 | |
| | | |
| | Pennsylvania - 3.3% | | | | | | | |
| | Allegheny County Higher Education Building Authority for Carnegie Mellon University for RB Series 2022A (NR/AA+) | |
| | | | | (SOFR + 0.29%) | | | | | | | |
| | | | | 5,330,000 | | | | 3.678 | (c)(f) | | 02/01/2033 | | | 5,271,856 | |
| | Allentown Neighborhood Improvement Zone Development Authority RB Refunding Series 2022 (Baa3/NR) | |
| | | | | 480,000 | | | | 5.000 | | | 05/01/2026 | | | 493,652 | |
| | Allentown Neighborhood Improvement Zone Development Authority Tax Revenue Refunding Bonds Series 2022 (Baa3/NR) | |
| | | | | 600,000 | | | | 5.000 | | | 05/01/2028 | | | 635,969 | |
| | Cheltenham Township Industrial Development Authority Arcadia University RB Series of 2024 (NR/BBB-) | |
| | | | | 6,900,000 | | | | 5.000 | | | 04/01/2034 | | | 7,217,714 | |
| | City of Philadelphia Airport Revenue Refunding Bonds Series 2017B (AMT) (A2/A+) | |
| | | | | 1,150,000 | | | | 5.000 | | | 07/01/2025 | | | 1,163,090 | |
| | City of Philadelphia Airport Revenue Refunding Bonds Series 2021 (AMT) (A2/NR) | |
| | | | | 2,800,000 | | | | 5.000 | | | 07/01/2027 | | | 2,934,656 | |
| | Commonwealth of Pennsylvania GO Bonds Series 2015 (Aa3/A+) | |
| | | | | 3,925,000 | | | | 5.000 | | | 08/15/2025 | | | 4,001,878 | |
| | County of Beaver GO Bonds Series 2017 (BAM) (NR/AA) | |
| | | | | 1,000,000 | | | | 5.000 | | | 04/15/2025 | | | 1,010,824 | |
| | County of Westmoreland GO Bonds Tax Exempt 2013 Series A (A2/NR) | |
| | | | | 55,000 | | | | 5.000 | | | 12/01/2024 | | | 55,072 | |
| | Cumberland County Municipal Authority RB Refunding for Messiah College Series 2020 SS3 (NR/A-) | |
| | | | | 2,195,000 | | | | 2.345 | | | 11/01/2026 | | | 2,111,229 | |
| | |
| 216 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Pennsylvania – (continued) | |
| | Delaware River Port Authority Port District Project Refunding Bonds Series 2022 (A3/A) | |
| | $ | | | 1,050,000 | | | | 5.000 | % | | 01/01/2026 | | $ | 1,080,651 | |
| | | | | 1,000,000 | | | | 5.000 | | | 01/01/2027 | | | 1,055,111 | |
| | Delaware Valley Regional Finance Authority Local Government RB 2022 Series B (A1/A+) | |
| | | | | (SIFMA Municipal Swap Index Yield + 0.40%) | |
| | | | | 17,860,000 | | | | 3.550 | (c)(f) | | 03/01/2057 | | | 17,690,443 | |
| | Delaware Valley Regional Finance Authority Local Government RB 2022 Series C (A1/A+) | |
| | | | | (SOFR + 0.49%) | |
| | | | | 13,580,000 | | | | 3.733 | (c)(f) | | 03/01/2057 | | | 13,517,323 | |
| | Geisinger Authority Health System Long Term Rate RB Series 2020B (NR/AA-) | |
| | | | | 16,590,000 | | | | 5.000 | (b)(c) | | 04/01/2043 | | | 17,259,421 | |
| | Lancaster Municipal Authority Healthcare Facilities RB Series A of 2024 Garden Spot Village Project (NR/NR) | |
| | | | | 190,000 | | | | 5.000 | | | 05/01/2025 | | | 191,846 | |
| | | | | 160,000 | | | | 5.000 | | | 05/01/2026 | | | 164,108 | |
| | | | | 195,000 | | | | 5.000 | | | 05/01/2027 | | | 202,993 | |
| | | | | 215,000 | | | | 5.000 | | | 05/01/2028 | | | 227,112 | |
| | | | | 185,000 | | | | 5.000 | | | 05/01/2029 | | | 198,373 | |
| | | | | 195,000 | | | | 5.000 | | | 05/01/2030 | | | 211,808 | |
| | | | | 205,000 | | | | 5.000 | | | 05/01/2031 | | | 225,508 | |
| | Lehigh County General Purpose Authority RB Refunding for The Good Shepherd Obligated Group Series 2021 A (NR/BBB+) | |
| | | | | 735,000 | | | | 4.000 | | | 11/01/2024 | | | 734,810 | |
| | | | | 525,000 | | | | 4.000 | | | 11/01/2025 | | | 526,291 | |
| | | | | 570,000 | | | | 4.000 | | | 11/01/2026 | | | 573,544 | |
| | 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 | | | 19,531,138 | |
| | Monroeville Finance Authority UPMC RB Series 2012 (A2/A) | |
| | | | | 2,390,000 | | | | 5.000 | | | 02/15/2027 | | | 2,523,911 | |
| | Montgomery County IDA Exempt Facilities Revenue Refunding Bonds 2023 Series B (Baa1/BBB+) | |
| | | | | 3,295,000 | | | | 4.100 | | | 06/01/2029 | | | 3,421,492 | |
| | Montgomery County IDA Exempt Facilities Revenue Refunding Bonds 2023 Series C (Baa1/BBB+) (PUTABLE) | |
| | | | | 5,335,000 | | | | 4.450 | (b)(c) | | 10/01/2034 | | | 5,489,255 | |
| | Pennsylvania Economic Development Financing Authority RB for Presbyterian Senior Living Project Series 2021 (NR/NR) | |
| | | | | 1,600,000 | | | | 4.000 | | | 07/01/2033 | | | 1,638,437 | |
| | 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 | | | 10,108,780 | |
| | Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB Series 2009 (NR/A-/A-2) (PUTABLE) | |
| | | | | 14,680,000 | | | | 0.950 | (b)(c) | | 12/01/2033 | | | 13,656,797 | |
| | 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 | | | 7,271,105 | |
| | Pennsylvania Economic Financing Development Authority Sewage Sludge Disposal Revenue Refunding Bonds Series 2020 (Baa2/NR) | |
| | | | | 505,000 | | | | 3.000 | | | 01/01/2025 | | | 503,211 | |
| | | | | 615,000 | | | | 4.000 | | | 01/01/2026 | | | 615,745 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Pennsylvania – (continued) | |
| | Pennsylvania Go Bonds First 2023 (Aa3/A+) | |
| | $ | | | 11,135,000 | | | | 5.000 | % | | 09/01/2026 | | $ | 11,673,736 | |
| | Pennsylvania Housing Finance Agency Special Limited Obligation Multifamily Housing Development Bonds for Cambridge Square Series 2023B (HUD SECT 8) (Aaa/NR) | |
| | | | | 1,000,000 | | | | 5.000 | (b)(c) | | 11/01/2026 | | | 1,018,894 | |
| | Pennsylvania Turnpike Commission Turnpike RB Series 2022 B (Aa3/NR) | |
| | | | | 155,000 | | | | 5.000 | | | 12/01/2025 | | | 159,265 | |
| | | | | 135,000 | | | | 5.000 | | | 12/01/2026 | | | 142,136 | |
| | | | | 185,000 | | | | 5.000 | | | 12/01/2027 | | | 199,245 | |
| | Southeastern Pennsylvania Transportation Authority RB for Asset Improvement Program Series 2022 (Aa3/NR) | |
| | | | | 570,000 | | | | 5.000 | | | 06/01/2025 | | | 577,861 | |
| | | | | 750,000 | | | | 5.000 | | | 06/01/2026 | | | 780,218 | |
| | | | | 500,000 | | | | 5.000 | | | 06/01/2027 | | | 532,248 | |
| | State Public School Building Authority School Lease Revenue Refunding Bonds for Philadelphia School District Project Series 2016A (AGM ST AID WITHHLDG) (A1/AA) | |
| | | | | 2,550,000 | | | | 5.000 | | | 06/01/2031 | | | 2,650,771 | |
| | Westmoreland County IDA Health System Tax Exempt RB Series 2020A (Baa3/NR) | |
| | | | | 575,000 | | | | 4.000 | | | 07/01/2025 | | | 575,453 | |
| | | | | 625,000 | | | | 4.000 | | | 07/01/2026 | | | 629,162 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 162,454,142 | |
| | | |
| | Puerto Rico - 5.1% | |
| | Puerto Rico Commonwealth GO Bonds (NR/NR) | |
| | | | | 2,800,579 | | | | 0.000 | (b)(h)(i) | | 11/01/2043 | | | 1,802,872 | |
| | Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR/NR) | |
| | | | | 252,465 | | | | 5.375 | | | 07/01/2025 | | | 253,937 | |
| | | | | 501,051 | | | | 5.625 | | | 07/01/2027 | | | 523,119 | |
| | | | | 492,922 | | | | 5.625 | | | 07/01/2029 | | | 532,250 | |
| | | | | 478,771 | | | | 5.750 | | | 07/01/2031 | | | 532,363 | |
| | | | | 584,255 | | | | 0.000 | (g) | | 07/01/2033 | | | 396,555 | |
| | | | | 454,000 | | | | 4.000 | | | 07/01/2033 | | | 454,388 | |
| | | | | 408,086 | | | | 4.000 | | | 07/01/2035 | | | 407,195 | |
| | | | | 350,245 | | | | 4.000 | | | 07/01/2037 | | | 347,548 | |
| | | | | 476,200 | | | | 4.000 | | | 07/01/2041 | | | 460,068 | |
| | | | | 495,242 | | | | 4.000 | | | 07/01/2046 | | | 467,166 | |
| | Puerto Rico Electric Power Authority Power RB Series VV (NATL) (NR/NR) | |
| | | | | 1,015,000 | | | | 5.250 | | | 07/01/2025 | | | 1,011,618 | |
| | | | | 150,000 | | | | 5.250 | | | 07/01/2032 | | | 149,037 | |
| | | | | 145,000 | | | | 5.250 | | | 07/01/2035 | | | 143,433 | |
| | Puerto Rico Electric Power Authority Power Revenue Refunding Bonds PP (NATL) (NR/NR) | |
| | | | | 700,000 | | | | 5.000 | | | 07/01/2025 | | | 700,113 | |
| | Puerto Rico Electric Power Authority Power Revenue Refunding Bonds SS (NATL) (NR/NR) | |
| | | | | 525,000 | | | | 5.000 | | | 07/01/2025 | | | 525,192 | |
| | Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (A1/AA) | |
| | | | | (3M USD LIBOR + 0.52%) | |
| | | | | 55,400,000 | | | | 4.263 | (f) | | 07/01/2029 | | | 53,347,408 | |
| | Puerto Rico Financial Corp Commonwealth Appropriation Bonds 2001E (AGC-ICC AGM-CR) (A1/AA) | |
| | | | | 2,030,000 | | | | 6.000 | | | 08/01/2026 | | | 2,146,478 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 217 |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | 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 | %(g) | | 07/01/2027 | | $ | 40,834,912 | |
| | | | | 4,613,000 | | | | 0.000 | (g) | | 07/01/2029 | | | 3,861,659 | |
| | | | | 16,046,000 | | | | 0.000 | (g) | | 07/01/2031 | | | 12,375,307 | |
| | | | | 19,838,000 | | | | 0.000 | (g) | | 07/01/2033 | | | 14,036,083 | |
| | | | | 4,705,000 | | | | 0.000 | (g) | | 07/01/2046 | | | 1,588,078 | |
| | | | | 3,833,000 | | | | 0.000 | (g) | | 07/01/2051 | | | 940,186 | |
| | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR) | |
| | | | | 7,050,000 | | | | 4.329 | | | 07/01/2040 | | | 7,035,354 | |
| | | | | 56,000 | | | | 4.536 | | | 07/01/2053 | | | 55,414 | |
| | | | | 747,000 | | | | 4.784 | | | 07/01/2058 | | | 748,637 | |
| | Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) | |
| | | | | 96,554,000 | | | | 4.500 | | | 07/01/2034 | | | 96,732,663 | |
| | | | | 1,345,000 | | | | 4.750 | | | 07/01/2053 | | | 1,348,498 | |
| | | | | 3,400,000 | | | | 5.000 | | | 07/01/2058 | | | 3,433,576 | |
| | Puerto Rico Sales Tax Financing Corporation Sales Tax Revenue Restructured Bonds Series A-1 (NR/NR) | |
| | | | | 4,772,000 | | | | 4.550 | | | 07/01/2040 | | | 4,796,720 | |
| | State of Delaware GO Custodial Receipts Series 2017A (NR/NR) | |
| | | | | 1,030,000 | | | | 0.000 | (h) | | 03/15/2049 | | | 100,873 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 252,088,700 | |
| | | |
| | Rhode Island - 0.2% | |
| | Providence Public Buildings Authority Capital Improvement Program Projects RB 2024 Series A (AGC) (A1/AA) | |
| | | | | 610,000 | | | | 5.000 | | | 09/15/2027 | | | 648,783 | |
| | | | | 400,000 | | | | 5.000 | | | 09/15/2028 | | | 433,025 | |
| | Rhode Island Health and Educational Building Corp. Revenue Refunding Bonds for Providence Public Schools Series 2015 A (AGM ST APPROP) (Aa3/AA) | |
| | | | | 4,150,000 | | | | 5.000 | | | 05/15/2025 | | | 4,197,630 | |
| | State of Rhode Island GO Bonds Consolidated Capital Development Loan Series 2022 A (Aa2/AA) | |
| | | | | 2,210,000 | | | | 5.000 | | | 08/01/2026 | | | 2,311,506 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 7,590,944 | |
| | | |
| | South Carolina - 0.1% | |
| | Charleston County Airport District Charleston South Carolina Airport RB Series 2024 (A1/A+) | |
| | | | | 1,210,000 | | | | 5.000 | (d) | | 07/01/2028 | | | 1,318,916 | |
| | | | | 685,000 | | | | 5.000 | (d) | | 07/01/2029 | | | 760,821 | |
| | | | | 720,000 | | | | 5.000 | (d) | | 07/01/2030 | | | 813,092 | |
| | | | | 600,000 | | | | 5.000 | (d) | | 07/01/2031 | | | 686,848 | |
| | | | | 1,730,000 | | | | 5.000 | (d) | | 07/01/2032 | | | 2,005,705 | |
| | 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 | | | 575,388 | |
| | Housing Authority of The City of Greenville Multifamily Housing RB for Cherokee Landing Apartments Project Series 2023 (Aaa/NR) | |
| | | | | 900,000 | | | | 5.000 | (b)(c) | | 07/01/2027 | | | 931,629 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 7,092,399 | |
| | | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Tennessee – 0.3% | |
| | City of Memphis Sanitary Sewage System Revenue Refunding Bonds Series 2018 (Aa2/AA+) | |
| | $ | | | 2,245,000 | | | | 4.000 | % | | 10/01/2035 | | $ | 2,269,762 | |
| | 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 | | | 3,532,183 | |
| | Metropolitan Nashville Airport Authority Airport Improvement RB Series 2022B (A1/NR) | |
| | | | | 1,050,000 | | | | 5.000 | | | 07/01/2028 | | | 1,117,875 | |
| | Tennessee State School Bond Authority Higher Education Facilities Second Program Bonds 2015 Series B (ST INTERCEPT) (Aa1/AA+) | |
| | | | | 5,000,000 | | | | 5.000 | (a) | | 11/01/2025 | | | 5,121,167 | |
| | The Health and Educational Facilities Board of The Metropolitan Government of Nashville and Davidson County, Multifamily Housing RB Ben Allen Ridge Apartments Project Series 2022B (FNMA COLL) (Aaa/NR) (PUTABLE) | |
| | | | | 1,135,000 | | | | 3.850 | (b)(c) | | 02/01/2048 | | | 1,145,311 | |
| | 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 | | | 3,011,090 | |
| | The Public Building Authority of Blount County Local Government Public Improvement Bonds Series D-3-A (Aa1/NR) | |
| | | | | 1,160,000 | | | | 3.900 | (b)(c) | | 06/01/2034 | | | 1,160,000 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 17,357,388 | |
| | | |
| | Texas - 12.0% | |
| | Alvin Independent School District Unlimited Tax Schoolhouse and RB Series 2024 (PSF-GTD) (Aaa/NR) | |
| | | | | 725,000 | | | | 5.000 | | | 02/15/2026 | | | 748,631 | |
| | Arlington Higher Education Finance Corp. Great Hearts America - Texas Education RB Series 2024A (Baa3/NR) | |
| | | | | 2,000,000 | | | | 4.250 | | | 08/15/2034 | | | 2,010,539 | |
| | Austin Affordable PFC Inc. Multifamily Housing RB Heritage Pointe Seniors Apartments Series 2024B (Aaa/NR) | |
| | | | | 2,850,000 | | | | 5.000 | (b)(c) | | 11/01/2028 | | | 3,019,648 | |
| | Austin Affordable PFC Inc. Multifamily Housing RB Series 2024B (FNMA COLL) (Aaa/NR) | |
| | | | | 700,000 | | | | 5.000 | (b)(c) | | 09/01/2028 | | | 740,687 | |
| | Austin Affordable PFC Inc. Multifamily Housing RB Series 2024B Eagle’s Landing Family Apartments (Aaa/NR) | |
| | | | | 1,060,000 | | | | 5.000 | (b)(c) | | 09/01/2028 | | | 1,121,612 | |
| | 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 | | | 1,430,596 | |
| | Bexar County Housing Finance Corp. RB Refunding for Westcliffe Housing Foundation, Inc. Series 2004 (Aa1/NR) | |
| | | | | 155,000 | | | | 3.750 | (b) | | 02/01/2035 | | | 155,002 | |
| | 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 | | | 5,231,116 | |
| | | | | 10,000,000 | | | | 5.000 | | | 08/15/2027 | | | 10,716,077 | |
| | |
| 218 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | 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 | | $ | 1,814,978 | |
| | City of Austin RB Refunding for Airport System Series 2019 (AMT) (A1/A+) | |
| | | | | 2,000,000 | | | | 5.000 | | | 11/15/2024 | | | 2,001,981 | |
| | | | | 1,150,000 | | | | 5.000 | | | 11/15/2025 | | | 1,173,193 | |
| | City of Austin Water & Wastewater System Revenue Refunding Bonds Series 2022 (Aa2/AA) | |
| | | | | 1,000,000 | | | | 5.000 | | | 11/15/2025 | | | 1,025,919 | |
| | | | | 1,000,000 | | | | 5.000 | | | 11/15/2026 | | | 1,053,935 | |
| | | | | 1,500,000 | | | | 5.000 | | | 11/15/2027 | | | 1,618,240 | |
| | 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 | (e) | | 09/15/2030 | | | 328,449 | |
| | City of Bryan Rural Electric System RB, Series 2024 (AGM) (NR/AA) | |
| | | | | 265,000 | | | | 5.000 | | | 07/01/2027 | | | 281,686 | |
| | | | | 245,000 | | | | 5.000 | | | 07/01/2028 | | | 265,785 | |
| | City of Celina Special Assessment Bonds for The Lake at Mustang Ranch Public Improvement District Phase#1 Project Series 2020 (BAM) (NR/AA) | |
| | | | | 305,000 | | | | 4.000 | | | 09/01/2025 | | | 306,510 | |
| | | | | 320,000 | | | | 4.000 | | | 09/01/2026 | | | 326,324 | |
| | | | | 335,000 | | | | 4.000 | | | 09/01/2027 | | | 342,528 | |
| | | | | 350,000 | | | | 4.000 | | | 09/01/2028 | | | 359,695 | |
| | 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 | | | 607,283 | |
| | 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 | | | 586,625 | |
| | | | | 605,000 | | | | 5.000 | | | 09/01/2026 | | | 624,149 | |
| | | | | 637,000 | | | | 5.000 | | | 09/01/2027 | | | 671,283 | |
| | | | | 700,000 | | | | 5.000 | | | 09/01/2029 | | | 760,966 | |
| | 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 | | | 2,050,821 | |
| | | | | 1,600,000 | | | | 5.000 | | | 11/01/2026 | | | 1,683,464 | |
| | City of Dallas Fort Worth International Airport Joint Revenue Refunding Bonds Series 2020A (NON-AMT) (A1/AA-) | |
| | | | | 1,625,000 | | | | 5.000 | | | 11/01/2024 | | | 1,627,006 | |
| | City of Dallas Housing Finance Corp. Multifamily Housing RB for Highpoint at Wynnewood Series 2022 (Aaa/NR) | |
| | | | | 2,900,000 | | | | 3.500 | (b)(c) | | 02/01/2044 | | | 2,906,810 | |
| | City of Dallas Housing Finance Corp. Multifamily Housing RB for Positano Series 2023 (FHA 221(D4)) (Aaa/NR) | |
| | | | | 845,000 | | | | 5.000 | (b)(c) | | 09/01/2026 | | | 860,359 | |
| | City of Dallas Housing Finance Corp. Multifamily Housing RB for Rosemont At Ash Creek Apartments Series 2023 (FHA 221(D4)) FHA (Aaa/NR) | |
| | | | | 1,130,000 | | | | 5.000 | (b)(c) | | 07/01/2026 | | | 1,153,216 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Texas – (continued) | |
| | City of Dallas Housing Finance Corp. Multifamily Housing RB for The Mondello Series 2024 (FHA 221(D4)) (Aaa/NR) | |
| | $ | | | 515,000 | | | | 5.000 | %(b)(c) | | 08/01/2027 | | $ | 534,136 | |
| | City of Dallas Housing Finance Corp. Multifamily Housing Revenue Notes for Estates at Ferguson Series 2023 (Aaa/NR) | |
| | | | | 1,045,000 | | | | 5.000 | (b)(c) | | 07/01/2042 | | | 1,092,173 | |
| | City of Dallas Waterworks and Sewer System Revenue Refunding Bonds Series 2015A (Aa2/AAA) | |
| | | | | 2,510,000 | | | | 5.000 | | | 10/01/2026 | | | 2,565,098 | |
| | City of El Paso Water & Sewer RB Refunding Series 2015 (NR/ AA) | |
| | | | | 3,030,000 | | | | 5.000 | | | 03/01/2025 | | | 3,034,149 | |
| | 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 | | | 150,841 | |
| | | | | 155,000 | | | | 4.000 | | | 08/15/2026 | | | 157,593 | |
| | | | | 160,000 | | | | 4.000 | | | 08/15/2027 | | | 163,979 | |
| | 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 | | | 304,493 | |
| | | | | 576,000 | | | | 5.000 | | | 09/01/2026 | | | 596,774 | |
| | | | | 606,000 | | | | 5.000 | | | 09/01/2027 | | | 639,418 | |
| | | | | 640,000 | | | | 5.000 | | | 09/01/2028 | | | 686,558 | |
| | City of Galveston Texas Wharves and Terminal First Lien RB Series 2024A (NR/A) | |
| | | | | 740,000 | | | | 5.000 | | | 08/01/2026 | | | 765,509 | |
| | | | | 875,000 | | | | 5.000 | | | 08/01/2027 | | | 922,271 | |
| | | | | 630,000 | | | | 5.000 | | | 08/01/2028 | | | 672,254 | |
| | City of Houston Texas Combined Utility System First Lien Revenue Refunding Bonds Series 2024A (Aa2/NR) | |
| | | | | 1,800,000 | | | | 5.000 | | | 11/15/2025 | | | 1,847,662 | |
| | | | | 4,560,000 | | | | 5.000 | | | 11/15/2026 | | | 4,801,097 | |
| | | | | 4,560,000 | | | | 5.000 | | | 11/15/2027 | | | 4,908,034 | |
| | | | | 1,000,000 | | | | 5.000 | | | 11/15/2029 | | | 1,118,838 | |
| | City of Houston Texas Public Improvement Refunding Bonds Series 2024B (Aa3/AA) | |
| | | | | 1,900,000 | | | | 5.000 | | | 03/01/2026 | | | 1,965,252 | |
| | City of Kyle Special Assessment RB for 6 Creeks Public Improvement District Project Series 2023 (NR/NR) | |
| | | | | 152,000 | | | | 4.125 | (e) | | 09/01/2028 | | | 153,787 | |
| | City of Lavon Heritage Public Improvement District No. 1 Special Assessment Refunding Series 2021 (BAM) (NR/AA) | |
| | | | | 320,000 | | | | 3.000 | | | 09/15/2025 | | | 320,157 | |
| | City of Lubbock Texas General Obligation Bonds Series 2024 (NR/ AA+) | |
| | | | | 1,385,000 | | | | 5.000 | | | 02/15/2025 | | | 1,394,445 | |
| | City of McLendon-Chisholm Special Assessment Refunding Bonds Sonoma Public Improvement District Series 2020 (BAM) (NR/ AA) | |
| | | | | 285,000 | | | | 4.000 | | | 09/15/2025 | | | 287,375 | |
| | | | | 295,000 | | | | 4.000 | | | 09/15/2026 | | | 300,722 | |
| | | | | 305,000 | | | | 4.000 | | | 09/15/2027 | | | 313,168 | |
| | 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 | (e) | | 09/01/2030 | | | 216,367 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 219 |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | | |
| | Texas – (continued) | | | | | | | |
| | City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR) | |
| | $ | | | 62,000 | | | | 2.500 | %(e) | | 09/01/2026 | | $ | 60,493 | |
| | 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 | (e) | | 09/01/2025 | | | 33,592 | |
| | 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 | (e) | | 09/01/2025 | | | 59,202 | |
| | City of Sachse Special Assessment RB for Sachse Public Improvement District Project Series 2022 (NR/NR) | |
| | | | | 150,000 | | | | 5.000 | (e) | | 09/15/2028 | | | 153,540 | |
| | 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 | | | 10,510,463 | |
| | 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 | | | 11,388,187 | |
| | City of San Antonio General Improvement Bonds Series 2023 (Aaa/AAA) | |
| | | | | 5,000,000 | | | | 5.000 | | | 02/01/2026 | | | 5,163,662 | |
| | City of San Antonio Texas Electric and Gas Systems Revenue Refunding Bonds New Series 2024D (Aa2/AA-) | |
| | | | | 2,000,000 | | | | 5.000 | | | 02/01/2029 | | | 2,201,730 | |
| | | | | 2,595,000 | | | | 5.000 | | | 02/01/2030 | | | 2,903,892 | |
| | | | | 5,270,000 | | | | 5.000 | | | 02/01/2031 | | | 5,974,231 | |
| | 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 | | | 1,778,337 | |
| | 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 | | | 18,798,890 | |
| | 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 | | | 625,998 | |
| | | | | 1,000,000 | | | | 5.000 | | | 08/15/2027 | | | 1,066,276 | |
| | 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 | | | 1,043,329 | |
| | Comal Independent School District GO Refunding Bonds Series 2017 (PSF-GTD) (Aaa/NR) | |
| | | | | 1,970,000 | | | | 5.000 | | | 02/01/2025 | | | 1,982,339 | |
| | | | | 1,600,000 | | | | 5.000 | | | 02/01/2026 | | | 1,652,372 | |
| | Conroe Independent School District UT Refunding Bonds Series 2023A (PSF-GTD) (Aaa/AAA) | |
| | | | | 2,000,000 | | | | 5.000 | | | 02/15/2026 | | | 2,066,561 | |
| | | | | 2,035,000 | | | | 5.000 | | | 02/15/2027 | | | 2,155,620 | |
| | Crowley Independent School District UT Refunding Bonds Series 2016B (PSF-GTD) (Aaa/NR) | |
| | | | | 2,550,000 | | | | 5.000 | (a) | | 08/01/2025 | | | 2,593,956 | |
| | Cypress Fairbanks Independent School District UT Refunding Bonds Series 2015 (PSF-GTD) (Aaa/AAA) | |
| | | | | 8,645,000 | | | | 4.000 | | | 02/15/2034 | | | 8,657,432 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Texas – (continued) | |
| | Cypress-Fairbanks Independent School District A Political Subdivision of The State of Texas Located in Harris County Texas UT School Building Bonds Series 2024B (PSF-GTD) (Aaa/AAA) | |
| | $ | | | 1,000,000 | | | | 5.000 | %(d) | | 02/15/2030 | | $ | 1,123,481 | |
| | | | | 1,500,000 | | | | 5.000 | (d) | | 02/15/2031 | | | 1,704,907 | |
| | | | | 1,750,000 | | | | 5.000 | (d) | | 02/15/2032 | | | 2,013,251 | |
| | Dallas County Flood Control District No. 1 Unlimited Tax GO Refunding Bonds Series 2015 (NR/NR) | |
| | | | | 3,250,000 | | | | 5.000 | (e) | | 04/01/2032 | | | 3,250,543 | |
| | Denton County Permanent Improvement Refunding Bonds Series 2016 (Aaa/AAA) | |
| | | | | 2,000,000 | | | | 4.000 | | | 07/15/2033 | | | 2,005,596 | |
| | 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 | | | 1,574,227 | |
| | Ector County Hospital District GO Refunding Bonds Series 2020 (Baa2/BBB-) | |
| | | | | 130,000 | | | | 5.000 | | | 09/15/2025 | | | 131,148 | |
| | | | | 620,000 | | | | 5.000 | | | 09/15/2026 | | | 634,105 | |
| | 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 | | | 1,039,975 | |
| | | | | 1,225,000 | | | | 5.000 | | | 08/15/2027 | | | 1,301,014 | |
| | | | | 1,000,000 | | | | 5.000 | | | 08/15/2028 | | | 1,082,027 | |
| | El Paso Independent School District Variable Rate Maintenance Tax Notes Series 2020 (Aa2/NR) | |
| | | | | 1,750,000 | | | | 5.000 | (b)(c) | | 02/01/2040 | | | 1,794,268 | |
| | Fort Bend Independent School District GO Bonds Series 2020 B (PSF-GTD) (NR/AAA) | |
| | | | | 5,890,000 | | | | 0.875 | (b)(c) | | 08/01/2050 | | | 5,770,537 | |
| | 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 | | | 3,839,352 | |
| | Hale Center Education Facilities Corp. Revenue Improvement and Revenue Refunding Bonds Series 2022 (NR/BBB+) | |
| | | | | 475,000 | | | | 5.000 | | | 03/01/2025 | | | 476,576 | |
| | | | | 675,000 | | | | 5.000 | | | 03/01/2026 | | | 687,316 | |
| | | | | 990,000 | | | | 5.000 | | | 03/01/2027 | | | 1,020,035 | |
| | Harlandale Independent School District UT Refunding Bonds Series 2015A (PSF-GTD) (NR/AAA) | |
| | | | | 4,130,000 | | | | 4.000 | (a) | | 08/15/2025 | | | 4,169,210 | |
| | Harris County Cultural Education Facilities Finance Corp. RB Refunding for Texas Medical Center Obligated Group Series 2019 B (A1/AA-) | |
| | | | | 8,940,000 | | | | 0.900 | (b)(c) | | 05/15/2050 | | | 8,766,593 | |
| | 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 | | | 1,713,206 | |
| | Harris County Texas Permanent Improvement Tax and Revenue Certificates of Obligation Series 2024 (Aaa/NR) | |
| | | | | 1,380,000 | | | | 5.000 | | | 09/15/2026 | | | 1,448,911 | |
| | | | | 1,760,000 | | | | 5.000 | | | 09/15/2027 | | | 1,889,404 | |
| | Harris County Texas UT Road Refunding Bonds Series 2024A (Aaa/NR) | |
| | | | | 1,050,000 | | | | 5.000 | | | 09/15/2026 | | | 1,102,432 | |
| | | | | 1,445,000 | | | | 5.000 | | | 09/15/2027 | | | 1,551,244 | |
| | |
| 220 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Texas – (continued) | |
| | Harris County Toll Road Senior Lien Revenue Refunding Bonds, Series 2016A (Aa1/NR) | |
| | $ | | | 3,010,000 | | | | 5.000 | % | | 08/15/2026 | | $ | 3,149,431 | |
| | Hidalgo County Drainage District No. 1 UT Improvement Bonds Series 2023 (Aa2/AA-) | |
| | | | | 3,000,000 | | | | 5.000 | | | 09/01/2025 | | | 3,055,034 | |
| | Houston Housing Finance Corp. Multifamily Housing RB Cordova Apartments Series 2024 (Aaa/NR) | |
| | | | | 2,650,000 | | | | 3.650 | (b)(c) | | 02/01/2048 | | | 2,696,710 | |
| | Houston Water & Sewer System Junior Lien Revenue Refunding Bonds Series 1998A (AGM) (Aa1/AA+) | |
| | | | | 5,755,000 | | | | 0.000 | (g) | | 12/01/2026 | | | 5,418,919 | |
| | 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 | | | 2,580,912 | |
| | Jim Hogg County Independent School District UT Refunding Bonds Series 2023 (PSF-GTD) (NR/AAA) | |
| | | | | 510,000 | | | | 5.000 | | | 08/15/2026 | | | 533,242 | |
| | 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 | | | 3,010,604 | |
| | Klein Independent School District UT Refunding Bonds Series 2016A (PSF-GTD) (Aaa/AAA) | |
| | | | | 2,805,000 | | | | 4.000 | | | 08/01/2034 | | | 2,816,937 | |
| | 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 | | | 1,336,316 | |
| | Laredo Independent School District UT Refunding Bonds Series 2023 (AGM) (NR/AA) | |
| | | | | 350,000 | | | | 5.000 | | | 08/01/2025 | | | 356,686 | |
| | | | | 360,000 | | | | 5.000 | | | 08/01/2026 | | | 374,819 | |
| | | | | 735,000 | | | | 5.000 | | | 08/01/2027 | | | 780,566 | |
| | Leander Independent School District UT School Building Bonds Series 2022 (PSF-GTD) (NR/AAA) | |
| | | | | 1,025,000 | | | | 5.000 | | | 08/15/2027 | | | 1,094,401 | |
| | Love Field Airport Modernization Corp. General Airport Revenue Refunding Bonds Series 2021 (NR/A) | |
| | | | | 3,615,000 | | | | 5.000 | | | 11/01/2026 | | | 3,740,131 | |
| | Lower Colorado River Authority LCRA Transmission Services Corp. Project RB Refunding Series 2019 (NR/A) | |
| | | | | 4,400,000 | | | | 5.000 | | | 05/15/2027 | | | 4,675,765 | |
| | Lower Colorado River Authority LCRA Transmission Services Corp. Project RB Refunding Series 2024 (AGM) (NR/AA) | |
| | | | | 1,750,000 | | | | 5.000 | | | 05/15/2026 | | | 1,819,816 | |
| | Lower Colorado River Authority Transmission Contract Refunding RB for LCRA Transmission Services Corp. Project Series 2022A (NR/A) | |
| | | | | 250,000 | | | | 5.000 | | | 05/15/2025 | | | 253,179 | |
| | | | | 1,000,000 | | | | 5.000 | | | 05/15/2026 | | | 1,039,084 | |
| | | | | 680,000 | | | | 5.000 | | | 05/15/2027 | | | 722,618 | |
| | Mansfield Independent School District Unlimited Tax School Building Bonds Series 2015 (PSF-GTD) (Aaa/NR) | |
| | | | | 3,145,000 | | | | 5.000 | (a) | | 02/15/2025 | | | 3,166,170 | |
| | Matagorda County Navigation District Number One Pollution Control Revenue Refunding Bonds for Central Power and Light Company Project Series 1996 (Baa2/BBB+) | |
| | | | | 1,875,000 | | | | 4.250 | | | 05/01/2030 | | | 1,950,538 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Texas – (continued) | |
| | New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Cityscape Schools, Inc. Series 2019 A (NR/ BBB-) | |
| | $ | | | 225,000 | | | | 4.000 | %(e) | | 08/15/2029 | | $ | 224,779 | |
| | North Texas Tollway Authority System Revenue Refunding Bonds First Tier Bonds Series 2015B (Aa3/AA-) | |
| | | | | 3,065,000 | | | | 5.000 | | | 01/01/2029 | | | 3,077,950 | |
| | North Texas Tollway Authority System Revenue Refunding Bonds First Tier Bonds Series 2023A (Aa3/AA-) | |
| | | | | 6,500,000 | | | | 5.000 | | | 01/01/2026 | | | 6,695,501 | |
| | North Texas Tollway Authority System Revenue Refunding Bonds Second Tier Bonds Series 2024B (A1/A+) | |
| | | | | 5,000,000 | | | | 5.000 | (d) | | 01/01/2032 | | | 5,687,700 | |
| | 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 | | | 5,554,744 | |
| | Northside Independent School District Variable Rate UT School Building Bonds Series 2020 (PSF-GTD) (Aaa/NR) | |
| | | | | 32,150,000 | | | | 0.700 | (b)(c) | | 06/01/2050 | | | 31,630,151 | |
| | 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 | | | 3,979,768 | |
| | Pasadena Independent School District UT School Building Bonds Series 2023 (PSF-GTD) (Aaa/AAA) | |
| | | | | 200,000 | | | | 5.000 | | | 02/15/2026 | | | 206,656 | |
| | | | | 225,000 | | | | 5.000 | | | 02/15/2027 | | | 238,176 | |
| | Pasadena Independent School District Variable Rate UT School Building Bonds (PSF-GTD) (Aaa/AAA) | |
| | | | | 14,250,000 | | | | 3.230 | (b)(c) | | 02/15/2044 | | | 14,360,312 | |
| | 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 | | | 1,537,587 | |
| | 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 | | | 1,857,928 | |
| | Port Arthur Independent School District Unlimited Tax School Building Bonds Series 2015A (PSF-GTD) (Aaa/NR) | |
| | | | | 5,995,000 | | | | 5.000 | (a) | | 02/15/2025 | | | 6,033,345 | |
| | Port of Houston Authority of Harris County First Lien RB Series 2023 (NON-AMT) (Aa3/AA+) | |
| | | | | 950,000 | | | | 5.000 | | | 10/01/2025 | | | 972,086 | |
| | | | | 700,000 | | | | 5.000 | | | 10/01/2026 | | | 734,899 | |
| | 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 | | | 1,969,057 | |
| | Princeton Independent School District UT School Building Bonds Series 2015 (PSF-GTD) (Aaa/NR) | |
| | | | | 8,200,000 | | | | 5.000 | (a) | | 02/15/2025 | | | 8,252,448 | |
| | 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 | | | 1,906,374 | |
| | Prosper Independent School District Unlimited Tax School Building Bonds Series 2021A (PSF-GTD) (Aaa/NR) | |
| | | | | 950,000 | | | | 5.000 | | | 02/15/2026 | | | 981,356 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 221 |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Texas – (continued) | |
| | San Antonio Housing Trust Public Facility Corporation Multifamily Housing RB Palladium San Antonio Series 2024 (Aaa/NR) (PUTABLE) | |
| | $ | | | 1,065,000 | | | | 3.450 | %(b)(c) | | 07/01/2029 | | $ | 1,079,197 | |
| | San Antonio Housing Trust Public Facility Corporation Multifamily Housing RB Residences At Pearsall Park Series 2024B (Aaa/ NR) | |
| | | | | 2,000,000 | | | | 3.190 | (b)(c) | | 10/01/2028 | | | 2,009,451 | |
| | Smha Finance Public Facility Corporation Texas Multifamily Housing Revenue Bonds Centerpoint Depot Series 2024 (Aaa/ NR) (PUTABLE) | |
| | | | | 2,630,000 | | | | 3.700 | (b)(c) | | 07/01/2028 | | | 2,682,300 | |
| | Spring Branch Independent School District UT Schoolhouse Bonds Series 2022 (PSF-GTD) (Aaa/AAA) | |
| | | | | 1,230,000 | | | | 5.000 | | | 02/01/2026 | | | 1,268,457 | |
| | | | | 1,000,000 | | | | 5.000 | | | 02/01/2027 | | | 1,057,127 | |
| | State of Texas College Student Loan GO Bonds Series 2016 (Aaa/AAA) | |
| | | | | 4,275,000 | | | | 5.500 | | | 08/01/2027 | | | 4,470,266 | |
| | Strategic Housing Finance Corporation of Travis County Multifamily Housing RB Series 2024 (Aaa/NR) | |
| | | | | 2,555,000 | | | | 3.350 | (b)(c) | | 03/01/2046 | | | 2,571,884 | |
| | Tarrant County Cultural Education Facilities Finance Corp. Hospital RB for Baylor Scott & White Health Project Series 2022E (Aa3/AA-) | |
| | | | | 4,045,000 | | | | 5.000 | (b)(c) | | 11/15/2052 | | | 4,159,427 | |
| | Tarrant County Cultural Education Facilities Finance Corp. Revenue Refunding Bonds Christus Health Series 2024B (A1/ NR) | |
| | | | | 525,000 | | | | 5.000 | | | 07/01/2026 | | | 544,497 | |
| | | | | 800,000 | | | | 5.000 | | | 07/01/2027 | | | 846,681 | |
| | | | | 1,000,000 | | | | 5.000 | | | 07/01/2028 | | | 1,077,823 | |
| | Tarrant County Cultural Education Facilities Finance Corporation Revenue Refunding Bonds Trinity Terrace Project Series 2024 (NR/NR) | |
| | | | | 495,000 | | | | 5.000 | | | 10/01/2025 | | | 504,238 | |
| | Tarrant County Housing Finance Corporation Multifamily Housing RB The Meridian Apartments Series 2024B (Aaa/NR) | |
| | | | | 1,000,000 | | | | 5.000 | (b)(c) | | 09/01/2028 | | | 1,058,124 | |
| | Texas Department of Housing and Community Affairs Multifamily Housing RB Palladium E Lancaster Avenue Series 2024 (Aaa/ NR) (PUTABLE) | |
| | | | | 10,000,000 | | | | 3.125 | (b)(c) | | 08/01/2029 | | | 10,079,966 | |
| | Texas Department of Housing and Community Affairs Multifamily Housing RB Palladium Old FM 471 W Series 2024 (Aaa/NR) (PUTABLE) | |
| | | | | 5,000,000 | | | | 3.050 | (b)(c) | | 09/01/2029 | | | 5,011,549 | |
| | Texas Department of Housing and Community Affairs Multifamily Housing Revenue Notes for Aspen Park Series 2023 (Aaa/NR) | |
| | | | | 3,335,000 | | | | 5.000 | (b)(c) | | 03/01/2041 | | | 3,362,660 | |
| | Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A1/A-) | |
| | | | | (3M USD LIBOR + 0.70%) | |
| | | | | 5,360,000 | | | | 4.190 | (f) | | 12/15/2026 | | | 5,362,181 | |
| | Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 B (A1/A-) | |
| | | | | (SIFMA Municipal Swap Index Yield + 0.55%) | |
| | | | | 5,080,000 | | | | 3.700 | (f) | | 09/15/2027 | | | 5,040,435 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Texas – (continued) | |
| | Texas Municipal Gas Acquisition & Supply Corp. III Gas Supply Revenue Refunding Bonds Series 2021 (A1/BBB+) | |
| | $ | | | 450,000 | | | | 5.000 | % | | 12/15/2024 | | $ | 451,191 | |
| | | | | 335,000 | | | | 5.000 | | | 12/15/2025 | | | 340,662 | |
| | Texas Municipal Gas Acquisition and Supply Corp. II RB for LIBOR Index Rate Series 2012 C (A1/A-) | |
| | | | | (3M USD LIBOR + 0.86%) | |
| | | | | 73,910,000 | | | | 4.117 | (f) | | 09/15/2027 | | | 73,935,684 | |
| | 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 | | | 3,163,146 | |
| | Texas Public Finance Authority Revenue Financing System Bonds for Southern University Series 2023 (BAM) (NR/AA) | |
| | | | | 480,000 | | | | 5.000 | | | 05/01/2025 | | | 484,304 | |
| | | | | 500,000 | | | | 5.000 | | | 05/01/2026 | | | 514,482 | |
| | | | | 620,000 | | | | 5.000 | | | 05/01/2027 | | | 651,982 | |
| | | | | 640,000 | | | | 5.000 | | | 05/01/2028 | | | 683,951 | |
| | Texas State Affordable Housing Corp. Multifamily Housing RB for Eden Court Apartments Project Series 2023 (HUD SECT 8) (Aaa/NR) | |
| | | | | 1,360,000 | | | | 5.000 | (b)(c) | | 04/01/2043 | | | 1,400,717 | |
| | Texas State Affordable Housing Corp. Multifamily Housing RB for Norman Commons Project Series 2023 (Aaa/NR) | |
| | | | | 2,200,000 | | | | 3.625 | (b)(c) | | 01/01/2045 | | | 2,229,913 | |
| | Texas State Technical College System Revenue Financing System Improvement Bonds Series 2022A (AGM) (A1/AA) | |
| | | | | 1,450,000 | | | | 5.000 | | | 08/01/2025 | | | 1,473,778 | |
| | | | | 1,750,000 | | | | 5.000 | | | 08/01/2026 | | | 1,821,231 | |
| | | | | 1,300,000 | | | | 5.000 | | | 08/01/2027 | | | 1,383,365 | |
| | Texas Transportation Commission Central Texas Turnpike System First Tier Revenue Refunding Put Bonds Series 2024-B (A2/A) | |
| | | | | 2,150,000 | | | | 5.000 | (b)(c) | | 08/15/2042 | | | 2,308,257 | |
| | Texas Transportation Commission Central Texas Turnpike System RB 2nd Tier Revenue Refunding Bonds Series 2015-C (A3/A-) | |
| | | | | 2,850,000 | | | | 5.000 | | | 08/15/2042 | | | 2,854,009 | |
| | Texas Transportation Commission State Highway Fund First Tier RB Series 2016-B (Aaa/AAA) | |
| | | | | 46,000,000 | | | | 0.560 | | | 04/01/2026 | | | 43,790,910 | |
| | Texas Water Development Board State Revolving Fund RB New Series 2020 (NR/AAA) | |
| | | | | 2,700,000 | | | | 5.000 | | | 08/01/2026 | | | 2,826,492 | |
| | Texas Water Development Board State Water Implementation Revenue Fund for Texas RB Series 2022 (NR/AAA) | |
| | | | | 1,300,000 | | | | 5.000 | | | 04/15/2025 | | | 1,314,846 | |
| | | | | 1,625,000 | | | | 5.000 | | | 10/15/2025 | | | 1,664,550 | |
| | | | | 1,265,000 | | | | 5.000 | | | 04/15/2026 | | | 1,313,524 | |
| | | | | 1,850,000 | | | | 5.000 | | | 10/15/2026 | | | 1,947,791 | |
| | | | | 1,200,000 | | | | 5.000 | | | 04/15/2027 | | | 1,277,421 | |
| | | | | 1,450,000 | | | | 5.000 | | | 10/15/2027 | | | 1,561,409 | |
| | The Mesquite Housing Finance Corporation Multifamily Housing RB Palladium Carver Living Series 2024 (Aaa/NR) (PUTABLE) | |
| | | | | 5,000,000 | | | | 3.350 | (b)(c) | | 08/01/2029 | | | 5,059,500 | |
| | Town of Little Elm Special Assessment RB for Valencia Public Improvement Project Series 2021 (NR/NR) (NR/NR) | |
| | | | | 100,000 | | | | 2.375 | (e) | | 09/01/2026 | | | 95,928 | |
| | |
| 222 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| | | |
| | Texas – (continued) | | | | | | | |
| | 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 | %(e) | | 09/01/2027 | | $ | 160,309 | |
| | University of Houston Board of Regents System Consolidated Revenue Refunding Bonds Series 2017C (Aa2/AA) | |
| | | | | 10,000,000 | | | | 4.000 | | | 02/15/2033 | | | 10,128,168 | |
| | University of Texas System Revenue Financing System RB Refunding Series 2017 C (Aaa/AAA) | |
| | | | | 2,815,000 | | | | 5.000 | | | 08/15/2026 | | | 2,945,118 | |
| | Westpointe Special Improvement District Limited Ad Valorem Tax Bonds Series 2023A (BAM) (Baa3/AA) | |
| | | | | 185,000 | | | | 5.500 | | | 08/15/2025 | | | 188,369 | |
| | | | | 195,000 | | | | 5.500 | | | 08/15/2026 | | | 204,088 | |
| | | | | 210,000 | | | | 5.500 | | | 08/15/2027 | | | 224,758 | |
| | | | | 220,000 | | | | 5.500 | | | 08/15/2028 | | | 240,105 | |
| | | | | 230,000 | | | | 5.500 | | | 08/15/2029 | | | 255,342 | |
| | | | | 245,000 | | | | 5.500 | | | 08/15/2030 | | | 274,999 | |
| | | | | 255,000 | | | | 5.500 | | | 08/15/2031 | | | 288,896 | |
| | | | | 270,000 | | | | 5.000 | | | 08/15/2032 | | | 296,274 | |
| | | | | 285,000 | | | | 5.000 | | | 08/15/2033 | | | 311,067 | |
| | | | | 300,000 | | | | 5.000 | | | 08/15/2034 | | | 326,156 | |
| | 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 | | | 265,940 | |
| | 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 | | | 85,967 | |
| | | | | 90,000 | | | | 5.000 | | | 08/15/2026 | | | 92,109 | |
| | | | | 90,000 | | | | 5.000 | | | 08/15/2027 | | | 93,187 | |
| | | | | 95,000 | | | | 5.000 | | | 08/15/2028 | | | 98,991 | |
| | | | | 100,000 | | | | 5.000 | | | 08/15/2029 | | | 104,845 | |
| | | | | 110,000 | | | | 5.000 | | | 08/15/2030 | | | 115,442 | |
| | | | | 115,000 | | | | 5.000 | | | 08/15/2031 | | | 120,237 | |
| | | | | 120,000 | | | | 5.000 | | | 08/15/2032 | | | 124,953 | |
| | 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 | | | 260,974 | |
| | Williamson County Texas Unlimited Tax Road Bonds Limited Tax Notes Series 2024 (NR/AAA) | |
| | | | | 13,740,000 | | | | 5.000 | | | 02/15/2027 | | | 14,574,021 | |
| | Wise County Texas Tax Notes Series 2024 (NR/AA+) | |
| | | | | 550,000 | | | | 5.000 | | | 02/15/2026 | | | 565,971 | |
| | | | | 575,000 | | | | 5.000 | | | 02/15/2027 | | | 605,436 | |
| | | | | 550,000 | | | | 5.000 | | | 02/15/2028 | | | 591,853 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 591,228,299 | |
| | | |
| | Utah - 0.3% | | | | | | | |
| | Salt Lake City International Airport RB Series 2018A (AMT) (A2/ A+) | |
| | | | | 1,000,000 | | | | 5.000 | | | 07/01/2029 | | | 1,060,463 | |
| | Salt Lake City International Airport RB Series 2021A (A2/A+) | |
| | | | | 2,500,000 | | | | 5.000 | | | 07/01/2027 | | | 2,620,229 | |
| | | | | 7,420,000 | | | | 5.000 | | | 07/01/2028 | | | 7,899,649 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Utah – (continued) | |
| | Utah Housing Corp. Multifamily Housing RB Series 2024 (Aaa/ NR) | |
| | $ | | | 1,435,000 | | | | 3.700 | %(b)(c) | | 08/01/2043 | | $ | 1,455,197 | |
| | Utah Telecommunication Open Infrastructure Agency Sales Tax & Telecommunication Revenue Refunding Bonds Series 2022 (NR/AA-) | |
| | | | | 250,000 | | | | 5.000 | | | 06/01/2025 | | | 252,952 | |
| | | | | 250,000 | | | | 5.000 | | | 06/01/2026 | | | 258,624 | |
| | | | | 300,000 | | | | 5.000 | | | 06/01/2027 | | | 317,931 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 13,865,045 | |
| | | |
| | Virginia - 2.1% | |
| | Chesapeake Redevelopment and Housing Authority Multifamily Housing RB Hunters Point Apartments, Series 2023 (HUD SECT 8) (Aaa/NR) | |
| | | | | 3,450,000 | | | | 5.000 | (b)(c) | | 05/01/2043 | | | 3,557,772 | |
| | City of Bristol GO Bond Anticipation Notes Series 2023 (ST AID WITHHLDG) (A2/A+) | |
| | | | | 3,750,000 | | | | 5.000 | | | 09/01/2027 | | | 3,821,633 | |
| | Commonwealth of Virginia Commonwealth Transportation Board Capital Projects RB Series 2016 (Aa1/AA+) | |
| | | | | 9,355,000 | | | | 4.000 | | | 05/15/2032 | | | 9,509,377 | |
| | 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 | | | 518,568 | |
| | | | | 500,000 | | | | 5.000 | | | 07/01/2027 | | | 528,783 | |
| | | | | 500,000 | | | | 5.000 | | | 07/01/2028 | | | 538,746 | |
| | 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 | | | 841,432 | |
| | | | | 275,000 | | | | 5.000 | | | 01/01/2028 | | | 294,771 | |
| | Economic Development Authority of The County of Spotsylvania Public Facilities Refunding RB Series 2021 (NR/AA+) | |
| | | | | 2,960,000 | | | | 5.000 | | | 06/01/2026 | | | 3,081,728 | |
| | 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 | | | 2,135,404 | |
| | Fairfax County Public Improvement Bonds Series 2022A (ST AID WITHHLDG) (Aaa/AAA) | |
| | | | | 2,500,000 | | | | 4.000 | | | 10/01/2025 | | | 2,534,326 | |
| | Fairfax County Redevelopment & Housing Authority Multifamily Housing RB for Dominion Square North Project Series 2023 (Aaa/NR) | |
| | | | | 5,400,000 | | | | 5.000 | (b)(c) | | 01/01/2045 | | | 5,647,037 | |
| | 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 | | | 14,934,729 | |
| | 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 | | | 4,628,243 | |
| | Louisa Industrial Development Authority RB Virginia Electric and Power Co. Series 2008 B (A2/BBB+) (PUTABLE) | |
| | | | | 2,500,000 | | | | 0.750 | (b)(c) | | 11/01/2035 | | | 2,405,977 | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 223 |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Virginia – (continued) | |
| | Norfolk Redevelopment and Housing Authority Multifamily Housing RB Braywood Manor Apartments, Series 2023 (HUD SECT 8) (Aaa/NR) | |
| | $ | | | 125,000 | | | | 5.000 | %(b)(c) | | 05/01/2043 | | $ | 128,905 | |
| | 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 | | | 10,586,594 | |
| | Virginia Commonwealth University Health System Authority General Revenue Refunding Bonds Series 2024B (Aa1/ AAA/A-1+) | |
| | | | | 12,420,000 | | | | 2.000 | (b)(c) | | 07/01/2037 | | | 12,420,000 | |
| | Virginia Housing Development Authority Rental Housing Bonds 2018 Series E-NON-AMT (Aa1/AA+) | |
| | | | | 10,506,203 | | | | 0.670 | | | 03/01/2025 | | | 10,370,284 | |
| | Virginia Housing Development Authority Rental Housing Bonds 2024 Series C (NON-AMT) (Aa1/AA+) | |
| | | | | 2,730,000 | | | | 3.950 | | | 06/01/2029 | | | 2,767,920 | |
| | Virginia Port Authority Port Facilities RB Refunding Series 2015 A (AMT) (WR/NR) | |
| | | | | 2,000,000 | | | | 5.000 | (a) | | 07/01/2025 | | | 2,025,011 | |
| | Virginia Small Business Financing Authority RB Refunding National Senior Campuses, Inc. Obligated Group Series 2020 A (NR/NR) | |
| | | | | 895,000 | | | | 5.000 | | | 01/01/2025 | | | 896,113 | |
| | Wise County IDA Solid Waste & Sewage Disposal RB Series 2009A (A2/BBB+) (PUTABLE) | |
| | | | | 12,500,000 | | | | 0.750 | (b)(c) | | 10/01/2040 | | | 12,029,883 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 106,203,236 | |
| | | |
| | Washington - 3.0% | | | | | | | |
| | City of Seattle Limited Tax GO Improvement & Refunding Bonds Series 2015 A (Aaa/AAA) | |
| | | | | 5,000,000 | | | | 5.000 | | | 06/01/2026 | | | 5,075,179 | |
| | City of Seattle Municipal Light & Power Refunding RB 2021 Series B (Aa2/AA) (SIFMA Municipal Swap Index Yield + 0.25%) | |
| | | | | 10,000,000 | | | | 3.400 | (c)(f) | | 05/01/2045 | | | 9,816,504 | |
| | Energy Northwest Project 1 Electric Revenue Refunding Bonds Series 2024-B (Aa1/AA-) | |
| | | | | 4,455,000 | | | | 5.000 | | | 07/01/2026 | | | 4,651,211 | |
| | | | | 4,230,000 | | | | 5.000 | | | 07/01/2027 | | | 4,520,227 | |
| | Issaquah School District UT GO Refunding Bonds Series 2022 (SCH BD GTY) (Aaa/AA+) | |
| | | | | 765,000 | | | | 4.000 | | | 12/01/2024 | | | 765,693 | |
| | | | | 960,000 | | | | 5.000 | | | 12/01/2025 | | | 986,523 | |
| | | | | 1,975,000 | | | | 5.000 | | | 12/01/2026 | | | 2,086,118 | |
| | | | | 1,500,000 | | | | 4.000 | | | 12/01/2027 | | | 1,572,726 | |
| | King County Housing Authority RB Refunding Series 2020 (NR/AA) | |
| | | | | 280,000 | | | | 3.000 | | | 06/01/2025 | | | 279,341 | |
| | King County Junior Lien Sewer Revenue Refunding Bonds 2021 Series A (Aa2/AA) (SIFMA Municipal Swap Index Yield + 0.23%) | |
| | | | | 11,250,000 | | | | 3.380 | (c)(f) | | 01/01/2040 | | | 11,146,045 | |
| | 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 | | | 3,696,919 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Washington – (continued) | |
| | Port of Seattle Intermediate Lien Private Activity Revenue and Refunding Bonds 2022B (AMT) (A1/AA-) | |
| | $ | | | 7,770,000 | | | | 5.000 | % | | 08/01/2027 | | $ | 8,148,103 | |
| | Port of Seattle Intermediate Lien RB 2017C (AMT) (A1/AA-) | |
| | | | | 4,000,000 | | | | 5.000 | | | 05/01/2029 | | | 4,171,450 | |
| | Port of Seattle Intermediate Lien RB 2017D (AMT) (A1/AA-) | |
| | | | | 4,300,000 | | | | 5.000 | | | 05/01/2027 | | | 4,490,854 | |
| | Port of Seattle Intermediate Lien Revenue and Refunding Bonds Series 2024B (AMT) (A1/AA-) | |
| | | | | 2,295,000 | | | | 5.000 | | | 07/01/2026 | | | 2,369,486 | |
| | | | | 4,860,000 | | | | 5.000 | | | 07/01/2027 | | | 5,089,514 | |
| | | | | 3,565,000 | | | | 5.000 | | | 07/01/2028 | | | 3,791,283 | |
| | | | | 2,700,000 | | | | 5.000 | | | 07/01/2029 | | | 2,909,468 | |
| | Public Utility District No. 1 of Klickitat County Washington Electric System Revenue Refunding Bonds Series 2025 (AGC) (A2/AA) | |
| | | | | 800,000 | | | | 5.000 | (d) | | 12/01/2026 | | | 829,958 | |
| | | | | 1,500,000 | | | | 5.000 | (d) | | 12/01/2032 | | | 1,691,307 | |
| | | | | 1,345,000 | | | | 5.000 | (d) | | 12/01/2033 | | | 1,529,100 | |
| | | | | 1,350,000 | | | | 5.000 | (d) | | 12/01/2034 | | | 1,545,483 | |
| | Public Utility District No.2 of Grant County Electric System Revenue Refunding Bonds Series 2023-U (NR/AA+) | |
| | | | | 10,000,000 | | | | 4.000 | | | 01/01/2026 | | | 10,141,769 | |
| | State of Washington GO Bonds Various Purpose Series 2017D (Aaa/AA+) | |
| | | | | 7,835,000 | | | | 5.000 | | | 02/01/2025 | | | 7,881,196 | |
| | State of Washington Motor Vehicle Fuel Tax GO Bonds Series 2005C (AMBAC) (Aaa/AA+) | |
| | | | | 1,450,000 | | | | 0.000 | (g) | | 06/01/2026 | | | 1,384,942 | |
| | State of Washington Various Purpose GO Bonds Series 2022A (Aaa/AA+) | |
| | | | | 5,885,000 | | | | 5.000 | | | 08/01/2027 | | | 6,315,336 | |
| | State of Washington Various Purpose GO Bonds Series R-2023A (Aaa/AA+) | |
| | | | | 12,425,000 | | | | 5.000 | | | 08/01/2026 | | | 13,032,263 | |
| | State of Washington Various Purpose GO Refunding Bonds Series R-2022C (Aaa/AA+) | |
| | | | | 3,300,000 | | | | 4.000 | | | 07/01/2026 | | | 3,396,602 | |
| | University Of Washington General Revenue Refunding Term Rate Bonds Series 2022C (Aaa/AA+) | |
| | | | | 7,500,000 | | | | 4.000 | (b)(c) | | 05/01/2048 | | | 7,708,381 | |
| | Washington Health Care Facilities Authority RB for Commonspirit Health Series 2019A-1 (A3/A-) | |
| | | | | 1,300,000 | | | | 5.000 | | | 08/01/2025 | | | 1,321,534 | |
| | Washington Health Care Facilities Authority RB for Commonspirit Health Series 2019A-2 (A3/A-) | |
| | | | | 3,260,000 | | | | 5.000 | | | 08/01/2025 | | | 3,314,001 | |
| | Washington Health Care Facilities Authority RB for Commonspirit Health Series 2019B-2 (A3/A-) | |
| | | | | 4,020,000 | | | | 5.000 | (b)(c) | | 08/01/2049 | | | 4,040,072 | |
| | Washington State Housing Finance Commission Multifamily Housing RB Camas Flats Apartments Project Series 2024B (Aaa/NR) | |
| | | | | 1,200,000 | | | | 5.000 | (b)(c) | | 02/01/2028 | | | 1,256,085 | |
| | Washington State Housing Finance Commission Multifamily Housing RB for Ardea at Totem Lake Apartments Project Series 2023 (Aaa/NR) | |
| | | | | 3,800,000 | | | | 5.000 | (b)(c) | | 12/01/2043 | | | 3,927,816 | |
| | |
| 224 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Washington – (continued) | |
| | 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 | | $ | 353,419 | |
| | | | | 285,000 | | | | 5.000 | | | 07/01/2026 | | | 291,693 | |
| | | | | 350,000 | | | | 5.000 | | | 07/01/2027 | | | 363,542 | |
| | | | | 555,000 | | | | 5.000 | | | 07/01/2028 | | | 584,217 | |
| | Washington State Housing Finance Commission Nonprofit Refunding RB for Seattle Academy of Arts & Sciences Project Series 2023 (NR/BBB) | |
| | | | | 260,000 | | | | 5.000 | (e) | | 07/01/2028 | | | 273,437 | |
| | | | | 740,000 | | | | 5.125 | (e) | | 07/01/2033 | | | 808,913 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 147,557,710 | |
| | | |
| | West Virginia - 0.5% | | | | | | | |
| | West Virginia Economic Development Authority Solid Waste Disposal Facilities RB Series 2010A (Baa1/BBB+) (PUTABLE) | |
| | | | | 4,645,000 | | | | 0.625 | (b)(c) | | 12/01/2038 | | | 4,428,606 | |
| | 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 | | | 5,470,453 | |
| | 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 | | | 10,676,437 | |
| | 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 | | | 2,712,383 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 23,287,879 | |
| | | |
| | Wisconsin - 1.4% | | | | | | | |
| | City of Milwaukee GO Corporate Purpose Bonds Series 2017 B5 (NR/A-) | |
| | | | | 315,000 | | | | 4.000 | | | 04/01/2028 | | | 320,558 | |
| | | | | 170,000 | | | | 4.000 | | | 04/01/2029 | | | 172,981 | |
| | City of Milwaukee Wisconsin General Obligation Promissory Notes Series 2022 N3 (AGM) (NR/AA) | |
| | | | | 2,110,000 | | | | 5.000 | | | 04/01/2026 | | | 2,181,953 | |
| | City of Milwaukee Wisconsin General Obligation Promissory Notes Series 2022 N7 (BAM) (NR/AA) | |
| | | | | 765,000 | | | | 5.000 | | | 04/01/2026 | | | 791,087 | |
| | City of Milwaukee Wisconsin General Obligation Promissory Notes Series 2023 N3 (AGM) (NR/AA) | |
| | | | | 1,345,000 | | | | 5.000 | | | 04/01/2026 | | | 1,390,866 | |
| | | | | 1,350,000 | | | | 5.000 | | | 04/01/2027 | | | 1,425,223 | |
| | County of Dane GO Bonds Series 2020 A (NR/AAA) | |
| | | | | 3,290,000 | | | | 2.000 | | | 04/01/2026 | | | 3,225,265 | |
| | Oak Creek-Franklin Joint School District GO School Building Bonds Series 2015A (Aa2/AA) | |
| | | | | 5,745,000 | | | | 3.750 | (a) | | 04/01/2025 | | | 5,764,955 | |
| | Public Finance Authority Pollution Control Revenue Refunding Bonds for Duke Energy Progress Project Series 2022A (NON-AMT) (Aa3/A) (PUTABLE) | |
| | | | | 5,145,000 | | | | 3.300 | (b)(c) | | 10/01/2046 | | | 5,157,761 | |
| | | | | | | | | | | | | | | | |
| | | Principal Amount | | | Interest Rate | | | Maturity Date | | Value | |
| |
| | Municipal Bonds – (continued) | |
| |
| | Wisconsin – (continued) | |
| | Public Finance Authority RB Refunding for Fellowship Senior Living Obligated Group Series 2019 A (NR/NR) | |
| | $ | | | 1,925,000 | | | | 4.000 | % | | 01/01/2026 | | $ | 1,914,243 | |
| | | | | 2,000,000 | | | | 4.000 | | | 01/01/2027 | | | 1,982,521 | |
| | | | | 1,720,000 | | | | 4.000 | | | 01/01/2028 | | | 1,701,404 | |
| | | | | 1,790,000 | | | | 4.000 | | | 01/01/2029 | | | 1,768,735 | |
| | University of Wisconsin Hospitals and Clinics Authority RB Series 2024AB (Aa3/AA-) | |
| | | | | 1,200,000 | | | | 5.000 | | | 04/01/2027 | | | 1,271,512 | |
| | Waushara County Note Anticipation Notes Series 2022A (NR/A+) | |
| | | | | 5,260,000 | | | | 4.500 | | | 06/01/2027 | | | 5,324,068 | |
| | 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 | | | 640,399 | |
| | Wisconsin Health & Educational Facilities Authority RB Series 2018C-4 (Aa3/AA) | |
| | | | | 3,400,000 | | | | 5.000 | (b)(c) | | 08/15/2054 | | | 3,727,484 | |
| | Wisconsin Health & Educational Facilities Authority RB Series 2020 for Hmong American Peace Academy (NR/BBB) | |
| | | | | 125,000 | | | | 4.000 | | | 03/15/2025 | | | 125,101 | |
| | Wisconsin Health and Educational Facilities Authority RB for Forensic Science and Protective Medicine Collaboration, Inc. Project Series 2024 (Baa2/NR) | |
| | | | | 4,250,000 | | | | 5.000 | (e) | | 08/01/2027 | | | 4,369,776 | |
| | 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 | | | 2,582,449 | |
| | Wisconsin Health and Educational Facilities Authority RB Series 2018C (Aa3/AA) (SIFMA Municipal Swap Index Yield + 0.18%) | |
| | | | | 3,315,000 | | | | 3.330 | (c)(f) | | 08/15/2054 | | | 3,263,868 | |
| | Wisconsin Health and Educational Facilities Authority RB Series 2024A (NR/BBB) | |
| | | | | 10,000,000 | | | | 5.000 | | | 02/15/2029 | | | 10,739,324 | |
| | Wisconsin Housing & Economic Development Authority Home Ownership RB 2021 Series D (GNMA/FHLMC/FNMA COLL) (Aa2/AA+) (SIFMA Municipal Swap Index Yield + 0.15%) | |
| | | | | 6,755,000 | | | | 3.150 | (b)(c) | | 03/01/2042 | | | 6,747,942 | |
| | Wisconsin Housing and Economic Development Authority Multifamily Housing Bonds The Intersect Project 2024 Series I (Aaa/NR) | |
| | | | | 2,250,000 | | | | 5.000 | (b)(c) | | 11/01/2058 | | | 2,354,640 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 68,944,115 | |
| | | |
| | TOTAL MUNICIPAL BONDS (Cost $4,891,100,985) | | | 4,929,354,873 | |
| | | |
| | TOTAL INVESTMENTS - 99.7% (Cost $4,891,100,985) | | $ | 4,929,354,873 | |
| | | |
| | OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3% | | | 15,099,954 | |
| | | |
| | NET ASSETS - 100.0% | | $ | 4,944,454,827 | |
| | | |
| | |
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| |
| * | | Security is currently in default and/or non-income producing. |
| (a) | | Pre-refunded security. Maturity date disclosed is pre-refunding date. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 225 |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
|
Schedule of Investments (continued) September 30, 2024 (Unaudited) |
| | |
| (b) | | Variable Rate Demand Instruments – rate shown is that which is in effect on September 30, 2024. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. |
| (c) | | Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on September 30, 2024. |
| (d) | | When-issued security. |
| (e) | | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (f) | | Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on September 30, 2024. |
| (g) | | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (h) | | Zero coupon bond until next reset date. |
| (i) | | Contingent value instrument that only pays out if a portion of the territory’s Sales and Use Tax outperforms the projections in the Oversight Board’s Certified Fiscal Plan. |
|
| Security ratings disclosed, if any, are issued by either Standard & Poor’s, Moody’s Investor Service or Fitch and are unaudited. A brief description of the ratings is available in the Fund’s Statement of Additional Information. |
| | |
|
| Investment Abbreviations: |
| AGC-ICC | | - American General Contractors-Interstate Commerce Commission |
| AGM | | - Insured by Assured Guaranty Municipal Corp. |
| AGM-CR | | - Insured by Assured Guaranty Municipal Corp. Insured Custodial receipts |
| AMBAC | | - Insured by American Municipal Bond Assurance Corp. |
| AMT | | - Alternative Minimum Tax (subject to) |
| BAM | | - Build America Mutual Assurance Co. |
| CFD | | - Community Facilities District |
| COPS | | - Certificates of Participation |
| FGIC | | - Insured by Financial Guaranty Insurance Co. |
| FHA | | - Federal Housing Administration |
| FHLMC | | - Insured by Federal Home Loan Mortgage Corp. |
| FNMA | | - Insured by Federal National Mortgage Association |
| GNMA | | - Insured by Government National Mortgage Association |
| GO | | - General Obligation |
| HUD SECT 8 - Hud Section 8 |
| IDA | | - Industrial Development Agency |
| LIBOR | | - London Interbank Offered Rates |
| LP | | - Limited Partnership |
| LT | | - Limited Tax |
| MTA | | - Metropolitan Transportation Authority |
| NATL | | - National Public Finance Guarantee Corp. |
| PCRB | | - Pollution Control Revenue Bond |
| PSF-GTD | | - Guaranteed by Permanent School 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 |
| | |
|
| Investment Abbreviations: (continued) |
| SONYMA | | - State of New York Mortgage Agency |
| ST AID | | - |
| WITHHLDG | | - State Aid Withholding |
| ST APPROP | | - State Appropriation |
| UPMC | | - University of Pittsburgh Medical Center |
| USD | | - United States Dollar |
| UT | | - Unlimited Tax |
| WR | | - Withdrawn Rating |
|
|
| | |
| 226 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MUNICIPAL FUNDS
|
Statements of Assets and Liabilities September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | Dynamic Municipal
Income Fund | | | High Yield Municipal
Fund | | | Municipal Income
Completion Fund | | | Short Duration Tax-Free
Fund | | | |
| | | | | | |
| | Assets: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Investments, at value (cost $10,324,593,129, $11,450,524,384, $221,314,620 and $4,891,100,985, respectively) | | $ | 10,371,420,824 | | | $ | 11,546,072,783 | | | $ | 220,780,052 | | | $ | 4,929,354,873 | | | |
| | Cash | | | 105,541,571 | | | | 73,258,644 | | | | 2,626,912 | | | | 62,499,953 | | | |
| | Receivables: | | | | | | | | | | | | | | | | | | |
| | Interest | | | 125,613,454 | | | | 167,820,314 | | | | 2,913,776 | | | | 50,893,394 | | | |
| | Fund shares sold | | | 15,098,165 | | | | 9,694,653 | | | | 404,500 | | | | 2,246,751 | | | |
| | Reimbursement from investment adviser | | | 69,878 | | | | 118,496 | | | | 11,795 | | | | 32,961 | | | |
| | Investments sold on an extended-settlement basis | | | — | | | | 3,721,342 | | | | — | | | | — | | | |
| | Other assets | | | 474,990 | | | | 884,746 | | | | 26,310 | | | | 119,847 | | | |
| | |
| | Total assets | | | 10,618,218,882 | | | | 11,801,570,978 | | | | 226,763,345 | | | | 5,045,147,779 | | | |
| | |
| | | | | | |
| | Liabilities: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Payables: | | | | | | | | | | | | | | | | | | |
| | Investments purchased on an extended-settlement basis | | | 94,679,089 | | | | 21,989,080 | | | | 2,554,798 | | | | 87,535,941 | | | |
| | Fund shares redeemed | | | 15,818,550 | | | | 21,026,451 | | | | 200,802 | | | | 10,753,084 | | | |
| | Investments purchased | | | 6,486,155 | | | | 11,274,500 | | | | 133,599 | | | | 31,787 | | | |
| | Income distribution | | | 2,775,293 | | | | 1,245,865 | | | | 30 | | | | 1,388,323 | | | |
| | Management fees | | | 1,479,145 | | | | 2,371,461 | | | | — | | | | 699,173 | | | |
| | Distribution and Service fees and Transfer Agency fees | | | 399,413 | | | | 260,964 | | | | — | | | | 78,451 | | | |
| | Accrued expenses | | | 520,775 | | | | 388,249 | | | | 77,536 | | | | 206,193 | | | |
| | |
| | Total liabilities | | | 122,158,420 | | | | 58,556,570 | | | | 2,966,765 | | | | 100,692,952 | | | |
| | |
| | | | | | |
| | Net Assets: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Paid-in capital | | | 11,008,999,319 | | | | 12,178,618,403 | | | | 238,721,620 | | | | 5,381,234,580 | | | |
| | Total distributable loss | | | (512,938,857 | ) | | | (435,603,995 | ) | | | (14,925,040 | ) | | | (436,779,753 | ) | | |
| | |
| | NET ASSETS | | $ | 10,496,060,462 | | | $ | 11,743,014,408 | | | $ | 223,796,580 | | | $ | 4,944,454,827 | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | Net Assets: | | | | | | | | | | | | | | | | | | |
| | | Class A | | $ | 995,384,369 | | | $ | 439,157,742 | | | $ | — | | | $ | 104,554,645 | | | |
| | | Class C | | | 92,259,376 | | | | 63,122,370 | | | | — | | | | 5,994,510 | | | |
| | | Institutional | | | 5,316,486,526 | | | | 2,309,018,267 | | | | — | | | | 721,425,305 | | | |
| | | Separate Account Institutional | | | — | | | | — | | | | 223,796,580 | | | | — | | | |
| | | Service | | | 24,221 | | | | — | | | | — | | | | 84,534 | | | |
| | | Investor | | | 1,887,932,187 | | | | 782,133,283 | | | | — | | | | 74,111,871 | | | |
| | | Class R6 | | | 185,732,654 | | | | 22,354,975 | | | | — | | | | 440,063,625 | | | |
| | | Class P | | | 2,018,241,129 | | | | 8,127,227,771 | | | | — | | | | 3,598,220,337 | | | |
| | | Total Net Assets | | $ | 10,496,060,462 | | | $ | 11,743,014,408 | | | $ | 223,796,580 | | | $ | 4,944,454,827 | | | |
| | | Shares Outstanding $0.001 par value (unlimited number of shares authorized): | | | | | | | | | | | | | | | | | | |
| | | Class A | | | 63,937,212 | | | | 46,323,965 | | | | — | | | | 10,019,084 | | | |
| | | Class C | | | 5,923,789 | | | | 6,656,311 | | | | — | | | | 575,051 | | | |
| | | Institutional | | | 341,660,618 | | | | 243,509,642 | | | | — | | | | 69,241,861 | | | |
| | | Separate Account Institutional | | | — | | | | — | | | | 22,460,216 | | | | — | | | |
| | | Service | | | 1,549 | | | | — | | | | — | | | | 8,110 | | | |
| | | Investor | | | 121,402,564 | | | | 82,407,442 | | | | — | | | | 7,110,684 | | | |
| | | Class R6 | | | 11,931,186 | | | | 2,359,820 | | | | — | | | | 42,270,235 | | | |
| | | Class P | | | 129,639,590 | | | | 857,882,948 | | | | — | | | | 345,454,141 | | | |
| | | Net asset value, offering and redemption price per share:(a) | | | | | | | | | | | | | | | | | | |
| | | Class A | | $ | 15.57 | | | $ | 9.48 | | | $ | — | | | $ | 10.44 | | | |
| | | Class C | | | 15.57 | | | | 9.48 | | | | — | | | | 10.42 | | | |
| | | Institutional | | | 15.56 | | | | 9.48 | | | | — | | | | 10.42 | | | |
| | | Separate Account Institutional | | | — | | | | — | | | | 9.96 | | | | — | | | |
| | | Service | | | 15.64 | | | | — | | | | — | | | | 10.42 | | | |
| | | Investor | | | 15.55 | | | | 9.49 | | | | — | | | | 10.42 | | | |
| | | Class R6 | | | 15.57 | | | | 9.47 | | | | — | | | | 10.41 | | | |
| | | Class P | | | 15.57 | | | | 9.47 | | | | — | | | | 10.42 | | | |
| (a) | Maximum public offering price per share for Class A Shares of the Dynamic Municipal Income Fund, High Yield Municipal Fund and Short Duration Tax-Free Fund is $16.18, $9.93 and 10.59, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 227 |
GOLDMAN SACHS MUNICIPAL FUNDS
|
Statements of Operations For the Six Months Ended September 30, 2024 (Unaudited) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | Dynamic Municipal
Income Fund | | | High Yield
Municipal Fund | | | Municipal Income
Completion Fund | | | Short Duration Tax-
Free Fund | | | |
| | | | | | |
| | Investment income: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Interest | | $ | 200,922,209 | | | $ | 281,402,407 | | | $ | 4,625,018 | | | $ | 85,935,648 | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Expenses: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Management fees | | | 17,011,042 | | | | 27,651,445 | | | | — | | | | 8,418,828 | | | |
| | | | | | |
| | Transfer Agency fees(a) | | | 2,983,017 | | | | 2,336,180 | | | | 20,450 | | | | 851,577 | | | |
| | | | | | |
| | Distribution and/or Service (12b-1) fees(a) | | | 1,549,526 | | | | 763,251 | | | | — | | | | 156,641 | | | |
| | | | | | |
| | Custody, accounting and administrative services | | | 394,005 | | | | 420,160 | | | | 43,078 | | | | 164,211 | | | |
| | | | | | |
| | Registration fees | | | 276,971 | | | | 255,698 | | | | 18,897 | | | | 107,588 | | | |
| | | | | | |
| | Professional fees | | | 265,246 | | | | 705,231 | | | | 68,332 | | | | 64,292 | | | |
| | | | | | |
| | Service fees — Class C | | | 117,776 | | | | 76,935 | | | | — | | | | 7,481 | | | |
| | | | | | |
| | Printing and mailing costs | | | 117,527 | | | | 75,964 | | | | 13,259 | | | | 20,072 | | | |
| | | | | | |
| | Trustee fees | | | 21,389 | | | | 20,792 | | | | 11,092 | | | | 15,941 | | | |
| | | | | | |
| | Shareholder Administration fees — Service Shares | | | 30 | | | | — | | | | — | | | | 112 | | | |
| | | | | | |
| | Other | | | 74,662 | | | | 59,516 | | | | 3,922 | | | | 51,969 | | | |
| | |
| | | | | | |
| | Total expenses | | | 22,811,191 | | | | 32,365,172 | | | | 179,030 | | | | 9,858,712 | | | |
| | |
| | | | | | |
| | Less — expense reductions | | | (953,330 | ) | | | (1,436,777 | ) | | | (179,030 | ) | | | (395,204 | ) | | |
| | |
| | | | | | |
| | Net expenses | | | 21,857,861 | | | | 30,928,395 | | | | — | | | | 9,463,508 | | | |
| | |
| | | | | | |
| | NET INVESTMENT INCOME | | | 179,064,348 | | | | 250,474,012 | | | | 4,625,018 | | | | 76,472,140 | | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Realized and Unrealized gain (loss): | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net realized gain (loss) from: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Investments — unaffiliated issuers | | | (636,312 | ) | | | (495,189 | ) | | | (273,849 | ) | | | (3,026,162 | ) | | |
| | | | | | |
| | Futures contracts | | | (11,881,942 | ) | | | (5,130,653 | ) | | | (54,874 | ) | | | — | | | |
| | | | | | |
| | Net change in unrealized gain (loss) on: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Investments — unaffiliated issuers | | | 155,706,008 | | | | 309,051,790 | | | | 5,454,610 | | | | 51,928,096 | | | |
| | | | | | |
| | Futures contracts | | | 4,311,360 | | | | — | | | | 93,226 | | | | — | | | |
| | |
| | | | | | |
| | Net realized and unrealized gain | | | 147,499,114 | | | | 303,425,948 | | | | 5,219,113 | | | | 48,901,934 | | | |
| | |
| | | | | | |
| | NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 326,563,462 | | | $ | 553,899,960 | | | $ | 9,844,131 | | | $ | 125,374,074 | | | |
| | |
| | (a) | Class specific Distribution and/or Service and Transfer Agency fees were as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Distribution and/or Service
(12b-1) Fees | | | Transfer Agency Fees | |
| Fund | | Class A | | | Class C | | | Service | | | Class A | | | Class C | | | Institutional | | | Separate
Account
Institutional | | | Service | | | Investor | | | Class R6 | | | Class P | |
| | | | | | | | | | | |
Dynamic Municipal Income Fund | | $ | 1,196,169 | | | $ | 353,327 | | | $ | 30 | | | $ | 574,161 | | | $ | 56,532 | | | $ | 982,896 | | | $ | – | | | $ | 5 | | | $ | 1,054,320 | | | $ | 24,830 | | | $ | 290,273 | |
| | | | | | | | | | | |
High Yield Municipal Fund | | | 532,446 | | | | 230,805 | | | | – | | | | 255,574 | | | | 36,929 | | | | 432,797 | | | | – | | | | – | | | | 444,299 | | | | 3,197 | | | | 1,163,384 | |
| | | | | | | | | | | |
Municipal Income Completion Fund | | | – | | | | – | | | | – | | | | – | | | | – | | | | – | | | | 20,450 | | | | – | | | | – | | | | – | | | | – | |
| | | | | | | | | | | |
Short Duration Tax-Free Fund | | | 134,085 | | | | 22,444 | | | | 112 | | | | 64,361 | | | | 3,591 | | | | 143,711 | | | | – | | | | 17 | | | | 47,729 | | | | 67,978 | | | | 524,190 | |
| | |
| 228 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MUNICIPAL FUNDS
|
Statements of Changes in Net Assets |
| | | | | | | | | | | | | | | | | | | | |
| | | | | Dynamic Municipal Income Fund | | | High Yield Municipal Fund | | | |
| | | | | For the
Six Months Ended
September 30, 2024
(Unaudited) | | | For the Fiscal
Year Ended
March 31, 2024 | | | For the
Six Months Ended
September 30, 2024
(Unaudited) | | | For the Fiscal
Year Ended
March 31, 2024 | | | |
| | | | | | |
| | From operations: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net investment income | | $ | 179,064,348 | | | $ | 302,416,379 | | | $ | 250,474,012 | | | $ | 437,003,950 | | | |
| | | | | | |
| | Net realized loss | | | (12,518,254 | ) | | | (56,109,789 | ) | | | (5,625,842 | ) | | | (88,146,837 | ) | | |
| | | | | | |
| | Net change in unrealized gain | | | 160,017,368 | | | | 183,711,418 | | | | 309,051,790 | | | | 247,114,026 | | | |
| | |
| | | | | | |
| | Net increase in net assets resulting from operations | | | 326,563,462 | | | | 430,018,008 | | | | 553,899,960 | | | | 595,971,139 | | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Distributions to shareholders: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | From distributable earnings: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Class A Shares | | | (15,739,039 | ) | | | (30,616,901 | ) | | | (8,556,890 | ) | | | (17,450,025 | ) | | |
| | | | | | |
| | Class C Shares | | | (1,196,593 | ) | | | (2,584,365 | ) | | | (1,005,293 | ) | | | (1,943,911 | ) | | |
| | | | | | |
| | Institutional Shares | | | (88,938,782 | ) | | | (144,470,756 | ) | | | (46,803,479 | ) | | | (77,211,457 | ) | | |
| | | | | | |
| | Service Shares | | | (372 | ) | | | (712 | ) | | | – | | | | – | | | |
| | | | | | |
| | Investor Shares | | | (31,094,960 | ) | | | (51,316,908 | ) | | | (15,795,626 | ) | | | (25,560,338 | ) | | |
| | | | | | |
| | Class R6 Shares | | | (3,003,081 | ) | | | (4,874,461 | ) | | | (461,919 | ) | | | (799,901 | ) | | |
| | | | | | |
| | Class P Shares | | | (35,123,132 | ) | | | (62,334,954 | ) | | | (168,144,659 | ) | | | (300,219,129 | ) | | |
| | |
| | | | | | |
| | Total distributions to shareholders | | | (175,095,959 | ) | | | (296,199,057 | ) | | | (240,767,866 | ) | | | (423,184,761 | ) | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | From share transactions: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Proceeds from sales of shares | | | 1,840,219,750 | | | | 4,219,774,814 | | | | 1,403,942,597 | | | | 4,757,816,591 | | | |
| | | | | | |
| | Reinvestment of distributions | | | 159,238,695 | | | | 270,851,293 | | | | 233,672,570 | | | | 411,210,758 | | | |
| | | | | | |
| | Cost of shares redeemed | | | (999,163,558 | ) | | | (3,429,045,991 | ) | | | (972,163,584 | ) | | | (3,741,552,858 | ) | | |
| | |
| | | | | | |
| | Net increase in net assets resulting from share transactions | | | 1,000,294,887 | | | | 1,061,580,116 | | | | 665,451,583 | | | | 1,427,474,491 | | | |
| | |
| | | | | | |
| | TOTAL INCREASE | | | 1,151,762,390 | | | | 1,195,399,067 | | | | 978,583,677 | | | | 1,600,260,869 | | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net Assets: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Beginning of period | | $ | 9,344,298,072 | | | $ | 8,148,899,005 | | | $ | 10,764,430,731 | | | $ | 9,164,169,862 | | | |
| | |
| | | | | | |
| | End of period | | $ | 10,496,060,462 | | | $ | 9,344,298,072 | | | $ | 11,743,014,408 | | | $ | 10,764,430,731 | | | |
| | |
| | |
| The accompanying notes are an integral part of these financial statements. | | 229 |
GOLDMAN SACHS MUNICIPAL FUNDS
|
Statements of Changes in Net Assets (continued) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | Municipal Income Completion Fund | | | Short Duration Tax-Free Fund | | | |
| | | | | For the
Six Months Ended
September 30, 2024
(Unaudited) | | | For the Fiscal
Year Ended
March 31, 2024 | | | For the
Six Months Ended
September 30, 2024
(Unaudited) | | | For the Fiscal
Year Ended
March 31, 2024 | | | |
| | | | | | |
| | From operations: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net investment income | | $ | 4,625,018 | | | $ | 7,823,642 | | | $ | 76,472,140 | | | $ | 167,890,635 | | | |
| | | | | | |
| | Net realized loss | | | (328,723 | ) | | | (3,833,446 | ) | | | (3,026,162 | ) | | | (43,548,076 | ) | | |
| | | | | | |
| | Net change in unrealized gain | | | 5,547,836 | | | | 8,078,679 | | | | 51,928,096 | | | | 20,995,401 | | | |
| | |
| | | | | | |
| | Net increase in net assets resulting from operations | | | 9,844,131 | | | | 12,068,875 | | | | 125,374,074 | | | | 145,337,960 | | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Distributions to shareholders: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | From distributable earnings: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Class A Shares | | | – | | | | – | | | | (1,503,992 | ) | | | (3,398,672 | ) | | |
| | | | | | |
| | Class C Shares | | | – | | | | – | | | | (71,967 | ) | | | (182,097 | ) | | |
| | | | | | |
| | Institutional Shares | | | – | | | | – | | | | (11,042,476 | ) | | | (23,509,984 | ) | | |
| | | | | | |
| | Separate Account Institutional Shares | | | (4,503,813 | ) | | | (7,654,619 | ) | | | – | | | | – | | | |
| | | | | | |
| | Service Shares | | | – | | | | – | | | | (1,149 | ) | | | (2,575 | ) | | |
| | | | | | |
| | Investor Shares | | | – | | | | – | | | | (1,214,738 | ) | | | (2,758,657 | ) | | |
| | | | | | |
| | Class R6 Shares | | | – | | | | – | | | | (6,987,974 | ) | | | (14,869,573 | ) | | |
| | | | | | |
| | Class P Shares | | | – | | | | – | | | | (53,895,889 | ) | | | (120,184,597 | ) | | |
| | |
| | | | | | |
| | Total distributions to shareholders | | | (4,503,813 | ) | | | (7,654,619 | ) | | | (74,718,185 | ) | | | (164,906,155 | ) | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | From share transactions: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Proceeds from sales of shares | | | 46,092,179 | | | | 51,813,634 | | | | 685,854,330 | | | | 1,689,226,305 | | | |
| | | | | | |
| | Reinvestment of distributions | | | 4,475,575 | | | | 7,572,492 | | | | 65,996,738 | | | | 145,624,551 | | | |
| | | | | | |
| | Cost of shares redeemed | | | (22,399,721 | ) | | | (57,257,131 | ) | | | (838,925,897 | ) | | | (3,319,182,111 | ) | | |
| | |
| | | | | | |
| | Net increase (decrease) in net assets resulting from share transactions | | | 28,168,033 | | | | 2,128,995 | | | | (87,074,829 | ) | | | (1,484,331,255 | ) | | |
| | |
| | | | | | |
| | TOTAL INCREASE (DECREASE) | | | 33,508,351 | | | | 6,543,251 | | | | (36,418,940 | ) | | | (1,503,899,450 | ) | | |
| | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Net Assets: | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | Beginning of period | | $ | 190,288,229 | | | $ | 183,744,978 | | | $ | 4,980,873,767 | | | $ | 6,484,773,217 | | | |
| | |
| | | | | | |
| | End of period | | $ | 223,796,580 | | | $ | 190,288,229 | | | $ | 4,944,454,827 | | | $ | 4,980,873,767 | | | |
| | |
| | |
| 230 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Financial Highlights Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Dynamic Municipal Income Fund | | |
| | | |
| | | | | Class A Shares | | |
| | | | | Six Months Ended September 30, 2024 (Unaudited) | | Year Ended March 31, | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | Net asset value, beginning of period | | | $ | 15.34 | | | | $ | 15.10 | | | | $ | 15.72 | | | | $ | 16.63 | | | | $ | 15.59 | | | | $ | 16.02 | | | |
| | |
| | | | | | | | |
| | Net investment income(a) | | | | 0.26 | | | | | 0.50 | | | | | 0.41 | | | | | 0.33 | | | | | 0.36 | | | | | 0.37 | | | |
| | | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 0.22 | | | | | 0.23 | | | | | (0.63 | ) | | | | (0.92 | ) | | | | 1.03 | | | | | (0.43 | ) | | |
| | |
| | | | | | | | |
| | Total from investment operations | | | | 0.48 | | | | | 0.73 | | | | | (0.22 | ) | | | | (0.59 | ) | | | | 1.39 | | | | | (0.06 | ) | | |
| | |
| | | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.25 | ) | | | | (0.49 | ) | | | | (0.40 | ) | | | | (0.32 | ) | | | | (0.35 | ) | | | | (0.37 | ) | | |
| | |
| | | | | | | | |
| | Net asset value, end of period | | | $ | 15.57 | | | | $ | 15.34 | | | | $ | 15.10 | | | | $ | 15.72 | | | | $ | 16.63 | | | | $ | 15.59 | | | |
| | |
| | | | | | | | |
| | Total Return(b) | | | | 3.19 | % | | | | 4.91 | % | | | | (1.32 | )% | | | | (3.66 | )% | | | | 9.00 | % | | | | (0.43 | )% | | |
| | |
| | | | | | | | |
| | Net assets, end of period (in 000’s) | | | $ | 995,384 | | | | $ | 943,689 | | | | $ | 987,091 | | | | $ | 1,389,169 | | | | $ | 1,521,711 | | | | $ | 1,330,377 | | | |
| | | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.72 | %(c) | | | | 0.72 | % | | | | 0.73 | % | | | | 0.72 | % | | | | 0.72 | % | | | | 0.73 | % | | |
| | | | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.74 | %(c) | | | | 0.75 | % | | | | 0.75 | % | | | | 0.74 | % | | | | 0.75 | % | | | | 0.76 | % | | |
| | | | | | | | |
| | Ratio of net investment income to average net assets | | | | 3.37 | %(c) | | | | 3.30 | % | | | | 2.71 | % | | | | 1.97 | % | | | | 2.21 | % | | | | 2.25 | % | | |
| | | | | | | | |
| | Portfolio turnover rate(d) | | | | 12 | % | | | | 38 | % | | | | 33 | % | | | | 15 | % | | | | 6 | % | | | | 23 | % | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 231 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Dynamic Municipal Income Fund | | |
| | | |
| | | | | Class C Shares | | |
| | | | | Six Months Ended September 30, 2024 (Unaudited) | | Year Ended March 31, | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | Net asset value, beginning of period | | | $ | 15.35 | | | | $ | 15.10 | | | | $ | 15.72 | | | | $ | 16.64 | | | | $ | 15.60 | | | | $ | 16.03 | | | |
| | |
| | | | | | | | |
| | Net investment income(a) | | | | 0.20 | | | | | 0.38 | | | | | 0.30 | | | | | 0.20 | | | | | 0.24 | | | | | 0.24 | | | |
| | | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 0.22 | | | | | 0.24 | | | | | (0.63 | ) | | | | (0.93 | ) | | | | 1.03 | | | | | (0.42 | ) | | |
| | |
| | | | | | | | |
| | Total from investment operations | | | | 0.42 | | | | | 0.62 | | | | | (0.33 | ) | | | | (0.73 | ) | | | | 1.27 | | | | | (0.18 | ) | | |
| | |
| | | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.20 | ) | | | | (0.37 | ) | | | | (0.29 | ) | | | | (0.19 | ) | | | | (0.23 | ) | | | | (0.25 | ) | | |
| | |
| | | | | | | | |
| | Net asset value, end of period | | | $ | 15.57 | | | | $ | 15.35 | | | | $ | 15.10 | | | | $ | 15.72 | | | | $ | 16.64 | | | | $ | 15.60 | | | |
| | |
| | | | | | | | |
| | Total Return(b) | | | | 2.73 | % | | | | 4.20 | % | | | | (2.06 | )% | | | | (4.44 | )% | | | | 8.19 | % | | | | (1.17 | )% | | |
| | |
| | | | | | | | |
| | Net assets, end of period (in 000’s) | | | $ | 92,259 | | | | $ | 97,077 | | | | $ | 112,468 | | | | $ | 144,456 | | | | $ | 153,277 | | | | $ | 141,952 | | | |
| | | | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.47 | %(c) | | | | 1.47 | % | | | | 1.48 | % | | | | 1.47 | % | | | | 1.47 | % | | | | 1.48 | % | | |
| | | | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.49 | %(c) | | | | 1.50 | % | | | | 1.50 | % | | | | 1.49 | % | | | | 1.50 | % | | | | 1.51 | % | | |
| | | | | | | | |
| | Ratio of net investment income to average net assets | | | | 2.62 | %(c) | | | | 2.55 | % | | | | 1.97 | % | | | | 1.22 | % | | | | 1.46 | % | | | | 1.50 | % | | |
| | | | | | | | |
| | Portfolio turnover rate(d) | | | | 12 | % | | | | 38 | % | | | | 33 | % | | | | 15 | % | | | | 6 | % | | | | 23 | % | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 232 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Dynamic Municipal Income Fund | | |
| | | |
| | | | | Institutional Shares | | |
| | | | | Six Months Ended September 30, 2024 (Unaudited) | | Year Ended March 31, | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | Net asset value, beginning of period | | | $ | 15.33 | | | | $ | 15.09 | | | | $ | 15.71 | | | | $ | 16.62 | | | | $ | 15.58 | | | | $ | 16.02 | | | |
| | |
| | | | | | | | |
| | Net investment income(a) | | | | 0.28 | | | | | 0.55 | | | | | 0.46 | | | | | 0.38 | | | | | 0.41 | | | | | 0.42 | | | |
| | | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 0.23 | | | | | 0.22 | | | | | (0.63 | ) | | | | (0.92 | ) | | | | 1.03 | | | | | (0.43 | ) | | |
| | |
| | | | | | | | |
| | Total from investment operations | | | | 0.51 | | | | | 0.77 | | | | | (0.17 | ) | | | | (0.54 | ) | | | | 1.44 | | | | | (0.01 | ) | | |
| | |
| | | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.28 | ) | | | | (0.53 | ) | | | | (0.45 | ) | | | | (0.37 | ) | | | | (0.40 | ) | | | | (0.43 | ) | | |
| | |
| | | | | | | | |
| | Net asset value, end of period | | | $ | 15.56 | | | | $ | 15.33 | | | | $ | 15.09 | | | | $ | 15.71 | | | | $ | 16.62 | | | | $ | 15.58 | | | |
| | |
| | | | | | | | |
| | Total Return(b) | | | | 3.36 | % | | | | 5.26 | % | | | | (1.00 | )% | | | | (3.35 | )% | | | | 9.37 | % | | | | (0.16 | )% | | |
| | |
| | | | | | | | |
| | Net assets, end of period (in 000’s) | | | $ | 5,316,487 | | | | $ | 4,602,375 | | | | $ | 3,860,842 | | | | $ | 4,492,546 | | | | $ | 4,188,941 | | | | $ | 3,206,615 | | | |
| | | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.39 | %(c) | | | | 0.39 | % | | | | 0.40 | % | | | | 0.39 | % | | | | 0.39 | % | | | | 0.39 | % | | |
| | | | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.41 | %(c) | | | | 0.42 | % | | | | 0.42 | % | | | | 0.41 | % | | | | 0.42 | % | | | | 0.42 | % | | |
| | | | | | | | |
| | Ratio of net investment income to average net assets | | | | 3.70 | %(c) | | | | 3.64 | % | | | | 3.06 | % | | | | 2.30 | % | | | | 2.54 | % | | | | 2.59 | % | | |
| | | | | | | | |
| | Portfolio turnover rate(d) | | | | 12 | % | | | | 38 | % | | | | 33 | % | | | | 15 | % | | | | 6 | % | | | | 23 | % | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 233 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Dynamic Municipal Income Fund | | |
| | | |
| | | | | Service Shares | | |
| | | | | Six Months Ended September 30, 2024 (Unaudited) | | Year Ended March 31, | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | Net asset value, beginning of period | | | $ | 15.41 | | | | $ | 15.17 | | | | $ | 15.79 | | | | $ | 16.71 | | | | $ | 15.67 | | | | $ | 16.10 | | | |
| | |
| | | | | | | | |
| | Net investment income(a) | | | | 0.25 | | | | | 0.47 | | | | | 0.39 | | | | | 0.30 | | | | | 0.34 | | | | | 0.34 | | | |
| | | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 0.22 | | | | | 0.23 | | | | | (0.63 | ) | | | | (0.93 | ) | | | | 1.03 | | | | | (0.42 | ) | | |
| | |
| | | | | | | | |
| | Total from investment operations | | | | 0.47 | | | | | 0.70 | | | | | (0.24 | ) | | | | (0.63 | ) | | | | 1.37 | | | | | (0.08 | ) | | |
| | |
| | | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.24 | ) | | | | (0.46 | ) | | | | (0.38 | ) | | | | (0.29 | ) | | | | (0.33 | ) | | | | (0.35 | ) | | |
| | |
| | | | | | | | |
| | Net asset value, end of period | | | $ | 15.64 | | | | $ | 15.41 | | | | $ | 15.17 | | | | $ | 15.79 | | | | $ | 16.71 | | | | $ | 15.67 | | | |
| | |
| | | | | | | | |
| | Total Return(b) | | | | 3.09 | % | | | | 4.72 | % | | | | (1.48 | )% | | | | (3.87 | )% | | | | 8.79 | % | | | | (0.58 | )% | | |
| | |
| | | | | | | | |
| | Net assets, end of period (in 000’s) | | | $ | 24 | | | | $ | 24 | | | | $ | 23 | | | | $ | 24 | | | | $ | 26 | | | | $ | 203 | | | |
| | | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.89 | %(c) | | | | 0.90 | % | | | | 0.91 | % | | | | 0.90 | % | | | | 0.89 | % | | | | 0.89 | % | | |
| | | | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.91 | %(c) | | | | 0.92 | % | | | | 0.92 | % | | | | 0.92 | % | | | | 0.92 | % | | | | 0.92 | % | | |
| | | | | | | | |
| | Ratio of net investment income to average net assets | | | | 3.20 | %(c) | | | | 3.13 | % | | | | 2.56 | % | | | | 1.79 | % | | | | 2.06 | % | | | | 2.09 | % | | |
| | | | | | | | |
| | Portfolio turnover rate(d) | | | | 12 | % | | | | 38 | % | | | | 33 | % | | | | 15 | % | | | | 6 | % | | | | 23 | % | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 234 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Dynamic Municipal Income Fund | | |
| | | |
| | | | | Investor Shares | | |
| | | | | Six Months Ended September 30, 2024 (Unaudited) | | Year Ended March 31, | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | Net asset value, beginning of period | | | $ | 15.32 | | | | $ | 15.08 | | | | $ | 15.70 | | | | $ | 16.61 | | | | $ | 15.57 | | | | $ | 16.00 | | | |
| | |
| | | | | | | | |
| | Net investment income(a) | | | | 0.28 | | | | | 0.53 | | | | | 0.45 | | | | | 0.37 | | | | | 0.40 | | | | | 0.41 | | | |
| | | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 0.22 | | | | | 0.23 | | | | | (0.63 | ) | | | | (0.92 | ) | | | | 1.03 | | | | | (0.43 | ) | | |
| | |
| | | | | | | | |
| | Total from investment operations | | | | 0.50 | | | | | 0.76 | | | | | (0.18 | ) | | | | (0.55 | ) | | | | 1.43 | | | | | (0.02 | ) | | |
| | |
| | | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.27 | ) | | | | (0.52 | ) | | | | (0.44 | ) | | | | (0.36 | ) | | | | (0.39 | ) | | | | (0.41 | ) | | |
| | |
| | | | | | | | |
| | Net asset value, end of period | | | $ | 15.55 | | | | $ | 15.32 | | | | $ | 15.08 | | | | $ | 15.70 | | | | $ | 16.61 | | | | $ | 15.57 | | | |
| | |
| | | | | | | | |
| | Total Return(b) | | | | 3.32 | % | | | | 5.17 | % | | | | (1.08 | )% | | | | (3.43 | )% | | | | 9.28 | % | | | | (0.19 | )% | | |
| | |
| | | | | | | | |
| | Net assets, end of period (in 000’s) | | | $ | 1,887,932 | | | | $ | 1,646,801 | | | | $ | 1,353,998 | | | | $ | 1,469,286 | | | | $ | 1,193,082 | | | | $ | 904,160 | | | |
| | | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.47 | %(c) | | | | 0.47 | % | | | | 0.48 | % | | | | 0.47 | % | | | | 0.47 | % | | | | 0.48 | % | | |
| | | | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.49 | %(c) | | | | 0.50 | % | | | | 0.50 | % | | | | 0.49 | % | | | | 0.50 | % | | | | 0.51 | % | | |
| | | | | | | | |
| | Ratio of net investment income to average net assets | | | | 3.62 | %(c) | | | | 3.56 | % | | | | 2.98 | % | | | | 2.22 | % | | | | 2.46 | % | | | | 2.50 | % | | |
| | | | | | | | |
| | Portfolio turnover rate(d) | | | | 12 | % | | | | 38 | % | | | | 33 | % | | | | 15 | % | | | | 6 | % | | | | 23 | % | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 235 |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Dynamic Municipal Income Fund | | |
| | | |
| | | | | Class R6 Shares | | |
| | | | | Six Months Ended September 30, 2024 (Unaudited) | | Year Ended March 31, | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | Net asset value, beginning of period | | | $ | 15.34 | | | | $ | 15.10 | | | | $ | 15.72 | | | | $ | 16.63 | | | | $ | 15.59 | | | | $ | 16.02 | | | |
| | |
| | | | | | | | |
| | Net investment income(a) | | | | 0.29 | | | | | 0.55 | | | | | 0.46 | | | | | 0.38 | | | | | 0.41 | | | | | 0.42 | | | |
| | | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 0.22 | | | | | 0.23 | | | | | (0.63 | ) | | | | (0.92 | ) | | | | 1.04 | | | | | (0.42 | ) | | |
| | |
| | | | | | | | |
| | Total from investment operations | | | | 0.51 | | | | | 0.78 | | | | | (0.17 | ) | | | | (0.54 | ) | | | | 1.45 | | | | | – | (b) | | |
| | |
| | | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.28 | ) | | | | (0.54 | ) | | | | (0.45 | ) | | | | (0.37 | ) | | | | (0.41 | ) | | | | (0.43 | ) | | |
| | |
| | | | | | | | |
| | Net asset value, end of period | | | $ | 15.57 | | | | $ | 15.34 | | | | $ | 15.10 | | | | $ | 15.72 | | | | $ | 16.63 | | | | $ | 15.59 | | | |
| | |
| | | | | | | | |
| | Total Return(c) | | | | 3.36 | % | | | | 5.26 | % | | | | (0.93 | )% | | | | (3.39 | )% | | | | 9.37 | % | | | | (0.08 | )% | | |
| | |
| | | | | | | | |
| | Net assets, end of period (in 000’s) | | | $ | 185,733 | | | | $ | 153,353 | | | | $ | 129,990 | | | | $ | 163,855 | | | | $ | 97,337 | | | | $ | 69,532 | | | |
| | | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.38 | %(d) | | | | 0.38 | % | | | | 0.39 | % | | | | 0.38 | % | | | | 0.38 | % | | | | 0.38 | % | | |
| | | | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.40 | %(d) | | | | 0.41 | % | | | | 0.41 | % | | | | 0.40 | % | | | | 0.41 | % | | | | 0.41 | % | | |
| | | | | | | | |
| | Ratio of net investment income to average net assets | | | | 3.71 | %(d) | | | | 3.65 | % | | | | 3.06 | % | | | | 2.31 | % | | | | 2.55 | % | | | | 2.61 | % | | |
| | | | | | | | |
| | Portfolio turnover rate(e) | | | | 12 | % | | | | 38 | % | | | | 33 | % | | | | 15 | % | | | | 6 | % | | | | 23 | % | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.005 per share. |
| | (c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| | (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 236 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Dynamic Municipal Income Fund | | |
| | | |
| | | | | Class P Shares | | |
| | | | | Six Months Ended September 30, 2024 (Unaudited) | | Year Ended March 31, | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | Net asset value, beginning of period | | | $ | 15.34 | | | | $ | 15.10 | | | | $ | 15.72 | | | | $ | 16.63 | | | | $ | 15.59 | | | | $ | 16.02 | | | |
| | |
| | | | | | | | |
| | Net investment income(a) | | | | 0.29 | | | | | 0.55 | | | | | 0.46 | | | | | 0.38 | | | | | 0.41 | | | | | 0.43 | | | |
| | | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 0.22 | | | | | 0.23 | | | | | (0.63 | ) | | | | (0.92 | ) | | | | 1.04 | | | | | (0.43 | ) | | |
| | |
| | | | | | | | |
| | Total from investment operations | | | | 0.51 | | | | | 0.78 | | | | | (0.17 | ) | | | | (0.54 | ) | | | | 1.45 | | | | | – | (b) | | |
| | |
| | | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.28 | ) | | | | (0.54 | ) | | | | (0.45 | ) | | | | (0.37 | ) | | | | (0.41 | ) | | | | (0.43 | ) | | |
| | |
| | | | | | | | |
| | Net asset value, end of period | | | $ | 15.57 | | | | $ | 15.34 | | | | $ | 15.10 | | | | $ | 15.72 | | | | $ | 16.63 | | | | $ | 15.59 | | | |
| | |
| | | | | | | | |
| | Total Return(c) | | | | 3.36 | % | | | | 5.26 | % | | | | (0.99 | )% | | | | (3.33 | )% | | | | 9.37 | % | | | | (0.08 | )% | | |
| | |
| | | | | | | | |
| | Net assets, end of period (in 000’s) | | | $ | 2,018,241 | | | | $ | 1,900,979 | | | | $ | 1,704,487 | | | | $ | 2,758,800 | | | | $ | 2,195,715 | | | | $ | 1,683,366 | | | |
| | | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.38 | %(d) | | | | 0.38 | % | | | | 0.39 | % | | | | 0.38 | % | | | | 0.38 | % | | | | 0.38 | % | | |
| | | | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.40 | %(d) | | | | 0.41 | % | | | | 0.41 | % | | | | 0.40 | % | | | | 0.41 | % | | | | 0.41 | % | | |
| | | | | | | | |
| | Ratio of net investment income to average net assets | | | | 3.71 | %(d) | | | | 3.65 | % | | | | 3.05 | % | | | | 2.31 | % | | | | 2.55 | % | | | | 2.61 | % | | |
| | | | | | | | |
| | Portfolio turnover rate(e) | | | | 12 | % | | | | 38 | % | | | | 33 | % | | | | 15 | % | | | | 6 | % | | | | 23 | % | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Amount is less than $0.005 per share. |
| | (c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| | (e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 237 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | High Yield Municipal Fund | | |
| | | |
| | | | | Class A Shares | | |
| | | | | Six Months Ended September 30, 2024 (Unaudited) | | Year Ended March 31, | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | Net asset value, beginning of period | | | $ | 9.23 | | | | $ | 9.03 | | | | $ | 9.86 | | | | $ | 10.49 | | | | $ | 9.59 | | | | $ | 9.91 | | | |
| | |
| | | | | | | | |
| | Net investment income(a) | | | | 0.19 | | | | | 0.38 | | | | | 0.37 | | | | | 0.31 | | | | | 0.33 | | | | | 0.37 | | | |
| | | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 0.25 | | | | | 0.19 | | | | | (0.85 | ) | | | | (0.65 | ) | | | | 0.89 | | | | | (0.34 | ) | | |
| | |
| | | | | | | | |
| | Total from investment operations | | | | 0.44 | | | | | 0.57 | | | | | (0.48 | ) | | | | (0.34 | ) | | | | 1.22 | | | | | 0.03 | | | |
| | |
| | | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.19 | ) | | | | (0.37 | ) | | | | (0.35 | ) | | | | (0.29 | ) | | | | (0.32 | ) | | | | (0.35 | ) | | |
| | |
| | | | | | | | |
| | Net asset value, end of period | | | $ | 9.48 | | | | $ | 9.23 | | | | $ | 9.03 | | | | $ | 9.86 | | | | $ | 10.49 | | | | $ | 9.59 | | | |
| | |
| | | | | | | | |
| | Total Return(b) | | | | 4.80 | % | | | | 6.50 | % | | | | (4.84 | )% | | | | (3.36 | )% | | | | 12.87 | % | | | | 0.13 | % | | |
| | |
| | | | | | | | |
| | Net assets, end of period (in 000’s) | | | $ | 439,158 | | | | $ | 426,407 | | | | $ | 443,662 | | | | $ | 539,203 | | | | $ | 594,728 | | | | $ | 419,784 | | | |
| | | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.85 | %(c) | | | | 0.85 | % | | | | 0.86 | % | | | | 0.85 | % | | | | 0.85 | % | | | | 0.85 | % | | |
| | | | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.89 | %(c) | | | | 0.89 | % | | | | 0.89 | % | | | | 0.88 | % | | | | 0.89 | % | | | | 0.91 | % | | |
| | | | | | | | |
| | Ratio of net investment income to average net assets | | | | 4.19 | %(c) | | | | 4.26 | % | | | | 4.03 | % | | | | 2.90 | % | | | | 3.23 | % | | | | 3.61 | % | | |
| | | | | | | | |
| | Portfolio turnover rate(d) | | | | 10 | % | | | | 38 | % | | | | 32 | % | | | | 13 | % | | | | 7 | % | | | | 20 | % | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 238 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | High Yield Municipal Fund | | |
| | | |
| | | | | Class C Shares | | |
| | | | | Six Months Ended September 30, 2024 (Unaudited) | | Year Ended March 31, | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | Net asset value, beginning of period | | | $ | 9.23 | | | | $ | 9.03 | | | | $ | 9.86 | | | | $ | 10.49 | | | | $ | 9.59 | | | | $ | 9.91 | | | |
| | |
| | | | | | | | |
| | Net investment income(a) | | | | 0.16 | | | | | 0.31 | | | | | 0.30 | | | | | 0.23 | | | | | 0.25 | | | | | 0.29 | | | |
| | | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 0.24 | | | | | 0.19 | | | | | (0.85 | ) | | | | (0.65 | ) | | | | 0.89 | | | | | (0.34 | ) | | |
| | |
| | | | | | | | |
| | Total from investment operations | | | | 0.40 | | | | | 0.50 | | | | | (0.55 | ) | | | | (0.42 | ) | | | | 1.14 | | | | | (0.05 | ) | | |
| | |
| | | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.15 | ) | | | | (0.30 | ) | | | | (0.28 | ) | | | | (0.21 | ) | | | | (0.24 | ) | | | | (0.27 | ) | | |
| | |
| | | | | | | | |
| | Net asset value, end of period | | | $ | 9.48 | | | | $ | 9.23 | | | | $ | 9.03 | | | | $ | 9.86 | | | | $ | 10.49 | | | | $ | 9.59 | | | |
| | |
| | | | | | | | |
| | Total Return(b) | | | | 4.40 | % | | | | 5.70 | % | | | | (5.55 | )% | | | | (4.09 | )% | | | | 12.03 | % | | | | (0.62 | )% | | |
| | |
| | | | | | | | |
| | Net assets, end of period (in 000’s) | | | $ | 63,122 | | | | $ | 60,812 | | | | $ | 57,853 | | | | $ | 76,559 | | | | $ | 80,215 | | | | $ | 77,387 | | | |
| | | | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.60 | %(c) | | | | 1.60 | % | | | | 1.61 | % | | | | 1.60 | % | | | | 1.60 | % | | | | 1.60 | % | | |
| | | | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.64 | %(c) | | | | 1.64 | % | | | | 1.64 | % | | | | 1.63 | % | | | | 1.64 | % | | | | 1.66 | % | | |
| | | | | | | | |
| | Ratio of net investment income to average net assets | | | | 3.44 | %(c) | | | | 3.52 | % | | | | 3.27 | % | | | | 2.15 | % | | | | 2.50 | % | | | | 2.85 | % | | |
| | | | | | | | |
| | Portfolio turnover rate(d) | | | | 10 | % | | | | 38 | % | | | | 32 | % | | | | 13 | % | | | | 7 | % | | | | 20 | % | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 239 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | High Yield Municipal Fund | | |
| | | |
| | | | | Institutional Shares | | |
| | | | | Six Months Ended September 30, 2024 (Unaudited) | | Year Ended March 31, | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | Net asset value, beginning of period | | | $ | 9.23 | | | | $ | 9.03 | | | | $ | 9.86 | | | | $ | 10.49 | | | | $ | 9.59 | | | | $ | 9.91 | | | |
| | |
| | | | | | | | |
| | Net investment income(a) | | | | 0.21 | | | | | 0.41 | | | | | 0.40 | | | | | 0.34 | | | | | 0.36 | | | | | 0.40 | | | |
| | | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 0.24 | | | | | 0.19 | | | | | (0.85 | ) | | | | (0.64 | ) | | | | 0.89 | | | | | (0.34 | ) | | |
| | |
| | | | | | | | |
| | Total from investment operations | | | | 0.45 | | | | | 0.60 | | | | | (0.45 | ) | | | | (0.30 | ) | | | | 1.25 | | | | | 0.06 | | | |
| | |
| | | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.20 | ) | | | | (0.40 | ) | | | | (0.38 | ) | | | | (0.33 | ) | | | | (0.35 | ) | | | | (0.38 | ) | | |
| | |
| | | | | | | | |
| | Net asset value, end of period | | | $ | 9.48 | | | | $ | 9.23 | | | | $ | 9.03 | | | | $ | 9.86 | | | | $ | 10.49 | | | | $ | 9.59 | | | |
| | |
| | | | | | | | |
| | Total Return(b) | | | | 4.96 | % | | | | 6.82 | % | | | | (4.55 | )% | | | | (3.06 | )% | | | | 13.22 | % | | | | 0.43 | % | | |
| | |
| | | | | | | | |
| | Net assets, end of period (in 000’s) | | | $ | 2,309,018 | | | | $ | 2,023,817 | | | | $ | 1,641,484 | | | | $ | 1,808,838 | | | | $ | 1,416,246 | | | | $ | 894,702 | | | |
| | | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.54 | %(c) | | | | 0.54 | % | | | | 0.54 | % | | | | 0.54 | % | | | | 0.54 | % | | | | 0.55 | % | | |
| | | | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.56 | %(c) | | | | 0.56 | % | | | | 0.56 | % | | | | 0.55 | % | | | | 0.56 | % | | | | 0.57 | % | | |
| | | | | | | | |
| | Ratio of net investment income to average net assets | | | | 4.50 | %(c) | | | | 4.58 | % | | | | 4.34 | % | | | | 3.21 | % | | | | 3.54 | % | | | | 3.91 | % | | |
| | | | | | | | |
| | Portfolio turnover rate(d) | | | | 10 | % | | | | 38 | % | | | | 32 | % | | | | 13 | % | | | | 7 | % | | | | 20 | % | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 240 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | High Yield Municipal Fund | | |
| | | |
| | | | | Investor Shares | | |
| | | | | Six Months Ended September 30, 2024 (Unaudited) | | Year Ended March 31, | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | Net asset value, beginning of period | | | $ | 9.24 | | | | $ | 9.04 | | | | $ | 9.87 | | | | $ | 10.50 | | | | $ | 9.60 | | | | $ | 9.92 | | | |
| | |
| | | | | | | | |
| | Net investment income(a) | | | | 0.21 | | | | | 0.41 | | | | | 0.39 | | | | | 0.33 | | | | | 0.35 | | | | | 0.39 | | | |
| | | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 0.24 | | | | | 0.18 | | | | | (0.85 | ) | | | | (0.64 | ) | | | | 0.89 | | | | | (0.34 | ) | | |
| | |
| | | | | | | | |
| | Total from investment operations | | | | 0.45 | | | | | 0.59 | | | | | (0.46 | ) | | | | (0.31 | ) | | | | 1.24 | | | | | 0.05 | | | |
| | |
| | | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.20 | ) | | | | (0.39 | ) | | | | (0.37 | ) | | | | (0.32 | ) | | | | (0.34 | ) | | | | (0.37 | ) | | |
| | |
| | | | | | | | |
| | Net asset value, end of period | | | $ | 9.49 | | | | $ | 9.24 | | | | $ | 9.04 | | | | $ | 9.87 | | | | $ | 10.50 | | | | $ | 9.60 | | | |
| | |
| | | | | | | | |
| | Total Return(b) | | | | 4.92 | % | | | | 6.76 | % | | | | (4.60 | )% | | | | (3.12 | )% | | | | 13.14 | % | | | | 0.38 | % | | |
| | |
| | | | | | | | |
| | Net assets, end of period (in 000’s) | | | $ | 782,133 | | | | $ | 714,738 | | | | $ | 514,972 | | | | $ | 565,860 | | | | $ | 496,140 | | | | $ | 331,991 | | | |
| | | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.60 | %(c) | | | | 0.60 | % | | | | 0.60 | % | | | | 0.60 | % | | | | 0.60 | % | | | | 0.60 | % | | |
| | | | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.64 | %(c) | | | | 0.64 | % | | | | 0.64 | % | | | | 0.63 | % | | | | 0.65 | % | | | | 0.66 | % | | |
| | | | | | | | |
| | Ratio of net investment income to average net assets | | | | 4.44 | %(c) | | | | 4.52 | % | | | | 4.27 | % | | | | 3.15 | % | | | | 3.48 | % | | | | 3.85 | % | | |
| | | | | | | | |
| | Portfolio turnover rate(d) | | | | 10 | % | | | | 38 | % | | | | 32 | % | | | | 13 | % | | | | 7 | % | | | | 20 | % | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 241 |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | High Yield Municipal Fund | | |
| | | |
| | | | | Class R6 Shares | | |
| | | | | Six Months Ended September 30, 2024 (Unaudited) | | Year Ended March 31, | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | Net asset value, beginning of period | | | $ | 9.22 | | | | $ | 9.03 | | | | $ | 9.85 | | | | $ | 10.48 | | | | $ | 9.58 | | | | $ | 9.91 | | | |
| | |
| | | | | | | | |
| | Net investment income(a) | | | | 0.21 | | | | | 0.41 | | | | | 0.40 | | | | | 0.34 | | | | | 0.35 | | | | | 0.40 | | | |
| | | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 0.24 | | | | | 0.18 | | | | | (0.84 | ) | | | | (0.64 | ) | | | | 0.90 | | | | | (0.35 | ) | | |
| | |
| | | | | | | | |
| | Total from investment operations | | | | 0.45 | | | | | 0.59 | | | | | (0.44 | ) | | | | (0.30 | ) | | | | 1.25 | | | | | 0.05 | | | |
| | |
| | | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.20 | ) | | | | (0.40 | ) | | | | (0.38 | ) | | | | (0.33 | ) | | | | (0.35 | ) | | | | (0.38 | ) | | |
| | |
| | | | | | | | |
| | Net asset value, end of period | | | $ | 9.47 | | | | $ | 9.22 | | | | $ | 9.03 | | | | $ | 9.85 | | | | $ | 10.48 | | | | $ | 9.58 | | | |
| | |
| | | | | | | | |
| | Total Return(b) | | | | 4.97 | % | | | | 6.72 | % | | | | (4.44 | )% | | | | (3.06 | )% | | | | 13.24 | % | | | | 0.32 | % | | |
| | |
| | | | | | | | |
| | Net assets, end of period (in 000’s) | | | $ | 22,355 | | | | $ | 19,295 | | | | $ | 15,465 | | | | $ | 10,354 | | | | $ | 11,001 | | | | $ | 11 | | | |
| | | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.53 | %(c) | | | | 0.53 | % | | | | 0.53 | % | | | | 0.53 | % | | | | 0.53 | % | | | | 0.54 | % | | |
| | | | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.55 | %(c) | | | | 0.55 | % | | | | 0.55 | % | | | | 0.54 | % | | | | 0.55 | % | | | | 0.57 | % | | |
| | | | | | | | |
| | Ratio of net investment income to average net assets | | | | 4.51 | %(c) | | | | 4.59 | % | | | | 4.37 | % | | | | 3.22 | % | | | | 3.44 | % | | | | 3.92 | % | | |
| | | | | | | | |
| | Portfolio turnover rate(d) | | | | 10 | % | | | | 38 | % | | | | 32 | % | | | | 13 | % | | | | 7 | % | | | | 20 | % | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 242 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | High Yield Municipal Fund | | |
| | | |
| | | | | Class P Shares | | |
| | | | | Six Months Ended September 30, 2024 (Unaudited) | | Year Ended March 31, | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | Net asset value, beginning of period | | | $ | 9.22 | | | | $ | 9.03 | | | | $ | 9.85 | | | | $ | 10.48 | | | | $ | 9.58 | | | | $ | 9.90 | | | |
| | |
| | | | | | | | |
| | Net investment income(a) | | | | 0.21 | | | | | 0.41 | | | | | 0.40 | | | | | 0.34 | | | | | 0.36 | | | | | 0.40 | | | |
| | | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 0.24 | | | | | 0.18 | | | | | (0.84 | ) | | | | (0.64 | ) | | | | 0.89 | | | | | (0.34 | ) | | |
| | |
| | | | | | | | |
| | Total from investment operations | | | | 0.45 | | | | | 0.59 | | | | | (0.44 | ) | | | | (0.30 | ) | | | | 1.25 | | | | | 0.06 | | | |
| | |
| | | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.20 | ) | | | | (0.40 | ) | | | | (0.38 | ) | | | | (0.33 | ) | | | | (0.35 | ) | | | | (0.38 | ) | | |
| | |
| | | | | | | | |
| | Net asset value, end of period | | | $ | 9.47 | | | | $ | 9.22 | | | | $ | 9.03 | | | | $ | 9.85 | | | | $ | 10.48 | | | | $ | 9.58 | | | |
| | |
| | | | | | | | |
| | Total Return(b) | | | | 4.97 | % | | | | 6.72 | % | | | | (4.44 | )% | | | | (3.06 | )% | | | | 13.24 | % | | | | 0.44 | % | | |
| | |
| | | | | | | | |
| | Net assets, end of period (in 000’s) | | | $ | 8,127,228 | | | | $ | 7,519,362 | | | | $ | 6,490,733 | | | | $ | 7,661,350 | | | | $ | 7,762,203 | | | | $ | 6,139,055 | | | |
| | | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.53 | %(c) | | | | 0.53 | % | | | | 0.54 | % | | | | 0.53 | % | | | | 0.53 | % | | | | 0.54 | % | | |
| | | | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.55 | %(c) | | | | 0.55 | % | | | | 0.55 | % | | | | 0.54 | % | | | | 0.55 | % | | | | 0.56 | % | | |
| | | | | | | | |
| | Ratio of net investment income to average net assets | | | | 4.51 | %(c) | | | | 4.58 | % | | | | 4.35 | % | | | | 3.22 | % | | | | 3.56 | % | | | | 3.93 | % | | |
| | | | | | | | |
| | Portfolio turnover rate(d) | | | | 10 | % | | | | 38 | % | | | | 32 | % | | | | 13 | % | | | | 7 | % | | | | 20 | % | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 243 |
GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Municipal Income Completion Fund | | |
| | | |
| | | | | Separate Account Institutional Shares | | |
| | | | | Six Months Ended September 30, 2024 (Unaudited) | | Year Ended March 31, | | Period Ended March 31, 2020(a) | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | |
| | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | Net asset value, beginning of period | | | $ | 9.72 | | | | $ | 9.45 | | | | $ | 10.08 | | | | $ | 10.68 | | | | $ | 9.65 | | | | $ | 10.00 | | | |
| | |
| | | | | | | | |
| | Net investment income(b) | | | | 0.22 | | | | | 0.42 | | | | | 0.35 | | | | | 0.27 | | | | | 0.31 | | | | | 0.35 | | | |
| | | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 0.24 | | | | | 0.27 | | | | | (0.63 | ) | | | | (0.60 | ) | | | | 1.03 | | | | | (0.34 | ) | | |
| | |
| | | | | | | | |
| | Total from investment operations | | | | 0.46 | | | | | 0.69 | | | | | (0.28 | ) | | | | (0.33 | ) | | | | 1.34 | | | | | 0.01 | | | |
| | |
| | | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.22 | ) | | | | (0.42 | ) | | | | (0.35 | ) | | | | (0.27 | ) | | | | (0.31 | ) | | | | (0.36 | ) | | |
| | |
| | | | | | | | |
| | Net asset value, end of period | | | $ | 9.96 | | | | $ | 9.72 | | | | $ | 9.45 | | | | $ | 10.08 | | | | $ | 10.68 | | | | $ | 9.65 | | | |
| | |
| | | | | | | | |
| | Total Return(c) | | | | 4.75 | % | | | | 7.47 | % | | | | (2.59 | )% | | | | (3.22 | )% | | | | 14.11 | % | | | | (0.10 | )% | | |
| | |
| | | | | | | | |
| | Net assets, end of period (in 000’s) | | | $ | 223,797 | | | | $ | 190,288 | | | | $ | 183,745 | | | | $ | 204,915 | | | | $ | 105,170 | | | | $ | 17,651 | | | |
| | | | | | | | |
| | Ratio of net expenses to average net assets | | | | – | %(d) | | | | – | %(e) | | | | – | % | | | | – | % | | | | – | % | | | | – | % | | |
| | | | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.18 | %(d) | | | | 0.19 | % | | | | 0.22 | % | | | | 0.20 | % | | | | 0.45 | % | | | | 6.51 | % | | |
| | | | | | | | |
| | Ratio of net investment income to average net assets | | | | 4.52 | %(d) | | | | 4.51 | % | | | | 3.75 | % | | | | 2.53 | % | | | | 2.96 | % | | | | 3.40 | % | | |
| | | | | | | | |
| | Portfolio turnover rate(f) | | | | 17 | % | | | | 47 | % | | | | 59 | % | | | | 14 | % | | | | 8 | % | | | | 7 | % | | |
| | |
| | (a) | Commenced operations on April 1, 2019. |
| | (b) | Calculated based on the average shares outstanding methodology. |
| | (c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| | (e) | Amount is less than 0.005%. |
| | (f) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 244 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Short Duration Tax-Free Fund | | |
| | | |
| | | | | Class A Shares | | |
| | | | | Six Months Ended September 30, 2024 (Unaudited) | | Year Ended March 31, | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | Net asset value, beginning of period | | | $ | 10.33 | | | | $ | 10.34 | | | | $ | 10.43 | | | | $ | 10.83 | | | | $ | 10.63 | | | | $ | 10.66 | | | |
| | |
| | | | | | | | |
| | Net investment income(a) | | | | 0.15 | | | | | 0.28 | | | | | 0.17 | | | | | 0.07 | | | | | 0.11 | | | | | 0.16 | | | |
| | | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 0.11 | | | | | (0.02 | ) | | | | (0.09 | ) | | | | (0.40 | ) | | | | 0.20 | | | | | (0.03 | ) | | |
| | |
| | | | | | | | |
| | Total from investment operations | | | | 0.26 | | | | | 0.26 | | | | | 0.08 | | | | | (0.33 | ) | | | | 0.31 | | | | | 0.13 | | | |
| | |
| | | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.15 | ) | | | | (0.27 | ) | | | | (0.17 | ) | | | | (0.07 | ) | | | | (0.11 | ) | | | | (0.16 | ) | | |
| | |
| | | | | | | | |
| | Net asset value, end of period | | | $ | 10.44 | | | | $ | 10.33 | | | | $ | 10.34 | | | | $ | 10.43 | | | | $ | 10.83 | | | | $ | 10.63 | | | |
| | |
| | | | | | | | |
| | Total Return(b) | | | | 2.49 | % | | | | 2.60 | % | | | | 0.79 | % | | | | (3.08 | )% | | | | 2.92 | % | | | | 1.18 | % | | |
| | |
| | | | | | | | |
| | Net assets, end of period (in 000’s) | | | $ | 104,555 | | | | $ | 111,980 | | | | $ | 147,620 | | | | $ | 206,175 | | | | $ | 255,472 | | | | $ | 134,986 | | | |
| | | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.66 | %(c) | | | | 0.66 | % | | | | 0.67 | % | | | | 0.68 | % | | | | 0.68 | % | | | | 0.68 | % | | |
| | | | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.73 | %(c) | | | | 0.74 | % | | | | 0.75 | % | | | | 0.72 | % | | | | 0.73 | % | | | | 0.74 | % | | |
| | | | | | | | |
| | Ratio of net investment income to average net assets | | | | 2.88 | %(c) | | | | 2.72 | % | | | | 1.68 | % | | | | 0.66 | % | | | | 1.05 | % | | | | 1.45 | % | | |
| | | | | | | | |
| | Portfolio turnover rate(d) | | | | 24 | % | | | | 49 | % | | | | 74 | % | | | | 41 | % | | | | 20 | % | | | | 29 | % | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 245 |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Short Duration Tax-Free Fund | | |
| | | |
| | | | | Class C Shares | | |
| | | | | Six Months Ended September 30, 2024 (Unaudited) | | Year Ended March 31, | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | Net asset value, beginning of period | | | $ | 10.31 | | | | $ | 10.32 | | | | $ | 10.42 | | | | $ | 10.82 | | | | $ | 10.62 | | | | $ | 10.65 | | | |
| | |
| | | | | | | | |
| | Net investment income(a) | | | | 0.13 | | | | | 0.24 | | | | | 0.14 | | | | | 0.03 | | | | | 0.08 | | | | | 0.11 | | | |
| | | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 0.10 | | | | | (0.02 | ) | | | | (0.11 | ) | | | | (0.41 | ) | | | | 0.19 | | | | | (0.03 | ) | | |
| | |
| | | | | | | | |
| | Total from investment operations | | | | 0.23 | | | | | 0.22 | | | | | 0.03 | | | | | (0.38 | ) | | | | 0.27 | | | | | 0.08 | | | |
| | |
| | | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.12 | ) | | | | (0.23 | ) | | | | (0.13 | ) | | | | (0.02 | ) | | | | (0.07 | ) | | | | (0.11 | ) | | |
| | |
| | | | | | | | |
| | Net asset value, end of period | | | $ | 10.42 | | | | $ | 10.31 | | | | $ | 10.32 | | | | $ | 10.42 | | | | $ | 10.82 | | | | $ | 10.62 | | | |
| | |
| | | | | | | | |
| | Total Return(b) | | | | 2.29 | % | | | | 2.19 | % | | | | 0.29 | % | | | | (3.47 | )% | | | | 2.51 | % | | | | 0.78 | % | | |
| | |
| | | | | | | | |
| | Net assets, end of period (in 000’s) | | | $ | 5,995 | | | | $ | 6,627 | | | | $ | 9,855 | | | | $ | 10,700 | | | | $ | 12,988 | | | | $ | 17,180 | | | |
| | | | | | | | |
| | Ratio of net expenses to average net assets | | | | 1.06 | %(c) | | | | 1.06 | % | | | | 1.07 | % | | | | 1.08 | % | | | | 1.08 | % | | | | 1.08 | % | | |
| | | | | | | | |
| | Ratio of total expenses to average net assets | | | | 1.48 | %(c) | | | | 1.49 | % | | | | 1.49 | % | | | | 1.47 | % | | | | 1.48 | % | | | | 1.50 | % | | |
| | | | | | | | |
| | Ratio of net investment income to average net assets | | | | 2.48 | %(c) | | | | 2.31 | % | | | | 1.32 | % | | | | 0.26 | % | | | | 0.70 | % | | | | 1.04 | % | | |
| | | | | | | | |
| | Portfolio turnover rate(d) | | | | 24 | % | | | | 49 | % | | | | 74 | % | | | | 41 | % | | | | 20 | % | | | | 29 | % | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 246 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Short Duration Tax-Free Fund | | |
| | | |
| | | | | Institutional Shares | | |
| | | | | Six Months Ended September 30, 2024 (Unaudited) | | Year Ended March 31, | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | Net asset value, beginning of period | | | $ | 10.31 | | | | $ | 10.32 | | | | $ | 10.41 | | | | $ | 10.82 | | | | $ | 10.62 | | | | $ | 10.64 | | | |
| | |
| | | | | | | | |
| | Net investment income(a) | | | | 0.16 | | | | | 0.30 | | | | | 0.20 | | | | | 0.10 | | | | | 0.15 | | | | | 0.19 | | | |
| | | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 0.11 | | | | | (0.01 | ) | | | | (0.09 | ) | | | | (0.41 | ) | | | | 0.19 | | | | | (0.02 | ) | | |
| | |
| | | | | | | | |
| | Total from investment operations | | | | 0.27 | | | | | 0.29 | | | | | 0.11 | | | | | (0.31 | ) | | | | 0.34 | | | | | 0.17 | | | |
| | |
| | | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.16 | ) | | | | (0.30 | ) | | | | (0.20 | ) | | | | (0.10 | ) | | | | (0.14 | ) | | | | (0.19 | ) | | |
| | |
| | | | | | | | |
| | Net asset value, end of period | | | $ | 10.42 | | | | $ | 10.31 | | | | $ | 10.32 | | | | $ | 10.41 | | | | $ | 10.82 | | | | $ | 10.62 | | | |
| | |
| | | | | | | | |
| | Total Return(b) | | | | 2.63 | % | | | | 2.87 | % | | | | 1.08 | % | | | | (2.89 | )% | | | | 3.23 | % | | | | 1.58 | % | | |
| | |
| | | | | | | | |
| | Net assets, end of period (in 000’s) | | | $ | 721,425 | | | | $ | 719,618 | | | | $ | 1,304,120 | | | | $ | 2,223,538 | | | | $ | 2,424,423 | | | | $ | 1,646,398 | | | |
| | | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.39 | %(c) | | | | 0.39 | % | | | | 0.39 | % | | | | 0.38 | % | | | | 0.38 | % | | | | 0.38 | % | | |
| | | | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.40 | %(c) | | | | 0.41 | % | | | | 0.42 | % | | | | 0.39 | % | | | | 0.40 | % | | | | 0.40 | % | | |
| | | | | | | | |
| | Ratio of net investment income to average net assets | | | | 3.15 | %(c) | | | | 2.97 | % | | | | 1.91 | % | | | | 0.96 | % | | | | 1.36 | % | | | | 1.75 | % | | |
| | | | | | | | |
| | Portfolio turnover rate(d) | | | | 24 | % | | | | 49 | % | | | | 74 | % | | | | 41 | % | | | | 20 | % | | | | 29 | % | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 247 |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Short Duration Tax-Free Fund | | |
| | | |
| | | | | Service Shares | | |
| | | | | Six Months Ended September 30, 2024 (Unaudited) | | Year Ended March 31, | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | Net asset value, beginning of period | | | $ | 10.31 | | | | $ | 10.32 | | | | $ | 10.42 | | | | $ | 10.82 | | | | $ | 10.62 | | | | $ | 10.64 | | | |
| | |
| | | | | | | | |
| | Net investment income(a) | | | | 0.14 | | | | | 0.26 | | | | | 0.15 | | | | | 0.05 | | | | | 0.10 | | | | | 0.14 | | | |
| | | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 0.10 | | | | | (0.02 | ) | | | | (0.10 | ) | | | | (0.40 | ) | | | | 0.19 | | | | | (0.02 | ) | | |
| | |
| | | | | | | | |
| | Total from investment operations | | | | 0.24 | | | | | 0.24 | | | | | 0.05 | | | | | (0.35 | ) | | | | 0.29 | | | | | 0.12 | | | |
| | |
| | | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.13 | ) | | | | (0.25 | ) | | | | (0.15 | ) | | | | (0.05 | ) | | | | (0.09 | ) | | | | (0.14 | ) | | |
| | |
| | | | | | | | |
| | Net asset value, end of period | | | $ | 10.42 | | | | $ | 10.31 | | | | $ | 10.32 | | | | $ | 10.42 | | | | $ | 10.82 | | | | $ | 10.62 | | | |
| | |
| | | | | | | | |
| | Total Return(b) | | | | 2.38 | % | | | | 2.36 | % | | | | 0.47 | % | | | | (3.28 | )% | | | | 2.71 | % | | | | 1.07 | % | | |
| | |
| | | | | | | | |
| | Net assets, end of period (in 000’s) | | | $ | 85 | | | | $ | 93 | | | | $ | 126 | | | | $ | 126 | | | | $ | 133 | | | | $ | 179 | | | |
| | | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.89 | %(c) | | | | 0.89 | % | | | | 0.89 | % | | | | 0.88 | % | | | | 0.88 | % | | | | 0.88 | % | | |
| | | | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.90 | %(c) | | | | 0.91 | % | | | | 0.91 | % | | | | 0.89 | % | | | | 0.90 | % | | | | 0.91 | % | | |
| | | | | | | | |
| | Ratio of net investment income to average net assets | | | | 2.65 | %(c) | | | | 2.49 | % | | | | 1.50 | % | | | | 0.46 | % | | | | 0.91 | % | | | | 1.27 | % | | |
| | | | | | | | |
| | Portfolio turnover rate(d) | | | | 24 | % | | | | 49 | % | | | | 74 | % | | | | 41 | % | | | | 20 | % | | | | 29 | % | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 248 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Short Duration Tax-Free Fund | | |
| | | |
| | | | | Investor Shares | | |
| | | | | Six Months Ended September 30, 2024 (Unaudited) | | Year Ended March 31, | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | Net asset value, beginning of period | | | $ | 10.31 | | | | $ | 10.32 | | | | $ | 10.41 | | | | $ | 10.82 | | | | $ | 10.62 | | | | $ | 10.64 | | | |
| | |
| | | | | | | | |
| | Net investment income(a) | | | | 0.16 | | | | | 0.30 | | | | | 0.20 | | | | | 0.10 | | | | | 0.14 | | | | | 0.18 | | | |
| | | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 0.11 | | | | | (0.01 | ) | | | | (0.09 | ) | | | | (0.42 | ) | | | | 0.20 | | | | | (0.02 | ) | | |
| | |
| | | | | | | | |
| | Total from investment operations | | | | 0.27 | | | | | 0.29 | | | | | 0.11 | | | | | (0.32 | ) | | | | 0.34 | | | | | 0.16 | | | |
| | |
| | | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.16 | ) | | | | (0.30 | ) | | | | (0.20 | ) | | | | (0.09 | ) | | | | (0.14 | ) | | | | (0.18 | ) | | |
| | |
| | | | | | | | |
| | Net asset value, end of period | | | $ | 10.42 | | | | $ | 10.31 | | | | $ | 10.32 | | | | $ | 10.41 | | | | $ | 10.82 | | | | $ | 10.62 | | | |
| | |
| | | | | | | | |
| | Total Return(b) | | | | 2.62 | % | | | | 2.85 | % | | | | 1.04 | % | | | | (2.94 | )% | | | | 3.18 | % | | | | 1.53 | % | | |
| | |
| | | | | | | | |
| | Net assets, end of period (in 000’s) | | | $ | 74,112 | | | | $ | 81,765 | | | | $ | 121,439 | | | | $ | 154,004 | | | | $ | 175,488 | | | | $ | 111,743 | | | |
| | | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.41 | %(c) | | | | 0.41 | % | | | | 0.42 | % | | | | 0.43 | % | | | | 0.43 | % | | | | 0.43 | % | | |
| | | | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.48 | %(c) | | | | 0.49 | % | | | | 0.49 | % | | | | 0.47 | % | | | | 0.48 | % | | | | 0.49 | % | | |
| | | | | | | | |
| | Ratio of net investment income to average net assets | | | | 3.13 | %(c) | | | | 2.96 | % | | | | 1.93 | % | | | | 0.91 | % | | | | 1.31 | % | | | | 1.69 | % | | |
| | | | | | | | |
| | Portfolio turnover rate(d) | | | | 24 | % | | | | 49 | % | | | | 74 | % | | | | 41 | % | | | | 20 | % | | | | 29 | % | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 249 |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Short Duration Tax-Free Fund | | |
| | | |
| | | | | Class R6 Shares | | |
| | | | | Six Months Ended September 30, 2024 (Unaudited) | | Year Ended March 31, | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | Net asset value, beginning of period | | | $ | 10.30 | | | | $ | 10.31 | | | | $ | 10.41 | | | | $ | 10.81 | | | | $ | 10.61 | | | | $ | 10.64 | | | |
| | |
| | | | | | | | |
| | Net investment income(a) | | | | 0.16 | | | | | 0.31 | | | | | 0.20 | | | | | 0.10 | | | | | 0.15 | | | | | 0.19 | | | |
| | | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 0.11 | | | | | (0.02 | ) | | | | (0.10 | ) | | | | (0.40 | ) | | | | 0.19 | | | | | (0.03 | ) | | |
| | |
| | | | | | | | |
| | Total from investment operations | | | | 0.27 | | | | | 0.29 | | | | | 0.10 | | | | | (0.30 | ) | | | | 0.34 | | | | | 0.16 | | | |
| | |
| | | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.16 | ) | | | | (0.30 | ) | | | | (0.20 | ) | | | | (0.10 | ) | | | | (0.14 | ) | | | | (0.19 | ) | | |
| | |
| | | | | | | | |
| | Net asset value, end of period | | | $ | 10.41 | | | | $ | 10.30 | | | | $ | 10.31 | | | | $ | 10.41 | | | | $ | 10.81 | | | | $ | 10.61 | | | |
| | |
| | | | | | | | |
| | Total Return(b) | | | | 2.64 | % | | | | 2.88 | % | | | | 0.99 | % | | | | (2.79 | )% | | | | 3.24 | % | | | | 1.50 | % | | |
| | |
| | | | | | | | |
| | Net assets, end of period (in 000’s) | | | $ | 440,064 | | | | $ | 477,340 | | | | $ | 217,303 | | | | $ | 303,269 | | | | $ | 8,393 | | | | $ | 5,992 | | | |
| | | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.38 | %(c) | | | | 0.37 | % | | | | 0.38 | % | | | | 0.37 | % | | | | 0.37 | % | | | | 0.37 | % | | |
| | | | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.39 | %(c) | | | | 0.39 | % | | | | 0.40 | % | | | | 0.39 | % | | | | 0.39 | % | | | | 0.39 | % | | |
| | | | | | | | |
| | Ratio of net investment income to average net assets | | | | 3.16 | %(c) | | | | 3.01 | % | | | | 1.96 | % | | | | 0.97 | % | | | | 1.37 | % | | | | 1.75 | % | | |
| | | | | | | | |
| | Portfolio turnover rate(d) | | | | 24 | % | | | | 49 | % | | | | 74 | % | | | | 41 | % | | | | 20 | % | | | | 29 | % | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| 250 | | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
|
Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Short Duration Tax-Free Fund | | |
| | | |
| | | | | Class P Shares | | |
| | | | | Six Months Ended September 30, 2024 (Unaudited) | | Year Ended March 31, | | |
| | | | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | | |
| | | | | | | | |
| | Per Share Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | Net asset value, beginning of period | | | $ | 10.31 | | | | $ | 10.32 | | | | $ | 10.41 | | | | $ | 10.81 | | | | $ | 10.61 | | | | $ | 10.64 | | | |
| | |
| | | | | | | | |
| | Net investment income(a) | | | | 0.16 | | | | | 0.31 | | | | | 0.20 | | | | | 0.10 | | | | | 0.15 | | | | | 0.19 | | | |
| | | | | | | | |
| | Net realized and unrealized gain (loss) | | | | 0.11 | | | | | (0.02 | ) | | | | (0.09 | ) | | | | (0.40 | ) | | | | 0.19 | | | | | (0.03 | ) | | |
| | |
| | | | | | | | |
| | Total from investment operations | | | | 0.27 | | | | | 0.29 | | | | | 0.11 | | | | | (0.30 | ) | | | | 0.34 | | | | | 0.16 | | | |
| | |
| | | | | | | | |
| | Distributions to shareholders from net investment income | | | | (0.16 | ) | | | | (0.30 | ) | | | | (0.20 | ) | | | | (0.10 | ) | | | | (0.14 | ) | | | | (0.19 | ) | | |
| | |
| | | | | | | | |
| | Net asset value, end of period | | | $ | 10.42 | | | | $ | 10.31 | | | | $ | 10.32 | | | | $ | 10.41 | | | | $ | 10.81 | | | | $ | 10.61 | | | |
| | |
| | | | | | | | |
| | Total Return(b) | | | | 2.64 | % | | | | 2.88 | % | | | | 1.09 | % | | | | (2.79 | )% | | | | 3.24 | % | | | | 1.50 | % | | |
| | |
| | | | | | | | |
| | Net assets, end of period (in 000’s) | | | $ | 3,598,220 | | | | $ | 3,583,450 | | | | $ | 4,684,309 | | | | $ | 8,839,327 | | | | $ | 9,108,224 | | | | $ | 5,572,014 | | | |
| | | | | | | | |
| | Ratio of net expenses to average net assets | | | | 0.38 | %(c) | | | | 0.38 | % | | | | 0.38 | % | | | | 0.37 | % | | | | 0.37 | % | | | | 0.37 | % | | |
| | | | | | | | |
| | Ratio of total expenses to average net assets | | | | 0.39 | %(c) | | | | 0.40 | % | | | | 0.41 | % | | | | 0.38 | % | | | | 0.39 | % | | | | 0.39 | % | | |
| | | | | | | | |
| | Ratio of net investment income to average net assets | | | | 3.16 | %(c) | | | | 3.00 | % | | | | 1.92 | % | | | | 0.97 | % | | | | 1.36 | % | | | | 1.75 | % | | |
| | | | | | | | |
| | Portfolio turnover rate(d) | | | | 24 | % | | | | 49 | % | | | | 74 | % | | | | 41 | % | | | | 20 | % | | | | 29 | % | | |
| | |
| | (a) | Calculated based on the average shares outstanding methodology. |
| | (b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
| | (d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
| | |
| The accompanying notes are an integral part of these financial statements. | | 251 |
GOLDMAN SACHS MUNICIPAL FUNDS
|
Notes to Financial Statements September 30, 2024 (Unaudited) |
Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”), along with their corresponding share classes and respective diversification status under the Act:
| | | | |
| Fund | | Share Classes Offered | | Diversified/ Non-Diversified |
| | |
| Goldman Sachs Dynamic Municipal Income Fund | | A, C, Institutional, Service, Investor, R6 and P | | Diversified |
| | |
| Goldman Sachs High Yield Municipal Fund | | A, C, Institutional, Investor, R6 and P | | Diversified |
| | |
| Goldman Sachs Municipal Income Completion Fund | | Separate Account Institutional | | Diversified |
| | |
| Goldman Sachs Short Duration Tax-Free Fund | | A, C, Institutional, Service, Investor, R6 and P | | Diversified |
Class A Shares of the Dynamic Municipal Income, High Yield Municipal and Short Duration Tax-Free Funds are sold with a front-end sales charge of up to 3.75%, 4.50% and 1.50%, respectively. Class C Shares of Dynamic Municipal Income, High Yield Municipal and Short Duration Tax-Free Funds are sold with a contingent deferred sales charge (“CDSC”) of 1.00%, 1.00% and 0.65%, respectively, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class R6, Class P and Separate Account Institutional Shares are not subject to a sales charge.
Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to management agreements (each, an “Agreement”) with the Trust.
|
|
2. SIGNIFICANT ACCOUNTING POLICIES |
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.
A. Investment Valuation — The Funds’ valuation policy is to value investments at fair value.
B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations.
For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Statements of Assets and Liabilities. Upfront payments are recognized over the contract’s term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date.
C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.
D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend
GOLDMAN SACHS MUNICIPAL FUNDS
|
|
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
date. Income distributions, if any, are declared daily and paid monthly, and capital gains distributions, if any, are declared and paid at least annually.
Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.
|
|
3. 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.
A. 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
GOLDMAN SACHS MUNICIPAL FUNDS
|
Notes to Financial Statements (continued) September 30, 2024 (Unaudited) |
|
|
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
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.
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 either due to broker/receivable for collateral on certain derivative 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.
B. 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 the 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.
C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of September 30, 2024:
| | | | | | | | | | | | |
| Dynamic Municipal Income Fund | | | | | | | | | | | | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
|
| |
| | | |
Assets | | | | | | | | | | | | |
| | | |
Fixed Income | | | | | | | | | | | | |
| | | |
Bank Loans | | $ | — | | | $ | — | | | $ | 998,948 | |
| | | |
Corporate Bond | | | — | | | | 7,049,935 | | | | 29,672,667 | |
| | | |
Municipal Bond | | | — | | | | 10,332,700,874 | | | | 998,400 | |
| |
| | | |
Total | | $ | — | | | $ | 10,339,750,809 | | | $ | 31,670,015 | |
|
| |
GOLDMAN SACHS MUNICIPAL FUNDS
|
|
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
| | | | | | | | | | | | |
| High Yield Municipal Fund | | | | | | | | | | | | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
|
| |
| | | |
Assets | | | | | | | | | | | | |
| | | |
Fixed Income | | | | | | | | | | | | |
| | | |
Bank Loans | | $ | — | | | $ | — | | | $ | 3,248,937 | |
| | | |
Corporate Bond | | | — | | | | 22,123,778 | | | | 56,042,754 | |
| | | |
Municipal Bond | | | — | | | | 11,461,429,914 | | | | 3,227,400 | |
| |
| | | |
Total | | $ | — | | | $ | 11,483,553,692 | | | $ | 62,519,091 | |
|
| |
| | | |
| Municipal Income Completion Fund | | | | | | | | | | | | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
|
| |
| | | |
Assets | | | | | | | | | | | | |
| | | |
Fixed Income | | | | | | | | | | | | |
| | | |
Corporate Bond | | $ | — | | | $ | 74,248 | | | $ | 1,319,688 | |
| | | |
Municipal Bond | | | — | | | | 219,386,116 | | | | — | |
| |
| | | |
Total | | $ | — | | | $ | 219,460,364 | | | $ | 1,319,688 | |
|
| |
| | | |
| Short Duration Tax-Free Fund | | | | | | | | | | | | |
| | | |
| Investment Type | | Level 1 | | | Level 2 | | | Level 3 | |
|
| |
| | | |
Assets | | | | | | | | | | | | |
| | | |
Fixed Income | | | | | | | | | | | | |
| | | |
Municipal Bond | | $ | — | | | $ | 4,929,354,873 | | | $ | — | |
| |
| | | |
Total | | $ | — | | | $ | 4,929,354,873 | | | $ | — | |
|
| |
For further information regarding security characteristics, see the Schedules of Investments.
|
|
4. INVESTMENTS IN DERIVATIVES |
The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended September 30, 2024. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:
GOLDMAN SACHS MUNICIPAL FUNDS
|
Notes to Financial Statements (continued) September 30, 2024 (Unaudited) |
|
|
4. INVESTMENTS IN DERIVATIVES (continued) |
| | | | | | | | | | | | |
| Dynamic Municipal Income Fund | | | | | | | | | | |
| | | |
| Risk | | Statement of Operations | | Net Realized
Gain (Loss) | | Net Change in
Unrealized
Gain (Loss) |
| | | |
| Interest Rate | | Net realized gain (loss) from futures/Net change in unrealized gain (loss) on futures | | | $ | (11,881,942 | ) | | | $ | 4,311,360 | |
| | |
| High Yield Municipal Fund | | | | | | | | | | |
| | | |
| Risk | | Statement of Operations | | Net Realized
Gain (Loss) | | Net Change in
Unrealized
Gain (Loss) |
| | | |
| Interest Rate | | Net realized gain (loss) from futures/Net change in unrealized gain (loss) on futures | | | | (5,130,653 | ) | | | | – | |
| | |
| Municipal Income Completion Fund | | | | | | | | | | |
| | | |
| Risk | | Statement of Operations | | Net Realized
Gain (Loss) | | Net Change in
Unrealized
Gain (Loss) |
| | | |
| Interest Rate | | Net realized gain (loss) from futures /Net change in unrealized gain (loss) on futures | | | | (54,874 | ) | | | | 93,226 | |
For the six months ended September 30, 2024, the relevant values for each derivative type were as follows:
| | |
| | | Average number of
Contracts(a) |
| |
| Fund | | Futures Contracts |
| |
Dynamic Municipal Income Fund | | 2,436 |
|
|
| |
High Yield Municipal Fund | | 565 |
|
|
| |
Municipal Income Completion Fund | | 67 |
|
|
| | (a) | Amounts disclosed represent average number of contracts for futures contracts based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the six months ended September 30, 2024. |
|
|
5. AGREEMENTS AND AFFILIATED TRANSACTIONS |
A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.
With the exception of the Municipal Income Completion Fund, as compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets. The Municipal Income Completion Fund does not pay a management fee to GSAM. However, the Fund is used exclusively to implement municipal investment strategies for separately managed account clients of GSAM that participate in certain “wrap-fee” programs.
For the six months ended September 30, 2024, contractual and effective net management fees with GSAM were at the following rates:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Contractual Management Rate | | | | Effective Net
Management
Rate | |
| Fund | | First
$1 billion | | Next
$1 billion | | Next
$3 billion | | Next
$3 billion | | Over
$8 billion | | Effective
Rate |
|
| |
| | | | | | | |
Dynamic Municipal Income Fund | | | 0.40 | % | | | 0.36 | % | | | 0.34 | % | | | 0.34 | % | | | 0.33 | % | | | 0.35 | % | | | 0.35% | |
|
| |
| | | | | | | |
High Yield Municipal Fund | | | 0.55 | | | | 0.55 | | | | 0.50 | | | | 0.48 | | | | 0.47 | | | | 0.50 | | | | 0.50 | |
|
| |
| | | | | | | |
Short Duration Tax-Free Fund | | | 0.39 | | | | 0.35 | | | | 0.33 | | | | 0.33 | | | | 0.32 | | | | 0.35 | | | | 0.35 | |
|
| |
GOLDMAN SACHS MUNICIPAL FUNDS
|
|
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A Shares of each applicable Fund, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A Shares of the Funds, as applicable, as set forth below.
The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.
The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.
| | | | | | |
| | | Distribution and/or Service Plan Rates |
| | | |
| | | Class A* | | Class C | | Service |
| | | |
Distribution and/or Service Plan | | 0.25% | | 0.75% | | 0.25% |
|
|
| | * | With respect to Class A Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority. |
For the six months ended September 30, 2024, Goldman Sachs agreed to waive a portion of the distribution and/or service fees equal to 0.35% as an annual percentage rate of the average daily net assets attributable to Class C Shares of the Short Duration Tax-Free Fund. This arrangement will remain in place through at least July 29, 2025. Prior to such date, Goldman Sachs may not terminate this arrangement without the approval of the Trustees.
C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended September 30, 2024, Goldman Sachs retained the following amounts:
| | | | |
| | | Front End
Sales Charge | | Contingent Deferred
Sales Charge |
| | |
| Fund | | Class A | | Class C |
| | |
Dynamic Municipal Income Fund | | $ 15,885 | | $ — |
|
|
| | |
High Yield Municipal Fund | | 16,072 | | — |
|
|
| | |
Short Duration Tax-Free Fund | | 1,684 | | — |
|
|
D. Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Funds.
E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.12% of the average daily net assets of Class A, Class C and Investor Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; 0.04% of the average daily net assets of Institutional and Service Shares; and 0.02% of the average daily net assets of Separate Account Institutional Shares. Goldman Sachs agreed to waive a portion of the transfer agency fee equal to 0.02% and 0.06% as an annual percentage rate of the average daily net assets attributable to Class A, Class C and Investor Shares of the High Yield Municipal and Short Duration Tax-Free Funds, respectively. Goldman Sachs also agreed to reduce or
GOLDMAN SACHS MUNICIPAL FUNDS
|
Notes to Financial Statements (continued) September 30, 2024 (Unaudited) |
|
|
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
limit its transfer agency fee to 0.00% as an annual percentage rate of the average daily net assets attributable to Separate Account Institutional Shares of the Municipal Income Completion Fund. These arrangements will remain in effect through at least July 29, 2025, and prior to such date, Goldman Sachs may not terminate the arrangements without the approval of the Trustees.
F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets is 0.004% for Dynamic Municipal Income, High Yield Municipal, Short Duration Tax-Free Funds and 0.00% for Municipal Income Completion Fund. These Other Expense limitations will remain in place through at least July 29, 2025, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.
For the six months ended September 30, 2024, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:
| | | | | | | | | | | | | | | | |
| | | | |
| Fund | | Transfer Agency
Waiver/Credits | | | Class C
Distribution and
Service Fee Waiver | | | Other Expense
Reimbursements | | | Total Expense
Reductions | |
| | | | |
Dynamic Municipal Income Fund | | $ | – | | | $ | – | | | $ | 953,330 | | | $ | 953,330 | |
|
| |
| | | | |
High Yield Municipal Fund | | | 122,800 | (a) | | | – | | | | 1,313,977 | | | | 1,436,777 | |
|
| |
| | | | |
Municipal Income Completion Fund | | | 20,450 | | | | – | | | | 158,580 | | | | 179,030 | |
|
| |
| | | | |
Short Duration Tax-Free Fund | | | 57,840 | (a) | | | 10,474 | | | | 326,890 | | | | 395,204 | |
|
| |
| | (a) | Applicable to Class A, Class C and Investor Shares |
G. Line of Credit Facility — As of September 30, 2024, the Funds participated in a $1,150,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended September 30, 2024, the Funds did not have any borrowings under the facility. Prior to April 16, 2024, the facility was $1,110,000,000.
H. Other Transactions with Affiliates — As of September 30, 2024, The Goldman Sachs Group, Inc. was the beneficial owner of the following funds:
| | | | |
| |
| Fund | | Service | |
| |
Dynamic Municipal Income Fund | | | 17% | |
|
| |
A Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common trustees.
For the six months ended September 30, 2024, the purchase and sale transactions and related net realized gain (loss) for the Funds with an affiliated fund in compliance with Rule 17a-7 under the Act were as follows:
| | | | | | | | | | | | |
| Fund | | Purchases | | | Sales | | | Net Realized
Gain/(Loss) | |
| | | |
Dynamic Municipal Income Fund | | $ | 80,601,794 | | | $ | 24,991,422 | | | $ | (338,328) | |
|
| |
| | | |
High Yield Municipal Fund | | | 340,000 | | | | 72,519,229 | | | | 925,892 | |
|
| |
| | | |
Municipal Income Completion Fund | | | 1,140,000 | | | | 8,754,755 | | | | (409,607) | |
|
| |
| | | |
Short Duration Tax-Free Fund | | | 42,121,747 | | | | 44,784,042 | | | | (294,391) | |
|
| |
GOLDMAN SACHS MUNICIPAL FUNDS
|
|
6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended September 30, 2024, were as follows:
| | | | | | | | |
| | |
| Fund | | Purchases (Excluding
U.S. Government and
Agency Obligations) | | | Sales and
Maturities (Excluding
U.S. Government and
Agency Obligations) | |
| | |
Dynamic Municipal Income Fund | | $ | 2,187,451,940 | | | $ | 1,148,629,414 | |
|
| |
| | |
High Yield Municipal Fund | | | 1,652,552,000 | | | | 1,081,704,352 | |
|
| |
| | |
Municipal Income Completion Fund | | | 63,701,741 | | | | 35,050,677 | |
|
| |
| | |
Short Duration Tax-Free Fund | | | 1,176,575,074 | | | | 1,219,511,612 | |
|
| |
As of the Funds’ most recent fiscal year end, March 31, 2024, the Funds’ capital loss carryforwards and certain timing differences, on a tax-basis were as follows:
| | | | | | | | | | | | | | | | |
| | | | |
| | | Dynamic
Municipal Income
Fund | | | High Yield
Municipal Fund | | | Municipal Income
Completion Fund | | | Short Duration
Tax-Free Fund | |
| | | | |
Capital loss carryforwards: | | | | | | | | | | | | | | | | |
| | | | |
Perpetual Short-Term | | $ | (334,195,885) | | | $ | (369,218,494) | | | $ | (3,217,247) | | | $ | (258,302,980) | |
| | | | |
Perpetual Long-Term | | | (218,094,214) | | | | (356,919,797) | | | | (10,734,985) | | | | (235,117,199) | |
|
| |
| | | | |
Total capital loss carryforwards | | | (552,290,099) | | | | (726,138,291) | | | | (13,952,232) | | | | (493,420,179) | |
|
| |
| | | | |
Timing differences — (Post October Loss Deferral, Defaulted Bond Income, and Distributions Payable) | | | (34,207,165) | | | | (22,811,912) | | | | (538,481) | | | | (11,596,408) | |
|
| |
As of September 30, 2024, the Funds’ aggregate securities unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
| | | | | | | | | | | | | | | | |
| | | | |
| | | Dynamic Municipal
Income Fund | | | High Yield Municipal
Fund | | | Municipal Income
Completion Fund | | | Short Duration Tax-Free
Fund | |
| | | | |
Tax Cost | | $ | 10,314,656,068 | | | $ | 11,409,211,240 | | | $ | 221,130,546 | | | $ | 4,882,268,096 | |
|
| |
| | | | |
Gross unrealized gain | | | 254,469,890 | | | | 534,562,615 | | | | 6,188,302 | | | | 75,178,972 | |
| | | | |
Gross unrealized loss | | | (197,705,134 | ) | | | (397,701,072 | ) | | | (6,538,796 | ) | | | (28,092,195) | |
|
| |
| | | | |
Net unrealized gain (loss) | | $ | 56,764,756 | | | $ | 136,861,543 | | | $ | (350,494 | ) | | $ | 47,086,777 | |
|
| |
The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains (losses) on regulated futures contracts, and market discount accretion and premium amortization.
GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.
The Funds’ risks include, but are not limited to, the following:
Derivatives Risk — The Funds’ use of derivatives and other similar instruments (collectively referred to in this paragraph as “derivatives”) may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market
GOLDMAN SACHS MUNICIPAL FUNDS
|
Notes to Financial Statements (continued) September 30, 2024 (Unaudited) |
|
|
8. OTHER RISKS (continued) |
exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Funds. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Funds will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Funds will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.
Geographic and Sector Risk — If a Fund invests a significant portion of its total assets in certain issuers within the same state, geographic region or economic sector, an adverse economic, business, political, environmental or other development affecting that state, region or sector may affect the value of the Fund’s investments more than if its investments were not so focused.
Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund’s performance. In addition, changes in 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, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
GOLDMAN SACHS MUNICIPAL FUNDS
|
|
8. OTHER RISKS (continued) |
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.
Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.
Subsequent events have been evaluated through the date of issuance, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
|
|
11. SUMMARY OF SHARE TRANSACTIONS |
Share activity is as follows:
| | | | | | | | | | | | | | | | |
| | | Dynamic Municipal Income Fund | |
| | |
| | | For the Six Months Ended September 30, 2024 (Unaudited) | | | For the Fiscal Year Ended March 31, 2024 | |
| |
| | | | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| |
| | | | |
| | | | |
Class A Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 9,846,210 | | | $ | 151,428,652 | | | | 16,340,497 | | | $ | 245,887,137 | |
| | | | |
Reinvestment of distributions | | | 916,591 | | | | 14,062,515 | | | | 1,825,986 | | | | 27,420,890 | |
| | | | |
Shares redeemed | | | (8,339,725 | ) | | | (128,090,785 | ) | | | (22,029,752 | ) | | | (330,947,216) | |
|
| |
| | | | |
| | | 2,423,076 | | | | 37,400,382 | | | | (3,863,269 | ) | | | (57,639,189) | |
|
| |
GOLDMAN SACHS MUNICIPAL FUNDS
|
Notes to Financial Statements (continued) September 30, 2024 (Unaudited) |
|
|
11. SUMMARY OF SHARE TRANSACTIONS (continued) |
| | | | | | | | | | | | | | | | |
| | | Dynamic Municipal Income Fund | |
| | |
| | | For the Six Months Ended September 30, 2024 (Unaudited) | | | For the Fiscal Year Ended March 31, 2024 | |
| |
| | | | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| |
| | | | |
| | | | |
Class C Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 487,487 | | | $ | 7,492,037 | | | | 1,029,038 | | | $ | 15,509,811 | |
| | | | |
Reinvestment of distributions | | | 68,977 | | | | 1,058,490 | | | | 147,417 | | | | 2,214,055 | |
| | | | |
Shares redeemed | | | (958,004 | ) | | | (14,724,430 | ) | | | (2,297,080 | ) | | | (34,482,948) | |
|
| |
| | | | |
| | | (401,540 | ) | | | (6,173,903 | ) | | | (1,120,625 | ) | | | (16,759,082) | |
|
| |
| | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 66,489,698 | | | | 1,020,635,326 | | | | 148,083,809 | | | | 2,222,365,511 | |
| | | | |
Reinvestment of distributions | | | 4,912,885 | | | | 75,359,300 | | | | 8,229,201 | | | | 123,580,623 | |
| | | | |
Shares redeemed | | | (29,888,293 | ) | | | (458,593,008 | ) | | | (112,005,205 | ) | | | (1,662,472,754) | |
|
| |
| | | | |
| | | 41,514,290 | | | | 637,401,618 | | | | 44,307,805 | | | | 683,473,380 | |
|
| |
| | | | |
Service Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | — | | | | — | | | | — | | | | — | |
| | | | |
Reinvestment of distributions | | | 4 | | | | 63 | | | | 8 | | | | 118 | |
| | | | |
Shares redeemed | | | — | | | | — | | | | — | | | | — | |
|
| |
| | | | |
| | | 4 | | | | 63 | | | | 8 | | | | 118 | |
|
| |
| | | | |
Investor Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 24,488,827 | | | | 375,730,048 | | | | 55,441,884 | | | | 832,197,935 | |
| | | | |
Reinvestment of distributions | | | 2,028,458 | | | | 31,094,056 | | | | 3,420,000 | | | | 51,311,349 | |
| | | | |
Shares redeemed | | | (12,578,890 | ) | | | (193,010,762 | ) | | | (41,176,939 | ) | | | (614,386,158) | |
|
| |
| | | | |
| | | 13,938,395 | | | | 213,813,342 | | | | 17,684,945 | | | | 269,123,126 | |
|
| |
| | | | |
Class R6 Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 3,003,333 | | | | 46,162,057 | | | | 4,657,742 | | | | 70,056,696 | |
| | | | |
Reinvestment of distributions | | | 165,480 | | | | 2,539,888 | | | | 265,648 | | | | 3,989,732 | |
| | | | |
Shares redeemed | | | (1,234,704 | ) | | | (18,921,978 | ) | | | (3,536,650 | ) | | | (52,874,929) | |
|
| |
| | | | |
| | | 1,934,109 | | | | 29,779,967 | | | | 1,386,740 | | | | 21,171,499 | |
|
| |
| | | | |
Class P Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 15,562,538 | | | | 238,771,630 | | | | 55,801,641 | | | | 833,757,724 | |
| | | | |
Reinvestment of distributions | | | 2,289,296 | | | | 35,124,383 | | | | 4,148,010 | | | | 62,334,526 | |
| | | | |
Shares redeemed | | | (12,128,165 | ) | | | (185,822,595 | ) | | | (48,926,470 | ) | | | (733,881,986) | |
|
| |
| | | | |
| | | 5,723,669 | | | | 88,073,418 | | | | 11,023,181 | | | | 162,210,264 | |
|
| |
| | | | |
NET INCREASE IN SHARES | | | 65,132,003 | | | $ | 1,000,294,887 | | | | 69,418,785 | | | $ | 1,061,580,116 | |
|
| |
| |
| | | High Yield Municipal Fund | |
| | |
| | | For the Six Months Ended September 30, 2024 (Unaudited) | | | For the Fiscal Year Ended March 31, 2024 | |
| |
| | | | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| |
| | | | |
| | | | |
Class A Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 5,869,153 | | | $ | 54,465,480 | | | | 13,436,266 | | | $ | 120,078,219 | |
| | | | |
Reinvestment of distributions | | | 818,041 | | | | 7,572,190 | | | | 1,708,357 | | | | 15,271,578 | |
| | | | |
Shares redeemed | | | (6,582,219 | ) | | | (60,906,110 | ) | | | (18,046,488 | ) | | | (161,369,349) | |
|
| |
| | | | |
| | | 104,975 | | | | 1,131,560 | | | | (2,901,865 | ) | | | (26,019,552) | |
|
| |
GOLDMAN SACHS MUNICIPAL FUNDS
|
|
11. SUMMARY OF SHARE TRANSACTIONS (continued) |
| | | | | | | | | | | | | | | | |
| | | High Yield Municipal Fund | |
| | |
| | | For the Six Months Ended
September 30, 2024 (Unaudited) | | | For the Fiscal Year Ended March 31, 2024 | |
| |
| | | | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| |
| | | | |
| | | | |
Class C Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 680,674 | | | $ | 6,314,449 | | | | 1,796,698 | | | $ | 15,945,956 | |
| | | | |
Reinvestment of distributions | | | 100,998 | | | | 935,076 | | | | 199,523 | | | | 1,784,211 | |
| | | | |
Shares redeemed | | | (714,908 | ) | | | (6,638,576 | ) | | | (1,810,204 | ) | | | (16,094,652 | ) |
|
| |
| | | | |
| | | 66,764 | | | | 610,949 | | | | 186,017 | | | | 1,635,515 | |
|
| |
| | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 45,128,532 | | | | 417,510,021 | | | | 119,482,294 | | | | 1,064,639,555 | |
| | | | |
Reinvestment of distributions | | | 4,410,279 | | | | 40,847,560 | | | | 7,571,120 | | | | 67,713,713 | |
| | | | |
Shares redeemed | | | (25,348,205 | ) | | | (235,101,907 | ) | | | (89,438,341 | ) | | | (785,187,139 | ) |
|
| |
| | | | |
| | | 24,190,606 | | | | 223,255,674 | | | | 37,615,073 | | | | 347,166,129 | |
|
| |
| | | | |
Investor Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 16,226,499 | | | | 150,328,958 | | | | 48,629,342 | | | | 432,937,780 | |
| | | | |
Reinvestment of distributions | | | 1,703,869 | | | | 15,791,577 | | | | 2,852,522 | | | | 25,559,484 | |
| | | | |
Shares redeemed | | | (12,905,719 | ) | | | (119,357,402 | ) | | | (31,051,748 | ) | | | (274,592,364 | ) |
|
| |
| | | | |
| | | 5,024,649 | | | | 46,763,133 | | | | 20,430,116 | | | | 183,904,900 | |
|
| |
| | | | |
Class R6 Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 566,873 | | | | 5,216,480 | | | | 937,452 | | | | 8,434,294 | |
| | | | |
Reinvestment of distributions | | | 47,132 | | | | 436,060 | | | | 84,140 | | | | 751,132 | |
| | | | |
Shares redeemed | | | (347,217 | ) | | | (3,214,997 | ) | | | (641,905 | ) | | | (5,746,092 | ) |
|
| |
| | | | |
| | | 266,788 | | | | 2,437,543 | | | | 379,687 | | | | 3,439,334 | |
|
| |
| | | | |
Class P Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 83,272,755 | | | | 770,107,209 | | | | 347,781,337 | | | | 3,115,780,787 | |
| | | | |
Reinvestment of distributions | | | 18,171,516 | | | | 168,090,107 | | | | 33,610,141 | | | | 300,130,640 | |
| | | | |
Shares redeemed | | | (59,161,728 | ) | | | (546,944,592 | ) | | | (284,936,374 | ) | | | (2,498,563,262 | ) |
|
| |
| | | | |
| | | 42,282,543 | | | | 391,252,724 | | | | 96,455,104 | | | | 917,348,165 | |
|
| |
| | | | |
NET INCREASE IN SHARES | | | 71,936,325 | | | $ | 665,451,583 | | | | 152,164,132 | | | $ | 1,427,474,491 | |
|
| |
| |
| | | Municipal Income Completion Fund | |
| | |
| | | For the Six Months Ended
September 30, 2024
(Unaudited) | | | For the Fiscal Year Ended
March 31, 2024 | |
| |
| | | | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| |
| | | | |
| | | | |
Separate Account Institutional Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 4,714,135 | | | $ | 46,092,179 | | | | 5,423,228 | | | $ | 51,813,634 | |
| | | | |
Reinvestment of distributions | | | 457,819 | | | | 4,475,575 | | | | 803,990 | | | | 7,572,492 | |
| | | | |
Shares redeemed | | | (2,298,627 | ) | | | (22,399,721 | ) | | | (6,078,833 | ) | | | (57,257,131 | ) |
|
| |
| | | | |
NET INCREASE IN SHARES | | | 2,873,327 | | | $ | 28,168,033 | | | | 148,385 | | | $ | 2,128,995 | |
|
| |
GOLDMAN SACHS MUNICIPAL FUNDS
|
Notes to Financial Statements (continued) September 30, 2024 (Unaudited) |
|
|
11. SUMMARY OF SHARE TRANSACTIONS (continued) |
| | | | | | | | | | | | | | | | |
| | | Short Duration Tax-Free Fund | |
| | |
| | | For the Six Months Ended
September 30, 2024 (Unaudited) | | | For the Fiscal Year Ended March 31, 2024 | |
| |
| | | | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| |
| | | | |
| | | | |
Class A Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 500,933 | | | $ | 5,191,539 | | | | 1,611,226 | | | $ | 16,529,789 | |
| | | | |
Reinvestment of distributions | | | 117,141 | | | | 1,211,191 | | | | 270,644 | | | | 2,777,769 | |
| | | | |
Shares redeemed | | | (1,444,154 | ) | | | (14,940,059 | ) | | | (5,318,734 | ) | | | (54,618,840 | ) |
|
| |
| | | | |
| | | (826,080 | ) | | | (8,537,329 | ) | | | (3,436,864 | ) | | | (35,311,282 | ) |
|
| |
| | | | |
Class C Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 58,674 | | | | 608,811 | | | | 105,733 | | | | 1,082,327 | |
| | | | |
Reinvestment of distributions | | | 6,251 | | | | 64,554 | | | | 15,935 | | | | 163,368 | |
| | | | |
Shares redeemed | | | (132,381 | ) | | | (1,364,669 | ) | | | (433,724 | ) | | | (4,449,068 | ) |
|
| |
| | | | |
| | | (67,456 | ) | | | (691,304 | ) | | | (312,056 | ) | | | (3,203,373 | ) |
|
| |
| | | | |
Institutional Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 9,311,345 | | | | 96,188,424 | | | | 22,877,510 | | | | 234,681,518 | |
| | | | |
Reinvestment of distributions | | | 897,507 | | | | 9,267,843 | | | | 1,858,352 | | | | 19,045,388 | |
| | | | |
Shares redeemed | | | (10,772,470 | ) | | | (111,250,494 | ) | | | (81,302,364 | ) | | | (834,773,208 | ) |
|
| |
| | | | |
| | | (563,618 | ) | | | (5,794,227 | ) | | | (56,566,502 | ) | | | (581,046,302 | ) |
|
| |
| | | | |
Service Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | — | | | | — | | | | — | | | | — | |
| | | | |
Reinvestment of distributions | | | 111 | | | | 1,149 | | | | 251 | | | | 2,575 | |
| | | | |
Shares redeemed | | | (1,066 | ) | | | (10,982 | ) | | | (3,421 | ) | | | (35,177 | ) |
|
| |
| | | | |
| | | (955 | ) | | | (9,833 | ) | | | (3,170 | ) | | | (32,602 | ) |
|
| |
| | | | |
Investor Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 810,884 | | | | 8,369,325 | | | | 3,203,546 | | | | 32,689,848 | |
| | | | |
Reinvestment of distributions | | | 117,637 | | | | 1,214,759 | | | | 269,027 | | | | 2,758,414 | |
| | | | |
Shares redeemed | | | (1,746,558 | ) | | | (18,067,554 | ) | | | (7,307,732 | ) | | | (74,969,651 | ) |
|
| |
| | | | |
| | | (818,037 | ) | | | (8,483,470 | ) | | | (3,835,159 | ) | | | (39,521,389 | ) |
|
| |
| | | | |
Class R6 Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 2,284,331 | | | | 23,555,176 | | | | 46,754,456 | | | | 480,331,210 | |
| | | | |
Reinvestment of distributions | | | 32,856 | | | | 339,018 | | | | 67,517 | | | | 691,470 | |
| | | | |
Shares redeemed | | | (6,386,855 | ) | | | (65,792,604 | ) | | | (21,549,514 | ) | | | (220,518,430 | ) |
|
| |
| | | | |
| | | (4,069,668 | ) | | | (41,898,410 | ) | | | 25,272,459 | | | | 260,504,250 | |
|
| |
| | | | |
Class P Shares | | | | | | | | | | | | | | | | |
| | | | |
Shares sold | | | 53,376,162 | | | | 551,941,055 | | | | 90,003,854 | | | | 923,911,613 | |
| | | | |
Reinvestment of distributions | | | 5,222,275 | | | | 53,898,224 | | | | 11,733,147 | | | | 120,185,567 | |
| | | | |
Shares redeemed | | | (60,855,027 | ) | | | (627,499,535 | ) | | | (208,095,841 | ) | | | (2,129,817,737 | ) |
|
| |
| | | | |
| | | (2,256,590 | ) | | | (21,660,256 | ) | | | (106,358,840 | ) | | | (1,085,720,557 | ) |
|
| |
| | | | |
NET DECREASE IN SHARES | | | (8,602,404 | ) | | $ | (87,074,829 | ) | | | (145,240,132 | ) | | $ | (1,484,331,255 | ) |
|
| |
GOLDMAN SACHS MUNICIPAL FUNDS
Statement Regarding Basis for Approval of Management Agreements (Unaudited)
Background
The Goldman Sachs Dynamic Municipal Income Fund, Goldman Sachs High Yield Municipal Fund, Goldman Sachs Municipal Income Completion Fund, and Goldman Sachs Short Duration Tax-Free Fund (the “Funds”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreements (the “Management Agreements”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.
The Management Agreements were most recently approved for continuation until June 30, 2025 by the Board of Trustees, including those Trustees who are not parties to the Management Agreements or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 11-12, 2024 (the “Annual Meeting”).
The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held two meetings over the course of the year since the Management Agreements were last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreements were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:
| | (a) | the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about: |
| | (i) | the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams; |
| | (ii) | the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training); |
| | (iii) | trends in employee headcount; |
| | (iv) | the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and |
| | (v) | the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management; |
| | (b) | information on the investment performance of the Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), and a benchmark performance index; and information on general investment outlooks in the markets in which the Fund invests; |
| | (c) | information provided by the Investment Adviser indicating the Investment Adviser’s views on whether the Fund’s peer group and/or benchmark index had high, medium, or low relevance given the Fund’s particular investment strategy; |
| | (d) | the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund; |
| | (e) | fee and expense information for the Fund, including: |
| | (i) | the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider; |
| | (ii) | the Fund’s expense trends over time; and |
| | (iii) | to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Fund, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser; |
| | (f) | with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund; |
| | (g) | the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations; |
| | (h) | information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates; |
| | (i) | whether the Fund’s existing management fee schedule adequately addressed any economies of scale; |
GOLDMAN SACHS MUNICIPAL FUNDS
Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)
| | (j) | a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, portfolio trading, distribution and other services; |
| | (k) | a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser; |
| | (l) | information regarding portfolio trading and how the Investment Adviser carries out its duty to seek best execution; |
| | (m) | portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers; |
| | (n) | the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and |
| | (o) | the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports. |
The Trustees also received an overview of the Funds’ distribution arrangements. They received information regarding the Funds’ assets, share purchase and redemption activity, and payment of distribution, service, and shareholder administration fees, as applicable. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Independent Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.
The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreements at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.
Nature, Extent, and Quality of the Services Provided Under the Management Agreements
As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including developments associated with geopolitical events, and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. They also noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. The Trustees also considered information regarding the Investment Adviser’s efforts relating to business continuity planning. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.
Investment Performance
The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2023, and (with the exception of the Municipal Income Completion Fund) updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2024. The information on each Fund’s investment performance was provided for the one-, three, five-, and ten-year periods ending on the applicable dates, to the extent
GOLDMAN SACHS MUNICIPAL FUNDS
Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)
that each Fund had been in existence for those periods. The Trustees also reviewed each Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions.
In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.
The Trustees observed that the Dynamic Municipal Income Fund’s Institutional Shares had placed in the top half of the Fund’s peer group and had outperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2024. They noted that the High Yield Municipal Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, three-, five-, and ten-year periods and had outperformed the Fund’s benchmark index for the one- and ten-year periods and underperformed for the three- and five-year periods ended March 31, 2024. The Trustees observed that the Short Duration Tax-Free Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, five-, and ten-year periods and in the third quartile for the three-year period, and had outperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2024. They noted that the Special Account Institutional Shares of the Municipal Income Completion Fund had placed in the top half of the Fund’s peer group for the one- and three-year periods ended December 31, 2023, and had outperformed the Fund’s benchmark index for the one-, three-, and five-year periods ended March 31, 2024.
Costs of Services Provided and Competitive Information
The Trustees considered the contractual terms of the Management Agreements and the fee rates payable by each Fund under its respective Management Agreement. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.
The Trustees also considered that the Municipal Income Completion Fund would be used exclusively to implement investment strategies for separately managed account (“SMA”) clients of the Investment Adviser that participate in certain “wrap-fee” programs, including programs sponsored by investment advisers and broker-dealers not affiliated with the Investment Adviser. The Trustees noted that the Municipal Income Completion Fund would not pay the Investment Adviser a management fee under the terms of the Management Agreement, but that the Investment Adviser would receive fees for managing the SMAs that invest in the Municipal Income Completion Fund.
In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund’s management fee and breakpoints, as applicable, to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The analyses also compared each Fund’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.
In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds (except for the Municipal Income Completion Fund), comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.
In addition, the Trustees noted that shareholders are able to redeem their shares of the Dynamic Municipal Income Fund, High Yield Municipal Fund, and Short Duration Tax-Free Fund at any time if shareholders believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.
Profitability
The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various
GOLDMAN SACHS MUNICIPAL FUNDS
Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)
business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for each Fund was provided for 2023 and 2022, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.
Economies of Scale
The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Funds. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for each of the Dynamic Municipal Income Fund, High Yield Municipal Fund, and Short Duration Tax-Free Fund at the following annual percentage rates of the average daily net assets of the Funds:
| | | | | | |
| | | |
Average Daily Net Assets | | Dynamic
Municipal Income
Fund | | High Yield
Municipal Fund | | Short Duration
Tax-Free Fund |
|
|
| | | |
First $1 billion | | 0.40% | | 0.55% | | 0.39% |
| | | |
Next $1 billion | | 0.36 | | 0.55 | | 0.35 |
| | | |
Next $3 billion | | 0.34 | | 0.50 | | 0.33 |
| | | |
Next $3 billion | | 0.34 | | 0.48 | | 0.33 |
| | | |
Over $8 billion | | 0.33 | | 0.47 | | 0.32 |
|
|
The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds (except the Municipal Income Completion Fund) and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the relevant Funds; the relevant Funds’ recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertaking to limit certain expenses of the relevant Funds that exceed specified levels, as well as Goldman Sachs & Co. LLC’s (“Goldman Sachs”) undertaking to waive a portion of the distribution and service fees paid by the Short Duration Tax-Free Fund’s Class C Shares and a portion of the transfer agency fees paid by the High Yield Municipal Fund’s and Short Duration Tax-Free Fund’s Class A, Class C, and Investor Shares. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels. They also noted that the Investment Adviser had passed along savings to shareholders of the Dynamic Municipal Income Fund, High Yield Municipal Fund, and Short Duration Tax-Free Fund, which each had asset levels above at least the first breakpoint during the prior fiscal year.
With respect to the Municipal Income Completion Fund, the Trustees did not place emphasis on the extent to which economies of scale would be shared with the Fund and its shareholders if the Fund’s assets exceeded specified levels because the Fund does not pay a management fee to the Investment Adviser, and the Investment Adviser waives and/or reimburses the Fund’s expenses.
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs; (b) futures commissions earned by Goldman Sachs for executing futures transactions on behalf of the Funds; (c) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (d) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (e) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (f) Goldman Sachs’ retention of certain fees as Fund Distributor; (g) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; and (h) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.
GOLDMAN SACHS MUNICIPAL FUNDS
Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)
Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (h) the Funds’ access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.
Conclusion
In connection with their consideration of the Management Agreements, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreements should be approved and continued with respect to each Fund until June 30, 2025.
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TRUSTEES OFFICERS Gregory G. Weaver, Chair James A. McNamara, President Cheryl K. Beebe Joseph F. DiMaria, Principal Financial Officer, Dwight L. Bush Principal Accounting Officer and Treasurer Kathryn A. Cassidy Robert Griffith, Secretary John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar Michael Latham James A. McNamara Lawrence W. Stranghoener Paul C. Wirth GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York, New York 10282 (C) 2024 Goldman Sachs. All rights reserved. TFFISAR-24
| ITEM 8. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 9. | PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 10. | REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
The aggregate remuneration paid to the Funds’ trustees, officers and others, if any, is included in Item 7 of this report.
| ITEM 11. | STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT. |
The Funds’ statement regarding the basis for approval of their investment advisory contract is included in Item 7 of this report.
| ITEM 12. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 13. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 14. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.
| ITEM 16. | CONTROLS AND PROCEDURES. |
| | (a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended. |
| | (b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
| ITEM 17. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 18. | RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | | | |
| | | | Goldman Sachs Trust |
| | |
| By: | | | | /s/ James A. McNamara |
| | |
| | | | James A. McNamara |
| | | | President/Chief Executive Officer |
| | | | Goldman Sachs Trust |
| | |
| Date: | | | | December 2, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | | | |
| | |
| By: | | | | /s/ James A. McNamara |
| | |
| | | | James A. McNamara |
| | | | President/Chief Executive Officer |
| | | | Goldman Sachs Trust |
| | |
| Date: | | | | December 2, 2024 |
| | |
| By: | | | | /s/ Joseph F. DiMaria |
| | |
| | | | Joseph F. DiMaria |
| | | | Principal Financial Officer |
| | | | Goldman Sachs Trust |
| | |
| Date: | | | | December 2, 2024 |
